THEAS
ActiveSummary
THEAS has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €65k and a net result of €37k. Equity is growing by ~11.8% per year across the filed fiscal years. Its solvency ranks better than 52% of 1530 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100=
Solvency76▼-1
Growth78=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5k at 30 days acceptable
Liquidity ample (current ratio 2.0 against 2.02 in 2024; short-term debt: 48.8% and cash: 46.4% of total assets), and 48.8% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
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 59
Relative position
BE, all sectors
reference
Motion picture, video and television programme production, sound recording and music publishing activities (NACE 59)
about 37% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
51.2%
Return on assets
29.3%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 13-03-2026, 140 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
140 d early
2024
128 d early
2023
58 d early
2022
61 d early
2021
41 d early
2020
38 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 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed Roughly what is this company worth?Value indication
Financials · fiscal year 2025, micro schema
Equity
€65k▲ 1.6%
2024 · €64k
Total assets
€126k▲ 3.5%
2024 · €122k
Net result
€37k▼ 15.0%
2024 · €44k
Working capital
€61k▲ 2.8%
2024 · €60k
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€23k▼ 22.3%€15k▼ 35.6%€45k▲ 206%€57k▲ 25.8%€50k▼ 13.3%
Net result€17k▼ 30.5%€10k▼ 43.3%€34k▲ 259%€44k▲ 26.9%€37k▼ 15.0%
Equity€46k▲ 57.7%€56k▲ 20.7%€70k▲ 25.7%€64k▼ 9.2%€65k▲ 1.6%
Total assets€66k▲ 77.3%€71k▲ 8.0%€101k▲ 41.1%€122k▲ 20.8%€126k▲ 3.5%
Debt€20k▲ 149%€16k▼ 21.4%€31k▲ 95.5%€58k▲ 89.3%€62k▲ 5.7%
Working capital€46k▲ 57.7%€56k▲ 20.7%€70k▲ 25.7%€60k▼ 14.9%€61k▲ 2.8%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 13% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €126k
Fixed assets
€3k ▼ 16.2%
Current assets
€123k ▲ 4.2%
Equity and liabilities €126k
Equity
€65k ▲ 1.6%
Debt
€62k ▲ 5.7%
Debt's share of the balance-sheet total rises from 47.8% to 48.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€50k▼
2024 · €58k
Cash flow
€38k▼
2024 · €44k
Current ratio
2.00▼
2024 · 2.02
Quick ratio
1.97▼
2024 · 2.00
Debt to equity
0.95▲
2024 · 0.91
ROE
57.2%▼
2024 · 68.4%
ROA
29.3%▼
2024 · 35.7%
Interest coverage
32.55▲
2024 · 31.23
Debt ≤ 1 year
€62k▲
2024 · €58k
Income taxes
€11k▼
2024 · €12k
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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | €542 | €651 | ▲ 20.0% |
| Other operating charges640/8 | €2k | €1k | €1k | €414 | €3k | ▲ 536% |
| Gross operating margin9900 | €25k | €16k | €47k | €58k | €53k | ▼ 9.1% |
| Operating profit (loss)9901 | €23k | €15k | €45k | €57k | €50k | ▼ 13.3% |
| Financial income75/76B | €0 | €1 | €3 | €1 | €5 | ▲ 430% |
| Recurring financial income75 | €0 | €1 | €3 | €1 | €5 | ▲ 430% |
| Financial charges65/66B | €388 | €408 | €721 | €2k | €2k | ▼ 16.5% |
| Recurring financial charges65 | €388 | €408 | €721 | €2k | €2k | ▼ 16.5% |
| Profit (loss) for the period before taxes9903 | €23k | €14k | €45k | €55k | €48k | ▼ 13.2% |
| Income taxes67/77 | €6k | €5k | €10k | €12k | €11k | ▼ 6.5% |
| Profit (loss) for the period9904 | €17k | €10k | €34k | €44k | €37k | ▼ 15.0% |
| Profit (loss) for the period to be appropriated9905 | €17k | €10k | €34k | €44k | €37k | ▼ 15.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €66k | €71k | €101k | €122k | €126k | ▲ 3.5% |
| Fixed assets21/28 | - | - | - | €4k | €3k | ▼ 16.2% |
| Tangible fixed assets22/27 | - | - | - | €4k | €3k | ▼ 16.2% |
| Other tangible fixed assets26 | - | - | - | €4k | €3k | ▼ 16.2% |
| Current assets29/58 | €66k | €71k | €101k | €118k | €123k | ▲ 4.2% |
| Stocks and contracts in progress3 | €654 | €3k | €743 | €1k | €2k | ▲ 32.0% |
| Stocks30/36 | €654 | €3k | €743 | €1k | €2k | ▲ 32.0% |
| Amounts receivable within one year40/41 | €30k | €35k | €48k | €35k | €61k | ▲ 75.1% |
| Trade receivables40 | €29k | €35k | €46k | €33k | €46k | ▲ 41.6% |
| Other amounts receivable41 | €1k | - | €2k | €2k | €15k | ▲ 578% |
| Cash at bank and in hand54/58 | €34k | €33k | €50k | €80k | €59k | ▼ 27.0% |
| Deferred charges and accrued income490/1 | €1k | €442 | €2k | €1k | €1k | ▼ 6.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €66k | €71k | €101k | €122k | €126k | ▲ 3.5% |
| Equity10/15 | €46k | €56k | €70k | €64k | €65k | ▲ 1.6% |
| Contributions10/11 | €5k | €5k | €5k | €5k | €5k | = |
| Reserves13 | €41k | €51k | €65k | €59k | €60k | ▲ 1.7% |
| Distributable reserves133 | €41k | €51k | €65k | €59k | €60k | ▲ 1.7% |
| Amounts payable17/49 | €20k | €16k | €31k | €58k | €62k | ▲ 5.7% |
| Amounts payable within one year42/48 | €20k | €16k | €31k | €58k | €62k | ▲ 5.7% |
| Trade debts44 | €5k | €4k | €6k | €4k | €6k | ▲ 27.0% |
| Suppliers440/4 | €5k | €4k | €6k | €4k | €6k | ▲ 27.0% |
| Taxes, remuneration and social security45 | €11k | €12k | €9k | €16k | €25k | ▲ 54.9% |
| Taxes450/3 | €11k | €12k | €9k | €16k | €25k | ▲ 54.9% |
| Other amounts payable47/48 | €4k | €254 | €15k | €38k | €31k | ▼ 17.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17k | €10k | €34k | €44k | €37k | ▼ 15.0% |
| + Depreciation and write-downs630 | - | - | - | €542 | €651 | ▲ 20.0% |
| Operating cash flow (approximation) | €17k | €10k | €34k | €44k | €38k | ▼ 14.6% |
| Investment in fixed assets (approximation) | - | - | - | - | €0 | - |
| Change in cash | - | €-1k | €17k | €30k | €-22k | ▼ 171% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
13-03
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
25-03
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Highest result since 2020net €44k ▲26.9%
Operating result €57k, net result €44k, both a record.
03-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-05
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Weakest financial yearnet €10k ▼43.3%
Net result drops to €10k, the lowest in the series; recovery starts the following year.
20-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
23-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Liège · 1 establishment unit since 2019
Ground area
211 m²
Building footprint
74 m²
Volume, LiDAR
809 m³
Parcel 62814C0182/00T003, Wallonia · tallest building 18.8 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
THEAS
since 20192.292.645.280
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62814C0182/00T003 | Wallonia | 211 m² | 1 · 74 m² | 18.8 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 159 companies in sector 59140 we hold annual accounts for 87. 55 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
Founded26-08-2019
Fiscal year end31-12
Activities, NACEBEL 2025
59140Motion picture, video and television programme production, sound recording and music publishing activities
Contact
Phone
+32492726220
E-mail
charles.gilson@theas.beLiège
Scores and ratios are computed by Checked and are not a credit decision.