THEYS PRINTING: 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.
THEYS PRINTING
Largest movements
- Tangible fixed assets -€35,394
down €35,394 (-15.6%), from €226,311 to €190,916
- Receivables within one year -€19,140
down €19,140 (-12.4%), from €153,933 to €134,793
of which Trade receivables: -€11,852
- Stocks and contracts +€6,785
up €6,785 (+20.3%), from €33,344 to €40,129
- Debts after one year -€28,655
down €28,655 (-27.6%), from €103,816 to €75,161
- Current portion of long-term debt -€12,792
down €12,792 (-30.9%), from €41,447 to €28,655
- Short-term financial debts +€9,581
up €9,581 (+824%), from €1,162 to €10,743
- Other debts -€8,758
down €8,758 (-19.2%), from €45,728 to €36,970
- Profit (loss) carried forward -€6,721
down €6,721 (-36.8%), from -€18,262 to -€24,983
- Gross operating margin -€34,969
down €34,969 (-18.1%), from €193,365 to €158,396
- Taxes -€15,438
down €15,438, from €6,100 to -€9,338
- Staff costs -€15,324
down €15,324 (-12.9%), from €119,066 to €103,742
- Other operating charges +€8,329
up €8,329 (+79.4%), from €10,495 to €18,824
- Depreciation +€3,154
up €3,154 (+8.7%), from €36,250 to €39,403
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €413,588 | €365,839 | -€47,749 | -11.5% |
| Fixed assets | 21/28 | €226,311 | €190,916 | -€35,394 | -15.6% |
| Tangible fixed assets | 22/27 | €226,311 | €190,916 | -€35,394 | -15.6% |
| Land and buildings | 22 | €146,970 | €141,609 | -€5,360 | -3.6% |
| Plant, machinery and equipment | 23 | €30,755 | €18,314 | -€12,441 | -40.5% |
| Furniture and vehicles | 24 | €687 | €4,113 | +€3,426 | +499% |
| Leasing and similar rights | 25 | €28,533 | €19,333 | -€9,200 | -32.2% |
| Other tangible fixed assets | 26 | €19,366 | €7,547 | -€11,819 | -61.0% |
| Current assets | 29/58 | €187,277 | €174,922 | -€12,355 | -6.6% |
| Stocks and contracts in progress | 3 | €33,344 | €40,129 | +€6,785 | +20.3% |
| Stocks | 30/36 | €33,344 | €40,129 | +€6,785 | +20.3% |
| Amounts receivable within one year | 40/41 | €153,933 | €134,793 | -€19,140 | -12.4% |
| Trade receivables | 40 | €146,075 | €134,223 | -€11,852 | -8.1% |
| Other amounts receivable | 41 | €7,858 | €570 | -€7,288 | -92.7% |
| Total equity and liabilities | 10/49 | €413,588 | €365,839 | -€47,749 | -11.5% |
| Equity | 10/15 | €116,629 | €109,908 | -€6,721 | -5.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €97,762 | €97,762 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,614 | €37,614 | = | 0.0% |
| Distributable reserves | 133 | €60,148 | €60,148 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,262 | -€24,983 | -€6,721 | -36.8% |
| Investment grants | 15 | €17,129 | €17,129 | = | 0.0% |
| Provisions and deferred taxes | 16 | €8,576 | €8,576 | = | 0.0% |
| Deferred taxes | 168 | €8,576 | €8,576 | = | 0.0% |
| Amounts payable | 17/49 | €288,383 | €247,354 | -€41,029 | -14.2% |
| Amounts payable after more than one year | 17 | €103,816 | €75,161 | -€28,655 | -27.6% |
| Financial debts | 170/4 | €103,816 | €75,161 | -€28,655 | -27.6% |
| Amounts payable within one year | 42/48 | €180,458 | €168,915 | -€11,542 | -6.4% |
| Current portion of amounts payable after more than one year | 42 | €41,447 | €28,655 | -€12,792 | -30.9% |
| Financial debts | 43 | €1,162 | €10,743 | +€9,581 | +824% |
| Credit institutions | 430/8 | €1,162 | €10,743 | +€9,581 | +824% |
| Trade debts | 44 | €71,565 | €69,373 | -€2,192 | -3.1% |
| Suppliers | 440/4 | €71,565 | €69,373 | -€2,192 | -3.1% |
| Taxes, remuneration and social security | 45 | €20,556 | €23,175 | +€2,619 | +12.7% |
| Taxes | 450/3 | €2,288 | €6,063 | +€3,775 | +165% |
| Remuneration and social security | 454/9 | €18,268 | €17,112 | -€1,156 | -6.3% |
| Other amounts payable | 47/48 | €45,728 | €36,970 | -€8,758 | -19.2% |
| Accrued charges and deferred income | 492/3 | €4,109 | €3,278 | -€831 | -20.2% |
| Non-recurring operating income | 76A | - | €1,491 | +€1,491 | |
| Remuneration, social security and pensions | 62 | €119,066 | €103,742 | -€15,324 | -12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,250 | €39,403 | +€3,154 | +8.7% |
| Other operating charges | 640/8 | €10,495 | €18,824 | +€8,329 | +79.4% |
| Non-recurring operating charges | 66A | - | €36 | +€36 | |
| Gross operating margin | 9900 | €193,365 | €158,396 | -€34,969 | -18.1% |
| Operating profit (loss) | 9901 | €27,555 | -€3,610 | -€31,164 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €12,420 | €12,449 | +€29 | +0.2% |
| Recurring financial charges | 65 | €12,420 | €12,449 | +€29 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | €15,135 | -€16,058 | -€31,193 | |
| Income taxes | 67/77 | €6,100 | -€9,338 | -€15,438 | |
| Profit (loss) for the period | 9904 | €9,035 | -€6,721 | -€15,756 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,035 | -€6,721 | -€15,756 |
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 22 October 2026 via checked.be.