ZHAO-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.
ZHAO-CHEN
Largest movements
- Receivables within one year -€29,926
down €29,926 (-35.9%), from €83,301 to €53,376
of which Trade receivables: -€32,870
- Cash -€24,558
down €24,558 (-23.5%), from €104,465 to €79,907
mainly Trade debts (-€53,506) and Other debts (-€49,123)
- Tangible fixed assets -€10,556
down €10,556 (-4.1%), from €260,425 to €249,870
of which Land and buildings: -€13,680
- Intangible fixed assets -€9,375
down €9,375 (-14.5%), from €64,598 to €55,223
- Profit (loss) carried forward +€62,375
new in 2025: €62,375
- Trade debts -€53,506
down €53,506 (-70.4%), from €75,992 to €22,486
- Other debts -€49,123
no longer reported in 2025 (was €49,123)
- Debts after one year -€22,353
down €22,353 (-13.8%), from €161,976 to €139,623
- Reserves -€20,000
down €20,000 (-12.7%), from €157,161 to €137,161
- Purchases and services +€264,059
new in 2025: €264,059
- Gross operating margin +€20,998
up €20,998 (+13.7%), from €153,059 to €174,057
- Depreciation +€9,529
up €9,529 (+26.1%), from €36,461 to €45,989
- Taxes -€4,067
down €4,067 (-19.0%), from €21,442 to €17,375
- Staff costs +€3,878
up €3,878 (+13.3%), from €29,094 to €32,972
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 | €520,135 | €448,690 | -€71,445 | -13.7% |
| Fixed assets | 21/28 | €329,363 | €309,432 | -€19,931 | -6.1% |
| Intangible fixed assets | 21 | €64,598 | €55,223 | -€9,375 | -14.5% |
| Tangible fixed assets | 22/27 | €260,425 | €249,870 | -€10,556 | -4.1% |
| Land and buildings | 22 | €188,885 | €175,205 | -€13,680 | -7.2% |
| Plant, machinery and equipment | 23 | €49,484 | €43,112 | -€6,372 | -12.9% |
| Furniture and vehicles | 24 | €20,667 | €30,311 | +€9,644 | +46.7% |
| Other tangible fixed assets | 26 | €1,390 | €1,242 | -€148 | -10.7% |
| Financial fixed assets | 28 | €4,340 | €4,340 | = | 0.0% |
| Current assets | 29/58 | €190,772 | €139,258 | -€51,514 | -27.0% |
| Stocks and contracts in progress | 3 | €1,003 | €5,852 | +€4,849 | +483% |
| Stocks | 30/36 | €1,003 | €5,852 | +€4,849 | +483% |
| Amounts receivable within one year | 40/41 | €83,301 | €53,376 | -€29,926 | -35.9% |
| Trade receivables | 40 | €80,807 | €47,937 | -€32,870 | -40.7% |
| Other amounts receivable | 41 | €2,494 | €5,439 | +€2,944 | +118% |
| Cash at bank and in hand | 54/58 | €104,465 | €79,907 | -€24,558 | -23.5% |
| Deferred charges and accrued income | 490/1 | €2,002 | €123 | -€1,879 | -93.9% |
| Total equity and liabilities | 10/49 | €520,135 | €448,690 | -€71,445 | -13.7% |
| Equity | 10/15 | €175,761 | €218,136 | +€42,375 | +24.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | - | €18,600 | +€18,600 | |
| Other | 1109/19 | - | €18,600 | +€18,600 | |
| Reserves | 13 | €157,161 | €137,161 | -€20,000 | -12.7% |
| Distributable reserves | 133 | €157,161 | €137,161 | -€20,000 | -12.7% |
| Profit (loss) carried forward | 14 | - | €62,375 | +€62,375 | |
| Amounts payable | 17/49 | €344,374 | €230,554 | -€113,821 | -33.1% |
| Amounts payable after more than one year | 17 | €161,976 | €139,623 | -€22,353 | -13.8% |
| Financial debts | 170/4 | €161,976 | €139,623 | -€22,353 | -13.8% |
| Amounts payable within one year | 42/48 | €182,398 | €90,931 | -€91,468 | -50.1% |
| Current portion of amounts payable after more than one year | 42 | €22,929 | €23,653 | +€724 | +3.2% |
| Trade debts | 44 | €75,992 | €22,486 | -€53,506 | -70.4% |
| Suppliers | 440/4 | €75,992 | €22,486 | -€53,506 | -70.4% |
| Taxes, remuneration and social security | 45 | €34,355 | €44,792 | +€10,437 | +30.4% |
| Taxes | 450/3 | €29,383 | €38,355 | +€8,972 | +30.5% |
| Remuneration and social security | 454/9 | €4,971 | €6,436 | +€1,465 | +29.5% |
| Other amounts payable | 47/48 | €49,123 | - | -€49,123 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €264,059 | +€264,059 | |
| Remuneration, social security and pensions | 62 | €29,094 | €32,972 | +€3,878 | +13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,461 | €45,989 | +€9,529 | +26.1% |
| Other operating charges | 640/8 | €9,465 | €7,046 | -€2,419 | -25.6% |
| Gross operating margin | 9900 | €153,059 | €174,057 | +€20,998 | +13.7% |
| Operating profit (loss) | 9901 | €78,039 | €88,050 | +€10,011 | +12.8% |
| Financial income | 75/76B | €943 | €372 | -€571 | -60.5% |
| Recurring financial income | 75 | €943 | €372 | -€571 | -60.5% |
| Financial charges | 65/66B | €10,347 | €8,672 | -€1,675 | -16.2% |
| Recurring financial charges | 65 | €10,347 | €8,672 | -€1,675 | -16.2% |
| Profit (loss) for the period before taxes | 9903 | €68,635 | €79,750 | +€11,115 | +16.2% |
| Income taxes | 67/77 | €21,442 | €17,375 | -€4,067 | -19.0% |
| Profit (loss) for the period | 9904 | €47,193 | €62,375 | +€15,182 | +32.2% |
| Profit (loss) for the period to be appropriated | 9905 | €47,193 | €62,375 | +€15,182 | +32.2% |
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.