THIBHELO: 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.
THIBHELO
Largest movements
- Cash +€15,137
up €15,137 (+60.9%), from €24,848 to €39,985
mainly Net result for the year (+€25,886) and Stocks and contracts (+€2,375)
- Receivables within one year +€7,830
up €7,830 (+67.5%), from €11,593 to €19,424
of which Trade receivables: +€7,897
- Stocks and contracts -€2,375
down €2,375 (-23.8%), from €9,964 to €7,590
- Reserves +€25,886
up €25,886 (+100%), from €25,855 to €51,741
- Tax, wage and social debts -€5,722
down €5,722 (-53.2%), from €10,757 to €5,034
- Gross operating margin +€12,346
up €12,346 (+55.7%), from €22,180 to €34,526
- Taxes +€2,770
up €2,770 (+58.0%), from €4,776 to €7,546
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 | €50,465 | €70,400 | +€19,935 | +39.5% |
| Fixed assets | 21/28 | €959 | €795 | -€164 | -17.1% |
| Tangible fixed assets | 22/27 | €959 | €795 | -€164 | -17.1% |
| Furniture and vehicles | 24 | €959 | €795 | -€164 | -17.1% |
| Current assets | 29/58 | €49,506 | €69,605 | +€20,099 | +40.6% |
| Stocks and contracts in progress | 3 | €9,964 | €7,590 | -€2,375 | -23.8% |
| Stocks | 30/36 | €9,964 | €7,590 | -€2,375 | -23.8% |
| Amounts receivable within one year | 40/41 | €11,593 | €19,424 | +€7,830 | +67.5% |
| Trade receivables | 40 | €11,138 | €19,035 | +€7,897 | +70.9% |
| Other amounts receivable | 41 | €456 | €388 | -€67 | -14.8% |
| Cash at bank and in hand | 54/58 | €24,848 | €39,985 | +€15,137 | +60.9% |
| Deferred charges and accrued income | 490/1 | €3,100 | €2,606 | -€494 | -15.9% |
| Total equity and liabilities | 10/49 | €50,465 | €70,400 | +€19,935 | +39.5% |
| Equity | 10/15 | €28,855 | €54,741 | +€25,886 | +89.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €25,855 | €51,741 | +€25,886 | +100% |
| Distributable reserves | 133 | €25,855 | €51,741 | +€25,886 | +100% |
| Amounts payable | 17/49 | €21,610 | €15,659 | -€5,951 | -27.5% |
| Amounts payable within one year | 42/48 | €21,610 | €15,659 | -€5,951 | -27.5% |
| Trade debts | 44 | €10,812 | €10,625 | -€187 | -1.7% |
| Suppliers | 440/4 | €10,812 | €10,625 | -€187 | -1.7% |
| Taxes, remuneration and social security | 45 | €10,757 | €5,034 | -€5,722 | -53.2% |
| Taxes | 450/3 | €10,757 | €5,034 | -€5,722 | -53.2% |
| Other amounts payable | 47/48 | €42 | - | -€42 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €465 | €444 | -€21 | -4.4% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €22,180 | €34,526 | +€12,346 | +55.7% |
| Operating profit (loss) | 9901 | €21,328 | €33,682 | +€12,354 | +57.9% |
| Financial income | 75/76B | - | €82 | +€82 | |
| Recurring financial income | 75 | - | €82 | +€82 | |
| Financial charges | 65/66B | €62 | €333 | +€271 | +437% |
| Recurring financial charges | 65 | €62 | €333 | +€271 | +437% |
| Profit (loss) for the period before taxes | 9903 | €21,266 | €33,432 | +€12,165 | +57.2% |
| Income taxes | 67/77 | €4,776 | €7,546 | +€2,770 | +58.0% |
| Profit (loss) for the period | 9904 | €16,490 | €25,886 | +€9,396 | +57.0% |
| Profit (loss) for the period to be appropriated | 9905 | €16,490 | €25,886 | +€9,396 | +57.0% |
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 15 October 2026 via checked.be.