INFRA-AD: 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-AD
Largest movements
- Receivables within one year -€159,950
down €159,950 (-19.9%), from €804,456 to €644,506
of which Other amounts receivable: -€185,785
- Tangible fixed assets +€135,209
up €135,209 (+38.8%), from €348,169 to €483,377
of which Leasing and similar rights: +€189,396
- Cash -€39,935
down €39,935 (-23.1%), from €172,614 to €132,679
mainly Trade debts (-€434,418) and Investment in fixed assets (net) (-€302,048)
- Trade debts -€434,418
down €434,418 (-49.8%), from €872,349 to €437,931
- Debts after one year +€172,241
up €172,241 (+505%), from €34,124 to €206,365
- Tax, wage and social debts +€113,301
up €113,301 (+125%), from €90,640 to €203,941
of which Remuneration and social security: +€125,734
- Reserves +€101,646
up €101,646 (+47.7%), from €212,988 to €314,634
- Profit (loss) carried forward -€88,700
down €88,700 (-100%), from €88,700 to €0
- Gross operating margin +€510,316
up €510,316 (+59.3%), from €860,462 to €1.4m
- Staff costs +€451,683
up €451,683 (+86.7%), from €521,179 to €972,862
- Financial charges +€69,483
up €69,483 (+95.3%), from €72,891 to €142,374
- Depreciation +€68,858
up €68,858 (+80.6%), from €85,381 to €154,239
- Taxes +€33,088
up €33,088 (+76.1%), from €43,471 to €76,560
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 | €1,363,702 | €1,312,906 | -€50,796 | -3.7% |
| Fixed assets | 21/28 | €365,127 | €512,936 | +€147,809 | +40.5% |
| Tangible fixed assets | 22/27 | €348,169 | €483,377 | +€135,209 | +38.8% |
| Plant, machinery and equipment | 23 | €116,575 | €84,101 | -€32,474 | -27.9% |
| Furniture and vehicles | 24 | €180,292 | €159,113 | -€21,179 | -11.7% |
| Leasing and similar rights | 25 | €49,251 | €238,647 | +€189,396 | +385% |
| Other tangible fixed assets | 26 | €2,050 | €1,515 | -€534 | -26.1% |
| Financial fixed assets | 28 | €16,958 | €29,558 | +€12,600 | +74.3% |
| Current assets | 29/58 | €998,575 | €799,970 | -€198,605 | -19.9% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €804,456 | €644,506 | -€159,950 | -19.9% |
| Trade receivables | 40 | €319,430 | €345,265 | +€25,835 | +8.1% |
| Other amounts receivable | 41 | €485,026 | €299,240 | -€185,785 | -38.3% |
| Cash at bank and in hand | 54/58 | €172,614 | €132,679 | -€39,935 | -23.1% |
| Deferred charges and accrued income | 490/1 | €21,505 | €22,786 | +€1,281 | +6.0% |
| Total equity and liabilities | 10/49 | €1,363,702 | €1,312,906 | -€50,796 | -3.7% |
| Equity | 10/15 | €321,688 | €334,634 | +€12,946 | +4.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €212,988 | €314,634 | +€101,646 | +47.7% |
| Distributable reserves | 133 | €212,988 | €314,634 | +€101,646 | +47.7% |
| Profit (loss) carried forward | 14 | €88,700 | €0 | -€88,700 | -100% |
| Amounts payable | 17/49 | €1,042,014 | €978,272 | -€63,742 | -6.1% |
| Amounts payable after more than one year | 17 | €34,124 | €206,365 | +€172,241 | +505% |
| Financial debts | 170/4 | €34,124 | €206,365 | +€172,241 | +505% |
| Amounts payable within one year | 42/48 | €1,007,890 | €771,906 | -€235,983 | -23.4% |
| Current portion of amounts payable after more than one year | 42 | €44,900 | €126,490 | +€81,590 | +182% |
| Financial debts | 43 | - | €1,674 | +€1,674 | |
| Credit institutions | 430/8 | - | €1,674 | +€1,674 | |
| Trade debts | 44 | €872,349 | €437,931 | -€434,418 | -49.8% |
| Suppliers | 440/4 | €872,349 | €437,931 | -€434,418 | -49.8% |
| Taxes, remuneration and social security | 45 | €90,640 | €203,941 | +€113,301 | +125% |
| Taxes | 450/3 | €47,185 | €34,753 | -€12,433 | -26.3% |
| Remuneration and social security | 454/9 | €43,455 | €169,189 | +€125,734 | +289% |
| Other amounts payable | 47/48 | €0 | €1,870 | +€1,870 | |
| Non-recurring operating income | 76A | - | €34,124 | +€34,124 | |
| Remuneration, social security and pensions | 62 | €521,179 | €972,862 | +€451,683 | +86.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,381 | €154,239 | +€68,858 | +80.6% |
| Other operating charges | 640/8 | €35,750 | €17,615 | -€18,135 | -50.7% |
| Gross operating margin | 9900 | €860,462 | €1,370,777 | +€510,316 | +59.3% |
| Operating profit (loss) | 9901 | €218,152 | €226,062 | +€7,910 | +3.6% |
| Financial income | 75/76B | €2,415 | €5,818 | +€3,403 | +141% |
| Recurring financial income | 75 | €2,415 | €5,818 | +€3,403 | +141% |
| Financial charges | 65/66B | €72,891 | €142,374 | +€69,483 | +95.3% |
| Recurring financial charges | 65 | €72,891 | €142,374 | +€69,483 | +95.3% |
| Profit (loss) for the period before taxes | 9903 | €147,676 | €89,506 | -€58,170 | -39.4% |
| Income taxes | 67/77 | €43,471 | €76,560 | +€33,088 | +76.1% |
| Profit (loss) for the period | 9904 | €104,205 | €12,946 | -€91,259 | -87.6% |
| Profit (loss) for the period to be appropriated | 9905 | €104,205 | €12,946 | -€91,259 | -87.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.