TELECOM SECURITY: 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 SECURITY
Largest movements
- Receivables within one year +€27,143
up €27,143 (+20.7%), from €130,812 to €157,955
of which Trade receivables: +€24,028
- Cash -€12,722
down €12,722 (-10.9%), from €117,101 to €104,379
mainly Receivables within one year (-€27,143) and Investment in fixed assets (net) (-€18,087)
- Tangible fixed assets +€11,221
up €11,221 (+101%), from €11,087 to €22,308
of which Furniture and vehicles: +€12,834
- Deferred charges and accrued income -€5,083
no longer reported in 2025 (was €5,083)
- Trade debts +€17,149
up €17,149 (+18.0%), from €95,332 to €112,481
- Profit (loss) carried forward +€12,270
up €12,270 (+41.3%), from €29,730 to €42,000
- Current portion of long-term debt -€9,030
no longer reported in 2025 (was €9,030)
- Gross operating margin +€51,712
up €51,712, from -€27,127 to €24,585
- Depreciation +€5,143
up €5,143 (+298%), from €1,723 to €6,866
- Financial charges -€2,342
down €2,342 (-32.9%), from €7,117 to €4,775
- Other operating charges -€627
down €627 (-53.6%), from €1,169 to €542
- Taxes -€522
down €522 (-87.4%), from €597 to €75
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 | €264,210 | €284,769 | +€20,559 | +7.8% |
| Fixed assets | 21/28 | €11,214 | €22,435 | +€11,221 | +100% |
| Tangible fixed assets | 22/27 | €11,087 | €22,308 | +€11,221 | +101% |
| Plant, machinery and equipment | 23 | €4,422 | €3,377 | -€1,045 | -23.6% |
| Furniture and vehicles | 24 | €1,555 | €14,389 | +€12,834 | +825% |
| Other tangible fixed assets | 26 | €5,110 | €4,542 | -€568 | -11.1% |
| Financial fixed assets | 28 | €127 | €127 | = | 0.0% |
| Current assets | 29/58 | €252,996 | €262,334 | +€9,338 | +3.7% |
| Amounts receivable within one year | 40/41 | €130,812 | €157,955 | +€27,143 | +20.7% |
| Trade receivables | 40 | €108,583 | €132,611 | +€24,028 | +22.1% |
| Other amounts receivable | 41 | €22,229 | €25,344 | +€3,115 | +14.0% |
| Cash at bank and in hand | 54/58 | €117,101 | €104,379 | -€12,722 | -10.9% |
| Deferred charges and accrued income | 490/1 | €5,083 | - | -€5,083 | |
| Total equity and liabilities | 10/49 | €264,210 | €284,769 | +€20,559 | +7.8% |
| Equity | 10/15 | €156,216 | €168,486 | +€12,270 | +7.9% |
| Contributions | 10/11 | €104,952 | €104,952 | = | 0.0% |
| Reserves | 13 | €21,534 | €21,534 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,500 | €10,500 | = | 0.0% |
| Other | 1319 | €10,500 | €10,500 | = | 0.0% |
| Distributable reserves | 133 | €11,034 | €11,034 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,730 | €42,000 | +€12,270 | +41.3% |
| Amounts payable | 17/49 | €107,994 | €116,283 | +€8,289 | +7.7% |
| Amounts payable within one year | 42/48 | €107,994 | €116,283 | +€8,289 | +7.7% |
| Current portion of amounts payable after more than one year | 42 | €9,030 | - | -€9,030 | |
| Trade debts | 44 | €95,332 | €112,481 | +€17,149 | +18.0% |
| Suppliers | 440/4 | €95,332 | €112,481 | +€17,149 | +18.0% |
| Taxes, remuneration and social security | 45 | €1,066 | - | -€1,066 | |
| Taxes | 450/3 | €1,066 | - | -€1,066 | |
| Other amounts payable | 47/48 | €2,566 | €3,802 | +€1,236 | +48.2% |
| Remuneration, social security and pensions | 62 | - | €278 | +€278 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,723 | €6,866 | +€5,143 | +298% |
| Other operating charges | 640/8 | €1,169 | €542 | -€627 | -53.6% |
| Non-recurring operating charges | 66A | €3,964 | €118 | -€3,846 | -97.0% |
| Gross operating margin | 9900 | -€27,127 | €24,585 | +€51,712 | |
| Operating profit (loss) | 9901 | -€33,983 | €16,781 | +€50,764 | |
| Financial income | 75/76B | €2 | €339 | +€337 | +16,850% |
| Recurring financial income | 75 | €2 | €339 | +€337 | +16,850% |
| Financial charges | 65/66B | €7,117 | €4,775 | -€2,342 | -32.9% |
| Recurring financial charges | 65 | €7,117 | €4,775 | -€2,342 | -32.9% |
| Profit (loss) for the period before taxes | 9903 | -€41,098 | €12,345 | +€53,443 | |
| Income taxes | 67/77 | €597 | €75 | -€522 | -87.4% |
| Profit (loss) for the period | 9904 | -€41,695 | €12,270 | +€53,965 | |
| Profit (loss) for the period to be appropriated | 9905 | -€41,695 | €12,270 | +€53,965 |
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 16 October 2026 via checked.be.