Initro: 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.
Initro
Largest movements
- Receivables within one year +€2,318
up €2,318 (+11.0%), from €20,986 to €23,305
of which Trade receivables: +€2,367
- Cash -€1,862
down €1,862 (-1.8%), from €106,064 to €104,202
mainly Contributions, distributions and other (-€89,924) and Receivables within one year (-€2,318)
- Tangible fixed assets -€1,790
down €1,790 (-53.4%), from €3,350 to €1,559
of which Furniture and vehicles: -€1,216
No liability line moved by more than 1% of the balance sheet total.
- Depreciation -€1,757
down €1,757 (-49.5%), from €3,547 to €1,790
- Gross operating margin -€1,508
down €1,508 (-1.3%), from €118,403 to €116,895
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 | €131,417 | €130,115 | -€1,302 | -1.0% |
| Fixed assets | 21/28 | €3,350 | €1,559 | -€1,790 | -53.4% |
| Tangible fixed assets | 22/27 | €3,350 | €1,559 | -€1,790 | -53.4% |
| Plant, machinery and equipment | 23 | €265 | €0 | -€265 | -100% |
| Furniture and vehicles | 24 | €1,735 | €519 | -€1,216 | -70.1% |
| Other tangible fixed assets | 26 | €1,350 | €1,040 | -€310 | -23.0% |
| Current assets | 29/58 | €128,067 | €128,555 | +€488 | +0.4% |
| Amounts receivable within one year | 40/41 | €20,986 | €23,305 | +€2,318 | +11.0% |
| Trade receivables | 40 | €20,938 | €23,305 | +€2,367 | +11.3% |
| Other amounts receivable | 41 | €48 | €0 | -€48 | -100% |
| Cash at bank and in hand | 54/58 | €106,064 | €104,202 | -€1,862 | -1.8% |
| Deferred charges and accrued income | 490/1 | €1,017 | €1,048 | +€32 | +3.1% |
| Total equity and liabilities | 10/49 | €131,417 | €130,115 | -€1,302 | -1.0% |
| Equity | 10/15 | €20,774 | €20,460 | -€314 | -1.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €314 | €0 | -€314 | -100% |
| Amounts payable | 17/49 | €110,643 | €109,655 | -€988 | -0.9% |
| Amounts payable within one year | 42/48 | €110,643 | €109,655 | -€988 | -0.9% |
| Financial debts | 43 | €23 | €14 | -€9 | -39.6% |
| Credit institutions | 430/8 | €23 | €14 | -€9 | -39.6% |
| Trade debts | 44 | €853 | €770 | -€83 | -9.7% |
| Suppliers | 440/4 | €853 | €770 | -€83 | -9.7% |
| Taxes, remuneration and social security | 45 | €13,447 | €12,405 | -€1,042 | -7.7% |
| Taxes | 450/3 | €13,447 | €12,405 | -€1,042 | -7.7% |
| Other amounts payable | 47/48 | €96,320 | €96,466 | +€146 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,547 | €1,790 | -€1,757 | -49.5% |
| Other operating charges | 640/8 | €748 | €773 | +€25 | +3.3% |
| Gross operating margin | 9900 | €118,403 | €116,895 | -€1,508 | -1.3% |
| Operating profit (loss) | 9901 | €114,107 | €114,331 | +€224 | +0.2% |
| Financial income | 75/76B | €0 | €5 | +€5 | |
| Recurring financial income | 75 | €0 | €5 | +€5 | |
| Financial charges | 65/66B | €54 | €56 | +€1 | +2.6% |
| Recurring financial charges | 65 | €54 | €56 | +€1 | +2.6% |
| Profit (loss) for the period before taxes | 9903 | €114,053 | €114,281 | +€227 | +0.2% |
| Income taxes | 67/77 | €24,756 | €24,671 | -€86 | -0.3% |
| Profit (loss) for the period | 9904 | €89,297 | €89,610 | +€313 | +0.4% |
| Profit (loss) for the period to be appropriated | 9905 | €89,297 | €89,610 | +€313 | +0.4% |
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 14 October 2026 via checked.be.