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 about 17% per year across the filed financial years. Its solvency ranks better than 87% of 6,658 sector peers (NACE 64, financial year 2025). The company has been active since 2018 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, abbreviated format
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
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result falls in 2025; 2025 is 59% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€18,156
2025
Net result€167,665
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€375,666
2025
Equity€345,457
2025
Debt€30,208
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€193,933
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)44.6%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency92.0%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio7.42
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€3,263-€99,904€103,494▲ 3.6%€112,520▲ 8.7%€49,818▼ 55.7%€4,773▼ 90.4%€44,415▲ 831%€18,156▼ 59.1%
Net result-€3,283-€71,116€79,974within the sector's middle half▲ 12.5%€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€16,717-€87,833▲ 425%€167,807within the sector's middle half▲ 91.1%€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€18,712-€290,831▲ 16×€530,486within the sector's middle half▲ 82.4%€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€1,995-€202,998▲ 102×€362,679▲ 78.7%€336,210▼ 7.3%€218,122▼ 35.1%€207,676▼ 4.8%€174,082▼ 16.2%€30,208▼ 82.6%
Working capital€1,717-€68,836▲ 40×€326,662above the sector's middle half▲ 375%€314,108above the sector's middle half▼ 3.8%€262,215within the sector's middle half▼ 16.5%€266,625within the sector's middle half▲ 1.7%€159,000within the sector's middle half▼ 40.4%€193,933within the sector's middle half▲ 22.0%
Solvency89.3%-30.2%▼ 59.1pp31.6%within the sector's middle half▲ 1.4pp43.3%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
Current ratio1.86-2.60▲ 0.747.98above the sector's middle half▲ 5.385.39above the sector's middle half▼ 2.595.51above the sector's middle half▲ 0.125.62above the sector's middle half▲ 0.111.91within the sector's middle half▼ 3.717.42above the sector's middle half▲ 5.51
Return on assets (ROA)-17.5%-24.5%▲ 42.0pp15.1%above the sector's middle half▼ 9.4pp15.1%above the sector's middle half=9.1%within the sector's middle half▼ 5.9pp1.8%within the sector's middle half▼ 7.3pp7.6%within the sector's middle half▲ 5.8pp44.6%above the sector's middle half▲ 37.1pp
Staff (FTE)0within the sector's middle half
above
within
below
the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the abbreviated or micro format does not require them.
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%
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 | 2018 | 2019 | 2020 | 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 | - | €6,998 | €6,998 | €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 | -€3,263 | €108,356 | €121,170 | €118,302 | €55,684 | €11,605 | €78,006 | €19,511 | ▼ 75.0% |
| Operating profit (loss)9901 | -€3,263 | €99,904 | €103,494 | €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 | ▲ 15× |
| Recurring financial income75 | €0 | €0 | €17,045 | €150,655 | €18,169 | €22,944 | €10,602 | €153,958 | ▲ 15× |
| Financial charges65/66B | - | - | - | €115,921 | €2,875 | €203 | €186 | €245 | ▲ 31.9% |
| Recurring financial charges65 | €20 | €25 | €10,869 | €115,921 | €2,875 | €203 | €186 | €245 | ▲ 31.9% |
| Profit (loss) for the period before taxes9903 | -€3,283 | €99,879 | €109,670 | €147,253 | €65,113 | €27,514 | €54,831 | €171,869 | ▲ 213% |
| Income taxes67/77 | - | €28,763 | €29,696 | €57,867 | €17,392 | €18,156 | €14,839 | €4,204 | ▼ 71.7% |
| Profit (loss) for the period9904 | -€3,283 | €71,116 | €79,974 | €89,386 | €47,721 | €9,358 | €39,992 | €167,665 | ▲ 319% |
| Profit (loss) for the period to be appropriated9905 | -€3,283 | €71,116 | €79,974 | €89,386 | €47,721 | €9,358 | €39,992 | €167,665 | ▲ 319% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €18,712 | €290,831 | €530,486 | €593,403 | €523,036 | €521,948 | €528,345 | €375,666 | ▼ 28.9% |
| Fixed assets21/28 | €15,000 | €178,997 | €156,998 | €207,752 | €202,699 | €197,647 | €195,264 | €151,524 | ▼ 22.4% |
| Tangible fixed assets22/27 | - | €13,997 | €6,998 | €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 | €15,000 | €165,000 | €150,000 | €195,000 | €195,000 | €195,000 | €195,000 | €150,000 | ▼ 23.1% |
| Current assets29/58 | €3,712 | €111,834 | €373,487 | €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 | €542 | €5,243 | €6,896 | €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 | ▲ 196× |
| Current investments50/53 | - | - | €13,172 | €0 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €3,170 | €106,592 | €86,375 | €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 | €18,712 | €290,831 | €530,486 | €593,403 | €523,036 | €521,948 | €528,345 | €375,666 | ▼ 28.9% |
| Equity10/15 | €16,717 | €87,833 | €167,807 | €257,193 | €304,914 | €314,272 | €354,263 | €345,457 | ▼ 2.5% |
| Contributions10/11 | €20,000 | €20,000 | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | - | €67,833 | €147,807 | €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 | -€3,283 | €0 | - | - | - | - | - | €0 | - |
| Amounts payable17/49 | €1,995 | €202,998 | €362,679 | €336,210 | €218,122 | €207,676 | €174,082 | €30,208 | ▼ 82.6% |
| Amounts payable after more than one year17 | - | €160,000 | €310,000 | €260,000 | €160,000 | €150,000 | €0 | - | - |
| Financial debts170/4 | - | - | - | €260,000 | €160,000 | €150,000 | €0 | - | - |
| Amounts payable within one year42/48 | €1,995 | €42,998 | €46,826 | €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 | - | €95 | €538 | €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 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3,283 | €71,116 | €79,974 | €89,386 | €47,721 | €9,358 | €39,992 | €167,665 | ▲ 319% |
| + Depreciation and write-downs630 | - | €6,998 | €6,998 | €2,702 | €5,053 | €5,053 | €2,383 | €506 | ▼ 78.8% |
| Operating cash flow (approximation) | -€3,283 | €78,114 | €86,972 | €92,088 | €52,773 | €14,410 | €42,375 | €168,170 | ▲ 297% |
| Investment in fixed assets (approximation) | - | -€170,995 | €15,000 | -€53,455 | €0 | €0 | €0 | €43,234 | - |
| Change in cash | - | €103,421 | -€20,217 | €32,864 | -€101,734 | €105,594 | -€101,777 | €42,195 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 13-03-2026 | 2026-00053875 |
| 31-12-2024 | abbreviated format | 13-06-2025 | 2025-00137366 |
| 31-12-2023 | abbreviated format | 17-06-2024 | 2024-00134756 |
| 31-12-2022 | abbreviated format | 08-06-2023 | 2023-00114292 |
| 31-12-2021 | abbreviated format | 13-07-2022 | 2022-20180318 |
| 31-12-2020 | abbreviated format | 02-08-2021 | 2021-44800286 |
| 31-12-2019 | micro format | 24-03-2020 | 2020-07300474 |
| 31-12-2018 | abbreviated format | 12-06-2019 | 2019-17200596 |
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Of the 24,457 active companies whose main activity is activities of holding companies (NACE 64210), figures are known for 20,067. 13,930 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.