THAIBEL: what changed
Two fiscal 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.
THAIBEL
Largest movements
- Tangible fixed assets -€7,007
down €7,007 (-22.4%), from €31,222 to €24,214
- Deferred charges and accrued income -€3,000
no longer reported in 2025 (was €3,000)
- Trade debts -€11,943
down €11,943 (-52.6%), from €22,687 to €10,744
- Tax, wage and social debts +€4,523
up €4,523 (+57.6%), from €7,846 to €12,370
- Short-term financial debts -€2,438
no longer reported in 2025 (was €2,438)
- Gross operating margin +€6,041
up €6,041 (+416.2%), from €1,452 to €7,493
- Staff costs -€350
no longer reported in 2025 (was €350)
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.
Cash bridge derived
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 | €49,824 | €40,025 | -€9,800 | -19.7% |
| Fixed assets | 21/28 | €31,222 | €24,214 | -€7,007 | -22.4% |
| Tangible fixed assets | 22/27 | €31,222 | €24,214 | -€7,007 | -22.4% |
| Plant, machinery and equipment | 23 | €31,222 | €24,214 | -€7,007 | -22.4% |
| Current assets | 29/58 | €18,602 | €15,810 | -€2,792 | -15.0% |
| Stocks and contracts in progress | 3 | €3,000 | €3,000 | = | 0.0% |
| Stocks | 30/36 | €3,000 | €3,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €10,313 | €10,287 | -€26 | -0.3% |
| Other amounts receivable | 41 | €10,313 | €10,287 | -€26 | -0.3% |
| Cash at bank and in hand | 54/58 | €2,289 | €2,523 | +€234 | +10.2% |
| Deferred charges and accrued income | 490/1 | €3,000 | - | -€3,000 | |
| Total equity and liabilities | 10/49 | €49,824 | €40,025 | -€9,800 | -19.7% |
| Equity | 10/15 | €16,853 | €16,911 | +€58 | +0.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,607 | -€3,549 | +€58 | +1.6% |
| Amounts payable | 17/49 | €32,971 | €23,113 | -€9,858 | -29.9% |
| Amounts payable within one year | 42/48 | €32,971 | €23,113 | -€9,858 | -29.9% |
| Financial debts | 43 | €2,438 | - | -€2,438 | |
| Credit institutions | 430/8 | €2,438 | - | -€2,438 | |
| Trade debts | 44 | €22,687 | €10,744 | -€11,943 | -52.6% |
| Suppliers | 440/4 | €22,687 | €10,744 | -€11,943 | -52.6% |
| Taxes, remuneration and social security | 45 | €7,846 | €12,370 | +€4,523 | +57.6% |
| Taxes | 450/3 | €7,846 | €12,370 | +€4,523 | +57.6% |
| Remuneration, social security and pensions | 62 | €350 | - | -€350 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,007 | €7,007 | = | 0.0% |
| Other operating charges | 640/8 | €158 | €144 | -€14 | -9.0% |
| Gross operating margin | 9900 | €1,452 | €7,493 | +€6,041 | +416.2% |
| Operating profit (loss) | 9901 | -€6,064 | €342 | +€6,405 | |
| Financial charges | 65/66B | €210 | €284 | +€73 | +34.9% |
| Recurring financial charges | 65 | €210 | €284 | +€73 | +34.9% |
| Profit (loss) for the period before taxes | 9903 | -€6,274 | €58 | +€6,332 | |
| Income taxes | 67/77 | €40 | - | -€40 | |
| Profit (loss) for the period | 9904 | -€6,314 | €58 | +€6,372 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,314 | €58 | +€6,372 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.