THE INITIATIVE
ActiveSummary
THE INITIATIVE has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €20k and a net result of €7k. Equity is growing by ~41.9% per year across the filed fiscal years. Its solvency ranks better than 21% of 956 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2025
65
/ 100
Healthy
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability74▼-7
Solvency36▼-56
Growth78=
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1k at 30 days acceptable
Liquidity short (current ratio 0.99 against 3.92 in 2024; short-term debt: 73.3% and cash: 58.3% of total assets), and 88.7% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 18
Relative position
BE, all sectors
reference
Sector 18
lower
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
11.3%
Return on assets
3.9%
Age of the figures
18 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 21% of 956 sector peers (2025).
NBB · sector comparisonPosition among 956 sector peers
Solvency
better than 21%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 24-10-2025, 7 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
7 d early
2024
2 d early
2023
14 d early
2022
15 d late
2021
19 d early
2020
19 d early
2019
30 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today.
Companies Code · seven monthsPosition in the running window
31-03-2026 close24-09-2026 today31-10-2026 deadline
Financials · fiscal year 2025, micro schema
Equity
€20k▼ 82.0%
2024 · €114k
2019: €20k
2020: €26k
2021: €47k
2022: €67k
2023: €97k
2024: €114k
2019 → 2025
Total assets
€181k▲ 6.6%
2024 · €170k
2019: €141k
2020: €119k
2021: €129k
2022: €130k
2023: €162k
2024: €170k
2019 → 2025
Net result
€7k▼ 58.0%
2024 · €17k
2019: €-831
2020: €6k
2021: €21k
2022: €21k
2023: €30k
2024: €17k
2019 → 2025
Working capital
€-1k
2024 · €82k
2019: €-18k
2020: €-3k
2021: €22k
2022: €15k
2023: €46k
2024: €82k
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€47k-€67k▲ 44.2%€97k▲ 44.0%€114k▲ 17.3%€20k▼ 82.0%
Operating result€26k-€23k▼ 10.5%€40k▲ 71.4%€22k▼ 44.7%€11k▼ 50.1%
Net result€21k-€21k▼ 1.4%€30k▲ 43.6%€17k▼ 43.3%€7k▼ 58.0%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 50% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €181k
Fixed assets
€50k ▼ 17.6%
Current assets
€132k ▲ 19.8%
Equity and liabilities €181k
Equity
€20k ▼ 82.0%
Debt
€161k ▲ 187%
Debt's share of the balance-sheet total rises from 32.9% to 88.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€32k▼
2024 · €44k
Cash flow
€28k▼
2024 · €38k
Current ratio
0.99▼
2024 · 3.92
Quick ratio
0.88▼
2024 · 3.41
Debt to equity
7.84▲
2024 · 0.49
ROE
34.5%▲
2024 · 14.8%
ROA
3.9%▼
2024 · 9.9%
Interest coverage
226.06▼
2024 · 309.52
Debt ≤ 1 year
€133k▲
2024 · €28k
Debt > 1 year
€28k=
2024 · €28k
Income taxes
€4k▼
2024 · €5k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 53 lines
Balance sheet
Code20242025
Assets
Total assets20/58€170k€181k▲
Fixed assets21/28€60k€50k▼
Intangible fixed assets21€2k€1k▼
Tangible fixed assets22/27€58k€48k▼
Plant, machinery and equipment23€17k€11k▼
Furniture and vehicles24€3k€1k▼
Other tangible fixed assets26€38k€36k▼
Financial fixed assets28€41€41=
Current assets29/58€110k€132k▲
Stocks and contracts in progress3€14k€14k=
Stocks30/36€14k€14k=
Amounts receivable within one year40/41€7k€11k▲
Trade receivables40€7k€11k▲
Other amounts receivable41-€63
Cash at bank and in hand54/58€88k€106k▲
Deferred charges and accrued income490/1€785€281▼
Equity and liabilities
Total equity and liabilities10/49€170k€181k▲
Equity10/15€114k€20k▼
Contributions10/11€6k€6k=
Reserves13€108k€14k▼
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Tax-exempt reserves132€12k€12k=
Distributable reserves133€94k-
Amounts payable17/49€56k€161k▲
Amounts payable after more than one year17€28k€28k=
Financial debts170/4€28k€28k=
Amounts payable within one year42/48€28k€133k▲
Trade debts44€9k€2k▼
Suppliers440/4€9k€2k▼
Taxes, remuneration and social security45€6k€8k▲
Taxes450/3€6k€8k▲
Other amounts payable47/48€13k€123k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€21k€20k▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€647
Other operating charges640/8€922€2k▲
Non-recurring operating charges66A€68€-2k▼
Gross operating margin9900€45k€33k▼
Operating profit (loss)9901€22k€11k▼
Financial income75/76B€0€0▼
Recurring financial income75€0€0▼
Financial charges65/66B€141€140▼
Recurring financial charges65€141€140▼
Profit (loss) for the period before taxes9903€22k€11k▼
Income taxes67/77€5k€4k▼
Profit (loss) for the period9904€17k€7k▼
Profit (loss) for the period to be appropriated9905€17k€7k▼
Appropriation of the result
Profit (loss) to be appropriated9906€17k€7k▼
Transfer from equity791/2-€101k
Transfer to equity691/2€17k€7k▼
To other reserves6921€17k€7k▼
Profit to be distributed694/7-€101k
Return on contributions (dividend)694-€101k
The notes to these accounts (12 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2025
24-10
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2024
29-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
31-03
Financial
Equity above €100kEq €114k ▲17.3%
5 profitable years in a row build equity to €114k.
2023
17-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
31-03
Financial
Highest result since 2019net €30k ▲43.6%
Operating result €40k, net result €30k, both a record.
2022
15-11
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 15 days late
2021
12-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2020
12-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
31-03
Financial
Back to profitnet €6k
Net result €6k after one loss-making year.
2019
01-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2018
25-09
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2017
13-10
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2016
05-10
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Merchtem · 1 establishment unit since 2015
Ground area
1,921 m²
Building footprint
102 m²
Volume, LiDAR
818 m³
Parcel 23012B0338/00A000, Flanders · tallest building 10.1 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
The Initiative
since 20152.243.042.549
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23012B0338/00A000 | Flanders | 1,921 m² | 1 · 102 m² | 10.1 m · 3 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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SMALFILM
BE 1007.010.052
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Of 2,855 companies in sector 18130 we hold annual accounts for 832. 591 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded07-04-2015
Fiscal year end31-03
Activities, NACEBEL 2025
18130Pre-press and pre-media services
47554Retail trade
59111Production of cinema films
59112Motion picture, video and television programme production, sound recording and music publishing activities
73110Advertising agencies
74209Other photographic activities
90201Performing arts by independent artists
Sources
Crossroads Bank for EnterprisesNational Bank · 10 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.