INFRA: 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.
INFRA
Largest movements
- Receivables within one year -€212,766
down €212,766 (-86.7%), from €245,378 to €32,611
of which Other amounts receivable: -€196,337
- Current investments +€80,383
up €80,383 (+80.1%), from €100,328 to €180,711
- Tangible fixed assets -€50,491
down €50,491 (-29.0%), from €174,358 to €123,868
of which Other tangible fixed assets: -€25,942
- Trade debts -€66,436
down €66,436 (-52.7%), from €126,067 to €59,631
- Debts after one year -€60,926
down €60,926 (-61.0%), from €99,897 to €38,971
- Other debts -€40,183
down €40,183 (-19.3%), from €207,959 to €167,776
- Tax, wage and social debts -€29,747
down €29,747 (-41.4%), from €71,816 to €42,069
of which Taxes: -€19,896
- Gross operating margin +€59,876
up €59,876 (+13.5%), from €444,924 to €504,799
- Staff costs +€31,053
up €31,053 (+15.1%), from €205,135 to €236,188
- Taxes +€6,199
up €6,199 (+13.7%), from €45,406 to €51,605
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 | €780,770 | €587,099 | -€193,672 | -24.8% |
| Fixed assets | 21/28 | €186,358 | €131,868 | -€54,491 | -29.2% |
| Intangible fixed assets | 21 | €12,000 | €8,000 | -€4,000 | -33.3% |
| Tangible fixed assets | 22/27 | €174,358 | €123,868 | -€50,491 | -29.0% |
| Plant, machinery and equipment | 23 | €45,756 | €28,569 | -€17,187 | -37.6% |
| Furniture and vehicles | 24 | €10,643 | €3,281 | -€7,362 | -69.2% |
| Other tangible fixed assets | 26 | €117,960 | €92,018 | -€25,942 | -22.0% |
| Current assets | 29/58 | €594,412 | €455,231 | -€139,181 | -23.4% |
| Stocks and contracts in progress | 3 | €158,387 | €157,485 | -€902 | -0.6% |
| Stocks | 30/36 | €158,387 | €157,485 | -€902 | -0.6% |
| Amounts receivable within one year | 40/41 | €245,378 | €32,611 | -€212,766 | -86.7% |
| Trade receivables | 40 | €46,768 | €30,339 | -€16,430 | -35.1% |
| Other amounts receivable | 41 | €198,609 | €2,273 | -€196,337 | -98.9% |
| Current investments | 50/53 | €100,328 | €180,711 | +€80,383 | +80.1% |
| Cash at bank and in hand | 54/58 | €81,369 | €77,299 | -€4,071 | -5.0% |
| Deferred charges and accrued income | 490/1 | €8,950 | €7,125 | -€1,825 | -20.4% |
| Total equity and liabilities | 10/49 | €780,770 | €587,099 | -€193,672 | -24.8% |
| Equity | 10/15 | €214,776 | €217,614 | +€2,837 | +1.3% |
| Contributions | 10/11 | €135,000 | €135,000 | = | 0.0% |
| Reserves | 13 | €79,776 | €82,614 | +€2,837 | +3.6% |
| Distributable reserves | 133 | €79,776 | €82,614 | +€2,837 | +3.6% |
| Amounts payable | 17/49 | €565,994 | €369,485 | -€196,509 | -34.7% |
| Amounts payable after more than one year | 17 | €99,897 | €38,971 | -€60,926 | -61.0% |
| Financial debts | 170/4 | €99,897 | €38,971 | -€60,926 | -61.0% |
| Amounts payable within one year | 42/48 | €466,097 | €330,401 | -€135,696 | -29.1% |
| Current portion of amounts payable after more than one year | 42 | €60,256 | €60,926 | +€670 | +1.1% |
| Trade debts | 44 | €126,067 | €59,631 | -€66,436 | -52.7% |
| Suppliers | 440/4 | €126,067 | €59,631 | -€66,436 | -52.7% |
| Taxes, remuneration and social security | 45 | €71,816 | €42,069 | -€29,747 | -41.4% |
| Taxes | 450/3 | €30,273 | €10,377 | -€19,896 | -65.7% |
| Remuneration and social security | 454/9 | €41,543 | €31,692 | -€9,851 | -23.7% |
| Other amounts payable | 47/48 | €207,959 | €167,776 | -€40,183 | -19.3% |
| Accrued charges and deferred income | 492/3 | - | €112 | +€112 | |
| Remuneration, social security and pensions | 62 | €205,135 | €236,188 | +€31,053 | +15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,759 | €59,192 | +€3,434 | +6.2% |
| Other operating charges | 640/8 | €3,778 | €3,541 | -€238 | -6.3% |
| Gross operating margin | 9900 | €444,924 | €504,799 | +€59,876 | +13.5% |
| Operating profit (loss) | 9901 | €180,252 | €205,878 | +€25,626 | +14.2% |
| Financial income | 75/76B | €4,633 | €4,191 | -€442 | -9.5% |
| Recurring financial income | 75 | €4,633 | €4,191 | -€442 | -9.5% |
| Financial charges | 65/66B | €13,645 | €10,627 | -€3,019 | -22.1% |
| Recurring financial charges | 65 | €13,645 | €10,627 | -€3,019 | -22.1% |
| Profit (loss) for the period before taxes | 9903 | €171,239 | €199,443 | +€28,204 | +16.5% |
| Income taxes | 67/77 | €45,406 | €51,605 | +€6,199 | +13.7% |
| Profit (loss) for the period | 9904 | €125,833 | €147,837 | +€22,004 | +17.5% |
| Profit (loss) for the period to be appropriated | 9905 | €125,833 | €147,837 | +€22,004 | +17.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.