INITIUM: what changed
Two fiscal 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
INITIUM
NACE 46.190, Agents in non-specialised wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.6m
2024 · €6.4m-€4.8m
Equity
€13.9m
2024 · €12.3m+€1.6m
Cash
€182,594
2024 · €331,232-€148,637
Balance sheet total
€24.7m
2024 · €24.2m+€497,033
Largest movements
Assets
- Receivables within one year +€999,636
up €999,636 (+52.8%), from €1.9m to €2.9m
of which Other amounts receivable: +€866,724
Equity and liabilities
- Reserves +€1.6m
up €1.6m (+13.0%), from €12.3m to €13.8m
- Debts after one year -€1.2m
down €1.2m (-16.2%), from €7.2m to €6.1m
Income statement
- Financial income -€4.6m
down €4.6m (-66.1%), from €7.0m to €2.4m
of which Non-recurring financial income: -€4.0m
- Staff costs +€215,903
up €215,903 (+190.8%), from €113,165 to €329,068
- Services and other goods +€101,292
up €101,292 (+17.5%), from €577,925 to €679,217
- Financial charges -€97,356
down €97,356 (-21.4%), from €454,654 to €357,297
- Turnover -€40,811
down €40,811 (-5.3%), from €772,956 to €732,145
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
€6.4m
Turnover
-€40,811
Other operating income
+€11,092
Services and other goods
-€101,292
Staff costs
-€215,903
Depreciation
+€17,472
Other operating charges
+€2,608
Other operating items
+€7,725
Financial income
-€4.6m
Financial charges
+€97,356
Taxes
-€757
Result 2025
€1.6m
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.
From operations
+€895,507
Investment
+€109,971
Financing
-€1.2m
Cash 2024
€331,232
From operations (derived)
+€895,507
Net result for the year
+€1.6m
Depreciation
+€224,514
Receivables within one year
-€999,636
Deferred charges and accrued income
+€19,480
Trade debts
+€30,750
Tax, wage and social debts
+€34,109
Other debts
-€8,665
Accrued charges and deferred income
+€3,479
Investment (derived)
+€109,971
Investment in fixed assets (net)
+€109,971
Financing
-€1.2m
Debts after one year
-€1.2m
Current portion of long-term debt
-€7,682
Short-term financial debts
+€25,000
Cash 2025
€182,594
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €24,172,016 | €24,669,049 | +€497,033 | +2.1% |
| Fixed assets | 21/28 | €21,897,664 | €21,563,178 | -€334,485 | -1.5% |
| Tangible fixed assets | 22/27 | €5,230,017 | €5,024,165 | -€205,852 | -3.9% |
| Land and buildings | 22 | €5,102,112 | €4,960,528 | -€141,584 | -2.8% |
| Plant, machinery and equipment | 23 | €10,788 | €5,192 | -€5,595 | -51.9% |
| Furniture and vehicles | 24 | €117,117 | €53,347 | -€63,770 | -54.4% |
| Assets under construction and advance payments | 27 | - | €5,097 | +€5,097 | |
| Financial fixed assets | 28 | €16,667,647 | €16,539,014 | -€128,633 | -0.8% |
| Affiliated companies | 280/1 | €11,798,980 | €11,489,847 | -€309,133 | -2.6% |
| Participating interests | 280 | €11,798,980 | €11,489,847 | -€309,133 | -2.6% |
| Companies linked by participating interests | 282/3 | €4,868,667 | €5,049,167 | +€180,500 | +3.7% |
| Participating interests | 282 | €102,000 | €282,500 | +€180,500 | +177.0% |
| Amounts receivable | 283 | €4,766,667 | €4,766,667 | = | 0.0% |
| Current assets | 29/58 | €2,274,352 | €3,105,870 | +€831,518 | +36.6% |
| Amounts receivable within one year | 40/41 | €1,893,887 | €2,893,523 | +€999,636 | +52.8% |
| Trade receivables | 40 | €277,160 | €410,072 | +€132,912 | +48.0% |
| Other amounts receivable | 41 | €1,616,727 | €2,483,451 | +€866,724 | +53.6% |
| Cash at bank and in hand | 54/58 | €331,232 | €182,594 | -€148,637 | -44.9% |
| Deferred charges and accrued income | 490/1 | €49,234 | €29,753 | -€19,480 | -39.6% |
| Total equity and liabilities | 10/49 | €24,172,016 | €24,669,049 | +€497,033 | +2.1% |
| Equity | 10/15 | €12,262,257 | €13,853,732 | +€1.6m | +13.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €12,256,057 | €13,847,532 | +€1.6m | +13.0% |
| Distributable reserves | 133 | €12,256,057 | €13,847,532 | +€1.6m | +13.0% |
| Amounts payable | 17/49 | €11,909,759 | €10,815,317 | -€1.1m | -9.2% |
| Amounts payable after more than one year | 17 | €7,236,011 | €6,064,577 | -€1.2m | -16.2% |
| Financial debts | 170/4 | €7,236,011 | €6,064,577 | -€1.2m | -16.2% |
| Credit institutions | 173 | €7,236,011 | €6,064,577 | -€1.2m | -16.2% |
| Amounts payable within one year | 42/48 | €4,659,968 | €4,733,481 | +€73,513 | +1.6% |
| Current portion of amounts payable after more than one year | 42 | €538,668 | €530,986 | -€7,682 | -1.4% |
| Financial debts | 43 | - | €25,000 | +€25,000 | |
| Credit institutions | 430/8 | - | €25,000 | +€25,000 | |
| Trade debts | 44 | €209,130 | €239,879 | +€30,750 | +14.7% |
| Suppliers | 440/4 | €209,130 | €239,879 | +€30,750 | +14.7% |
| Taxes, remuneration and social security | 45 | €71,437 | €105,547 | +€34,109 | +47.7% |
| Taxes | 450/3 | €43,943 | €51,569 | +€7,626 | +17.4% |
| Remuneration and social security | 454/9 | €27,494 | €53,978 | +€26,484 | +96.3% |
| Other amounts payable | 47/48 | €3,840,733 | €3,832,069 | -€8,665 | -0.2% |
| Accrued charges and deferred income | 492/3 | €13,780 | €17,259 | +€3,479 | +25.2% |
| Operating income | 70/76A | €866,342 | €844,348 | -€21,993 | -2.5% |
| Turnover | 70 | €772,956 | €732,145 | -€40,811 | -5.3% |
| Other operating income | 74 | €80,886 | €91,978 | +€11,092 | +13.7% |
| Non-recurring operating income | 76A | €12,500 | €20,225 | +€7,725 | +61.8% |
| Operating charges | 60/66A | €953,456 | €1,250,571 | +€297,115 | +31.2% |
| Services and other goods | 61 | €577,925 | €679,217 | +€101,292 | +17.5% |
| Remuneration, social security and pensions | 62 | €113,165 | €329,068 | +€215,903 | +190.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €241,986 | €224,514 | -€17,472 | -7.2% |
| Other operating charges | 640/8 | €20,380 | €17,772 | -€2,608 | -12.8% |
| Operating profit (loss) | 9901 | -€87,114 | -€406,223 | -€319,109 | -366.3% |
| Financial income | 75/76B | €6,973,916 | €2,361,028 | -€4.6m | -66.1% |
| Recurring financial income | 75 | €2,573,916 | €1,963,217 | -€610,700 | -23.7% |
| Income from financial fixed assets | 750 | €2,525,021 | €1,751,200 | -€773,821 | -30.6% |
| Income from current assets | 751 | €48,738 | €211,963 | +€163,225 | +334.9% |
| Other financial income | 752/9 | €158 | €54 | -€104 | -65.9% |
| Non-recurring financial income | 76B | €4,400,000 | €397,811 | -€4.0m | -91.0% |
| Financial charges | 65/66B | €454,654 | €357,297 | -€97,356 | -21.4% |
| Recurring financial charges | 65 | €454,654 | €357,297 | -€97,356 | -21.4% |
| Debt charges | 650 | €451,328 | €349,898 | -€101,430 | -22.5% |
| Other financial charges | 652/9 | €3,325 | €7,399 | +€4,074 | +122.5% |
| Profit (loss) for the period before taxes | 9903 | €6,432,148 | €1,597,507 | -€4.8m | -75.2% |
| Income taxes | 67/77 | €5,275 | €6,032 | +€757 | +14.4% |
| Taxes | 670/3 | €5,275 | €6,032 | +€757 | +14.4% |
| Profit (loss) for the period | 9904 | €6,426,874 | €1,591,475 | -€4.8m | -75.2% |
| Profit (loss) for the period to be appropriated | 9905 | €6,426,874 | €1,591,475 | -€4.8m | -75.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.