RINALDI: 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.
RINALDI
Largest movements
- Cash -€273,982
down €273,982 (-57.0%), from €480,429 to €206,446
mainly Receivables within one year (-€243,235) and Investment in fixed assets (net) (-€167,979)
- Receivables within one year +€243,235
up €243,235 (+116%), from €208,839 to €452,075
of which Other amounts receivable: +€241,116
- Tangible fixed assets +€53,385
up €53,385 (+10.7%), from €497,920 to €551,306
of which Plant, machinery and equipment: +€56,985
- Deferred charges and accrued income -€14,324
down €14,324 (-51.4%), from €27,875 to €13,551
- Debts after one year +€32,389
up €32,389 (+51.4%), from €63,006 to €95,394
- Current portion of long-term debt +€23,666
up €23,666 (+31.5%), from €75,160 to €98,826
- Reserves -€14,614
down €14,614 (-3.1%), from €471,497 to €456,883
of which Tax-exempt reserves: -€134,720
- Gross operating margin -€180,845
down €180,845 (-11.9%), from €1.5m to €1.3m
- Depreciation -€66,648
down €66,648 (-36.8%), from €181,286 to €114,638
- Taxes -€19,384
down €19,384 (-39.1%), from €49,528 to €30,144
- Staff costs +€18,920
up €18,920 (+1.7%), from €1.1m to €1.2m
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 | €1,267,744 | €1,280,739 | +€12,996 | +1.0% |
| Fixed assets | 21/28 | €521,964 | €575,306 | +€53,341 | +10.2% |
| Intangible fixed assets | 21 | €44 | - | -€44 | |
| Tangible fixed assets | 22/27 | €497,920 | €551,306 | +€53,385 | +10.7% |
| Land and buildings | 22 | €141,454 | €132,284 | -€9,170 | -6.5% |
| Plant, machinery and equipment | 23 | €308,813 | €365,798 | +€56,985 | +18.5% |
| Furniture and vehicles | 24 | €47,654 | €53,223 | +€5,570 | +11.7% |
| Financial fixed assets | 28 | €24,000 | €24,000 | = | 0.0% |
| Current assets | 29/58 | €745,779 | €705,434 | -€40,345 | -5.4% |
| Stocks and contracts in progress | 3 | €28,636 | €33,362 | +€4,726 | +16.5% |
| Stocks | 30/36 | €28,636 | €33,362 | +€4,726 | +16.5% |
| Amounts receivable within one year | 40/41 | €208,839 | €452,075 | +€243,235 | +116% |
| Trade receivables | 40 | - | €2,119 | +€2,119 | |
| Other amounts receivable | 41 | €208,839 | €449,955 | +€241,116 | +115% |
| Cash at bank and in hand | 54/58 | €480,429 | €206,446 | -€273,982 | -57.0% |
| Deferred charges and accrued income | 490/1 | €27,875 | €13,551 | -€14,324 | -51.4% |
| Total equity and liabilities | 10/49 | €1,267,744 | €1,280,739 | +€12,996 | +1.0% |
| Equity | 10/15 | €533,471 | €514,283 | -€19,188 | -3.6% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €471,497 | €456,883 | -€14,614 | -3.1% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €193,660 | €58,940 | -€134,720 | -69.6% |
| Distributable reserves | 133 | €271,640 | €391,746 | +€120,106 | +44.2% |
| Profit (loss) carried forward | 14 | - | -€4,574 | -€4,574 | |
| Amounts payable | 17/49 | €734,273 | €766,457 | +€32,184 | +4.4% |
| Amounts payable after more than one year | 17 | €63,006 | €95,394 | +€32,389 | +51.4% |
| Financial debts | 170/4 | €63,006 | €95,394 | +€32,389 | +51.4% |
| Amounts payable within one year | 42/48 | €671,267 | €670,999 | -€268 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | €75,160 | €98,826 | +€23,666 | +31.5% |
| Trade debts | 44 | €354,533 | €344,071 | -€10,462 | -3.0% |
| Suppliers | 440/4 | €354,533 | €344,071 | -€10,462 | -3.0% |
| Taxes, remuneration and social security | 45 | €149,642 | €138,362 | -€11,280 | -7.5% |
| Taxes | 450/3 | €17,970 | €20,305 | +€2,335 | +13.0% |
| Remuneration and social security | 454/9 | €131,672 | €118,057 | -€13,615 | -10.3% |
| Other amounts payable | 47/48 | €91,932 | €89,740 | -€2,193 | -2.4% |
| Accrued charges and deferred income | 492/3 | - | €63 | +€63 | |
| Remuneration, social security and pensions | 62 | €1,146,614 | €1,165,535 | +€18,920 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €181,286 | €114,638 | -€66,648 | -36.8% |
| Other operating charges | 640/8 | €19,304 | €18,219 | -€1,085 | -5.6% |
| Non-recurring operating charges | 66A | - | €18 | +€18 | |
| Gross operating margin | 9900 | €1,517,340 | €1,336,496 | -€180,845 | -11.9% |
| Operating profit (loss) | 9901 | €170,136 | €38,086 | -€132,050 | -77.6% |
| Financial income | 75/76B | €12,952 | €1,418 | -€11,533 | -89.0% |
| Recurring financial income | 75 | €12,952 | €1,418 | -€11,533 | -89.0% |
| Financial charges | 65/66B | €36,244 | €28,549 | -€7,695 | -21.2% |
| Recurring financial charges | 65 | €36,244 | €28,549 | -€7,695 | -21.2% |
| Profit (loss) for the period before taxes | 9903 | €146,844 | €10,956 | -€135,888 | -92.5% |
| Income taxes | 67/77 | €49,528 | €30,144 | -€19,384 | -39.1% |
| Profit (loss) for the period | 9904 | €97,316 | -€19,188 | -€116,504 | |
| Transfer from tax-exempt reserves | 789 | - | €134,720 | +€134,720 | |
| Transfer to tax-exempt reserves | 689 | €46,310 | - | -€46,310 | |
| Profit (loss) for the period to be appropriated | 9905 | €51,006 | €115,532 | +€64,526 | +127% |
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 25 October 2026 via checked.be.