TITUS: 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
TITUS
NACE 43.240, Other construction installation
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€110,600
2024 · -€71,334-€39,266
Equity
€1.8m
2024 · €1.9m-€110,600
Cash
€614,346
2024 · €633,090-€18,744
Balance sheet total
€2.5m
2024 · €3.3m-€818,160
Largest movements
Assets
- Receivables within one year -€535,555
down €535,555 (-84.5%), from €633,903 to €98,349
of which Trade receivables: -€469,697
- Tangible fixed assets -€329,115
down €329,115 (-17.2%), from €1.9m to €1.6m
- Financial fixed assets +€62,500
up €62,500 (+10897.5%), from €574 to €63,074
Equity and liabilities
- Short-term financial debts -€508,946
down €508,946 (-100.0%), from €508,946 to €0
- Other debts +€500,185
new in 2025: €500,185
- Trade debts -€424,702
down €424,702 (-99.2%), from €428,278 to €3,576
- Tax, wage and social debts -€113,683
down €113,683 (-98.0%), from €115,953 to €2,270
of which Remuneration and social security: -€112,853
- Profit (loss) carried forward -€110,600
down €110,600 (-18.7%), from €590,861 to €480,262
Income statement
- Gross operating margin -€969,970
down €969,970 (-62.0%), from €1.6m to €595,362
- Staff costs -€836,063
down €836,063 (-61.4%), from €1.4m to €525,118
- Other operating charges -€28,591
down €28,591 (-48.4%), from €59,078 to €30,486
- Depreciation -€23,122
down €23,122 (-13.9%), from €166,053 to €142,932
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
-€71,334
Gross operating margin
-€969,970
Staff costs
+€836,063
Depreciation
+€23,122
Other operating charges
+€28,591
Other operating items
+€29,880
Financial income
+€103
Financial charges
+€12,237
Taxes
+€709
Result 2025
-€110,600
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
+€493,490
Investment
+€123,683
Financing
-€635,918
Cash 2024
€633,090
From operations (derived)
+€493,490
Net result for the year
-€110,600
Depreciation
+€142,932
Receivables after one year
-€4,633
Receivables within one year
+€535,555
Deferred charges and accrued income
+€1,879
Trade debts
-€424,702
Tax, wage and social debts
-€113,683
Other debts
+€500,185
Accrued charges and deferred income
-€33,443
Investment (derived)
+€123,683
Investment in fixed assets (net)
+€123,683
Financing
-€635,918
Debts after one year
-€70,918
Current portion of long-term debt
-€56,053
Short-term financial debts
-€508,946
Cash 2025
€614,346
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,317,069 | €2,498,909 | -€818,160 | -24.7% |
| Fixed assets | 21/28 | €1,919,147 | €1,652,532 | -€266,615 | -13.9% |
| Tangible fixed assets | 22/27 | €1,918,573 | €1,589,458 | -€329,115 | -17.2% |
| Land and buildings | 22 | €1,732,310 | €1,589,458 | -€142,852 | -8.2% |
| Plant, machinery and equipment | 23 | €9,811 | €0 | -€9,811 | -100.0% |
| Furniture and vehicles | 24 | €120,748 | €0 | -€120,748 | -100.0% |
| Leasing and similar rights | 25 | €55,344 | €0 | -€55,344 | -100.0% |
| Other tangible fixed assets | 26 | €360 | €0 | -€360 | -100.0% |
| Financial fixed assets | 28 | €574 | €63,074 | +€62,500 | +10897.5% |
| Current assets | 29/58 | €1,397,922 | €846,377 | -€551,545 | -39.5% |
| Amounts receivable after more than one year | 29 | €18,754 | €23,387 | +€4,633 | +24.7% |
| Trade receivables | 290 | €18,754 | €23,387 | +€4,633 | +24.7% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €633,903 | €98,349 | -€535,555 | -84.5% |
| Trade receivables | 40 | €491,629 | €21,932 | -€469,697 | -95.5% |
| Other amounts receivable | 41 | €142,274 | €76,417 | -€65,857 | -46.3% |
| Current investments | 50/53 | €110,000 | €110,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €633,090 | €614,346 | -€18,744 | -3.0% |
| Deferred charges and accrued income | 490/1 | €2,174 | €295 | -€1,879 | -86.4% |
| Total equity and liabilities | 10/49 | €3,317,069 | €2,498,909 | -€818,160 | -24.7% |
| Equity | 10/15 | €1,944,562 | €1,833,962 | -€110,600 | -5.7% |
| Contributions | 10/11 | €297,268 | €297,268 | = | 0.0% |
| Reserves | 13 | €1,056,432 | €1,056,432 | = | 0.0% |
| Distributable reserves | 133 | €1,056,432 | €1,056,432 | = | 0.0% |
| Profit (loss) carried forward | 14 | €590,861 | €480,262 | -€110,600 | -18.7% |
| Amounts payable | 17/49 | €1,372,507 | €664,947 | -€707,560 | -51.6% |
| Amounts payable after more than one year | 17 | €193,141 | €122,223 | -€70,918 | -36.7% |
| Financial debts | 170/4 | €193,141 | €122,223 | -€70,918 | -36.7% |
| Amounts payable within one year | 42/48 | €1,145,897 | €542,697 | -€603,199 | -52.6% |
| Current portion of amounts payable after more than one year | 42 | €92,720 | €36,667 | -€56,053 | -60.5% |
| Financial debts | 43 | €508,946 | €0 | -€508,946 | -100.0% |
| Credit institutions | 430/8 | €508,946 | €0 | -€508,946 | -100.0% |
| Trade debts | 44 | €428,278 | €3,576 | -€424,702 | -99.2% |
| Suppliers | 440/4 | €428,278 | €3,576 | -€424,702 | -99.2% |
| Taxes, remuneration and social security | 45 | €115,953 | €2,270 | -€113,683 | -98.0% |
| Taxes | 450/3 | €3,101 | €2,270 | -€831 | -26.8% |
| Remuneration and social security | 454/9 | €112,853 | €0 | -€112,853 | -100.0% |
| Other amounts payable | 47/48 | - | €500,185 | +€500,185 | |
| Accrued charges and deferred income | 492/3 | €33,469 | €27 | -€33,443 | -99.9% |
| Non-recurring operating income | 76A | €2,800 | €89,308 | +€86,508 | +3089.6% |
| Remuneration, social security and pensions | 62 | €1,361,181 | €525,118 | -€836,063 | -61.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €166,053 | €142,932 | -€23,122 | -13.9% |
| Other operating charges | 640/8 | €59,078 | €30,486 | -€28,591 | -48.4% |
| Non-recurring operating charges | 66A | €29,880 | €0 | -€29,880 | -100.0% |
| Gross operating margin | 9900 | €1,565,332 | €595,362 | -€969,970 | -62.0% |
| Operating profit (loss) | 9901 | -€50,860 | -€103,174 | -€52,314 | -102.9% |
| Financial income | 75/76B | €3,217 | €3,319 | +€103 | +3.2% |
| Recurring financial income | 75 | €3,217 | €3,319 | +€103 | +3.2% |
| Financial charges | 65/66B | €22,574 | €10,338 | -€12,237 | -54.2% |
| Recurring financial charges | 65 | €22,574 | €10,338 | -€12,237 | -54.2% |
| Profit (loss) for the period before taxes | 9903 | -€70,218 | -€110,193 | -€39,975 | -56.9% |
| Income taxes | 67/77 | €1,116 | €407 | -€709 | -63.5% |
| Profit (loss) for the period | 9904 | -€71,334 | -€110,600 | -€39,266 | -55.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€71,334 | -€110,600 | -€39,266 | -55.0% |
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 11 October 2026 via checked.be.