Pinehurst
ActivePinehurst has been active since 1990 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €52k and a net result of €-167k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 10% of 1200 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
45
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability2▲+2
Solvency29▲+29
Growth52▲+20
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2k at 30 days acceptable
Liquidity short (current ratio 0.08 against 0.04 in 2024; short-term debt: 15.5% and cash: 0.2% of total assets), and 95.7% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 81
Relative position
BE, all sectors
reference
Sector 81
higher
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
4.3%
Return on assets
-13.7%
Age of the figures
10 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 10% of 1200 sector peers (2025).
NBB · sector comparisonPosition among 1200 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 d late
2023
264 d late
2022
111 d late
2021
27 d early
2020
22 d early
2019
22 d early
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 30-11-2026 and is due by 30-06-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
22-09-2026 today30-11-2026 close30-06-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€52k
2024 · €-661k
2018: €-29k
2019: €82k
2020: €-65k
2021: €-262k
2022: €-451k
2023: €-446k
2024: €-661k
2018 → 2025
Total assets
€1.22M▲ 155%
2024 · €477k
2018: €1.21M
2019: €1.33M
2020: €1.19M
2021: €1.12M
2022: €1.01M
2023: €944k
2024: €477k
2018 → 2025
Net result
€-167k▲ 22.7%
2024 · €-216k
2018: €-106k
2019: €-89k
2020: €-147k
2021: €-198k
2022: €-188k
2023: €5k
2024: €-216k
2018 → 2025
Working capital
€-173k▼ 10.8%
2024 · €-157k
2018: €-145k
2019: €-144k
2020: €-203k
2021: €-388k
2022: €-469k
2023: €-32k
2024: €-157k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€-262k-€-451k▼ 71.7%€-446k▲ 1.1%€-661k▼ 48.4%€52k
Operating result€-198k-€-187k▲ 5.4%€5k€-214k€-162k▲ 24.2%
Net result€-198k-€-188k▲ 4.9%€5k€-216k€-167k▲ 22.7%
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 stays negative: a loss of €162k in 2025 against €214k in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.22M
Fixed assets
€1.20M▲ 155%
Current assets
€15k▲ 165%
Equity and liabilities €1.22M
Equity
€52k
Debt
€1.16M
Debt finances 95.7% of the balance-sheet total.
Key figures and ratios
EBITDA
€-85k▲
2024 · €-113k
Cash flow
€-90k▲
2024 · €-114k
Solvency
4.3%▲
2024 · -138.6%
Current ratio
0.08▲
2024 · 0.04
Quick ratio
0.08▲
2024 · 0.04
Debt / equity
22.39▲
2024 · -1.72
ROE
-320.5%
ROA
-13.7%▲
2024 · -45.2%
Interest coverage
-211.46▼
2024 · -82.20
Debt
€1.16M▲
2024 · €1.14M
Debt ≤ 1 year
€189k▲
2024 · €162k
Debt > 1 year
€976k=
2024 · €976k
Income taxes
€4k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€477k€1.22M▲
Fixed assets21/28€471k€1.20M▲
Tangible fixed assets22/27€471k€1.20M▲
Land and buildings22€383k€1.19M▲
Plant, machinery and equipment23€13k€11k▼
Furniture and vehicles24€2k€2k▼
Other tangible fixed assets26€73k-
Financial fixed assets28€501€501=
Current assets29/58€6k€15k▲
Amounts receivable within one year40/41€4k€12k▲
Trade receivables40€27€8k▲
Other amounts receivable41€4k€4k▲
Cash at bank and in hand54/58€2k€3k▲
Deferred charges and accrued income490/1-€30
Equity and liabilities
Total equity and liabilities10/49€477k€1.22M▲
Equity10/15€-661k€52k▲
Contributions10/11€200k€200k=
Capital10€200k€200k=
Issued capital100€200k€200k=
Revaluation surpluses12€160k€1.04M▲
Reserves13€40k€40k=
Distributable reserves133€40k€40k=
Profit (loss) carried forward14€-1.06M€-1.23M▼
Amounts payable17/49€1.14M€1.16M▲
Amounts payable after more than one year17€976k€976k=
Financial debts170/4€976k€976k=
Amounts payable within one year42/48€162k€189k▲
Trade debts44€15k€79k▲
Suppliers440/4€15k€79k▲
Taxes, remuneration and social security45€3k€3k=
Taxes450/3€3k€3k=
Other amounts payable47/48€144k€107k▼
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€101k€77k▼
Other operating charges640/8€87k€72k▼
Gross operating margin9900€-26k€-13k▲
Operating profit (loss)9901€-214k€-162k▲
Financial charges65/66B€1k€404▼
Recurring financial charges65€1k€404▼
Profit (loss) for the period before taxes9903€-216k€-163k▲
Income taxes67/77-€4k
Profit (loss) for the period9904€-216k€-167k▲
Profit (loss) for the period to be appropriated9905€-216k€-167k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-1.06M€-1.23M▼
Profit (loss) brought forward from the previous period14P€-846k€-1.06M▼
The notes to these accounts (11 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
30-06
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
25-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 87 days late
21-03
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 264 days late
2024
30-11
Financial
Weakest financial yearnet €-216k ▼4309%
Net result drops to €-216k, the lowest in the series; recovery starts the following year.
2023
30-11
Financial
Back to profitnet €5k
Net result €5k after 5 loss-making years.
19-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 111 days late
2022
03-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
08-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
08-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
04-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
22-05
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2016
25-08
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 25 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
6 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, Eeklo · 1 establishment unit since 1996
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Tieltsesteenweg 229900 EekloGround area
1,449 m²
Building footprint
1,480 m²
Volume, LiDAR
10,725 m³
Parcel 43352E1447/00G005, Flanders · tallest building 19.0 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
PINEHURST NV
since 19962.076.890.556
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 43352E1447/00G005 | Flanders | 1,449 m² | 1 · 1,480 m² | 19.0 m · 3 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Care and welfare
1 service · 0 liveResidentie Pinehurst
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Of 1,280 companies in sector 81100 we hold annual accounts for 677. 381 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded09-10-1990
Fiscal year end30-11
Activities, NACEBEL
70321
81100Combined facilities support activities
70200Business and other management consultancy
70220Business consulting
74142
Sources
Crossroads Bank for EnterprisesNational Bank · 33 filingsAddress and cadastre registers
Data from official sources, last processed on 22-09-2026. Scores and ratios are computed by Checked and are not a credit decision.