TEF: 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.
TEF
Largest movements
- Receivables within one year +€15,025
up €15,025 (+107.5%), from €13,979 to €29,003
of which Trade receivables: +€11,080
- Tangible fixed assets -€2,768
down €2,768 (-16.9%), from €16,418 to €13,650
of which Furniture and vehicles: -€1,992
- Cash -€1,529
down €1,529 (-45.2%), from €3,384 to €1,855
mainly Receivables within one year (-€15,025) and Trade debts (-€11,448)
- Deferred charges and accrued income +€1,098
up €1,098 (+35.1%), from €3,129 to €4,227
- Trade debts -€11,448
down €11,448 (-87.2%), from €13,133 to €1,685
- Current portion of long-term debt +€10,417
new in 2024: €10,417
- Tax, wage and social debts +€7,352
up €7,352 (+26.7%), from €27,507 to €34,859
of which Taxes: +€3,975
- Accrued charges and deferred income +€5,900
new in 2024: €5,900
- Short-term financial debts -€690
down €690 (-24.3%), from €2,846 to €2,156
- Gross operating margin +€40,982
up €40,982 (+12.1%), from €337,636 to €378,618
- Staff costs +€38,211
up €38,211 (+11.6%), from €329,478 to €367,688
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €55,435 | €67,261 | +€11,826 | +21.3% |
| Fixed assets | 21/28 | €16,418 | €13,650 | -€2,768 | -16.9% |
| Tangible fixed assets | 22/27 | €16,418 | €13,650 | -€2,768 | -16.9% |
| Plant, machinery and equipment | 23 | €2,587 | €1,811 | -€776 | -30.0% |
| Furniture and vehicles | 24 | €13,830 | €11,839 | -€1,992 | -14.4% |
| Current assets | 29/58 | €39,018 | €53,611 | +€14,594 | +37.4% |
| Stocks and contracts in progress | 3 | €18,525 | €18,525 | = | 0.0% |
| Stocks | 30/36 | €18,525 | €18,525 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €13,979 | €29,003 | +€15,025 | +107.5% |
| Trade receivables | 40 | €9,720 | €20,800 | +€11,080 | +114.0% |
| Other amounts receivable | 41 | €4,259 | €8,203 | +€3,945 | +92.6% |
| Cash at bank and in hand | 54/58 | €3,384 | €1,855 | -€1,529 | -45.2% |
| Deferred charges and accrued income | 490/1 | €3,129 | €4,227 | +€1,098 | +35.1% |
| Total equity and liabilities | 10/49 | €55,435 | €67,261 | +€11,826 | +21.3% |
| Equity | 10/15 | €11,950 | €12,153 | +€203 | +1.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €15,273 | €15,273 | = | 0.0% |
| Distributable reserves | 133 | €15,273 | €15,273 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€21,915 | -€21,712 | +€203 | +0.9% |
| Amounts payable | 17/49 | €43,485 | €55,108 | +€11,623 | +26.7% |
| Amounts payable within one year | 42/48 | €43,485 | €49,208 | +€5,723 | +13.2% |
| Current portion of amounts payable after more than one year | 42 | - | €10,417 | +€10,417 | |
| Financial debts | 43 | €2,846 | €2,156 | -€690 | -24.3% |
| Credit institutions | 430/8 | €2,846 | €2,156 | -€690 | -24.3% |
| Trade debts | 44 | €13,133 | €1,685 | -€11,448 | -87.2% |
| Suppliers | 440/4 | €13,133 | €1,685 | -€11,448 | -87.2% |
| Taxes, remuneration and social security | 45 | €27,507 | €34,859 | +€7,352 | +26.7% |
| Taxes | 450/3 | €4,291 | €8,265 | +€3,975 | +92.6% |
| Remuneration and social security | 454/9 | €23,216 | €26,593 | +€3,377 | +14.5% |
| Other amounts payable | 47/48 | - | €92 | +€92 | |
| Accrued charges and deferred income | 492/3 | - | €5,900 | +€5,900 | |
| Remuneration, social security and pensions | 62 | €329,478 | €367,688 | +€38,211 | +11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,768 | €2,768 | = | 0.0% |
| Other operating charges | 640/8 | €877 | €887 | +€11 | +1.2% |
| Gross operating margin | 9900 | €337,636 | €378,618 | +€40,982 | +12.1% |
| Operating profit (loss) | 9901 | €4,514 | €7,275 | +€2,760 | +61.1% |
| Financial income | 75/76B | €51 | €0 | -€51 | -99.8% |
| Recurring financial income | 75 | €51 | €0 | -€51 | -99.8% |
| Financial charges | 65/66B | €1,388 | €1,791 | +€403 | +29.0% |
| Recurring financial charges | 65 | €1,388 | €1,791 | +€403 | +29.0% |
| Profit (loss) for the period before taxes | 9903 | €3,178 | €5,484 | +€2,306 | +72.6% |
| Income taxes | 67/77 | €2,944 | €5,281 | +€2,337 | +79.4% |
| Profit (loss) for the period | 9904 | €234 | €203 | -€31 | -13.1% |
| Profit (loss) for the period to be appropriated | 9905 | €234 | €203 | -€31 | -13.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.