TELCOM: 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.
TELCOM
Largest movements
- Receivables within one year -€129,005
down €129,005 (-26.4%), from €488,342 to €359,337
of which Other amounts receivable: -€77,593
- Cash +€34,833
up €34,833 (+992%), from €3,511 to €38,344
mainly Receivables within one year (+€129,005) and Stocks and contracts (+€21,550)
- Stocks and contracts -€21,550
down €21,550 (-61.6%), from €35,000 to €13,450
- Trade debts -€93,422
down €93,422 (-68.9%), from €135,585 to €42,163
- Other debts -€19,135
down €19,135 (-98.8%), from €19,375 to €240
- Tax, wage and social debts -€9,577
down €9,577 (-41.3%), from €23,177 to €13,600
of which Remuneration and social security: -€9,577
- Profit (loss) carried forward +€6,028
up €6,028 (+6.6%), from -€91,288 to -€85,260
- Gross operating margin -€40,100
down €40,100 (-20.5%), from €196,051 to €155,951
- Staff costs -€10,158
down €10,158 (-6.5%), from €156,936 to €146,778
- Taxes -€3,000
no longer reported in 2025 (was €3,000)
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 | €590,687 | €472,531 | -€118,156 | -20.0% |
| Fixed assets | 21/28 | €3,231 | €801 | -€2,430 | -75.2% |
| Tangible fixed assets | 22/27 | €3,107 | €677 | -€2,430 | -78.2% |
| Furniture and vehicles | 24 | €3,107 | €677 | -€2,430 | -78.2% |
| Financial fixed assets | 28 | €124 | €124 | = | 0.0% |
| Current assets | 29/58 | €587,456 | €471,730 | -€115,726 | -19.7% |
| Stocks and contracts in progress | 3 | €35,000 | €13,450 | -€21,550 | -61.6% |
| Contracts in progress | 37 | €35,000 | €13,450 | -€21,550 | -61.6% |
| Amounts receivable within one year | 40/41 | €488,342 | €359,337 | -€129,005 | -26.4% |
| Trade receivables | 40 | €241,163 | €189,751 | -€51,412 | -21.3% |
| Other amounts receivable | 41 | €247,179 | €169,586 | -€77,593 | -31.4% |
| Cash at bank and in hand | 54/58 | €3,511 | €38,344 | +€34,833 | +992% |
| Deferred charges and accrued income | 490/1 | €60,603 | €60,599 | -€4 | 0.0% |
| Total equity and liabilities | 10/49 | €590,687 | €472,531 | -€118,156 | -20.0% |
| Equity | 10/15 | €410,300 | €416,328 | +€6,028 | +1.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €482,988 | €482,988 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,146 | €3,146 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,146 | €3,146 | = | 0.0% |
| Tax-exempt reserves | 132 | €325,111 | €325,111 | = | 0.0% |
| Distributable reserves | 133 | €154,731 | €154,731 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€91,288 | -€85,260 | +€6,028 | +6.6% |
| Amounts payable | 17/49 | €180,387 | €56,203 | -€124,184 | -68.8% |
| Amounts payable within one year | 42/48 | €178,137 | €56,203 | -€121,934 | -68.4% |
| Trade debts | 44 | €135,585 | €42,163 | -€93,422 | -68.9% |
| Suppliers | 440/4 | €135,585 | €42,163 | -€93,422 | -68.9% |
| Advances received on contracts in progress | 46 | - | €200 | +€200 | |
| Taxes, remuneration and social security | 45 | €23,177 | €13,600 | -€9,577 | -41.3% |
| Taxes | 450/3 | €3,000 | €3,000 | = | 0.0% |
| Remuneration and social security | 454/9 | €20,177 | €10,600 | -€9,577 | -47.5% |
| Other amounts payable | 47/48 | €19,375 | €240 | -€19,135 | -98.8% |
| Accrued charges and deferred income | 492/3 | €2,250 | - | -€2,250 | |
| Remuneration, social security and pensions | 62 | €156,936 | €146,778 | -€10,158 | -6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,623 | €2,430 | -€1,193 | -32.9% |
| Other operating charges | 640/8 | €405 | €408 | +€3 | +0.7% |
| Gross operating margin | 9900 | €196,051 | €155,951 | -€40,100 | -20.5% |
| Operating profit (loss) | 9901 | €35,087 | €6,335 | -€28,752 | -81.9% |
| Financial charges | 65/66B | €553 | €307 | -€246 | -44.5% |
| Recurring financial charges | 65 | €553 | €307 | -€246 | -44.5% |
| Profit (loss) for the period before taxes | 9903 | €34,534 | €6,028 | -€28,506 | -82.5% |
| Income taxes | 67/77 | €3,000 | - | -€3,000 | |
| Profit (loss) for the period | 9904 | €31,534 | €6,028 | -€25,506 | -80.9% |
| Profit (loss) for the period to be appropriated | 9905 | €31,534 | €6,028 | -€25,506 | -80.9% |
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 15 October 2026 via checked.be.