RHINO: what changed
Two fiscal 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
RHINO
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€234,539
2024 · €10.9m-€10.6m
Equity
€22.8m
2024 · €22.6m+€234,539
Cash
€330,548
2024 · €127,393+€203,155
Balance sheet total
€51.1m
2024 · €41.3m+€9.8m
Largest movements
Assets
- Financial fixed assets +€14.0m
up €14.0m (+45.8%), from €30.6m to €44.6m
- Receivables within one year -€6.5m
down €6.5m (-84.9%), from €7.7m to €1.2m
of which Other amounts receivable: -€6.3m
- Current investments +€2.1m
up €2.1m (+70.5%), from €2.9m to €5.0m
Equity and liabilities
- Debts after one year +€8.3m
up €8.3m (+55.3%), from €15.0m to €23.3m
of which Financial debts: +€4.3m
- Current portion of long-term debt +€1.4m
up €1.4m (+58.8%), from €2.3m to €3.7m
Income statement
- Financial income -€10.5m
down €10.5m (-99.6%), from €10.5m to €39,465
- Turnover -€290,709
down €290,709 (-7.6%), from €3.8m to €3.5m
- Services and other goods -€233,450
down €233,450 (-8.6%), from €2.7m to €2.5m
- Financial charges +€178,598
up €178,598 (+30.4%), from €586,755 to €765,354
- Taxes -€64,795
down €64,795 (-45.3%), from €142,975 to €78,180
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
€10.9m
Turnover
-€290,709
Services and other goods
+€233,450
Other operating charges
-€33
Financial income
-€10.5m
Financial charges
-€178,598
Taxes
+€64,795
Result 2025
€234,539
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.
From operations
+€6.6m
Investment
-€16.1m
Financing
+€9.7m
Cash 2024
€127,393
From operations (derived)
+€6.6m
Net result for the year
+€234,539
Receivables within one year
+€6.5m
Trade debts
-€209,388
Tax, wage and social debts
-€123,863
Other debts
+€195,000
Investment (derived)
-€16.1m
Investment in fixed assets (net)
-€14.0m
Current investments
-€2.1m
Financing
+€9.7m
Debts after one year
+€8.3m
Current portion of long-term debt
+€1.4m
Cash 2025
€330,548
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €41,311,994 | €51,074,948 | +€9.8m | +23.6% |
| Fixed assets | 21/28 | €30,565,694 | €44,565,694 | +€14.0m | +45.8% |
| Financial fixed assets | 28 | €30,565,694 | €44,565,694 | +€14.0m | +45.8% |
| Affiliated companies | 280/1 | €30,565,694 | €44,565,694 | +€14.0m | +45.8% |
| Participating interests | 280 | €30,565,694 | €44,565,694 | +€14.0m | +45.8% |
| Current assets | 29/58 | €10,746,300 | €6,509,254 | -€4.2m | -39.4% |
| Amounts receivable within one year | 40/41 | €7,677,978 | €1,163,031 | -€6.5m | -84.9% |
| Trade receivables | 40 | €1,260,600 | €1,079,291 | -€181,309 | -14.4% |
| Other amounts receivable | 41 | €6,417,378 | €83,740 | -€6.3m | -98.7% |
| Current investments | 50/53 | €2,940,929 | €5,015,676 | +€2.1m | +70.5% |
| Other investments | 51/53 | €2,940,929 | €5,015,676 | +€2.1m | +70.5% |
| Cash at bank and in hand | 54/58 | €127,393 | €330,548 | +€203,155 | +159.5% |
| Total equity and liabilities | 10/49 | €41,311,994 | €51,074,948 | +€9.8m | +23.6% |
| Equity | 10/15 | €22,606,266 | €22,840,805 | +€234,539 | +1.0% |
| Contributions | 10/11 | €6,000,000 | €6,000,000 | = | 0.0% |
| Reserves | 13 | €16,606,266 | €16,840,805 | +€234,539 | +1.4% |
| Distributable reserves | 133 | €16,606,266 | €16,840,805 | +€234,539 | +1.4% |
| Amounts payable | 17/49 | €18,705,728 | €28,234,144 | +€9.5m | +50.9% |
| Amounts payable after more than one year | 17 | €15,000,000 | €23,295,238 | +€8.3m | +55.3% |
| Financial debts | 170/4 | €15,000,000 | €19,295,238 | +€4.3m | +28.6% |
| Subordinated loans | 170 | €8,000,000 | €6,000,000 | -€2.0m | -25.0% |
| Credit institutions | 173 | €7,000,000 | €13,295,238 | +€6.3m | +89.9% |
| Other amounts payable | 178/9 | - | €4,000,000 | +€4.0m | |
| Amounts payable within one year | 42/48 | €3,705,728 | €4,938,906 | +€1.2m | +33.3% |
| Current portion of amounts payable after more than one year | 42 | €2,333,333 | €3,704,762 | +€1.4m | +58.8% |
| Trade debts | 44 | €953,488 | €744,100 | -€209,388 | -22.0% |
| Suppliers | 440/4 | €953,488 | €744,100 | -€209,388 | -22.0% |
| Taxes, remuneration and social security | 45 | €188,906 | €65,044 | -€123,863 | -65.6% |
| Taxes | 450/3 | €188,906 | €65,044 | -€123,863 | -65.6% |
| Other amounts payable | 47/48 | €230,000 | €425,000 | +€195,000 | +84.8% |
| Operating income | 70/76A | €3,816,000 | €3,525,291 | -€290,709 | -7.6% |
| Turnover | 70 | €3,816,000 | €3,525,291 | -€290,709 | -7.6% |
| Operating charges | 60/66A | €2,720,100 | €2,486,684 | -€233,417 | -8.6% |
| Services and other goods | 61 | €2,719,007 | €2,485,557 | -€233,450 | -8.6% |
| Other operating charges | 640/8 | €1,094 | €1,126 | +€33 | +3.0% |
| Operating profit (loss) | 9901 | €1,095,900 | €1,038,608 | -€57,292 | -5.2% |
| Financial income | 75/76B | €10,509,756 | €39,465 | -€10.5m | -99.6% |
| Recurring financial income | 75 | €10,509,756 | €39,465 | -€10.5m | -99.6% |
| Income from financial fixed assets | 750 | €10,447,000 | - | -€10.4m | |
| Income from current assets | 751 | €62,756 | €39,465 | -€23,291 | -37.1% |
| Financial charges | 65/66B | €586,755 | €765,354 | +€178,598 | +30.4% |
| Recurring financial charges | 65 | €586,755 | €765,354 | +€178,598 | +30.4% |
| Debt charges | 650 | €586,624 | €531,196 | -€55,428 | -9.4% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | - | €232,375 | +€232,375 | |
| Other financial charges | 652/9 | €132 | €1,783 | +€1,651 | +1253.7% |
| Profit (loss) for the period before taxes | 9903 | €11,018,900 | €312,719 | -€10.7m | -97.2% |
| Income taxes | 67/77 | €142,975 | €78,180 | -€64,795 | -45.3% |
| Taxes | 670/3 | €142,975 | €78,180 | -€64,795 | -45.3% |
| Profit (loss) for the period | 9904 | €10,875,925 | €234,539 | -€10.6m | -97.8% |
| Profit (loss) for the period to be appropriated | 9905 | €10,875,925 | €234,539 | -€10.6m | -97.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.