ZHUGE LI: 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.
ZHUGE LI
Largest movements
- Tangible fixed assets +€600,553
up €600,553 (+638%), from €94,107 to €694,660
of which Land and buildings: +€508,018
- Receivables within one year +€85,302
up €85,302 (+395%), from €21,597 to €106,898
- Intangible fixed assets -€39,596
down €39,596 (-35.5%), from €111,601 to €72,004
- Cash -€19,686
down €19,686 (-24.4%), from €80,764 to €61,079
mainly Investment in fixed assets (net) (-€635,309) and Receivables within one year (-€85,302)
- Debts after one year +€464,570
up €464,570 (+21,279%), from €2,183 to €466,753
- Trade debts +€72,033
up €72,033 (+177%), from €40,719 to €112,753
- Current portion of long-term debt +€46,735
up €46,735 (+541%), from €8,644 to €55,378
- Other debts +€30,105
up €30,105 (+15.2%), from €198,189 to €228,294
- Tax, wage and social debts +€25,317
up €25,317 (+78.5%), from €32,234 to €57,550
of which Remuneration and social security: +€21,179
- Staff costs +€57,908
up €57,908 (+86.2%), from €67,141 to €125,049
- Gross operating margin +€23,106
up €23,106 (+12.9%), from €179,076 to €202,182
- Depreciation +€20,547
up €20,547 (+38.2%), from €53,805 to €74,353
- Financial charges +€9,876
up €9,876 (+2,894%), from €341 to €10,217
- Other operating charges +€2,511
up €2,511 (+136%), from €1,847 to €4,358
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 | €315,409 | €941,798 | +€626,389 | +199% |
| Fixed assets | 21/28 | €205,708 | €766,664 | +€560,956 | +273% |
| Intangible fixed assets | 21 | €111,601 | €72,004 | -€39,596 | -35.5% |
| Tangible fixed assets | 22/27 | €94,107 | €694,660 | +€600,553 | +638% |
| Land and buildings | 22 | - | €508,018 | +€508,018 | |
| Plant, machinery and equipment | 23 | €3,056 | €1,546 | -€1,510 | -49.4% |
| Furniture and vehicles | 24 | €13,483 | €8,854 | -€4,629 | -34.3% |
| Other tangible fixed assets | 26 | €77,568 | €176,241 | +€98,673 | +127% |
| Current assets | 29/58 | €109,701 | €175,134 | +€65,433 | +59.6% |
| Stocks and contracts in progress | 3 | €6,303 | €5,696 | -€607 | -9.6% |
| Stocks | 30/36 | €6,303 | €5,696 | -€607 | -9.6% |
| Amounts receivable within one year | 40/41 | €21,597 | €106,898 | +€85,302 | +395% |
| Trade receivables | 40 | €21,597 | €106,898 | +€85,302 | +395% |
| Cash at bank and in hand | 54/58 | €80,764 | €61,079 | -€19,686 | -24.4% |
| Deferred charges and accrued income | 490/1 | €1,037 | €1,462 | +€424 | +40.9% |
| Total equity and liabilities | 10/49 | €315,409 | €941,798 | +€626,389 | +199% |
| Equity | 10/15 | €33,435 | €21,065 | -€12,370 | -37.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,435 | €1,065 | -€12,370 | -92.1% |
| Amounts payable | 17/49 | €281,974 | €920,733 | +€638,759 | +227% |
| Amounts payable after more than one year | 17 | €2,183 | €466,753 | +€464,570 | +21,279% |
| Financial debts | 170/4 | €2,183 | €466,753 | +€464,570 | +21,279% |
| Amounts payable within one year | 42/48 | €279,786 | €453,975 | +€174,189 | +62.3% |
| Current portion of amounts payable after more than one year | 42 | €8,644 | €55,378 | +€46,735 | +541% |
| Trade debts | 44 | €40,719 | €112,753 | +€72,033 | +177% |
| Suppliers | 440/4 | €40,719 | €112,753 | +€72,033 | +177% |
| Taxes, remuneration and social security | 45 | €32,234 | €57,550 | +€25,317 | +78.5% |
| Taxes | 450/3 | €9,204 | €13,342 | +€4,138 | +45.0% |
| Remuneration and social security | 454/9 | €23,030 | €44,209 | +€21,179 | +92.0% |
| Other amounts payable | 47/48 | €198,189 | €228,294 | +€30,105 | +15.2% |
| Accrued charges and deferred income | 492/3 | €5 | €5 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €67,141 | €125,049 | +€57,908 | +86.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,805 | €74,353 | +€20,547 | +38.2% |
| Other operating charges | 640/8 | €1,847 | €4,358 | +€2,511 | +136% |
| Gross operating margin | 9900 | €179,076 | €202,182 | +€23,106 | +12.9% |
| Operating profit (loss) | 9901 | €56,282 | -€1,577 | -€57,860 | |
| Financial income | 75/76B | €20 | €57 | +€37 | +185% |
| Recurring financial income | 75 | €20 | €57 | +€37 | +185% |
| Financial charges | 65/66B | €341 | €10,217 | +€9,876 | +2,894% |
| Recurring financial charges | 65 | €341 | €10,217 | +€9,876 | +2,894% |
| Profit (loss) for the period before taxes | 9903 | €55,961 | -€11,738 | -€67,699 | |
| Income taxes | 67/77 | €3,015 | €633 | -€2,383 | -79.0% |
| Profit (loss) for the period | 9904 | €52,946 | -€12,370 | -€65,316 | |
| Profit (loss) for the period to be appropriated | 9905 | €52,946 | -€12,370 | -€65,316 |
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 30 October 2026 via checked.be.