TITECA
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 14-07-2026 at the NBB all 19 filings
Turnover
€14.1m▼ 34.2%
2024 · €21.4m
EBIT margin
-12.8%▼ 13.1pp
2024 · 0.3%
Net result
€3.4m▲ 18×
2024 · €191,020
Working capital
-€6.9m▼ 77.6%
2024 · -€3.9m
In the rankings
#2 company by total assets in West Flanders, Legal and accounting sector#5 employer in Roeselare, Professional and technical services sector#7 company by equity in West Flanders, Legal and accounting sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€14.1m
▼ 34.2%
2025
20182025
Operating result
-€1.8m
2025
20182025
Net result
€3.4m
▲ 18×
2025
highest quarter of the sector
20182025
EBIT margin
-12.8%
▼ 13.1pp
2025
20182025
Equity
€10.2m
▲ 47.4%
2025
highest quarter of the sector
20182025
Total assets
€40.7m
▲ 34.5%
2025
highest quarter of the sector
20182025
Debt
€30.5m
▲ 30.7%
2025
20182025
Working capital
-€6.9m
▼ 77.6%
2025
lowest quarter of the sector
20182025
Solvency
25.0%
▲ 2.2pp
2025
middle half of the sector
20182025
Current ratio
0.65
▼ 0.10
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
8.4%
▲ 7.7pp
2025
middle half of the sector
20182025
Staff (FTE)
31.3
▼ 20.4%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€11.4m-€12.8m▲ 12.6%€12.8m▼ 0.5%€13.8m▲ 7.9%€15.7m▲ 14.4%€18.9m▲ 19.8%€21.4m▲ 13.6%€14.1m▼ 34.2%
Operating result€0.3m-€1.4m▲ 375%€0.9m▼ 32.5%€1.0m▲ 3.9%€0.8m▼ 19.2%€1.3m▲ 67.6%€0.07m▼ 95.0%-€1.8m
Net result€0.2m-€1.0m▲ 492%€0.7mabove the sector's middle half▼ 35.1%€1.0mabove the sector's middle half▲ 50.4%€0.5mabove the sector's middle half▼ 49.1%€0.8mabove the sector's middle half▲ 56.5%€0.2mwithin the sector's middle half▼ 76.5%€3.4mabove the sector's middle half▲ 18×
EBIT margin2.6%-11.0%▲ 8.4pp7.4%▼ 3.5pp7.2%▼ 0.3pp5.1%▼ 2.1pp7.1%▲ 2.0pp0.3%▼ 6.8pp-12.8%▼ 13.1pp
Equity€4.7m-€5.3m▲ 13.4%€5.5mabove the sector's middle half▲ 3.2%€5.7mabove the sector's middle half▲ 4.2%€6.1mabove the sector's middle half▲ 8.0%€6.8mabove the sector's middle half▲ 10.4%€6.9mabove the sector's middle half▲ 1.6%€10.2mabove the sector's middle half▲ 47.4%
Total assets€11.2m-€10.9m▼ 2.6%€11.7mabove the sector's middle half▲ 7.5%€16.6mabove the sector's middle half▲ 41.9%€17.6mabove the sector's middle half▲ 6.2%€22.1mabove the sector's middle half▲ 25.5%€30.2mabove the sector's middle half▲ 36.6%€40.7mabove the sector's middle half▲ 34.5%
Debt€6.5m-€5.6m▼ 14.1%€6.2m▲ 11.5%€10.9m▲ 74.9%€11.5m▲ 5.2%€15.4m▲ 33.6%€23.3m▲ 52.1%€30.5m▲ 30.7%
Working capital€2.0m-€3.0m▲ 45.1%€2.5mabove the sector's middle half▼ 15.8%€0.8mabove the sector's middle half▼ 69.5%€0.2mwithin the sector's middle half▼ 79.5%-€1.5mbelow the sector's middle half-€3.9mbelow the sector's middle half▼ 151%-€6.9mbelow the sector's middle half▼ 77.6%
Solvency41.7%-48.6%▲ 6.9pp46.6%within the sector's middle half▼ 1.9pp34.3%within the sector's middle half▼ 12.4pp34.9%within the sector's middle half▲ 0.6pp30.7%within the sector's middle half▼ 4.2pp22.8%within the sector's middle half▼ 7.9pp25.0%within the sector's middle half▲ 2.2pp
Current ratio1.41-1.76▲ 0.351.49within the sector's middle half▼ 0.271.11within the sector's middle half▼ 0.381.02within the sector's middle half▼ 0.090.86below the sector's middle half▼ 0.160.75below the sector's middle half▼ 0.110.65below the sector's middle half▼ 0.10
Return on assets (ROA)1.6%-9.6%▲ 8.0pp5.8%within the sector's middle half▼ 3.8pp6.1%within the sector's middle half▲ 0.3pp2.9%within the sector's middle half▼ 3.2pp3.7%within the sector's middle half▲ 0.7pp0.6%below the sector's middle half▼ 3.0pp8.4%within the sector's middle half▲ 7.7pp
Staff (FTE)43-41.6▼ 3.3%44.7above the sector's middle half▲ 7.5%41.2above the sector's middle half▼ 7.8%35above the sector's middle half▼ 15.0%34.5above the sector's middle half▼ 1.4%39.3above the sector's middle half▲ 13.9%31.3above the sector's middle half▼ 20.4%
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €1.8m, after a profit of €66,172 in 2024. It is the lowest result since 2021.
Large changes and their cause
- 2025 Net result +1,679% on 2024. Merger absorbing Bofisc Holding, Official Gazette 31-07-2025. Merger absorbing Kantoor Titeca, Official Gazette 30-07-2025.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €40.7m
Fixed assets
€28.1m ▲ 50.0%
Current assets
€12.6m ▲ 9.5%
Equity and liabilities €40.7m
Equity
€10.2m ▲ 47.4%
Debt
€30.5m ▲ 30.7%
Debt's share of the balance-sheet total falls from 77.2% to 75.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€3.3m▲
2024 · €576,890
Cash flow
€8.5m▲
2024 · €701,738
Debt to equity
3.00▼
2024 · 3.39
ROE
33.4%▲
2024 · 2.8%
Interest coverage
3.17▲
2024 · 1.21
Debt ≤ 1 year
€19.5m▲
2024 · €15.4m
Debt > 1 year
€10.6m▲
2024 · €7.9m
Income taxes
€653,437▲
2024 · €17,544
Customer credit
195 days▲
2024 · 132 days
Supplier credit
1325 days▲
2024 · 518 days
Staff costs
€1.8m▼
2024 · €3.0m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 46 | 39 | 42 | 51 | 24 |
| full-time | 26 | 18 | 18 | 27 | 12 |
| part-time | 20 | 21 | 24 | 24 | 12 |
| in full-time equivalents | 40.9 | 34 | 36.6 | 45.6 | 21 |
| Average over the year, in full-time equivalents | 41.1 | 35 | 34.5 | 39.3 | 31.3 |
| On a permanent contract | 46 | 39 | 42 | 51 | 24 |
| Joined | 3 | 3 | 3 | 11 | 29 |
| Left | 4 | 10 | 0 | 2 | 56 |
| Agency workers, average number | 0.3 | - | 0 | - | - |
| Training hours | - | - | 1,343 | 2,471 | 392 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €726,617 | €1.1m | €863,688 | €341,756 | €147,668 |
| Intangible fixed assets | €25,000 | - | €60,944 | - | €4.8m |
| Financial fixed assets | €4.6m | €487,000 | €2.5m | €6.1m | €3.6m |
| Depreciation and write-downs of the year | €468,393 | €537,911 | €471,747 | €510,718 | €5.1m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 13 entries · €61,695 awarded · €63,624 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 3 | €10,407 | €10,442 |
| 2024 | 4 | €13,458 | €14,652 |
| 2023 | 3 | €22,082 | €22,782 |
| 2022 | 3 | €15,748 | €15,748 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €13.9m | €15.9m | €19.0m | €21.7m | €17.9m | ▼ 17.5% |
| Turnover70 | €11.4m | €12.8m | €12.8m | €13.8m | €15.7m | €18.9m | €21.4m | €14.1m | ▼ 34.2% |
| Other operating income74 | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | €3.8m | ▲ 16× |
| Non-recurring operating income76A | - | - | - | €0.001m | €0 | - | - | €0.02m | - |
| Operating charges60/66A | - | - | - | €12.9m | €15.1m | €17.7m | €21.6m | €19.7m | ▼ 8.9% |
| Goods for resale, raw materials and consumables60 | - | - | - | €0.7m | €1.4m | €1.9m | €2.1m | €0.5m | ▼ 75.0% |
| Purchases600/8 | - | - | - | €0.7m | €1.4m | €1.9m | €2.1m | €0.5m | ▼ 75.0% |
| Services and other goods61 | - | - | - | €9.3m | €10.9m | €12.8m | €15.9m | €12.2m | ▼ 23.2% |
| Remuneration, social security and pensions62 | - | - | - | €2.3m | €2.2m | €2.5m | €3.0m | €1.8m | ▼ 39.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.6m | €0.5m | €0.4m | €0.5m | €0.5m | €0.5m | €0.5m | €5.1m | ▲ 895% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.06m | -€0.01m | -€0.006m | €0.05m | €0 | ▼ 100% |
| Other operating charges640/8 | - | - | - | €0.1m | €0.04m | €0.09m | €0.08m | €0.08m | ▼ 4.1% |
| Non-recurring operating charges66A | - | - | - | €0.07m | €0 | - | - | - | - |
| Operating profit (loss)9901 | €0.3m | €1.4m | €0.9m | €1.0m | €0.8m | €1.3m | €0.07m | -€1.8m | - |
| Financial income75/76B | - | - | - | €0.06m | €0.09m | €0.08m | €0.6m | €6.9m | ▲ 992% |
| Recurring financial income75 | €0.06m | €0.05m | €0.06m | €0.06m | €0.09m | €0.08m | €0.6m | €6.9m | ▲ 992% |
| Income from financial fixed assets750 | - | - | - | €0.06m | €0.09m | €0.07m | €0.6m | €0.08m | ▼ 86.9% |
| Income from current assets751 | - | - | - | €0.003m | €0.002m | €0.01m | €0.02m | €6.8m | ▲ 310× |
| Other financial income752/9 | - | - | - | €0.001m | €0.001m | €0.003m | €0.001m | €0.01m | ▲ 856% |
| Financial charges65/66B | - | - | - | €0.1m | €0.2m | €0.3m | €0.5m | €1.1m | ▲ 115% |
| Recurring financial charges65 | €0.06m | €0.06m | €0.05m | €0.1m | €0.2m | €0.3m | €0.5m | €1.1m | ▲ 115% |
| Debt charges650 | €0.06m | €0.06m | €0.05m | €0.09m | €0.1m | €0.3m | €0.5m | €1.0m | ▲ 118% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | - | - | - | - | - | - | €0.001m | - |
| Other financial charges652/9 | - | - | - | €0.008m | €0.01m | €0.01m | €0.01m | €0.01m | ▲ 1.5% |
| Profit (loss) for the period before taxes9903 | €0.3m | €1.4m | €1.0m | €1.0m | €0.7m | €1.1m | €0.2m | €4.1m | ▲ 19× |
| Income taxes67/77 | €0.1m | €0.3m | €0.3m | -€0.07m | €0.2m | €0.3m | €0.02m | €0.7m | ▲ 37× |
| Taxes670/3 | - | - | - | €0.2m | €0.2m | €0.3m | €0.09m | €0.7m | ▲ 633% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0.2m | €0.004m | €0.01m | €0.07m | €0.006m | ▼ 91.7% |
| Profit (loss) for the period9904 | €0.2m | €1.0m | €0.7m | €1.0m | €0.5m | €0.8m | €0.2m | €3.4m | ▲ 18× |
| Transfer from tax-exempt reserves789 | - | - | - | - | €0.4m | €0.04m | €0 | - | - |
| Transfer to tax-exempt reserves689 | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€0.3m | €1.0m | €0.7m | €1.0m | €0.9m | €0.8m | €0.2m | €3.4m | ▲ 18× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €11.2m | €10.9m | €11.7m | €16.6m | €17.6m | €22.1m | €30.2m | €40.7m | ▲ 34.5% |
| Fixed assets21/28 | €4.2m | €4.0m | €4.1m | €8.7m | €9.8m | €12.8m | €18.7m | €28.1m | ▲ 50.0% |
| Intangible fixed assets21 | €0.3m | €0.1m | €0.07m | €0.06m | €0.04m | €0.08m | €0.07m | €0.04m | ▼ 45.6% |
| Tangible fixed assets22/27 | €1.6m | €1.4m | €1.5m | €1.6m | €2.2m | €2.6m | €2.4m | €0.6m | ▼ 77.4% |
| Land and buildings22 | - | - | - | €0.1m | €0 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.6m | €0.7m | €0.9m | €0.9m | €0.6m | ▼ 35.5% |
| Other tangible fixed assets26 | - | - | - | €0.9m | €1.5m | €1.7m | €1.6m | €0 | ▼ 100% |
| Financial fixed assets28 | €2.4m | €2.5m | €2.5m | €7.1m | €7.6m | €10.1m | €16.2m | €27.5m | ▲ 69.6% |
| Affiliated companies280/1 | - | - | - | €7.1m | €7.6m | €10.1m | €16.2m | €27.5m | ▲ 69.6% |
| Participating interests280 | - | - | - | €7.1m | €7.6m | €10.1m | €16.2m | €27.5m | ▲ 69.6% |
| Other financial fixed assets284/8 | - | - | - | €124 | €124 | €124 | €124 | €298 | ▲ 140% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €124 | €124 | €124 | €124 | €298 | ▲ 140% |
| Current assets29/58 | €7.0m | €6.8m | €7.6m | €7.9m | €7.9m | €9.4m | €11.5m | €12.6m | ▲ 9.5% |
| Stocks and contracts in progress3 | - | - | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €6.2m | €6.5m | €7.0m | €7.5m | €7.3m | €8.9m | €9.8m | €10.2m | ▲ 4.3% |
| Trade receivables40 | - | - | - | €5.8m | €6.1m | €7.3m | €7.7m | €7.5m | ▼ 2.8% |
| Other amounts receivable41 | - | - | - | €1.7m | €1.2m | €1.6m | €2.1m | €2.7m | ▲ 30.8% |
| Cash at bank and in hand54/58 | €0.6m | €0.2m | €0.5m | €0.2m | €0.4m | €0.2m | €0.6m | €1.4m | ▲ 139% |
| Deferred charges and accrued income490/1 | - | - | - | €0.2m | €0.2m | €0.2m | €1.2m | €1.0m | ▼ 12.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €11.2m | €10.9m | €11.7m | €16.6m | €17.6m | €22.1m | €30.2m | €40.7m | ▲ 34.5% |
| Equity10/15 | €4.7m | €5.3m | €5.5m | €5.7m | €6.1m | €6.8m | €6.9m | €10.2m | ▲ 47.4% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €4.6m | €5.2m | €5.4m | €5.6m | €6.1m | €6.7m | €6.8m | €10.1m | ▲ 47.8% |
| Non-distributable reserves130/1 | - | - | - | €0.007m | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Legal reserve130 | - | - | - | €0.007m | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Tax-exempt reserves132 | - | - | - | €2.7m | €2.3m | €2.2m | €2.2m | €2.6m | ▲ 17.6% |
| Distributable reserves133 | - | - | - | €3.0m | €3.8m | €4.5m | €4.6m | €7.5m | ▲ 62.5% |
| Amounts payable17/49 | €6.5m | €5.6m | €6.2m | €10.9m | €11.5m | €15.4m | €23.3m | €30.5m | ▲ 30.7% |
| Amounts payable after more than one year17 | €1.6m | €1.7m | €1.1m | €3.8m | €3.8m | €4.4m | €7.9m | €10.6m | ▲ 34.7% |
| Financial debts170/4 | - | - | - | €3.8m | €3.8m | €4.4m | €7.9m | €10.6m | ▲ 34.7% |
| Credit institutions173 | - | - | - | €3.8m | €3.8m | €4.4m | €7.9m | €9.4m | ▲ 19.1% |
| Other loans174 | - | - | - | - | - | - | - | €1.2m | - |
| Amounts payable within one year42/48 | €5.0m | €3.9m | €5.1m | €7.1m | €7.7m | €10.9m | €15.4m | €19.5m | ▲ 26.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €1.1m | €1.2m | €1.1m | €1.9m | €4.6m | ▲ 140% |
| Financial debts43 | - | - | - | €0.4m | €0.9m | €0.3m | €5.0m | €4.8m | ▼ 3.2% |
| Credit institutions430/8 | - | - | - | €0.3m | €0.7m | €0.2m | €4.5m | €2.6m | ▼ 42.2% |
| Other loans439 | - | - | - | €0.1m | €0.2m | €0.2m | €0.5m | €2.2m | ▲ 382% |
| Trade debts44 | €1.9m | €2.0m | €2.2m | €2.2m | €2.5m | €3.6m | €3.0m | €1.9m | ▼ 36.0% |
| Suppliers440/4 | - | - | - | €2.2m | €2.5m | €3.6m | €3.0m | €1.9m | ▼ 36.0% |
| Advances received on contracts in progress46 | - | - | - | €0.5m | €0.6m | €1.1m | €1.3m | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €0.5m | €0.4m | €0.5m | €0.5m | €0.2m | ▼ 56.1% |
| Taxes450/3 | - | - | - | €0.3m | €0.1m | €0.2m | €0.2m | €0.07m | ▼ 65.0% |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.2m | €0.3m | €0.3m | €0.1m | ▼ 49.6% |
| Other amounts payable47/48 | - | - | - | €2.5m | €2.2m | €4.4m | €3.7m | €8.0m | ▲ 115% |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | €0.02m | €0.06m | €0.08m | €0.4m | ▲ 423% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.2m | €1.0m | €0.7m | €1.0m | €0.5m | €0.8m | €0.2m | €3.4m | ▲ 18× |
| + Depreciation and write-downs630 | €0.6m | €0.5m | €0.4m | €0.5m | €0.5m | €0.5m | €0.5m | €5.1m | ▲ 895% |
| Operating cash flow (approximation) | €0.8m | €1.6m | €1.1m | €1.5m | €1.1m | €1.3m | €0.7m | €8.5m | ▲ 12× |
| Investment in fixed assets (approximation) | - | -€0.4m | -€0.5m | -€5.1m | -€1.6m | -€3.4m | -€6.5m | -€14.4m | ▼ 124% |
| Change in cash | - | -€0.4m | €0.3m | -€0.3m | €0.2m | -€0.1m | €0.4m | €0.8m | ▲ 126% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 14-07-2026 | 2026-00301791 | |
| 31-12-2024 | full format | 28-07-2025 | 2025-00342500 | |
| 31-12-2023 | full format | 18-07-2024 | 2024-00264851 | |
| 31-12-2022 | full format | 18-07-2023 | 2023-00256665 | |
| 31-12-2021 | full format | 19-07-2022 | 2022-20226239 | |
| 31-12-2020 | full format | 19-08-2021 | 2021-51200589 | |
| 31-12-2019 | full format | 14-08-2020 | 2020-41800281 | |
| 31-12-2018 | full format | 21-08-2019 | 2019-48800107 | |
| 31-12-2017 | full format | 31-08-2018 | 2018-60500500 | |
| 31-12-2016 | abbreviated format | 20-07-2017 | 2017-34800558 |