ATHENA: 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.
ATHENA
Largest movements
- Current investments -€470,528
down €470,528 (-94.0%), from €500,578 to €30,050
- Cash +€328,453
up €328,453 (+3,332%), from €9,858 to €338,310
mainly Current investments (+€470,528) and Stocks and contracts (+€20,831)
- Tangible fixed assets +€35,690
up €35,690 (+34.5%), from €103,543 to €139,233
of which Land and buildings: +€37,689
- Stocks and contracts -€20,831
no longer reported in 2025 (was €20,831)
- Receivables within one year +€16,608
new in 2025: €16,608
of which Trade receivables: +€9,996
- Other debts -€51,776
down €51,776 (-94.4%), from €54,826 to €3,051
- Reserves -€26,301
down €26,301 (-5.0%), from €522,414 to €496,114
of which Distributable reserves: -€26,301
- Tax, wage and social debts -€23,242
down €23,242 (-75.8%), from €30,660 to €7,418
- Gross operating margin -€85,450
down €85,450 (-99.8%), from €85,588 to €137
- Depreciation -€11,661
down €11,661 (-65.2%), from €17,885 to €6,225
- Taxes -€7,215
down €7,215 (-43.8%), from €16,458 to €9,243
- Other operating charges +€5,546
up €5,546 (+131%), from €4,239 to €9,785
From the 31-01-2025 result to the 31-12-2025 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 31-01-2025 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-01-2025 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €635,056 | €525,174 | -€109,881 | -17.3% |
| Fixed assets | 21/28 | €103,789 | €139,479 | +€35,690 | +34.4% |
| Tangible fixed assets | 22/27 | €103,543 | €139,233 | +€35,690 | +34.5% |
| Land and buildings | 22 | €96,654 | €134,343 | +€37,689 | +39.0% |
| Plant, machinery and equipment | 23 | €4,448 | €2,131 | -€2,316 | -52.1% |
| Furniture and vehicles | 24 | €2,442 | €2,758 | +€317 | +13.0% |
| Financial fixed assets | 28 | €246 | €246 | = | 0.0% |
| Current assets | 29/58 | €531,267 | €385,695 | -€145,571 | -27.4% |
| Stocks and contracts in progress | 3 | €20,831 | - | -€20,831 | |
| Stocks | 30/36 | €20,831 | - | -€20,831 | |
| Amounts receivable within one year | 40/41 | - | €16,608 | +€16,608 | |
| Trade receivables | 40 | - | €9,996 | +€9,996 | |
| Other amounts receivable | 41 | - | €6,612 | +€6,612 | |
| Current investments | 50/53 | €500,578 | €30,050 | -€470,528 | -94.0% |
| Cash at bank and in hand | 54/58 | €9,858 | €338,310 | +€328,453 | +3,332% |
| Deferred charges and accrued income | 490/1 | - | €728 | +€728 | |
| Total equity and liabilities | 10/49 | €635,056 | €525,174 | -€109,881 | -17.3% |
| Equity | 10/15 | €541,006 | €514,706 | -€26,301 | -4.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €522,414 | €496,114 | -€26,301 | -5.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €520,555 | €494,254 | -€26,301 | -5.1% |
| Amounts payable | 17/49 | €94,050 | €10,469 | -€83,581 | -88.9% |
| Amounts payable within one year | 42/48 | €94,050 | €10,469 | -€83,581 | -88.9% |
| Current portion of amounts payable after more than one year | 42 | €2,448 | - | -€2,448 | |
| Trade debts | 44 | €6,115 | - | -€6,115 | |
| Suppliers | 440/4 | €6,115 | - | -€6,115 | |
| Taxes, remuneration and social security | 45 | €30,660 | €7,418 | -€23,242 | -75.8% |
| Taxes | 450/3 | €30,660 | €7,418 | -€23,242 | -75.8% |
| Other amounts payable | 47/48 | €54,826 | €3,051 | -€51,776 | -94.4% |
| Non-recurring operating income | 76A | - | €7,240 | +€7,240 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,885 | €6,225 | -€11,661 | -65.2% |
| Other operating charges | 640/8 | €4,239 | €9,785 | +€5,546 | +131% |
| Gross operating margin | 9900 | €85,588 | €137 | -€85,450 | -99.8% |
| Operating profit (loss) | 9901 | €63,463 | -€15,873 | -€79,336 | |
| Financial income | 75/76B | €2,869 | €2,517 | -€352 | -12.3% |
| Recurring financial income | 75 | €2,869 | €2,517 | -€352 | -12.3% |
| Financial charges | 65/66B | €1,377 | €2,036 | +€659 | +47.9% |
| Recurring financial charges | 65 | €1,377 | €2,036 | +€659 | +47.9% |
| Profit (loss) for the period before taxes | 9903 | €64,955 | -€15,391 | -€80,347 | |
| Income taxes | 67/77 | €16,458 | €9,243 | -€7,215 | -43.8% |
| Profit (loss) for the period | 9904 | €48,497 | -€24,635 | -€73,132 | |
| Profit (loss) for the period to be appropriated | 9905 | €48,497 | -€24,635 | -€73,132 |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.