Tithas Management: 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.
Tithas Management
Largest movements
- Tangible fixed assets +€703,530
up €703,530 (+30.1%), from €2.3m to €3.0m
of which Land and buildings: +€702,407
- Current investments +€465,908
up €465,908 (+33.9%), from €1.4m to €1.8m
- Receivables within one year -€218,382
down €218,382 (-35.0%), from €623,493 to €405,111
of which Other amounts receivable: -€199,059
- Cash +€59,607
up €59,607 (+69.1%), from €86,233 to €145,841
mainly Debts after one year (+€468,089) and Net result for the year (+€453,299)
- Debts after one year +€468,089
up €468,089 (+19.8%), from €2.4m to €2.8m
of which Financial debts: +€467,194
- Reserves +€453,299
up €453,299 (+28.9%), from €1.6m to €2.0m
of which Distributable reserves: +€461,720
- Tax, wage and social debts +€100,617
up €100,617 (+72.8%), from €138,140 to €238,757
- Gross operating margin +€190,968
up €190,968 (+31.9%), from €598,868 to €789,837
- Taxes +€90,273
up €90,273 (+64.5%), from €139,922 to €230,195
- Financial income +€73,493
up €73,493 (+133%), from €55,387 to €128,879
- Depreciation +€9,554
up €9,554 (+9.0%), from €106,730 to €116,284
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 | €4,421,590 | €5,433,607 | +€1.0m | +22.9% |
| Fixed assets | 21/28 | €2,333,618 | €3,037,148 | +€703,530 | +30.1% |
| Tangible fixed assets | 22/27 | €2,333,618 | €3,037,148 | +€703,530 | +30.1% |
| Land and buildings | 22 | €2,333,618 | €3,036,026 | +€702,407 | +30.1% |
| Furniture and vehicles | 24 | - | €1,123 | +€1,123 | |
| Current assets | 29/58 | €2,087,972 | €2,396,458 | +€308,486 | +14.8% |
| Amounts receivable within one year | 40/41 | €623,493 | €405,111 | -€218,382 | -35.0% |
| Trade receivables | 40 | €80,354 | €61,031 | -€19,323 | -24.0% |
| Other amounts receivable | 41 | €543,139 | €344,080 | -€199,059 | -36.6% |
| Current investments | 50/53 | €1,375,515 | €1,841,424 | +€465,908 | +33.9% |
| Cash at bank and in hand | 54/58 | €86,233 | €145,841 | +€59,607 | +69.1% |
| Deferred charges and accrued income | 490/1 | €2,730 | €4,083 | +€1,352 | +49.5% |
| Total equity and liabilities | 10/49 | €4,421,590 | €5,433,607 | +€1.0m | +22.9% |
| Equity | 10/15 | €1,659,637 | €2,112,936 | +€453,299 | +27.3% |
| Contributions | 10/11 | €93,400 | €93,400 | = | 0.0% |
| Reserves | 13 | €1,566,237 | €2,019,536 | +€453,299 | +28.9% |
| Tax-exempt reserves | 132 | €235,788 | €227,367 | -€8,421 | -3.6% |
| Distributable reserves | 133 | €1,330,449 | €1,792,169 | +€461,720 | +34.7% |
| Provisions and deferred taxes | 16 | €58,947 | €56,842 | -€2,105 | -3.6% |
| Deferred taxes | 168 | €58,947 | €56,842 | -€2,105 | -3.6% |
| Amounts payable | 17/49 | €2,703,006 | €3,263,828 | +€560,822 | +20.7% |
| Amounts payable after more than one year | 17 | €2,361,710 | €2,829,799 | +€468,089 | +19.8% |
| Financial debts | 170/4 | €2,348,068 | €2,815,262 | +€467,194 | +19.9% |
| Other amounts payable | 178/9 | €13,642 | €14,537 | +€895 | +6.6% |
| Amounts payable within one year | 42/48 | €341,296 | €434,029 | +€92,733 | +27.2% |
| Current portion of amounts payable after more than one year | 42 | €168,359 | €186,132 | +€17,772 | +10.6% |
| Trade debts | 44 | €22,986 | €2,382 | -€20,604 | -89.6% |
| Suppliers | 440/4 | €22,986 | €2,382 | -€20,604 | -89.6% |
| Taxes, remuneration and social security | 45 | €138,140 | €238,757 | +€100,617 | +72.8% |
| Taxes | 450/3 | €138,140 | €238,757 | +€100,617 | +72.8% |
| Other amounts payable | 47/48 | €11,812 | €6,759 | -€5,053 | -42.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,730 | €116,284 | +€9,554 | +9.0% |
| Other operating charges | 640/8 | €12,795 | €10,309 | -€2,486 | -19.4% |
| Gross operating margin | 9900 | €598,868 | €789,837 | +€190,968 | +31.9% |
| Operating profit (loss) | 9901 | €479,343 | €663,244 | +€183,900 | +38.4% |
| Financial income | 75/76B | €55,387 | €128,879 | +€73,493 | +133% |
| Recurring financial income | 75 | €55,387 | €128,879 | +€73,493 | +133% |
| Financial charges | 65/66B | €116,505 | €110,734 | -€5,771 | -5.0% |
| Recurring financial charges | 65 | €116,505 | €110,734 | -€5,771 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | €418,225 | €681,389 | +€263,164 | +62.9% |
| Transfer from deferred taxes | 780 | €2,105 | €2,105 | = | 0.0% |
| Income taxes | 67/77 | €139,922 | €230,195 | +€90,273 | +64.5% |
| Profit (loss) for the period | 9904 | €280,408 | €453,299 | +€172,891 | +61.7% |
| Transfer from tax-exempt reserves | 789 | €44,206 | €8,421 | -€35,785 | -81.0% |
| Profit (loss) for the period to be appropriated | 9905 | €324,614 | €461,720 | +€137,106 | +42.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.