ATHAGO: what changed
Two fiscal 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.
ATHAGO
Largest movements
- Receivables within one year -€239,351
down €239,351 (-76.6%), from €312,474 to €73,123
of which Other amounts receivable: -€203,081
- Cash -€45,825
down €45,825 (-79.7%), from €57,471 to €11,646
mainly Net result for the year (-€138,707) and Current portion of long-term debt (-€102,036)
- Stocks and contracts +€38,841
up €38,841 (+24.9%), from €156,146 to €194,987
of which Contracts in progress: +€38,841
- Tangible fixed assets -€37,411
down €37,411 (-10.8%), from €347,990 to €310,579
of which Land and buildings: -€21,495
- Financial fixed assets -€18,268
down €18,268 (-52.8%), from €34,581 to €16,313
- Profit (loss) carried forward -€138,707
down €138,707 (-143.4%), from -€96,721 to -€235,428
- Current portion of long-term debt -€102,036
down €102,036 (-72.3%), from €141,101 to €39,065
- Debts after one year -€39,065
down €39,065 (-44.1%), from €88,669 to €49,603
- Trade debts -€21,233
down €21,233 (-54.4%), from €39,064 to €17,831
- Tax, wage and social debts -€12,837
down €12,837 (-81.2%), from €15,805 to €2,968
of which Taxes: -€8,187
- Gross operating margin -€44,842
down €44,842, from €18,274 to -€26,568
- Staff costs -€26,218
down €26,218 (-33.9%), from €77,295 to €51,077
- Depreciation +€3,761
up €3,761 (+11.2%), from €33,650 to €37,411
- Other operating charges +€2,910
up €2,910 (+56.7%), from €5,130 to €8,040
- Financial charges +€1,011
up €1,011 (+6.9%), from €14,602 to €15,613
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 | €914,253 | €612,623 | -€301,630 | -33.0% |
| Fixed assets | 21/28 | €382,571 | €326,892 | -€55,679 | -14.6% |
| Tangible fixed assets | 22/27 | €347,990 | €310,579 | -€37,411 | -10.8% |
| Land and buildings | 22 | €297,602 | €276,106 | -€21,495 | -7.2% |
| Plant, machinery and equipment | 23 | €5,105 | €1,992 | -€3,112 | -61.0% |
| Furniture and vehicles | 24 | €45,284 | €32,481 | -€12,803 | -28.3% |
| Financial fixed assets | 28 | €34,581 | €16,313 | -€18,268 | -52.8% |
| Current assets | 29/58 | €531,682 | €285,731 | -€245,951 | -46.3% |
| Stocks and contracts in progress | 3 | €156,146 | €194,987 | +€38,841 | +24.9% |
| Stocks | 30/36 | €4,793 | €4,793 | = | 0.0% |
| Contracts in progress | 37 | €151,353 | €190,194 | +€38,841 | +25.7% |
| Amounts receivable within one year | 40/41 | €312,474 | €73,123 | -€239,351 | -76.6% |
| Trade receivables | 40 | €58,108 | €21,837 | -€36,271 | -62.4% |
| Other amounts receivable | 41 | €254,367 | €51,286 | -€203,081 | -79.8% |
| Cash at bank and in hand | 54/58 | €57,471 | €11,646 | -€45,825 | -79.7% |
| Deferred charges and accrued income | 490/1 | €5,591 | €5,975 | +€384 | +6.9% |
| Total equity and liabilities | 10/49 | €914,253 | €612,623 | -€301,630 | -33.0% |
| Equity | 10/15 | €438,245 | €299,539 | -€138,707 | -31.7% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Revaluation surpluses | 12 | €129,466 | €129,466 | = | 0.0% |
| Reserves | 13 | €340,500 | €340,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Distributable reserves | 133 | €334,000 | €334,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€96,721 | -€235,428 | -€138,707 | -143.4% |
| Amounts payable | 17/49 | €476,008 | €313,084 | -€162,924 | -34.2% |
| Amounts payable after more than one year | 17 | €88,669 | €49,603 | -€39,065 | -44.1% |
| Financial debts | 170/4 | €88,669 | €49,603 | -€39,065 | -44.1% |
| Amounts payable within one year | 42/48 | €387,339 | €261,423 | -€125,917 | -32.5% |
| Current portion of amounts payable after more than one year | 42 | €141,101 | €39,065 | -€102,036 | -72.3% |
| Financial debts | 43 | €190,000 | €190,000 | = | 0.0% |
| Credit institutions | 430/8 | €190,000 | €190,000 | = | 0.0% |
| Trade debts | 44 | €39,064 | €17,831 | -€21,233 | -54.4% |
| Suppliers | 440/4 | €39,064 | €17,831 | -€21,233 | -54.4% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €15,805 | €2,968 | -€12,837 | -81.2% |
| Taxes | 450/3 | €11,155 | €2,968 | -€8,187 | -73.4% |
| Remuneration and social security | 454/9 | €4,650 | €0 | -€4,650 | -100.0% |
| Other amounts payable | 47/48 | €1,370 | €11,558 | +€10,189 | +743.9% |
| Accrued charges and deferred income | 492/3 | - | €2,058 | +€2,058 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €77,295 | €51,077 | -€26,218 | -33.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,650 | €37,411 | +€3,761 | +11.2% |
| Other operating charges | 640/8 | €5,130 | €8,040 | +€2,910 | +56.7% |
| Gross operating margin | 9900 | €18,274 | -€26,568 | -€44,842 | |
| Operating profit (loss) | 9901 | -€97,800 | -€123,095 | -€25,295 | -25.9% |
| Financial income | 75/76B | €12 | €2 | -€10 | -84.6% |
| Recurring financial income | 75 | €12 | €2 | -€10 | -84.6% |
| Financial charges | 65/66B | €14,602 | €15,613 | +€1,011 | +6.9% |
| Recurring financial charges | 65 | €14,602 | €15,613 | +€1,011 | +6.9% |
| Profit (loss) for the period before taxes | 9903 | -€112,391 | -€138,707 | -€26,316 | -23.4% |
| Profit (loss) for the period | 9904 | -€112,391 | -€138,707 | -€26,316 | -23.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€112,391 | -€138,707 | -€26,316 | -23.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.