ATHEX: 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.
ATHEX
Largest movements
- Cash +€159,395
up €159,395 (+26.1%), from €611,165 to €770,560
mainly Net result for the year (+€144,584) and Depreciation (+€39,690)
- Receivables within one year +€60,683
up €60,683 (+41.4%), from €146,592 to €207,276
of which Trade receivables: +€55,164
- Tangible fixed assets -€27,539
down €27,539 (-11.8%), from €234,241 to €206,702
of which Furniture and vehicles: -€25,472
- Profit (loss) carried forward +€91,896
up €91,896 (+3418.3%), from €2,688 to €94,584
- Reserves +€52,688
up €52,688 (+5.2%), from €1.0m to €1.1m
of which Distributable reserves: +€52,688
- Other debts +€36,433
up €36,433 (+182.7%), from €19,941 to €56,374
- Trade debts +€14,175
up €14,175 (+94.0%), from €15,073 to €29,249
- Taxes -€9,339
down €9,339 (-14.1%), from €66,072 to €56,734
- Depreciation +€3,875
up €3,875 (+10.8%), from €35,815 to €39,690
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 | €1,119,338 | €1,308,654 | +€189,317 | +16.9% |
| Fixed assets | 21/28 | €234,241 | €206,702 | -€27,539 | -11.8% |
| Tangible fixed assets | 22/27 | €234,241 | €206,702 | -€27,539 | -11.8% |
| Land and buildings | 22 | €105,300 | €97,200 | -€8,100 | -7.7% |
| Plant, machinery and equipment | 23 | €70,564 | €76,596 | +€6,032 | +8.5% |
| Furniture and vehicles | 24 | €58,377 | €32,906 | -€25,472 | -43.6% |
| Current assets | 29/58 | €885,097 | €1,101,952 | +€216,856 | +24.5% |
| Stocks and contracts in progress | 3 | €126,340 | €123,000 | -€3,340 | -2.6% |
| Stocks | 30/36 | €126,340 | €123,000 | -€3,340 | -2.6% |
| Amounts receivable within one year | 40/41 | €146,592 | €207,276 | +€60,683 | +41.4% |
| Trade receivables | 40 | €103,626 | €158,790 | +€55,164 | +53.2% |
| Other amounts receivable | 41 | €42,966 | €48,485 | +€5,519 | +12.8% |
| Current investments | 50/53 | €1,000 | €1,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €611,165 | €770,560 | +€159,395 | +26.1% |
| Deferred charges and accrued income | 490/1 | - | €117 | +€117 | |
| Total equity and liabilities | 10/49 | €1,119,338 | €1,308,654 | +€189,317 | +16.9% |
| Equity | 10/15 | €1,041,431 | €1,186,016 | +€144,584 | +13.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,020,151 | €1,072,839 | +€52,688 | +5.2% |
| Tax-exempt reserves | 132 | €4,812 | €4,812 | = | 0.0% |
| Distributable reserves | 133 | €1,015,339 | €1,068,028 | +€52,688 | +5.2% |
| Profit (loss) carried forward | 14 | €2,688 | €94,584 | +€91,896 | +3418.3% |
| Amounts payable | 17/49 | €77,906 | €122,639 | +€44,732 | +57.4% |
| Amounts payable after more than one year | 17 | €12,203 | - | -€12,203 | |
| Financial debts | 170/4 | €12,203 | - | -€12,203 | |
| Amounts payable within one year | 42/48 | €65,703 | €122,639 | +€56,935 | +86.7% |
| Current portion of amounts payable after more than one year | 42 | €9,482 | - | -€9,482 | |
| Trade debts | 44 | €15,073 | €29,249 | +€14,175 | +94.0% |
| Suppliers | 440/4 | €15,073 | €29,249 | +€14,175 | +94.0% |
| Advances received on contracts in progress | 46 | €5,500 | €16,525 | +€11,025 | +200.5% |
| Taxes, remuneration and social security | 45 | €15,707 | €20,491 | +€4,784 | +30.5% |
| Taxes | 450/3 | €15,707 | €20,491 | +€4,784 | +30.5% |
| Other amounts payable | 47/48 | €19,941 | €56,374 | +€36,433 | +182.7% |
| Remuneration, social security and pensions | 62 | €4,408 | €4,645 | +€237 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,815 | €39,690 | +€3,875 | +10.8% |
| Other operating charges | 640/8 | €5,977 | €7,223 | +€1,246 | +20.8% |
| Non-recurring operating charges | 66A | - | €1,840 | +€1,840 | |
| Gross operating margin | 9900 | €247,575 | €249,259 | +€1,684 | +0.7% |
| Operating profit (loss) | 9901 | €201,375 | €195,862 | -€5,513 | -2.7% |
| Financial income | 75/76B | €3,903 | €6,238 | +€2,336 | +59.8% |
| Recurring financial income | 75 | €3,903 | €6,238 | +€2,336 | +59.8% |
| Financial charges | 65/66B | €1,517 | €782 | -€735 | -48.4% |
| Recurring financial charges | 65 | €1,517 | €782 | -€735 | -48.4% |
| Profit (loss) for the period before taxes | 9903 | €203,761 | €201,318 | -€2,442 | -1.2% |
| Income taxes | 67/77 | €66,072 | €56,734 | -€9,339 | -14.1% |
| Profit (loss) for the period | 9904 | €137,688 | €144,584 | +€6,896 | +5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €137,688 | €144,584 | +€6,896 | +5.0% |
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 11 October 2026 via checked.be.