IMMO PATHI
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 21 filings
Turnover
≈ €390,000
Estimated: probably between €240,000 and €730,000
EBIT margin
Not included in this filing
Net result
€52,801▲ 1.6%
2024 · €51,975
Working capital
-€315,381▲ 4.3%
2024 · -€329,492
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is 2% lower than in 2024.
Operating result€0.08m
2025
Net result€0.05m
2025
Total assets€1.6m
2025
Equity€1.0m
2025
Debt€0.6m
2025
Working capital-€0.3m
2025
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
Use the arrow keys on the chart for the figures per year.
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.09m-€0.06m▼ 25.9%€0.06m▼ 7.1%€0.05m▼ 9.2%€0.06m▲ 8.3%€0.03m▼ 50.7%€0.08m▲ 168%€0.08m▼ 2.5%
Net result€0.05m-€0.03m▼ 29.4%€0.03m▼ 10.5%€0.03m▼ 8.2%€0.03m▲ 16.9%€0.01m▼ 58.8%€0.05m▲ 281%€0.05m▲ 1.6%
Equity€0.7m-€0.8m▲ 4.8%€0.8m▲ 4.1%€0.8m▲ 3.6%€0.9m▲ 4.0%€0.9m▲ 1.6%€0.9m▲ 6.0%€1.0m▲ 5.8%
Total assets€1.3m-€2.0m▲ 57.4%€2.0m▼ 2.6%€1.9m▼ 3.3%€1.8m▼ 4.4%€1.7m▼ 5.1%€1.7m▼ 1.8%€1.6m▼ 5.5%
Debt€0.5m-€1.2m▲ 140%€1.1m▼ 6.8%€1.0m▼ 8.1%€0.9m▼ 11.1%€0.8m▼ 11.5%€0.7m▼ 10.0%€0.6m▼ 19.7%
Working capital€0.1m--€0.6m-€0.3m▲ 57.5%-€0.3m▲ 0.5%-€0.3m▼ 18.9%-€0.3m▼ 6.1%-€0.3m▲ 4.6%-€0.3m▲ 4.3%
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.6m
Fixed assets
€1.5m ▼ 3.7%
Current assets
€136,808 ▼ 21.4%
Equity and liabilities €1.6m
Equity
€969,138 ▲ 5.8%
Provisions
€43,086 ▼ 3.7%
Debt
€588,433 ▼ 19.7%
Debt's share of the balance-sheet total falls from 43.3% to 36.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€132,475▼
2024 · €134,396
Cash flow
€108,902▲
2024 · €108,076
Current ratio
0.30▼
2024 · 0.35
Debt to equity
0.61▼
2024 · 0.80
ROE
5.4%▼
2024 · 5.7%
ROA
3.3%▲
2024 · 3.1%
Interest coverage
19.56▲
2024 · 14.49
Debt ≤ 1 year
€452,189▼
2024 · €503,531
Debt > 1 year
€136,244▼
2024 · €229,399
Income taxes
€18,904▲
2024 · €18,679
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Companies with the same profile, two years later
Historical observationIn July 2024, 14,766 companies had the same profile as IMMO PATHI has now. Two years later, 0.2% had gone bankrupt and 96.2% were still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.2%
went bankrupt
3.5%
stopped otherwise
96.2%
was still going
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of IMMO PATHI itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,445 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 14,766 companies, not a prediction for IMMO PATHI. 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.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €38,993 | €57,919 | €57,919 | €57,918 | €57,918 | €56,101 | €56,101 | €56,101 | = |
| Other operating charges640/8 | - | - | - | €18,030 | €18,450 | €20,230 | €21,016 | €21,676 | ▲ 3.1% |
| Non-recurring operating charges66A | - | - | - | - | - | €22,409 | - | - | - |
| Gross operating margin9900 | €143,867 | €140,478 | €136,118 | €130,669 | €135,638 | €127,978 | €155,412 | €154,151 | ▼ 0.8% |
| Operating profit (loss)9901 | €87,567 | €64,897 | €60,296 | €54,721 | €59,270 | €29,238 | €78,295 | €76,374 | ▼ 2.5% |
| Financial income75/76B | - | - | - | - | - | - | - | €467 | - |
| Recurring financial income75 | €1 | - | - | - | - | - | - | €467 | - |
| Financial charges65/66B | - | - | - | €17,549 | €15,720 | €11,629 | €9,277 | €6,772 | ▼ 27.0% |
| Recurring financial charges65 | €18,059 | €16,545 | €19,747 | €17,549 | €15,720 | €11,629 | €9,277 | €6,772 | ▼ 27.0% |
| Profit (loss) for the period before taxes9903 | €69,509 | €48,352 | €40,549 | €37,172 | €43,550 | €17,609 | €69,018 | €70,069 | ▲ 1.5% |
| Transfer from deferred taxes780 | - | - | - | €1,636 | €1,636 | €1,636 | €1,636 | €1,636 | = |
| Income taxes67/77 | €20,677 | €15,528 | €11,341 | €10,496 | €12,091 | €5,606 | €18,679 | €18,904 | ▲ 1.2% |
| Profit (loss) for the period9904 | €48,832 | €34,460 | €30,845 | €28,312 | €33,095 | €13,639 | €51,975 | €52,801 | ▲ 1.6% |
| Transfer from tax-exempt reserves789 | - | - | - | €3,177 | €3,177 | €3,178 | €3,178 | €3,177 | = |
| Profit (loss) for the period to be appropriated9905 | €48,832 | €37,638 | €34,022 | €31,489 | €36,272 | €16,817 | €55,153 | €55,978 | ▲ 1.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.3m | €2.0m | €2.0m | €1.9m | €1.8m | €1.7m | €1.7m | €1.6m | ▼ 5.5% |
| Fixed assets21/28 | €1.1m | €1.8m | €1.7m | €1.7m | €1.6m | €1.6m | €1.5m | €1.5m | ▼ 3.7% |
| Tangible fixed assets22/27 | €1.0m | €1.8m | €1.7m | €1.7m | €1.6m | €1.6m | €1.5m | €1.5m | ▼ 3.7% |
| Land and buildings22 | - | - | - | €1.7m | €1.6m | €1.6m | €1.5m | €1.5m | ▼ 3.7% |
| Plant, machinery and equipment23 | - | - | - | €0.002m | - | - | - | - | - |
| Financial fixed assets28 | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Current assets29/58 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.2m | €0.1m | ▼ 21.4% |
| Amounts receivable within one year40/41 | €0.1m | €0.1m | €0.02m | €0.1m | €0.1m | €0.08m | €0.1m | €0.1m | ▼ 32.2% |
| Other amounts receivable41 | - | - | - | €0.1m | €0.1m | €0.08m | €0.1m | €0.1m | ▼ 32.2% |
| Cash at bank and in hand54/58 | €0.08m | €0.04m | €0.2m | €0.05m | €0.01m | €0.06m | €0.02m | €0.03m | ▲ 65.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.04m | €0.05m | €0.009m | €0.01m | €0.009m | ▼ 4.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.3m | €2.0m | €2.0m | €1.9m | €1.8m | €1.7m | €1.7m | €1.6m | ▼ 5.5% |
| Equity10/15 | €0.7m | €0.8m | €0.8m | €0.8m | €0.9m | €0.9m | €0.9m | €1.0m | ▲ 5.8% |
| Contributions10/11 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Capital10 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Issued capital100 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Reserves13 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 1.3% |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Legal reserve130 | - | - | - | €0.02m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Tax-exempt reserves132 | - | - | - | €0.1m | €0.09m | €0.09m | €0.09m | €0.08m | ▼ 3.7% |
| Distributable reserves133 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Profit (loss) carried forward14 | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.4m | ▲ 16.8% |
| Provisions and deferred taxes16 | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | €0.04m | €0.04m | ▼ 3.7% |
| Deferred taxes168 | - | - | - | €0.05m | €0.05m | €0.05m | €0.04m | €0.04m | ▼ 3.7% |
| Amounts payable17/49 | €0.5m | €1.2m | €1.1m | €1.0m | €0.9m | €0.8m | €0.7m | €0.6m | ▼ 19.7% |
| Amounts payable after more than one year17 | €0.4m | €0.3m | €0.6m | €0.5m | €0.4m | €0.3m | €0.2m | €0.1m | ▼ 40.6% |
| Financial debts170/4 | - | - | - | €0.5m | €0.4m | €0.3m | €0.2m | €0.1m | ▼ 40.6% |
| Amounts payable within one year42/48 | €0.08m | €0.9m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | ▼ 10.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.09m | €0.09m | €0.09m | €0.09m | ▲ 2.9% |
| Trade debts44 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.003m | ▲ 40.0% |
| Suppliers440/4 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.003m | ▲ 40.0% |
| Taxes, remuneration and social security45 | - | - | - | - | €91 | - | €0.007m | €0.007m | ▲ 3.4% |
| Taxes450/3 | - | - | - | - | €91 | - | €0.007m | €0.007m | ▲ 3.4% |
| Other amounts payable47/48 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 13.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €48,832 | €34,460 | €30,845 | €28,312 | €33,095 | €13,639 | €51,975 | €52,801 | ▲ 1.6% |
| + Depreciation and write-downs630 | €38,993 | €57,919 | €57,919 | €57,918 | €57,918 | €56,101 | €56,101 | €56,101 | = |
| Operating cash flow (approximation) | €87,825 | €92,379 | €88,764 | €86,230 | €91,013 | €69,740 | €108,076 | €108,902 | ▲ 0.8% |
| Investment in fixed assets (approximation) | - | -€808,500 | -€1 | €0 | €0 | -€1 | €0 | €0 | - |
| Change in cash | - | -€46,850 | €124,447 | -€114,358 | -€36,754 | €52,510 | -€47,282 | €10,825 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 26-06-2026 | 2026-00217247 | NBB |
| 31-12-2024 | full format | 30-06-2025 | 2025-00209248 | |
| 31-12-2023 | full format | 01-07-2024 | 2024-00197075 | |
| 31-12-2022 | full format | 04-07-2023 | 2023-00206460 | |
| 31-12-2021 | full format | 27-06-2022 | 2022-20115992 | |
| 31-12-2020 | full format | 25-06-2021 | 2021-24500329 | |
| 31-12-2019 | full format | 09-07-2020 | 2020-28000106 | |
| 31-12-2018 | full format | 01-07-2019 | 2019-28100341 | |
| 31-12-2017 | micro format | 12-07-2018 | 2018-31500447 | |
| 31-12-2016 | micro format | 14-07-2017 | 2017-30800380 |