WILLEMSTAD – New details obtained by Curaçao Chronicle show that the financial problems facing TeleCuraçao are considerably broader than its annual loss alone, with the government’s corporate governance adviser warning about insufficient liquidity, rising debt, aging technical infrastructure and fundamental risks to the television station’s continued operations.
Curaçao Chronicle previously reported that the Antilliaanse Televisie Maatschappij (ATM), better known as TeleCuraçao, is in what authorities describe as a financially vulnerable and structurally unsustainable position.
Curaçao Chronicle now has a copy of the complete July 28, 2026 advice issued by Stichting Bureau Toezicht en Normering Overheidsentiteiten (SBTNO) to the Council of Ministers and Minister of Traffic, Transport and Urban Planning Charles Cooper. The eight-page document provides considerably more information about the financial condition of the government-owned broadcaster.
The figures show that TeleCuraçao ended 2024 with a net loss of ANG 886,953, compared with a loss of ANG 1.39 million in 2023. While this represents an improvement of approximately 36 percent, revenue also declined from ANG 3.59 million to ANG 3.46 million, largely because radio income fell by approximately ANG 300,000.
More concerning is the broadcaster’s balance sheet.
TeleCuraçao had only ANG 1.45 million in total assets at the end of 2024, while total liabilities stood at approximately ANG 8.12 million. Negative equity consequently deteriorated further, from ANG 5.78 million in 2023 to ANG 6.67 million in 2024.
The report also reveals serious liquidity problems.
Current liabilities were approximately ANG 1.49 million at the end of 2024, compared with current assets of just ANG 672,430. TeleCuraçao’s current ratio stood at only 0.4, far below the benchmark of 1.5 cited in the report.
According to the financial analysis endorsed by SBTNO, this indicates that the company does not have sufficient short-term resources to cover its current obligations. Its solvency position is also described as “extremely negative,” meaning ATM has substantially more liabilities than assets.
Another issue emerging from the document concerns TeleCuraçao’s technical infrastructure.
The value of property, plant and equipment declined by more than 27 percent in 2024, from approximately ANG 1.07 million to ANG 777,378. The report warns that continuing depreciation without sufficient replacement investment could indicate aging broadcast infrastructure and create a risk of technological decline.
For a media company, the report says, this is particularly critical because operational continuity depends heavily on reliable technical infrastructure.
TeleCuraçao’s borrowing has also increased.
The book value of a loan facility rose from approximately ANG 4.78 million at the end of 2023 to ANG 5.86 million at the end of 2024. Another ANG 846,736 was drawn under the facility during 2024, while accrued interest increased by 27.5 percent to ANG 240,666.
The report concludes that the improvement in TeleCuraçao’s annual loss is not enough to describe the situation as a financial recovery.
According to the analysis, persistent negative equity, weak liquidity, negative operating cash flows and declining revenue demonstrate that the current operating model is not sufficiently sustainable to continue without substantial intervention. SBTNO explicitly agreed with that assessment by the Ministry of Finance.
The document also exposes unresolved corporate governance problems.
SBTNO says no balance-sheet standards and dividend policy have ever been established for ATM. The adviser again recommends that Minister Cooper ensure such policies are developed for parent company Curaçao Data & Television (CDT) and subsidiaries ATM and Dataplanet. Because TeleCuraçao recorded a loss in 2024, no dividend can be distributed for that year.
There is also an apparent contradiction concerning the audit of the 2024 financial statements. In correspondence submitted to SBTNO, the minister stated that the accounts were accompanied by an auditor’s report. However, the Ministry of Finance said no external auditor’s opinion was found with the financial statements, meaning it could not determine the reliability of the reported figures.
SBTNO further found that ATM’s articles of association still do not comply with Curaçao’s Corporate Governance Code and the model articles applicable to government entities.
The 2024 annual report also failed to explain the extent to which ATM complied with the Corporate Governance Code or provide explanations for deviations under the required “comply or explain” principle. SBTNO has instructed the responsible minister to have these deficiencies corrected.
The findings raise broader questions about TeleCuraçao’s future. While the broadcaster remains operational and managed to reduce its annual loss, the official financial assessment indicates that cost reductions alone have not resolved the underlying structural problems.
SBTNO’s advice does not prescribe whether TeleCuraçao should be recapitalized, restructured or subjected to another form of intervention. It does, however, make clear that major measures will be necessary if the broadcaster is to achieve a sustainable financial position.
Curaçao Chronicle has obtained the complete SBTNO document and can provide additional information from the report as more questions arise regarding TeleCuraçao’s financial condition, governance, debt structure and future.