Titeux: 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.
Titeux
Largest movements
- Cash -€89,648
down €89,648 (-12.2%), from €732,838 to €643,190
mainly Other debts (-€114,868) and Receivables within one year (-€63,924)
- Receivables within one year +€63,924
up €63,924 (+16.6%), from €385,088 to €449,011
of which Other amounts receivable: +€63,085
- Tangible fixed assets -€43,641
down €43,641 (-7.0%), from €625,543 to €581,902
of which Furniture and vehicles: -€26,632
- Other debts -€114,868
down €114,868 (-62.8%), from €182,786 to €67,918
- Trade debts +€96,010
up €96,010 (+359%), from €26,714 to €122,724
- Debts after one year -€56,996
down €56,996 (-27.1%), from €210,129 to €153,133
- Tax, wage and social debts -€55,973
down €55,973 (-99.4%), from €56,322 to €348
- Profit (loss) carried forward +€47,583
up €47,583 (+7.5%), from €633,986 to €681,569
- Gross operating margin -€156,702
down €156,702 (-27.2%), from €575,447 to €418,745
- Taxes -€42,087
down €42,087 (-69.5%), from €60,531 to €18,445
- Staff costs -€10,161
down €10,161 (-3.4%), from €299,158 to €288,997
- Depreciation -€7,238
down €7,238 (-12.6%), from €57,585 to €50,347
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,885,676 | €1,804,433 | -€81,243 | -4.3% |
| Fixed assets | 21/28 | €625,543 | €581,902 | -€43,641 | -7.0% |
| Tangible fixed assets | 22/27 | €625,543 | €581,902 | -€43,641 | -7.0% |
| Land and buildings | 22 | €377,727 | €363,809 | -€13,918 | -3.7% |
| Plant, machinery and equipment | 23 | €11,229 | €8,597 | -€2,632 | -23.4% |
| Furniture and vehicles | 24 | €232,627 | €205,995 | -€26,632 | -11.4% |
| Other tangible fixed assets | 26 | €3,960 | €3,501 | -€459 | -11.6% |
| Current assets | 29/58 | €1,260,133 | €1,222,531 | -€37,602 | -3.0% |
| Stocks and contracts in progress | 3 | €123,425 | €128,575 | +€5,150 | +4.2% |
| Stocks | 30/36 | €123,425 | €128,575 | +€5,150 | +4.2% |
| Amounts receivable within one year | 40/41 | €385,088 | €449,011 | +€63,924 | +16.6% |
| Trade receivables | 40 | €371,597 | €372,435 | +€839 | +0.2% |
| Other amounts receivable | 41 | €13,491 | €76,576 | +€63,085 | +468% |
| Cash at bank and in hand | 54/58 | €732,838 | €643,190 | -€89,648 | -12.2% |
| Deferred charges and accrued income | 490/1 | €18,782 | €1,755 | -€17,027 | -90.7% |
| Total equity and liabilities | 10/49 | €1,885,676 | €1,804,433 | -€81,243 | -4.3% |
| Equity | 10/15 | €1,331,154 | €1,387,978 | +€56,824 | +4.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €652,923 | €672,923 | +€20,000 | +3.1% |
| Non-distributable reserves | 130/1 | €11,900 | €11,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €11,900 | €11,900 | = | 0.0% |
| Tax-exempt reserves | 132 | €16,350 | €16,350 | = | 0.0% |
| Distributable reserves | 133 | €624,673 | €644,673 | +€20,000 | +3.2% |
| Profit (loss) carried forward | 14 | €633,986 | €681,569 | +€47,583 | +7.5% |
| Investment grants | 15 | €25,645 | €14,887 | -€10,758 | -42.0% |
| Amounts payable | 17/49 | €554,522 | €416,454 | -€138,067 | -24.9% |
| Amounts payable after more than one year | 17 | €210,129 | €153,133 | -€56,996 | -27.1% |
| Financial debts | 170/4 | €210,129 | €153,133 | -€56,996 | -27.1% |
| Amounts payable within one year | 42/48 | €344,274 | €263,247 | -€81,027 | -23.5% |
| Current portion of amounts payable after more than one year | 42 | €63,186 | €56,996 | -€6,189 | -9.8% |
| Financial debts | 43 | €15,266 | €15,261 | -€6 | 0.0% |
| Credit institutions | 430/8 | €15,266 | €15,261 | -€6 | 0.0% |
| Trade debts | 44 | €26,714 | €122,724 | +€96,010 | +359% |
| Suppliers | 440/4 | €26,714 | €122,724 | +€96,010 | +359% |
| Taxes, remuneration and social security | 45 | €56,322 | €348 | -€55,973 | -99.4% |
| Taxes | 450/3 | €56,322 | €348 | -€55,973 | -99.4% |
| Other amounts payable | 47/48 | €182,786 | €67,918 | -€114,868 | -62.8% |
| Accrued charges and deferred income | 492/3 | €118 | €74 | -€44 | -36.9% |
| Remuneration, social security and pensions | 62 | €299,158 | €288,997 | -€10,161 | -3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,585 | €50,347 | -€7,238 | -12.6% |
| Other operating charges | 640/8 | €5,355 | €6,336 | +€980 | +18.3% |
| Gross operating margin | 9900 | €575,447 | €418,745 | -€156,702 | -27.2% |
| Operating profit (loss) | 9901 | €213,348 | €73,065 | -€140,283 | -65.8% |
| Financial income | 75/76B | €19,608 | €19,969 | +€361 | +1.8% |
| Recurring financial income | 75 | €19,608 | €19,969 | +€361 | +1.8% |
| Financial charges | 65/66B | €7,748 | €7,006 | -€741 | -9.6% |
| Recurring financial charges | 65 | €7,748 | €7,006 | -€741 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €225,208 | €86,028 | -€139,181 | -61.8% |
| Income taxes | 67/77 | €60,531 | €18,445 | -€42,087 | -69.5% |
| Profit (loss) for the period | 9904 | €164,677 | €67,583 | -€97,094 | -59.0% |
| Profit (loss) for the period to be appropriated | 9905 | €164,677 | €67,583 | -€97,094 | -59.0% |
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 16 October 2026 via checked.be.