BELGIAN INFUSIONS: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
BELGIAN INFUSIONS
Largest movements
- Tangible fixed assets +€442,379
up €442,379 (+50.5%), from €876,127 to €1.3m
of which Land and buildings: +€337,785
- Receivables within one year -€194,652
down €194,652 (-65.6%), from €296,570 to €101,919
of which Trade receivables: -€277,993
- Cash -€49,659
down €49,659 (-77.8%), from €63,820 to €14,161
mainly Investment in fixed assets (net) (-€500,700) and Trade debts (-€239,890)
- Stocks and contracts -€27,128
down €27,128 (-26.3%), from €103,025 to €75,897
- Profit (loss) carried forward +€286,510
up €286,510 (+27903.2%), from €1,027 to €287,537
- Trade debts -€239,890
down €239,890 (-57.9%), from €414,181 to €174,291
- Reserves +€90,000
up €90,000 (+45.2%), from €198,900 to €288,900
- Investment grants +€50,274
new in 2025: €50,274
- Other debts -€27,402
down €27,402 (-15.2%), from €180,409 to €153,007
- Gross operating margin +€382,073
up €382,073 (+187.3%), from €204,031 to €586,104
- Taxes +€74,807
up €74,807 (+161.3%), from €46,374 to €121,181
- Depreciation +€16,434
up €16,434 (+39.2%), from €41,887 to €58,321
- Financial charges +€8,296
up €8,296 (+37.4%), from €22,190 to €30,486
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,346,115 | €1,528,356 | +€182,241 | +13.5% |
| Fixed assets | 21/28 | €876,127 | €1,318,505 | +€442,379 | +50.5% |
| Tangible fixed assets | 22/27 | €876,127 | €1,318,505 | +€442,379 | +50.5% |
| Land and buildings | 22 | €165,527 | €503,312 | +€337,785 | +204.1% |
| Plant, machinery and equipment | 23 | €67,012 | €199,891 | +€132,880 | +198.3% |
| Furniture and vehicles | 24 | €12,406 | €8,649 | -€3,756 | -30.3% |
| Leasing and similar rights | 25 | €631,182 | €606,653 | -€24,530 | -3.9% |
| Current assets | 29/58 | €469,988 | €209,850 | -€260,138 | -55.3% |
| Stocks and contracts in progress | 3 | €103,025 | €75,897 | -€27,128 | -26.3% |
| Stocks | 30/36 | €103,025 | €75,897 | -€27,128 | -26.3% |
| Amounts receivable within one year | 40/41 | €296,570 | €101,919 | -€194,652 | -65.6% |
| Trade receivables | 40 | €294,027 | €16,034 | -€277,993 | -94.5% |
| Other amounts receivable | 41 | €2,543 | €85,885 | +€83,342 | +3276.9% |
| Cash at bank and in hand | 54/58 | €63,820 | €14,161 | -€49,659 | -77.8% |
| Deferred charges and accrued income | 490/1 | €6,573 | €17,873 | +€11,300 | +171.9% |
| Total equity and liabilities | 10/49 | €1,346,115 | €1,528,356 | +€182,241 | +13.5% |
| Equity | 10/15 | €202,927 | €629,711 | +€426,784 | +210.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €198,900 | €288,900 | +€90,000 | +45.2% |
| Distributable reserves | 133 | €198,900 | €288,900 | +€90,000 | +45.2% |
| Profit (loss) carried forward | 14 | €1,027 | €287,537 | +€286,510 | +27903.2% |
| Investment grants | 15 | - | €50,274 | +€50,274 | |
| Provisions and deferred taxes | 16 | - | €16,758 | +€16,758 | |
| Deferred taxes | 168 | - | €16,758 | +€16,758 | |
| Amounts payable | 17/49 | €1,143,188 | €881,887 | -€261,301 | -22.9% |
| Amounts payable after more than one year | 17 | €471,983 | €466,937 | -€5,045 | -1.1% |
| Financial debts | 170/4 | €471,983 | €466,937 | -€5,045 | -1.1% |
| Amounts payable within one year | 42/48 | €671,205 | €414,949 | -€256,256 | -38.2% |
| Current portion of amounts payable after more than one year | 42 | €39,392 | €41,375 | +€1,984 | +5.0% |
| Trade debts | 44 | €414,181 | €174,291 | -€239,890 | -57.9% |
| Suppliers | 440/4 | €414,181 | €174,291 | -€239,890 | -57.9% |
| Taxes, remuneration and social security | 45 | €37,224 | €46,276 | +€9,052 | +24.3% |
| Taxes | 450/3 | €37,224 | €46,276 | +€9,052 | +24.3% |
| Other amounts payable | 47/48 | €180,409 | €153,007 | -€27,402 | -15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,887 | €58,321 | +€16,434 | +39.2% |
| Other operating charges | 640/8 | €3,337 | €5,191 | +€1,854 | +55.6% |
| Non-recurring operating charges | 66A | - | €150 | +€150 | |
| Gross operating margin | 9900 | €204,031 | €586,104 | +€382,073 | +187.3% |
| Operating profit (loss) | 9901 | €158,806 | €522,442 | +€363,636 | +229.0% |
| Financial income | 75/76B | €5 | €4,539 | +€4,534 | +86025.6% |
| Recurring financial income | 75 | €5 | €4,539 | +€4,534 | +86025.6% |
| Financial charges | 65/66B | €22,190 | €30,486 | +€8,296 | +37.4% |
| Recurring financial charges | 65 | €22,190 | €30,486 | +€8,296 | +37.4% |
| Profit (loss) for the period before taxes | 9903 | €136,621 | €496,494 | +€359,873 | +263.4% |
| Transfer from deferred taxes | 780 | - | €1,197 | +€1,197 | |
| Income taxes | 67/77 | €46,374 | €121,181 | +€74,807 | +161.3% |
| Profit (loss) for the period | 9904 | €90,247 | €376,510 | +€286,263 | +317.2% |
| Profit (loss) for the period to be appropriated | 9905 | €90,247 | €376,510 | +€286,263 | +317.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.