It was their only defeat in a top class competition and they finished joint third. The top two teams Antwerp and the Ukranian Sumchanka were promoted.
The first half of yesterday's game was superb and Pegasus got off to a dream start when Claire McMahon seized on a defensive error, rounded the keeper and scooped the ball into the net after only two minutes.
But Antwerp showed why they are one of the top forces in European hockey immediately forcing Pegaus goalkeeper Sharon Moffett to make a brave clearance from one of their counter attacks.
Then the game went on fire for a six minute period. Margaux equalised from Antwerp's first penalty corner and then they went into the lead thanks to a goal from their captain and best player Sofie, a former Dutch international.
Pegasus proved that they know a thing or two about hockey at this level when they fought back to level the scores. Captain Arlene Boyles switched the penalty corner to McMahon and she swept the ball into the goal from the left.
It was an absorbing first-half with Pegasus strikers Alex Speers and Susie Beaney shrugging off some very close attention from the Antwerp defenders.
The Pegaus defence also had to show their mettle against a fast forward line and right-back Nadine Brown was yellow-carded five minutes before half-time when she up-ended an Antwerp forward just outside the 25 yard line.
Brown had only returned to the game at the second-half when she was stick tackled by Laurine who was yellow-carded – this was not a game for the faint hearted.
Ten minutes into the second half Jill Orbinson was yellow-carded for a tackle in the circle and Laurine, who had just come back on after suspension, put Antwerp into a 3-2 lead.
With eight minutes to go the very quick Antwerp forward line broke free and Irma fired the ball into the roof of the net, although many of the Pegasus defenders and most of their supporters thought the ball had cannoned off the crossbar.
More misfortune passed the way of Brown when, in the second half, she was red-carded for a tackle that she did not make, but captain Boyles encouraged the two umpires to consult and they changed their minds allowing Brown out of the sin-bin.
Pegasus played wonderful hockey and won 13 penalty corners while conceding only three but Antwerp just too strong, and in the end it was the Belgian champions who inflicted the first defeat on the All Ireland champions in the same competition in Berlin last year when they lost on penalty strokes to Dundee.
Pegasus completed their pool games on Saturday with a 3-3 draw against Sumchanka with goals coming from Orbinson, Boyles and McMahon.
The 40 Pegasus supporters who travelled with the team selected Nadine Brown as the Club Player of the Tournament.
SQUAD: Alex Crompton (manager), Billy McConnell (coach), Sharon Moffett, Donna Hawthorne, Nadine Brown, Jill Orbinson, Arlene Boyles, Catherine Smyth, Kate McConnell, Lynsey Mallon, Kirsty McCollum, Claire McMahon, Susie Beaney, Alex Speers, Jenny Kyle, Julie McKnight, Grace Irwin and Lynn Brown.