T.E.L.: 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.
T.E.L.
Largest movements
- Tangible fixed assets -€5,930
down €5,930 (-2.4%), from €245,439 to €239,509
- Reserves -€81,400
down €81,400 (-50.8%), from €160,154 to €78,754
of which Distributable reserves: -€81,400
- Profit (loss) carried forward +€78,756
up €78,756, from -€78,756 to €0
- Accrued charges and deferred income +€17,509
up €17,509 (+327.3%), from €5,349 to €22,858
- Other debts -€9,746
down €9,746 (-82.8%), from €11,764 to €2,018
- Debts after one year -€9,695
down €9,695 (-6.6%), from €147,606 to €137,911
- Gross operating margin -€15,096
down €15,096 (-38.6%), from €39,075 to €23,980
- Financial charges -€1,013
down €1,013 (-7.9%), from €12,798 to €11,785
- Other operating charges +€669
up €669 (+15.1%), from €4,445 to €5,114
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
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 | €311,449 | €306,567 | -€4,882 | -1.6% |
| Fixed assets | 21/28 | €245,439 | €239,509 | -€5,930 | -2.4% |
| Tangible fixed assets | 22/27 | €245,439 | €239,509 | -€5,930 | -2.4% |
| Land and buildings | 22 | €245,439 | €239,509 | -€5,930 | -2.4% |
| Current assets | 29/58 | €66,011 | €67,059 | +€1,048 | +1.6% |
| Amounts receivable within one year | 40/41 | €52 | €89 | +€37 | +70.4% |
| Other amounts receivable | 41 | €52 | €89 | +€37 | +70.4% |
| Cash at bank and in hand | 54/58 | €64,297 | €65,358 | +€1,061 | +1.6% |
| Deferred charges and accrued income | 490/1 | €1,661 | €1,611 | -€50 | -3.0% |
| Total equity and liabilities | 10/49 | €311,449 | €306,567 | -€4,882 | -1.6% |
| Equity | 10/15 | €142,898 | €140,254 | -€2,644 | -1.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €160,154 | €78,754 | -€81,400 | -50.8% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €50,692 | €50,692 | = | 0.0% |
| Distributable reserves | 133 | €103,312 | €21,912 | -€81,400 | -78.8% |
| Profit (loss) carried forward | 14 | -€78,756 | €0 | +€78,756 | |
| Amounts payable | 17/49 | €168,552 | €166,313 | -€2,238 | -1.3% |
| Amounts payable after more than one year | 17 | €147,606 | €137,911 | -€9,695 | -6.6% |
| Other amounts payable | 178/9 | €147,606 | €137,911 | -€9,695 | -6.6% |
| Amounts payable within one year | 42/48 | €15,596 | €5,545 | -€10,051 | -64.4% |
| Taxes, remuneration and social security | 45 | €3,832 | €3,527 | -€305 | -8.0% |
| Taxes | 450/3 | €3,832 | €3,527 | -€305 | -8.0% |
| Other amounts payable | 47/48 | €11,764 | €2,018 | -€9,746 | -82.8% |
| Accrued charges and deferred income | 492/3 | €5,349 | €22,858 | +€17,509 | +327.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,913 | €10,023 | +€109 | +1.1% |
| Other operating charges | 640/8 | €4,445 | €5,114 | +€669 | +15.1% |
| Gross operating margin | 9900 | €39,075 | €23,980 | -€15,096 | -38.6% |
| Operating profit (loss) | 9901 | €24,717 | €8,843 | -€15,874 | -64.2% |
| Financial income | 75/76B | €175 | €298 | +€123 | +70.5% |
| Recurring financial income | 75 | €175 | €298 | +€123 | +70.5% |
| Financial charges | 65/66B | €12,798 | €11,785 | -€1,013 | -7.9% |
| Recurring financial charges | 65 | €12,798 | €11,785 | -€1,013 | -7.9% |
| Profit (loss) for the period before taxes | 9903 | €12,094 | -€2,644 | -€14,738 | |
| Profit (loss) for the period | 9904 | €12,094 | -€2,644 | -€14,738 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,094 | -€2,644 | -€14,738 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.