Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Two loss years in a row NBB
Negative result in 2024 and 2025.
-
Tight liquidity NBB
Cash and receivables cover 20 % of short-term debt in 2025; threshold 65 %.
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Figures corrected NBB
Corrected annual account filed for 2022.
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Busy address KBO
80 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
ATENOR from La Hulpe, company number BE0403209303, closed financial year 2025 with a result of € -159.4 million after tax. For that financial year ATENOR recorded revenue of € 6.2 million and equity of € 366.4 million. Compared with financial year 2024, the result moved from € -16 million to € -159.4 million. The company made a loss. The company holds a healthy buffer. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on May 11, 2026.
€ 366.4 million
▼ 24% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -159.4 million
▼ 896 % more loss than in 2024
Profit after tax over the fiscal year.
€ 40 million
▲ € 37.8 million vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -2.1 million.
People and assets in 2025
19.3
▼ 1.1 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 2.3 million
▼ 7% vs 2024
€ 120,200 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 129,158
▼ 30% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 343.7 million
▼ 30% vs 2024
€ 68 million is repaid this year. At this pace the long-term loan is gone in ≈ 3 years.
€ 6.5 million
▼ 5% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 143 days on average.
€ 165,241
▼ 94% vs 2024
Wages, holiday pay and social contributions still to pay. No outstanding taxes.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 4,808,381 | € 5,241,039 | € 66,198,049 | € 6,216,440 | ▼ 91% |
| Profit after taxes | € 37,288,390 | € 7,460,919 | € -16,009,676 | € -159,387,301 | ▼ € 143.4 million |
| Equity | € 300,423,997 | € 496,937,548 | € 480,452,871 | € 366,365,572 | ▼ 24% |
| Total debts | € 789,012,783 | € 717,497,386 | € 593,114,107 | € 428,260,936 | ▼ 28% |
| Cash | € 4,036,476 | € 8,765,120 | € 2,207,430 | € 39,984,553 | ▲ € 37.8 million |
| Retained profit | € 166,803,413 | € 173,804,332 | € 157,319,656 | € -2,067,645 | ▼ € 159.4 million |
| Dividend | € 19,197,175 | € 460,000 | € 475,000 | € 0 | ▼ 100% |
| Bank debt | € 687,889,973 | € 610,500,000 | € 492,797,540 | € 343,700,000 | ▼ 30% |
| Balance sheet total | € 1,093,551,776 | € 1,218,237,479 | € 1,075,128,303 | € 795,461,138 | ▼ 26% |
| Employees (FTE) | 24.5 | 20.3 | 20.4 | 19.3 | ▼ 1.1 |
Key figures of ATENOR, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to ATENOR?
What happened at ATENOR in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- STEPHAN SONNEVILLE SA stepped down as director. NBB
- MOROXCO SRL stepped down as director. NBB
- REALIZE SRL stepped down as director. NBB
- Bernadette DE BETHUNE stepped down as director. NBB
- Frank DONCK stepped down as director. NBB
- INVESTEA SRL stepped down as director. NBB
- Christian DELAIRE stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 159.4 million. Source: NBB ↗
In short
From € 37.3 million profit in 2022 to € 159.4 million loss in 2025.
Paid € 154,055 in corporate taxes since 2022.
Best year ever: 2022, with € 37.3 million profit.
Paid out € 20.1 million in dividends to the owners in total.
A new publication or filing at ATENOR? We notify you, reason included.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
The shares are held by 3D SA (37.2%), Public Public (21%), LUXEMPART SA (15.9%), VANDEWIELE GROUP NV (9.9%), FORATENOR SA (7.8%) and MIDELCO NV (4.8%). It owns 100% of ATENOR NEDERLAND, 100% of ATENOR HUNGARY, 100% of ATENOR UK, 100% of ATENOR POLAND, 100% of ARED and 100% of ATENOR ROMANIA itself.
Directors
According to the 2025 annual accounts
Director · represented by Cédric Van Quickenborne
Also active at: RECTICEL, Hairco, The House of Beauty, V4 INVESTMENTS, LPCHI, COSY
since 2024 · until 2027
Director · represented by Olivier Lambrecht
Also active at: Antwerp Tower, TRADIPLAN, GALERIE DES CARMES, B&M, MATEXI IMMO INVEST, MATEXI CITY DEVELOPMENT, MATEXI REAL ESTATE FINANCE, KEIZER VASTGOED +20 more
since 2024 · until 2027
Bernadette DE BETHUNE
Director
since 2024 · until 2027
Frank DONCK
Chairman of the board
since 2024 · until 2027
Managing director · represented by Stéphan SONNEVILLE
Also active at: PAPER BRICK
since 2025 · until 2028
Director · represented by Laure le Hardÿ de Beaulieu
Also active at: OCTA+ GROUP, Medi-Market Group
since 2023 · until 2026
JOHN PENNING
Director
since 2023 · until 2026
since 2024 · until 2027
Christian DELAIRE
Director
since 2024 · until 2027
Shareholders
37.2%
Public Public
21%
LUXEMPART SA
15.9%
9.9%
7.8%
4.8%
Participations
ATENOR NEDERLAND
100%
ATENOR HUNGARY
100%
ATENOR UK
100%
100%
100%
ATENOR ROMANIA
100%
ATENOR DEUTSCHLAND
100%
99.9%
99.8%
95.1%
90%
BRIGHT GREENS
90%
NOR RESIDENTIAL SOLUTIONS
90%
90%
FLEET HOUSE DEVELOPMENT
90%
GARDA GREENS
90%
90%
NOR REAL ESTATE
90%
90%
90%
HUNGARIA GREENS
90%
COMO GREENS
90%
90%
HF IMMOBILIER
90%
90%
BECSI GREENS
90%
90%
90%
LAKE GREENS
90%
CITY TOWER
90%
ATENOR LUXEMBOURG
89.9%
LUXLEX
80%
70%
69.6%
41%
SQUARE 42
40%
LAAKHAVEN VERHEESKADE II
40%
40%
TEN BRINKE MYBOND VERHEESKADE
40%
40%
40%
LANKELZ FONCIER
40%
CLOCHE D'OR DEVELOPMENT
40%
SQUARE 48
40%
40%
40%
30%
Establishments
Establishment units
Physical locations of this company
Avenue Reine Astrid 92
1310 La Hulpe
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 80 companies are registered at this address.
All companies at this address →ATENOR TOOLS COMPANY same network
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€ 58.7 million revenue · 2025
FIMMAC
€ -8,265 gross margin · 2025
SOCIETE D'INVESTISSEMENTS, DE GESTION ET D'ORGANISATION
€ 62,322 gross margin · 2023
STANTEC
€ 26.3 million revenue · 2025
+75 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0403.209.303
- VAT number
- BE 0403.209.303
- Registered office
- Avenue Reine Astrid 92, 1310 La Hulpe
- Names & denominations
- ATENOR
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 15 September 1950
- Peppol
- Active · Active since 27 Mar 2026
- Contact
- atenor.eu [email protected]
- Activities · NACE
Portefeuillemaatschappijen
Activiteiten van holdings
Holdings