Xiyan CHENG: 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.
Xiyan CHENG
Largest movements
- Receivables after one year +€56,800
up €56,800 (+159%), from €35,700 to €92,500
- Cash -€23,806
down €23,806 (-66.3%), from €35,887 to €12,081
mainly Receivables after one year (-€56,800) and Trade debts (-€11,809)
- Financial fixed assets +€10,000
new in 2025: €10,000
- Receivables within one year +€9,019
up €9,019 (+20.9%), from €43,093 to €52,112
of which Other amounts receivable: +€8,174
- Profit (loss) carried forward +€63,610
up €63,610 (+3,367%), from €1,889 to €65,500
- Trade debts -€11,809
down €11,809 (-93.3%), from €12,657 to €848
- Gross operating margin +€27,747
up €27,747 (+51.5%), from €53,888 to €81,635
- Taxes +€2,134
up €2,134 (+13.8%), from €15,418 to €17,552
- Financial income +€1,103
up €1,103 (+155%), from €711 to €1,814
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 | €115,078 | €169,215 | +€54,138 | +47.0% |
| Fixed assets | 21/28 | €110 | €11,327 | +€11,217 | +10,176% |
| Tangible fixed assets | 22/27 | €110 | €1,327 | +€1,217 | +1,104% |
| Plant, machinery and equipment | 23 | €110 | €1,327 | +€1,217 | +1,104% |
| Financial fixed assets | 28 | - | €10,000 | +€10,000 | |
| Current assets | 29/58 | €114,967 | €157,888 | +€42,921 | +37.3% |
| Amounts receivable after more than one year | 29 | €35,700 | €92,500 | +€56,800 | +159% |
| Other amounts receivable | 291 | €35,700 | €92,500 | +€56,800 | +159% |
| Amounts receivable within one year | 40/41 | €43,093 | €52,112 | +€9,019 | +20.9% |
| Trade receivables | 40 | €33,398 | €34,243 | +€845 | +2.5% |
| Other amounts receivable | 41 | €9,695 | €17,869 | +€8,174 | +84.3% |
| Cash at bank and in hand | 54/58 | €35,887 | €12,081 | -€23,806 | -66.3% |
| Deferred charges and accrued income | 490/1 | €288 | €1,196 | +€908 | +316% |
| Total equity and liabilities | 10/49 | €115,078 | €169,215 | +€54,138 | +47.0% |
| Equity | 10/15 | €92,889 | €156,500 | +€63,610 | +68.5% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €87,000 | €87,000 | = | 0.0% |
| Distributable reserves | 133 | €87,000 | €87,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,889 | €65,500 | +€63,610 | +3,367% |
| Amounts payable | 17/49 | €22,188 | €12,716 | -€9,473 | -42.7% |
| Amounts payable within one year | 42/48 | €21,938 | €12,016 | -€9,923 | -45.2% |
| Trade debts | 44 | €12,657 | €848 | -€11,809 | -93.3% |
| Suppliers | 440/4 | €12,657 | €848 | -€11,809 | -93.3% |
| Taxes, remuneration and social security | 45 | €7,704 | €8,175 | +€471 | +6.1% |
| Taxes | 450/3 | €7,704 | €8,175 | +€471 | +6.1% |
| Other amounts payable | 47/48 | €1,577 | €2,992 | +€1,415 | +89.7% |
| Accrued charges and deferred income | 492/3 | €250 | €700 | +€450 | +180% |
| Remuneration, social security and pensions | 62 | €2,036 | €1,640 | -€396 | -19.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €478 | €553 | +€75 | +15.7% |
| Other operating charges | 640/8 | €387 | - | -€387 | |
| Gross operating margin | 9900 | €53,888 | €81,635 | +€27,747 | +51.5% |
| Operating profit (loss) | 9901 | €50,987 | €79,442 | +€28,456 | +55.8% |
| Financial income | 75/76B | €711 | €1,814 | +€1,103 | +155% |
| Recurring financial income | 75 | €711 | €1,814 | +€1,103 | +155% |
| Financial charges | 65/66B | €133 | €94 | -€38 | -29.0% |
| Recurring financial charges | 65 | €133 | €94 | -€38 | -29.0% |
| Profit (loss) for the period before taxes | 9903 | €51,565 | €81,163 | +€29,598 | +57.4% |
| Income taxes | 67/77 | €15,418 | €17,552 | +€2,134 | +13.8% |
| Profit (loss) for the period | 9904 | €36,146 | €63,610 | +€27,464 | +76.0% |
| Profit (loss) for the period to be appropriated | 9905 | €36,146 | €63,610 | +€27,464 | +76.0% |
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 22 October 2026 via checked.be.