TELFIN: what changed
What changed
TELFIN
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€28.9m
2024 · €59.5m-€30.6m
Equity
€537.4m
2024 · €728.2m-€190.8m
Cash
€742,404
2024 · €602,478+€139,926
Balance sheet total
€575.0m
2024 · €1.11bn-€538.9m
Largest movements
Assets
- Receivables within one year -€550.2m
down €550.2m (-78.5%), from €700.6m to €150.4m
Equity and liabilities
- Other debts -€345.3m
down €345.3m (-92.6%), from €372.7m to €27.4m
- Contributions -€192.2m
down €192.2m (-27.2%), from €706.0m to €513.8m
of which Contributions outside capital: -€192.2m
Income statement
- Financial income -€52.6m
down €52.6m (-51.4%), from €102.3m to €49.7m
- Financial charges -€12.4m
down €12.4m (-55.8%), from €22.3m to €9.8m
of which Financial charges: -€11.7m
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€59.5m
Other operating charges
+€5,056
Other operating items
+€63,643
Financial income
-€52.6m
Financial charges
+€12.4m
Taxes
+€9.5m
Result 2025
€28.9m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€230.3m
Investment
-€10.5m
Financing
-€219.6m
Cash 2024
€602,478
From operations (derived)
+€230.3m
Net result for the year
+€28.9m
Receivables within one year
+€550.2m
Smaller working-capital items
-€410,700
Tax, wage and social debts
-€3.1m
Other debts
-€345.3m
Investment (derived)
-€10.5m
Investment in fixed assets (net)
-€10.5m
Financing
-€219.6m
Contributions, distributions and other
-€219.6m
Cash 2025
€742,404
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,113,889,197 | €574,995,509 | -€538.9m | -48.4% |
| Fixed assets | 21/28 | €404,217,418 | €414,757,389 | +€10.5m | +2.6% |
| Tangible fixed assets | 22/27 | €48,749 | €48,749 | = | 0.0% |
| Other tangible fixed assets | 26 | €48,749 | €48,749 | = | 0.0% |
| Financial fixed assets | 28 | €404,168,669 | €414,708,640 | +€10.5m | +2.6% |
| Affiliated companies | 280/1 | €402,632,622 | €413,172,593 | +€10.5m | +2.6% |
| Participating interests | 280 | €3,700,231 | €3,700,231 | = | 0.0% |
| Amounts receivable | 281 | €398,932,391 | €409,472,362 | +€10.5m | +2.6% |
| Companies linked by participating interests | 282/3 | €1,144,384 | €1,144,384 | = | 0.0% |
| Participating interests | 282 | €1,144,384 | €1,144,384 | = | 0.0% |
| Other financial fixed assets | 284/8 | €391,663 | €391,663 | = | 0.0% |
| Shares | 284 | €391,663 | €391,663 | = | 0.0% |
| Current assets | 29/58 | €709,671,779 | €160,238,120 | -€549.4m | -77.4% |
| Amounts receivable within one year | 40/41 | €700,622,461 | €150,417,828 | -€550.2m | -78.5% |
| Other amounts receivable | 41 | €700,622,461 | €150,417,828 | -€550.2m | -78.5% |
| Cash at bank and in hand | 54/58 | €602,478 | €742,404 | +€139,926 | +23.2% |
| Deferred charges and accrued income | 490/1 | €8,446,840 | €9,077,889 | +€631,048 | +7.5% |
| Total equity and liabilities | 10/49 | €1,113,889,197 | €574,995,509 | -€538.9m | -48.4% |
| Equity | 10/15 | €728,196,427 | €537,439,978 | -€190.8m | -26.2% |
| Contributions | 10/11 | €705,953,793 | €513,753,793 | -€192.2m | -27.2% |
| Capital | 10 | €425,953,793 | €425,953,793 | = | 0.0% |
| Issued capital | 100 | €425,953,793 | €425,953,793 | = | 0.0% |
| Contributions outside capital | 11 | €280,000,000 | €87,800,000 | -€192.2m | -68.6% |
| Share premium | 1100/10 | €280,000,000 | €87,800,000 | -€192.2m | -68.6% |
| Reserves | 13 | €22,242,634 | €23,686,185 | +€1.4m | +6.5% |
| Non-distributable reserves | 130/1 | €17,395,854 | €18,839,405 | +€1.4m | +8.3% |
| Legal reserve | 130 | €17,395,854 | €18,839,405 | +€1.4m | +8.3% |
| Tax-exempt reserves | 132 | €1,999,750 | - | -€2.0m | |
| Distributable reserves | 133 | €2,847,030 | €4,846,780 | +€2.0m | +70.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | - | €108,254 | +€108,254 | |
| Provisions for liabilities and charges | 160/5 | - | €108,254 | +€108,254 | |
| Pensions and similar obligations | 160 | - | €108,254 | +€108,254 | |
| Amounts payable | 17/49 | €385,692,770 | €37,447,278 | -€348.2m | -90.3% |
| Amounts payable within one year | 42/48 | €382,525,285 | €33,958,896 | -€348.6m | -91.1% |
| Trade debts | 44 | €562,615 | €353,813 | -€208,802 | -37.1% |
| Suppliers | 440/4 | €562,615 | €353,813 | -€208,802 | -37.1% |
| Taxes, remuneration and social security | 45 | €9,254,610 | €6,177,620 | -€3.1m | -33.2% |
| Taxes | 450/3 | €9,254,610 | €6,177,620 | -€3.1m | -33.2% |
| Other amounts payable | 47/48 | €372,708,060 | €27,427,463 | -€345.3m | -92.6% |
| Accrued charges and deferred income | 492/3 | €3,167,485 | €3,488,381 | +€320,897 | +10.1% |
| Operating income | 70/76A | €0 | - | = | |
| Other operating income | 74 | €0 | - | = | |
| Operating charges | 60/66A | €514,856 | €446,156 | -€68,700 | -13.3% |
| Services and other goods | 61 | €509,493 | €445,849 | -€63,643 | -12.5% |
| Other operating charges | 640/8 | €5,363 | €307 | -€5,056 | -94.3% |
| Operating profit (loss) | 9901 | -€514,856 | -€446,156 | +€68,700 | +13.3% |
| Financial income | 75/76B | €102,268,283 | €49,657,834 | -€52.6m | -51.4% |
| Recurring financial income | 75 | €102,268,283 | €49,657,834 | -€52.6m | -51.4% |
| Income from financial fixed assets | 750 | €99,828,751 | €39,382,795 | -€60.4m | -60.5% |
| Income from current assets | 751 | €1,179,718 | €9,608,870 | +€8.4m | +715% |
| Other financial income | 752/9 | €1,259,814 | €666,169 | -€593,645 | -47.1% |
| Financial charges | 65/66B | €22,280,231 | €9,849,757 | -€12.4m | -55.8% |
| Recurring financial charges | 65 | €21,418,604 | €9,741,503 | -€11.7m | -54.5% |
| Other financial charges | 652/9 | €21,418,604 | €9,741,503 | -€11.7m | -54.5% |
| Non-recurring financial charges | 66B | €861,627 | €108,254 | -€753,374 | -87.4% |
| Profit (loss) for the period before taxes | 9903 | €79,473,196 | €39,361,921 | -€40.1m | -50.5% |
| Income taxes | 67/77 | €19,974,026 | €10,490,907 | -€9.5m | -47.5% |
| Taxes | 670/3 | €19,974,026 | €10,490,907 | -€9.5m | -47.5% |
| Profit (loss) for the period | 9904 | €59,499,171 | €28,871,014 | -€30.6m | -51.5% |
| Profit (loss) for the period to be appropriated | 9905 | €59,499,171 | €28,871,014 | -€30.6m | -51.5% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.