THE INITIATIVE: what changed
THE INITIATIVE
Largest movements
- Cash -€93,759
down €93,759 (-88.8%), from €105,605 to €11,846
mainly Other debts (-€102,557) and Debts after one year (-€10,000)
- Tangible fixed assets -€15,201
down €15,201 (-31.7%), from €48,010 to €32,810
of which Other tangible fixed assets: -€12,182
- Receivables within one year +€7,430
up €7,430 (+65.9%), from €11,269 to €18,699
of which Trade receivables: +€6,200
- Other debts -€102,557
down €102,557 (-83.7%), from €122,554 to €19,998
- Contributions +€12,400
up €12,400 (+200%), from €6,200 to €18,600
- Debts after one year -€10,000
down €10,000 (-35.8%), from €27,911 to €17,911
- Tax, wage and social debts -€6,556
down €6,556 (-80.3%), from €8,167 to €1,611
- Profit (loss) carried forward +€3,970
new in 2026: €3,970
- Gross operating margin -€5,915
down €5,915 (-18.0%), from €32,775 to €26,860
- Taxes -€2,223
down €2,223 (-58.0%), from €3,834 to €1,611
- Depreciation -€1,015
down €1,015 (-5.0%), from €20,497 to €19,482
- Write-downs -€647
no longer reported in 2026 (was €647)
- Other operating charges -€612
down €612 (-27.0%), from €2,268 to €1,656
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €181,074 | €79,717 | -€101,357 | -56.0% |
| Fixed assets | 21/28 | €49,550 | €33,899 | -€15,651 | -31.6% |
| Intangible fixed assets | 21 | €1,499 | €1,049 | -€450 | -30.0% |
| Tangible fixed assets | 22/27 | €48,010 | €32,810 | -€15,201 | -31.7% |
| Plant, machinery and equipment | 23 | €11,396 | €5,640 | -€5,756 | -50.5% |
| Furniture and vehicles | 24 | €1,064 | €3,802 | +€2,738 | +257% |
| Other tangible fixed assets | 26 | €35,550 | €23,368 | -€12,182 | -34.3% |
| Financial fixed assets | 28 | €41 | €41 | = | 0.0% |
| Current assets | 29/58 | €131,524 | €45,818 | -€85,706 | -65.2% |
| Stocks and contracts in progress | 3 | €14,369 | €14,369 | = | 0.0% |
| Stocks | 30/36 | €14,369 | €14,369 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €11,269 | €18,699 | +€7,430 | +65.9% |
| Trade receivables | 40 | €11,206 | €17,406 | +€6,200 | +55.3% |
| Other amounts receivable | 41 | €63 | €1,293 | +€1,230 | +1,952% |
| Cash at bank and in hand | 54/58 | €105,605 | €11,846 | -€93,759 | -88.8% |
| Deferred charges and accrued income | 490/1 | €281 | €905 | +€624 | +222% |
| Total equity and liabilities | 10/49 | €181,074 | €79,717 | -€101,357 | -56.0% |
| Equity | 10/15 | €20,485 | €36,855 | +€16,370 | +79.9% |
| Contributions | 10/11 | €6,200 | €18,600 | +€12,400 | +200% |
| Reserves | 13 | €14,285 | €14,285 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,425 | €12,425 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €3,970 | +€3,970 | |
| Amounts payable | 17/49 | €160,589 | €42,862 | -€117,727 | -73.3% |
| Amounts payable after more than one year | 17 | €27,911 | €17,911 | -€10,000 | -35.8% |
| Financial debts | 170/4 | €27,911 | €17,911 | -€10,000 | -35.8% |
| Amounts payable within one year | 42/48 | €132,678 | €24,952 | -€107,727 | -81.2% |
| Trade debts | 44 | €1,956 | €3,343 | +€1,386 | +70.9% |
| Suppliers | 440/4 | €1,956 | €3,343 | +€1,386 | +70.9% |
| Taxes, remuneration and social security | 45 | €8,167 | €1,611 | -€6,556 | -80.3% |
| Taxes | 450/3 | €8,167 | €1,611 | -€6,556 | -80.3% |
| Other amounts payable | 47/48 | €122,554 | €19,998 | -€102,557 | -83.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,497 | €19,482 | -€1,015 | -5.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €647 | - | -€647 | |
| Other operating charges | 640/8 | €2,268 | €1,656 | -€612 | -27.0% |
| Non-recurring operating charges | 66A | -€1,687 | - | +€1,687 | |
| Gross operating margin | 9900 | €32,775 | €26,860 | -€5,915 | -18.0% |
| Operating profit (loss) | 9901 | €11,050 | €5,723 | -€5,327 | -48.2% |
| Financial income | 75/76B | €0 | €3 | +€3 | +31,400% |
| Recurring financial income | 75 | €0 | €3 | +€3 | +31,400% |
| Financial charges | 65/66B | €140 | €145 | +€5 | +3.7% |
| Recurring financial charges | 65 | €140 | €145 | +€5 | +3.7% |
| Profit (loss) for the period before taxes | 9903 | €10,910 | €5,581 | -€5,329 | -48.8% |
| Income taxes | 67/77 | €3,834 | €1,611 | -€2,223 | -58.0% |
| Profit (loss) for the period | 9904 | €7,076 | €3,970 | -€3,106 | -43.9% |
| Profit (loss) for the period to be appropriated | 9905 | €7,076 | €3,970 | -€3,106 | -43.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.