PINE
ActiveSummary
PINE has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €137k and a net result of €68k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 82% of 2318 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100▲+20
Solvency96▼-4
Growth78=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €13k at 30 days acceptable
Liquidity ample (current ratio 3.26 against 9.41 in 2024; short-term debt: 29.3% and cash: 83.5% of total assets), and 29.3% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 93
Relative position
BE, all sectors
reference
Sports, amusement and recreation activities (NACE 93)
about 50% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
70.7%
Return on assets
34.8%
Age of the figures
9 mo
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €137k
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-06-2026, 32 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
32 d early
2024
37 d early
2023
44 d early
2022
34 d early
2021
59 d early
2020
31 d late
2019
29 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€137k▲ 97.2%
2024 · €69k
2018: €-22k
2019: €-21k▲ +3.7% vs 2018
2020: €-32k▼ -52.0% vs 2019lowest in 8 years
2021: €-26k▲ +18.6% vs 2020
2022: €35k▲ +233% vs 2021
2023: €58k▲ +66.1% vs 2022
2024: €69k▲ +19.6% vs 2023
2025: €137k▲ +97.2% vs 2024highest in 8 years
2018 → 2025
Total assets
€194k▲ 152%
2024 · €77k
2018: €87k
2019: €44k▼ -49.4% vs 2018
2020: €32k▼ -27.5% vs 2019lowest in 8 years
2021: €38k▲ +18.0% vs 2020
2022: €42k▲ +12.6% vs 2021
2023: €102k▲ +141% vs 2022
2024: €77k▼ -24.6% vs 2023
2025: €194k▲ +152% vs 2024highest in 8 years
2018 → 2025
Net result
€68k▲ 494%
2024 · €11k
2018: €6k
2019: €825▼ -87.1% vs 2018
2020: €-11k▼ -1439% vs 2019lowest in 8 years
2021: €6k▲ +154% vs 2020
2022: €5k▼ -19.6% vs 2021
2023: €23k▲ +378% vs 2022
2024: €11k▼ -50.8% vs 2023
2025: €68k▲ +494% vs 2024highest in 8 years
2018 → 2025
Working capital
€128k▲ 104%
2024 · €63k
2018: €34k
2019: €35k▲ +3.1% vs 2018
2020: €24k▼ -31.3% vs 2019lowest in 8 years
2021: €30k▲ +26.3% vs 2020
2022: €35k▲ +16.0% vs 2021
2023: €48k▲ +37.3% vs 2022
2024: €63k▲ +30.9% vs 2023
2025: €128k▲ +104% vs 2024highest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€-26k-€35k€58k▲ 66.1%€69k▲ 19.6%€137k▲ 97.2%
2021: €-26klowest in 5 years
2022: €35k▲ +233% vs 2021
2023: €58k▲ +66.1% vs 2022
2024: €69k▲ +19.6% vs 2023
2025: €137k▲ +97.2% vs 2024highest in 5 years
Operating result€6k-€5k▼ 20.7%€24k▲ 386%€15k▼ 37.3%€96k▲ 548%
2021: €6k
2022: €5k▼ -20.7% vs 2021lowest in 5 years
2023: €24k▲ +386% vs 2022
2024: €15k▼ -37.3% vs 2023
2025: €96k▲ +548% vs 2024highest in 5 years
Net result€6k-€5k▼ 19.6%€23k▲ 378%€11k▼ 50.8%€68k▲ 494%
2021: €6k
2022: €5k▼ -19.6% vs 2021lowest in 5 years
2023: €23k▲ +378% vs 2022
2024: €11k▼ -50.8% vs 2023
2025: €68k▲ +494% vs 2024highest in 5 years
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 548% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €194k
Fixed assets
€9k ▲ 34.8%
Current assets
€185k ▲ 163%
Equity and liabilities €194k
Equity
€137k ▲ 97.2%
Debt
€57k ▲ 659%
Debt's share of the balance-sheet total rises from 9.7% to 29.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€100k▲
2024 · €18k
Cash flow
€71k▲
2024 · €15k
Current ratio
3.26▼
2024 · 9.41
Debt to equity
0.41▲
2024 · 0.11
ROE
49.3%▲
2024 · 16.4%
ROA
34.8%▲
2024 · 14.8%
Interest coverage
9.54▲
2024 · 5.13
Debt ≤ 1 year
€57k▲
2024 · €7k
Debt > 1 year
€3
Income taxes
€26k▲
2024 · €2k
Staff costs
€80k▲
2024 · €18k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 43 lines
Balance sheet
Code20242025
Assets
Total assets20/58€77k€194k▲
Fixed assets21/28€7k€9k▲
Tangible fixed assets22/27€7k€7k▲
Furniture and vehicles24€7k€7k▲
Financial fixed assets28-€2k
Current assets29/58€70k€185k▲
Amounts receivable within one year40/41€19k€23k▲
Trade receivables40€19k€23k▲
Other amounts receivable41€47-
Cash at bank and in hand54/58€51k€162k▲
Equity and liabilities
Total equity and liabilities10/49€77k€194k▲
Equity10/15€69k€137k▲
Contributions10/11€75k€75k=
Reserves13-€61k
Distributable reserves133-€61k
Profit (loss) carried forward14€-6k€962▲
Amounts payable17/49€7k€57k▲
Amounts payable after more than one year17-€3
Financial debts170/4-€3
Amounts payable within one year42/48€7k€57k▲
Trade debts44-€11k
Suppliers440/4-€11k
Taxes, remuneration and social security45€6k€45k▲
Taxes450/3€2k€31k▲
Remuneration and social security454/9€5k€14k▲
Other amounts payable47/48€1k€998▼
Income statement
Code20242025
Remuneration, social security and pensions62€18k€80k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€3k€4k▲
Other operating charges640/8€118€907▲
Gross operating margin9900€36k€180k▲
Operating profit (loss)9901€15k€96k▲
Financial income75/76B€2k€8k▲
Recurring financial income75€2k€8k▲
Financial charges65/66B€4k€10k▲
Recurring financial charges65€4k€10k▲
Profit (loss) for the period before taxes9903€13k€94k▲
Income taxes67/77€2k€26k▲
Profit (loss) for the period9904€11k€68k▲
Profit (loss) for the period to be appropriated9905€11k€68k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-6k€62k▲
Profit (loss) brought forward from the previous period14P€-17k€-6k▲
Transfer to equity691/2-€61k
To other reserves6921-€61k
The notes to these accounts (11 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €18k | €80k | ▲ 341% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €216 | €2k | €486 | €3k | €4k | ▲ 11.3% |
| Other operating charges640/8 | €421 | €450 | €493 | €118 | €907 | ▲ 669% |
| Non-recurring operating charges66A | €60 | - | - | - | - | - |
| Gross operating margin9900 | €7k | €7k | €25k | €36k | €180k | ▲ 395% |
| Operating profit (loss)9901 | €6k | €5k | €24k | €15k | €96k | ▲ 548% |
| Financial income75/76B | €16 | €115 | €3k | €2k | €8k | ▲ 403% |
| Recurring financial income75 | €16 | €115 | €3k | €2k | €8k | ▲ 403% |
| Financial charges65/66B | €132 | €137 | €4k | €4k | €10k | ▲ 193% |
| Recurring financial charges65 | €132 | €137 | €4k | €4k | €10k | ▲ 193% |
| Profit (loss) for the period before taxes9903 | €6k | €5k | €23k | €13k | €94k | ▲ 627% |
| Income taxes67/77 | - | - | - | €2k | €26k | ▲ 1,641% |
| Profit (loss) for the period9904 | €6k | €5k | €23k | €11k | €68k | ▲ 494% |
| Profit (loss) for the period to be appropriated9905 | €6k | €5k | €23k | €11k | €68k | ▲ 494% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €38k | €42k | €102k | €77k | €194k | ▲ 152% |
| Formation expenses20 | €0 | - | - | - | - | - |
| Fixed assets21/28 | €0 | - | €10k | €7k | €9k | ▲ 34.8% |
| Tangible fixed assets22/27 | - | - | €10k | €7k | €7k | ▲ 4.4% |
| Furniture and vehicles24 | - | - | €10k | €7k | €7k | ▲ 4.4% |
| Financial fixed assets28 | €0 | - | - | - | €2k | - |
| Current assets29/58 | €38k | €42k | €92k | €70k | €185k | ▲ 163% |
| Amounts receivable within one year40/41 | €27k | €22k | €27k | €19k | €23k | ▲ 20.6% |
| Trade receivables40 | €26k | €18k | €25k | €19k | €23k | ▲ 20.9% |
| Other amounts receivable41 | €1k | €4k | €3k | €47 | - | - |
| Cash at bank and in hand54/58 | €10k | €20k | €65k | €51k | €162k | ▲ 216% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €38k | €42k | €102k | €77k | €194k | ▲ 152% |
| Equity10/15 | €-26k | €35k | €58k | €69k | €137k | ▲ 97.2% |
| Contributions10/11 | €19k | €75k | €75k | €75k | €75k | = |
| Reserves13 | - | - | - | - | €61k | - |
| Distributable reserves133 | - | - | - | - | €61k | - |
| Profit (loss) carried forward14 | €-45k | €-40k | €-17k | €-6k | €962 | ▲ 117% |
| Amounts payable17/49 | €64k | €7k | €44k | €7k | €57k | ▲ 659% |
| Amounts payable after more than one year17 | €56k | - | - | - | €3 | - |
| Financial debts170/4 | €56k | - | - | - | €3 | - |
| Amounts payable within one year42/48 | €7k | €7k | €44k | €7k | €57k | ▲ 659% |
| Trade debts44 | €2k | €6k | €43k | - | €11k | - |
| Suppliers440/4 | €2k | €6k | €2k | - | €11k | - |
| Bills of exchange payable441 | - | - | €41k | - | - | - |
| Taxes, remuneration and social security45 | €4k | - | - | €6k | €45k | ▲ 620% |
| Taxes450/3 | €4k | - | - | €2k | €31k | ▲ 1,665% |
| Remuneration and social security454/9 | - | - | - | €5k | €14k | ▲ 212% |
| Other amounts payable47/48 | €1k | €1k | €1k | €1k | €998 | ▼ 17.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6k | €5k | €23k | €11k | €68k | ▲ 494% |
| + Depreciation and write-downs630 | €216 | €2k | €486 | €3k | €4k | ▲ 11.3% |
| Operating cash flow (approximation) | €6k | €7k | €24k | €15k | €71k | ▲ 381% |
| Investment in fixed assets (approximation) | - | - | - | €0 | €-6k | - |
| Change in cash | - | €9k | €45k | €-14k | €111k | ▲ 917% |
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
Next filing, fiscal year 2026, expected by
2026
29-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Highest result since 2018net €68k ▲494%
Operating result €96k, net result €68k, both a record.
31-12
Financial
Equity above €100kEq €137k ▲97.2%
5 profitable years in a row build equity to €137k.
24-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Liquidity quadruplescurrent ratio 9.41
Current ratio from 2.09 to 9.41; short-term debt falls from €44k to €7k.
17-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
27-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
02-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Back to profitnet €6k
Net result €6k after one loss-making year.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
31-12
Financial
Weakest financial yearnet €-11k
Net result drops to €-11k, the lowest in the series; recovery starts the following year.
02-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Show earlier events
2019
31-12
Financial
Liquidity triplescurrent ratio 4.99
Current ratio from 1.64 to 4.99; short-term debt falls from €52k to €9k.
22-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
23-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
5 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, Antwerpen · 1 establishment unit since 2016
Ground area
84 m²
Building footprint
84 m²
Volume, LiDAR
622 m³
Parcel 11003B0050/00R007, Flanders · tallest building 9.9 m, ±3 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
PINE
since 20162.259.623.809
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11003B0050/00R007 | Flanders | 84 m² | 1 · 84 m² | 9.9 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2023 to 2025 · 6 entries · 34,478 EUR awarded · 33,480 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 3 | 998 EUR | 12,240 EUR |
| 2024 | 1 | 0 EUR | 12,240 EUR |
| 2023 | 2 | 33,480 EUR | 9,000 EUR |
Schemes
Kmo-groeisubsidie: steun voor groeitrajecten bij kmo's (stopgezet)
Subsidies voor internationaal ondernemen
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
Similar companies · same sector, comparable size
Bouldering Paradise
BE 0778.745.395
Antwerpen · Eq €136,894
PAARDENHOUDERIJ EPONA
BE 0861.550.238
Zottegem · Eq €136,884
Tomson Sport
BE 0756.904.856
Edegem · Eq €136,652
HOUSE OF SPORTS
BE 0768.792.108
Aalst · Eq €137,371
PROMO SPORT
BE 0429.568.260
Sint-Pieters-Woluwe · Eq €136,391
Of 3,292 companies in sector 93110 we hold annual accounts for 1,495. 1,119 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
Founded14-12-2016
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
93110Operation of sports facilities
68321Property management for co-owned buildings (syndics)
93199Other sports activities
Scores and ratios are computed by Checked and are not a credit decision.