ATHENA MANAGEMENT: 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 MANAGEMENT
Largest movements
- Tangible fixed assets -€9,578
down €9,578 (-6.0%), from €159,330 to €149,752
of which Land and buildings: -€11,350
- Receivables within one year -€6,572
down €6,572 (-68.7%), from €9,564 to €2,992
of which Other amounts receivable: -€5,808
- Debts after one year -€17,036
down €17,036 (-18.4%), from €92,624 to €75,588
- Tax, wage and social debts +€5,666
up €5,666 (+115%), from €4,936 to €10,602
- Current portion of long-term debt -€5,597
down €5,597 (-20.3%), from €27,626 to €22,029
- Depreciation -€3,630
down €3,630 (-24.0%), from €15,126 to €11,496
- Other operating charges -€1,758
down €1,758 (-22.3%), from €7,880 to €6,122
- Taxes +€1,026
up €1,026 (+74.0%), from €1,386 to €2,412
- Gross operating margin -€391
down €391 (-1.3%), from €29,018 to €28,627
- Financial income +€329
up €329 (+8,225%), from €4 to €333
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 | €187,581 | €170,553 | -€17,028 | -9.1% |
| Fixed assets | 21/28 | €159,505 | €149,927 | -€9,578 | -6.0% |
| Tangible fixed assets | 22/27 | €159,330 | €149,752 | -€9,578 | -6.0% |
| Land and buildings | 22 | €159,330 | €147,980 | -€11,350 | -7.1% |
| Furniture and vehicles | 24 | - | €1,772 | +€1,772 | |
| Financial fixed assets | 28 | €175 | €175 | = | 0.0% |
| Current assets | 29/58 | €28,076 | €20,626 | -€7,450 | -26.5% |
| Amounts receivable after more than one year | 29 | €15,700 | €15,700 | = | 0.0% |
| Trade receivables | 290 | €15,700 | €15,700 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €9,564 | €2,992 | -€6,572 | -68.7% |
| Trade receivables | 40 | €1,219 | €455 | -€764 | -62.7% |
| Other amounts receivable | 41 | €8,345 | €2,537 | -€5,808 | -69.6% |
| Cash at bank and in hand | 54/58 | €2,812 | €1,934 | -€878 | -31.2% |
| Total equity and liabilities | 10/49 | €187,581 | €170,553 | -€17,028 | -9.1% |
| Equity | 10/15 | €41,498 | €43,177 | +€1,679 | +4.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €31,551 | €31,551 | = | 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 | €29,691 | €29,691 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,653 | -€6,974 | +€1,679 | +19.4% |
| Amounts payable | 17/49 | €146,083 | €127,376 | -€18,707 | -12.8% |
| Amounts payable after more than one year | 17 | €92,624 | €75,588 | -€17,036 | -18.4% |
| Financial debts | 170/4 | €92,624 | €75,588 | -€17,036 | -18.4% |
| Amounts payable within one year | 42/48 | €53,459 | €51,788 | -€1,671 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €27,626 | €22,029 | -€5,597 | -20.3% |
| Financial debts | 43 | €8,753 | €8,519 | -€234 | -2.7% |
| Credit institutions | 430/8 | €8,753 | €8,519 | -€234 | -2.7% |
| Trade debts | 44 | €9,587 | €8,045 | -€1,542 | -16.1% |
| Suppliers | 440/4 | €9,587 | €8,045 | -€1,542 | -16.1% |
| Taxes, remuneration and social security | 45 | €4,936 | €10,602 | +€5,666 | +115% |
| Taxes | 450/3 | €4,936 | €10,602 | +€5,666 | +115% |
| Other amounts payable | 47/48 | €2,557 | €2,593 | +€36 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,126 | €11,496 | -€3,630 | -24.0% |
| Other operating charges | 640/8 | €7,880 | €6,122 | -€1,758 | -22.3% |
| Gross operating margin | 9900 | €29,018 | €28,627 | -€391 | -1.3% |
| Operating profit (loss) | 9901 | €6,012 | €11,009 | +€4,997 | +83.1% |
| Financial income | 75/76B | €4 | €333 | +€329 | +8,225% |
| Recurring financial income | 75 | €4 | €333 | +€329 | +8,225% |
| Financial charges | 65/66B | €7,573 | €7,251 | -€322 | -4.3% |
| Recurring financial charges | 65 | €7,573 | €7,251 | -€322 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | -€1,557 | €4,091 | +€5,648 | |
| Income taxes | 67/77 | €1,386 | €2,412 | +€1,026 | +74.0% |
| Profit (loss) for the period | 9904 | -€2,943 | €1,679 | +€4,622 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,943 | €1,679 | +€4,622 |
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 16 October 2026 via checked.be.