pathw.ai
ActiveSummary
pathw.ai has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €4k and a net result of €-55k. Equity is shrinking by ~24.3% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2026. Its solvency ranks better than 10% of 17043 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
53
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability8▼-2
Solvency27▼-34
Growth32=
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit advice for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 62
Relative position
BE, all sectors
reference
Sector 62
lower
← fewer bankruptcies
more bankruptcies →
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
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 2025Solvency, return and age of the figures
Solvency
1.5%
Return on assets
-22.6%
Age of the figures
9 mo
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 €-55k
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 10% of 17043 sector peers (2025).
NBB · sector comparisonPosition among 17043 sector peers
Solvency
better than 10%
← weakest
strongest →
neutral · Filed after the deadline
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. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 6 filingsDeviation from the deadline
2025
31 d late
2024
33 d late
2023
30 d late
2022
31 d late
2021
26 d early
2020
31 d late
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
24-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Source amounts without an identifiable currency are assumed to be EUR.
Equity
€4k▼ 97.1%
2024 · €127k
2020: €356k
2021: €328k
2022: €305k
2023: €249k
2024: €127k
2020 → 2025
Total assets
€242k▼ 32.0%
2024 · €356k
2020: €794k
2021: €698k
2022: €688k
2023: €667k
2024: €356k
2020 → 2025
Net result
€-55k▼ 2.9%
2024 · €-53k
2020: €-34k
2021: €-28k
2022: €-75k
2023: €-63k
2024: €-53k
2020 → 2025
Working capital
€44k▲ 14.7%
2024 · €38k
2020: €318k
2021: €135k
2022: €17k
2023: €37k
2024: €38k
2020 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€328k-€305k▼ 7.1%€249k▼ 18.5%€127k▼ 49.0%€4k▼ 97.1%
Operating result€-22k-€-108k▼ 392%€-121k▼ 11.8%€-115k▲ 4.7%€-119k▼ 3.4%
Net result€-28k-€-75k▼ 168%€-63k▲ 16.2%€-53k▲ 15.7%€-55k▼ 2.9%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €119k in 2025 against €115k in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €242k
Fixed assets
€173k ▼ 41.6%
Current assets
€69k ▲ 15.4%
Equity and liabilities €242k
Equity
€4k ▼ 97.1%
Debt
€238k ▲ 4.1%
Debt's share of the balance-sheet total rises from 64.3% to 98.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€4k▼
2024 · €8k
Cash flow
€68k▼
2024 · €70k
Current ratio
2.74▼
2024 · 2.77
Debt to equity
64.86▲
2024 · 1.80
ROA
-22.6%▼
2024 · -14.9%
Interest coverage
0.92▼
2024 · 1.21
Debt ≤ 1 year
€25k▲
2024 · €22k
Debt > 1 year
€200k=
2024 · €200k
A ratio outside any meaningful range has been withheld (balance sheet total €242k, equity €4k).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 36 lines
Balance sheet
Code20242025
Assets
Total assets20/58€356k€242k▼
Formation expenses20€0-
Fixed assets21/28€296k€173k▼
Intangible fixed assets21€296k€173k▼
Current assets29/58€60k€69k▲
Amounts receivable within one year40/41€2k€7k▲
Trade receivables40€2k€6k▲
Other amounts receivable41€783€440▼
Cash at bank and in hand54/58€56k€61k▲
Deferred charges and accrued income490/1€1k€1k▲
Equity and liabilities
Total equity and liabilities10/49€356k€242k▼
Equity10/15€127k€4k▼
Contributions10/11€208k€208k=
Profit (loss) carried forward14€-253k€-307k▼
Investment grants15€171k€103k▼
Amounts payable17/49€229k€238k▲
Amounts payable after more than one year17€200k€200k=
Financial debts170/4€200k€200k=
Amounts payable within one year42/48€22k€25k▲
Trade debts44€2k€3k▲
Suppliers440/4€2k€3k▲
Other amounts payable47/48€19k€23k▲
Accrued charges and deferred income492/3€7k€13k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€123k€123k▼
Other operating charges640/8€592€758▲
Gross operating margin9900€9k€5k▼
Operating profit (loss)9901€-115k€-119k▼
Financial income75/76B€69k€69k▲
Recurring financial income75€69k€69k▲
Financial charges65/66B€7k€4k▼
Recurring financial charges65€7k€4k▼
Profit (loss) for the period before taxes9903€-53k€-55k▼
Profit (loss) for the period9904€-53k€-55k▼
Profit (loss) for the period to be appropriated9905€-53k€-55k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-253k€-307k▼
Profit (loss) brought forward from the previous period14P€-199k€-253k▼
The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
02-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 33 days late
2024
31-12
Financial
Liquidity doublescurrent ratio 2.77
Current ratio from 1.17 to 2.77; short-term debt falls from €211k to €22k.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
31-12
Financial
Weakest financial yearnet €-75k
Net result drops to €-75k, the lowest in the series; recovery starts the following year.
05-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
1 act for this company is 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 2019
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Hélène Dutrieulaan 69051 GentGround area
4,621 m²
Building footprint
1,212 m²
Volume, LiDAR
19,849 m³
Parcel 44062A0282/00K000, Flanders · tallest building 19.0 m, ±6 floors. Linked by address, not a title deed.
1 establishment unit
pathw.ai
since 20192.290.544.439
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44062A0282/00K000 | Flanders | 4,621 m² | 1 · 1,212 m² | 19.0 m · 6 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
LOGIC-E-DEV
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EVC IT SOLUTIONS
BE 0899.328.273
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IBS BENELUX
BE 0847.239.471
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RELMO TECH
BE 1007.151.196
Antwerpen · Eq €3,649
Of 16,884 companies in sector 62100 we hold annual accounts for 8,775. 2,482 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded21-06-2019
Fiscal year end31-12
Activities, NACEBEL 2025
62100Computer programming
58290Other software publishing
62900Other information technology and computer services
62200Computer consultancy and computer facilities management
63920Other information service activities
70200Business and other management consultancy
Sources
Crossroads Bank for EnterprisesNational Bank · 6 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.