Infratex: 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.
Infratex
Largest movements
- Stocks and contracts +€20,709
up €20,709 (+188.3%), from €11,000 to €31,709
- Cash -€4,384
down €4,384 (-15.0%), from €29,185 to €24,800
mainly Stocks and contracts (-€20,709) and Contributions, distributions and other (-€9,811)
- Tangible fixed assets +€3,158
up €3,158 (+28.8%), from €10,958 to €14,116
of which Furniture and vehicles: +€4,048
- Receivables within one year -€2,149
down €2,149 (-100.0%), from €2,149 to €0
of which Trade receivables: -€1,836
- Tax, wage and social debts +€12,308
up €12,308 (+134.2%), from €9,169 to €21,477
- Reserves +€12,208
up €12,208 (+58.3%), from €20,946 to €33,154
- Trade debts -€5,760
down €5,760 (-43.6%), from €13,201 to €7,440
- Other debts -€1,185
down €1,185 (-12.9%), from €9,172 to €7,987
- Gross operating margin -€15,405
down €15,405 (-32.9%), from €46,775 to €31,370
- Taxes -€3,030
down €3,030 (-33.0%), from €9,169 to €6,139
- Financial income +€2,340
up €2,340 (+3859.0%), from €61 to €2,401
- Financial charges +€1,172
up €1,172 (+281.7%), from €416 to €1,587
- Depreciation +€595
up €595 (+27.5%), from €2,163 to €2,758
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 | €54,490 | €72,066 | +€17,576 | +32.3% |
| Fixed assets | 21/28 | €10,958 | €14,116 | +€3,158 | +28.8% |
| Tangible fixed assets | 22/27 | €10,958 | €14,116 | +€3,158 | +28.8% |
| Furniture and vehicles | 24 | €3,120 | €7,168 | +€4,048 | +129.7% |
| Other tangible fixed assets | 26 | €7,838 | €6,947 | -€891 | -11.4% |
| Current assets | 29/58 | €43,532 | €57,950 | +€14,418 | +33.1% |
| Stocks and contracts in progress | 3 | €11,000 | €31,709 | +€20,709 | +188.3% |
| Stocks | 30/36 | €11,000 | €31,709 | +€20,709 | +188.3% |
| Amounts receivable within one year | 40/41 | €2,149 | €0 | -€2,149 | -100.0% |
| Trade receivables | 40 | €1,836 | €0 | -€1,836 | -100.0% |
| Other amounts receivable | 41 | €313 | €0 | -€313 | -100.0% |
| Cash at bank and in hand | 54/58 | €29,185 | €24,800 | -€4,384 | -15.0% |
| Deferred charges and accrued income | 490/1 | €1,198 | €1,441 | +€243 | +20.3% |
| Total equity and liabilities | 10/49 | €54,490 | €72,066 | +€17,576 | +32.3% |
| Equity | 10/15 | €22,946 | €35,154 | +€12,208 | +53.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €20,946 | €33,154 | +€12,208 | +58.3% |
| Distributable reserves | 133 | €20,946 | €33,154 | +€12,208 | +58.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €31,544 | €36,912 | +€5,368 | +17.0% |
| Amounts payable within one year | 42/48 | €31,542 | €36,905 | +€5,363 | +17.0% |
| Trade debts | 44 | €13,201 | €7,440 | -€5,760 | -43.6% |
| Suppliers | 440/4 | €13,201 | €7,440 | -€5,760 | -43.6% |
| Taxes, remuneration and social security | 45 | €9,169 | €21,477 | +€12,308 | +134.2% |
| Taxes | 450/3 | €9,169 | €21,477 | +€12,308 | +134.2% |
| Other amounts payable | 47/48 | €9,172 | €7,987 | -€1,185 | -12.9% |
| Accrued charges and deferred income | 492/3 | €2 | €7 | +€5 | +245.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,163 | €2,758 | +€595 | +27.5% |
| Other operating charges | 640/8 | €328 | €857 | +€529 | +160.9% |
| Non-recurring operating charges | 66A | - | €410 | +€410 | |
| Gross operating margin | 9900 | €46,775 | €31,370 | -€15,405 | -32.9% |
| Operating profit (loss) | 9901 | €44,283 | €27,345 | -€16,939 | -38.3% |
| Financial income | 75/76B | €61 | €2,401 | +€2,340 | +3859.0% |
| Recurring financial income | 75 | €61 | €2,401 | +€2,340 | +3859.0% |
| Financial charges | 65/66B | €416 | €1,587 | +€1,172 | +281.7% |
| Recurring financial charges | 65 | €416 | €1,587 | +€1,172 | +281.7% |
| Profit (loss) for the period before taxes | 9903 | €43,928 | €28,158 | -€15,770 | -35.9% |
| Income taxes | 67/77 | €9,169 | €6,139 | -€3,030 | -33.0% |
| Profit (loss) for the period | 9904 | €34,759 | €22,019 | -€12,740 | -36.7% |
| Profit (loss) for the period to be appropriated | 9905 | €34,759 | €22,019 | -€12,740 | -36.7% |
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.