ATO: 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.
ATO
Largest movements
- Stocks and contracts -€176,806
down €176,806 (-26.4%), from €670,167 to €493,361
- Tangible fixed assets +€171,122
up €171,122 (+43.0%), from €397,765 to €568,888
of which Land and buildings: +€209,517
- Receivables within one year -€20,363
down €20,363 (-15.9%), from €127,799 to €107,436
of which Trade receivables: -€19,365
- Other debts +€84,925
up €84,925 (+29.8%), from €284,686 to €369,611
- Trade debts -€84,908
down €84,908 (-56.6%), from €149,962 to €65,054
- Debts after one year -€31,927
down €31,927 (-11.9%), from €268,827 to €236,900
- Gross operating margin +€7,750
up €7,750 (+10.1%), from €76,944 to €84,694
- Other operating charges +€1,776
up €1,776 (+73.8%), from €2,407 to €4,183
- Depreciation -€1,417
down €1,417 (-2.8%), from €49,893 to €48,476
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 | €1,341,813 | €1,315,257 | -€26,556 | -2.0% |
| Fixed assets | 21/28 | €543,173 | €714,295 | +€171,122 | +31.5% |
| Tangible fixed assets | 22/27 | €397,765 | €568,888 | +€171,122 | +43.0% |
| Land and buildings | 22 | €356,216 | €565,734 | +€209,517 | +58.8% |
| Plant, machinery and equipment | 23 | €340 | €185 | -€154 | -45.5% |
| Furniture and vehicles | 24 | €2,924 | €2,381 | -€542 | -18.6% |
| Other tangible fixed assets | 26 | €38,286 | €587 | -€37,698 | -98.5% |
| Financial fixed assets | 28 | €145,407 | €145,407 | = | 0.0% |
| Current assets | 29/58 | €798,640 | €600,962 | -€197,678 | -24.8% |
| Stocks and contracts in progress | 3 | €670,167 | €493,361 | -€176,806 | -26.4% |
| Stocks | 30/36 | €670,167 | €493,361 | -€176,806 | -26.4% |
| Amounts receivable within one year | 40/41 | €127,799 | €107,436 | -€20,363 | -15.9% |
| Trade receivables | 40 | €126,801 | €107,436 | -€19,365 | -15.3% |
| Other amounts receivable | 41 | €998 | - | -€998 | |
| Cash at bank and in hand | 54/58 | €220 | €165 | -€54 | -24.8% |
| Deferred charges and accrued income | 490/1 | €455 | - | -€455 | |
| Total equity and liabilities | 10/49 | €1,341,813 | €1,315,257 | -€26,556 | -2.0% |
| Equity | 10/15 | €363,655 | €364,215 | +€561 | +0.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €236,320 | €236,320 | = | 0.0% |
| Reserves | 13 | €9,169 | €9,169 | = | 0.0% |
| Distributable reserves | 133 | €9,169 | €9,169 | = | 0.0% |
| Profit (loss) carried forward | 14 | €99,566 | €100,127 | +€561 | +0.6% |
| Amounts payable | 17/49 | €978,158 | €951,042 | -€27,116 | -2.8% |
| Amounts payable after more than one year | 17 | €268,827 | €236,900 | -€31,927 | -11.9% |
| Financial debts | 170/4 | €268,827 | €236,900 | -€31,927 | -11.9% |
| Amounts payable within one year | 42/48 | €709,331 | €714,142 | +€4,811 | +0.7% |
| Current portion of amounts payable after more than one year | 42 | €32,557 | €32,564 | +€7 | 0.0% |
| Financial debts | 43 | €240,000 | €240,000 | = | 0.0% |
| Credit institutions | 430/8 | €240,000 | €240,000 | = | 0.0% |
| Trade debts | 44 | €149,962 | €65,054 | -€84,908 | -56.6% |
| Suppliers | 440/4 | €149,962 | €65,054 | -€84,908 | -56.6% |
| Taxes, remuneration and social security | 45 | €2,127 | €6,913 | +€4,786 | +225% |
| Taxes | 450/3 | €2,127 | €6,913 | +€4,786 | +225% |
| Other amounts payable | 47/48 | €284,686 | €369,611 | +€84,925 | +29.8% |
| Non-recurring operating income | 76A | - | €22,312 | +€22,312 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,893 | €48,476 | -€1,417 | -2.8% |
| Other operating charges | 640/8 | €2,407 | €4,183 | +€1,776 | +73.8% |
| Gross operating margin | 9900 | €76,944 | €84,694 | +€7,750 | +10.1% |
| Operating profit (loss) | 9901 | €24,644 | €32,035 | +€7,391 | +30.0% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €13,860 | €13,474 | -€386 | -2.8% |
| Recurring financial charges | 65 | €13,860 | €13,474 | -€386 | -2.8% |
| Profit (loss) for the period before taxes | 9903 | €10,784 | €18,561 | +€7,777 | +72.1% |
| Profit (loss) for the period | 9904 | €10,784 | €18,561 | +€7,777 | +72.1% |
| Profit (loss) for the period to be appropriated | 9905 | €10,784 | €18,561 | +€7,777 | +72.1% |
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.