INFRAMUT: 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.
INFRAMUT
Largest movements
- Current investments -€5.8m
down €5.8m (-49.3%), from €11.8m to €6.0m
- Tangible fixed assets +€3.6m
up €3.6m (+16.5%), from €21.5m to €25.1m
of which Assets under construction and advance payments: +€4.3m
- Cash +€3.2m
up €3.2m (+155.9%), from €2.0m to €5.2m
mainly Current investments (+€5.8m) and Depreciation (+€1.5m)
- Receivables within one year -€523,965
down €523,965 (-40.0%), from €1.3m to €787,143
of which Trade receivables: -€523,472
- Profit (loss) carried forward +€522,043
up €522,043 (+3.4%), from €15.2m to €15.7m
- Financial income +€532,490
up €532,490 (+229.5%), from €231,998 to €764,488
- Gross operating margin -€296,911
down €296,911 (-12.9%), from €2.3m to €2.0m
- Staff costs +€229,652
up €229,652 (+90.9%), from €252,627 to €482,279
- Depreciation +€167,880
up €167,880 (+12.2%), from €1.4m to €1.5m
- Financial charges -€45,754
down €45,754 (-65.1%), from €70,284 to €24,531
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.
Cash bridge derived
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 | €37,453,792 | €37,822,775 | +€368,983 | +1.0% |
| Fixed assets | 21/28 | €22,159,206 | €25,720,541 | +€3.6m | +16.1% |
| Intangible fixed assets | 21 | €496 | - | -€496 | |
| Tangible fixed assets | 22/27 | €21,542,696 | €25,103,478 | +€3.6m | +16.5% |
| Land and buildings | 22 | €16,031,767 | €15,361,977 | -€669,790 | -4.2% |
| Plant, machinery and equipment | 23 | €2,395,825 | €2,136,165 | -€259,660 | -10.8% |
| Furniture and vehicles | 24 | €1,086,199 | €1,244,311 | +€158,112 | +14.6% |
| Other tangible fixed assets | 26 | €294,911 | €281,621 | -€13,290 | -4.5% |
| Assets under construction and advance payments | 27 | €1,733,994 | €6,079,404 | +€4.3m | +250.6% |
| Financial fixed assets | 28 | €616,014 | €617,063 | +€1,049 | +0.2% |
| Current assets | 29/58 | €15,294,586 | €12,102,234 | -€3.2m | -20.9% |
| Amounts receivable within one year | 40/41 | €1,311,108 | €787,143 | -€523,965 | -40.0% |
| Trade receivables | 40 | €1,309,723 | €786,251 | -€523,472 | -40.0% |
| Other amounts receivable | 41 | €1,385 | €892 | -€493 | -35.6% |
| Current investments | 50/53 | €11,824,561 | €6,000,000 | -€5.8m | -49.3% |
| Cash at bank and in hand | 54/58 | €2,037,916 | €5,214,766 | +€3.2m | +155.9% |
| Deferred charges and accrued income | 490/1 | €121,001 | €100,325 | -€20,676 | -17.1% |
| Total equity and liabilities | 10/49 | €37,453,792 | €37,822,775 | +€368,983 | +1.0% |
| Equity | 10/15 | €35,726,567 | €36,248,610 | +€522,043 | +1.5% |
| Contributions | 10/11 | €19,535,557 | €19,535,557 | = | 0.0% |
| Capital | 10 | €19,535,557 | €19,535,557 | = | 0.0% |
| Revaluation surpluses | 12 | €977,422 | €977,422 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,213,588 | €15,735,631 | +€522,043 | +3.4% |
| Provisions and deferred taxes | 16 | €75,172 | €38,333 | -€36,839 | -49.0% |
| Provisions for liabilities and charges | 160/5 | €75,172 | €38,333 | -€36,839 | -49.0% |
| Taxes | 161 | €75,172 | €38,333 | -€36,839 | -49.0% |
| Amounts payable | 17/49 | €1,652,053 | €1,535,833 | -€116,220 | -7.0% |
| Amounts payable after more than one year | 17 | €547,550 | €365,000 | -€182,550 | -33.3% |
| Other amounts payable | 178/9 | €547,550 | €365,000 | -€182,550 | -33.3% |
| Amounts payable within one year | 42/48 | €1,082,584 | €1,126,326 | +€43,742 | +4.0% |
| Current portion of amounts payable after more than one year | 42 | €182,500 | €182,500 | = | 0.0% |
| Trade debts | 44 | €610,966 | €570,658 | -€40,308 | -6.6% |
| Suppliers | 440/4 | €610,966 | €570,658 | -€40,308 | -6.6% |
| Taxes, remuneration and social security | 45 | €289,118 | €373,168 | +€84,050 | +29.1% |
| Taxes | 450/3 | €243,492 | €299,628 | +€56,136 | +23.1% |
| Remuneration and social security | 454/9 | €45,626 | €73,541 | +€27,914 | +61.2% |
| Accrued charges and deferred income | 492/3 | €21,919 | €44,506 | +€22,588 | +103.1% |
| Non-recurring operating income | 76A | €26,240 | €120,363 | +€94,124 | +358.7% |
| Remuneration, social security and pensions | 62 | €252,627 | €482,279 | +€229,652 | +90.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,373,093 | €1,540,973 | +€167,880 | +12.2% |
| Other operating charges | 640/8 | €222,076 | €242,386 | +€20,310 | +9.1% |
| Non-recurring operating charges | 66A | €15,640 | - | -€15,640 | |
| Gross operating margin | 9900 | €2,307,796 | €2,010,885 | -€296,911 | -12.9% |
| Operating profit (loss) | 9901 | €463,761 | -€217,914 | -€681,675 | |
| Financial income | 75/76B | €231,998 | €764,488 | +€532,490 | +229.5% |
| Recurring financial income | 75 | €231,998 | €764,488 | +€532,490 | +229.5% |
| Financial charges | 65/66B | €70,284 | €24,531 | -€45,754 | -65.1% |
| Recurring financial charges | 65 | €70,284 | €24,531 | -€45,754 | -65.1% |
| Profit (loss) for the period before taxes | 9903 | €625,475 | €522,043 | -€103,432 | -16.5% |
| Profit (loss) for the period | 9904 | €625,475 | €522,043 | -€103,432 | -16.5% |
| Profit (loss) for the period to be appropriated | 9905 | €625,475 | €522,043 | -€103,432 | -16.5% |
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 7 October 2026 via checked.be.