RHINO: 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.
RHINO
Largest movements
- Tangible fixed assets +€145,554
up €145,554 (+39.1%), from €372,052 to €517,606
of which Land and buildings: +€158,353
- Cash +€25,316
up €25,316 (+45.2%), from €56,037 to €81,353
mainly Debts after one year (+€101,611) and Depreciation (+€82,169)
- Receivables within one year -€21,249
down €21,249 (-15.9%), from €133,883 to €112,634
of which Trade receivables: -€27,583
- Stocks and contracts -€10,873
down €10,873 (-11.3%), from €96,450 to €85,577
- Debts after one year +€101,611
up €101,611 (+71.4%), from €142,342 to €243,953
- Profit (loss) carried forward +€60,982
up €60,982 (+310%), from €19,657 to €80,640
- Short-term financial debts -€25,029
no longer reported in 2025 (was €25,029)
- Current portion of long-term debt -€19,244
down €19,244 (-24.2%), from €79,600 to €60,356
- Trade debts +€12,757
up €12,757 (+3.9%), from €322,991 to €335,748
- Gross operating margin -€67,870
down €67,870 (-10.8%), from €631,120 to €563,250
- Staff costs -€65,248
down €65,248 (-14.9%), from €436,994 to €371,746
- Financial charges -€19,074
down €19,074 (-45.2%), from €42,237 to €23,163
- Depreciation -€12,603
down €12,603 (-13.3%), from €94,772 to €82,169
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 | €707,360 | €845,691 | +€138,331 | +19.6% |
| Fixed assets | 21/28 | €420,990 | €566,127 | +€145,137 | +34.5% |
| Intangible fixed assets | 21 | €1,763 | €1,346 | -€417 | -23.7% |
| Tangible fixed assets | 22/27 | €372,052 | €517,606 | +€145,554 | +39.1% |
| Land and buildings | 22 | - | €158,353 | +€158,353 | |
| Plant, machinery and equipment | 23 | €258,329 | €245,400 | -€12,929 | -5.0% |
| Furniture and vehicles | 24 | €15,878 | €27,988 | +€12,109 | +76.3% |
| Leasing and similar rights | 25 | €65,713 | €57,138 | -€8,576 | -13.1% |
| Other tangible fixed assets | 26 | €32,132 | €28,729 | -€3,403 | -10.6% |
| Financial fixed assets | 28 | €47,175 | €47,175 | = | 0.0% |
| Current assets | 29/58 | €286,370 | €279,564 | -€6,806 | -2.4% |
| Stocks and contracts in progress | 3 | €96,450 | €85,577 | -€10,873 | -11.3% |
| Stocks | 30/36 | €96,450 | €85,577 | -€10,873 | -11.3% |
| Amounts receivable within one year | 40/41 | €133,883 | €112,634 | -€21,249 | -15.9% |
| Trade receivables | 40 | €79,455 | €51,872 | -€27,583 | -34.7% |
| Other amounts receivable | 41 | €54,428 | €60,762 | +€6,334 | +11.6% |
| Cash at bank and in hand | 54/58 | €56,037 | €81,353 | +€25,316 | +45.2% |
| Total equity and liabilities | 10/49 | €707,360 | €845,691 | +€138,331 | +19.6% |
| Equity | 10/15 | €38,357 | €99,340 | +€60,982 | +159% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €100 | €100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,657 | €80,640 | +€60,982 | +310% |
| Amounts payable | 17/49 | €669,003 | €746,352 | +€77,349 | +11.6% |
| Amounts payable after more than one year | 17 | €142,342 | €243,953 | +€101,611 | +71.4% |
| Financial debts | 170/4 | €142,342 | €243,953 | +€101,611 | +71.4% |
| Amounts payable within one year | 42/48 | €526,661 | €502,399 | -€24,262 | -4.6% |
| Current portion of amounts payable after more than one year | 42 | €79,600 | €60,356 | -€19,244 | -24.2% |
| Financial debts | 43 | €25,029 | - | -€25,029 | |
| Credit institutions | 430/8 | €25,029 | - | -€25,029 | |
| Trade debts | 44 | €322,991 | €335,748 | +€12,757 | +3.9% |
| Suppliers | 440/4 | €322,991 | €335,748 | +€12,757 | +3.9% |
| Taxes, remuneration and social security | 45 | €99,041 | €106,196 | +€7,156 | +7.2% |
| Taxes | 450/3 | €6,475 | €1,927 | -€4,548 | -70.2% |
| Remuneration and social security | 454/9 | €92,566 | €104,270 | +€11,704 | +12.6% |
| Other amounts payable | 47/48 | - | €98 | +€98 | |
| Remuneration, social security and pensions | 62 | €436,994 | €371,746 | -€65,248 | -14.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,772 | €82,169 | -€12,603 | -13.3% |
| Other operating charges | 640/8 | €3,663 | €2,774 | -€888 | -24.3% |
| Non-recurring operating charges | 66A | €546 | €906 | +€360 | +66.0% |
| Gross operating margin | 9900 | €631,120 | €563,250 | -€67,870 | -10.8% |
| Operating profit (loss) | 9901 | €95,145 | €105,655 | +€10,510 | +11.0% |
| Financial income | 75/76B | €50 | €82 | +€32 | +65.1% |
| Recurring financial income | 75 | €50 | €82 | +€32 | +65.1% |
| Financial charges | 65/66B | €42,237 | €23,163 | -€19,074 | -45.2% |
| Recurring financial charges | 65 | €42,237 | €23,163 | -€19,074 | -45.2% |
| Profit (loss) for the period before taxes | 9903 | €52,958 | €82,574 | +€29,616 | +55.9% |
| Income taxes | 67/77 | €23,369 | €21,592 | -€1,777 | -7.6% |
| Profit (loss) for the period | 9904 | €29,589 | €60,982 | +€31,393 | +106% |
| Profit (loss) for the period to be appropriated | 9905 | €29,589 | €60,982 | +€31,393 | +106% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.