Equity
INITIUM DIGITAL has made a profit in every financial year since 2020.
The dashed line is the sector median: 0.1% across 25,932 companies (NACE 62, micro).
About 2 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 62, micro). It does better than 62% of them on solvency, 18% on liquidity, 56% on profitability and 74% 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 INITIUM DIGITAL 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 INITIUM DIGITAL itself is lower: 0.2% within 12 months. It rests on far more data about INITIUM DIGITAL 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 INITIUM DIGITAL. 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 3.23 (2.88 in 2024), above the usual 1.5. Short-term debt is 30.9% and cash 3.6% of total assets. 30.9% 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 6 accounts on average 8 days after the deadline. In the sector (NACE 62), the median for financial year 2024 was 9 days before the deadline, and 33% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| INITIUM DIGITAL Hasselt | €108,828 | €87,695 | 69.1% | 0.8 |
| DC DESIGN Sint-Truiden | €122,223 | €76,360 | 25.7% | 0.9 |
| Jeanny Consulting Kontich | €118,263 | €61,548 | 27.0% | 1 |
| W-Tech IT Solutions Wavre | €87,665 | €105,985 | 60.8% | 0.8 |
| ThePickPath Braives | €85,487 | €98,113 | 66.4% | 0.9 |
| HUB.CO Tongeren-Borgloon | €113,810 | €159,731 | 35.4% | 1.8 |
| THE CRAFT Kortrijk | €132,055 | €62,988 | 89.0% | 0.8 |
These companies have the same main activity as INITIUM DIGITAL: computer programming (NACE 62100). They are comparable in size and age: total assets between €85,500 and €132,000, founded between 2016 and 2021.
INITIUM DIGITAL files the abbreviated format. That format states no turnover. The gross margin fell from €105,856 in 2020 to €87,695 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €200,000. Estimated: probably between €170,000 and €260,000.
Higher than 70% of 3,405 companies in 2025.
Higher than 70% of 3,266 companies in 2025.
Higher than 72% of 3,314 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: bottom quarter · Working capital: middle half · Staff: bottom quarter
Staff costs divided by the average number of full-time equivalents.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||
20/58 |
108,828 | 83,576 | 71,175 | 54,074 | 39,374 | 45,676 | |
21/28 |
284 | 808 | 1,694 | 2,651 | 1,522 | - | |
21 |
284 | 599 | 892 | 1,207 | 1,522 | - | |
22/27 |
- | 209 | 802 | 1,444 | - | - | |
24 |
- | 209 | 802 | 1,444 | - | - | |
29/58 |
108,544 | 82,768 | 69,481 | 51,424 | 37,851 | 45,676 | |
40/41 |
103,100 | 77,216 | 47,356 | 19,969 | 20,106 | 10,924 | |
40 |
47,944 | 23,228 | 9,428 | 19,969 | 20,106 | 10,924 | |
41 |
55,157 | 53,987 | 37,927 | - | - | - | |
54/58 |
3,935 | 2,051 | 17,888 | 25,474 | 17,567 | 31,636 | |
490/1 |
1,509 | 3,501 | 4,238 | 5,980 | 178 | 3,115 | |
| Balance sheet: equity and liabilities | |||||||
10/49 |
108,828 | 83,576 | 71,175 | 54,074 | 39,374 | 45,676 | |
10/15 |
75,207 | 54,833 | 36,206 | 23,709 | 18,760 | 18,708 | |
10/11 |
6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | |
13 |
69,007 | 48,633 | 30,006 | 17,509 | 12,560 | 12,508 | |
133 |
69,007 | 48,633 | 30,006 | 17,509 | 12,560 | 12,508 | |
17/49 |
33,621 | 28,742 | 34,969 | 30,366 | 20,613 | 26,968 | |
42/48 |
33,621 | 28,742 | 34,928 | 27,666 | 20,613 | 26,768 | |
42 |
- | - | - | - | - | 884 | |
44 |
1,319 | 2,942 | 13,978 | 9,727 | 1,314 | 3,817 | |
440/4 |
1,319 | 2,942 | 13,978 | 9,727 | 1,314 | 3,817 | |
45 |
32,302 | 25,800 | 20,949 | 17,528 | 19,299 | 22,066 | |
450/3 |
22,424 | 19,528 | 12,911 | 9,306 | 9,397 | 10,547 | |
454/9 |
9,878 | 6,272 | 8,039 | 8,222 | 9,902 | 11,519 | |
47/48 |
- | - | - | 410 | - | - | |
492/3 |
- | - | 41 | 2,700 | - | 200 | |
| Income statement | |||||||
9900 |
87,695 | 82,913 | 73,494 | 58,418 | 46,251 | 105,856 | |
62 |
56,925 | 54,259 | 54,185 | 48,104 | 44,213 | 86,375 | |
630 |
524 | 886 | 957 | 796 | 53 | - | |
640/8 |
1,549 | 449 | 446 | 410 | 423 | 860 | |
9901 |
28,697 | 27,318 | 17,906 | 9,108 | 1,562 | 18,621 | |
75/76B |
1,169 | 1,060 | 427 | 1 | 7 | 2 | |
75 |
1,169 | 1,060 | 427 | 1 | 7 | 2 | |
65/66B |
1,574 | 146 | 219 | 180 | 335 | 298 | |
65 |
1,574 | 146 | 219 | 180 | 335 | 298 | |
9903 |
28,293 | 28,232 | 18,114 | 8,929 | 1,233 | 18,325 | |
67/77 |
7,919 | 9,605 | 5,616 | 3,981 | 1,181 | 5,817 | |
9904 |
20,374 | 18,627 | 12,498 | 4,948 | 52 | 12,508 | |
9905 |
20,374 | 18,627 | 12,498 | 4,948 | 52 | 12,508 | |
| Appropriation of the result | |||||||
9906 |
20,374 | 18,627 | 12,498 | 4,948 | 52 | 12,508 | |
691/2 |
20,374 | 18,627 | 12,498 | 4,948 | 52 | 12,508 | |
6921 |
20,374 | 18,627 | 12,498 | 4,948 | 52 | 12,508 | |
| Social balance sheet | |||||||
9087 |
0.8 | 0.8 | 0.8 | 0.8 | 1 | 0.8 | |
Hours worked1013 |
1,398 | 1,387 | 1,340 | 1,332 | 1,353 | 2,504 | |
| 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 accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 16-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 16-07-2026 | 2026-00304802 | |
| 31-12-2024 | abbreviated format | 25-07-2025 | 2025-00308278 | |
| 31-12-2023 | abbreviated format | 30-08-2024 | 2024-00428635 | |
| 31-12-2022 | abbreviated format | 28-09-2023 | 2023-00460393 | |
| 31-12-2021 | micro format | 12-07-2022 | 2022-20179464 | |
| 31-12-2020 | micro format | 29-07-2021 | 2021-42700003 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| 29,221 | 28,204 | 18,863 | 9,904 | 1,614 | - | ||
| 20,898 | 19,513 | 13,455 | 5,745 | 105 | - | ||
| 0 | 0 | 0 | 1,925 | 1,575 | - | ||
| 1,884 | -15,837 | -7,586 | 7,907 | -14,070 | - | ||
| 74,923 | 54,026 | 34,554 | 23,758 | 17,238 | 18,908 | ||
| 69.1% | 65.6% | 50.9% | 43.8% | 47.6% | 41.0% | ||
| 3.23 | 2.88 | 1.99 | 1.86 | 1.84 | 1.71 | ||
| 0.45 | 0.52 | 0.97 | 1.28 | 1.10 | 1.44 | ||
| 27.1% | 34.0% | 34.5% | 20.9% | 0.3% | 66.9% | ||
| 18.7% | 22.3% | 17.6% | 9.2% | 0.1% | 27.4% | ||
| 18.56 | over 100 | 85.97 | 55.12 | 4.82 | - |
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 | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | 1 |
| part-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 |
| 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €1,925 | - |
| Intangible fixed assets | - | - | - | - | €1,575 |
| €524 | €886 | €957 | €796 | €53 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 5% higher than in 2024 and the highest since 2020. It is the fourth rise in a row, after the fall in 2021.
Debt's share of the balance-sheet total falls from 34.4% to 30.9%. Equity and debt are higher.
INITIUM DIGITAL has no parent and no holdings in its annual accounts. INITIUM is the only director.
| INITIUM
registered office since 10-07-2009 · founded in 2009 |
2.8 FTE (2025) 0817.078.510 |
| Decoline Invest
registered office since 13-12-2019 · founded in 2019 |
total assets €16.8m (2025) 0739.577.884 |
| HOLDUX
registered office since 07-11-2006 · founded in 2006 · group INITIUM |
2 FTE (2025) 0884.938.522 |
| GMF INVEST
registered office since 06-02-2019 · founded in 2019 |
total assets €7.7m (2025) 0719.901.435 |
| AVISO
registered office since 06-01-1995 · founded in 1994 |
total assets €3.4m (2025) 0454.074.321 |
| RENARDMONT
registered office since 06-02-2019 · founded in 2019 |
total assets €1.9m (2025) 0719.877.382 |
| BV Invest
registered office since 11-01-2018 · founded in 2018 · negative equity (2025) |
total assets €534,043 (2025) 0687.839.866 |
| Initium Capital
registered office since 28-07-2015 · founded in 2015 · group INITIUM |
total assets €400,401 (2026) 0634.676.245 |
| Decolux Invest
registered office since 05-12-2025 |
founded in 2025 1031.226.497 |
| TUKI
registered office since 03-10-2016 |
founded in 2016 0648.880.213 |
| DECO GROUP via INITIUM, no longer at DECO GROUP · Bestuurder van gewezen naamloze vennootschap · deed of 04-11-2021 founded in 1989 |
total assets €5.7m (2025) |
| Bricks & Mortar via INITIUM, no longer at Bricks & Mortar · Director · deed of 29-11-2024 founded in 2024 |
total assets €1.1m (2025) |
| Aluvin via INITIUM, no longer at Aluvin · Director · deed of 21-09-2021 No longer active · group INITIUM |
5.7 FTE (2024) |
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
| Establishment | Since | Unit number |
|---|---|---|
| Berenbroekstraat 49 registered office 3500 Hasselt | 06-02-2019 | 2.285.325.839 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 71322B0461/00R000 | 1,622 m² | 1 · 222 m² | 18.3 m · 2 |
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