Initio Flanders: 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.
Initio Flanders
Largest movements
- Stocks and contracts +€593,162
up €593,162 (+189%), from €313,057 to €906,219
- Receivables within one year -€489,501
down €489,501 (-98.7%), from €495,746 to €6,246
of which Other amounts receivable: -€489,575
- Cash +€17,809
up €17,809 (+16.6%), from €107,207 to €125,016
mainly Receivables within one year (+€489,501) and Trade debts (+€62,430)
- Trade debts +€62,430
up €62,430 (+611%), from €10,223 to €72,654
- Profit (loss) carried forward +€24,079
up €24,079, from -€24,079 to €0
- Tax, wage and social debts +€15,105
up €15,105 (+1,210%), from €1,249 to €16,354
of which Taxes: +€15,105
- Financial charges -€31,019
down €31,019 (-58.3%), from €53,173 to €22,154
- Gross operating margin -€17,059
down €17,059 (-17.6%), from €96,994 to €79,935
- Other operating charges -€3,326
down €3,326 (-96.7%), from €3,439 to €113
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 | €925,306 | €1,048,270 | +€122,965 | +13.3% |
| Formation expenses | 20 | €48 | €1 | -€48 | -98.3% |
| Fixed assets | 21/28 | €7,748 | €6,247 | -€1,501 | -19.4% |
| Intangible fixed assets | 21 | €2,609 | €1,093 | -€1,516 | -58.1% |
| Tangible fixed assets | 22/27 | €5,139 | €4,644 | -€495 | -9.6% |
| Plant, machinery and equipment | 23 | €3,252 | €2,303 | -€949 | -29.2% |
| Furniture and vehicles | 24 | €1,888 | €2,341 | +€454 | +24.0% |
| Financial fixed assets | 28 | - | €510 | +€510 | |
| Current assets | 29/58 | €917,509 | €1,042,022 | +€124,514 | +13.6% |
| Stocks and contracts in progress | 3 | €313,057 | €906,219 | +€593,162 | +189% |
| Stocks | 30/36 | €313,057 | €906,219 | +€593,162 | +189% |
| Amounts receivable within one year | 40/41 | €495,746 | €6,246 | -€489,501 | -98.7% |
| Trade receivables | 40 | €750 | €824 | +€74 | +9.8% |
| Other amounts receivable | 41 | €494,996 | €5,422 | -€489,575 | -98.9% |
| Cash at bank and in hand | 54/58 | €107,207 | €125,016 | +€17,809 | +16.6% |
| Deferred charges and accrued income | 490/1 | €1,499 | €4,542 | +€3,044 | +203% |
| Total equity and liabilities | 10/49 | €925,306 | €1,048,270 | +€122,965 | +13.3% |
| Equity | 10/15 | €127,356 | €150,453 | +€23,097 | +18.1% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €101,435 | €100,453 | -€982 | -1.0% |
| Distributable reserves | 133 | €101,435 | €100,453 | -€982 | -1.0% |
| Profit (loss) carried forward | 14 | -€24,079 | €0 | +€24,079 | |
| Amounts payable | 17/49 | €797,950 | €897,817 | +€99,868 | +12.5% |
| Amounts payable after more than one year | 17 | €530,675 | €540,100 | +€9,425 | +1.8% |
| Financial debts | 170/4 | €530,675 | €540,100 | +€9,425 | +1.8% |
| Amounts payable within one year | 42/48 | €261,815 | €349,700 | +€87,885 | +33.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | - | €3,303 | +€3,303 | |
| Credit institutions | 430/8 | - | €3,303 | +€3,303 | |
| Trade debts | 44 | €10,223 | €72,654 | +€62,430 | +611% |
| Suppliers | 440/4 | €10,223 | €72,654 | +€62,430 | +611% |
| Taxes, remuneration and social security | 45 | €1,249 | €16,354 | +€15,105 | +1,210% |
| Taxes | 450/3 | €1,249 | €16,354 | +€15,105 | +1,210% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €250,343 | €257,389 | +€7,046 | +2.8% |
| Accrued charges and deferred income | 492/3 | €5,460 | €8,018 | +€2,558 | +46.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,334 | €3,854 | -€480 | -11.1% |
| Other operating charges | 640/8 | €3,439 | €113 | -€3,326 | -96.7% |
| Non-recurring operating charges | 66A | €60,170 | €0 | -€60,170 | -100% |
| Gross operating margin | 9900 | €96,994 | €79,935 | -€17,059 | -17.6% |
| Operating profit (loss) | 9901 | €29,051 | €75,969 | +€46,918 | +162% |
| Financial income | 75/76B | €246 | €161 | -€85 | -34.4% |
| Recurring financial income | 75 | €246 | €161 | -€85 | -34.4% |
| Financial charges | 65/66B | €53,173 | €22,154 | -€31,019 | -58.3% |
| Recurring financial charges | 65 | €53,173 | €22,154 | -€31,019 | -58.3% |
| Profit (loss) for the period before taxes | 9903 | -€23,876 | €53,976 | +€77,852 | |
| Income taxes | 67/77 | €203 | €879 | +€676 | +334% |
| Profit (loss) for the period | 9904 | -€24,079 | €53,097 | +€77,176 | |
| Profit (loss) for the period to be appropriated | 9905 | -€24,079 | €53,097 | +€77,176 |
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 17 October 2026 via checked.be.