INFERRO: 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.
INFERRO
Largest movements
- Tangible fixed assets -€46,858
down €46,858 (-23.1%), from €202,734 to €155,876
of which Furniture and vehicles: -€47,806
- Cash +€33,179
up €33,179 (+74.7%), from €44,387 to €77,566
mainly Depreciation (+€48,358) and Net result for the year (+€34,196)
- Stocks and contracts -€26,024
down €26,024 (-74.0%), from €35,183 to €9,159
- Receivables within one year -€16,284
down €16,284 (-9.4%), from €172,851 to €156,566
of which Trade receivables: -€11,187
- Debts after one year -€40,869
down €40,869 (-70.2%), from €58,211 to €17,342
- Reserves +€27,567
up €27,567 (+13.0%), from €212,536 to €240,103
- Other debts -€24,455
down €24,455 (-26.2%), from €93,347 to €68,892
- Trade debts -€16,642
down €16,642 (-51.8%), from €32,110 to €15,467
- Depreciation +€6,646
up €6,646 (+15.9%), from €41,712 to €48,358
- Gross operating margin +€5,890
up €5,890 (+5.2%), from €112,889 to €118,779
- Write-downs +€5,404
new in 2025: €5,404
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 | €478,678 | €422,305 | -€56,372 | -11.8% |
| Fixed assets | 21/28 | €210,658 | €159,410 | -€51,249 | -24.3% |
| Tangible fixed assets | 22/27 | €202,734 | €155,876 | -€46,858 | -23.1% |
| Plant, machinery and equipment | 23 | €3,034 | €3,982 | +€948 | +31.2% |
| Furniture and vehicles | 24 | €199,700 | €151,894 | -€47,806 | -23.9% |
| Financial fixed assets | 28 | €7,925 | €3,534 | -€4,391 | -55.4% |
| Current assets | 29/58 | €268,019 | €262,896 | -€5,124 | -1.9% |
| Stocks and contracts in progress | 3 | €35,183 | €9,159 | -€26,024 | -74.0% |
| Stocks | 30/36 | €35,183 | €9,159 | -€26,024 | -74.0% |
| Amounts receivable within one year | 40/41 | €172,851 | €156,566 | -€16,284 | -9.4% |
| Trade receivables | 40 | €133,451 | €122,264 | -€11,187 | -8.4% |
| Other amounts receivable | 41 | €39,400 | €34,302 | -€5,097 | -12.9% |
| Cash at bank and in hand | 54/58 | €44,387 | €77,566 | +€33,179 | +74.7% |
| Deferred charges and accrued income | 490/1 | €15,599 | €19,604 | +€4,006 | +25.7% |
| Total equity and liabilities | 10/49 | €478,678 | €422,305 | -€56,372 | -11.8% |
| Equity | 10/15 | €251,143 | €278,710 | +€27,567 | +11.0% |
| Contributions | 10/11 | €38,607 | €38,607 | = | 0.0% |
| Reserves | 13 | €212,536 | €240,103 | +€27,567 | +13.0% |
| Distributable reserves | 133 | €212,536 | €240,103 | +€27,567 | +13.0% |
| Amounts payable | 17/49 | €227,535 | €143,596 | -€83,939 | -36.9% |
| Amounts payable after more than one year | 17 | €58,211 | €17,342 | -€40,869 | -70.2% |
| Financial debts | 170/4 | €58,211 | €17,342 | -€40,869 | -70.2% |
| Amounts payable within one year | 42/48 | €165,567 | €125,594 | -€39,973 | -24.1% |
| Current portion of amounts payable after more than one year | 42 | €39,372 | €40,869 | +€1,496 | +3.8% |
| Financial debts | 43 | €81 | €84 | +€3 | +3.7% |
| Credit institutions | 430/8 | €81 | €84 | +€3 | +3.7% |
| Trade debts | 44 | €32,110 | €15,467 | -€16,642 | -51.8% |
| Suppliers | 440/4 | €32,110 | €15,467 | -€16,642 | -51.8% |
| Taxes, remuneration and social security | 45 | €657 | €282 | -€374 | -57.0% |
| Taxes | 450/3 | €657 | €282 | -€374 | -57.0% |
| Other amounts payable | 47/48 | €93,347 | €68,892 | -€24,455 | -26.2% |
| Accrued charges and deferred income | 492/3 | €3,757 | €659 | -€3,098 | -82.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,712 | €48,358 | +€6,646 | +15.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €5,404 | +€5,404 | |
| Other operating charges | 640/8 | €8,864 | €8,591 | -€273 | -3.1% |
| Non-recurring operating charges | 66A | - | €462 | +€462 | |
| Gross operating margin | 9900 | €112,889 | €118,779 | +€5,890 | +5.2% |
| Operating profit (loss) | 9901 | €62,313 | €55,964 | -€6,349 | -10.2% |
| Financial income | 75/76B | €90 | €216 | +€127 | +141.4% |
| Recurring financial income | 75 | €90 | €216 | +€127 | +141.4% |
| Financial charges | 65/66B | €7,569 | €7,245 | -€324 | -4.3% |
| Recurring financial charges | 65 | €7,569 | €7,245 | -€324 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | €54,834 | €48,936 | -€5,898 | -10.8% |
| Income taxes | 67/77 | €15,672 | €14,740 | -€931 | -5.9% |
| Profit (loss) for the period | 9904 | €39,162 | €34,196 | -€4,967 | -12.7% |
| Profit (loss) for the period to be appropriated | 9905 | €39,162 | €34,196 | -€4,967 | -12.7% |
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 9 October 2026 via checked.be.