ACTIVE

PATHAL

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Financial year 2025 · closed on 31/12/2025

Net result

40,8 k €

-92.7% YoY

Gross margin

116 k €

-85.4% YoY

Equity

1,4 M €

+3.0% YoY

What does PATHAL do?

PATHAL is a Public limited company incorporated in 1985. Its main activity is: Rental and operating of own or leased real estate. Its registered office is in Comines-Warneton.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0428.174.232

Incorporation

01/01/1985

Legal form

Public limited company

Registered office

Chemin Duhem(PL) 68
7782 Comines-Warneton · WallonieSee on map

Contributed capital

453 300,00 €

Latest accounts

31/12/2025

Activities (NACE)

68203Rental and operating of own or leased real estate· main 68203Rental and operating of own or leased real estate 68201Rental and operating of own or leased real estate 68201Rental and operating of own or leased real estate

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	116 k €	-85.4%	791,8 k €	+1529%	48,6 k €	-31.2%	70,7 k €	+1.5%	69,6 k €	-5.1%	73,4 k €	+42.7%	51,4 k €	+3.1%	49,9 k €	-3.4%	51,6 k €	-1.4%	52,4 k €	-84.0%	326,4 k €	+334%	75,1 k €	+77.2%	42,4 k €	+1.0%	42 k €	-32.1%	61,8 k €	+46.3%	42,3 k €	+156%	16,5 k €	-21.0%	20,9 k €	-43.9%	37,3 k €
EBITDA	107,2 k €	-86.2%	777,7 k €	+2146%	34,6 k €	-41.2%	58,9 k €	+2.7%	57,3 k €	-15.7%	68 k €	+59.1%	42,8 k €	+4.8%	40,8 k €	-5.2%	43 k €	-1.2%	43,5 k €	-86.2%	314,7 k €	+417%	60,9 k €	+104%	29,8 k €	+0.4%	29,7 k €	-43.6%	52,6 k €	+74.1%	30,2 k €	+512%	4,9 k €	-48.5%	9,6 k €	-62.7%	25,6 k €
Operating result	53,8 k €	-92.8%	747,5 k €	+6701%	-11,3 k €	-185%	13,3 k €	+14.2%	11,6 k €	-39.9%	19,3 k €	+13164%	145,8 €	-96.2%	3,8 k €	-75.6%	15,7 k €	-27.4%	21,7 k €	-92.2%	278,9 k €	+723%	33,9 k €	+151%	13,5 k €	-16.6%	16,2 k €	-58.7%	39,3 k €	+124%	17,5 k €	+326%	-7,7 k €	-218%	-2,4 k €	-118%	13,6 k €
Net result	40,8 k €	-92.7%	560,8 k €	+2925%	-19,8 k €	-970%	2,3 k €	+696%	286,7 €	-95.1%	5,8 k €	+226%	-4,6 k €	-235%	3,4 k €	-66.2%	10,1 k €	+400%	-3,4 k €	-102%	185,7 k €	+569%	27,7 k €	+80.4%	15,4 k €	-5.9%	16,3 k €	-61.0%	41,9 k €	+139%	17,5 k €	+326%	-7,7 k €	-207%	-2,5 k €	-119%	13,1 k €
Balance sheet
Equity	1,4 M €	+3.0%	1,4 M €	+70.7%	792,8 k €	-2.4%	812,6 k €	+0.3%	810,4 k €	+1.9%	795,3 k €	+0.7%	789,5 k €	+0.8%	783,1 k €	+0.4%	779,7 k €	+1.3%	769,6 k €	-0.4%	772,9 k €	+31.6%	587,3 k €	+5.0%	559,5 k €	+0.4%	557,5 k €	+0.2%	556,1 k €	+8.2%	514,2 k €	+3.5%	496,7 k €	-1.5%	504,4 k €	-0.5%	507 k €
Total assets	1,7 M €	+1.1%	1,7 M €	+63.4%	1,1 M €	-4.3%	1,1 M €	-5.2%	1,2 M €	-1.9%	1,2 M €	-4.0%	1,2 M €	+15.7%	1,1 M €	-1.0%	1,1 M €	+0.7%	1,1 M €	-0.5%	1,1 M €	+33.6%	803,8 k €	+19.5%	672,8 k €	+15.9%	580,6 k €	+4.0%	558,1 k €	+8.3%	515,2 k €	+2.3%	503,4 k €	-0.2%	504,4 k €	-1.8%	513,5 k €
Cash	184,2 k €	+673%	23,8 k €	+383%	4,9 k €	-17.0%	5,9 k €	-74.3%	23,1 k €	+477%	4 k €	-93.0%	57,3 k €	-6.5%	61,3 k €	-82.3%	346,7 k €	-6.8%	371,9 k €	+6.8%	348,2 k €	+1920%	17,2 k €	+272%	4,6 k €	-88.7%	41,1 k €	-2.0%	41,9 k €		–		–		–		8,3 k €
Debts	119,7 k €	-12.3%	136,4 k €	-34.7%	208,9 k €	-9.8%	231,5 k €	-20.0%	289,4 k €	-1.4%	293,4 k €	-18.1%	358,4 k €	+87.5%	191,2 k €	-5.9%	203,2 k €	-1.0%	205,3 k €	-1.4%	208,2 k €	-1.2%	210,7 k €	+86.3%	113,1 k €	+446%	20,7 k €	+959%	2 k €	+105%	955,3 €	-85.8%	6,7 k €		–		6,6 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 23 ended

Active mandates

Hélène DECROIX

Director · since 28 juin 2024 · until 05 juin 2030

Active

Rita DEHAECK

Managing director · since 28 juin 2024 · until 05 juin 2030

Active

Sophie DECROIX

Director · since 28 juin 2024 · until 05 juin 2030

Active

Ended mandates

Hélène Decroix

Director · since 06 juin 2018 · until 06 juin 2024

Ended

Hélène DECROIX

Director · since 06 juin 2018 · until 28 juin 2024

Ended

Hèléne Decroix

Director · since 06 juin 2018 · until 05 juin 2024

Ended

Rita Dehaeck

Director · since 06 juin 2018 · until 05 juin 2024

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Micro model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	24/07/2026	23/07/2025	26/07/2024	11/09/2023	19/08/2022	31/08/2021
General meeting	30/06/2026	30/06/2025	28/06/2024	31/08/2023	01/06/2022	02/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	30/06/2026	24/07/2026	French	PDF
Micro model	31/12/2024	30/06/2025	23/07/2025	French	PDF
Micro model	31/12/2023	28/06/2024	26/07/2024	French	PDF
Micro model	31/12/2022	31/08/2023	11/09/2023	French	PDF
Micro model	31/12/2021	01/06/2022	19/08/2022	Dutch	PDF
Micro model	31/12/2020	02/06/2021	31/08/2021	French	PDF
Micro model	31/12/2019	12/08/2020	10/11/2020	Dutch	PDF
Micro model	31/12/2018	05/06/2019	27/08/2019	Dutch	PDF
Micro model	31/12/2017	06/06/2018	31/08/2018	French	PDF
Abridged model	31/12/2016	07/06/2017	21/09/2017	French	PDF
Abridged model	31/12/2015	02/06/2016	16/09/2016	French	PDF
Abridged model	31/12/2014	03/06/2015	27/08/2015	French	PDF
Abridged model	31/12/2013	04/06/2014	26/08/2014	French	PDF
Abridged model	31/12/2012	05/06/2013	26/08/2013	French	PDF
Abridged model	31/12/2011	06/06/2012	20/08/2012	Dutch	PDF
Abridged model	31/12/2010	01/06/2011	12/08/2011	Dutch	PDF
Abridged model	31/12/2009	02/06/2010	21/06/2010	Dutch	PDF
Abridged model	31/12/2008	03/06/2009	08/09/2009	Dutch	PDF
Abridged model	31/12/2007	04/06/2008	20/08/2008	Dutch	PDF
Abridged model	31/12/2006	06/06/2007	22/08/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 23 ended

Active mandates

Hélène DECROIX

Director · since 28 juin 2024 · until 05 juin 2030

Active

Rita DEHAECK

Managing director · since 28 juin 2024 · until 05 juin 2030

Active

Sophie DECROIX

Director · since 28 juin 2024 · until 05 juin 2030

Active

Ended mandates

Hélène Decroix

Director · since 06 juin 2018 · until 06 juin 2024

Ended

Hélène DECROIX

Director · since 06 juin 2018 · until 28 juin 2024

Ended

Hèléne Decroix

Director · since 06 juin 2018 · until 05 juin 2024

Ended

Rita Dehaeck

Director · since 06 juin 2018 · until 05 juin 2024

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates29/10/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates16/09/2024
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - DEMISSIONS, NOMINATIONS
PDF
Mandates15/04/2019
DEMISSIONS, NOMINATIONS
PDF
Mandates12/11/2012
DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Registered office24/10/2012
MAATSCHAPPELIJKE ZETEL
PDF
Mandates30/11/2010
KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates04/01/2008
ONTSLAGEN - BENOEMINGEN
PDF
Mandates14/07/2005
ONTSLAGEN - BENOEMINGEN
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 202540,8 k €↓
2024
Annual accounts 2024560,8 k €↑
2023
Annual accounts 2023-19,8 k €↓
2022
Annual accounts 20222,3 k €↑
2021
Annual accounts 2021286,7 €↓
2019
Annual accounts 20195,8 k €↑
2018
Annual accounts 2018-4,6 k €↓
2017
Annual accounts 20173,4 k €↓
2016
Annual accounts 201610,1 k €↑
2015
Annual accounts 2015-3,4 k €↓
2014
Annual accounts 2014185,7 k €↑
2013
Annual accounts 201327,7 k €↑
2012
Annual accounts 201215,4 k €↓
2011
Annual accounts 201116,3 k €↓
2010
Annual accounts 201041,9 k €↑
2009
Annual accounts 200917,5 k €↑
2008
Annual accounts 2008-7,7 k €↓
2007
Annual accounts 2007-2,5 k €↓
2006
Annual accounts 200613,1 k €
01/01/1985
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

PATHAL

Overview

What does PATHAL do?

Trend over 19 financial years

Indicative valuation

Board of directors

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline