Skip to content

PATHCO

Active Private limited companyfounded 2012active for 14 yearsHeerweg 79, 1650 BeerselKBO/BCE: BE 0846.353.605

Overview

Lifetime

13 annual accounts with figures on one time axis
peak €73,608 (2025)
€73,608▲ 222%
lowest -€37,013 (2023)
€30,059▲ €51,777
peak €26,568 (2015)
-€28,089▲ €30,059
€178,046▼ 25.8%
Board2 names since 2012
2 directors and 1 other
Documentsfilings and deeds
27-05-202627 days late
2025micro format
Gross margin from €22,886 to €73,608Back to profit: €30,059Equity from -€58,147 to -€28,089Debts from €239,908 to €178,046Cash from €19,380 to €10,942

Key points

from the 2025 annual accounts

Equity

-€28,089
202020212022202320242025

Debts exceed assets in financial year 2025.

Result

€30,059 €30,059
-€21,7002024€30,1002025

Back in profit in 2025, after a loss of €21,719 in 2024.

Debts

€178,046 119% of the balance sheet
Financial debts 84%Suppliers 0%Taxes and wages 4%Other 12%

Of this, €27,771 falls due within a year.

Liquidity

1.01 was 0.58 in 2024

Short-term debts fell from €46,956 to €27,771.

Filings

13 annual accounts since 2013
deadline201520202025

Eight of the last ten came late. The 2025 accounts came latest: 27 days after the end of the period.

Position in the sector

-€28,089

Less equity than 93% of companies in other professional activities. Sector median €40,853 · 4,569 companies.

Checked score

Bankruptcy probability within 12 months

Financial strength

Score breakdown

Comparable companies, two years later

In July 2024, 3,633 companies had the same profile as PATHCO has now. Each dot stands for 10 companies, two years later.

91.8%
were still trading
4.8%
stopped another way
2.9%
went bankrupt
  • Micro
  • 10 to 20 years old
  • negative equity
  • a profit of 5% of the balance sheet or more

Another 0.4% stopped without a precise date, possibly only after those two years.

Test of the method

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.

The companies in ten equal groups, from the lowest to the highest expected share
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.

Credit verdict

Credit check for an amount and term of your choice

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.

Signals

Board and ownership

Director, since 01-06-2012
Director, since 01-06-2012
Board & ownership

Recent changes

Registered in the Peppol Directory Reachable for e-invoices through 0208:0846353605
Purpose change · Amendment of the articles · Legal-form change · Resignations & appointments “Alle activiteiten als fotograaf; Het maken van foto’s voor bedrijven en particulieren zoals onder meer…” (deed in Dutch) · General meeting of 29-12-2023 · Gazette deed
First establishment Photography, Heerweg 79, Beersel
Incorporation published on 14-06-2012 · Gazette deed
All 21 events

Comparable companies

same main activity, similar in size and age
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.

Official details

Source: KBO
Status
Active since 05-06-2012Normal situation
Activity
Photography, excluding press photographyNACE 74201and 1 other
Establishment unit
2.210.189.5401650 Beersel, since 19-06-2012
Financial year end
30 September
Peppol
Reachable since 10-12-2025
Company details

Annual accounts to 30-09-2025

€73,608▲ 222%
≈ €220,000estimated
€30,059
-€28,089▲ 51.7%
€149,957▼ 17.5%
Filing
Filed on 27-05-2026
Financials

Insights on PATHCO

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.

Financials

Annual accounts 2025

micro format, filed on 27-05-2026, 27 days late
€73,608
▲ 222%
€32,029
▲ €50,913
€30,059
▲ €51,777
€305
▲ €20,152
-18.7%
▲ 13.3 percentage points
1.01
▲ 0.43

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.

Balance sheet

balance sheet total €149,957 on 30-09-2025
What the company ownsHow it is paid for

in euro

in euro

Position in the sector

-18.7%

Higher than 12% of 4,566 companies in 2025.

1.01

Higher than 25% of 4,382 companies in 2025.

20.0%

Higher than 67% of 4,417 companies in 2025.

PATHCO Middle half of the sector 80% of the sector Micro accounts in other professional activities (NACE 74)

Net result: middle half · Equity: bottom quarter · Balance sheet total: middle half · Working capital: middle half

Filed annual accounts

as filed with the National Bank, click a year to choose it
Line Trend2025202420232022202120202019201820172016201520142013
Balance sheet: assets
20/58 149,957181,760180,312206,553218,862258,692321,469283,187359,712366,586398,516381,805374,947
21/28 121,881154,652158,846175,980181,123209,452244,204241,609259,661-291,334303,811305,452
21 -----10,46920,934------
22/27 121,881154,652158,846175,980181,123198,983223,270241,609259,661283,959291,334303,811305,452
22 58,15870,61783,07795,537107,996120,456132,915145,375157,835170,294170,294182,754195,214
23 6222531,4292,6041,2041,6315,0064,286829----
24 29,02142,54825,95422,3009,2307,0518,3507,7969,69315,20822,58215,4476,305
26 34,08041,23348,38655,53962,69269,84576,99884,15191,30498,45798,457105,610103,933
29/58 28,07527,10821,46630,57337,73949,24077,26541,578100,05182,627107,18277,99469,495
40/41 16,6127,72815,56823,18421,66818,19133,78421,14528,67357,59667,39141,97048,541
40 16,6127,72815,56823,18421,66818,19133,78421,14528,67357,59667,39141,97048,541
54/58 10,94219,3805,8997,39016,07131,05043,48120,43371,37925,03139,79033,06120,953
490/1 522----------2,963-
Balance sheet: equity and liabilities
10/49 149,957181,760180,312206,553218,862258,692321,469283,187359,712366,586398,516381,805374,947
10/15 -28,089-58,147-66,429-29,416-34,169-30,946-5,662-14,51821,27816,22226,56823,76223,252
10/11 20,00020,00020,00020,00020,00020,00020,00020,00020,000-20,00020,00020,000
10 ---------20,000---
100 ------20,00020,00020,00020,00020,00020,00020,000
13 6,0006,0006,0006,0006,0006,0006,0006,0006,0006,0006,0003,0003,000
130/1 --2,0002,0002,0002,000-------
130 ------2,0002,0002,0002,0002,0001,0001,000
1311 --2,0002,0002,0002,000-------
133 6,0006,0004,0004,0004,0004,0004,0004,0004,0004,0004,0002,0002,000
14 -54,089-84,147-92,429-55,416-60,169-56,946-31,662-40,518-4,722-9,778568762252
17/49 178,046239,908246,741235,969253,031289,638327,131297,705338,434350,364371,947358,043351,695
17 150,275192,952210,141189,342214,000231,830255,107227,699163,654179,029193,845208,123221,881
170/4 150,275192,952210,141189,342214,000231,830255,107227,699163,654179,029193,845208,123221,881
42/48 27,77146,95636,59946,62739,03057,80872,02470,006174,780171,335178,102149,920129,813
42 20,67719,92525,35624,65823,92523,27722,59215,95515,37514,81614,27813,75913,258
44 1761,5132,2283,6593,0444,53618,0861,2881,6257751,28120,3732,477
440/4 1761,5132,2283,6593,0444,53618,0861,2881,6257751,28120,3732,477
45 6,5681,7644,10912,8514,3605,7192,5772,5154,8802,4667,8634,4745,442
450/3 6,5681,7644,1093,4514,3605,7192,5772,5154,8802,4667,8634,4745,442
454/9 ---9,400---------
47/48 35023,7554,9065,4597,70124,27628,77050,248152,899153,278154,681111,315108,636
Income statement
76A 31,890------------
9900 73,60822,8865,99711,13943,78426,15661,9485,56647,92510,70148,24040,34373,542
630 36,81237,27435,08428,05737,80040,48142,37030,15829,29012,59831,31328,50153,686
640/8 4,7684,4974,3273,7164,0705,3195,0374,6116,6291,0233,3212,8773,366
9901 32,029-18,885-33,414-20,6341,914-19,64414,541-29,20312,006-2,92013,6058,96416,490
75/76B 31081030202132791901-47424356
75 310810302021327919014347424356
65/66B 1,8322,8293,5794,5155,0365,7245,8006,3816,952-8,0588,49711,340
65 1,8322,8293,5794,5155,0365,7245,8006,3816,9527,4798,0588,49711,340
9903 30,199-21,606-36,890-25,148-3,103-25,1559,020-35,3945,056-10,3566,0214925,506
67/77 14111312299120130163402--103,215-182,254
9904 30,059-21,719-37,013-25,247-3,223-25,2848,857-35,7965,056-10,3462,8065103,252
9905 30,059-21,719-37,013-25,247-3,223-25,2848,857-35,7965,056-10,3462,8065103,252
Appropriation of the result
9906 -54,089-114,147-92,429-85,416-60,169-56,946-31,662-40,518-4,722-9,7783,5687623,252
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 PDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDF

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.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank

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 PDF
30-09-2024 micro format 06-05-2025 2025-00090625 PDF
30-09-2023 micro format 01-05-2024 2024-00081982 PDF
30-09-2022 micro format 28-04-2023 2023-00070995 PDF
30-09-2021 micro format 13-05-2022 2022-20027374 PDF
30-09-2020 micro format 29-04-2021 2021-12700062 PDF
30-09-2019 micro format 13-05-2020 2020-12200024 PDF
30-09-2018 micro format 08-05-2019 2019-12800107 PDF
30-09-2017 micro format 16-05-2018 2018-12900160 PDF
30-09-2016 abbreviated format 01-05-2017 2017-11100229 PDF
30-09-2015 abbreviated format 11-04-2016 2016-09800503 PDF
30-09-2014 abbreviated format 29-03-2015 2015-08300493 PDF
30-09-2013 abbreviated format 02-06-2014 2014-14100465 PDF

Subsidies and aid

Flemish government 2023, 1 entry, €144 awarded, €144 paid

Key figures and ratios

per financial year, computed from the annual accounts
Line Trend2025202420232022202120202019201820172016201520142013
68,84018,3891,6707,42339,71420,83756,91195641,2969,67844,91837,46670,176
66,87015,555-1,9292,81034,57715,19751,227-5,63834,3462,25234,11929,01156,938
4,04133,07917,95022,91410,6706,94845,38012,1074,9926,49118,83626,861359,138
-8,43813,482-1,491-8,681-14,979-12,43123,048-50,94646,348-14,7596,72912,108-
305-19,847-15,133-16,054-1,291-8,5675,241-28,429-74,729-88,708-70,921-71,926-60,319
-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%
1.010.580.590.660.970.851.070.590.570.480.600.520.54
--------15.9121.6014.0015.0715.13
--------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%
37.576.500.471.647.89----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.

Investments

fixed assets acquired
Item30-09-202530-09-202430-09-202330-09-202230-09-2021
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)

Insights on PATHCO

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).

Board & ownership

Board

2 directors
Director
since 01-06-2012
listed in the 2025 annual accounts, filed on 27-05-2026
Director
since 01-06-2012
listed in the 2025 annual accounts, filed on 27-05-2026
Signing authorityThe articles say who may bind the company, for example by signing a contract.
“Artikel 12. Externe vertegenwoordiging Iedere bestuurder afzonderlijk, ook wanneer er meerdere zijn, vertegenwoordigt de vennootschap jegens…”
deed of 19-02-2024

Office holders in the KBO →

Mandates through the years

2 names, the dashed line is today

Director

Director
Board
Mandates as a list
    • Director, from 01-06-2012 to date
    • Director, from 01-06-2012 to date

See the board, name and registered office on a given date →

Control

Capital

Contribution
€20,000
Source
2025 annual accounts

Articles of association

deed of 19-02-2024 (in Dutch)
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
Board ruleThese rules set how the board is made up, meets and takes decisions.
At least 1 director
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
First Friday of March at 20:00

Capital transactions

Capital over time
  1. 19-02-2024 Converted to unavailable equity
  2. 19-02-2024 Converted to available equity

Network & group

No group

PATHCO has no parent and no holdings in its annual accounts. PATHCO shares no director with another company.

Timeline

Timeline

21 events since 2012

Deadline for the 2026 accounts: 30-04-2027

2026
Annual accounts 2025 filed PDFmicro format · 27 days late
2025
Registered in the Peppol Directory Reachable for e-invoices through 0208:0846353605
Back to profit net €30,059 The net result is €30,059, after 5 loss-making years.
Annual accounts 2024 filed PDFmicro format · 6 days late
2024
Annual accounts 2023 filed PDFmicro format · 1 day late
Purpose change · Amendment of the articles · Legal-form change · Resignations & appointments“Alle activiteiten als fotograaf; Het maken van foto’s voor bedrijven en particulieren zoals onder meer…” (deed in Dutch) · General meeting of 29-12-20232 points ▸
  • General meeting, 29-12-2023
  • 200 shares
  • The deed holds 5 more points.

Open the deed in the Belgian Official Gazette

2023
Weakest financial year net -€37,013 The net result drops to -€37,013, the lowest from 2013 to 2025. It recovers the following year.
Annual accounts 2022 filed PDFmicro format · 2 days before the deadline
2022
Annual accounts 2021 filed PDFmicro format · 13 days late
2021
Annual accounts 2020 filed PDFmicro format · 1 day before the deadline
2020
Annual accounts 2019 filed PDFmicro format · 13 days late
2019
Back to profit net €8,857 The net result is €8,857, after one loss-making year.
Annual accounts 2018 filed PDFmicro format · 8 days late
2018
Annual accounts 2017 filed PDFmicro format · 16 days late
2017
Back to profit net €5,056 The net result is €5,056, after one loss-making year.
Annual accounts 2016 filed PDFabbreviated format · 1 day late
2016
Annual accounts 2015 filed PDFabbreviated format · 19 days before the deadline
2015
Annual accounts 2014 filed PDFabbreviated format · 32 days before the deadline
2014
Annual accounts 2013 filed PDFabbreviated format · 33 days late
2012
First establishment Photography, Heerweg 79, Beersel
Incorporation PDFpublished on 14-06-2012

Financial milestones sit on the financial year-end date, not the filing date.

Sources: Publications in the Belgian Official GazetteFilings with the National Bank

History

On 5 June 2012, PATHCO was incorporated.1 Total assets went from €321,469 in 2019 to €149,957 in 2025.2

  1. 1KBO register
  2. 2National Bank, annual accounts 2019 and 2025

Company details

Identity

Enterprise number
0846.353.605
VAT number
BE 0846.353.605
Peppol ID
0208:0846353605
Other Peppol ID
9925:BE0846353605
Legal form
Private limited company
Status
Active, normal situation
Founded
05-06-2012
Financial year
ends on 30 September
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
First Friday of March at 20:00
deed of 19-02-2024 (in Dutch)
Peppol
Reachable since 10-12-2025Follow this company and you will hear the next morning if it leaves the Peppol register.
Name
PATHCO in Dutch
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 19-02-2024 (in Dutch)
Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Vlaams Gewest”
deed of 19-02-2024 (in Dutch)

Activities

NACEBEL 2025
Codes under NACEBEL 2008
74201 Photography, excluding press photography main activity
74209 Other photographic activities
PurposeThe purpose describes the activities the company may carry out under its articles.
“Alle activiteiten als fotograaf; Het maken van foto’s voor bedrijven en particulieren zoals onder meer…”
14 activities
  1. Alle activiteiten als fotograaf;
  2. Het maken van foto’s voor bedrijven en particulieren zoals onder meer portretfotografie,dierenfotografie,paardenfotografie,sportfotografie,mode- en reclamefotografie,architectuurfotografie,fotografie ten behoeve van uitgeverijen,toeristische doeleinden,bemiddelaars in onroerende goederen en lucht- en onderwaterfotografie.;
  3. Het maken van videoreportages;
  4. Het kopen,verkopen,huren,verhuren,importeren,exporteren,maken,herstellen van allerlei foto- en opnameapparatuur en artikelen; radio-elektrisch en elektronisch materiaal; opname ontwikkeling en afdrukken van foto’s,studio-,industrieel- en amateurwerk,fotogravure;
  5. Markttechnische,commerciële,organisatorische,kennis en kunde,consulting inzake direct marketing,verkoop en ontwikkeling van patenten,licenties,computerprogramma’s en marktconcepten in de ruimste betekenis van het woord,van bedrijven,particulieren en andere instellingen of verenigingen op een tijdelijke of semi-permanente basis;
  6. Verstrekken van financiële,administratieve,commerciële,juridische,fiscale,technische en consultatieve bijstand aan zowel bedrijven,particulieren en andere instellingen of verenigingen;
  7. De aan- en verkoop,de exploitatie,de valorisatie,het verkavelen,de urbanisatie,de ruiling en verdeling,het huren en verhuren van alle onroerende gebouwde en ongebouwde,gemeubelde en niet-gemeubileerde goederen,alsook het uitvoeren van alle bouw- en verbouwingswerken en aanverwante activiteiten;
  8. De aankoop en verkoop,ruiling,beheer en valorisatie van geld en geldverbeeldende waarden zoals aandelen,obligaties of kasbons en het beheer van deze roerende waarden;
  9. De aankoop en verkoop van allerlei roerende goederen en alle daarmee verband houdende voorwerpen en activiteiten;
  10. Het waarnemen van bestuurs- en vereffeningsmandaten in om het even welke Belgische of buitenlandse,reeds bestaande of nog op te richten vennootschappen waarmee rechtstreeks of onrechtstreeks een band van deelneming bestaat. Meer in het bijzonder kan de vennootschap ondernemingen waarin zij participeert,mee besturen en toezicht uitoefenen op de bedrijfsvoering teneinde de ontwikkeling en de realisatie van het maatschappelijk voorwerp van deze ondernemingen te stimuleren en te coördineren;
  11. Het toestaan van leningen en kredietopeningen onder om het even welke vorm,het borgstellen of haar aval verlenen in de meest ruime zin,het dekken van risico’s voortspruitend uit de schommelingen van de wisselkoersen en intrestvoeten,kortom: het verrichten van alle handels- en financiële operaties behalve die welke wettelijk voorbehouden zijn aan de depositobanken,houders van deposito’s op korte termijn,spaarkassen,hypotheekmaatschappijen en kapitalisatieondernemingen. Meer in het bijzonder kan de vennootschap alle leningen,van gelijk welke vorm en voor gelijk welke duur toestaan aan de vennootschappen waarmee rechtstreeks of onrechtstreeks een band van deelneming bestaat,of persoonlijke en zakelijke zekerheden verstrekken voor deze vennootschappen.
  12. De groot- en kleinhandel in,de aan- en verkoop van,het huren en verhuren van,de in- en uitvoer van,het ontwerpen van modellen van en het fabriceren van alle elektrische toestellen en meer bepaald van modelvliegtuigen (o.a. drones) en accessoires,klank- beeld en lichtinstallaties en alle andere audiovisuele apparaten en meubilair allerhande;
  13. Het besturen van allerhande modelvliegtuigen (o.a. drones) in het kader van luchtfotografie en - videoreportages - al dan niet online - voor commerciële en niet commerciële doeleinden voor bedrijven en particulieren
  14. De aan- en verkoop,in- en uitvoer,commissiehandel en vertegenwoordiging van om het even welke goederen,in het kort tussenpersoon in de handel;
deed of 19-02-2024 (in Dutch)

Registered office and establishments

1 establishment
Establishment Since Unit number
Jo Pauwels Photography registered office Heerweg 79, 1650 Beersel 19-06-2012 2.210.189.540

Buildings and parcels at the address

Ground area
4,478 m²
Buildings
213 m²
Volume, LiDAR
1,136 m³
Tallest building
7.6 m
Buildings to scale, each on its own parcel
212 m², 7.6 m 212 m², 7.6 m

Location

registered office establishment The establishment unit on the map

Parcels

Cadastral parcelArea Buildings Height / floors
23003B0143/00S0004,478 m² 1 · 212 m² 7.6 m · 2