Equity
€1.2m ▲ 0.1%
Pine has made a profit without a break since 2022.
Pine
Overview
Lifetime
6 annual accounts with figures on one time axispeak €586,268 (2023)
-€495▼ €220,194
lowest -€107,997 (2021)
€1,179▼ 99.1%
peak €1.2m (2025)
€1.2m▲ 0.1%
€38,097▼ 50.0%
Board5 names since 2019
2 directorsPINE FOREST and 1 other
Owners2 names in the annual accounts
50%MIMAFI
Documentsfilings and deeds
13-04-2026109 days before the deadline
2025abbreviated format
Gross margin from €219,699 to -€495Result from €135,889 to €1,179Registered office moved within Antwerp 09-10Debts from €76,160 to €38,097
Key points
from the 2025 annual accountsResult
€1,179 ▼ 99.1%
The result fell in 2025 from €135,889 to €1,179.
Liquidity
29.45 was 15.22 in 2024
Short-term debts fell from €76,160 to €38,097.
Filings
6 annual accounts since 2020
The last five annual accounts were filed 0 to 109 days before the end of the period.
At the same address
36 companies
Subsidiaries
-€186,058
Subsidiary with negative equity. PINE PROJECTS · loss of €265,541 in 2025.
Turnover not published (abbreviated format)
Checked score
89
Excellent
Financially stronger than 53% of micro companies without a NACE code
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.2% Very low
0%0.5%1.5%4%10%≥ 25%
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.1%
01-2025: 0.1%● unchanged vs 12-2024
02-2025: 0.1%● unchanged vs 01-2025
03-2025: 0.1%● unchanged vs 02-2025
04-2025: < 0.1%▼ -0.1 percentage points vs 03-2025lowest value
05-2025: 0.1%▲ +0.1 percentage points vs 04-2025
06-2025: 0.1%● unchanged vs 05-2025
07-2025: 0.1%● unchanged vs 06-2025
08-2025: 0.1%● unchanged vs 07-2025
09-2025: 0.1%● unchanged vs 08-2025
10-2025: 0.1%● unchanged vs 09-2025
11-2025: 0.2%▲ +0.1 percentage points 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: 0.2%● unchanged vs 03-2026highest value
05-2026: 0.2%● unchanged vs 04-2026
06-2026: 0.2%● unchanged vs 05-2026
07-2026: 0.2%● unchanged vs 06-2026
08-2026: 0.2%● unchanged vs 07-2026
09-2026: 0.2%● unchanged vs 08-2026
10-2026: 0.2%● unchanged vs 09-2026
11-2026: 0.2%● unchanged vs 10-2026
Financial strengthStrong
Score breakdown
raises risk
1 change of registered office in 24 months
Founded in 2019
lowers risk
Size: total assets €1.2m
Figures for financial year 2025 (filed on 14-04-2026)
Calculation
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 (no NACE code, micro). It does better than 81% of them on solvency, 54% on liquidity, 29% on profitability and 48% on growth.
The bankruptcy probability was computed on 09-11-2026 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).
Comparable companies, two years later
In July 2024, 1,639 companies had the same profile as Pine has now. Each dot stands for 5 companies, two years later.
95.5%
were still trading
3.7%
stopped another way
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Pine itself: 0.2% within 12 months.
Test of the method
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 1,639 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.
Credit verdict
Credit of up to €100,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 29.45 (15.22 in 2024), above the usual 1.5. Short-term debt is 3.2% and cash 6.2% of total assets. 3.2% of the assets are financed with debt and provisions.
Credit check for an amount and term of your choice
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.
Signals
Five signals.
lowers riskraises riskneutral
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 13-04-2026, 109 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
109 days early
2024
on the day
2023
43 days early
2022
11 days early
2021
6 days early
2020
12 days early
← before the deadline
after the deadline →
tick = median of all Belgian filings
The company filed its last 6 accounts on average 30 days before the deadline. The Belgian median for financial year 2024 was 4 days before the deadline, and 38% of all filings were late.
Searched, nothing found (2)
neutral · 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 20 July (4 of the last 5 accounts filed within 31 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- MIMAFI 50%score 38equity €1.8m (2025) · 2025 annual accounts of MIMAFI
- PINE FOREST 50%equity €345,457 (2025) · 2024 annual accounts of PINE FOREST
Shares in 1 company, PINE PROJECTS
Board & ownershipRecent changes
2 directors reappointed
MIMAFI NV (managing director) and PINE FOREST BV (managing director) · Permanent representatives: Jordi Busschop and Christof Savoye · General meeting of 17-04-2026 · Gazette deed
Registered office moved within Antwerp
New registered office: Leuvenstraat 3 bus 22 2000 Antwerpen · Previous registered office: Frankrijklei 106, 2000 Antwerpen · Permanent representative: Jordi Busschop · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0727730424
Registered office moved from Antwerp to Antwepren
New registered office: Frankrijklel 106, 2000 Antwepren · Previous registered office: Edward Pecherstraat 12 bus 201-2000 Antwerpen · Permanent representative: Christof Savoye · Board meeting of 18-05-2022 · Gazette deed
Official details
Source: KBO- Status
- Active since 04-06-2019Normal situation
- Registered office
- 37 active companies are registered at this address3 started in the 12 months before. Source: KBO register, as of 10 November 2026.
- Activity
- “A) alle werken,zowel voor rekening van openbare,industriële,als private opdrachtgevers,als daar zijn: de aanneming en…” (deed in Dutch)From the articles, 15 activitiesNo NACE code in the KBO yet
- Establishment unit
- 2.289.918.4912000 Antwerp, since 04-06-2019
- Financial year end
- 31 December
- Peppol
- Reachable since 24-11-2023
Annual accounts 2025
- -€495
- €1,179▼ 99.1%
- €1.2m▲ 0.1%
- €1.2m▼ 3.0%
- Filing
- Filed on 13-04-2026, 109 days before the end of the filing period
Insights on Pine
Pine files the abbreviated format. That format states no turnover. The gross margin fell from €535,212 in 2020 to -€495 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Financials
Annual accounts 2025
abbreviated format, filed on 13-04-2026, 109 days before the deadline-€495
▼ €220,194
-€1,614
▼ €219,746
€1,179
▼ 99.1%
€1.1m
▲ 0.1%
96.8%
▲ 3.0 percentage points
29.45
▲ 14.23
Turnover and EBIT margin are not published. The abbreviated format does not require them.
Balance sheet
balance sheet total €1.2m on 31-12-2025What the company ownsHow it is paid for
in €m
in euro
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||
20/58 |
1.2m | 1.2m | 2.3m | 2.2m | 2.8m | 2.5m | |
21/28 |
70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 91,750 | |
28 |
70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 91,750 | |
29/58 |
1.1m | 1.2m | 2.2m | 2.2m | 2.7m | 2.4m | |
29 |
473,857 | 498,857 | 495,370 | 255,245 | 383,000 | 200,000 | |
291 |
473,857 | 498,857 | 495,370 | 255,245 | 383,000 | 200,000 | |
3 |
542,567 | 542,567 | 957,978 | 1.6m | 1.9m | 906,594 | |
30/36 |
542,567 | 542,567 | 957,978 | 1.6m | 1.9m | 906,594 | |
40/41 |
11,087 | 36,929 | 11,087 | 11,087 | 296,714 | 732,082 | |
40 |
9,763 | 35,605 | 9,763 | 9,763 | 295,390 | 726,308 | |
41 |
1,324 | 1,324 | 1,324 | 1,324 | 1,324 | 5,774 | |
54/58 |
74,276 | 65,169 | 180,189 | 260,411 | 155,389 | 75,890 | |
490/1 |
20,146 | 15,296 | 596,935 | 6,838 | 3,267 | 445,100 | |
| Balance sheet: equity and liabilities | |||||||
10/49 |
1.2m | 1.2m | 2.3m | 2.2m | 2.8m | 2.5m | |
10/15 |
1.2m | 1.2m | 1.0m | 642,504 | 511,507 | 619,505 | |
10/11 |
300,000 | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | |
10 |
300,000 | 300,000 | 300,000 | 300,000 | 300,000 | - | |
100 |
300,000 | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | |
13 |
853,837 | 852,658 | 716,769 | 342,504 | 211,507 | 319,505 | |
130/1 |
30,000 | 30,000 | 30,000 | 22,525 | - | - | |
130 |
30,000 | 30,000 | 30,000 | 22,525 | - | - | |
133 |
823,837 | 822,658 | 686,769 | 319,979 | 211,507 | 319,505 | |
17/49 |
38,097 | 76,160 | 1.3m | 1.6m | 2.3m | 1.8m | |
17 |
- | 0 | 657,850 | 814,650 | 1.2m | 793,924 | |
170/4 |
- | 0 | 657,850 | 814,650 | 1.2m | 793,924 | |
42/48 |
38,097 | 76,160 | 559,405 | 665,002 | 1.0m | 967,494 | |
43 |
0 | 34,477 | 413,000 | 653,000 | 875,000 | 843,313 | |
430/8 |
0 | 34,477 | 413,000 | 653,000 | 875,000 | 843,313 | |
44 |
998 | 1,023 | - | 0 | 161 | 11,920 | |
440/4 |
998 | 1,023 | - | 0 | 161 | 11,920 | |
45 |
19,268 | 19,010 | 124,755 | 8,171 | 128,449 | 112,261 | |
450/3 |
19,268 | 19,010 | 124,755 | 8,171 | 128,449 | 112,261 | |
47/48 |
17,830 | 21,651 | 21,651 | 3,831 | 17,510 | - | |
492/3 |
- | 0 | 77,536 | 123,426 | 100,107 | 70,493 | |
| Income statement | |||||||
9900 |
-495 | 219,699 | 586,268 | 213,944 | 2,703 | 535,212 | |
630 |
- | - | - | - | 0 | 3,162 | |
640/8 |
1,118 | 1,566 | 1,459 | 3,360 | 11,170 | 1,250 | |
9901 |
-1,614 | 218,133 | 584,809 | 210,583 | -8,467 | 530,800 | |
75/76B |
5,371 | 6,743 | 3,397 | 3,571 | 3,371 | 19 | |
75 |
5,371 | 6,743 | 3,397 | 3,571 | 3,371 | 19 | |
65/66B |
2,164 | 31,470 | 89,186 | 75,491 | 102,901 | 90,044 | |
65 |
2,164 | 31,470 | 89,186 | 75,491 | 102,901 | 90,044 | |
9903 |
1,593 | 193,406 | 499,019 | 138,664 | -107,997 | 440,775 | |
67/77 |
415 | 57,516 | 124,755 | 7,667 | 0 | 121,270 | |
9904 |
1,179 | 135,889 | 374,264 | 130,997 | -107,997 | 319,505 | |
9905 |
1,179 | 135,889 | 374,264 | 130,997 | -107,997 | 319,505 | |
| Appropriation of the result | |||||||
9906 |
1,179 | 135,889 | 374,264 | 130,997 | -107,997 | 319,505 | |
791/2 |
- | - | - | 0 | 107,997 | - | |
691/2 |
1,179 | 135,889 | 374,264 | 130,997 | 0 | 319,505 | |
6920 |
- | 0 | 7,475 | 22,525 | - | - | |
6921 |
1,179 | 135,889 | 366,790 | 108,472 | 0 | 319,505 | |
| Document | |||||||
The notes to these accounts have 3 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 13-04-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 13-04-2026 | 2026-00078537 | |
| 31-12-2024 | abbreviated format | 31-07-2025 | 2025-00344374 | |
| 31-12-2023 | abbreviated format | 18-06-2024 | 2024-00139592 | |
| 31-12-2022 | abbreviated format | 20-07-2023 | 2023-00255961 | |
| 31-12-2021 | abbreviated format | 25-07-2022 | 2022-20218449 | |
| 31-12-2020 | abbreviated format | 19-07-2021 | 2021-36900319 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| - | - | - | - | -8,467 | 533,962 | ||
| - | - | - | - | -107,997 | 322,667 | ||
| - | - | - | - | -21,750 | 94,912 | ||
| 9,107 | -115,021 | -80,221 | 105,022 | 79,499 | - | ||
| 1.1m | 1.1m | 1.7m | 1.5m | 1.7m | 1.4m | ||
| 96.8% | 93.8% | 44.0% | 28.6% | 18.3% | 25.3% | ||
| 29.45 | 15.22 | 4.01 | 3.27 | 2.67 | 2.44 | ||
| 15.21 | 8.09 | 2.29 | 0.80 | 0.82 | 1.50 | ||
| 0.03 | 0.07 | 1.27 | 2.50 | 4.47 | 2.96 | ||
| 0.1% | 11.8% | 36.8% | 20.4% | -21.1% | 51.6% | ||
| 0.1% | 11.1% | 16.2% | 5.8% | -3.9% | 13.0% | ||
| - | - | - | - | -0.08 | - |
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.
Securities and guarantees
on own assets and for others| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | - | €1.1m | €1.5m |
| Mortgages, amount registered | - | - | €80,000 | - | €77,500 |
| - | - | €1.2m | - | €1.2m | |
| Carrying value of the mortgaged assets | - | - | €936,621 | - | €1.9m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Insights on Pine
The operating result for 2025 is a loss of €1,614, after a profit of €218,133 in 2024. It is the lowest result since 2021.
Debt's share of the balance-sheet total falls from 6.2% to 3.2%. Equity is higher and debt is lower.
Board & ownership
Board
2 directors, 2 in day-to-day management, no change since 2025PINE FOREST BV
Chair of the board, director and managing director, permanent representative Christof Savoye
chair of the board appointed by deed of 06-06-2019
director current term since 08-07-2019
managing director appointed by deed of 01-10-2019
term until the 2031 general meeting, 6-year term from 2025
also on the board of 1 other company
listed in the 2025 annual accounts, filed on 13-04-2026
MIMAFI NV
Director and managing director, permanent representative Jordi Busschop
director since 08-07-2019
managing director appointed by deed of 01-10-2019
term until the 2031 general meeting, 6-year term from 2025
also on the board of 4 other companies
listed in the 2025 annual accounts, filed on 13-04-2026
- MIMAFI, PINE FOREST
- Signing authorityThe articles say who may bind the company, for example by signing a contract.
- “Ondernemingsnr: Naam 0727 730 424 (voluit): Pine (verkort): Rechtsvorm : Naamloze vennootschap Volledig adres v.d. zetel: Tabakvest 33, 2000…”deed of 16-03-2020
Permanent representatives 2
Mandates through the years
5 names, the dashed line is todayPINE FOREST
Chair of the board, Director, Managing director
Chair of the board, Director, Managing director
MIMAFI
Director, Managing director
Director, Managing director
Christof Savoye
Director
Director
CRILU INVEST
Director
Director
WOLF-PROJECTS
Director
Director
LeadershipBoardEarlierRest of the termend not dated
Mandates as a list
- PINE FOREST
- Director, appointed by deed of 06-06-2019, still in office
- Chair of the board, appointed by deed of 06-06-2019, still in office
- Managing director, appointed by deed of 01-10-2019, still in office
- MIMAFI
- Director, from 08-07-2019 to date
- Managing director, appointed by deed of 01-10-2019, still in office
- Christof Savoye
- Director, appointed by deed of 06-06-2019, until 01-10-2019
- Managing director, appointed by deed of 06-06-2019, ended, last mentioned on 06-06-2019
- CRILU INVEST
- Director, appointed by deed of 06-06-2019, until 01-10-2019
- Director, appointed by deed of 06-06-2019, no longer listed in the 2025 annual accounts
- WOLF-PROJECTS
- Director, appointed by deed of 06-06-2019, until 01-10-2019
- Director, appointed by deed of 06-06-2019, last mentioned in 2019
- Managing director, appointed by deed of 06-06-2019, last mentioned in 2019
Control
50%
This company
Pine
Equity €1.2m
Profit €1,179 in 2025
Capital
- Capital
- €300,000
- Shares
- 3,000
- Contribution per share
- €100
- Equity per share
- €385 in 2025
- Source
- deed of 06-06-2019
Owners through the years
as the annual accounts name themOwners as a list
- MIMAFI
- PINE FOREST
Source: lists of holdings in the owners' accounts
Articles of association
deed of 06-06-2019 (in Dutch)- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimited
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- At least 3 directors“Samenstelling van de raad van bestuur, zes jaar”
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- Last Monday of June at 18:00
- Liquidation ruleIn a liquidation the creditors are paid first. What is left goes to the shareholders.
- “Bevoegdheden vereffenaars, tenzij algemene vergadering anders besluit bij gewone meerderheid van stemmen”“Algemene vergadering kan anders besluiten bij gewone meerderheid van stemmen, alle verrichtingen vermeld in wet”
Shareholders
2 ownersOwners 2
- Equity €1.8m Profit of €106,895 in 2025 (profit of €268,109 in 2024) Checked score 38Sourceaccounts MIMAFI 202550%
- Equity €345,457 Profit of €167,665 in 2025 (profit of €39,992 in 2024)50%
Capital transactions
Shareholders according to the deeds
At incorporation
deed of 06-06-2019 ↗
- PINE FOREST (BE 0697.586.980) 1,500 shares (50%) · €150,000
- WOLF-PROJECTS (BE 0848.142.561) 1,500 shares (50%) · €150,000
Capital over time
- 06-06-2019 Incorporation · €300,000 · 3,000 shares
- 06-06-2019 Incorporation · €300,000 · 3,000 shares
Network & group
Holdings
own 2025 accountsThis companyPine1 holding, 1 country
2025 accounts
Belgium 1 Equity Result
- BE Pine Projects -€186,058 result -€265,541
Source: list of holdings in its own 2025 accounts. Every holding stands with its own latest accounts.
At the same address
Leuvenstraat 3, 2000 Antwerp · 36 other companies| CRILU INVEST
registered office since 22-10-2007 · founded in 2007 |
total assets €38.3m (2025) 0893.028.421 |
| MIMAFI
registered office since 06-03-2000 · founded in 1988 |
total assets €22.9m (2025) 0433.143.206 |
| WOLF-PROJECTS
registered office since 18-10-2012 · founded in 2012 |
total assets €22.0m (2025) 0848.142.561 |
| Family Backed Real Estate
registered office since 05-07-2019 · founded in 2019 |
total assets €18.5m (2025) 0729.864.325 |
| Residentie Zurenborg
registered office since 25-10-2018 · founded in 2018 · group CAVAHOLD |
total assets €18.0m (2025) 0712.599.513 |
| MECHELEN INVEST
registered office since 23-09-2010 · founded in 2010 |
total assets €14.2m (2025) 0829.709.789 |
| WOLF INVEST
registered office since 18-04-2018 · founded in 2018 |
total assets €14.1m (2025) 0694.839.506 |
| ELEANOR België
registered office since 25-03-2019 · founded in 2019 |
total assets €12.3m (2025) 0723.552.296 |
| RESIO ZUID
registered office since 28-09-2022 · founded in 2022 |
total assets €11.2m (2025) 0791.549.593 |
| Zuidkwartier Construct
registered office since 01-06-2023 · founded in 2023 · negative equity (2025) |
total assets €10.1m (2025) 0802.321.642 |
Earlier ties
| Family Backed Real Estate via CRILU INVEST, at Pine, last mentioned in 2019 · Director · deed of 09-07-2019 founded in 2019 |
total assets €18.5m (2025) |
| WOLF INVEST via CRILU INVEST, at Pine, last mentioned in 2019 · Class D director · deed of 20-04-2018 founded in 2018 |
total assets €14.1m (2025) |
| LONG NELLE via CRILU INVEST, at Pine, last mentioned in 2019 · Director · deed of 06-11-2023 founded in 2023 |
total assets €14.0m (2025) |
| ELEANOR België via CRILU INVEST, at Pine, last mentioned in 2019 · Director · deed of 27-03-2019 founded in 2019 |
total assets €12.3m (2025) |
| URBAN via WOLF-PROJECTS, at Pine, last mentioned in 2019 · Director · deed of 19-02-2020 founded in 1990 · group SOCREAL |
total assets €7.8m (2025) |
| D’ekster via CRILU INVEST, at Pine, last mentioned in 2019 · Director (not named in the articles) · deed of 04-12-2023 founded in 2015 |
total assets €3.3m (2025) |
Show 5 more earlier ties
| Resinvest via CRILU INVEST, at Pine, last mentioned in 2019 · Managing director · deed of 08-07-2019 founded in 2008 |
total assets €2.8m (2025) |
| BLACK GOOSE via CRILU INVEST, at Pine, last mentioned in 2019 · Class A director · deed of 03-02-2026 founded in 2015 |
total assets €1.2m (2025) |
| SCHELDINVEST via WOLF-PROJECTS (at Pine, last mentioned in 2019) and CRILU INVEST (at Pine, last mentioned in 2019) · Director · deed of 29-08-2023 founded in 1993 |
total assets €104,299 (2025) |
| URBAN RENT via WOLF-PROJECTS, at Pine, last mentioned in 2019 · Director · deed of 13-05-2026 group SOCREAL |
founded in 2026 |
| Hof Ter Beuken via CRILU INVEST, at Pine, last mentioned in 2019 · Director · deed of 02-04-2019 No longer active |
total assets €910,712 (2024) |
Holdings and subsidiaries
1 holdingHoldings 1
Share, source and own figures per holding (1)
- PINE PROJECTSsubsidiaryEquity -€186,058 Loss of €265,541 in 2025 (loss of €273,586 in 2024) Checked score 54Sourceown accounts 2025100%
Holdings through the years 2020 to 2025
| Name | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| PINE PROJECTS | 100% | |||||
Source: list of holdings in its own accounts
Connections & network
7 connected companiesThis company
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Director
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Linked via shared directors
Zuidkwartier Construct
Founded in 2023 · total assets €10.1m (2025) · negative equity
→
Residentie Zurenborg
Founded in 2018 · total assets €18.0m (2025) · group CAVAHOLD
→
MECHELEN INVEST
Founded in 2010 · total assets €14.2m (2025)
→
FINNIER
via MIMAFI · Managing director · deed of 03-07-2023
Founded in 2018 · total assets €9.5m (2025)
→
Show 3 more companies with a shared director
Nielo
via MIMAFI and CRILU INVEST (at Pine, last mentioned in 2019) · Director (not named in the articles) · deed of 24-12-2024
Founded in 2024 · total assets €4.1m (2025)
→
BLACK PANTHER
Founded in 2018 · total assets €1.9m (2026)
→
→
Timeline
Timeline
27 events since 2019Board
Filings
Financial
Permits
Establishments
Address
2020202220242026
Deadline for the 2026 accounts: 31-07-2027
2026
2 directors reappointedMIMAFI NV (managing director) and PINE FOREST BV (managing director) · Permanent representatives: Jordi Busschop and Christof Savoye · General meeting of 17-04-20268 points ▸
- General meeting, 17-04-2026
- Director reappointment, MIMAFI NV
- Permanent representative, Jordi Busschop
- Director reappointment, PINE FOREST BV
- Permanent representative, Christof Savoye
- Board meeting, 17-04-2026
- Director reappointment, MIMAFI NV (managing director)
- Director reappointment, PINE FOREST BV (managing director)
- The deed holds 5 more points.
Annual accounts 2025 filed PDFabbreviated format · 109 days before the deadline
2025
Registered office moved within AntwerpNew registered office: Leuvenstraat 3 bus 22 2000 Antwerpen · Previous registered office: Frankrijklei 106, 2000 Antwerpen · Permanent representative: Jordi Busschop2 points ▸
- Registered-office move, Leuvenstraat 3 bus 22 2000 Antwerpen
- Permanent representative, Jordi Busschop
- The deed holds 1 more point.
Annual accounts 2024 filed PDFabbreviated format · on the deadline day
2024
Liquidity more than triples current ratio 15.22 The current ratio rises from 4.01 to 15.22. Short-term debt falls from €559,405 to €76,160.
Annual accounts 2023 filed PDFabbreviated format · 43 days before the deadline
2023
Highest result from 2020 to 2025 net €374,264 ▲186% The operating result of €584,809 and the net result of €374,264 are both a record.
Equity above €1m equity €1.0m ▲58.3% After 2 profitable years in a row, equity reaches €1.0m.
Registered in the Peppol Directory Reachable for e-invoices through 0208:0727730424
Annual accounts 2022 filed PDFabbreviated format · 11 days before the deadline
2022
Back to profit net €130,997 The net result is €130,997, after one loss-making year.
Annual accounts 2021 filed PDFabbreviated format · 6 days before the deadline
Registered office moved from Antwerp to AntweprenNew registered office: Frankrijklel 106, 2000 Antwepren · Previous registered office: Edward Pecherstraat 12 bus 201-2000 Antwerpen · Permanent representative: Christof Savoye · Board meeting of 18-05-20223 points ▸
- Board meeting, 18-05-2022
- Registered-office move, Frankrijklel 106, 2000 Antwepren
- Permanent representative, Christof Savoye
Environmental permit granted OmgevingsloketSlopen van niet vrijstaande gebouwen of constructies, Verwijderen van vrijstaande gebouwen · Provincie Vlaams-Brabant
2021
Weakest financial year net -€107,997 The net result drops to -€107,997, the lowest from 2020 to 2025. It recovers the following year.
Annual accounts 2020 filed PDFabbreviated format · 12 days before the deadline
Environmental permit granted OmgevingsloketNieuwbouw van bijgebouwen en niet overdekte lage constructie · Mechelen
Environmental permit granted OmgevingsloketBouwen of herbouwen · Schelle
2020
Registered office moved within AntwerpNew registered office: Edward Pecherstraat 12 bus 201-2000 Antwerpen · Previous registered office: Tabakvest 33, 2000 Antwerpen · Permanent representative: Christof Savoye · Board meeting of 02-11-20203 points ▸
- Board meeting, 02-11-2020
- Registered-office move, Edward Pecherstraat 12 bus 201-2000 Antwerpen
- Permanent representative, Christof Savoye
Environmental permit granted OmgevingsloketVerwijderen van vrijstaande gebouwen · Beveren-Kruibeke-Zwijndrecht
Environmental permit granted OmgevingsloketBouwen of herbouwen, Nieuwbouw van bijgebouwen, niet-overdekte lage constructies en andere handelingen, Slopen van niet vrijstaande gebouwen of constructies · Leuven
- General meeting, 16-09-2019
- Permanent representative, Christof Savoye
Environmental permit granted OmgevingsloketBouwen of herbouwen · Rumst
2019
Environmental permit granted OmgevingsloketBouwen of herbouwen · Mechelen
2 directors appointed, 3 resignationsResignations: NV Wolf-Projects, Christof Savoye and BVBA Crilu Invest · Permanent representatives: Vi.Si. gcv, Frank Reekmans, Jordi Busschop and Christof Savoye · Appointments: NV Mimafi (managing director) and BVBA Pine Forest (managing director) · General meeting of 08-07-201911 points ▸
- General meeting, 08-07-2019
- Director resignation, NV Wolf-Projects
- Permanent representative, Vi.Si. gcv
- Permanent representative, Frank Reekmans
- Director resignation, Christof Savoye
- Director resignation, BVBA Crilu Invest
- Permanent representative, Jordi Busschop, mentioned twice in the deed
- Director appointment, NV Mimafi
- Director appointment, BVBA Pine Forest (managing director)
- Permanent representative, Christof Savoye
- Director appointment, NV Mimafi (managing director)
- The deed holds 1 more point.
IncorporationFounding capital of €300,000, 3,000 shares · Founders: PINE FOREST and WOLF-PROJECTS · Appointments: PINE FOREST (chair of the board), Christof Savoye (managing director), WOLF-PROJECTS (managing director) and Crilu Invest · published on 06-06-201918 points ▸
- Founder, PINE FOREST, mentioned twice in the deed
- Founder, WOLF-PROJECTS, mentioned twice in the deed
- Founding capital, €300,000, 3,000 shares, mentioned twice in the deed
- Capital, €300,000, 3,000 shares
- Registered office clause, Tabaksvest 33, 2000 Antwerpen
- Board rule, 4
- Director appointment, PINE FOREST, mentioned twice in the deed
- Director appointment, Christof Savoye, mentioned twice in the deed
- Director appointment, WOLF-PROJECTS, mentioned twice in the deed
- Director appointment, Crilu Invest, mentioned twice in the deed
- Permanent representative, Christof Savoye, mentioned twice in the deed
- Permanent representative, Vi.Si. gcv, mentioned 3 times in the deed
- Permanent representative, Frank Reekmans, mentioned 3 times in the deed
- Permanent representative, Jordi Catalina Filip Busschop, mentioned twice in the deed
- Director appointment, PINE FOREST (chair of the board)
- Director appointment, Christof Savoye (managing director), mentioned twice in the deed
- Director appointment, WOLF-PROJECTS (managing director), mentioned twice in the deed
- Director appointment, PINE FOREST (chair)
- The deed holds 3 more points.
First establishment Leuvenstraat 3, Antwerp
Financial milestones sit on the financial year-end date, not the filing date.
All 11 environmental permit applications
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
History
On 4 June 2019, Pine was incorporated as a public limited company by PINE FOREST and WOLF-PROJECTS, with a starting capital of €300,000.12 The registered office moved to Antwerp in 2020, to Antwepren in 2022 and to Antwerp in 2025.345 Of the 2 current board members, 2 have served since 2019.6 Total assets went from €2.5m in 2020 to €1.2m in 2025.7
Company details
Identity
- Enterprise number
- 0727.730.424
- VAT number
- BE 0727.730.424
- Peppol ID
- 0208:0727730424
- Other Peppol ID
- 9925:BE0727730424
- Legal form
- Public limited company
- Status
- Active, normal situation
- Founded
- 04-06-2019
- Financial year
- ends on 31 December
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- Last Monday of June at 18:00deed of 06-06-2019 (in Dutch)
- Peppol
- Reachable since 24-11-2023Follow this company and you will hear the next morning if it leaves the Peppol register.
- Name
- Pine in Dutch
- Entity type
- Legal entity
- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimiteddeed of 06-06-2019 (in Dutch)
- Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
- “Vlaams Gewest”deed of 06-06-2019 (in Dutch)
Activities
- PurposeThe purpose describes the activities the company may carry out under its articles.
- “A) alle werken,zowel voor rekening van openbare,industriële,als private opdrachtgevers,als daar zijn: de aanneming en de onderaanneming,het…”deed of 06-06-2019 (in Dutch)
15 activities
- A) alle werken,zowel voor rekening van openbare,industriële,als private opdrachtgevers,als daar zijn: de aanneming en de onderaanneming,het uitvoeren en het laten uitvoeren van alle welk danige bouwwerken,afbraak- en voltooiingswerken,grondwerken en kunstwerken van de burgerlijke bouwkunde;
- B) het oprichten of laten oprichten van flatgebouwen en andere gebouwen om deze te verkopen of te verhuren;
- C) de fabricatie,de montage van en de handel in geprefabriceerde onderdelen alsook van materieel,beiden bestemd voor het bouwvak en de aanverwante nijverheden; de handel in bouwmaterialen;
- D) het bevorderen en het tot stand brengen van bouwkundige werken,in de ruimste zin en zowel in de sector van de privé-woningbouw als van de industriële constructiewerken,en de openbare werken. De aanneming van alle bouwwerken,grondwerken,metsel- en betonwerken,dakbedekking en isolatie tegen vochtigheid,thermische en geluidsisolatie,stukadoorwerken,arduin- en marmerwerken,glaswerken,lood- en zinkwerken,elektriciteitswerken
- E) het optrekken van de ruwbouw van gebouwen en de structuur van civieltechnische werken,inclusief het gieten van gewapend beton en het uitvoeren van metselwerken. Het plaatsen van dakbedekking van ongeacht welk materiaal en de bouw van dakconstructies. De coördinatie van alle aannemingen en onderaannemingen,de aankoop en verkoop,import en export,groothandel en kleinhandel,het vervoer en de vertegenwoordiging van alle bouwmaterialen,alle houtsoorten en metalen en alle afgewerkte producten en alle verrichtingen,inzonderheid privaat en openbare bouw,die enigszins rechtstreeks dit doel kunnen bevorderen of ermede verwant zijn. Het herstellen en onderhouden van wegen,aanleggen en speelpleinen,sportvelden,parken en tuinen.
- F) de uitvoering,de aanneming en de onderaanneming van alle afbraakwerken. De aanneming van alle openbare of private schilder-,behangers- en decoratiewerken. Het uitvoeren van alle bevloeringswerken en muurbekledingen,ongeacht de grondstof of de producten waaruit de gebruikte materialen zijn samengesteld,zonder dat aan deze omschrijving een beperkende interpretatie kan gegeven worden. Het uitvoeren van alle plafonneer-,cementeer- en alle andere pleisterwerken,plaatsen van chapes,gips en stafwerken. Het restaureren,reinigen en wassen van gebouwen,gevels en monumenten. Het bouwen en uitrusten van stellingen,etalages en standen.
- G) het beheer en het verwerven van een roerend en onroerend vermogen. de aankoop,verkoop,ruiling,exploitatie,verkaveling en het beheer van alle onroerende goederen zonder uitzondering gelegen in België en/of in het buitenland,voor eigen rekening. Het uitbaten,huren en verhuren van alle onroerende goederen. Dit alles in de meest uitgebreide betekening van de termen. Zij mag tevens om het even welke gelijkaardige handeling stellen die van aard zouden zijn de verwezenlijking van haar doel te vergemakkelijken of uit te breiden.
- Alle bouwprojecten en plannen ontwerpen bestuderen en verwezenlijken;
- Alle leningen en kredietopeningen aangaan en de onroerende goederen van de vennootschap in pand geven,zelfs ter waarborg van leningen of kredietopeningen toegestaan aan derden.
- Tegen vergoeding aan derden borg staan of geld uitlenen.
- Alle ondernemingen,verrichtingen en handelingen behorende tot de sector van de elektrische inrichtingen,installaties en elektriciteitswerken in de meest algemene zin; zowel voor de private als de openbare sector,daarin begrepen zijnde alle studiewerk,aannemingen,onderhouds- en herstellingswerk,constructies van elektrische en mechanisch aard;
- A) het leggen van ondergrondse kabels,zowel voor hoog- als laagspanning,voor signalisatie en telefoonverbindingen,en data netwerken,alsmede het plaatsen van bliksemafleiders;
- B) de aankoop,de verkoop,de invoer,de uitvoer,de plaatsing,het onderhoud,de vertegenwoordiging,de commissiehandel en de consignatie van alle materialen,benodigdheden en bijhorigheden dienstig voor het geheel van elektrische materialen;
- Alle handelsdaden welke betrekking hebben tot onroerende goederen opgericht of niet opgericht; de immobiliënactiviteit in de ruimste zin van het woord.
- Overgaan tot aankoop,verkoop,het ruilen,het huren,de constructie,de verkaveling,de uitbating,het beheer en de verzekering van alle gronden en gebouwen zonder beperkende opsomming.
Registered office and establishments
1 establishment| Establishment | Since | Unit number |
|---|---|---|
| Leuvenstraat 3 registered office 2000 Antwerp 68121 Development of residential building projects | 04-06-2019 | 2.289.918.491 |
Buildings and parcels at the address
- Ground area
- 3,727 m²
- Buildings
- 721 m²
- Volume, LiDAR
- 12,603 m³
- Tallest building
- 21.3 m
Buildings to scale, each on its own parcel
Environmental permits
11 applications in Flanders since 2019 · 7 granted · 1 under appeal| 07-04-2022 | Granted | Slopen van niet vrijstaande gebouwen of constructies; Verwijderen van vrijstaande gebouwen submitted 21-05-2021 · Subdivision · project 2021080380 | Provincie Vlaams-Brabant |
| 28-06-2021 | Granted | Nieuwbouw van bijgebouwen en niet overdekte lage constructie submitted 11-03-2021 · project 2021026751 | Mechelen |
| 14-06-2021 | Granted | Bouwen of herbouwen submitted 12-02-2021 · project 2021023939 | Schelle |
| 12-10-2020 | Granted | Verwijderen van vrijstaande gebouwen submitted 30-04-2020 · Subdivision · project 2020054687 | Beveren-Kruibeke-Zwijndrecht |
| 25-09-2020 | Granted | Bouwen of herbouwen; Nieuwbouw van bijgebouwen, niet-overdekte lage constructies en andere handelingen; Slopen van niet vrijstaande gebouwen of constructies submitted 05-06-2020 · project 2020071854 | Leuven |
| 30-04-2020 | Discontinued | Verwijderen van vrijstaande gebouwen submitted 30-03-2020 · Subdivision · project 2020040291 | Beveren-Kruibeke-Zwijndrecht |
| 06-04-2020 | Discontinued | Verwijderen van vrijstaande gebouwen submitted 10-03-2020 · Subdivision · project 2020024452 | Beveren-Kruibeke-Zwijndrecht |
| 05-02-2020 | Discontinued | Bouwen of herbouwen submitted 06-09-2019 · project 2019109809 | Rumst |
| 03-02-2020 | Granted | Bouwen of herbouwen submitted 18-11-2019 · project 2019136609 | Rumst |
| 04-11-2019 | Granted | Bouwen of herbouwen submitted 08-07-2019 · project 2019082690 | Mechelen |
The 10 most recent of 11 applications.
Source: Omgevingsloket Vlaanderen.
Parcels
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 11811L3973/00B002 | 3,727 m² | 1 · 721 m² | 21.3 m · 6 |
1 of these parcels carries protected heritage. Expect extra rules on renovation or sale.