TITAN DEFENSE: 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.
TITAN DEFENSE
Largest movements
- Receivables within one year -€26,521
down €26,521 (-72.1%), from €36,778 to €10,257
of which Trade receivables: -€27,526
- Intangible fixed assets -€1,561
down €1,561 (-33.3%), from €4,682 to €3,122
- Cash -€1,178
down €1,178 (-86.7%), from €1,358 to €180
mainly Net result for the year (-€26,393) and Trade debts (-€2,692)
- Profit (loss) carried forward -€26,393
down €26,393, from €5,083 to -€21,310
- Trade debts -€2,692
down €2,692 (-32.5%), from €8,283 to €5,590
- Other debts +€2,000
up €2,000 (+41.9%), from €4,772 to €6,772
- Tax, wage and social debts -€1,430
no longer reported in 2024 (was €1,430)
- Investment grants -€728
down €728 (-33.3%), from €2,185 to €1,457
- Gross operating margin -€98,669
down €98,669 (-91.7%), from €107,553 to €8,884
- Staff costs -€76,882
no longer reported in 2024 (was €76,882)
- Write-downs +€31,177
new in 2024: €31,177
- Taxes -€1,430
no longer reported in 2024 (was €1,430)
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €43,045 | €13,559 | -€29,487 | -68.5% |
| Formation expenses | 20 | €118 | - | -€118 | |
| Fixed assets | 21/28 | €4,682 | €3,122 | -€1,561 | -33.3% |
| Intangible fixed assets | 21 | €4,682 | €3,122 | -€1,561 | -33.3% |
| Current assets | 29/58 | €38,245 | €10,437 | -€27,808 | -72.7% |
| Amounts receivable within one year | 40/41 | €36,778 | €10,257 | -€26,521 | -72.1% |
| Trade receivables | 40 | €36,526 | €9,000 | -€27,526 | -75.4% |
| Other amounts receivable | 41 | €251 | €1,257 | +€1,006 | +400% |
| Cash at bank and in hand | 54/58 | €1,358 | €180 | -€1,178 | -86.7% |
| Deferred charges and accrued income | 490/1 | €109 | - | -€109 | |
| Total equity and liabilities | 10/49 | €43,045 | €13,559 | -€29,487 | -68.5% |
| Equity | 10/15 | €27,832 | €710 | -€27,122 | -97.4% |
| Contributions | 10/11 | €20,564 | €20,564 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,083 | -€21,310 | -€26,393 | |
| Investment grants | 15 | €2,185 | €1,457 | -€728 | -33.3% |
| Provisions and deferred taxes | 16 | €728 | €486 | -€243 | -33.3% |
| Deferred taxes | 168 | €728 | €486 | -€243 | -33.3% |
| Amounts payable | 17/49 | €14,485 | €12,362 | -€2,122 | -14.7% |
| Amounts payable within one year | 42/48 | €14,485 | €12,362 | -€2,122 | -14.7% |
| Trade debts | 44 | €8,283 | €5,590 | -€2,692 | -32.5% |
| Suppliers | 440/4 | €8,283 | €5,590 | -€2,692 | -32.5% |
| Taxes, remuneration and social security | 45 | €1,430 | - | -€1,430 | |
| Taxes | 450/3 | €1,430 | - | -€1,430 | |
| Other amounts payable | 47/48 | €4,772 | €6,772 | +€2,000 | +41.9% |
| Non-recurring operating income | 76A | €4,326 | - | -€4,326 | |
| Remuneration, social security and pensions | 62 | €76,882 | - | -€76,882 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,771 | €1,679 | -€92 | -5.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €31,177 | +€31,177 | |
| Other operating charges | 640/8 | €517 | €384 | -€133 | -25.7% |
| Non-recurring operating charges | 66A | €22,621 | - | -€22,621 | |
| Gross operating margin | 9900 | €107,553 | €8,884 | -€98,669 | -91.7% |
| Operating profit (loss) | 9901 | €5,762 | -€24,357 | -€30,119 | |
| Financial income | 75/76B | €728 | €748 | +€20 | +2.7% |
| Recurring financial income | 75 | €728 | €748 | +€20 | +2.7% |
| Financial charges | 65/66B | €3,889 | €3,028 | -€862 | -22.2% |
| Recurring financial charges | 65 | €3,889 | €3,028 | -€862 | -22.2% |
| Profit (loss) for the period before taxes | 9903 | €2,602 | -€26,636 | -€29,238 | |
| Transfer from deferred taxes | 780 | €243 | €243 | = | 0.0% |
| Income taxes | 67/77 | €1,430 | - | -€1,430 | |
| Profit (loss) for the period | 9904 | €1,414 | -€26,393 | -€27,808 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,414 | -€26,393 | -€27,808 |
Source: filed annual accounts (NBB), financial years ended 31 March 2023 and 31 March 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.