AB INITIO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 34 filings
Turnover
≈ €80,000
Estimated: probably between €38,000 and €150,000
Total assets
€39,426▲ 2.1%
2024 · €38,607
Net result
€8,999
2024 · -€6,935
Working capital
€21,535▲ 123%
2024 · €9,669
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€9,633
2025
20182025
Net result
€8,999
2025
middle half of the sector
20182025
Equity
€29,149
▲ 44.7%
2025
middle half of the sector
20182025
Total assets
€39,426
▲ 2.1%
2025
lowest quarter of the sector
20182025
Debt
€10,277
▼ 44.3%
2025
20182025
Working capital
€21,535
▲ 123%
2025
middle half of the sector
20182025
Solvency
73.9%
▲ 21.7pp
2025
middle half of the sector
20182025
Current ratio
8.74
▲ 6.64
2025
highest quarter of the sector
20182025
Return on assets (ROA)
22.8%
▲ 40.8pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€19,632--€15,341€2,605€7,389▲ 184%€10,826▲ 46.5%€199▼ 98.2%-€6,315€9,633
Net result€19,445--€15,752€2,211below the sector's middle half€7,107within the sector's middle half▲ 221%€10,662within the sector's middle half▲ 50.0%-€29below the sector's middle half-€6,935below the sector's middle half▼ 23,814%€8,999within the sector's middle half
Equity€22,886-€7,134▼ 68.8%€9,345below the sector's middle half▲ 31.0%€16,452below the sector's middle half▲ 76.0%€27,114within the sector's middle half▲ 64.8%€27,085within the sector's middle half▼ 0.1%€20,150below the sector's middle half▼ 25.6%€29,149within the sector's middle half▲ 44.7%
Total assets€43,585-€26,740▼ 38.6%€26,542below the sector's middle half▼ 0.7%€33,296below the sector's middle half▲ 25.4%€33,403below the sector's middle half▲ 0.3%€46,455below the sector's middle half▲ 39.1%€38,607below the sector's middle half▼ 16.9%€39,426below the sector's middle half▲ 2.1%
Debt€20,699-€19,606▼ 5.3%€17,197▼ 12.3%€16,844▼ 2.1%€6,289▼ 62.7%€19,370▲ 208%€18,457▼ 4.7%€10,277▼ 44.3%
Working capital€12,607--€1,295€2,316below the sector's middle half€7,440below the sector's middle half▲ 221%€23,543within the sector's middle half▲ 216%€11,086below the sector's middle half▼ 52.9%€9,669below the sector's middle half▼ 12.8%€21,535within the sector's middle half▲ 123%
Solvency52.5%-26.7%▼ 25.8pp35.2%within the sector's middle half▲ 8.5pp49.4%within the sector's middle half▲ 14.2pp81.2%above the sector's middle half▲ 31.8pp58.3%within the sector's middle half▼ 22.9pp52.2%within the sector's middle half▼ 6.1pp73.9%within the sector's middle half▲ 21.7pp
Current ratio1.86-0.92▼ 0.941.15below the sector's middle half▲ 0.231.44within the sector's middle half▲ 0.295.04above the sector's middle half▲ 3.602.14within the sector's middle half▼ 2.902.10within the sector's middle half▼ 0.048.74above the sector's middle half▲ 6.64
Return on assets (ROA)44.6%--58.9%▼ 103.5pp8.3%within the sector's middle half▲ 67.2pp21.3%within the sector's middle half▲ 13.0pp31.9%above the sector's middle half▲ 10.6pp-0.1%below the sector's middle half▼ 32.0pp-18.0%below the sector's middle half▼ 17.9pp22.8%within the sector's middle half▲ 40.8pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a profit of €9,633, after a loss of €6,315 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €39,426
Fixed assets
€15,109 ▼ 24.9%
Current assets
€24,317 ▲ 31.5%
Equity and liabilities €39,426
Equity
€29,149 ▲ 44.7%
Debt
€10,277 ▼ 44.3%
Debt's share of the balance-sheet total falls from 47.8% to 26.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€14,646▲
2024 · -€797
Cash flow
€14,012▲
2024 · -€1,417
Debt to equity
0.35▼
2024 · 0.92
ROE
30.9%▲
2024 · -34.4%
Interest coverage
21.96▲
2024 · -1.24
Debt ≤ 1 year
€2,782▼
2024 · €8,816
Debt > 1 year
€7,495▼
2024 · €9,641
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,811 | - | €26,099 | - | - |
| Financial fixed assets | - | - | €1,524 | - | - |
| Depreciation and write-downs of the year | €4,472 | €5,001 | €1,983 | €5,518 | €5,013 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €9,504 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,992 | €3,992 | €3,586 | €4,472 | €5,001 | €1,983 | €5,518 | €5,013 | ▼ 9.2% |
| Other operating charges640/8 | - | - | - | €502 | €515 | - | €89 | €100 | ▲ 12.4% |
| Gross operating margin9900 | €24,062 | -€10,669 | €6,691 | €12,363 | €16,342 | €2,182 | -€708 | €14,746 | - |
| Operating profit (loss)9901 | €19,632 | -€15,341 | €2,605 | €7,389 | €10,826 | €199 | -€6,315 | €9,633 | - |
| Financial income75/76B | - | - | - | €0 | €0 | €1 | €24 | €33 | ▲ 37.5% |
| Recurring financial income75 | €12 | - | €0 | €0 | €0 | €1 | €24 | €33 | ▲ 37.5% |
| Financial charges65/66B | - | - | - | €206 | €164 | €229 | €644 | €667 | ▲ 3.6% |
| Recurring financial charges65 | €171 | €294 | €276 | €206 | €164 | €229 | €644 | €667 | ▲ 3.6% |
| Profit (loss) for the period before taxes9903 | €19,473 | -€15,635 | €2,329 | €7,183 | €10,662 | -€29 | -€6,935 | €8,999 | - |
| Income taxes67/77 | €29 | €117 | €118 | €76 | - | - | - | - | - |
| Profit (loss) for the period9904 | €19,445 | -€15,752 | €2,211 | €7,107 | €10,662 | -€29 | -€6,935 | €8,999 | - |
| Profit (loss) for the period to be appropriated9905 | €19,445 | -€15,752 | €2,211 | €7,107 | €10,662 | -€29 | -€6,935 | €8,999 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €43,585 | €26,740 | €26,542 | €33,296 | €33,403 | €46,455 | €38,607 | €39,426 | ▲ 2.1% |
| Fixed assets21/28 | €16,275 | €12,282 | €8,696 | €9,035 | €4,035 | €25,640 | €20,122 | €15,109 | ▼ 24.9% |
| Tangible fixed assets22/27 | €14,751 | €10,759 | €7,172 | €7,512 | €2,511 | €24,116 | €18,598 | €13,585 | ▼ 27.0% |
| Furniture and vehicles24 | - | - | - | €7,512 | €2,511 | €24,116 | €18,598 | €13,585 | ▼ 27.0% |
| Financial fixed assets28 | €1,524 | €1,524 | €1,524 | €1,524 | €1,524 | €1,524 | €1,524 | €1,524 | = |
| Current assets29/58 | €27,310 | €14,458 | €17,846 | €24,261 | €29,368 | €20,815 | €18,485 | €24,317 | ▲ 31.5% |
| Amounts receivable within one year40/41 | €9,369 | €4,935 | €2,186 | €12,191 | €3,993 | €2,451 | €4,619 | €1,518 | ▼ 67.1% |
| Trade receivables40 | - | - | - | €12,191 | €3,993 | €2,451 | €4,619 | €1,518 | ▼ 67.1% |
| Cash at bank and in hand54/58 | €16,696 | €8,140 | €15,418 | €11,530 | €25,097 | €16,766 | €12,776 | €21,575 | ▲ 68.9% |
| Deferred charges and accrued income490/1 | - | - | - | €541 | €278 | €1,598 | €1,090 | €1,224 | ▲ 12.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €43,585 | €26,740 | €26,542 | €33,296 | €33,403 | €46,455 | €38,607 | €39,426 | ▲ 2.1% |
| Equity10/15 | €22,886 | €7,134 | €9,345 | €16,452 | €27,114 | €27,085 | €20,150 | €29,149 | ▲ 44.7% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €18,028 | €18,028 | €18,028 | €18,028 | €18,028 | €18,028 | €18,028 | €18,028 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Tax-exempt reserves132 | - | - | - | €16,169 | €16,169 | €16,169 | €16,169 | €16,169 | = |
| Profit (loss) carried forward14 | -€13,734 | -€29,486 | -€27,275 | -€20,168 | -€9,506 | -€9,535 | -€16,470 | -€7,471 | ▲ 54.6% |
| Amounts payable17/49 | €20,699 | €19,606 | €17,197 | €16,844 | €6,289 | €19,370 | €18,457 | €10,277 | ▼ 44.3% |
| Amounts payable after more than one year17 | €5,995 | €3,853 | €1,667 | - | - | €9,641 | €9,641 | €7,495 | ▼ 22.3% |
| Financial debts170/4 | - | - | - | - | - | €9,641 | €9,641 | €7,495 | ▼ 22.3% |
| Amounts payable within one year42/48 | €14,704 | €15,753 | €15,530 | €16,821 | €5,825 | €9,729 | €8,816 | €2,782 | ▼ 68.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €1,667 | - | €2,182 | - | - | - |
| Trade debts44 | €3,150 | €2,835 | €1,318 | €11,395 | €194 | €1,594 | €2,777 | €587 | ▼ 78.9% |
| Suppliers440/4 | - | - | - | €11,395 | €194 | €1,594 | €2,777 | €587 | ▼ 78.9% |
| Taxes, remuneration and social security45 | - | - | - | €2,759 | €1,960 | €3,048 | €1,804 | €801 | ▼ 55.6% |
| Taxes450/3 | - | - | - | €2,759 | €1,960 | €1,548 | €1,804 | €801 | ▼ 55.6% |
| Remuneration and social security454/9 | - | - | - | - | - | €1,500 | - | - | - |
| Other amounts payable47/48 | - | - | - | €1,000 | €3,671 | €2,905 | €4,235 | €1,394 | ▼ 67.1% |
| Accrued charges and deferred income492/3 | - | - | - | €23 | €464 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,445 | -€15,752 | €2,211 | €7,107 | €10,662 | -€29 | -€6,935 | €8,999 | - |
| + Depreciation and write-downs630 | €3,992 | €3,992 | €3,586 | €4,472 | €5,001 | €1,983 | €5,518 | €5,013 | ▼ 9.2% |
| Operating cash flow (approximation) | €23,437 | -€11,759 | €5,797 | €11,579 | €15,663 | €1,954 | -€1,417 | €14,012 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€4,811 | €0 | -€23,588 | €0 | €0 | - |
| Change in cash | - | -€8,556 | €7,278 | -€3,889 | €13,568 | -€8,331 | -€3,990 | €8,799 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 31,368 companies had the same profile as AB INITIO has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of AB INITIO itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 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.
| 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 31,368 companies, not a prediction for AB INITIO. 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.
Latest 10 of 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00243180 | |
| 31-12-2024 | micro format | 15-07-2025 | 2025-00288847 | |
| 31-12-2023 | micro format | 26-06-2024 | 2024-00171491 | |
| 31-12-2022 | micro format | 20-06-2023 | 2023-00145666 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20149243 | |
| 31-12-2020 | micro format | 31-05-2021 | 2021-16200279 | |
| 31-12-2019 | micro format | 28-07-2020 | 2020-35400526 | |
| 31-12-2018 | micro format | 26-08-2019 | 2019-51200444 | |
| 31-12-2017 | micro format | 04-07-2018 | 2018-29300299 | |
| 31-12-2016 | micro format | 11-07-2017 | 2017-30900371 |