THOBEL: 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.
THOBEL
Largest movements
- Receivables within one year -€6,253
down €6,253 (-24.8%), from €25,255 to €19,002
of which Trade receivables: -€7,417
- Intangible fixed assets -€3,000
down €3,000 (-13.2%), from €22,788 to €19,788
- Tangible fixed assets -€2,891
down €2,891 (-24.0%), from €12,063 to €9,172
of which Furniture and vehicles: -€2,404
- Debts after one year -€8,408
down €8,408 (-76.3%), from €11,015 to €2,607
- Trade debts -€6,422
down €6,422 (-71.0%), from €9,041 to €2,619
- Profit (loss) carried forward +€3,158
up €3,158 (+31.8%), from -€9,927 to -€6,770
- Tax, wage and social debts -€2,896
no longer reported in 2025 (was €2,896)
- Short-term financial debts +€2,304
new in 2025: €2,304
- Gross operating margin +€10,309
up €10,309 (+186.8%), from €5,517 to €15,826
- Depreciation -€3,086
down €3,086 (-22.9%), from €13,502 to €10,416
- Staff costs -€1,520
no longer reported in 2025 (was €1,520)
- Financial charges -€470
down €470 (-21.3%), from €2,202 to €1,732
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 | €65,121 | €52,192 | -€12,929 | -19.9% |
| Fixed assets | 21/28 | €34,901 | €29,010 | -€5,891 | -16.9% |
| Intangible fixed assets | 21 | €22,788 | €19,788 | -€3,000 | -13.2% |
| Tangible fixed assets | 22/27 | €12,063 | €9,172 | -€2,891 | -24.0% |
| Plant, machinery and equipment | 23 | €83 | - | -€83 | |
| Furniture and vehicles | 24 | €8,014 | €5,610 | -€2,404 | -30.0% |
| Other tangible fixed assets | 26 | €3,966 | €3,562 | -€404 | -10.2% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €30,220 | €23,182 | -€7,038 | -23.3% |
| Amounts receivable within one year | 40/41 | €25,255 | €19,002 | -€6,253 | -24.8% |
| Trade receivables | 40 | €16,331 | €8,913 | -€7,417 | -45.4% |
| Other amounts receivable | 41 | €8,924 | €10,089 | +€1,164 | +13.0% |
| Cash at bank and in hand | 54/58 | €349 | €175 | -€174 | -49.8% |
| Deferred charges and accrued income | 490/1 | €4,616 | €4,005 | -€611 | -13.2% |
| Total equity and liabilities | 10/49 | €65,121 | €52,192 | -€12,929 | -19.9% |
| Equity | 10/15 | €33,073 | €36,231 | +€3,158 | +9.5% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €28,000 | €28,000 | = | 0.0% |
| Distributable reserves | 133 | €28,000 | €28,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,927 | -€6,770 | +€3,158 | +31.8% |
| Amounts payable | 17/49 | €32,048 | €15,962 | -€16,087 | -50.2% |
| Amounts payable after more than one year | 17 | €11,015 | €2,607 | -€8,408 | -76.3% |
| Financial debts | 170/4 | €11,015 | €2,607 | -€8,408 | -76.3% |
| Amounts payable within one year | 42/48 | €21,033 | €13,355 | -€7,679 | -36.5% |
| Current portion of amounts payable after more than one year | 42 | €8,393 | €8,408 | +€15 | +0.2% |
| Financial debts | 43 | - | €2,304 | +€2,304 | |
| Credit institutions | 430/8 | - | €2,304 | +€2,304 | |
| Trade debts | 44 | €9,041 | €2,619 | -€6,422 | -71.0% |
| Suppliers | 440/4 | €9,041 | €2,619 | -€6,422 | -71.0% |
| Taxes, remuneration and social security | 45 | €2,896 | - | -€2,896 | |
| Remuneration and social security | 454/9 | €2,896 | - | -€2,896 | |
| Other amounts payable | 47/48 | €703 | €23 | -€680 | -96.7% |
| Remuneration, social security and pensions | 62 | €1,520 | - | -€1,520 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,502 | €10,416 | -€3,086 | -22.9% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Non-recurring operating charges | 66A | €276 | €121 | -€155 | -56.0% |
| Gross operating margin | 9900 | €5,517 | €15,826 | +€10,309 | +186.8% |
| Operating profit (loss) | 9901 | -€10,168 | €4,889 | +€15,058 | |
| Financial income | 75/76B | €124 | €0 | -€124 | -100.0% |
| Recurring financial income | 75 | €124 | €0 | -€124 | -100.0% |
| Financial charges | 65/66B | €2,202 | €1,732 | -€470 | -21.3% |
| Recurring financial charges | 65 | €2,202 | €1,732 | -€470 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | -€12,246 | €3,158 | +€15,403 | |
| Profit (loss) for the period | 9904 | -€12,246 | €3,158 | +€15,403 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,246 | €3,158 | +€15,403 |
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 6 October 2026 via checked.be.