MPath
ActiveSummary
MPath has been active since 2019 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €10,313 and a net result of €521,031. Equity fluctuates too strongly from year to year to read a trend from it. Its solvency ranks better than 14% of 2,815 sector peers (NACE 82, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 22-08-2019 Normal situation
- Activity
- Other business support services NACE 82990
- Establishment unit
- 2.292.869.370 2600 Antwerpen, since 22-08-2019
- Financial year end
- 31 December
- Peppol
- Reachable since 24-11-2023
Board and ownership
Board
- Parizel MaximDirector · since 22-08-2019
- Holdings
- Shares in 1 company Cytopat
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.1%
Annual accounts 2025
- Gross margin
- €699,766
- ▼ 4.7%
- Turnover
- ≈ €1.1m
- estimated
- Profit
- €521,031
- ▼ 3.8%
- Equity
- €10,313
- ▼ 94.5%
- Total assets
- €745,720
- ▼ 4.9%
Score breakdownraises riskEquity €10,313 (1.4% of total assets)lowers riskSector: Office administrative, office support and other business support activities (NACE 82)Size: total assets €745,720Liquidity: current ratio 5.85, cash €190,246Show the evidence
Checked score
Score 2025
93
/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 45% of micro companies in office administrative support (NACE 82)
Financial strength · tick: 2024
Strong
Solvency
26-23
equity 1.4% of total assets
Liquidity
80+28
short-term debt 12.8% · cash 25.5%
Profitability
100=
return on assets 69.9%
Bankruptcy probability within 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).
Last 24 months
12-2024: < 0.1%
01-2025: < 0.1%● unchanged vs 12-2024
02-2025: < 0.1%● unchanged vs 01-2025lowest value
03-2025: < 0.1%● unchanged vs 02-2025
04-2025: < 0.1%● unchanged vs 03-2025
05-2025: < 0.1%● unchanged vs 04-2025
06-2025: < 0.1%● unchanged vs 05-2025
07-2025: 0.1%▲ +0.1 percentage points vs 06-2025
08-2025: 0.1%● unchanged vs 07-2025
09-2025: 0.1%● unchanged vs 08-2025
10-2025: 0.1%● unchanged vs 09-2025
11-2025: 0.1%● unchanged vs 10-2025
12-2025: 0.1%● unchanged vs 11-2025
01-2026: 0.1%● unchanged vs 12-2025
02-2026: 0.1%● unchanged vs 01-2026
03-2026: 0.1%● unchanged vs 02-2026
04-2026: 0.1%● unchanged vs 03-2026
05-2026: 0.1%● unchanged vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026
07-2026: 0.2%▲ +0.1 percentage points vs 06-2026highest value
08-2026: 0.1%▼ -0.1 percentage points vs 07-2026
09-2026: 0.1%● unchanged vs 08-2026
10-2026: 0.1%● unchanged vs 09-2026
11-2026: 0.1%● unchanged vs 10-2026
Credit of up to €500 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 5.85 (6.06 in 2024), above the usual 1.5. Short-term debt is 12.8% and cash 25.5% of total assets. However, 98.6% of the assets are financed with debt and provisions.
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 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% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 82, micro). It does better than 14% of them on solvency, 74% on liquidity, 87% on profitability and 5% on growth.
The bankruptcy probability was computed on 02-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 14% of 2815 sector peers (2025).
NBB · sector comparisonPosition among 2815 sector peers
Solvency
better than 14%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 01-07-2026, 30 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
30 days early
2024
24 days early
2023
7 days early
2022
132 days early
2021
6 days early
2020
1 day early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 6 accounts on average 33 days before the deadline. In the sector (NACE 82), the median for financial year 2024 was 7 days before the deadline, and 35% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 7 July (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
03-11-2026 today31-12-2026 year end31-07-2027 deadline
Financials
Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 6 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €1.1m
Estimated: probably between €870,000 and €1.5m
Total assets
€745,720▼ 4.9%
2024 · €783,996
Net result
€521,031▼ 3.8%
2024 · €541,683
Working capital
€462,409▼ 6.9%
2024 · €496,827
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€697,689
▼ 4.7%
2025
20202025
Net result
€521,031
▼ 3.8%
2025
highest quarter of the sector
20202025
Equity
€10,313
▼ 94.5%
2025
lowest quarter of the sector
20202025
Total assets
€745,720
▼ 4.9%
2025
middle half of the sector
20202025
Debt
€735,407
▲ 23.0%
2025
20202025
Working capital
€462,409
▼ 6.9%
2025
highest quarter of the sector
20202025
Solvency
1.4%
▼ 22.4pp
2025
lowest quarter of the sector
20202025
Current ratio
5.85
▼ 0.21
2025
highest quarter of the sector
20202025
Return on assets (ROA)
69.9%
▲ 0.8pp
2025
highest quarter of the sector
20202025
Staff (FTE)
no figure
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€139,397-€270,968▲ 94.4%€316,714▲ 16.9%€408,762▲ 29.1%€732,279▲ 79.1%€697,689▼ 4.7%
Net result€91,021above the sector's middle half-€205,985above the sector's middle half▲ 126%€229,523above the sector's middle half▲ 11.4%€317,500above the sector's middle half▲ 38.3%€541,683above the sector's middle half▲ 70.6%€521,031above the sector's middle half▼ 3.8%
Equity€93,521within the sector's middle half-€299,505above the sector's middle half▲ 220%€529,028within the sector's middle half▲ 76.6%€320,000within the sector's middle half▼ 39.5%€186,186within the sector's middle half▼ 41.8%€10,313below the sector's middle half▼ 94.5%
Total assets€262,685within the sector's middle half-€477,366above the sector's middle half▲ 81.7%€665,542within the sector's middle half▲ 39.4%€547,542within the sector's middle half▼ 17.7%€783,996within the sector's middle half▲ 43.2%€745,720within the sector's middle half▼ 4.9%
Debt€169,165-€177,861▲ 5.1%€136,513▼ 23.2%€227,542▲ 66.7%€597,810▲ 163%€735,407▲ 23.0%
Working capital€70,824within the sector's middle half-€257,177above the sector's middle half▲ 263%€466,120above the sector's middle half▲ 81.2%€363,295within the sector's middle half▼ 22.1%€496,827above the sector's middle half▲ 36.8%€462,409above the sector's middle half▼ 6.9%
Solvency35.6%within the sector's middle half-62.7%within the sector's middle half▲ 27.1pp79.5%above the sector's middle half▲ 16.7pp58.4%within the sector's middle half▼ 21.0pp23.7%within the sector's middle half▼ 34.7pp1.4%below the sector's middle half▼ 22.4pp
Current ratio2.35within the sector's middle half-4.19above the sector's middle half▲ 1.848.89above the sector's middle half▲ 4.709.21above the sector's middle half▲ 0.326.06above the sector's middle half▼ 3.155.85above the sector's middle half▼ 0.21
Return on assets (ROA)34.7%above the sector's middle half-43.2%above the sector's middle half▲ 8.5pp34.5%above the sector's middle half▼ 8.7pp58.0%above the sector's middle half▲ 23.5pp69.1%above the sector's middle half▲ 11.1pp69.9%above the sector's middle half▲ 0.8pp
Staff (FTE)0below the sector's middle half0within the sector's middle half
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 5% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €745,720
Fixed assets
€187,884 ▼ 0.5%
Current assets
€557,836 ▼ 6.3%
Equity and liabilities €745,720
Equity
€10,313 ▼ 94.5%
Debt
€735,407 ▲ 23.0%
Debt's share of the balance-sheet total rises from 76.3% to 98.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€698,710▼
2024 · €732,949
Cash flow
€522,052▼
2024 · €542,353
Debt to equity
71.31▲
2024 · 3.21
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€95,427▼
2024 · €98,264
Debt > 1 year
€639,980▲
2024 · €498,837
Income taxes
€175,068▼
2024 · €188,917
A ratio outside any meaningful range has been withheld (balance sheet total €745,720, equity €10,313).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €1,077 | - | €2,870 | - |
| Financial fixed assets | - | - | - | €46,704 | - |
| Depreciation and write-downs of the year | - | €294 | €359 | €670 | €1,021 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €1,649 | €26,514 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0 | - | €294 | €359 | €670 | €1,021 | ▲ 52.4% |
| Other operating charges640/8 | - | €558 | €1,220 | €956 | €1,394 | €1,056 | ▼ 24.3% |
| Gross operating margin9900 | €139,580 | €271,525 | €318,229 | €410,077 | €734,343 | €699,766 | ▼ 4.7% |
| Operating profit (loss)9901 | €139,397 | €270,968 | €316,714 | €408,762 | €732,279 | €697,689 | ▼ 4.7% |
| Financial income75/76B | - | €1,475 | €3 | €598 | €91 | €512 | ▲ 465% |
| Recurring financial income75 | €0 | €3 | €3 | €598 | €91 | €512 | ▲ 465% |
| Non-recurring financial income76B | - | €1,472 | - | - | - | - | - |
| Financial charges65/66B | - | €1,183 | €10,463 | -€3,855 | €1,770 | €2,102 | ▲ 18.8% |
| Recurring financial charges65 | €738 | €1,183 | €10,463 | -€3,855 | €1,770 | €2,102 | ▲ 18.8% |
| Profit (loss) for the period before taxes9903 | €138,659 | €271,259 | €306,255 | €413,215 | €730,600 | €696,098 | ▼ 4.7% |
| Income taxes67/77 | €47,638 | €65,274 | €76,731 | €95,715 | €188,917 | €175,068 | ▼ 7.3% |
| Profit (loss) for the period9904 | €91,021 | €205,985 | €229,523 | €317,500 | €541,683 | €521,031 | ▼ 3.8% |
| Profit (loss) for the period to be appropriated9905 | €91,021 | €205,985 | €229,523 | €317,500 | €541,683 | €521,031 | ▼ 3.8% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €262,685 | €477,366 | €665,542 | €547,542 | €783,996 | €745,720 | ▼ 4.9% |
| Formation expenses20 | €0 | - | - | - | - | - | - |
| Fixed assets21/28 | €139,578 | €139,578 | €140,361 | €140,002 | €188,906 | €187,884 | ▼ 0.5% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | - | - | €783 | €424 | €2,624 | €1,602 | ▼ 38.9% |
| Furniture and vehicles24 | - | - | €783 | €424 | €2,624 | €1,602 | ▼ 38.9% |
| Financial fixed assets28 | €139,578 | €139,578 | €139,578 | €139,578 | €186,282 | €186,282 | = |
| Current assets29/58 | €123,107 | €337,788 | €525,181 | €407,541 | €595,091 | €557,836 | ▼ 6.3% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €28,129 | €152,440 | €207,835 | €290,255 | €518,920 | €270,086 | ▼ 48.0% |
| Trade receivables40 | - | €152,440 | €207,835 | €290,255 | €518,920 | €260,000 | ▼ 49.9% |
| Other amounts receivable41 | - | - | - | - | - | €10,086 | - |
| Current investments50/53 | €0 | €53,001 | €64,521 | €12,000 | €48,063 | €92,422 | ▲ 92.3% |
| Cash at bank and in hand54/58 | €94,979 | €130,420 | €250,765 | €100,555 | €24,279 | €190,246 | ▲ 684% |
| Deferred charges and accrued income490/1 | - | €1,928 | €2,059 | €4,731 | €3,829 | €5,083 | ▲ 32.8% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €262,685 | €477,366 | €665,542 | €547,542 | €783,996 | €745,720 | ▼ 4.9% |
| Equity10/15 | €93,521 | €299,505 | €529,028 | €320,000 | €186,186 | €10,313 | ▼ 94.5% |
| Contributions10/11 | - | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Reserves13 | €91,021 | €297,005 | €526,528 | €317,500 | €183,686 | €7,813 | ▼ 95.7% |
| Distributable reserves133 | - | €297,005 | €526,528 | €317,500 | €183,686 | €7,813 | ▼ 95.7% |
| Profit (loss) carried forward14 | €0 | - | - | €0 | €0 | €0 | - |
| Amounts payable17/49 | €169,165 | €177,861 | €136,513 | €227,542 | €597,810 | €735,407 | ▲ 23.0% |
| Amounts payable after more than one year17 | €116,882 | €97,250 | €77,452 | €182,487 | €498,837 | €639,980 | ▲ 28.3% |
| Financial debts170/4 | - | €97,250 | €77,452 | €57,487 | €76,540 | €49,980 | ▼ 34.7% |
| Other amounts payable178/9 | - | - | - | €125,000 | €422,297 | €590,000 | ▲ 39.7% |
| Amounts payable within one year42/48 | €52,283 | €80,611 | €59,061 | €44,246 | €98,264 | €95,427 | ▼ 2.9% |
| Current portion of amounts payable after more than one year42 | - | €19,632 | €19,798 | €19,965 | €26,174 | €26,560 | ▲ 1.5% |
| Trade debts44 | €1,651 | €797 | €524 | €2,090 | €2,076 | €4,011 | ▲ 93.3% |
| Suppliers440/4 | - | €797 | €524 | €2,090 | €2,076 | €4,011 | ▲ 93.3% |
| Taxes, remuneration and social security45 | - | €52,913 | €38,005 | €20,250 | €66,409 | €58,889 | ▼ 11.3% |
| Taxes450/3 | - | €52,913 | €38,005 | €20,250 | €66,409 | €58,889 | ▼ 11.3% |
| Other amounts payable47/48 | - | €7,270 | €734 | €1,941 | €3,605 | €5,967 | ▲ 65.5% |
| Accrued charges and deferred income492/3 | - | - | - | €809 | €710 | €0 | ▼ 100% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €91,021 | €205,985 | €229,523 | €317,500 | €541,683 | €521,031 | ▼ 3.8% |
| + Depreciation and write-downs630 | €0 | - | €294 | €359 | €670 | €1,021 | ▲ 52.4% |
| Operating cash flow (approximation) | €91,021 | €205,985 | €229,818 | €317,859 | €542,353 | €522,052 | ▼ 3.7% |
| Investment in fixed assets (approximation) | - | €0 | -€1,077 | €0 | -€49,574 | €0 | - |
| Change in cash | - | €35,442 | €120,345 | -€150,210 | -€76,276 | €165,967 | - |
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, 875 companies had the same profile as MPath has now. Two years later, 96.6% were still going and 1.4% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
96.6%
was still going
1.9%
stopped otherwise
1.4%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of MPath itself is lower: 0.1% within 12 months. It rests on far more data about MPath than the profile alone.
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 875 companies, not a prediction for MPath. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 01-07-2026 | 2026-00245450 | |
| 31-12-2024 | abbreviated format | 07-07-2025 | 2025-00242841 | |
| 31-12-2023 | abbreviated format | 24-07-2024 | 2024-00285807 | |
| 31-12-2022 | abbreviated format | 21-03-2023 | 2023-00042232 | |
| 31-12-2021 | micro format | 25-07-2022 | 2022-20215716 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-42600385 |
Board & ownership
Directors
Directors
1 director
Parizel Maxim
Current
Owners and capital
Owners
Network & group
Holdings and subsidiaries
1 holdingHoldings 1
- Sourceown accounts 2025Equity €438,730 Profit of €20,157 in 2025 (loss of €24,856 in 2024) Checked score 9133.33%
Connections & network
1 current directorThe network starts from the directors of MPath. Every other company they run is a node.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Timeline
Acts, filings and financial milestones
Deadline for the 2026 accounts:
2026
01-07
abbreviated format · 30 days before the deadline
2025
07-07
abbreviated format · 24 days before the deadline
2024
31-12
Financial
Highest result from 2020 to 2025net €541,683 ▲70.6%
The operating result of €732,279 and the net result of €541,683 are both a record.
24-07
abbreviated format · 7 days before the deadline
2023
21-03
abbreviated format · 132 days before the deadline
2022
31-12
Financial
Liquidity more than doubledcurrent ratio 8.89
The current ratio rises from 4.19 to 8.89. Short-term debt falls from €80,611 to €59,061.
31-12
Financial
Equity above €500,000equity €529,028 ▲76.6%
With a profit in every financial year since 2020, equity grows to €529,028.
25-07
micro format · 6 days before the deadline
09-06
Gazette deed
Registered office moved from Antwerpen to BerchemNew seat: Hof ter Schriecklaan 28, 2600 Berchem, België · Previous seat: Frederik de Merodestraat 21 bus 301, 2600 Antwerpen2 points ▸
Gazette deed
Registered office moved from Antwerpen to Berchem
New seat: Hof ter Schriecklaan 28, 2600 Berchem, België · Previous seat: Frederik de Merodestraat 21 bus 301, 2600 Antwerpen2 points ▸
- Board meeting, 16-05-2022
- Registered-office move, Hof ter Schriecklaan 28, 2600 Berchem, België
2021
31-12
Financial
Equity above €200,000equity €299,505 ▲220%
With a profit in every financial year since 2020, equity grows to €299,505.
30-07
micro format · 1 day before the deadline
2019
26-08
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
MPath in Dutch
Enterprise number
0732.773.533
Legal form
Private limited company
Status
Active, normale toestand
Founded
22-08-2019
Entity type
Legal entity
Registered office and establishments
Registered office
Hof ter Schriecklaan 28, 2600 Antwerpen, Belgium
1 former office
- Frederik de Merodestraat 21 bus 301, 2600 Antwerpen until 16-05-2022 · act of 09-06-2022
Establishment unit
MPath, Hof ter Schriecklaan 28, 2600 Antwerpen since 22-08-2019 · unit number 2.292.869.37086220 Specialist medical practice
Activities
NACEBEL 202582990
Other business support services main activity
Codes under NACEBEL 2008
82990
Other business support services main activity
Invoicing and payment
VAT number
BE 0732.773.533
Financial year and general meeting
Accounts at the NBBFinancial year end
31-12
Sites & property
Location
Buildings and parcels at the address
Ground area
305 m²
Building footprint
124 m²
Building volume
1,239 m³
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 11303C0199/00D004 | Flanders | 305 m² | 1 · 124 m² | 14.2 m · 4 |