ATHENUS: 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.
ATHENUS
Largest movements
- Cash -€189,272
down €189,272 (-40.0%), from €473,688 to €284,416
mainly Debts after one year (-€228,489) and Investment in fixed assets (net) (-€203,373)
- Debts after one year -€228,489
down €228,489 (-7.9%), from €2.9m to €2.7m
- Trade debts -€137,578
down €137,578 (-44.9%), from €306,456 to €168,878
- Other debts +€127,757
up €127,757 (+16.2%), from €790,252 to €918,009
- Gross operating margin -€320,483
down €320,483 (-38.0%), from €844,039 to €523,555
- Financial charges -€59,189
down €59,189 (-48.7%), from €121,534 to €62,345
- Other operating charges +€50,489
up €50,489 (+26.2%), from €192,933 to €243,423
- Depreciation +€10,727
up €10,727 (+5.5%), from €193,274 to €204,000
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 | €6,669,488 | €6,422,987 | -€246,501 | -3.7% |
| Fixed assets | 21/28 | €5,483,793 | €5,483,166 | -€627 | 0.0% |
| Tangible fixed assets | 22/27 | €5,483,438 | €5,482,731 | -€707 | 0.0% |
| Land and buildings | 22 | €5,200,397 | €5,262,314 | +€61,917 | +1.2% |
| Plant, machinery and equipment | 23 | €128,886 | €113,865 | -€15,020 | -11.7% |
| Furniture and vehicles | 24 | €9,686 | €106,551 | +€96,865 | +1,000% |
| Assets under construction and advance payments | 27 | €144,469 | €0 | -€144,469 | -100% |
| Financial fixed assets | 28 | €355 | €435 | +€80 | +22.5% |
| Current assets | 29/58 | €1,185,695 | €939,821 | -€245,874 | -20.7% |
| Amounts receivable within one year | 40/41 | €182,578 | €119,514 | -€63,064 | -34.5% |
| Trade receivables | 40 | €132,578 | €86,252 | -€46,326 | -34.9% |
| Other amounts receivable | 41 | €50,000 | €33,262 | -€16,738 | -33.5% |
| Current investments | 50/53 | €415,195 | €415,195 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €473,688 | €284,416 | -€189,272 | -40.0% |
| Deferred charges and accrued income | 490/1 | €114,234 | €120,696 | +€6,462 | +5.7% |
| Total equity and liabilities | 10/49 | €6,669,488 | €6,422,987 | -€246,501 | -3.7% |
| Equity | 10/15 | €2,383,443 | €2,397,838 | +€14,395 | +0.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €2,377,243 | €2,391,638 | +€14,395 | +0.6% |
| Distributable reserves | 133 | €2,377,243 | €2,391,638 | +€14,395 | +0.6% |
| Amounts payable | 17/49 | €4,286,045 | €4,025,149 | -€260,896 | -6.1% |
| Amounts payable after more than one year | 17 | €2,904,778 | €2,676,289 | -€228,489 | -7.9% |
| Financial debts | 170/4 | €2,904,778 | €2,676,289 | -€228,489 | -7.9% |
| Amounts payable within one year | 42/48 | €1,364,482 | €1,344,040 | -€20,442 | -1.5% |
| Current portion of amounts payable after more than one year | 42 | €241,235 | €246,593 | +€5,358 | +2.2% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €306,456 | €168,878 | -€137,578 | -44.9% |
| Suppliers | 440/4 | €306,456 | €168,878 | -€137,578 | -44.9% |
| Taxes, remuneration and social security | 45 | €26,540 | €10,560 | -€15,979 | -60.2% |
| Taxes | 450/3 | €26,540 | €10,560 | -€15,979 | -60.2% |
| Other amounts payable | 47/48 | €790,252 | €918,009 | +€127,757 | +16.2% |
| Accrued charges and deferred income | 492/3 | €16,785 | €4,820 | -€11,965 | -71.3% |
| Non-recurring operating income | 76A | €181,120 | €181,120 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €193,274 | €204,000 | +€10,727 | +5.5% |
| Other operating charges | 640/8 | €192,933 | €243,423 | +€50,489 | +26.2% |
| Gross operating margin | 9900 | €844,039 | €523,555 | -€320,483 | -38.0% |
| Operating profit (loss) | 9901 | €457,832 | €76,133 | -€381,699 | -83.4% |
| Financial income | 75/76B | €2,768 | €607 | -€2,161 | -78.1% |
| Recurring financial income | 75 | €2,768 | €607 | -€2,161 | -78.1% |
| Financial charges | 65/66B | €121,534 | €62,345 | -€59,189 | -48.7% |
| Recurring financial charges | 65 | €121,534 | €62,345 | -€59,189 | -48.7% |
| Profit (loss) for the period before taxes | 9903 | €339,066 | €14,395 | -€324,671 | -95.8% |
| Profit (loss) for the period | 9904 | €339,066 | €14,395 | -€324,671 | -95.8% |
| Profit (loss) for the period to be appropriated | 9905 | €339,066 | €14,395 | -€324,671 | -95.8% |
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 13 October 2026 via checked.be.