PROPATH
ActiveSummary
PROPATH has been active since 1997 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €522,818 and a net result of €99,646. Equity is growing by ~12% per year across the filed fiscal years. Its solvency ranks better than 49% of 1223 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability80▼-2
Solvency71▲+11
Growth78=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €30,000 at 30 days acceptable
Liquidity ample (current ratio 1.62 against 1.46 in 2023; short-term debt: 52.6% and cash: 2.3% of total assets), but 54.4% of the assets are financed with debt.
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Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 25
Relative position
BE, all sectors
reference
Manufacture of fabricated metal products, except machinery and equipment (NACE 25)
about 50% more bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 25-06-2025, 36 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
36 d early
2023
25 d early
2022
18 d early
2021
5 d late
2020
39 d early
2019
8 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 20 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 35% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, abbreviated schema
In the rankings
#10 oldest company in Gavere, Manufacturing sector
Equity
€522,818▲ 23.5%
2023 · €423,172
Total assets
€1.1m▼ 5.0%
2023 · €1.2m
Net result
€99,646▼ 22.8%
2023 · €129,022
Working capital
€375,687▲ 5.5%
2023 · €356,257
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 25, Manufacture of fabricated metal products, except machinery and equipment, 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
Operating result€6,479▼ 91.4%€38,604▲ 496%€33,531▼ 13.1%€209,658▲ 525%€117,489▼ 44.0%
Net result€978below the sector's middle half▼ 98.1%€14,185within the sector's middle half▲ 1,351%€19,295within the sector's middle half▲ 36.0%€129,022within the sector's middle half▲ 569%€99,646within the sector's middle half▼ 22.8%
Equity€260,670within the sector's middle half▲ 0.4%€274,855within the sector's middle half▲ 5.4%€294,150within the sector's middle half▲ 7.0%€423,172within the sector's middle half▲ 43.9%€522,818within the sector's middle half▲ 23.5%
Total assets€789,142within the sector's middle half▲ 36.6%€764,538within the sector's middle half▼ 3.1%€732,381below the sector's middle half▼ 4.2%€1.2mwithin the sector's middle half▲ 64.7%€1.1mwithin the sector's middle half▼ 5.0%
Debt€528,472▲ 66.1%€489,683▼ 7.3%€438,231▼ 10.5%€783,187▲ 78.7%€623,257▼ 20.4%
Working capital€219,594within the sector's middle half▲ 1.9%€233,450within the sector's middle half▲ 6.3%€250,414within the sector's middle half▲ 7.3%€356,257within the sector's middle half▲ 42.3%€375,687within the sector's middle half▲ 5.5%
Solvency33.0%within the sector's middle half▼ 11.9pp36.0%within the sector's middle half▲ 2.9pp40.2%within the sector's middle half▲ 4.2pp35.1%within the sector's middle half▼ 5.1pp45.6%within the sector's middle half▲ 10.5pp
Current ratio1.43within the sector's middle half▼ 0.281.49within the sector's middle half▲ 0.061.59within the sector's middle half▲ 0.101.46within the sector's middle half▼ 0.131.62within the sector's middle half▲ 0.16
Return on assets (ROA)0.1%below the sector's middle half▼ 8.7pp1.9%within the sector's middle half▲ 1.7pp2.6%within the sector's middle half▲ 0.8pp10.7%within the sector's middle half▲ 8.1pp8.7%within the sector's middle half▼ 2.0pp
Staff (FTE)5.6within the sector's middle half▼ 21.1%5.8within the sector's middle half▲ 3.6%5within the sector's middle half▼ 13.8%5.8within the sector's middle half▲ 16.0%4.1within the sector's middle half▼ 29.3%
above
within
below
the middle half (P25 to P75) of NACE 25, Manufacture of fabricated metal products, except machinery and equipment, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2024; 2024 is 44% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €1.1m
Fixed assets
€167,217 ▲ 116%
Current assets
€978,858 ▼ 13.3%
Equity and liabilities €1.1m
Equity
€522,818 ▲ 23.5%
Debt
€623,257 ▼ 20.4%
Debt's share of the balance-sheet total falls from 64.9% to 54.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€156,032▼
2023 · €222,836
Cash flow
€138,189▼
2023 · €142,200
Quick ratio
1.04▼
2023 · 1.05
Debt to equity
1.19▼
2023 · 1.85
ROE
19.1%▼
2023 · 30.5%
Interest coverage
287.64▲
2023 · 6.05
Debt ≤ 1 year
€603,171▼
2023 · €772,858
Income taxes
€37,180▼
2023 · €47,611
Staff costs
€255,787▲
2023 · €193,398
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,349 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.4%
went bankrupt
5.9%
stopped otherwise
93%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.6% 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 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 31,349 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €3,637 | - |
| Remuneration, social security and pensions62 | - | €264,913 | €197,807 | €193,398 | €255,787 | ▲ 32.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20,846 | €24,160 | €9,801 | €13,179 | €38,543 | ▲ 192% |
| Other operating charges640/8 | - | €3,621 | €4,185 | €10,274 | €13,079 | ▲ 27.3% |
| Gross operating margin9900 | €367,318 | €331,298 | €245,324 | €426,508 | €424,898 | ▼ 0.4% |
| Operating profit (loss)9901 | €6,479 | €38,604 | €33,531 | €209,658 | €117,489 | ▼ 44.0% |
| Financial income75/76B | - | €92 | €154 | €3,824 | €19,879 | ▲ 420% |
| Recurring financial income75 | €49 | €92 | €154 | €3,824 | €19,879 | ▲ 420% |
| Financial charges65/66B | - | €14,937 | €3,874 | €36,849 | €542 | ▼ 98.5% |
| Recurring financial charges65 | €3,653 | €14,937 | €3,874 | €36,849 | €542 | ▼ 98.5% |
| Profit (loss) for the period before taxes9903 | €2,875 | €23,759 | €29,811 | €176,633 | €136,826 | ▼ 22.5% |
| Income taxes67/77 | €1,898 | €9,574 | €10,516 | €47,611 | €37,180 | ▼ 21.9% |
| Profit (loss) for the period9904 | €978 | €14,185 | €19,295 | €129,022 | €99,646 | ▼ 22.8% |
| Profit (loss) for the period to be appropriated9905 | €978 | €14,185 | €19,295 | €129,022 | €99,646 | ▼ 22.8% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €789,142 | €764,538 | €732,381 | €1.2m | €1.1m | ▼ 5.0% |
| Fixed assets21/28 | €56,406 | €54,432 | €57,276 | €77,244 | €167,217 | ▲ 116% |
| Tangible fixed assets22/27 | €39,386 | €37,412 | €37,173 | €57,141 | €148,989 | ▲ 161% |
| Plant, machinery and equipment23 | - | €15,321 | €15,029 | €41,297 | €36,304 | ▼ 12.1% |
| Furniture and vehicles24 | - | €22,092 | €22,144 | €15,843 | €112,684 | ▲ 611% |
| Financial fixed assets28 | €17,020 | €17,020 | €20,103 | €20,103 | €18,228 | ▼ 9.3% |
| Current assets29/58 | €732,736 | €710,106 | €675,104 | €1.1m | €978,858 | ▼ 13.3% |
| Stocks and contracts in progress3 | €342,682 | €247,589 | €323,587 | €319,437 | €351,288 | ▲ 10.0% |
| Stocks30/36 | - | €247,589 | €323,587 | €319,437 | €351,288 | ▲ 10.0% |
| Amounts receivable within one year40/41 | €255,076 | €282,669 | €267,548 | €549,989 | €236,042 | ▼ 57.1% |
| Trade receivables40 | - | €229,004 | €239,887 | €486,813 | €168,371 | ▼ 65.4% |
| Other amounts receivable41 | - | €53,665 | €27,661 | €63,176 | €67,671 | ▲ 7.1% |
| Current investments50/53 | - | - | - | €225,001 | €349,336 | ▲ 55.3% |
| Cash at bank and in hand54/58 | €121,277 | €165,763 | €69,932 | €20,570 | €26,751 | ▲ 30.1% |
| Deferred charges and accrued income490/1 | - | €14,084 | €14,037 | €14,119 | €15,442 | ▲ 9.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €789,142 | €764,538 | €732,381 | €1.2m | €1.1m | ▼ 5.0% |
| Equity10/15 | €260,670 | €274,855 | €294,150 | €423,172 | €522,818 | ▲ 23.5% |
| Contributions10/11 | - | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €65,713 | €65,713 | €65,713 | €65,713 | €65,713 | = |
| Non-distributable reserves130/1 | - | €1,859 | €1,859 | - | - | - |
| Reserves not available under the articles1311 | - | €1,859 | €1,859 | - | - | - |
| Distributable reserves133 | - | €63,854 | €63,854 | €65,713 | €65,713 | = |
| Profit (loss) carried forward14 | €176,365 | €190,550 | €209,845 | €338,867 | €438,513 | ▲ 29.4% |
| Amounts payable17/49 | €528,472 | €489,683 | €438,231 | €783,187 | €623,257 | ▼ 20.4% |
| Amounts payable within one year42/48 | €513,142 | €476,656 | €424,690 | €772,858 | €603,171 | ▼ 22.0% |
| Trade debts44 | €115,050 | €84,773 | €88,488 | €445,755 | €192,907 | ▼ 56.7% |
| Suppliers440/4 | - | €84,773 | €88,488 | €445,755 | €192,907 | ▼ 56.7% |
| Advances received on contracts in progress46 | - | - | - | - | €112,805 | - |
| Taxes, remuneration and social security45 | - | €24,149 | €19,430 | €28,769 | €23,271 | ▼ 19.1% |
| Taxes450/3 | - | €5,694 | €1,438 | - | €23,271 | - |
| Remuneration and social security454/9 | - | €18,456 | €17,992 | €28,769 | - | - |
| Other amounts payable47/48 | - | €367,733 | €316,773 | €298,334 | €274,188 | ▼ 8.1% |
| Accrued charges and deferred income492/3 | - | €13,027 | €13,540 | €10,329 | €20,085 | ▲ 94.5% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €978 | €14,185 | €19,295 | €129,022 | €99,646 | ▼ 22.8% |
| + Depreciation and write-downs630 | €20,846 | €24,160 | €9,801 | €13,179 | €38,543 | ▲ 192% |
| Operating cash flow (approximation) | €21,823 | €38,345 | €29,095 | €142,200 | €138,189 | ▼ 2.8% |
| Investment in fixed assets (approximation) | - | -€22,186 | -€12,645 | -€33,146 | -€128,516 | ▼ 288% |
| Change in cash | - | €44,486 | -€95,831 | -€49,362 | €6,181 | ▲ 113% |
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
2025
25-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Equity above €500,000Eq €522,818 ▲23.5%
7 profitable years in a row build equity to €522,818.
06-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Highest result since 2018net €129,022 ▲569%
Operating result €209,658, net result €129,022, both a record.
13-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
05-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 5 days late
2021
22-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Weakest financial yearnet €978 ▼98.1%
Net result drops to €978, the lowest in the series; recovery starts the following year.
23-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
10-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
13-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
20-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
25-08
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 25 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Gavere · 1 establishment unit since 1997
Ground area
3,236 m²
Building footprint
968 m²
Volume, LiDAR
5,295 m³
2 parcels, Flanders · tallest building 10.5 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Propath
since 19972.080.316.834
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 45422D1028/00E000 | Flanders | 2,743 m² | 1 · 799 m² | 6.4 m · 2 fl. |
| 44003A0506/00H002indicative | Flanders | 493 m² | 1 · 170 m² | 10.4 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 ownerChain of control
- DELMAC
- PROPATH
Highest known parent: DELMAC. The sources do not say who stands above it.
Owners 1
- DELMACparent100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 2 entries · 4,944 EUR awarded · 3,780 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 4,674 EUR | 3,510 EUR |
| 2022 | 1 | 270 EUR | 270 EUR |
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Of 559 companies in sector 25999 we hold annual accounts for 354. 255 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded10-01-1997
Fiscal year end31-12
Activities, NACEBEL 2025
25999Manufacture of fabricated metal products, except machinery and equipment
32500Manufacture of medical and dental instruments and supplies
26600Manufacture of computer, electronic and optical products
46460Wholesale of pharmaceutical and medical goods
Contact
E-mail
info@propath.be
E-invoicing
Reachable via Peppol
Peppol ID
0208:0459772872
Also
9925:BE0459772872
Registered
04-12-2025
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.