INFRASEC: 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.
INFRASEC
Largest movements
- Tangible fixed assets -€101,432
down €101,432 (-2.2%), from €4.6m to €4.5m
of which Land and buildings: -€100,301
- Receivables within one year -€99,889
down €99,889 (-44.3%), from €225,648 to €125,759
of which Trade receivables: -€93,689
- Financial fixed assets -€60,288
down €60,288 (-50.6%), from €119,033 to €58,745
- Reserves +€500,000
up €500,000 (+63.3%), from €789,960 to €1.3m
of which Distributable reserves: +€500,000
- Other debts -€408,222
down €408,222 (-99.9%), from €408,563 to €341
- Debts after one year -€288,405
down €288,405 (-9.4%), from €3.1m to €2.8m
of which Financial debts: -€288,405
- Trade debts -€82,169
down €82,169 (-58.3%), from €141,053 to €58,884
- Financial income +€569,642
up €569,642 (+3291.9%), from €17,305 to €586,946
- Gross operating margin -€156,850
down €156,850 (-42.2%), from €371,441 to €214,591
- Taxes +€38,200
up €38,200 (+323.7%), from €11,800 to €50,000
- Financial charges -€12,519
down €12,519 (-19.1%), from €65,462 to €52,943
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 | €4,960,504 | €4,690,169 | -€270,335 | -5.4% |
| Fixed assets | 21/28 | €4,692,043 | €4,530,323 | -€161,720 | -3.4% |
| Tangible fixed assets | 22/27 | €4,573,010 | €4,471,578 | -€101,432 | -2.2% |
| Land and buildings | 22 | €4,566,288 | €4,465,987 | -€100,301 | -2.2% |
| Furniture and vehicles | 24 | €6,723 | €5,591 | -€1,131 | -16.8% |
| Financial fixed assets | 28 | €119,033 | €58,745 | -€60,288 | -50.6% |
| Current assets | 29/58 | €268,461 | €159,846 | -€108,615 | -40.5% |
| Amounts receivable within one year | 40/41 | €225,648 | €125,759 | -€99,889 | -44.3% |
| Trade receivables | 40 | €136,948 | €43,259 | -€93,689 | -68.4% |
| Other amounts receivable | 41 | €88,700 | €82,500 | -€6,200 | -7.0% |
| Cash at bank and in hand | 54/58 | €28,013 | €15,256 | -€12,757 | -45.5% |
| Deferred charges and accrued income | 490/1 | €14,800 | €18,831 | +€4,031 | +27.2% |
| Total equity and liabilities | 10/49 | €4,960,504 | €4,690,169 | -€270,335 | -5.4% |
| Equity | 10/15 | €1,001,334 | €1,473,719 | +€472,384 | +47.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €789,960 | €1,289,960 | +€500,000 | +63.3% |
| Tax-exempt reserves | 132 | €36,100 | €36,100 | = | 0.0% |
| Distributable reserves | 133 | €753,860 | €1,253,860 | +€500,000 | +66.3% |
| Profit (loss) carried forward | 14 | €46,700 | €51,928 | +€5,228 | +11.2% |
| Investment grants | 15 | €146,074 | €113,231 | -€32,844 | -22.5% |
| Amounts payable | 17/49 | €3,959,170 | €3,216,450 | -€742,719 | -18.8% |
| Amounts payable after more than one year | 17 | €3,072,821 | €2,784,415 | -€288,405 | -9.4% |
| Financial debts | 170/4 | €2,986,921 | €2,698,515 | -€288,405 | -9.7% |
| Other amounts payable | 178/9 | €85,900 | €85,900 | = | 0.0% |
| Amounts payable within one year | 42/48 | €886,224 | €428,356 | -€457,867 | -51.7% |
| Current portion of amounts payable after more than one year | 42 | €334,574 | €336,066 | +€1,493 | +0.4% |
| Trade debts | 44 | €141,053 | €58,884 | -€82,169 | -58.3% |
| Suppliers | 440/4 | €141,053 | €58,884 | -€82,169 | -58.3% |
| Taxes, remuneration and social security | 45 | €2,034 | €33,065 | +€31,031 | +1525.5% |
| Taxes | 450/3 | €2,034 | €33,065 | +€31,031 | +1525.5% |
| Other amounts payable | 47/48 | €408,563 | €341 | -€408,222 | -99.9% |
| Accrued charges and deferred income | 492/3 | €126 | €3,679 | +€3,553 | +2828.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €167,873 | €170,287 | +€2,414 | +1.4% |
| Other operating charges | 640/8 | €25,198 | €23,079 | -€2,119 | -8.4% |
| Gross operating margin | 9900 | €371,441 | €214,591 | -€156,850 | -42.2% |
| Operating profit (loss) | 9901 | €178,370 | €21,225 | -€157,145 | -88.1% |
| Financial income | 75/76B | €17,305 | €586,946 | +€569,642 | +3291.9% |
| Recurring financial income | 75 | €17,305 | €586,946 | +€569,642 | +3291.9% |
| Financial charges | 65/66B | €65,462 | €52,943 | -€12,519 | -19.1% |
| Recurring financial charges | 65 | €65,462 | €52,943 | -€12,519 | -19.1% |
| Profit (loss) for the period before taxes | 9903 | €130,212 | €555,228 | +€425,016 | +326.4% |
| Income taxes | 67/77 | €11,800 | €50,000 | +€38,200 | +323.7% |
| Profit (loss) for the period | 9904 | €118,412 | €505,228 | +€386,816 | +326.7% |
| Profit (loss) for the period to be appropriated | 9905 | €118,412 | €505,228 | +€386,816 | +326.7% |
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 10 October 2026 via checked.be.