INICIUM: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
INICIUM
Largest movements
- Tangible fixed assets +€447,032
up €447,032 (+544%), from €82,176 to €529,208
of which Land and buildings: +€466,492
- Current investments -€118,865
down €118,865 (-58.5%), from €203,134 to €84,268
- Cash -€69,089
down €69,089 (-60.4%), from €114,335 to €45,245
mainly Investment in fixed assets (net) (-€522,958) and Receivables within one year (-€10,201)
- Receivables within one year +€10,201
up €10,201 (+17.7%), from €57,474 to €67,674
of which Other amounts receivable: +€7,046
- Debts after one year +€182,912
new in 2026: €182,912
- Reserves +€43,203
up €43,203 (+10.3%), from €421,043 to €464,245
of which Distributable reserves: +€43,203
- Current portion of long-term debt +€17,088
new in 2026: €17,088
- Contributions +€14,800
up €14,800 (+119%), from €12,400 to €27,200
- Trade debts +€9,804
up €9,804 (+83.8%), from €11,704 to €21,508
- Depreciation +€49,845
up €49,845 (+191%), from €26,081 to €75,927
- Gross operating margin +€30,034
up €30,034 (+28.3%), from €106,208 to €136,242
- Taxes -€5,747
down €5,747 (-23.1%), from €24,919 to €19,172
From the 2025 result to the 2026 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €458,071 | €727,790 | +€269,719 | +58.9% |
| Fixed assets | 21/28 | €82,176 | €529,208 | +€447,032 | +544% |
| Tangible fixed assets | 22/27 | €82,176 | €529,208 | +€447,032 | +544% |
| Land and buildings | 22 | - | €466,492 | +€466,492 | |
| Plant, machinery and equipment | 23 | €3,946 | €1,785 | -€2,161 | -54.8% |
| Furniture and vehicles | 24 | €78,230 | €59,230 | -€19,000 | -24.3% |
| Other tangible fixed assets | 26 | - | €1,700 | +€1,700 | |
| Current assets | 29/58 | €375,896 | €198,582 | -€177,313 | -47.2% |
| Amounts receivable within one year | 40/41 | €57,474 | €67,674 | +€10,201 | +17.7% |
| Trade receivables | 40 | €29,002 | €32,157 | +€3,155 | +10.9% |
| Other amounts receivable | 41 | €28,472 | €35,517 | +€7,046 | +24.7% |
| Current investments | 50/53 | €203,134 | €84,268 | -€118,865 | -58.5% |
| Cash at bank and in hand | 54/58 | €114,335 | €45,245 | -€69,089 | -60.4% |
| Deferred charges and accrued income | 490/1 | €954 | €1,394 | +€441 | +46.2% |
| Total equity and liabilities | 10/49 | €458,071 | €727,790 | +€269,719 | +58.9% |
| Equity | 10/15 | €433,443 | €491,445 | +€58,003 | +13.4% |
| Contributions | 10/11 | €12,400 | €27,200 | +€14,800 | +119% |
| Reserves | 13 | €421,043 | €464,245 | +€43,203 | +10.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €419,183 | €462,385 | +€43,203 | +10.3% |
| Amounts payable | 17/49 | €24,629 | €236,345 | +€211,716 | +860% |
| Amounts payable after more than one year | 17 | - | €182,912 | +€182,912 | |
| Financial debts | 170/4 | - | €182,912 | +€182,912 | |
| Amounts payable within one year | 42/48 | €24,629 | €53,433 | +€28,804 | +117% |
| Current portion of amounts payable after more than one year | 42 | - | €17,088 | +€17,088 | |
| Trade debts | 44 | €11,704 | €21,508 | +€9,804 | +83.8% |
| Suppliers | 440/4 | €11,704 | €21,508 | +€9,804 | +83.8% |
| Taxes, remuneration and social security | 45 | €11,292 | €14,836 | +€3,545 | +31.4% |
| Taxes | 450/3 | €11,292 | €14,836 | +€3,545 | +31.4% |
| Other amounts payable | 47/48 | €1,633 | - | -€1,633 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,081 | €75,927 | +€49,845 | +191% |
| Other operating charges | 640/8 | €834 | €1,565 | +€732 | +87.8% |
| Gross operating margin | 9900 | €106,208 | €136,242 | +€30,034 | +28.3% |
| Operating profit (loss) | 9901 | €79,293 | €58,750 | -€20,543 | -25.9% |
| Financial income | 75/76B | €8,774 | €7,788 | -€986 | -11.2% |
| Recurring financial income | 75 | €8,774 | €7,788 | -€986 | -11.2% |
| Financial charges | 65/66B | €4,541 | €4,163 | -€378 | -8.3% |
| Recurring financial charges | 65 | €4,541 | €4,163 | -€378 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €83,526 | €62,375 | -€21,151 | -25.3% |
| Income taxes | 67/77 | €24,919 | €19,172 | -€5,747 | -23.1% |
| Profit (loss) for the period | 9904 | €58,606 | €43,203 | -€15,404 | -26.3% |
| Profit (loss) for the period to be appropriated | 9905 | €58,606 | €43,203 | -€15,404 | -26.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.