INtFRA: 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.
What changed
INtFRA
NACE 41.001, General construction of residential buildings
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€509,085
2024 · €486,536+€22,549
Equity
€509,097
2024 · €300,012+€209,085
Cash
€197,757
2024 · €183,982+€13,774
Balance sheet total
€1.0m
2024 · €1.5m-€489,081
Largest movements
Assets
- Receivables within one year -€466,200
down €466,200 (-37.0%), from €1.3m to €792,901
of which Trade receivables: -€436,475
- Deferred charges and accrued income -€47,789
down €47,789 (-89.0%), from €53,698 to €5,908
Equity and liabilities
- Trade debts -€326,293
down €326,293 (-63.7%), from €512,485 to €186,192
- Reserves +€200,000
up €200,000 (+67.8%), from €295,000 to €495,000
- Short-term financial debts -€200,000
no longer reported in 2025 (was €200,000)
- Tax, wage and social debts -€84,276
down €84,276 (-84.6%), from €99,676 to €15,399
- Accrued charges and deferred income -€60,236
down €60,236 (-99.7%), from €60,404 to €168
Income statement
- Gross operating margin +€34,911
up €34,911 (+5.2%), from €667,882 to €702,793
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.
Result 2024
€486,536
Gross operating margin
+€34,911
Depreciation
-€1,873
Other operating charges
-€4,820
Financial income
-€467
Financial charges
-€1,059
Taxes
-€4,144
Result 2025
€509,085
raises the resultlowers the result
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.
From operations
+€559,676
Investment
-€18,541
Financing
-€527,361
Cash 2024
€183,982
From operations (derived)
+€559,676
Net result for the year
+€509,085
Depreciation
+€7,406
Receivables within one year
+€466,200
Deferred charges and accrued income
+€47,789
Trade debts
-€326,293
Tax, wage and social debts
-€84,276
Accrued charges and deferred income
-€60,236
Investment (derived)
-€18,541
Investment in fixed assets (net)
-€18,541
Financing
-€527,361
Debts after one year
-€40,000
Current portion of long-term debt
+€12,639
Short-term financial debts
-€200,000
Contributions, distributions and other
-€300,000
Cash 2025
€197,757
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,512,577 | €1,023,496 | -€489,081 | -32.3% |
| Fixed assets | 21/28 | €15,796 | €26,931 | +€11,135 | +70.5% |
| Intangible fixed assets | 21 | €1,149 | €749 | -€400 | -34.8% |
| Tangible fixed assets | 22/27 | €11,958 | €23,492 | +€11,535 | +96.5% |
| Plant, machinery and equipment | 23 | €4,734 | €3,746 | -€987 | -20.9% |
| Furniture and vehicles | 24 | €7,224 | €5,351 | -€1,873 | -25.9% |
| Other tangible fixed assets | 26 | - | €9,909 | +€9,909 | |
| Assets under construction and advance payments | 27 | - | €4,486 | +€4,486 | |
| Financial fixed assets | 28 | €2,690 | €2,690 | = | 0.0% |
| Current assets | 29/58 | €1,496,781 | €996,566 | -€500,215 | -33.4% |
| Amounts receivable within one year | 40/41 | €1,259,101 | €792,901 | -€466,200 | -37.0% |
| Trade receivables | 40 | €1,212,477 | €776,002 | -€436,475 | -36.0% |
| Other amounts receivable | 41 | €46,624 | €16,899 | -€29,725 | -63.8% |
| Cash at bank and in hand | 54/58 | €183,982 | €197,757 | +€13,774 | +7.5% |
| Deferred charges and accrued income | 490/1 | €53,698 | €5,908 | -€47,789 | -89.0% |
| Total equity and liabilities | 10/49 | €1,512,577 | €1,023,496 | -€489,081 | -32.3% |
| Equity | 10/15 | €300,012 | €509,097 | +€209,085 | +69.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €295,000 | €495,000 | +€200,000 | +67.8% |
| Distributable reserves | 133 | €295,000 | €495,000 | +€200,000 | +67.8% |
| Profit (loss) carried forward | 14 | €12 | €9,097 | +€9,085 | +75,086% |
| Amounts payable | 17/49 | €1,212,565 | €514,399 | -€698,166 | -57.6% |
| Amounts payable after more than one year | 17 | €40,000 | - | -€40,000 | |
| Other amounts payable | 178/9 | €40,000 | - | -€40,000 | |
| Amounts payable within one year | 42/48 | €1,112,161 | €514,231 | -€597,930 | -53.8% |
| Current portion of amounts payable after more than one year | 42 | - | €12,639 | +€12,639 | |
| Financial debts | 43 | €200,000 | - | -€200,000 | |
| Credit institutions | 430/8 | €200,000 | - | -€200,000 | |
| Trade debts | 44 | €512,485 | €186,192 | -€326,293 | -63.7% |
| Suppliers | 440/4 | €512,485 | €186,192 | -€326,293 | -63.7% |
| Taxes, remuneration and social security | 45 | €99,676 | €15,399 | -€84,276 | -84.6% |
| Taxes | 450/3 | €99,676 | €15,399 | -€84,276 | -84.6% |
| Other amounts payable | 47/48 | €300,000 | €300,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €60,404 | €168 | -€60,236 | -99.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,534 | €7,406 | +€1,873 | +33.8% |
| Other operating charges | 640/8 | €4,943 | €9,763 | +€4,820 | +97.5% |
| Gross operating margin | 9900 | €667,882 | €702,793 | +€34,911 | +5.2% |
| Operating profit (loss) | 9901 | €657,405 | €685,624 | +€28,219 | +4.3% |
| Financial income | 75/76B | €1,592 | €1,125 | -€467 | -29.3% |
| Recurring financial income | 75 | €1,592 | €1,125 | -€467 | -29.3% |
| Financial charges | 65/66B | €5,417 | €6,476 | +€1,059 | +19.5% |
| Recurring financial charges | 65 | €5,417 | €6,476 | +€1,059 | +19.5% |
| Profit (loss) for the period before taxes | 9903 | €653,580 | €680,273 | +€26,693 | +4.1% |
| Income taxes | 67/77 | €167,044 | €171,187 | +€4,144 | +2.5% |
| Profit (loss) for the period | 9904 | €486,536 | €509,085 | +€22,549 | +4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €486,536 | €509,085 | +€22,549 | +4.6% |
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 15 October 2026 via checked.be.