GUANGWEN: 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.
GUANGWEN
Largest movements
- Deferred charges and accrued income +€71,476
up €71,476 (+247%), from €28,936 to €100,412
- Cash -€51,838
down €51,838 (-64.3%), from €80,609 to €28,771
mainly Deferred charges and accrued income (-€71,476) and Receivables within one year (-€12,097)
- Receivables within one year +€12,097
up €12,097 (+25.7%), from €47,100 to €59,197
of which Trade receivables: +€6,757
- Stocks and contracts -€5,981
down €5,981 (-6.4%), from €93,548 to €87,567
- Reserves +€28,396
up €28,396 (+26.5%), from €107,309 to €135,705
of which Distributable reserves: +€26,536
- Trade debts +€11,869
up €11,869 (+12.0%), from €99,146 to €111,015
- Accrued charges and deferred income -€5,916
no longer reported in 2025 (was €5,916)
- Current portion of long-term debt -€5,622
no longer reported in 2025 (was €5,622)
- Depreciation -€7,161
down €7,161 (-76.3%), from €9,391 to €2,229
- Taxes +€2,150
up €2,150 (+19.1%), from €11,250 to €13,400
- Financial income -€1,695
down €1,695 (-84.5%), from €2,006 to €311
of which Financial income: -€1,695
- Financial charges -€1,079
down €1,079 (-40.2%), from €2,685 to €1,606
of which Financial charges: -€988
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 | €256,430 | €284,821 | +€28,391 | +11.1% |
| Fixed assets | 21/28 | €6,236 | €8,873 | +€2,637 | +42.3% |
| Tangible fixed assets | 22/27 | €6,236 | €8,873 | +€2,637 | +42.3% |
| Plant, machinery and equipment | 23 | €1,187 | €1,006 | -€181 | -15.3% |
| Furniture and vehicles | 24 | €1,263 | €7,867 | +€6,605 | +523% |
| Leasing and similar rights | 25 | €3,787 | - | -€3,787 | |
| Current assets | 29/58 | €250,193 | €275,948 | +€25,755 | +10.3% |
| Stocks and contracts in progress | 3 | €93,548 | €87,567 | -€5,981 | -6.4% |
| Stocks | 30/36 | €93,548 | €87,567 | -€5,981 | -6.4% |
| Amounts receivable within one year | 40/41 | €47,100 | €59,197 | +€12,097 | +25.7% |
| Trade receivables | 40 | €27,710 | €34,467 | +€6,757 | +24.4% |
| Other amounts receivable | 41 | €19,390 | €24,730 | +€5,340 | +27.5% |
| Cash at bank and in hand | 54/58 | €80,609 | €28,771 | -€51,838 | -64.3% |
| Deferred charges and accrued income | 490/1 | €28,936 | €100,412 | +€71,476 | +247% |
| Total equity and liabilities | 10/49 | €256,430 | €284,821 | +€28,391 | +11.1% |
| Equity | 10/15 | €127,769 | €154,305 | +€26,536 | +20.8% |
| Contributions | 10/11 | €20,460 | €18,600 | -€1,860 | -9.1% |
| Reserves | 13 | €107,309 | €135,705 | +€28,396 | +26.5% |
| Non-distributable reserves | 130/1 | - | €1,860 | +€1,860 | |
| Other | 1319 | - | €1,860 | +€1,860 | |
| Distributable reserves | 133 | €107,309 | €133,845 | +€26,536 | +24.7% |
| Amounts payable | 17/49 | €128,660 | €130,516 | +€1,855 | +1.4% |
| Amounts payable within one year | 42/48 | €122,744 | €130,516 | +€7,771 | +6.3% |
| Current portion of amounts payable after more than one year | 42 | €5,622 | - | -€5,622 | |
| Trade debts | 44 | €99,146 | €111,015 | +€11,869 | +12.0% |
| Suppliers | 440/4 | €99,146 | €111,015 | +€11,869 | +12.0% |
| Taxes, remuneration and social security | 45 | €17,104 | €19,500 | +€2,396 | +14.0% |
| Taxes | 450/3 | €17,104 | €19,500 | +€2,396 | +14.0% |
| Other amounts payable | 47/48 | €872 | - | -€872 | |
| Accrued charges and deferred income | 492/3 | €5,916 | - | -€5,916 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,391 | €2,229 | -€7,161 | -76.3% |
| Gross operating margin | 9900 | €43,499 | €43,461 | -€38 | -0.1% |
| Operating profit (loss) | 9901 | €34,108 | €41,232 | +€7,123 | +20.9% |
| Financial income | 75/76B | €2,006 | €311 | -€1,695 | -84.5% |
| Recurring financial income | 75 | €2,006 | €311 | -€1,695 | -84.5% |
| Non-recurring financial income | 76B | €2,006 | €311 | -€1,695 | -84.5% |
| Financial charges | 65/66B | €2,685 | €1,606 | -€1,079 | -40.2% |
| Recurring financial charges | 65 | €2,391 | €1,403 | -€988 | -41.3% |
| Non-recurring financial charges | 66B | €294 | €203 | -€91 | -30.9% |
| Profit (loss) for the period before taxes | 9903 | €33,429 | €39,936 | +€6,507 | +19.5% |
| Income taxes | 67/77 | €11,250 | €13,400 | +€2,150 | +19.1% |
| Profit (loss) for the period | 9904 | €22,179 | €26,536 | +€4,357 | +19.6% |
| Profit (loss) for the period to be appropriated | 9905 | €22,179 | €26,536 | +€4,357 | +19.6% |
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 21 October 2026 via checked.be.