ETS THEIS DISTRIBUTION SA: 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.
ETS THEIS DISTRIBUTION SA
Largest movements
- Tangible fixed assets -€33,537
down €33,537 (-25.5%), from €131,284 to €97,747
- Receivables within one year -€25,322
down €25,322 (-11.1%), from €227,752 to €202,430
of which Other amounts receivable: -€13,698
- Cash +€17,672
up €17,672, from €0 to €17,672
mainly Depreciation (+€44,304) and Net result for the year (+€35,343)
- Financial fixed assets -€13,250
down €13,250 (-51.5%), from €25,750 to €12,500
- Debts after one year -€46,300
down €46,300 (-19.5%), from €237,587 to €191,286
of which Financial debts: -€23,162
- Profit (loss) carried forward +€35,343
up €35,343 (+21.3%), from €165,885 to €201,228
- Short-term financial debts -€32,825
no longer reported in 2025 (was €32,825)
- Current portion of long-term debt -€11,530
down €11,530 (-23.7%), from €48,692 to €37,162
- Depreciation -€51,756
down €51,756 (-53.9%), from €96,060 to €44,304
- Financial charges +€13,110
up €13,110 (+58.6%), from €22,387 to €35,497
of which Non-recurring financial charges: +€13,010
- Taxes +€5,333
up €5,333 (+43.7%), from €12,207 to €17,541
- Staff costs -€5,271
down €5,271 (-1.9%), from €275,609 to €270,338
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 | €847,767 | €796,849 | -€50,918 | -6.0% |
| Fixed assets | 21/28 | €157,034 | €110,247 | -€46,787 | -29.8% |
| Tangible fixed assets | 22/27 | €131,284 | €97,747 | -€33,537 | -25.5% |
| Land and buildings | 22 | €21,644 | €6,056 | -€15,588 | -72.0% |
| Plant, machinery and equipment | 23 | €65,476 | €52,351 | -€13,125 | -20.0% |
| Furniture and vehicles | 24 | €44,164 | €39,340 | -€4,824 | -10.9% |
| Financial fixed assets | 28 | €25,750 | €12,500 | -€13,250 | -51.5% |
| Current assets | 29/58 | €690,732 | €686,601 | -€4,131 | -0.6% |
| Stocks and contracts in progress | 3 | €454,627 | €457,226 | +€2,599 | +0.6% |
| Stocks | 30/36 | €454,627 | €457,226 | +€2,599 | +0.6% |
| Amounts receivable within one year | 40/41 | €227,752 | €202,430 | -€25,322 | -11.1% |
| Trade receivables | 40 | €211,854 | €200,231 | -€11,624 | -5.5% |
| Other amounts receivable | 41 | €15,898 | €2,200 | -€13,698 | -86.2% |
| Cash at bank and in hand | 54/58 | €0 | €17,672 | +€17,672 | |
| Deferred charges and accrued income | 490/1 | €8,353 | €9,273 | +€920 | +11.0% |
| Total equity and liabilities | 10/49 | €847,767 | €796,849 | -€50,918 | -6.0% |
| Equity | 10/15 | €293,885 | €329,228 | +€35,343 | +12.0% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Capital | 10 | €80,000 | €80,000 | = | 0.0% |
| Issued capital | 100 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €48,000 | €48,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,000 | €8,000 | = | 0.0% |
| Legal reserve | 130 | €8,000 | €8,000 | = | 0.0% |
| Distributable reserves | 133 | €40,000 | €40,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €165,885 | €201,228 | +€35,343 | +21.3% |
| Amounts payable | 17/49 | €553,882 | €467,621 | -€86,261 | -15.6% |
| Amounts payable after more than one year | 17 | €237,587 | €191,286 | -€46,300 | -19.5% |
| Financial debts | 170/4 | €59,515 | €36,353 | -€23,162 | -38.9% |
| Other amounts payable | 178/9 | €178,071 | €154,933 | -€23,138 | -13.0% |
| Amounts payable within one year | 42/48 | €316,295 | €276,335 | -€39,961 | -12.6% |
| Current portion of amounts payable after more than one year | 42 | €48,692 | €37,162 | -€11,530 | -23.7% |
| Financial debts | 43 | €32,825 | - | -€32,825 | |
| Credit institutions | 430/8 | €32,825 | - | -€32,825 | |
| Trade debts | 44 | €148,102 | €145,343 | -€2,759 | -1.9% |
| Suppliers | 440/4 | €148,102 | €145,343 | -€2,759 | -1.9% |
| Taxes, remuneration and social security | 45 | €86,375 | €93,529 | +€7,154 | +8.3% |
| Taxes | 450/3 | €31,771 | €33,797 | +€2,026 | +6.4% |
| Remuneration and social security | 454/9 | €54,604 | €59,732 | +€5,128 | +9.4% |
| Other amounts payable | 47/48 | €301 | €301 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €275,609 | €270,338 | -€5,271 | -1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,060 | €44,304 | -€51,756 | -53.9% |
| Other operating charges | 640/8 | €21,229 | €23,477 | +€2,248 | +10.6% |
| Non-recurring operating charges | 66A | - | €10,403 | +€10,403 | |
| Gross operating margin | 9900 | €438,356 | €436,513 | -€1,843 | -0.4% |
| Operating profit (loss) | 9901 | €45,458 | €87,991 | +€42,533 | +93.6% |
| Financial income | 75/76B | €88 | €390 | +€302 | +342% |
| Recurring financial income | 75 | €88 | €390 | +€302 | +342% |
| Financial charges | 65/66B | €22,387 | €35,497 | +€13,110 | +58.6% |
| Recurring financial charges | 65 | €22,147 | €22,247 | +€101 | +0.5% |
| Non-recurring financial charges | 66B | €240 | €13,250 | +€13,010 | +5,410% |
| Profit (loss) for the period before taxes | 9903 | €23,159 | €52,884 | +€29,724 | +128% |
| Income taxes | 67/77 | €12,207 | €17,541 | +€5,333 | +43.7% |
| Profit (loss) for the period | 9904 | €10,952 | €35,343 | +€24,391 | +223% |
| Profit (loss) for the period to be appropriated | 9905 | €10,952 | €35,343 | +€24,391 | +223% |
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 19 October 2026 via checked.be.