Picea Pungens

Active

Public limited companyfounded 2016active for 10 yearsEsplanade Oscar Van de Voorde 1, 9000 Gent, Belgium96 active companies are registered at this addressKBO/BCE: BE 0664.616.086

Summary

Picea Pungens has been active since 2016 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €689,869 and a net result of -€136,786. Equity is shrinking by about 4.6% per year across the filed financial years. Its solvency ranks better than 30% of 5,776 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).

Risk analysisFollow Report Compare

Picea PungensActiveChecked score 81/100

Risk analysis Report Compare

Activity

Development of residential building projects

NACE 68121

1 site

Size

€4.0mtotal assets 2025

Equity: €689,869
Loss: -€136,786

Financial health

81 Excellent Checked score 2025

Bankruptcy probabilitywithin 12 months: 0.3%

Structure

Parent: MG Real Estate · 100%
Board: 6 members

MG RE InvestmentManaging director · permanent representative Ignace De Paepe

Auditor: Ernst & Young Bedrijfsrevisoren2025 accounts 46 days early3 of 7 deeds summarised

Why 81raises riskLiquidity: current ratio 1.21, cash €2,041, halvedlowers riskSize: total assets €4.0mSector: Real estate activities (NACE 68)Legal form: public limited companyShow the evidence

Checked score

Score 2025

81 / 100

Excellent

Probability in this band: under 0.55%

Financially better than 21% of its sector peers (NACE 68, small)

Every signal that counts is listed under Signals.

Financial strength · tick = 2024

Weak

Solvency 42-6

equity 17.2% of total assets

Liquidity 5-4

short-term debt 82.8% · cash 0.1%

Profitability 29+2

return on assets -3.4%

Bankruptcy probability, 12 months

0.3% Very low

0%0.5%1.5%4%10%≥ 25%

About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.1% (6,986 companies, NACE 68, small)

Last 24 months 11-2024: 0.2% 12-2024: 0.2%● unchanged vs 11-2024lowest value 01-2025: 0.2%● unchanged vs 12-2024lowest value 02-2025: 0.2%● unchanged vs 01-2025 03-2025: 0.2%● unchanged vs 02-2025 04-2025: 0.2%● unchanged vs 03-2025 05-2025: 0.2%● unchanged vs 04-2025 06-2025: 0.3%▲ +0.1 percentage points vs 05-2025 07-2025: 0.3%● unchanged vs 06-2025 08-2025: 0.5%▲ +0.2 percentage points vs 07-2025highest value 09-2025: 0.2%▼ -0.3 percentage points vs 08-2025 10-2025: 0.2%● unchanged vs 09-2025 11-2025: 0.2%● unchanged vs 10-2025 12-2025: 0.2%● unchanged vs 11-2025 01-2026: 0.2%● unchanged vs 12-2025 02-2026: 0.2%● unchanged vs 01-2026 03-2026: 0.2%● unchanged vs 02-2026 04-2026: 0.3%▲ +0.1 percentage points vs 03-2026 05-2026: 0.3%● unchanged vs 04-2026 06-2026: 0.3%● unchanged vs 05-2026 07-2026: 0.3%● unchanged vs 06-2026 08-2026: 0.3%● unchanged vs 07-2026 09-2026: 0.3%● unchanged vs 08-2026 10-2026: 0.3%● unchanged vs 09-2026

Credit of up to €55,000 on 30-day terms is acceptable

Liquidity tight (current ratio 1.21, compared with 1.3 in 2024, below the usual 1.5; short-term debt: 82.8% and cash: 0.1% of total assets), and 82.8% of the assets are financed with debt and provisions.

How it is calculated

The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:

75-100	Excellent	under 0.55%
60-74	Healthy	0.55% to 1.5%
45-59	Fair	1.5% to 4.2%
25-44	Weak	4.2% to 15.0%
0-24	Critical	over 15.0%

Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 68, small): better than 37% on solvency, 7% on liquidity, 21% on profitability and 18% on growth.

The bankruptcy probability was computed on 28-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.

Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).

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Signals

Six signals.

lowers riskraises riskneutral

Liquidity: current ratio 1.21, cash €2,041, halved

NBB · annual accounts

Size: total assets €4.0m

Companies of this size fail less often; how much that weighs depends on the rest of its profile.

NBB · annual accounts

Sector: Real estate activities (NACE 68)

KBO

Legal form: public limited company

KBO

Persistent losses

Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.

NBB · annual accounts 2025

Net result per financial year

1819202122232425

2018 to 2025 · latest year -€136,786

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 15-06-2026, 46 days ahead of the deadline.

NBB · 9 filings

Deviation from the deadline

2025

46 days early

2024

12 days late

2023

12 days late

2022

42 days early

2021

32 days early

2020

24 days early

2019

29 days early

← before the deadline after the deadline →

tick = median of all Belgian filingsring = median in the sector

This company filed its last 7 accounts on average 21 days before the deadline; the sector median (NACE 68) for financial year 2024 is 7 days before the deadline, and 36% of those companies filed late.

Searched, nothing found (2)

Next filing not due yet

The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 29 June (4 of the last 5 filed years within 44 days of that day).

Companies Code · seven months

Where today falls in the filing period

29-10-2026 today31-12-2026 year end31-07-2027 deadline

No strike-offs in the KBO publications

Searched since 2021.

KBO publications · our coverage

11-08-2026 Reappointment: Ernst & Young Bedrijfsrevisoren (statutory…Appointments: MG RE Investment BV…
15-06-2026 Annual accounts filedfinancial year 2025 · full…
12-08-2025 Annual accounts filedfinancial year 2024 · abbreviated…

Key points

Risk: 7 loss-making years in a rowloss financial year 2025 -€136,786 View
Caution: Among the weakest 15% on net resultsector median €20,594 · 5,783 companies -€136,786 View
New directorslatest change 22-06-2026 · 6 in office 3 joined View
Controlled by MG Real Estateultimately: MG RE Invest S.A. 100% View

By topic

Financials

Financial year: 2025
Total assets: €4.0m
Loss: -€136,786
Solvency: 17.2%

Total assets▲ 12.8%

Net result

20182025

Go to Financials

Board & ownership

Board: 6 members
Parent: MG Real Estate · 100%
Auditor: Ernst & Young Bedrijfsrevisoren

MEA VOTA ONEDirector
MG RE InvestmentManaging director
9000 EstateDirector
PRODITDirector
SCSDirector

and 1 other director

Go to Board & ownership

Network & group

Group: MG RE Invest S.A.
Connected companies: 35

Go to Network & group

Timeline

Events: 14
Since: 2018
Next accounts: by 31-07-2027

27-01-2025Resignation: MG Investment (director)
31-12-2024Weakest financial year
31-12-2024Equity above €500,000

Go to Timeline

Company details

Sites: 1

Legal form: Public limited company
Activity: Development of residential building projectsNACE 68121
Founded: 13-10-2016
Year ends: 31-12
Peppol: Reachable for e-invoices

Go to Company details

Articles of association

Provisions read: 23

Annual meeting: Second Friday of June at 11:00
Purpose: “Onderneming in onroerende goederen,meer bepaald alle zakelijke of persoonlijke rechten in…” (deed in Dutch)

Go to Articles of association

Key facts about Picea Pungens

What is the company number of Picea Pungens?: 0664.616.086. In Belgium the VAT number is the company number with BE in front: BE 0664.616.086.
Where is Picea Pungens based?: The registered office is at Esplanade Oscar Van de Voorde 1, 9000 Gent.Company details
What does Picea Pungens do?: According to the KBO register, the main activity is development of residential building projects (NACE 68121).
What is the legal form of Picea Pungens?: Public limited company (NV).
When was Picea Pungens founded?: On 13-10-2016.
Is Picea Pungens still active?: Yes, Picea Pungens is an active enterprise in the KBO register.
What is the turnover of Picea Pungens?: Not stated in the processed annual accounts. The abridged format for small companies does not require turnover.Financials
Is Picea Pungens profitable?: In financial year 2025, Picea Pungens made a loss of €136,786.
Where can I find the annual accounts of Picea Pungens?: Picea Pungens filed 9 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
When are the next annual accounts of Picea Pungens due?: By 31-07-2027, for financial year 2026.Timeline