T.E.L. Projects: 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.
T.E.L. Projects
Largest movements
- Cash +€25,701
up €25,701 (+45.8%), from €56,059 to €81,761
mainly Net result for the year (+€30,517) and Depreciation (+€6,480)
- Tangible fixed assets +€5,515
up €5,515 (+212%), from €2,601 to €8,116
of which Furniture and vehicles: +€6,227
- Receivables within one year +€5,033
up €5,033 (+28.1%), from €17,898 to €22,931
of which Trade receivables: +€6,981
- Reserves +€30,517
up €30,517 (+43.3%), from €70,466 to €100,983
- Tax, wage and social debts +€3,910
new in 2025: €3,910
of which Remuneration and social security: +€3,162
- Other debts +€1,462
up €1,462 (+183%), from €800 to €2,262
- Gross operating margin +€14,400
up €14,400 (+43.3%), from €33,259 to €47,660
- Depreciation +€5,847
up €5,847 (+923%), from €633 to €6,480
- Taxes +€1,799
up €1,799 (+27.9%), from €6,449 to €8,248
- Financial charges +€593
up €593 (+54.4%), from €1,089 to €1,682
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 | €76,830 | €113,201 | +€36,371 | +47.3% |
| Fixed assets | 21/28 | €2,601 | €8,116 | +€5,515 | +212% |
| Tangible fixed assets | 22/27 | €2,601 | €8,116 | +€5,515 | +212% |
| Plant, machinery and equipment | 23 | €2,601 | €1,888 | -€713 | -27.4% |
| Furniture and vehicles | 24 | €0 | €6,227 | +€6,227 | |
| Current assets | 29/58 | €74,229 | €105,085 | +€30,856 | +41.6% |
| Amounts receivable within one year | 40/41 | €17,898 | €22,931 | +€5,033 | +28.1% |
| Trade receivables | 40 | €12,502 | €19,483 | +€6,981 | +55.8% |
| Other amounts receivable | 41 | €5,395 | €3,448 | -€1,948 | -36.1% |
| Cash at bank and in hand | 54/58 | €56,059 | €81,761 | +€25,701 | +45.8% |
| Deferred charges and accrued income | 490/1 | €272 | €393 | +€122 | +44.8% |
| Total equity and liabilities | 10/49 | €76,830 | €113,201 | +€36,371 | +47.3% |
| Equity | 10/15 | €73,466 | €103,983 | +€30,517 | +41.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €70,466 | €100,983 | +€30,517 | +43.3% |
| Distributable reserves | 133 | €70,466 | €100,983 | +€30,517 | +43.3% |
| Amounts payable | 17/49 | €3,363 | €9,217 | +€5,854 | +174% |
| Amounts payable within one year | 42/48 | €3,363 | €8,740 | +€5,377 | +160% |
| Financial debts | 43 | €2,500 | €2,500 | = | 0.0% |
| Credit institutions | 430/8 | €2,500 | €2,500 | = | 0.0% |
| Trade debts | 44 | €63 | €67 | +€4 | +7.0% |
| Suppliers | 440/4 | €63 | €67 | +€4 | +7.0% |
| Taxes, remuneration and social security | 45 | - | €3,910 | +€3,910 | |
| Taxes | 450/3 | - | €748 | +€748 | |
| Remuneration and social security | 454/9 | - | €3,162 | +€3,162 | |
| Other amounts payable | 47/48 | €800 | €2,262 | +€1,462 | +183% |
| Accrued charges and deferred income | 492/3 | - | €478 | +€478 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €633 | €6,480 | +€5,847 | +923% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €120 | - | -€120 | |
| Other operating charges | 640/8 | €800 | €732 | -€67 | -8.4% |
| Gross operating margin | 9900 | €33,259 | €47,660 | +€14,400 | +43.3% |
| Operating profit (loss) | 9901 | €31,706 | €40,447 | +€8,741 | +27.6% |
| Financial charges | 65/66B | €1,089 | €1,682 | +€593 | +54.4% |
| Recurring financial charges | 65 | €1,089 | €1,682 | +€593 | +54.4% |
| Profit (loss) for the period before taxes | 9903 | €30,617 | €38,765 | +€8,148 | +26.6% |
| Income taxes | 67/77 | €6,449 | €8,248 | +€1,799 | +27.9% |
| Profit (loss) for the period | 9904 | €24,168 | €30,517 | +€6,349 | +26.3% |
| Profit (loss) for the period to be appropriated | 9905 | €24,168 | €30,517 | +€6,349 | +26.3% |
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 16 October 2026 via checked.be.