Thai Select.: 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.
Thai Select.
Largest movements
- Tangible fixed assets -€9,766
down €9,766 (-20.7%), from €47,196 to €37,430
of which Plant, machinery and equipment: -€5,848
- Receivables within one year -€4,373
down €4,373 (-51.0%), from €8,569 to €4,196
- Cash -€2,016
down €2,016 (-3.6%), from €56,636 to €54,620
mainly Trade debts (-€27,333) and Current portion of long-term debt (-€20,000)
- Trade debts -€27,333
down €27,333 (-94.6%), from €28,897 to €1,564
- Profit (loss) carried forward +€22,625
up €22,625 (+68.4%), from €33,066 to €55,692
- Current portion of long-term debt -€20,000
no longer reported in 2025 (was €20,000)
- Other debts -€15,425
no longer reported in 2025 (was €15,425)
- Debts after one year +€12,954
up €12,954 (+223%), from €5,813 to €18,767
- Gross operating margin -€19,149
down €19,149 (-18.3%), from €104,377 to €85,228
- Taxes +€6,450
new in 2025: €6,450
- Staff costs -€4,900
down €4,900 (-10.4%), from €47,198 to €42,298
- Depreciation +€4,358
up €4,358 (+66.7%), from €6,535 to €10,893
- Financial charges -€2,834
down €2,834 (-79.4%), from €3,571 to €737
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 | €112,401 | €96,246 | -€16,155 | -14.4% |
| Fixed assets | 21/28 | €47,196 | €37,430 | -€9,766 | -20.7% |
| Tangible fixed assets | 22/27 | €47,196 | €37,430 | -€9,766 | -20.7% |
| Plant, machinery and equipment | 23 | €24,557 | €18,710 | -€5,848 | -23.8% |
| Furniture and vehicles | 24 | €22,377 | €18,525 | -€3,852 | -17.2% |
| Other tangible fixed assets | 26 | €262 | €195 | -€67 | -25.4% |
| Current assets | 29/58 | €65,205 | €58,816 | -€6,389 | -9.8% |
| Amounts receivable within one year | 40/41 | €8,569 | €4,196 | -€4,373 | -51.0% |
| Other amounts receivable | 41 | €8,569 | €4,196 | -€4,373 | -51.0% |
| Cash at bank and in hand | 54/58 | €56,636 | €54,620 | -€2,016 | -3.6% |
| Total equity and liabilities | 10/49 | €112,401 | €96,246 | -€16,155 | -14.4% |
| Equity | 10/15 | €38,066 | €60,692 | +€22,625 | +59.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,066 | €55,692 | +€22,625 | +68.4% |
| Amounts payable | 17/49 | €74,335 | €35,554 | -€38,780 | -52.2% |
| Amounts payable after more than one year | 17 | €5,813 | €18,767 | +€12,954 | +223% |
| Financial debts | 170/4 | €5,813 | €18,767 | +€12,954 | +223% |
| Amounts payable within one year | 42/48 | €68,522 | €16,787 | -€51,735 | -75.5% |
| Current portion of amounts payable after more than one year | 42 | €20,000 | - | -€20,000 | |
| Financial debts | 43 | - | €4,250 | +€4,250 | |
| Credit institutions | 430/8 | - | €4,250 | +€4,250 | |
| Trade debts | 44 | €28,897 | €1,564 | -€27,333 | -94.6% |
| Suppliers | 440/4 | €28,897 | €1,564 | -€27,333 | -94.6% |
| Taxes, remuneration and social security | 45 | €4,200 | €10,973 | +€6,773 | +161% |
| Taxes | 450/3 | €4,200 | €7,650 | +€3,450 | +82.1% |
| Remuneration and social security | 454/9 | - | €3,323 | +€3,323 | |
| Other amounts payable | 47/48 | €15,425 | - | -€15,425 | |
| Remuneration, social security and pensions | 62 | €47,198 | €42,298 | -€4,900 | -10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,535 | €10,893 | +€4,358 | +66.7% |
| Other operating charges | 640/8 | €1,007 | €2,225 | +€1,218 | +121% |
| Gross operating margin | 9900 | €104,377 | €85,228 | -€19,149 | -18.3% |
| Operating profit (loss) | 9901 | €49,637 | €29,812 | -€19,825 | -39.9% |
| Financial charges | 65/66B | €3,571 | €737 | -€2,834 | -79.4% |
| Recurring financial charges | 65 | €3,571 | €737 | -€2,834 | -79.4% |
| Profit (loss) for the period before taxes | 9903 | €46,066 | €29,075 | -€16,991 | -36.9% |
| Income taxes | 67/77 | - | €6,450 | +€6,450 | |
| Profit (loss) for the period | 9904 | €46,066 | €22,625 | -€23,441 | -50.9% |
| Profit (loss) for the period to be appropriated | 9905 | €46,066 | €22,625 | -€23,441 | -50.9% |
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 14 October 2026 via checked.be.