ATHEX Benelux: 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 Benelux
Largest movements
- Cash +€37,556
up €37,556 (+91.7%), from €40,938 to €78,495
mainly Debts after one year (+€75,000) and Tax, wage and social debts (+€9,365)
- Deferred charges and accrued income +€21,879
up €21,879 (+4,730%), from €463 to €22,342
- Receivables within one year +€20,852
up €20,852 (+28,282%), from €74 to €20,926
of which Trade receivables: +€20,921
- Tangible fixed assets +€14,813
new in 2025: €14,813
- Debts after one year +€75,000
new in 2025: €75,000
- Tax, wage and social debts +€9,365
up €9,365 (+69.6%), from €13,454 to €22,819
of which Remuneration and social security: +€5,742
- Reserves +€5,259
up €5,259 (+28.4%), from €18,513 to €23,772
- Trade debts +€3,645
up €3,645 (+170%), from €2,145 to €5,790
- Other debts +€1,751
up €1,751 (+39.4%), from €4,444 to €6,194
- Staff costs +€39,437
up €39,437 (+83.0%), from €47,541 to €86,978
- Gross operating margin +€38,311
up €38,311 (+62.8%), from €60,988 to €99,299
- Depreciation +€1,058
new in 2025: €1,058
- Taxes +€1,033
up €1,033 (+25.7%), from €4,018 to €5,051
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 | €41,555 | €136,575 | +€95,020 | +229% |
| Fixed assets | 21/28 | €80 | €14,813 | +€14,733 | +18,416% |
| Tangible fixed assets | 22/27 | - | €14,813 | +€14,813 | |
| Furniture and vehicles | 24 | - | €14,813 | +€14,813 | |
| Financial fixed assets | 28 | €80 | €0 | -€80 | -100% |
| Current assets | 29/58 | €41,475 | €121,762 | +€80,287 | +194% |
| Amounts receivable within one year | 40/41 | €74 | €20,926 | +€20,852 | +28,282% |
| Trade receivables | 40 | - | €20,921 | +€20,921 | |
| Other amounts receivable | 41 | €74 | €5 | -€69 | -93.0% |
| Cash at bank and in hand | 54/58 | €40,938 | €78,495 | +€37,556 | +91.7% |
| Deferred charges and accrued income | 490/1 | €463 | €22,342 | +€21,879 | +4,730% |
| Total equity and liabilities | 10/49 | €41,555 | €136,575 | +€95,020 | +229% |
| Equity | 10/15 | €21,513 | €26,772 | +€5,259 | +24.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €18,513 | €23,772 | +€5,259 | +28.4% |
| Distributable reserves | 133 | €18,513 | €23,772 | +€5,259 | +28.4% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €20,042 | €109,803 | +€89,761 | +448% |
| Amounts payable after more than one year | 17 | - | €75,000 | +€75,000 | |
| Financial debts | 170/4 | - | €75,000 | +€75,000 | |
| Amounts payable within one year | 42/48 | €20,042 | €34,803 | +€14,761 | +73.7% |
| Trade debts | 44 | €2,145 | €5,790 | +€3,645 | +170% |
| Suppliers | 440/4 | €2,145 | €5,790 | +€3,645 | +170% |
| Taxes, remuneration and social security | 45 | €13,454 | €22,819 | +€9,365 | +69.6% |
| Taxes | 450/3 | €6,925 | €10,549 | +€3,623 | +52.3% |
| Remuneration and social security | 454/9 | €6,528 | €12,270 | +€5,742 | +88.0% |
| Other amounts payable | 47/48 | €4,444 | €6,194 | +€1,751 | +39.4% |
| Remuneration, social security and pensions | 62 | €47,541 | €86,978 | +€39,437 | +83.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,058 | +€1,058 | |
| Other operating charges | 640/8 | €575 | €548 | -€27 | -4.7% |
| Gross operating margin | 9900 | €60,988 | €99,299 | +€38,311 | +62.8% |
| Operating profit (loss) | 9901 | €12,872 | €10,715 | -€2,157 | -16.8% |
| Financial income | 75/76B | - | €19 | +€19 | |
| Recurring financial income | 75 | - | €19 | +€19 | |
| Financial charges | 65/66B | €577 | €424 | -€154 | -26.6% |
| Recurring financial charges | 65 | €577 | €424 | -€154 | -26.6% |
| Profit (loss) for the period before taxes | 9903 | €12,295 | €10,310 | -€1,984 | -16.1% |
| Income taxes | 67/77 | €4,018 | €5,051 | +€1,033 | +25.7% |
| Profit (loss) for the period | 9904 | €8,277 | €5,259 | -€3,018 | -36.5% |
| Profit (loss) for the period to be appropriated | 9905 | €8,277 | €5,259 | -€3,018 | -36.5% |
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 20 October 2026 via checked.be.