TITANS: 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.
TITANS
Largest movements
- Stocks and contracts -€237,133
down €237,133 (-37.2%), from €637,872 to €400,739
- Receivables within one year -€31,670
down €31,670 (-27.4%), from €115,603 to €83,933
of which Other amounts receivable: -€31,750
- Tangible fixed assets -€19,870
down €19,870 (-7.5%), from €265,506 to €245,636
of which Plant, machinery and equipment: -€18,695
- Debts after one year -€189,823
down €189,823 (-99.5%), from €190,848 to €1,026
- Other debts -€138,554
down €138,554 (-87.5%), from €158,431 to €19,877
- Short-term financial debts +€56,667
up €56,667 (+19.3%), from €293,333 to €350,000
- Trade debts -€19,259
down €19,259 (-98.3%), from €19,600 to €341
- Gross operating margin -€6,796
down €6,796 (-11.5%), from €58,912 to €52,116
- Financial charges -€4,672
down €4,672 (-16.0%), from €29,247 to €24,575
- Taxes -€4,501
down €4,501 (-64.3%), from €7,000 to €2,500
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 | €1,034,074 | €741,019 | -€293,055 | -28.3% |
| Fixed assets | 21/28 | €269,006 | €249,136 | -€19,870 | -7.4% |
| Tangible fixed assets | 22/27 | €265,506 | €245,636 | -€19,870 | -7.5% |
| Plant, machinery and equipment | 23 | €260,877 | €242,183 | -€18,695 | -7.2% |
| Furniture and vehicles | 24 | €4,628 | €3,453 | -€1,175 | -25.4% |
| Financial fixed assets | 28 | €3,500 | €3,500 | = | 0.0% |
| Current assets | 29/58 | €765,068 | €491,883 | -€273,186 | -35.7% |
| Stocks and contracts in progress | 3 | €637,872 | €400,739 | -€237,133 | -37.2% |
| Stocks | 30/36 | €637,872 | €400,739 | -€237,133 | -37.2% |
| Amounts receivable within one year | 40/41 | €115,603 | €83,933 | -€31,670 | -27.4% |
| Trade receivables | 40 | €19,548 | €19,629 | +€80 | +0.4% |
| Other amounts receivable | 41 | €96,055 | €64,305 | -€31,750 | -33.1% |
| Cash at bank and in hand | 54/58 | €8,993 | €7,210 | -€1,783 | -19.8% |
| Deferred charges and accrued income | 490/1 | €2,600 | - | -€2,600 | |
| Total equity and liabilities | 10/49 | €1,034,074 | €741,019 | -€293,055 | -28.3% |
| Equity | 10/15 | €357,296 | €362,107 | +€4,810 | +1.3% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €292,709 | €294,796 | +€2,087 | +0.7% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,250 | €6,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,000 | €9,000 | = | 0.0% |
| Distributable reserves | 133 | €277,459 | €279,546 | +€2,087 | +0.8% |
| Profit (loss) carried forward | 14 | €2,087 | €4,810 | +€2,723 | +130.5% |
| Amounts payable | 17/49 | €676,778 | €378,912 | -€297,866 | -44.0% |
| Amounts payable after more than one year | 17 | €190,848 | €1,026 | -€189,823 | -99.5% |
| Financial debts | 170/4 | €190,848 | €1,026 | -€189,823 | -99.5% |
| Amounts payable within one year | 42/48 | €485,930 | €377,886 | -€108,043 | -22.2% |
| Current portion of amounts payable after more than one year | 42 | €3,419 | €3,156 | -€263 | -7.7% |
| Financial debts | 43 | €293,333 | €350,000 | +€56,667 | +19.3% |
| Credit institutions | 430/8 | €293,333 | €350,000 | +€56,667 | +19.3% |
| Trade debts | 44 | €19,600 | €341 | -€19,259 | -98.3% |
| Suppliers | 440/4 | €19,600 | €341 | -€19,259 | -98.3% |
| Taxes, remuneration and social security | 45 | €11,147 | €4,513 | -€6,634 | -59.5% |
| Taxes | 450/3 | €11,147 | €4,513 | -€6,634 | -59.5% |
| Other amounts payable | 47/48 | €158,431 | €19,877 | -€138,554 | -87.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,131 | €19,870 | -€262 | -1.3% |
| Other operating charges | 640/8 | €447 | €361 | -€86 | -19.2% |
| Gross operating margin | 9900 | €58,912 | €52,116 | -€6,796 | -11.5% |
| Operating profit (loss) | 9901 | €38,334 | €31,885 | -€6,449 | -16.8% |
| Financial charges | 65/66B | €29,247 | €24,575 | -€4,672 | -16.0% |
| Recurring financial charges | 65 | €29,247 | €24,575 | -€4,672 | -16.0% |
| Profit (loss) for the period before taxes | 9903 | €9,087 | €7,310 | -€1,777 | -19.6% |
| Income taxes | 67/77 | €7,000 | €2,500 | -€4,501 | -64.3% |
| Profit (loss) for the period | 9904 | €2,087 | €4,810 | +€2,723 | +130.5% |
| Profit (loss) for the period to be appropriated | 9905 | €2,087 | €4,810 | +€2,723 | +130.5% |
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 3 October 2026 via checked.be.