TELCO: what changed
What changed
TELCO
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
filed annual accounts (NBB)
Net result for the year
€1.5m
2024 · €421,010+€1.1m
Equity
€3.5m
2024 · €2.3m+€1.2m
Cash
€26,759
2024 · €4,900+€21,860
Balance sheet total
€5.6m
2024 · €5.7m-€104,629
Largest movements
Assets
- Tangible fixed assets -€247,776
down €247,776 (-8.8%), from €2.8m to €2.6m
of which Other tangible fixed assets: -€251,248
- Receivables after one year +€200,000
new in 2025: €200,000
Equity and liabilities
- Reserves +€1.1m
up €1.1m (+838%), from €128,072 to €1.2m
of which Distributable reserves: +€1.0m
- Debts after one year -€518,333
down €518,333 (-31.4%), from €1.7m to €1.1m
of which Financial debts: -€268,333
- Other debts -€507,280
down €507,280 (-61.9%), from €819,153 to €311,873
- Trade debts -€218,973
down €218,973 (-46.6%), from €469,534 to €250,561
- Profit (loss) carried forward +€91,474
up €91,474 (+6,141%), from €1,489 to €92,963
Income statement
- Financial income +€1.2m
up €1.2m (+619%), from €189,164 to €1.4m
of which Financial income: +€1.1m
- Gross operating margin -€140,365
down €140,365 (-12.0%), from €1.2m to €1.0m
- Staff costs +€57,650
up €57,650 (+15.4%), from €374,782 to €432,432
- Depreciation -€54,702
down €54,702 (-12.5%), from €438,141 to €383,439
- Other operating charges -€50,190
down €50,190 (-88.5%), from €56,702 to €6,512
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€421,010
Gross operating margin
-€140,365
Staff costs
-€57,650
Depreciation
+€54,702
Other operating charges
+€50,190
Financial income
+€1.2m
Financial charges
+€18,772
Taxes
-€40,555
Result 2025
€1.5m
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€970,015
Investment
-€111,283
Financing
-€836,872
Cash 2024
€4,900
From operations (derived)
+€970,015
Net result for the year
+€1.5m
Depreciation
+€383,439
Receivables after one year
-€200,000
Receivables within one year
+€47,477
Deferred charges and accrued income
+€6,856
Trade debts
-€218,973
Tax, wage and social debts
-€16,507
Other debts
-€507,280
Accrued charges and deferred income
-€2,203
Investment (derived)
-€111,283
Investment in fixed assets (net)
-€111,283
Financing
-€836,872
Debts after one year
-€518,333
Current portion of long-term debt
-€6,666
Contributions, distributions and other
-€311,873
Cash 2025
€26,759
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,684,419 | €5,579,790 | -€104,629 | -1.8% |
| Fixed assets | 21/28 | €5,105,027 | €4,832,871 | -€272,156 | -5.3% |
| Intangible fixed assets | 21 | €12,067 | €4,559 | -€7,508 | -62.2% |
| Tangible fixed assets | 22/27 | €2,824,988 | €2,577,212 | -€247,776 | -8.8% |
| Plant, machinery and equipment | 23 | €41,355 | €18,762 | -€22,593 | -54.6% |
| Furniture and vehicles | 24 | €142,545 | €168,610 | +€26,065 | +18.3% |
| Other tangible fixed assets | 26 | €2,641,088 | €2,389,840 | -€251,248 | -9.5% |
| Financial fixed assets | 28 | €2,267,972 | €2,251,100 | -€16,872 | -0.7% |
| Current assets | 29/58 | €579,392 | €746,919 | +€167,527 | +28.9% |
| Amounts receivable after more than one year | 29 | - | €200,000 | +€200,000 | |
| Other amounts receivable | 291 | - | €200,000 | +€200,000 | |
| Amounts receivable within one year | 40/41 | €504,068 | €456,591 | -€47,477 | -9.4% |
| Trade receivables | 40 | €503,883 | €95,109 | -€408,773 | -81.1% |
| Other amounts receivable | 41 | €185 | €361,482 | +€361,296 | +194,990% |
| Cash at bank and in hand | 54/58 | €4,900 | €26,759 | +€21,860 | +446% |
| Deferred charges and accrued income | 490/1 | €70,424 | €63,568 | -€6,856 | -9.7% |
| Total equity and liabilities | 10/49 | €5,684,419 | €5,579,790 | -€104,629 | -1.8% |
| Equity | 10/15 | €2,334,380 | €3,499,714 | +€1.2m | +49.9% |
| Contributions | 10/11 | €2,204,818 | €2,204,818 | = | 0.0% |
| Capital | 10 | €2,204,818 | €2,204,818 | = | 0.0% |
| Issued capital | 100 | €2,204,818 | €2,204,818 | = | 0.0% |
| Reserves | 13 | €128,072 | €1,201,932 | +€1.1m | +838% |
| Non-distributable reserves | 130/1 | €128,072 | €201,932 | +€73,860 | +57.7% |
| Legal reserve | 130 | €128,072 | €201,932 | +€73,860 | +57.7% |
| Distributable reserves | 133 | - | €1,000,000 | +€1.0m | |
| Profit (loss) carried forward | 14 | €1,489 | €92,963 | +€91,474 | +6,141% |
| Amounts payable | 17/49 | €3,350,039 | €2,080,076 | -€1.3m | -37.9% |
| Amounts payable after more than one year | 17 | €1,652,084 | €1,133,750 | -€518,333 | -31.4% |
| Financial debts | 170/4 | €1,402,084 | €1,133,750 | -€268,333 | -19.1% |
| Other amounts payable | 178/9 | €250,000 | - | -€250,000 | |
| Amounts payable within one year | 42/48 | €1,693,236 | €943,810 | -€749,427 | -44.3% |
| Current portion of amounts payable after more than one year | 42 | €275,000 | €268,333 | -€6,666 | -2.4% |
| Trade debts | 44 | €469,534 | €250,561 | -€218,973 | -46.6% |
| Suppliers | 440/4 | €469,534 | €250,561 | -€218,973 | -46.6% |
| Taxes, remuneration and social security | 45 | €129,550 | €113,043 | -€16,507 | -12.7% |
| Taxes | 450/3 | €70,651 | €51,161 | -€19,490 | -27.6% |
| Remuneration and social security | 454/9 | €58,899 | €61,882 | +€2,983 | +5.1% |
| Other amounts payable | 47/48 | €819,153 | €311,873 | -€507,280 | -61.9% |
| Accrued charges and deferred income | 492/3 | €4,719 | €2,516 | -€2,203 | -46.7% |
| Remuneration, social security and pensions | 62 | €374,782 | €432,432 | +€57,650 | +15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €438,141 | €383,439 | -€54,702 | -12.5% |
| Other operating charges | 640/8 | €56,702 | €6,512 | -€50,190 | -88.5% |
| Gross operating margin | 9900 | €1,170,990 | €1,030,625 | -€140,365 | -12.0% |
| Operating profit (loss) | 9901 | €301,365 | €208,242 | -€93,123 | -30.9% |
| Financial income | 75/76B | €189,164 | €1,360,267 | +€1.2m | +619% |
| Recurring financial income | 75 | €189,164 | €1,321,123 | +€1.1m | +598% |
| Non-recurring financial income | 76B | - | €39,143 | +€39,143 | |
| Financial charges | 65/66B | €68,828 | €50,055 | -€18,772 | -27.3% |
| Recurring financial charges | 65 | €68,828 | €49,853 | -€18,975 | -27.6% |
| Non-recurring financial charges | 66B | - | €203 | +€203 | |
| Profit (loss) for the period before taxes | 9903 | €421,702 | €1,518,454 | +€1.1m | +260% |
| Income taxes | 67/77 | €692 | €41,247 | +€40,555 | +5,858% |
| Profit (loss) for the period | 9904 | €421,010 | €1,477,207 | +€1.1m | +251% |
| Profit (loss) for the period to be appropriated | 9905 | €421,010 | €1,477,207 | +€1.1m | +251% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.