ACTIVE

ATHENA GRAPHICS

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Financial year 2025 · closed on 31/12/2025

Net result

1,3 M €

+31.6% YoY

Revenue

9,5 M €

+1.2% YoY

Equity

2,7 M €

+0.1% YoY

Workforce

55,1 ETP

+0.7% YoY

What does ATHENA GRAPHICS do?

ATHENA GRAPHICS is a Public limited company incorporated in 1984. Its registered office is in Roeselare. It employs on average 55,1 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0425.244.040

Incorporation

07/01/1984

Legal form

Public limited company

Registered office

Liebeekstraat 20
8800 Roeselare · FlandreSee on map

Contributed capital

362 884,37 €

Latest accounts

31/12/2025

Average workforce

55,1 ETP

Joint committees (6)

130
13000
200
20000
20000 13000
218

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	9,5 M €	+1.2%	9,3 M €	+13.7%	8,2 M €	-0.4%	8,3 M €	-4.6%	8,7 M €	+1.9%	8,5 M €	+4.7%	8,1 M €	+4.7%	7,7 M €	-21.0%	9,8 M €	+20.8%	8,1 M €	+13.0%	7,2 M €	+3.7%	6,9 M €	-10.6%	7,8 M €	+11.5%	6,9 M €		–		6,7 M €	-1.3%	6,8 M €	+13.1%	6 M €
EBITDA	566,7 k €	-38.5%	920,9 k €	+112%	435,1 k €	+30.1%	334,5 k €	-40.8%	565,1 k €	+0.2%	564 k €	-54.8%	1,2 M €	+46.7%	850,6 k €	-67.2%	2,6 M €	+37.7%	1,9 M €	+231%	569,4 k €	-46.8%	1,1 M €	-22.4%	1,4 M €	+9.3%	1,3 M €	+42.4%	886,1 k €	-14.0%	1 M €	+4.2%	988,9 k €	+111%	467,9 k €
Operating result	74,7 k €	-84.8%	491,2 k €	+1920%	24,3 k €	+131%	-77,4 k €	-130%	260,4 k €	+64.1%	158,7 k €	-82.0%	880,8 k €	+103%	434,7 k €	-79.3%	2,1 M €	+57.6%	1,3 M €	+742%	158,1 k €	-75.0%	632,9 k €	-25.8%	852,9 k €	+13.0%	754,8 k €	+175%	274,2 k €	-45.7%	505,3 k €	+8.5%	465,8 k €	+2818%	16 k €
Net result	1,3 M €	+31.6%	979,1 k €	+33.3%	734,7 k €	+110%	350,5 k €	+147%	141,8 k €	+119%	64,8 k €	-88.1%	545,1 k €	+97.3%	276,3 k €	-79.8%	1,4 M €	+55.2%	880,9 k €	+747%	104 k €	-82.7%	600,7 k €	-7.1%	646,9 k €	+39.1%	465 k €	+322%	110,3 k €	-71.8%	390,5 k €	+12.3%	347,7 k €	+4823%	-7,4 k €
Balance sheet
Equity	2,7 M €	+0.1%	2,7 M €	-27.7%	3,7 M €	-0.4%	3,7 M €	-11.1%	4,2 M €	+15.1%	3,6 M €	-24.6%	4,8 M €	+0.9%	4,8 M €	-13.2%	5,5 M €	+21.0%	4,5 M €	+20.3%	3,8 M €	+2.8%	3,7 M €	+19.6%	3,1 M €	+26.8%	2,4 M €	+23.5%	2 M €	+5.8%	1,8 M €	+25.9%	1,5 M €	+30.3%	1,1 M €
Total assets	4,3 M €	-28.6%	6 M €	-3.3%	6,2 M €	+0.1%	6,2 M €	+2.8%	6 M €	-0.7%	6 M €	-12.1%	6,9 M €	-1.0%	6,9 M €	+4.4%	6,6 M €	+16.6%	5,7 M €	+22.1%	4,7 M €	+0.9%	4,6 M €	+6.2%	4,4 M €	+4.7%	4,2 M €	+21.8%	3,4 M €	-5.5%	3,6 M €	-8.9%	4 M €	+20.8%	3,3 M €
Cash	766,1 k €	-47.2%	1,5 M €	+92.0%	755,4 k €	-41.0%	1,3 M €	-7.4%	1,4 M €	-20.8%	1,7 M €	+39.2%	1,3 M €	-24.1%	1,7 M €	-28.1%	2,3 M €	+178%	828,1 k €	+17.4%	705,4 k €	+29.5%	544,9 k €	+159%	210 k €	-15.9%	249,6 k €	+66.8%	149,7 k €	+13.0%	132,4 k €	-61.6%	344,9 k €	+36.6%	252,4 k €
Debts	1,6 M €	-51.8%	3,3 M €	+33.4%	2,5 M €	+0.6%	2,4 M €	+34.1%	1,8 M €	-24.2%	2,4 M €	+17.7%	2 M €	-6.3%	2,2 M €	+87.5%	1,2 M €	-0.4%	1,2 M €	+29.7%	901,6 k €	-6.4%	963,2 k €	-25.3%	1,3 M €	-21.5%	1,6 M €	+19.9%	1,4 M €	-21.1%	1,7 M €	-21.4%	2,2 M €	+17.7%	1,9 M €
Other
Workforce	55,1 ETP	+0.7%	54,7 ETP	-2.1%	55,9 ETP	-8.1%	60,8 ETP	-3.5%	63,0 ETP	0.0%	63,0 ETP	-0.8%	63,5 ETP	-0.3%	63,7 ETP	+0.8%	63,2 ETP	+7.7%	58,7 ETP	-1.7%	59,7 ETP	+4.4%	57,2 ETP	-1.5%	58,1 ETP	+11.9%	51,9 ETP	+9.7%	47,3 ETP	-0.2%	47,4 ETP	-2.7%	48,7 ETP	-3.6%	50,5 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 20 ended

Active mandates

ROS@LIA

Director · since 23 octobre 2025 · 0799.617.124

Represented by Alexandra Mannaerts

Active

ICO INVEST

Director · 0832.180.123

Represented by Ignace Cosaert

Active

Ended mandates

ICO INVEST

Managing director · since 09 juin 2020 · until 09 juin 2026 · 0832.180.123

Represented by Cosaert Ignace

Ended

Solange Traisnel

Director · since 09 juin 2020 · until 09 juin 2026

Ended

ICO INVEST

Managing director · since 01 janvier 2019 · 0832.180.123

Represented by Ignace Cosaert

Ended

ICO INVEST

Managing director · since 01 janvier 2019 · until 09 juin 2020 · 0832.180.123

Represented by Cosaert Ignace

Ended

At this address

Other companies at this address

Company	CBE no.
ATHENA GRAPHICS GROUP● Active	1025.388.681

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	10/06/2026	08/07/2025	19/06/2024	10/07/2023	16/06/2022	30/06/2021
General meeting	09/06/2026	10/06/2025	11/06/2024	13/06/2023	14/06/2022	08/06/2021
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

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	09/06/2026	10/06/2026	Dutch	PDF
Full model	31/12/2024	10/06/2025	08/07/2025	Dutch	PDF
Full model	31/12/2023	11/06/2024	19/06/2024	Dutch	PDF
Full model	31/12/2022	13/06/2023	10/07/2023	Dutch	PDF
Full model	31/12/2021	14/06/2022	16/06/2022	Dutch	PDF
Full model	31/12/2020	08/06/2021	30/06/2021	Dutch	PDF
Full model	31/12/2019	09/06/2020	11/06/2020	Dutch	PDF
Full model	31/12/2018	07/05/2019	28/05/2019	Dutch	PDF
Full model	31/12/2017	12/06/2018	14/06/2018	Dutch	PDF
Full model	31/12/2016	13/06/2017	17/07/2017	Dutch	PDF
Full model	31/12/2015	14/06/2016	16/06/2016	Dutch	PDF
Full model	31/12/2014	20/04/2015	22/05/2015	Dutch	PDF
Full model	31/12/2013	10/06/2014	12/06/2014	Dutch	PDF
Full model	31/12/2012	11/06/2013	28/06/2013	Dutch	PDF
Full model	31/12/2011	12/06/2012	22/06/2012	Dutch	PDF
Full model	31/12/2010	14/06/2011	04/07/2011	Dutch	PDF
Abridged model	31/12/2009	08/06/2010	14/06/2010	Dutch	PDF
Full model	31/12/2008	09/07/2009	09/07/2009	Dutch	PDF
Full model	31/12/2007	10/06/2008	03/07/2008	Dutch	PDF
Full model	31/12/2006	12/06/2007	26/06/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 2,5 M€ and 5 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 · 2 active · 20 ended

Active mandates

ROS@LIA

Director · since 23 octobre 2025 · 0799.617.124

Represented by Alexandra Mannaerts

Active

ICO INVEST

Director · 0832.180.123

Represented by Ignace Cosaert

Active

Ended mandates

ICO INVEST

Managing director · since 09 juin 2020 · until 09 juin 2026 · 0832.180.123

Represented by Cosaert Ignace

Ended

Solange Traisnel

Director · since 09 juin 2020 · until 09 juin 2026

Ended

ICO INVEST

Managing director · since 01 janvier 2019 · 0832.180.123

Represented by Ignace Cosaert

Ended

ICO INVEST

Managing director · since 01 janvier 2019 · until 09 juin 2020 · 0832.180.123

Represented by Cosaert Ignace

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates06/01/2026
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares19/09/2025
RUBRIEK EINDE (STOPZETTING, INTREKKING STOPZETTING, NIETIGHEID, GER. AK., GERECHTELIJKE REORGANISATIE, ENZ... - KAPITAAL - AANDELEN
PDF
Registered office20/08/2025
MAATSCHAPPELIJKE ZETEL
PDF
Restructuring17/11/2022
KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring12/09/2022
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...) - DIVERSEN
PDF
Mandates25/08/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates11/02/2019
ONTSLAGEN - BENOEMINGEN
PDF
Mandates21/08/2015
ONTSLAGEN - BENOEMINGEN
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

2025
Annual accounts 20251,3 M €↑
2024
Annual accounts 2024979,1 k €↑
2023
Annual accounts 2023734,7 k €↑
2022
Annual accounts 2022350,5 k €↑
2021
Annual accounts 2021141,8 k €↑
2018
Annual accounts 201864,8 k €↓
2017
Annual accounts 2017545,1 k €↑
2016
Annual accounts 2016276,3 k €↓
2015
Annual accounts 20151,4 M €↑
2014
Annual accounts 2014880,9 k €↑
2013
Annual accounts 2013104 k €↓
2012
Annual accounts 2012600,7 k €↓
2011
Annual accounts 2011646,9 k €↑
2010
Annual accounts 2010465 k €↑
2009
Annual accounts 2009110,3 k €↓
2008
Annual accounts 2008390,5 k €↑
2007
Annual accounts 2007347,7 k €↑
2006
Annual accounts 2006-7,4 k €
07/01/1984
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

ATHENA GRAPHICS

Overview

What does ATHENA GRAPHICS do?

Trend over 18 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