olivLaw · European equity research
Atenor SA ATEB.BR
Belgium · Euronext Brussels · ISIN BE0003837540 · Vertical: Listed companies from Belgium
Atenor SA is a Belgian property developer listed on Euronext Brussels that designs and delivers sustainable urban buildings, with a focus on revitalising neglected urban areas. The company is now refining its strategy over a three-year plan, in a difficult economic context for the sector, with its shares having fallen sharply since 2021 to 2.42 EUR at 31 December 2025.
At the close of 05 Nov 2026, Atenor SA (ATEB.BR) stock was 0.88 EUR (−3.08% on the day), with market capitalisation 51.0 m EUR, beta 0.31, 52-week range 0.88–3.05 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 27.1
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.87 – 1.06
- in the lower half of the band · %B 0.07 · band width 20.2%
- SMA 50 / 200
- 1.05 / 1.71
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.05 / -0.04
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −16.0% | +0.4% | −16.4 pp | — |
| 3 months | −36.1% | −3.3% | −32.8 pp | — |
| 6 months | −47.0% | +4.0% | −51.0 pp | — |
| Year to date | −63.6% | +8.1% | −71.7 pp | — |
| 1 year | −68.3% | +10.7% | −79.0 pp | +8.1% |
| 3 years | −88.8% | +50.1% | −138.9 pp | −4.6% |
| 5 years | −97.2% | +43.6% | −140.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 78.6 m | 321.3 m | 147.0 m |
| Revenue YoY | unavailable | +308.7% | −54.2% |
| Net income | -107.1 m | -39.4 m | -138.7 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -10.60 | -0.90 | -2.40 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -136.3% | -12.3% | -94.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 59.6 m EUR
- Financial debt
- 319.7 m EUR
- Net debt
- 260.1 m EUR
- Equity
- 208.8 m EUR
- Total assets
- 871.6 m EUR
- Debt / equity
- 1.53x
- Current ratio
- 1.95x
- ROE
- -55.5%
- ROA
- -13.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 78.6 m | 321.3 m | 147.0 m | esef· 24 Mar 2026verified |
| Cost of revenue | 70.8 m | 274.4 m | 137.5 m | esef· 24 Mar 2026verified |
| Gross profit | 14.0 m | 46.9 m | -38.6 m | esef· 24 Mar 2026verified |
| Operating income | -64.1 m | -3.8 m | -102.8 m | esef· 24 Mar 2026verified |
| Interest expense | 37.6 m | 37.4 m | 29.1 m | esef· 24 Mar 2026verified |
| Pre-tax income | -104.4 m | -28.4 m | -133.4 m | esef· 24 Mar 2026verified |
| Income tax | 3.3 m | 10.7 m | 3.0 m | esef· 24 Mar 2026verified |
| Net income | -107.1 m | -39.4 m | -138.7 m | esef· 24 Mar 2026verified |
| Diluted EPS | -10.60 | -0.90 | -2.40 | esef· 24 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 47.5 m | 59.5 m | 59.6 m | esef· 24 Mar 2026verified |
| Receivables | 27.4 m | 27.5 m | 27.4 m | esef· 24 Mar 2026verified |
| Inventories | 993.3 m | 822.5 m | 562.8 m | esef· 24 Mar 2026verified |
| Current assets | 1.1 bn | 921.7 m | 656.0 m | esef· 24 Mar 2026verified |
| Property, plant & equipment, net | 10.2 m | 9.8 m | 8.5 m | esef· 24 Mar 2026verified |
| Total assets | 1.3 bn | 1.1 bn | 871.6 m | esef· 24 Mar 2026verified |
| Long-term debt | 450.8 m | 381.4 m | 319.7 m | esef· 24 Mar 2026verified |
| Current liabilities | 519.4 m | 465.9 m | 336.2 m | esef· 24 Mar 2026verified |
| Equity | 344.3 m | 291.4 m | 208.8 m | esef· 24 Mar 2026verified |
| Shares outstanding at year end | 10.1 m | 43.8 m | 57.8 m | esef· 24 Mar 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 51.0 m EUR
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -16.0% | 4 (vs peers) | 38% |
| Net margin · Quality | -94.3% | 5 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -3.5x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 2.0x | 96 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet38/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality4/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ATENOR (ATEB.BR). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 147.0 m EUR in 2025; YoY growth -54.2%; net margin -94.3%; ROE -55.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.0x
What contradicts it
- ROIC: -16.0%
- Net margin: -94.3%
- Interest coverage: -3.5x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| MOUR.BRMoury Construct | 261.2 m | 10.7 | 21.3% | 13.1% | −4.0% | +11% / +76% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for ATEB.BR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Atenor SA is a Belgian property developer listed on Euronext Brussels that designs and delivers sustainable urban buildings, with a focus on revitalising neglected urban areas. The company is now refining its strategy over a three-year plan, in a difficult economic context for the sector, with its shares having fallen sharply since 2021 to 2.42 EUR at 31 December 2025 1.
SWOT
Strengths
- A stable reference shareholder base, with a shareholders' agreement that brings together a large part of the capital and gives strategic continuity.
- Experience in sustainable urban development, with conversion and social housing projects in cities such as Brussels.
- Strong relationships with local authorities and communities, which can help in obtaining permits.
Weaknesses
- The share price has fallen sharply in recent years, reflecting difficulty in attracting investors.
- The public free float is small and liquidity is limited compared with the capital held by the reference shareholders.
- Budgets for community and philanthropic initiatives have been suspended, pointing to financial constraints.
Opportunities
- Revitalising neglected urban areas could open new projects if the economic environment improves.
- Demand for affordable housing and sustainable buildings could support projects with high ESG standards.
- A results-based dividend could rebuild investor appeal if profitability returns.
Threats
- The difficult economic context in the property sector could delay projects and reduce margins.
- Cost and schedule pressures on construction sites could affect the economic performance of projects.
- Reputational and compliance risks in the supply chain could have negative effects if not managed.
Risks
- Economic context in the property sectorhigh
The difficulties in the property sector in 2025 could delay the launch of new projects and may reduce asset values.
- Falling share price and market capitalisationhigh
The share price and market capitalisation have fallen significantly since 2021, which could limit access to capital market financing.
- Concentrated shareholdingmedium
The shareholders' agreement controls a major part of the capital, which could limit liquidity and the influence of minority shareholders.
- Site and supply-chain risksmedium
Accidents, working conditions or supplier breaches could affect timelines and the company's reputation.
- Undefined dividend policylow
The absence of a dividend for fiscal 2025 and the intention to adopt a new policy could discourage short-term investors.
Investment thesis
What would need to be true (bull case)
- If the property market stabilises, Atenor's urban revitalisation projects could generate significant value from its portfolio under development.
- A stable reference shareholder base and experience with social projects could support execution of the three-year strategy.
- If profitability returns, the announced dividend policy could bring investor attention back to the company.
What would break the thesis
- If economic pressure in the sector persists, projects could be postponed and margins could come under pressure.
- A depressed share price and small market capitalisation could limit access to capital and the liquidity of the stock.
- The suspension of community budgets points to financial constraints that could also slow other initiatives.
What to watch
- Interim statement for the first quarter and any changes to the project portfolio19 May 2026
- Half-year results and the trend in margins under the sector's economic context3 September 2026
- Adoption of the results-based dividend policy and the payout ratio2026
- Interim statement for the third quarter and progress of conversion projects19 November 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Atenor operates as an urban property developer that launches, designs and markets residential, office and mixed-use projects in Belgium and abroad. According to the annual report for fiscal 2025, the group emphasises projects that revitalise neglected neighbourhoods, combining dialogue with local communities and ESG standards 1. The reference shareholders, namely 3D NV, Luxempart SA, ForAtenor SA and Stéphan Sonneville SA, support the long-term strategy, and the company does not plan a dividend for fiscal 2025 1.
The capital structure is stable but concentrated: the shareholders' agreement brings together 50.4 % of the capital, while the public free float is 21.01 % 1. The company has said it intends to adopt a results-based dividend policy with a payout ratio of at least 50 %, without ruling out an optional dividend 1.
On the responsibility side, Atenor describes affordable and social housing initiatives, such as the City Dox project in Brussels, where 99 dwellings are conventioned and 171 are social, roughly a third of the project 1. However, the company suspended its budget for community and philanthropic initiatives because of the unfavourable economic context in 2025 1.
Segments
Urban residential and mixed-use development
Residential and mixed-use projects, such as City Dox in Brussels, combine conventioned and social housing with public spaces, schools and green areas, as part of the urban revitalisation strategy 1.
Office projects and building conversions
Atenor also develops office and conversion projects, including 10NBS, where temporary spaces were made available to local associations for training and artists' workshops 1.
Development in partnership with third parties
The company also works in partnership with investors and local authorities, which is part of its development model, but the volume details for this activity are not given in the available source 1.
Market context
The available source describes a difficult economic context for the property sector in 2025, which led to the suspension of community budgets and a sharp fall in the Atenor share price from 56.80 EUR at end-2021 to 2.42 EUR at end-2025 1. Market capitalisation fell from 399.81 million EUR to 147.69 million EUR over the same period 1.
Trading volumes rose in recent years, from an average of 2 745 shares a day in 2021 to 10 288 in 2025, and the company maintains a liquidity provider contract on Euronext Brussels 1.
Trends
- Economic pressure on the property sectorheadwind
The annual report cites a difficult economic context for the property sector, which led to suspending community budgets and support objectives for philanthropic organisations, which could limit the ability to finance new projects if pressure persists.
- Focus on affordable and social housingtailwind
Projects that include conventioned and social housing, such as City Dox, could support approval by local authorities, in line with urban planning requirements and dialogue with communities.
- Dividend policy still being builtmixed
The stated intention to adopt a results-based dividend policy with at least a 50 % payout could attract income-oriented investors if results improve, but the source sets no timetable.
- ESG standards and the supply chainmixed
The supplier code of conduct and ESG clauses in contracts can reduce site risks and support execution quality, but they bring compliance costs and additional checks.
Competitive position
The available source does not identify Atenor's direct competitors. The company operates in the urban property market in Belgium and abroad, where it competes with other developers working on similar conversion and mixed-housing projects.
The differentiation the company puts forward rests on community dialogue, ESG standards and affordable housing rather than on scale; the annual report gives no quantitative comparison with other market players.
- Listed Belgian property developers
The source does not name competitors. Atenor operates in Belgian urban development, where other listed developers exist, but their names and tickers cannot be confirmed from the report.
- International property developers
Atenor's international activity also puts it in competition with foreign developers, but the source does not identify them, so no names or tickers are given.
- Investors and property funds
Investors buying or developing urban assets may compete for the same sites and projects, but the source does not list them.
- Developers with conversion projects
Firms revitalising degraded urban areas are indirect competitors for projects and permits, though the report does not identify them.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202524 Mar 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Atenor SA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.