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Pinehurst

Active Public limited companyfounded 1990active for 36 yearsTieltsesteenweg 22, 9900 EekloKBO/BCE: BE 0442.284.168 #3 oldest company in Eeklo, Administrative and support services sector
Pinehurst
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Overview

Lifetime

19 annual accounts with figures on one time axis, 33 filings since 1992
peak €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 accounts

Equity

€52,024 from €128,892 in 2009

Equity fell by 60% in 16 years.

Losses

-€382,409 in two years
-215,6862024-166,7232025

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 strength
Weak

29+29equity 4.3% of total assets
47+11short-term debt 15.5% · cash 0.2%
2+2return on assets -13.7%

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
  • Small
  • 20 years or older
  • solvency under 10%
  • a loss of 10% of the balance sheet or more

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.

The companies in ten equal groups, from the lowest to the highest expected share
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.

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

Six signals.
lowers riskraises riskneutral
lowers risk · Size: total assets €1.2m
Companies of this size fail less often. How much that weighs depends on the rest of the company's profile.
NBB · annual accounts
raises risk · Loss of €166,723, the second in a row (financial year 2025)
NBB · annual accounts
raises risk · Sector: Services to buildings and landscape activities (NACE 81)
KBO
raises risk · 2 of the last 3 accounts late
NBB · filings
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 comparison
Position 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 filings
Deviation 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 months
Where today falls in the filing period
07-11-2026 today30-11-2026 year end30-06-2027 deadline
neutral · No strike-offs in the KBO publications
That holds for every publication since 2021.
KBO publications

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
All 44 events

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
Company details

Annual accounts to 30-11-2025

-€13,182▲ 48.8%
€166,723▼ 22.7%
€52,024
€1.2m▲ 155%
Filing
Filed on 30-06-2026, on the last day of the filing period
Financials

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.

Financials

Annual accounts 2025

abbreviated format, filed on 30-06-2026, on the day of the deadline
-€13,182
▲ €12,542
-€162,391
▲ €51,921
-€166,723
▲ €48,963
-€173,418
▼ €16,843
4.3%
▲ 142.8 percentage points
0.08
▲ 0.05

Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.

In the rankings #3 oldest company in Eeklo, Administrative and support services sector

Balance sheet

balance sheet total €1.2m on 30-11-2025
What the company ownsHow it is paid for

in euro

in euro

Position in the sector

Compare with sector

4.3%

Higher than 10% of 1,567 companies in 2025.

0.08

Lower than 95% of 1,538 companies in 2025.

-13.7%

Higher than 5% of 1,552 companies in 2025.

Pinehurst Middle half of the sector 80% of the sector Abbreviated accounts in building services and landscaping (NACE 81)

Net result: bottom quarter · Equity: middle half · Balance sheet total: middle half · Working capital: bottom quarter

Staff

Staff costs divided by the average number of full-time equivalents.

people who joined people who left

Filed annual accounts

as filed with the National Bank, click a year to choose it
Line Trend2025202420232022202120202019201820172015201420132012201120102009200820072006
Balance sheet: assets
20/58 1.2m477,200944,3271.0m1.1m1.2m1.3m1.2m1.3m1.4m1.5m1.2m1.0m1.1m1.2m1.2m1.3m1.3m1.2m
21/28 1.2m471,439562,235994,7431.1m1.2m1.3m1.2m1.3m1.4m1.4m1.1m969,8621.0m1.1m1.2m1.2m1.2m1.2m
21 -----------------6,65013,300
22/27 1.2m470,938561,734994,2421.1m1.2m1.3m1.2m1.3m1.4m1.4m1.1m969,8611.0m1.1m1.2m1.2m1.2m1.2m
22 1.2m382,908481,154930,2081.0m1.1m1.3m1.2m1.3m1.3m1.4m1.1m944,1931.0m1.1m1.1m1.2m1.2m1.2m
23 10,51913,04515,57116,69417,8612262716242,16014,72820,51923,7944,2185,0475,6386,5691,5686,31211,108
24 1,5122,0692,6713,2743,8772,82515,64029,66844,23215,91422,60537,60521,45039,19053,87324,57132,7625641,128
26 -72,91662,33844,06634,24421,61717,09517,09515,535----------
28 50150150150111111111111111-
29/58 15,2855,761382,09219,54322,01821,64924,3667,6607,83077,97059,36172,19544,72190,57683,17965,10858,22022,5017,282
40/41 12,3183,7972,580-7,65720,3915,6863,4323,04860,70649,12763,28432,62328,49042,03122,39037,44347,201
40 8,04727185-22519,9325,6862,4003,02915,28749,12723,67331,29128,38741,14922,19837,443-7,125
41 4,2713,7702,395-7,432458-1,0322045,419-39,6111,332103882193-476
50/53 ----13,253-----8,672--------
54/58 2,9371,964379,51219,543-70516,1612,9371,95514,771-8,91111,40155,83541,14842,71820,77822,49781
490/1 30---1,1085542,5191,2922,8262,4921,563-6976,251-----
Balance sheet: equity and liabilities
10/49 1.2m477,200944,3271.0m1.1m1.2m1.3m1.2m1.3m1.4m1.5m1.2m1.0m1.1m1.2m1.2m1.3m1.3m1.2m
10/15 52,024-661,253-445,567-450,692-262,492-64,51382,254-28,98377,318118,187120,408126,899128,075119,363114,682128,89278,39852,06637,256
10/11 200,000200,000200,000200,000200,000200,000200,000200,000200,000200,000200,000200,000200,000200,000200,000200,000200,000200,000200,000
10 200,000200,000200,000200,000200,000--------------
100 200,000200,000200,000200,000200,000200,000200,000200,000200,000200,000200,000200,000200,000200,000200,000200,000200,000200,000200,000
12 1.0m160,000160,000160,000160,000160,000180,000------------
13 40,00040,00040,00040,00040,00040,00020,000-9,57514,74514,74514,74514,74514,74514,74514,74514,745--
130 --------------14,74514,745---
132 --------9,575----------
133 40,00040,00040,00040,00040,00040,00020,000--14,74514,74514,74514,74514,745--14,745--
14 -1.2m-1.1m-845,567-850,692-662,492-464,513-317,746-228,983-132,257-96,558-94,337-87,846-86,670-95,382-100,062-85,853-136,347-147,934-162,744
16 --------41,386--10,00010,000------
160/5 --------40,000--10,00010,000------
162 --------40,000----------
168 --------1,386----------
17/49 1.2m1.1m1.4m1.5m1.4m1.3m1.2m1.2m1.2m1.3m1.4m1.1m876,5081.0m1.1m1.1m1.2m1.2m1.2m
17 976,117976,117976,117976,117976,1171.0m1.1m1.1m1.0m820,830877,711778,397774,660812,080851,937857,659913,761723,922741,026
170/4 976,117976,117976,117976,117976,1171.0m1.1m1.1m1.0m820,830877,711778,397774,660812,080851,937857,659913,761723,922741,026
42/48 188,703162,336413,777488,861409,690224,403168,393152,273185,629497,818505,002272,57696,201192,967225,183211,425250,618477,054425,552
42 -------13,65825,92656,88162,10744,70336,88539,85738,07628,742---
43 --------33,000280,000280,00050,000------499
430/8 --------33,000280,000280,00050,000------499
44 78,79314,7719,6756,903-3696,7213,6217,18938,67864429,3868,89112,40014,97715,14824,52721,746104,121
440/4 78,79314,7719,6756,903-3696,7213,6217,18938,67864429,3868,89112,40014,97715,14824,52721,746104,121
45 3,2283,2283,2285,7736608603,2232722923,9265,8853,7222,4077,629-2,10017,00910,705981
450/3 3,2283,2283,2285,7736608603,2232722923,9265,3423,7222,407--2,10017,009--
454/9 ----------543--7,629---10,705981
47/48 106,682144,337400,874476,185409,030223,174158,449134,722119,222118,333156,367144,76548,018133,081172,130165,435209,082444,604319,952
492/3 -------6,1189,3809,673-3,6755,64710,51710,85025,15311,900--
Income statement
76A ------40,498-8,945-10,00010,620884881,1787883,967--
9900 -13,182-25,724250,654-59,502-39,21113,19967,1789,498331,109164,965191,144145,398149,218131,685109,898167,872151,471126,849113,110
62 ----------6,524------1,4668,851
630 76,963101,374101,226117,925124,489143,821147,400138,154280,006131,333169,621113,26488,21887,39386,74176,53385,52777,76698,111
635/8 --------40,00040,000---10,000------
640/8 72,24687,214144,1549,50633,92812,5926,7839,34024,06111,05013,16910,8968,0149,7297,0336,46019,8437,0664,705
66A -----1,148--109769--821---121--
9901 -162,391-214,3125,274-186,933-197,628-144,362-87,005-97,996-13,06722,5831,83021,23842,98634,56316,12484,88046,10240,5511,443
75/76B --193-91942,793313929951152013011515127
75 --193-91942,793313929951152013011515127
65/66B 4041,3743421,1962732,2971,7679,42428,91724,06718,35717,83318,86730,50731,62235,27038,37625,74130,161
65 4041,3743421,1962732,2971,7679,42428,91724,06718,35717,83318,86730,50731,62235,27038,37625,74130,161
9903 -162,795-215,6865,125-188,129-197,892-146,658-88,763-107,416-39,190-2,223-6,48814,32424,6934,664-14,19050,51111,58714,810-28,692
67/77 3,928--7187109-272293-24--19-171917---
9904 -166,723-215,6865,125-188,200-197,979-146,767-88,763-106,301-40,870-2,221-6,49114,32424,7124,680-14,21050,49511,58714,810-28,692
789 -------9,5752,549----------
689 --------12,124----------
9905 -166,723-215,6865,125-188,200-197,979-146,767-88,763-96,726-50,444-2,221-6,49114,32424,7124,680-14,21050,49511,58714,810-28,692
Appropriation of the result
9906 -1.2m-1.1m-845,567-850,692-662,492-464,513-317,746-228,983-147,002-96,558-94,337-72,346-70,670-95,382-100,062-85,853-136,347-147,934-162,744
14P -1.1m-845,567-850,692-662,492-464,513--------------
791/2 --------14,745----------
694/7 -----------15,50016,000------
695 -----------15,50016,000------
Social balance sheet
9087 ----------0.3------0.10.2
Hours worked1013 ----------399------112740
Document PDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDF

The accounts for 14 older financial years (1992-2005) were filed as documents without figures as data, scans for example.

The notes to these accounts have 11 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 30-06-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank
Financial year Type Filed Reference Document
30-11-2025 abbreviated format 30-06-2026 2026-00248893 PDF
30-11-2024 micro format 25-09-2025 2025-00518575 PDF
30-11-2023 micro format 21-03-2025 2025-00052921 PDF
30-11-2022 micro format 19-10-2023 2023-00489507 PDF
30-11-2021 micro format 03-06-2022 2022-20045750 PDF
30-11-2020 micro format 08-06-2021 2021-18100583 PDF
30-11-2019 micro format 08-06-2020 2020-15100579 PDF
30-11-2018 micro format 04-06-2019 2019-15700313 PDF
30-11-2017 micro format 22-05-2018 2018-13300472 PDF
31-12-2015 abbreviated format 25-08-2016 2016-46800208 PDF
31-12-2014 abbreviated format 20-08-2015 2015-44200094 PDF
31-12-2013 abbreviated format 22-08-2014 2014-45000171 PDF
31-12-2012 abbreviated format 29-08-2013 2013-50000061 PDF
31-12-2011 abbreviated format 23-07-2012 2012-32300371 PDF
31-12-2010 abbreviated format 26-08-2011 2011-44500339 PDF
31-12-2009 abbreviated format 31-08-2010 2010-50200200 PDF
31-12-2008 abbreviated format 31-08-2009 2009-67100137 PDF
31-12-2007 abbreviated format 29-08-2008 2008-65000082 PDF
31-12-2006 abbreviated format 27-07-2007 2007-52300296 PDF
31-12-2005 abbreviated format 02-06-2006 2006-20204456 PDF
31-12-2004 abbreviated format 31-03-2006 2006-09705193 PDF
31-12-2003 abbreviated format 09-06-2004 2004-22205180 PDF
31-12-2002 abbreviated format 07-07-2003 2003-40604364 PDF
31-12-2001 abbreviated format 13-06-2002 2002-20704654 PDF
31-12-2000 abbreviated format 14-05-2001 2001-12602558 PDF
31-12-1999 abbreviated format 25-04-2001 2001-10604811 PDF
31-12-1998 abbreviated format 02-12-1999 1999-61800936 PDF
31-12-1997 abbreviated format 25-03-1999 1999-06001665 PDF
31-12-1996 abbreviated format 25-03-1999 1999-06001679 PDF
31-12-1995 abbreviated format 25-03-1999 1999-06001692 PDF
31-12-1994 abbreviated format 25-03-1999 1999-06001705 PDF
31-12-1993 abbreviated format 25-03-1999 1999-06001717 PDF
31-12-1992 abbreviated format 25-03-1999 1999-06001730 PDF

Key figures and ratios

per financial year, computed from the annual accounts
Line Trend2025202420232022202120202019201820172015201420132012201120102009200820072006
-85,428-112,938106,500-69,008-73,139-54160,39540,158266,939153,916171,451134,503131,204121,955102,865161,412131,629118,31799,554
-89,760-114,312106,351-70,275-73,489-2,94658,63731,853239,137129,113163,129127,588112,93092,07372,532127,02797,11492,57669,419
807,08310,57844,90811,37061,4295,78114,50114,160233,32556,112494,028262,75414,55012,27048,19438,09851,804111,756342,357
973-377,548359,969---15,45613,225981----2,490-44,43514,688-1,57021,940-1,71922,416-
-173,418-156,575-31,685-469,318-387,672-202,754-144,027-144,612-177,799-419,848-445,641-200,381-51,480-102,391-142,004-146,317-192,398-454,554-418,270
4.3%-138.6%-47.2%-44.4%-23.4%-5.4%6.2%-2.4%5.8%8.2%8.0%10.6%12.6%10.5%9.5%10.5%6.2%4.2%3.1%
0.080.040.920.040.050.100.140.050.040.160.120.260.460.470.370.310.230.050.02
22.39-----15.13-15.6611.2411.488.316.848.519.498.4915.0023.0731.31
-320.5%------107.9%--52.9%-1.9%-5.4%11.3%19.3%3.9%-12.4%39.2%14.8%28.4%-77.0%
-13.7%-45.2%0.5%-18.6%-17.6%-12.4%-6.7%-8.8%-3.1%-0.2%-0.4%1.2%2.4%0.4%-1.2%4.1%0.9%1.2%-2.4%
-211.46-82.20over 100-57.70-268.33--------------

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.

Investments

fixed assets acquired
Item30-11-202530-11-202430-11-202330-11-202230-11-2021
Tangible fixed assets-€10,578€44,908€10,870€61,429
Financial fixed assets---€500-
€76,963€101,374€101,226€117,925€124,489

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Insights on Pinehurst

The operating result for 2025 is a loss of €162,391, smaller than the loss of €214,312 in 2024.

Debt's share of the balance-sheet total is 95.7%.

Board & ownership

Board

2 directors, 1 in day-to-day management, last change in 2025
MERLEVEDE Patrick
Chair of the board and managing director
chair of the board appointed by deed of 01-09-2025 managing director in office according to the deed of 01-09-2025
listed in the 2022 annual accounts, filed on 19-10-2023
MERLEVEDE Denis
Director
in office according to the deed of 01-09-2025
listed in the 2022 annual accounts, filed on 19-10-2023
MERLEVEDE Patrick
Signing authorityThe articles say who may bind the company, for example by signing a contract.
“Artikel 20: Vertegenwoordiging van de vennootschap 1. Alle akten die de vennootschap verbinden, in en buiten rechte, zijn geldig wanneer zij…”
deed of 01-09-2025

Office holders in the KBO →

Mandates through the years

2 names, the dashed line is today
MERLEVEDE Denis
Director
MERLEVEDE Patrick
Managing director, Chair of the board
LeadershipBoardmandate already running before its first mention
Mandates as a list
  • MERLEVEDE Denis
    • Director, since before 30-11-2021
  • MERLEVEDE Patrick
    • Managing director, since before 30-11-2021
    • Managing director, since before 30-09-2022
    • Chair of the board, appointed by deed of 01-09-2025, still in office

See the board, name and registered office on a given date →

Control

See the annual accounts at the National Bank and the publications in the Belgian Official Gazette.

Capital

Capital
€200,000
Shares
2,000
Contribution per share
€100
Equity per share
€26.01 in 2025
Source
deed of 01-09-2025

Articles of association

deed of 01-09-2025 (in Dutch)
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
Financial yearThe company draws up its annual accounts over this twelve-month period.
From 1 January to 31 December
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
“Artikel 23: Organisatie en bijeenroeping De gewone algemene vergadering wordt jaarlijks gehouden op twee mei om tien uur. Bovendien moet het…”

Network & group

Holdings

own accounts to 30-11-2022
This companyPinehurst1 holding, 1 country accounts to 30-11-2022

Belgium 1

Source: list of holdings in its own 30-11-2022 accounts.

At the same address

Tieltsesteenweg 22, 9900 Eeklo · 3 other companies
JOBEQ
registered office since 14-02-2005 · founded in 2004 · accounts filed late
 total assets €162,199 (2024)
0864.851.901
Merlevede, Denis (sole trader)
establishment since 09-01-2023
 founded in 2023
0795.615.180
Klooster der Arme Claren Colettinen
registered office since 06-10-1924
 founded in 1924
0407.615.873

Holdings and subsidiaries

1 holding

Holdings 1

Share, source and own figures per holding (1)
Holdings through the years 2009 to 2022
Holdings through the years
Name200920102011201220142015201720182019202020212022
ACKNOWLEDGE 100%

Source: list of holdings in its own accounts

Connections & network

2 current directors
Depth

The network starts from the directors of Pinehurst. Every other company they run is a node.

This company Company Director Shareholding +N: links not shown yet Click a node to look further, drag to arrange, zoom with the mouse wheel.

Timeline

Timeline

44 events since 1990

Deadline for the 2026 accounts: 30-06-2027

2026
Annual accounts 2025 filed NBBabbreviated format · on the deadline day
2025
Annual accounts 2024 filed PDFmicro format · 87 days late
Amendment of the articles · Resignations & appointmentsReappointments: MERLEVEDE Patrick (managing director) and MERLEVEDE Denis (director) · Appointment: MERLEVEDE Patrick (chair of the board) · General meeting of 18-08-20258 points ▸
  • General meeting, 18-08-2025
  • Incorporation, 09-10-1990
  • Director reappointment, MERLEVEDE Patrick (managing director)
  • Director reappointment, MERLEVEDE Denis
  • Board meeting, 18-08-2025
  • Director appointment, MERLEVEDE Patrick (chair of the board)
  • Director appointment, MERLEVEDE Patrick (managing director)
  • Capital, €200,000, 2,000 shares
  • The deed holds 3 more points.

Open the deed in the Belgian Official Gazette

Annual accounts 2023 filed PDFmicro format · 264 days late
Registered in the Peppol Directory Reachable for e-invoices through 0208:0442284168
2024
Weakest financial year net -€215,686 The net result drops to -€215,686, the lowest from 2006 to 2025. It recovers the following year.
Environmental permit granted OmgevingsloketVerbouwen en/of uitbreiden met functiewijziging en met wijziging van aantal woongelegenheden · Eeklo
2023
Back to profit net €5,125 The net result is €5,125, after 8 loss-making years.
Annual accounts 2022 filed PDFmicro format · 111 days late
2022
Annual accounts 2021 filed PDFmicro format · 27 days before the deadline
2021
Annual accounts 2020 filed PDFmicro format · 22 days before the deadline
2020
Annual accounts 2019 filed PDFmicro format · 22 days before the deadline
2019
Annual accounts 2018 filed PDFmicro format · 26 days before the deadline
2018
Annual accounts 2017 filed PDFmicro format · 39 days before the deadline
2016
Annual accounts 2015 filed PDFabbreviated format · 25 days late
2015
Annual accounts 2014 filed PDFabbreviated format · 20 days late
2014
Annual accounts 2013 filed PDFabbreviated format · 22 days late
2013
Annual accounts 2012 filed PDFabbreviated format · 29 days late
2012
Annual accounts 2011 filed PDFabbreviated format · 8 days before the deadline
2011
Back to profit net €4,680 The net result is €4,680, after one loss-making year.
Annual accounts 2010 filed PDFabbreviated format · 26 days late
2010
Annual accounts 2009 filed PDFabbreviated format · 31 days late
2009
Highest result from 2006 to 2025 net €50,495 ▲336% The operating result of €84,880 and the net result of €50,495 are both a record.
Equity above €100,000 equity €128,892 ▲64.4% After 3 profitable years in a row, equity reaches €128,892.
Annual accounts 2008 filed PDFabbreviated format · 31 days late
2008
Annual accounts 2007 filed PDFabbreviated format · 29 days late
2007
Back to profit net €14,810 The net result is €14,810, after one loss-making year.
Annual accounts 2006 filed PDFabbreviated format · 4 days before the deadline
2006
Annual accounts 2005 filed PDFabbreviated format
Annual accounts 2004 filed PDFabbreviated format
2004
Annual accounts 2003 filed PDFabbreviated format
2003
Annual accounts 2002 filed PDFabbreviated format
2002
Annual accounts 2001 filed PDFabbreviated format
2001
Annual accounts 2000 filed PDFabbreviated format
Annual accounts 1999 filed PDFabbreviated format
1999
Annual accounts 1998 filed PDFabbreviated format
Annual accounts 1992 filed PDFabbreviated format
Annual accounts 1993 filed PDFabbreviated format
Annual accounts 1994 filed PDFabbreviated format
Annual accounts 1995 filed PDFabbreviated format
Annual accounts 1996 filed PDFabbreviated format
Annual accounts 1997 filed PDFabbreviated format
1996
First establishment PINEHURST NV, Tieltsesteenweg 22, Eeklo
1990
Incorporation published on 08-11-1990

Financial milestones sit on the financial year-end date, not the filing date.

Sources: Publications in the Belgian Official GazetteFilings with the National Bank

History

Pinehurst was incorporated on 9 October 1990.1 Total assets went from €1.2m in 2018 to €1.2m in 2025.2

  1. 1KBO register
  2. 2National Bank, annual accounts 2018 and 2025

Company details

Identity

Enterprise number
0442.284.168
VAT number
BE 0442.284.168
Peppol ID
0208:0442284168
Other Peppol ID
9925:BE0442284168
Legal form
Public limited company
Status
Active, normal situation
Founded
09-10-1990
Financial yearThe company draws up its annual accounts over this twelve-month period.
From 1 January to 31 December
deed of 01-09-2025 (in Dutch)
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
“Artikel 23: Organisatie en bijeenroeping De gewone algemene vergadering wordt jaarlijks gehouden op twee mei om tien uur. Bovendien moet het…”
deed of 01-09-2025 (in Dutch)
Peppol
Reachable since 30-01-2025Follow this company and you will hear the next morning if it leaves the Peppol register.
Name
Pinehurst in Dutch
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 01-09-2025 (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 01-09-2025 (in Dutch)

Activities

NACEBEL 2025
81100 Combined facilities support activities main activity
70200 Business and other management consultancy
Codes under NACEBEL 2008
81100 Combined facilities support activities main activity
70220 Business consulting
Codes under NACEBEL 2003
70321 main activity
74142
PurposeThe purpose describes the activities the company may carry out under its articles.
“De aankoop en de verkoop van alle onbebouwde en gebouwde onroerende goederen van alle aard en voor alle bestemmingen; Het verkavelen…”
14 activities
  1. De aankoop en de verkoop van alle onbebouwde en gebouwde onroerende goederen van alle aard en voor alle bestemmingen
  2. Het verkavelen, uitrusten, inrichten en tot waarde brengen op alle mogelijke wijzen van alle onbebouwde onroerende goederen
  3. Het bouwen, verbouwen, aanpassen, herstellen van alle gebouwen en constructies bij middel van alle technieken en in alle stadia van afwerking
  4. Het huren, verhuren en uitbaten op alle mogelijke wijzen van alle mogelijke onbebouwde en gebouwde goederen
  5. Het in bewaring nemen van onroerende goederen
  6. De specifieke activiteit van de onroerende promotie
  7. Het aanvaarden en uitoefenen van alle mandaten en opdrachten
  8. Het uitvoeren van alle onderzoeken en studies en het verstrekken van alle adviezen en het verlenen van alle bijstand inzake de inrichting, de planning en het beheer van ondernemingen en bedrijven
  9. Het aan en verkopen, het beheren, het beleggen in van portefeuillewaarden
  10. Het verstrekken van alle technische, boekhoudkundige, bedrijfseconomisch, fiscale, sociale, financiële en juridische adviezen en het verlenen van administratieve bijstand op elk gebied
  11. Het bemiddelen bij instellingen en ondernemingen in deze sectoren
  12. Het opstellen van technische, commerciële, administratieve, financiële en juridische rapporten en het voeren van onderhandelingen met alle daarbij betrokken instellingen en ondernemingen
  13. Het aankopen en verkopen van kunst, het organiseren van kunsttentoonstellingen en kunstverkopen, het organiseren van seminaries met bijhorende ca tering en overnachting
  14. Specifieke activiteiten
deed of 01-09-2025 (in Dutch)

Registered office and establishments

1 establishment
Establishment Since Unit number
PINEHURST NV registered office Tieltsesteenweg 22, 9900 Eeklo 6523 Insurance, reinsurance and pension funding, except compulsory social security 11-06-1996 2.076.890.556

Buildings and parcels at the address

Ground area
1,449 m²
Buildings
1,480 m²
Volume, LiDAR
10,725 m³
Tallest building
19.0 m
Buildings to scale, each on its own parcel
1,480 m², 19.0 m 1,480 m², 19.0 m

Environmental permits

2 applications in Flanders since 2024 · 1 granted
19-12-2025 Discontinued Functiewijziging zonder verbouwingswerken submitted 17-07-2025 · project 2025088122 Eeklo
10-09-2024 Granted Verbouwen en/of uitbreiden met functiewijziging en met wijziging van aantal woongelegenheden submitted 17-05-2024 · project 2024064535 Eeklo

Source: Omgevingsloket Vlaanderen.

Location

registered office establishment The establishment unit on the map
4 companies at this address See who is registered here

Parcels

Cadastral parcelArea Buildings Height / floors
43352E1447/00G0051,449 m² 1 · 1,480 m² 19.0 m · 3

Recognitions

Care and welfare

1 service · 0 live
Residentie Pinehurst
Care and Health agency · ended
Groep van Assistentiewoningen

Contact

E-mail Patrick@pinehurst.be
Phone +32 475 87 08 52
Phone +32 9 378 64 12 establishment in Eeklo

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