ATHENA GRAPHICS

Active

Public limited companyfounded 198442 yrs activeLiebeekstraat 20, 8800 Roeselare, BelgiumKBO/BCE: BE 0425.244.040

Summary

ATHENA GRAPHICS has been active since 1984 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.7m and a net result of €1.3m. Equity is shrinking by ~10% per year across the filed fiscal years. Its solvency ranks better than 70% of 204 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).

Risk analysisWatch Report Compare

ATHENA GRAPHICSActiveChecked score 96/100

Risk analysis Report Compare

Activity

Pre-press and pre-media services

NACE 18130Other printing NACE 18120Manufacture of rubber and plastic products NACE 22220

#6 employer in West Flanders, Printing sector1 site

Size

€9.5mturnover 2025

Staff: 55.1 FTE
Equity: €2.7m
Profit: €1.3m

Financial health

96 Excellent Checked score 2025

Bankruptcy chance 12 m: 0.1%

Structure

Parent: ATHENA GRAPHICS GROUP · 100%
Board: 2 members
Holdings: 1

Accounts 51 d early1 of 15 deeds read

Why 96- 1 change of registered office in 24 months+ Liquidity: current ratio 2.00, cash €766,077+ Size: turnover €9.5m, 55.1 FTE, total assets €4.3m+ Founded in 1984Show the evidence

Checked score

Score 2025

96 / 100

Excellent

Probability in this band: under 0.55%

Better than 70% of its sector peers (NACE 18, medium-sized)

Performance against the sector, not lower risk

Every signal that weighs is under Signals.

Financial strength · tick = 2024

Strong

Solvency 88+18

equity 62.7% of total assets

Liquidity 56+2

short-term debt 36.0% · cash 18.0%

Profitability 81+2

return on assets 30.2%

Bankruptcy probability, 12 months

0.1% Very low

0%0.5%1.5%4%10%≥ 25%

Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.2% (40 companies)

Last 24 months 11-2024: < 0.1% 12-2024: < 0.1%● 0.0% vs 11-2024 01-2025: < 0.1%● 0.0% vs 12-2024 02-2025: < 0.1%▼ -2.2% vs 01-2025 03-2025: < 0.1%● 0.0% vs 02-2025 04-2025: < 0.1%▼ -2.2% vs 03-2025 05-2025: < 0.1%▲ +2.3% vs 04-2025 06-2025: < 0.1%▲ +2.2% vs 05-2025 07-2025: 0.1%▲ +21.7% vs 06-2025 08-2025: < 0.1%▼ -23.2% vs 07-2025lowest value 09-2025: 0.1%▲ +135% vs 08-2025 10-2025: 0.1%● 0.0% vs 09-2025 11-2025: 0.1%● 0.0% vs 10-2025 12-2025: 0.1%● 0.0% vs 11-2025 01-2026: 0.1%● 0.0% vs 12-2025 02-2026: 0.1%▼ -4.0% vs 01-2026 03-2026: 0.1%● 0.0% vs 02-2026 04-2026: 0.1%▼ -1.0% vs 03-2026 05-2026: 0.1%▲ +24.0% vs 04-2026highest value 06-2026: 0.1%▼ -2.5% vs 05-2026 07-2026: 0.1%▼ -31.0% vs 06-2026 08-2026: 0.1%● 0.0% vs 07-2026 09-2026: 0.1%● 0.0% vs 08-2026 10-2026: 0.1%● 0.0% vs 09-2026

1 change of registered office in 24 months raises the probability
Liquidity: current ratio 2.00, cash €766,077 lowers the probability
Size: turnover €9.5m, 55.1 FTE, total assets €4.3m lowers the probability for this profile
Founded in 1984 lowers the probability for this profile

Credit up to €250,000 at 30 days acceptable

Liquidity ample (current ratio 2.0 against 1.49 in 2024; short-term debt: 36% and cash: 18% of total assets), and 37.3% of the assets are financed with debt.

How it is calculated

The band comes from the bankruptcy probability on a scale of 0 to 100: every 10 points more double the odds of getting through the year without bankruptcy.

75-100	Excellent	under 0.55%
60-74	Healthy	0.55% to 1.5%
45-59	Fair	1.5% to 4.2%
25-44	Weak	4.2% to 15.0%
0-24	Critical	over 15.0%

Place inside the band: half the bankruptcy probability, half how the company does against its sector peers (NACE 18, medium-sized). Better than this share of them on solvency 70%, liquidity 73%, profitability 78%, growth against the median 60%. That is performance, not lower risk; the band itself always comes from the probability.

Bankruptcy probability: model pd-v3.202610021621, computed on 06-10-2026. The model learns from Belgian bankruptcies and reads the registers, the annual accounts and the gazette.

Ceilings: negative or zero equity, a heavy loss, a special KBO legal situation and a missing filing 59 (two missing 44), an ongoing judicial reorganisation or an ending 24. Financial strength does not count in the score.

Credit check for your own amount and term

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Signals

Five signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

1 change of registered office in 24 months

In the bankruptcy model this factor raises the probability.

Belgian State Gazette

Liquidity: current ratio 2.00, cash €766,077

In the bankruptcy model this factor lowers the probability.

NBB · annual accounts

Size: turnover €9.5m, 55.1 FTE, total assets €4.3m

In the bankruptcy model this factor lowers the probability for this profile.

NBB · annual accounts

Founded in 1984

In the bankruptcy model this factor lowers the probability for this profile.

KBO

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 10-06-2026, 51 days ahead of the deadline.

NBB · 10 filings

Deviation from the deadline

2025

51 d early

2024

23 d early

2023

42 d early

2022

21 d early

2021

45 d early

2020

31 d early

2019

50 d early

← before the deadline after the deadline →

tick = median of all Belgian filingsring = median in the sector

This company filed its last 7 accounts on average 38 days before the deadline; the sector median for financial year 2024 is 5 days before the deadline, and 38% of the sector filed late.

Checked, nothing found (2)

The next deadline is still running

The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 20 June (5 of the last 5 filed years within 30 days of that day).

Companies Code · seven months

Position in the running window

07-10-2026 today31-12-2026 close31-07-2027 deadline

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

10-06-26 Annual accounts filedfiscal year 2025 · full…
06-01-26 Resignation: Ico Invest (sole director)Permanent representatives: Ignace COSAERT and…
08-07-25 Annual accounts filedfiscal year 2024 · full…

Key points

Positive: Among the best 10% on net resultsector median €21,925 · 204 companies €1.3m View
Positive: Always filed on timeaccounts within the deadline every year 8 years View
Positive: 8 profitable years in a rowprofit 2025: €1.3m 8 years View
Controlled by ATHENA GRAPHICS GROUPknown shareholders 100% 100% View
New directorslatest change 23-10-2025 · 2 in office 2 joined View
Positive: Result rose in 2025from €979,139 to €1.3m ▲ 31.6% View