PATH
ActivePATH has been active since 1999 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (€-137k) and a net result of €-73k. Equity is shrinking by ~36.6% per year across the filed fiscal years. Its solvency ranks better than 9% of 7924 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
12
/ 100
Critical▼ -8 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability100=
Solvency39▼-2
Growth38=
Stability100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.76 against 0.84 in 2024), and equity is negative.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-22.7%
Return on assets
-12.1%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Sector 46
higher
← fewer bankruptcies
more bankruptcies →
raises risk · Negative equity
Equity is negative for financial year 2025: liabilities exceed assets. This is the trigger point of the alarm-bell procedure (Belgian CAC).
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€137k
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 13-08-2026, 13 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
13 d late
2024
56 d late
2023
28 d late
2022
29 d late
2021
19 d late
2020
30 d late
2019
33 d late
← before the deadline
after the deadline →
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
16-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Turnover
€0▼ 100%
2021 · €337k
2018: €0
2019: €419k
2020: €393k
2021: €337k
2018 → 2022
EBIT margin
-10.4%▼ 12.7pp
2020 · 2.4%
2019: 5.3%
2020: 2.4%
2019 → 2021
Net result
€-73k▼ 42.8%
2024 · €-51k
2018: €-188k
2019: €31k
2020: €599
2021: €-39k
2022: €-153k
2023: €-89k
2024: €-51k
2018 → 2025
Working capital
€-177k▼ 53.0%
2024 · €-116k
2018: €97k
2019: €132k
2020: €159k
2021: €149k
2022: €1k
2023: €-73k
2024: €-116k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€337k-€0▼ 100%
Equity€230k-€77k▼ 66.6%€-13k€-64k▼ 406%€-137k▼ 115%
Operating result€-35k-€-148k▼ 325%€-85k▲ 42.4%€-50k▲ 41.5%€-75k▼ 49.4%
Net result€-39k-€-153k▼ 288%€-89k▲ 41.6%€-51k▲ 42.7%€-73k▼ 42.8%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €75k in 2025 against €50k in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €602k
Fixed assets
€40k▼ 22.5%
Current assets
€562k▼ 4.4%
Key figures and ratios
EBITDA
€-62k▼
2024 · €-36k
Cash flow
€-60k▼
2024 · €-37k
Solvency
-22.7%▼
2024 · -10.0%
Current ratio
0.76▼
2024 · 0.84
Quick ratio
0.76▼
2024 · 0.84
Debt / equity
-5.40▲
2024 · -11.02
ROE
53.4%▼
2024 · 80.2%
ROA
-12.1%▼
2024 · -8.0%
Interest coverage
-27.15▲
2024 · -28.45
Debt
€739k▲
2024 · €704k
Debt ≤ 1 year
€739k▲
2024 · €704k
Income taxes
€0▼
2024 · €8
Staff costs
€67k▼
2024 · €76k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€640k€602k▼
Fixed assets21/28€52k€40k▼
Tangible fixed assets22/27€34k€22k▼
Land and buildings22€2k€1k▼
Plant, machinery and equipment23€13k€7k▼
Furniture and vehicles24€8k€6k▼
Leasing and similar rights25-€0
Other tangible fixed assets26€11k€8k▼
Financial fixed assets28€18k€18k=
Current assets29/58€588k€562k▼
Amounts receivable within one year40/41€570k€533k▼
Trade receivables40€53k€35k▼
Other amounts receivable41€518k€498k▼
Cash at bank and in hand54/58€18k€29k▲
Equity and liabilities
Total equity and liabilities10/49€640k€602k▼
Equity10/15€-64k€-137k▼
Contributions10/11€19k€19k=
Reserves13€343k€343k=
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Tax-exempt reserves132€7k€7k=
Distributable reserves133€334k€334k=
Profit (loss) carried forward14€-425k€-498k▼
Amounts payable17/49€704k€739k▲
Amounts payable within one year42/48€704k€739k▲
Trade debts44€366k€425k▲
Suppliers440/4€366k€425k▲
Taxes, remuneration and social security45€21k€20k▼
Taxes450/3€44€219▲
Remuneration and social security454/9€21k€20k▼
Other amounts payable47/48€316k€294k▼
Income statement
Code20242025
Goods, raw materials, services and sundry goods60/61€170k-
Remuneration, social security and pensions62€76k€67k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€14k€13k▼
Other operating charges640/8€1k€4k▲
Non-recurring operating charges66A€2k-
Gross operating margin9900€43k€10k▼
Operating profit (loss)9901€-50k€-75k▼
Financial income75/76B€80€4k▲
Recurring financial income75€80€4k▲
Financial charges65/66B€1k€2k▲
Recurring financial charges65€1k€2k▲
Profit (loss) for the period before taxes9903€-51k€-73k▼
Income taxes67/77€8€0▼
Profit (loss) for the period9904€-51k€-73k▼
Profit (loss) for the period to be appropriated9905€-51k€-73k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-425k€-498k▼
Profit (loss) brought forward from the previous period14P€-374k€-425k▼
Social balance
Average headcount (FTE)90872.22.0▼
The notes to these accounts (14 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
13-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 13 days late
2025
25-09
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 56 days late
2024
28-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 28 days late
2023
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 29 days late
2022
19-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 19 days late
2021
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 30 days late
2020
02-09
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 33 days late
2019
31-12
Financial
Back to profitnet €31k
Net result €31k after one loss-making year.
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 29 days late
18-02
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 202 days late
2017
07-11
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 99 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
3 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, Sint-Niklaas · 1 establishment unit since 1999
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.
Eigenlostraat 319100 Sint-NiklaasGround area
1,869 m²
Building footprint
121 m²
Volume, LiDAR
616 m³
Parcel 46442C1138/00A002, Flanders · tallest building 7.8 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
PATH BVBA
since 19992.091.396.214
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46442C1138/00A002 | Flanders | 1,869 m² | 1 · 121 m² | 7.8 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
Tradix
BE 0400.447.672
Elsene · Eq €77k
TOP LIVING
BE 0455.304.142
Lanaken · Eq €78k
WOODECO
BE 0877.125.963
Elsene · Eq €76k
GeniOS
BE 0479.203.655
Kortrijk · Eq €78k
Sico
BE 0413.048.764
Bilzen-Hoeselt · Eq €79k
Of 675 companies in sector 46494 we hold annual accounts for 528. 338 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company (pre-2019)
Founded23-03-1999
Fiscal year end31-12
Activities, NACEBEL
46494Wholesale of non-electrical household articles
46879Wholesale trade
51441
47762Retail sale of pets, pet food and pet supplies
52496
Sources
Crossroads Bank for EnterprisesNational Bank · 26 filingsAddress and cadastre registers
Data from official sources, last processed on 16-09-2026. Scores and ratios are computed by Checked and are not a credit decision.