Init5: what changed
Two fiscal 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.
Init5
Largest movements
- Cash -€70,233
down €70,233 (-49.7%), from €141,171 to €70,939
mainly Contributions, distributions and other (-€104,628) and Investment in fixed assets (net) (-€58,123)
- Tangible fixed assets +€47,530
up €47,530 (+3640.7%), from €1,306 to €48,835
of which Furniture and vehicles: +€47,487
- Receivables within one year -€1,772
down €1,772 (-12.1%), from €14,621 to €12,849
of which Trade receivables: -€2,690
- Other debts -€39,161
down €39,161 (-26.7%), from €146,788 to €107,627
- Tax, wage and social debts +€14,961
up €14,961 (+183.0%), from €8,175 to €23,135
of which Remuneration and social security: +€15,000
- Gross operating margin -€30,696
down €30,696 (-16.7%), from €183,302 to €152,605
- Depreciation +€10,593
up €10,593 (+3652751.7%), from €0 to €10,593
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.
Cash bridge derived
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 | €157,098 | €132,915 | -€24,183 | -15.4% |
| Fixed assets | 21/28 | €1,306 | €48,835 | +€47,530 | +3640.7% |
| Tangible fixed assets | 22/27 | €1,306 | €48,835 | +€47,530 | +3640.7% |
| Plant, machinery and equipment | 23 | €1,306 | €1,348 | +€43 | +3.3% |
| Furniture and vehicles | 24 | - | €47,487 | +€47,487 | |
| Current assets | 29/58 | €155,793 | €84,080 | -€71,713 | -46.0% |
| Amounts receivable within one year | 40/41 | €14,621 | €12,849 | -€1,772 | -12.1% |
| Trade receivables | 40 | €14,621 | €11,931 | -€2,690 | -18.4% |
| Other amounts receivable | 41 | €0 | €918 | +€918 | |
| Cash at bank and in hand | 54/58 | €141,171 | €70,939 | -€70,233 | -49.7% |
| Deferred charges and accrued income | 490/1 | - | €292 | +€292 | |
| Total equity and liabilities | 10/49 | €157,098 | €132,915 | -€24,183 | -15.4% |
| Equity | 10/15 | €2,000 | €2,000 | = | 0.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €155,098 | €130,915 | -€24,183 | -15.6% |
| Amounts payable within one year | 42/48 | €155,098 | €130,915 | -€24,183 | -15.6% |
| Trade debts | 44 | €136 | €153 | +€17 | +12.8% |
| Suppliers | 440/4 | €136 | €153 | +€17 | +12.8% |
| Taxes, remuneration and social security | 45 | €8,175 | €23,135 | +€14,961 | +183.0% |
| Taxes | 450/3 | €8,175 | €8,135 | -€39 | -0.5% |
| Remuneration and social security | 454/9 | €0 | €15,000 | +€15,000 | |
| Other amounts payable | 47/48 | €146,788 | €107,627 | -€39,161 | -26.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €10,593 | +€10,593 | +3652751.7% |
| Other operating charges | 640/8 | €395 | €728 | +€334 | +84.6% |
| Gross operating margin | 9900 | €183,302 | €152,605 | -€30,696 | -16.7% |
| Operating profit (loss) | 9901 | €182,907 | €141,284 | -€41,623 | -22.8% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €75 | €73 | -€2 | -2.2% |
| Recurring financial charges | 65 | €75 | €73 | -€2 | -2.2% |
| Profit (loss) for the period before taxes | 9903 | €182,832 | €141,210 | -€41,622 | -22.8% |
| Income taxes | 67/77 | €37,595 | €36,582 | -€1,013 | -2.7% |
| Profit (loss) for the period | 9904 | €145,237 | €104,628 | -€40,609 | -28.0% |
| Profit (loss) for the period to be appropriated | 9905 | €145,237 | €104,628 | -€40,609 | -28.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.