PATHCO: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
PATHCO
Largest movements
- Tangible fixed assets -€32,770
down €32,770 (-21.2%), from €154,652 to €121,881
- Receivables within one year +€8,884
up €8,884 (+115.0%), from €7,728 to €16,612
- Cash -€8,438
down €8,438 (-43.5%), from €19,380 to €10,942
mainly Debts after one year (-€42,677) and Other debts (-€23,405)
- Debts after one year -€42,677
down €42,677 (-22.1%), from €192,952 to €150,275
- Profit (loss) carried forward +€30,059
up €30,059 (+35.7%), from -€84,147 to -€54,089
- Other debts -€23,405
down €23,405 (-98.5%), from €23,755 to €350
- Tax, wage and social debts +€4,805
up €4,805 (+272.4%), from €1,764 to €6,568
- Gross operating margin +€50,722
up €50,722 (+221.6%), from €22,886 to €73,608
- Financial charges -€996
down €996 (-35.2%), from €2,829 to €1,832
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €181,760 | €149,957 | -€31,803 | -17.5% |
| Fixed assets | 21/28 | €154,652 | €121,881 | -€32,770 | -21.2% |
| Tangible fixed assets | 22/27 | €154,652 | €121,881 | -€32,770 | -21.2% |
| Land and buildings | 22 | €70,617 | €58,158 | -€12,460 | -17.6% |
| Plant, machinery and equipment | 23 | €253 | €622 | +€369 | +145.9% |
| Furniture and vehicles | 24 | €42,548 | €29,021 | -€13,527 | -31.8% |
| Other tangible fixed assets | 26 | €41,233 | €34,080 | -€7,153 | -17.3% |
| Current assets | 29/58 | €27,108 | €28,075 | +€967 | +3.6% |
| Amounts receivable within one year | 40/41 | €7,728 | €16,612 | +€8,884 | +115.0% |
| Trade receivables | 40 | €7,728 | €16,612 | +€8,884 | +115.0% |
| Cash at bank and in hand | 54/58 | €19,380 | €10,942 | -€8,438 | -43.5% |
| Deferred charges and accrued income | 490/1 | - | €522 | +€522 | |
| Total equity and liabilities | 10/49 | €181,760 | €149,957 | -€31,803 | -17.5% |
| Equity | 10/15 | -€58,147 | -€28,089 | +€30,059 | +51.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €6,000 | €6,000 | = | 0.0% |
| Distributable reserves | 133 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€84,147 | -€54,089 | +€30,059 | +35.7% |
| Amounts payable | 17/49 | €239,908 | €178,046 | -€61,862 | -25.8% |
| Amounts payable after more than one year | 17 | €192,952 | €150,275 | -€42,677 | -22.1% |
| Financial debts | 170/4 | €192,952 | €150,275 | -€42,677 | -22.1% |
| Amounts payable within one year | 42/48 | €46,956 | €27,771 | -€19,185 | -40.9% |
| Current portion of amounts payable after more than one year | 42 | €19,925 | €20,677 | +€752 | +3.8% |
| Trade debts | 44 | €1,513 | €176 | -€1,337 | -88.4% |
| Suppliers | 440/4 | €1,513 | €176 | -€1,337 | -88.4% |
| Taxes, remuneration and social security | 45 | €1,764 | €6,568 | +€4,805 | +272.4% |
| Taxes | 450/3 | €1,764 | €6,568 | +€4,805 | +272.4% |
| Other amounts payable | 47/48 | €23,755 | €350 | -€23,405 | -98.5% |
| Non-recurring operating income | 76A | - | €31,890 | +€31,890 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,274 | €36,812 | -€462 | -1.2% |
| Other operating charges | 640/8 | €4,497 | €4,768 | +€271 | +6.0% |
| Gross operating margin | 9900 | €22,886 | €73,608 | +€50,722 | +221.6% |
| Operating profit (loss) | 9901 | -€18,885 | €32,029 | +€50,913 | |
| Financial income | 75/76B | €108 | €3 | -€105 | -97.1% |
| Recurring financial income | 75 | €108 | €3 | -€105 | -97.1% |
| Financial charges | 65/66B | €2,829 | €1,832 | -€996 | -35.2% |
| Recurring financial charges | 65 | €2,829 | €1,832 | -€996 | -35.2% |
| Profit (loss) for the period before taxes | 9903 | -€21,606 | €30,199 | +€51,805 | |
| Income taxes | 67/77 | €113 | €141 | +€28 | +24.6% |
| Profit (loss) for the period | 9904 | -€21,719 | €30,059 | +€51,777 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,719 | €30,059 | +€51,777 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.