TITANIC: 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.
TITANIC
Largest movements
- Receivables within one year -€58,196
down €58,196 (-91.0%), from €63,919 to €5,724
of which Other amounts receivable: -€61,109
- Cash -€23,049
down €23,049 (-24.2%), from €95,076 to €72,028
mainly Trade debts (-€42,409) and Deferred charges and accrued income (-€21,546)
- Deferred charges and accrued income +€21,546
up €21,546 (+263.1%), from €8,189 to €29,735
- Tangible fixed assets -€21,267
down €21,267 (-17.1%), from €124,141 to €102,874
of which Other tangible fixed assets: -€13,440
- Stocks and contracts +€12,805
up €12,805 (+151.1%), from €8,476 to €21,281
- Trade debts -€42,409
down €42,409 (-55.8%), from €76,025 to €33,616
- Debts after one year -€12,805
down €12,805 (-23.3%), from €54,861 to €42,055
- Accrued charges and deferred income -€10,670
down €10,670 (-100.0%), from €10,670 to €0
- Gross operating margin -€85,276
down €85,276 (-22.4%), from €380,126 to €294,850
- Staff costs -€65,556
down €65,556 (-20.7%), from €317,176 to €251,620
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 | €300,545 | €232,385 | -€68,160 | -22.7% |
| Fixed assets | 21/28 | €124,884 | €103,617 | -€21,267 | -17.0% |
| Tangible fixed assets | 22/27 | €124,141 | €102,874 | -€21,267 | -17.1% |
| Plant, machinery and equipment | 23 | €39,244 | €32,981 | -€6,263 | -16.0% |
| Furniture and vehicles | 24 | €2,682 | €1,118 | -€1,565 | -58.3% |
| Other tangible fixed assets | 26 | €82,215 | €68,775 | -€13,440 | -16.3% |
| Financial fixed assets | 28 | €744 | €744 | = | 0.0% |
| Current assets | 29/58 | €175,661 | €128,767 | -€46,893 | -26.7% |
| Stocks and contracts in progress | 3 | €8,476 | €21,281 | +€12,805 | +151.1% |
| Stocks | 30/36 | €8,476 | €21,281 | +€12,805 | +151.1% |
| Amounts receivable within one year | 40/41 | €63,919 | €5,724 | -€58,196 | -91.0% |
| Trade receivables | 40 | €541 | €3,453 | +€2,913 | +538.8% |
| Other amounts receivable | 41 | €63,379 | €2,270 | -€61,109 | -96.4% |
| Cash at bank and in hand | 54/58 | €95,076 | €72,028 | -€23,049 | -24.2% |
| Deferred charges and accrued income | 490/1 | €8,189 | €29,735 | +€21,546 | +263.1% |
| Total equity and liabilities | 10/49 | €300,545 | €232,385 | -€68,160 | -22.7% |
| Equity | 10/15 | €124,362 | €124,761 | +€400 | +0.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €62,362 | €62,761 | +€400 | +0.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €56,162 | €56,561 | +€400 | +0.7% |
| Amounts payable | 17/49 | €176,183 | €107,623 | -€68,560 | -38.9% |
| Amounts payable after more than one year | 17 | €54,861 | €42,055 | -€12,805 | -23.3% |
| Financial debts | 170/4 | €54,861 | €42,055 | -€12,805 | -23.3% |
| Amounts payable within one year | 42/48 | €110,653 | €65,568 | -€45,085 | -40.7% |
| Current portion of amounts payable after more than one year | 42 | €20,308 | €20,838 | +€530 | +2.6% |
| Trade debts | 44 | €76,025 | €33,616 | -€42,409 | -55.8% |
| Suppliers | 440/4 | €76,025 | €33,616 | -€42,409 | -55.8% |
| Taxes, remuneration and social security | 45 | €12,758 | €11,114 | -€1,643 | -12.9% |
| Taxes | 450/3 | - | €813 | +€813 | |
| Remuneration and social security | 454/9 | €12,758 | €10,301 | -€2,456 | -19.3% |
| Other amounts payable | 47/48 | €1,563 | €0 | -€1,563 | -100.0% |
| Accrued charges and deferred income | 492/3 | €10,670 | €0 | -€10,670 | -100.0% |
| Remuneration, social security and pensions | 62 | €317,176 | €251,620 | -€65,556 | -20.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,933 | €25,764 | -€169 | -0.7% |
| Other operating charges | 640/8 | €3,396 | €4,020 | +€624 | +18.4% |
| Gross operating margin | 9900 | €380,126 | €294,850 | -€85,276 | -22.4% |
| Operating profit (loss) | 9901 | €33,620 | €13,446 | -€20,175 | -60.0% |
| Financial charges | 65/66B | €13,141 | €12,233 | -€908 | -6.9% |
| Recurring financial charges | 65 | €13,141 | €12,233 | -€908 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | €20,479 | €1,213 | -€19,267 | -94.1% |
| Income taxes | 67/77 | €2,765 | €813 | -€1,952 | -70.6% |
| Profit (loss) for the period | 9904 | €17,714 | €400 | -€17,314 | -97.7% |
| Profit (loss) for the period to be appropriated | 9905 | €17,714 | €400 | -€17,314 | -97.7% |
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 6 October 2026 via checked.be.