TITAN: what changed
Two fiscal 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.
TITAN
Largest movements
- Current investments +€2.7m
up €2.7m (+157.1%), from €1.7m to €4.4m
- Cash -€450,967
down €450,967 (-84.3%), from €535,127 to €84,160
mainly Current investments (-€2.7m) and Receivables within one year (-€117,407)
- Tangible fixed assets -€179,775
down €179,775 (-98.3%), from €182,823 to €3,048
of which Plant, machinery and equipment: -€95,877
- Receivables within one year +€117,407
up €117,407 (+8.5%), from €1.4m to €1.5m
of which Other amounts receivable: +€120,965
- Reserves +€1.6m
up €1.6m (+72.9%), from €2.2m to €3.9m
of which Tax-exempt reserves: +€1.6m
- Provisions +€523,846
new in 2025: €523,846
- Gross operating margin +€1.6m
up €1.6m (+355.9%), from €442,749 to €2.0m
- Taxes -€40,080
down €40,080 (-85.2%), from €47,024 to €6,944
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.
Cash bridge derived
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 | €7,944,924 | €10,137,258 | +€2.2m | +27.6% |
| Fixed assets | 21/28 | €4,094,300 | €3,914,525 | -€179,775 | -4.4% |
| Tangible fixed assets | 22/27 | €182,823 | €3,048 | -€179,775 | -98.3% |
| Land and buildings | 22 | €85,218 | €0 | -€85,218 | -100.0% |
| Plant, machinery and equipment | 23 | €95,877 | €0 | -€95,877 | -100.0% |
| Furniture and vehicles | 24 | €1,728 | €3,048 | +€1,320 | +76.4% |
| Financial fixed assets | 28 | €3,911,477 | €3,911,477 | = | 0.0% |
| Current assets | 29/58 | €3,850,624 | €6,222,733 | +€2.4m | +61.6% |
| Amounts receivable after more than one year | 29 | €200,000 | €200,000 | = | 0.0% |
| Other amounts receivable | 291 | €200,000 | €200,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,386,764 | €1,504,171 | +€117,407 | +8.5% |
| Trade receivables | 40 | €17,717 | €14,158 | -€3,559 | -20.1% |
| Other amounts receivable | 41 | €1,369,047 | €1,490,013 | +€120,965 | +8.8% |
| Current investments | 50/53 | €1,721,825 | €4,426,929 | +€2.7m | +157.1% |
| Cash at bank and in hand | 54/58 | €535,127 | €84,160 | -€450,967 | -84.3% |
| Deferred charges and accrued income | 490/1 | €6,909 | €7,473 | +€564 | +8.2% |
| Total equity and liabilities | 10/49 | €7,944,924 | €10,137,258 | +€2.2m | +27.6% |
| Equity | 10/15 | €6,629,157 | €8,254,474 | +€1.6m | +24.5% |
| Contributions | 10/11 | €4,400,000 | €4,400,000 | = | 0.0% |
| Capital | 10 | €4,400,000 | €4,400,000 | = | 0.0% |
| Issued capital | 100 | €4,400,000 | €4,400,000 | = | 0.0% |
| Reserves | 13 | €2,229,157 | €3,854,474 | +€1.6m | +72.9% |
| Non-distributable reserves | 130/1 | €144,789 | €147,477 | +€2,689 | +1.9% |
| Legal reserve | 130 | €144,789 | €147,477 | +€2,689 | +1.9% |
| Tax-exempt reserves | 132 | - | €1,571,539 | +€1.6m | |
| Distributable reserves | 133 | €2,084,368 | €2,135,458 | +€51,090 | +2.5% |
| Provisions and deferred taxes | 16 | - | €523,846 | +€523,846 | |
| Deferred taxes | 168 | - | €523,846 | +€523,846 | |
| Amounts payable | 17/49 | €1,315,768 | €1,358,938 | +€43,170 | +3.3% |
| Amounts payable within one year | 42/48 | €1,315,677 | €1,358,938 | +€43,261 | +3.3% |
| Trade debts | 44 | €15,301 | €14,043 | -€1,258 | -8.2% |
| Suppliers | 440/4 | €15,301 | €14,043 | -€1,258 | -8.2% |
| Taxes, remuneration and social security | 45 | €25,322 | €29,874 | +€4,552 | +18.0% |
| Taxes | 450/3 | €25,322 | €29,874 | +€4,552 | +18.0% |
| Other amounts payable | 47/48 | €1,275,054 | €1,315,020 | +€39,966 | +3.1% |
| Accrued charges and deferred income | 492/3 | €90 | €0 | -€90 | -100.0% |
| Non-recurring operating income | 76A | €488,949 | €2,095,385 | +€1.6m | +328.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,384 | €1,058 | -€18,325 | -94.5% |
| Other operating charges | 640/8 | €15,795 | €3,355 | -€12,440 | -78.8% |
| Gross operating margin | 9900 | €442,749 | €2,018,609 | +€1.6m | +355.9% |
| Operating profit (loss) | 9901 | €407,571 | €2,014,196 | +€1.6m | +394.2% |
| Financial income | 75/76B | €131,013 | €142,978 | +€11,965 | +9.1% |
| Recurring financial income | 75 | €131,013 | €142,978 | +€11,965 | +9.1% |
| Financial charges | 65/66B | €1,190 | €1,066 | -€125 | -10.5% |
| Recurring financial charges | 65 | €1,190 | €1,066 | -€125 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €537,393 | €2,156,107 | +€1.6m | +301.2% |
| Transfer to deferred taxes | 680 | - | €523,846 | +€523,846 | |
| Income taxes | 67/77 | €47,024 | €6,944 | -€40,080 | -85.2% |
| Profit (loss) for the period | 9904 | €490,370 | €1,625,317 | +€1.1m | +231.4% |
| Transfer to tax-exempt reserves | 689 | - | €1,571,539 | +€1.6m | |
| Profit (loss) for the period to be appropriated | 9905 | €490,370 | €53,779 | -€436,591 | -89.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.