TELESCO: 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.
What changed
TELESCO
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€5.6m
2024 · €5.4m+€190,111
Equity
€43.0m
2024 · €37.4m+€5.6m
Cash
€2.1m
2024 · €2.2m-€133,367
Balance sheet total
€66.6m
2024 · €55.1m+€11.5m
Largest movements
Assets
- Financial fixed assets +€13.2m
up €13.2m (+27.0%), from €49.0m to €62.3m
of which Companies linked by participating interests: +€11.7m
- Receivables within one year -€1.5m
down €1.5m (-43.9%), from €3.4m to €1.9m
of which Other amounts receivable: -€1.7m
Equity and liabilities
- Reserves +€5.6m
up €5.6m (+16.3%), from €34.4m to €40.1m
- Other debts +€5.2m
up €5.2m (+291,597%), from €1,790 to €5.2m
- Short-term financial debts +€3.9m
up €3.9m (+385%), from €1.0m to €4.9m
- Debts after one year -€1.6m
down €1.6m (-12.1%), from €13.0m to €11.4m
- Current portion of long-term debt -€1.2m
down €1.2m (-44.1%), from €2.8m to €1.6m
Income statement
- Financial charges -€906,706
down €906,706 (-65.2%), from €1.4m to €484,528
of which Non-recurring financial charges: -€1.0m
- Other operating charges +€359,439
up €359,439 (+6,918%), from €5,196 to €364,635
- Turnover -€254,230
down €254,230 (-6.7%), from €3.8m to €3.5m
- Financial income +€80,116
up €80,116 (+1.7%), from €4.6m to €4.7m
of which Non-recurring financial income: +€430,517
- Staff costs +€73,943
up €73,943 (+37.7%), from €196,012 to €269,955
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.
Result 2024
€5.4m
Turnover
-€254,230
Other operating income
-€7,049
Services and other goods
-€60,116
Staff costs
-€73,943
Depreciation
+€3,167
Write-downs
+€8,910
Other operating charges
-€359,439
Other operating items
-€43,840
Financial income
+€80,116
Financial charges
+€906,706
Taxes
-€10,171
Result 2025
€5.6m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€12.1m
Investment
-€13.2m
Financing
+€1.0m
Cash 2024
€2.2m
From operations (derived)
+€12.1m
Net result for the year
+€5.6m
Depreciation
+€63,514
Receivables within one year
+€1.5m
Deferred charges and accrued income
+€33,893
Smaller working-capital items
-€15,921
Advances received
-€318,635
Other debts
+€5.2m
Investment (derived)
-€13.2m
Investment in fixed assets (net)
-€13.2m
Financing
+€1.0m
Debts after one year
-€1.6m
Current portion of long-term debt
-€1.2m
Short-term financial debts
+€3.9m
Cash 2025
€2.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €55,076,879 | €66,593,838 | +€11.5m | +20.9% |
| Fixed assets | 21/28 | €49,387,674 | €62,545,355 | +€13.2m | +26.6% |
| Intangible fixed assets | 21 | €8,753 | €5,913 | -€2,840 | -32.4% |
| Tangible fixed assets | 22/27 | €342,642 | €281,968 | -€60,674 | -17.7% |
| Furniture and vehicles | 24 | €255,680 | €195,006 | -€60,674 | -23.7% |
| Assets under construction and advance payments | 27 | €86,962 | €86,962 | = | 0.0% |
| Financial fixed assets | 28 | €49,036,279 | €62,257,473 | +€13.2m | +27.0% |
| Affiliated companies | 280/1 | €32,077,059 | €33,577,059 | +€1.5m | +4.7% |
| Participating interests | 280 | €32,077,059 | €33,577,059 | +€1.5m | +4.7% |
| Companies linked by participating interests | 282/3 | €16,959,220 | €28,680,414 | +€11.7m | +69.1% |
| Participating interests | 282 | €16,959,220 | €28,680,414 | +€11.7m | +69.1% |
| Current assets | 29/58 | €5,689,205 | €4,048,483 | -€1.6m | -28.8% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €3,353,925 | €1,880,464 | -€1.5m | -43.9% |
| Trade receivables | 40 | €114,347 | €311,176 | +€196,829 | +172% |
| Other amounts receivable | 41 | €3,239,578 | €1,569,288 | -€1.7m | -51.6% |
| Current investments | 50/53 | €0 | - | = | |
| Other investments | 51/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €2,227,331 | €2,093,964 | -€133,367 | -6.0% |
| Deferred charges and accrued income | 490/1 | €107,948 | €74,055 | -€33,893 | -31.4% |
| Total equity and liabilities | 10/49 | €55,076,879 | €66,593,838 | +€11.5m | +20.9% |
| Equity | 10/15 | €37,423,723 | €43,028,821 | +€5.6m | +15.0% |
| Contributions | 10/11 | €2,975,050 | €2,975,050 | = | 0.0% |
| Reserves | 13 | €34,448,673 | €40,053,771 | +€5.6m | +16.3% |
| Distributable reserves | 133 | €34,448,673 | €40,053,771 | +€5.6m | +16.3% |
| Amounts payable | 17/49 | €17,653,156 | €23,565,018 | +€5.9m | +33.5% |
| Amounts payable after more than one year | 17 | €13,026,343 | €11,447,298 | -€1.6m | -12.1% |
| Financial debts | 170/4 | €13,026,343 | €11,447,298 | -€1.6m | -12.1% |
| Unsubordinated bonds | 171 | €0 | - | = | |
| Credit institutions | 173 | €1,826,343 | €0 | -€1.8m | -100% |
| Other loans | 174 | €11,200,000 | €11,447,298 | +€247,298 | +2.2% |
| Amounts payable within one year | 42/48 | €4,346,762 | €11,829,705 | +€7.5m | +172% |
| Current portion of amounts payable after more than one year | 42 | €2,823,657 | €1,579,045 | -€1.2m | -44.1% |
| Financial debts | 43 | €1,000,000 | €4,850,000 | +€3.9m | +385% |
| Credit institutions | 430/8 | €1,000,000 | €4,850,000 | +€3.9m | +385% |
| Trade debts | 44 | €121,624 | €117,038 | -€4,586 | -3.8% |
| Suppliers | 440/4 | €121,624 | €117,038 | -€4,586 | -3.8% |
| Advances received on contracts in progress | 46 | €318,635 | €0 | -€318,635 | -100% |
| Taxes, remuneration and social security | 45 | €81,056 | €61,758 | -€19,298 | -23.8% |
| Taxes | 450/3 | €47,070 | €17,148 | -€29,922 | -63.6% |
| Remuneration and social security | 454/9 | €33,986 | €44,610 | +€10,624 | +31.3% |
| Other amounts payable | 47/48 | €1,790 | €5,221,865 | +€5.2m | +291,597% |
| Accrued charges and deferred income | 492/3 | €280,051 | €288,015 | +€7,964 | +2.8% |
| Operating income | 70/76A | €4,132,736 | €3,871,457 | -€261,279 | -6.3% |
| Turnover | 70 | €3,772,750 | €3,518,520 | -€254,230 | -6.7% |
| Other operating income | 74 | €359,986 | €352,937 | -€7,049 | -2.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Operating charges | 60/66A | €1,640,258 | €2,165,519 | +€525,261 | +32.0% |
| Services and other goods | 61 | €1,341,584 | €1,401,701 | +€60,116 | +4.5% |
| Remuneration, social security and pensions | 62 | €196,012 | €269,955 | +€73,943 | +37.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,680 | €63,514 | -€3,167 | -4.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €30,785 | €21,875 | -€8,910 | -28.9% |
| Other operating charges | 640/8 | €5,196 | €364,635 | +€359,439 | +6,918% |
| Non-recurring operating charges | 66A | - | €43,840 | +€43,840 | |
| Operating profit (loss) | 9901 | €2,492,478 | €1,705,938 | -€786,540 | -31.6% |
| Financial income | 75/76B | €4,634,428 | €4,714,544 | +€80,116 | +1.7% |
| Recurring financial income | 75 | €4,634,428 | €4,284,027 | -€350,401 | -7.6% |
| Income from financial fixed assets | 750 | €4,471,654 | €4,202,524 | -€269,130 | -6.0% |
| Income from current assets | 751 | €88,563 | €81,436 | -€7,128 | -8.0% |
| Other financial income | 752/9 | €74,211 | €67 | -€74,144 | -99.9% |
| Non-recurring financial income | 76B | - | €430,517 | +€430,517 | |
| Financial charges | 65/66B | €1,391,234 | €484,528 | -€906,706 | -65.2% |
| Recurring financial charges | 65 | €387,434 | €484,528 | +€97,094 | +25.1% |
| Debt charges | 650 | €382,876 | €466,465 | +€83,589 | +21.8% |
| Other financial charges | 652/9 | €4,558 | €18,063 | +€13,505 | +296% |
| Non-recurring financial charges | 66B | €1,003,800 | €0 | -€1.0m | -100% |
| Profit (loss) for the period before taxes | 9903 | €5,735,672 | €5,935,954 | +€200,282 | +3.5% |
| Income taxes | 67/77 | €320,685 | €330,856 | +€10,171 | +3.2% |
| Taxes | 670/3 | €320,685 | €330,856 | +€10,171 | +3.2% |
| Profit (loss) for the period | 9904 | €5,414,986 | €5,605,098 | +€190,111 | +3.5% |
| Profit (loss) for the period to be appropriated | 9905 | €5,414,986 | €5,605,098 | +€190,111 | +3.5% |
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 22 October 2026 via checked.be.