LIU Sanmeng: what changed
LIU Sanmeng
Largest movements
- Cash +€363,966
up €363,966 (+168%), from €216,687 to €580,653
mainly Current investments (+€200,000) and Net result for the year (+€132,843)
- Current investments -€200,000
down €200,000 (-40.0%), from €500,000 to €300,000
- Tangible fixed assets -€20,154
down €20,154 (-16.7%), from €120,358 to €100,204
of which Furniture and vehicles: -€17,551
- Receivables within one year -€18,138
down €18,138 (-84.5%), from €21,466 to €3,328
of which Other amounts receivable: -€12,504
- Reserves +€67,768
up €67,768 (+9.6%), from €704,197 to €771,965
of which Tax-exempt reserves: +€63,150
- Other debts +€40,048
up €40,048 (+52.5%), from €76,219 to €116,267
- Tax, wage and social debts +€19,161
up €19,161 (+70.5%), from €27,175 to €46,336
of which Taxes: +€18,661
- Turnover -€272,847
no longer reported in 2025 (was €272,847)
- Purchases and services -€55,004
no longer reported in 2025 (was €55,004)
- Gross operating margin -€18,577
down €18,577 (-7.8%), from €238,595 to €220,018
- Financial income +€9,849
up €9,849 (+4,924,560%), from €0 to €9,849
- Depreciation +€8,249
up €8,249 (+54.3%), from €15,199 to €23,448
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 | €858,628 | €984,491 | +€125,864 | +14.7% |
| Fixed assets | 21/28 | €120,408 | €100,254 | -€20,154 | -16.7% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €120,358 | €100,204 | -€20,154 | -16.7% |
| Plant, machinery and equipment | 23 | €5,428 | €4,536 | -€891 | -16.4% |
| Furniture and vehicles | 24 | €79,150 | €61,599 | -€17,551 | -22.2% |
| Other tangible fixed assets | 26 | €35,781 | €34,069 | -€1,712 | -4.8% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €738,219 | €884,237 | +€146,018 | +19.8% |
| Amounts receivable within one year | 40/41 | €21,466 | €3,328 | -€18,138 | -84.5% |
| Trade receivables | 40 | €8,962 | €3,328 | -€5,634 | -62.9% |
| Other amounts receivable | 41 | €12,504 | €0 | -€12,504 | -100% |
| Current investments | 50/53 | €500,000 | €300,000 | -€200,000 | -40.0% |
| Cash at bank and in hand | 54/58 | €216,687 | €580,653 | +€363,966 | +168% |
| Deferred charges and accrued income | 490/1 | €66 | €256 | +€190 | +286% |
| Total equity and liabilities | 10/49 | €858,628 | €984,491 | +€125,864 | +14.7% |
| Equity | 10/15 | €751,619 | €819,387 | +€67,768 | +9.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €704,197 | €771,965 | +€67,768 | +9.6% |
| Tax-exempt reserves | 132 | €67,360 | €130,510 | +€63,150 | +93.8% |
| Distributable reserves | 133 | €636,837 | €641,455 | +€4,618 | +0.7% |
| Profit (loss) carried forward | 14 | €28,822 | €28,822 | = | 0.0% |
| Amounts payable | 17/49 | €107,008 | €165,105 | +€58,096 | +54.3% |
| Amounts payable within one year | 42/48 | €107,008 | €165,105 | +€58,096 | +54.3% |
| Trade debts | 44 | €3,614 | €2,501 | -€1,113 | -30.8% |
| Suppliers | 440/4 | €3,614 | €2,501 | -€1,113 | -30.8% |
| Taxes, remuneration and social security | 45 | €27,175 | €46,336 | +€19,161 | +70.5% |
| Taxes | 450/3 | €26,675 | €45,336 | +€18,661 | +70.0% |
| Remuneration and social security | 454/9 | €500 | €1,000 | +€500 | +100% |
| Other amounts payable | 47/48 | €76,219 | €116,267 | +€40,048 | +52.5% |
| Turnover | 70 | €272,847 | - | -€272,847 | |
| Non-recurring operating income | 76A | €18,309 | - | -€18,309 | |
| Goods, raw materials, services and sundry goods | 60/61 | €55,004 | - | -€55,004 | |
| Remuneration, social security and pensions | 62 | €465 | €166 | -€299 | -64.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,199 | €23,448 | +€8,249 | +54.3% |
| Other operating charges | 640/8 | €708 | €579 | -€129 | -18.2% |
| Non-recurring operating charges | 66A | - | €288 | +€288 | |
| Gross operating margin | 9900 | €238,595 | €220,018 | -€18,577 | -7.8% |
| Operating profit (loss) | 9901 | €222,222 | €195,536 | -€26,686 | -12.0% |
| Financial income | 75/76B | €0 | €9,849 | +€9,849 | +4,924,560% |
| Recurring financial income | 75 | €0 | €9,849 | +€9,849 | +4,924,560% |
| Financial charges | 65/66B | €147 | €312 | +€165 | +113% |
| Recurring financial charges | 65 | €147 | €312 | +€165 | +113% |
| Profit (loss) for the period before taxes | 9903 | €222,075 | €205,073 | -€17,002 | -7.7% |
| Income taxes | 67/77 | €68,024 | €72,230 | +€4,206 | +6.2% |
| Profit (loss) for the period | 9904 | €154,051 | €132,843 | -€21,208 | -13.8% |
| Transfer to tax-exempt reserves | 689 | - | €63,150 | +€63,150 | |
| Profit (loss) for the period to be appropriated | 9905 | €154,051 | €69,693 | -€84,358 | -54.8% |
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.