INFOBEL: 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.
INFOBEL
Largest movements
- Receivables within one year +€1.3m
up €1.3m (+51.1%), from €2.6m to €3.9m
of which Other amounts receivable: +€1.6m
- Current investments -€803,772
down €803,772 (-100%), from €803,772 to €0
- Intangible fixed assets -€152,339
down €152,339 (-64.5%), from €236,230 to €83,891
- Cash +€103,113
up €103,113 (+10.3%), from €998,974 to €1.1m
mainly Current investments (+€803,772) and Accrued charges and deferred income (+€492,304)
- Accrued charges and deferred income +€492,304
up €492,304 (+123%), from €401,335 to €893,638
- Trade debts +€267,924
up €267,924 (+43.8%), from €611,720 to €879,644
- Profit (loss) carried forward -€251,580
down €251,580 (-9.2%), from €2.7m to €2.5m
- Current portion of long-term debt -€82,459
down €82,459 (-47.8%), from €172,339 to €89,880
- Provisions +€63,462
new in 2025: €63,462
- Gross operating margin -€1.5m
down €1.5m (-51.7%), from €2.9m to €1.4m
- Taxes -€211,422
down €211,422 (-98.7%), from €214,241 to €2,819
- Staff costs -€201,587
down €201,587 (-17.6%), from €1.1m to €945,342
- Depreciation +€82,880
up €82,880 (+38.8%), from €213,603 to €296,483
- Financial charges +€70,191
up €70,191 (+218%), from €32,238 to €102,430
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 | €4,994,868 | €5,456,072 | +€461,203 | +9.2% |
| Fixed assets | 21/28 | €380,592 | €225,255 | -€155,337 | -40.8% |
| Intangible fixed assets | 21 | €236,230 | €83,891 | -€152,339 | -64.5% |
| Tangible fixed assets | 22/27 | €139,002 | €108,494 | -€30,508 | -21.9% |
| Plant, machinery and equipment | 23 | €12,198 | €8,337 | -€3,861 | -31.7% |
| Furniture and vehicles | 24 | €95,280 | €100,157 | +€4,877 | +5.1% |
| Other tangible fixed assets | 26 | €31,525 | €0 | -€31,525 | -100% |
| Financial fixed assets | 28 | €5,360 | €32,870 | +€27,510 | +513% |
| Current assets | 29/58 | €4,614,276 | €5,230,816 | +€616,540 | +13.4% |
| Amounts receivable within one year | 40/41 | €2,575,087 | €3,891,765 | +€1.3m | +51.1% |
| Trade receivables | 40 | €2,417,312 | €2,155,762 | -€261,550 | -10.8% |
| Other amounts receivable | 41 | €157,775 | €1,736,004 | +€1.6m | +1,000% |
| Current investments | 50/53 | €803,772 | €0 | -€803,772 | -100% |
| Cash at bank and in hand | 54/58 | €998,974 | €1,102,087 | +€103,113 | +10.3% |
| Deferred charges and accrued income | 490/1 | €236,443 | €236,964 | +€521 | +0.2% |
| Total equity and liabilities | 10/49 | €4,994,868 | €5,456,072 | +€461,203 | +9.2% |
| Equity | 10/15 | €3,532,032 | €3,271,894 | -€260,138 | -7.4% |
| Contributions | 10/11 | €714,935 | €714,935 | = | 0.0% |
| Capital | 10 | €714,935 | €714,935 | = | 0.0% |
| Issued capital | 100 | €714,935 | €714,935 | = | 0.0% |
| Reserves | 13 | €71,493 | €71,493 | = | 0.0% |
| Non-distributable reserves | 130/1 | €71,493 | €71,493 | = | 0.0% |
| Legal reserve | 130 | €71,493 | €71,493 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,735,897 | €2,484,317 | -€251,580 | -9.2% |
| Investment grants | 15 | €9,707 | €1,149 | -€8,558 | -88.2% |
| Provisions and deferred taxes | 16 | - | €63,462 | +€63,462 | |
| Provisions for liabilities and charges | 160/5 | - | €63,462 | +€63,462 | |
| Other liabilities and charges | 164/5 | - | €63,462 | +€63,462 | |
| Amounts payable | 17/49 | €1,462,836 | €2,120,715 | +€657,879 | +45.0% |
| Amounts payable within one year | 42/48 | €1,061,501 | €1,227,077 | +€165,576 | +15.6% |
| Current portion of amounts payable after more than one year | 42 | €172,339 | €89,880 | -€82,459 | -47.8% |
| Financial debts | 43 | €60,000 | €60,000 | = | 0.0% |
| Credit institutions | 430/8 | €60,000 | €60,000 | = | 0.0% |
| Trade debts | 44 | €611,720 | €879,644 | +€267,924 | +43.8% |
| Suppliers | 440/4 | €611,720 | €879,644 | +€267,924 | +43.8% |
| Taxes, remuneration and social security | 45 | €211,182 | €193,992 | -€17,189 | -8.1% |
| Taxes | 450/3 | €13,582 | €20,928 | +€7,346 | +54.1% |
| Remuneration and social security | 454/9 | €197,600 | €173,064 | -€24,536 | -12.4% |
| Other amounts payable | 47/48 | €6,261 | €3,561 | -€2,700 | -43.1% |
| Accrued charges and deferred income | 492/3 | €401,335 | €893,638 | +€492,304 | +123% |
| Remuneration, social security and pensions | 62 | €1,146,928 | €945,342 | -€201,587 | -17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €213,603 | €296,483 | +€82,880 | +38.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €59,743 | - | -€59,743 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €63,462 | +€63,462 | |
| Other operating charges | 640/8 | €31,127 | €14,808 | -€16,318 | -52.4% |
| Non-recurring operating charges | 66A | - | €347,735 | +€347,735 | |
| Gross operating margin | 9900 | €2,944,911 | €1,421,923 | -€1.5m | -51.7% |
| Operating profit (loss) | 9901 | €1,493,511 | -€245,907 | -€1.7m | |
| Financial income | 75/76B | €64,505 | €99,576 | +€35,071 | +54.4% |
| Recurring financial income | 75 | €64,505 | €99,576 | +€35,071 | +54.4% |
| Financial charges | 65/66B | €32,238 | €102,430 | +€70,191 | +218% |
| Recurring financial charges | 65 | €32,238 | €102,430 | +€70,191 | +218% |
| Profit (loss) for the period before taxes | 9903 | €1,525,778 | -€248,761 | -€1.8m | |
| Income taxes | 67/77 | €214,241 | €2,819 | -€211,422 | -98.7% |
| Profit (loss) for the period | 9904 | €1,311,537 | -€251,580 | -€1.6m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,311,537 | -€251,580 | -€1.6m |
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 16 October 2026 via checked.be.