ATHENA: what changed
Two fiscal 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
- Receivables within one year +€184,576
up €184,576 (+352.4%), from €52,374 to €236,950
of which Other amounts receivable: +€134,576
- Other debts +€138,700
up €138,700 (+17.0%), from €815,468 to €954,168
- Profit (loss) carried forward +€32,052
up €32,052, from -€30,684 to €1,367
- Trade debts +€22,032
new in 2025: €22,032
- Gross operating margin +€10,973
up €10,973 (+48.1%), from €22,802 to €33,775
- Other operating charges +€530
up €530 (+206.4%), from €257 to €787
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 | €807,513 | €1,000,297 | +€192,783 | +23.9% |
| Fixed assets | 21/28 | €753,550 | €752,688 | -€862 | -0.1% |
| Tangible fixed assets | 22/27 | €3,375 | €2,513 | -€862 | -25.5% |
| Furniture and vehicles | 24 | €3,375 | €2,513 | -€862 | -25.5% |
| Financial fixed assets | 28 | €750,175 | €750,175 | = | 0.0% |
| Current assets | 29/58 | €53,964 | €247,609 | +€193,645 | +358.8% |
| Amounts receivable within one year | 40/41 | €52,374 | €236,950 | +€184,576 | +352.4% |
| Trade receivables | 40 | €47,500 | €97,500 | +€50,000 | +105.3% |
| Other amounts receivable | 41 | €4,874 | €139,450 | +€134,576 | +2761.1% |
| Cash at bank and in hand | 54/58 | €1,590 | €659 | -€931 | -58.6% |
| Deferred charges and accrued income | 490/1 | - | €10,000 | +€10,000 | |
| Total equity and liabilities | 10/49 | €807,513 | €1,000,297 | +€192,783 | +23.9% |
| Equity | 10/15 | -€7,955 | €24,096 | +€32,052 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €16,529 | €16,529 | = | 0.0% |
| 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 | €14,669 | €14,669 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€30,684 | €1,367 | +€32,052 | |
| Amounts payable | 17/49 | €815,468 | €976,200 | +€160,732 | +19.7% |
| Amounts payable within one year | 42/48 | €815,468 | €976,200 | +€160,732 | +19.7% |
| Trade debts | 44 | - | €22,032 | +€22,032 | |
| Suppliers | 440/4 | - | €22,032 | +€22,032 | |
| Other amounts payable | 47/48 | €815,468 | €954,168 | +€138,700 | +17.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €862 | €862 | = | 0.0% |
| Other operating charges | 640/8 | €257 | €787 | +€530 | +206.4% |
| Gross operating margin | 9900 | €22,802 | €33,775 | +€10,973 | +48.1% |
| Operating profit (loss) | 9901 | €21,683 | €32,126 | +€10,443 | +48.2% |
| Financial charges | 65/66B | €80 | €75 | -€5 | -6.4% |
| Recurring financial charges | 65 | €80 | €75 | -€5 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €21,603 | €32,052 | +€10,448 | +48.4% |
| Profit (loss) for the period | 9904 | €21,603 | €32,052 | +€10,448 | +48.4% |
| Profit (loss) for the period to be appropriated | 9905 | €21,603 | €32,052 | +€10,448 | +48.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.