Thai Select.: what changed
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
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it 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% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.