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 -€30,000
down €30,000 (-5.1%), from €591,370 to €561,370
- Cash +€11,061
up €11,061, from €0 to €11,061
mainly Other debts (+€35,471) and Net result for the year (+€31,137)
- Debts after one year -€68,738
down €68,738 (-24.8%), from €277,006 to €208,268
- Other debts +€35,471
up €35,471 (+88.8%), from €39,958 to €75,429
- Reserves +€31,137
up €31,137 (+19.0%), from €163,791 to €194,929
- Tax, wage and social debts -€14,945
down €14,945 (-42.5%), from €35,171 to €20,226
of which Taxes: -€8,416
- Trade debts -€13,267
down €13,267 (-82.3%), from €16,128 to €2,862
- Gross operating margin -€135,159
down €135,159 (-44.2%), from €305,523 to €170,364
- Staff costs -€38,293
down €38,293 (-34.4%), from €111,319 to €73,026
- Taxes -€22,256
down €22,256 (-68.9%), from €32,296 to €10,040
- Financial charges +€6,087
up €6,087 (+109%), from €5,560 to €11,647
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 | €622,675 | €602,166 | -€20,509 | -3.3% |
| Fixed assets | 21/28 | €591,370 | €561,370 | -€30,000 | -5.1% |
| Tangible fixed assets | 22/27 | €591,370 | €561,370 | -€30,000 | -5.1% |
| Land and buildings | 22 | €591,370 | €561,370 | -€30,000 | -5.1% |
| Current assets | 29/58 | €31,305 | €40,796 | +€9,491 | +30.3% |
| Amounts receivable within one year | 40/41 | €27,250 | €27,930 | +€681 | +2.5% |
| Trade receivables | 40 | €27,248 | €27,930 | +€682 | +2.5% |
| Other amounts receivable | 41 | €1 | €0 | -€1 | -100% |
| Cash at bank and in hand | 54/58 | €0 | €11,061 | +€11,061 | |
| Deferred charges and accrued income | 490/1 | €4,056 | €1,805 | -€2,251 | -55.5% |
| Total equity and liabilities | 10/49 | €622,675 | €602,166 | -€20,509 | -3.3% |
| Equity | 10/15 | €182,391 | €213,529 | +€31,137 | +17.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €163,791 | €194,929 | +€31,137 | +19.0% |
| Distributable reserves | 133 | €163,791 | €194,929 | +€31,137 | +19.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €440,284 | €388,637 | -€51,646 | -11.7% |
| Amounts payable after more than one year | 17 | €277,006 | €208,268 | -€68,738 | -24.8% |
| Financial debts | 170/4 | €277,006 | €208,268 | -€68,738 | -24.8% |
| Amounts payable within one year | 42/48 | €162,633 | €167,255 | +€4,622 | +2.8% |
| Current portion of amounts payable after more than one year | 42 | €66,387 | €68,738 | +€2,351 | +3.5% |
| Financial debts | 43 | €4,989 | €0 | -€4,989 | -100% |
| Credit institutions | 430/8 | €4,989 | €0 | -€4,989 | -100% |
| Trade debts | 44 | €16,128 | €2,862 | -€13,267 | -82.3% |
| Suppliers | 440/4 | €16,128 | €2,862 | -€13,267 | -82.3% |
| Taxes, remuneration and social security | 45 | €35,171 | €20,226 | -€14,945 | -42.5% |
| Taxes | 450/3 | €13,506 | €5,090 | -€8,416 | -62.3% |
| Remuneration and social security | 454/9 | €21,665 | €15,137 | -€6,528 | -30.1% |
| Other amounts payable | 47/48 | €39,958 | €75,429 | +€35,471 | +88.8% |
| Accrued charges and deferred income | 492/3 | €644 | €13,114 | +€12,470 | +1,935% |
| Remuneration, social security and pensions | 62 | €111,319 | €73,026 | -€38,293 | -34.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,000 | €30,000 | = | 0.0% |
| Other operating charges | 640/8 | €14,057 | €14,514 | +€457 | +3.3% |
| Gross operating margin | 9900 | €305,523 | €170,364 | -€135,159 | -44.2% |
| Operating profit (loss) | 9901 | €150,148 | €52,824 | -€97,324 | -64.8% |
| Financial charges | 65/66B | €5,560 | €11,647 | +€6,087 | +109% |
| Recurring financial charges | 65 | €5,560 | €11,647 | +€6,087 | +109% |
| Profit (loss) for the period before taxes | 9903 | €144,588 | €41,177 | -€103,411 | -71.5% |
| Income taxes | 67/77 | €32,296 | €10,040 | -€22,256 | -68.9% |
| Profit (loss) for the period | 9904 | €112,292 | €31,137 | -€81,154 | -72.3% |
| Profit (loss) for the period to be appropriated | 9905 | €112,292 | €31,137 | -€81,154 | -72.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.