GUNG-HO: 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.
GUNG-HO
Largest movements
- Receivables within one year -€36,214
down €36,214 (-42.2%), from €85,837 to €49,623
of which Trade receivables: -€28,418
- Cash -€20,366
down €20,366 (-97.7%), from €20,848 to €482
mainly Net result for the year (-€97,318) and Tax, wage and social debts (-€12,834)
- Tangible fixed assets -€13,616
down €13,616 (-37.7%), from €36,131 to €22,515
- Deferred charges and accrued income +€3,216
up €3,216 (+113%), from €2,855 to €6,070
- Reserves -€97,318
down €97,318 (-89.6%), from €108,601 to €11,282
- Short-term financial debts +€50,000
new in 2025: €50,000
- Tax, wage and social debts -€12,834
down €12,834 (-98.2%), from €13,070 to €236
of which Taxes: -€12,084
- Trade debts -€6,772
down €6,772 (-44.2%), from €15,312 to €8,539
- Gross operating margin -€108,674
down €108,674, from €29,737 to -€78,937
- Taxes -€4,195
down €4,195 (-96.1%), from €4,365 to €170
- Financial charges +€2,924
up €2,924 (+185%), from €1,585 to €4,509
- Depreciation +€1,290
up €1,290 (+9.5%), from €13,636 to €14,926
- Other operating charges +€994
up €994 (+142%), from €701 to €1,695
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 | €147,010 | €81,026 | -€65,985 | -44.9% |
| Fixed assets | 21/28 | €36,131 | €22,515 | -€13,616 | -37.7% |
| Tangible fixed assets | 22/27 | €36,131 | €22,515 | -€13,616 | -37.7% |
| Plant, machinery and equipment | 23 | €11,251 | €10,065 | -€1,186 | -10.5% |
| Furniture and vehicles | 24 | €7,256 | €1,040 | -€6,216 | -85.7% |
| Other tangible fixed assets | 26 | €17,624 | €11,410 | -€6,214 | -35.3% |
| Current assets | 29/58 | €110,880 | €58,511 | -€52,369 | -47.2% |
| Stocks and contracts in progress | 3 | €1,340 | €2,335 | +€995 | +74.3% |
| Stocks | 30/36 | €1,340 | €2,335 | +€995 | +74.3% |
| Amounts receivable within one year | 40/41 | €85,837 | €49,623 | -€36,214 | -42.2% |
| Trade receivables | 40 | €29,218 | €800 | -€28,418 | -97.3% |
| Other amounts receivable | 41 | €56,619 | €48,823 | -€7,796 | -13.8% |
| Cash at bank and in hand | 54/58 | €20,848 | €482 | -€20,366 | -97.7% |
| Deferred charges and accrued income | 490/1 | €2,855 | €6,070 | +€3,216 | +113% |
| Total equity and liabilities | 10/49 | €147,010 | €81,026 | -€65,985 | -44.9% |
| Equity | 10/15 | €118,601 | €21,282 | -€97,318 | -82.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €108,601 | €11,282 | -€97,318 | -89.6% |
| Distributable reserves | 133 | €108,601 | €11,282 | -€97,318 | -89.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €28,410 | €59,743 | +€31,333 | +110% |
| Amounts payable within one year | 42/48 | €28,382 | €59,743 | +€31,362 | +110% |
| Financial debts | 43 | - | €50,000 | +€50,000 | |
| Other loans | 439 | - | €50,000 | +€50,000 | |
| Trade debts | 44 | €15,312 | €8,539 | -€6,772 | -44.2% |
| Suppliers | 440/4 | €15,312 | €8,539 | -€6,772 | -44.2% |
| Advances received on contracts in progress | 46 | - | €968 | +€968 | |
| Taxes, remuneration and social security | 45 | €13,070 | €236 | -€12,834 | -98.2% |
| Taxes | 450/3 | €12,320 | €236 | -€12,084 | -98.1% |
| Remuneration and social security | 454/9 | €750 | €0 | -€750 | -100% |
| Accrued charges and deferred income | 492/3 | €28 | €0 | -€28 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,636 | €14,926 | +€1,290 | +9.5% |
| Other operating charges | 640/8 | €701 | €1,695 | +€994 | +142% |
| Gross operating margin | 9900 | €29,737 | -€78,937 | -€108,674 | |
| Operating profit (loss) | 9901 | €15,400 | -€95,558 | -€110,958 | |
| Financial income | 75/76B | €2,170 | €2,918 | +€748 | +34.5% |
| Recurring financial income | 75 | €2,170 | €2,918 | +€748 | +34.5% |
| Financial charges | 65/66B | €1,585 | €4,509 | +€2,924 | +185% |
| Recurring financial charges | 65 | €1,585 | €4,509 | +€2,924 | +185% |
| Profit (loss) for the period before taxes | 9903 | €15,985 | -€97,149 | -€113,134 | |
| Income taxes | 67/77 | €4,365 | €170 | -€4,195 | -96.1% |
| Profit (loss) for the period | 9904 | €11,620 | -€97,318 | -€108,938 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,620 | -€97,318 | -€108,938 |
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 20 October 2026 via checked.be.