INITIUM (0817.078.510): financials and annual accounts

Annual accounts 2025

full format, filed on 28-07-2026, 3 days before the deadline

€732,145

▼ 5.3%

-€406,223

▼ €319,109

-€181,709

▼ €336,580

€1.8m

▼ 72.8%

56.2%

▲ 5.4 percentage points

0.66

▲ 0.17

In the rankings #9 company by equity in Hasselt, Wholesale and retail trade sector

Money flows

turnover is 22.8% of income in 2025

Balance sheet

balance sheet total €24.7m on 31-12-2025

What the company ownsHow it is paid for

in €m

Position in the sector

Compare with sector

56.2%

Higher than 62% of 6,189 companies in 2025.

0.66

Higher than 7% of 6,109 companies in 2025.

6.5%

Higher than 66% of 6,173 companies in 2025.

INITIUM Middle half of the sector 80% of the sector Full accounts in wholesale trade (NACE 46)

Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: bottom quarter · Staff: bottom quarter

Staff

Men and women64% women

1 man and 1.8 women in full-time equivalents in 2025.

€117,524

Men €117,189, women €117,711 per full-time equivalent. Jobs differ, so this is not a pay gap.

people who joined people who left

Filed annual accounts

as filed with the National Bank, click a year to choose it

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
Balance sheet: assets
`20/58`	24.7m	24.2m	19.7m	18.0m	14.5m	13.8m	12.1m	11.8m	12.1m	1.4m	659,091	615,563	579,491	591,618	390,893	206,875
`21/28`	21.6m	21.9m	18.6m	17.2m	14.0m	12.3m	11.6m	11.4m	11.4m	1.3m	619,159	595,757	567,553	576,676	374,359	188,935
`22/27`	5.0m	5.2m	5.4m	5.7m	2.5m	1.6m	876,263	709,318	734,132	643,860	594,159	595,757	567,553	576,676	372,359	187,435
`22`	5.0m	5.1m	5.3m	5.4m	2.1m	641,572	658,325	671,617	679,775	567,906	582,757	590,307	567,332	575,891	347,234	155,000
`23`	5,192	10,788	13,782	16,267	18,805	-	-	-	-	7,750	8,781	4,520	-	-	-	-
`24`	53,347	117,117	166,453	273,581	335,262	23,080	41,078	37,701	54,313	68,118	2,492	758	221	785	25,125	32,435
`26`	-	-	-	-	-	-	-	-	43	86	129	172	-	-	-	-
`27`	5,097	-	-	-	-	911,327	176,860	-	-	-	-	-	-	-	-	-
`28`	16.5m	16.7m	13.1m	11.5m	11.5m	10.7m	10.7m	10.7m	10.7m	665,981	25,000	-	-	-	2,000	1,500
`280/1`	11.5m	11.8m	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`280`	11.5m	11.8m	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`282/3`	5.0m	4.9m	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`282`	282,500	102,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`283`	4.8m	4.8m	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`29/58`	3.1m	2.3m	1.2m	787,594	476,428	1.5m	486,873	352,858	685,685	41,511	39,931	19,806	11,938	14,941	16,534	17,939
`40/41`	2.9m	1.9m	1.0m	686,993	434,411	1.3m	404,800	272,464	610,506	40,142	18,999	15,125	10,941	12,041	13,131	10,079
`40`	410,072	277,160	255,619	229,029	78,509	50,621	34,996	5,016	53,006	32,642	18,999	15,125	10,941	10,725	13,131	10,079
`41`	2.5m	1.6m	765,300	457,965	355,902	1.2m	369,804	267,448	557,500	7,500	-	-	-	1,316	-	-
`50/53`	-	-	-	-	-	-	-	-	-	907	907	907	907	907	907	1,812
`54/58`	182,594	331,232	118,686	82,902	27,968	196,696	78,882	77,711	75,179	462	20,025	2,644	90	1,993	2,497	6,048
`490/1`	29,753	49,234	20,019	17,698	14,049	11,678	3,191	2,683	-	-	-	1,130	-	-	-	-
Balance sheet: equity and liabilities
`10/49`	24.7m	24.2m	19.7m	18.0m	14.5m	13.8m	12.1m	11.8m	12.1m	1.4m	659,091	615,563	579,491	591,618	390,893	206,875
`10/15`	13.9m	12.3m	5.8m	3.3m	2.9m	2.2m	1.3m	926,744	812,047	92,156	60,375	36,165	24,598	16,989	8,523	2,343
`10/11`	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200
`100`	-	-	-	-	-	-	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600
`101`	-	-	-	-	-	-	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400
`13`	13.8m	12.3m	5.8m	3.3m	2.9m	2.2m	1.3m	920,544	805,847	85,956	54,175	29,965	18,398	10,789	2,323	-
`130/1`	-	-	-	1,860	1,860	1,860	-	-	-	-	-	-	-	-	-	-
`130`	-	-	-	-	-	-	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	-
`1311`	-	-	-	1,860	1,860	1,860	-	-	-	-	-	-	-	-	-	-
`133`	13.8m	12.3m	5.8m	3.3m	2.9m	2.2m	1.3m	918,684	803,987	84,096	52,315	28,105	16,538	8,929	463	-
`14`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-3,857
`17/49`	10.8m	11.9m	13.9m	14.7m	11.6m	11.5m	10.8m	10.8m	11.3m	1.3m	598,715	579,399	554,893	574,628	382,370	204,531
`17`	6.1m	7.2m	8.6m	3.7m	5.1m	4.6m	4.1m	5.9m	6.6m	813,037	399,439	402,855	423,613	443,427	278,708	179,778
`170/4`	6.1m	7.2m	8.6m	3.7m	5.1m	4.6m	4.1m	5.9m	6.6m	813,037	399,439	402,855	423,613	443,427	278,708	179,778
`173`	6.1m	7.2m	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`42/48`	4.7m	4.7m	5.3m	10.9m	6.4m	6.9m	6.7m	5.0m	4.7m	443,570	199,276	176,544	131,280	126,357	103,662	24,753
`42`	530,986	538,668	563,842	445,766	795,366	105,703	98,242	636,124	634,688	107,999	26,438	20,758	19,814	18,914	17,360	16,654
`43`	25,000	-	-	4.7m	-	-	-	-	3.8m	-	-	-	-	-	-	-
`430/8`	25,000	-	-	4.7m	-	-	-	-	3.8m	-	-	-	-	-	-	-
`44`	239,879	209,130	155,377	161,994	217,612	190,528	72,490	9,043	27,521	7,398	5,435	1,821	1,905	-	11,736	3,281
`440/4`	239,879	209,130	155,377	161,994	217,612	190,528	72,490	9,043	27,521	7,398	5,435	1,821	1,905	-	11,736	3,281
`45`	105,547	71,437	78,643	54,284	39,286	110,286	57,526	55,311	37,498	35,624	21,100	24,080	11,192	8,072	13,875	3,915
`450/3`	51,569	43,943	78,643	54,284	38,986	109,986	54,851	52,636	35,614	35,624	21,100	21,344	9,309	6,189	11,991	2,032
`454/9`	53,978	27,494	-	-	300	300	2,675	2,675	1,883	-	-	2,736	1,883	1,883	1,883	1,883
`47/48`	3.8m	3.8m	4.5m	5.6m	5.4m	6.5m	6.4m	4.3m	183,677	292,550	146,304	129,885	98,369	99,371	60,692	903
`492/3`	17,259	13,780	3,079	3,079	4,909	2,879	3,232	2,879	2,879	2,589	-	-	-	4,844	-	-
Income statement
`70/76A`	844,348	866,342	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`70`	732,145	772,956	-	-	-	-	-	-	-	-	-	-	-	-	114,108	141,736
`74`	91,978	80,886	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`76A`	20,225	12,500	14,927	447	-	45,686	-	-	9,998	-	-	-	-	-	-	-
`9900`	-	-	204,112	-286,572	-49,996	153,024	124,732	48,157	100,818	116,160	88,198	62,727	53,255	61,101	38,658	32,710
`60/66A`	1.3m	953,456	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`60/61`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	77,809	111,825
`61`	679,217	577,925	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`62`	329,068	113,165	-	-	-	-	-	-	-	-	10,225	3,345	-	-	-	-
`630`	224,514	241,986	241,694	199,446	114,659	43,319	46,561	35,955	35,450	34,197	17,201	15,447	14,055	14,667	15,232	24,387
`640/8`	17,772	20,380	16,567	12,973	15,117	5,207	4,427	4,198	17,527	2,559	1,850	1,724	2,242	12,453	540	1,722
`66A`	-	-	-	-	-	-	-	23	-	-	-	-	-	-	-	-
`9901`	-406,223	-87,114	-54,149	-498,991	-179,772	104,498	73,744	7,981	47,841	79,403	58,923	42,211	36,958	33,981	22,886	6,601
`75/76B`	2.4m	7.0m	3.0m	1.3m	1.1m	1.1m	508,069	333,118	731,405	74	11	56	23	337	100	278
`75`	2.0m	2.6m	3.0m	1.3m	1.1m	1.1m	508,069	333,118	731,405	74	11	56	23	337	100	278
`750`	1.8m	2.5m	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`751`	211,963	48,738	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`752/9`	54	158	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`76B`	397,811	4.4m	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`65/66B`	357,297	454,654	477,012	276,287	264,749	242,991	213,693	226,196	42,439	27,087	22,974	23,534	24,773	20,628	11,957	8,953
`65`	357,297	454,654	468,099	276,287	242,092	242,991	213,693	226,196	42,439	27,087	22,974	23,534	24,773	20,628	11,957	8,953
`650`	349,898	451,328	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`652/9`	7,399	3,325	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`66B`	-	-	8,914	-	22,657	-	-	-	-	-	-	-	-	-	-	-
`9903`	1.6m	6.4m	2.4m	520,430	651,519	954,826	368,119	114,903	736,806	52,391	35,960	18,733	12,208	13,690	11,030	-2,075
`67/77`	6,032	5,275	5,009	5,178	4,018	2,241	195	205	16,916	20,610	11,749	7,167	4,599	5,224	4,850	1,782
`670/3`	6,032	5,275	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`9904`	1.6m	6.4m	2.4m	515,252	647,501	952,585	367,924	114,697	719,891	31,781	24,210	11,566	7,609	8,466	6,180	-3,857
`9905`	1.6m	6.4m	2.4m	515,252	647,501	952,585	367,924	114,697	719,891	31,781	24,210	11,566	7,609	8,466	6,180	-3,857
Appropriation of the result
`9906`	1.6m	6.4m	2.4m	515,252	647,501	952,585	367,924	114,697	719,891	31,781	24,210	11,566	7,609	8,466	2,323	-3,857
`691/2`	1.6m	6.4m	2.4m	410,252	647,501	952,585	367,924	114,697	719,891	31,781	24,210	11,566	7,609	8,466	2,323	-
`6920`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,860	-
`6921`	1.6m	6.4m	2.4m	410,252	647,501	952,585	367,924	114,697	719,891	31,781	24,210	11,566	7,609	8,466	463	-
`694/7`	-	-	-	105,000	-	-	-	-	-	-	-	-	-	-	-	-
`694`	-	-	-	105,000	-	-	-	-	-	-	-	-	-	-	-	-
Social balance sheet
`9087`	2.8	2.2	-	-	-	-	-	-	-	-	0.4	0.2	-	-	-	-
Men (FTE)`1003`	1	0.8	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Women (FTE)`1003`	1.8	1.4	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Hours worked`1013`	4,695	1,696	-	-	-	-	-	-	-	-	679	239	-	-	-	-
Document	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF

The notes to these accounts have 73 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 28-07-2026.

Download as CSV

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	full format	28-07-2026	2026-00341163	PDF
31-12-2024	full format	24-07-2025	2025-00306045	PDF
31-12-2023	abbreviated format	30-08-2024	2024-00428634	PDF
31-12-2022	abbreviated format	28-09-2023	2023-00460395	PDF
31-12-2021	abbreviated format	12-07-2022	2022-20179465	PDF
31-12-2020	abbreviated format	29-07-2021	2021-42700029	PDF
31-12-2019	abbreviated format	10-07-2020	2020-28200232	PDF
31-12-2018	abbreviated format	23-07-2019	2019-35900366	PDF
31-12-2017	abbreviated format	11-07-2018	2018-31100034	PDF
31-12-2016	abbreviated format	30-08-2017	2017-55300434	PDF
31-12-2015	abbreviated format	12-08-2016	2016-42600334	PDF
31-12-2014	abbreviated format	08-07-2015	2015-28200108	PDF
31-12-2013	abbreviated format	14-08-2014	2014-42200594	PDF
31-12-2012	abbreviated format	28-08-2013	2013-48400199	PDF
31-12-2011	abbreviated format	20-07-2012	2012-31700419	PDF
31-12-2010	abbreviated format	26-08-2011	2011-45500298	PDF

Subsidies and aid

Flemish government 2023 to 2025, 3 entries, €3,710 awarded, €3,710 paid

Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)

€3,710

Year	Entries	Awarded	Paid
2025	1	€365	€365
2024	1	€3,300	€3,300
2023	1	€45	€45

Key figures and ratios

per financial year, computed from the annual accounts

2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
-181,709	154,872	187,545	-299,544	-65,113	147,817	120,305	43,936	83,291	113,601	76,123	57,659	51,013	48,648	38,118	30,988
1.8m	6.7m	2.7m	714,699	762,160	995,903	414,485	150,653	755,341	65,979	41,411	27,013	21,664	23,133	21,412	20,531
223,937	160,709	1.7m	3.4m	1.8m	759,323	251,673	31,597	10.2m	724,879	40,603	43,651	4,932	241,998	200,656	213,323
-148,637	212,546	35,784	54,934	-168,728	117,813	1,171	2,532	74,717	-19,563	17,381	2,554	-1,903	-504	-3,552	-
-1.6m	-2.4m	-4.2m	-10.2m	-6.0m	-5.5m	-6.2m	-4.6m	-4.0m	-402,059	-159,345	-156,737	-119,342	-111,416	-87,127	-6,814
-55.5%	-11.3%	-	-	-	-	-	-	-	-	-	-	-	-	20.1%	4.7%
56.2%	50.7%	29.6%	18.4%	20.0%	16.3%	10.7%	7.9%	6.7%	6.8%	9.2%	5.9%	4.2%	2.9%	2.2%	1.1%
0.66	0.49	0.22	0.07	0.07	0.21	0.07	0.07	0.15	0.09	0.20	0.11	0.09	0.12	0.16	0.72
0.78	0.97	2.38	4.44	4.00	5.13	8.34	11.69	13.90	13.66	9.92	16.02	22.56	33.82	44.86	87.28
11.5%	52.4%	41.6%	15.6%	22.4%	42.4%	28.4%	12.4%	88.7%	34.5%	40.1%	32.0%	30.9%	49.8%	72.5%	-164.6%
6.5%	26.6%	12.3%	2.9%	4.5%	6.9%	3.0%	1.0%	6.0%	2.4%	3.7%	1.9%	1.3%	1.4%	1.6%	-1.9%
-0.52	0.34	0.40	-1.08	-0.27	-	-	-	-	-	-	-	-	-	-	-
204 days	131 days	-	-	-	-	-	-	-	-	-	-	-	-	42 days	26 days
129 days	132 days	-	-	-	-	-	-	-	-	-	-	-	-	55 days	11 days

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.

Social balance sheet

Item	31-12-2025	31-12-2024
Employees at the balance-sheet date	3	3
full-time	2	2
part-time	1	1
in full-time equivalents	2.8	2.8
	2.8	2.2
On a permanent contract	3	3
Joined	-	3
Left	-	0

Source: social balance sheet in the 2024 to 2025 annual accounts

Securities and guarantees

on own assets and for others

Item	2025	2024	2023	2022	2021
Debts secured on the company's own assets	€6.6m	-	-	-	€2.3m
Mortgages, amount registered	€104,500	€104,500	-	-	€649,550
	€4.0m	€4.0m	-	-	-
Carrying value of the mortgaged assets	€3.2m	€3.3m	-	-	€338,652
Carrying value of the other pledged assets	€10.9m	€10.9m	-	-	€10.1m

Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Investments

fixed assets acquired

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€43,437	€38,709	€65,264	€3.4m	€990,299
Financial fixed assets	€180,500	€122,000	€1.6m	-	€800,000
	€224,514	€241,986	€241,694	€199,446	€114,659

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Insights on INITIUM

The operating result for 2025 is a loss of €406,223, larger than the loss of €87,114 in 2024. It is the lowest result since 2022.

Debt's share of the balance-sheet total falls from 49.3% to 43.8%. Equity is higher and debt is lower.

Large changes and their cause

2025 Net result -75% on 2024. The 2024 profit included a one-off income of €4,412,500.
2024 Net result +165% on 2023. The 2024 profit included a one-off income of €4,412,500.

Annual accounts 2025

Money flows

Balance sheet

Change in equityin €m

Change in cashin €m

Position in the sector

Solvency56.2%

Current ratio0.66

Return on assets6.5%

Staff

Men and women64% women

Staff cost per FTE€117,524

Joined and left

Filed annual accounts

Filings

Subsidies and aid

Flemish government 2023 to 2025, 3 entries, €3,710 awarded, €3,710 paid

Key figures and ratios

Social balance sheet

Securities and guarantees

Investments

Insights on INITIUM

Next steps

in €m

in €m

56.2%

0.66

6.5%

€117,524