Pathmakers
ActiveSummary
Pathmakers has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €2.6m and a net result of -€66,498. Equity is growing by ~14% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability47▼-8
Solvency59▼-7
Growth85=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,500 at 30 days acceptable
Liquidity ample (current ratio 13.32 against 1.01 in 2023; short-term debt: 6.1% and cash: 7.6% of total assets), but 66.3% 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
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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 2024Solvency, return and age of the figures
Solvency
33.7%
Return on assets
-0.9%
Age of the figures
21 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 10-06-2026, 51 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
51 d early
2024
27 d early
2023
6 d early
2022
35 d early
2021
33 d early
2020
43 d early
2019
29 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 32 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% 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. Usually files around 28 June (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2024, abbreviated schema
Turnover
€29,162▼ 71.1%
2023 · €100,804
EBIT margin
39.6%▼ 44.2pp
2023 · 83.8%
Net result
-€66,498
2023 · €7,836
Working capital
€5.7m▲ 50,980%
2023 · €11,203
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate 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
Line20202021202220232024
Turnover€1,200€39,058▲ 3,154%€52,554▲ 34.6%€100,804▲ 91.8%€29,162▼ 71.1%
Operating result-€189,136▲ 19.6%-€152,153▲ 19.6%-€158,174▼ 4.0%€84,471€11,555▼ 86.3%
Net result-€234,886below the sector's middle half▲ 1.6%-€197,789below the sector's middle half▲ 15.8%-€206,368below the sector's middle half▼ 4.3%€7,836within the sector's middle half-€66,498below the sector's middle half
EBIT margin-15758.8%-389.6%▲ 15369.2pp-301.0%▲ 88.6pp83.8%▲ 384.8pp39.6%▼ 44.2pp
Equity€546,387within the sector's middle half▼ 28.2%€2.8mabove the sector's middle half▲ 405%€2.6mabove the sector's middle half▼ 6.9%€2.6mabove the sector's middle half▲ 2.1%€2.6mabove the sector's middle half▼ 2.5%
Total assets€666,537within the sector's middle half▼ 32.7%€3.0mwithin the sector's middle half▲ 351%€2.9mwithin the sector's middle half▼ 2.4%€6.3mabove the sector's middle half▲ 115%€7.6mabove the sector's middle half▲ 20.0%
Debt€120,150▼ 47.7%€250,568▲ 109%€370,520▲ 47.9%€3.7m▲ 896%€5.0m▲ 35.9%
Working capital€478,773within the sector's middle half▼ 37.0%€2.5mabove the sector's middle half▲ 414%€1.2mabove the sector's middle half▼ 52.3%€11,203within the sector's middle half▼ 99.0%€5.7mabove the sector's middle half▲ 50,980%
Solvency82.0%above the sector's middle half▲ 5.1pp91.7%above the sector's middle half▲ 9.7pp87.4%above the sector's middle half▼ 4.3pp41.5%within the sector's middle half▼ 45.9pp33.7%within the sector's middle half▼ 7.8pp
Current ratio4.99above the sector's middle half▲ 0.6510.83above the sector's middle half▲ 5.848.42above the sector's middle half▼ 2.411.01within the sector's middle half▼ 7.4113.32above the sector's middle half▲ 12.31
Return on assets (ROA)-35.2%below the sector's middle half▼ 11.1pp-6.6%below the sector's middle half▲ 28.7pp-7.0%below the sector's middle half▼ 0.5pp0.1%within the sector's middle half▲ 7.1pp-0.9%within the sector's middle half▼ 1.0pp
Staff (FTE)
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result falls in 2024; 2024 is 86% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €7.6m
Fixed assets
€1.4m ▼ 73.5%
Current assets
€6.2m ▲ 488%
Equity and liabilities €7.6m
Equity
€2.6m ▼ 2.5%
Provisions
€12,140 ▲ 100%
Debt
€5.0m ▲ 35.9%
Debt's share of the balance-sheet total rises from 58.4% to 66.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€58,314▼
2023 · €131,363
Cash flow
-€19,739▼
2023 · €54,728
Debt to equity
1.96▲
2023 · 1.41
ROE
-2.6%▼
2023 · 0.3%
Interest coverage
0.36▼
2023 · 1.67
Debt ≤ 1 year
€464,400▼
2023 · €1.0m
Debt > 1 year
€4.5m▲
2023 · €2.6m
Income taxes
€1,040▲
2023 · €929
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 119 companies that looked in July 2024 the way this one looks now, 0% went bankrupt within 24 months and 95% are still going.
- Medium-sized
- 5 to 10 years old
- solvency 30% or more
- a small loss
0%
went bankrupt
5.0%
stopped otherwise
95%
still going
For this company itself Checked computes a bankruptcy probability of 0.2% 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 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
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 119 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €1,200 | €39,058 | €52,554 | €100,804 | €29,162 | ▼ 71.1% |
| Non-recurring operating income76A | - | - | - | - | €456,166 | - |
| Goods, raw materials, services and sundry goods60/61 | - | €189,197 | €205,591 | €224,476 | €313,500 | ▲ 39.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,376 | €1,615 | €4,811 | €46,892 | €46,759 | ▼ 0.3% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €6,070 | €6,070 | = |
| Other operating charges640/8 | - | €398 | €327 | €132 | €384 | ▲ 191% |
| Non-recurring operating charges66A | - | - | - | - | €264,290 | - |
| Gross operating margin9900 | -€187,640 | -€150,139 | -€153,037 | €137,565 | €329,058 | ▲ 139% |
| Operating profit (loss)9901 | -€189,136 | -€152,153 | -€158,174 | €84,471 | €11,555 | ▼ 86.3% |
| Financial income75/76B | - | - | €1,091 | €3,096 | €83,057 | ▲ 2,583% |
| Recurring financial income75 | - | - | €1,091 | €3,096 | €83,057 | ▲ 2,583% |
| Financial charges65/66B | - | €45,636 | €48,957 | €78,802 | €160,069 | ▲ 103% |
| Recurring financial charges65 | €45,750 | €45,636 | €48,957 | €78,802 | €160,069 | ▲ 103% |
| Profit (loss) for the period before taxes9903 | -€234,886 | -€197,789 | -€206,040 | €8,765 | -€65,457 | ▼ 847% |
| Income taxes67/77 | - | - | €327 | €929 | €1,040 | ▲ 12.0% |
| Profit (loss) for the period9904 | -€234,886 | -€197,789 | -€206,368 | €7,836 | -€66,498 | ▼ 949% |
| Profit (loss) for the period to be appropriated9905 | -€234,886 | -€197,789 | -€206,368 | €7,836 | -€66,498 | ▼ 949% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €666,537 | €3.0m | €2.9m | €6.3m | €7.6m | ▲ 20.0% |
| Fixed assets21/28 | €67,854 | €297,607 | €1.6m | €5.3m | €1.4m | ▼ 73.5% |
| Intangible fixed assets21 | - | - | €7,969 | €4,015 | €61 | ▼ 98.5% |
| Tangible fixed assets22/27 | €67,854 | €297,607 | €1.6m | €5.3m | €1.4m | ▼ 73.5% |
| Land and buildings22 | - | €1 | €1 | €1.1m | €1.1m | ▼ 3.7% |
| Furniture and vehicles24 | - | €2,330 | €1,412 | €959 | €640 | ▼ 33.3% |
| Assets under construction and advance payments27 | - | €295,276 | €1.6m | €4.1m | €287,873 | ▼ 93.0% |
| Current assets29/58 | €598,683 | €2.7m | €1.3m | €1.1m | €6.2m | ▲ 488% |
| Amounts receivable after more than one year29 | - | - | - | - | €4.7m | - |
| Trade receivables290 | - | - | - | - | €4.7m | - |
| Amounts receivable within one year40/41 | €58,350 | €19,090 | €154,715 | €337,211 | €943,094 | ▲ 180% |
| Trade receivables40 | - | €15,447 | €121,780 | €307,422 | €770,653 | ▲ 151% |
| Other amounts receivable41 | - | €3,642 | €32,934 | €29,789 | €172,441 | ▲ 479% |
| Cash at bank and in hand54/58 | €536,961 | €2.7m | €1.2m | €705,422 | €577,141 | ▼ 18.2% |
| Deferred charges and accrued income490/1 | - | €4,725 | €6,733 | €8,931 | €2,558 | ▼ 71.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €666,537 | €3.0m | €2.9m | €6.3m | €7.6m | ▲ 20.0% |
| Equity10/15 | €546,387 | €2.8m | €2.6m | €2.6m | €2.6m | ▼ 2.5% |
| Contributions10/11 | - | €3.4m | €3.4m | €3.5m | €3.5m | = |
| Profit (loss) carried forward14 | -€473,613 | -€671,402 | -€877,770 | -€869,933 | -€936,431 | ▼ 7.6% |
| Provisions and deferred taxes16 | - | - | - | €6,070 | €12,140 | ▲ 100% |
| Provisions for liabilities and charges160/5 | - | - | - | €6,070 | €12,140 | ▲ 100% |
| Major repairs and maintenance162 | - | - | - | €6,070 | €12,140 | ▲ 100% |
| Amounts payable17/49 | €120,150 | €250,568 | €370,520 | €3.7m | €5.0m | ▲ 35.9% |
| Amounts payable after more than one year17 | - | - | - | €2.6m | €4.5m | ▲ 69.3% |
| Financial debts170/4 | - | - | - | €2.6m | €4.5m | ▲ 69.3% |
| Amounts payable within one year42/48 | €119,910 | €250,352 | €158,180 | €1.0m | €464,400 | ▼ 55.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €73,166 | €126,729 | ▲ 73.2% |
| Trade debts44 | €119,910 | €145,352 | €158,180 | €967,195 | €240,666 | ▼ 75.1% |
| Suppliers440/4 | - | €145,352 | €158,180 | €967,195 | €240,666 | ▼ 75.1% |
| Taxes, remuneration and social security45 | - | - | - | - | €97,005 | - |
| Taxes450/3 | - | - | - | - | €97,005 | - |
| Other amounts payable47/48 | - | €105,000 | - | - | - | - |
| Accrued charges and deferred income492/3 | - | €216 | €212,340 | €1,347 | €67,293 | ▲ 4,896% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€234,886 | -€197,789 | -€206,368 | €7,836 | -€66,498 | ▼ 949% |
| + Depreciation and write-downs630 | €1,376 | €1,615 | €4,811 | €46,892 | €46,759 | ▼ 0.3% |
| Operating cash flow (approximation) | -€233,510 | -€196,174 | -€201,557 | €54,728 | -€19,739 | ▼ 136% |
| Investment in fixed assets (approximation) | - | -€231,368 | -€1.3m | -€3.7m | €3.8m | ▲ 203% |
| Change in cash | - | €2.2m | -€1.5m | -€465,019 | -€128,282 | ▲ 72.4% |
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
10-06
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
04-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Liquidity times 13current ratio 13.32
Current ratio from 1.01 to 13.32; short-term debt falls from €1.0m to €464,400.
25-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Back to profitnet €7,836
Net result €7,836 after 4 loss-making years.
26-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
28-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Liquidity doublescurrent ratio 10.83
Current ratio from 4.99 to 10.83.
31-12
Financial
Equity above €2mEq €2.8m ▲405%
Equity rises from €546,387 to €2.8m.
18-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
02-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 12 acts read
About the unread acts
We know of 12 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
12 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, Gent · 1 establishment unit since 2018
Ground area
1.2 ha
Building footprint
4,449 m²
Volume, LiDAR
58,668 m³
Parcel 44021A0218/00Y000, Flanders · tallest building 36.7 m, ±5 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
Pathmakers
since 20182.283.742.957
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44021A0218/00Y000 | Flanders | 1.2 ha | 1 · 4,449 m² | 36.7 m · 5 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Public money · subsidies and aid
Flemish government
2024 · 1 entry · 1,497 EUR awarded · 1,497 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 1,497 EUR | 1,497 EUR |
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Of 9,698 companies in sector 68121 we hold annual accounts for 7,393. 2,655 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formCooperative company
Founded17-12-2018
Fiscal year end31-12
Activities, NACEBEL 2025
68121Development of residential building projects
68122Development of non-residential building projects
64921Financial service activities, except insurance and pension funding
68201Renting and operating of own or leased residential real estate, excluding social housing
68203Renting and operating of own or leased non-residential real estate, excluding land
Contact
Website
www.pathmakers.beGent
E-invoicing
Reachable via Peppol
Peppol ID
0208:0716650549
Registered
12-02-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.