AB INITIO (0447.348.954): financials and annual accounts

AB INITIO

Uccle ·KBO/BCE: BE 0447.348.954

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
Balance sheet: assets
Total assets`20/58`	39,426	38,607	46,455	33,403	33,296	26,542	26,740	43,585	17,936	9,420	15,979	66,615	69,240	145,620	172,939	237,795	226,572	175,068	200,096	107,056
Fixed assets`21/28`	15,109	20,122	25,640	4,035	9,035	8,696	12,282	16,275	2,336	2,050	3,104	4,769	14,173	16,619	22,861	30,876	41,672	13,877	19,794	14,272
Tangible fixed assets`22/27`	13,585	18,598	24,116	2,511	7,512	7,172	10,759	14,751	812	526	1,580	3,245	12,649	15,095	22,737	30,752	41,548	13,753	19,670	14,148
Furniture and vehicles`24`	13,585	18,598	24,116	2,511	7,512	7,172	10,759	14,751	812	422	843	1,877	10,649	12,987	22,737	30,752	41,548	13,753	18,179	9,835
Other tangible fixed assets`26`	-	-	-	-	-	-	-	-	-	105	736	1,368	2,000	2,108	-	-	-	-	1,492	4,313
Financial fixed assets`28`	1,524	1,524	1,524	1,524	1,524	1,524	1,524	1,524	1,524	1,524	1,524	1,524	1,524	1,524	124	124	124	124	124	124
Current assets`29/58`	24,317	18,485	20,815	29,368	24,261	17,846	14,458	27,310	15,600	7,370	12,875	61,846	55,067	129,001	150,078	206,919	184,899	161,191	180,302	92,784
Amounts receivable within one year`40/41`	1,518	4,619	2,451	3,993	12,191	2,186	4,935	9,369	9,727	1,084	4,734	32,765	24,318	57,340	56,610	121,076	38,873	50,775	37,768	46,314
Trade receivables`40`	1,518	4,619	2,451	3,993	12,191	2,186	4,935	9,327	9,727	1,084	4,734	32,387	22,751	55,912	41,244	105,710	30,003	40,775	37,768	33,352
Other amounts receivable`41`	-	-	-	-	-	-	-	42	-	-	-	378	1,567	1,428	15,366	15,366	8,870	10,000	-	12,962
Cash at bank and in hand`54/58`	21,575	12,776	16,766	25,097	11,530	15,418	8,140	16,696	5,650	6,067	6,579	27,651	29,315	67,765	91,611	83,937	145,847	110,416	141,850	45,811
Deferred charges and accrued income`490/1`	1,224	1,090	1,598	278	541	242	1,382	1,245	223	218	1,562	1,430	1,434	3,896	1,856	1,906	179	-	684	659
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	39,426	38,607	46,455	33,403	33,296	26,542	26,740	43,585	17,936	9,420	15,979	66,615	69,240	145,620	172,939	237,795	226,572	175,068	200,096	107,056
Equity`10/15`	29,149	20,150	27,085	27,114	16,452	9,345	7,134	22,886	3,442	1,839	-5,269	27,569	40,931	116,087	125,785	148,273	128,593	104,712	62,283	16,457
Contributions`10/11`	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592
Issued capital`100`	-	-	-	-	-	-	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592
Reserves`13`	18,028	18,028	18,028	18,028	18,028	18,028	18,028	18,028	18,028	18,028	18,028	18,028	18,028	18,028	18,028	18,028	18,028	18,028	18,028	18,028
Non-distributable reserves`130/1`	1,859	1,859	1,859	1,859	1,859	1,859	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Legal reserve`130`	-	-	-	-	-	-	1,859	1,859	1,859	1,859	1,859	1,859	1,859	1,859	1,859	1,859	1,859	1,859	1,859	1,859
Reserves not available under the articles`1311`	1,859	1,859	1,859	1,859	1,859	1,859	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Tax-exempt reserves`132`	16,169	16,169	16,169	16,169	16,169	16,169	16,169	16,169	16,169	16,169	16,169	16,169	16,169	16,169	16,169	16,169	16,169	16,169	16,169	16,169
Profit (loss) carried forward`14`	-7,471	-16,470	-9,535	-9,506	-20,168	-27,275	-29,486	-13,734	-33,178	-34,781	-41,889	-9,051	4,311	79,467	89,165	111,653	91,973	68,092	25,664	-20,163
Provisions and deferred taxes`16`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	34,916	34,916
Provisions for liabilities and charges`160/5`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	34,916	34,916
Amounts payable`17/49`	10,277	18,457	19,370	6,289	16,844	17,197	19,606	20,699	14,494	7,581	21,249	39,046	28,309	29,533	47,154	89,523	97,979	70,356	102,897	55,683
Amounts payable after more than one year`17`	7,495	9,641	9,641	-	-	1,667	3,853	5,995	-	-	-	-	-	-	-	-	-	-	-	4,154
Financial debts`170/4`	7,495	9,641	9,641	-	-	1,667	3,853	5,995	-	-	-	-	-	-	-	-	-	-	-	4,154
Amounts payable within one year`42/48`	2,782	8,816	9,729	5,825	16,821	15,530	15,753	14,704	13,872	7,581	21,249	39,046	28,159	28,490	47,154	89,517	97,890	70,267	102,897	51,530
Current portion of amounts payable after more than one year`42`	-	-	2,182	-	1,667	2,185	2,143	2,101	-	-	-	-	-	-	-	-	-	353	4,508	3,969
Financial debts`43`	-	-	-	-	-	-	54	54	-	-	-	-	25	-	-	255	-	231	-	-
Credit institutions`430/8`	-	-	-	-	-	-	54	54	-	-	-	-	25	-	-	255	-	231	-	-
Trade debts`44`	587	2,777	1,594	194	11,395	1,318	2,835	3,150	3,355	873	8,982	26,408	16,131	15,860	20,194	45,047	65,630	32,927	53,064	33,574
Suppliers`440/4`	587	2,777	1,594	194	11,395	1,318	2,835	3,150	3,355	873	8,982	26,408	16,131	15,860	20,194	45,047	65,630	32,927	53,064	33,574
Advances received on contracts in progress`46`	-	-	-	-	-	1,000	-	-	-	-	-	-	-	-	-	-	1,000	-	10,901	11,763
Taxes, remuneration and social security`45`	801	1,804	3,048	1,960	2,759	1,284	2,183	1,453	5,715	3,445	8,328	5,971	11,502	10,824	25,232	40,700	26,412	34,829	29,889	-
Taxes`450/3`	801	1,804	1,548	1,960	2,759	1,284	1,076	1,453	1,308	1,793	1,767	4,751	3,638	5,135	16,974	20,318	11,419	26,316	29,290	-
Remuneration and social security`454/9`	-	-	1,500	-	-	-	1,107	-	4,407	1,652	6,561	1,220	7,864	5,689	8,258	20,382	14,993	8,513	600	-
Other amounts payable`47/48`	1,394	4,235	2,905	3,671	1,000	9,742	8,539	7,946	4,801	3,264	3,938	6,667	501	1,807	1,728	3,515	4,848	1,928	4,535	2,224
Accrued charges and deferred income`492/3`	-	-	-	464	23	-	-	-	623	-	-	-	150	1,043	-	6	89	89	-	-
Income statement
Non-recurring operating income`76A`	-	-	9,504	-	-	-	-	1,652	441	12,708	731	-	4,394	1,527	-	5,264	4,598	1,246	307	217
Gross operating margin`9900`	14,746	-708	2,182	16,342	12,363	6,691	-10,669	24,062	3,034	20,168	4,838	24,599	-24,834	42,571	32,503	121,355	124,214	82,279	107,923	30,352
Remuneration, social security and pensions`62`	-	-	-	-	-	-	-	-	-	11,280	34,618	27,963	37,539	41,578	43,784	80,351	73,355	36,888	3,850	-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	5,013	5,518	1,983	5,001	4,472	3,586	3,992	3,992	932	1,053	1,666	9,404	10,192	11,039	10,352	13,772	18,133	14,384	16,264	9,316
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	-	-	-	-	-	-	-	-	-	-	200	-	5,718	-	-	-	-	-	-	-
Provisions for liabilities and charges: additions (uses and reversals)`635/8`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-34,916	-	-
Other operating charges`640/8`	100	89	-	515	502	499	680	438	348	415	839	537	833	1,409	1,290	2,411	974	1,344	927	968
Non-recurring operating charges`66A`	-	-	-	-	-	-	-	-	-	100	287	-	404	-	-	668	682	2,277	25,000	-
Operating profit (loss)`9901`	9,633	-6,315	199	10,826	7,389	2,605	-15,341	19,632	1,754	7,319	-32,485	-13,304	-79,116	-11,454	-22,923	24,820	31,751	64,578	86,883	20,069
Financial income`75/76B`	33	24	1	0	0	0	-	12	11	30	11	75	445	759	819	2,448	1,827	153	449	235
Recurring financial income`75`	33	24	1	0	0	0	-	12	11	30	11	75	445	759	819	2,448	1,827	153	449	235
Financial charges`65/66B`	667	644	229	164	206	276	294	171	165	203	447	133	277	441	260	279	610	508	965	723
Recurring financial charges`65`	667	644	229	164	206	276	294	171	165	203	447	133	277	441	260	279	610	508	965	723
Profit (loss) for the period before taxes`9903`	8,999	-6,935	-29	10,662	7,183	2,329	-15,635	19,473	1,600	7,147	-32,477	-13,362	-74,958	-9,609	-22,364	31,586	36,884	63,192	61,673	19,798
Income taxes`67/77`	-	-	-	-	76	118	117	29	-3	38	361	-	198	89	123	9,489	10,586	20,763	15,847	34
Profit (loss) for the period`9904`	8,999	-6,935	-29	10,662	7,107	2,211	-15,752	19,445	1,603	7,108	-32,838	-13,362	-75,156	-9,698	-22,487	22,097	26,298	42,429	45,827	19,765
Profit (loss) for the period to be appropriated`9905`	8,999	-6,935	-29	10,662	7,107	2,211	-15,752	19,445	1,603	7,108	-32,838	-13,362	-75,156	-9,698	-22,487	22,097	26,298	42,429	45,827	19,765
Appropriation of the result
Profit (loss) to be appropriated`9906`	-7,471	-16,470	-9,535	-9,506	-20,168	-27,275	-29,486	-13,734	-33,178	-34,781	-41,889	-9,051	4,311	79,467	89,165	114,070	94,390	68,092	25,664	-20,163
Profit (loss) brought forward from the previous period`14P`	-16,470	-9,535	-9,506	-20,168	-27,275	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Profit to be distributed`694/7`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,417	2,417	-	-	-
Return on contributions (dividend)`694`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,417	2,417	-	-	-
Social balance sheet
Average staff (FTE)`9087`	-	-	-	-	-	-	-	-	-	0.3	1	0.8	0.8	0.9	1.2	1.8	2	1.3	0.2	-
Hours worked`1013`	-	-	-	-	-	-	-	-	-	517	1,664	1,406	1,364	1,592	2,212	3,203	3,531	2,234	243	-
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Financial year	Type	Filed	Reference	Document
31-12-2025	micro format	30-06-2026	2026-00243180	PDF
31-12-2024	micro format	15-07-2025	2025-00288847	PDF
31-12-2023	micro format	26-06-2024	2024-00171491	PDF
31-12-2022	micro format	20-06-2023	2023-00145666	PDF
31-12-2021	micro format	30-06-2022	2022-20149243	PDF
31-12-2020	micro format	31-05-2021	2021-16200279	PDF
31-12-2019	micro format	28-07-2020	2020-35400526	PDF
31-12-2018	micro format	26-08-2019	2019-51200444	PDF
31-12-2017	micro format	04-07-2018	2018-29300299	PDF
31-12-2016	micro format	11-07-2017	2017-30900371	PDF
31-12-2015	full format	31-08-2016	2016-56700501	PDF
31-12-2014	full format	29-07-2015	2015-37100565	PDF
31-12-2013	full format	12-06-2014	2014-17400454	PDF
31-12-2012	full format	09-07-2013	2013-29900016	PDF
31-12-2011	full format	26-07-2012	2012-35800401	PDF
31-12-2010	full format	29-06-2011	2011-23600156	PDF
31-12-2009	full format	07-07-2010	2010-29200452	PDF
31-12-2008	full format	23-07-2009	2009-48600387	PDF
31-12-2007	full format	26-06-2008	2008-30800036	PDF
31-12-2006	full format	28-06-2007	2007-31900059	PDF
31-12-2005	full format	03-07-2006	2006-39800740	PDF
31-12-2004	full format	23-06-2005	2005-31704100	PDF
31-12-2003	full format	01-06-2004	2004-18201134	PDF
31-12-2002	full format	25-06-2003	2003-30101117	PDF
31-12-2001	full format	06-06-2002	2002-17701918	PDF
31-12-2000	full format	22-06-2001	2001-25002900	PDF
31-12-1999	full format	21-06-2000	2000-25401161	PDF
31-12-1998	full format	29-06-1999	1999-25600558	PDF
31-12-1997	full format	30-06-1998	1998-26002167	PDF
31-12-1996	full format	04-08-1997	1997-36003039	PDF
31-12-1995	full format	19-06-1996	1996-18400655	PDF
31-12-1994	full format	16-06-1995	1995-25000790	PDF
31-12-1993	full format	11-07-1994	1994-28204509	PDF
31-12-1992	full format	08-06-1993	1993-11204818	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
EBITDA	14,646	-797	2,182	15,826	11,861	6,191	-11,349	23,624	2,687	8,373	-30,820	-3,901	-68,924	-416	-12,571	38,592	49,884	78,962	103,147	29,385
Cash flow	14,012	-1,417	1,954	15,663	11,579	5,797	-11,759	23,437	2,535	8,162	-31,173	-3,958	-64,964	1,340	-12,136	35,869	44,430	56,813	62,090	29,080
Investment in fixed assets (approximation)	0	0	27,623	0	4,811	0	0	17,931	1,218	0	0	0	4,468	4,796	2,337	2,976	45,928	10,743	21,786	956
Change in cash	8,799	-3,990	-8,331	13,568	-3,889	7,278	-8,556	11,046	-417	-512	-21,071	-1,664	-38,451	-23,846	7,674	-61,910	35,431	-31,434	96,040	-
Working capital	21,535	9,669	11,086	23,543	7,440	2,316	-1,295	12,607	1,728	-212	-8,373	22,800	26,908	100,511	102,924	117,402	87,010	90,924	77,405	41,254
Solvency	73.9%	52.2%	58.3%	81.2%	49.4%	35.2%	26.7%	52.5%	19.2%	19.5%	-33.0%	41.4%	59.1%	79.7%	72.7%	62.4%	56.8%	59.8%	31.1%	15.4%
Current ratio	8.74	2.10	2.14	5.04	1.44	1.15	0.92	1.86	1.12	0.97	0.61	1.58	1.96	4.53	3.18	2.31	1.89	2.29	1.75	1.80
Debt to equity	0.35	0.92	0.72	0.23	1.02	1.84	2.75	0.90	4.21	4.12	-	1.42	0.69	0.25	0.37	0.60	0.76	0.67	1.65	3.38
ROE	30.9%	-34.4%	-0.1%	39.3%	43.2%	23.7%	-220.8%	85.0%	46.6%	386.6%	-	-48.5%	-183.6%	-8.4%	-17.9%	14.9%	20.5%	40.5%	73.6%	120.1%
ROA	22.8%	-18.0%	-0.1%	31.9%	21.3%	8.3%	-58.9%	44.6%	8.9%	75.5%	-205.5%	-20.1%	-108.5%	-6.7%	-13.0%	9.3%	11.6%	24.2%	22.9%	18.5%
Interest coverage	21.96	-1.24	9.53	96.65	57.50	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Item	2025	2024	2023	2022	2021
Tangible fixed assets	-	-	€26,099	-	€4,811
Financial fixed assets	-	-	€1,524	-	-
Depreciation and write-downs of the year	€5,013	€5,518	€1,983	€5,001	€4,472

AB INITIO

Annual accounts 2025

Balance sheet

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency73.9%

Current ratio8.74

Return on assets22.8%

Staff

Staff cost per FTE

Joined and left

Filed annual accounts

Filings

Key figures and ratios

Investments

Insights on AB INITIO

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