INITIUM
ActiveSummary
INITIUM has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €13.9m and a net result of €1.6m. Equity is growing by ~47.5% per year across the filed fiscal years. Its solvency ranks better than 62% of 4926 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability18▼-51
Solvency81▲+5
Growth57▼-21
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €70,000 at 30 days acceptable
Liquidity short (current ratio 0.66 against 0.49 in 2024; short-term debt: 19.2% and cash: 0.7% of total assets), and 43.8% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
56.2%
Return on assets
6.5%
Age of the figures
9 mo
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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-07-2026, 3 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
3 d early
2024
7 d early
2023
30 d late
2022
59 d late
2021
19 d early
2020
2 d early
2019
21 d early
← 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 5 days after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
€732,145▼ 5.3%
2024 · €772,956
EBIT margin
-55.5%▼ 44.2pp
2024 · -11.3%
Net result
€1.6m▼ 75.2%
2024 · €6.4m
Working capital
-€1.6m▲ 31.8%
2024 · -€2.4m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€772,956€732,145▼ 5.3%
Operating result-€179,772-€498,991▼ 178%-€54,149▲ 89.1%-€87,114▼ 60.9%-€406,223▼ 366%
Net result€647,501above the sector's middle half▼ 32.0%€515,252above the sector's middle half▼ 20.4%€2.4mabove the sector's middle half▲ 371%€6.4mabove the sector's middle half▲ 165%€1.6mabove the sector's middle half▼ 75.2%
EBIT margin-11.3%-55.5%▼ 44.2pp
Equity€2.9mabove the sector's middle half▲ 28.8%€3.3mabove the sector's middle half▲ 14.2%€5.8mabove the sector's middle half▲ 76.6%€12.3mabove the sector's middle half▲ 110%€13.9mabove the sector's middle half▲ 13.0%
Total assets€14.5mabove the sector's middle half▲ 5.0%€18.0mabove the sector's middle half▲ 24.3%€19.7mabove the sector's middle half▲ 9.8%€24.2mabove the sector's middle half▲ 22.5%€24.7mabove the sector's middle half▲ 2.1%
Debt€11.6m▲ 0.3%€14.7m▲ 26.9%€13.9m▼ 5.2%€11.9m▼ 14.3%€10.8m▼ 9.2%
Working capital-€6.0m▼ 9.0%-€10.2m▼ 70.3%-€4.2m▲ 58.9%-€2.4m▲ 42.9%-€1.6m▲ 31.8%
Solvency20.0%within the sector's middle half▲ 3.7pp18.4%below the sector's middle half▼ 1.6pp29.6%within the sector's middle half▲ 11.2pp50.7%within the sector's middle half▲ 21.2pp56.2%within the sector's middle half▲ 5.4pp
Staff (FTE)2.2below the sector's middle half2.8below the sector's middle half▲ 27.3%
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Why a figure moved sharply
- 2024 Net result +165% on 2023. The accounts now follow the full schema, last year the abbreviated schema.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €406,223 in 2025 against €87,114 in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €24.7m
Fixed assets
€21.6m ▼ 1.5%
Current assets
€3.1m ▲ 36.6%
Equity and liabilities €24.7m
Equity
€13.9m ▲ 13.0%
Debt
€10.8m ▼ 9.2%
Debt's share of the balance-sheet total falls from 49.3% to 43.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
-€181,709▼
2024 · €154,872
Cash flow
€1.8m▼
2024 · €6.7m
Current ratio
0.66▲
2024 · 0.49
Debt to equity
0.78▼
2024 · 0.97
ROE
11.5%▼
2024 · 52.4%
ROA
6.5%▼
2024 · 26.6%
Interest coverage
-0.52▼
2024 · 0.34
Debt ≤ 1 year
€4.7m▲
2024 · €4.7m
Debt > 1 year
€6.1m▼
2024 · €7.2m
Income taxes
€6,032▲
2024 · €5,275
Staff costs
€329,068▲
2024 · €113,165
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €866,342 | €844,348 | ▼ 2.5% |
| Turnover70 | - | - | - | €772,956 | €732,145 | ▼ 5.3% |
| Other operating income74 | - | - | - | €80,886 | €91,978 | ▲ 13.7% |
| Non-recurring operating income76A | - | €447 | €14,927 | €12,500 | €20,225 | ▲ 61.8% |
| Operating charges60/66A | - | - | - | €953,456 | €1.3m | ▲ 31.2% |
| Services and other goods61 | - | - | - | €577,925 | €679,217 | ▲ 17.5% |
| Remuneration, social security and pensions62 | - | - | - | €113,165 | €329,068 | ▲ 191% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €114,659 | €199,446 | €241,694 | €241,986 | €224,514 | ▼ 7.2% |
| Other operating charges640/8 | €15,117 | €12,973 | €16,567 | €20,380 | €17,772 | ▼ 12.8% |
| Gross operating margin9900 | -€49,996 | -€286,572 | €204,112 | - | - | - |
| Operating profit (loss)9901 | -€179,772 | -€498,991 | -€54,149 | -€87,114 | -€406,223 | ▼ 366% |
| Financial income75/76B | €1.1m | €1.3m | €3.0m | €7.0m | €2.4m | ▼ 66.1% |
| Recurring financial income75 | €1.1m | €1.3m | €3.0m | €2.6m | €2.0m | ▼ 23.7% |
| Income from financial fixed assets750 | - | - | - | €2.5m | €1.8m | ▼ 30.6% |
| Income from current assets751 | - | - | - | €48,738 | €211,963 | ▲ 335% |
| Other financial income752/9 | - | - | - | €158 | €54 | ▼ 65.9% |
| Non-recurring financial income76B | - | - | - | €4.4m | €397,811 | ▼ 91.0% |
| Financial charges65/66B | €264,749 | €276,287 | €477,012 | €454,654 | €357,297 | ▼ 21.4% |
| Recurring financial charges65 | €242,092 | €276,287 | €468,099 | €454,654 | €357,297 | ▼ 21.4% |
| Debt charges650 | - | - | - | €451,328 | €349,898 | ▼ 22.5% |
| Other financial charges652/9 | - | - | - | €3,325 | €7,399 | ▲ 122% |
| Non-recurring financial charges66B | €22,657 | - | €8,914 | - | - | - |
| Profit (loss) for the period before taxes9903 | €651,519 | €520,430 | €2.4m | €6.4m | €1.6m | ▼ 75.2% |
| Income taxes67/77 | €4,018 | €5,178 | €5,009 | €5,275 | €6,032 | ▲ 14.4% |
| Taxes670/3 | - | - | - | €5,275 | €6,032 | ▲ 14.4% |
| Profit (loss) for the period9904 | €647,501 | €515,252 | €2.4m | €6.4m | €1.6m | ▼ 75.2% |
| Profit (loss) for the period to be appropriated9905 | €647,501 | €515,252 | €2.4m | €6.4m | €1.6m | ▼ 75.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €14.5m | €18.0m | €19.7m | €24.2m | €24.7m | ▲ 2.1% |
| Fixed assets21/28 | €14.0m | €17.2m | €18.6m | €21.9m | €21.6m | ▼ 1.5% |
| Tangible fixed assets22/27 | €2.5m | €5.7m | €5.4m | €5.2m | €5.0m | ▼ 3.9% |
| Land and buildings22 | €2.1m | €5.4m | €5.3m | €5.1m | €5.0m | ▼ 2.8% |
| Plant, machinery and equipment23 | €18,805 | €16,267 | €13,782 | €10,788 | €5,192 | ▼ 51.9% |
| Furniture and vehicles24 | €335,262 | €273,581 | €166,453 | €117,117 | €53,347 | ▼ 54.4% |
| Assets under construction and advance payments27 | - | - | - | - | €5,097 | - |
| Financial fixed assets28 | €11.5m | €11.5m | €13.1m | €16.7m | €16.5m | ▼ 0.8% |
| Affiliated companies280/1 | - | - | - | €11.8m | €11.5m | ▼ 2.6% |
| Participating interests280 | - | - | - | €11.8m | €11.5m | ▼ 2.6% |
| Companies linked by participating interests282/3 | - | - | - | €4.9m | €5.0m | ▲ 3.7% |
| Participating interests282 | - | - | - | €102,000 | €282,500 | ▲ 177% |
| Amounts receivable283 | - | - | - | €4.8m | €4.8m | = |
| Current assets29/58 | €476,428 | €787,594 | €1.2m | €2.3m | €3.1m | ▲ 36.6% |
| Amounts receivable within one year40/41 | €434,411 | €686,993 | €1.0m | €1.9m | €2.9m | ▲ 52.8% |
| Trade receivables40 | €78,509 | €229,029 | €255,619 | €277,160 | €410,072 | ▲ 48.0% |
| Other amounts receivable41 | €355,902 | €457,965 | €765,300 | €1.6m | €2.5m | ▲ 53.6% |
| Cash at bank and in hand54/58 | €27,968 | €82,902 | €118,686 | €331,232 | €182,594 | ▼ 44.9% |
| Deferred charges and accrued income490/1 | €14,049 | €17,698 | €20,019 | €49,234 | €29,753 | ▼ 39.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €14.5m | €18.0m | €19.7m | €24.2m | €24.7m | ▲ 2.1% |
| Equity10/15 | €2.9m | €3.3m | €5.8m | €12.3m | €13.9m | ▲ 13.0% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €2.9m | €3.3m | €5.8m | €12.3m | €13.8m | ▲ 13.0% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | €2.9m | €3.3m | €5.8m | €12.3m | €13.8m | ▲ 13.0% |
| Amounts payable17/49 | €11.6m | €14.7m | €13.9m | €11.9m | €10.8m | ▼ 9.2% |
| Amounts payable after more than one year17 | €5.1m | €3.7m | €8.6m | €7.2m | €6.1m | ▼ 16.2% |
| Financial debts170/4 | €5.1m | €3.7m | €8.6m | €7.2m | €6.1m | ▼ 16.2% |
| Credit institutions173 | - | - | - | €7.2m | €6.1m | ▼ 16.2% |
| Amounts payable within one year42/48 | €6.4m | €10.9m | €5.3m | €4.7m | €4.7m | ▲ 1.6% |
| Current portion of amounts payable after more than one year42 | €795,366 | €445,766 | €563,842 | €538,668 | €530,986 | ▼ 1.4% |
| Financial debts43 | - | €4.7m | - | - | €25,000 | - |
| Credit institutions430/8 | - | €4.7m | - | - | €25,000 | - |
| Trade debts44 | €217,612 | €161,994 | €155,377 | €209,130 | €239,879 | ▲ 14.7% |
| Suppliers440/4 | €217,612 | €161,994 | €155,377 | €209,130 | €239,879 | ▲ 14.7% |
| Taxes, remuneration and social security45 | €39,286 | €54,284 | €78,643 | €71,437 | €105,547 | ▲ 47.7% |
| Taxes450/3 | €38,986 | €54,284 | €78,643 | €43,943 | €51,569 | ▲ 17.4% |
| Remuneration and social security454/9 | €300 | - | - | €27,494 | €53,978 | ▲ 96.3% |
| Other amounts payable47/48 | €5.4m | €5.6m | €4.5m | €3.8m | €3.8m | ▼ 0.2% |
| Accrued charges and deferred income492/3 | €4,909 | €3,079 | €3,079 | €13,780 | €17,259 | ▲ 25.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €647,501 | €515,252 | €2.4m | €6.4m | €1.6m | ▼ 75.2% |
| + Depreciation and write-downs630 | €114,659 | €199,446 | €241,694 | €241,986 | €224,514 | ▼ 7.2% |
| Operating cash flow (approximation) | €762,160 | €714,699 | €2.7m | €6.7m | €1.8m | ▼ 72.8% |
| Investment in fixed assets (approximation) | - | -€3.4m | -€1.6m | -€3.6m | €109,971 | ▲ 103% |
| Change in cash | - | €54,934 | €35,784 | €212,546 | -€148,637 | ▼ 170% |
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
Next filing, fiscal year 2026, expected by
2026
28-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
24-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Highest result since 2018net €6.4m ▲165%
Net result €6.4m, the highest in the series.
31-12
Financial
Equity above €10mEq €12.3m ▲110%
7 profitable years in a row build equity to €12.3m.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 30 days late
2023
31-12
Financial
Equity above €5mEq €5.8m ▲76.6%
6 profitable years in a row build equity to €5.8m.
28-09
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 59 days late
2022
12-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
29-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Equity above €2mEq €2.2m ▲73.6%
3 profitable years in a row build equity to €2.2m.
10-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Equity above €1mEq €1.3m ▲39.7%
2 profitable years in a row build equity to €1.3m.
Show earlier events
23-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
11-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
5 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, Hasselt · 1 establishment unit since 2009
Ground area
1,622 m²
Building footprint
222 m²
Volume, LiDAR
1,238 m³
Parcel 71322B0461/00R000, Flanders · tallest building 18.3 m, ±2 floors. Linked by address, not a title deed.
11
companies at this address
See who is registered here
1 establishment unit
INITIUM
since 20092.180.617.507
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71322B0461/00R000 | Flanders | 1,622 m² | 1 · 222 m² | 18.3 m · 2 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.
Structure & network
Owners and holdings
10 holdings · 9 subsidiaries in the treeOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 10
-
100%
-
100%
- Initium Holdux International GmbHCHsubsidiarySourceown accounts 2025100%
-
100%
-
50%
-
26.67%
-
20%
-
0.5%
-
0.5%
-
0.13%
All subsidiaries, including indirect ones 9
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
HOLDUX 100%4 subsidiaries
SECULUX 99.87%1 subsidiary
- Seculux Invest 100%
- ENTRYA TECHNOLOGIES 99.5%
- OSENCE 99.5%
Initium Capital 100%1 subsidiary
- ALUVIN 100%
- Initium Holdux International GmbHCH 100%
- LVC SOLUTIONS 100%
According to the 2025 annual accounts of INITIUM and those of the other companies, the acts in the Belgian Gazette and the LEI register. 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 fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Public money · subsidies and aid
Flemish government
2023 to 2025 · 3 entries · 3,710 EUR awarded · 3,710 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 365 EUR | 365 EUR |
| 2024 | 1 | 3,300 EUR | 3,300 EUR |
| 2023 | 1 | 45 EUR | 45 EUR |
Recognitions · licences · registrations
Legal Entity Identifier
984500D6I0D84E7YJA37
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Of 6,146 companies in sector 46190 we hold annual accounts for 2,576. 169 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
Founded14-07-2009
Fiscal year end31-12
Activities, NACEBEL 2025
46190Agents in non-specialised wholesale trade
46643Wholesale of electrical equipment, including installation materials
E-invoicing
Reachable via Peppol
Peppol ID
0208:0817078510
Also
9925:BE0817078510
Registered
03-09-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.