TITULUS PICTUS: 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.
What changed
TITULUS PICTUS
NACE 47.251, Retail sale of wines and spirits
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€377,469
2024 · -€36,768-€340,701
Equity
-€174,503
2024 · €206,908-€381,411
Cash
€54,189
2024 · €57,788-€3,600
Balance sheet total
€1.3m
2024 · €1.7m-€461,105
Largest movements
Assets
- Receivables within one year -€238,533
down €238,533 (-51.1%), from €466,383 to €227,850
of which Trade receivables: -€244,360
- Tangible fixed assets -€204,190
down €204,190 (-27.4%), from €745,929 to €541,739
of which Land and buildings: -€187,223
- Stocks and contracts +€136,662
up €136,662 (+55.2%), from €247,591 to €384,253
- Financial fixed assets -€132,690
no longer reported in 2025 (was €132,690)
Equity and liabilities
- Profit (loss) carried forward -€377,469
down €377,469, from €50,936 to -€326,533
- Debts after one year -€191,144
down €191,144 (-43.9%), from €435,722 to €244,579
- Current portion of long-term debt -€122,366
down €122,366 (-31.3%), from €391,235 to €268,869
- Short-term financial debts +€118,794
up €118,794 (+68.3%), from €173,982 to €292,776
- Tax, wage and social debts +€84,605
up €84,605 (+69.6%), from €121,473 to €206,078
of which Taxes: +€100,890
Income statement
- Write-downs +€253,423
new in 2025: €253,423
- Purchases and services -€230,930
down €230,930 (-15.9%), from €1.5m to €1.2m
- Gross operating margin +€41,854
up €41,854 (+11.9%), from €352,223 to €394,077
- Staff costs -€25,584
down €25,584 (-8.9%), from €287,264 to €261,680
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.
Result 2024
-€36,768
Gross operating margin
+€41,854
Staff costs
+€25,584
Depreciation
+€3,185
Write-downs
-€253,423
Other operating charges
-€2,053
Other operating items
-€161,607
Financial income
+€2,612
Financial charges
+€3,147
Result 2025
-€377,469
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.
From operations
-€108,199
Investment
+€303,257
Financing
-€198,658
Cash 2024
€57,788
From operations (derived)
-€108,199
Net result for the year
-€377,469
Depreciation
+€46,274
Stocks and contracts
-€136,662
Receivables within one year
+€238,533
Deferred charges and accrued income
+€6,103
Trade debts
+€34,683
Tax, wage and social debts
+€84,605
Advances received
-€4,054
Other debts
-€212
Investment (derived)
+€303,257
Investment in fixed assets (net)
+€303,257
Financing
-€198,658
Debts after one year
-€191,144
Current portion of long-term debt
-€122,366
Short-term financial debts
+€118,794
Contributions, distributions and other
-€3,942
Cash 2025
€54,189
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,725,980 | €1,264,875 | -€461,105 | -26.7% |
| Formation expenses | 20 | €59,496 | €53,256 | -€6,239 | -10.5% |
| Fixed assets | 21/28 | €886,598 | €543,306 | -€343,292 | -38.7% |
| Intangible fixed assets | 21 | €7,979 | €1,567 | -€6,412 | -80.4% |
| Tangible fixed assets | 22/27 | €745,929 | €541,739 | -€204,190 | -27.4% |
| Land and buildings | 22 | €676,447 | €489,224 | -€187,223 | -27.7% |
| Plant, machinery and equipment | 23 | €60,661 | €46,017 | -€14,644 | -24.1% |
| Furniture and vehicles | 24 | €8,821 | €6,499 | -€2,322 | -26.3% |
| Financial fixed assets | 28 | €132,690 | - | -€132,690 | |
| Current assets | 29/58 | €779,886 | €668,312 | -€111,574 | -14.3% |
| Stocks and contracts in progress | 3 | €247,591 | €384,253 | +€136,662 | +55.2% |
| Stocks | 30/36 | €247,591 | €384,253 | +€136,662 | +55.2% |
| Amounts receivable within one year | 40/41 | €466,383 | €227,850 | -€238,533 | -51.1% |
| Trade receivables | 40 | €446,258 | €201,898 | -€244,360 | -54.8% |
| Other amounts receivable | 41 | €20,125 | €25,952 | +€5,827 | +29.0% |
| Cash at bank and in hand | 54/58 | €57,788 | €54,189 | -€3,600 | -6.2% |
| Deferred charges and accrued income | 490/1 | €8,124 | €2,021 | -€6,103 | -75.1% |
| Total equity and liabilities | 10/49 | €1,725,980 | €1,264,875 | -€461,105 | -26.7% |
| Equity | 10/15 | €206,908 | -€174,503 | -€381,411 | |
| Contributions | 10/11 | €110,000 | €110,000 | = | 0.0% |
| Capital | 10 | €110,000 | €110,000 | = | 0.0% |
| Issued capital | 100 | €110,000 | €110,000 | = | 0.0% |
| Reserves | 13 | €5,211 | €5,211 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,211 | €5,211 | = | 0.0% |
| Legal reserve | 130 | €5,211 | €5,211 | = | 0.0% |
| Profit (loss) carried forward | 14 | €50,936 | -€326,533 | -€377,469 | |
| Investment grants | 15 | €40,761 | €36,820 | -€3,942 | -9.7% |
| Amounts payable | 17/49 | €1,519,072 | €1,439,378 | -€79,694 | -5.2% |
| Amounts payable after more than one year | 17 | €435,722 | €244,579 | -€191,144 | -43.9% |
| Financial debts | 170/4 | €435,722 | €244,579 | -€191,144 | -43.9% |
| Amounts payable within one year | 42/48 | €1,083,349 | €1,194,799 | +€111,450 | +10.3% |
| Current portion of amounts payable after more than one year | 42 | €391,235 | €268,869 | -€122,366 | -31.3% |
| Financial debts | 43 | €173,982 | €292,776 | +€118,794 | +68.3% |
| Credit institutions | 430/8 | €173,982 | €292,776 | +€118,794 | +68.3% |
| Trade debts | 44 | €194,753 | €229,437 | +€34,683 | +17.8% |
| Suppliers | 440/4 | €194,753 | €229,437 | +€34,683 | +17.8% |
| Advances received on contracts in progress | 46 | €4,054 | - | -€4,054 | |
| Taxes, remuneration and social security | 45 | €121,473 | €206,078 | +€84,605 | +69.6% |
| Taxes | 450/3 | €84,788 | €185,678 | +€100,890 | +119.0% |
| Remuneration and social security | 454/9 | €36,685 | €20,400 | -€16,285 | -44.4% |
| Other amounts payable | 47/48 | €197,853 | €197,641 | -€212 | -0.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,454,843 | €1,223,913 | -€230,930 | -15.9% |
| Remuneration, social security and pensions | 62 | €287,264 | €261,680 | -€25,584 | -8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,459 | €46,274 | -€3,185 | -6.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €253,423 | +€253,423 | |
| Other operating charges | 640/8 | €10,441 | €12,494 | +€2,053 | +19.7% |
| Non-recurring operating charges | 66A | €684 | €162,291 | +€161,607 | +23613.0% |
| Gross operating margin | 9900 | €352,223 | €394,077 | +€41,854 | +11.9% |
| Operating profit (loss) | 9901 | €4,375 | -€342,085 | -€346,460 | |
| Financial income | 75/76B | €3,192 | €5,804 | +€2,612 | +81.8% |
| Recurring financial income | 75 | €3,192 | €5,804 | +€2,612 | +81.8% |
| Financial charges | 65/66B | €44,335 | €41,188 | -€3,147 | -7.1% |
| Recurring financial charges | 65 | €44,335 | €41,188 | -€3,147 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | -€36,768 | -€377,469 | -€340,701 | -926.6% |
| Profit (loss) for the period | 9904 | -€36,768 | -€377,469 | -€340,701 | -926.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,768 | -€377,469 | -€340,701 | -926.6% |
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 11 October 2026 via checked.be.