INITIA: 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.
INITIA
Largest movements
- Intangible fixed assets +€141,259
up €141,259 (+49.2%), from €287,220 to €428,479
- Receivables within one year +€131,317
up €131,317 (+213.5%), from €61,495 to €192,812
of which Trade receivables: +€77,831
- Cash +€22,095
up €22,095 (+291.6%), from €7,576 to €29,672
mainly Debts after one year (+€211,444) and Trade debts (+€118,227)
- Debts after one year +€211,444
new in 2025: €211,444
- Trade debts +€118,227
up €118,227 (+44.0%), from €268,549 to €386,776
- Investment grants +€84,936
new in 2025: €84,936
- Other debts -€74,898
down €74,898 (-98.4%), from €76,102 to €1,204
- Profit (loss) carried forward -€41,078
down €41,078 (-427.1%), from -€9,617 to -€50,694
- Gross operating margin -€31,831
down €31,831 (-75.1%), from €42,397 to €10,566
- Staff costs +€6,016
up €6,016 (+13.5%), from €44,403 to €50,418
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 | €360,417 | €651,591 | +€291,175 | +80.8% |
| Fixed assets | 21/28 | €288,272 | €429,108 | +€140,837 | +48.9% |
| Intangible fixed assets | 21 | €287,220 | €428,479 | +€141,259 | +49.2% |
| Tangible fixed assets | 22/27 | €1,052 | €629 | -€423 | -40.2% |
| Furniture and vehicles | 24 | €1,052 | €629 | -€423 | -40.2% |
| Current assets | 29/58 | €72,145 | €222,483 | +€150,338 | +208.4% |
| Amounts receivable within one year | 40/41 | €61,495 | €192,812 | +€131,317 | +213.5% |
| Trade receivables | 40 | €58,698 | €136,528 | +€77,831 | +132.6% |
| Other amounts receivable | 41 | €2,797 | €56,283 | +€53,486 | +1911.9% |
| Cash at bank and in hand | 54/58 | €7,576 | €29,672 | +€22,095 | +291.6% |
| Deferred charges and accrued income | 490/1 | €3,074 | - | -€3,074 | |
| Total equity and liabilities | 10/49 | €360,417 | €651,591 | +€291,175 | +80.8% |
| Equity | 10/15 | €2,543 | €46,402 | +€43,859 | +1724.6% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €5,860 | €5,860 | = | 0.0% |
| Distributable reserves | 133 | €5,860 | €5,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,617 | -€50,694 | -€41,078 | -427.1% |
| Investment grants | 15 | - | €84,936 | +€84,936 | |
| Amounts payable | 17/49 | €357,874 | €605,190 | +€247,316 | +69.1% |
| Amounts payable after more than one year | 17 | - | €211,444 | +€211,444 | |
| Other amounts payable | 178/9 | - | €211,444 | +€211,444 | |
| Amounts payable within one year | 42/48 | €357,874 | €393,746 | +€35,872 | +10.0% |
| Trade debts | 44 | €268,549 | €386,776 | +€118,227 | +44.0% |
| Suppliers | 440/4 | €268,549 | €386,776 | +€118,227 | +44.0% |
| Taxes, remuneration and social security | 45 | €13,222 | €5,766 | -€7,456 | -56.4% |
| Remuneration and social security | 454/9 | €13,222 | €5,766 | -€7,456 | -56.4% |
| Other amounts payable | 47/48 | €76,102 | €1,204 | -€74,898 | -98.4% |
| Remuneration, social security and pensions | 62 | €44,403 | €50,418 | +€6,016 | +13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €217 | €423 | +€206 | +95.2% |
| Other operating charges | 640/8 | €863 | €624 | -€238 | -27.6% |
| Gross operating margin | 9900 | €42,397 | €10,566 | -€31,831 | -75.1% |
| Operating profit (loss) | 9901 | -€3,084 | -€40,899 | -€37,815 | -1226.0% |
| Financial income | 75/76B | - | €12 | +€12 | |
| Recurring financial income | 75 | - | €12 | +€12 | |
| Financial charges | 65/66B | €34 | €191 | +€157 | +468.5% |
| Recurring financial charges | 65 | €34 | €191 | +€157 | +468.5% |
| Profit (loss) for the period before taxes | 9903 | -€3,118 | -€41,078 | -€37,960 | -1217.5% |
| Profit (loss) for the period | 9904 | -€3,118 | -€41,078 | -€37,960 | -1217.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,118 | -€41,078 | -€37,960 | -1217.5% |
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 9 October 2026 via checked.be.