H TELECOM: what changed
Two fiscal 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 TELECOM
Largest movements
- Receivables within one year +€17,064
up €17,064 (+24.8%), from €68,843 to €85,908
of which Other amounts receivable: +€16,602
- Tangible fixed assets -€16,508
down €16,508 (-63.3%), from €26,092 to €9,584
of which Leasing and similar rights: -€11,600
- Profit (loss) carried forward +€9,437
up €9,437 (+22.0%), from €42,817 to €52,253
- Current portion of long-term debt -€8,233
no longer reported in 2025 (was €8,233)
- Gross operating margin -€11,238
down €11,238 (-26.9%), from €41,721 to €30,483
- Depreciation -€9,271
down €9,271 (-34.4%), from €26,975 to €17,704
- Taxes -€4,728
down €4,728, from €4,319 to -€410
- Financial charges -€3,523
down €3,523 (-76.2%), from €4,623 to €1,099
- Other operating charges -€2,459
down €2,459 (-50.5%), from €4,866 to €2,407
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.
Cash bridge derived
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €96,333 | €96,067 | -€266 | -0.3% |
| Fixed assets | 21/28 | €26,527 | €10,019 | -€16,508 | -62.2% |
| Tangible fixed assets | 22/27 | €26,092 | €9,584 | -€16,508 | -63.3% |
| Plant, machinery and equipment | 23 | €248 | - | -€248 | |
| Furniture and vehicles | 24 | €11,622 | €6,962 | -€4,660 | -40.1% |
| Leasing and similar rights | 25 | €14,222 | €2,622 | -€11,600 | -81.6% |
| Financial fixed assets | 28 | €435 | €435 | = | 0.0% |
| Current assets | 29/58 | €69,806 | €86,048 | +€16,242 | +23.3% |
| Amounts receivable within one year | 40/41 | €68,843 | €85,908 | +€17,064 | +24.8% |
| Trade receivables | 40 | €21,997 | €22,459 | +€462 | +2.1% |
| Other amounts receivable | 41 | €46,846 | €63,449 | +€16,602 | +35.4% |
| Deferred charges and accrued income | 490/1 | €963 | €140 | -€822 | -85.4% |
| Total equity and liabilities | 10/49 | €96,333 | €96,067 | -€266 | -0.3% |
| Equity | 10/15 | €63,277 | €72,713 | +€9,437 | +14.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,817 | €52,253 | +€9,437 | +22.0% |
| Amounts payable | 17/49 | €33,056 | €23,353 | -€9,703 | -29.4% |
| Amounts payable within one year | 42/48 | €33,056 | €23,353 | -€9,703 | -29.4% |
| Current portion of amounts payable after more than one year | 42 | €8,233 | - | -€8,233 | |
| Financial debts | 43 | €5,519 | €4,561 | -€957 | -17.3% |
| Credit institutions | 430/8 | €5,519 | €4,561 | -€957 | -17.3% |
| Trade debts | 44 | €13,827 | €13,319 | -€508 | -3.7% |
| Suppliers | 440/4 | €13,827 | €13,319 | -€508 | -3.7% |
| Taxes, remuneration and social security | 45 | €5,477 | €5,472 | -€5 | -0.1% |
| Taxes | 450/3 | €4,677 | €3,672 | -€1,005 | -21.5% |
| Remuneration and social security | 454/9 | €800 | €1,800 | +€1,000 | +125.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,975 | €17,704 | -€9,271 | -34.4% |
| Other operating charges | 640/8 | €4,866 | €2,407 | -€2,459 | -50.5% |
| Non-recurring operating charges | 66A | €226 | €259 | +€32 | +14.3% |
| Gross operating margin | 9900 | €41,721 | €30,483 | -€11,238 | -26.9% |
| Operating profit (loss) | 9901 | €9,654 | €10,113 | +€459 | +4.8% |
| Financial income | 75/76B | €18 | €14 | -€5 | -25.6% |
| Recurring financial income | 75 | €18 | €14 | -€5 | -25.6% |
| Financial charges | 65/66B | €4,623 | €1,099 | -€3,523 | -76.2% |
| Recurring financial charges | 65 | €4,623 | €1,099 | -€3,523 | -76.2% |
| Profit (loss) for the period before taxes | 9903 | €5,049 | €9,027 | +€3,978 | +78.8% |
| Income taxes | 67/77 | €4,319 | -€410 | -€4,728 | |
| Profit (loss) for the period | 9904 | €731 | €9,437 | +€8,706 | +1191.0% |
| Profit (loss) for the period to be appropriated | 9905 | €731 | €9,437 | +€8,706 | +1191.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.