HONG-DA: 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.
HONG-DA
Largest movements
- Receivables within one year +€10,180
up €10,180 (+34.2%), from €29,791 to €39,971
of which Trade receivables: +€18,036
- Cash +€6,270
up €6,270 (+3.3%), from €192,767 to €199,037
mainly Net result for the year (+€11,656) and Trade debts (+€9,145)
- Tangible fixed assets -€5,191
down €5,191 (-54.1%), from €9,600 to €4,409
of which Furniture and vehicles: -€2,898
- Reserves +€11,656
up €11,656 (+5.6%), from €209,948 to €221,604
of which Distributable reserves: +€11,656
- Trade debts +€9,145
up €9,145 (+122%), from €7,483 to €16,627
- Tax, wage and social debts -€8,112
down €8,112 (-35.4%), from €22,925 to €14,813
of which Taxes: -€12,047
- Gross operating margin -€65,778
down €65,778 (-54.5%), from €120,598 to €54,820
- Taxes -€13,735
down €13,735 (-80.6%), from €17,044 to €3,309
- Depreciation -€2,534
down €2,534 (-32.8%), from €7,725 to €5,191
- Staff costs -€1,295
down €1,295 (-4.3%), from €30,213 to €28,918
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 | €260,034 | €271,979 | +€11,945 | +4.6% |
| Fixed assets | 21/28 | €19,600 | €14,409 | -€5,191 | -26.5% |
| Tangible fixed assets | 22/27 | €9,600 | €4,409 | -€5,191 | -54.1% |
| Plant, machinery and equipment | 23 | €6,703 | €4,409 | -€2,293 | -34.2% |
| Furniture and vehicles | 24 | €2,898 | - | -€2,898 | |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €240,433 | €257,569 | +€17,136 | +7.1% |
| Stocks and contracts in progress | 3 | €17,875 | €18,457 | +€581 | +3.3% |
| Stocks | 30/36 | €17,875 | €18,457 | +€581 | +3.3% |
| Amounts receivable within one year | 40/41 | €29,791 | €39,971 | +€10,180 | +34.2% |
| Trade receivables | 40 | €1,319 | €19,355 | +€18,036 | +1,368% |
| Other amounts receivable | 41 | €28,472 | €20,616 | -€7,856 | -27.6% |
| Cash at bank and in hand | 54/58 | €192,767 | €199,037 | +€6,270 | +3.3% |
| Deferred charges and accrued income | 490/1 | - | €105 | +€105 | |
| Total equity and liabilities | 10/49 | €260,034 | €271,979 | +€11,945 | +4.6% |
| Equity | 10/15 | €228,548 | €240,204 | +€11,656 | +5.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €209,948 | €221,604 | +€11,656 | +5.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €208,088 | €219,744 | +€11,656 | +5.6% |
| Amounts payable | 17/49 | €31,486 | €31,775 | +€289 | +0.9% |
| Amounts payable within one year | 42/48 | €31,486 | €31,775 | +€289 | +0.9% |
| Trade debts | 44 | €7,483 | €16,627 | +€9,145 | +122% |
| Suppliers | 440/4 | €7,483 | €16,627 | +€9,145 | +122% |
| Advances received on contracts in progress | 46 | €1,078 | - | -€1,078 | |
| Taxes, remuneration and social security | 45 | €22,925 | €14,813 | -€8,112 | -35.4% |
| Taxes | 450/3 | €18,985 | €6,938 | -€12,047 | -63.5% |
| Remuneration and social security | 454/9 | €3,940 | €7,875 | +€3,935 | +99.9% |
| Other amounts payable | 47/48 | - | €335 | +€335 | |
| Remuneration, social security and pensions | 62 | €30,213 | €28,918 | -€1,295 | -4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,725 | €5,191 | -€2,534 | -32.8% |
| Other operating charges | 640/8 | €3,723 | €3,646 | -€77 | -2.1% |
| Gross operating margin | 9900 | €120,598 | €54,820 | -€65,778 | -54.5% |
| Operating profit (loss) | 9901 | €78,937 | €17,065 | -€61,872 | -78.4% |
| Financial income | 75/76B | €265 | €89 | -€176 | -66.5% |
| Recurring financial income | 75 | €265 | €89 | -€176 | -66.5% |
| Financial charges | 65/66B | €2,012 | €2,189 | +€177 | +8.8% |
| Recurring financial charges | 65 | €2,012 | €2,189 | +€177 | +8.8% |
| Profit (loss) for the period before taxes | 9903 | €77,190 | €14,964 | -€62,225 | -80.6% |
| Income taxes | 67/77 | €17,044 | €3,309 | -€13,735 | -80.6% |
| Profit (loss) for the period | 9904 | €60,146 | €11,656 | -€48,490 | -80.6% |
| Profit (loss) for the period to be appropriated | 9905 | €60,146 | €11,656 | -€48,490 | -80.6% |
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 24 October 2026 via checked.be.