INITIO MANAGEMENT CONSULTING: 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 MANAGEMENT CONSULTING
Largest movements
- Receivables within one year +€870,766
up €870,766 (+67.1%), from €1.3m to €2.2m
of which Trade receivables: +€1.0m
- Cash -€57,104
down €57,104 (-69.8%), from €81,794 to €24,690
mainly Receivables within one year (-€870,766) and Tax, wage and social debts (-€11,680)
- Other debts +€387,414
up €387,414 (+59.8%), from €648,035 to €1.0m
- Trade debts +€298,340
up €298,340 (+82.0%), from €363,641 to €661,980
- Reserves +€140,933
up €140,933 (+91.2%), from €154,558 to €295,491
of which Distributable reserves: +€140,933
- Turnover -€1.0m
down €1.0m (-41.4%), from €2.4m to €1.4m
- Staff costs -€974,210
down €974,210 (-49.5%), from €2.0m to €992,358
- Services and other goods -€120,282
down €120,282 (-30.8%), from €390,490 to €270,208
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 | €1,390,453 | €2,204,116 | +€813,663 | +58.5% |
| Fixed assets | 21/28 | €11,167 | €11,167 | = | 0.0% |
| Financial fixed assets | 28 | €11,167 | €11,167 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €11,167 | €11,167 | = | 0.0% |
| Amounts receivable | 283 | €11,167 | €11,167 | = | 0.0% |
| Current assets | 29/58 | €1,379,286 | €2,192,949 | +€813,663 | +59.0% |
| Amounts receivable within one year | 40/41 | €1,297,492 | €2,168,259 | +€870,766 | +67.1% |
| Trade receivables | 40 | €1,021,526 | €2,052,797 | +€1.0m | +101% |
| Other amounts receivable | 41 | €275,967 | €115,461 | -€160,505 | -58.2% |
| Cash at bank and in hand | 54/58 | €81,794 | €24,690 | -€57,104 | -69.8% |
| Total equity and liabilities | 10/49 | €1,390,453 | €2,204,116 | +€813,663 | +58.5% |
| Equity | 10/15 | €216,058 | €356,991 | +€140,933 | +65.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €154,558 | €295,491 | +€140,933 | +91.2% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €148,408 | €289,341 | +€140,933 | +95.0% |
| Amounts payable | 17/49 | €1,174,395 | €1,847,125 | +€672,730 | +57.3% |
| Amounts payable within one year | 42/48 | €1,173,052 | €1,847,125 | +€674,074 | +57.5% |
| Trade debts | 44 | €363,641 | €661,980 | +€298,340 | +82.0% |
| Suppliers | 440/4 | €363,641 | €661,980 | +€298,340 | +82.0% |
| Taxes, remuneration and social security | 45 | €161,376 | €149,696 | -€11,680 | -7.2% |
| Taxes | 450/3 | €3,217 | €52,982 | +€49,765 | +1,547% |
| Remuneration and social security | 454/9 | €158,159 | €96,714 | -€61,445 | -38.8% |
| Other amounts payable | 47/48 | €648,035 | €1,035,449 | +€387,414 | +59.8% |
| Accrued charges and deferred income | 492/3 | €1,344 | - | -€1,344 | |
| Operating income | 70/76A | €2,505,274 | €1,492,772 | -€1.0m | -40.4% |
| Turnover | 70 | €2,445,503 | €1,433,791 | -€1.0m | -41.4% |
| Other operating income | 74 | €59,771 | €58,982 | -€789 | -1.3% |
| Operating charges | 60/66A | €2,362,702 | €1,266,495 | -€1.1m | -46.4% |
| Services and other goods | 61 | €390,490 | €270,208 | -€120,282 | -30.8% |
| Remuneration, social security and pensions | 62 | €1,966,568 | €992,358 | -€974,210 | -49.5% |
| Other operating charges | 640/8 | €5,645 | €3,929 | -€1,716 | -30.4% |
| Operating profit (loss) | 9901 | €142,572 | €226,278 | +€83,706 | +58.7% |
| Financial charges | 65/66B | €21,885 | €12,819 | -€9,066 | -41.4% |
| Recurring financial charges | 65 | €21,885 | €12,819 | -€9,066 | -41.4% |
| Debt charges | 650 | €21,868 | €12,819 | -€9,049 | -41.4% |
| Other financial charges | 652/9 | €17 | - | -€17 | |
| Profit (loss) for the period before taxes | 9903 | €120,687 | €213,459 | +€92,772 | +76.9% |
| Income taxes | 67/77 | €51,613 | €72,526 | +€20,913 | +40.5% |
| Taxes | 670/3 | €51,613 | €72,526 | +€20,913 | +40.5% |
| Profit (loss) for the period | 9904 | €69,074 | €140,933 | +€71,859 | +104% |
| Profit (loss) for the period to be appropriated | 9905 | €69,074 | €140,933 | +€71,859 | +104% |
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.