INFASAM: what changed
Two fiscal 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.
INFASAM
Largest movements
- Receivables within one year -€12,289
down €12,289 (-61.1%), from €20,112 to €7,823
- Cash +€9,794
up €9,794 (+872.7%), from €1,122 to €10,917
mainly Net result for the year (+€39,391) and Receivables within one year (+€12,289)
- Intangible fixed assets -€6,100
down €6,100 (-16.0%), from €38,087 to €31,987
- Debts after one year -€5,268
no longer reported in 2025 (was €5,268)
- Other debts -€5,010
down €5,010 (-13.4%), from €37,400 to €32,390
- Current portion of long-term debt +€1,037
up €1,037 (+6.8%), from €15,262 to €16,299
- Gross operating margin +€39,751
up €39,751 (+185.0%), from €21,489 to €61,240
- Taxes +€8,119
up €8,119 (+187.9%), from €4,320 to €12,439
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 | €73,500 | €63,962 | -€9,539 | -13.0% |
| Fixed assets | 21/28 | €39,680 | €32,950 | -€6,729 | -17.0% |
| Intangible fixed assets | 21 | €38,087 | €31,987 | -€6,100 | -16.0% |
| Tangible fixed assets | 22/27 | €1,592 | €963 | -€629 | -39.5% |
| Plant, machinery and equipment | 23 | €288 | €178 | -€110 | -38.1% |
| Furniture and vehicles | 24 | €1,305 | €785 | -€520 | -39.8% |
| Current assets | 29/58 | €33,820 | €31,011 | -€2,809 | -8.3% |
| Amounts receivable within one year | 40/41 | €20,112 | €7,823 | -€12,289 | -61.1% |
| Other amounts receivable | 41 | €20,112 | €7,823 | -€12,289 | -61.1% |
| Cash at bank and in hand | 54/58 | €1,122 | €10,917 | +€9,794 | +872.7% |
| Deferred charges and accrued income | 490/1 | €12,586 | €12,271 | -€315 | -2.5% |
| Total equity and liabilities | 10/49 | €73,500 | €63,962 | -€9,539 | -13.0% |
| Equity | 10/15 | €2,496 | €2,386 | -€109 | -4.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €496 | €386 | -€109 | -22.1% |
| Amounts payable | 17/49 | €71,004 | €61,575 | -€9,429 | -13.3% |
| Amounts payable after more than one year | 17 | €5,268 | - | -€5,268 | |
| Financial debts | 170/4 | €5,268 | - | -€5,268 | |
| Amounts payable within one year | 42/48 | €65,737 | €61,575 | -€4,161 | -6.3% |
| Current portion of amounts payable after more than one year | 42 | €15,262 | €16,299 | +€1,037 | +6.8% |
| Trade debts | 44 | €3,766 | €4,017 | +€250 | +6.7% |
| Suppliers | 440/4 | €3,766 | €4,017 | +€250 | +6.7% |
| Taxes, remuneration and social security | 45 | €9,309 | €8,870 | -€439 | -4.7% |
| Taxes | 450/3 | €9,309 | €8,870 | -€439 | -4.7% |
| Other amounts payable | 47/48 | €37,400 | €32,390 | -€5,010 | -13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,991 | €7,058 | +€67 | +1.0% |
| Non-recurring operating charges | 66A | - | €445 | +€445 | |
| Gross operating margin | 9900 | €21,489 | €61,240 | +€39,751 | +185.0% |
| Operating profit (loss) | 9901 | €14,497 | €53,737 | +€39,240 | +270.7% |
| Financial charges | 65/66B | €2,047 | €1,907 | -€139 | -6.8% |
| Recurring financial charges | 65 | €2,047 | €1,907 | -€139 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | €12,451 | €51,830 | +€39,379 | +316.3% |
| Income taxes | 67/77 | €4,320 | €12,439 | +€8,119 | +187.9% |
| Profit (loss) for the period | 9904 | €8,130 | €39,391 | +€31,260 | +384.5% |
| Profit (loss) for the period to be appropriated | 9905 | €8,130 | €39,391 | +€31,260 | +384.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.