DR. KOEN TITECA: 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.
DR. KOEN TITECA
Largest movements
- Cash +€513,338
up €513,338 (+227%), from €226,018 to €739,356
mainly Current investments (+€350,000) and Net result for the year (+€255,909)
- Current investments -€350,000
no longer reported in 2025 (was €350,000)
- Tangible fixed assets -€18,559
down €18,559 (-2.7%), from €689,157 to €670,597
of which Land and buildings: -€15,716
- Reserves +€209,509
up €209,509 (+24.2%), from €867,014 to €1.1m
- Debts after one year -€64,302
down €64,302 (-21.9%), from €294,111 to €229,809
- Other debts -€19,952
down €19,952 (-85.5%), from €23,349 to €3,397
- Tax, wage and social debts +€18,206
up €18,206 (+356%), from €5,119 to €23,325
- Gross operating margin +€59,943
up €59,943 (+16.1%), from €371,793 to €431,736
- Taxes +€22,290
up €22,290 (+23.5%), from €94,879 to €117,170
- Financial income +€13,603
up €13,603 (+1,804%), from €754 to €14,357
- Other operating charges +€6,644
up €6,644 (+151%), from €4,397 to €11,041
- Staff costs -€6,364
no longer reported in 2025 (was €6,364)
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 | €1,270,001 | €1,413,496 | +€143,495 | +11.3% |
| Fixed assets | 21/28 | €689,157 | €670,597 | -€18,559 | -2.7% |
| Tangible fixed assets | 22/27 | €689,157 | €670,597 | -€18,559 | -2.7% |
| Land and buildings | 22 | €564,177 | €548,461 | -€15,716 | -2.8% |
| Plant, machinery and equipment | 23 | €1,027 | €450 | -€577 | -56.2% |
| Furniture and vehicles | 24 | €10,076 | €7,809 | -€2,267 | -22.5% |
| Other tangible fixed assets | 26 | €113,878 | €113,878 | = | 0.0% |
| Current assets | 29/58 | €580,845 | €742,898 | +€162,054 | +27.9% |
| Current investments | 50/53 | €350,000 | - | -€350,000 | |
| Cash at bank and in hand | 54/58 | €226,018 | €739,356 | +€513,338 | +227% |
| Deferred charges and accrued income | 490/1 | €4,827 | €3,542 | -€1,285 | -26.6% |
| Total equity and liabilities | 10/49 | €1,270,001 | €1,413,496 | +€143,495 | +11.3% |
| Equity | 10/15 | €879,414 | €1,088,923 | +€209,509 | +23.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €867,014 | €1,076,523 | +€209,509 | +24.2% |
| Distributable reserves | 133 | €867,014 | €1,076,523 | +€209,509 | +24.2% |
| Amounts payable | 17/49 | €390,588 | €324,573 | -€66,015 | -16.9% |
| Amounts payable after more than one year | 17 | €294,111 | €229,809 | -€64,302 | -21.9% |
| Financial debts | 170/4 | €294,111 | €229,809 | -€64,302 | -21.9% |
| Amounts payable within one year | 42/48 | €93,727 | €91,191 | -€2,535 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €63,742 | €64,302 | +€561 | +0.9% |
| Trade debts | 44 | €1,517 | €168 | -€1,349 | -88.9% |
| Suppliers | 440/4 | €1,517 | €168 | -€1,349 | -88.9% |
| Taxes, remuneration and social security | 45 | €5,119 | €23,325 | +€18,206 | +356% |
| Taxes | 450/3 | €5,119 | €23,325 | +€18,206 | +356% |
| Other amounts payable | 47/48 | €23,349 | €3,397 | -€19,952 | -85.5% |
| Accrued charges and deferred income | 492/3 | €2,750 | €3,573 | +€823 | +29.9% |
| Non-recurring operating income | 76A | €1,459 | €14,000 | +€12,541 | +860% |
| Remuneration, social security and pensions | 62 | €6,364 | - | -€6,364 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,539 | €55,979 | +€2,440 | +4.6% |
| Other operating charges | 640/8 | €4,397 | €11,041 | +€6,644 | +151% |
| Gross operating margin | 9900 | €371,793 | €431,736 | +€59,943 | +16.1% |
| Operating profit (loss) | 9901 | €307,493 | €364,716 | +€57,223 | +18.6% |
| Financial income | 75/76B | €754 | €14,357 | +€13,603 | +1,804% |
| Recurring financial income | 75 | €754 | €14,357 | +€13,603 | +1,804% |
| Financial charges | 65/66B | €8,852 | €5,993 | -€2,859 | -32.3% |
| Recurring financial charges | 65 | €8,852 | €5,993 | -€2,859 | -32.3% |
| Profit (loss) for the period before taxes | 9903 | €299,395 | €373,079 | +€73,684 | +24.6% |
| Income taxes | 67/77 | €94,879 | €117,170 | +€22,290 | +23.5% |
| Profit (loss) for the period | 9904 | €204,516 | €255,909 | +€51,394 | +25.1% |
| Profit (loss) for the period to be appropriated | 9905 | €204,516 | €255,909 | +€51,394 | +25.1% |
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 18 October 2026 via checked.be.