Summary
NISPATH is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €347k and a net result of €17k. Equity is shrinking by ~8.2% per year across the filed fiscal years. Its solvency ranks better than 21% of 5547 sector peers (fiscal year 2025). The company has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The health score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
Credit check for your own amount and term
Signals
Two signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 21% of 5547 sector peers (2025).
NBB · sector comparisonPosition among 5547 sector peers
Solvency
better than 21%
← 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 27-07-2026, 4 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
4 d early
2024
3 d early
2023
28 d late
2022
60 d early
2021
32 d early
2020
40 d early
2019
67 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · 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.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€347k▲ 5.1%
2024 · €330k
2018: €677k
2019: €681k▲ +0.6% vs 2018
2020: €692k▲ +1.6% vs 2019
2021: €707k▲ +2.1% vs 2020
2022: €735k▲ +4.0% vs 2021highest in 8 years
2023: €397k▼ -46.1% vs 2022
2024: €330k▼ -16.8% vs 2023lowest in 8 years
2025: €347k▲ +5.1% vs 2024
2018 → 2025
Net result
€17k
2024 · €-67k
2018: €296khighest in 8 years
2019: €4k▼ -98.6% vs 2018
2020: €11k▲ +160% vs 2019
2021: €15k▲ +35.0% vs 2020
2022: €-3k▼ -118% vs 2021
2023: €-312k▼ -12008% vs 2022lowest in 8 years
2024: €-67k▲ +78.7% vs 2023
2025: €17k▲ +125% vs 2024
2018 → 2025
Total assets
€1.79M▲ 10.1%
2024 · €1.62M
2018: €1.48M
2019: €1.29M▼ -13.0% vs 2018
2020: €1.27M▼ -1.5% vs 2019
2021: €1.21M▼ -4.8% vs 2020
2022: €1.41M▲ +16.5% vs 2021
2023: €1.11M▼ -20.8% vs 2022lowest in 8 years
2024: €1.62M▲ +45.9% vs 2023
2025: €1.79M▲ +10.1% vs 2024highest in 8 years
2018 → 2025
Solvency
19.4%▼ 0.9pp
2024 · 20.3%
2018: 45.8%
2019: 53.0%▲ +15.7% vs 2018
2020: 54.6%▲ +3.1% vs 2019
2021: 58.6%▲ +7.3% vs 2020highest in 8 years
2022: 52.3%▼ -10.7% vs 2021
2023: 35.6%▼ -31.9% vs 2022
2024: 20.3%▼ -43.0% vs 2023
2025: 19.4%▼ -4.6% vs 2024lowest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€707k-€735k▲ 4.0%€397k▼ 46.1%€330k▼ 16.8%€347k▲ 5.1%
2021: €707k
2022: €735k▲ +4.0% vs 2021highest in 5 years
2023: €397k▼ -46.1% vs 2022
2024: €330k▼ -16.8% vs 2023lowest in 5 years
2025: €347k▲ +5.1% vs 2024
Operating result€36k-€12k▼ 65.4%€139k▲ 1,031%€93k▼ 33.1%€61k▼ 34.6%
2021: €36k
2022: €12k▼ -65.4% vs 2021lowest in 5 years
2023: €139k▲ +1031% vs 2022highest in 5 years
2024: €93k▼ -33.1% vs 2023
2025: €61k▼ -34.6% vs 2024
Net result€15k-€-3k€-312k▼ 12,008%€-67k▲ 78.7%€17k
2021: €15k
2022: €-3k▼ -118% vs 2021
2023: €-312k▼ -12008% vs 2022lowest in 5 years
2024: €-67k▲ +78.7% vs 2023
2025: €17k▲ +125% vs 2024highest in 5 years
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 35% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.79M
Fixed assets
€677k ▼ 2.9%
Current assets
€1.11M ▲ 19.9%
Equity and liabilities €1.79M
Equity
€347k ▲ 5.1%
Debt
€1.44M ▲ 11.4%
Debt's share of the balance-sheet total rises from 79.7% to 80.6%. Equity and debt are higher.
Key figures and ratios
ROE
4.9%▲
2024 · -20.2%
ROA
0.9%▲
2024 · -4.1%
Debt ≤ 1 year
€966k▼
2024 · €1.01M
Debt > 1 year
€477k▲
2024 · €280k
Income taxes
€7k▼
2024 · €13k
Staff costs
€95k▲
2024 · €54k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 49 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.62M€1.79M▲
Fixed assets21/28€697k€677k▼
Intangible fixed assets21€36k€22k▼
Tangible fixed assets22/27€48k€42k▼
Land and buildings22€36k€34k▼
Furniture and vehicles24€12k€8k▼
Financial fixed assets28€613k€613k=
Current assets29/58€928k€1.11M▲
Amounts receivable within one year40/41€838k€1.10M▲
Trade receivables40€188k€99k▼
Other amounts receivable41€650k€998k▲
Cash at bank and in hand54/58€81k€300▼
Deferred charges and accrued income490/1€10k€16k▲
Equity and liabilities
Total equity and liabilities10/49€1.62M€1.79M▲
Equity10/15€330k€347k▲
Contributions10/11€385k€385k=
Profit (loss) carried forward14€-55k€-38k▲
Amounts payable17/49€1.29M€1.44M▲
Amounts payable after more than one year17€280k€477k▲
Financial debts170/4€4k€2k▼
Other amounts payable178/9€276k€475k▲
Amounts payable within one year42/48€1.01M€966k▼
Current portion of amounts payable after more than one year42€9k€2k▼
Financial debts43€730k€680k▼
Credit institutions430/8€730k€680k▼
Trade debts44€21k€50k▲
Suppliers440/4€21k€50k▲
Taxes, remuneration and social security45€75k€57k▼
Taxes450/3€47k€45k▼
Remuneration and social security454/9€28k€12k▼
Other amounts payable47/48€180k€177k▼
Income statement
Code20242025
Remuneration, social security and pensions62€54k€95k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€20k€20k▼
Other operating charges640/8€8k€9k▲
Non-recurring operating charges66A-€34k
Gross operating margin9900€175k€219k▲
Operating profit (loss)9901€93k€61k▼
Financial income75/76B€12k€26k▲
Recurring financial income75€12k€26k▲
Financial charges65/66B€158k€63k▼
Recurring financial charges65€58k€63k▲
Non-recurring financial charges66B€100k-
Profit (loss) for the period before taxes9903€-53k€24k▲
Income taxes67/77€13k€7k▼
Profit (loss) for the period9904€-67k€17k▲
Profit (loss) for the period to be appropriated9905€-67k€17k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-55k€-38k▲
Profit (loss) brought forward from the previous period14P€12k€-55k▼
Social balance
Average headcount (FTE)90870.70.9▲
The notes to these accounts (13 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €30k | €30k | €40k | €54k | €95k | ▲ 75.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €145 | €15k | €19k | €20k | €20k | ▼ 0.7% |
| Other operating charges640/8 | €1k | €4k | €4k | €8k | €9k | ▲ 14.9% |
| Non-recurring operating charges66A | - | - | - | - | €34k | - |
| Gross operating margin9900 | €66k | €62k | €203k | €175k | €219k | ▲ 24.8% |
| Operating profit (loss)9901 | €36k | €12k | €139k | €93k | €61k | ▼ 34.6% |
| Financial income75/76B | €167 | €644 | €59k | €12k | €26k | ▲ 112% |
| Recurring financial income75 | €167 | €644 | €59k | €12k | €26k | ▲ 112% |
| Financial charges65/66B | €16k | €18k | €487k | €158k | €63k | ▼ 60.4% |
| Recurring financial charges65 | €16k | €18k | €29k | €58k | €63k | ▲ 7.5% |
| Non-recurring financial charges66B | - | - | €458k | €100k | - | - |
| Profit (loss) for the period before taxes9903 | €20k | €-5k | €-288k | €-53k | €24k | ▲ 144% |
| Transfer from deferred taxes780 | - | €2k | - | - | - | - |
| Income taxes67/77 | €5k | €214 | €24k | €13k | €7k | ▼ 49.6% |
| Profit (loss) for the period9904 | €15k | €-3k | €-312k | €-67k | €17k | ▲ 125% |
| Transfer from tax-exempt reserves789 | - | €5k | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €15k | €2k | €-312k | €-67k | €17k | ▲ 125% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.21M | €1.41M | €1.11M | €1.62M | €1.79M | ▲ 10.1% |
| Fixed assets21/28 | €1.17M | €1.32M | €807k | €697k | €677k | ▼ 2.9% |
| Intangible fixed assets21 | - | €65k | €50k | €36k | €22k | ▼ 40.1% |
| Tangible fixed assets22/27 | €2k | €82k | €43k | €48k | €42k | ▼ 11.6% |
| Land and buildings22 | - | €75k | €38k | €36k | €34k | ▼ 5.6% |
| Furniture and vehicles24 | €2k | €7k | €5k | €12k | €8k | ▼ 30.2% |
| Financial fixed assets28 | €1.17M | €1.17M | €713k | €613k | €613k | = |
| Current assets29/58 | €33k | €88k | €307k | €928k | €1.11M | ▲ 19.9% |
| Amounts receivable within one year40/41 | €16k | €77k | €300k | €838k | €1.10M | ▲ 30.9% |
| Trade receivables40 | - | €42k | €219k | €188k | €99k | ▼ 47.5% |
| Other amounts receivable41 | €16k | €35k | €80k | €650k | €998k | ▲ 53.6% |
| Cash at bank and in hand54/58 | €12k | €3k | €3k | €81k | €300 | ▼ 99.6% |
| Deferred charges and accrued income490/1 | €6k | €8k | €4k | €10k | €16k | ▲ 60.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.21M | €1.41M | €1.11M | €1.62M | €1.79M | ▲ 10.1% |
| Equity10/15 | €707k | €735k | €397k | €330k | €347k | ▲ 5.1% |
| Contributions10/11 | €350k | €350k | €350k | €385k | €385k | = |
| Reserves13 | €35k | €58k | €35k | - | - | - |
| Non-distributable reserves130/1 | €35k | €35k | €35k | - | - | - |
| Reserves not available under the articles1311 | €35k | €35k | €35k | - | - | - |
| Tax-exempt reserves132 | - | €23k | - | - | - | - |
| Profit (loss) carried forward14 | €322k | €324k | €12k | €-55k | €-38k | ▲ 30.7% |
| Investment grants15 | - | €3k | - | - | - | - |
| Provisions and deferred taxes16 | - | €12k | - | - | - | - |
| Deferred taxes168 | - | €12k | - | - | - | - |
| Amounts payable17/49 | €499k | €658k | €717k | €1.29M | €1.44M | ▲ 11.4% |
| Amounts payable after more than one year17 | €428k | €418k | €483k | €280k | €477k | ▲ 70.5% |
| Financial debts170/4 | €47k | €27k | €7k | €4k | €2k | ▼ 59.1% |
| Other amounts payable178/9 | €381k | €391k | €476k | €276k | €475k | ▲ 72.5% |
| Amounts payable within one year42/48 | €56k | €240k | €234k | €1.01M | €966k | ▼ 4.8% |
| Current portion of amounts payable after more than one year42 | €23k | €70k | €20k | €9k | €2k | ▼ 72.6% |
| Financial debts43 | - | - | €50k | €730k | €680k | ▼ 6.8% |
| Credit institutions430/8 | - | - | €50k | €730k | €680k | ▼ 6.8% |
| Trade debts44 | €2k | €116k | €13k | €21k | €50k | ▲ 141% |
| Suppliers440/4 | €2k | €116k | €13k | €21k | €50k | ▲ 141% |
| Taxes, remuneration and social security45 | €30k | €29k | €56k | €75k | €57k | ▼ 24.4% |
| Taxes450/3 | €24k | €24k | €50k | €47k | €45k | ▼ 5.1% |
| Remuneration and social security454/9 | €6k | €5k | €6k | €28k | €12k | ▼ 57.3% |
| Other amounts payable47/48 | - | €25k | €95k | €180k | €177k | ▼ 1.9% |
| Accrued charges and deferred income492/3 | €15k | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15k | €-3k | €-312k | €-67k | €17k | ▲ 125% |
| + Depreciation and write-downs630 | €145 | €15k | €19k | €20k | €20k | ▼ 0.7% |
| Operating cash flow (approximation) | €15k | €13k | €-293k | €-47k | €37k | ▲ 179% |
| Investment in fixed assets (approximation) | - | €-160k | €492k | €90k | €0 | ▼ 100% |
| Change in cash | - | €-10k | €412 | €78k | €-80k | ▼ 204% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
27-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Back to profitnet €17k
Net result €17k after 3 loss-making years.
28-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
28-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 28 days late
2023
31-12
Financial
Weakest financial yearnet €-312k
Net result drops to €-312k, the lowest in the series; recovery starts the following year.
31-12
Financial
Liquidity quadruplescurrent ratio 1.31
Current ratio from 0.37 to 1.31; short-term debt falls from €240k to €234k.
01-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
29-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
21-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
25-05
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
23-05
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
08-05
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
10-05
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
5 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Eupen · 1 establishment unit since 2011
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Nispert 14700 Eupen1 establishment unit
NISPATH PGMBH
since 20112.206.493.642
Similar companies · same sector, comparable size
PW HOLDING
BE 0810.996.610
Brasschaat · Eq €346,850
D-IGMA Invest
BE 0784.207.782
Zele · Eq €347,140
H & B PARTNERS
BE 0891.516.508
Knokke-Heist · Eq €347,147
FARDUCI
BE 0845.809.514
Antwerpen · Eq €347,175
PIHOT PRODUCTION
BE 0749.490.888
Montigny-le-Tilleul · Eq €346,443
Of 24,727 companies in sector 64210 we hold annual accounts for 19,768. 13,779 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded19-12-2011
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
68110Buying and selling of own real estate
68201Renting and operating of own or leased residential real estate, excluding social housing
68203Renting and operating of own or leased non-residential real estate, excluding land
68204Real estate activities
70200Business and other management consultancy
Scores and ratios are computed by Checked and are not a credit decision.