Equity
€3,671 from €356,459 in 2020
Equity fell by 99% in 5 years.
pathw.ai
Lifetime
6 annual accounts with figures on one time axispeak €8,687 (2024)
€4,816▼ 44.6%
lowest -€75,022 (2022)
-€54,561▼ €1,520
peak €356,459 (2020)
€3,671▼ 97.1%
€238,078▲ 4.1%
Board4 names since 2019
2 directorsappsilon and 1 other
Owners
Documentsfilings and deeds
31-08-202631 days late
2025micro format
Gross margin from €8,687 to €4,816Loss of €54,561Equity from €126,933 to €3,671
Key points
from the 2025 annual accountsLosses
-€307,079 in six years
Every financial year from 2020 to 2025 closed with a loss. 2022 was the heaviest.
Turnover
≈ €26,000 estimated
The accounts state no turnover.
Debts
€238,078 98% of the balance sheet
Financial debts 84%Suppliers 1%Other 15%
Of this, €25,217 falls due within a year.
Filings
6 annual accounts 5 late
The 2024 accounts came latest: 33 days after the end of the period.
Position in the sector
-€54,561
Lower net result than 95% of companies in computer programming and consultancy. Sector median €28,568 · 21,214 companies.
Checked score
82
Excellent
Financially stronger than 23% of micro companies in computer programming and consultancy (NACE 62)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.3% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 25,933 companies (NACE 62, micro).
About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.2%
01-2025: 0.2%● unchanged vs 12-2024lowest value
02-2025: 0.2%● unchanged vs 01-2025
03-2025: 0.2%● unchanged vs 02-2025
04-2025: 0.2%● unchanged vs 03-2025
05-2025: 0.2%● unchanged vs 04-2025
06-2025: 0.3%▲ +0.1 percentage points vs 05-2025
07-2025: 0.3%● unchanged vs 06-2025
08-2025: 0.5%▲ +0.2 percentage points vs 07-2025
09-2025: 0.6%▲ +0.1 percentage points vs 08-2025highest value
10-2025: 0.4%▼ -0.2 percentage points vs 09-2025
11-2025: 0.4%● unchanged vs 10-2025
12-2025: 0.4%● unchanged vs 11-2025
01-2026: 0.4%● unchanged vs 12-2025
02-2026: 0.4%● unchanged vs 01-2026
03-2026: 0.4%● unchanged vs 02-2026
04-2026: 0.4%● unchanged vs 03-2026
05-2026: 0.4%● unchanged vs 04-2026
06-2026: 0.4%● unchanged vs 05-2026
07-2026: 0.4%● unchanged vs 06-2026
08-2026: 0.6%▲ +0.2 percentage points vs 07-2026
09-2026: 0.3%▼ -0.3 percentage points vs 08-2026
10-2026: 0.3%● unchanged vs 09-2026
11-2026: 0.3%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Loss of €54,561, the second in a row (financial year 2025)
Last filed accounts filed 31 days late; 2 of the last 3 accounts late
lowers risk
Sector: Computer programming, consultancy and related activities (NACE 62)
Size: total assets €241,748
Calculation
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 62, micro). It does better than 10% of them on solvency, 65% on liquidity, 12% on profitability and 5% on growth.
The bankruptcy probability was computed on 10-11-2026 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).
Comparable companies, two years later
In July 2024, 646 companies had the same profile as pathw.ai has now. Each dot stands for 2 companies, two years later.
86.1%
were still trading
5.7%
stopped another way
7.3%
went bankrupt
Another 0.9% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of pathw.ai itself is lower: 0.3% within 12 months. It rests on far more data about pathw.ai than the profile alone.
Test of the method
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 646 companies, not a prediction for pathw.ai. 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.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Seven signals.
lowers riskraises risk
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
202122232425
2020 to 2025 · latest year -€54,561
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 10% of 21208 sector peers (2025).
NBB · sector comparisonPosition among 21208 sector peers
Solvency
better than 10%
← weakest
strongest →
raises risk · 2025 accounts filed 31 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 6 filingsDeviation from the deadline
2025
31 days late
2024
33 days late
2023
30 days late
2022
31 days late
2021
26 days early
2020
31 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 6 accounts on average 22 days after the deadline. In the sector (NACE 62), the median for financial year 2024 was 9 days before the deadline, and 33% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 31 August (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
EN
EMACS NV
Director, since 20-06-2019
- EUROPEAN MANAGEMENT AND CONSULTANCY SERVICES 23.33%score 94equity €13.0m (2025) · 2025 annual accounts of EUROPEAN MANAGEMENT AND CONSULTANCY SERVICES
Recent changes
1 director resigning
UNISCY BV · Permanent representatives: Ebrahim Lamkanfi and Bert Timmers · General meeting of 20-02-2025 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0728754169
Incorporation
Founding capital of €208,000, 300 shares · Founders: EUROPEAN MANAGEMENT AND CONSULTANCY SERVICES; Smet, Philip; Lamkanfi, Ebrahim · Appointments: appsilon, UNISCY and EUROPEAN MANAGEMENT AND CONSULTANCY SERVICES · published on 25-06-2019 · Gazette deed
First establishment
Hélène Dutrieulaan 6, Ghent
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| pathw.ai Ghent | €241,748 | €4,816 | 1.5% | - |
| BeforeTheHype Uccle | €212,077 | €4,552 | 55.1% | - |
| ACROBEL Aalst | €253,815 | €6,770 | 66.7% | - |
| CREACORE Liège | €249,127 | €6,279 | 21.5% | - |
| SAIKO NO Londerzeel | €315,600 | €5,760 | 3.3% | - |
| IT ANYWHERE CONSULTANCY SERVICES Zaventem | €228,526 | €5,159 | 16.4% | - |
| TILTED PHOQUES Woluwe-Saint-Lambert | €173,342 | €4,522 | 89.5% | - |
These companies have the same main activity as pathw.ai: computer programming (NACE 62100). They are comparable in size and age: total assets between €173,000 and €316,000, founded between 2017 and 2020.
Official details
Source: KBO- Status
- Active since 21-06-2019Normal situation
- Activity
- Computer programmingNACE 62100and 5 others
- Establishment unit
- 2.290.544.4399051 Ghent, since 21-06-2019
- Financial year end
- 31 December
- Peppol
- Reachable since 23-12-2025
Insights on pathw.ai
pathw.ai files the micro format. That format states no turnover. The gross margin rose from -€30,430 in 2020 to €4,816 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about pathw.ai
- What is the company number of pathw.ai?
- The company number of pathw.ai is 0728.754.169. The VAT number is the same number with BE in front: BE 0728.754.169.
- Where is pathw.ai based?
- The registered office is at Hélène Dutrieulaan 6, 9051 Ghent.Company details
- What does pathw.ai do?
- According to the KBO register, the main activity is computer programming (NACE 62100).
- What is the legal form of pathw.ai?
- pathw.ai is a private limited company (BV).
- When was pathw.ai founded?
- pathw.ai was founded on 21-06-2019.
- Is pathw.ai still active?
- Yes, pathw.ai is an active enterprise in the KBO register.
- What is the turnover of pathw.ai?
- The turnover in financial year 2025 is ≈ €26,000. This figure is estimated from the gross margin of €4,816 and 53 comparable companies (NACE 62100). It probably lies between €14,000 and €50,000. It is a rough estimate.Financials
- Is pathw.ai profitable?
- In financial year 2025, pathw.ai made a loss of €54,561.
- Where can I find the annual accounts of pathw.ai?
- pathw.ai filed 6 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of pathw.ai due?
- pathw.ai must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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