INITSU-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.
INITSU-CONSULTING
Largest movements
- Receivables within one year +€84,830
up €84,830 (+53.6%), from €158,271 to €243,101
of which Trade receivables: +€83,657
- Cash -€65,267
down €65,267 (-73.5%), from €88,839 to €23,572
mainly Receivables within one year (-€84,830) and Accrued charges and deferred income (-€5,230)
- Reserves +€18,032
up €18,032 (+10.8%), from €167,621 to €185,653
of which Distributable reserves: +€18,032
- Accrued charges and deferred income -€5,230
no longer reported in 2025 (was €5,230)
- Trade debts +€3,837
up €3,837 (+152%), from €2,526 to €6,363
- Gross operating margin -€14,870
down €14,870 (-32.9%), from €45,192 to €30,321
- Taxes -€3,209
down €3,209 (-26.7%), from €12,036 to €8,827
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 | €256,911 | €273,729 | +€16,818 | +6.5% |
| Fixed assets | 21/28 | €7,852 | €5,398 | -€2,454 | -31.3% |
| Tangible fixed assets | 22/27 | €7,102 | €4,648 | -€2,454 | -34.6% |
| Furniture and vehicles | 24 | €4,512 | €2,610 | -€1,901 | -42.1% |
| Other tangible fixed assets | 26 | €2,591 | €2,037 | -€553 | -21.4% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €249,059 | €268,331 | +€19,273 | +7.7% |
| Amounts receivable within one year | 40/41 | €158,271 | €243,101 | +€84,830 | +53.6% |
| Trade receivables | 40 | €158,271 | €241,928 | +€83,657 | +52.9% |
| Other amounts receivable | 41 | - | €1,173 | +€1,173 | |
| Current investments | 50/53 | €1,395 | €1,095 | -€300 | -21.5% |
| Cash at bank and in hand | 54/58 | €88,839 | €23,572 | -€65,267 | -73.5% |
| Deferred charges and accrued income | 490/1 | €553 | €564 | +€10 | +1.9% |
| Total equity and liabilities | 10/49 | €256,911 | €273,729 | +€16,818 | +6.5% |
| Equity | 10/15 | €183,914 | €201,946 | +€18,032 | +9.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €167,621 | €185,653 | +€18,032 | +10.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €165,761 | €183,793 | +€18,032 | +10.9% |
| Profit (loss) carried forward | 14 | €10,093 | €10,093 | = | 0.0% |
| Amounts payable | 17/49 | €72,996 | €71,783 | -€1,213 | -1.7% |
| Amounts payable within one year | 42/48 | €67,766 | €71,783 | +€4,017 | +5.9% |
| Trade debts | 44 | €2,526 | €6,363 | +€3,837 | +152% |
| Suppliers | 440/4 | €2,526 | €6,363 | +€3,837 | +152% |
| Taxes, remuneration and social security | 45 | €21,613 | €20,517 | -€1,096 | -5.1% |
| Taxes | 450/3 | €21,613 | €20,517 | -€1,096 | -5.1% |
| Other amounts payable | 47/48 | €43,627 | €44,904 | +€1,276 | +2.9% |
| Accrued charges and deferred income | 492/3 | €5,230 | - | -€5,230 | |
| Non-recurring operating income | 76A | €5,079 | - | -€5,079 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,103 | €2,912 | -€191 | -6.1% |
| Other operating charges | 640/8 | €426 | €1 | -€425 | -99.9% |
| Gross operating margin | 9900 | €45,192 | €30,321 | -€14,870 | -32.9% |
| Operating profit (loss) | 9901 | €41,663 | €27,409 | -€14,254 | -34.2% |
| Financial charges | 65/66B | €647 | €550 | -€97 | -15.0% |
| Recurring financial charges | 65 | €647 | €550 | -€97 | -15.0% |
| Profit (loss) for the period before taxes | 9903 | €41,016 | €26,859 | -€14,158 | -34.5% |
| Income taxes | 67/77 | €12,036 | €8,827 | -€3,209 | -26.7% |
| Profit (loss) for the period | 9904 | €28,980 | €18,032 | -€10,948 | -37.8% |
| Profit (loss) for the period to be appropriated | 9905 | €28,980 | €18,032 | -€10,948 | -37.8% |
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 27 October 2026 via checked.be.