TELE-NARO: 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.
TELE-NARO
Largest movements
- Cash +€78,389
up €78,389 (+6.5%), from €1.2m to €1.3m
mainly Other debts (+€183,374) and Net result for the year (+€134,437)
- Receivables within one year -€63,487
down €63,487 (-29.8%), from €213,021 to €149,535
- Deferred charges and accrued income +€29,554
up €29,554 (+520%), from €5,688 to €35,242
- Tangible fixed assets -€22,854
down €22,854 (-7.1%), from €320,528 to €297,675
of which Land and buildings: -€19,039
- Other debts +€183,374
up €183,374 (+422%), from €43,436 to €226,810
- Reserves -€88,563
down €88,563 (-6.6%), from €1.3m to €1.3m
of which Distributable reserves: -€88,563
- Debts after one year -€26,626
down €26,626 (-36.7%), from €72,567 to €45,941
- Trade debts -€26,466
down €26,466 (-29.0%), from €91,298 to €64,833
- Gross operating margin -€41,107
down €41,107 (-5.3%), from €770,360 to €729,254
- Staff costs -€21,492
down €21,492 (-4.4%), from €490,618 to €469,126
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 | €1,905,455 | €1,924,733 | +€19,278 | +1.0% |
| Fixed assets | 21/28 | €338,758 | €316,361 | -€22,397 | -6.6% |
| Intangible fixed assets | 21 | €18,131 | €18,587 | +€456 | +2.5% |
| Tangible fixed assets | 22/27 | €320,528 | €297,675 | -€22,854 | -7.1% |
| Land and buildings | 22 | €308,550 | €289,511 | -€19,039 | -6.2% |
| Furniture and vehicles | 24 | €11,978 | €8,164 | -€3,815 | -31.8% |
| Financial fixed assets | 28 | €99 | €99 | = | 0.0% |
| Current assets | 29/58 | €1,566,697 | €1,608,372 | +€41,675 | +2.7% |
| Stocks and contracts in progress | 3 | €145,568 | €142,786 | -€2,782 | -1.9% |
| Stocks | 30/36 | €145,568 | €142,786 | -€2,782 | -1.9% |
| Amounts receivable within one year | 40/41 | €213,021 | €149,535 | -€63,487 | -29.8% |
| Trade receivables | 40 | €213,021 | €149,535 | -€63,487 | -29.8% |
| Cash at bank and in hand | 54/58 | €1,202,419 | €1,280,808 | +€78,389 | +6.5% |
| Deferred charges and accrued income | 490/1 | €5,688 | €35,242 | +€29,554 | +520% |
| Total equity and liabilities | 10/49 | €1,905,455 | €1,924,733 | +€19,278 | +1.0% |
| Equity | 10/15 | €1,472,607 | €1,381,386 | -€91,221 | -6.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €1,346,118 | €1,257,556 | -€88,563 | -6.6% |
| Non-distributable reserves | 130/1 | €40,000 | €40,000 | = | 0.0% |
| Legal reserve | 130 | €40,000 | €40,000 | = | 0.0% |
| Distributable reserves | 133 | €1,306,118 | €1,217,556 | -€88,563 | -6.8% |
| Investment grants | 15 | €26,489 | €23,830 | -€2,659 | -10.0% |
| Amounts payable | 17/49 | €432,848 | €543,347 | +€110,499 | +25.5% |
| Amounts payable after more than one year | 17 | €72,567 | €45,941 | -€26,626 | -36.7% |
| Financial debts | 170/4 | €72,567 | €45,941 | -€26,626 | -36.7% |
| Amounts payable within one year | 42/48 | €358,778 | €495,906 | +€137,128 | +38.2% |
| Current portion of amounts payable after more than one year | 42 | €25,945 | €26,626 | +€681 | +2.6% |
| Trade debts | 44 | €91,298 | €64,833 | -€26,466 | -29.0% |
| Suppliers | 440/4 | €91,298 | €64,833 | -€26,466 | -29.0% |
| Advances received on contracts in progress | 46 | €40,328 | €23,567 | -€16,761 | -41.6% |
| Taxes, remuneration and social security | 45 | €157,771 | €154,070 | -€3,701 | -2.3% |
| Taxes | 450/3 | €94,430 | €84,731 | -€9,699 | -10.3% |
| Remuneration and social security | 454/9 | €63,341 | €69,338 | +€5,998 | +9.5% |
| Other amounts payable | 47/48 | €43,436 | €226,810 | +€183,374 | +422% |
| Accrued charges and deferred income | 492/3 | €1,503 | €1,500 | -€3 | -0.2% |
| Remuneration, social security and pensions | 62 | €490,618 | €469,126 | -€21,492 | -4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,971 | €43,131 | -€2,840 | -6.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €483 | €515 | +€32 | +6.6% |
| Other operating charges | 640/8 | €7,345 | €6,455 | -€891 | -12.1% |
| Gross operating margin | 9900 | €770,360 | €729,254 | -€41,107 | -5.3% |
| Operating profit (loss) | 9901 | €225,943 | €210,028 | -€15,916 | -7.0% |
| Financial income | 75/76B | €12,195 | €7,330 | -€4,865 | -39.9% |
| Recurring financial income | 75 | €12,195 | €7,330 | -€4,865 | -39.9% |
| Financial charges | 65/66B | €17,458 | €19,276 | +€1,818 | +10.4% |
| Recurring financial charges | 65 | €17,458 | €19,276 | +€1,818 | +10.4% |
| Profit (loss) for the period before taxes | 9903 | €220,680 | €198,081 | -€22,599 | -10.2% |
| Income taxes | 67/77 | €58,113 | €63,644 | +€5,531 | +9.5% |
| Profit (loss) for the period | 9904 | €162,567 | €134,437 | -€28,130 | -17.3% |
| Profit (loss) for the period to be appropriated | 9905 | €162,567 | €134,437 | -€28,130 | -17.3% |
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 18 October 2026 via checked.be.