ATHREE: 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.
ATHREE
Largest movements
- Stocks and contracts +€116,876
up €116,876 (+86.5%), from €135,051 to €251,927
of which Contracts in progress: +€142,032
- Cash +€79,877
up €79,877 (+28.8%), from €277,223 to €357,100
mainly Accrued charges and deferred income (+€158,927) and Net result for the year (+€60,041)
- Tangible fixed assets -€57,637
down €57,637 (-29.7%), from €194,325 to €136,688
of which Plant, machinery and equipment: -€55,854
- Accrued charges and deferred income +€158,927
up €158,927 (+224%), from €71,052 to €229,979
- Reserves +€60,041
up €60,041 (+16.5%), from €363,416 to €423,457
- Other debts -€50,000
down €50,000 (-100%), from €50,000 to €0
- Debts after one year -€22,789
down €22,789 (-37.9%), from €60,089 to €37,300
- Tax, wage and social debts +€12,089
up €12,089 (+56.6%), from €21,372 to €33,461
of which Remuneration and social security: +€7,070
- Staff costs +€103,910
up €103,910 (+61.0%), from €170,447 to €274,357
- Gross operating margin +€89,898
up €89,898 (+27.5%), from €326,333 to €416,231
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 | €969,838 | €1,117,579 | +€147,741 | +15.2% |
| Fixed assets | 21/28 | €194,325 | €136,688 | -€57,637 | -29.7% |
| Tangible fixed assets | 22/27 | €194,325 | €136,688 | -€57,637 | -29.7% |
| Land and buildings | 22 | €96,622 | €72,588 | -€24,034 | -24.9% |
| Plant, machinery and equipment | 23 | €66,983 | €11,128 | -€55,854 | -83.4% |
| Furniture and vehicles | 24 | €30,721 | €52,972 | +€22,251 | +72.4% |
| Current assets | 29/58 | €775,513 | €980,891 | +€205,378 | +26.5% |
| Stocks and contracts in progress | 3 | €135,051 | €251,927 | +€116,876 | +86.5% |
| Stocks | 30/36 | €106,944 | €81,788 | -€25,156 | -23.5% |
| Contracts in progress | 37 | €28,106 | €170,139 | +€142,032 | +505% |
| Amounts receivable within one year | 40/41 | €363,238 | €367,517 | +€4,279 | +1.2% |
| Trade receivables | 40 | €335,675 | €322,127 | -€13,547 | -4.0% |
| Other amounts receivable | 41 | €27,564 | €45,390 | +€17,826 | +64.7% |
| Cash at bank and in hand | 54/58 | €277,223 | €357,100 | +€79,877 | +28.8% |
| Deferred charges and accrued income | 490/1 | - | €4,347 | +€4,347 | |
| Total equity and liabilities | 10/49 | €969,838 | €1,117,579 | +€147,741 | +15.2% |
| Equity | 10/15 | €473,565 | €533,606 | +€60,041 | +12.7% |
| Contributions | 10/11 | €110,149 | €110,149 | = | 0.0% |
| Reserves | 13 | €363,416 | €423,457 | +€60,041 | +16.5% |
| Distributable reserves | 133 | €363,416 | €423,457 | +€60,041 | +16.5% |
| Amounts payable | 17/49 | €496,273 | €583,973 | +€87,700 | +17.7% |
| Amounts payable after more than one year | 17 | €60,089 | €37,300 | -€22,789 | -37.9% |
| Financial debts | 170/4 | €60,089 | €37,300 | -€22,789 | -37.9% |
| Amounts payable within one year | 42/48 | €365,132 | €316,694 | -€48,438 | -13.3% |
| Current portion of amounts payable after more than one year | 42 | €27,253 | €22,789 | -€4,464 | -16.4% |
| Trade debts | 44 | €266,507 | €260,444 | -€6,063 | -2.3% |
| Suppliers | 440/4 | €266,507 | €260,444 | -€6,063 | -2.3% |
| Taxes, remuneration and social security | 45 | €21,372 | €33,461 | +€12,089 | +56.6% |
| Taxes | 450/3 | €380 | €5,399 | +€5,019 | +1,321% |
| Remuneration and social security | 454/9 | €20,992 | €28,062 | +€7,070 | +33.7% |
| Other amounts payable | 47/48 | €50,000 | €0 | -€50,000 | -100% |
| Accrued charges and deferred income | 492/3 | €71,052 | €229,979 | +€158,927 | +224% |
| Remuneration, social security and pensions | 62 | €170,447 | €274,357 | +€103,910 | +61.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,174 | €57,395 | +€3,221 | +5.9% |
| Other operating charges | 640/8 | €1,032 | €1,206 | +€174 | +16.8% |
| Gross operating margin | 9900 | €326,333 | €416,231 | +€89,898 | +27.5% |
| Operating profit (loss) | 9901 | €100,679 | €83,273 | -€17,406 | -17.3% |
| Financial income | 75/76B | €527 | €3,795 | +€3,267 | +619% |
| Recurring financial income | 75 | €527 | €3,795 | +€3,267 | +619% |
| Financial charges | 65/66B | €4,835 | €4,715 | -€119 | -2.5% |
| Recurring financial charges | 65 | €4,835 | €4,715 | -€119 | -2.5% |
| Profit (loss) for the period before taxes | 9903 | €96,372 | €82,352 | -€14,020 | -14.5% |
| Income taxes | 67/77 | €25,355 | €22,311 | -€3,044 | -12.0% |
| Profit (loss) for the period | 9904 | €71,016 | €60,041 | -€10,975 | -15.5% |
| Profit (loss) for the period to be appropriated | 9905 | €71,016 | €60,041 | -€10,975 | -15.5% |
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 17 October 2026 via checked.be.