Initial P
ActiveSummary
The annual accounts of Initial P for financial year 2025 show a net loss of 51% of the equity at the start of that year. The 2025 annual accounts show equity of €80,599 and a net result of -€83,834. Equity is growing by about 4.6% per year across the filed financial years. Its solvency ranks better than 16% of 2,800 sector peers (NACE 82, financial year 2025). The company has been active since 2004 and the Belgian Official Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 1.0% (low).
Overview
Activity
Office administrative and support services
NACE 82100Other printing NACE 18120
9th largest employer in Vorst, Administrative and support services sector1 site
Size
≈ €1.8mturnover 2025, estimated
- Staff
- 14 FTE
- Equity
- €80,599
- Loss
- -€83,834
Turnover estimated from the gross margin
Structure
- Holdings
- 1
2025 accounts filed 59 days late4 of 9 deeds summarised
Why 53raises riskCapped at 59: a net loss of at least half of total assets or of the equity at the start of the financial year1 change of registered office in 24 monthsLast filed accounts filed 59 days late; 1 of the last 3 lateEquity €80,599 (4.4% of total assets)lowers riskLiquidity: current ratio 0.98, cash €528,954Show the evidence
Checked score
Score 2025
53
/ 100
Fair
Probability in this band: 1.5% to 4.2%
Financially better than 15% of its sector peers (NACE 82, small)
A net loss of at least half of total assets or of the equity at the start of the financial year caps the score at 59. Every signal that counts is listed under Signals.
Financial strength · tick = 2024
Weak
Solvency
29-4
equity 4.4% of total assets
Liquidity
42+9
short-term debt 80.1% · cash 28.7%
Profitability
22-47
return on assets -4.6%
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
11-2024: 0.6%
12-2024: 1.8%▲ +1.2 percentage points vs 11-2024
01-2025: 1.8%● unchanged vs 12-2024
02-2025: 1.8%● unchanged vs 01-2025highest value
03-2025: 1.8%● unchanged vs 02-2025highest value
04-2025: 1.8%● unchanged vs 03-2025
05-2025: 1.8%● unchanged vs 04-2025
06-2025: 1.7%▼ -0.1 percentage points vs 05-2025
07-2025: 1.4%▼ -0.3 percentage points vs 06-2025
08-2025: 1.4%● unchanged vs 07-2025
09-2025: 1.4%● unchanged vs 08-2025
10-2025: 1.4%● unchanged vs 09-2025
11-2025: 0.5%▼ -0.9 percentage points vs 10-2025
12-2025: 0.5%● unchanged vs 11-2025
01-2026: 0.5%● unchanged vs 12-2025
02-2026: 0.5%● unchanged vs 01-2026
03-2026: 0.5%● unchanged vs 02-2026
04-2026: 0.5%● unchanged vs 03-2026lowest value
05-2026: 0.5%● unchanged vs 04-2026
06-2026: 0.5%● unchanged vs 05-2026
07-2026: 0.6%▲ +0.1 percentage points vs 06-2026
08-2026: 0.8%▲ +0.2 percentage points vs 07-2026
09-2026: 1.0%▲ +0.2 percentage points vs 08-2026
10-2026: 1.0%● unchanged vs 09-2026
Credit of up to €4,000 on 30-day terms, only on tighter conditions
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity insufficient (current ratio 0.98, compared with 0.93 in 2024, below 1; short-term debt: 80.1% and cash: 28.7% of total assets), and 95.6% of the assets are financed with debt and provisions.
How it is calculated
The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 82, small): better than 11% on solvency, 30% on liquidity, 12% on profitability and 7% on growth.
The bankruptcy probability was computed on 27-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
Credit check for your own amount and term
Show the recommended maximum and see how the verdict changes with amount, term and advance.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 16% of 2800 sector peers (2025).
NBB · sector comparisonPosition among 2800 sector peers
Solvency
better than 16%
← weakest
strongest →
neutral · A punctual record breaks
This company filed 8 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-09-2026, 59 days late. Weigh it accordingly: of the companies that move to filing 1 to 90 days late, 1.41% are now bankrupt, dissolved or in another special legal status, below the 1.66% of all filers. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
59 days late
2024
31 days early
2023
2 days early
2022
4 days early
2021
3 days early
2020
4 days 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 7 accounts on average 2 days after the deadline; the sector median (NACE 82) for financial year 2024 is 7 days before the deadline, and 35% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 28 July (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsWhere today falls in the filing period
28-10-2026 today31-12-2026 year end31-07-2027 deadline
- Annual accounts filedfinancial year 2025 · abbreviated…
- Weakest financial yearnet -€83,834
- Annual accounts filedfinancial year 2024 · full…
Financials · financial year 2025, abbreviated format
In the rankings
#9 employer in Vorst, Administrative and support services sector
2025 annual accounts filed late (59 days) Filed on 28 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00526226.
Turnover
≈ €1.8m
Estimated: probably between €1.2m and €3.2m
EBIT margin
Not included in this filing
Net result
-€83,834
2024 · €5,192
Working capital
-€25,899▲ 80.9%
2024 · -€135,347
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result turns negative in 2025: a loss of €52,609 after €41,204 in 2024, the lowest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result-€0.05m
2025
Net result-€0.08m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€1.8m
2025
Equity€0.08m
2025
Debt€1.8m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€0.03m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)-4.6%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency4.4%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.98
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)14
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 82, Office administrative, office support and other business support activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.006m-€0.03m▲ 454%€0.03m▲ 2.3%€0.1m▲ 238%€0.03m▼ 75.1%€0.05m▲ 93.1%€0.04m▼ 23.3%-€0.05m
Net result-€0.008m-€0.01m€0.02mwithin the sector's middle half▲ 61.6%€0.07mwithin the sector's middle half▲ 356%€0.009mwithin the sector's middle half▼ 87.8%€0.02mwithin the sector's middle half▲ 179%€0.005mwithin the sector's middle half▼ 79.1%-€0.08mbelow the sector's middle half
Equity€0.1m-€0.1m▲ 8.8%€0.1mwithin the sector's middle half▲ 13.1%€0.2mwithin the sector's middle half▲ 23.9%€0.1mwithin the sector's middle half▼ 21.2%€0.2mwithin the sector's middle half▲ 18.5%€0.2mwithin the sector's middle half▲ 3.3%€0.08mwithin the sector's middle half▼ 51.0%
Total assets€1.0m-€1.1m▲ 11.5%€1.2mwithin the sector's middle half▲ 6.7%€1.1mwithin the sector's middle half▼ 8.8%€1.0mwithin the sector's middle half▼ 7.0%€1.4mwithin the sector's middle half▲ 32.5%€2.0mwithin the sector's middle half▲ 49.6%€1.8mwithin the sector's middle half▼ 10.0%
Debt€0.9m-€1.0m▲ 11.9%€1.1m▲ 5.9%€0.9m▼ 13.0%€0.9m▼ 4.4%€1.2m▲ 34.6%€1.9m▲ 55.7%€1.8m▼ 6.4%
Working capital€0.01m-€0.05m▲ 381%€0.1mwithin the sector's middle half▲ 95.2%€0.1mwithin the sector's middle half▲ 3.5%€0.1mwithin the sector's middle half▲ 9.6%€0.1mwithin the sector's middle half▲ 9.6%-€0.1mbelow the sector's middle half-€0.03mwithin the sector's middle half▲ 80.9%
Solvency10.9%-10.7%▼ 0.3pp11.3%below the sector's middle half▲ 0.6pp15.4%within the sector's middle half▲ 4.1pp13.0%below the sector's middle half▼ 2.3pp11.6%below the sector's middle half▼ 1.4pp8.0%below the sector's middle half▼ 3.6pp4.4%below the sector's middle half▼ 3.7pp
Current ratio1.01-1.06▲ 0.041.11within the sector's middle half▲ 0.051.12within the sector's middle half▲ 0.021.15within the sector's middle half▲ 0.031.12within the sector's middle half▼ 0.030.93within the sector's middle half▼ 0.190.98within the sector's middle half▲ 0.06
Return on assets (ROA)-0.8%-0.9%▲ 1.7pp1.3%within the sector's middle half▲ 0.4pp6.6%within the sector's middle half▲ 5.3pp0.9%within the sector's middle half▼ 5.7pp1.8%within the sector's middle half▲ 1.0pp0.3%within the sector's middle half▼ 1.6pp-4.6%below the sector's middle half▼ 4.8pp
Staff (FTE)8.6-9.4▲ 9.3%9within the sector's middle half▼ 4.3%8.7within the sector's middle half▼ 3.3%8.5within the sector's middle half▼ 2.3%9.7within the sector's middle half▲ 14.1%17within the sector's middle half▲ 75.3%14above the sector's middle half▼ 17.6%
above
within
below
the middle half of NACE 82, Office administrative, office support and other business support activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
The turnover shown is an estimate from the gross margin.
Why a figure moved sharply
- 2024 Staff (FTE) +75% on 2023. Merger absorbing INITIAL PRODUCTION, effective 26-04-2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.8m
Fixed assets
€346,910 ▼ 5.8%
Current assets
€1.4m ▼ 13.7%
Equity and liabilities €1.8m
Equity
€80,599 ▼ 51.0%
Debt
€1.8m ▼ 6.4%
Debt's share of the balance-sheet total rises from 92.0% to 95.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
€33,788▼
2024 · €127,591
Cash flow
€2,563▼
2024 · €91,580
Quick ratio
0.91▲
2024 · 0.87
Debt to equity
21.85▲
2024 · 11.45
ROE
-104.0%▼
2024 · 3.2%
Interest coverage
1.12▼
2024 · 10.14
Debt ≤ 1 year
€1.5m▼
2024 · €1.8m
Debt > 1 year
€241,944▲
2024 · €28,648
Income taxes
€1,233▼
2024 · €24,091
Staff costs
€980,413▲
2024 · €768,097
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,104 companies that looked in July 2024 the way this one looks now, 1.8% went bankrupt within 24 months and 94.3% are still going.
- Small
- 20 years or older
- solvency under 10%
- a small loss
1.8%
went bankrupt
3.5%
stopped otherwise
94.3%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.0% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,445 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,104 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €7,264 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €228,663 | €388,470 | €597,968 | €768,097 | €980,413 | ▲ 27.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20,255 | €30,668 | €28,643 | €25,172 | €19,654 | €26,778 | €86,387 | €86,397 | = |
| 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 | €12,238 | ▼ 47.1% |
| Operating charges capitalised as restructuring costs649 | - | - | - | - | - | - | - | -€46,289 | - |
| Non-recurring operating charges66A | - | - | - | €64,179 | - | - | €657 | €13,982 | ▲ 21× |
| Gross operating margin9900 | €435,498 | €480,308 | €390,433 | €383,151 | €448,517 | €692,259 | €919,213 | €994,131 | ▲ 8.2% |
| Operating profit (loss)9901 | €5,838 | €32,314 | €33,057 | €111,728 | €27,824 | €53,722 | €41,204 | -€52,609 | - |
| Financial income75/76B | - | - | - | - | €578 | €106 | €662 | €45 | ▼ 93.2% |
| Recurring financial income75 | - | €1,846 | €22 | - | €578 | €106 | €662 | €45 | ▼ 93.2% |
| Financial charges65/66B | - | - | - | €6,277 | €6,924 | €7,547 | €12,583 | €30,037 | ▲ 139% |
| Recurring financial charges65 | €11,193 | €12,331 | €5,791 | €6,277 | €6,924 | €7,547 | €12,583 | €30,037 | ▲ 139% |
| Profit (loss) for the period before taxes9903 | -€1,791 | €21,829 | €27,288 | €105,451 | €21,479 | €46,282 | €29,284 | -€82,602 | - |
| Income taxes67/77 | €6,554 | €11,944 | €11,313 | €32,573 | €12,566 | €21,408 | €24,091 | €1,233 | ▼ 94.9% |
| Profit (loss) for the period9904 | -€8,345 | €9,884 | €15,975 | €72,878 | €8,913 | €24,874 | €5,192 | -€83,834 | - |
| Profit (loss) for the period to be appropriated9905 | -€8,345 | €9,884 | €15,975 | €72,878 | €8,913 | €24,874 | €5,192 | -€83,834 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.0m | €1.1m | €1.2m | €1.1m | €1.0m | €1.4m | €2.0m | €1.8m | ▼ 10.0% |
| Formation expenses20 | - | - | - | - | - | - | - | €0.05m | - |
| Fixed assets21/28 | €0.1m | €0.1m | €0.1m | €0.08m | €0.1m | €0.08m | €0.4m | €0.3m | ▼ 5.8% |
| Intangible fixed assets21 | - | - | - | - | - | - | €0.2m | €0.2m | ▼ 15.1% |
| Tangible fixed assets22/27 | €0.08m | €0.09m | €0.07m | €0.05m | €0.09m | €0.08m | €0.1m | €0.1m | ▲ 10.9% |
| Plant, machinery and equipment23 | - | - | - | - | €0.03m | €0.02m | €0.07m | €0.1m | ▲ 54.3% |
| Furniture and vehicles24 | - | - | - | €0.05m | €0.03m | €0.03m | €0.03m | €0.01m | ▼ 55.8% |
| Leasing and similar rights25 | - | - | - | €0.004m | €0.04m | €0.03m | €0.02m | €0.01m | ▼ 41.4% |
| Other tangible fixed assets26 | - | - | - | - | €0.003m | €0.002m | €0.001m | €0.001m | ▼ 58.2% |
| Financial fixed assets28 | €0.02m | €0.03m | €0.03m | €0.03m | €0.007m | €0.007m | €0.03m | €0.03m | = |
| Current assets29/58 | €0.9m | €1.0m | €1.1m | €1.0m | €0.9m | €1.3m | €1.7m | €1.4m | ▼ 13.7% |
| Amounts receivable after more than one year29 | - | - | - | - | €0.02m | - | - | - | - |
| Other amounts receivable291 | - | - | - | - | €0.02m | - | - | - | - |
| Stocks and contracts in progress3 | €0.006m | €0.006m | €0.008m | €0.008m | €0.01m | €0.02m | €0.1m | €0.1m | ▲ 2.5% |
| Stocks30/36 | - | - | - | €0.008m | €0.01m | €0.02m | €0.1m | €0.1m | ▲ 2.5% |
| Amounts receivable within one year40/41 | €0.7m | €0.8m | €0.7m | €0.6m | €0.7m | €0.8m | €1.0m | €0.8m | ▼ 21.1% |
| Trade receivables40 | - | - | - | €0.6m | €0.7m | €0.8m | €0.9m | €0.7m | ▼ 20.7% |
| Other amounts receivable41 | - | - | - | €0.009m | €0.04m | €0.05m | €0.05m | €0.04m | ▼ 27.3% |
| Current investments50/53 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Cash at bank and in hand54/58 | €0.2m | €0.2m | €0.3m | €0.4m | €0.1m | €0.4m | €0.5m | €0.5m | ▼ 0.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.04m | €0.08m | €0.03m | €0.06m | €0.04m | ▼ 35.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.0m | €1.1m | €1.2m | €1.1m | €1.0m | €1.4m | €2.0m | €1.8m | ▼ 10.0% |
| Equity10/15 | €0.1m | €0.1m | €0.1m | €0.2m | €0.1m | €0.2m | €0.2m | €0.08m | ▼ 51.0% |
| Contributions10/11 | €0.03m | €0.03m | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Contributions outside capital11 | - | - | - | €0.03m | €0.03m | - | - | - | - |
| Other1109/19 | - | - | - | €0.03m | €0.03m | - | - | - | - |
| Reserves13 | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Non-distributable reserves130/1 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Reserves not available under the articles1311 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Profit (loss) carried forward14 | €0.08m | €0.09m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.05m | ▼ 63.8% |
| Amounts payable17/49 | €0.9m | €1.0m | €1.1m | €0.9m | €0.9m | €1.2m | €1.9m | €1.8m | ▼ 6.4% |
| Amounts payable after more than one year17 | - | - | - | - | €0.03m | €0.02m | €0.03m | €0.2m | ▲ 745% |
| Financial debts170/4 | - | - | - | - | €0.03m | €0.02m | €0.03m | €0.2m | ▲ 745% |
| Amounts payable within one year42/48 | €0.9m | €1.0m | €1.0m | €0.9m | €0.8m | €1.2m | €1.8m | €1.5m | ▼ 18.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €0.008m | €0.008m | €0.008m | €0.1m | ▲ 12× |
| Trade debts44 | €0.9m | €0.9m | €0.9m | €0.8m | €0.7m | €1.0m | €1.3m | €1.2m | ▼ 9.4% |
| Suppliers440/4 | - | - | - | €0.8m | €0.7m | €1.0m | €1.3m | €1.2m | ▼ 9.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.05m | €0.1m | €0.2m | €0.2m | €0.2m | ▼ 3.7% |
| Taxes450/3 | - | - | - | €0.03m | €0.05m | €0.05m | €0.09m | €0.06m | ▼ 31.7% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.05m | €0.1m | €0.1m | €0.1m | ▲ 20.1% |
| Other amounts payable47/48 | - | - | - | €0.04m | €0.05m | - | €0.3m | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | €0.06m | €0.04m | €0.04m | €0.04m | ▲ 11.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€8,345 | €9,884 | €15,975 | €72,878 | €8,913 | €24,874 | €5,192 | -€83,834 | - |
| + Depreciation and write-downs630 | €20,255 | €30,668 | €28,643 | €25,172 | €19,654 | €26,778 | €86,387 | €86,397 | = |
| Operating cash flow (approximation) | €11,910 | €40,552 | €44,618 | €98,050 | €28,567 | €51,651 | €91,580 | €2,563 | ▼ 97.2% |
| Investment in fixed assets (approximation) | - | -€37,671 | -€11,465 | -€9,538 | -€38,927 | -€11,162 | -€371,220 | -€64,887 | ▲ 82.5% |
| Change in cash | - | €8,989 | €179,712 | €7,632 | -€219,100 | €267,475 | €131,967 | -€4,918 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 21 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 28-09-2026 | 2026-00526226 |
| 31-12-2024 | full format | 30-06-2025 | 2025-00194451 |
| 31-12-2023 | full format | 29-07-2024 | 2024-00294036 |
| 31-12-2022 | full format | 27-07-2023 | 2023-00276817 |
| 31-12-2021 | full format | 28-07-2022 | 2022-20234254 |
| 31-12-2020 | full format | 27-07-2021 | 2021-40100392 |
| 31-12-2019 | full format | 31-07-2020 | 2020-36700030 |
| 31-12-2018 | full format | 30-07-2019 | 2019-39700185 |
| 31-12-2017 | full format | 25-07-2018 | 2018-36900572 |
| 31-12-2016 | full format | 30-08-2017 | 2017-50500102 |
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Of the 11,120 active companies whose main activity is office administrative and support services (NACE 82100), figures are known for 3,594. 2,647 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts
10 awards · 2021 to 2026
Marché public conjoint de services d'impression à caractère durable: BF/COM/25/007 - 1
Impression de documents pour les besoins de la Ville et du CPAS de MONS: Impressions d'affiches (format abris de bus)
UCL SA 2024.07 : ACCORD-CADRE DE SERVICES RELATIF A L’IMPRESSION DE DOCUMENTS DIVERS: UCL SA 2024.07 - 2
UCL SA 2024.07 : ACCORD-CADRE DE SERVICES RELATIF A L’IMPRESSION DE DOCUMENTS DIVERS: UCL SA 2024.07 - 7
Accord-cadre de services portant sur l'impression de brochures, dépliants, affiches et autres imprimés divers pour différents services de l'ONE: S-24051-ACHA-CD-imprimés - 1
Show 5 more contracts
Accord-cadre de services portant sur l'impression de brochures, dépliants, affiches et autres imprimés divers pour différents services de l'ONE: S-24051-ACHA-CD-imprimés - 2
Accord-cadre de services portant sur l'impression de brochures, dépliants, affiches et autres imprimés divers pour différents services de l'ONE: S-24051-ACHA-CD-imprimés - 3
Raamovereenkomst Drukwerk: CM-MC 2023_010 - 1
Désignation de prestataires de services en accord-cadre, pour la réalisation et la livraison d'impressions diverses dans les différents bâtiments de l'ULiège.
Marché public de services d'impression à caractère durable
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. Values as the buyer published them; for a framework agreement, a ceiling.
Directors
Directors
No directors read yet: 4 of 9 Gazette acts processed. See the directors and other office holders in the KBO →
Owners and capital
Capital and shareholders
Capital over the years
- 26-10-2023 Converted to unavailable equity
Group and network
Holdings and subsidiaries
1 holdingHoldings 1
- INITIAL PRODUCTIONsubsidiary100%
Sources: the companies' annual accounts, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Connections & network
The board mandates are listed below; here you explore them as a network.
This company
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Shareholding
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Board mandates elsewhere
1 board mandateBoard mandates of this companythis company sits on their board1
Acquisitions and mergers
1 transactionTook over:INITIAL PRODUCTION
History
Acts, filings and financial milestones
Next filing, financial year 2026, expected by
2026
28-09
NBB filing
Annual accounts filed
financial year 2025 · abbreviated format · 59 days late
2025
31-12
Financial
Weakest financial yearnet -€83,834
Net result drops to -€83,834, the lowest in the series.
30-06
NBB filing
Annual accounts filed
financial year 2024 · full format
2024
13-11
Gazette deed
Registered officeDirector in office · Registered-office move3 facts ▸
Gazette deed
Registered office
Director in office · Registered-office move3 facts ▸
- Board meeting, 24-10-2024
- Director in office, Marion Thierry (sole director)
- Registered-office move, Chaussée de Ruisbroek, 81 - 1190 FOREST
12-08
Gazette deed
Purpose · RestructuringMerger · Custody of records · Accounting effect22 facts ▸
Gazette deed
Purpose · Restructuring
Merger · Custody of records · Accounting effect22 facts ▸
- General meeting, 10-07-2024
- Other provision, “unanimité, documents communiqués et mis gratuitement à disposition conformément à article 12:51” (deed in French)
- Other provision, “comptes annuels et renonciation aux rapports, comptes annuels des trois derniers exercices sociaux pour chacune des sociétés” (deed in French)
- Other provision, “projet de fusion pas postérieur de plus de 6 mois à fin de exercice auquel se rapportent derniers comptes annuels clôturés, ordre du jour et ancienneté du proje…” (deed in French)
- Other provision, “absence de modification importante du patrimoine, entre date établissement du projet de fusion et date des assemblées générales” (deed in French)
- Other provision, “absence d'opération importante après comptes annuels de référence, aucune opération importante pouvant affecter biens transférés effectuée après date des compte…” (deed in French)
- Other provision, “absence d'engagement modifiant consistance des actifs et passifs, aucun engagement susceptible de modifier de façon appréciable conclu après date précitée” (deed in French)
- Other provision, “accomplissement des formalités légales, toutes formalités prescrites accomplies” (deed in French)
- Other provision, “réception du projet de fusion, chaque actionnaire reconnaît avoir reçu copie et avoir pu prendre connaissance des autres documents” (deed in French)
- Merger, “fusion simplifiée par dissolution sans liquidation et transfert à titre universel de intégralité du patrimoine rien excepté ni réservé, unanimité implicite” (deed in French)
- Custody of records, “archives de la présente société” (deed in French)
- Accounting effect, “2024-04-01T00:00” (deed in French)
- +10 further facts in this act
29-07
NBB filing
Annual accounts filed
financial year 2023 · full format
10-05
Gazette deed
RestructuringMerger · Shareholding · Accounting effect6 facts ▸
Gazette deed
Restructuring
Merger · Shareholding · Accounting effect6 facts ▸
- Merger, “fusion par absorption, absorbante détient l'entièreté des actions de l'absorbée” (deed in French)
- Shareholding
- Board meeting, 26-04-2024 (2 times)
- Accounting effect, 01-04-2024
- Other provision, “droits spéciaux des actionnaires de l'absorbée, aucun relevé” (deed in French)
- Other provision, 26-04-2024
2023
31-12
Financial
Equity above €150,000equity €159,240 ▲18.5%
5 profitable years in a row build equity to €159,240.
26-10
Gazette deed
Registered office · Amendment of the articles · Legal-form change · Resignations & appointmentsCapital conversion3 facts ▸
Gazette deed
Registered office · Amendment of the articles · Legal-form change · Resignations & appointments
Capital conversion3 facts ▸
- General meeting, 23-10-2023
- Amendment of the articles (2 times)
- Capital conversion, “compte de capitaux propres statutairement indisponible” (deed in French)
27-07
NBB filing
Annual accounts filed
financial year 2022 · full format
2022
28-07
NBB filing
Annual accounts filed
financial year 2021 · full format
2021
31-12
Financial
Highest result from 2018 to 2025net €72,878 ▲356%
Operating result €111,728, net result €72,878, both a record.
Show earlier events
31-12
Financial
Equity above €150,000equity €170,454 ▲23.9%
3 profitable years in a row build equity to €170,454.
27-07
NBB filing
Annual accounts filed
financial year 2020 · full format
2020
31-07
NBB filing
Annual accounts filed
financial year 2019 · full format
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
financial year 2018 · full format
2018
25-07
NBB filing
Annual accounts filed
financial year 2017 · full format
2017
30-08
NBB filing
Annual accounts filed
financial year 2016 · full format · 30 days late
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.Of the 21 annual accounts filed, the latest 10 are here; all 21 are under Financials.
4 of 9 deeds read
About the unread acts
Of the 9 Belgian Official Gazette deeds we know for this company, 4 have been read. The other 5 have not been read yet: what they contain is neither established nor disproved here.
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Register details
Identification
Legal formPrivate limited company
Founded22-12-2004
Financial 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
E-invoicing
Reachable via Peppol
Peppol ID
0208:0870746135
Also
9925:BE0870746135
Registered
21-10-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
Location & real-estate footprint
Registered office, Vorst · 1 establishment unit since 2005
Ground area
4,426 m²
Building footprint
106 m²
Building volume
1,181 m³
Parcel 21384D0086/00H004, Brussels · tallest building 11.8 m. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
INITIAL P
since 2005unit no. 2.145.020.782
1 parcel
Brussels
1
(100%)
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21384D0086/00H004 | Brussels | 4,426 m² | 1 · 106 m² | 11.8 m · 4 |
How the parcels are linked
Good to know
The parcel matches the address exactly.
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “L'exploitation de tout établissement commercial ou industriel d'imprimerie,et toutes les opérations rentrant dans le commerce et l'industrie…” (deed in French)deed of 10-05-2024
6 activities (deed in French)
- L'exploitation de tout établissement commercial ou industriel d'imprimerie,et toutes les opérations rentrant dans le commerce et l'industrie de l'imprimerie et des arts graphiques,de la papeterie,de l'édition,de la presse,de la publicité sous toutes ses formes ainsi que la distribution,l'expédition et le routage y afférents,la création,l'acquisition et la prise à bail de tout fonds de commerce et de tout immeuble utile à l'objet social.
- Et généralement,toutes opérations industrielles,commerciales ou financières,mobilières ou immobilières pouvant se rattacher directement ou indirectement à l'objet social ou à tous objets similaires connexes ou qui seraient de nature à en faciliter directement ou indirectement,entièrement ou partiellement la réalisation.
- Elle peut exercer toutes fonctions et mandats et s'intéresser par voie d'apport,de fusion,souscription,ou de toutes autres manières dans toutes autres affaires,entreprises,associations ou sociétés ayant un objet identique,analogue ou connexe au sien,ou qui sont de nature à favoriser le développement de son entreprise,à lui procurer des ressources ou à faciliter l'écoulement des services et produits.
- La société peut réaliser son objet pour son compte ou pour compte d'autrui en tous lieux,de toutes manières et suivant les modalités qui lui paraîtront les mieux appropriées,y compris la représentation,l'importation et l'exportation.
- La société peut également fournir une caution personnelle ou réelle en faveur de toute personne ou société liée ou non.
- La société peut aussi assumer des mandats d'administrateur,gérant ou liquidateur.
- Name clauseThe name the company operates under according to its articles.
- Db Group.bedeed of 26-10-2023
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Région de Bruxelles-Capitale” (deed in French)deed of 26-10-2023
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- “1, sans limitation de durée si durée non indiquée” (deed in French)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- First Friday of June at 10:00