ForAtenoR: 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.
What changed
ForAtenoR
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€35.6m
2024 · -€4.2m-€31.4m
Equity
€16.9m
2024 · €52.5m-€35.6m
Cash
€166,087
2024 · €175,328-€9,240
Balance sheet total
€16.9m
2024 · €52.5m-€35.6m
Largest movements
Assets
- Financial fixed assets -€35.6m
down €35.6m (-68.0%), from €52.4m to €16.7m
Equity and liabilities
- Profit (loss) carried forward -€35.6m
down €35.6m (-779%), from -€4.6m to -€40.2m
Income statement
- Financial charges +€31.5m
up €31.5m (+754%), from €4.2m to €35.6m
of which Non-recurring financial charges: +€33.8m
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.
Result 2024
-€4.2m
Other operating charges
+€300
Other operating items
+€25,915
Financial charges
-€31.5m
Result 2025
-€35.6m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€35.6m
Investment
+€35.6m
Financing
-€502
Cash 2024
€175,328
From operations (derived)
-€35.6m
Net result for the year
-€35.6m
Trade debts
+€657
Investment (derived)
+€35.6m
Investment in fixed assets (net)
+€35.6m
Financing
-€502
Short-term financial debts
-€502
Cash 2025
€166,087
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €52,545,969 | €16,900,868 | -€35.6m | -67.8% |
| Fixed assets | 21/28 | €52,370,641 | €16,734,781 | -€35.6m | -68.0% |
| Financial fixed assets | 28 | €52,370,641 | €16,734,781 | -€35.6m | -68.0% |
| Companies linked by participating interests | 282/3 | €52,370,641 | €16,734,781 | -€35.6m | -68.0% |
| Participating interests | 282 | €52,370,641 | €16,734,781 | -€35.6m | -68.0% |
| Current assets | 29/58 | €175,328 | €166,087 | -€9,240 | -5.3% |
| Amounts receivable within one year | 40/41 | - | €0 | = | |
| Other amounts receivable | 41 | - | €0 | = | |
| Cash at bank and in hand | 54/58 | €175,328 | €166,087 | -€9,240 | -5.3% |
| Total equity and liabilities | 10/49 | €52,545,969 | €16,900,868 | -€35.6m | -67.8% |
| Equity | 10/15 | €52,543,008 | €16,897,753 | -€35.6m | -67.8% |
| Contributions | 10/11 | €56,855,000 | €56,855,000 | = | 0.0% |
| Capital | 10 | €8,000,000 | €8,000,000 | = | 0.0% |
| Issued capital | 100 | €8,000,000 | €8,000,000 | = | 0.0% |
| Contributions outside capital | 11 | €48,855,000 | €48,855,000 | = | 0.0% |
| Other | 1109/19 | €48,855,000 | €48,855,000 | = | 0.0% |
| Reserves | 13 | €265,960 | €265,960 | = | 0.0% |
| Non-distributable reserves | 130/1 | €265,960 | €265,960 | = | 0.0% |
| Legal reserve | 130 | €265,960 | €265,960 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,577,951 | -€40,223,207 | -€35.6m | -779% |
| Amounts payable | 17/49 | €2,961 | €3,116 | +€155 | +5.3% |
| Amounts payable after more than one year | 17 | - | €0 | = | |
| Financial debts | 170/4 | - | €0 | = | |
| Other loans | 174 | - | €0 | = | |
| Amounts payable within one year | 42/48 | €2,961 | €3,116 | +€155 | +5.3% |
| Financial debts | 43 | €502 | - | -€502 | |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €502 | - | -€502 | |
| Trade debts | 44 | €2,459 | €3,116 | +€657 | +26.7% |
| Suppliers | 440/4 | €2,459 | €3,116 | +€657 | +26.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Operating charges | 60/66A | €34,983 | €8,768 | -€26,215 | -74.9% |
| Services and other goods | 61 | €34,683 | €8,768 | -€25,915 | -74.7% |
| Other operating charges | 640/8 | €300 | - | -€300 | |
| Operating profit (loss) | 9901 | -€34,983 | -€8,768 | +€26,215 | +74.9% |
| Financial charges | 65/66B | €4,171,076 | €35,636,488 | +€31.5m | +754% |
| Recurring financial charges | 65 | €2,319,285 | €628 | -€2.3m | -100.0% |
| Debt charges | 650 | €2,318,669 | - | -€2.3m | |
| Other financial charges | 652/9 | €616 | €628 | +€12 | +2.0% |
| Non-recurring financial charges | 66B | €1,851,791 | €35,635,860 | +€33.8m | +1,824% |
| Profit (loss) for the period before taxes | 9903 | -€4,206,059 | -€35,645,256 | -€31.4m | -747% |
| Profit (loss) for the period | 9904 | -€4,206,059 | -€35,645,256 | -€31.4m | -747% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,206,059 | -€35,645,256 | -€31.4m | -747% |
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 25 October 2026 via checked.be.