Equity
PATH paid out €10,000 in dividends. That is 27% of the 2025 profit.
PATH paid out €10,000 in dividends. That is 27% of the 2025 profit.
The 2025 accounts came 18 days late. The other nine of the last ten were filed on time.
Higher solvency than 86% of companies in head offices and management consultancy. Sector median 55.5% · 39,342 companies.
The dashed line is the sector median: 0.1% across 48,568 companies (NACE 70, micro).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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 70, micro). It does better than 86% of them on solvency, 93% on liquidity, 63% on profitability and 49% on growth.
The bankruptcy probability was computed on 07-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
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).
In July 2024, 34,693 companies had the same profile as PATH has now. Each dot stands for 87 companies, two years later.
That fits the bankruptcy probability of PATH itself: < 0.1% within 12 months.
The method was tested on the 497,447 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 34,693 companies, not a prediction for PATH. 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.
Liquidity is ample, with a current ratio of 8.42 (7.73 in 2024), above the usual 1.5. Short-term debt is 11.7% and cash 88.9% of total assets. 11.8% of the assets are financed with debt and provisions.
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.
The company filed its last 7 accounts on average 30 days before the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| PATH Chaudfontaine | €223,580 | €53,224 | 88.2% | - |
| E ² = MC Liège | €241,244 | €51,260 | 68.4% | - |
| SYLVAGRO Nandrin | €234,174 | €50,594 | 45.0% | - |
| SENSELIA Theux | €206,334 | €53,559 | 60.6% | - |
| ALTISAN Saint-Georges-sur-Meuse | €218,585 | €47,899 | 22.9% | - |
| ROTORTECH Neupré | €236,765 | €53,872 | 52.4% | - |
| CAP ENERGIES Visé | €217,299 | €64,830 | 66.2% | - |
These companies have the same main activity as PATH: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €206,000 and €241,000, founded between 2010 and 2013.
PATH files the micro format. That format states no turnover. The gross margin rose from -€1,823 in 2012 to €53,224 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Higher than 87% of 39,342 companies in 2025.
Higher than 87% of 38,027 companies in 2025.
Higher than 54% of 38,499 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: top quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||||
20/58 |
223,580 | 194,697 | 162,736 | 133,500 | 95,333 | 117,175 | 116,388 | 89,318 | 93,148 | 151,220 | 5,740 | 4,243 | 3,403 | 4,457 | |
20 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 | |
21/28 |
3,302 | 4,454 | 7,424 | 17,203 | 29,785 | 26,312 | 35,719 | 2,787 | 6,494 | 21,986 | 1,892 | 2,164 | 1,120 | 620 | |
21 |
1,483 | 2,143 | 2,803 | 0 | - | - | - | - | - | - | - | - | - | - | |
22/27 |
819 | 1,312 | 3,622 | 16,203 | 28,785 | 25,312 | 34,719 | 1,787 | 5,494 | 20,986 | 272 | 544 | - | - | |
24 |
819 | 1,312 | 3,622 | 16,203 | 28,785 | 25,312 | 34,719 | 1,787 | 5,494 | 20,986 | 272 | 544 | - | - | |
28 |
1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,620 | 1,620 | 1,120 | 620 | |
29/58 |
220,278 | 190,243 | 155,312 | 116,297 | 65,548 | 90,863 | 80,669 | 86,531 | 86,655 | 129,234 | 3,848 | 2,079 | 2,283 | 3,837 | |
40/41 |
19,186 | 21,603 | 16,761 | 16,037 | 18,027 | 29,353 | 31,583 | 45,091 | 30,844 | 27,518 | 2,517 | 1,336 | 996 | 582 | |
40 |
19,186 | 21,603 | 16,761 | 15,388 | 8,253 | 22,353 | 25,006 | 41,283 | 30,841 | 27,469 | 1,210 | 0 | 153 | 0 | |
41 |
0 | 0 | 0 | 649 | 9,774 | 7,000 | 6,578 | 3,808 | 3 | 49 | 1,307 | 1,336 | 843 | 582 | |
50/53 |
- | 0 | 50,000 | - | - | - | - | - | - | - | - | - | - | - | |
54/58 |
198,811 | 166,664 | 86,605 | 98,189 | 45,743 | 60,237 | 48,195 | 41,077 | 54,654 | 101,516 | 1,331 | 743 | 1,287 | 3,255 | |
490/1 |
2,280 | 1,975 | 1,946 | 2,071 | 1,779 | 1,273 | 891 | 362 | 1,157 | 200 | - | - | - | 0 | |
| Balance sheet: equity and liabilities | |||||||||||||||
10/49 |
223,580 | 194,697 | 162,736 | 133,500 | 95,333 | 117,175 | 116,388 | 89,318 | 93,148 | 151,220 | 5,740 | 4,243 | 3,403 | 4,457 | |
10/15 |
197,281 | 169,894 | 137,886 | 121,866 | 88,728 | 104,897 | 106,022 | 78,201 | 78,637 | 67,762 | 4,891 | 4,001 | 3,035 | 4,215 | |
10/11 |
13,250 | 13,250 | 13,250 | 13,250 | 13,250 | 13,250 | 13,250 | 13,250 | 13,250 | 13,250 | 13,250 | 10,500 | 6,700 | 6,200 | |
100 |
- | - | - | - | - | - | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | - | 5,350 | 5,350 | 5,350 | 5,350 | 5,350 | 8,100 | 11,900 | 12,400 | |
13 |
183,560 | 156,560 | 124,560 | 108,560 | 92,660 | 92,660 | 92,660 | 65,160 | 65,160 | 54,360 | - | - | - | - | |
130/1 |
- | - | 0 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | |
1311 |
- | - | 0 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | - | |
133 |
183,560 | 156,560 | 124,560 | 106,700 | 90,800 | 90,800 | 90,800 | 63,300 | 63,300 | 52,500 | - | - | - | - | |
14 |
471 | 84 | 76 | 56 | -17,182 | -1,013 | 112 | -209 | 227 | 152 | -8,359 | -6,499 | -3,665 | -1,985 | |
17/49 |
26,299 | 24,803 | 24,851 | 11,634 | 6,605 | 12,277 | 10,366 | 11,116 | 14,511 | 83,458 | 849 | 242 | 369 | 242 | |
42/48 |
26,149 | 24,603 | 24,653 | 11,484 | 6,414 | 12,127 | 10,216 | 10,926 | 14,361 | 83,458 | 849 | 242 | 369 | 242 | |
43 |
115 | 112 | 101 | 85 | 101 | 0 | 507 | 417 | 1,036 | 779 | 225 | 0 | - | - | |
430/8 |
115 | 112 | 101 | 85 | 101 | 0 | 507 | 417 | 1,036 | 779 | 225 | 0 | - | - | |
44 |
610 | 443 | 701 | 544 | 255 | 500 | 516 | 388 | 1,158 | 5,367 | 624 | 242 | 369 | 242 | |
440/4 |
610 | 443 | 701 | 544 | 255 | 500 | 516 | 388 | 1,158 | 5,367 | 624 | 242 | 369 | 242 | |
45 |
15,271 | 13,832 | 13,610 | 9,115 | 4,318 | 9,704 | 7,526 | 10,078 | 11,528 | 41,312 | 0 | 0 | 0 | 0 | |
450/3 |
15,271 | 13,832 | 13,610 | 9,115 | 4,318 | 9,704 | 7,526 | 10,078 | 11,528 | 41,312 | 0 | 0 | 0 | 0 | |
454/9 |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | - | |
47/48 |
10,153 | 10,216 | 10,240 | 1,740 | 1,740 | 1,923 | 1,667 | 43 | 640 | 36,000 | - | - | - | - | |
492/3 |
150 | 199 | 198 | 150 | 192 | 150 | 150 | 190 | 150 | - | - | - | - | - | |
| Income statement | |||||||||||||||
70 |
159,248 | 173,638 | 158,800 | 168,556 | 145,077 | 169,240 | 224,693 | 217,868 | 86,382 | 158,232 | 2,000 | - | - | 1,800 | |
9900 |
53,224 | 62,856 | 52,325 | 58,731 | -5,333 | 11,186 | 53,024 | 15,995 | 29,092 | 147,332 | -1,098 | -1,900 | -1,393 | -1,823 | |
60/61 |
112,636 | 117,283 | 113,154 | 120,355 | 156,931 | 164,602 | 181,686 | 206,641 | 70,006 | 11,932 | 3,098 | 1,900 | 1,393 | 3,623 | |
630 |
1,152 | 4,447 | 13,079 | 12,582 | 9,074 | 9,406 | 9,406 | 6,387 | 5,492 | 10,763 | 272 | 272 | - | 0 | |
631/4 |
- | - | - | -3,091 | - | - | - | 7,400 | -909 | 4,000 | - | - | - | - | |
640/8 |
1,339 | 1,254 | 1,410 | 6,031 | 1,090 | 1,088 | 1,908 | 1,413 | 6,374 | 477 | 475 | 629 | 279 | 189 | |
9901 |
50,733 | 57,155 | 37,836 | 43,209 | -15,497 | 691 | 41,711 | 795 | 18,135 | 132,092 | -1,845 | -2,800 | -1,672 | -2,013 | |
75/76B |
1,599 | 2,098 | 226 | - | - | - | 0 | 0 | - | - | 0 | 3 | 20 | 59 | |
75 |
1,599 | 2,098 | 226 | - | - | - | 0 | 0 | - | - | 0 | 3 | 20 | 59 | |
65/66B |
58 | 57 | 52 | 57 | 151 | 48 | 41 | 39 | 39 | 537 | 15 | 36 | 29 | 31 | |
65 |
58 | 57 | 52 | 57 | 151 | 48 | 41 | 39 | 39 | 37 | 15 | 36 | 29 | 31 | |
66B |
- | - | - | - | - | - | - | - | - | 500 | - | - | - | - | |
9903 |
52,275 | 59,196 | 38,009 | 43,152 | -15,648 | 643 | 41,670 | 756 | 18,097 | 131,555 | -1,860 | -2,833 | -1,681 | -1,985 | |
67/77 |
14,888 | 17,187 | 11,990 | 10,014 | 522 | 1,768 | 12,226 | 1,192 | 6,581 | 32,684 | 0 | 1 | 0 | 0 | |
9904 |
37,386 | 42,008 | 26,020 | 33,138 | -16,170 | -1,124 | 29,444 | -436 | 11,515 | 98,871 | -1,860 | -2,834 | -1,681 | -1,985 | |
9905 |
37,386 | 42,008 | 26,020 | 33,138 | -16,170 | -1,124 | 29,444 | -436 | 11,515 | 98,871 | -1,860 | -2,834 | -1,681 | -1,985 | |
| Appropriation of the result | |||||||||||||||
9906 |
37,471 | 42,084 | 26,076 | 15,956 | -17,182 | -1,013 | 29,236 | -209 | 11,667 | 90,512 | -8,359 | -6,499 | -3,665 | -1,985 | |
14P |
84 | 76 | 56 | -17,182 | -1,013 | - | - | - | - | - | - | - | - | - | |
791/2 |
10,000 | 10,000 | 10,000 | - | - | - | - | - | - | - | - | - | - | - | |
691/2 |
37,000 | 42,000 | 26,000 | 15,900 | - | - | 27,500 | - | 10,800 | 54,360 | - | - | - | - | |
6920 |
- | - | - | - | - | - | - | - | - | 1,860 | - | - | - | - | |
6921 |
37,000 | 42,000 | 26,000 | 15,900 | - | - | 27,500 | - | 10,800 | 52,500 | - | - | - | - | |
694/7 |
10,000 | 10,000 | 10,000 | - | - | - | 1,624 | - | 640 | 36,000 | - | - | - | - | |
694 |
10,000 | 10,000 | 10,000 | - | - | - | 1,624 | - | 640 | - | - | - | - | - | |
695 |
- | - | - | - | - | - | - | - | - | 36,000 | - | - | - | - | |
| Document | |||||||||||||||
The notes to these accounts have 12 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 18-08-2026.
2025 annual accounts filed 18 days after the deadline. Filed on 18 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00405939.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 18-08-2026 | 2026-00405939 | |
| 31-12-2024 | micro format | 02-06-2025 | 2025-00117219 | |
| 31-12-2023 | micro format | 08-07-2024 | 2024-00236356 | |
| 31-12-2022 | micro format | 04-07-2023 | 2023-00201716 | |
| 31-12-2021 | micro format | 07-06-2022 | 2022-20048167 | |
| 31-12-2020 | micro format | 13-07-2021 | 2021-36000090 | |
| 31-12-2019 | micro format | 16-06-2020 | 2020-17500330 | |
| 31-12-2018 | micro format | 19-06-2019 | 2019-20000454 | |
| 31-12-2017 | micro format | 05-06-2018 | 2018-16600104 | |
| 31-12-2016 | micro format | 12-06-2017 | 2017-16900175 | |
| 31-12-2015 | full format | 14-06-2016 | 2016-18400064 | |
| 31-12-2014 | full format | 23-07-2015 | 2015-34900010 | |
| 31-12-2013 | full format | 31-07-2014 | 2014-39200087 | |
| 31-12-2012 | full format | 29-08-2013 | 2013-51300464 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 51,885 | 61,602 | 50,915 | 55,791 | -6,423 | 10,098 | 51,117 | 7,182 | 23,627 | 142,856 | -1,573 | -2,529 | - | -2,013 | ||
| 38,539 | 46,456 | 39,099 | 45,720 | -7,095 | 8,282 | 38,850 | 5,951 | 17,007 | 109,635 | -1,588 | -2,562 | - | -1,985 | ||
| 0 | 1,477 | 3,300 | 0 | 12,546 | 0 | 42,338 | 2,680 | -10,001 | 31,478 | 0 | 1,316 | 500 | 620 | ||
| 32,146 | 80,060 | -11,584 | 52,446 | -14,495 | 12,043 | 7,118 | -13,577 | -46,861 | 100,184 | 588 | -544 | -1,967 | - | ||
| 194,129 | 165,639 | 130,659 | 104,813 | 59,135 | 78,735 | 70,453 | 75,604 | 72,293 | 45,776 | 2,999 | 1,837 | 1,915 | 3,595 | ||
| 31.9% | 32.9% | 23.8% | 25.6% | -10.7% | 0.4% | 18.6% | 0.4% | 21.0% | 83.5% | -92.3% | - | - | - | ||
| 88.2% | 87.3% | 84.7% | 91.3% | 93.1% | 89.5% | 91.1% | 87.6% | 84.4% | 44.8% | 85.2% | - | - | - | ||
| 8.42 | 7.73 | 6.30 | 10.13 | 10.22 | 7.49 | 7.90 | 7.92 | 6.03 | 1.55 | 4.53 | - | - | - | ||
| 0.13 | 0.15 | 0.18 | 0.10 | 0.07 | 0.12 | 0.10 | 0.14 | 0.18 | 1.23 | 0.17 | - | - | - | ||
| 19.0% | 24.7% | 18.9% | 27.2% | -18.2% | -1.1% | 27.8% | -0.6% | 14.6% | 145.9% | -38.0% | - | - | - | ||
| 16.7% | 21.6% | 16.0% | 24.8% | -17.0% | -1.0% | 25.3% | -0.5% | 12.4% | 65.4% | -32.4% | - | - | - | ||
| over 100 | over 100 | over 100 | over 100 | -42.58 | - | - | - | - | - | - | - | - | - | ||
| 44 days | 45 days | 39 days | 33 days | 21 days | 48 days | 41 days | 69 days | 130 days | 63 days | 221 days | - | - | 0 days | ||
| 2 days | 1 day | 2 days | 2 days | 1 day | 1 day | 1 day | 1 day | 6 days | 164 days | 73 days | 46 days | 97 days | 24 days |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €0 | €1,477 | - | - | €12,546 |
| Intangible fixed assets | €0 | €0 | €3,300 | - | - |
| €1,152 | €4,447 | €13,079 | €12,582 | €9,074 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 11% lower than in 2024.
Debt's share of the balance-sheet total falls from 12.7% to 11.8%. Equity and debt are higher.
PATH has no parent and no holdings in its annual accounts. PATH shares no director with another company.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Rue du XIII Août 81 registered office 4050 Chaudfontaine | ||
| Rue du Grand Air 20 4052 Chaudfontaine | 10-06-2011 | 2.200.281.583 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 62022A0235/00H000 | 1,479 m² | 1 · 137 m² | 10.5 m · 2 |
| 62012A0041/00K000 | 1,257 m² | 1 · 142 m² | 6.2 m · 2 |
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