INFISA: 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.
INFISA
Largest movements
- Receivables within one year -€91,695
down €91,695 (-80.4%), from €114,084 to €22,389
of which Other amounts receivable: -€90,816
- Cash +€8,397
up €8,397 (+22.9%), from €36,747 to €45,144
mainly Receivables within one year (+€91,695) and Depreciation (+€4,493)
- Tangible fixed assets -€4,493
down €4,493 (-33.9%), from €13,264 to €8,771
of which Other tangible fixed assets: -€2,452
- Profit (loss) carried forward -€60,880
down €60,880, from €330 to -€60,550
- Other debts -€23,792
down €23,792 (-86.4%), from €27,550 to €3,758
- Tax, wage and social debts -€3,186
no longer reported in 2025 (was €3,186)
- Financial charges +€86,791
up €86,791 (+1423.8%), from €6,096 to €92,887
of which Non-recurring financial charges: +€90,775
- Gross operating margin -€34,163
down €34,163 (-47.6%), from €71,813 to €37,649
- Taxes -€18,939
down €18,939 (-99.3%), from €19,071 to €132
- Other operating charges -€3,610
down €3,610 (-74.4%), from €4,850 to €1,241
- Financial income -€1,982
down €1,982 (-89.9%), from €2,205 to €223
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 | €164,398 | €76,855 | -€87,543 | -53.3% |
| Fixed assets | 21/28 | €13,264 | €8,771 | -€4,493 | -33.9% |
| Tangible fixed assets | 22/27 | €13,264 | €8,771 | -€4,493 | -33.9% |
| Furniture and vehicles | 24 | €4,988 | €2,947 | -€2,041 | -40.9% |
| Other tangible fixed assets | 26 | €8,277 | €5,824 | -€2,452 | -29.6% |
| Current assets | 29/58 | €151,134 | €68,083 | -€83,051 | -55.0% |
| Amounts receivable within one year | 40/41 | €114,084 | €22,389 | -€91,695 | -80.4% |
| Trade receivables | 40 | €1,579 | €700 | -€879 | -55.7% |
| Other amounts receivable | 41 | €112,505 | €21,689 | -€90,816 | -80.7% |
| Cash at bank and in hand | 54/58 | €36,747 | €45,144 | +€8,397 | +22.9% |
| Deferred charges and accrued income | 490/1 | €303 | €551 | +€248 | +81.7% |
| Total equity and liabilities | 10/49 | €164,398 | €76,855 | -€87,543 | -53.3% |
| Equity | 10/15 | €133,663 | €72,783 | -€60,880 | -45.5% |
| Reserves | 13 | €133,333 | €133,333 | = | 0.0% |
| Distributable reserves | 133 | €133,333 | €133,333 | = | 0.0% |
| Profit (loss) carried forward | 14 | €330 | -€60,550 | -€60,880 | |
| Amounts payable | 17/49 | €30,736 | €4,072 | -€26,663 | -86.8% |
| Amounts payable within one year | 42/48 | €30,736 | €4,072 | -€26,663 | -86.8% |
| Trade debts | 44 | - | €315 | +€315 | |
| Suppliers | 440/4 | - | €315 | +€315 | |
| Taxes, remuneration and social security | 45 | €3,186 | - | -€3,186 | |
| Taxes | 450/3 | €3,186 | - | -€3,186 | |
| Other amounts payable | 47/48 | €27,550 | €3,758 | -€23,792 | -86.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,122 | €4,493 | +€371 | +9.0% |
| Other operating charges | 640/8 | €4,850 | €1,241 | -€3,610 | -74.4% |
| Gross operating margin | 9900 | €71,813 | €37,649 | -€34,163 | -47.6% |
| Operating profit (loss) | 9901 | €62,841 | €31,916 | -€30,925 | -49.2% |
| Financial income | 75/76B | €2,205 | €223 | -€1,982 | -89.9% |
| Recurring financial income | 75 | €2,205 | €223 | -€1,982 | -89.9% |
| Financial charges | 65/66B | €6,096 | €92,887 | +€86,791 | +1423.8% |
| Recurring financial charges | 65 | €6,096 | €2,112 | -€3,984 | -65.4% |
| Non-recurring financial charges | 66B | - | €90,775 | +€90,775 | |
| Profit (loss) for the period before taxes | 9903 | €58,950 | -€60,748 | -€119,698 | |
| Income taxes | 67/77 | €19,071 | €132 | -€18,939 | -99.3% |
| Profit (loss) for the period | 9904 | €39,878 | -€60,880 | -€100,758 | |
| Profit (loss) for the period to be appropriated | 9905 | €39,878 | -€60,880 | -€100,758 |
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 4 October 2026 via checked.be.