BERNAL PATH
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 09-07-2026 at the NBB all 3 filings
Every figure per financial year
The operating result for 2025 is 12% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | - | - | €3,641 |
| Financial fixed assets | - | - | €0 |
| Depreciation and write-downs of the year | €1,596 | €0 | €313 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,596 | €0 | €313 | - |
| Other operating charges640/8 | - | - | €336 | - |
| Gross operating margin9900 | €112,788 | €212,429 | €188,137 | ▼ 11.4% |
| Operating profit (loss)9901 | €111,192 | €212,429 | €187,487 | ▼ 11.7% |
| Financial income75/76B | €127 | €0 | - | - |
| Recurring financial income75 | €127 | €0 | - | - |
| Financial charges65/66B | - | €1 | €2,800 | ▲ 3,373× |
| Recurring financial charges65 | - | €1 | €2,800 | ▲ 3,373× |
| Profit (loss) for the period before taxes9903 | €111,319 | €212,428 | €184,687 | ▼ 13.1% |
| Income taxes67/77 | €22,938 | €48,420 | €42,240 | ▼ 12.8% |
| Profit (loss) for the period9904 | €88,381 | €164,008 | €142,448 | ▼ 13.1% |
| Profit (loss) for the period to be appropriated9905 | €88,381 | €164,008 | €142,448 | ▼ 13.1% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €115,319 | €279,664 | €170,815 | ▼ 38.9% |
| Fixed assets21/28 | - | - | €3,328 | - |
| Tangible fixed assets22/27 | - | - | €3,328 | - |
| Furniture and vehicles24 | - | - | €3,328 | - |
| Current assets29/58 | €115,319 | €279,664 | €167,487 | ▼ 40.1% |
| Amounts receivable within one year40/41 | €18,874 | €50,223 | €0 | ▼ 100% |
| Other amounts receivable41 | €18,874 | €50,223 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €3,936 | €151,259 | €76,880 | ▼ 49.2% |
| Deferred charges and accrued income490/1 | €92,509 | €78,182 | €90,607 | ▲ 15.9% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €115,319 | €279,664 | €170,815 | ▼ 38.9% |
| Equity10/15 | €92,381 | €256,389 | €133,174 | ▼ 48.1% |
| Contributions10/11 | €4,000 | €4,000 | €4,000 | = |
| Profit (loss) carried forward14 | €88,381 | €252,389 | €129,174 | ▼ 48.8% |
| Amounts payable17/49 | €22,938 | €23,275 | €37,641 | ▲ 61.7% |
| Amounts payable within one year42/48 | €22,938 | €23,275 | €37,641 | ▲ 61.7% |
| Trade debts44 | - | €855 | €2,265 | ▲ 165% |
| Suppliers440/4 | - | €855 | €2,265 | ▲ 165% |
| Taxes, remuneration and social security45 | €22,938 | €22,420 | €35,372 | ▲ 57.8% |
| Taxes450/3 | €22,938 | €22,420 | €35,372 | ▲ 57.8% |
| Other amounts payable47/48 | - | - | €4 | - |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €88,381 | €164,008 | €142,448 | ▼ 13.1% |
| + Depreciation and write-downs630 | €1,596 | €0 | €313 | - |
| Operating cash flow (approximation) | €89,977 | €164,008 | €142,761 | ▼ 13.0% |
| Change in cash | - | €147,323 | -€74,380 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 39,278 companies had the same profile as BERNAL PATH has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BERNAL PATH itself: 0.7% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 39,278 companies, not a prediction for BERNAL PATH. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.