INITEAM: 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.
INITEAM
Largest movements
- Cash +€377,750
up €377,750 (+34.0%), from €1.1m to €1.5m
mainly Net result for the year (+€427,264) and Depreciation (+€210,811)
- Receivables within one year +€230,916
up €230,916 (+25.6%), from €901,832 to €1.1m
of which Trade receivables: +€291,548
- Current investments -€100,000
down €100,000 (-100%), from €100,000 to €0
- Tangible fixed assets -€93,926
down €93,926 (-21.0%), from €446,650 to €352,724
of which Other tangible fixed assets: -€95,185
- Tax, wage and social debts +€151,203
up €151,203 (+29.8%), from €507,993 to €659,196
of which Remuneration and social security: +€147,802
- Trade debts +€90,344
up €90,344 (+39.1%), from €231,290 to €321,635
- Reserves +€85,700
up €85,700 (+5.9%), from €1.4m to €1.5m
of which Distributable reserves: +€113,855
- Debts after one year +€61,891
up €61,891 (+189%), from €32,714 to €94,604
- Other debts +€30,677
up €30,677 (+9.4%), from €325,477 to €356,154
- Gross operating margin +€482,980
up €482,980 (+17.9%), from €2.7m to €3.2m
- Staff costs +€405,929
up €405,929 (+20.7%), from €2.0m to €2.4m
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 | €2,592,558 | €3,027,171 | +€434,613 | +16.8% |
| Fixed assets | 21/28 | €453,120 | €355,525 | -€97,594 | -21.5% |
| Intangible fixed assets | 21 | €6,470 | €2,802 | -€3,668 | -56.7% |
| Tangible fixed assets | 22/27 | €446,650 | €352,724 | -€93,926 | -21.0% |
| Plant, machinery and equipment | 23 | €32,500 | €17,079 | -€15,421 | -47.5% |
| Furniture and vehicles | 24 | €216,816 | €233,496 | +€16,680 | +7.7% |
| Other tangible fixed assets | 26 | €197,334 | €102,149 | -€95,185 | -48.2% |
| Current assets | 29/58 | €2,139,438 | €2,671,646 | +€532,208 | +24.9% |
| Stocks and contracts in progress | 3 | €9,377 | €23,941 | +€14,564 | +155% |
| Stocks | 30/36 | €9,377 | €23,941 | +€14,564 | +155% |
| Amounts receivable within one year | 40/41 | €901,832 | €1,132,747 | +€230,916 | +25.6% |
| Trade receivables | 40 | €830,136 | €1,121,684 | +€291,548 | +35.1% |
| Other amounts receivable | 41 | €71,695 | €11,063 | -€60,632 | -84.6% |
| Current investments | 50/53 | €100,000 | €0 | -€100,000 | -100% |
| Cash at bank and in hand | 54/58 | €1,112,448 | €1,490,198 | +€377,750 | +34.0% |
| Deferred charges and accrued income | 490/1 | €15,782 | €24,760 | +€8,978 | +56.9% |
| Total equity and liabilities | 10/49 | €2,592,558 | €3,027,171 | +€434,613 | +16.8% |
| Equity | 10/15 | €1,468,612 | €1,554,312 | +€85,700 | +5.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,448,612 | €1,534,312 | +€85,700 | +5.9% |
| Tax-exempt reserves | 132 | €74,635 | €46,480 | -€28,154 | -37.7% |
| Distributable reserves | 133 | €1,373,977 | €1,487,832 | +€113,855 | +8.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €10,286 | €901 | -€9,385 | -91.2% |
| Deferred taxes | 168 | €10,286 | €901 | -€9,385 | -91.2% |
| Amounts payable | 17/49 | €1,113,660 | €1,471,958 | +€358,298 | +32.2% |
| Amounts payable after more than one year | 17 | €32,714 | €94,604 | +€61,891 | +189% |
| Financial debts | 170/4 | €32,714 | €94,604 | +€61,891 | +189% |
| Amounts payable within one year | 42/48 | €1,079,019 | €1,377,354 | +€298,334 | +27.6% |
| Current portion of amounts payable after more than one year | 42 | €14,258 | €40,369 | +€26,111 | +183% |
| Trade debts | 44 | €231,290 | €321,635 | +€90,344 | +39.1% |
| Suppliers | 440/4 | €231,290 | €321,635 | +€90,344 | +39.1% |
| Taxes, remuneration and social security | 45 | €507,993 | €659,196 | +€151,203 | +29.8% |
| Taxes | 450/3 | €117,741 | €121,141 | +€3,401 | +2.9% |
| Remuneration and social security | 454/9 | €390,253 | €538,055 | +€147,802 | +37.9% |
| Other amounts payable | 47/48 | €325,477 | €356,154 | +€30,677 | +9.4% |
| Accrued charges and deferred income | 492/3 | €1,927 | €0 | -€1,927 | -100% |
| Non-recurring operating income | 76A | €309 | €0 | -€309 | -100% |
| Remuneration, social security and pensions | 62 | €1,957,148 | €2,363,077 | +€405,929 | +20.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €200,612 | €210,811 | +€10,199 | +5.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,433 | €12,725 | +€9,291 | +271% |
| Other operating charges | 640/8 | €4,712 | €6,263 | +€1,551 | +32.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €2,695,537 | €3,178,517 | +€482,980 | +17.9% |
| Operating profit (loss) | 9901 | €529,632 | €585,642 | +€56,010 | +10.6% |
| Financial income | 75/76B | €12,094 | €8,644 | -€3,450 | -28.5% |
| Recurring financial income | 75 | €12,094 | €8,644 | -€3,450 | -28.5% |
| Financial charges | 65/66B | €19,524 | €25,129 | +€5,604 | +28.7% |
| Recurring financial charges | 65 | €19,524 | €25,129 | +€5,604 | +28.7% |
| Profit (loss) for the period before taxes | 9903 | €522,202 | €569,157 | +€46,955 | +9.0% |
| Transfer from deferred taxes | 780 | €9,385 | €9,385 | = | 0.0% |
| Income taxes | 67/77 | €148,654 | €151,278 | +€2,623 | +1.8% |
| Profit (loss) for the period | 9904 | €382,932 | €427,264 | +€44,332 | +11.6% |
| Transfer from tax-exempt reserves | 789 | €196,554 | €28,154 | -€168,400 | -85.7% |
| Profit (loss) for the period to be appropriated | 9905 | €579,486 | €455,418 | -€124,068 | -21.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.