INITIATEL: 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.
INITIATEL
Largest movements
- Current investments +€44,094
new in 2025: €44,094
- Cash -€9,156
down €9,156 (-58.7%), from €15,590 to €6,434
mainly Current investments (-€44,094) and Investment in fixed assets (net) (-€4,735)
- Receivables within one year -€7,557
down €7,557 (-69.5%), from €10,868 to €3,311
of which Trade receivables: -€7,668
- Intangible fixed assets +€3,814
up €3,814, from €0 to €3,814
- Tangible fixed assets -€3,806
down €3,806 (-56.5%), from €6,738 to €2,932
of which Furniture and vehicles: -€3,765
- Reserves +€27,000
up €27,000 (+1,452%), from €1,859 to €28,859
of which Distributable reserves: +€27,000
- Tax, wage and social debts +€2,974
up €2,974 (+225%), from €1,323 to €4,297
- Other debts -€2,500
no longer reported in 2025 (was €2,500)
- Turnover +€37,305
up €37,305 (+44.8%), from €83,200 to €120,505
- Gross operating margin +€35,954
up €35,954 (+352%), from €10,213 to €46,167
- Taxes +€10,244
up €10,244 (+507%), from €2,021 to €12,266
- Purchases and services +€2,168
up €2,168 (+2.9%), from €75,596 to €77,764
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 | €36,769 | €64,731 | +€27,962 | +76.0% |
| Fixed assets | 21/28 | €6,738 | €6,746 | +€9 | +0.1% |
| Intangible fixed assets | 21 | €0 | €3,814 | +€3,814 | |
| Tangible fixed assets | 22/27 | €6,738 | €2,932 | -€3,806 | -56.5% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €41 | - | -€41 | |
| Furniture and vehicles | 24 | €6,697 | €2,932 | -€3,765 | -56.2% |
| Current assets | 29/58 | €30,031 | €57,985 | +€27,954 | +93.1% |
| Amounts receivable within one year | 40/41 | €10,868 | €3,311 | -€7,557 | -69.5% |
| Trade receivables | 40 | €10,868 | €3,200 | -€7,668 | -70.6% |
| Other amounts receivable | 41 | €0 | €111 | +€111 | |
| Current investments | 50/53 | - | €44,094 | +€44,094 | |
| Cash at bank and in hand | 54/58 | €15,590 | €6,434 | -€9,156 | -58.7% |
| Deferred charges and accrued income | 490/1 | €3,574 | €4,146 | +€573 | +16.0% |
| Total equity and liabilities | 10/49 | €36,769 | €64,731 | +€27,962 | +76.0% |
| Equity | 10/15 | €32,807 | €60,164 | +€27,358 | +83.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €28,859 | +€27,000 | +1,452% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | - | €27,000 | +€27,000 | |
| Profit (loss) carried forward | 14 | €12,356 | €12,713 | +€358 | +2.9% |
| Amounts payable | 17/49 | €3,962 | €4,567 | +€605 | +15.3% |
| Amounts payable within one year | 42/48 | €3,962 | €4,567 | +€605 | +15.3% |
| Trade debts | 44 | €139 | €270 | +€130 | +93.6% |
| Suppliers | 440/4 | €139 | €270 | +€130 | +93.6% |
| Taxes, remuneration and social security | 45 | €1,323 | €4,297 | +€2,974 | +225% |
| Taxes | 450/3 | €1,323 | €4,297 | +€2,974 | +225% |
| Other amounts payable | 47/48 | €2,500 | - | -€2,500 | |
| Turnover | 70 | €83,200 | €120,505 | +€37,305 | +44.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €75,596 | €77,764 | +€2,168 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,260 | €4,726 | +€466 | +11.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €455 | - | -€455 | |
| Other operating charges | 640/8 | €761 | €784 | +€23 | +3.0% |
| Gross operating margin | 9900 | €10,213 | €46,167 | +€35,954 | +352% |
| Operating profit (loss) | 9901 | €4,737 | €40,656 | +€35,919 | +758% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €46 | €1,033 | +€987 | +2,139% |
| Recurring financial charges | 65 | €46 | €1,033 | +€987 | +2,139% |
| Profit (loss) for the period before taxes | 9903 | €4,691 | €39,623 | +€34,932 | +745% |
| Income taxes | 67/77 | €2,021 | €12,266 | +€10,244 | +507% |
| Profit (loss) for the period | 9904 | €2,670 | €27,358 | +€24,688 | +925% |
| Profit (loss) for the period to be appropriated | 9905 | €2,670 | €27,358 | +€24,688 | +925% |
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 26 October 2026 via checked.be.