TELEMACHUS: 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.
TELEMACHUS
Largest movements
- Financial fixed assets +€65,700
up €65,700 (+663.6%), from €9,900 to €75,600
- Receivables after one year -€48,016
down €48,016 (-100.0%), from €48,016 to €0
- Receivables within one year +€38,154
up €38,154 (+29.6%), from €128,923 to €167,076
of which Trade receivables: +€43,560
- Cash +€15,905
up €15,905 (+171.9%), from €9,254 to €25,160
mainly Net result for the year (+€141,510) and Other debts (+€73,544)
- Current investments -€5,917
down €5,917 (-100.0%), from €5,917 to €0
- Other debts +€73,544
up €73,544 (+69.9%), from €105,225 to €178,769
- Tax, wage and social debts -€12,700
down €12,700 (-21.0%), from €60,343 to €47,643
- Short-term financial debts +€3,346
up €3,346 (+1374.7%), from €243 to €3,590
of which Credit institutions: +€3,364
- Gross operating margin +€4,290
up €4,290 (+2.3%), from €185,821 to €190,111
- Financial charges +€2,365
up €2,365 (+1154.7%), from €205 to €2,570
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.
Cash bridge derived
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 | €203,220 | €268,976 | +€65,756 | +32.4% |
| Fixed assets | 21/28 | €10,730 | €76,670 | +€65,941 | +614.6% |
| Tangible fixed assets | 22/27 | €830 | €1,070 | +€241 | +29.0% |
| Plant, machinery and equipment | 23 | - | €755 | +€755 | |
| Furniture and vehicles | 24 | €830 | €315 | -€514 | -62.0% |
| Financial fixed assets | 28 | €9,900 | €75,600 | +€65,700 | +663.6% |
| Current assets | 29/58 | €192,491 | €192,306 | -€185 | -0.1% |
| Amounts receivable after more than one year | 29 | €48,016 | €0 | -€48,016 | -100.0% |
| Other amounts receivable | 291 | €48,016 | €0 | -€48,016 | -100.0% |
| Amounts receivable within one year | 40/41 | €128,923 | €167,076 | +€38,154 | +29.6% |
| Trade receivables | 40 | €123,420 | €166,980 | +€43,560 | +35.3% |
| Other amounts receivable | 41 | €5,503 | €96 | -€5,406 | -98.2% |
| Current investments | 50/53 | €5,917 | €0 | -€5,917 | -100.0% |
| Cash at bank and in hand | 54/58 | €9,254 | €25,160 | +€15,905 | +171.9% |
| Deferred charges and accrued income | 490/1 | €380 | €70 | -€311 | -81.7% |
| Total equity and liabilities | 10/49 | €203,220 | €268,976 | +€65,756 | +32.4% |
| Equity | 10/15 | €37,197 | €38,707 | +€1,510 | +4.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €18,647 | €20,157 | +€1,510 | +8.1% |
| Distributable reserves | 133 | €18,647 | €20,157 | +€1,510 | +8.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €166,023 | €230,269 | +€64,246 | +38.7% |
| Amounts payable within one year | 42/48 | €166,023 | €230,269 | +€64,246 | +38.7% |
| Financial debts | 43 | €243 | €3,590 | +€3,346 | +1374.7% |
| Credit institutions | 430/8 | - | €3,364 | +€3,364 | |
| Other loans | 439 | €243 | €225 | -€18 | -7.5% |
| Trade debts | 44 | €212 | €267 | +€56 | +26.3% |
| Suppliers | 440/4 | €212 | €267 | +€56 | +26.3% |
| Taxes, remuneration and social security | 45 | €60,343 | €47,643 | -€12,700 | -21.0% |
| Taxes | 450/3 | €60,343 | €47,643 | -€12,700 | -21.0% |
| Other amounts payable | 47/48 | €105,225 | €178,769 | +€73,544 | +69.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €983 | €524 | -€459 | -46.7% |
| Other operating charges | 640/8 | €842 | €465 | -€376 | -44.7% |
| Gross operating margin | 9900 | €185,821 | €190,111 | +€4,290 | +2.3% |
| Operating profit (loss) | 9901 | €183,997 | €189,122 | +€5,125 | +2.8% |
| Financial income | 75/76B | €0 | €618 | +€618 | |
| Recurring financial income | 75 | €0 | €618 | +€618 | |
| Financial charges | 65/66B | €205 | €2,570 | +€2,365 | +1154.7% |
| Recurring financial charges | 65 | €205 | €2,570 | +€2,365 | +1154.7% |
| Profit (loss) for the period before taxes | 9903 | €183,792 | €187,170 | +€3,378 | +1.8% |
| Income taxes | 67/77 | €45,694 | €45,660 | -€34 | -0.1% |
| Profit (loss) for the period | 9904 | €138,098 | €141,510 | +€3,412 | +2.5% |
| Profit (loss) for the period to be appropriated | 9905 | €138,098 | €141,510 | +€3,412 | +2.5% |
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 10 October 2026 via checked.be.