Huang Fa: 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.
Huang Fa
Largest movements
- Receivables within one year +€102,343
up €102,343 (+2,685%), from €3,811 to €106,154
of which Trade receivables: +€95,970
- Tangible fixed assets +€4,891
up €4,891 (+25.0%), from €19,564 to €24,455
of which Furniture and vehicles: +€4,652
- Trade debts +€101,820
new in 2025: €101,820
- Tax, wage and social debts +€7,233
new in 2025: €7,233
- Depreciation -€4,891
no longer reported in 2025 (was €4,891)
- Gross operating margin -€3,644
down €3,644 (-14.6%), from €24,883 to €21,239
- Staff costs -€3,058
down €3,058 (-12.5%), from €24,395 to €21,337
- Other operating charges +€319
up €319 (+32.7%), from €977 to €1,296
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 | €33,765 | €140,418 | +€106,653 | +316% |
| Fixed assets | 21/28 | €25,164 | €30,055 | +€4,891 | +19.4% |
| Intangible fixed assets | 21 | €5,600 | €5,600 | = | 0.0% |
| Tangible fixed assets | 22/27 | €19,564 | €24,455 | +€4,891 | +25.0% |
| Plant, machinery and equipment | 23 | €958 | €1,197 | +€239 | +24.9% |
| Furniture and vehicles | 24 | €18,606 | €23,258 | +€4,652 | +25.0% |
| Current assets | 29/58 | €8,601 | €110,363 | +€101,762 | +1,183% |
| Stocks and contracts in progress | 3 | €1,898 | €1,897 | -€1 | -0.1% |
| Stocks | 30/36 | €1,898 | €1,897 | -€1 | -0.1% |
| Amounts receivable within one year | 40/41 | €3,811 | €106,154 | +€102,343 | +2,685% |
| Trade receivables | 40 | €3,811 | €99,781 | +€95,970 | +2,518% |
| Other amounts receivable | 41 | - | €6,373 | +€6,373 | |
| Cash at bank and in hand | 54/58 | €2,892 | €2,312 | -€580 | -20.1% |
| Total equity and liabilities | 10/49 | €33,765 | €140,418 | +€106,653 | +316% |
| Equity | 10/15 | -€21,682 | -€23,076 | -€1,394 | -6.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€40,282 | -€41,676 | -€1,394 | -3.5% |
| Amounts payable | 17/49 | €55,447 | €163,494 | +€108,047 | +195% |
| Amounts payable within one year | 42/48 | €55,447 | €163,494 | +€108,047 | +195% |
| Trade debts | 44 | - | €101,820 | +€101,820 | |
| Suppliers | 440/4 | - | €101,820 | +€101,820 | |
| Taxes, remuneration and social security | 45 | - | €7,233 | +€7,233 | |
| Taxes | 450/3 | - | €7,233 | +€7,233 | |
| Other amounts payable | 47/48 | €55,447 | €54,441 | -€1,006 | -1.8% |
| Remuneration, social security and pensions | 62 | €24,395 | €21,337 | -€3,058 | -12.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,891 | - | -€4,891 | |
| Other operating charges | 640/8 | €977 | €1,296 | +€319 | +32.7% |
| Gross operating margin | 9900 | €24,883 | €21,239 | -€3,644 | -14.6% |
| Operating profit (loss) | 9901 | -€5,380 | -€1,394 | +€3,986 | +74.1% |
| Financial charges | 65/66B | €136 | - | -€136 | |
| Recurring financial charges | 65 | €136 | - | -€136 | |
| Profit (loss) for the period before taxes | 9903 | -€5,516 | -€1,394 | +€4,122 | +74.7% |
| Profit (loss) for the period | 9904 | -€5,516 | -€1,394 | +€4,122 | +74.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,516 | -€1,394 | +€4,122 | +74.7% |
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 29 October 2026 via checked.be.