Summary
Conclusion
the dossier summarised in one paragraphThe computed 12-month bankruptcy probability of INITIO BELGIUM is 0.3% (very low). The 2024 annual accounts show equity of €1.27M and a net result of €-660k. Equity is shrinking by ~3.1% per year across the filed fiscal years. Its solvency ranks better than 33% of 297 sector peers (fiscal year 2024). The company has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals.
Based on the State Gazette, CBE and 7 annual accounts.
Bankruptcy probability (12 mo)
Checked model v1 · free for everyone0.3%
Very low
0%0,5%1,5%4%10%≥25%
Lower-failure-rate sector
−Higher-failure-rate region
+Long track record
−
Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?
Filing behaviour
From the deposit records, complete market-wideDeadline passed, not yet counted as missing
The deadline for the year that closed on 31-12-2025 passed on 31-07-2026, 16 days ago. Our copy of the deposit register trails the National Bank (measured: median 14 days, p99 45 days), so we only call this filing missing from 45 days past the deadline.
Filed more than 90 days late
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 28-11-2025, 120 days past the deadline. Measured on financial year 2023: companies more than 90 days late are in an abnormal legal state today in 5.61% of cases, against 1.66% across all filers.
How we compute the deadline
The year end is derived from 10 filed financial years, each closing on 31-12. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-12-2024, that is 31-07-2025.
Deadline per financial year
| Year closed | Due by | Filed | Variance | Reference |
|---|---|---|---|---|
| 31-12-2025 | 31-07-2026 | nothing on record | not filed | - |
| 31-12-2024 | 31-07-2025 | 28-11-2025 | 120 d late | 2025-00575671 |
| 31-12-2023 | 31-07-2024 | 01-08-2024 | 1 d late | 2024-00328624 |
| 31-12-2022 | 31-07-2023 | 27-07-2023 | 4 d early | 2023-00286390 |
| 31-12-2021 | 31-07-2022 | 15-08-2022 | 15 d late | 2022-20289624 |
| 31-12-2020 | 31-07-2021 | 31-08-2021 | 31 d late | 2021-65500551 |
| 31-12-2019 | 31-07-2020 | 28-07-2020 | 3 d early | 2020-34500483 |
| 31-12-2018 | 31-07-2019 | 30-07-2019 | 1 d early | 2019-39800416 |
| 31-12-2017 | 31-07-2018 | 31-07-2018 | on the day | 2018-40000513 |
| 31-12-2016 | 31-07-2017 | 13-07-2017 | 18 d early | 2017-30300065 |
| 31-12-2015 | 31-07-2016 | 30-08-2016 | 30 d late | 2016-49300571 |
Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.
Trust signals
2 signalsEstablished
Founded in 2006, 19 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Financials
Turnover€9.97M-28.4%
EBIT margin-5.5%-12.0pp
Net result€-660k
Working capital€-948k-23.6%
Annual accounts & ratios
Source: NBB · 2024Annual accounts filed on 28-11-2025 with the NBB · fiscal year 2024 · volledig
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
declining
Equity: declining trend of ~3.1%/year over 7 fiscal years, indicative, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2024 · NACE 62, Computer programming & consultancy · compared within the same schema type (full schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 17.1% | 42.8% | |
| Net result | €-660k | €28k | |
| Equity | €1.27M | €78k | |
| Staff costs | €3.48M | €386k | |
| Employees (FTE) | 35.8 | 5.9 |
Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.
Sector position over time
Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).
P33
Weakening position over 2020-2024
· n=106-297
P5
Stable position over 2020-2024
· n=106-297
P85
Stable position over 2020-2024
· n=106-297
P83
Stable position over 2021-2024
· n=74-149
Describes the position versus peers, not a forecast.
€9.97M
-28.4%
18-24
€-458k
-
18-24
€-660k
-
18-24
€-567k
-
18-24
€7.39M
-26.8%
18-24
€1.27M
-34.3%
18-24
€-948k
-23.6%
18-24
36
-3.0%
18-24
Show 14 other metrics
€3.48M
-8.9%
18-24
€7k
-97.7%
18-24
€1.00M
+150.0%
18-24
€6.09M
-25.5%
18-24
€5.99M
-26.7%
18-24
0.84
-7.1%
18-24
0.84
-7.1%
18-24
17.1%
-10.2%
18-24
4.81
+13.3%
18-24
-52.2%
-
18-24
-8.9%
-
18-24
-6.6%
-
18-24
-4.6%
-
18-24
-4.17
-
18-24
Figures by fiscal year
| Fiscal year | 2024 |
|---|---|
| Deposit | volledig |
| Revenue | €9.97M |
| EBITDA | €-458k |
| Net profit | €-660k |
| Cash flow | €-567k |
| Staff costs | €3.48M |
| Income taxes | €7k |
| Dividends | - |
| Total assets | €7.39M |
| Equity | €1.27M |
| Debt | €6.09M |
| of which ≤ 1y | €5.99M |
| of which > 1y | - |
| Working capital | €-948k |
| Employees (FTE) | 35.8 |
Ratios (computed)
| 2024 | |
|---|---|
| Current ratio | 0.84 |
| Quick ratio | 0.84 |
| Working capital ratio | -12.8% |
| Solvency | 17.1% |
| Debt / equity | 4.81 |
| Long-term debt ratio | - |
| Interest coverage | -4.17 |
| Gross margin | 44.0% |
| Net margin | -6.6% |
| ROA | -8.9% |
| ROE | -52.2% |
| EBITDA margin | -4.6% |
| Days sales outstanding | 130d |
| Days payable outstanding | 301d |
| Inventory turnover | - |
| Days inventory (DSI) | - |
Balance-sheet composition 2024
Full annual accounts (23 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2024 |
|---|---|---|
| Balance sheet, Assets | ||
| TOTAL ASSETS | 20/58 | €7.39M |
| Fixed assets | 21/28 | €2.35M |
| Tangible fixed assets | 22/27 | €382k |
| Financial fixed assets | 28 | €1.97M |
| Current assets | 29/58 | €5.04M |
| Amounts receivable within one year | 40/41 | €4.11M |
| Cash & bank | 54/58 | €885k |
| Balance sheet, Equity & liabilities | ||
| TOTAL EQUITY & LIABILITIES | 10/49 | €7.39M |
| Equity | 10/15 | €1.27M |
| Contributions / capital | 10/11 | €63k |
| Reserves | 13 | €1.20M |
| Provisions & deferred taxes | 16 | €35k |
| Amounts payable | 17/49 | €6.09M |
| Amounts payable within one year | 42/48 | €5.99M |
| Trade debts payable within one year | 44 | €4.61M |
| Income statement | ||
| Turnover | 70 | €9.97M |
| Operating result | 9901 | €-552k |
| Financial income | 75 | €8k |
| Financial charges | 65 | €110k |
| Result before taxes | 9903 | €-654k |
| Income taxes | 67/77 | €7k |
| Net result for the period | 9904 | €-660k |
| Result to be appropriated | 9905 | €-660k |
This table shows the latest fiscal year. 4 prior years, with figures and ratios, belong to a paid plan.
See plans →
Ratios computed by Checked.
Health barometer
FY 2024 · computed0
/ 100
Critical
Computed from 6 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.
See plans →Computed by Checked from the NBB filing for FY 2024. Indicative, not credit advice.
Directors
Directors & mandates
2 directorsCurrent directors & mandates
-
Current03-06-2025 → present
Former directors (1)
-
Frederik RademakersDirectorState Gazette act 24104037 (10-07-2024)Former- → 10-07-2024
Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.This list is read straight from this company's published acts, not from the officer register.
Insolvency mandates
No insolvency mandates (liquidators, administrators) on record for this company.
Legal Structure
| NACE primary | Activiteiten op het gebied van computerconsultancy en beheer van computerfaciliteiten(62200) |
| Legal form | Public limited company(014) |
| Incorporation | 27-10-2006 |
| Status | Active |
| Postal code | 1030 |
Structure & network
Locations & real estate
Registered office
from the Crossroads BankCannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Generaal Wahislaan 171030 SchaarbeekEstablishment units
1 locationInitio Belgium
since 20062.157.355.620
Physical sites registered in the Crossroads Bank for Enterprises (CBE).
Parcels1
Ground area1,192 m²
Buildings1
Building footprint210 m²
Volume (LiDAR)1,929 m³
Tallest building14.1 m · ±3 fl.
Real-estate footprint
Source: CBE × cadastre · address linkingParcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21904B0391/00T002 | Brussels | 1,192 m² | 1 · 210 m² | 14.1 m · 3 fl. |
Methodology
via registered seat: 1
1 of 1 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Publications
Lifecycle & Insolvency Signals
No insolvency signals in the Belgian State Gazette
Belgisch Staatsblad · acts
2 acts All acts · 2
updated 1 year ago
2025
03-06-2025 2 directors appointed
- KILDA SRL, Bestuurder
- KILDA SRL, Bestuurder
2024
10-07-2024 1 director appointed, 1 resigning, 2 reappointed
- J. MARKO, Commissaris
- Frederik Rademakers, Bestuurder
- Eric Bonnel, Bestuurder
- Jérôme Boucheron, Bestuurder
Analysis
Financial profile
5 of 5 axes measured30
/ 100
Fragile profile, watch health in particular.
All 5 axes are computed from data Checked has read.
Health
0
Profitability
0
Solvency
19
Growth
31
Stability
100
Credit advice
verdict per customer and amountSimilar
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We hold annual accounts for 6,029 of the 29,865 companies in this sector. 1,426 of them are within a factor 10 of this company's equity.
Company registry
Company registry (CBE)
Crossroads BankActivities
Computerconsultancy-activiteiten62020Activiteiten op het gebied van computerconsultancy en beheer van computerfaciliteiten62200Computeradviesbureaus72100Secretariaten74851Overige activiteiten i .v.m. administratie, n.e.g.74855Administratieve en ondersteunende activiteiten ten behoeve van kantoren82100Diverse administratieve activiteiten ten behoeve van kantoren82110Fotokopiëren, documentvoorbereiding en andere gespecialiseerde ondersteunende activiteiten ten behoeve van kantoren82190
Primary activity highlighted.
Names & trade names
| Legal nameFR | INITIO BELGIUM |
Registered office
Generaal Wahislaan 17
1030 Schaarbeek, Belgium
Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.