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Complete company report
Generated 11-08-2026
Active BE 0884.621.093Public limited company

INITIO BELGIUM

Generaal Wahislaan 17 ·1030 Schaarbeek, Belgium· 19 yrs active
Sector: Computer programming & consultancy (62200)
Conclusion Checked

The computed 12-month bankruptcy probability of INITIO BELGIUM is 0.3% (very low). The 2024 annual accounts show equity of €1.27M and a net result of €-660k. Equity is shrinking by ~3.1% per year across the filed fiscal years. Its solvency ranks better than 33% of 295 sector peers (fiscal year 2024). The company has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 7 annual accounts.
Key figures
Equity €1.27M
Net result €-660k
Staff (FTE) 35.8
Better than sector 33%
Snowflake analysis 5 of 5 axes measured · computed by Checked
Health0Profitability0Solvency19Growth31Stability100
30 / 100

Fragile profile, watch health in particular.

All 5 axes are computed from data Checked has read.

Health 0
Profitability 0
Solvency 19
Growth 31
Stability 100
Bankruptcy probability (12 mo) Checked model v1 · free
0.3% Very low
0%0,5%1,5%4%10%≥25%
Lower-failure-rate sector −Higher-failure-rate region +Long track record −

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Risk Assessment rule-based
0 / 100
Low risk
Trust signals 2 signals
Established
Founded in 2006, 19 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags 0 events
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Health barometer FY 2024 · computed
0 / 100 Critical
050100
Computed from 6 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Unlock the full score breakdown, per-year score history and the indicative credit limit with Plus.

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Computed by Checked from the NBB filing for FY 2024. Indicative, not credit advice.
Financial overview10 NBB filings
Annual accounts filed on 28-11-2025 with the NBB · fiscal year 2024 · volledig
€-5.00M€0€5.00M€10.00M€15.00MRevenue 2020: €8.91M€8.91MOperating result 2020: €-417k€-417kNet result 2020: €1.25M€1.25MRevenue 2021: €9.69M€9.69MOperating result 2021: €-108k€-108kNet result 2021: €-92k€-92kRevenue 2022: €13.79M€13.79MOperating result 2022: €1.02M€1.02MNet result 2022: €634k€634kRevenue 2023: €13.93M€13.93MOperating result 2023: €906k€906kNet result 2023: €551k€551kRevenue 2024: €9.97M€9.97MOperating result 2024: €-552k€-552kNet result 2024: €-660k€-660k20202021202220232024
RevenueOperating resultNet result
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
declining Equity: declining trend of ~3.1%/year over 7 fiscal years, indicative, assuming unchanged policy.
€0€1.00M€2.00M€3.00M2025: €1.57M (€936k - €2.20M)2026: €1.52M (€508k - €2.53M)2027: €1.47M (€83k - €2.86M)2018: €1.53M2019: €2.25M2020: €1.83M2021: €1.74M2022: €2.38M2023: €1.93M2024: €1.27M2018201920202021202220232024202520262027
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison
Fiscal year 2024 · NACE 62, Computer programming & consultancy · compared within the same schema type (full schema)
Metric This company Sector median Position in the sector
Solvency 17.1% 43.1%
better than 33% of 295 sector peers
Net result €-660k €28k
better than 5% of 295 sector peers
Equity €1.27M €79k
better than 85% of 295 sector peers
Staff costs €3.48M €400k
higher than 83% of 147 sector peers
Employees (FTE) 35.8 5.9
better than 81% of 132 sector peers
Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.
Revenue
€9.97M
-28.4% 18-24
EBITDA
€-458k
- 18-24
Net profit
€-660k
- 18-24
Cash flow
€-567k
- 18-24
Total assets
€7.39M
-26.8% 18-24
Equity
€1.27M
-34.3% 18-24
Working capital
€-948k
-23.6% 18-24
Employees (FTE)
36
-3.0% 18-24
Staff costs
€3.48M
-8.9% 18-24
Income taxes
€7k
-97.7% 18-24
Dividends
€1.00M
+150.0% 18-24
Debt
€6.09M
-25.5% 18-24
Debt ≤ 1y
€5.99M
-26.7% 18-24
Current ratio
0.84
-7.1% 18-24
Quick ratio
0.84
-7.1% 18-24
Solvency
17.1%
-10.2% 18-24
Debt / equity
4.81
+13.3% 18-24
ROE
-52.2%
- 18-24
ROA
-8.9%
- 18-24
Net margin
-6.6%
- 18-24
EBITDA margin
-4.6%
- 18-24
Interest coverage
-4.17
- 18-24
Figures by fiscal year
Fiscal year2024
Depositvolledig
Revenue€9.97M
EBITDA€-458k
Net profit€-660k
Cash flow€-567k
Staff costs€3.48M
Income taxes€7k
Dividends-
Total assets€7.39M
Equity€1.27M
Debt€6.09M
of which ≤ 1y€5.99M
of which > 1y-
Working capital€-948k
Employees (FTE)35.8
Ratios (computed)
2024
Current ratio0.84
Quick ratio0.84
Working capital ratio-12.8%
Solvency17.1%
Debt / equity4.81
Long-term debt ratio-
Interest coverage-4.17
Gross margin44.0%
Net margin-6.6%
ROA-8.9%
ROE-52.2%
EBITDA margin-4.6%
Days sales outstanding130d
Days payable outstanding301d
Inventory turnover-
Days inventory (DSI)-
Balance-sheet composition 2024
Full annual accounts
Filed balance sheet and income statement, exactly as deposited with the NBB.
Line item Code2024
Balance sheet, Assets
TOTAL ASSETS 20/58€7.39M
Fixed assets 21/28€2.35M
Tangible fixed assets 22/27€382k
Financial fixed assets 28€1.97M
Current assets 29/58€5.04M
Amounts receivable within one year 40/41€4.11M
Cash & bank 54/58€885k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES 10/49€7.39M
Equity 10/15€1.27M
Contributions / capital 10/11€63k
Reserves 13€1.20M
Provisions & deferred taxes 16€35k
Amounts payable 17/49€6.09M
Amounts payable within one year 42/48€5.99M
Trade debts payable within one year 44€4.61M
Income statement
Turnover 70€9.97M
Operating result 9901€-552k
Financial income 75€8k
Financial charges 65€110k
Result before taxes 9903€-654k
Income taxes 67/77€7k
Net result for the period 9904€-660k
Result to be appropriated 9905€-660k
You're seeing the latest fiscal year only. Unlock 4 prior years (figures + ratios) with a paid plan. See plans →
Ratios computed by Checked.
Directors & mandates 2 directors
Current directors & mandates
  • KILDA SRLLegal entity
    Director
    State Gazette act 25069770 (03-06-2025)
    Current
    03-06-2025 → present
Former directors (1)
  • Frederik Rademakers
    Director
    State Gazette act 24104037 (10-07-2024)
    Former
    - → 10-07-2024
Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.This list is read straight from this company's published acts, not from the officer register.
Legal Structure
NACE primary Computer programming & consultancy(62200)
Legal form Public limited company(014)
Incorporation27-10-2006
StatusActive
Postal code1030
Establishment units 1 location
Initio Belgium
Generaal Wahislaan 17, 1030 Schaarbeekverlenen van advies over soorten computers (hardware) en hun configuratie en toepassing van bijbehorende programmatuur (software) : analyseren van behoeften en problemen van gebruiker en het aanbieden
since 20062.157.355.620
Physical sites registered in the Crossroads Bank for Enterprises (CBE).
Real-estate footprint Source: CBE × cadastre

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Brussels 1 (100%)
Parcel (capakey) Region Area Buildings Height / fl.
21904B0391/00T002 Brussels 1,192 m² 1 · 210 m² 14.1 m · 3 fl.
Methodology
via registered seat: 1
1 of 1 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates 12 events

A single timeline of everything that happened to this company, publications, insolvency and lifecycle events, administrative changes and filed annual accounts.

2025
28-11-2025
NBB filing Annual accounts filed
fiscal year 2024 · volledig
03-06-2025
State Gazette act Director changes
2024
01-08-2024
NBB filing Annual accounts filed
fiscal year 2023 · volledig
10-07-2024
State Gazette act Director changes
2023
27-07-2023
NBB filing Annual accounts filed
fiscal year 2022 · volledig
2022
15-08-2022
NBB filing Annual accounts filed
fiscal year 2021 · volledig
2021
31-08-2021
NBB filing Annual accounts filed
fiscal year 2020 · volledig
2020
28-07-2020
NBB filing Annual accounts filed
fiscal year 2019 · micro
2019
30-07-2019
NBB filing Annual accounts filed
fiscal year 2018 · micro
2018
31-07-2018
NBB filing Annual accounts filed
fiscal year 2017 · volledig
2017
13-07-2017
NBB filing Annual accounts filed
fiscal year 2016 · volledig
2016
30-08-2016
NBB filing Annual accounts filed
fiscal year 2015 · volledig
Belgisch Staatsblad, acts 2 acts
All acts · 2 updated 1 year ago
2025
03-06-2025 2 directors appointed Director changes
  • KILDA SRL, Bestuurder
  • KILDA SRL, Bestuurder
Technical details 
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2024
10-07-2024 1 director appointed, 1 resigning, 2 reappointed Director changes
  • J. MARKO, Commissaris
  • Frederik Rademakers, Bestuurder
  • Eric Bonnel, Bestuurder
  • Jérôme Boucheron, Bestuurder
Technical details 
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Credit advice verdict per customer and amount

Should this customer buy amount X on invoice? Enter the amount and payment terms, you get an instant GREEN/AMBER/RED verdict, with a suggested ceiling and concrete conditions.

Based on official sources (NBB, CBE, State Gazette). Indicative, not credit advice.
AI due-diligence brief Checked AI

Generate a structured, factual brief from every signal in this dossier: risk, financial health, ownership, mandates and sector comparison.

Coming soon
The brief is drafted by our AI model at Anthropic in the US, from this dossier's public data. Nothing that identifies you is sent along and we do not keep the brief. Indicative, not legal or investment advice. How it works
Company registry (CBE) Crossroads Bank
Activities
Computerconsultancy-activiteiten62020Activiteiten op het gebied van computerconsultancy en beheer van computerfaciliteiten62200Computeradviesbureaus72100Secretariaten74851Overige activiteiten i .v.m. administratie, n.e.g.74855Administratieve en ondersteunende activiteiten ten behoeve van kantoren82100Diverse administratieve activiteiten ten behoeve van kantoren82110Fotokopiëren, documentvoorbereiding en andere gespecialiseerde ondersteunende activiteiten ten behoeve van kantoren82190
Primary activity highlighted.
Names & trade names
Legal nameFR INITIO BELGIUM
Registered office
Generaal Wahislaan 17
1030 Schaarbeek, Belgium
Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.
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Source: Belgian State Gazette, CBE, NBB · generated via checked.be · indicative