Losses
Every financial year from 2023 to 2025 closed with a loss. 2025 was the heaviest.
Every financial year from 2023 to 2025 closed with a loss. 2025 was the heaviest.
Short-term debts fell from €3,303 to €2,143.
In July 2024, 6,908 companies had the same profile as PATHOEKE PLUS has now. Each dot stands for 18 companies, two years later.
Another 0.2% stopped without a precise date, possibly only after those two years.
The method was tested on the 497,448 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 6,908 companies, not a prediction for PATHOEKE PLUS. 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 | ||||
|---|---|---|---|---|
| PATHOEKE PLUS Roeselare | €97,850 | -€7,219 | 91.1% | - |
| M+ Machelen (Brab.) | €94,961 | -€16,796 | 44.2% | - |
| GHYSELEN IMMO Lens (Hainaut) | €92,465 | -€23,573 | 40.4% | - |
| EDUBO Kapellen | €114,322 | -€5,986 | 99.3% | - |
| ALTON FINANCE Woluwe-Saint-Pierre | €101,854 | -€29,944 | -1896.6% | - |
| ALUTI Sint-Laureins | €86,555 | -€10 | 70.3% | - |
| B&Construct Hasselt | €93,796 | -€4,416 | 84.6% | - |
These companies have the same main activity as PATHOEKE PLUS: buying and selling of own real estate (NACE 68110). They are comparable in size and age: total assets between €86,600 and €114,000, founded between 2007 and 2011.
Solvency fell in 2025 from 96.7% to 91.1% because of the loss.
holds 99.44% of the shares. In April 2023, three directors stepped down.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover: not included in this filing.
Higher than 88% of 5,812 companies in 2025.
Higher than 95% of 5,563 companies in 2025.
Higher than 10% of 5,786 companies in 2025.
Net result: middle half · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: middle half
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||||||||
20/58 |
97,850 | 99,446 | 100,143 | 104,541 | 102,559 | 101,992 | 99,597 | 104,546 | 73,586 | 66,608 | 51,813 | 54,806 | 61,088 | 69,055 | 76,603 | 80,476 | 136,820 | |
21/28 |
0 | 86,487 | 87,708 | - | - | - | - | - | - | - | 44,000 | 44,000 | 44,000 | 44,000 | 44,000 | 44,000 | 44,000 | |
22/27 |
0 | 40,000 | 40,000 | - | - | - | - | - | - | - | 44,000 | 44,000 | 44,000 | 44,000 | 44,000 | 44,000 | 44,000 | |
27 |
0 | 40,000 | 40,000 | - | - | - | - | - | - | - | 44,000 | 44,000 | 44,000 | 44,000 | 44,000 | 44,000 | 44,000 | |
28 |
0 | 46,487 | 47,708 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
29/58 |
97,850 | 12,958 | 12,435 | 104,541 | 102,559 | 101,992 | 99,597 | 104,546 | 73,586 | 66,608 | 7,813 | 10,806 | 17,088 | 25,055 | 32,603 | 36,476 | 92,820 | |
3 |
76,286 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
30/36 |
76,286 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
40/41 |
19,014 | 9,872 | 9,003 | 100,473 | 97,363 | 96,382 | 86,144 | 64,560 | 30,218 | 30,303 | 4,942 | 4,514 | 3,631 | 1,879 | 305 | 232 | 10,115 | |
40 |
- | - | - | - | - | - | - | 33,275 | - | - | - | - | - | - | - | - | - | |
41 |
19,014 | 9,872 | 9,003 | 100,473 | 97,363 | 96,382 | 86,144 | 31,285 | 30,218 | 30,303 | 4,942 | 4,514 | 3,631 | 1,879 | 305 | 232 | 10,115 | |
54/58 |
1,262 | 1,165 | 153 | 33 | 1,286 | 2,066 | 11,447 | 38,734 | 42,165 | 36,223 | 2,871 | 6,292 | 13,450 | 23,142 | 32,254 | 36,212 | 82,703 | |
490/1 |
1,287 | 1,922 | 3,279 | 4,035 | 3,911 | 3,544 | 2,007 | 1,251 | 1,203 | 82 | - | 0 | 8 | 33 | 44 | 32 | 1 | |
| Balance sheet: equity and liabilities | ||||||||||||||||||
10/49 |
97,850 | 99,446 | 100,143 | 104,541 | 102,559 | 101,992 | 99,597 | 104,546 | 73,586 | 66,608 | 51,813 | 54,806 | 61,088 | 69,055 | 76,603 | 80,476 | 136,820 | |
10/15 |
89,188 | 96,143 | 99,637 | 101,169 | 101,160 | 100,744 | 98,938 | 99,170 | 73,323 | 66,146 | 51,050 | 53,787 | 58,473 | 67,859 | 76,132 | 79,921 | 94,177 | |
10/11 |
100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | |
10 |
100,000 | 100,000 | 100,000 | 100,000 | 100,000 | - | - | - | - | - | - | - | - | - | - | - | - | |
100 |
100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | |
13 |
1,169 | 1,169 | 1,169 | 1,169 | 1,160 | 744 | - | - | - | - | - | - | - | - | - | - | - | |
130/1 |
1,169 | 1,169 | 1,169 | 1,169 | 1,160 | 744 | - | - | - | - | - | - | - | - | - | - | - | |
130 |
1,169 | 1,169 | 1,169 | 1,169 | 1,160 | 744 | - | - | - | - | - | - | - | - | - | - | - | |
14 |
-11,981 | -5,026 | -1,532 | - | - | - | -1,062 | -830 | -26,677 | -33,854 | -48,950 | -46,213 | -41,527 | -32,141 | -23,868 | -20,079 | -5,823 | |
17/49 |
8,662 | 3,303 | 506 | 3,372 | 1,400 | 1,248 | 660 | 5,376 | 263 | 461 | 763 | 1,019 | 2,615 | 1,196 | 471 | 555 | 42,642 | |
17 |
6,491 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
170/4 |
6,491 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
42/48 |
2,143 | 3,303 | 506 | 3,372 | 1,248 | 1,234 | 645 | 5,361 | 248 | 451 | 754 | 1,006 | 2,602 | 1,182 | 454 | 539 | 42,633 | |
44 |
2,143 | 3,303 | 506 | 3,218 | 1,096 | 1,234 | 645 | 182 | 248 | 451 | 754 | 1,006 | 2,602 | 1,182 | 454 | 539 | 42,633 | |
440/4 |
2,143 | 3,303 | 506 | 3,218 | 1,096 | 1,234 | 645 | 182 | 248 | 451 | 754 | 1,006 | 2,602 | 1,182 | 454 | 539 | 42,633 | |
45 |
- | - | - | 154 | 151 | - | - | 5,179 | - | - | - | - | - | - | - | - | - | |
450/3 |
- | - | - | 154 | 151 | - | - | 5,179 | - | - | - | - | - | - | - | - | - | |
492/3 |
28 | - | - | - | 152 | 15 | 15 | 14 | 14 | 10 | 9 | 13 | 13 | 13 | 18 | 16 | 9 | |
| Income statement | ||||||||||||||||||
9900 |
-7,219 | -3,967 | -3,600 | -4,023 | -2,647 | -1,103 | -1,561 | 25,276 | 6,637 | 16,018 | - | - | - | - | - | - | - | |
60/66A |
- | - | - | - | - | - | - | - | - | - | 2,611 | 4,545 | 9,251 | 8,235 | 4,019 | 14,242 | 5,797 | |
61 |
- | - | - | - | - | - | - | - | - | - | 2,162 | 4,097 | 8,456 | 7,792 | 3,579 | 13,776 | 4,988 | |
640/8 |
528 | 513 | 993 | - | 459 | 457 | 455 | 453 | 451 | 451 | 450 | 449 | 796 | 443 | 441 | 466 | 809 | |
9901 |
-7,747 | -4,480 | -4,594 | -4,023 | -3,106 | -1,559 | -2,015 | 24,824 | 6,187 | 15,567 | -2,611 | -4,545 | -9,251 | -8,235 | -4,019 | -14,242 | -5,797 | |
75/76B |
1,287 | 1,922 | 3,279 | 4,035 | 3,911 | 3,544 | 2,007 | 1,251 | 1,203 | 82 | 0 | 11 | 17 | 80 | 331 | 126 | 5 | |
75 |
1,287 | 1,922 | 3,279 | 4,035 | 3,911 | 3,544 | 2,007 | 1,251 | 1,203 | 82 | 0 | 11 | 17 | 80 | 331 | 126 | 5 | |
751 |
- | - | - | - | - | - | - | - | - | - | 0 | 11 | 17 | 80 | 331 | 126 | 5 | |
65/66B |
496 | 936 | 217 | - | 238 | 179 | 224 | 228 | 213 | 553 | 126 | 152 | 152 | 118 | 101 | 141 | 30 | |
65 |
496 | 936 | 217 | - | 238 | 179 | 224 | 228 | 213 | 553 | 126 | 152 | 152 | 118 | 101 | 141 | 30 | |
652/9 |
- | - | - | - | - | - | - | - | - | - | 126 | 152 | 152 | 118 | 101 | 141 | 30 | |
9903 |
-6,955 | -3,494 | -1,532 | 12 | 567 | 1,806 | -232 | 25,847 | 7,177 | 15,096 | -2,737 | -4,686 | -9,386 | -8,273 | -3,789 | -14,257 | -5,822 | |
67/77 |
- | - | - | 3 | 151 | - | - | - | - | - | 0 | - | - | - | - | - | 1 | |
670/3 |
- | - | - | - | - | - | - | - | - | - | 0 | - | - | - | - | - | 1 | |
9904 |
-6,955 | -3,494 | -1,532 | 9 | 415 | 1,806 | -232 | 25,847 | 7,177 | 15,096 | -2,737 | -4,686 | -9,386 | -8,273 | -3,789 | -14,257 | -5,823 | |
9905 |
-6,955 | -3,494 | -1,532 | 9 | 415 | 1,806 | -232 | 25,847 | 7,177 | 15,096 | -2,737 | -4,686 | -9,386 | -8,273 | -3,789 | -14,257 | -5,823 | |
| Appropriation of the result | ||||||||||||||||||
9906 |
-11,981 | -5,026 | -1,532 | 9 | 415 | 744 | -1,062 | -830 | -26,677 | -33,854 | -48,950 | -46,213 | -41,527 | -32,141 | -23,868 | -20,079 | -5,823 | |
14P |
-5,026 | -1,532 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
691/2 |
- | - | - | 9 | 415 | 744 | - | - | - | - | - | - | - | - | - | - | - | |
6920 |
- | - | - | 9 | 415 | 744 | - | - | - | - | - | - | - | - | - | - | - | |
| Document | ||||||||||||||||||
The notes to these accounts have 13 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 02-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 02-07-2026 | 2026-00275393 | |
| 31-12-2024 | abbreviated format | 26-06-2025 | 2025-00224269 | |
| 31-12-2023 | abbreviated format | 26-06-2024 | 2024-00171654 | |
| 31-12-2022 | abbreviated format | 04-07-2023 | 2023-00209916 | |
| 31-12-2021 | abbreviated format | 08-07-2022 | 2022-20181072 | |
| 31-12-2020 | abbreviated format | 06-07-2021 | 2021-31800357 | |
| 31-12-2019 | abbreviated format | 28-07-2020 | 2020-36100449 | |
| 31-12-2018 | abbreviated format | 20-06-2019 | 2019-20800233 | |
| 31-12-2017 | abbreviated format | 20-06-2018 | 2018-20700440 | |
| 31-12-2016 | abbreviated format | 11-07-2017 | 2017-30500300 | |
| 31-12-2015 | full format | 23-06-2016 | 2016-22600168 | |
| 31-12-2014 | full format | 30-07-2015 | 2015-37300580 | |
| 31-12-2013 | full format | 07-08-2014 | 2014-40800177 | |
| 31-12-2012 | full format | 27-08-2013 | 2013-49200181 | |
| 31-12-2011 | full format | 19-07-2012 | 2012-33700297 | |
| 31-12-2010 | full format | 26-07-2011 | 2011-34100411 | |
| 31-12-2009 | full format | 16-07-2010 | 2010-30800529 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | - | 87,708 | - | - | - | - | - | - | - | - | - | - | - | - | - | 44,000 | ||
| 98 | 1,012 | 120 | -1,253 | -780 | -9,381 | -27,287 | -3,431 | 5,942 | 33,352 | -3,421 | -7,157 | -9,692 | -9,112 | -3,958 | -46,491 | - | ||
| 95,707 | 9,656 | 11,929 | 101,169 | 101,312 | 100,759 | 98,953 | 99,184 | 73,337 | 66,157 | 7,059 | 9,800 | 14,487 | 23,873 | 32,149 | 35,937 | 50,187 | ||
| 91.1% | 96.7% | 99.5% | 96.8% | 98.6% | 98.8% | 99.3% | 94.9% | 99.6% | 99.3% | 98.5% | 98.1% | 95.7% | 98.3% | 99.4% | 99.3% | 68.8% | ||
| 45.66 | 3.92 | 24.57 | 31.00 | 82.20 | 82.68 | - | 19.50 | - | - | 10.37 | 10.74 | 6.57 | 21.19 | 71.85 | 67.70 | 2.18 | ||
| 10.06 | 3.92 | 24.57 | 31.00 | 82.20 | 82.68 | - | 19.50 | - | - | 10.37 | 10.74 | 6.57 | 21.19 | 71.85 | 67.70 | 2.18 | ||
| 0.10 | 0.03 | 0.01 | 0.03 | 0.01 | 0.01 | 0.01 | 0.05 | 0.00 | 0.01 | 0.01 | 0.02 | 0.04 | 0.02 | 0.01 | 0.01 | 0.45 | ||
| -7.8% | -3.6% | -1.5% | 0.0% | 0.4% | 1.8% | -0.2% | 26.1% | 9.8% | 22.8% | -5.4% | -8.7% | -16.1% | -12.2% | -5.0% | -17.8% | -6.2% | ||
| -7.1% | -3.5% | -1.5% | 0.0% | 0.4% | 1.8% | -0.2% | 24.7% | 9.8% | 22.7% | -5.3% | -8.6% | -15.4% | -12.0% | -4.9% | -17.7% | -4.3% | ||
| - | - | - | - | - | - | - | - | - | - | 127 days | 90 days | 112 days | 55 days | 46 days | 14 days | 3120 days |
EBIT margin: not included in this filing.
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 | - | - | €40,000 | - | - |
| Financial fixed assets | €0 | - | €47,708 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €7,747, larger than the loss of €4,480 in 2024. It is the lowest result since 2013.
Debt's share of the balance-sheet total rises from 3.3% to 8.9%. Equity is lower and debt is higher.
Source: lists of holdings in the owners' accounts
Source: list of holdings in the 2025 accounts of . Every holding stands with its own latest accounts.
| PATHOEKE INDUSTRIES
registered office since 07-03-2001 · founded in 1995 |
total assets €14.8m (2025) 0455.191.702 |
| WARFID
establishment since 01-01-2026 · founded in 2011 · group ENTERHOLD S.A. |
49 FTE (2025) 0836.447.628 |
| DE SPEYEBEEK
registered office since 22-01-2002 · founded in 1988 |
total assets €6.3m (2025) 0435.019.066 |
| Immo Ter Poel
registered office since 19-03-2001 · founded in 1999 |
total assets €5.1m (2025) 0465.446.976 |
| RESITERRA INVEST
registered office since 17-02-2025 · founded in 2025 |
total assets €4.8m (2025) 1020.080.209 |
| ALUCLAEYS INVEST
registered office since 07-02-2002 · founded in 1991 |
total assets €3.7m (2025) 0443.597.232 |
| Groote Speye
registered office since 01-06-1970 · founded in 1969 |
total assets €3.4m (2025) 0406.455.734 |
| EUROFINA
registered office since 18-05-1993 · founded in 1993 · group |
2 FTE (2025) 0449.977.654 |
| BEAD
registered office since 30-12-1999 · founded in 1996 |
total assets €2.7m (2025) 0457.197.820 |
| DEKOSIM
registered office since 02-08-2018 · founded in 1996 |
total assets €2.6m (2025) 0457.080.133 |
via , at PATHOEKE PLUS until 2025 · Director · deed of 01-02-2022 Open bankruptcy · founded in 2015 |
0.8 FTE (2021) |
via , at PATHOEKE PLUS until 2025 · Director · deed of 11-09-2019 founded in 1973 · negative equity (2025) |
24 FTE (2025) |
via , at PATHOEKE PLUS until 2025 · Director · deed of 03-01-2024 founded in 2006 · negative equity (2025) |
1.6 FTE (2025) |
via , at PATHOEKE PLUS until 2025 · Director · deed of 29-10-2021 founded in 1980 · negative equity (2025) |
total assets €66,114 (2025) |
via , at PATHOEKE PLUS until 2025 · Director · deed of 07-09-2018 founded in 1992 |
total assets €16.0m (2025) |
via , at PATHOEKE PLUS until 2025 · Director · deed of 22-01-2024 founded in 1919 |
total assets €4.1m (2025) |
via (at PATHOEKE PLUS until 2023) and (at PATHOEKE PLUS until 2025) · Director · deeds of 03-01-2024 and 01-06-2018 founded in 2018 |
total assets €3.6m (2025) |
via , at PATHOEKE PLUS until 2025 · Director · deed of 29-11-2021 founded in 2009 |
total assets €1.7m (2025) |
via , at PATHOEKE PLUS until 2025 · Director · deed of 07-02-2019 founded in 2018 |
total assets €1.7m (2025) |
via , at PATHOEKE PLUS until 2025 · Director · deed of 13-12-2016 founded in 2004 |
3.6 FTE (2025) |
via , at PATHOEKE PLUS until 2025 · Director · deed of 16-12-2020 founded in 2006 |
total assets €297,613 (2025) |
via , at PATHOEKE PLUS until 2025 · Director · deed of 01-06-2023 |
founded in 2023 |
via , at PATHOEKE PLUS until 2025 · Director · deed of 08-01-2024 |
founded in 2014 |
via , at PATHOEKE PLUS until 2025 · Director · deed of 30-05-2023 |
founded in 2023 |
via , at PATHOEKE PLUS until 2025 · Director · deed of 19-11-2019 No longer active · founded in 1952 |
total assets €3.1m (2026) |
via , at PATHOEKE PLUS until 2025 · Director · deed of 03-01-2024 No longer active · founded in 1991 |
1.6 FTE (2025) |
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 |
|---|---|---|
| Ter Reigerie 5 registered office 8800 Roeselare 35110 Production of electricity from non-renewable sources | 26-11-2008 | 2.174.918.459 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 36504D0232/00T000 | 1.4 ha | 1 · 1,029 m² | 13.9 m · 4 |
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