ATHELA: 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.
ATHELA
Largest movements
- Tangible fixed assets -€182,452
down €182,452 (-35.8%), from €509,512 to €327,060
of which Plant, machinery and equipment: -€175,597
- Current investments -€62,757
down €62,757 (-15.3%), from €409,379 to €346,622
- Cash -€30,388
down €30,388 (-30.5%), from €99,625 to €69,237
mainly Debts after one year (-€165,136) and Trade debts (-€90,747)
- Debts after one year -€165,136
down €165,136 (-66.4%), from €248,542 to €83,406
- Trade debts -€90,747
down €90,747 (-19.8%), from €458,589 to €367,841
- Profit (loss) carried forward -€52,800
down €52,800 (-39.6%), from -€133,481 to -€186,281
- Tax, wage and social debts +€42,324
up €42,324 (+34.2%), from €123,608 to €165,932
- Gross operating margin +€103,460
up €103,460 (+7.8%), from €1.3m to €1.4m
- Staff costs +€65,571
up €65,571 (+5.6%), from €1.2m to €1.2m
- Write-downs +€16,704
new in 2025: €16,704
- Financial income +€14,320
up €14,320 (+191.6%), from €7,475 to €21,796
of which Non-recurring financial income: +€18,409
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 | €1,178,774 | €913,034 | -€265,740 | -22.5% |
| Formation expenses | 20 | €123 | - | -€123 | |
| Fixed assets | 21/28 | €510,107 | €327,655 | -€182,452 | -35.8% |
| Tangible fixed assets | 22/27 | €509,512 | €327,060 | -€182,452 | -35.8% |
| Plant, machinery and equipment | 23 | €487,267 | €311,670 | -€175,597 | -36.0% |
| Furniture and vehicles | 24 | €22,245 | €15,390 | -€6,855 | -30.8% |
| Financial fixed assets | 28 | €595 | €595 | = | 0.0% |
| Current assets | 29/58 | €668,544 | €585,379 | -€83,165 | -12.4% |
| Stocks and contracts in progress | 3 | €26,855 | €22,889 | -€3,966 | -14.8% |
| Stocks | 30/36 | €26,855 | €22,889 | -€3,966 | -14.8% |
| Amounts receivable within one year | 40/41 | €107,735 | €119,029 | +€11,294 | +10.5% |
| Trade receivables | 40 | €78,121 | €99,200 | +€21,078 | +27.0% |
| Other amounts receivable | 41 | €29,614 | €19,829 | -€9,785 | -33.0% |
| Current investments | 50/53 | €409,379 | €346,622 | -€62,757 | -15.3% |
| Cash at bank and in hand | 54/58 | €99,625 | €69,237 | -€30,388 | -30.5% |
| Deferred charges and accrued income | 490/1 | €24,950 | €27,602 | +€2,653 | +10.6% |
| Total equity and liabilities | 10/49 | €1,178,774 | €913,034 | -€265,740 | -22.5% |
| Equity | 10/15 | €183,519 | €130,719 | -€52,800 | -28.8% |
| Contributions | 10/11 | €317,000 | €317,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€133,481 | -€186,281 | -€52,800 | -39.6% |
| Amounts payable | 17/49 | €995,254 | €782,315 | -€212,940 | -21.4% |
| Amounts payable after more than one year | 17 | €248,542 | €83,406 | -€165,136 | -66.4% |
| Financial debts | 170/4 | €248,542 | €83,406 | -€165,136 | -66.4% |
| Amounts payable within one year | 42/48 | €745,128 | €698,909 | -€46,219 | -6.2% |
| Current portion of amounts payable after more than one year | 42 | €162,931 | €165,136 | +€2,205 | +1.4% |
| Trade debts | 44 | €458,589 | €367,841 | -€90,747 | -19.8% |
| Suppliers | 440/4 | €458,589 | €367,841 | -€90,747 | -19.8% |
| Taxes, remuneration and social security | 45 | €123,608 | €165,932 | +€42,324 | +34.2% |
| Remuneration and social security | 454/9 | €123,608 | €165,932 | +€42,324 | +34.2% |
| Accrued charges and deferred income | 492/3 | €1,585 | - | -€1,585 | |
| Remuneration, social security and pensions | 62 | €1,175,005 | €1,240,577 | +€65,571 | +5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €191,425 | €194,608 | +€3,182 | +1.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €16,704 | +€16,704 | |
| Other operating charges | 640/8 | €15,795 | €25,405 | +€9,610 | +60.8% |
| Gross operating margin | 9900 | €1,322,358 | €1,425,818 | +€103,460 | +7.8% |
| Operating profit (loss) | 9901 | -€59,868 | -€51,476 | +€8,392 | +14.0% |
| Financial income | 75/76B | €7,475 | €21,796 | +€14,320 | +191.6% |
| Recurring financial income | 75 | €7,475 | €3,386 | -€4,089 | -54.7% |
| Non-recurring financial income | 76B | - | €18,409 | +€18,409 | |
| Financial charges | 65/66B | €25,331 | €22,783 | -€2,548 | -10.1% |
| Recurring financial charges | 65 | €25,331 | €22,783 | -€2,548 | -10.1% |
| Profit (loss) for the period before taxes | 9903 | -€77,723 | -€52,463 | +€25,260 | +32.5% |
| Income taxes | 67/77 | €345 | €337 | -€8 | -2.3% |
| Profit (loss) for the period | 9904 | -€78,068 | -€52,800 | +€25,268 | +32.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€78,068 | -€52,800 | +€25,268 | +32.4% |
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 10 October 2026 via checked.be.