ATELFOND: 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.
ATELFOND
Largest movements
- Receivables within one year +€141,978
up €141,978 (+12.9%), from €1.1m to €1.2m
of which Trade receivables: +€96,978
- Cash +€66,142
up €66,142 (+1,123%), from €5,888 to €72,030
mainly Trade debts (+€77,707) and Short-term financial debts (+€75,000)
- Tangible fixed assets -€33,733
down €33,733 (-14.4%), from €233,650 to €199,916
- Stocks and contracts -€20,000
down €20,000 (-17.4%), from €115,000 to €95,000
- Trade debts +€77,707
up €77,707 (+62.7%), from €124,001 to €201,708
- Short-term financial debts +€75,000
new in 2025: €75,000
- Profit (loss) carried forward +€34,104
up €34,104 (+3.0%), from €1.1m to €1.2m
- Current portion of long-term debt -€26,079
down €26,079 (-31.1%), from €83,927 to €57,848
- Gross operating margin -€73,351
down €73,351 (-10.4%), from €706,673 to €633,323
- Depreciation -€60,802
down €60,802 (-58.3%), from €104,355 to €43,552
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 | €1,453,821 | €1,608,208 | +€154,387 | +10.6% |
| Fixed assets | 21/28 | €233,699 | €199,966 | -€33,733 | -14.4% |
| Tangible fixed assets | 22/27 | €233,650 | €199,916 | -€33,733 | -14.4% |
| Plant, machinery and equipment | 23 | €233,650 | €199,916 | -€33,733 | -14.4% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €1,220,122 | €1,408,242 | +€188,120 | +15.4% |
| Stocks and contracts in progress | 3 | €115,000 | €95,000 | -€20,000 | -17.4% |
| Stocks | 30/36 | €115,000 | €95,000 | -€20,000 | -17.4% |
| Amounts receivable within one year | 40/41 | €1,099,233 | €1,241,211 | +€141,978 | +12.9% |
| Trade receivables | 40 | €133,821 | €230,799 | +€96,978 | +72.5% |
| Other amounts receivable | 41 | €965,413 | €1,010,413 | +€45,000 | +4.7% |
| Cash at bank and in hand | 54/58 | €5,888 | €72,030 | +€66,142 | +1,123% |
| Total equity and liabilities | 10/49 | €1,453,821 | €1,608,208 | +€154,387 | +10.6% |
| Equity | 10/15 | €1,167,390 | €1,201,494 | +€34,104 | +2.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,146,930 | €1,181,034 | +€34,104 | +3.0% |
| Amounts payable | 17/49 | €286,431 | €406,714 | +€120,283 | +42.0% |
| Amounts payable after more than one year | 17 | €35,274 | €25,125 | -€10,149 | -28.8% |
| Financial debts | 170/4 | €35,274 | €25,125 | -€10,149 | -28.8% |
| Amounts payable within one year | 42/48 | €251,157 | €381,589 | +€130,432 | +51.9% |
| Current portion of amounts payable after more than one year | 42 | €83,927 | €57,848 | -€26,079 | -31.1% |
| Financial debts | 43 | - | €75,000 | +€75,000 | |
| Credit institutions | 430/8 | - | €75,000 | +€75,000 | |
| Trade debts | 44 | €124,001 | €201,708 | +€77,707 | +62.7% |
| Suppliers | 440/4 | €124,001 | €201,708 | +€77,707 | +62.7% |
| Taxes, remuneration and social security | 45 | €43,229 | €44,034 | +€805 | +1.9% |
| Taxes | 450/3 | €4,957 | €5,599 | +€642 | +13.0% |
| Remuneration and social security | 454/9 | €38,272 | €38,434 | +€162 | +0.4% |
| Other amounts payable | 47/48 | - | €3,000 | +€3,000 | |
| Remuneration, social security and pensions | 62 | €535,352 | €539,642 | +€4,290 | +0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,355 | €43,552 | -€60,802 | -58.3% |
| Other operating charges | 640/8 | €1,257 | €1,279 | +€22 | +1.8% |
| Gross operating margin | 9900 | €706,673 | €633,323 | -€73,351 | -10.4% |
| Operating profit (loss) | 9901 | €65,710 | €48,849 | -€16,861 | -25.7% |
| Financial income | 75/76B | - | €476 | +€476 | |
| Recurring financial income | 75 | - | €476 | +€476 | |
| Financial charges | 65/66B | €5,454 | €3,142 | -€2,312 | -42.4% |
| Recurring financial charges | 65 | €5,454 | €3,142 | -€2,312 | -42.4% |
| Profit (loss) for the period before taxes | 9903 | €60,256 | €46,183 | -€14,073 | -23.4% |
| Income taxes | 67/77 | €15,616 | €12,079 | -€3,537 | -22.7% |
| Profit (loss) for the period | 9904 | €44,640 | €34,104 | -€10,536 | -23.6% |
| Profit (loss) for the period to be appropriated | 9905 | €44,640 | €34,104 | -€10,536 | -23.6% |
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 17 October 2026 via checked.be.