Summary
ATHELEAN has a registered holding activity and consists mainly of financial fixed assets; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €133.8m and a net result of €2.8m. Equity remains stable across the filed financial years (±0.6% per year). Its solvency ranks better than 58% of 5,669 sector peers (NACE 68, financial year 2025). The company has been active since 1987 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, full format
In the rankings
#1 company by total assets in Knokke-Heist, Real estate sector#1 company by equity in Knokke-Heist, Real estate sector
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€2.8m▲ 5,327%
2024 · €51,285
Working capital
-€22.0m▼ 12.1%
2024 · -€19.6m
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 218% above 2024 and is the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€4.7m
2025
Net result€2.8m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€276.4m
2025
Equity€133.8m
2025
Debt€141.7m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€22.0m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)1.0%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency48.4%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.34
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)1
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 68, Real estate activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€1.4m-€0.7m-€0.07m€0.6m€0.5m▼ 9.3%€0.7m▲ 39.3%€1.5m▲ 101%€4.7m▲ 218%
Net result€0.7m-€0.9m▲ 34.1%€0.6mabove the sector's middle half▼ 30.0%€1.3mabove the sector's middle half▲ 116%€0.8mabove the sector's middle half▼ 40.5%€0.08mwithin the sector's middle half▼ 89.5%€0.05mwithin the sector's middle half▼ 38.7%€2.8mabove the sector's middle half▲ 5,327%
Equity€127.8m-€128.8m▲ 0.8%€129.5mabove the sector's middle half▲ 0.5%€130.8mabove the sector's middle half▲ 1.0%€131.6mabove the sector's middle half▲ 0.6%€131.7mabove the sector's middle half▲ 0.1%€131.7mabove the sector's middle half=€133.8mabove the sector's middle half▲ 1.6%
Total assets€218.6m-€214.7m▼ 1.8%€222.5mabove the sector's middle half▲ 3.6%€224.7mabove the sector's middle half▲ 1.0%€255.1mabove the sector's middle half▲ 13.5%€275.5mabove the sector's middle half▲ 8.0%€271.9mabove the sector's middle half▼ 1.3%€276.4mabove the sector's middle half▲ 1.7%
Debt€90.2m-€85.5m▼ 5.2%€92.7m▲ 8.4%€93.6m▲ 1.0%€123.2m▲ 31.6%€143.6m▲ 16.5%€140.0m▼ 2.5%€141.7m▲ 1.2%
Working capital€98.2m-€98.3m▲ 0.2%€98.4mabove the sector's middle half▲ 0.1%€83.7mabove the sector's middle half▼ 15.0%€59.0mabove the sector's middle half▼ 29.5%-€20.9mbelow the sector's middle half-€19.6mbelow the sector's middle half▲ 5.8%-€22.0mbelow the sector's middle half▼ 12.1%
Solvency58.5%-60.0%▲ 1.5pp58.2%within the sector's middle half▼ 1.8pp58.2%within the sector's middle half=51.6%within the sector's middle half▼ 6.6pp47.8%within the sector's middle half▼ 3.8pp48.4%within the sector's middle half▲ 0.7pp48.4%within the sector's middle half=
Current ratio2.46-2.55▲ 0.092.38within the sector's middle half▼ 0.172.14within the sector's middle half▼ 0.241.56within the sector's middle half▼ 0.580.42below the sector's middle half▼ 1.140.27below the sector's middle half▼ 0.150.34below the sector's middle half▲ 0.07
Return on assets (ROA)0.3%-0.4%▲ 0.1pp0.3%within the sector's middle half▼ 0.1pp0.6%within the sector's middle half▲ 0.3pp0.3%within the sector's middle half▼ 0.3pp0.0%within the sector's middle half▼ 0.3pp0.0%within the sector's middle half=1.0%within the sector's middle half▲ 1.0pp
Staff (FTE)1-1=0.9below the sector's middle half▼ 10.0%0.8below the sector's middle half▼ 11.1%0.8within the sector's middle half=0.8within the sector's middle half=0.8within the sector's middle half=1within the sector's middle half▲ 25.0%
above
within
below
the middle half of NACE 68, Real estate activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Why a figure moved sharply
- 2025 Net result +5,327% on 2024. The accounts now follow the full format, last year the abbreviated format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €276.4m
Fixed assets
€265.2m ▲ 0.2%
Current assets
€11.2m ▲ 55.4%
Equity and liabilities €276.4m
Equity
€133.8m ▲ 1.6%
Provisions
€852,662 ▲ 315%
Debt
€141.7m ▲ 1.2%
Debt's share of the balance-sheet total falls from 51.5% to 51.3%. Equity and debt are higher.
Key figures and ratios
ROE
2.1%▲
2024 · 0.0%
Debt ≤ 1 year
€33.2m▲
2024 · €26.9m
Debt > 1 year
€104.1m▼
2024 · €111.8m
Income taxes
€56,303▲
2024 · €52,229
Staff costs
€86,001▲
2024 · €72,429
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €0.01m | €0 | €2.7m | - |
| Remuneration, social security and pensions62 | - | - | - | €0.06m | €0.06m | €0.07m | €0.07m | €0.09m | ▲ 18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.9m | €0.8m | €0.8m | €0.6m | €0.7m | €0.7m | €0.7m | €0.6m | ▼ 12.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €0.1m | - |
| Other operating charges640/8 | - | - | - | €0.08m | €0.1m | €0.09m | €0.1m | €0.2m | ▲ 42.5% |
| Gross operating margin9900 | -€0.3m | €1.6m | €0.9m | €1.4m | €1.4m | €1.6m | €2.4m | €5.7m | ▲ 140% |
| Operating profit (loss)9901 | -€1.4m | €0.7m | -€0.07m | €0.6m | €0.5m | €0.7m | €1.5m | €4.7m | ▲ 218% |
| Financial income75/76B | - | - | - | €2.3m | €2.0m | €3.3m | €2.7m | €2.2m | ▼ 17.8% |
| Recurring financial income75 | €2.9m | €1.4m | €2.0m | €2.3m | €2.0m | €3.3m | €2.7m | €2.2m | ▼ 17.8% |
| Financial charges65/66B | - | - | - | €1.1m | €1.5m | €3.9m | €4.1m | €4.1m | ▲ 0.4% |
| Recurring financial charges65 | €0.9m | €0.8m | €1.0m | €1.1m | €1.5m | €3.9m | €4.1m | €4.1m | ▲ 0.4% |
| Profit (loss) for the period before taxes9903 | €0.6m | €1.3m | €0.9m | €1.8m | €1.1m | €0.1m | €0.07m | €2.8m | ▲ 3,830% |
| Transfer from deferred taxes780 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Income taxes67/77 | €0.001m | €0.4m | €0.3m | €0.5m | €0.3m | €0.06m | €0.05m | €0.06m | ▲ 7.8% |
| Profit (loss) for the period9904 | €0.7m | €0.9m | €0.6m | €1.3m | €0.8m | €0.08m | €0.05m | €2.8m | ▲ 5,327% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | - | €2.7m | - |
| Profit (loss) for the period to be appropriated9905 | €0.8m | €1.1m | €0.7m | €1.4m | €0.9m | €0.2m | €0.1m | €0.2m | ▲ 10.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €218.6m | €214.7m | €222.5m | €224.7m | €255.1m | €275.5m | €271.9m | €276.4m | ▲ 1.7% |
| Fixed assets21/28 | €52.9m | €52.9m | €52.8m | €67.9m | €91.4m | €260.2m | €264.7m | €265.2m | ▲ 0.2% |
| Tangible fixed assets22/27 | €12.6m | €12.5m | €12.5m | €11.8m | €11.8m | €11.3m | €10.8m | €9.0m | ▼ 16.3% |
| Land and buildings22 | - | - | - | €11.8m | €11.8m | €11.2m | €10.7m | €9.0m | ▼ 16.1% |
| Plant, machinery and equipment23 | - | - | - | €0.005m | €0.004m | €0.01m | €0.005m | €0.001m | ▼ 88.4% |
| Furniture and vehicles24 | - | - | - | €0.04m | €0.03m | €0.1m | €0.08m | €0.05m | ▼ 35.3% |
| Financial fixed assets28 | €40.3m | €40.3m | €40.3m | €56.1m | €79.6m | €249.0m | €253.9m | €256.2m | ▲ 0.9% |
| Current assets29/58 | €165.6m | €161.9m | €169.7m | €156.8m | €163.7m | €15.3m | €7.2m | €11.2m | ▲ 55.4% |
| Amounts receivable within one year40/41 | €164.8m | €159.6m | €168.5m | €155.5m | €162.3m | €14.2m | €5.9m | €8.7m | ▲ 46.3% |
| Trade receivables40 | - | - | - | - | - | €0.005m | €1.0m | €1.2m | ▲ 26.7% |
| Other amounts receivable41 | - | - | - | €155.5m | €162.3m | €14.2m | €5.0m | €7.4m | ▲ 50.1% |
| Current investments50/53 | €0.5m | €0.7m | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.05m | €1.3m | €0.9m | €0.9m | €0.9m | €0.7m | €0.8m | €1.3m | ▲ 49.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.5m | €0.4m | €0.4m | €0.4m | €1.3m | ▲ 190% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €218.6m | €214.7m | €222.5m | €224.7m | €255.1m | €275.5m | €271.9m | €276.4m | ▲ 1.7% |
| Equity10/15 | €127.8m | €128.8m | €129.5m | €130.8m | €131.6m | €131.7m | €131.7m | €133.8m | ▲ 1.6% |
| Contributions10/11 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Capital10 | - | - | - | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Issued capital100 | - | - | - | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Reserves13 | €1.3m | €1.2m | €1.1m | €1.0m | €0.9m | €0.8m | €0.7m | €2.7m | ▲ 271% |
| Non-distributable reserves130/1 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Legal reserve130 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Tax-exempt reserves132 | - | - | - | €0.9m | €0.8m | €0.7m | €0.6m | €2.6m | ▲ 315% |
| Profit (loss) carried forward14 | €125.5m | €126.6m | €127.3m | €128.8m | €129.7m | €129.8m | €130.0m | €130.1m | ▲ 0.1% |
| Investment grants15 | - | - | - | €0.04m | €0.04m | €0.03m | €0.04m | €0.04m | ▼ 9.5% |
| Provisions and deferred taxes16 | €0.5m | €0.4m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.9m | ▲ 315% |
| Deferred taxes168 | - | - | - | €0.3m | €0.3m | €0.2m | €0.2m | €0.9m | ▲ 315% |
| Amounts payable17/49 | €90.2m | €85.5m | €92.7m | €93.6m | €123.2m | €143.6m | €140.0m | €141.7m | ▲ 1.2% |
| Amounts payable after more than one year17 | €22.4m | €21.5m | €21.1m | €20.0m | €17.8m | €106.5m | €111.8m | €104.1m | ▼ 6.8% |
| Financial debts170/4 | - | - | - | €20.0m | €17.8m | €106.5m | €111.8m | €104.1m | ▼ 6.8% |
| Amounts payable within one year42/48 | €67.5m | €63.5m | €71.3m | €73.1m | €104.7m | €36.2m | €26.9m | €33.2m | ▲ 23.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €5.8m | €0.9m | €5.0m | ▲ 453% |
| Trade debts44 | €0.1m | €0.1m | €0.2m | €0.08m | €0.2m | €0.05m | €0.04m | €0.1m | ▲ 269% |
| Suppliers440/4 | - | - | - | €0.08m | €0.2m | €0.05m | €0.04m | €0.1m | ▲ 269% |
| Advances received on contracts in progress46 | - | - | - | - | - | €0.01m | €0.01m | €0.01m | = |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.07m | €0.04m | €0.03m | €0.1m | ▲ 243% |
| Taxes450/3 | - | - | - | €0.03m | €0.06m | €0.03m | €0.03m | €0.1m | ▲ 335% |
| Remuneration and social security454/9 | - | - | - | €0.006m | €0.007m | €0.009m | €0.01m | €0.01m | ▲ 4.2% |
| Other amounts payable47/48 | - | - | - | €73.0m | €104.4m | €30.3m | €25.9m | €28.0m | ▲ 8.0% |
| Accrued charges and deferred income492/3 | - | - | - | €0.5m | €0.8m | €1.0m | €1.4m | €4.4m | ▲ 221% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.7m | €0.9m | €0.6m | €1.3m | €0.8m | €0.08m | €0.05m | €2.8m | ▲ 5,327% |
| + Depreciation and write-downs630 | €0.9m | €0.8m | €0.8m | €0.6m | €0.7m | €0.7m | €0.7m | €0.6m | ▼ 12.3% |
| Operating cash flow (approximation) | €1.6m | €1.7m | €1.5m | €2.0m | €1.5m | €0.8m | €0.8m | €3.4m | ▲ 339% |
| Investment in fixed assets (approximation) | - | -€0.7m | -€0.8m | -€15.7m | -€24.2m | -€169.5m | -€5.2m | -€1.1m | ▲ 78.4% |
| Change in cash | - | €1.2m | -€0.3m | -€0.04m | €0.05m | -€0.2m | €0.1m | €0.4m | ▲ 186% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Similar companies · same sector, comparable size
LANSON REAL ESTATE
BE 0421.175.780
Jette · equity €130.3m
CELSIUS BELGIUM
BE 0635.634.961
Brussel · equity €139.5m
NOSHAQ IMMO
BE 0428.590.738
Liège · equity €118.9m
E.T.A.
BE 0444.796.864
Herselt · equity €160.4m
NEO
BE 0552.737.177
Brussel · equity €111.4m
Of the 9,048 companies in this sector, figures are known for 6,742. 231 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €1,249 awarded · €1,249 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €239 | €239 |
| 2024 | 1 | €387 | €387 |
| 2023 | 1 | €0 | €413 |
| 2022 | 1 | €623 | €210 |
Public contracts: not fully processed yet. The notices from August 2025 to September 2026 are still being read.