INFIPHAR: 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.
INFIPHAR
Largest movements
- Cash -€94,381
down €94,381 (-38.3%), from €246,127 to €151,746
mainly Contributions, distributions and other (-€358,823) and Tax, wage and social debts (-€17,643)
- Reserves -€280,070
down €280,070 (-78.1%), from €358,823 to €78,752
- Other debts +€211,132
up €211,132 (+227%), from €93,207 to €304,339
- Tax, wage and social debts -€17,643
down €17,643 (-83.4%), from €21,165 to €3,522
- Debts after one year -€14,175
down €14,175 (-11.3%), from €125,972 to €111,797
- Trade debts +€13,499
up €13,499 (+87.8%), from €15,378 to €28,877
- Gross operating margin -€41,431
down €41,431 (-26.1%), from €158,496 to €117,065
- Taxes -€9,629
down €9,629 (-32.3%), from €29,854 to €20,225
- Financial charges -€4,021
down €4,021 (-37.6%), from €10,692 to €6,671
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 | €654,403 | €565,355 | -€89,048 | -13.6% |
| Fixed assets | 21/28 | €206,630 | €210,873 | +€4,242 | +2.1% |
| Tangible fixed assets | 22/27 | €204,230 | €203,947 | -€283 | -0.1% |
| Land and buildings | 22 | €201,933 | €193,987 | -€7,946 | -3.9% |
| Plant, machinery and equipment | 23 | €2,297 | €5,920 | +€3,623 | +158% |
| Furniture and vehicles | 24 | - | €4,040 | +€4,040 | |
| Financial fixed assets | 28 | €2,400 | €6,926 | +€4,526 | +189% |
| Current assets | 29/58 | €447,773 | €354,483 | -€93,290 | -20.8% |
| Stocks and contracts in progress | 3 | €114,809 | €113,877 | -€932 | -0.8% |
| Stocks | 30/36 | €114,809 | €113,877 | -€932 | -0.8% |
| Amounts receivable within one year | 40/41 | €75,503 | €77,179 | +€1,675 | +2.2% |
| Trade receivables | 40 | €57,374 | €70,488 | +€13,114 | +22.9% |
| Other amounts receivable | 41 | €18,129 | €6,691 | -€11,439 | -63.1% |
| Cash at bank and in hand | 54/58 | €246,127 | €151,746 | -€94,381 | -38.3% |
| Deferred charges and accrued income | 490/1 | €11,333 | €11,680 | +€347 | +3.1% |
| Total equity and liabilities | 10/49 | €654,403 | €565,355 | -€89,048 | -13.6% |
| Equity | 10/15 | €377,423 | €97,352 | -€280,070 | -74.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €358,823 | €78,752 | -€280,070 | -78.1% |
| Distributable reserves | 133 | €358,823 | €78,752 | -€280,070 | -78.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €276,981 | €468,003 | +€191,022 | +69.0% |
| Amounts payable after more than one year | 17 | €125,972 | €111,797 | -€14,175 | -11.3% |
| Financial debts | 170/4 | €125,972 | €111,797 | -€14,175 | -11.3% |
| Amounts payable within one year | 42/48 | €143,600 | €350,913 | +€207,312 | +144% |
| Current portion of amounts payable after more than one year | 42 | €13,850 | €14,175 | +€325 | +2.3% |
| Trade debts | 44 | €15,378 | €28,877 | +€13,499 | +87.8% |
| Suppliers | 440/4 | €15,378 | €28,877 | +€13,499 | +87.8% |
| Taxes, remuneration and social security | 45 | €21,165 | €3,522 | -€17,643 | -83.4% |
| Taxes | 450/3 | €21,165 | €3,522 | -€17,643 | -83.4% |
| Other amounts payable | 47/48 | €93,207 | €304,339 | +€211,132 | +227% |
| Accrued charges and deferred income | 492/3 | €7,408 | €5,293 | -€2,115 | -28.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,654 | €9,522 | +€868 | +10.0% |
| Other operating charges | 640/8 | €3,090 | €3,843 | +€754 | +24.4% |
| Gross operating margin | 9900 | €158,496 | €117,065 | -€41,431 | -26.1% |
| Operating profit (loss) | 9901 | €146,752 | €103,700 | -€43,052 | -29.3% |
| Financial income | 75/76B | €3,450 | €1,948 | -€1,502 | -43.5% |
| Recurring financial income | 75 | €3,450 | €1,948 | -€1,502 | -43.5% |
| Financial charges | 65/66B | €10,692 | €6,671 | -€4,021 | -37.6% |
| Recurring financial charges | 65 | €10,692 | €6,671 | -€4,021 | -37.6% |
| Profit (loss) for the period before taxes | 9903 | €139,510 | €98,977 | -€40,532 | -29.1% |
| Income taxes | 67/77 | €29,854 | €20,225 | -€9,629 | -32.3% |
| Profit (loss) for the period | 9904 | €109,656 | €78,752 | -€30,903 | -28.2% |
| Profit (loss) for the period to be appropriated | 9905 | €109,656 | €78,752 | -€30,903 | -28.2% |
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 14 October 2026 via checked.be.