INITIO BELGIUM: 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.
What changed
INITIO BELGIUM
NACE 62.200, Computer consultancy and computer facilities management
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€178,433
2024 · -€660,405+€481,972
Equity
€1.1m
2024 · €1.3m-€178,433
Cash
€795,549
2024 · €884,963-€89,414
Balance sheet total
€7.2m
2024 · €7.4m-€178,796
Largest movements
Assets
- Financial fixed assets -€751,846
down €751,846 (-38.2%), from €2.0m to €1.2m
of which Companies linked by participating interests: -€751,846
- Receivables within one year +€666,543
up €666,543 (+16.2%), from €4.1m to €4.8m
of which Trade receivables: +€848,891
- Cash -€89,414
down €89,414 (-10.1%), from €884,963 to €795,549
mainly Other debts (-€1.0m) and Receivables within one year (-€666,543)
Equity and liabilities
- Trade debts +€1.1m
up €1.1m (+22.9%), from €4.6m to €5.7m
- Other debts -€1.0m
down €1.0m (-94.7%), from €1.1m to €56,259
- Reserves -€178,433
down €178,433 (-14.8%), from €1.2m to €1.0m
of which Distributable reserves: -€178,433
- Accrued charges and deferred income -€102,255
no longer reported in 2025 (was €102,255)
Income statement
- Goods and materials -€774,841
down €774,841 (-13.9%), from €5.6m to €4.8m
- Turnover -€477,046
down €477,046 (-4.8%), from €10.0m to €9.5m
- Other operating income -€423,253
down €423,253 (-56.9%), from €743,804 to €320,551
- Services and other goods -€417,155
down €417,155 (-21.7%), from €1.9m to €1.5m
- Write-downs -€115,974
no longer reported in 2025 (was €115,974)
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.
Result 2024
-€660,405
Turnover
-€477,046
Other operating income
-€423,253
Goods and materials
+€774,841
Services and other goods
+€417,155
Staff costs
+€28,576
Depreciation
-€27,262
Write-downs
+€115,974
Provisions
+€25,000
Other operating charges
+€8,261
Other operating items
+€3,513
Financial income
-€3,132
Financial charges
+€38,133
Taxes
+€1,210
Result 2025
-€178,433
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€720,650
Investment
+€631,236
Financing
€0
Cash 2024
€884,963
From operations (derived)
-€720,650
Net result for the year
-€178,433
Depreciation
+€120,718
Receivables within one year
-€666,543
Deferred charges and accrued income
+€3,971
Provisions
+€10,000
Trade debts
+€1.1m
Tax, wage and social debts
+€35,670
Other debts
-€1.0m
Accrued charges and deferred income
-€102,255
Investment (derived)
+€631,236
Investment in fixed assets (net)
+€631,236
Cash 2025
€795,549
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,390,156 | €7,211,360 | -€178,796 | -2.4% |
| Fixed assets | 21/28 | €2,351,866 | €1,599,913 | -€751,953 | -32.0% |
| Tangible fixed assets | 22/27 | €382,073 | €381,965 | -€108 | 0.0% |
| Plant, machinery and equipment | 23 | €377,259 | €379,122 | +€1,863 | +0.5% |
| Furniture and vehicles | 24 | €4,813 | €2,843 | -€1,970 | -40.9% |
| Financial fixed assets | 28 | €1,969,794 | €1,217,948 | -€751,846 | -38.2% |
| Companies linked by participating interests | 282/3 | €1,958,194 | €1,206,348 | -€751,846 | -38.4% |
| Amounts receivable | 283 | €1,958,194 | €1,206,348 | -€751,846 | -38.4% |
| Other financial fixed assets | 284/8 | €11,600 | €11,600 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €11,600 | €11,600 | = | 0.0% |
| Current assets | 29/58 | €5,038,290 | €5,611,447 | +€573,158 | +11.4% |
| Amounts receivable within one year | 40/41 | €4,111,429 | €4,777,971 | +€666,543 | +16.2% |
| Trade receivables | 40 | €3,552,917 | €4,401,808 | +€848,891 | +23.9% |
| Other amounts receivable | 41 | €558,512 | €376,163 | -€182,348 | -32.6% |
| Cash at bank and in hand | 54/58 | €884,963 | €795,549 | -€89,414 | -10.1% |
| Deferred charges and accrued income | 490/1 | €41,898 | €37,927 | -€3,971 | -9.5% |
| Total equity and liabilities | 10/49 | €7,390,156 | €7,211,360 | -€178,796 | -2.4% |
| Equity | 10/15 | €1,266,347 | €1,087,914 | -€178,433 | -14.1% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €1,203,847 | €1,025,414 | -€178,433 | -14.8% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Distributable reserves | 133 | €1,197,597 | €1,019,164 | -€178,433 | -14.9% |
| Provisions and deferred taxes | 16 | €35,000 | €45,000 | +€10,000 | +28.6% |
| Provisions for liabilities and charges | 160/5 | €35,000 | €45,000 | +€10,000 | +28.6% |
| Other liabilities and charges | 164/5 | €35,000 | €45,000 | +€10,000 | +28.6% |
| Amounts payable | 17/49 | €6,088,809 | €6,078,446 | -€10,363 | -0.2% |
| Amounts payable within one year | 42/48 | €5,986,554 | €6,078,446 | +€91,892 | +1.5% |
| Trade debts | 44 | €4,610,170 | €5,666,391 | +€1.1m | +22.9% |
| Suppliers | 440/4 | €4,610,170 | €5,666,391 | +€1.1m | +22.9% |
| Taxes, remuneration and social security | 45 | €320,125 | €355,796 | +€35,670 | +11.1% |
| Taxes | 450/3 | €605 | €35,426 | +€34,820 | +5,751% |
| Remuneration and social security | 454/9 | €319,520 | €320,370 | +€850 | +0.3% |
| Other amounts payable | 47/48 | €1,056,259 | €56,259 | -€1.0m | -94.7% |
| Accrued charges and deferred income | 492/3 | €102,255 | - | -€102,255 | |
| Operating income | 70/76A | €10,713,161 | €9,812,863 | -€900,299 | -8.4% |
| Turnover | 70 | €9,969,357 | €9,492,312 | -€477,046 | -4.8% |
| Other operating income | 74 | €743,804 | €320,551 | -€423,253 | -56.9% |
| Operating charges | 60/66A | €11,265,101 | €9,919,041 | -€1.3m | -11.9% |
| Goods for resale, raw materials and consumables | 60 | €5,585,921 | €4,811,079 | -€774,841 | -13.9% |
| Purchases | 600/8 | €5,585,921 | €4,811,079 | -€774,841 | -13.9% |
| Services and other goods | 61 | €1,925,687 | €1,508,532 | -€417,155 | -21.7% |
| Remuneration, social security and pensions | 62 | €3,478,525 | €3,449,949 | -€28,576 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,455 | €120,718 | +€27,262 | +29.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €115,974 | - | -€115,974 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €35,000 | €10,000 | -€25,000 | -71.4% |
| Other operating charges | 640/8 | €27,025 | €18,764 | -€8,261 | -30.6% |
| Non-recurring operating charges | 66A | €3,513 | - | -€3,513 | |
| Operating profit (loss) | 9901 | -€551,940 | -€106,179 | +€445,761 | +80.8% |
| Financial income | 75/76B | €8,125 | €4,993 | -€3,132 | -38.5% |
| Recurring financial income | 75 | €8,125 | €4,993 | -€3,132 | -38.5% |
| Income from financial fixed assets | 750 | €6,035 | €4,993 | -€1,042 | -17.3% |
| Other financial income | 752/9 | €2,090 | €0 | -€2,090 | -100.0% |
| Financial charges | 65/66B | €109,868 | €71,735 | -€38,133 | -34.7% |
| Recurring financial charges | 65 | €109,868 | €71,735 | -€38,133 | -34.7% |
| Debt charges | 650 | €109,868 | €71,730 | -€38,138 | -34.7% |
| Other financial charges | 652/9 | - | €5 | +€5 | |
| Profit (loss) for the period before taxes | 9903 | -€653,683 | -€172,920 | +€480,762 | +73.5% |
| Income taxes | 67/77 | €6,722 | €5,512 | -€1,210 | -18.0% |
| Taxes | 670/3 | €6,722 | €5,512 | -€1,210 | -18.0% |
| Profit (loss) for the period | 9904 | -€660,405 | -€178,433 | +€481,972 | +73.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€660,405 | -€178,433 | +€481,972 | +73.0% |
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 18 October 2026 via checked.be.