Equity
€52,024 from €128,892 in 2009
Equity fell by 60% in 16 years.
Pinehurst
Lifetime
19 annual accounts with figures on one time axis, 33 filings since 1992peak €331,109 (2017)
-€13,182▲ €12,542
lowest -€215,686 (2024)
-€166,723▲ €48,963
peak €128,892 (2009)
€52,024▲ €713,277
€1.2m▲ 2.3%
peak 0.3 FTE (2014)
-not published
Board2 names since 2021
2 directorsMERLEVEDE Denis and 1 other
Documentsfilings and deeds
30-06-2026on the last day
2025abbreviated format
Gross margin from -€25,724 to -€13,182Loss of €166,723Amendment of the articles · Resignations & appointments 01-09Equity from -€661,253 to €52,024Investments €807,083Cash from €1,964 to €2,937
Key points
from the 2025 annual accountsLosses
-€382,409 in two years
The 2024 and 2025 financial years closed with a loss. 2024 was the heaviest.
Debts
€1.2m 96% of the balance sheet
Financial debts 84%Suppliers 7%Taxes and wages 0%Other 9%
Of this, €188,703 falls due within a year.
Turnover not published (abbreviated or micro format)
Checked score
52
Fair
Financially stronger than 39% of micro companies in building services and landscaping (NACE 81)
Probability in this band: 1.5% to 4.2%
Bankruptcy probability within 12 months
2.3% Moderate
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.9% across 7,710 companies (NACE 81, micro).
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 6.2%
01-2025: 6.2%● unchanged vs 12-2024
02-2025: 6.3%▲ +0.1 percentage points vs 01-2025highest value
03-2025: 5.7%▼ -0.6 percentage points vs 02-2025
04-2025: 1.6%▼ -4.1 percentage points vs 03-2025
05-2025: 1.5%▼ -0.1 percentage points vs 04-2025lowest value
06-2025: 1.6%▲ +0.1 percentage points vs 05-2025
07-2025: 1.8%▲ +0.2 percentage points vs 06-2025
08-2025: 2.1%▲ +0.3 percentage points vs 07-2025
09-2025: 2.2%▲ +0.1 percentage points vs 08-2025
10-2025: 2.1%▼ -0.1 percentage points vs 09-2025
11-2025: 4.8%▲ +2.7 percentage points vs 10-2025
12-2025: 4.8%● unchanged vs 11-2025
01-2026: 4.8%● unchanged vs 12-2025
02-2026: 4.7%▼ -0.1 percentage points vs 01-2026
03-2026: 4.7%● unchanged vs 02-2026
04-2026: 4.5%▼ -0.2 percentage points vs 03-2026
05-2026: 4.4%▼ -0.1 percentage points vs 04-2026
06-2026: 4.7%▲ +0.3 percentage points vs 05-2026
07-2026: 2.3%▼ -2.4 percentage points vs 06-2026
08-2026: 2.3%● unchanged vs 07-2026
09-2026: 2.3%● unchanged vs 08-2026
10-2026: 2.3%● unchanged vs 09-2026
11-2026: 2.3%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Loss of €166,723, the second in a row (financial year 2025)
Sector: Services to buildings and landscape activities (NACE 81)
2 of the last 3 accounts late
lowers risk
Size: total assets €1.2m
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 (NACE 81, micro). It does better than 14% of them on solvency, 42% on liquidity, 9% on profitability and 91% on growth.
The bankruptcy probability was computed on 06-11-2026 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 30-11-2025.
Of the companies with a bankruptcy probability in the moderate class on 30-06-2025, 2.4% 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, 175 companies had the same profile as Pinehurst has now. Each dot is one company, two years later.
85.1%
were still trading
8.6%
stopped another way
5.7%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Pinehurst itself: 2.3% 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 175 companies, not a prediction for Pinehurst. 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 €2,500 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.08 (0.04 in 2024), below 1. Short-term debt is 15.5% and cash 0.2% of total assets. 95.7% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 10% of 1567 sector peers (2025).
NBB · sector comparisonPosition among 1567 sector peers
Solvency
better than 10%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 30-11-2025 was due by 30-06-2026 and was filed on 30-06-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
87 days late
2023
264 days late
2022
111 days late
2021
27 days early
2020
22 days early
2019
22 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 56 days after the deadline. In the sector (NACE 81), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 30-11-2026 and is due by 30-06-2027. Nothing is late today. The company usually files around 25 September (4 of the last 5 accounts filed within 114 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
07-11-2026 today30-11-2026 year end30-06-2027 deadline
Recent changes
Amendment of the articles · Resignations & appointments
Reappointments: MERLEVEDE Patrick (managing director) and MERLEVEDE Denis (director) · Appointment: MERLEVEDE Patrick (chair of the board) · General meeting of 18-08-2025 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0442284168
Environmental permit granted
Verbouwen en/of uitbreiden met functiewijziging en met wijziging van aantal woongelegenheden · Eeklo
First establishment
PINEHURST NV, Tieltsesteenweg 22, Eeklo
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| Pinehurst Eeklo | €1.2m | -€13,182 | 4.3% | - |
| C & F SWAELENS Mechelen | €1.4m | -€3,619 | 74.9% | - |
| VERIMMO Mechelen | €0.9m | -€12,092 | 97.5% | 0 |
| KADINA Ingelmunster | €0.8m | -€26,351 | 58.9% | - |
| HASSELTSE ADVIESMAATSCHAPPIJ VOOR DE REALISATIE VAN PROJECTEN Hasselt | €0.8m | -€1,867 | 34.9% | - |
| CREMO Schelle | €1.1m | -€7,943 | 42.7% | 0 |
| TALENT Etterbeek | €2.3m | -€6,730 | 44.8% | - |
These companies have the same main activity as Pinehurst: combined facilities support activities (NACE 81100). They are comparable in size and age: total assets between €762,000 and €2.3m, founded between 1990 and 1997.
Official details
Source: KBO- Status
- Active since 09-10-1990Normal situation
- Activity
- Combined facilities support activitiesNACE 81100and 1 other
- Establishment unit
- 2.076.890.5569900 Eeklo, since 11-06-1996
- Financial year end
- 30 November
- Peppol
- Reachable since 30-01-2025
Annual accounts to 30-11-2025
- €1.2m▲ 155%
- Filing
- Filed on 30-06-2026, on the last day of the filing period
Insights on Pinehurst
Pinehurst files the abbreviated format. That format states no turnover. The gross margin fell from €113,110 in 2006 to -€13,182 in 2025.
The balance sheet grew most in 2025 through fixed assets.
In September 2025, the Official Gazette published the appointment of MERLEVEDE Patrick as managing director.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about Pinehurst
- What is the company number of Pinehurst?
- The company number of Pinehurst is 0442.284.168. The VAT number is the same number with BE in front: BE 0442.284.168.
- Where is Pinehurst based?
- The registered office is at Tieltsesteenweg 22, 9900 Eeklo.Company details
- What does Pinehurst do?
- According to the KBO register, the main activity is combined facilities support activities (NACE 81100).
- What is the legal form of Pinehurst?
- Pinehurst is a public limited company (NV).
- When was Pinehurst founded?
- Pinehurst was founded on 09-10-1990.
- Is Pinehurst still active?
- Yes, Pinehurst is an active enterprise in the KBO register.
- What is the turnover of Pinehurst?
- The annual accounts for financial year 2025 state no turnover. The abbreviated or micro format does not require it.Financials
- Is Pinehurst profitable?
- In financial year 2025, Pinehurst made a loss of €166,723.
- Where can I find the annual accounts of Pinehurst?
- Pinehurst filed 33 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of Pinehurst due?
- Pinehurst must file the annual accounts for financial year 2026 by 30-06-2027.Timeline
Next steps
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