INFRABEL: what changed
Position among the sector peers
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You see every sector peer as a dot per ratio, with the company in two financial years and every ratio over five years against the sector.
What moved between 2024 and 2025
Net result for the year
€95.0m
2024 · €50.8m+€44.2m
Equity
-
not filed
Cash
€761.1m
2024 · €606.6m+€154.5m
Balance sheet total
€25.73bn
2024 · €25.48bn+€246.2m
Largest movements
Assets
- Tangible fixed assets +€434.5m
up €434.5m (+2.1%), from €20.26bn to €20.70bn
of which Plant, machinery and equipment: +€376.1m
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Turnover +€56.1m
up €56.1m (+4.1%), from €1.37bn to €1.43bn
- Services and other goods +€31.4m
up €31.4m (+2.1%), from €1.48bn to €1.51bn
- Provisions -€23.0m
down €23.0m, from €16.0m to -€7.0m
- Depreciation +€18.1m
up €18.1m (+2.2%), from €811.2m to €829.2m
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€50.8m
Turnover
+€56.1m
Other operating income
+€171,507
Goods and materials
+€1.7m
Services and other goods
-€31.4m
Depreciation
-€18.1m
Write-downs
-€2.7m
Provisions
+€23.0m
Other operating charges
+€977,180
Other operating items
-€119,452
Financial income
+€15.6m
Financial charges
+€1.9m
Other financial items
-€3.1m
Result 2025
€95.0m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€1.60bn
Investment
-€1.35bn
Financing
-€95.0m
Cash 2024
€606.6m
From operations (derived)
+€1.60bn
Net result for the year
+€95.0m
Depreciation
+€829.2m
Receivables after one year
+€162.9m
Stocks and contracts
-€2.6m
Receivables within one year
+€23.7m
Deferred charges and accrued income
+€241.2m
Total equity and liabilities
+€246.2m
Investment (derived)
-€1.35bn
Investment in fixed assets (net)
-€1.28bn
Current investments
-€65.8m
Financing
-€95.0m
Contributions, distributions and other
-€95.0m
Not broken down
-€1
Cash 2025
€761.1m
brings cash intakes cash outdifference in the filed balance sheets themselves
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €25,484,583,575 | €25,730,800,785 | +€246.2m | +1.0% |
| Fixed assets | 21/28 | €21,676,285,909 | €22,127,401,681 | +€451.1m | +2.1% |
| Intangible fixed assets | 21 | €1,383,133,060 | €1,399,752,201 | +€16.6m | +1.2% |
| Tangible fixed assets | 22/27 | €20,262,217,747 | €20,696,698,780 | +€434.5m | +2.1% |
| Land and buildings | 22 | €7,938,977,538 | €7,967,372,213 | +€28.4m | +0.4% |
| Plant, machinery and equipment | 23 | €9,992,861,426 | €10,368,969,310 | +€376.1m | +3.8% |
| Furniture and vehicles | 24 | €112,847,879 | €111,121,636 | -€1.7m | -1.5% |
| Leasing and similar rights | 25 | - | €0 | = | |
| Other tangible fixed assets | 26 | €15,198,387 | €13,789,994 | -€1.4m | -9.3% |
| Assets under construction and advance payments | 27 | €2,202,332,517 | €2,235,445,628 | +€33.1m | +1.5% |
| Financial fixed assets | 28 | €30,935,102 | €30,950,699 | +€15,597 | +0.1% |
| Affiliated companies | 280/1 | €19,895,526 | €19,910,315 | +€14,789 | +0.1% |
| Participating interests | 280 | €19,575,188 | €19,575,188 | = | 0.0% |
| Amounts receivable | 281 | €320,338 | €335,127 | +€14,789 | +4.6% |
| Companies linked by participating interests | 282/3 | €10,991,955 | €10,991,955 | = | 0.0% |
| Participating interests | 282 | €10,991,955 | €10,991,955 | = | 0.0% |
| Other financial fixed assets | 284/8 | €47,621 | €48,429 | +€808 | +1.7% |
| Shares | 284 | €10,000 | €10,000 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €37,621 | €38,429 | +€808 | +2.1% |
| Current assets | 29/58 | €3,808,297,667 | €3,603,399,105 | -€204.9m | -5.4% |
| Amounts receivable after more than one year | 29 | €1,359,102,096 | €1,196,243,054 | -€162.9m | -12.0% |
| Other amounts receivable | 291 | €1,359,102,096 | €1,196,243,054 | -€162.9m | -12.0% |
| Stocks and contracts in progress | 3 | €318,787,909 | €321,349,053 | +€2.6m | +0.8% |
| Stocks | 30/36 | €307,946,887 | €312,878,432 | +€4.9m | +1.6% |
| Raw materials and consumables | 30/31 | €301,372,893 | €300,073,587 | -€1.3m | -0.4% |
| Work in progress | 32 | €5,320,762 | €10,571,923 | +€5.3m | +98.7% |
| Finished goods | 33 | €1,253,233 | €2,232,922 | +€979,689 | +78.2% |
| Contracts in progress | 37 | €10,841,022 | €8,470,621 | -€2.4m | -21.9% |
| Amounts receivable within one year | 40/41 | €428,195,677 | €404,504,749 | -€23.7m | -5.5% |
| Trade receivables | 40 | €223,116,651 | €203,154,341 | -€20.0m | -8.9% |
| Other amounts receivable | 41 | €205,079,026 | €201,350,408 | -€3.7m | -1.8% |
| Current investments | 50/53 | €512,224,891 | €577,975,173 | +€65.8m | +12.8% |
| Other investments | 51/53 | €512,224,891 | €577,975,173 | +€65.8m | +12.8% |
| Cash at bank and in hand | 54/58 | €606,606,884 | €761,111,489 | +€154.5m | +25.5% |
| Deferred charges and accrued income | 490/1 | €583,380,209 | €342,215,586 | -€241.2m | -41.3% |
| Total equity and liabilities | 10/49 | €25,484,583,575 | €25,730,800,785 | +€246.2m | +1.0% |
| Contributions | 10/11 | €1,069,398,144 | €1,069,398,144 | = | 0.0% |
| Capital | 10 | €770,080,392 | €770,080,392 | = | 0.0% |
| Issued capital | 100 | €770,080,392 | €770,080,392 | = | 0.0% |
| Contributions outside capital | 11 | €299,317,753 | €299,317,753 | = | 0.0% |
| Share premium | 1100/10 | €299,317,753 | €299,317,753 | = | 0.0% |
| Revaluation surpluses | 12 | €55,126,731 | €55,099,550 | -€27,181 | 0.0% |
| Reserves | 13 | €18,753,464 | €23,504,006 | +€4.8m | +25.3% |
| Non-distributable reserves | 130/1 | €18,753,464 | €23,504,006 | +€4.8m | +25.3% |
| Legal reserve | 130 | €18,753,464 | €23,504,006 | +€4.8m | +25.3% |
| Profit (loss) carried forward | 14 | €30,074,456 | €120,334,765 | +€90.3m | +300% |
| Investment grants | 15 | €18,782,619,378 | €19,267,978,829 | +€485.4m | +2.6% |
| Provisions for liabilities and charges | 160/5 | €251,667,856 | €242,406,565 | -€9.3m | -3.7% |
| Pensions and similar obligations | 160 | €121,374,424 | €114,871,485 | -€6.5m | -5.4% |
| Environmental obligations | 163 | €26,209,241 | €24,357,487 | -€1.9m | -7.1% |
| Other liabilities and charges | 164/5 | €104,084,191 | €103,177,594 | -€906,597 | -0.9% |
| Amounts payable | 17/49 | €5,276,943,546 | €4,952,078,926 | -€324.9m | -6.2% |
| Amounts payable after more than one year | 17 | €3,365,748,381 | €3,334,129,686 | -€31.6m | -0.9% |
| Financial debts | 170/4 | €2,424,800,245 | €2,471,747,136 | +€46.9m | +1.9% |
| Unsubordinated bonds | 171 | €274,916,903 | €274,943,513 | +€26,610 | 0.0% |
| Leasing and similar obligations | 172 | - | €0 | = | |
| Other loans | 174 | €2,149,883,342 | €2,196,803,623 | +€46.9m | +2.2% |
| Trade debts | 175 | €933,966,430 | €848,566,020 | -€85.4m | -9.1% |
| Suppliers | 1750 | €933,966,430 | €848,566,020 | -€85.4m | -9.1% |
| Other amounts payable | 178/9 | €6,981,706 | €13,816,531 | +€6.8m | +97.9% |
| Amounts payable within one year | 42/48 | €708,061,240 | €682,196,542 | -€25.9m | -3.7% |
| Current portion of amounts payable after more than one year | 42 | €33,402,431 | €33,931,314 | +€528,883 | +1.6% |
| Financial debts | 43 | €33,243,570 | €49,531,634 | +€16.3m | +49.0% |
| Credit institutions | 430/8 | €11,880,000 | €25,640,000 | +€13.8m | +116% |
| Other loans | 439 | €21,363,570 | €23,891,634 | +€2.5m | +11.8% |
| Trade debts | 44 | €587,044,661 | €566,514,503 | -€20.5m | -3.5% |
| Suppliers | 440/4 | €587,044,661 | €566,514,503 | -€20.5m | -3.5% |
| Advances received on contracts in progress | 46 | €236,664 | €0 | -€236,664 | -100% |
| Taxes, remuneration and social security | 45 | €0 | €0 | = | |
| Taxes | 450/3 | €0 | €0 | = | |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €54,133,914 | €32,219,090 | -€21.9m | -40.5% |
| Accrued charges and deferred income | 492/3 | €1,203,133,925 | €935,752,698 | -€267.4m | -22.2% |
| Operating income | 70/76A | €1,813,388,464 | €1,872,196,454 | +€58.8m | +3.2% |
| Turnover | 70 | €1,369,460,588 | €1,425,563,381 | +€56.1m | +4.1% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €4,608,338 | €3,411,637 | -€1.2m | -26.0% |
| Own construction capitalised | 72 | €421,340,903 | €428,487,358 | +€7.1m | +1.7% |
| Other operating income | 74 | €8,048,486 | €8,219,993 | +€171,507 | +2.1% |
| Non-recurring operating income | 76A | €9,930,149 | €6,514,086 | -€3.4m | -34.4% |
| Operating charges | 60/66A | €2,536,810,248 | €2,565,871,846 | +€29.1m | +1.1% |
| Goods for resale, raw materials and consumables | 60 | €228,327,815 | €226,590,421 | -€1.7m | -0.8% |
| Change in stocks: decrease (increase) | 609 | €155,169 | -€1,075,122 | -€1.2m | |
| Services and other goods | 61 | €1,477,687,529 | €1,509,044,860 | +€31.4m | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €811,151,206 | €829,240,260 | +€18.1m | +2.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€914,879 | €1,807,183 | +€2.7m | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €16,042,915 | -€7,002,501 | -€23.0m | |
| Other operating charges | 640/8 | €3,719,503 | €2,742,323 | -€977,180 | -26.3% |
| Non-recurring operating charges | 66A | €796,158 | €3,449,301 | +€2.7m | +333% |
| Operating profit (loss) | 9901 | -€723,421,783 | -€693,675,392 | +€29.7m | +4.1% |
| Recurring financial income | 75 | €881,135,307 | €896,714,952 | +€15.6m | +1.8% |
| Income from financial fixed assets | 750 | €1,766,723 | €396,070 | -€1.4m | -77.6% |
| Income from current assets | 751 | €45,491,439 | €50,692,762 | +€5.2m | +11.4% |
| Other financial income | 752/9 | €833,877,146 | €845,626,121 | +€11.7m | +1.4% |
| Non-recurring financial income | 76B | €3,062,685 | - | -€3.1m | |
| Financial charges | 65/66B | €109,963,500 | €108,028,709 | -€1.9m | -1.8% |
| Recurring financial charges | 65 | €107,626,258 | €104,820,163 | -€2.8m | -2.6% |
| Debt charges | 650 | €101,643,709 | €100,138,592 | -€1.5m | -1.5% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €492,294 | €128,894 | -€363,400 | -73.8% |
| Other financial charges | 652/9 | €5,490,255 | €4,552,677 | -€937,578 | -17.1% |
| Non-recurring financial charges | 66B | €2,337,242 | €3,208,546 | +€871,304 | +37.3% |
| Profit (loss) for the period before taxes | 9903 | €50,812,709 | €95,010,852 | +€44.2m | +87.0% |
| Profit (loss) for the period | 9904 | €50,812,709 | €95,010,852 | +€44.2m | +87.0% |
| Profit (loss) for the period to be appropriated | 9905 | €50,812,709 | €95,010,852 | +€44.2m | +87.0% |
Value
latest balance sheet 31-12-2025 · indication, not a valuation or adviceINFRABEL is not an SME
Its turnover (€1.43bn) and balance sheet total (€25.73bn) are both above the SME limits of €50m turnover or €43m balance sheet total. It files consolidated accounts. This indication rests only on its own accounts, without the subsidiaries. This indication is made for SMEs. For a company of this size market prices set the value, and those prices are not in this range.
Indicative value of the equity
Indication, not a valuation or advice€465.8m
to
€652.1m
Midpoint €543.4m · capitalised earnings only
Capitalisation rate 12% result over 3 years, excluding non-recurring income and charges earnings weight 50% revaluation €0 other adjustment €0 EBITDA multiple
Worked out with Checked's starting values, not your estimate and not market data. Change the assumptions: the value follows.
The filed figures and these assumptions give no positive value. The adjusted equity and the average result are both zero or negative.
Part of the calculation comes out below zero. A shareholding is never worth less than zero, so the floor is zero.
Adjusted equity
-
Capitalised earnings
€465.8m to €652.1m
Your EBITDA multiple
-
Indication
€465.8m to €652.1m
Adjusted equity
Equity is not in the latest accounts.
Capitalised earnings
- 2025
- €95,010,852
- excluding non-recurring income and charges
- €95,154,613
- 2024
- €50,812,709
- excluding non-recurring income and charges
- €40,953,275
- 2023
- €54,288,450
- excluding non-recurring income and charges
- €59,524,119
- 2022
- €26,931,423
- excluding non-recurring income and charges
- €25,499,323
- 2021
- €18,574,128
- excluding non-recurring income and charges
- €11,041,513
- Average result, excluding non-recurring income and charges
- €65,210,669
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €465.8m / €543.4m / €652.1m
Your EBITDA multiple
- EBITDA 2025
- €135,564,868
- Net financial debt
- €1,216,123,422
- Your multiple
- -
- Value with your multiple
- -
Net financial debt is the sum of financial debts after one year, the part due within the year and short-term financial debts, less cash and current investments.
Limits of the indication
- Checked holds no market prices or comparable transactions.
- Anything after the latest accounts and items off the balance sheet (guarantees, leases, disputes) are left out.
- Checked does not know the real value of buildings, stock and receivables. Enter your own revaluation or adjustment for it.
- The result is not corrected for the manager's pay. If the company pays less or more than a market salary, the capitalised earnings are too high or too low.
- The owner's role in the business, synergies for a buyer and the tax consequences of a sale are left out.
For a valuation to base a decision on, go to a company auditor or a certified accountant.
Next steps
Calculation and sources
Source: filed annual accounts (NBB) and main activity (KBO). The movements compare the financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. The value is an indication, not a valuation or advice. Prepared on 15 November 2026 via checked.be.