TITANIA: 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.
TITANIA
Largest movements
- Receivables within one year -€72,167
down €72,167 (-60.1%), from €120,124 to €47,957
of which Other amounts receivable: -€57,792
- Cash -€20,692
down €20,692 (-58.6%), from €35,331 to €14,639
mainly Current portion of long-term debt (-€62,400) and Net result for the year (-€32,539)
- Tangible fixed assets -€18,434
down €18,434 (-22.7%), from €81,126 to €62,692
of which Land and buildings: -€10,214
- Current portion of long-term debt -€62,400
no longer reported in 2025 (was €62,400)
- Profit (loss) carried forward -€32,539
down €32,539, from €8,891 to -€23,648
- Tax, wage and social debts -€13,249
down €13,249 (-99.5%), from €13,319 to €70
of which Taxes: -€10,573
- Trade debts -€3,493
down €3,493 (-84.6%), from €4,128 to €635
- Gross operating margin -€69,384
down €69,384, from €59,289 to -€10,094
- Taxes -€6,796
down €6,796 (-76.1%), from €8,931 to €2,135
- Financial charges -€4,210
down €4,210 (-96.1%), from €4,383 to €173
- Depreciation -€1,532
down €1,532 (-7.7%), from €19,967 to €18,434
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 | €237,998 | €126,316 | -€111,681 | -46.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €81,126 | €62,692 | -€18,434 | -22.7% |
| Tangible fixed assets | 22/27 | €81,126 | €62,692 | -€18,434 | -22.7% |
| Land and buildings | 22 | €48,976 | €38,762 | -€10,214 | -20.9% |
| Plant, machinery and equipment | 23 | €1,489 | €1,126 | -€364 | -24.4% |
| Furniture and vehicles | 24 | €30,661 | €22,804 | -€7,857 | -25.6% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Current assets | 29/58 | €156,871 | €63,625 | -€93,247 | -59.4% |
| Amounts receivable within one year | 40/41 | €120,124 | €47,957 | -€72,167 | -60.1% |
| Trade receivables | 40 | €15,351 | €976 | -€14,375 | -93.6% |
| Other amounts receivable | 41 | €104,773 | €46,981 | -€57,792 | -55.2% |
| Cash at bank and in hand | 54/58 | €35,331 | €14,639 | -€20,692 | -58.6% |
| Deferred charges and accrued income | 490/1 | €1,416 | €1,028 | -€388 | -27.4% |
| Total equity and liabilities | 10/49 | €237,998 | €126,316 | -€111,681 | -46.9% |
| Equity | 10/15 | €158,151 | €125,612 | -€32,539 | -20.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €136,860 | €136,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €135,000 | €135,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,891 | -€23,648 | -€32,539 | |
| Amounts payable | 17/49 | €79,846 | €705 | -€79,142 | -99.1% |
| Amounts payable within one year | 42/48 | €79,846 | €705 | -€79,142 | -99.1% |
| Current portion of amounts payable after more than one year | 42 | €62,400 | - | -€62,400 | |
| Trade debts | 44 | €4,128 | €635 | -€3,493 | -84.6% |
| Suppliers | 440/4 | €4,128 | €635 | -€3,493 | -84.6% |
| Taxes, remuneration and social security | 45 | €13,319 | €70 | -€13,249 | -99.5% |
| Taxes | 450/3 | €10,643 | €70 | -€10,573 | -99.3% |
| Remuneration and social security | 454/9 | €2,676 | - | -€2,676 | |
| Non-recurring operating income | 76A | €11,312 | - | -€11,312 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,967 | €18,434 | -€1,532 | -7.7% |
| Other operating charges | 640/8 | €1,669 | €1,795 | +€126 | +7.5% |
| Gross operating margin | 9900 | €59,289 | -€10,094 | -€69,384 | |
| Operating profit (loss) | 9901 | €37,654 | -€30,324 | -€67,977 | |
| Financial income | 75/76B | €0 | €92 | +€92 | +229475.0% |
| Recurring financial income | 75 | €0 | €92 | +€92 | +229475.0% |
| Financial charges | 65/66B | €4,383 | €173 | -€4,210 | -96.1% |
| Recurring financial charges | 65 | €4,383 | €173 | -€4,210 | -96.1% |
| Profit (loss) for the period before taxes | 9903 | €33,270 | -€30,405 | -€63,675 | |
| Income taxes | 67/77 | €8,931 | €2,135 | -€6,796 | -76.1% |
| Profit (loss) for the period | 9904 | €24,340 | -€32,539 | -€56,879 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,340 | -€32,539 | -€56,879 |
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 8 October 2026 via checked.be.