RINA MANAGEMENT: 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.
RINA MANAGEMENT
Largest movements
- Cash +€2,979
up €2,979 (+22.6%), from €13,158 to €16,136
mainly Net result for the year (+€3,671) and Depreciation (+€2,081)
- Tangible fixed assets -€2,081
down €2,081 (-45.1%), from €4,611 to €2,530
of which Plant, machinery and equipment: -€1,783
- Receivables within one year +€1,359
up €1,359 (+14.9%), from €9,098 to €10,458
of which Other amounts receivable: +€2,209
- Profit (loss) carried forward +€3,671
up €3,671 (+0.8%), from -€449,270 to -€445,599
- Trade debts -€2,108
no longer reported in 2025 (was €2,108)
- Other debts +€694
up €694 (+0.7%), from €105,358 to €106,052
- Write-downs -€27,725
down €27,725 (-132.3%), from -€20,950 to -€48,675
- Gross operating margin -€7,452
down €7,452 (-21.7%), from -€34,282 to -€41,734
- Other operating charges -€4,611
down €4,611 (-83.1%), from €5,549 to €938
- Financial income -€1,548
down €1,548 (-77.4%), from €1,998 to €451
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €26,867 | €29,124 | +€2,257 | +8.4% |
| Fixed assets | 21/28 | €4,611 | €2,530 | -€2,081 | -45.1% |
| Tangible fixed assets | 22/27 | €4,611 | €2,530 | -€2,081 | -45.1% |
| Plant, machinery and equipment | 23 | €3,095 | €1,311 | -€1,783 | -57.6% |
| Furniture and vehicles | 24 | €1,517 | €1,219 | -€297 | -19.6% |
| Current assets | 29/58 | €22,256 | €26,594 | +€4,338 | +19.5% |
| Amounts receivable within one year | 40/41 | €9,098 | €10,458 | +€1,359 | +14.9% |
| Trade receivables | 40 | €850 | - | -€850 | |
| Other amounts receivable | 41 | €8,248 | €10,458 | +€2,209 | +26.8% |
| Cash at bank and in hand | 54/58 | €13,158 | €16,136 | +€2,979 | +22.6% |
| Total equity and liabilities | 10/49 | €26,867 | €29,124 | +€2,257 | +8.4% |
| Equity | 10/15 | -€80,670 | -€76,999 | +€3,671 | +4.6% |
| Contributions | 10/11 | €368,600 | €368,600 | = | 0.0% |
| Outside capital | 11 | €368,600 | €368,600 | = | 0.0% |
| Other | 1109/19 | €368,600 | €368,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€449,270 | -€445,599 | +€3,671 | +0.8% |
| Amounts payable | 17/49 | €107,537 | €106,123 | -€1,414 | -1.3% |
| Amounts payable within one year | 42/48 | €107,537 | €106,123 | -€1,414 | -1.3% |
| Trade debts | 44 | €2,108 | - | -€2,108 | |
| Suppliers | 440/4 | €2,108 | - | -€2,108 | |
| Taxes, remuneration and social security | 45 | €71 | €71 | = | 0.0% |
| Taxes | 450/3 | €71 | €71 | = | 0.0% |
| Other amounts payable | 47/48 | €105,358 | €106,052 | +€694 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,783 | €2,081 | +€297 | +16.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€20,950 | -€48,675 | -€27,725 | -132.3% |
| Other operating charges | 640/8 | €5,549 | €938 | -€4,611 | -83.1% |
| Gross operating margin | 9900 | -€34,282 | -€41,734 | -€7,452 | -21.7% |
| Operating profit (loss) | 9901 | -€20,665 | €3,922 | +€24,586 | |
| Financial income | 75/76B | €1,998 | €451 | -€1,548 | -77.4% |
| Recurring financial income | 75 | €1,998 | €451 | -€1,548 | -77.4% |
| Financial charges | 65/66B | €663 | €701 | +€38 | +5.7% |
| Recurring financial charges | 65 | €663 | €701 | +€38 | +5.7% |
| Profit (loss) for the period before taxes | 9903 | -€19,330 | €3,671 | +€23,001 | |
| Income taxes | 67/77 | €71 | - | -€71 | |
| Profit (loss) for the period | 9904 | -€19,400 | €3,671 | +€23,072 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,400 | €3,671 | +€23,072 |
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 6 October 2026 via checked.be.