GAO SHENG: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
GAO SHENG
Largest movements
- Receivables within one year +€105,429
up €105,429 (+41.4%), from €254,786 to €360,216
- Cash -€74,383
down €74,383 (-14.2%), from €524,497 to €450,114
mainly Receivables within one year (-€105,429) and Contributions, distributions and other (-€100,000)
- Tangible fixed assets -€43,527
down €43,527 (-20.3%), from €213,995 to €170,468
of which Plant, machinery and equipment: -€38,684
- Intangible fixed assets -€20,000
down €20,000 (-50.0%), from €40,000 to €20,000
- Reserves +€175,649
up €175,649 (+28.9%), from €607,620 to €783,269
- Other debts -€92,169
down €92,169 (-39.8%), from €231,764 to €139,595
- Tax, wage and social debts -€77,493
down €77,493 (-62.4%), from €124,144 to €46,651
of which Taxes: -€72,892
- Trade debts -€30,037
down €30,037 (-76.0%), from €39,503 to €9,466
- Gross operating margin -€48,776
down €48,776 (-6.4%), from €758,312 to €709,536
- Staff costs +€26,260
up €26,260 (+11.9%), from €220,136 to €246,396
- Other operating charges +€18,996
up €18,996 (+82.1%), from €23,135 to €42,132
- Financial charges -€10,268
down €10,268 (-59.6%), from €17,242 to €6,974
of which Non-recurring financial charges: -€10,000
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,068,936 | €1,033,700 | -€35,236 | -3.3% |
| Fixed assets | 21/28 | €272,999 | €209,472 | -€63,527 | -23.3% |
| Intangible fixed assets | 21 | €40,000 | €20,000 | -€20,000 | -50.0% |
| Tangible fixed assets | 22/27 | €213,995 | €170,468 | -€43,527 | -20.3% |
| Plant, machinery and equipment | 23 | €190,848 | €152,164 | -€38,684 | -20.3% |
| Furniture and vehicles | 24 | €23,147 | €18,304 | -€4,844 | -20.9% |
| Financial fixed assets | 28 | €19,004 | €19,004 | = | 0.0% |
| Current assets | 29/58 | €795,937 | €824,228 | +€28,291 | +3.6% |
| Stocks and contracts in progress | 3 | €15,086 | €11,666 | -€3,420 | -22.7% |
| Stocks | 30/36 | €15,086 | €11,666 | -€3,420 | -22.7% |
| Amounts receivable within one year | 40/41 | €254,786 | €360,216 | +€105,429 | +41.4% |
| Other amounts receivable | 41 | €254,786 | €360,216 | +€105,429 | +41.4% |
| Cash at bank and in hand | 54/58 | €524,497 | €450,114 | -€74,383 | -14.2% |
| Deferred charges and accrued income | 490/1 | €1,567 | €2,233 | +€665 | +42.5% |
| Total equity and liabilities | 10/49 | €1,068,936 | €1,033,700 | -€35,236 | -3.3% |
| Equity | 10/15 | €657,620 | €833,269 | +€175,649 | +26.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €607,620 | €783,269 | +€175,649 | +28.9% |
| Distributable reserves | 133 | €607,620 | €783,269 | +€175,649 | +28.9% |
| Amounts payable | 17/49 | €411,316 | €200,431 | -€210,885 | -51.3% |
| Amounts payable after more than one year | 17 | €4,719 | - | -€4,719 | |
| Financial debts | 170/4 | €4,719 | - | -€4,719 | |
| Amounts payable within one year | 42/48 | €406,597 | €200,431 | -€206,166 | -50.7% |
| Current portion of amounts payable after more than one year | 42 | €11,185 | €4,719 | -€6,466 | -57.8% |
| Trade debts | 44 | €39,503 | €9,466 | -€30,037 | -76.0% |
| Suppliers | 440/4 | €39,503 | €9,466 | -€30,037 | -76.0% |
| Taxes, remuneration and social security | 45 | €124,144 | €46,651 | -€77,493 | -62.4% |
| Taxes | 450/3 | €96,447 | €23,555 | -€72,892 | -75.6% |
| Remuneration and social security | 454/9 | €27,697 | €23,096 | -€4,602 | -16.6% |
| Other amounts payable | 47/48 | €231,764 | €139,595 | -€92,169 | -39.8% |
| Non-recurring operating income | 76A | - | €537 | +€537 | |
| Remuneration, social security and pensions | 62 | €220,136 | €246,396 | +€26,260 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,857 | €67,799 | +€4,942 | +7.9% |
| Other operating charges | 640/8 | €23,135 | €42,132 | +€18,996 | +82.1% |
| Gross operating margin | 9900 | €758,312 | €709,536 | -€48,776 | -6.4% |
| Operating profit (loss) | 9901 | €452,184 | €353,210 | -€98,974 | -21.9% |
| Financial income | 75/76B | €3,559 | €7,975 | +€4,416 | +124% |
| Recurring financial income | 75 | €981 | €3,281 | +€2,300 | +234% |
| Non-recurring financial income | 76B | €2,577 | €4,694 | +€2,116 | +82.1% |
| Financial charges | 65/66B | €17,242 | €6,974 | -€10,268 | -59.6% |
| Recurring financial charges | 65 | €7,242 | €6,974 | -€268 | -3.7% |
| Non-recurring financial charges | 66B | €10,000 | - | -€10,000 | |
| Profit (loss) for the period before taxes | 9903 | €438,500 | €354,211 | -€84,290 | -19.2% |
| Income taxes | 67/77 | €79,339 | €78,562 | -€777 | -1.0% |
| Profit (loss) for the period | 9904 | €359,161 | €275,649 | -€83,512 | -23.3% |
| Profit (loss) for the period to be appropriated | 9905 | €359,161 | €275,649 | -€83,512 | -23.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.