TELOS IMPACT: what changed
Two fiscal 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 IMPACT
Largest movements
- Cash +€412,596
up €412,596 (+239.5%), from €172,241 to €584,837
mainly Other debts (+€307,000) and Trade debts (+€281,934)
- Tangible fixed assets +€239,922
up €239,922 (+255.5%), from €93,914 to €333,836
of which Other tangible fixed assets: +€213,961
- Current investments +€143,253
new in 2025: €143,253
- Other debts +€307,000
up €307,000 (+68.2%), from €450,000 to €757,000
- Trade debts +€281,934
up €281,934 (+403.7%), from €69,839 to €351,772
- Reserves +€143,253
new in 2025: €143,253
- Contributions +€85,700
up €85,700 (+139.3%), from €61,500 to €147,200
of which Capital: +€147,200
- Accrued charges and deferred income -€67,070
down €67,070 (-50.0%), from €134,070 to €67,000
- Gross operating margin +€485,311
up €485,311 (+28.0%), from €1.7m to €2.2m
- Depreciation +€57,355
up €57,355 (+131.5%), from €43,625 to €100,979
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 | €2,449,743 | €3,242,937 | +€793,194 | +32.4% |
| Fixed assets | 21/28 | €168,413 | €409,577 | +€241,165 | +143.2% |
| Intangible fixed assets | 21 | €9,158 | €10,401 | +€1,243 | +13.6% |
| Tangible fixed assets | 22/27 | €93,914 | €333,836 | +€239,922 | +255.5% |
| Furniture and vehicles | 24 | €36,225 | €62,186 | +€25,961 | +71.7% |
| Other tangible fixed assets | 26 | €57,689 | €271,650 | +€213,961 | +370.9% |
| Financial fixed assets | 28 | €65,340 | €65,340 | = | 0.0% |
| Current assets | 29/58 | €2,281,331 | €2,833,360 | +€552,029 | +24.2% |
| Amounts receivable after more than one year | 29 | €1,054,962 | €1,054,962 | = | 0.0% |
| Other amounts receivable | 291 | €1,054,962 | €1,054,962 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,008,864 | €1,001,900 | -€6,964 | -0.7% |
| Trade receivables | 40 | €934,112 | €889,481 | -€44,631 | -4.8% |
| Other amounts receivable | 41 | €74,752 | €112,419 | +€37,666 | +50.4% |
| Current investments | 50/53 | - | €143,253 | +€143,253 | |
| Cash at bank and in hand | 54/58 | €172,241 | €584,837 | +€412,596 | +239.5% |
| Deferred charges and accrued income | 490/1 | €45,263 | €48,408 | +€3,145 | +6.9% |
| Total equity and liabilities | 10/49 | €2,449,743 | €3,242,937 | +€793,194 | +32.4% |
| Equity | 10/15 | €705,241 | €938,850 | +€233,609 | +33.1% |
| Contributions | 10/11 | €61,500 | €147,200 | +€85,700 | +139.3% |
| Capital | 10 | - | €147,200 | +€147,200 | |
| Issued capital | 100 | - | €153,400 | +€153,400 | |
| Uncalled capital | 101 | - | €6,200 | +€6,200 | |
| Outside capital | 11 | €61,500 | - | -€61,500 | |
| Other | 1109/19 | €61,500 | - | -€61,500 | |
| Reserves | 13 | - | €143,253 | +€143,253 | |
| Non-distributable reserves | 130/1 | - | €143,253 | +€143,253 | |
| Own shares acquired | 1312 | - | €143,253 | +€143,253 | |
| Profit (loss) carried forward | 14 | €643,741 | €648,397 | +€4,656 | +0.7% |
| Amounts payable | 17/49 | €1,744,502 | €2,304,087 | +€559,585 | +32.1% |
| Amounts payable after more than one year | 17 | €944,962 | €944,962 | = | 0.0% |
| Other amounts payable | 178/9 | €944,962 | €944,962 | = | 0.0% |
| Amounts payable within one year | 42/48 | €665,470 | €1,292,125 | +€626,655 | +94.2% |
| Trade debts | 44 | €69,839 | €351,772 | +€281,934 | +403.7% |
| Suppliers | 440/4 | €69,839 | €351,772 | +€281,934 | +403.7% |
| Taxes, remuneration and social security | 45 | €145,631 | €183,353 | +€37,722 | +25.9% |
| Taxes | 450/3 | €38,484 | €42,652 | +€4,168 | +10.8% |
| Remuneration and social security | 454/9 | €107,147 | €140,700 | +€33,554 | +31.3% |
| Other amounts payable | 47/48 | €450,000 | €757,000 | +€307,000 | +68.2% |
| Accrued charges and deferred income | 492/3 | €134,070 | €67,000 | -€67,070 | -50.0% |
| Remuneration, social security and pensions | 62 | €1,930,031 | €1,923,989 | -€6,042 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,625 | €100,979 | +€57,355 | +131.5% |
| Other operating charges | 640/8 | €3,085 | €10,630 | +€7,544 | +244.5% |
| Gross operating margin | 9900 | €1,733,019 | €2,218,329 | +€485,311 | +28.0% |
| Operating profit (loss) | 9901 | -€243,723 | €182,731 | +€426,454 | |
| Financial income | 75/76B | €72,179 | €72,585 | +€406 | +0.6% |
| Recurring financial income | 75 | €72,179 | €72,585 | +€406 | +0.6% |
| Financial charges | 65/66B | €60,598 | €60,807 | +€209 | +0.3% |
| Recurring financial charges | 65 | €60,598 | €60,807 | +€209 | +0.3% |
| Profit (loss) for the period before taxes | 9903 | -€232,143 | €194,509 | +€426,651 | |
| Income taxes | 67/77 | €43 | €14,600 | +€14,557 | +33695.6% |
| Profit (loss) for the period | 9904 | -€232,186 | €179,909 | +€412,095 | |
| Profit (loss) for the period to be appropriated | 9905 | -€232,186 | €179,909 | +€412,095 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.