Pinus Mugo
ActivePinus Mugo has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €42.21M and a net result of €1.14M. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 60% of 4501 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
72
/ 100
Healthy
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability63▲+38
Solvency75▲+48
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €500k at 30 days acceptable
Liquidity ample (current ratio 12.47 against 0.04 in 2024; short-term debt: 0.4% and cash: 3.2% of total assets), and 49.8% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Sector 68
lower
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
50.2%
Return on assets
1.4%
Age of the figures
9 mo
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 03-06-2026, 58 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
58 d early
2024
141 d early
2023
12 d late
2022
42 d early
2021
32 d early
2020
24 d early
2019
29 d early
← before the deadline
after the deadline →
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
16-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€5.37M
EBIT margin
54.3%
Net result
€1.14M
2024 · €-1.79M
2018: €451
2019: €-2k
2020: €-3k
2021: €-90k
2022: €-323k
2023: €-530k
2024: €-1.79M
2018 → 2025
Working capital
€4.25M
2024 · €-79.48M
2019: €57k
2021: €-8.73M
2022: €-5.87M
2023: €-69.43M
2024: €-79.48M
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€5.37M
Equity€-36k-€-359k▼ 899%€-889k▼ 148%€1.32M€42.21M▲ 3,106%
Operating result€64k-€-29k€870k€2.17M▲ 149%€2.91M▲ 34.4%
Net result€-90k-€-323k▼ 259%€-530k▼ 64.3%€-1.79M▼ 238%€1.14M
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 34% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €84.13M
Fixed assets
€79.50M▼ 3.4%
Current assets
€4.62M▲ 26.6%
Equity and liabilities €84.13M
Equity
€42.21M▲ 3,106%
Debt
€41.92M▼ 50.5%
The debt ratio falls from 98.5% to 49.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€5.15M▲
2024 · €4.21M
Cash flow
€3.38M▲
2024 · €248k
Solvency
50.2%▲
2024 · 1.5%
Current ratio
12.47▲
2024 · 0.04
Quick ratio
12.47▲
2024 · 0.04
Debt / equity
0.99▼
2024 · 64.26
ROE
2.7%▲
2024 · -136.3%
ROA
1.4%▲
2024 · -2.1%
Interest coverage
2.89▲
2024 · 1.06
Debt
€41.92M▼
2024 · €84.61M
Debt ≤ 1 year
€371k▼
2024 · €83.13M
Debt > 1 year
€40.00M
Income taxes
€11k
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€85.93M€84.13M▼
Fixed assets21/28€82.28M€79.50M▼
Tangible fixed assets22/27€82.28M€79.50M▼
Land and buildings22€82.28M€79.43M▼
Assets under construction and advance payments27-€74k
Current assets29/58€3.65M€4.62M▲
Stocks and contracts in progress3-€0
Amounts receivable within one year40/41€213k€1.90M▲
Trade receivables40€213k€1.90M▲
Cash at bank and in hand54/58€3.44M€2.68M▼
Deferred charges and accrued income490/1-€40k
Equity and liabilities
Total equity and liabilities10/49€85.93M€84.13M▼
Equity10/15€1.32M€42.21M▲
Contributions10/11€4.06M€43.82M▲
Capital10€4.06M€43.82M▲
Issued capital100€4.06M€43.82M▲
Profit (loss) carried forward14€-2.74M€-1.61M▲
Amounts payable17/49€84.61M€41.92M▼
Amounts payable after more than one year17-€40.00M
Financial debts170/4-€40.00M
Credit institutions173-€40.00M
Amounts payable within one year42/48€83.13M€371k▼
Financial debts43€70.08M€0▼
Credit institutions430/8€70.08M€0▼
Trade debts44€1.15M€102k▼
Suppliers440/4€1.15M€102k▼
Taxes, remuneration and social security45€264k€269k▲
Taxes450/3€264k€269k▲
Other amounts payable47/48€11.63M€0▼
Accrued charges and deferred income492/3€1.48M€1.55M▲
Income statement
Code20242025
Operating income70/76A-€5.94M
Turnover70-€5.37M
Other operating income74-€572k
Non-recurring operating income76A€211k€0▼
Operating charges60/66A-€3.02M
Goods for resale, raw materials and consumables60-€0
Purchases600/8-€0
Services and other goods61-€441k
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€2.04M€2.24M▲
Other operating charges640/8€307k€342k▲
Gross operating margin9900€4.52M-
Operating profit (loss)9901€2.17M€2.91M▲
Financial income75/76B-€19k
Recurring financial income75-€19k
Income from current assets751-€19k
Other financial income752/9-€0
Financial charges65/66B€3.96M€1.78M▼
Recurring financial charges65€3.96M€1.78M▼
Debt charges650-€1.78M
Other financial charges652/9-€2k
Profit (loss) for the period before taxes9903€-1.79M€1.15M▲
Income taxes67/77-€11k
Taxes670/3-€11k
Profit (loss) for the period9904€-1.79M€1.14M▲
Profit (loss) for the period to be appropriated9905€-1.79M€1.14M▲
Appropriation of the result
Profit (loss) to be appropriated9906€-2.74M€-1.61M▲
Profit (loss) brought forward from the previous period14P€-950k€-2.74M▼
The notes to these accounts (33 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
03-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Back to profitnet €1.14M
Net result €1.14M after 6 loss-making years.
31-12
Financial
Liquidity times 284current ratio 12.47
Current ratio from 0.04 to 12.47; short-term debt falls from €83.13M to €371k.
31-12
Financial
Equity above €25MEq €42.21M ▲3106%
Equity rises from €1.32M to €42.21M.
12-03
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Weakest financial yearnet €-1.79M
Net result drops to €-1.79M, the lowest in the series; recovery starts the following year.
31-12
Financial
Equity above €1MEq €1.32M
Equity rises from €-889k to €1.32M.
20-11
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 12 days late
12-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 12 days late
2023
19-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
29-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
07-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
02-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
02-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
28-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
8 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, Brussel · 1 establishment unit since 2016
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.
Marnixlaan 231000 BrusselGround area
1,027 m²
Building footprint
800 m²
Volume, LiDAR
19,374 m³
Parcel 21805E0534/00D000, Brussels · tallest building 44.0 m, ±8 floors. Linked by address, not a title deed.
1 establishment unit
Pinus Mugo
since 20162.258.190.286
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21805E0534/00D000 | Brussels | 1,027 m² | 1 · 800 m² | 44.0 m · 8 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.
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SEAPORT TERMINALS
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Of 12,012 companies in sector 68203 we hold annual accounts for 5,979. 667 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded13-10-2016
Fiscal year end31-12
Activities, NACEBEL
68203Renting and operating of own or leased non-residential real estate, excluding land
Sources
Crossroads Bank for EnterprisesNational Bank · 10 filingsAddress and cadastre registers
Data from official sources, last processed on 16-09-2026. Scores and ratios are computed by Checked and are not a credit decision.