TELCOFAN: 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.
TELCOFAN
Largest movements
- Current investments +€250,456
up €250,456 (+250%), from €100,000 to €350,456
- Cash -€169,190
down €169,190 (-41.9%), from €403,654 to €234,464
mainly Current investments (-€250,456) and Contributions, distributions and other (-€27,340)
- Stocks and contracts +€15,028
new in 2025: €15,028
- Reserves +€87,876
up €87,876 (+14.5%), from €605,047 to €692,923
- Trade debts -€13,400
down €13,400 (-56.6%), from €23,677 to €10,277
- Gross operating margin -€38,131
down €38,131 (-17.3%), from €220,038 to €181,907
- Taxes -€8,269
down €8,269 (-14.9%), from €55,348 to €47,079
- Financial income +€5,672
up €5,672 (+181%), from €3,136 to €8,807
of which Financial income: +€5,672
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 | €667,353 | €741,320 | +€73,967 | +11.1% |
| Fixed assets | 21/28 | €68,602 | €57,874 | -€10,728 | -15.6% |
| Intangible fixed assets | 21 | €12,475 | €7,803 | -€4,672 | -37.5% |
| Tangible fixed assets | 22/27 | €56,127 | €50,072 | -€6,056 | -10.8% |
| Plant, machinery and equipment | 23 | €12,818 | €10,054 | -€2,764 | -21.6% |
| Furniture and vehicles | 24 | €11,120 | €12,571 | +€1,451 | +13.0% |
| Other tangible fixed assets | 26 | €32,189 | €27,446 | -€4,743 | -14.7% |
| Current assets | 29/58 | €598,751 | €683,446 | +€84,694 | +14.1% |
| Stocks and contracts in progress | 3 | - | €15,028 | +€15,028 | |
| Stocks | 30/36 | - | €15,028 | +€15,028 | |
| Amounts receivable within one year | 40/41 | €73,892 | €69,588 | -€4,304 | -5.8% |
| Trade receivables | 40 | €66,123 | €52,501 | -€13,622 | -20.6% |
| Other amounts receivable | 41 | €7,769 | €17,087 | +€9,318 | +120% |
| Current investments | 50/53 | €100,000 | €350,456 | +€250,456 | +250% |
| Cash at bank and in hand | 54/58 | €403,654 | €234,464 | -€169,190 | -41.9% |
| Deferred charges and accrued income | 490/1 | €21,205 | €13,909 | -€7,296 | -34.4% |
| Total equity and liabilities | 10/49 | €667,353 | €741,320 | +€73,967 | +11.1% |
| Equity | 10/15 | €611,247 | €699,123 | +€87,876 | +14.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €605,047 | €692,923 | +€87,876 | +14.5% |
| Distributable reserves | 133 | €605,047 | €692,923 | +€87,876 | +14.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €56,107 | €42,198 | -€13,909 | -24.8% |
| Amounts payable within one year | 42/48 | €55,072 | €41,572 | -€13,500 | -24.5% |
| Trade debts | 44 | €23,677 | €10,277 | -€13,400 | -56.6% |
| Suppliers | 440/4 | €23,677 | €10,277 | -€13,400 | -56.6% |
| Taxes, remuneration and social security | 45 | €30,068 | €31,295 | +€1,227 | +4.1% |
| Taxes | 450/3 | €30,068 | €31,295 | +€1,227 | +4.1% |
| Other amounts payable | 47/48 | €1,326 | €0 | -€1,326 | -100% |
| Accrued charges and deferred income | 492/3 | €1,035 | €626 | -€409 | -39.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,122 | €18,749 | +€1,626 | +9.5% |
| Other operating charges | 640/8 | €2,380 | €1,517 | -€863 | -36.3% |
| Non-recurring operating charges | 66A | €19,087 | €0 | -€19,087 | -100% |
| Gross operating margin | 9900 | €220,038 | €181,907 | -€38,131 | -17.3% |
| Operating profit (loss) | 9901 | €181,449 | €161,641 | -€19,807 | -10.9% |
| Financial income | 75/76B | €3,136 | €8,807 | +€5,672 | +181% |
| Recurring financial income | 75 | €3,136 | €8,807 | +€5,672 | +181% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €7,477 | €8,155 | +€678 | +9.1% |
| Recurring financial charges | 65 | €7,477 | €8,155 | +€678 | +9.1% |
| Profit (loss) for the period before taxes | 9903 | €177,108 | €162,294 | -€14,814 | -8.4% |
| Income taxes | 67/77 | €55,348 | €47,079 | -€8,269 | -14.9% |
| Profit (loss) for the period | 9904 | €121,760 | €115,215 | -€6,545 | -5.4% |
| Profit (loss) for the period to be appropriated | 9905 | €121,760 | €115,215 | -€6,545 | -5.4% |
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 14 October 2026 via checked.be.