HONG KONG: what changed
HONG KONG
Largest movements
- Tangible fixed assets +€12,819
up €12,819 (+456%), from €2,811 to €15,630
of which Other tangible fixed assets: +€13,948
- Cash -€7,074
down €7,074 (-11.6%), from €60,874 to €53,800
mainly Investment in fixed assets (net) (-€14,680) and Deferred charges and accrued income (-€2,034)
- Deferred charges and accrued income +€2,034
new in 2025: €2,034
- Reserves +€3,600
up €3,600 (+7.5%), from €47,700 to €51,300
- Tax, wage and social debts +€1,811
up €1,811 (+158%), from €1,149 to €2,959
- Other debts +€1,391
up €1,391 (+32.5%), from €4,284 to €5,675
- Gross operating margin -€1,814
down €1,814 (-16.1%), from €11,292 to €9,477
- Taxes -€944
down €944 (-37.7%), from €2,502 to €1,557
- Depreciation +€577
up €577 (+44.9%), from €1,285 to €1,861
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €71,268 | €78,836 | +€7,568 | +10.6% |
| Fixed assets | 21/28 | €2,811 | €15,630 | +€12,819 | +456% |
| Tangible fixed assets | 22/27 | €2,811 | €15,630 | +€12,819 | +456% |
| Plant, machinery and equipment | 23 | €2,658 | €1,630 | -€1,029 | -38.7% |
| Furniture and vehicles | 24 | €153 | €52 | -€101 | -65.8% |
| Other tangible fixed assets | 26 | - | €13,948 | +€13,948 | |
| Current assets | 29/58 | €68,456 | €63,206 | -€5,250 | -7.7% |
| Stocks and contracts in progress | 3 | €3,531 | €3,611 | +€80 | +2.3% |
| Stocks | 30/36 | €3,531 | €3,611 | +€80 | +2.3% |
| Amounts receivable within one year | 40/41 | €4,051 | €3,761 | -€291 | -7.2% |
| Trade receivables | 40 | €4 | - | -€4 | |
| Other amounts receivable | 41 | €4,047 | €3,761 | -€287 | -7.1% |
| Cash at bank and in hand | 54/58 | €60,874 | €53,800 | -€7,074 | -11.6% |
| Deferred charges and accrued income | 490/1 | - | €2,034 | +€2,034 | |
| Total equity and liabilities | 10/49 | €71,268 | €78,836 | +€7,568 | +10.6% |
| Equity | 10/15 | €65,182 | €68,799 | +€3,617 | +5.5% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €47,700 | €51,300 | +€3,600 | +7.5% |
| Distributable reserves | 133 | €47,700 | €51,300 | +€3,600 | +7.5% |
| Profit (loss) carried forward | 14 | -€1,268 | -€1,251 | +€17 | +1.3% |
| Amounts payable | 17/49 | €6,085 | €10,037 | +€3,952 | +64.9% |
| Amounts payable within one year | 42/48 | €6,085 | €10,037 | +€3,952 | +64.9% |
| Trade debts | 44 | €652 | €1,403 | +€750 | +115% |
| Suppliers | 440/4 | €652 | €1,403 | +€750 | +115% |
| Taxes, remuneration and social security | 45 | €1,149 | €2,959 | +€1,811 | +158% |
| Taxes | 450/3 | €1,149 | €2,959 | +€1,811 | +158% |
| Other amounts payable | 47/48 | €4,284 | €5,675 | +€1,391 | +32.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,285 | €1,861 | +€577 | +44.9% |
| Other operating charges | 640/8 | €388 | €358 | -€30 | -7.7% |
| Gross operating margin | 9900 | €11,292 | €9,477 | -€1,814 | -16.1% |
| Operating profit (loss) | 9901 | €9,619 | €7,258 | -€2,361 | -24.5% |
| Financial income | 75/76B | €183 | €183 | -€0 | -0.3% |
| Recurring financial income | 75 | €183 | €183 | -€0 | -0.3% |
| Financial charges | 65/66B | €626 | €549 | -€78 | -12.4% |
| Recurring financial charges | 65 | €626 | €549 | -€78 | -12.4% |
| Profit (loss) for the period before taxes | 9903 | €9,176 | €6,892 | -€2,283 | -24.9% |
| Income taxes | 67/77 | €2,502 | €1,557 | -€944 | -37.7% |
| Profit (loss) for the period | 9904 | €6,674 | €5,335 | -€1,339 | -20.1% |
| Profit (loss) for the period to be appropriated | 9905 | €6,674 | €5,335 | -€1,339 | -20.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.