TELECOM, ENERGY, SECURITY & UTILITY: 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.
TELECOM, ENERGY, SECURITY & UTILITY
Largest movements
- Tangible fixed assets -€37,597
down €37,597 (-4.6%), from €811,826 to €774,229
of which Land and buildings: -€35,061
- Receivables within one year +€32,709
up €32,709 (+118%), from €27,702 to €60,411
of which Trade receivables: +€32,709
- Debts after one year -€47,677
down €47,677 (-7.3%), from €653,444 to €605,766
- Reserves +€33,442
up €33,442 (+26.4%), from €126,842 to €160,283
of which Distributable reserves: +€33,442
- Tax, wage and social debts +€10,600
up €10,600 (+82.8%), from €12,810 to €23,410
of which Taxes: +€10,251
- Gross operating margin +€25,658
up €25,658 (+33.6%), from €76,320 to €101,978
- Taxes +€5,499
up €5,499 (+77.7%), from €7,076 to €12,575
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 | €881,493 | €872,803 | -€8,691 | -1.0% |
| Fixed assets | 21/28 | €811,826 | €774,229 | -€37,597 | -4.6% |
| Tangible fixed assets | 22/27 | €811,826 | €774,229 | -€37,597 | -4.6% |
| Land and buildings | 22 | €805,631 | €770,569 | -€35,061 | -4.4% |
| Plant, machinery and equipment | 23 | €1,484 | €1,027 | -€457 | -30.8% |
| Furniture and vehicles | 24 | €4,711 | €2,633 | -€2,078 | -44.1% |
| Current assets | 29/58 | €69,667 | €98,574 | +€28,907 | +41.5% |
| Amounts receivable within one year | 40/41 | €27,702 | €60,411 | +€32,709 | +118% |
| Trade receivables | 40 | €27,702 | €60,411 | +€32,709 | +118% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €20,000 | €19,895 | -€105 | -0.5% |
| Deferred charges and accrued income | 490/1 | €21,965 | €18,268 | -€3,697 | -16.8% |
| Total equity and liabilities | 10/49 | €881,493 | €872,803 | -€8,691 | -1.0% |
| Equity | 10/15 | €145,442 | €178,883 | +€33,442 | +23.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €126,842 | €160,283 | +€33,442 | +26.4% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €108,092 | €141,533 | +€33,442 | +30.9% |
| Amounts payable | 17/49 | €736,051 | €693,919 | -€42,132 | -5.7% |
| Amounts payable after more than one year | 17 | €653,444 | €605,766 | -€47,677 | -7.3% |
| Financial debts | 170/4 | €653,444 | €605,766 | -€47,677 | -7.3% |
| Amounts payable within one year | 42/48 | €70,128 | €81,913 | +€11,785 | +16.8% |
| Current portion of amounts payable after more than one year | 42 | €47,000 | €47,677 | +€677 | +1.4% |
| Trade debts | 44 | €3,604 | €1,500 | -€2,104 | -58.4% |
| Suppliers | 440/4 | €3,604 | €1,500 | -€2,104 | -58.4% |
| Taxes, remuneration and social security | 45 | €12,810 | €23,410 | +€10,600 | +82.8% |
| Taxes | 450/3 | €10,431 | €20,682 | +€10,251 | +98.3% |
| Remuneration and social security | 454/9 | €2,378 | €2,728 | +€349 | +14.7% |
| Other amounts payable | 47/48 | €6,713 | €9,325 | +€2,612 | +38.9% |
| Accrued charges and deferred income | 492/3 | €12,480 | €6,240 | -€6,240 | -50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,481 | €37,597 | +€116 | +0.3% |
| Other operating charges | 640/8 | €3,890 | €3,382 | -€508 | -13.1% |
| Gross operating margin | 9900 | €76,320 | €101,978 | +€25,658 | +33.6% |
| Operating profit (loss) | 9901 | €34,948 | €60,999 | +€26,051 | +74.5% |
| Financial income | 75/76B | €6 | €0 | -€6 | -99.3% |
| Recurring financial income | 75 | €6 | €0 | -€6 | -99.3% |
| Financial charges | 65/66B | €15,716 | €14,983 | -€733 | -4.7% |
| Recurring financial charges | 65 | €15,716 | €14,983 | -€733 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €19,238 | €46,016 | +€26,779 | +139% |
| Income taxes | 67/77 | €7,076 | €12,575 | +€5,499 | +77.7% |
| Profit (loss) for the period | 9904 | €12,162 | €33,442 | +€21,280 | +175% |
| Profit (loss) for the period to be appropriated | 9905 | €12,162 | €33,442 | +€21,280 | +175% |
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 19 October 2026 via checked.be.