Titanium: 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.
Titanium
Largest movements
- Cash +€73,190
up €73,190 (+151%), from €48,528 to €121,718
mainly Net result for the year (+€65,073) and Receivables within one year (+€37,674)
- Receivables within one year -€37,674
down €37,674 (-32.9%), from €114,622 to €76,948
of which Trade receivables: -€37,670
- Tangible fixed assets -€12,384
down €12,384 (-3.3%), from €375,506 to €363,122
of which Land and buildings: -€19,624
- Reserves +€36,923
up €36,923 (+11.6%), from €317,190 to €354,113
- Debts after one year -€31,436
down €31,436 (-19.2%), from €164,016 to €132,580
- Tax, wage and social debts +€10,297
up €10,297 (+57.1%), from €18,044 to €28,341
- Gross operating margin -€8,200
down €8,200 (-5.7%), from €142,744 to €134,543
- Taxes -€2,960
down €2,960 (-10.0%), from €29,478 to €26,518
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 | €541,232 | €563,679 | +€22,447 | +4.1% |
| Fixed assets | 21/28 | €375,506 | €363,122 | -€12,384 | -3.3% |
| Tangible fixed assets | 22/27 | €375,506 | €363,122 | -€12,384 | -3.3% |
| Land and buildings | 22 | €327,746 | €308,122 | -€19,624 | -6.0% |
| Plant, machinery and equipment | 23 | €2,403 | €7,362 | +€4,959 | +206% |
| Furniture and vehicles | 24 | €45,356 | €47,637 | +€2,280 | +5.0% |
| Current assets | 29/58 | €165,726 | €200,557 | +€34,831 | +21.0% |
| Amounts receivable within one year | 40/41 | €114,622 | €76,948 | -€37,674 | -32.9% |
| Trade receivables | 40 | €114,618 | €76,948 | -€37,670 | -32.9% |
| Other amounts receivable | 41 | €4 | - | -€4 | |
| Cash at bank and in hand | 54/58 | €48,528 | €121,718 | +€73,190 | +151% |
| Deferred charges and accrued income | 490/1 | €2,575 | €1,891 | -€684 | -26.6% |
| Total equity and liabilities | 10/49 | €541,232 | €563,679 | +€22,447 | +4.1% |
| Equity | 10/15 | €323,390 | €360,313 | +€36,923 | +11.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | - | -€6,200 | |
| Share premium | 1100/10 | €6,200 | - | -€6,200 | |
| Reserves | 13 | €317,190 | €354,113 | +€36,923 | +11.6% |
| Distributable reserves | 133 | €317,190 | €354,113 | +€36,923 | +11.6% |
| Amounts payable | 17/49 | €217,842 | €203,366 | -€14,476 | -6.6% |
| Amounts payable after more than one year | 17 | €164,016 | €132,580 | -€31,436 | -19.2% |
| Financial debts | 170/4 | €164,016 | €132,580 | -€31,436 | -19.2% |
| Amounts payable within one year | 42/48 | €53,826 | €70,786 | +€16,961 | +31.5% |
| Current portion of amounts payable after more than one year | 42 | €31,353 | €31,797 | +€444 | +1.4% |
| Trade debts | 44 | €2,429 | €3,528 | +€1,099 | +45.3% |
| Suppliers | 440/4 | €2,429 | €3,528 | +€1,099 | +45.3% |
| Taxes, remuneration and social security | 45 | €18,044 | €28,341 | +€10,297 | +57.1% |
| Taxes | 450/3 | €18,044 | €28,341 | +€10,297 | +57.1% |
| Other amounts payable | 47/48 | €2,000 | €7,120 | +€5,120 | +256% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,454 | €34,880 | +€1,426 | +4.3% |
| Other operating charges | 640/8 | €1,774 | €1,662 | -€112 | -6.3% |
| Gross operating margin | 9900 | €142,744 | €134,543 | -€8,200 | -5.7% |
| Operating profit (loss) | 9901 | €107,516 | €98,002 | -€9,515 | -8.8% |
| Financial income | 75/76B | €8 | €13 | +€5 | +65.6% |
| Recurring financial income | 75 | €8 | €13 | +€5 | +65.6% |
| Financial charges | 65/66B | €7,390 | €6,424 | -€967 | -13.1% |
| Recurring financial charges | 65 | €7,390 | €6,424 | -€967 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | €100,133 | €91,591 | -€8,543 | -8.5% |
| Income taxes | 67/77 | €29,478 | €26,518 | -€2,960 | -10.0% |
| Profit (loss) for the period | 9904 | €70,656 | €65,073 | -€5,583 | -7.9% |
| Profit (loss) for the period to be appropriated | 9905 | €70,656 | €65,073 | -€5,583 | -7.9% |
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 20 October 2026 via checked.be.