Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
Back in profit in 2025, after a loss of €21,719 in 2024.
Of this, €27,771 falls due within a year.
Short-term debts fell from €46,956 to €27,771.
Eight of the last ten came late. The 2025 accounts came latest: 27 days after the end of the period.
Less equity than 93% of companies in other professional activities. Sector median €40,853 · 4,569 companies.
In July 2024, 3,633 companies had the same profile as PATHCO has now. Each dot stands for 10 companies, two years later.
Another 0.4% stopped without a precise date, possibly only after those two years.
The method was tested on the 497,762 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 | 2.9% | 3.1% |
| 10 | 5.6% | 6.1% |
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 3,633 companies, not a prediction for PATHCO. 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.
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.
| Company | ||||
|---|---|---|---|---|
| PATHCO Beersel | €149,957 | €73,608 | -18.7% | - |
| PHOTO RAYP BILANDE Philippeville | €135,504 | €65,127 | 45.1% | - |
| HIGHNOVE Lasne | €148,818 | €90,093 | 2.0% | - |
| WEB-IT SUPPORT AND CONSULTING Tremelo | €145,607 | €73,137 | 67.0% | - |
| ZEB DAEMEN PHOTOGRAPHY Antwerp | €141,720 | €50,921 | 60.5% | - |
| Work Hard Play Hard Rumst | €192,103 | €62,889 | 55.5% | - |
| PRYZM Anderlecht | €172,344 | €108,126 | 53.0% | - |
These companies have the same main activity as PATHCO: photography, excluding press photography (NACE 74201). They are comparable in size and age: total assets between €136,000 and €192,000, founded between 2006 and 2014.
PATHCO files the micro format. That format states no turnover. The gross margin rose from €73,542 in 2013 to €73,608 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €220,000. Estimated: probably between €150,000 and €380,000.
Higher than 12% of 4,566 companies in 2025.
Higher than 25% of 4,382 companies in 2025.
Higher than 67% of 4,417 companies in 2025.
Net result: middle half · Equity: bottom quarter · Balance sheet total: middle half · Working capital: middle half
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||||
20/58 |
149,957 | 181,760 | 180,312 | 206,553 | 218,862 | 258,692 | 321,469 | 283,187 | 359,712 | 366,586 | 398,516 | 381,805 | 374,947 | |
21/28 |
121,881 | 154,652 | 158,846 | 175,980 | 181,123 | 209,452 | 244,204 | 241,609 | 259,661 | - | 291,334 | 303,811 | 305,452 | |
21 |
- | - | - | - | - | 10,469 | 20,934 | - | - | - | - | - | - | |
22/27 |
121,881 | 154,652 | 158,846 | 175,980 | 181,123 | 198,983 | 223,270 | 241,609 | 259,661 | 283,959 | 291,334 | 303,811 | 305,452 | |
22 |
58,158 | 70,617 | 83,077 | 95,537 | 107,996 | 120,456 | 132,915 | 145,375 | 157,835 | 170,294 | 170,294 | 182,754 | 195,214 | |
23 |
622 | 253 | 1,429 | 2,604 | 1,204 | 1,631 | 5,006 | 4,286 | 829 | - | - | - | - | |
24 |
29,021 | 42,548 | 25,954 | 22,300 | 9,230 | 7,051 | 8,350 | 7,796 | 9,693 | 15,208 | 22,582 | 15,447 | 6,305 | |
26 |
34,080 | 41,233 | 48,386 | 55,539 | 62,692 | 69,845 | 76,998 | 84,151 | 91,304 | 98,457 | 98,457 | 105,610 | 103,933 | |
29/58 |
28,075 | 27,108 | 21,466 | 30,573 | 37,739 | 49,240 | 77,265 | 41,578 | 100,051 | 82,627 | 107,182 | 77,994 | 69,495 | |
40/41 |
16,612 | 7,728 | 15,568 | 23,184 | 21,668 | 18,191 | 33,784 | 21,145 | 28,673 | 57,596 | 67,391 | 41,970 | 48,541 | |
40 |
16,612 | 7,728 | 15,568 | 23,184 | 21,668 | 18,191 | 33,784 | 21,145 | 28,673 | 57,596 | 67,391 | 41,970 | 48,541 | |
54/58 |
10,942 | 19,380 | 5,899 | 7,390 | 16,071 | 31,050 | 43,481 | 20,433 | 71,379 | 25,031 | 39,790 | 33,061 | 20,953 | |
490/1 |
522 | - | - | - | - | - | - | - | - | - | - | 2,963 | - | |
| Balance sheet: equity and liabilities | ||||||||||||||
10/49 |
149,957 | 181,760 | 180,312 | 206,553 | 218,862 | 258,692 | 321,469 | 283,187 | 359,712 | 366,586 | 398,516 | 381,805 | 374,947 | |
10/15 |
-28,089 | -58,147 | -66,429 | -29,416 | -34,169 | -30,946 | -5,662 | -14,518 | 21,278 | 16,222 | 26,568 | 23,762 | 23,252 | |
10/11 |
20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | - | 20,000 | 20,000 | 20,000 | |
10 |
- | - | - | - | - | - | - | - | - | 20,000 | - | - | - | |
100 |
- | - | - | - | - | - | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | |
13 |
6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 3,000 | 3,000 | |
130/1 |
- | - | 2,000 | 2,000 | 2,000 | 2,000 | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 1,000 | 1,000 | |
1311 |
- | - | 2,000 | 2,000 | 2,000 | 2,000 | - | - | - | - | - | - | - | |
133 |
6,000 | 6,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 2,000 | 2,000 | |
14 |
-54,089 | -84,147 | -92,429 | -55,416 | -60,169 | -56,946 | -31,662 | -40,518 | -4,722 | -9,778 | 568 | 762 | 252 | |
17/49 |
178,046 | 239,908 | 246,741 | 235,969 | 253,031 | 289,638 | 327,131 | 297,705 | 338,434 | 350,364 | 371,947 | 358,043 | 351,695 | |
17 |
150,275 | 192,952 | 210,141 | 189,342 | 214,000 | 231,830 | 255,107 | 227,699 | 163,654 | 179,029 | 193,845 | 208,123 | 221,881 | |
170/4 |
150,275 | 192,952 | 210,141 | 189,342 | 214,000 | 231,830 | 255,107 | 227,699 | 163,654 | 179,029 | 193,845 | 208,123 | 221,881 | |
42/48 |
27,771 | 46,956 | 36,599 | 46,627 | 39,030 | 57,808 | 72,024 | 70,006 | 174,780 | 171,335 | 178,102 | 149,920 | 129,813 | |
42 |
20,677 | 19,925 | 25,356 | 24,658 | 23,925 | 23,277 | 22,592 | 15,955 | 15,375 | 14,816 | 14,278 | 13,759 | 13,258 | |
44 |
176 | 1,513 | 2,228 | 3,659 | 3,044 | 4,536 | 18,086 | 1,288 | 1,625 | 775 | 1,281 | 20,373 | 2,477 | |
440/4 |
176 | 1,513 | 2,228 | 3,659 | 3,044 | 4,536 | 18,086 | 1,288 | 1,625 | 775 | 1,281 | 20,373 | 2,477 | |
45 |
6,568 | 1,764 | 4,109 | 12,851 | 4,360 | 5,719 | 2,577 | 2,515 | 4,880 | 2,466 | 7,863 | 4,474 | 5,442 | |
450/3 |
6,568 | 1,764 | 4,109 | 3,451 | 4,360 | 5,719 | 2,577 | 2,515 | 4,880 | 2,466 | 7,863 | 4,474 | 5,442 | |
454/9 |
- | - | - | 9,400 | - | - | - | - | - | - | - | - | - | |
47/48 |
350 | 23,755 | 4,906 | 5,459 | 7,701 | 24,276 | 28,770 | 50,248 | 152,899 | 153,278 | 154,681 | 111,315 | 108,636 | |
| Income statement | ||||||||||||||
76A |
31,890 | - | - | - | - | - | - | - | - | - | - | - | - | |
9900 |
73,608 | 22,886 | 5,997 | 11,139 | 43,784 | 26,156 | 61,948 | 5,566 | 47,925 | 10,701 | 48,240 | 40,343 | 73,542 | |
630 |
36,812 | 37,274 | 35,084 | 28,057 | 37,800 | 40,481 | 42,370 | 30,158 | 29,290 | 12,598 | 31,313 | 28,501 | 53,686 | |
640/8 |
4,768 | 4,497 | 4,327 | 3,716 | 4,070 | 5,319 | 5,037 | 4,611 | 6,629 | 1,023 | 3,321 | 2,877 | 3,366 | |
9901 |
32,029 | -18,885 | -33,414 | -20,634 | 1,914 | -19,644 | 14,541 | -29,203 | 12,006 | -2,920 | 13,605 | 8,964 | 16,490 | |
75/76B |
3 | 108 | 103 | 0 | 20 | 213 | 279 | 190 | 1 | - | 474 | 24 | 356 | |
75 |
3 | 108 | 103 | 0 | 20 | 213 | 279 | 190 | 1 | 43 | 474 | 24 | 356 | |
65/66B |
1,832 | 2,829 | 3,579 | 4,515 | 5,036 | 5,724 | 5,800 | 6,381 | 6,952 | - | 8,058 | 8,497 | 11,340 | |
65 |
1,832 | 2,829 | 3,579 | 4,515 | 5,036 | 5,724 | 5,800 | 6,381 | 6,952 | 7,479 | 8,058 | 8,497 | 11,340 | |
9903 |
30,199 | -21,606 | -36,890 | -25,148 | -3,103 | -25,155 | 9,020 | -35,394 | 5,056 | -10,356 | 6,021 | 492 | 5,506 | |
67/77 |
141 | 113 | 122 | 99 | 120 | 130 | 163 | 402 | - | -10 | 3,215 | -18 | 2,254 | |
9904 |
30,059 | -21,719 | -37,013 | -25,247 | -3,223 | -25,284 | 8,857 | -35,796 | 5,056 | -10,346 | 2,806 | 510 | 3,252 | |
9905 |
30,059 | -21,719 | -37,013 | -25,247 | -3,223 | -25,284 | 8,857 | -35,796 | 5,056 | -10,346 | 2,806 | 510 | 3,252 | |
| Appropriation of the result | ||||||||||||||
9906 |
-54,089 | -114,147 | -92,429 | -85,416 | -60,169 | -56,946 | -31,662 | -40,518 | -4,722 | -9,778 | 3,568 | 762 | 3,252 | |
14P |
-84,147 | -92,429 | -55,416 | -60,169 | -56,946 | - | - | - | - | 568 | - | - | - | |
691/2 |
- | - | - | - | - | - | - | - | - | - | 3,000 | - | 3,000 | |
6920 |
- | - | - | - | - | - | - | - | - | - | 1,000 | - | 1,000 | |
6921 |
- | - | - | - | - | - | - | - | - | - | 2,000 | - | 2,000 | |
794 |
- | 30,000 | - | 30,000 | - | - | - | - | - | - | - | - | - | |
| Document | ||||||||||||||
The notes to these accounts have 9 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 27-05-2026.
2025 annual accounts filed 27 days after the deadline. Filed on 27 May 2026, deadline 30 April 2026 (7 months after the close on 30 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00124572.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 27-05-2026 | 2026-00124572 | |
| 30-09-2024 | micro format | 06-05-2025 | 2025-00090625 | |
| 30-09-2023 | micro format | 01-05-2024 | 2024-00081982 | |
| 30-09-2022 | micro format | 28-04-2023 | 2023-00070995 | |
| 30-09-2021 | micro format | 13-05-2022 | 2022-20027374 | |
| 30-09-2020 | micro format | 29-04-2021 | 2021-12700062 | |
| 30-09-2019 | micro format | 13-05-2020 | 2020-12200024 | |
| 30-09-2018 | micro format | 08-05-2019 | 2019-12800107 | |
| 30-09-2017 | micro format | 16-05-2018 | 2018-12900160 | |
| 30-09-2016 | abbreviated format | 01-05-2017 | 2017-11100229 | |
| 30-09-2015 | abbreviated format | 11-04-2016 | 2016-09800503 | |
| 30-09-2014 | abbreviated format | 29-03-2015 | 2015-08300493 | |
| 30-09-2013 | abbreviated format | 02-06-2014 | 2014-14100465 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 68,840 | 18,389 | 1,670 | 7,423 | 39,714 | 20,837 | 56,911 | 956 | 41,296 | 9,678 | 44,918 | 37,466 | 70,176 | ||
| 66,870 | 15,555 | -1,929 | 2,810 | 34,577 | 15,197 | 51,227 | -5,638 | 34,346 | 2,252 | 34,119 | 29,011 | 56,938 | ||
| 4,041 | 33,079 | 17,950 | 22,914 | 10,670 | 6,948 | 45,380 | 12,107 | 4,992 | 6,491 | 18,836 | 26,861 | 359,138 | ||
| -8,438 | 13,482 | -1,491 | -8,681 | -14,979 | -12,431 | 23,048 | -50,946 | 46,348 | -14,759 | 6,729 | 12,108 | - | ||
| 305 | -19,847 | -15,133 | -16,054 | -1,291 | -8,567 | 5,241 | -28,429 | -74,729 | -88,708 | -70,921 | -71,926 | -60,319 | ||
| -18.7% | -32.0% | -36.8% | -14.2% | -15.6% | -12.0% | -1.8% | -5.1% | 5.9% | 4.4% | 6.7% | 6.2% | 6.2% | ||
| 1.01 | 0.58 | 0.59 | 0.66 | 0.97 | 0.85 | 1.07 | 0.59 | 0.57 | 0.48 | 0.60 | 0.52 | 0.54 | ||
| - | - | - | - | - | - | - | - | 15.91 | 21.60 | 14.00 | 15.07 | 15.13 | ||
| - | - | - | - | - | - | - | - | 23.8% | -63.8% | 10.6% | 2.1% | 14.0% | ||
| 20.0% | -11.9% | -20.5% | -12.2% | -1.5% | -9.8% | 2.8% | -12.6% | 1.4% | -2.8% | 0.7% | 0.1% | 0.9% | ||
| 37.57 | 6.50 | 0.47 | 1.64 | 7.89 | - | - | - | - | 1.29 | - | - | - |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | 30-09-2025 | 30-09-2024 | 30-09-2023 | 30-09-2022 | 30-09-2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,041 | €33,079 | €17,950 | €22,914 | €10,670 |
| €36,812 | €37,274 | €35,084 | €28,057 | €37,800 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a profit of €32,029, after a loss of €18,885 in 2024. It is the highest result since 2013.
Equity is negative. Debt (€178,046) exceeds the balance-sheet total (€149,957).
PATHCO has no parent and no holdings in its annual accounts. PATHCO shares no director with another company.
Deadline for the 2026 accounts: 30-04-2027
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 |
|---|---|---|
| Jo Pauwels Photography registered office Heerweg 79, 1650 Beersel | 19-06-2012 | 2.210.189.540 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 23003B0143/00S000 | 4,478 m² | 1 · 212 m² | 7.6 m · 2 |
If something looks wrong or is missing, please tell us.