RINARDO: 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.
RINARDO
Largest movements
- Tangible fixed assets -€517,595
down €517,595 (-18.9%), from €2.7m to €2.2m
of which Land and buildings: -€458,616
- Cash +€364,015
up €364,015 (+1276.0%), from €28,527 to €392,543
mainly Investment in fixed assets (net) (+€420,023) and Tax, wage and social debts (+€110,218)
- Debts after one year -€166,513
down €166,513 (-22.3%), from €748,035 to €581,521
- Tax, wage and social debts +€110,218
up €110,218 (+17392.8%), from €634 to €110,852
- Other debts -€96,839
down €96,839 (-6.7%), from €1.4m to €1.3m
- Gross operating margin +€108,376
up €108,376 (+311.7%), from €34,766 to €143,142
- Depreciation -€20,122
down €20,122 (-16.9%), from €119,194 to €99,072
- Other operating charges +€7,065
up €7,065 (+39.7%), from €17,792 to €24,856
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 | €2,768,483 | €2,611,361 | -€157,123 | -5.7% |
| Fixed assets | 21/28 | €2,735,356 | €2,216,261 | -€519,095 | -19.0% |
| Tangible fixed assets | 22/27 | €2,733,856 | €2,216,261 | -€517,595 | -18.9% |
| Land and buildings | 22 | €2,645,721 | €2,187,104 | -€458,616 | -17.3% |
| Plant, machinery and equipment | 23 | €88,135 | €29,157 | -€58,979 | -66.9% |
| Financial fixed assets | 28 | €1,500 | €0 | -€1,500 | -100.0% |
| Current assets | 29/58 | €33,127 | €395,100 | +€361,973 | +1092.7% |
| Amounts receivable within one year | 40/41 | €1,373 | €38 | -€1,335 | -97.2% |
| Trade receivables | 40 | €266 | €0 | -€266 | -100.0% |
| Other amounts receivable | 41 | €1,107 | €38 | -€1,069 | -96.5% |
| Cash at bank and in hand | 54/58 | €28,527 | €392,543 | +€364,015 | +1276.0% |
| Deferred charges and accrued income | 490/1 | €3,226 | €2,519 | -€708 | -21.9% |
| Total equity and liabilities | 10/49 | €2,768,483 | €2,611,361 | -€157,123 | -5.7% |
| Equity | 10/15 | €510,796 | €506,258 | -€4,538 | -0.9% |
| Contributions | 10/11 | €537,184 | €537,184 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€26,388 | -€30,926 | -€4,538 | -17.2% |
| Amounts payable | 17/49 | €2,257,687 | €2,105,102 | -€152,585 | -6.8% |
| Amounts payable after more than one year | 17 | €748,035 | €581,521 | -€166,513 | -22.3% |
| Financial debts | 170/4 | €748,035 | €581,521 | -€166,513 | -22.3% |
| Amounts payable within one year | 42/48 | €1,509,551 | €1,523,163 | +€13,612 | +0.9% |
| Current portion of amounts payable after more than one year | 42 | €66,478 | €58,107 | -€8,371 | -12.6% |
| Trade debts | 44 | €1,161 | €9,765 | +€8,604 | +741.2% |
| Suppliers | 440/4 | €1,161 | €9,765 | +€8,604 | +741.2% |
| Taxes, remuneration and social security | 45 | €634 | €110,852 | +€110,218 | +17392.8% |
| Taxes | 450/3 | €634 | €110,852 | +€110,218 | +17392.8% |
| Other amounts payable | 47/48 | €1,441,279 | €1,344,440 | -€96,839 | -6.7% |
| Accrued charges and deferred income | 492/3 | €101 | €417 | +€316 | +312.0% |
| Non-recurring operating income | 76A | €256 | €105,799 | +€105,544 | +41290.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,194 | €99,072 | -€20,122 | -16.9% |
| Other operating charges | 640/8 | €17,792 | €24,856 | +€7,065 | +39.7% |
| Non-recurring operating charges | 66A | - | €13,121 | +€13,121 | |
| Gross operating margin | 9900 | €34,766 | €143,142 | +€108,376 | +311.7% |
| Operating profit (loss) | 9901 | -€102,220 | €6,092 | +€108,312 | |
| Financial income | 75/76B | €547 | €0 | -€547 | -100.0% |
| Recurring financial income | 75 | €547 | €0 | -€547 | -100.0% |
| Financial charges | 65/66B | €10,111 | €10,468 | +€356 | +3.5% |
| Recurring financial charges | 65 | €10,111 | €10,468 | +€356 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | -€111,784 | -€4,376 | +€107,408 | +96.1% |
| Income taxes | 67/77 | €210 | €162 | -€49 | -23.1% |
| Profit (loss) for the period | 9904 | -€111,994 | -€4,538 | +€107,457 | +95.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€111,994 | -€4,538 | +€107,457 | +95.9% |
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 3 October 2026 via checked.be.