Infratop: 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.
Infratop
Largest movements
- Tangible fixed assets +€992,375
up €992,375 (+57.4%), from €1.7m to €2.7m
of which Leasing and similar rights: +€963,598
- Receivables within one year +€147,014
up €147,014 (+63.7%), from €230,651 to €377,664
of which Trade receivables: +€279,471
- Debts after one year +€1.0m
up €1.0m (+90.0%), from €1.1m to €2.1m
- Current portion of long-term debt +€248,263
up €248,263 (+135%), from €184,305 to €432,568
- Short-term financial debts -€200,000
down €200,000 (-33.3%), from €600,000 to €400,000
- Other debts +€45,360
up €45,360 (+668%), from €6,788 to €52,148
- Tax, wage and social debts +€33,746
up €33,746 (+2,368%), from €1,425 to €35,171
of which Taxes: +€29,859
- Gross operating margin +€576,525
up €576,525 (+645%), from €89,346 to €665,871
- Depreciation +€388,531
up €388,531 (+483%), from €80,362 to €468,892
- Staff costs +€70,313
up €70,313 (+1,280%), from €5,492 to €75,805
- Financial charges +€67,007
up €67,007 (+226%), from €29,678 to €96,685
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 | €2,036,538 | €3,187,564 | +€1.2m | +56.5% |
| Fixed assets | 21/28 | €1,748,748 | €2,730,238 | +€981,490 | +56.1% |
| Intangible fixed assets | 21 | €19,812 | €8,927 | -€10,885 | -54.9% |
| Tangible fixed assets | 22/27 | €1,728,936 | €2,721,310 | +€992,375 | +57.4% |
| Plant, machinery and equipment | 23 | €1,687,249 | €1,722,620 | +€35,371 | +2.1% |
| Furniture and vehicles | 24 | €41,686 | €35,092 | -€6,594 | -15.8% |
| Leasing and similar rights | 25 | - | €963,598 | +€963,598 | |
| Current assets | 29/58 | €287,791 | €457,327 | +€169,536 | +58.9% |
| Stocks and contracts in progress | 3 | €20,495 | €39,822 | +€19,327 | +94.3% |
| Stocks | 30/36 | €20,495 | €39,822 | +€19,327 | +94.3% |
| Amounts receivable within one year | 40/41 | €230,651 | €377,664 | +€147,014 | +63.7% |
| Trade receivables | 40 | €98,194 | €377,664 | +€279,471 | +285% |
| Other amounts receivable | 41 | €132,457 | €0 | -€132,457 | -100% |
| Cash at bank and in hand | 54/58 | €34,563 | €31,494 | -€3,069 | -8.9% |
| Deferred charges and accrued income | 490/1 | €2,081 | €8,346 | +€6,265 | +301% |
| Total equity and liabilities | 10/49 | €2,036,538 | €3,187,564 | +€1.2m | +56.5% |
| Equity | 10/15 | €3,682 | €27,753 | +€24,071 | +654% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€26,318 | -€2,247 | +€24,071 | +91.5% |
| Amounts payable | 17/49 | €2,032,857 | €3,159,812 | +€1.1m | +55.4% |
| Amounts payable after more than one year | 17 | €1,115,695 | €2,120,014 | +€1.0m | +90.0% |
| Financial debts | 170/4 | €1,115,695 | €2,120,014 | +€1.0m | +90.0% |
| Amounts payable within one year | 42/48 | €907,672 | €1,018,363 | +€110,692 | +12.2% |
| Current portion of amounts payable after more than one year | 42 | €184,305 | €432,568 | +€248,263 | +135% |
| Financial debts | 43 | €600,000 | €400,000 | -€200,000 | -33.3% |
| Credit institutions | 430/8 | €600,000 | €400,000 | -€200,000 | -33.3% |
| Trade debts | 44 | €115,154 | €98,475 | -€16,678 | -14.5% |
| Suppliers | 440/4 | €115,154 | €98,475 | -€16,678 | -14.5% |
| Taxes, remuneration and social security | 45 | €1,425 | €35,171 | +€33,746 | +2,368% |
| Taxes | 450/3 | - | €29,859 | +€29,859 | |
| Remuneration and social security | 454/9 | €1,425 | €5,313 | +€3,888 | +273% |
| Other amounts payable | 47/48 | €6,788 | €52,148 | +€45,360 | +668% |
| Accrued charges and deferred income | 492/3 | €9,490 | €21,435 | +€11,945 | +126% |
| Non-recurring operating income | 76A | €819 | €6,697 | +€5,878 | +717% |
| Remuneration, social security and pensions | 62 | €5,492 | €75,805 | +€70,313 | +1,280% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,362 | €468,892 | +€388,531 | +483% |
| Other operating charges | 640/8 | €263 | €249 | -€14 | -5.5% |
| Non-recurring operating charges | 66A | - | €170 | +€170 | |
| Gross operating margin | 9900 | €89,346 | €665,871 | +€576,525 | +645% |
| Operating profit (loss) | 9901 | €3,229 | €120,755 | +€117,526 | +3,640% |
| Financial income | 75/76B | €131 | €1 | -€130 | -99.3% |
| Recurring financial income | 75 | €131 | €1 | -€130 | -99.3% |
| Financial charges | 65/66B | €29,678 | €96,685 | +€67,007 | +226% |
| Recurring financial charges | 65 | €29,678 | €96,685 | +€67,007 | +226% |
| Profit (loss) for the period before taxes | 9903 | -€26,318 | €24,071 | +€50,389 | |
| Profit (loss) for the period | 9904 | -€26,318 | €24,071 | +€50,389 | |
| Profit (loss) for the period to be appropriated | 9905 | -€26,318 | €24,071 | +€50,389 |
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 28 October 2026 via checked.be.