HONG QI: 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 QI
Largest movements
- Cash +€51,138
up €51,138 (+50.8%), from €100,629 to €151,766
mainly Net result for the year (+€49,743) and Depreciation (+€15,654)
- Receivables within one year -€10,152
down €10,152 (-31.8%), from €31,959 to €21,807
of which Trade receivables: -€10,647
- Reserves +€49,743
up €49,743 (+37.0%), from €134,367 to €184,111
- Trade debts -€8,008
down €8,008 (-46.5%), from €17,206 to €9,198
- Current portion of long-term debt -€5,917
down €5,917 (-91.6%), from €6,460 to €543
- Tax, wage and social debts +€5,452
up €5,452 (+49.8%), from €10,948 to €16,400
of which Taxes: +€4,102
- Gross operating margin +€8,316
up €8,316 (+7.8%), from €106,209 to €114,526
- Staff costs -€7,212
down €7,212 (-25.7%), from €28,028 to €20,816
- Taxes +€5,007
up €5,007 (+25.8%), from €19,410 to €24,417
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 | €203,960 | €244,984 | +€41,025 | +20.1% |
| Fixed assets | 21/28 | €69,128 | €68,861 | -€267 | -0.4% |
| Tangible fixed assets | 22/27 | €69,128 | €68,861 | -€267 | -0.4% |
| Plant, machinery and equipment | 23 | €61,606 | €50,920 | -€10,686 | -17.3% |
| Furniture and vehicles | 24 | €6,895 | €4,420 | -€2,475 | -35.9% |
| Other tangible fixed assets | 26 | €627 | €13,521 | +€12,894 | +2,057% |
| Current assets | 29/58 | €134,832 | €176,124 | +€41,292 | +30.6% |
| Stocks and contracts in progress | 3 | €2,130 | €2,550 | +€420 | +19.7% |
| Stocks | 30/36 | €2,130 | €2,550 | +€420 | +19.7% |
| Amounts receivable within one year | 40/41 | €31,959 | €21,807 | -€10,152 | -31.8% |
| Trade receivables | 40 | €10,671 | €24 | -€10,647 | -99.8% |
| Other amounts receivable | 41 | €21,288 | €21,783 | +€495 | +2.3% |
| Cash at bank and in hand | 54/58 | €100,629 | €151,766 | +€51,138 | +50.8% |
| Deferred charges and accrued income | 490/1 | €114 | - | -€114 | |
| Total equity and liabilities | 10/49 | €203,960 | €244,984 | +€41,025 | +20.1% |
| Equity | 10/15 | €169,100 | €218,844 | +€49,743 | +29.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €134,367 | €184,111 | +€49,743 | +37.0% |
| Distributable reserves | 133 | €134,367 | €184,111 | +€49,743 | +37.0% |
| Profit (loss) carried forward | 14 | €28,533 | €28,533 | = | 0.0% |
| Amounts payable | 17/49 | €34,859 | €26,141 | -€8,718 | -25.0% |
| Amounts payable after more than one year | 17 | €245 | - | -€245 | |
| Financial debts | 170/4 | €245 | - | -€245 | |
| Amounts payable within one year | 42/48 | €34,614 | €26,141 | -€8,473 | -24.5% |
| Current portion of amounts payable after more than one year | 42 | €6,460 | €543 | -€5,917 | -91.6% |
| Trade debts | 44 | €17,206 | €9,198 | -€8,008 | -46.5% |
| Suppliers | 440/4 | €17,206 | €9,198 | -€8,008 | -46.5% |
| Taxes, remuneration and social security | 45 | €10,948 | €16,400 | +€5,452 | +49.8% |
| Taxes | 450/3 | €7,572 | €11,674 | +€4,102 | +54.2% |
| Remuneration and social security | 454/9 | €3,376 | €4,726 | +€1,350 | +40.0% |
| Remuneration, social security and pensions | 62 | €28,028 | €20,816 | -€7,212 | -25.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,240 | €15,654 | +€415 | +2.7% |
| Other operating charges | 640/8 | €1,291 | €1,140 | -€151 | -11.7% |
| Gross operating margin | 9900 | €106,209 | €114,526 | +€8,316 | +7.8% |
| Operating profit (loss) | 9901 | €61,651 | €76,915 | +€15,265 | +24.8% |
| Financial income | 75/76B | €704 | €556 | -€148 | -21.0% |
| Recurring financial income | 75 | €704 | €556 | -€148 | -21.0% |
| Financial charges | 65/66B | €3,343 | €3,311 | -€32 | -1.0% |
| Recurring financial charges | 65 | €3,343 | €3,311 | -€32 | -1.0% |
| Profit (loss) for the period before taxes | 9903 | €59,012 | €74,160 | +€15,149 | +25.7% |
| Income taxes | 67/77 | €19,410 | €24,417 | +€5,007 | +25.8% |
| Profit (loss) for the period | 9904 | €39,601 | €49,743 | +€10,142 | +25.6% |
| Profit (loss) for the period to be appropriated | 9905 | €39,601 | €49,743 | +€10,142 | +25.6% |
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.