TRUONG SON: 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.
TRUONG SON
Largest movements
- Cash +€115,105
up €115,105 (+38.7%), from €297,074 to €412,179
mainly Net result for the year (+€114,381) and Other debts (+€91,663)
- Tangible fixed assets +€81,778
up €81,778 (+69.0%), from €118,492 to €200,270
of which Furniture and vehicles: +€69,246
- Receivables within one year -€7,450
down €7,450 (-42.3%), from €17,616 to €10,166
of which Trade receivables: -€7,063
- Other debts +€91,663
up €91,663 (+62.2%), from €147,411 to €239,074
- Debts after one year +€54,540
up €54,540, from €0 to €54,540
- Reserves +€30,573
up €30,573 (+9.2%), from €331,654 to €362,227
- Current portion of long-term debt +€12,349
up €12,349 (+360%), from €3,427 to €15,776
- Gross operating margin +€23,090
up €23,090 (+11.1%), from €208,933 to €232,023
- Staff costs +€13,945
up €13,945 (+1,360%), from €1,025 to €14,971
- Depreciation +€9,587
up €9,587 (+36.4%), from €26,349 to €35,936
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 | €544,344 | €727,743 | +€183,399 | +33.7% |
| Fixed assets | 21/28 | €118,492 | €201,270 | +€82,778 | +69.9% |
| Tangible fixed assets | 22/27 | €118,492 | €200,270 | +€81,778 | +69.0% |
| Land and buildings | 22 | €77,582 | €97,533 | +€19,950 | +25.7% |
| Plant, machinery and equipment | 23 | €30,706 | €23,287 | -€7,419 | -24.2% |
| Furniture and vehicles | 24 | €10,204 | €79,450 | +€69,246 | +679% |
| Financial fixed assets | 28 | - | €1,000 | +€1,000 | |
| Current assets | 29/58 | €425,852 | €526,473 | +€100,621 | +23.6% |
| Stocks and contracts in progress | 3 | €108,016 | €101,532 | -€6,484 | -6.0% |
| Stocks | 30/36 | €108,016 | €101,532 | -€6,484 | -6.0% |
| Amounts receivable within one year | 40/41 | €17,616 | €10,166 | -€7,450 | -42.3% |
| Trade receivables | 40 | €17,228 | €10,166 | -€7,063 | -41.0% |
| Other amounts receivable | 41 | €387 | €0 | -€387 | -100% |
| Cash at bank and in hand | 54/58 | €297,074 | €412,179 | +€115,105 | +38.7% |
| Deferred charges and accrued income | 490/1 | €3,146 | €2,596 | -€550 | -17.5% |
| Total equity and liabilities | 10/49 | €544,344 | €727,743 | +€183,399 | +33.7% |
| Equity | 10/15 | €332,654 | €363,227 | +€30,573 | +9.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €331,654 | €362,227 | +€30,573 | +9.2% |
| Distributable reserves | 133 | €331,654 | €362,227 | +€30,573 | +9.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €211,690 | €364,515 | +€152,826 | +72.2% |
| Amounts payable after more than one year | 17 | €0 | €54,540 | +€54,540 | |
| Financial debts | 170/4 | €0 | €54,540 | +€54,540 | |
| Amounts payable within one year | 42/48 | €195,850 | €299,261 | +€103,411 | +52.8% |
| Current portion of amounts payable after more than one year | 42 | €3,427 | €15,776 | +€12,349 | +360% |
| Trade debts | 44 | €10,297 | €6,777 | -€3,520 | -34.2% |
| Suppliers | 440/4 | €10,297 | €6,777 | -€3,520 | -34.2% |
| Taxes, remuneration and social security | 45 | €34,716 | €37,634 | +€2,918 | +8.4% |
| Taxes | 450/3 | €33,523 | €33,589 | +€66 | +0.2% |
| Remuneration and social security | 454/9 | €1,193 | €4,045 | +€2,852 | +239% |
| Other amounts payable | 47/48 | €147,411 | €239,074 | +€91,663 | +62.2% |
| Accrued charges and deferred income | 492/3 | €15,840 | €10,715 | -€5,125 | -32.4% |
| Non-recurring operating income | 76A | - | €9,091 | +€9,091 | |
| Remuneration, social security and pensions | 62 | €1,025 | €14,971 | +€13,945 | +1,360% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,349 | €35,936 | +€9,587 | +36.4% |
| Other operating charges | 640/8 | €1,420 | €1,726 | +€306 | +21.6% |
| Gross operating margin | 9900 | €208,933 | €232,023 | +€23,090 | +11.1% |
| Operating profit (loss) | 9901 | €180,139 | €179,391 | -€749 | -0.4% |
| Financial income | 75/76B | €111 | €38 | -€73 | -65.5% |
| Recurring financial income | 75 | €111 | €38 | -€73 | -65.5% |
| Financial charges | 65/66B | €16,533 | €17,510 | +€977 | +5.9% |
| Recurring financial charges | 65 | €16,533 | €17,510 | +€977 | +5.9% |
| Profit (loss) for the period before taxes | 9903 | €163,717 | €161,919 | -€1,798 | -1.1% |
| Income taxes | 67/77 | €48,485 | €47,538 | -€948 | -2.0% |
| Profit (loss) for the period | 9904 | €115,231 | €114,381 | -€850 | -0.7% |
| Profit (loss) for the period to be appropriated | 9905 | €115,231 | €114,381 | -€850 | -0.7% |
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 26 October 2026 via checked.be.