Telstar Management: 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.
Telstar Management
Largest movements
- Cash -€9,307
down €9,307 (-16.7%), from €55,622 to €46,315
mainly Net result for the year (-€11,621) and Debts after one year (-€3,528)
- Tangible fixed assets -€5,887
down €5,887 (-6.4%), from €91,750 to €85,863
of which Land and buildings: -€6,523
- Reserves -€11,621
down €11,621 (-15.9%), from €72,960 to €61,339
- Debts after one year -€3,528
down €3,528 (-5.9%), from €60,035 to €56,508
- Gross operating margin +€940
up €940 (+64.4%), from -€1,459 to -€519
- Financial charges -€114
down €114 (-5.0%), from €2,283 to €2,169
- Depreciation +€113
up €113 (+1.7%), from €6,714 to €6,826
- Financial income -€63
down €63 (-17.1%), from €367 to €304
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 | €150,477 | €134,195 | -€16,282 | -10.8% |
| Fixed assets | 21/28 | €91,750 | €85,863 | -€5,887 | -6.4% |
| Tangible fixed assets | 22/27 | €91,750 | €85,863 | -€5,887 | -6.4% |
| Land and buildings | 22 | €91,322 | €84,799 | -€6,523 | -7.1% |
| Plant, machinery and equipment | 23 | €428 | €1,064 | +€636 | +148.3% |
| Current assets | 29/58 | €58,727 | €48,332 | -€10,395 | -17.7% |
| Amounts receivable within one year | 40/41 | €2,062 | €1,611 | -€451 | -21.9% |
| Trade receivables | 40 | €1,223 | €1,223 | = | 0.0% |
| Other amounts receivable | 41 | €839 | €387 | -€451 | -53.8% |
| Cash at bank and in hand | 54/58 | €55,622 | €46,315 | -€9,307 | -16.7% |
| Deferred charges and accrued income | 490/1 | €1,044 | €407 | -€637 | -61.0% |
| Total equity and liabilities | 10/49 | €150,477 | €134,195 | -€16,282 | -10.8% |
| Equity | 10/15 | €85,360 | €73,739 | -€11,621 | -13.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €72,960 | €61,339 | -€11,621 | -15.9% |
| Distributable reserves | 133 | €72,960 | €61,339 | -€11,621 | -15.9% |
| Amounts payable | 17/49 | €65,118 | €60,456 | -€4,661 | -7.2% |
| Amounts payable after more than one year | 17 | €60,035 | €56,508 | -€3,528 | -5.9% |
| Financial debts | 170/4 | €60,035 | €56,508 | -€3,528 | -5.9% |
| Amounts payable within one year | 42/48 | €5,082 | €3,949 | -€1,134 | -22.3% |
| Current portion of amounts payable after more than one year | 42 | €3,408 | €3,528 | +€119 | +3.5% |
| Trade debts | 44 | €1,508 | €264 | -€1,244 | -82.5% |
| Suppliers | 440/4 | €1,508 | €264 | -€1,244 | -82.5% |
| Taxes, remuneration and social security | 45 | €165 | €157 | -€9 | -5.3% |
| Taxes | 450/3 | €165 | €157 | -€9 | -5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,714 | €6,826 | +€113 | +1.7% |
| Other operating charges | 640/8 | €2,271 | €2,279 | +€9 | +0.4% |
| Gross operating margin | 9900 | -€1,459 | -€519 | +€940 | +64.4% |
| Operating profit (loss) | 9901 | -€10,443 | -€9,625 | +€818 | +7.8% |
| Financial income | 75/76B | €367 | €304 | -€63 | -17.1% |
| Recurring financial income | 75 | €367 | €304 | -€63 | -17.1% |
| Financial charges | 65/66B | €2,283 | €2,169 | -€114 | -5.0% |
| Recurring financial charges | 65 | €2,283 | €2,169 | -€114 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | -€12,360 | -€11,490 | +€870 | +7.0% |
| Income taxes | 67/77 | €128 | €131 | +€3 | +2.1% |
| Profit (loss) for the period | 9904 | -€12,488 | -€11,621 | +€867 | +6.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,488 | -€11,621 | +€867 | +6.9% |
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.