HONG-MINH: what changed
HONG-MINH
Largest movements
- Stocks and contracts -€26,935
down €26,935 (-70.2%), from €38,384 to €11,449
- Tangible fixed assets -€14,085
down €14,085 (-26.2%), from €53,817 to €39,732
of which Furniture and vehicles: -€10,561
- Cash +€6,963
up €6,963 (+217%), from €3,205 to €10,167
mainly Other debts (+€50,046) and Stocks and contracts (+€26,935)
- Receivables within one year +€4,708
up €4,708, from €0 to €4,708
of which Trade receivables: +€4,708
- Profit (loss) carried forward -€59,396
down €59,396 (-231%), from -€25,672 to -€85,068
- Trade debts -€50,255
down €50,255 (-76.4%), from €65,745 to €15,490
- Other debts +€50,046
up €50,046 (+153%), from €32,799 to €82,844
- Tax, wage and social debts +€26,084
up €26,084 (+134%), from €19,533 to €45,618
of which Taxes: +€16,576
- Accrued charges and deferred income +€4,172
new in 2025: €4,172
- Gross operating margin -€73,250
down €73,250, from €32,485 to -€40,765
- Staff costs -€32,624
down €32,624 (-98.7%), from €33,056 to €433
- Depreciation +€13,536
up €13,536 (+2,468%), from €548 to €14,085
- Other operating charges +€3,385
up €3,385 (+596%), from €568 to €3,954
- Financial charges -€1,739
down €1,739 (-94.0%), from €1,850 to €110
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 | €95,405 | €66,056 | -€29,349 | -30.8% |
| Fixed assets | 21/28 | €53,817 | €39,732 | -€14,085 | -26.2% |
| Tangible fixed assets | 22/27 | €53,817 | €39,732 | -€14,085 | -26.2% |
| Plant, machinery and equipment | 23 | €11,508 | €7,984 | -€3,524 | -30.6% |
| Furniture and vehicles | 24 | €42,309 | €31,748 | -€10,561 | -25.0% |
| Current assets | 29/58 | €41,589 | €26,324 | -€15,265 | -36.7% |
| Stocks and contracts in progress | 3 | €38,384 | €11,449 | -€26,935 | -70.2% |
| Stocks | 30/36 | €38,384 | €11,449 | -€26,935 | -70.2% |
| Amounts receivable within one year | 40/41 | €0 | €4,708 | +€4,708 | |
| Trade receivables | 40 | - | €4,708 | +€4,708 | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €3,205 | €10,167 | +€6,963 | +217% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €95,405 | €66,056 | -€29,349 | -30.8% |
| Equity | 10/15 | -€22,672 | -€82,068 | -€59,396 | -262% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,672 | -€85,068 | -€59,396 | -231% |
| Amounts payable | 17/49 | €118,077 | €148,124 | +€30,046 | +25.4% |
| Amounts payable within one year | 42/48 | €118,077 | €143,952 | +€25,874 | +21.9% |
| Trade debts | 44 | €65,745 | €15,490 | -€50,255 | -76.4% |
| Suppliers | 440/4 | €65,745 | €15,490 | -€50,255 | -76.4% |
| Taxes, remuneration and social security | 45 | €19,533 | €45,618 | +€26,084 | +134% |
| Taxes | 450/3 | €14,326 | €30,902 | +€16,576 | +116% |
| Remuneration and social security | 454/9 | €5,208 | €14,715 | +€9,508 | +183% |
| Other amounts payable | 47/48 | €32,799 | €82,844 | +€50,046 | +153% |
| Accrued charges and deferred income | 492/3 | - | €4,172 | +€4,172 | |
| Remuneration, social security and pensions | 62 | €33,056 | €433 | -€32,624 | -98.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €548 | €14,085 | +€13,536 | +2,468% |
| Other operating charges | 640/8 | €568 | €3,954 | +€3,385 | +596% |
| Non-recurring operating charges | 66A | €3,445 | €0 | -€3,445 | -100% |
| Gross operating margin | 9900 | €32,485 | -€40,765 | -€73,250 | |
| Operating profit (loss) | 9901 | -€5,133 | -€59,236 | -€54,104 | -1,054% |
| Financial income | 75/76B | - | €166 | +€166 | |
| Recurring financial income | 75 | - | €166 | +€166 | |
| Financial charges | 65/66B | €1,850 | €110 | -€1,739 | -94.0% |
| Recurring financial charges | 65 | €1,850 | €110 | -€1,739 | -94.0% |
| Profit (loss) for the period before taxes | 9903 | -€6,982 | -€59,181 | -€52,198 | -748% |
| Income taxes | 67/77 | - | €215 | +€215 | |
| Profit (loss) for the period | 9904 | -€6,982 | -€59,396 | -€52,413 | -751% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,982 | -€59,396 | -€52,413 | -751% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.