ZHANG-CHEN: 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.
ZHANG-CHEN
Largest movements
- Cash -€21,710
down €21,710 (-43.7%), from €49,631 to €27,921
mainly Net result for the year (-€14,933) and Receivables within one year (-€5,756)
- Receivables within one year +€5,756
up €5,756 (+408%), from €1,411 to €7,167
of which Other amounts receivable: +€5,840
- Profit (loss) carried forward -€14,933
down €14,933 (-41.5%), from €35,948 to €21,015
- Advances received -€1,089
no longer reported in 2025 (was €1,089)
- Gross operating margin -€57,984
down €57,984, from €45,158 to -€12,826
- Taxes -€11,421
no longer reported in 2025 (was €11,421)
- Staff costs -€1,805
no longer reported in 2025 (was €1,805)
- Other operating charges -€497
down €497 (-59.1%), from €842 to €345
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 | €57,194 | €40,817 | -€16,377 | -28.6% |
| Fixed assets | 21/28 | €6,152 | €5,729 | -€423 | -6.9% |
| Tangible fixed assets | 22/27 | €6,152 | €5,729 | -€423 | -6.9% |
| Land and buildings | 22 | €5,425 | €4,380 | -€1,045 | -19.3% |
| Furniture and vehicles | 24 | €727 | €1,349 | +€622 | +85.5% |
| Current assets | 29/58 | €51,042 | €35,088 | -€15,954 | -31.3% |
| Amounts receivable within one year | 40/41 | €1,411 | €7,167 | +€5,756 | +408% |
| Trade receivables | 40 | €900 | €816 | -€84 | -9.4% |
| Other amounts receivable | 41 | €511 | €6,351 | +€5,840 | +1,142% |
| Cash at bank and in hand | 54/58 | €49,631 | €27,921 | -€21,710 | -43.7% |
| Total equity and liabilities | 10/49 | €57,194 | €40,817 | -€16,377 | -28.6% |
| Equity | 10/15 | €42,148 | €27,215 | -€14,933 | -35.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,948 | €21,015 | -€14,933 | -41.5% |
| Amounts payable | 17/49 | €15,046 | €13,602 | -€1,444 | -9.6% |
| Amounts payable within one year | 42/48 | €15,046 | €13,602 | -€1,444 | -9.6% |
| Trade debts | 44 | €2,536 | €2,167 | -€368 | -14.5% |
| Suppliers | 440/4 | €2,536 | €2,167 | -€368 | -14.5% |
| Advances received on contracts in progress | 46 | €1,089 | - | -€1,089 | |
| Taxes, remuneration and social security | 45 | €11,421 | €11,435 | +€14 | +0.1% |
| Taxes | 450/3 | €11,421 | €11,435 | +€14 | +0.1% |
| Non-recurring operating income | 76A | €17,268 | - | -€17,268 | |
| Remuneration, social security and pensions | 62 | €1,805 | - | -€1,805 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,638 | €1,622 | -€16 | -1.0% |
| Other operating charges | 640/8 | €842 | €345 | -€497 | -59.1% |
| Gross operating margin | 9900 | €45,158 | -€12,826 | -€57,984 | |
| Operating profit (loss) | 9901 | €40,872 | -€14,793 | -€55,665 | |
| Financial income | 75/76B | €61 | €190 | +€128 | +210% |
| Recurring financial income | 75 | €61 | €190 | +€128 | +210% |
| Financial charges | 65/66B | €455 | €330 | -€125 | -27.4% |
| Recurring financial charges | 65 | €455 | €330 | -€125 | -27.4% |
| Profit (loss) for the period before taxes | 9903 | €40,479 | -€14,933 | -€55,412 | |
| Income taxes | 67/77 | €11,421 | - | -€11,421 | |
| Profit (loss) for the period | 9904 | €29,058 | -€14,933 | -€43,991 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,058 | -€14,933 | -€43,991 |
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 31 October 2026 via checked.be.