PATH
ActiveSummary
PATH has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €197,281 and a net result of €37,386. Equity is growing by ~13.3% per year across the filed fiscal years. Its solvency ranks better than 86% of 31896 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability93▼-4
Solvency100=
Growth58▼-1
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €15,000 at 30 days acceptable
Liquidity ample (current ratio 8.42 against 7.73 in 2024; short-term debt: 11.7% and cash: 88.9% of total assets), and 11.8% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
88.2%
Return on assets
16.7%
Age of the figures
9 mo
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
neutral · A punctual record breaks
This company filed 9 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 18-08-2026, 18 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
18 d late
2024
59 d early
2023
23 d early
2022
27 d early
2021
54 d early
2020
18 d early
2019
45 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 30 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
€159,248▼ 8.3%
2024 · €173,638
EBIT margin
31.9%▼ 1.1pp
2024 · 32.9%
Net result
€37,386▼ 11.0%
2024 · €42,008
Working capital
€194,129▲ 17.2%
2024 · €165,639
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€145,077▼ 14.3%€168,556▲ 16.2%€158,800▼ 5.8%€173,638▲ 9.3%€159,248▼ 8.3%
Operating result-€15,497€43,209€37,836▼ 12.4%€57,155▲ 51.1%€50,733▼ 11.2%
Net result-€16,170below the sector's middle half▼ 1,338%€33,138within the sector's middle half€26,020within the sector's middle half▼ 21.5%€42,008within the sector's middle half▲ 61.4%€37,386within the sector's middle half▼ 11.0%
EBIT margin-10.7%▼ 11.1pp25.6%▲ 36.3pp23.8%▼ 1.8pp32.9%▲ 9.1pp31.9%▼ 1.1pp
Equity€88,728within the sector's middle half▼ 15.4%€121,866within the sector's middle half▲ 37.3%€137,886within the sector's middle half▲ 13.1%€169,894within the sector's middle half▲ 23.2%€197,281within the sector's middle half▲ 16.1%
Total assets€95,333within the sector's middle half▼ 18.6%€133,500within the sector's middle half▲ 40.0%€162,736within the sector's middle half▲ 21.9%€194,697within the sector's middle half▲ 19.6%€223,580within the sector's middle half▲ 14.8%
Debt€6,605▼ 46.2%€11,634▲ 76.1%€24,851▲ 114%€24,803▼ 0.2%€26,299▲ 6.0%
Working capital€59,135▼ 24.9%€104,813▲ 77.2%€130,659▲ 24.7%€165,639▲ 26.8%€194,129▲ 17.2%
Solvency93.1%above the sector's middle half▲ 3.5pp91.3%above the sector's middle half▼ 1.8pp84.7%above the sector's middle half▼ 6.6pp87.3%above the sector's middle half▲ 2.5pp88.2%above the sector's middle half▲ 1.0pp
above
within
below
the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 11% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €223,580
Fixed assets
€3,302 ▼ 25.9%
Current assets
€220,278 ▲ 15.8%
Equity and liabilities €223,580
Equity
€197,281 ▲ 16.1%
Debt
€26,299 ▲ 6.0%
Debt's share of the balance-sheet total falls from 12.7% to 11.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€51,885▼
2024 · €61,602
Cash flow
€38,539▼
2024 · €46,456
Current ratio
8.42▲
2024 · 7.73
Debt to equity
0.13▼
2024 · 0.15
ROE
19.0%▼
2024 · 24.7%
ROA
16.7%▼
2024 · 21.6%
Interest coverage
895.19▼
2024 · 1087.99
Debt ≤ 1 year
€26,149▲
2024 · €24,603
Income taxes
€14,888▼
2024 · €17,187
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,672 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.6%
went bankrupt
3.9%
stopped otherwise
95%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 34,672 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €145,077 | €168,556 | €158,800 | €173,638 | €159,248 | ▼ 8.3% |
| Goods, raw materials, services and sundry goods60/61 | €156,931 | €120,355 | €113,154 | €117,283 | €112,636 | ▼ 4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,074 | €12,582 | €13,079 | €4,447 | €1,152 | ▼ 74.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | -€3,091 | - | - | - | - |
| Other operating charges640/8 | €1,090 | €6,031 | €1,410 | €1,254 | €1,339 | ▲ 6.7% |
| Gross operating margin9900 | -€5,333 | €58,731 | €52,325 | €62,856 | €53,224 | ▼ 15.3% |
| Operating profit (loss)9901 | -€15,497 | €43,209 | €37,836 | €57,155 | €50,733 | ▼ 11.2% |
| Financial income75/76B | - | - | €226 | €2,098 | €1,599 | ▼ 23.8% |
| Recurring financial income75 | - | - | €226 | €2,098 | €1,599 | ▼ 23.8% |
| Financial charges65/66B | €151 | €57 | €52 | €57 | €58 | ▲ 2.4% |
| Recurring financial charges65 | €151 | €57 | €52 | €57 | €58 | ▲ 2.4% |
| Profit (loss) for the period before taxes9903 | -€15,648 | €43,152 | €38,009 | €59,196 | €52,275 | ▼ 11.7% |
| Income taxes67/77 | €522 | €10,014 | €11,990 | €17,187 | €14,888 | ▼ 13.4% |
| Profit (loss) for the period9904 | -€16,170 | €33,138 | €26,020 | €42,008 | €37,386 | ▼ 11.0% |
| Profit (loss) for the period to be appropriated9905 | -€16,170 | €33,138 | €26,020 | €42,008 | €37,386 | ▼ 11.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €95,333 | €133,500 | €162,736 | €194,697 | €223,580 | ▲ 14.8% |
| Fixed assets21/28 | €29,785 | €17,203 | €7,424 | €4,454 | €3,302 | ▼ 25.9% |
| Intangible fixed assets21 | - | €0 | €2,803 | €2,143 | €1,483 | ▼ 30.8% |
| Tangible fixed assets22/27 | €28,785 | €16,203 | €3,622 | €1,312 | €819 | ▼ 37.5% |
| Furniture and vehicles24 | €28,785 | €16,203 | €3,622 | €1,312 | €819 | ▼ 37.5% |
| Financial fixed assets28 | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Current assets29/58 | €65,548 | €116,297 | €155,312 | €190,243 | €220,278 | ▲ 15.8% |
| Amounts receivable within one year40/41 | €18,027 | €16,037 | €16,761 | €21,603 | €19,186 | ▼ 11.2% |
| Trade receivables40 | €8,253 | €15,388 | €16,761 | €21,603 | €19,186 | ▼ 11.2% |
| Other amounts receivable41 | €9,774 | €649 | €0 | €0 | €0 | - |
| Current investments50/53 | - | - | €50,000 | €0 | - | - |
| Cash at bank and in hand54/58 | €45,743 | €98,189 | €86,605 | €166,664 | €198,811 | ▲ 19.3% |
| Deferred charges and accrued income490/1 | €1,779 | €2,071 | €1,946 | €1,975 | €2,280 | ▲ 15.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €95,333 | €133,500 | €162,736 | €194,697 | €223,580 | ▲ 14.8% |
| Equity10/15 | €88,728 | €121,866 | €137,886 | €169,894 | €197,281 | ▲ 16.1% |
| Contributions10/11 | €13,250 | €13,250 | €13,250 | €13,250 | €13,250 | = |
| Reserves13 | €92,660 | €108,560 | €124,560 | €156,560 | €183,560 | ▲ 17.2% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | €90,800 | €106,700 | €124,560 | €156,560 | €183,560 | ▲ 17.2% |
| Profit (loss) carried forward14 | -€17,182 | €56 | €76 | €84 | €471 | ▲ 458% |
| Amounts payable17/49 | €6,605 | €11,634 | €24,851 | €24,803 | €26,299 | ▲ 6.0% |
| Amounts payable within one year42/48 | €6,414 | €11,484 | €24,653 | €24,603 | €26,149 | ▲ 6.3% |
| Financial debts43 | €101 | €85 | €101 | €112 | €115 | ▲ 2.8% |
| Credit institutions430/8 | €101 | €85 | €101 | €112 | €115 | ▲ 2.8% |
| Trade debts44 | €255 | €544 | €701 | €443 | €610 | ▲ 37.5% |
| Suppliers440/4 | €255 | €544 | €701 | €443 | €610 | ▲ 37.5% |
| Taxes, remuneration and social security45 | €4,318 | €9,115 | €13,610 | €13,832 | €15,271 | ▲ 10.4% |
| Taxes450/3 | €4,318 | €9,115 | €13,610 | €13,832 | €15,271 | ▲ 10.4% |
| Remuneration and social security454/9 | €0 | €0 | €0 | €0 | €0 | - |
| Other amounts payable47/48 | €1,740 | €1,740 | €10,240 | €10,216 | €10,153 | ▼ 0.6% |
| Accrued charges and deferred income492/3 | €192 | €150 | €198 | €199 | €150 | ▼ 24.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€16,170 | €33,138 | €26,020 | €42,008 | €37,386 | ▼ 11.0% |
| + Depreciation and write-downs630 | €9,074 | €12,582 | €13,079 | €4,447 | €1,152 | ▼ 74.1% |
| Operating cash flow (approximation) | -€7,095 | €45,720 | €39,099 | €46,456 | €38,539 | ▼ 17.0% |
| Investment in fixed assets (approximation) | - | €0 | -€3,300 | -€1,477 | €0 | ▲ 100% |
| Change in cash | - | €52,446 | -€11,584 | €80,060 | €32,146 | ▼ 59.8% |
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
18-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 18 days late
2025
02-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Highest result since 2018net €42,008 ▲61.4%
Operating result €57,155, net result €42,008, both a record.
31-12
Financial
Equity above €150,000Eq €169,894 ▲23.2%
3 profitable years in a row build equity to €169,894.
08-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
04-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Back to profitnet €33,138
Net result €33,138 after 2 loss-making years.
31-12
Financial
Equity above €100,000Eq €121,866 ▲37.3%
Equity rises from €88,728 to €121,866.
07-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Weakest financial yearnet -€16,170
Net result drops to -€16,170, the lowest in the series; recovery starts the following year.
13-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
16-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Show earlier events
2019
31-12
Financial
Back to profitnet €29,444
Net result €29,444 after one loss-making year.
31-12
Financial
Equity above €100,000Eq €106,022 ▲35.6%
Equity rises from €78,201 to €106,022.
19-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
05-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
12-06
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 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, Chaudfontaine · 1 establishment unit since 2011
Ground area
2,736 m²
Building footprint
280 m²
Volume, LiDAR
1,403 m³
2 parcels, Wallonia · tallest building 10.5 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Path
since 20112.200.281.583
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62022A0235/00H000 | Wallonia | 1,479 m² | 1 · 137 m² | 10.5 m · 2 fl. |
| 62012A0041/00K000 | Wallonia | 1,257 m² | 1 · 142 m² | 6.2 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 82,642 companies in sector 70200 we hold annual accounts for 52,626. 40,149 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
Founded16-06-2011
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
Contact
E-mail
thc2@skynet.beChaudfontaine
Phone
0485/556483Chaudfontaine
E-invoicing
Reachable via Peppol
Peppol ID
0208:0837024777
Also
9925:BE0837024777
Registered
06-11-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.