Athena Holding: 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 Holding
Largest movements
- Current investments -€130,000
down €130,000 (-53.1%), from €245,000 to €115,000
- Cash +€46,090
up €46,090 (+650.2%), from €7,089 to €53,179
mainly Current investments (+€130,000) and Trade debts (+€23,976)
- Receivables within one year +€36,121
up €36,121 (+5499.9%), from €657 to €36,778
of which Trade receivables: +€36,222
- Profit (loss) carried forward -€72,717
down €72,717 (-278.5%), from -€26,107 to -€98,825
- Trade debts +€23,976
up €23,976 (+243.5%), from €9,845 to €33,821
- Gross operating margin -€54,984
down €54,984 (-293.7%), from -€18,724 to -€73,707
- Financial income +€2,011
up €2,011 (+198.9%), from €1,011 to €3,022
- Depreciation +€1,178
up €1,178 (+625.3%), from €188 to €1,366
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 | €1,218,529 | €1,171,488 | -€47,042 | -3.9% |
| Fixed assets | 21/28 | €965,576 | €966,439 | +€863 | +0.1% |
| Tangible fixed assets | 22/27 | €5,576 | €6,439 | +€863 | +15.5% |
| Furniture and vehicles | 24 | €5,576 | €6,439 | +€863 | +15.5% |
| Financial fixed assets | 28 | €960,000 | €960,000 | = | 0.0% |
| Current assets | 29/58 | €252,953 | €205,048 | -€47,905 | -18.9% |
| Amounts receivable within one year | 40/41 | €657 | €36,778 | +€36,121 | +5499.9% |
| Trade receivables | 40 | - | €36,222 | +€36,222 | |
| Other amounts receivable | 41 | €657 | €556 | -€101 | -15.3% |
| Current investments | 50/53 | €245,000 | €115,000 | -€130,000 | -53.1% |
| Cash at bank and in hand | 54/58 | €7,089 | €53,179 | +€46,090 | +650.2% |
| Deferred charges and accrued income | 490/1 | €207 | €92 | -€116 | -55.7% |
| Total equity and liabilities | 10/49 | €1,218,529 | €1,171,488 | -€47,042 | -3.9% |
| Equity | 10/15 | €1,193,893 | €1,121,175 | -€72,717 | -6.1% |
| Contributions | 10/11 | €1,220,000 | €1,220,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€26,107 | -€98,825 | -€72,717 | -278.5% |
| Amounts payable | 17/49 | €24,636 | €50,312 | +€25,676 | +104.2% |
| Amounts payable within one year | 42/48 | €12,636 | €44,559 | +€31,923 | +252.6% |
| Trade debts | 44 | €9,845 | €33,821 | +€23,976 | +243.5% |
| Suppliers | 440/4 | €9,845 | €33,821 | +€23,976 | +243.5% |
| Other amounts payable | 47/48 | €2,792 | €10,739 | +€7,947 | +284.7% |
| Accrued charges and deferred income | 492/3 | €12,000 | €5,753 | -€6,247 | -52.1% |
| Non-recurring operating income | 76A | - | €50,000 | +€50,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €188 | €1,366 | +€1,178 | +625.3% |
| Other operating charges | 640/8 | €484 | €213 | -€271 | -56.0% |
| Non-recurring operating charges | 66A | - | €308 | +€308 | |
| Gross operating margin | 9900 | -€18,724 | -€73,707 | -€54,984 | -293.7% |
| Operating profit (loss) | 9901 | -€19,396 | -€75,595 | -€56,198 | -289.7% |
| Financial income | 75/76B | €1,011 | €3,022 | +€2,011 | +198.9% |
| Recurring financial income | 75 | €1,011 | €3,022 | +€2,011 | +198.9% |
| Financial charges | 65/66B | €94 | €145 | +€51 | +54.8% |
| Recurring financial charges | 65 | €94 | €145 | +€51 | +54.8% |
| Profit (loss) for the period before taxes | 9903 | -€18,479 | -€72,717 | -€54,239 | -293.5% |
| Income taxes | 67/77 | €270 | - | -€270 | |
| Profit (loss) for the period | 9904 | -€18,749 | -€72,717 | -€53,968 | -287.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,749 | -€72,717 | -€53,968 | -287.8% |
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 3 October 2026 via checked.be.