Infra-Struct
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 24-06-2026 at the NBB all 9 filings
Turnover
€687,731▲ 229%
2021 · €208,980
EBIT margin
8.9%▲ 20.2pp
2021 · -11.3%
Net result
-€59,217
2024 · €93,055
Working capital
€203,417▼ 22.5%
2024 · €262,634
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€40,073
2025
20182025
Net result
-€59,217
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€203,417
▼ 22.5%
2025
middle half of the sector
20182025
Total assets
€224,220
▼ 46.4%
2025
lowest quarter of the sector
20182025
Debt
€20,803
▼ 86.7%
2025
20182025
Working capital
€203,417
▼ 22.5%
2025
middle half of the sector
20182025
Solvency
90.7%
▲ 28.0pp
2025
highest quarter of the sector
20182025
Current ratio
10.78
▲ 8.09
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-26.4%
▼ 48.6pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€154,000-€548,749▲ 256%€191,869▼ 65.0%€208,980▲ 8.9%€687,731▲ 229%
Operating result-€47,170--€23,608▲ 50.0%€42,659-€23,588€61,176€9,106▼ 85.1%€96,907▲ 964%-€40,073
Net result-€52,131--€33,725▲ 35.3%€31,268above the sector's middle half-€32,982below the sector's middle half€52,222within the sector's middle half€4,922within the sector's middle half▼ 90.6%€93,055within the sector's middle half▲ 19×-€59,217below the sector's middle half
EBIT margin-30.6%--4.3%▲ 26.3pp22.2%▲ 26.5pp-11.3%▼ 33.5pp8.9%▲ 20.2pp
Equity€47,875-€89,150▲ 86.2%€145,418within the sector's middle half▲ 63.1%€112,436within the sector's middle half▼ 22.7%€164,658within the sector's middle half▲ 46.4%€169,579within the sector's middle half▲ 3.0%€262,634within the sector's middle half▲ 54.9%€203,417within the sector's middle half▼ 22.5%
Total assets€204,385-€576,970▲ 182%€452,078within the sector's middle half▼ 21.6%€341,603within the sector's middle half▼ 24.4%€203,124below the sector's middle half▼ 40.5%€192,285below the sector's middle half▼ 5.3%€418,548below the sector's middle half▲ 118%€224,220below the sector's middle half▼ 46.4%
Debt€156,510-€487,820▲ 212%€306,660▼ 37.1%€229,167▼ 25.3%€38,466▼ 83.2%€22,706▼ 41.0%€155,913▲ 587%€20,803▼ 86.7%
Working capital€48,167-€89,150▲ 85.1%€145,418above the sector's middle half▲ 63.1%€112,436within the sector's middle half▼ 22.7%€164,658within the sector's middle half▲ 46.4%€169,579within the sector's middle half▲ 3.0%€262,634within the sector's middle half▲ 54.9%€203,417within the sector's middle half▼ 22.5%
Solvency23.4%-15.5%▼ 8.0pp32.2%within the sector's middle half▲ 16.7pp32.9%within the sector's middle half▲ 0.7pp81.1%above the sector's middle half▲ 48.1pp88.2%above the sector's middle half▲ 7.1pp62.7%within the sector's middle half▼ 25.4pp90.7%above the sector's middle half▲ 28.0pp
Current ratio1.31-1.18▼ 0.131.47within the sector's middle half▲ 0.291.49within the sector's middle half▲ 0.025.28above the sector's middle half▲ 3.798.47above the sector's middle half▲ 3.192.68within the sector's middle half▼ 5.7810.78above the sector's middle half▲ 8.09
Return on assets (ROA)-25.5%--5.8%▲ 19.7pp6.9%within the sector's middle half▲ 12.8pp-9.7%below the sector's middle half▼ 16.6pp25.7%above the sector's middle half▲ 35.4pp2.6%within the sector's middle half▼ 23.1pp22.2%above the sector's middle half▲ 19.7pp-26.4%below the sector's middle half▼ 48.6pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €40,073, after a profit of €96,907 in 2024. It is the lowest result since 2021.
Large changes and their cause
- 2022 Turnover +229% on 2021. The accounts now follow the abbreviated format, last year the micro format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €224,220
Equity
€203,417 ▼ 22.5%
Debt
€20,803 ▼ 86.7%
Debt's share of the balance-sheet total falls from 37.3% to 9.3%. Equity and debt are lower.
Key figures and ratios
Quick ratio
7.56▲
2024 · 2.54
Debt to equity
0.10▼
2024 · 0.59
ROE
-29.1%▼
2024 · 35.4%
Debt ≤ 1 year
€20,803▼
2024 · €155,913
Income taxes
€17,295
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €154,000 | €548,749 | €191,869 | €208,980 | €687,731 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €232,189 | €626,064 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €379 | €492 | €575 | €665 | €528 | ▼ 20.7% |
| Gross operating margin9900 | -€47,065 | -€23,153 | €43,154 | -€23,209 | €61,668 | €9,680 | €97,572 | -€39,545 | - |
| Operating profit (loss)9901 | -€47,170 | -€23,608 | €42,659 | -€23,588 | €61,176 | €9,106 | €96,907 | -€40,073 | - |
| Financial income75/76B | - | - | - | €95 | - | €1 | €0 | - | - |
| Recurring financial income75 | €189 | €184 | - | €95 | - | €1 | €0 | - | - |
| Financial charges65/66B | - | - | - | €9,149 | €8,764 | €4,185 | €3,852 | €1,850 | ▼ 52.0% |
| Recurring financial charges65 | €5,150 | €10,301 | €11,083 | €9,149 | €8,764 | €4,185 | €3,852 | €1,850 | ▼ 52.0% |
| Profit (loss) for the period before taxes9903 | -€52,131 | -€33,725 | €31,576 | -€32,642 | €52,412 | €4,922 | €93,055 | -€41,922 | - |
| Income taxes67/77 | - | - | €308 | €340 | €190 | - | - | €17,295 | - |
| Profit (loss) for the period9904 | -€52,131 | -€33,725 | €31,268 | -€32,982 | €52,222 | €4,922 | €93,055 | -€59,217 | - |
| Profit (loss) for the period to be appropriated9905 | -€52,131 | -€33,725 | €31,268 | -€32,982 | €52,222 | €4,922 | €93,055 | -€59,217 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €204,385 | €576,970 | €452,078 | €341,603 | €203,124 | €192,285 | €418,548 | €224,220 | ▼ 46.4% |
| Current assets29/58 | €204,385 | €576,970 | €452,078 | €341,603 | €203,124 | €192,285 | €418,548 | €224,220 | ▼ 46.4% |
| Stocks and contracts in progress3 | €109,862 | €328,059 | €342,921 | €296,957 | €102,899 | €10,078 | €22,268 | €66,929 | ▲ 201% |
| Stocks30/36 | - | - | - | €296,957 | €102,899 | €10,078 | €22,268 | €66,929 | ▲ 201% |
| Amounts receivable within one year40/41 | €90,184 | €107,809 | €60,928 | €39,056 | €7,299 | €175,009 | €236,970 | €156,539 | ▼ 33.9% |
| Other amounts receivable41 | - | - | - | €39,056 | €7,299 | €175,009 | €236,970 | €156,539 | ▼ 33.9% |
| Cash at bank and in hand54/58 | €4,339 | €140,670 | €47,797 | €5,157 | €92,926 | €7,199 | €159,310 | €752 | ▼ 99.5% |
| Deferred charges and accrued income490/1 | - | - | - | €433 | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €204,385 | €576,970 | €452,078 | €341,603 | €203,124 | €192,285 | €418,548 | €224,220 | ▼ 46.4% |
| Equity10/15 | €47,875 | €89,150 | €145,418 | €112,436 | €164,658 | €169,579 | €262,634 | €203,417 | ▼ 22.5% |
| Contributions10/11 | €100,000 | €175,000 | €200,000 | €200,000 | €200,000 | €200,000 | €200,000 | €200,000 | = |
| Capital10 | - | - | - | €200,000 | - | - | - | - | - |
| Issued capital100 | - | - | - | €200,000 | - | - | - | - | - |
| Profit (loss) carried forward14 | -€52,125 | -€85,850 | -€54,582 | -€87,564 | -€35,342 | -€30,421 | €62,634 | €3,417 | ▼ 94.5% |
| Amounts payable17/49 | €156,510 | €487,820 | €306,660 | €229,167 | €38,466 | €22,706 | €155,913 | €20,803 | ▼ 86.7% |
| Amounts payable within one year42/48 | €156,218 | €487,820 | €306,660 | €229,167 | €38,466 | €22,706 | €155,913 | €20,803 | ▼ 86.7% |
| Financial debts43 | - | - | - | €69,650 | - | - | - | - | - |
| Credit institutions430/8 | - | - | - | €69,650 | - | - | - | - | - |
| Trade debts44 | €31,078 | €242,041 | €56,720 | €28,706 | €36,206 | €22,706 | €155,913 | €20,803 | ▼ 86.7% |
| Suppliers440/4 | - | - | - | €28,706 | €36,206 | €22,706 | €155,913 | €20,803 | ▼ 86.7% |
| Taxes, remuneration and social security45 | - | - | - | €339 | €108 | - | - | - | - |
| Taxes450/3 | - | - | - | €339 | €108 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €130,472 | €2,152 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€52,131 | -€33,725 | €31,268 | -€32,982 | €52,222 | €4,922 | €93,055 | -€59,217 | - |
| Operating cash flow (approximation) | -€52,131 | -€33,725 | €31,268 | -€32,982 | €52,222 | €4,922 | €93,055 | -€59,217 | - |
| Change in cash | - | €136,331 | -€92,873 | -€42,640 | €87,769 | -€85,727 | €152,111 | -€158,558 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 3,591 companies had the same profile as Infra-Struct has now. Two years later, 87.4% were still going and 3.0% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
87.4%
was still going
9.4%
stopped otherwise
3.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Infra-Struct itself: 0.7% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 3,591 companies, not a prediction for Infra-Struct. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 24-06-2026 | 2026-00206597 | |
| 31-12-2024 | abbreviated format | 18-07-2025 | 2025-00289134 | |
| 31-12-2023 | abbreviated format | 15-07-2024 | 2024-00263414 | |
| 31-12-2022 | abbreviated format | 12-07-2023 | 2023-00237536 | |
| 31-12-2021 | micro format | 11-07-2022 | 2022-20192134 | |
| 31-12-2020 | micro format | 08-07-2021 | 2021-34300305 | |
| 31-12-2019 | micro format | 13-07-2020 | 2020-30900391 | |
| 31-12-2018 | micro format | 08-07-2019 | 2019-30700423 | |
| 31-12-2017 | micro format | 17-07-2018 | 2018-33800495 |