GKB-INFRA: what changed
GKB-INFRA
Largest movements
- Cash +€192,598
up €192,598 (+269%), from €71,499 to €264,097
mainly Net result for the year (+€156,404) and Receivables within one year (+€22,258)
- Tangible fixed assets +€33,893
up €33,893 (+378%), from €8,964 to €42,857
of which Furniture and vehicles: +€28,834
- Receivables within one year -€22,258
down €22,258 (-24.0%), from €92,917 to €70,658
of which Trade receivables: -€38,505
- Profit (loss) carried forward +€156,404
up €156,404 (+123%), from €127,674 to €284,078
- Tax, wage and social debts +€16,148
up €16,148 (+80.0%), from €20,187 to €36,335
of which Taxes: +€14,783
- Trade debts +€13,796
up €13,796 (+264%), from €5,227 to €19,023
- Current portion of long-term debt +€8,640
up €8,640 (+43.2%), from €20,000 to €28,640
- Debts after one year +€8,634
new in 2025: €8,634
- Gross operating margin +€103,876
up €103,876 (+56.8%), from €182,937 to €286,813
- Staff costs +€54,094
up €54,094 (+354%), from €15,280 to €69,374
- Taxes +€14,408
up €14,408 (+39.7%), from €36,252 to €50,660
- Financial charges +€3,380
up €3,380 (+148%), from €2,289 to €5,669
- Depreciation +€2,923
up €2,923 (+582%), from €503 to €3,426
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €175,088 | €378,710 | +€203,622 | +116% |
| Fixed assets | 21/28 | €8,964 | €42,857 | +€33,893 | +378% |
| Tangible fixed assets | 22/27 | €8,964 | €42,857 | +€33,893 | +378% |
| Plant, machinery and equipment | 23 | €4,213 | €9,272 | +€5,059 | +120% |
| Furniture and vehicles | 24 | €4,750 | €33,584 | +€28,834 | +607% |
| Current assets | 29/58 | €166,125 | €335,853 | +€169,728 | +102% |
| Amounts receivable within one year | 40/41 | €92,917 | €70,658 | -€22,258 | -24.0% |
| Trade receivables | 40 | €79,235 | €40,730 | -€38,505 | -48.6% |
| Other amounts receivable | 41 | €13,682 | €29,928 | +€16,247 | +119% |
| Cash at bank and in hand | 54/58 | €71,499 | €264,097 | +€192,598 | +269% |
| Deferred charges and accrued income | 490/1 | €1,709 | €1,098 | -€611 | -35.7% |
| Total equity and liabilities | 10/49 | €175,088 | €378,710 | +€203,622 | +116% |
| Equity | 10/15 | €129,674 | €286,078 | +€156,404 | +121% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €127,674 | €284,078 | +€156,404 | +123% |
| Amounts payable | 17/49 | €45,414 | €92,632 | +€47,218 | +104% |
| Amounts payable after more than one year | 17 | - | €8,634 | +€8,634 | |
| Financial debts | 170/4 | - | €8,634 | +€8,634 | |
| Amounts payable within one year | 42/48 | €45,414 | €83,998 | +€38,584 | +85.0% |
| Current portion of amounts payable after more than one year | 42 | €20,000 | €28,640 | +€8,640 | +43.2% |
| Trade debts | 44 | €5,227 | €19,023 | +€13,796 | +264% |
| Suppliers | 440/4 | €5,227 | €19,023 | +€13,796 | +264% |
| Taxes, remuneration and social security | 45 | €20,187 | €36,335 | +€16,148 | +80.0% |
| Taxes | 450/3 | €16,252 | €31,035 | +€14,783 | +91.0% |
| Remuneration and social security | 454/9 | €3,935 | €5,300 | +€1,364 | +34.7% |
| Remuneration, social security and pensions | 62 | €15,280 | €69,374 | +€54,094 | +354% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €503 | €3,426 | +€2,923 | +582% |
| Other operating charges | 640/8 | €129 | €2,102 | +€1,973 | +1,533% |
| Non-recurring operating charges | 66A | €1,116 | - | -€1,116 | |
| Gross operating margin | 9900 | €182,937 | €286,813 | +€103,876 | +56.8% |
| Operating profit (loss) | 9901 | €165,910 | €211,912 | +€46,002 | +27.7% |
| Financial income | 75/76B | €305 | €821 | +€516 | +169% |
| Recurring financial income | 75 | €305 | €821 | +€516 | +169% |
| Financial charges | 65/66B | €2,289 | €5,669 | +€3,380 | +148% |
| Recurring financial charges | 65 | €2,289 | €5,669 | +€3,380 | +148% |
| Profit (loss) for the period before taxes | 9903 | €163,926 | €207,063 | +€43,137 | +26.3% |
| Income taxes | 67/77 | €36,252 | €50,660 | +€14,408 | +39.7% |
| Profit (loss) for the period | 9904 | €127,674 | €156,404 | +€28,729 | +22.5% |
| Profit (loss) for the period to be appropriated | 9905 | €127,674 | €156,404 | +€28,729 | +22.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.