Initial P
ActiveSummary
Initial P has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €164,433 and a net result of €5,192. Equity is growing by ~6.4% per year across the filed fiscal years. Its solvency ranks better than 20% of 1203 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability69▼-2
Solvency33▼-4
Growth78=
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €9,000 at 30 days acceptable
Liquidity short (current ratio 0.93 against 1.12 in 2023; short-term debt: 88.6% and cash: 26.1% of total assets), and 92% of the assets are financed with debt.
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Signals
Five 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 82
Relative position
BE, all sectors
reference
Office administrative, office support and other business support activities (NACE 82)
about 37% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 20% of 1203 sector peers (2024).
NBB · sector comparisonPosition among 1203 sector peers
Solvency
better than 20%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 30-06-2025, 31 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
31 d early
2023
2 d early
2022
4 d early
2021
3 d early
2020
4 d early
2019
on the day
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 7 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 35% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, full schema
In the rankings
#7 employer in Vorst, Administrative and support services sector
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€5,192▼ 79.1%
2023 · €24,874
Working capital
-€135,347
2023 · €132,597
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€33,057▲ 2.3%€111,728▲ 238%€27,824▼ 75.1%€53,722▲ 93.1%€41,204▼ 23.3%
Net result€15,975▲ 61.6%€72,878▲ 356%€8,913▼ 87.8%€24,874▲ 179%€5,192▼ 79.1%
Equity€137,576▲ 13.1%€170,454▲ 23.9%€134,367▼ 21.2%€159,240▲ 18.5%€164,433▲ 3.3%
Total assets€1.2m▲ 6.7%€1.1m▼ 8.8%€1.0m▼ 7.0%€1.4m▲ 32.5%€2.0m▲ 49.6%
Debt€1.1m▲ 5.9%€939,097▼ 13.0%€897,987▼ 4.4%€1.2m▲ 34.6%€1.9m▲ 55.7%
Working capital€106,653▲ 95.2%€110,433▲ 3.5%€120,993▲ 9.6%€132,597▲ 9.6%-€135,347
Staff (FTE)9▼ 4.3%8.7▼ 3.3%8.5▼ 2.3%9.7▲ 14.1%17▲ 75.3%
Result per fiscal year
Operating resultNet result
The operating result falls in 2024; 2024 is 23% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €2.0m
Fixed assets
€368,420 ▲ 341%
Current assets
€1.7m ▲ 30.6%
Equity and liabilities €2.0m
Equity
€164,433 ▲ 3.3%
Debt
€1.9m ▲ 55.7%
Debt's share of the balance-sheet total rises from 88.4% to 92.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€127,591▲
2023 · €80,500
Cash flow
€91,580▲
2023 · €51,651
Current ratio
0.93▼
2023 · 1.12
Quick ratio
0.87▼
2023 · 1.09
Debt to equity
11.45▲
2023 · 7.59
ROE
3.2%▼
2023 · 15.6%
ROA
0.3%▼
2023 · 1.8%
Interest coverage
10.14▼
2023 · 10.67
Debt ≤ 1 year
€1.8m▲
2023 · €1.2m
Debt > 1 year
€28,648▲
2023 · €19,851
Income taxes
€24,091▲
2023 · €21,408
Staff costs
€768,097▲
2023 · €597,968
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €7,264 | - | - | - | - |
| Remuneration, social security and pensions62 | - | €228,663 | €388,470 | €597,968 | €768,097 | ▲ 28.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €28,643 | €25,172 | €19,654 | €26,778 | €86,387 | ▲ 223% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | -€54,541 | €447 | - | -€265 | - |
| Other operating charges640/8 | - | €7,949 | €12,122 | €13,791 | €23,133 | ▲ 67.7% |
| Non-recurring operating charges66A | - | €64,179 | - | - | €657 | - |
| Gross operating margin9900 | €390,433 | €383,151 | €448,517 | €692,259 | €919,213 | ▲ 32.8% |
| Operating profit (loss)9901 | €33,057 | €111,728 | €27,824 | €53,722 | €41,204 | ▼ 23.3% |
| Financial income75/76B | - | - | €578 | €106 | €662 | ▲ 523% |
| Recurring financial income75 | €22 | - | €578 | €106 | €662 | ▲ 523% |
| Financial charges65/66B | - | €6,277 | €6,924 | €7,547 | €12,583 | ▲ 66.7% |
| Recurring financial charges65 | €5,791 | €6,277 | €6,924 | €7,547 | €12,583 | ▲ 66.7% |
| Profit (loss) for the period before taxes9903 | €27,288 | €105,451 | €21,479 | €46,282 | €29,284 | ▼ 36.7% |
| Income taxes67/77 | €11,313 | €32,573 | €12,566 | €21,408 | €24,091 | ▲ 12.5% |
| Profit (loss) for the period9904 | €15,975 | €72,878 | €8,913 | €24,874 | €5,192 | ▼ 79.1% |
| Profit (loss) for the period to be appropriated9905 | €15,975 | €72,878 | €8,913 | €24,874 | €5,192 | ▼ 79.1% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.2m | €1.1m | €1.0m | €1.4m | €2.0m | ▲ 49.6% |
| Fixed assets21/28 | €95,564 | €79,930 | €99,203 | €83,587 | €368,420 | ▲ 341% |
| Intangible fixed assets21 | - | - | - | - | €225,814 | - |
| Tangible fixed assets22/27 | €65,298 | €49,663 | €91,802 | €76,186 | €116,030 | ▲ 52.3% |
| Plant, machinery and equipment23 | - | - | €28,280 | €21,301 | €67,828 | ▲ 218% |
| Furniture and vehicles24 | - | €45,749 | €25,220 | €25,391 | €27,515 | ▲ 8.4% |
| Leasing and similar rights25 | - | €3,914 | €35,217 | €27,239 | €19,261 | ▼ 29.3% |
| Other tangible fixed assets26 | - | - | €3,085 | €2,255 | €1,426 | ▼ 36.8% |
| Financial fixed assets28 | €30,266 | €30,266 | €7,401 | €7,401 | €26,576 | ▲ 259% |
| Current assets29/58 | €1.1m | €1.0m | €933,151 | €1.3m | €1.7m | ▲ 30.6% |
| Amounts receivable after more than one year29 | - | - | €16,000 | - | - | - |
| Other amounts receivable291 | - | - | €16,000 | - | - | - |
| Stocks and contracts in progress3 | €8,061 | €7,702 | €10,194 | €23,771 | €104,321 | ▲ 339% |
| Stocks30/36 | - | €7,702 | €10,194 | €23,771 | €104,321 | ▲ 339% |
| Amounts receivable within one year40/41 | €746,245 | €629,028 | €694,325 | €830,322 | €982,000 | ▲ 18.3% |
| Trade receivables40 | - | €620,147 | €651,994 | €783,342 | €928,747 | ▲ 18.6% |
| Other amounts receivable41 | - | €8,881 | €42,331 | €46,979 | €53,253 | ▲ 13.4% |
| Current investments50/53 | €1,052 | €1,052 | €1,052 | €1,052 | €1,052 | = |
| Cash at bank and in hand54/58 | €345,898 | €353,531 | €134,430 | €401,906 | €533,872 | ▲ 32.8% |
| Deferred charges and accrued income490/1 | - | €38,308 | €77,149 | €27,483 | €56,757 | ▲ 107% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.2m | €1.1m | €1.0m | €1.4m | €2.0m | ▲ 49.6% |
| Equity10/15 | €137,576 | €170,454 | €134,367 | €159,240 | €164,433 | ▲ 3.3% |
| Contributions10/11 | - | €30,000 | €30,000 | €30,000 | €30,000 | = |
| Outside capital11 | - | €30,000 | €30,000 | - | - | - |
| Other1109/19 | - | €30,000 | €30,000 | - | - | - |
| Reserves13 | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Non-distributable reserves130/1 | - | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Reserves not available under the articles1311 | - | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Profit (loss) carried forward14 | €104,576 | €137,454 | €101,367 | €126,240 | €131,433 | ▲ 4.1% |
| Amounts payable17/49 | €1.1m | €939,097 | €897,987 | €1.2m | €1.9m | ▲ 55.7% |
| Amounts payable after more than one year17 | - | - | €27,744 | €19,851 | €28,648 | ▲ 44.3% |
| Financial debts170/4 | - | - | €27,744 | €19,851 | €28,648 | ▲ 44.3% |
| Amounts payable within one year42/48 | €1.0m | €919,188 | €812,158 | €1.2m | €1.8m | ▲ 57.4% |
| Current portion of amounts payable after more than one year42 | - | - | €7,718 | €7,893 | €8,072 | ▲ 2.3% |
| Trade debts44 | €945,446 | €832,000 | €655,297 | €993,846 | €1.3m | ▲ 30.8% |
| Suppliers440/4 | - | €832,000 | €655,297 | €993,846 | €1.3m | ▲ 30.8% |
| Taxes, remuneration and social security45 | - | €47,188 | €103,391 | €150,197 | €204,871 | ▲ 36.4% |
| Taxes450/3 | - | €29,055 | €49,284 | €47,318 | €94,180 | ▲ 99.0% |
| Remuneration and social security454/9 | - | €18,133 | €54,107 | €102,880 | €110,690 | ▲ 7.6% |
| Other amounts payable47/48 | - | €40,000 | €45,752 | - | €300,000 | - |
| Accrued charges and deferred income492/3 | - | €19,909 | €58,086 | €37,093 | €39,992 | ▲ 7.8% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15,975 | €72,878 | €8,913 | €24,874 | €5,192 | ▼ 79.1% |
| + Depreciation and write-downs630 | €28,643 | €25,172 | €19,654 | €26,778 | €86,387 | ▲ 223% |
| Operating cash flow (approximation) | €44,618 | €98,050 | €28,567 | €51,651 | €91,580 | ▲ 77.3% |
| Investment in fixed assets (approximation) | - | -€9,538 | -€38,927 | -€11,162 | -€371,220 | ▼ 3,226% |
| Change in cash | - | €7,632 | -€219,100 | €267,475 | €131,967 | ▼ 50.7% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2025
30-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
29-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Equity above €150,000Eq €159,240 ▲18.5%
5 profitable years in a row build equity to €159,240.
27-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
28-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Highest result since 2018net €72,878 ▲356%
Operating result €111,728, net result €72,878, both a record.
31-12
Financial
Equity above €150,000Eq €170,454 ▲23.9%
3 profitable years in a row build equity to €170,454.
27-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Back to profitnet €9,884
Net result €9,884 after one loss-making year.
30-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
25-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 30 days late
2016
01-07
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 9 acts read
About the unread acts
We know of 9 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
9 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, Vorst · 1 establishment unit since 2005
Ground area
4,426 m²
Building footprint
106 m²
Volume, LiDAR
1,181 m³
Parcel 21384D0086/00H004, Brussels · tallest building 11.8 m, ±4 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
INITIAL P
since 20052.145.020.782
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21384D0086/00H004 | Brussels | 4,426 m² | 1 · 106 m² | 11.8 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
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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Of 11,219 companies in sector 82100 we hold annual accounts for 3,509. 2,542 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded22-12-2004
Fiscal year end31-12
Activities, NACEBEL 2025
18120Other printing
82100Office administrative and support services
17230Manufacture of paper and paper products
18130Pre-press and pre-media services
46492Wholesale trade
Contact
Website
db-group.be
Website
initialprint.be
E-mail
admin@db-group.be
E-mail
welcome@initialprint.be
Phone
+32 2 526 84 40
E-mail
info@db-group.beVorst
Scores and ratios are computed by Checked and are not a credit decision.