ATHENA VENTURES: 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 VENTURES
Largest movements
- Receivables within one year -€99,680
down €99,680 (-85.1%), from €117,133 to €17,453
- Cash +€59,847
up €59,847 (+14,973%), from €400 to €60,246
mainly Receivables within one year (+€99,680) and Net result for the year (+€89,592)
- Trade debts -€115,669
down €115,669 (-96.6%), from €119,721 to €4,052
- Profit (loss) carried forward +€89,592
up €89,592 (+518%), from €17,304 to €106,896
- Debts after one year -€48,500
down €48,500 (-27.2%), from €178,500 to €130,000
- Tax, wage and social debts +€22,244
up €22,244 (+193%), from €11,508 to €33,751
- Current portion of long-term debt +€12,500
up €12,500 (+42.4%), from €29,500 to €42,000
- Gross operating margin +€91,226
up €91,226 (+414%), from €22,034 to €113,260
- Taxes +€18,871
up €18,871 (+436%), from €4,326 to €23,197
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 | €367,533 | €327,699 | -€39,833 | -10.8% |
| Fixed assets | 21/28 | €250,000 | €250,000 | = | 0.0% |
| Financial fixed assets | 28 | €250,000 | €250,000 | = | 0.0% |
| Current assets | 29/58 | €117,533 | €77,699 | -€39,833 | -33.9% |
| Amounts receivable within one year | 40/41 | €117,133 | €17,453 | -€99,680 | -85.1% |
| Trade receivables | 40 | €117,133 | €17,453 | -€99,680 | -85.1% |
| Cash at bank and in hand | 54/58 | €400 | €60,246 | +€59,847 | +14,973% |
| Total equity and liabilities | 10/49 | €367,533 | €327,699 | -€39,833 | -10.8% |
| Equity | 10/15 | €18,304 | €107,896 | +€89,592 | +489% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,304 | €106,896 | +€89,592 | +518% |
| Amounts payable | 17/49 | €349,229 | €219,804 | -€129,425 | -37.1% |
| Amounts payable after more than one year | 17 | €178,500 | €130,000 | -€48,500 | -27.2% |
| Other amounts payable | 178/9 | €178,500 | €130,000 | -€48,500 | -27.2% |
| Amounts payable within one year | 42/48 | €170,729 | €89,804 | -€80,925 | -47.4% |
| Current portion of amounts payable after more than one year | 42 | €29,500 | €42,000 | +€12,500 | +42.4% |
| Trade debts | 44 | €119,721 | €4,052 | -€115,669 | -96.6% |
| Suppliers | 440/4 | €119,721 | €4,052 | -€115,669 | -96.6% |
| Taxes, remuneration and social security | 45 | €11,508 | €33,751 | +€22,244 | +193% |
| Taxes | 450/3 | €11,508 | €33,751 | +€22,244 | +193% |
| Other amounts payable | 47/48 | €10,000 | €10,000 | = | 0.0% |
| Other operating charges | 640/8 | €399 | €400 | +€1 | +0.3% |
| Gross operating margin | 9900 | €22,034 | €113,260 | +€91,226 | +414% |
| Operating profit (loss) | 9901 | €21,636 | €112,861 | +€91,225 | +422% |
| Financial charges | 65/66B | €6 | €72 | +€66 | +1,120% |
| Recurring financial charges | 65 | €6 | €72 | +€66 | +1,120% |
| Profit (loss) for the period before taxes | 9903 | €21,630 | €112,789 | +€91,159 | +421% |
| Income taxes | 67/77 | €4,326 | €23,197 | +€18,871 | +436% |
| Profit (loss) for the period | 9904 | €17,304 | €89,592 | +€72,288 | +418% |
| Profit (loss) for the period to be appropriated | 9905 | €17,304 | €89,592 | +€72,288 | +418% |
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 15 October 2026 via checked.be.