TELOS EQUITY: 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 EQUITY
Largest movements
- Financial fixed assets -€195,000
down €195,000 (-62.3%), from €312,906 to €117,906
- Cash +€160,078
up €160,078 (+650.5%), from €24,607 to €184,685
mainly Investment in fixed assets (net) (+€193,959) and Receivables within one year (+€32,738)
- Receivables within one year -€32,738
down €32,738 (-62.5%), from €52,353 to €19,615
of which Trade receivables: -€17,340
- Profit (loss) carried forward -€74,733
down €74,733 (-2036.0%), from -€3,671 to -€78,403
- Tax, wage and social debts +€6,984
up €6,984 (+1121.9%), from €623 to €7,606
- Gross operating margin -€31,710
down €31,710 (-72.5%), from €43,744 to €12,034
- Financial charges +€26,803
up €26,803 (+47.7%), from €56,221 to €83,023
of which Non-recurring financial charges: +€23,974
- Taxes -€6,980
down €6,980 (-77.0%), from €9,063 to €2,082
- Financial income -€1,013
down €1,013 (-87.4%), from €1,159 to €146
- Other operating charges -€547
down €547 (-36.8%), from €1,485 to €938
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 | €438,437 | €370,448 | -€67,989 | -15.5% |
| Fixed assets | 21/28 | €315,303 | €120,475 | -€194,828 | -61.8% |
| Tangible fixed assets | 22/27 | €2,397 | €2,569 | +€172 | +7.2% |
| Furniture and vehicles | 24 | €213 | €923 | +€710 | +333.9% |
| Other tangible fixed assets | 26 | €2,184 | €1,646 | -€538 | -24.6% |
| Financial fixed assets | 28 | €312,906 | €117,906 | -€195,000 | -62.3% |
| Current assets | 29/58 | €123,135 | €249,973 | +€126,838 | +103.0% |
| Amounts receivable after more than one year | 29 | €45,000 | €45,000 | = | 0.0% |
| Other amounts receivable | 291 | €45,000 | €45,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €52,353 | €19,615 | -€32,738 | -62.5% |
| Trade receivables | 40 | €35,490 | €18,150 | -€17,340 | -48.9% |
| Other amounts receivable | 41 | €16,863 | €1,465 | -€15,398 | -91.3% |
| Cash at bank and in hand | 54/58 | €24,607 | €184,685 | +€160,078 | +650.5% |
| Deferred charges and accrued income | 490/1 | €1,174 | €673 | -€501 | -42.7% |
| Total equity and liabilities | 10/49 | €438,437 | €370,448 | -€67,989 | -15.5% |
| Equity | 10/15 | €392,259 | €317,527 | -€74,733 | -19.1% |
| Contributions | 10/11 | €6,450 | €6,450 | = | 0.0% |
| Reserves | 13 | €389,480 | €389,480 | = | 0.0% |
| Distributable reserves | 133 | €389,480 | €389,480 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,671 | -€78,403 | -€74,733 | -2036.0% |
| Amounts payable | 17/49 | €46,178 | €52,921 | +€6,743 | +14.6% |
| Amounts payable within one year | 42/48 | €44,245 | €48,165 | +€3,920 | +8.9% |
| Trade debts | 44 | €603 | €306 | -€297 | -49.2% |
| Suppliers | 440/4 | €603 | €306 | -€297 | -49.2% |
| Taxes, remuneration and social security | 45 | €623 | €7,606 | +€6,984 | +1121.9% |
| Taxes | 450/3 | €623 | €7,606 | +€6,984 | +1121.9% |
| Other amounts payable | 47/48 | €43,019 | €40,253 | -€2,767 | -6.4% |
| Accrued charges and deferred income | 492/3 | €1,933 | €4,756 | +€2,824 | +146.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €577 | €869 | +€291 | +50.5% |
| Other operating charges | 640/8 | €1,485 | €938 | -€547 | -36.8% |
| Gross operating margin | 9900 | €43,744 | €12,034 | -€31,710 | -72.5% |
| Operating profit (loss) | 9901 | €41,681 | €10,227 | -€31,454 | -75.5% |
| Financial income | 75/76B | €1,159 | €146 | -€1,013 | -87.4% |
| Recurring financial income | 75 | €1,159 | €146 | -€1,013 | -87.4% |
| Financial charges | 65/66B | €56,221 | €83,023 | +€26,803 | +47.7% |
| Recurring financial charges | 65 | €195 | €3,023 | +€2,829 | +1453.3% |
| Non-recurring financial charges | 66B | €56,026 | €80,000 | +€23,974 | +42.8% |
| Profit (loss) for the period before taxes | 9903 | -€13,380 | -€72,650 | -€59,270 | -443.0% |
| Income taxes | 67/77 | €9,063 | €2,082 | -€6,980 | -77.0% |
| Profit (loss) for the period | 9904 | -€22,443 | -€74,733 | -€52,290 | -233.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,443 | -€74,733 | -€52,290 | -233.0% |
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 9 October 2026 via checked.be.