ATHENE: 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.
ATHENE
Largest movements
- Cash -€35,877
down €35,877 (-72.5%), from €49,475 to €13,598
mainly Net result for the year (-€26,299) and Contributions, distributions and other (-€16,500)
- Receivables within one year +€15,072
up €15,072 (+47.1%), from €32,020 to €47,091
of which Other amounts receivable: +€16,148
- Tangible fixed assets -€11,988
down €11,988 (-17.3%), from €69,243 to €57,254
of which Furniture and vehicles: -€7,516
- Stocks and contracts +€2,133
up €2,133 (+32.1%), from €6,645 to €8,778
- Profit (loss) carried forward -€26,299
down €26,299, from €807 to -€25,493
- Reserves -€16,500
down €16,500 (-14.5%), from €113,750 to €97,250
- Other debts +€16,500
new in 2025: €16,500
- Trade debts +€7,471
up €7,471 (+1,104%), from €676 to €8,147
- Debts after one year -€4,054
down €4,054 (-36.1%), from €11,237 to €7,183
- Gross operating margin -€68,952
down €68,952 (-51.7%), from €133,369 to €64,417
- Staff costs -€11,988
down €11,988 (-15.0%), from €80,023 to €68,035
- Taxes -€11,346
down €11,346 (-98.8%), from €11,484 to €138
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 | €158,561 | €127,005 | -€31,556 | -19.9% |
| Fixed assets | 21/28 | €69,343 | €57,354 | -€11,988 | -17.3% |
| Tangible fixed assets | 22/27 | €69,243 | €57,254 | -€11,988 | -17.3% |
| Land and buildings | 22 | €3,637 | €2,967 | -€670 | -18.4% |
| Plant, machinery and equipment | 23 | €37,433 | €33,631 | -€3,802 | -10.2% |
| Furniture and vehicles | 24 | €28,173 | €20,657 | -€7,516 | -26.7% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €89,218 | €69,651 | -€19,568 | -21.9% |
| Stocks and contracts in progress | 3 | €6,645 | €8,778 | +€2,133 | +32.1% |
| Stocks | 30/36 | €6,645 | €8,778 | +€2,133 | +32.1% |
| Amounts receivable within one year | 40/41 | €32,020 | €47,091 | +€15,072 | +47.1% |
| Trade receivables | 40 | €1,076 | - | -€1,076 | |
| Other amounts receivable | 41 | €30,944 | €47,091 | +€16,148 | +52.2% |
| Cash at bank and in hand | 54/58 | €49,475 | €13,598 | -€35,877 | -72.5% |
| Deferred charges and accrued income | 490/1 | €1,079 | €183 | -€896 | -83.0% |
| Total equity and liabilities | 10/49 | €158,561 | €127,005 | -€31,556 | -19.9% |
| Equity | 10/15 | €118,557 | €75,757 | -€42,799 | -36.1% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €113,750 | €97,250 | -€16,500 | -14.5% |
| Distributable reserves | 133 | €113,750 | €97,250 | -€16,500 | -14.5% |
| Profit (loss) carried forward | 14 | €807 | -€25,493 | -€26,299 | |
| Amounts payable | 17/49 | €40,004 | €51,248 | +€11,243 | +28.1% |
| Amounts payable after more than one year | 17 | €11,237 | €7,183 | -€4,054 | -36.1% |
| Financial debts | 170/4 | €11,237 | €7,183 | -€4,054 | -36.1% |
| Amounts payable within one year | 42/48 | €25,279 | €43,871 | +€18,592 | +73.6% |
| Current portion of amounts payable after more than one year | 42 | €7,317 | €4,054 | -€3,264 | -44.6% |
| Trade debts | 44 | €676 | €8,147 | +€7,471 | +1,104% |
| Suppliers | 440/4 | €676 | €8,147 | +€7,471 | +1,104% |
| Taxes, remuneration and social security | 45 | €17,285 | €15,170 | -€2,115 | -12.2% |
| Taxes | 450/3 | €8,891 | €7,052 | -€1,839 | -20.7% |
| Remuneration and social security | 454/9 | €8,394 | €8,118 | -€276 | -3.3% |
| Other amounts payable | 47/48 | - | €16,500 | +€16,500 | |
| Accrued charges and deferred income | 492/3 | €3,489 | €193 | -€3,295 | -94.5% |
| Remuneration, social security and pensions | 62 | €80,023 | €68,035 | -€11,988 | -15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,597 | €19,505 | +€908 | +4.9% |
| Other operating charges | 640/8 | €2,367 | €1,728 | -€639 | -27.0% |
| Gross operating margin | 9900 | €133,369 | €64,417 | -€68,952 | -51.7% |
| Operating profit (loss) | 9901 | €32,382 | -€24,851 | -€57,233 | |
| Financial income | 75/76B | €6 | €106 | +€100 | +1,816% |
| Recurring financial income | 75 | €6 | €106 | +€100 | +1,816% |
| Financial charges | 65/66B | €1,602 | €1,416 | -€186 | -11.6% |
| Recurring financial charges | 65 | €1,602 | €1,416 | -€186 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | €30,786 | -€26,162 | -€56,947 | |
| Income taxes | 67/77 | €11,484 | €138 | -€11,346 | -98.8% |
| Profit (loss) for the period | 9904 | €19,302 | -€26,299 | -€45,602 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,302 | -€26,299 | -€45,602 |
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 22 October 2026 via checked.be.