THÉAM
ActiveSummary
THÉAM has been active since 2003 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €7k and a net result of €11k. Equity is shrinking by ~47.5% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2026. Its solvency ranks better than 35% of 958 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100▲+49
Solvency60▲+55
Growth78▲+20
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €500 at 30 days acceptable
Liquidity short (current ratio 0.67 against 0.38 in 2024; short-term debt: 65.5% and cash: 37.4% of total assets), and 65.5% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 18
Relative position
BE, all sectors
reference
Printing and reproduction of recorded media (NACE 18)
about 11% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · A punctual record breaks
This company filed 9 consecutive financial years on time. The year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 04-02-2026, 4 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
4 d late
2024
28 d early
2023
12 d early
2022
12 d early
2021
42 d early
2020
52 d early
2019
43 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close25-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€7k
2024 · €-4k
Total assets
€20k▲ 4.4%
2024 · €19k
Net result
€11k
2024 · €-3k
Working capital
€-4k▲ 69.6%
2024 · €-14k
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€-4k€-3k▲ 21.9%€1k€-2k€11k
Net result€-5k€-4k▲ 24.9%€672€-3k€11k
Equity€2k▼ 71.8%€-2k€-1k▲ 37.5%€-4k▼ 244%€7k
Total assets€60k▼ 18.7%€44k▼ 25.4%€42k▼ 5.2%€19k▼ 54.4%€20k▲ 4.4%
Debt€58k▼ 13.2%€46k▼ 19.8%€43k▼ 6.5%€23k▼ 46.7%€13k▼ 43.1%
Working capital€-23k▲ 25.9%€-19k▲ 15.1%€-19k▲ 0.5%€-14k▲ 25.2%€-4k▲ 69.6%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €11k after a loss of €2k in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €20k
Fixed assets
€11k ▲ 7.5%
Current assets
€9k ▲ 0.7%
Equity and liabilities €20k
Equity
€7k
Debt
€13k
Debt finances 65.5% of the balance-sheet total.
Key figures and ratios
EBITDA
€13k▲
2024 · €9k
Cash flow
€13k▲
2024 · €8k
Current ratio
0.67▲
2024 · 0.38
Debt to equity
1.90▲
2024 · -5.98
ROE
155.8%
ROA
53.8%▲
2024 · -14.3%
Interest coverage
240.60▲
2024 · 70.19
Debt ≤ 1 year
€13k▼
2024 · €23k
Income taxes
€585▲
2024 · €428
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €9k | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17k | €12k | €11k | €11k | €2k | ▼ 83.5% |
| Other operating charges640/8 | - | €1k | €2k | €605 | €671 | ▲ 10.8% |
| Gross operating margin9900 | €15k | €10k | €14k | €9k | €14k | ▲ 49.1% |
| Operating profit (loss)9901 | €-4k | €-3k | €1k | €-2k | €11k | ▲ 623% |
| Financial income75/76B | - | €135 | - | - | - | - |
| Recurring financial income75 | €1 | €135 | - | - | - | - |
| Financial charges65/66B | - | €241 | €182 | €124 | €55 | ▼ 55.7% |
| Recurring financial charges65 | €304 | €241 | €182 | €124 | €55 | ▼ 55.7% |
| Profit (loss) for the period before taxes9903 | €-5k | €-3k | €1k | €-2k | €11k | ▲ 592% |
| Income taxes67/77 | €463 | €341 | €425 | €428 | €585 | ▲ 36.6% |
| Profit (loss) for the period9904 | €-5k | €-4k | €672 | €-3k | €11k | ▲ 494% |
| Profit (loss) for the period to be appropriated9905 | €-5k | €-4k | €672 | €-3k | €11k | ▲ 494% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €60k | €44k | €42k | €19k | €20k | ▲ 4.4% |
| Fixed assets21/28 | €37k | €25k | €21k | €10k | €11k | ▲ 7.5% |
| Tangible fixed assets22/27 | €37k | €25k | €21k | €10k | €11k | ▲ 7.5% |
| Land and buildings22 | - | €1k | - | - | - | - |
| Plant, machinery and equipment23 | - | €2k | €8k | €6k | €11k | ▲ 98.2% |
| Furniture and vehicles24 | - | €22k | €13k | €5k | - | - |
| Current assets29/58 | €23k | €19k | €21k | €9k | €9k | ▲ 0.7% |
| Stocks and contracts in progress3 | €479 | €400 | - | - | - | - |
| Stocks30/36 | - | €400 | - | - | - | - |
| Amounts receivable within one year40/41 | €3k | €770 | €2k | €230 | €1k | ▲ 454% |
| Trade receivables40 | - | €770 | €2k | €230 | €1k | ▲ 454% |
| Cash at bank and in hand54/58 | €20k | €18k | €19k | €8k | €7k | ▼ 11.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €60k | €44k | €42k | €19k | €20k | ▲ 4.4% |
| Equity10/15 | €2k | €-2k | €-1k | €-4k | €7k | ▲ 279% |
| Contributions10/11 | - | €19k | €19k | €19k | €19k | = |
| Profit (loss) carried forward14 | €-17k | €-20k | €-20k | €-22k | €-12k | ▲ 47.9% |
| Amounts payable17/49 | €58k | €46k | €43k | €23k | €13k | ▼ 43.1% |
| Amounts payable after more than one year17 | €12k | €7k | €3k | - | - | - |
| Financial debts170/4 | - | €7k | €3k | - | - | - |
| Amounts payable within one year42/48 | €46k | €39k | €40k | €23k | €13k | ▼ 43.1% |
| Current portion of amounts payable after more than one year42 | - | €5k | €5k | €3k | - | - |
| Trade debts44 | €88 | €191 | €719 | €150 | €660 | ▲ 341% |
| Suppliers440/4 | - | €191 | €719 | €150 | €660 | ▲ 341% |
| Advances received on contracts in progress46 | - | €2k | - | - | - | - |
| Taxes, remuneration and social security45 | - | €3k | €5k | €6k | €5k | ▼ 8.3% |
| Taxes450/3 | - | €3k | €5k | €6k | €5k | ▼ 8.3% |
| Other amounts payable47/48 | - | €29k | €30k | €14k | €7k | ▼ 50.5% |
| Accrued charges and deferred income492/3 | - | - | €543 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-5k | €-4k | €672 | €-3k | €11k | ▲ 494% |
| + Depreciation and write-downs630 | €17k | €12k | €11k | €11k | €2k | ▼ 83.5% |
| Operating cash flow (approximation) | €12k | €8k | €12k | €8k | €13k | ▲ 54.3% |
| Investment in fixed assets (approximation) | - | €0 | €-8k | €0 | €-3k | - |
| Change in cash | - | €-1k | €700 | €-11k | €-982 | ▲ 90.7% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
More with these figures Sector benchmark What changed Value indication
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
04-02
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 4 days late
2025
30-06
Financial
Back to profitnet €11k
Net result €11k after one loss-making year.
03-01
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
19-01
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-06
Financial
Back to profitnet €672
Net result €672 after 2 loss-making years.
19-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2021
20-12
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2020
10-12
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
30-06
Financial
Back to profitnet €758
Net result €758 after one loss-making year.
2019
19-12
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
22-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
05-01
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2016
19-12
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Dilsen-Stokkem · 2 establishment units since 2003
Ground area
1,427 m²
Building footprint
291 m²
Volume, LiDAR
1,622 m³
2 parcels, Flanders · tallest building 8.8 m, ±2 floors. Linked by address, not a title deed.
2 establishment units
Kapelstraat 69, 3650 Dilsen-Stokkem
since 20032.134.046.421
Borreshoefstraat 74, 3650 Dilsen-Stokkem
since 20242.359.774.725
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 72005B1739/00P000 | Flanders | 853 m² | 1 · 146 m² | 6.7 m · 2 fl. |
| 73081D0001/00E000 | Flanders | 574 m² | 1 · 145 m² | 8.8 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 2,856 companies in sector 18130 we hold annual accounts for 832. 368 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded08-10-2003
Fiscal year end30-06
Activities, NACEBEL 2025
18130Pre-press and pre-media services
73110Advertising agencies
77229Renting and leasing of other personal and household goods
Scores and ratios are computed by Checked and are not a credit decision.