INFRARO: 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.
INFRARO
Largest movements
- Financial fixed assets -€6.8m
down €6.8m (-29.6%), from €23.1m to €16.3m
- Current investments +€1.1m
new in 2025: €1.1m
- Receivables within one year +€419,895
up €419,895 (+36.5%), from €1.2m to €1.6m
of which Other amounts receivable: +€407,389
- Profit (loss) carried forward -€5.0m
new in 2025: -€5.0m
- Reserves -€1.7m
down €1.7m (-88.6%), from €1.9m to €220,639
of which Distributable reserves: -€1.7m
- Short-term financial debts +€920,000
up €920,000 (+328%), from €280,313 to €1.2m
- Other debts +€746,144
up €746,144 (+86.2%), from €865,859 to €1.6m
- Financial charges +€6.9m
up €6.9m (+12,556%), from €54,863 to €6.9m
of which Non-recurring financial charges: +€6.3m
- Financial income +€58,189
up €58,189 (+29.1%), from €200,000 to €258,189
- Gross operating margin -€52,710
down €52,710 (-4,049%), from -€1,302 to -€54,012
- Taxes -€12,596
down €12,596 (-94.2%), from €13,372 to €775
- Depreciation +€10,113
up €10,113 (+132%), from €7,678 to €17,791
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 | €24,966,105 | €19,786,474 | -€5.2m | -20.7% |
| Fixed assets | 21/28 | €23,206,015 | €16,340,319 | -€6.9m | -29.6% |
| Tangible fixed assets | 22/27 | €78,620 | €62,664 | -€15,956 | -20.3% |
| Furniture and vehicles | 24 | €73,192 | €58,386 | -€14,806 | -20.2% |
| Other tangible fixed assets | 26 | €5,428 | €4,278 | -€1,150 | -21.2% |
| Financial fixed assets | 28 | €23,127,395 | €16,277,655 | -€6.8m | -29.6% |
| Current assets | 29/58 | €1,760,090 | €3,446,154 | +€1.7m | +95.8% |
| Stocks and contracts in progress | 3 | €588,635 | €589,860 | +€1,225 | +0.2% |
| Stocks | 30/36 | €588,635 | €589,860 | +€1,225 | +0.2% |
| Amounts receivable within one year | 40/41 | €1,151,041 | €1,570,936 | +€419,895 | +36.5% |
| Trade receivables | 40 | €12,100 | €24,606 | +€12,506 | +103% |
| Other amounts receivable | 41 | €1,138,941 | €1,546,330 | +€407,389 | +35.8% |
| Current investments | 50/53 | - | €1,065,000 | +€1.1m | |
| Cash at bank and in hand | 54/58 | €11,751 | €213,015 | +€201,264 | +1,713% |
| Deferred charges and accrued income | 490/1 | €8,663 | €7,344 | -€1,319 | -15.2% |
| Total equity and liabilities | 10/49 | €24,966,105 | €19,786,474 | -€5.2m | -20.7% |
| Equity | 10/15 | €21,949,607 | €15,187,373 | -€6.8m | -30.8% |
| Contributions | 10/11 | €20,012,400 | €20,012,400 | = | 0.0% |
| Reserves | 13 | €1,937,207 | €220,639 | -€1.7m | -88.6% |
| Non-distributable reserves | 130/1 | €6,833 | €6,833 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,833 | €6,833 | = | 0.0% |
| Distributable reserves | 133 | €1,930,374 | €213,806 | -€1.7m | -88.9% |
| Profit (loss) carried forward | 14 | - | -€5,045,666 | -€5.0m | |
| Amounts payable | 17/49 | €3,016,497 | €4,599,101 | +€1.6m | +52.5% |
| Amounts payable after more than one year | 17 | €1,782,259 | €1,717,970 | -€64,289 | -3.6% |
| Financial debts | 170/4 | €1,782,259 | €1,717,970 | -€64,289 | -3.6% |
| Amounts payable within one year | 42/48 | €1,234,238 | €2,881,131 | +€1.6m | +133% |
| Current portion of amounts payable after more than one year | 42 | €57,423 | €62,793 | +€5,371 | +9.4% |
| Financial debts | 43 | €280,313 | €1,200,313 | +€920,000 | +328% |
| Credit institutions | 430/8 | €280,313 | €1,200,313 | +€920,000 | +328% |
| Trade debts | 44 | €6,050 | €2,035 | -€4,015 | -66.4% |
| Suppliers | 440/4 | €6,050 | €2,035 | -€4,015 | -66.4% |
| Taxes, remuneration and social security | 45 | €24,593 | €3,986 | -€20,608 | -83.8% |
| Taxes | 450/3 | €24,593 | €3,986 | -€20,608 | -83.8% |
| Other amounts payable | 47/48 | €865,859 | €1,612,003 | +€746,144 | +86.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,678 | €17,791 | +€10,113 | +132% |
| Other operating charges | 640/8 | €5,586 | €4,460 | -€1,125 | -20.1% |
| Gross operating margin | 9900 | -€1,302 | -€54,012 | -€52,710 | -4,049% |
| Operating profit (loss) | 9901 | -€14,566 | -€76,263 | -€61,698 | -424% |
| Financial income | 75/76B | €200,000 | €258,189 | +€58,189 | +29.1% |
| Recurring financial income | 75 | €200,000 | €258,189 | +€58,189 | +29.1% |
| Financial charges | 65/66B | €54,863 | €6,943,385 | +€6.9m | +12,556% |
| Recurring financial charges | 65 | €54,863 | €610,312 | +€555,449 | +1,012% |
| Non-recurring financial charges | 66B | - | €6,333,073 | +€6.3m | |
| Profit (loss) for the period before taxes | 9903 | €130,571 | -€6,761,459 | -€6.9m | |
| Income taxes | 67/77 | €13,372 | €775 | -€12,596 | -94.2% |
| Profit (loss) for the period | 9904 | €117,200 | -€6,762,234 | -€6.9m | |
| Profit (loss) for the period to be appropriated | 9905 | €117,200 | -€6,762,234 | -€6.9m |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.