INAFZO: 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.
INAFZO
Largest movements
- Receivables within one year -€73,726
down €73,726 (-3.7%), from €2.0m to €1.9m
of which Other amounts receivable: -€73,538
- Provisions -€76,416
down €76,416 (-3.9%), from €1.9m to €1.9m
- Provisions +€5,724
up €5,724 (+7.0%), from -€82,140 to -€76,416
- Gross operating margin +€4,893
up €4,893 (+6.8%), from -€71,939 to -€67,046
- Depreciation -€2,508
down €2,508 (-93.3%), from €2,689 to €181
- Taxes +€2,290
up €2,290 (+122%), from €1,884 to €4,173
- Financial income -€815
down €815 (-4.7%), from €17,408 to €16,593
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.
Derived cash bridge
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 | €2,990,720 | €2,929,050 | -€61,670 | -2.1% |
| Fixed assets | 21/28 | €259,349 | €259,168 | -€181 | -0.1% |
| Tangible fixed assets | 22/27 | €257,861 | €257,681 | -€181 | -0.1% |
| Land and buildings | 22 | €257,861 | €257,681 | -€181 | -0.1% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €1,487 | €1,487 | = | 0.0% |
| Current assets | 29/58 | €2,731,372 | €2,669,882 | -€61,489 | -2.3% |
| Amounts receivable within one year | 40/41 | €1,976,743 | €1,903,017 | -€73,726 | -3.7% |
| Trade receivables | 40 | €188 | €0 | -€188 | -100% |
| Other amounts receivable | 41 | €1,976,555 | €1,903,017 | -€73,538 | -3.7% |
| Cash at bank and in hand | 54/58 | €605,741 | €601,377 | -€4,364 | -0.7% |
| Deferred charges and accrued income | 490/1 | €148,888 | €165,488 | +€16,601 | +11.1% |
| Total equity and liabilities | 10/49 | €2,990,720 | €2,929,050 | -€61,670 | -2.1% |
| Equity | 10/15 | €1,047,217 | €1,058,682 | +€11,465 | +1.1% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €932,372 | €932,372 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Legal reserve | 130 | €7,437 | €7,437 | = | 0.0% |
| Distributable reserves | 133 | €924,936 | €924,936 | = | 0.0% |
| Profit (loss) carried forward | 14 | €40,477 | €51,941 | +€11,465 | +28.3% |
| Provisions and deferred taxes | 16 | €1,938,922 | €1,862,507 | -€76,416 | -3.9% |
| Provisions for liabilities and charges | 160/5 | €1,938,922 | €1,862,507 | -€76,416 | -3.9% |
| Environmental obligations | 163 | €1,829,498 | €1,777,965 | -€51,533 | -2.8% |
| Other liabilities and charges | 164/5 | €109,425 | €84,542 | -€24,883 | -22.7% |
| Amounts payable | 17/49 | €4,581 | €7,862 | +€3,281 | +71.6% |
| Amounts payable within one year | 42/48 | €4,581 | €7,862 | +€3,281 | +71.6% |
| Trade debts | 44 | €2,697 | €1,803 | -€894 | -33.1% |
| Suppliers | 440/4 | €2,697 | €1,803 | -€894 | -33.1% |
| Taxes, remuneration and social security | 45 | €1,884 | €6,058 | +€4,175 | +222% |
| Taxes | 450/3 | €1,884 | €6,058 | +€4,175 | +222% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,689 | €181 | -€2,508 | -93.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€82,140 | -€76,416 | +€5,724 | +7.0% |
| Other operating charges | 640/8 | €3,060 | €3,154 | +€94 | +3.1% |
| Gross operating margin | 9900 | -€71,939 | -€67,046 | +€4,893 | +6.8% |
| Operating profit (loss) | 9901 | €4,452 | €6,035 | +€1,583 | +35.6% |
| Financial income | 75/76B | €17,408 | €16,593 | -€815 | -4.7% |
| Recurring financial income | 75 | €17,408 | €16,593 | -€815 | -4.7% |
| Financial charges | 65/66B | €6,988 | €6,990 | +€2 | 0.0% |
| Recurring financial charges | 65 | €6,988 | €6,990 | +€2 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €14,873 | €15,638 | +€765 | +5.1% |
| Income taxes | 67/77 | €1,884 | €4,173 | +€2,290 | +122% |
| Profit (loss) for the period | 9904 | €12,989 | €11,465 | -€1,524 | -11.7% |
| Profit (loss) for the period to be appropriated | 9905 | €12,989 | €11,465 | -€1,524 | -11.7% |
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 13 October 2026 via checked.be.