ATHELIA: 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.
ATHELIA
Largest movements
- Current investments +€244,664
up €244,664 (+122%), from €200,791 to €445,455
- Cash -€200,191
down €200,191 (-33.4%), from €600,200 to €400,009
mainly Current investments (-€244,664) and Contributions, distributions and other (-€157,895)
- Receivables within one year +€135,310
up €135,310 (+36.6%), from €370,057 to €505,367
of which Trade receivables: +€145,310
- Other debts +€149,677
up €149,677 (+70,602%), from €212 to €149,889
- Tax, wage and social debts +€89,545
up €89,545 (+178%), from €50,385 to €139,930
- Reserves -€33,870
down €33,870 (-4.8%), from €703,134 to €669,264
of which Distributable reserves: -€33,870
- Trade debts -€19,937
down €19,937 (-7.7%), from €258,182 to €238,245
- Gross operating margin -€41,641
down €41,641 (-18.0%), from €231,849 to €190,208
- Taxes -€11,688
down €11,688 (-15.4%), from €75,798 to €64,110
- Depreciation -€4,156
down €4,156 (-54.3%), from €7,657 to €3,501
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 | €1,178,024 | €1,360,250 | +€182,226 | +15.5% |
| Fixed assets | 21/28 | €3,201 | €2,742 | -€459 | -14.3% |
| Tangible fixed assets | 22/27 | €3,201 | €2,742 | -€459 | -14.3% |
| Furniture and vehicles | 24 | €3,201 | €2,742 | -€459 | -14.3% |
| Current assets | 29/58 | €1,174,823 | €1,357,508 | +€182,685 | +15.6% |
| Amounts receivable within one year | 40/41 | €370,057 | €505,367 | +€135,310 | +36.6% |
| Trade receivables | 40 | €305,057 | €450,367 | +€145,310 | +47.6% |
| Other amounts receivable | 41 | €65,000 | €55,000 | -€10,000 | -15.4% |
| Current investments | 50/53 | €200,791 | €445,455 | +€244,664 | +122% |
| Cash at bank and in hand | 54/58 | €600,200 | €400,009 | -€200,191 | -33.4% |
| Deferred charges and accrued income | 490/1 | €3,775 | €6,677 | +€2,902 | +76.9% |
| Total equity and liabilities | 10/49 | €1,178,024 | €1,360,250 | +€182,226 | +15.5% |
| Equity | 10/15 | €866,056 | €832,186 | -€33,870 | -3.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €703,134 | €669,264 | -€33,870 | -4.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €31,796 | €31,796 | = | 0.0% |
| Distributable reserves | 133 | €669,478 | €635,608 | -€33,870 | -5.1% |
| Profit (loss) carried forward | 14 | €156,722 | €156,722 | = | 0.0% |
| Amounts payable | 17/49 | €311,968 | €528,064 | +€216,096 | +69.3% |
| Amounts payable within one year | 42/48 | €311,968 | €528,064 | +€216,096 | +69.3% |
| Current portion of amounts payable after more than one year | 42 | €3,189 | - | -€3,189 | |
| Trade debts | 44 | €258,182 | €238,245 | -€19,937 | -7.7% |
| Suppliers | 440/4 | €258,182 | €238,245 | -€19,937 | -7.7% |
| Taxes, remuneration and social security | 45 | €50,385 | €139,930 | +€89,545 | +178% |
| Taxes | 450/3 | €50,385 | €139,930 | +€89,545 | +178% |
| Other amounts payable | 47/48 | €212 | €149,889 | +€149,677 | +70,602% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,657 | €3,501 | -€4,156 | -54.3% |
| Other operating charges | 640/8 | €1,658 | €1,693 | +€35 | +2.1% |
| Gross operating margin | 9900 | €231,849 | €190,208 | -€41,641 | -18.0% |
| Operating profit (loss) | 9901 | €222,534 | €185,014 | -€37,520 | -16.9% |
| Financial income | 75/76B | €4,910 | €3,600 | -€1,310 | -26.7% |
| Recurring financial income | 75 | €4,910 | €3,600 | -€1,310 | -26.7% |
| Financial charges | 65/66B | €213 | €479 | +€266 | +125% |
| Recurring financial charges | 65 | €213 | €479 | +€266 | +125% |
| Profit (loss) for the period before taxes | 9903 | €227,231 | €188,135 | -€39,096 | -17.2% |
| Income taxes | 67/77 | €75,798 | €64,110 | -€11,688 | -15.4% |
| Profit (loss) for the period | 9904 | €151,433 | €124,025 | -€27,408 | -18.1% |
| Profit (loss) for the period to be appropriated | 9905 | €151,433 | €124,025 | -€27,408 | -18.1% |
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 23 October 2026 via checked.be.