H&F TELECOM: 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.
H&F TELECOM
Largest movements
- Receivables within one year +€20,938
up €20,938 (+247%), from €8,491 to €29,429
of which Trade receivables: +€19,839
- Receivables after one year +€3,534
up €3,534 (+2.5%), from €143,285 to €146,820
- Cash -€2,146
down €2,146 (-32.1%), from €6,690 to €4,545
mainly Receivables within one year (-€20,938) and Investment in fixed assets (net) (-€3,543)
- Reserves +€12,166
up €12,166 (+8.9%), from €136,183 to €148,349
of which Distributable reserves: +€12,166
- Tax, wage and social debts +€7,692
up €7,692 (+70.9%), from €10,845 to €18,537
of which Remuneration and social security: +€8,825
- Trade debts +€4,420
up €4,420 (+104%), from €4,246 to €8,666
- Staff costs +€15,639
up €15,639 (+41.1%), from €38,037 to €53,676
- Gross operating margin +€7,370
up €7,370 (+11.7%), from €62,922 to €70,292
- Financial income +€2,969
up €2,969 (+14,434%), from €21 to €2,990
- Taxes -€1,152
down €1,152 (-18.7%), from €6,174 to €5,022
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 | €167,515 | €191,793 | +€24,278 | +14.5% |
| Fixed assets | 21/28 | €7,272 | €9,062 | +€1,791 | +24.6% |
| Tangible fixed assets | 22/27 | €7,272 | €9,062 | +€1,791 | +24.6% |
| Plant, machinery and equipment | 23 | €88 | €0 | -€88 | -100% |
| Furniture and vehicles | 24 | €7,184 | €9,062 | +€1,879 | +26.2% |
| Current assets | 29/58 | €160,243 | €182,731 | +€22,488 | +14.0% |
| Amounts receivable after more than one year | 29 | €143,285 | €146,820 | +€3,534 | +2.5% |
| Trade receivables | 290 | €143,285 | €146,820 | +€3,534 | +2.5% |
| Amounts receivable within one year | 40/41 | €8,491 | €29,429 | +€20,938 | +247% |
| Trade receivables | 40 | €7,378 | €27,217 | +€19,839 | +269% |
| Other amounts receivable | 41 | €1,113 | €2,212 | +€1,099 | +98.7% |
| Cash at bank and in hand | 54/58 | €6,690 | €4,545 | -€2,146 | -32.1% |
| Deferred charges and accrued income | 490/1 | €1,776 | €1,937 | +€161 | +9.1% |
| Total equity and liabilities | 10/49 | €167,515 | €191,793 | +€24,278 | +14.5% |
| Equity | 10/15 | €142,483 | €154,649 | +€12,166 | +8.5% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €136,183 | €148,349 | +€12,166 | +8.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,000 | €9,000 | = | 0.0% |
| Distributable reserves | 133 | €125,323 | €137,489 | +€12,166 | +9.7% |
| Provisions and deferred taxes | 16 | €9,941 | €9,941 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €9,941 | €9,941 | = | 0.0% |
| Other liabilities and charges | 164/5 | €9,941 | €9,941 | = | 0.0% |
| Amounts payable | 17/49 | €15,091 | €27,203 | +€12,112 | +80.3% |
| Amounts payable within one year | 42/48 | €15,091 | €27,203 | +€12,112 | +80.3% |
| Trade debts | 44 | €4,246 | €8,666 | +€4,420 | +104% |
| Suppliers | 440/4 | €4,246 | €8,666 | +€4,420 | +104% |
| Taxes, remuneration and social security | 45 | €10,845 | €18,537 | +€7,692 | +70.9% |
| Taxes | 450/3 | €7,217 | €6,084 | -€1,133 | -15.7% |
| Remuneration and social security | 454/9 | €3,629 | €12,454 | +€8,825 | +243% |
| Remuneration, social security and pensions | 62 | €38,037 | €53,676 | +€15,639 | +41.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,328 | €1,753 | -€576 | -24.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €426 | €0 | -€426 | -100% |
| Other operating charges | 640/8 | €431 | €622 | +€190 | +44.2% |
| Gross operating margin | 9900 | €62,922 | €70,292 | +€7,370 | +11.7% |
| Operating profit (loss) | 9901 | €21,699 | €14,242 | -€7,458 | -34.4% |
| Financial income | 75/76B | €21 | €2,990 | +€2,969 | +14,434% |
| Recurring financial income | 75 | €21 | €2,990 | +€2,969 | +14,434% |
| Financial charges | 65/66B | €58 | €44 | -€15 | -25.0% |
| Recurring financial charges | 65 | €58 | €44 | -€15 | -25.0% |
| Profit (loss) for the period before taxes | 9903 | €21,662 | €17,188 | -€4,474 | -20.7% |
| Income taxes | 67/77 | €6,174 | €5,022 | -€1,152 | -18.7% |
| Profit (loss) for the period | 9904 | €15,488 | €12,166 | -€3,322 | -21.5% |
| Profit (loss) for the period to be appropriated | 9905 | €15,488 | €12,166 | -€3,322 | -21.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.