TITEUX-LECOQ: 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-LECOQ
Largest movements
- Cash -€148,846
down €148,846 (-84.7%), from €175,731 to €26,885
mainly Investment in fixed assets (net) (-€71,622) and Trade debts (-€67,938)
- Tangible fixed assets -€10,782
down €10,782 (-2.8%), from €390,612 to €379,829
of which Land and buildings: -€37,889
- Trade debts -€67,938
down €67,938 (-85.6%), from €79,341 to €11,403
- Tax, wage and social debts -€57,443
down €57,443 (-79.6%), from €72,166 to €14,723
of which Remuneration and social security: -€49,628
- Short-term financial debts -€50,000
down €50,000 (-41.7%), from €120,000 to €70,000
- Reserves -€17,953
down €17,953 (-5.1%), from €351,689 to €333,735
of which Distributable reserves: -€12,500
- Profit (loss) carried forward +€13,789
up €13,789 (+95.1%), from -€14,494 to -€705
- Gross operating margin +€38,602
up €38,602 (+23.3%), from €165,420 to €204,021
- Depreciation +€17,901
up €17,901 (+27.8%), from €64,503 to €82,404
- Staff costs -€15,979
down €15,979 (-14.8%), from €107,867 to €91,888
- Other operating charges +€3,075
up €3,075 (+30.6%), from €10,055 to €13,130
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 | €781,069 | €611,034 | -€170,035 | -21.8% |
| Fixed assets | 21/28 | €390,612 | €379,829 | -€10,782 | -2.8% |
| Tangible fixed assets | 22/27 | €390,612 | €379,829 | -€10,782 | -2.8% |
| Land and buildings | 22 | €289,116 | €251,227 | -€37,889 | -13.1% |
| Plant, machinery and equipment | 23 | €22,228 | €19,864 | -€2,365 | -10.6% |
| Furniture and vehicles | 24 | €48,100 | €84,611 | +€36,510 | +75.9% |
| Leasing and similar rights | 25 | €31,167 | €24,128 | -€7,039 | -22.6% |
| Current assets | 29/58 | €390,458 | €231,205 | -€159,253 | -40.8% |
| Stocks and contracts in progress | 3 | €108,960 | €111,243 | +€2,283 | +2.1% |
| Stocks | 30/36 | €108,960 | €111,243 | +€2,283 | +2.1% |
| Amounts receivable within one year | 40/41 | €96,857 | €90,734 | -€6,123 | -6.3% |
| Trade receivables | 40 | €86,172 | €75,297 | -€10,875 | -12.6% |
| Other amounts receivable | 41 | €10,685 | €15,437 | +€4,752 | +44.5% |
| Cash at bank and in hand | 54/58 | €175,731 | €26,885 | -€148,846 | -84.7% |
| Deferred charges and accrued income | 490/1 | €8,909 | €2,343 | -€6,566 | -73.7% |
| Total equity and liabilities | 10/49 | €781,069 | €611,034 | -€170,035 | -21.8% |
| Equity | 10/15 | €362,195 | €358,031 | -€4,164 | -1.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €351,689 | €333,735 | -€17,953 | -5.1% |
| Non-distributable reserves | 130/1 | €7 | €7 | = | 0.0% |
| Other | 1319 | €7 | €7 | = | 0.0% |
| Tax-exempt reserves | 132 | €22,409 | €16,956 | -€5,453 | -24.3% |
| Distributable reserves | 133 | €329,272 | €316,772 | -€12,500 | -3.8% |
| Profit (loss) carried forward | 14 | -€14,494 | -€705 | +€13,789 | +95.1% |
| Provisions and deferred taxes | 16 | €5,616 | €2,808 | -€2,808 | -50.0% |
| Deferred taxes | 168 | €5,616 | €2,808 | -€2,808 | -50.0% |
| Amounts payable | 17/49 | €413,259 | €250,196 | -€163,063 | -39.5% |
| Amounts payable after more than one year | 17 | €93,564 | €97,979 | +€4,416 | +4.7% |
| Financial debts | 170/4 | €93,564 | €97,979 | +€4,416 | +4.7% |
| Amounts payable within one year | 42/48 | €319,395 | €152,216 | -€167,179 | -52.3% |
| Current portion of amounts payable after more than one year | 42 | €47,889 | €43,113 | -€4,775 | -10.0% |
| Financial debts | 43 | €120,000 | €70,000 | -€50,000 | -41.7% |
| Credit institutions | 430/8 | €120,000 | €70,000 | -€50,000 | -41.7% |
| Trade debts | 44 | €79,341 | €11,403 | -€67,938 | -85.6% |
| Suppliers | 440/4 | €79,341 | €11,403 | -€67,938 | -85.6% |
| Taxes, remuneration and social security | 45 | €72,166 | €14,723 | -€57,443 | -79.6% |
| Taxes | 450/3 | €14,220 | €6,405 | -€7,815 | -55.0% |
| Remuneration and social security | 454/9 | €57,946 | €8,318 | -€49,628 | -85.6% |
| Other amounts payable | 47/48 | - | €12,977 | +€12,977 | |
| Accrued charges and deferred income | 492/3 | €300 | - | -€300 | |
| Remuneration, social security and pensions | 62 | €107,867 | €91,888 | -€15,979 | -14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,503 | €82,404 | +€17,901 | +27.8% |
| Other operating charges | 640/8 | €10,055 | €13,130 | +€3,075 | +30.6% |
| Gross operating margin | 9900 | €165,420 | €204,021 | +€38,602 | +23.3% |
| Operating profit (loss) | 9901 | -€17,005 | €16,599 | +€33,605 | |
| Financial income | 75/76B | €1,012 | €227 | -€785 | -77.6% |
| Recurring financial income | 75 | €185 | €227 | +€42 | +22.5% |
| Non-recurring financial income | 76B | €826 | - | -€826 | |
| Financial charges | 65/66B | €9,521 | €11,016 | +€1,495 | +15.7% |
| Recurring financial charges | 65 | €9,521 | €11,016 | +€1,495 | +15.7% |
| Profit (loss) for the period before taxes | 9903 | -€25,515 | €5,810 | +€31,325 | |
| Transfer from deferred taxes | 780 | €2,808 | €2,808 | = | 0.0% |
| Income taxes | 67/77 | €324 | €282 | -€43 | -13.2% |
| Profit (loss) for the period | 9904 | -€23,031 | €8,336 | +€31,367 | |
| Transfer from tax-exempt reserves | 789 | €5,453 | €5,453 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,578 | €13,789 | +€31,367 |
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 23 October 2026 via checked.be.