ATHENAE: 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.
ATHENAE
Largest movements
- Receivables within one year +€43,914
up €43,914 (+55.5%), from €79,125 to €123,039
of which Other amounts receivable: +€49,640
- Cash +€20,018
up €20,018 (+185184.0%), from €11 to €20,029
mainly Net result for the year (+€49,815) and Other debts (+€18,050)
- Receivables after one year -€14,896
down €14,896 (-13.1%), from €113,778 to €98,881
- Tangible fixed assets -€4,431
down €4,431 (-6.1%), from €73,068 to €68,637
of which Land and buildings: -€6,511
- Reserves +€30,000
up €30,000 (+29.9%), from €100,435 to €130,435
- Other debts +€18,050
new in 2025: €18,050
- Tax, wage and social debts +€11,693
up €11,693 (+93.9%), from €12,450 to €24,144
- Current portion of long-term debt -€10,604
down €10,604 (-100.0%), from €10,604 to €0
- Trade debts -€7,635
down €7,635 (-73.2%), from €10,437 to €2,802
- Gross operating margin +€36,174
up €36,174 (+77.0%), from €46,975 to €83,149
- Taxes +€12,347
up €12,347 (+90.9%), from €13,582 to €25,929
- Depreciation +€3,690
up €3,690 (+56.6%), from €6,514 to €10,204
- Other operating charges +€1,384
up €1,384 (+98.1%), from €1,410 to €2,795
- Financial charges -€1,349
down €1,349 (-54.2%), from €2,490 to €1,141
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 | €266,086 | €310,845 | +€44,760 | +16.8% |
| Fixed assets | 21/28 | €73,068 | €68,637 | -€4,431 | -6.1% |
| Tangible fixed assets | 22/27 | €73,068 | €68,637 | -€4,431 | -6.1% |
| Land and buildings | 22 | €63,506 | €56,995 | -€6,511 | -10.3% |
| Furniture and vehicles | 24 | €9,562 | €11,642 | +€2,079 | +21.7% |
| Current assets | 29/58 | €193,017 | €242,208 | +€49,191 | +25.5% |
| Amounts receivable after more than one year | 29 | €113,778 | €98,881 | -€14,896 | -13.1% |
| Other amounts receivable | 291 | €113,778 | €98,881 | -€14,896 | -13.1% |
| Amounts receivable within one year | 40/41 | €79,125 | €123,039 | +€43,914 | +55.5% |
| Trade receivables | 40 | €28,828 | €23,102 | -€5,726 | -19.9% |
| Other amounts receivable | 41 | €50,297 | €99,937 | +€49,640 | +98.7% |
| Cash at bank and in hand | 54/58 | €11 | €20,029 | +€20,018 | +185184.0% |
| Deferred charges and accrued income | 490/1 | €104 | €259 | +€155 | +149.4% |
| Total equity and liabilities | 10/49 | €266,086 | €310,845 | +€44,760 | +16.8% |
| Equity | 10/15 | €229,491 | €260,305 | +€30,815 | +13.4% |
| Contributions | 10/11 | €21,071 | €21,071 | = | 0.0% |
| Reserves | 13 | €100,435 | €130,435 | +€30,000 | +29.9% |
| Distributable reserves | 133 | €100,435 | €130,435 | +€30,000 | +29.9% |
| Profit (loss) carried forward | 14 | €107,984 | €108,799 | +€815 | +0.8% |
| Amounts payable | 17/49 | €36,595 | €50,540 | +€13,945 | +38.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €36,595 | €49,044 | +€12,449 | +34.0% |
| Current portion of amounts payable after more than one year | 42 | €10,604 | €0 | -€10,604 | -100.0% |
| Financial debts | 43 | €3,103 | €4,048 | +€945 | +30.5% |
| Credit institutions | 430/8 | €3,103 | €4,048 | +€945 | +30.5% |
| Trade debts | 44 | €10,437 | €2,802 | -€7,635 | -73.2% |
| Suppliers | 440/4 | €10,437 | €2,802 | -€7,635 | -73.2% |
| Taxes, remuneration and social security | 45 | €12,450 | €24,144 | +€11,693 | +93.9% |
| Taxes | 450/3 | €12,450 | €24,144 | +€11,693 | +93.9% |
| Other amounts payable | 47/48 | - | €18,050 | +€18,050 | |
| Accrued charges and deferred income | 492/3 | €0 | €1,496 | +€1,496 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,514 | €10,204 | +€3,690 | +56.6% |
| Other operating charges | 640/8 | €1,410 | €2,795 | +€1,384 | +98.1% |
| Gross operating margin | 9900 | €46,975 | €83,149 | +€36,174 | +77.0% |
| Operating profit (loss) | 9901 | €39,051 | €70,151 | +€31,100 | +79.6% |
| Financial income | 75/76B | €5,644 | €6,733 | +€1,089 | +19.3% |
| Recurring financial income | 75 | €5,644 | €6,733 | +€1,089 | +19.3% |
| Financial charges | 65/66B | €2,490 | €1,141 | -€1,349 | -54.2% |
| Recurring financial charges | 65 | €2,490 | €1,141 | -€1,349 | -54.2% |
| Profit (loss) for the period before taxes | 9903 | €42,205 | €75,743 | +€33,538 | +79.5% |
| Income taxes | 67/77 | €13,582 | €25,929 | +€12,347 | +90.9% |
| Profit (loss) for the period | 9904 | €28,623 | €49,815 | +€21,191 | +74.0% |
| Profit (loss) for the period to be appropriated | 9905 | €28,623 | €49,815 | +€21,191 | +74.0% |
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 4 October 2026 via checked.be.