Angelo Rizzi: 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.
Angelo Rizzi
Largest movements
- Receivables within one year +€27,340
up €27,340 (+52.1%), from €52,483 to €79,823
of which Trade receivables: +€23,258
- Tangible fixed assets -€17,829
down €17,829 (-41.5%), from €42,984 to €25,155
- Debts after one year -€82,470
down €82,470 (-51.1%), from €161,507 to €79,037
- Reserves +€67,292
up €67,292 (+25.9%), from €259,493 to €326,785
- Other debts +€15,468
up €15,468 (+2.7%), from €572,175 to €587,643
- Gross operating margin +€2,840
up €2,840 (+2.7%), from €104,571 to €107,411
- Financial charges -€1,547
down €1,547 (-31.0%), from €4,991 to €3,444
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 | €1,109,093 | €1,116,300 | +€7,207 | +0.6% |
| Fixed assets | 21/28 | €1,053,714 | €1,035,885 | -€17,829 | -1.7% |
| Tangible fixed assets | 22/27 | €42,984 | €25,155 | -€17,829 | -41.5% |
| Furniture and vehicles | 24 | €42,984 | €25,155 | -€17,829 | -41.5% |
| Financial fixed assets | 28 | €1,010,730 | €1,010,730 | = | 0.0% |
| Current assets | 29/58 | €55,379 | €80,415 | +€25,036 | +45.2% |
| Amounts receivable within one year | 40/41 | €52,483 | €79,823 | +€27,340 | +52.1% |
| Trade receivables | 40 | €46,142 | €69,400 | +€23,258 | +50.4% |
| Other amounts receivable | 41 | €6,341 | €10,423 | +€4,082 | +64.4% |
| Cash at bank and in hand | 54/58 | €2,896 | €592 | -€2,304 | -79.6% |
| Total equity and liabilities | 10/49 | €1,109,093 | €1,116,300 | +€7,207 | +0.6% |
| Equity | 10/15 | €264,493 | €331,785 | +€67,292 | +25.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €259,493 | €326,785 | +€67,292 | +25.9% |
| Distributable reserves | 133 | €259,493 | €326,785 | +€67,292 | +25.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €844,600 | €784,516 | -€60,085 | -7.1% |
| Amounts payable after more than one year | 17 | €161,507 | €79,037 | -€82,470 | -51.1% |
| Financial debts | 170/4 | €161,507 | €79,037 | -€82,470 | -51.1% |
| Amounts payable within one year | 42/48 | €683,093 | €705,479 | +€22,386 | +3.3% |
| Current portion of amounts payable after more than one year | 42 | €81,274 | €82,470 | +€1,196 | +1.5% |
| Financial debts | 43 | €8,825 | €7,542 | -€1,283 | -14.5% |
| Credit institutions | 430/8 | €8,825 | €7,542 | -€1,283 | -14.5% |
| Trade debts | 44 | €6,417 | €3,433 | -€2,984 | -46.5% |
| Suppliers | 440/4 | €6,417 | €3,433 | -€2,984 | -46.5% |
| Taxes, remuneration and social security | 45 | €14,402 | €24,391 | +€9,989 | +69.4% |
| Taxes | 450/3 | €14,402 | €24,391 | +€9,989 | +69.4% |
| Other amounts payable | 47/48 | €572,175 | €587,643 | +€15,468 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,829 | €17,829 | = | 0.0% |
| Other operating charges | 640/8 | €1,379 | €2,049 | +€670 | +48.6% |
| Gross operating margin | 9900 | €104,571 | €107,411 | +€2,840 | +2.7% |
| Operating profit (loss) | 9901 | €85,364 | €87,534 | +€2,170 | +2.5% |
| Financial income | 75/76B | €631 | €356 | -€274 | -43.5% |
| Recurring financial income | 75 | €631 | €356 | -€274 | -43.5% |
| Financial charges | 65/66B | €4,991 | €3,444 | -€1,547 | -31.0% |
| Recurring financial charges | 65 | €4,991 | €3,444 | -€1,547 | -31.0% |
| Profit (loss) for the period before taxes | 9903 | €81,004 | €84,446 | +€3,442 | +4.2% |
| Income taxes | 67/77 | €16,341 | €17,154 | +€813 | +5.0% |
| Profit (loss) for the period | 9904 | €64,663 | €67,292 | +€2,629 | +4.1% |
| Profit (loss) for the period to be appropriated | 9905 | €64,663 | €67,292 | +€2,629 | +4.1% |
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 29 October 2026 via checked.be.