Equity
PINE has made a profit without a break since 2021.
PINE has made a profit without a break since 2021.
The result rose in 2025 from €11,373 to €67,506.
The micro format states no turnover.
In 2025, 1 person joined and 1 left.
Short-term debts rose from €7,476 to €56,756.
Higher net result than 91% of companies in sports and recreation. Sector median €3,711 · 2,875 companies.
The dashed line is the sector median: 0.3% across 4,268 companies (NACE 93, micro).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 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 93, micro). It does better than 81% of them on solvency, 87% on liquidity, 94% on profitability and 91% on growth.
The bankruptcy probability was computed on 08-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 26,972 companies had the same profile as PINE has now. Each dot stands for 68 companies, two years later.
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of PINE itself is lower: < 0.1% within 12 months. It rests on far more data about PINE than the profile alone.
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 26,972 companies, not a prediction for PINE. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Liquidity is ample, with a current ratio of 3.26 (9.41 in 2024), above the usual 1.5. Short-term debt is 29.3% and cash 83.5% of total assets. 29.3% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 29 days before the deadline. In the sector (NACE 93), the median for financial year 2024 was 1 day before the deadline, and 42% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| PINE Antwerp | €193,721 | €180,349 | 70.7% | - |
| Play & Sport Management Malle | €206,312 | €202,534 | 24.8% | - |
| Concordia Sporthorses Kontich | €248,923 | €137,338 | 2.9% | - |
| MF Soccer Arena Sint-Niklaas | €243,111 | €148,255 | -15.2% | 2.7 |
| Régie communale autonome de Thimister-Clermont Thimister-Clermont | €164,378 | €134,965 | 34.2% | - |
| ELSAN Koekelare | €162,935 | €127,837 | -2.0% | - |
| Régie communale autonome de Stavelot Stavelot | €190,544 | €132,546 | 49.1% | - |
These companies have the same main activity as PINE: operation of sports facilities (NACE 93110). They are comparable in size and age: total assets between €163,000 and €249,000, founded between 2016 and 2018.
PINE files the micro format. That format states no turnover. The gross margin rose from -€43,029 in 2017 to €180,349 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €450,000. Estimated: probably between €300,000 and €700,000.
Higher than 82% of 2,880 companies in 2025.
Higher than 82% of 2,765 companies in 2025.
Higher than 91% of 2,789 companies in 2025.
Net result: top quarter · Equity: top quarter · Balance sheet total: middle half · Working capital: top quarter
Staff costs divided by the average number of full-time equivalents.
In 2025, 1 person joined and 1 left.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||
20/58 |
193,721 | 76,933 | 102,011 | 42,285 | 37,539 | 31,819 | 43,879 | 86,642 | 40,352 | |
20 |
- | - | - | - | 0 | 216 | 432 | 648 | 864 | |
21/28 |
8,866 | 6,576 | 10,054 | - | 0 | 60 | - | - | - | |
22/27 |
6,866 | 6,576 | 10,054 | - | - | - | - | - | - | |
24 |
6,866 | 6,576 | 10,054 | - | - | - | - | - | - | |
28 |
2,000 | - | - | - | 0 | 60 | - | - | - | |
29/58 |
184,855 | 70,357 | 91,957 | 42,285 | 37,539 | 31,543 | 43,447 | 85,995 | 39,488 | |
40/41 |
23,164 | 19,212 | 27,278 | 22,319 | 27,043 | 20,507 | 35,992 | 55,416 | 6,772 | |
40 |
23,164 | 19,165 | 24,775 | 18,000 | 25,952 | 20,507 | 35,992 | 41,054 | 262 | |
41 |
- | 47 | 2,503 | 4,319 | 1,091 | - | - | 14,362 | 6,509 | |
54/58 |
161,691 | 51,145 | 64,679 | 19,966 | 10,496 | 11,036 | 6,826 | 30,579 | 32,716 | |
490/1 |
- | - | - | - | - | 0 | 629 | - | - | |
| Balance sheet: equity and liabilities | ||||||||||
10/49 |
193,721 | 76,933 | 102,011 | 42,285 | 37,539 | 31,819 | 43,879 | 86,642 | 40,352 | |
10/15 |
136,962 | 69,456 | 58,083 | 34,971 | -26,262 | -32,271 | -21,227 | -22,052 | -31,524 | |
10/11 |
75,000 | 75,000 | 75,000 | 75,000 | 18,600 | 18,600 | 18,600 | 18,600 | 15,500 | |
100 |
- | - | - | - | - | - | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | - | - | - | 3,100 | |
13 |
61,000 | - | - | - | - | - | - | - | - | |
133 |
61,000 | - | - | - | - | - | - | - | - | |
14 |
962 | -5,544 | -16,917 | -40,029 | -44,862 | -50,871 | -39,827 | -40,652 | -47,024 | |
17/49 |
56,758 | 7,476 | 43,927 | 7,314 | 63,801 | 64,090 | 65,106 | 108,694 | 71,875 | |
17 |
3 | - | - | - | 56,400 | 56,400 | 56,400 | 56,400 | 56,400 | |
170/4 |
3 | - | - | - | 56,400 | 56,400 | 56,400 | 56,400 | 56,400 | |
42/48 |
56,756 | 7,476 | 43,927 | 7,314 | 7,401 | 7,690 | 8,706 | 52,294 | 15,475 | |
44 |
10,669 | - | 42,715 | 6,102 | 2,322 | 6,094 | 5,285 | 52,294 | 15,475 | |
440/4 |
10,669 | - | 1,908 | 6,102 | 2,322 | 6,094 | 5,285 | 52,294 | 15,475 | |
441 |
- | - | 40,807 | - | - | - | - | - | - | |
45 |
45,088 | 6,264 | - | - | 3,867 | 428 | 3,420 | - | - | |
450/3 |
31,025 | 1,758 | - | - | 3,867 | 428 | 3,420 | - | - | |
454/9 |
14,064 | 4,507 | - | - | - | - | - | - | - | |
47/48 |
998 | 1,212 | 1,212 | 1,212 | 1,212 | 1,169 | - | - | - | |
| Income statement | ||||||||||
9900 |
180,349 | 36,470 | 24,579 | 7,034 | 6,821 | -10,355 | 1,577 | 6,803 | -43,029 | |
62 |
79,750 | 18,082 | - | - | - | - | - | - | - | |
630 |
3,873 | 3,478 | 486 | 1,729 | 216 | 216 | 216 | 216 | 216 | |
640/8 |
907 | 118 | 493 | 450 | 421 | 402 | 348 | - | - | |
66A |
- | - | - | - | 60 | - | - | - | - | |
9901 |
95,820 | 14,793 | 23,599 | 4,855 | 6,125 | -10,973 | 1,014 | 6,587 | -43,245 | |
75/76B |
8,252 | 1,641 | 3,313 | 115 | 16 | 0 | 10 | 514 | - | |
75 |
8,252 | 1,641 | 3,313 | 115 | 16 | 0 | 10 | 514 | - | |
65/66B |
10,445 | 3,561 | 3,799 | 137 | 132 | 71 | 199 | 729 | 3,779 | |
65 |
10,445 | 3,561 | 3,799 | 137 | 132 | 71 | 199 | 729 | 3,779 | |
9903 |
93,626 | 12,873 | 23,113 | 4,833 | 6,009 | -11,044 | 825 | 6,372 | -47,024 | |
67/77 |
26,120 | 1,500 | - | - | - | - | - | - | - | |
9904 |
67,506 | 11,373 | 23,113 | 4,833 | 6,009 | -11,044 | 825 | 6,372 | -47,024 | |
9905 |
67,506 | 11,373 | 23,113 | 4,833 | 6,009 | -11,044 | 825 | 6,372 | -47,024 | |
| Appropriation of the result | ||||||||||
9906 |
61,962 | -5,544 | -16,917 | -40,029 | -44,862 | -50,871 | -39,827 | -40,652 | -47,024 | |
14P |
-5,544 | -16,917 | -40,029 | -44,862 | -50,871 | - | - | - | - | |
691/2 |
61,000 | - | - | - | - | - | - | - | - | |
6921 |
61,000 | - | - | - | - | - | - | - | - | |
| Social balance sheet | ||||||||||
9087 |
2.1 | 1 | - | - | - | - | - | - | - | |
Hours worked1013 |
3,848 | 1,163 | - | - | - | - | - | - | - | |
| Document | ||||||||||
The notes to these accounts have 11 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 29-06-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00262785 | |
| 31-12-2024 | micro format | 24-06-2025 | 2025-00171686 | |
| 31-12-2023 | micro format | 17-06-2024 | 2024-00146367 | |
| 31-12-2022 | micro format | 27-06-2023 | 2023-00169813 | |
| 31-12-2021 | micro format | 02-06-2022 | 2022-20043770 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-64300539 | |
| 31-12-2019 | micro format | 02-07-2020 | 2020-26700249 | |
| 31-12-2018 | micro format | 22-07-2019 | 2019-37400104 | |
| 31-12-2017 | micro format | 23-07-2018 | 2018-36700039 |
| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 3 | €998 | €12,240 |
| 2024 | 1 | €0 | €12,240 |
| 2023 | 2 | €33,480 | €9,000 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| 99,692 | 18,271 | 24,085 | 6,584 | 6,341 | -10,757 | 1,230 | 6,803 | -43,029 | ||
| 71,379 | 14,851 | 23,599 | 6,562 | 6,225 | -10,828 | 1,041 | 6,588 | -46,808 | ||
| 6,163 | 0 | 10,540 | 1,729 | 156 | -156 | 0 | 0 | - | ||
| 110,546 | -13,534 | 44,714 | 9,470 | -541 | 4,210 | -23,753 | -2,137 | - | ||
| 128,099 | 62,881 | 48,030 | 34,971 | 30,138 | 23,853 | 34,741 | 33,700 | 24,012 | ||
| 70.7% | 90.3% | 56.9% | 82.7% | -70.0% | -101.4% | -48.4% | -25.5% | -78.1% | ||
| 3.26 | 9.41 | 2.09 | 5.78 | 5.07 | 4.10 | 4.99 | 1.64 | 2.55 | ||
| 0.41 | 0.11 | 0.76 | 0.21 | - | - | - | - | - | ||
| 49.3% | 16.4% | 39.8% | 13.8% | - | - | - | - | - | ||
| 34.8% | 14.8% | 22.7% | 11.4% | 16.0% | -34.7% | 1.9% | 7.4% | -116.5% | ||
| 9.54 | 5.13 | 6.34 | 48.06 | 47.86 | - | - | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2025 | 31-12-2024 |
|---|---|---|
| Employees at the balance-sheet date | 2 | 1 |
| full-time | 2 | 1 |
| in full-time equivalents | 2 | 1 |
| 2.1 | 1 | |
| On a permanent contract | 2 | 1 |
| Joined | 1 | 1 |
| Left | 1 | 0 |
Source: social balance sheet in the 2024 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,163 | - | €10,540 | - | - |
| Financial fixed assets | €2,000 | - | - | - | - |
| €3,873 | €3,478 | €486 | €1,729 | €216 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 6.5 times that of 2024 and the highest since 2017. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total rises from 9.7% to 29.3%. Equity and debt are higher.
PINE has no parent and no holdings in its annual accounts. Pubmaster is the only director. PINE shares no director with another company.
| bark
registered office since 24-08-2017 · founded in 2017 |
total assets €266,723 (2025) 0680.400.461 |
| Pubmaster
registered office since 01-03-1989 · founded in 1989 |
total assets €10,674 (2025) 0436.794.265 |
| PINE Events
registered office since 04-05-2026 |
founded in 2026 1037.586.234 |
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Vredestraat 51 registered office 2600 Antwerp 63920 Other information service activities | 14-12-2016 | 2.259.623.809 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 11003B0050/00R007 | 84 m² | 1 · 84 m² | 9.9 m · 3 |
If something looks wrong or is missing, please tell us.