Equity
Initialize paid out €39,560 in dividends. That is 81% of the 2025 profit.
The dashed line is the sector median: 0.1% across 48,570 companies (NACE 70, micro).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 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 70, micro). It does better than 52% of them on solvency, 71% on liquidity, 84% on profitability and 71% on growth.
The bankruptcy probability was computed on 09-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 26,972 companies had the same profile as Initialize has now. Each dot stands for 68 companies, two years later.
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Initialize itself is lower: < 0.1% within 12 months. It rests on far more data about Initialize than the profile alone.
The method was tested on the 497,447 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 26,972 companies, not a prediction for Initialize. 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.
Liquidity is ample, with a current ratio of 2.33 (3.35 in 2024), above the usual 1.5. Short-term debt is 42.6% and cash 79.8% of total assets. 43.1% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 5 accounts on average 26 days before the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| Initialize Merelbeke-Melle | €74,783 | €64,849 | 56.9% | - |
| Bruno Dhont Oudenaarde | €88,024 | €74,653 | 61.1% | - |
| DS Projects Kapellen | €69,103 | €70,428 | 10.4% | - |
| BL Agro BE Ypres | €63,971 | €63,907 | 9.0% | - |
| INCREMENTALISM Oostkamp | €73,704 | €66,630 | 6.8% | - |
| FLAPJACK Alveringem | €81,818 | €80,897 | 3.1% | - |
| EDOUARD AV Zulte | €101,637 | €63,211 | 46.9% | - |
These companies have the same main activity as Initialize: activities of head offices (NACE 70100). They are comparable in size and age: total assets between €64,000 and €102,000, founded between 2019 and 2022.
Initialize files the micro format. That format states no turnover. The gross margin rose from €40,651 in 2021 to €64,849 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover 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.
Higher than 51% of 39,368 companies in 2025.
Higher than 54% of 38,051 companies in 2025.
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
| 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.
| 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 |
| 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.
| 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)
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.
Initialize has no parent and no holdings in its annual accounts. ROELS Koen is the only director. Initialize shares no director with another company.
| DR. ANDRES BEELE
registered office since 03-03-2023 · founded in 2023 |
total assets €526,956 (2025) 0799.157.165 |
| DIEDERIK DE SAEDELEER
registered office since 17-11-2023 · founded in 2023 |
total assets €167,309 (2025) 1002.395.624 |
| Jamai, Nisrien (sole trader)
establishment since 01-10-2026 |
founded in 2026 1000.168.978 |
| LVC Holding
registered office since 13-07-2026 |
founded in 2026 1040.217.112 |
| Lupus Fitmeals
establishment since 08-01-2019 |
founded in 2019 0717.820.091 |
| VERENIGING VAN MEDE-EIGENAARS VAN DE RESIDENTIE LOFTHOUSE DE KATHEDRAAL TE MELLE, OUDE HEIRBAAN 37.
registered office since 26-12-2016 |
founded in 2016 0728.993.503 |
| De Brabandere, Ingrid (sole trader)
establishment since 01-10-2014 |
founded in 2014 0556.874.624 |
| ALPACK
establishment since 23-09-1987 |
founded in 1980 0421.127.973 |
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
On 31 May 2021, Initialize was incorporated as a private limited company by one natural person, with a starting capital of €4,000.12 ROELS Koen is director of the company, appointed by deed of 02-06-2021.2 Total assets went from €54,656 in 2021 to €74,783 in 2025.3
| Establishment | Since | Unit number |
|---|---|---|
| Oude Heirbaan 37 registered office 9090 Merelbeke-Melle 64210 Activities of holding companies | 31-05-2021 | 2.318.872.793 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 44040D0434/00W000 | 961 m² | 1 · 691 m² | 18.5 m · 4 |
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