INIT: 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.
INIT
Largest movements
- Cash +€13,331
up €13,331 (+8.5%), from €156,672 to €170,004
mainly Other debts (+€73,249) and Net result for the year (+€45,790)
- Tangible fixed assets -€3,819
down €3,819 (-4.1%), from €92,051 to €88,232
of which Land and buildings: -€3,611
- Other debts +€73,249
up €73,249 (+137%), from €53,338 to €126,587
- Reserves -€62,861
down €62,861 (-35.7%), from €176,079 to €113,218
of which Distributable reserves: -€62,861
- Gross operating margin +€35,033
up €35,033 (+91.6%), from €38,238 to €73,271
- Taxes +€9,643
up €9,643 (+111%), from €8,666 to €18,309
- Financial charges -€987
down €987 (-21.0%), from €4,690 to €3,703
From the 2024 result to the 2025 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 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €267,866 | €278,338 | +€10,472 | +3.9% |
| Fixed assets | 21/28 | €92,051 | €88,232 | -€3,819 | -4.1% |
| Tangible fixed assets | 22/27 | €92,051 | €88,232 | -€3,819 | -4.1% |
| Land and buildings | 22 | €91,843 | €88,232 | -€3,611 | -3.9% |
| Furniture and vehicles | 24 | €208 | - | -€208 | |
| Current assets | 29/58 | €175,814 | €190,105 | +€14,291 | +8.1% |
| Amounts receivable within one year | 40/41 | €19,142 | €20,101 | +€959 | +5.0% |
| Trade receivables | 40 | €15,428 | €20,101 | +€4,674 | +30.3% |
| Other amounts receivable | 41 | €3,714 | - | -€3,714 | |
| Cash at bank and in hand | 54/58 | €156,672 | €170,004 | +€13,331 | +8.5% |
| Total equity and liabilities | 10/49 | €267,866 | €278,338 | +€10,472 | +3.9% |
| Equity | 10/15 | €188,775 | €125,914 | -€62,861 | -33.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €176,079 | €113,218 | -€62,861 | -35.7% |
| Non-distributable reserves | 130/1 | €12,083 | €12,083 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,083 | €12,083 | = | 0.0% |
| Distributable reserves | 133 | €163,995 | €101,134 | -€62,861 | -38.3% |
| Profit (loss) carried forward | 14 | €296 | €296 | = | 0.0% |
| Amounts payable | 17/49 | €79,091 | €152,424 | +€73,333 | +92.7% |
| Amounts payable within one year | 42/48 | €77,584 | €151,254 | +€73,669 | +95.0% |
| Trade debts | 44 | €2,332 | €463 | -€1,869 | -80.2% |
| Suppliers | 440/4 | €2,332 | €463 | -€1,869 | -80.2% |
| Taxes, remuneration and social security | 45 | €21,915 | €24,205 | +€2,290 | +10.4% |
| Taxes | 450/3 | €21,915 | €24,205 | +€2,290 | +10.4% |
| Other amounts payable | 47/48 | €53,338 | €126,587 | +€73,249 | +137% |
| Accrued charges and deferred income | 492/3 | €1,507 | €1,170 | -€336 | -22.3% |
| Non-recurring operating income | 76A | €13,122 | - | -€13,122 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,136 | €3,819 | -€317 | -7.7% |
| Other operating charges | 640/8 | €1,838 | €1,651 | -€187 | -10.2% |
| Gross operating margin | 9900 | €38,238 | €73,271 | +€35,033 | +91.6% |
| Operating profit (loss) | 9901 | €32,263 | €67,801 | +€35,538 | +110% |
| Financial income | 75/76B | €178 | - | -€178 | |
| Recurring financial income | 75 | €178 | - | -€178 | |
| Financial charges | 65/66B | €4,690 | €3,703 | -€987 | -21.0% |
| Recurring financial charges | 65 | €4,690 | €3,703 | -€987 | -21.0% |
| Profit (loss) for the period before taxes | 9903 | €27,751 | €64,098 | +€36,347 | +131% |
| Income taxes | 67/77 | €8,666 | €18,309 | +€9,643 | +111% |
| Profit (loss) for the period | 9904 | €19,085 | €45,790 | +€26,705 | +140% |
| Profit (loss) for the period to be appropriated | 9905 | €19,085 | €45,790 | +€26,705 | +140% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.