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
- Tangible fixed assets +€8,249
up €8,249 (+28.4%), from €29,073 to €37,322
of which Plant, machinery and equipment: +€10,575
- Current investments -€6,255
down €6,255 (-5.7%), from €110,310 to €104,055
- Receivables within one year -€4,268
down €4,268 (-36.1%), from €11,830 to €7,562
of which Trade receivables: -€2,418
- Cash -€1,805
down €1,805 (-45.0%), from €4,010 to €2,205
mainly Investment in fixed assets (net) (-€15,556) and Other debts (-€1,874)
- Other debts -€1,874
down €1,874 (-63.8%), from €2,936 to €1,062
- Gross operating margin -€8,735
down €8,735 (-62.6%), from €13,954 to €5,219
- Depreciation -€1,009
down €1,009 (-12.1%), from €8,316 to €7,307
- Financial income +€819
up €819 (+1,430%), from €57 to €877
- Financial charges -€303
down €303 (-82.6%), from €366 to €64
- Other operating charges -€230
down €230 (-64.3%), from €358 to €128
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 | €155,223 | €151,143 | -€4,079 | -2.6% |
| Fixed assets | 21/28 | €29,073 | €37,322 | +€8,249 | +28.4% |
| Tangible fixed assets | 22/27 | €29,073 | €37,322 | +€8,249 | +28.4% |
| Plant, machinery and equipment | 23 | €20,675 | €31,250 | +€10,575 | +51.1% |
| Furniture and vehicles | 24 | €8,398 | €6,072 | -€2,326 | -27.7% |
| Current assets | 29/58 | €126,149 | €113,821 | -€12,328 | -9.8% |
| Amounts receivable within one year | 40/41 | €11,830 | €7,562 | -€4,268 | -36.1% |
| Trade receivables | 40 | €5,042 | €2,624 | -€2,418 | -48.0% |
| Other amounts receivable | 41 | €6,788 | €4,938 | -€1,850 | -27.3% |
| Current investments | 50/53 | €110,310 | €104,055 | -€6,255 | -5.7% |
| Cash at bank and in hand | 54/58 | €4,010 | €2,205 | -€1,805 | -45.0% |
| Total equity and liabilities | 10/49 | €155,223 | €151,143 | -€4,079 | -2.6% |
| Equity | 10/15 | €151,335 | €149,932 | -€1,403 | -0.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €132,743 | €132,743 | = | 0.0% |
| Distributable reserves | 133 | €132,743 | €132,743 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€1,403 | -€1,403 | |
| Amounts payable | 17/49 | €3,888 | €1,212 | -€2,676 | -68.8% |
| Amounts payable within one year | 42/48 | €3,888 | €1,212 | -€2,676 | -68.8% |
| Trade debts | 44 | - | €23 | +€23 | |
| Suppliers | 440/4 | - | €23 | +€23 | |
| Taxes, remuneration and social security | 45 | €952 | €127 | -€825 | -86.7% |
| Taxes | 450/3 | €952 | €127 | -€825 | -86.7% |
| Other amounts payable | 47/48 | €2,936 | €1,062 | -€1,874 | -63.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,316 | €7,307 | -€1,009 | -12.1% |
| Other operating charges | 640/8 | €358 | €128 | -€230 | -64.3% |
| Non-recurring operating charges | 66A | €12,944 | - | -€12,944 | |
| Gross operating margin | 9900 | €13,954 | €5,219 | -€8,735 | -62.6% |
| Operating profit (loss) | 9901 | -€7,664 | -€2,216 | +€5,448 | +71.1% |
| Financial income | 75/76B | €57 | €877 | +€819 | +1,430% |
| Recurring financial income | 75 | €57 | €877 | +€819 | +1,430% |
| Financial charges | 65/66B | €366 | €64 | -€303 | -82.6% |
| Recurring financial charges | 65 | €366 | €64 | -€303 | -82.6% |
| Profit (loss) for the period before taxes | 9903 | -€7,974 | -€1,403 | +€6,570 | +82.4% |
| Income taxes | 67/77 | €38 | - | -€38 | |
| Profit (loss) for the period | 9904 | -€8,011 | -€1,403 | +€6,608 | +82.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,011 | -€1,403 | +€6,608 | +82.5% |
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 21 October 2026 via checked.be.