ACTIVE

ATENOR

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Financial year 2025 · closed on 31/12/2025

Net result

-159,4 M €

-895.6% YoY

Revenue

6,2 M €

-90.6% YoY

Equity

366,4 M €

-23.7% YoY

Workforce

19,3 ETP

-5.4% YoY

What does ATENOR do?

ATENOR is a Public limited company incorporated in 1950. Its main activity is: Activities of holding companies. Its registered office is in La Hulpe. It employs on average 19,3 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0403.209.303

Incorporation

15/09/1950

Legal form

Public limited company

Registered office

Avenue Reine Astrid 92
1310 La Hulpe · WallonieSee on map

Contributed capital

368 433 217,14 €

Latest accounts

31/12/2025

Average workforce

19,3 ETP

Activities (NACE)

64200Activities of holding companies· main 64210Activities of holding companies 65234Reinsurance

Joint committees (2)

Contacts

2 public details availableLog in to view

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	6,2 M €	-90.6%	66,2 M €	+1163%	5,2 M €	+9.0%	4,8 M €	-9.5%	5,3 M €	-73.4%	19,9 M €	+25.2%	15,9 M €	-18.0%	19,4 M €	-59.1%	47,5 M €	-65.7%	138,2 M €	+3492%	3,8 M €	-86.1%	27,6 M €	+189%	9,5 M €	-31.9%	14,0 M €	-40.6%	23,6 M €	+65.6%	14,3 M €	+612%	2,0 M €	+270%	541,7 k €	+225%	166,8 k €	-62.2%	441,1 k €
EBITDA	-12,3 M €	-6854%	-176,3 k €	+98.5%	-11,7 M €	-46.9%	-8,0 M €	-18.9%	-6,7 M €	+0.7%	-6,7 M €	+34.2%	-10,2 M €	-92.9%	-5,3 M €	-271%	3,1 M €	-45.5%	5,7 M €	-65.4%	16,4 M €	-23.7%	21,5 M €	+39.2%	15,5 M €	+112%	7,3 M €	-58.2%	17,5 M €	+406%	-5,7 M €	-35.0%	-4,2 M €	+41.1%	-7,2 M €	-23.7%	-5,8 M €	-63.5%	-3,5 M €
Operating result	-13,0 M €	-464%	-2,3 M €	+80.6%	-11,9 M €	-16.3%	-10,2 M €	-448%	-1,9 M €	+73.6%	-7,0 M €	+32.7%	-10,5 M €	-91.5%	-5,5 M €	-286%	2,9 M €	-46.2%	5,5 M €	-66.4%	16,3 M €	-23.8%	21,4 M €	+39.5%	15,3 M €	+99.1%	7,7 M €	-54.6%	16,9 M €	+373%	-6,2 M €	-34.6%	-4,6 M €	+49.4%	-9,1 M €	+1.9%	-9,3 M €	-163%	-3,5 M €
Net result	-159,4 M €	-896%	-16,0 M €	-315%	7,5 M €	-80.0%	37,3 M €	-45.4%	68,4 M €	+162%	26,1 M €	+58.7%	16,4 M €	-76.4%	69,6 M €	+1165%	-6,5 M €	-195%	6,9 M €	+9.1%	6,3 M €	-53.4%	13,5 M €	+69.3%	8,0 M €	+68.6%	4,7 M €	-64.3%	13,3 M €	+26.5%	10,5 M €	+437%	2,0 M €	+134%	-5,8 M €	-108%	69,5 M €	+680%	8,9 M €
Balance sheet
Equity	366,4 M €	-23.7%	480,5 M €	-3.3%	496,9 M €	+65.4%	300,4 M €	+6.4%	282,3 M €	+21.6%	232,3 M €	+57.3%	147,6 M €	+2.2%	144,5 M €	+65.1%	87,5 M €	-17.5%	106,0 M €	-4.4%	111,0 M €	+1.1%	109,7 M €	+8.7%	100,9 M €	+3.1%	97,9 M €	-5.1%	103,1 M €	+3.3%	99,8 M €	+0.3%	99,5 M €	-10.2%	110,8 M €	-14.7%	129,9 M €	+78.5%	72,7 M €
Total assets	795,5 M €	-26.0%	1,1 Md €	-11.7%	1,2 Md €	+11.4%	1,1 Md €	+5.4%	1,0 Md €	+32.1%	785,7 M €	+20.9%	649,8 M €	+12.1%	579,7 M €	+14.1%	508,0 M €	-2.2%	519,7 M €	-2.7%	534,3 M €	+11.4%	479,4 M €	+25.1%	383,2 M €	+4.5%	366,8 M €	+33.8%	274,2 M €	+3.8%	264,2 M €	+23.2%	214,4 M €	+4.1%	206,0 M €	-4.6%	216,0 M €	+49.2%	144,8 M €
Cash	40,0 M €	+1711%	2,2 M €	-74.8%	8,8 M €	+117%	4,0 M €	-94.7%	76,1 M €	+549%	11,7 M €	-31.4%	17,1 M €	+92.8%	8,9 M €	+1127%	723,6 k €	-98.7%	56,2 M €	+21691%	257,8 k €	+50.6%	171,2 k €	+44.0%	118,9 k €	-79.4%	577,7 k €	+15.3%	500,9 k €	-7.9%	543,8 k €	-43.4%	960,2 k €	+526%	153,4 k €	+47.6%	103,9 k €	-66.6%	311,4 k €
Debts	423,3 M €	-27.7%	585,8 M €	-17.4%	709,0 M €	-9.1%	780,1 M €	+4.6%	745,9 M €	+38.6%	538,0 M €	+8.7%	495,1 M €	+17.6%	420,9 M €	+0.6%	418,2 M €	+1.8%	410,7 M €	-2.1%	419,3 M €	+15.6%	362,8 M €	+31.5%	276,0 M €	+5.2%	262,2 M €	+59.2%	164,7 M €	+4.7%	157,3 M €	+41.0%	111,6 M €	+22.8%	90,9 M €	+13.9%	79,9 M €	+16.1%	68,8 M €
Other
Workforce	19,3 ETP	-5.4%	20,4 ETP	+0.5%	20,3 ETP	-17.1%	24,5 ETP	+0.4%	24,4 ETP	+8.4%	22,5 ETP	+1.8%	22,1 ETP	+16.3%	19,0 ETP	+7.3%	17,7 ETP	+0.6%	17,6 ETP	-3.8%	18,3 ETP	+8.3%	16,9 ETP	+14.2%	14,8 ETP	+9.6%	13,5 ETP	-1.5%	13,7 ETP	-11.0%	15,4 ETP	-9.9%	17,1 ETP	+10.3%	15,5 ETP	+22.0%	12,7 ETP	+7.6%	11,8 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 250 M€ and 500 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 9 active · 70 ended

Active mandates

STÉPHAN SONNEVILLE

Managing director · since 25 avril 2025 · until 28 avril 2028 · 0461.220.350

Represented by Stéphan SONNEVILLE

Active

Bernadette de Bethune

Director · since 26 avril 2024 · until 23 avril 2027

Active

Christian DELAIRE

Director · since 26 avril 2024 · until 23 avril 2027

Active

Frank DONCK

Chairman of the board of directors · since 26 avril 2024 · until 23 avril 2027

Active

INVESTEA

Director · since 26 avril 2024 · until 23 avril 2027 · 0554.946.205

Represented by Emmanuèle ATTOUT

Active

MOROXCO

Director · since 26 avril 2024 · until 23 avril 2027 · 0719.795.230

Represented by Cédric Van Quickenborne

Active

Realize

Director · since 26 avril 2024 · until 23 avril 2027 · 0759.664.804

Represented by Olivier Lambrecht

Active

JOHN PENNING

Director · since 28 avril 2023 · until 24 avril 2026

Active

TRIONNA

Director · since 28 avril 2023 · until 24 avril 2026 · 0556.982.017

Represented by Laure le Hardÿ de Beaulieu

Active

Ended mandates

SOCIETE DE CONSEIL EN GESTION ET STRATEGIE D'ENTREPRISES

Director · since 28 avril 2023 · until 26 avril 2024 · 0834.585.822

Represented by Nadine LEMAITRE

Ended

LUXEMPART MANAGEMENT sàrl

Director · since 22 avril 2022 · until 28 avril 2023

Represented by JOHN PENNING

Ended

LUXEMPART MANAGEMENT sàrl

Director · since 22 avril 2022 · until 25 avril 2025

Represented by JOHN PENNING

Ended

STÉPHAN SONNEVILLE

Managing director · since 22 avril 2022 · until 25 avril 2025 · 0461.220.350

Represented by Stéphan SONNEVILLE

Ended

At this address

Other companies at this address

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	11/05/2026	29/04/2025	23/05/2024	14/12/2023	24/05/2022	25/05/2021
General meeting	24/04/2026	25/04/2025	26/04/2024	28/04/2023	22/04/2022	23/04/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

41 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	24/04/2026	11/05/2026	French	PDF
m120-f-p	31/12/2025	24/04/2026	11/05/2026	French	PDF
Full model	31/12/2024	25/04/2025	29/04/2025	French	PDF
m120-f-p	31/12/2024	25/04/2025	12/05/2025	French	PDF
Full model	31/12/2023	26/04/2024	23/05/2024	French	PDF
m120-f-p	31/12/2023	26/04/2024	30/05/2024	French	PDF
Full modelCorrection	31/12/2022	28/04/2023	14/12/2023	French	PDF
Full model	31/12/2022	28/04/2023	26/05/2023	French	PDF
m120-f-p	31/12/2022	28/04/2023	30/05/2023	French	PDF
Full model	31/12/2021	22/04/2022	24/05/2022	French	PDF
m120-f-p	31/12/2021	22/04/2022	24/05/2022	French	PDF
Full model	31/12/2020	23/04/2021	25/05/2021	French	PDF
m120-f-p	31/12/2020	23/04/2021	25/05/2021	French	PDF
Full model	31/12/2019	24/04/2020	20/05/2020	French	PDF
m120-f-p	31/12/2019	24/04/2020	20/05/2020	French	PDF
Full model	31/12/2018	26/04/2019	24/05/2019	French	PDF
m120-f-p	31/12/2018	01/01/9999	24/05/2019	French	PDF
Full model	31/12/2017	27/04/2018	16/05/2018	French	PDF
m120-f-p	31/12/2017	27/04/2018	05/06/2018	French	PDF
Full model	31/12/2016	28/04/2017	10/05/2017	French	PDF
m120-f-p	31/12/2016	28/04/2017	18/05/2017	French	PDF
Full model	31/12/2015	22/04/2016	12/05/2016	French	PDF
m120-f-p	31/12/2015	22/04/2016	24/05/2016	French	PDF
Full model	31/12/2014	24/04/2015	27/04/2015	French	PDF
m120-f-p	31/12/2014	24/04/2015	11/05/2015	French	PDF
Full model	31/12/2013	25/04/2014	23/05/2014	French	PDF
m120-f-p	31/12/2013	25/04/2014	23/05/2014	French	PDF
Full model	31/12/2012	26/04/2013	24/05/2013	French	PDF
m120-f-p	31/12/2012	26/04/2013	27/05/2013	French	PDF
Full model	31/12/2011	27/04/2012	21/05/2012	French	PDF
m120-f-p	31/12/2011	27/04/2012	21/05/2012	French	PDF
Full model	31/12/2010	22/04/2011	20/05/2011	French	PDF
m120-f-p	31/12/2010	22/04/2011	19/05/2011	French	PDF
Full model	31/12/2009	23/04/2010	18/05/2010	French	PDF
m120-f-p	31/12/2009	23/04/2010	17/05/2010	French	PDF
Full model	31/12/2008	24/04/2009	18/05/2009	French	PDF
m120-f-p	31/12/2008	24/04/2009	15/05/2009	French	PDF
Full model	31/12/2007	25/04/2008	19/05/2008	French	PDF
m120-f-p	31/12/2007	25/04/2008	22/05/2008	French	PDF
Full model	31/12/2006	27/04/2007	14/05/2007	French	PDF
m120-f-p	31/12/2006	27/04/2007	22/05/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 M€ and 500 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 9 active · 70 ended

Active mandates

STÉPHAN SONNEVILLE

Managing director · since 25 avril 2025 · until 28 avril 2028 · 0461.220.350

Represented by Stéphan SONNEVILLE

Active

Bernadette de Bethune

Director · since 26 avril 2024 · until 23 avril 2027

Active

Christian DELAIRE

Director · since 26 avril 2024 · until 23 avril 2027

Active

Frank DONCK

Chairman of the board of directors · since 26 avril 2024 · until 23 avril 2027

Active

INVESTEA

Director · since 26 avril 2024 · until 23 avril 2027 · 0554.946.205

Represented by Emmanuèle ATTOUT

Active

MOROXCO

Director · since 26 avril 2024 · until 23 avril 2027 · 0719.795.230

Represented by Cédric Van Quickenborne

Active

Realize

Director · since 26 avril 2024 · until 23 avril 2027 · 0759.664.804

Represented by Olivier Lambrecht

Active

JOHN PENNING

Director · since 28 avril 2023 · until 24 avril 2026

Active

TRIONNA

Director · since 28 avril 2023 · until 24 avril 2026 · 0556.982.017

Represented by Laure le Hardÿ de Beaulieu

Active

Ended mandates

SOCIETE DE CONSEIL EN GESTION ET STRATEGIE D'ENTREPRISES

Director · since 28 avril 2023 · until 26 avril 2024 · 0834.585.822

Represented by Nadine LEMAITRE

Ended

LUXEMPART MANAGEMENT sàrl

Director · since 22 avril 2022 · until 28 avril 2023

Represented by JOHN PENNING

Ended

LUXEMPART MANAGEMENT sàrl

Director · since 22 avril 2022 · until 25 avril 2025

Represented by JOHN PENNING

Ended

STÉPHAN SONNEVILLE

Managing director · since 22 avril 2022 · until 25 avril 2025 · 0461.220.350

Represented by Stéphan SONNEVILLE

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates08/06/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates15/05/2026
DEMISSIONS, NOMINATIONS
PDF
Other05/05/2026
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - DIVERS
PDF
Mandates17/06/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates16/05/2025
DEMISSIONS, NOMINATIONS
PDF
Other07/05/2025
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - DIVERS
PDF
Capital / shares19/03/2025
CAPITAL, ACTIONS - DIVERS
PDF
Capital / shares17/03/2025
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - DIVERS - CAPITAL, ACTIONS
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

24/04/2026
reconductionSRL Trionna — Administrateur non-exécutif indépendant
24/04/2026
nominationLionel de Hemptinne — Administrateur non-exécutif
24/04/2026
nominationVANDERSTRAETEN Caroline Françoise Marthe Michèle — mandataire spécial
24/04/2026
nominationHODAC Alexander — mandataire spécial
2025
Annual accounts 2025-159,4 M €↓
25/04/2025
reconductionStéphan Sonneville — Administrateur
10/03/2025
augmentation_capital
10/03/2025
apport
02/03/2025
augmentation_capital3D SA
02/03/2025
augmentation_capitalStéphan Sonneville SA
02/03/2025
augmentation_capitalLuxempart S.A.
02/03/2025
augmentation_capitalMidelCo SA
02/03/2025
augmentation_capitalVandewiele Group SA
2024
Annual accounts 2024-16,0 M €↓
26/04/2024
reconductionFrank Donck — Administrateur
26/04/2024
reconductionSAL Investea — Administrateur indépendant
26/04/2024
reconductionChristian Delaire — Administrateur indépendant
26/04/2024
nominationBernadette de Bethune — Administrateur indépendant
26/04/2024
nominationBVBA Moroxco — Administrateur indépendant
26/04/2024
nominationBV Realize — Administrateur indépendant
26/04/2024
nominationSRL BDO Réviseurs d'Entreprises — commissaire
26/04/2024
augmentation_capital
2023
Annual accounts 20237,5 M €↓
30/11/2023
augmentation_capital
30/11/2023
apport
08/11/2023
augmentation_capital
11/09/2023
augmentation_capital
27/06/2023
augmentation_capital
25/05/2023
augmentation_capital
28/04/2023
reconductionSRL Sogestra — Administrateur
28/04/2023
nominationSRL Trionna — Administrateur indépendant
28/04/2023
nominationJohn Penning — Administrateur
2022
Annual accounts 202237,3 M €↓
22/04/2022
reconductionsàrl Luxempart Management — Administrateur
22/04/2022
reconductionStéphan Sonneville SA — Administrateur
2021
Annual accounts 202168,4 M €↑
2020
Annual accounts 202026,1 M €↑
2019
Annual accounts 201916,4 M €↓
2018
Annual accounts 201869,6 M €↑
2017
Annual accounts 2017-6,5 M €↓
2016
Annual accounts 20166,9 M €↑
2015
Annual accounts 20156,3 M €↓
2015
Name changeATENOR
2014
Annual accounts 201413,5 M €↑
2013
Annual accounts 20138,0 M €↑
2012
Annual accounts 20124,7 M €↓
2011
Annual accounts 201113,3 M €↑
2010
Annual accounts 201010,5 M €↑
2010
Name changeATENOR GROUP
2009
Annual accounts 20092,0 M €↑
2008
Annual accounts 2008-5,8 M €↓
2007
Annual accounts 200769,5 M €↑
2006
Annual accounts 20068,9 M €
15/09/1950
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

ATENOR

Overview

What does ATENOR do?

Trend over 20 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline