ACTIVE

NISPATH

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Financial year 2025 · closed on 31/12/2025

Net result

16,9 k €

+125.3% YoY

Gross margin

218,9 k €

+24.8% YoY

Equity

346,9 k €

+5.1% YoY

Workforce

0,9 ETP

+28.6% YoY

What does NISPATH do?

NISPATH is a Private limited company incorporated in 2011. Its registered office is in Eupen. It employs on average 0,9 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0842.987.903

Incorporation

19/12/2011

Legal form

Private limited company

Registered office

Nispert 1
4700 Eupen · WallonieSee on map

Contributed capital

385 000,00 €

Latest accounts

31/12/2025

Average workforce

0,9 ETP

Joint committees (1)

Signals

ProfitablePositive cashflowPositive EBITDAHealthy social debts

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 14 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012
Income statement
Gross margin	218,9 k €	+24.8%	175,4 k €	-13.5%	202,7 k €	+228%	61,7 k €	-7.0%	66,4 k €	-7.1%	71,4 k €	-16.9%	86 k €	+55.9%	55,1 k €	+46.0%	37,8 k €	+27.8%	29,5 k €	-19.8%	36,8 k €	+94.9%	18,9 k €	+2.2%	18,5 k €	-11.6%	20,9 k €
EBITDA	80,7 k €	-28.6%	113,1 k €	-28.5%	158,1 k €	+472%	27,6 k €	-22.6%	35,7 k €	+8.2%	33 k €	+15.9%	28,5 k €	+38.7%	20,5 k €	-41.6%	35,1 k €	+25.9%	27,9 k €	-22.9%	36,2 k €	+94.0%	18,7 k €	+2.2%	18,3 k €	-11.8%	20,7 k €
Operating result	60,8 k €	-34.6%	93 k €	-33.1%	139,1 k €	+1031%	12,3 k €	-65.4%	35,6 k €	+7.7%	33 k €	+15.9%	28,5 k €	+44.9%	19,7 k €	-42.6%	34,3 k €	+26.7%	27 k €	-25.3%	36,2 k €	+94.0%	18,7 k €	+2.2%	18,3 k €	-11.8%	20,7 k €
Net result	16,9 k €	+125%	-66,7 k €	+78.7%	-312,4 k €	-12008%	-2,6 k €	-118%	14,7 k €	+35.0%	10,9 k €	+160%	4,2 k €	-98.6%	296,3 k €	+4797%	6,1 k €	+125%	2,7 k €	-71.9%	9,6 k €	+216%	3 k €	-9.1%	3,3 k €	-46.8%	6,3 k €
Balance sheet
Equity	346,9 k €	+5.1%	330 k €	-16.8%	396,7 k €	-46.1%	735,5 k €	+4.0%	707 k €	+2.1%	692,3 k €	+1.6%	681,4 k €	+0.6%	677,3 k €	+77.8%	381 k €	+1.6%	374,9 k €	+0.7%	372,2 k €	+2.6%	362,7 k €	+0.8%	359,6 k €	+0.9%	356,3 k €
Total assets	1,8 M €	+10.1%	1,6 M €	+45.9%	1,1 M €	-20.8%	1,4 M €	+16.5%	1,2 M €	-4.8%	1,3 M €	-1.5%	1,3 M €	-13.0%	1,5 M €	+25.2%	1,2 M €	+0.4%	1,2 M €	+5.7%	1,1 M €	+46.8%	758,4 k €	+1.8%	744,7 k €	+3.5%	719,4 k €
Cash	300 €	-99.6%	80,6 k €	+2561%	3 k €	+15.8%	2,6 k €	-78.5%	12,2 k €	+4334%	274 €	-96.4%	7,6 k €	+131%	3,3 k €	-64.6%	9,3 k €	+523%	1,5 k €	+84.7%	810 €	-93.5%	12,4 k €	-36.8%	19,7 k €	+1.5%	19,4 k €
Debts	1,4 M €	+11.4%	1,3 M €	+80.6%	716,8 k €	+8.9%	658 k €	+35.9%	484,1 k €	-15.8%	574,6 k €	-5.0%	604,6 k €	-24.6%	801,5 k €	+0.2%	800,2 k €	-0.1%	801,1 k €	+8.1%	740,9 k €	+87.2%	395,8 k €	+2.8%	385 k €	+6.0%	363,1 k €
Other
Workforce	0,9 ETP	+28.6%	0,7 ETP	0.0%	0,7 ETP	+40.0%	0,5 ETP	0.0%	0,5 ETP	-44.4%	0,9 ETP	0.0%	0,9 ETP	+80.0%	0,5 ETP		–		–		–		–		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 0 € and 100 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 5 ended

Active mandates

LAMBERTZ MAREIKE

Director · since 01 octobre 2020

Active

Paul Thönnes

Administrator - manager · since 19 décembre 2011

Active

Ended mandates

Olivier Weber

Director · since 01 mars 2023 · until 17 mars 2025

Ended

Olivier Weber

Director · since 01 mars 2023

Ended

LAMBERTZ MAREIKE

Director

Ended

THOENNES PAUL

Director

Ended

At this address

Other companies at this address

Company	CBE no.
EUPEN HOLZ● Active	0537.958.139
SÄGEWERK UND HOLZHANDEL GmbH Paul Pankert – Axel Thönnes Nachf.● Active	0421.078.582
THÖNNES IMMOBILIEN● Active	0543.564.145
TOLAUPA ORGANICS● Active	0763.915.085

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged 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	27/07/2026	28/07/2025	28/08/2024	01/06/2023	29/06/2022	21/06/2021
General meeting	26/06/2026	27/06/2025	19/08/2024	02/05/2023	02/05/2022	03/05/2021
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

14 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	26/06/2026	27/07/2026	German	PDF
Abridged model	31/12/2024	27/06/2025	28/07/2025	German	PDF
Abridged model	31/12/2023	19/08/2024	28/08/2024	German	PDF
Abridged model	31/12/2022	02/05/2023	01/06/2023	German	PDF
Abridged model	31/12/2021	02/05/2022	29/06/2022	German	PDF
Abridged model	31/12/2020	03/05/2021	21/06/2021	German	PDF
Abridged model	31/12/2019	04/05/2020	25/05/2020	German	PDF
Abridged model	31/12/2018	06/05/2019	23/05/2019	German	PDF
Abridged model	31/12/2017	07/05/2018	08/05/2018	German	PDF
Abridged model	31/12/2016	08/05/2017	10/05/2017	German	PDF
Abridged model	31/12/2015	02/05/2016	07/07/2016	German	PDF
Abridged model	31/12/2014	04/05/2015	11/05/2015	German	PDF
Abridged model	31/12/2013	05/05/2014	12/05/2014	German	PDF
Abridged model	31/12/2012	06/05/2013	24/05/2013	German	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 0 € and 100 k€

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 · 2 active · 5 ended

Active mandates

LAMBERTZ MAREIKE

Director · since 01 octobre 2020

Active

Paul Thönnes

Administrator - manager · since 19 décembre 2011

Active

Ended mandates

Olivier Weber

Director · since 01 mars 2023 · until 17 mars 2025

Ended

Olivier Weber

Director · since 01 mars 2023

Ended

LAMBERTZ MAREIKE

Director

Ended

THOENNES PAUL

Director

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates23/04/2025
ENTLASSUNG - ERNENNUNG
PDF
Mandates08/10/2024
SATZUNGEN (UEBERSETZUNG, KOORDINATION, ANDERE AENDERUNGEN, ) - AENDERUNG RECHTSFORM - ENTLASSUNG - ERNENNUNG - GENERALVERSAMMLUNG
PDF
Mandates23/05/2023
ENTLASSUNG - ERNENNUNG
PDF
Mandates12/10/2020
ENTLASSUNG - ERNENNUNG
PDF
Other03/02/2012
RUBRIK GRUENDUNG (NEUE RECHTSPERSON, EROEFFNUNG FILIALE, USW)
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 202516,9 k €↑
2024
Annual accounts 2024-66,7 k €↑
2023
Annual accounts 2023-312,4 k €↓
2022
Annual accounts 2022-2,6 k €↓
2021
Annual accounts 202114,7 k €↑
2020
Annual accounts 202010,9 k €↑
2019
Annual accounts 20194,2 k €↓
2018
Annual accounts 2018296,3 k €↑
2017
Annual accounts 20176,1 k €↑
2016
Annual accounts 20162,7 k €↓
2015
Annual accounts 20159,6 k €↑
2014
Annual accounts 20143 k €↓
2013
Annual accounts 20133,3 k €↓
2012
Annual accounts 20126,3 k €
19/12/2011
IncorporationPrivate 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

NISPATH

Overview

What does NISPATH do?

Trend over 14 financial years

Indicative valuation

Board of directors

Other companies at this address

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