ACTIVE

INITIO BELGIUM

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Financial year 2025 · closed on 31/12/2025

Net result

-178,4 k €

+73.0% YoY

Revenue

9,5 M €

-4.8% YoY

Equity

1,1 M €

-14.1% YoY

Workforce

34,1 ETP

-4.7% YoY

What does INITIO BELGIUM do?

INITIO BELGIUM is a Public limited company incorporated in 2006. Its main activity is: Computer consultancy activities. Its registered office is in Schaerbeek. It employs on average 34,1 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0884.621.093

Incorporation

27/10/2006

Legal form

Public limited company

Registered office

Boulevard Général Wahis 17
1030 Schaerbeek · BruxellesSee on map

Contributed capital

62 500,00 €

Latest accounts

31/12/2025

Average workforce

34,1 ETP

Activities (NACE)

62020Computer consultancy activities· main 62200Computer programming, consultancy and related activities 72100Research and experimental development on natural sciences and engineering 74851Other professional, scientific and technical activities 74855Other professional, scientific and technical activities 82100Office administrative and support activities+2

Joint committees (2)

Contacts

3 public details availableLog in to view

Signals

Positive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Revenue	9,5 M €	-4.8%	10 M €	-28.4%	13,9 M €	+1.0%	13,8 M €	+42.4%	9,7 M €	+8.8%	8,9 M €	-14.9%	10,5 M €	-5.9%	11,1 M €	+50.7%	7,4 M €	+41.4%	5,2 M €	+35.2%	3,9 M €	+29.0%	3 M €	-13.5%	3,5 M €	+47.8%	2,3 M €	+93.6%	1,2 M €	+11.0%	1,1 M €		–		–		–
EBITDA	24,5 k €	+108%	-307,5 k €	-131%	996,3 k €	-8.4%	1,1 M €	+2293%	-49,6 k €	+84.8%	-326 k €	-126%	1,3 M €	-30.2%	1,8 M €	+76.9%	1 M €	+497%	172,3 k €	-56.9%	400 k €	+372%	84,7 k €	+8172%	-1 k €	+98.8%	-85,4 k €	-73.7%	-49,1 k €	-380%	17,6 k €	-92.2%	226,4 k €	+79.0%	126,5 k €	-35.8%	196,9 k €
Operating result	-106,2 k €	+80.8%	-551,9 k €	-161%	905,9 k €	-11.5%	1 M €	+1048%	-108 k €	+74.1%	-417,5 k €	-134%	1,2 M €	-31.1%	1,8 M €	+76.6%	1 M €	+512%	165,9 k €	-57.9%	394,5 k €	+390%	80,6 k €	+2200%	-3,8 k €	+95.6%	-87 k €	-72.8%	-50,3 k €	-474%	13,4 k €	-93.9%	221,9 k €	+77.3%	125,2 k €	-35.8%	195,1 k €
Net result	-178,4 k €	+73.0%	-660,4 k €	-220%	550,9 k €	-13.1%	634,2 k €	+786%	-92,4 k €	+77.8%	-416,8 k €	-158%	721,1 k €	-31.2%	1 M €	+97.0%	531,9 k €	+976%	49,4 k €	-77.5%	220 k €	+279%	58,1 k €	+304%	-28,5 k €	+65.4%	-82,4 k €	-126%	-36,5 k €	-662%	6,5 k €	-95.2%	133,9 k €	+96.7%	68,1 k €	-42.8%	119 k €
Balance sheet
Equity	1,1 M €	-14.1%	1,3 M €	-34.3%	1,9 M €	-18.9%	2,4 M €	+36.4%	1,7 M €	-5.0%	1,8 M €	-18.5%	2,3 M €	+47.1%	1,5 M €	+73.4%	882 k €	+152%	350,1 k €	+16.4%	300,7 k €	+0.0%	300,7 k €	+24.0%	242,6 k €	-10.5%	271,1 k €	-23.3%	353,4 k €	-9.4%	390 k €	+1.7%	383,5 k €	+53.6%	249,6 k €	+37.5%	181,5 k €
Total assets	7,2 M €	-2.4%	7,4 M €	-26.8%	10,1 M €	-6.3%	10,8 M €	+87.9%	5,7 M €	-1.3%	5,8 M €	-0.5%	5,8 M €	+9.9%	5,3 M €	+74.6%	3 M €	+39.9%	2,2 M €	+36.1%	1,6 M €	+64.2%	972,2 k €	+14.8%	846,8 k €	-34.0%	1,3 M €	+3.6%	1,2 M €	-3.6%	1,3 M €	+126%	569,3 k €	-17.1%	686,4 k €	+101%	342 k €
Cash	795,5 k €	-10.1%	885 k €	-25.5%	1,2 M €	+100%	593,7 k €	-75.7%	2,4 M €	-21.5%	3,1 M €	+59.6%	2 M €	+333%	450 k €	-36.4%	708 k €	+42.4%	497,1 k €	+49.2%	333,3 k €	+64.8%	202,2 k €	+173%	74,2 k €		–		3,7 k €	-95.8%	88,2 k €	+111%	41,8 k €		–		69,7 k €
Debts	6,1 M €	+1.5%	6 M €	-26.7%	8,2 M €	-2.6%	8,4 M €	+110%	4 M €	+0.5%	4 M €	+11.5%	3,6 M €	-5.7%	3,8 M €	+75.1%	2,2 M €	+18.4%	1,8 M €	+40.7%	1,3 M €	+93.8%	668,9 k €	+13.3%	590,3 k €	-31.5%	861,3 k €	+3.5%	831,8 k €	+13.3%	734,5 k €	+296%	185,3 k €	-57.5%	436,3 k €	+174%	159,2 k €
Other
Workforce	34,1 ETP	-4.7%	35,8 ETP	-3.0%	36,9 ETP	+22.2%	30,2 ETP	+13.5%	26,6 ETP	-27.7%	36,8 ETP		–		–		47,0 ETP	+30.6%	36,0 ETP	+38.5%	26,0 ETP	+44.4%	18,0 ETP	+48.8%	12,1 ETP	+40.7%	8,6 ETP	+87.0%	4,6 ETP	0.0%	4,6 ETP	+53.3%	3,0 ETP	-48.3%	5,8 ETP	+20.8%	4,8 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 27 ended

Active mandates

KILDA

Director · since 26 février 2025 · until 04 juin 2029 · 0768.432.416

Represented by Mathieu LEFEVRE

Active

Eric BONNEL

Director · since 20 juillet 2023 · until 04 juin 2029

Active

Jérôme BOUCHERON

Director · since 20 juillet 2023 · until 04 juin 2029

Active

Ended mandates

Eric BONNEL

Director · since 28 janvier 2020 · until 02 juin 2025

Ended

Eric BONNEL

Director · since 28 janvier 2020 · until 04 juin 2029

Ended

Frederik RADEMAKERS

Managing director · since 28 janvier 2020 · until 20 juillet 2023

Ended

Frederik RADEMAKERS

Managing director · since 28 janvier 2020 · until 02 juin 2025

Ended

At this address

Other companies at this address

Company	CBE no.
CIRCLE BELGIUM● Active	0732.974.263
INITIO MANAGEMENT CONSULTING● Active	0838.913.012

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	29/06/2026	28/11/2025	01/08/2024	27/07/2023	15/08/2022	31/08/2021
General meeting	29/06/2026	24/11/2025	25/07/2024	20/07/2023	30/06/2022	31/08/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	29/06/2026	29/06/2026	French	PDF
Full model	31/12/2024	24/11/2025	28/11/2025	French	PDF
Full model	31/12/2023	25/07/2024	01/08/2024	French	PDF
Full model	31/12/2022	20/07/2023	27/07/2023	French	PDF
Full model	31/12/2021	30/06/2022	15/08/2022	French	PDF
Full model	31/12/2020	31/08/2021	31/08/2021	French	PDF
Micro modelCorrection	31/12/2019	17/09/2020	05/10/2020	French	PDF
Micro model	31/12/2019	17/07/2020	28/07/2020	French	PDF
Micro model	31/12/2018	29/07/2019	30/07/2019	French	PDF
Abridged model	31/12/2017	11/07/2018	31/07/2018	French	PDF
Abridged model	31/12/2016	12/07/2017	13/07/2017	French	PDF
Abridged model	31/12/2015	29/08/2016	30/08/2016	French	PDF
Abridged model	31/12/2014	03/06/2015	13/07/2015	French	PDF
Abridged model	31/12/2013	02/06/2014	31/12/2014	French	PDF
Abridged model	31/12/2012	03/06/2013	10/09/2013	French	PDF
Abridged model	31/12/2011	04/06/2012	27/09/2012	French	PDF
Abridged model	31/12/2010	06/06/2011	29/12/2011	French	PDF
Abridged model	31/12/2009	07/06/2010	03/08/2010	French	PDF
Abridged model	31/12/2008	02/06/2009	25/08/2009	French	PDF
Abridged model	31/12/2007	02/06/2008	11/06/2008	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 27 ended

Active mandates

KILDA

Director · since 26 février 2025 · until 04 juin 2029 · 0768.432.416

Represented by Mathieu LEFEVRE

Active

Eric BONNEL

Director · since 20 juillet 2023 · until 04 juin 2029

Active

Jérôme BOUCHERON

Director · since 20 juillet 2023 · until 04 juin 2029

Active

Ended mandates

Eric BONNEL

Director · since 28 janvier 2020 · until 02 juin 2025

Ended

Eric BONNEL

Director · since 28 janvier 2020 · until 04 juin 2029

Ended

Frederik RADEMAKERS

Managing director · since 28 janvier 2020 · until 20 juillet 2023

Ended

Frederik RADEMAKERS

Managing director · since 28 janvier 2020 · until 02 juin 2025

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates03/06/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates10/07/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates19/02/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates15/05/2020
DEMISSIONS, NOMINATIONS
PDF
Registered office15/05/2020
SIEGE SOCIAL
PDF
Mandates19/05/2017
DEMISSIONS, NOMINATIONS
PDF
Mandates22/08/2016
DEMISSIONS, NOMINATIONS
PDF
Registered office26/08/2013
SIEGE SOCIAL
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025-178,4 k €↑
2024
Annual accounts 2024-660,4 k €↓
2023
Annual accounts 2023550,9 k €↓
2022
Annual accounts 2022634,2 k €↑
2021
Annual accounts 2021-92,4 k €↑
2020
Annual accounts 2020-416,8 k €↓
2019
Annual accounts 2019721,1 k €↓
2018
Annual accounts 20181 M €↑
2017
Annual accounts 2017531,9 k €↑
2016
Annual accounts 201649,4 k €↓
2015
Annual accounts 2015220 k €↑
2014
Annual accounts 201458,1 k €↑
2013
Annual accounts 2013-28,5 k €↑
2012
Annual accounts 2012-82,4 k €↓
2011
Annual accounts 2011-36,5 k €↓
2010
Annual accounts 20106,5 k €↓
2009
Annual accounts 2009133,9 k €↑
2008
Annual accounts 200868,1 k €↓
2007
Annual accounts 2007119 k €
27/10/2006
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

INITIO BELGIUM

Overview

What does INITIO BELGIUM do?

Trend over 19 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline