INFRA: 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.
What changed
INFRA
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€261,346
2024 · €96,915+€164,431
Equity
€3.5m
2024 · €3.5m+€495
Cash
-
not filed
Balance sheet total
€4.0m
2024 · €3.8m+€216,571
Largest movements
Assets
- Financial fixed assets +€245,659
up €245,659 (+70.5%), from €348,455 to €594,114
of which Affiliated companies: +€244,524
Equity and liabilities
- Other debts +€164,046
up €164,046 (+167.8%), from €97,781 to €261,827
- Reserves +€138,321
up €138,321 (+17.6%), from €783,942 to €922,263
of which Tax-exempt reserves: +€138,321
- Profit (loss) carried forward -€137,826
down €137,826 (-37.8%), from €364,227 to €226,401
- Provisions +€46,107
up €46,107 (+49.2%), from €93,808 to €139,915
Income statement
- Other operating income +€222,223
up €222,223 (+76893.8%), from €289 to €222,512
- Turnover -€17,127
down €17,127 (-4.1%), from €422,880 to €405,753
- Services and other goods -€12,454
down €12,454 (-9.3%), from €133,392 to €120,938
- Taxes +€7,277
up €7,277 (+15.6%), from €46,790 to €54,067
- Depreciation -€7,040
down €7,040 (-4.2%), from €167,537 to €160,497
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
€96,915
Turnover
-€17,127
Other operating income
+€222,223
Services and other goods
+€12,454
Depreciation
+€7,040
Other operating charges
+€3,508
Financial income
-€3,645
Financial charges
+€267
Taxes
-€7,277
Deferred taxes and other
-€53,012
Result 2025
€261,346
Cash bridge derived
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,770,846 | €3,987,417 | +€216,571 | +5.7% |
| Fixed assets | 21/28 | €3,739,407 | €3,960,307 | +€220,900 | +5.9% |
| Tangible fixed assets | 22/27 | €3,390,952 | €3,366,193 | -€24,759 | -0.7% |
| Land and buildings | 22 | €3,386,743 | €3,158,474 | -€228,269 | -6.7% |
| Assets under construction and advance payments | 27 | €4,209 | €207,719 | +€203,510 | +4835.1% |
| Financial fixed assets | 28 | €348,455 | €594,114 | +€245,659 | +70.5% |
| Affiliated companies | 280/1 | €336,291 | €580,815 | +€244,524 | +72.7% |
| Amounts receivable | 281 | €336,291 | €580,815 | +€244,524 | +72.7% |
| Other financial fixed assets | 284/8 | €12,164 | €13,299 | +€1,135 | +9.3% |
| Shares | 284 | €200 | €200 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €11,964 | €13,099 | +€1,135 | +9.5% |
| Current assets | 29/58 | €31,439 | €27,110 | -€4,329 | -13.8% |
| Amounts receivable within one year | 40/41 | €28,558 | €25,120 | -€3,438 | -12.0% |
| Trade receivables | 40 | €3,438 | €3,583 | +€145 | +4.2% |
| Other amounts receivable | 41 | €25,120 | €21,537 | -€3,583 | -14.3% |
| Deferred charges and accrued income | 490/1 | €2,881 | €1,990 | -€891 | -30.9% |
| Total equity and liabilities | 10/49 | €3,770,846 | €3,987,417 | +€216,571 | +5.7% |
| Equity | 10/15 | €3,520,486 | €3,520,981 | +€495 | 0.0% |
| Contributions | 10/11 | €2,100,000 | €2,100,000 | = | 0.0% |
| Capital | 10 | €2,100,000 | €2,100,000 | = | 0.0% |
| Issued capital | 100 | €2,100,000 | €2,100,000 | = | 0.0% |
| Revaluation surpluses | 12 | €272,317 | €272,317 | = | 0.0% |
| Reserves | 13 | €783,942 | €922,263 | +€138,321 | +17.6% |
| Non-distributable reserves | 130/1 | €210,000 | €210,000 | = | 0.0% |
| Legal reserve | 130 | €210,000 | €210,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €389,500 | €527,821 | +€138,321 | +35.5% |
| Distributable reserves | 133 | €184,442 | €184,442 | = | 0.0% |
| Profit (loss) carried forward | 14 | €364,227 | €226,401 | -€137,826 | -37.8% |
| Provisions and deferred taxes | 16 | €93,808 | €139,915 | +€46,107 | +49.2% |
| Deferred taxes | 168 | €93,808 | €139,915 | +€46,107 | +49.2% |
| Amounts payable | 17/49 | €156,552 | €326,521 | +€169,969 | +108.6% |
| Amounts payable after more than one year | 17 | - | €814 | +€814 | |
| Financial debts | 170/4 | - | €814 | +€814 | |
| Other loans | 174 | - | €814 | +€814 | |
| Amounts payable within one year | 42/48 | €156,552 | €322,878 | +€166,326 | +106.2% |
| Trade debts | 44 | €17,263 | €13,789 | -€3,474 | -20.1% |
| Suppliers | 440/4 | €17,263 | €13,789 | -€3,474 | -20.1% |
| Taxes, remuneration and social security | 45 | €41,508 | €47,262 | +€5,754 | +13.9% |
| Taxes | 450/3 | €41,508 | €47,262 | +€5,754 | +13.9% |
| Other amounts payable | 47/48 | €97,781 | €261,827 | +€164,046 | +167.8% |
| Accrued charges and deferred income | 492/3 | - | €2,829 | +€2,829 | |
| Operating income | 70/76A | €423,169 | €628,265 | +€205,096 | +48.5% |
| Turnover | 70 | €422,880 | €405,753 | -€17,127 | -4.1% |
| Other operating income | 74 | €289 | €222,512 | +€222,223 | +76893.8% |
| Operating charges | 60/66A | €310,946 | €287,944 | -€23,002 | -7.4% |
| Services and other goods | 61 | €133,392 | €120,938 | -€12,454 | -9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €167,537 | €160,497 | -€7,040 | -4.2% |
| Other operating charges | 640/8 | €10,017 | €6,509 | -€3,508 | -35.0% |
| Operating profit (loss) | 9901 | €112,223 | €340,321 | +€228,098 | +203.3% |
| Financial income | 75/76B | €25,119 | €21,474 | -€3,645 | -14.5% |
| Recurring financial income | 75 | €25,119 | €21,474 | -€3,645 | -14.5% |
| Income from financial fixed assets | 750 | €25,119 | €21,474 | -€3,645 | -14.5% |
| Financial charges | 65/66B | €542 | €275 | -€267 | -49.3% |
| Recurring financial charges | 65 | €542 | €275 | -€267 | -49.3% |
| Debt charges | 650 | €288 | €230 | -€58 | -20.1% |
| Other financial charges | 652/9 | €254 | €45 | -€209 | -82.3% |
| Profit (loss) for the period before taxes | 9903 | €136,800 | €361,520 | +€224,720 | +164.3% |
| Transfer from deferred taxes | 780 | €6,905 | €6,906 | +€1 | 0.0% |
| Transfer to deferred taxes | 680 | - | €53,013 | +€53,013 | |
| Income taxes | 67/77 | €46,790 | €54,067 | +€7,277 | +15.6% |
| Taxes | 670/3 | €46,790 | €54,067 | +€7,277 | +15.6% |
| Profit (loss) for the period | 9904 | €96,915 | €261,346 | +€164,431 | +169.7% |
| Transfer from tax-exempt reserves | 789 | €20,717 | €20,717 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €159,038 | +€159,038 | |
| Profit (loss) for the period to be appropriated | 9905 | €117,632 | €123,025 | +€5,393 | +4.6% |
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 8 October 2026 via checked.be.