Titan: 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.
What changed
Titan
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€7.7m
2024 · €2.30bn-€2.31bn
Equity
€3.89bn
2024 · €3.99bn-€93.1m
Cash
€434,863
2024 · €455,579-€20,716
Balance sheet total
€4.25bn
2024 · €4.52bn-€263.3m
Largest movements
Assets
- Financial fixed assets -€295.8m
down €295.8m (-6.6%), from €4.46bn to €4.16bn
of which Affiliated companies: -€295.8m
Equity and liabilities
- Other debts -€145.7m
down €145.7m (-63.3%), from €230.3m to €84.6m
- Profit (loss) carried forward -€93.1m
down €93.1m (-3.4%), from €2.77bn to €2.68bn
Income statement
- Financial income -€3.09bn
down €3.09bn (-98.4%), from €3.14bn to €50.3m
of which Financial income: -€2.69bn
- Financial charges -€780.9m
down €780.9m (-94.4%), from €826.9m to €46.0m
of which Non-recurring financial charges: -€825.9m
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.
Result 2024
€2.30bn
Staff costs
-€1.4m
Depreciation
+€1.1m
Provisions
-€698,385
Other operating charges
+€70,148
Other operating items
-€866,750
Financial income
-€3.09bn
Financial charges
+€780.9m
Taxes
+€28,176
Result 2025
-€7.7m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€178.6m
Investment
+€292.5m
Financing
-€113.9m
Cash 2024
€455,579
From operations (derived)
-€178.6m
Net result for the year
-€7.7m
Depreciation
+€25,896
Receivables within one year
-€29.2m
Smaller working-capital items
-€374,071
Provisions
+€1.9m
Tax, wage and social debts
+€2.5m
Other debts
-€145.7m
Investment (derived)
+€292.5m
Investment in fixed assets (net)
+€295.9m
Current investments
-€3.4m
Financing
-€113.9m
Debts after one year
-€1.3m
Current portion of long-term debt
-€159,037
Short-term financial debts
-€27.0m
Contributions, distributions and other
-€85.5m
Cash 2025
€434,863
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,515,792,737 | €4,252,497,311 | -€263.3m | -5.8% |
| Formation expenses | 20 | €136,134 | - | -€136,134 | |
| Fixed assets | 21/28 | €4,456,755,200 | €4,160,967,868 | -€295.8m | -6.6% |
| Intangible fixed assets | 21 | €11,600 | - | -€11,600 | |
| Tangible fixed assets | 22/27 | €17,716 | €9,546 | -€8,170 | -46.1% |
| Land and buildings | 22 | €9,865 | - | -€9,865 | |
| Furniture and vehicles | 24 | €7,851 | €9,546 | +€1,695 | +21.6% |
| Financial fixed assets | 28 | €4,456,725,884 | €4,160,958,323 | -€295.8m | -6.6% |
| Affiliated companies | 280/1 | €4,456,706,168 | €4,160,939,706 | -€295.8m | -6.6% |
| Participating interests | 280 | €4,456,706,168 | €4,160,939,706 | -€295.8m | -6.6% |
| Other financial fixed assets | 284/8 | €19,716 | €18,617 | -€1,099 | -5.6% |
| Amounts receivable and cash guarantees | 285/8 | €19,716 | €18,617 | -€1,099 | -5.6% |
| Current assets | 29/58 | €58,901,402 | €91,529,443 | +€32.6m | +55.4% |
| Stocks and contracts in progress | 3 | €20,061,366 | €20,061,366 | = | 0.0% |
| Stocks | 30/36 | €20,061,366 | €20,061,366 | = | 0.0% |
| Goods purchased for resale | 34 | €20,061,366 | €20,061,366 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,768,981 | €32,016,101 | +€29.2m | +1,056% |
| Trade receivables | 40 | €1,696,044 | €1,865,474 | +€169,430 | +10.0% |
| Other amounts receivable | 41 | €1,072,937 | €30,150,627 | +€29.1m | +2,710% |
| Current investments | 50/53 | €35,106,171 | €38,491,902 | +€3.4m | +9.6% |
| Own shares | 50 | €35,106,171 | €38,491,902 | +€3.4m | +9.6% |
| Cash at bank and in hand | 54/58 | €455,579 | €434,863 | -€20,716 | -4.5% |
| Deferred charges and accrued income | 490/1 | €509,305 | €525,211 | +€15,906 | +3.1% |
| Total equity and liabilities | 10/49 | €4,515,792,737 | €4,252,497,311 | -€263.3m | -5.8% |
| Equity | 10/15 | €3,987,321,007 | €3,894,179,153 | -€93.1m | -2.3% |
| Contributions | 10/11 | €974,668,459 | €974,668,459 | = | 0.0% |
| Capital | 10 | €959,347,808 | €959,347,808 | = | 0.0% |
| Issued capital | 100 | €959,347,808 | €959,347,808 | = | 0.0% |
| Contributions outside capital | 11 | €15,320,651 | €15,320,651 | = | 0.0% |
| Share premium | 1100/10 | €15,320,651 | €15,320,651 | = | 0.0% |
| Reserves | 13 | €241,264,728 | €241,264,728 | = | 0.0% |
| Non-distributable reserves | 130/1 | €166,184,683 | €169,331,685 | +€3.1m | +1.9% |
| Legal reserve | 130 | €95,934,781 | €95,934,781 | = | 0.0% |
| Own shares acquired | 1312 | €70,249,902 | €73,396,904 | +€3.1m | +4.5% |
| Distributable reserves | 133 | €75,080,044 | €71,933,042 | -€3.1m | -4.2% |
| Profit (loss) carried forward | 14 | €2,771,387,821 | €2,678,245,966 | -€93.1m | -3.4% |
| Provisions and deferred taxes | 16 | €2,394,824 | €4,283,143 | +€1.9m | +78.9% |
| Provisions for liabilities and charges | 160/5 | €2,394,824 | €4,283,143 | +€1.9m | +78.9% |
| Pensions and similar obligations | 160 | €2,064,298 | €4,100,365 | +€2.0m | +98.6% |
| Other liabilities and charges | 164/5 | €330,526 | €182,778 | -€147,748 | -44.7% |
| Amounts payable | 17/49 | €526,076,906 | €354,035,016 | -€172.0m | -32.7% |
| Amounts payable after more than one year | 17 | €264,771,107 | €263,492,504 | -€1.3m | -0.5% |
| Other amounts payable | 178/9 | €264,771,107 | €263,492,504 | -€1.3m | -0.5% |
| Amounts payable within one year | 42/48 | €260,959,461 | €90,094,295 | -€170.9m | -65.5% |
| Current portion of amounts payable after more than one year | 42 | €159,958 | €921 | -€159,037 | -99.4% |
| Financial debts | 43 | €27,030,724 | - | -€27.0m | |
| Other loans | 439 | €27,030,724 | - | -€27.0m | |
| Trade debts | 44 | €2,347,136 | €1,887,091 | -€460,045 | -19.6% |
| Suppliers | 440/4 | €2,347,136 | €1,887,091 | -€460,045 | -19.6% |
| Taxes, remuneration and social security | 45 | €1,104,857 | €3,613,590 | +€2.5m | +227% |
| Taxes | 450/3 | €213,879 | €2,755,338 | +€2.5m | +1,188% |
| Remuneration and social security | 454/9 | €890,978 | €858,253 | -€32,725 | -3.7% |
| Other amounts payable | 47/48 | €230,316,786 | €84,592,692 | -€145.7m | -63.3% |
| Accrued charges and deferred income | 492/3 | €346,338 | €448,217 | +€101,879 | +29.4% |
| Operating income | 70/76A | €5,281,575 | €4,618,374 | -€663,201 | -12.6% |
| Other operating income | 74 | €5,281,575 | €4,618,374 | -€663,201 | -12.6% |
| Operating charges | 60/66A | €14,162,972 | €15,268,360 | +€1.1m | +7.8% |
| Services and other goods | 61 | €6,199,904 | €6,403,453 | +€203,549 | +3.3% |
| Remuneration, social security and pensions | 62 | €5,541,312 | €6,936,397 | +€1.4m | +25.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,147,378 | €25,896 | -€1.1m | -97.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €1,189,934 | €1,888,319 | +€698,385 | +58.7% |
| Other operating charges | 640/8 | €84,443 | €14,295 | -€70,148 | -83.1% |
| Operating profit (loss) | 9901 | -€8,881,397 | -€10,649,986 | -€1.8m | -19.9% |
| Financial income | 75/76B | €3,138,716,725 | €50,253,259 | -€3.09bn | -98.4% |
| Recurring financial income | 75 | €2,740,201,706 | €50,253,259 | -€2.69bn | -98.2% |
| Income from financial fixed assets | 750 | €2,732,657,887 | €36,901,233 | -€2.70bn | -98.6% |
| Other financial income | 752/9 | €7,543,820 | €13,352,026 | +€5.8m | +77.0% |
| Non-recurring financial income | 76B | €398,515,019 | - | -€398.5m | |
| Financial charges | 65/66B | €826,918,337 | €46,019,136 | -€780.9m | -94.4% |
| Recurring financial charges | 65 | €1,030,549 | €46,019,136 | +€45.0m | +4,365% |
| Debt charges | 650 | €1,008,933 | €12,302,015 | +€11.3m | +1,119% |
| Other financial charges | 652/9 | €21,615 | €33,717,121 | +€33.7m | +155,886% |
| Non-recurring financial charges | 66B | €825,887,788 | - | -€825.9m | |
| Profit (loss) for the period before taxes | 9903 | €2,302,916,992 | -€6,415,863 | -€2.31bn | |
| Income taxes | 67/77 | €1,299,272 | €1,271,096 | -€28,176 | -2.2% |
| Taxes | 670/3 | €1,299,272 | €1,271,096 | -€28,176 | -2.2% |
| Profit (loss) for the period | 9904 | €2,301,617,720 | -€7,686,959 | -€2.31bn | |
| Profit (loss) for the period to be appropriated | 9905 | €2,301,617,720 | -€7,686,959 | -€2.31bn |
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 13 October 2026 via checked.be.