ATHENA JF: 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 JF
Largest movements
- Cash +€138,085
up €138,085 (+364%), from €37,969 to €176,055
mainly Net result for the year (+€268,792) and Current portion of long-term debt (+€2,933)
- Current investments +€53,354
up €53,354 (+35.1%), from €151,806 to €205,160
- Receivables within one year +€35,616
up €35,616 (+3,523%), from €1,011 to €36,627
of which Trade receivables: +€35,000
- Reserves +€268,792
up €268,792 (+63.3%), from €424,610 to €693,402
- Debts after one year -€28,960
down €28,960 (-30.1%), from €96,166 to €67,206
- Financial income +€120,261
up €120,261 (+90.6%), from €132,701 to €252,962
- Gross operating margin +€12,336
up €12,336 (+82.6%), from €14,936 to €27,272
- Taxes +€3,433
up €3,433 (+71.5%), from €4,799 to €8,232
- Depreciation -€405
no longer reported in 2025 (was €405)
- Financial charges -€356
down €356 (-12.8%), from €2,774 to €2,418
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 | €593,405 | €820,469 | +€227,063 | +38.3% |
| Fixed assets | 21/28 | €401,226 | €401,226 | = | 0.0% |
| Financial fixed assets | 28 | €401,226 | €401,226 | = | 0.0% |
| Current assets | 29/58 | €192,179 | €419,243 | +€227,063 | +118% |
| Amounts receivable within one year | 40/41 | €1,011 | €36,627 | +€35,616 | +3,523% |
| Trade receivables | 40 | - | €35,000 | +€35,000 | |
| Other amounts receivable | 41 | €1,011 | €1,627 | +€616 | +60.9% |
| Current investments | 50/53 | €151,806 | €205,160 | +€53,354 | +35.1% |
| Cash at bank and in hand | 54/58 | €37,969 | €176,055 | +€138,085 | +364% |
| Deferred charges and accrued income | 490/1 | €1,393 | €1,400 | +€8 | +0.6% |
| Total equity and liabilities | 10/49 | €593,405 | €820,469 | +€227,063 | +38.3% |
| Equity | 10/15 | €449,610 | €718,402 | +€268,792 | +59.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €424,610 | €693,402 | +€268,792 | +63.3% |
| Distributable reserves | 133 | €424,610 | €693,402 | +€268,792 | +63.3% |
| Amounts payable | 17/49 | €143,795 | €102,067 | -€41,728 | -29.0% |
| Amounts payable after more than one year | 17 | €96,166 | €67,206 | -€28,960 | -30.1% |
| Financial debts | 170/4 | €96,166 | €67,206 | -€28,960 | -30.1% |
| Amounts payable within one year | 42/48 | €47,629 | €34,861 | -€12,768 | -26.8% |
| Current portion of amounts payable after more than one year | 42 | €28,416 | €31,349 | +€2,933 | +10.3% |
| Trade debts | 44 | €6,533 | - | -€6,533 | |
| Suppliers | 440/4 | €6,533 | - | -€6,533 | |
| Taxes, remuneration and social security | 45 | €9,759 | €3,476 | -€6,283 | -64.4% |
| Taxes | 450/3 | €9,759 | €3,476 | -€6,283 | -64.4% |
| Other amounts payable | 47/48 | €2,921 | €36 | -€2,885 | -98.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €405 | - | -€405 | |
| Other operating charges | 640/8 | €518 | €792 | +€273 | +52.7% |
| Gross operating margin | 9900 | €14,936 | €27,272 | +€12,336 | +82.6% |
| Operating profit (loss) | 9901 | €14,013 | €26,480 | +€12,467 | +89.0% |
| Financial income | 75/76B | €132,701 | €252,962 | +€120,261 | +90.6% |
| Recurring financial income | 75 | €132,701 | €252,962 | +€120,261 | +90.6% |
| Financial charges | 65/66B | €2,774 | €2,418 | -€356 | -12.8% |
| Recurring financial charges | 65 | €2,774 | €2,418 | -€356 | -12.8% |
| Profit (loss) for the period before taxes | 9903 | €143,940 | €277,024 | +€133,084 | +92.5% |
| Income taxes | 67/77 | €4,799 | €8,232 | +€3,433 | +71.5% |
| Profit (loss) for the period | 9904 | €139,141 | €268,792 | +€129,651 | +93.2% |
| Profit (loss) for the period to be appropriated | 9905 | €139,141 | €268,792 | +€129,651 | +93.2% |
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 22 October 2026 via checked.be.