INFRA GROUP: 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.
What changed
INFRA GROUP
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€41,559
2024 · €50.0m-€50.0m
Equity
€29.9m
2024 · €29.8m+€41,559
Cash
€47,201
2024 · €154,484-€107,282
Balance sheet total
€45.2m
2024 · €45.1m+€98,261
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Accrued charges and deferred income +€623,310
up €623,310 (+1,438,518%), from €43 to €623,353
- Other debts -€500,000
down €500,000 (-3.3%), from €15.2m to €14.7m
Income statement
- Financial income -€50.0m
down €50.0m (-100%), from €50.0m to €0
- Turnover +€267,995
up €267,995 (+53.4%), from €501,944 to €769,939
- Financial charges +€213,965
up €213,965 (+52.1%), from €410,737 to €624,701
- Taxes -€11,099
down €11,099 (-41.3%), from €26,871 to €15,772
of which Taxes: -€11,099
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
€50.0m
Turnover
+€267,995
Other operating income
+€1,749
Services and other goods
+€3,295
Staff costs
+€7,242
Other operating charges
-€39
Financial income
-€50.0m
Financial charges
-€213,965
Taxes
+€11,099
Result 2025
€41,559
raises the resultlowers the result
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.
From operations
-€107,282
Investment
€0
Financing
€0
Cash 2024
€154,484
From operations (derived)
-€107,282
Net result for the year
+€41,559
Receivables within one year
-€205,338
Smaller working-capital items
+€832
Tax, wage and social debts
-€67,645
Other debts
-€500,000
Accrued charges and deferred income
+€623,310
Cash 2025
€47,201
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €45,113,596 | €45,211,857 | +€98,261 | +0.2% |
| Fixed assets | 21/28 | €44,500,000 | €44,500,000 | = | 0.0% |
| Financial fixed assets | 28 | €44,500,000 | €44,500,000 | = | 0.0% |
| Affiliated companies | 280/1 | €44,500,000 | €44,500,000 | = | 0.0% |
| Participating interests | 280 | €44,500,000 | €44,500,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €0 | - | = | |
| Amounts receivable and cash guarantees | 285/8 | €0 | - | = | |
| Current assets | 29/58 | €613,596 | €711,857 | +€98,261 | +16.0% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €459,007 | €664,345 | +€205,338 | +44.7% |
| Trade receivables | 40 | €459,007 | €657,683 | +€198,676 | +43.3% |
| Other amounts receivable | 41 | €0 | €6,661 | +€6,661 | |
| Cash at bank and in hand | 54/58 | €154,484 | €47,201 | -€107,282 | -69.4% |
| Deferred charges and accrued income | 490/1 | €105 | €311 | +€205 | +195% |
| Total equity and liabilities | 10/49 | €45,113,596 | €45,211,857 | +€98,261 | +0.2% |
| Equity | 10/15 | €29,812,234 | €29,853,793 | +€41,559 | +0.1% |
| Contributions | 10/11 | €20,358,965 | €20,358,965 | = | 0.0% |
| Capital | 10 | €20,358,965 | €20,358,965 | = | 0.0% |
| Issued capital | 100 | €20,358,965 | €20,358,965 | = | 0.0% |
| Reserves | 13 | €9,452,726 | €9,494,726 | +€42,000 | +0.4% |
| Non-distributable reserves | 130/1 | €2,035,897 | €2,035,897 | = | 0.0% |
| Legal reserve | 130 | €2,035,897 | €2,035,897 | = | 0.0% |
| Distributable reserves | 133 | €7,416,830 | €7,458,830 | +€42,000 | +0.6% |
| Profit (loss) carried forward | 14 | €542 | €101 | -€441 | -81.4% |
| Amounts payable | 17/49 | €15,301,362 | €15,358,064 | +€56,702 | +0.4% |
| Amounts payable within one year | 42/48 | €15,301,319 | €14,734,711 | -€566,608 | -3.7% |
| Trade debts | 44 | €5,265 | €6,302 | +€1,037 | +19.7% |
| Suppliers | 440/4 | €5,265 | €6,302 | +€1,037 | +19.7% |
| Taxes, remuneration and social security | 45 | €89,019 | €21,374 | -€67,645 | -76.0% |
| Taxes | 450/3 | €85,460 | €16,063 | -€69,397 | -81.2% |
| Remuneration and social security | 454/9 | €3,559 | €5,311 | +€1,752 | +49.2% |
| Other amounts payable | 47/48 | €15,207,035 | €14,707,035 | -€500,000 | -3.3% |
| Accrued charges and deferred income | 492/3 | €43 | €623,353 | +€623,310 | +1,438,518% |
| Operating income | 70/76A | €505,318 | €775,062 | +€269,744 | +53.4% |
| Turnover | 70 | €501,944 | €769,939 | +€267,995 | +53.4% |
| Other operating income | 74 | €3,373 | €5,122 | +€1,749 | +51.8% |
| Operating charges | 60/66A | €103,527 | €93,029 | -€10,498 | -10.1% |
| Services and other goods | 61 | €13,615 | €10,320 | -€3,295 | -24.2% |
| Remuneration, social security and pensions | 62 | €88,356 | €81,115 | -€7,242 | -8.2% |
| Other operating charges | 640/8 | €1,556 | €1,594 | +€39 | +2.5% |
| Operating profit (loss) | 9901 | €401,791 | €682,033 | +€280,241 | +69.7% |
| Financial income | 75/76B | €50,041,076 | €0 | -€50.0m | -100% |
| Recurring financial income | 75 | €50,041,076 | €0 | -€50.0m | -100% |
| Income from financial fixed assets | 750 | €50,000,000 | €0 | -€50.0m | -100% |
| Income from current assets | 751 | €41,076 | €0 | -€41,076 | -100% |
| Financial charges | 65/66B | €410,737 | €624,701 | +€213,965 | +52.1% |
| Recurring financial charges | 65 | €410,737 | €624,701 | +€213,965 | +52.1% |
| Debt charges | 650 | €409,869 | €623,351 | +€213,482 | +52.1% |
| Other financial charges | 652/9 | €868 | €1,350 | +€482 | +55.6% |
| Profit (loss) for the period before taxes | 9903 | €50,032,131 | €57,331 | -€50.0m | -99.9% |
| Income taxes | 67/77 | €26,871 | €15,772 | -€11,099 | -41.3% |
| Taxes | 670/3 | €26,871 | €15,772 | -€11,099 | -41.3% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €50,005,259 | €41,559 | -€50.0m | -99.9% |
| Profit (loss) for the period to be appropriated | 9905 | €50,005,259 | €41,559 | -€50.0m | -99.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.