Initialize
Annual accounts 2025
micro format, filed on 19-05-2026, 73 days before the deadlineTurnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €130,000. Estimated: probably between €100,000 and €170,000.
Balance sheet
balance sheet total €74,783 on 31-12-2025in euro
in euro
Position in the sector
56.9%
Higher than 51% of 39,368 companies in 2025.
2.33
Higher than 54% of 38,051 companies in 2025.
64.9%
Higher than 94% of 38,523 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: bottom quarter · Working capital: middle half
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
74,783 | 48,593 | 15,949 | 50,095 | 54,656 | |
21/28 |
465 | 921 | 1,377 | 1,834 | 2,290 | |
22/27 |
190 | 646 | 1,102 | 1,559 | 2,015 | |
24 |
190 | 646 | 1,102 | 1,559 | 2,015 | |
28 |
275 | 275 | 275 | 275 | 275 | |
29/58 |
74,318 | 47,672 | 14,572 | 48,261 | 52,367 | |
40/41 |
- | 0 | 2,859 | 2,120 | 9,353 | |
40 |
- | - | 0 | 1,616 | 9,196 | |
41 |
- | 0 | 2,859 | 505 | 157 | |
50/53 |
2,500 | - | - | - | - | |
54/58 |
59,657 | 37,081 | 8,999 | 43,701 | 40,574 | |
490/1 |
12,161 | 10,591 | 2,715 | 2,439 | 2,439 | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
74,783 | 48,593 | 15,949 | 50,095 | 54,656 | |
10/15 |
42,546 | 33,560 | 12,475 | 34,847 | 34,204 | |
10/11 |
4,000 | 4,000 | 4,000 | 4,000 | 4,000 | |
14 |
38,546 | 29,560 | 8,475 | 30,847 | 30,204 | |
17/49 |
32,237 | 15,033 | 3,475 | 15,247 | 20,453 | |
42/48 |
31,867 | 14,248 | 3,475 | 13,339 | 20,409 | |
44 |
1,834 | 116 | 3,216 | 3,127 | 1,176 | |
440/4 |
1,834 | 116 | 3,216 | 3,127 | 1,176 | |
45 |
22,302 | 12,030 | 259 | 8,043 | 11,918 | |
450/3 |
20,368 | 6,273 | 259 | 8,043 | 10,018 | |
454/9 |
1,934 | 5,757 | - | 0 | 1,900 | |
47/48 |
7,730 | 2,102 | 0 | 2,170 | 7,314 | |
492/3 |
371 | 785 | 0 | 1,908 | 44 | |
| Income statement | ||||||
9900 |
64,849 | 23,351 | -20,598 | 2,875 | 40,651 | |
630 |
456 | 456 | 456 | 456 | 2,887 | |
640/8 |
1,539 | 1,006 | 508 | 786 | - | |
9901 |
62,854 | 21,889 | -21,563 | 1,633 | 37,764 | |
75/76B |
- | 0 | 58 | 0 | 0 | |
75 |
- | 0 | 58 | 0 | 0 | |
65/66B |
1,188 | 636 | 704 | 543 | 59 | |
65 |
1,188 | 636 | 704 | 543 | 59 | |
9903 |
61,665 | 21,253 | -22,209 | 1,089 | 37,705 | |
67/77 |
13,120 | 167 | 164 | 446 | 7,502 | |
9904 |
48,546 | 21,086 | -22,373 | 643 | 30,204 | |
9905 |
48,546 | 21,086 | -22,373 | 643 | 30,204 | |
| Appropriation of the result | ||||||
9906 |
78,106 | 29,560 | 8,475 | 30,847 | 30,204 | |
14P |
29,560 | 8,475 | 30,847 | 30,204 | - | |
694/7 |
39,560 | - | - | - | - | |
694 |
39,560 | - | - | - | - | |
| Document | ||||||
The notes to these accounts have 7 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 19-05-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 19-05-2026 | 2026-00114404 | |
| 31-12-2024 | micro format | 28-07-2025 | 2025-00316830 | |
| 31-12-2023 | micro format | 19-07-2024 | 2024-00264184 | |
| 31-12-2022 | micro format | 24-07-2023 | 2023-00289016 | |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20093869 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| 63,310 | 22,345 | -21,106 | 2,089 | 40,651 | ||
| 49,002 | 21,542 | -21,916 | 1,100 | 33,091 | ||
| 0 | 0 | 0 | 0 | 2,556 | ||
| 22,576 | 28,083 | -34,703 | 3,127 | - | ||
| 42,451 | 33,424 | 11,097 | 34,922 | 31,958 | ||
| 56.9% | 69.1% | 78.2% | 69.6% | 62.6% | ||
| 2.33 | 3.35 | 4.19 | 3.62 | 2.57 | ||
| 0.76 | 0.45 | 0.28 | 0.44 | 0.60 | ||
| 114.1% | 62.8% | -179.3% | 1.8% | 88.3% | ||
| 64.9% | 43.4% | -140.3% | 1.3% | 55.3% | ||
| 53.27 | 35.12 | -29.96 | 3.85 | over 100 |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | - | €2,281 |
| Financial fixed assets | €0 | - | - | - | €275 |
| €456 | €456 | €456 | €456 | €2,887 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on Initialize
The operating result for 2025 is 187% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Debt's share of the balance-sheet total rises from 30.9% to 43.1%. Equity and debt are higher.