TELSTAR: 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.
TELSTAR
Largest movements
- Current investments -€50,000
no longer reported in 2025 (was €50,000)
- Cash +€38,229
up €38,229 (+590.3%), from €6,476 to €44,705
mainly Current investments (+€50,000) and Depreciation (+€17,051)
- Tangible fixed assets -€17,051
down €17,051 (-4.6%), from €370,573 to €353,522
of which Land and buildings: -€15,862
- Provisions -€27,367
no longer reported in 2025 (was €27,367)
- Reserves -€10,508
down €10,508 (-9.4%), from €111,328 to €100,820
of which Tax-exempt reserves: -€109,468
- Tax, wage and social debts +€9,896
new in 2025: €9,896
- Taxes +€9,629
up €9,629 (+2751.2%), from €350 to €9,979
- Gross operating margin -€7,056
down €7,056 (-10349.5%), from -€68 to -€7,124
- Financial income -€1,815
down €1,815 (-83.4%), from €2,178 to €362
- Depreciation +€765
up €765 (+4.7%), from €16,286 to €17,051
- Other operating charges -€395
down €395 (-9.0%), from €4,404 to €4,008
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 | €427,740 | €398,471 | -€29,269 | -6.8% |
| Fixed assets | 21/28 | €370,573 | €353,522 | -€17,051 | -4.6% |
| Tangible fixed assets | 22/27 | €370,573 | €353,522 | -€17,051 | -4.6% |
| Land and buildings | 22 | €365,228 | €349,366 | -€15,862 | -4.3% |
| Plant, machinery and equipment | 23 | €374 | - | -€374 | |
| Other tangible fixed assets | 26 | €4,971 | €4,156 | -€815 | -16.4% |
| Current assets | 29/58 | €57,167 | €44,949 | -€12,218 | -21.4% |
| Amounts receivable within one year | 40/41 | €690 | €244 | -€446 | -64.7% |
| Trade receivables | 40 | €168 | - | -€168 | |
| Other amounts receivable | 41 | €522 | €244 | -€278 | -53.3% |
| Current investments | 50/53 | €50,000 | - | -€50,000 | |
| Cash at bank and in hand | 54/58 | €6,476 | €44,705 | +€38,229 | +590.3% |
| Total equity and liabilities | 10/49 | €427,740 | €398,471 | -€29,269 | -6.8% |
| Equity | 10/15 | €394,368 | €383,859 | -€10,508 | -2.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €111,328 | €100,820 | -€10,508 | -9.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €109,468 | - | -€109,468 | |
| Distributable reserves | 133 | - | €98,960 | +€98,960 | |
| Profit (loss) carried forward | 14 | €264,439 | €264,439 | +€0 | 0.0% |
| Provisions and deferred taxes | 16 | €27,367 | - | -€27,367 | |
| Deferred taxes | 168 | €27,367 | - | -€27,367 | |
| Amounts payable | 17/49 | €6,005 | €14,611 | +€8,606 | +143.3% |
| Amounts payable within one year | 42/48 | €6,005 | €14,611 | +€8,606 | +143.3% |
| Trade debts | 44 | €2,385 | €269 | -€2,116 | -88.7% |
| Suppliers | 440/4 | €2,385 | €269 | -€2,116 | -88.7% |
| Taxes, remuneration and social security | 45 | - | €9,896 | +€9,896 | |
| Taxes | 450/3 | - | €9,896 | +€9,896 | |
| Other amounts payable | 47/48 | €3,620 | €4,447 | +€827 | +22.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,286 | €17,051 | +€765 | +4.7% |
| Other operating charges | 640/8 | €4,404 | €4,008 | -€395 | -9.0% |
| Gross operating margin | 9900 | -€68 | -€7,124 | -€7,056 | -10349.5% |
| Operating profit (loss) | 9901 | -€20,758 | -€28,184 | -€7,426 | -35.8% |
| Financial income | 75/76B | €2,178 | €362 | -€1,815 | -83.4% |
| Recurring financial income | 75 | €2,178 | €362 | -€1,815 | -83.4% |
| Financial charges | 65/66B | €157 | €74 | -€82 | -52.5% |
| Recurring financial charges | 65 | €157 | €74 | -€82 | -52.5% |
| Profit (loss) for the period before taxes | 9903 | -€18,737 | -€27,896 | -€9,159 | -48.9% |
| Transfer from deferred taxes | 780 | - | €27,367 | +€27,367 | |
| Income taxes | 67/77 | €350 | €9,979 | +€9,629 | +2751.2% |
| Profit (loss) for the period | 9904 | -€19,087 | -€10,508 | +€8,579 | +44.9% |
| Transfer from tax-exempt reserves | 789 | - | €109,468 | +€109,468 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,087 | €98,960 | +€118,047 |
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 29 September 2026 via checked.be.