ATHAENA: 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.
ATHAENA
Largest movements
- Cash +€316,472
up €316,472 (+16.5%), from €1.9m to €2.2m
mainly Net result for the year (+€2.4m) and Other debts (+€311,729)
- Other debts +€311,729
up €311,729 (+17.1%), from €1.8m to €2.1m
- Gross operating margin +€831,962
up €831,962 (+34.9%), from €2.4m to €3.2m
- Taxes +€212,525
up €212,525 (+36.1%), from €587,933 to €800,458
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 | €1,993,043 | €2,307,877 | +€314,834 | +15.8% |
| Fixed assets | 21/28 | €38,864 | €25,735 | -€13,128 | -33.8% |
| Tangible fixed assets | 22/27 | €38,772 | €25,643 | -€13,128 | -33.9% |
| Plant, machinery and equipment | 23 | €1,259 | €856 | -€404 | -32.0% |
| Furniture and vehicles | 24 | €37,512 | €24,787 | -€12,725 | -33.9% |
| Financial fixed assets | 28 | €92 | €92 | = | 0.0% |
| Current assets | 29/58 | €1,954,180 | €2,282,142 | +€327,962 | +16.8% |
| Amounts receivable within one year | 40/41 | €29,327 | €36,946 | +€7,618 | +26.0% |
| Trade receivables | 40 | €1,796 | - | -€1,796 | |
| Other amounts receivable | 41 | €27,531 | €36,946 | +€9,414 | +34.2% |
| Cash at bank and in hand | 54/58 | €1,920,936 | €2,237,407 | +€316,472 | +16.5% |
| Deferred charges and accrued income | 490/1 | €3,917 | €7,789 | +€3,872 | +98.9% |
| Total equity and liabilities | 10/49 | €1,993,043 | €2,307,877 | +€314,834 | +15.8% |
| Equity | 10/15 | €20,405 | €20,405 | = | 0.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Amounts payable | 17/49 | €1,972,638 | €2,287,472 | +€314,834 | +16.0% |
| Amounts payable within one year | 42/48 | €1,972,638 | €2,287,472 | +€314,834 | +16.0% |
| Trade debts | 44 | €1,302 | €4,873 | +€3,570 | +274.1% |
| Suppliers | 440/4 | €1,302 | €4,873 | +€3,570 | +274.1% |
| Taxes, remuneration and social security | 45 | €148,324 | €147,860 | -€465 | -0.3% |
| Taxes | 450/3 | €148,324 | €147,860 | -€465 | -0.3% |
| Other amounts payable | 47/48 | €1,823,011 | €2,134,740 | +€311,729 | +17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,337 | €13,128 | -€208 | -1.6% |
| Other operating charges | 640/8 | €1,840 | €1,894 | +€54 | +2.9% |
| Gross operating margin | 9900 | €2,381,654 | €3,213,616 | +€831,962 | +34.9% |
| Operating profit (loss) | 9901 | €2,366,478 | €3,198,593 | +€832,116 | +35.2% |
| Financial income | 75/76B | €1,548 | €18,090 | +€16,542 | +1068.6% |
| Recurring financial income | 75 | €1,548 | €18,090 | +€16,542 | +1068.6% |
| Financial charges | 65/66B | €642 | €235 | -€407 | -63.4% |
| Recurring financial charges | 65 | €642 | €235 | -€407 | -63.4% |
| Profit (loss) for the period before taxes | 9903 | €2,367,383 | €3,216,448 | +€849,065 | +35.9% |
| Income taxes | 67/77 | €587,933 | €800,458 | +€212,525 | +36.1% |
| Profit (loss) for the period | 9904 | €1,779,451 | €2,415,990 | +€636,539 | +35.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,779,451 | €2,415,990 | +€636,539 | +35.8% |
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.