Summary
PINE FOREST is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €345,457 and a net result of €167,665. Equity is growing by ~17.2% per year across the filed fiscal years. Its solvency ranks better than 87% of 5565 sector peers (fiscal year 2025). The company has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
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 13-03-2026, 140 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
140 d early
2024
48 d early
2023
44 d early
2022
53 d early
2021
18 d early
2020
2 d late
2019
129 d 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 61 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% of the sector filed late.
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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€345,457▼ 2.5%
2024 · €354,263
Net result
€167,665▲ 319%
2024 · €39,992
Total assets
€375,666▼ 28.9%
2024 · €528,345
Solvency
92.0%▲ 24.9pp
2024 · 67.1%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€112,520▲ 8.7%€49,818▼ 55.7%€4,773▼ 90.4%€44,415▲ 831%€18,156▼ 59.1%
Net result€89,386within the sector's middle half▲ 11.8%€47,721within the sector's middle half▼ 46.6%€9,358within the sector's middle half▼ 80.4%€39,992within the sector's middle half▲ 327%€167,665within the sector's middle half▲ 319%
Equity€257,193within the sector's middle half▲ 53.3%€304,914within the sector's middle half▲ 18.6%€314,272within the sector's middle half▲ 3.1%€354,263within the sector's middle half▲ 12.7%€345,457within the sector's middle half▼ 2.5%
Total assets€593,403within the sector's middle half▲ 11.9%€523,036below the sector's middle half▼ 11.9%€521,948below the sector's middle half▼ 0.2%€528,345below the sector's middle half▲ 1.2%€375,666below the sector's middle half▼ 28.9%
Debt€336,210▼ 7.3%€218,122▼ 35.1%€207,676▼ 4.8%€174,082▼ 16.2%€30,208▼ 82.6%
Working capital€314,108▼ 3.8%€262,215▼ 16.5%€266,625▲ 1.7%€159,000▼ 40.4%€193,933▲ 22.0%
Solvency43.3%within the sector's middle half▲ 11.7pp58.3%within the sector's middle half▲ 15.0pp60.2%within the sector's middle half▲ 1.9pp67.1%within the sector's middle half▲ 6.8pp92.0%above the sector's middle half▲ 24.9pp
Staff (FTE)0within the sector's middle half
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 59% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €375,666
Fixed assets
€151,524 ▼ 22.4%
Current assets
€224,142 ▼ 32.7%
Equity and liabilities €375,666
Equity
€345,457 ▼ 2.5%
Debt
€30,208 ▼ 82.6%
Debt's share of the balance-sheet total falls from 32.9% to 8.0%. Equity and debt are lower.
Key figures and ratios
ROE
48.5%▲
2024 · 11.3%
ROA
44.6%▲
2024 · 7.6%
Debt ≤ 1 year
€30,208▼
2024 · €174,082
Income taxes
€4,204▼
2024 · €14,839
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €8,056 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,702 | €5,053 | €5,053 | €2,383 | €506 | ▼ 78.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €30,000 | €0 | ▼ 100% |
| Other operating charges640/8 | €3,081 | €813 | €1,779 | €1,208 | €849 | ▼ 29.7% |
| Gross operating margin9900 | €118,302 | €55,684 | €11,605 | €78,006 | €19,511 | ▼ 75.0% |
| Operating profit (loss)9901 | €112,520 | €49,818 | €4,773 | €44,415 | €18,156 | ▼ 59.1% |
| Financial income75/76B | €150,655 | €18,169 | €22,944 | €10,602 | €153,958 | ▲ 1,352% |
| Recurring financial income75 | €150,655 | €18,169 | €22,944 | €10,602 | €153,958 | ▲ 1,352% |
| Financial charges65/66B | €115,921 | €2,875 | €203 | €186 | €245 | ▲ 31.9% |
| Recurring financial charges65 | €115,921 | €2,875 | €203 | €186 | €245 | ▲ 31.9% |
| Profit (loss) for the period before taxes9903 | €147,253 | €65,113 | €27,514 | €54,831 | €171,869 | ▲ 213% |
| Income taxes67/77 | €57,867 | €17,392 | €18,156 | €14,839 | €4,204 | ▼ 71.7% |
| Profit (loss) for the period9904 | €89,386 | €47,721 | €9,358 | €39,992 | €167,665 | ▲ 319% |
| Profit (loss) for the period to be appropriated9905 | €89,386 | €47,721 | €9,358 | €39,992 | €167,665 | ▲ 319% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €593,403 | €523,036 | €521,948 | €528,345 | €375,666 | ▼ 28.9% |
| Fixed assets21/28 | €207,752 | €202,699 | €197,647 | €195,264 | €151,524 | ▼ 22.4% |
| Tangible fixed assets22/27 | €12,752 | €7,699 | €2,647 | €264 | €1,524 | ▲ 477% |
| Furniture and vehicles24 | €12,752 | €7,699 | €2,647 | €264 | €1,524 | ▲ 477% |
| Financial fixed assets28 | €195,000 | €195,000 | €195,000 | €195,000 | €150,000 | ▼ 23.1% |
| Current assets29/58 | €385,651 | €320,337 | €324,301 | €333,082 | €224,142 | ▼ 32.7% |
| Amounts receivable after more than one year29 | €245,956 | €264,554 | €164,554 | €195,956 | €0 | ▼ 100% |
| Other amounts receivable291 | €245,956 | €264,554 | €164,554 | €195,956 | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €8,638 | €10,584 | €5,244 | €115,803 | €160,625 | ▲ 38.7% |
| Trade receivables40 | €8,471 | €10,417 | €4,801 | €115,200 | €42,600 | ▼ 63.0% |
| Other amounts receivable41 | €167 | €167 | €443 | €603 | €118,025 | ▲ 19,460% |
| Current investments50/53 | €0 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €119,238 | €17,504 | €123,099 | €21,322 | €63,517 | ▲ 198% |
| Deferred charges and accrued income490/1 | €11,819 | €27,695 | €31,405 | €0 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €593,403 | €523,036 | €521,948 | €528,345 | €375,666 | ▼ 28.9% |
| Equity10/15 | €257,193 | €304,914 | €314,272 | €354,263 | €345,457 | ▼ 2.5% |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €237,193 | €284,914 | €294,272 | €334,263 | €325,457 | ▼ 2.6% |
| Distributable reserves133 | €237,193 | €284,914 | €294,272 | €334,263 | €325,457 | ▼ 2.6% |
| Profit (loss) carried forward14 | - | - | - | - | €0 | - |
| Amounts payable17/49 | €336,210 | €218,122 | €207,676 | €174,082 | €30,208 | ▼ 82.6% |
| Amounts payable after more than one year17 | €260,000 | €160,000 | €150,000 | €0 | - | - |
| Financial debts170/4 | €260,000 | €160,000 | €150,000 | €0 | - | - |
| Amounts payable within one year42/48 | €71,543 | €58,122 | €57,676 | €174,082 | €30,208 | ▼ 82.6% |
| Financial debts43 | €50,000 | €0 | - | - | - | - |
| Credit institutions430/8 | €50,000 | €0 | - | - | - | - |
| Trade debts44 | €118 | €141 | €137 | €236 | €2,414 | ▲ 924% |
| Suppliers440/4 | €118 | €141 | €137 | €236 | €2,414 | ▲ 924% |
| Advances received on contracts in progress46 | €0 | - | - | - | - | - |
| Taxes, remuneration and social security45 | €15,531 | €22,227 | €23,294 | €32,320 | €26,471 | ▼ 18.1% |
| Taxes450/3 | €11,961 | €15,087 | €19,774 | €32,320 | €26,471 | ▼ 18.1% |
| Remuneration and social security454/9 | €3,570 | €7,140 | €3,520 | €0 | - | - |
| Other amounts payable47/48 | €5,894 | €35,755 | €34,245 | €141,526 | €1,324 | ▼ 99.1% |
| Accrued charges and deferred income492/3 | €4,667 | €0 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €89,386 | €47,721 | €9,358 | €39,992 | €167,665 | ▲ 319% |
| + Depreciation and write-downs630 | €2,702 | €5,053 | €5,053 | €2,383 | €506 | ▼ 78.8% |
| Operating cash flow (approximation) | €92,088 | €52,773 | €14,410 | €42,375 | €168,170 | ▲ 297% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €43,234 | - |
| Change in cash | - | -€101,734 | €105,594 | -€101,777 | €42,195 | ▲ 141% |
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
13-03
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Highest result since 2018net €167,665 ▲319%
Net result €167,665, the highest in the series.
31-12
Financial
Liquidity quadruplescurrent ratio 7.42
Current ratio from 1.91 to 7.42; short-term debt falls from €174,082 to €30,208.
13-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
17-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
08-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
13-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Equity above €200,000Eq €257,193 ▲53.3%
3 profitable years in a row build equity to €257,193.
02-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 2 days late
2020
31-12
Financial
Liquidity triplescurrent ratio 7.98
Current ratio from 2.60 to 7.98.
31-12
Financial
Equity above €150,000Eq €167,807 ▲91.1%
2 profitable years in a row build equity to €167,807.
24-03
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Back to profitnet €71,116
Net result €71,116 after one loss-making year.
12-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 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, Affligem · 1 establishment unit since 2018
Ground area
1,194 m²
Building footprint
146 m²
Volume, LiDAR
1,070 m³
Parcel 23030C0222/00P002, Flanders · tallest building 11.6 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
PINE FOREST
since 20182.276.358.287
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23030C0222/00P002 | Flanders | 1,194 m² | 1 · 146 m² | 11.6 m · 2 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.
Structure & network
Owners and holdings
2 holdingsOwners 0
The accounts to 31-12-2024 list no shareholders, and no other source names one.
Holdings 2
-
100%
-
50%
According to the 2024 annual accounts of PINE FOREST and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Recognitions · licences · registrations
Legal Entity Identifier
984500A2D08665674D15
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Of 24,729 companies in sector 64210 we hold annual accounts for 19,773. 13,781 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
Founded04-06-2018
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0697586980
Also
9925:BE0697586980
Registered
24-11-2023
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.