INFINAX: 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.
What changed
INFINAX
NACE 68.310, Real estate agency activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€128,186
2024 · -€74,017-€54,169
Equity
€15,401
2024 · €143,587-€128,186
Cash
€1,106
2024 · €3,780-€2,674
Balance sheet total
€1.4m
2024 · €990,299+€372,122
Largest movements
Assets
- Tangible fixed assets +€385,997
up €385,997 (+51.3%), from €752,654 to €1.1m
of which Land and buildings: +€393,545
Equity and liabilities
- Debts after one year +€509,780
up €509,780 (+114%), from €445,422 to €955,201
- Profit (loss) carried forward -€122,708
down €122,708 (-119%), from -€103,534 to -€226,243
- Accrued charges and deferred income +€20,478
new in 2025: €20,478
- Trade debts -€14,550
down €14,550 (-31.1%), from €46,818 to €32,268
Income statement
- Depreciation +€41,282
up €41,282 (+80.6%), from €51,208 to €92,490
- Financial charges +€13,812
up €13,812 (+45.0%), from €30,700 to €44,512
- Other operating charges -€3,801
down €3,801 (-54.3%), from €6,995 to €3,194
- Gross operating margin -€2,882
down €2,882 (-20.8%), from €13,835 to €10,953
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.
Result 2024
-€74,017
Gross operating margin
-€2,882
Depreciation
-€41,282
Other operating charges
+€3,801
Financial charges
-€13,812
Taxes
+€7
Result 2025
-€128,186
raises the resultlowers the result
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.
From operations
-€31,754
Investment
-€478,487
Financing
+€507,567
Cash 2024
€3,780
From operations (derived)
-€31,754
Net result for the year
-€128,186
Depreciation
+€92,490
Receivables within one year
+€11,201
Provisions
-€1,369
Trade debts
-€14,550
Tax, wage and social debts
+€810
Other debts
-€12,627
Accrued charges and deferred income
+€20,478
Investment (derived)
-€478,487
Investment in fixed assets (net)
-€478,487
Financing
+€507,567
Debts after one year
+€509,780
Current portion of long-term debt
+€1,174
Short-term financial debts
-€3,387
Cash 2025
€1,106
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €990,299 | €1,362,421 | +€372,122 | +37.6% |
| Fixed assets | 21/28 | €752,654 | €1,138,651 | +€385,997 | +51.3% |
| Tangible fixed assets | 22/27 | €752,654 | €1,138,651 | +€385,997 | +51.3% |
| Land and buildings | 22 | €685,046 | €1,078,591 | +€393,545 | +57.4% |
| Plant, machinery and equipment | 23 | €1,263 | - | -€1,263 | |
| Furniture and vehicles | 24 | €66,345 | €60,060 | -€6,285 | -9.5% |
| Current assets | 29/58 | €237,645 | €223,770 | -€13,875 | -5.8% |
| Amounts receivable within one year | 40/41 | €34,198 | €22,997 | -€11,201 | -32.8% |
| Trade receivables | 40 | €29,618 | €22,997 | -€6,621 | -22.4% |
| Other amounts receivable | 41 | €4,580 | - | -€4,580 | |
| Current investments | 50/53 | €199,667 | €199,667 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €3,780 | €1,106 | -€2,674 | -70.7% |
| Total equity and liabilities | 10/49 | €990,299 | €1,362,421 | +€372,122 | +37.6% |
| Equity | 10/15 | €143,587 | €15,401 | -€128,186 | -89.3% |
| Contributions | 10/11 | €208,000 | €208,000 | = | 0.0% |
| Reserves | 13 | €39,122 | €33,644 | -€5,478 | -14.0% |
| Non-distributable reserves | 130/1 | €1,000 | €1,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,000 | €1,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €38,122 | €32,644 | -€5,478 | -14.4% |
| Profit (loss) carried forward | 14 | -€103,534 | -€226,243 | -€122,708 | -119% |
| Provisions and deferred taxes | 16 | €13,164 | €11,794 | -€1,369 | -10.4% |
| Deferred taxes | 168 | €13,164 | €11,794 | -€1,369 | -10.4% |
| Amounts payable | 17/49 | €833,548 | €1,335,226 | +€501,678 | +60.2% |
| Amounts payable after more than one year | 17 | €445,422 | €955,201 | +€509,780 | +114% |
| Financial debts | 170/4 | €445,422 | €955,201 | +€509,780 | +114% |
| Amounts payable within one year | 42/48 | €388,126 | €359,546 | -€28,580 | -7.4% |
| Current portion of amounts payable after more than one year | 42 | €18,640 | €19,814 | +€1,174 | +6.3% |
| Financial debts | 43 | €3,387 | - | -€3,387 | |
| Credit institutions | 430/8 | €3,387 | - | -€3,387 | |
| Trade debts | 44 | €46,818 | €32,268 | -€14,550 | -31.1% |
| Suppliers | 440/4 | €46,818 | €32,268 | -€14,550 | -31.1% |
| Taxes, remuneration and social security | 45 | €6,654 | €7,464 | +€810 | +12.2% |
| Taxes | 450/3 | €6,654 | €7,464 | +€810 | +12.2% |
| Other amounts payable | 47/48 | €312,627 | €300,000 | -€12,627 | -4.0% |
| Accrued charges and deferred income | 492/3 | - | €20,478 | +€20,478 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,208 | €92,490 | +€41,282 | +80.6% |
| Other operating charges | 640/8 | €6,995 | €3,194 | -€3,801 | -54.3% |
| Gross operating margin | 9900 | €13,835 | €10,953 | -€2,882 | -20.8% |
| Operating profit (loss) | 9901 | -€44,368 | -€84,731 | -€40,363 | -91.0% |
| Financial charges | 65/66B | €30,700 | €44,512 | +€13,812 | +45.0% |
| Recurring financial charges | 65 | €30,700 | €44,512 | +€13,812 | +45.0% |
| Profit (loss) for the period before taxes | 9903 | -€75,068 | -€129,244 | -€54,175 | -72.2% |
| Transfer from deferred taxes | 780 | €1,369 | €1,369 | = | 0.0% |
| Income taxes | 67/77 | €319 | €312 | -€7 | -2.1% |
| Profit (loss) for the period | 9904 | -€74,017 | -€128,186 | -€54,169 | -73.2% |
| Transfer from tax-exempt reserves | 789 | €5,478 | €5,478 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€68,540 | -€122,708 | -€54,169 | -79.0% |
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 17 October 2026 via checked.be.