A.T.O. 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.
A.T.O. MANAGEMENT
Largest movements
- Tangible fixed assets -€58,740
down €58,740 (-4.6%), from €1.3m to €1.2m
of which Assets under construction and advance payments: -€235,996
- Cash -€22,673
down €22,673 (-11.1%), from €204,900 to €182,227
mainly Debts after one year (-€69,005) and Investment in fixed assets (net) (-€49,109)
- Debts after one year -€69,005
down €69,005 (-6.1%), from €1.1m to €1.1m
of which Financial debts: -€72,005
- Reserves +€26,000
up €26,000 (+15.1%), from €172,650 to €198,650
of which Distributable reserves: +€26,000
- Tax, wage and social debts -€20,353
down €20,353 (-79.6%), from €25,559 to €5,206
of which Taxes: -€19,110
- Trade debts -€20,209
down €20,209 (-78.0%), from €25,897 to €5,688
- Staff costs -€73,330
down €73,330 (-86.7%), from €84,553 to €11,223
- Other operating charges +€43,767
up €43,767 (+1,776%), from €2,464 to €46,231
- Depreciation +€27,710
up €27,710 (+34.6%), from €80,139 to €107,849
- Gross operating margin +€19,119
up €19,119 (+9.0%), from €211,860 to €230,979
- Taxes +€7,056
up €7,056 (+88.0%), from €8,020 to €15,076
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.
Derived cash bridge
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 | €1,520,672 | €1,443,154 | -€77,518 | -5.1% |
| Fixed assets | 21/28 | €1,279,242 | €1,220,502 | -€58,740 | -4.6% |
| Tangible fixed assets | 22/27 | €1,279,242 | €1,220,502 | -€58,740 | -4.6% |
| Land and buildings | 22 | €971,979 | €1,160,972 | +€188,993 | +19.4% |
| Plant, machinery and equipment | 23 | €2,893 | €2,002 | -€891 | -30.8% |
| Furniture and vehicles | 24 | €68,374 | €57,527 | -€10,847 | -15.9% |
| Assets under construction and advance payments | 27 | €235,996 | - | -€235,996 | |
| Current assets | 29/58 | €241,430 | €222,652 | -€18,778 | -7.8% |
| Amounts receivable within one year | 40/41 | €33,129 | €24,616 | -€8,513 | -25.7% |
| Trade receivables | 40 | €33,057 | €21,866 | -€11,191 | -33.9% |
| Other amounts receivable | 41 | €72 | €2,750 | +€2,678 | +3,719% |
| Cash at bank and in hand | 54/58 | €204,900 | €182,227 | -€22,673 | -11.1% |
| Deferred charges and accrued income | 490/1 | €3,401 | €15,810 | +€12,409 | +365% |
| Total equity and liabilities | 10/49 | €1,520,672 | €1,443,154 | -€77,518 | -5.1% |
| Equity | 10/15 | €254,082 | €280,559 | +€26,477 | +10.4% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €172,650 | €198,650 | +€26,000 | +15.1% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €166,500 | €192,500 | +€26,000 | +15.6% |
| Profit (loss) carried forward | 14 | €19,932 | €20,409 | +€477 | +2.4% |
| Amounts payable | 17/49 | €1,266,590 | €1,162,595 | -€103,995 | -8.2% |
| Amounts payable after more than one year | 17 | €1,126,935 | €1,057,930 | -€69,005 | -6.1% |
| Financial debts | 170/4 | €1,126,935 | €1,054,930 | -€72,005 | -6.4% |
| Other amounts payable | 178/9 | - | €3,000 | +€3,000 | |
| Amounts payable within one year | 42/48 | €129,454 | €92,925 | -€36,529 | -28.2% |
| Current portion of amounts payable after more than one year | 42 | €77,462 | €72,005 | -€5,457 | -7.0% |
| Trade debts | 44 | €25,897 | €5,688 | -€20,209 | -78.0% |
| Suppliers | 440/4 | €25,897 | €5,688 | -€20,209 | -78.0% |
| Taxes, remuneration and social security | 45 | €25,559 | €5,206 | -€20,353 | -79.6% |
| Taxes | 450/3 | €23,971 | €4,861 | -€19,110 | -79.7% |
| Remuneration and social security | 454/9 | €1,588 | €345 | -€1,243 | -78.3% |
| Other amounts payable | 47/48 | €536 | €10,027 | +€9,491 | +1,771% |
| Accrued charges and deferred income | 492/3 | €10,201 | €11,739 | +€1,538 | +15.1% |
| Remuneration, social security and pensions | 62 | €84,553 | €11,223 | -€73,330 | -86.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,139 | €107,849 | +€27,710 | +34.6% |
| Other operating charges | 640/8 | €2,464 | €46,231 | +€43,767 | +1,776% |
| Gross operating margin | 9900 | €211,860 | €230,979 | +€19,119 | +9.0% |
| Operating profit (loss) | 9901 | €44,704 | €65,676 | +€20,972 | +46.9% |
| Financial income | 75/76B | €1,517 | €1,064 | -€453 | -29.9% |
| Recurring financial income | 75 | €1,517 | €1,064 | -€453 | -29.9% |
| Financial charges | 65/66B | €25,826 | €25,187 | -€639 | -2.5% |
| Recurring financial charges | 65 | €25,826 | €25,187 | -€639 | -2.5% |
| Profit (loss) for the period before taxes | 9903 | €20,395 | €41,552 | +€21,157 | +104% |
| Income taxes | 67/77 | €8,020 | €15,076 | +€7,056 | +88.0% |
| Profit (loss) for the period | 9904 | €12,375 | €26,476 | +€14,101 | +114% |
| Profit (loss) for the period to be appropriated | 9905 | €12,375 | €26,476 | +€14,101 | +114% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.