TELOS-C: 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.
TELOS-C
Largest movements
- Receivables within one year +€14,913
up €14,913 (+13.3%), from €112,041 to €126,954
of which Trade receivables: +€31,233
- Cash -€7,990
down €7,990 (-2.5%), from €323,117 to €315,127
mainly Contributions, distributions and other (-€379,544) and Receivables within one year (-€14,913)
- Other debts +€381,801
up €381,801 (+14,479%), from €2,637 to €384,438
- Profit (loss) carried forward -€360,131
no longer reported in 2025 (was €360,131)
- Tax, wage and social debts -€8,739
down €8,739 (-96.7%), from €9,041 to €302
of which Remuneration and social security: -€7,700
- Gross operating margin +€24,770
up €24,770 (+53.2%), from €46,539 to €71,309
- Staff costs -€9,791
down €9,791 (-19.7%), from €49,701 to €39,910
- Depreciation +€3,408
up €3,408 (+64.2%), from €5,310 to €8,718
- Financial income +€2,773
up €2,773 (+69,325%), from €4 to €2,777
- Taxes +€2,330
up €2,330 (+886%), from €263 to €2,593
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 | €471,638 | €479,716 | +€8,078 | +1.7% |
| Fixed assets | 21/28 | €31,982 | €33,264 | +€1,282 | +4.0% |
| Intangible fixed assets | 21 | €18,819 | €23,532 | +€4,713 | +25.0% |
| Tangible fixed assets | 22/27 | €13,163 | €9,732 | -€3,431 | -26.1% |
| Furniture and vehicles | 24 | €2,337 | €226 | -€2,111 | -90.3% |
| Other tangible fixed assets | 26 | €10,826 | €9,506 | -€1,320 | -12.2% |
| Current assets | 29/58 | €439,656 | €446,452 | +€6,796 | +1.5% |
| Amounts receivable within one year | 40/41 | €112,041 | €126,954 | +€14,913 | +13.3% |
| Trade receivables | 40 | €92,164 | €123,397 | +€31,233 | +33.9% |
| Other amounts receivable | 41 | €19,877 | €3,557 | -€16,320 | -82.1% |
| Cash at bank and in hand | 54/58 | €323,117 | €315,127 | -€7,990 | -2.5% |
| Deferred charges and accrued income | 490/1 | €4,498 | €4,371 | -€127 | -2.8% |
| Total equity and liabilities | 10/49 | €471,638 | €479,716 | +€8,078 | +1.7% |
| Equity | 10/15 | €427,871 | €67,740 | -€360,131 | -84.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €49,140 | €49,140 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €47,280 | €47,280 | = | 0.0% |
| Profit (loss) carried forward | 14 | €360,131 | - | -€360,131 | |
| Amounts payable | 17/49 | €43,767 | €411,976 | +€368,209 | +841% |
| Amounts payable within one year | 42/48 | €16,673 | €388,975 | +€372,302 | +2,233% |
| Trade debts | 44 | €4,995 | €4,235 | -€760 | -15.2% |
| Suppliers | 440/4 | €4,995 | €4,235 | -€760 | -15.2% |
| Taxes, remuneration and social security | 45 | €9,041 | €302 | -€8,739 | -96.7% |
| Taxes | 450/3 | €1,341 | €302 | -€1,039 | -77.5% |
| Remuneration and social security | 454/9 | €7,700 | - | -€7,700 | |
| Other amounts payable | 47/48 | €2,637 | €384,438 | +€381,801 | +14,479% |
| Accrued charges and deferred income | 492/3 | €27,094 | €23,001 | -€4,093 | -15.1% |
| Remuneration, social security and pensions | 62 | €49,701 | €39,910 | -€9,791 | -19.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,310 | €8,718 | +€3,408 | +64.2% |
| Other operating charges | 640/8 | €450 | €516 | +€66 | +14.7% |
| Non-recurring operating charges | 66A | €7,000 | - | -€7,000 | |
| Gross operating margin | 9900 | €46,539 | €71,309 | +€24,770 | +53.2% |
| Operating profit (loss) | 9901 | -€15,922 | €22,165 | +€38,087 | |
| Financial income | 75/76B | €4 | €2,777 | +€2,773 | +69,325% |
| Recurring financial income | 75 | €4 | €2,777 | +€2,773 | +69,325% |
| Financial charges | 65/66B | €877 | €2,936 | +€2,059 | +235% |
| Recurring financial charges | 65 | €877 | €2,936 | +€2,059 | +235% |
| Profit (loss) for the period before taxes | 9903 | -€16,795 | €22,006 | +€38,801 | |
| Income taxes | 67/77 | €263 | €2,593 | +€2,330 | +886% |
| Profit (loss) for the period | 9904 | -€17,058 | €19,413 | +€36,471 | |
| Profit (loss) for the period to be appropriated | 9905 | -€17,058 | €19,413 | +€36,471 |
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 25 October 2026 via checked.be.