RUSAL: 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.
RUSAL
Largest movements
- Deferred charges and accrued income -€146,778
down €146,778 (-69.6%), from €210,977 to €64,199
- Receivables within one year -€55,903
down €55,903 (-15.9%), from €351,994 to €296,091
of which Trade receivables: -€58,174
- Cash -€17,293
down €17,293 (-98.0%), from €17,641 to €348
mainly Trade debts (-€255,424) and Current portion of long-term debt (-€15,280)
- Trade debts -€255,424
down €255,424 (-38.5%), from €663,025 to €407,601
- Other debts +€26,100
up €26,100 (+144.5%), from €18,062 to €44,162
- Current portion of long-term debt -€15,280
no longer reported in 2025 (was €15,280)
- Profit (loss) carried forward +€9,945
up €9,945, from -€466 to €9,479
- Short-term financial debts +€9,800
up €9,800 (+25.8%), from €37,918 to €47,718
- Gross operating margin +€64,994
up €64,994, from -€28,523 to €36,471
- Taxes +€15,727
new in 2025: €15,727
- Depreciation +€4,130
new in 2025: €4,130
- Financial charges +€1,796
up €1,796 (+38.5%), from €4,665 to €6,461
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 | €746,474 | €527,108 | -€219,367 | -29.4% |
| Fixed assets | 21/28 | €7,543 | €8,150 | +€607 | +8.0% |
| Tangible fixed assets | 22/27 | €6,584 | €7,191 | +€607 | +9.2% |
| Plant, machinery and equipment | 23 | €1,083 | €4,686 | +€3,603 | +332.8% |
| Furniture and vehicles | 24 | €5,501 | €2,505 | -€2,996 | -54.5% |
| Financial fixed assets | 28 | €959 | €959 | = | 0.0% |
| Current assets | 29/58 | €738,931 | €518,958 | -€219,974 | -29.8% |
| Stocks and contracts in progress | 3 | €158,320 | €158,320 | = | 0.0% |
| Stocks | 30/36 | €158,320 | €158,320 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €351,994 | €296,091 | -€55,903 | -15.9% |
| Trade receivables | 40 | €350,321 | €292,147 | -€58,174 | -16.6% |
| Other amounts receivable | 41 | €1,673 | €3,944 | +€2,271 | +135.8% |
| Cash at bank and in hand | 54/58 | €17,641 | €348 | -€17,293 | -98.0% |
| Deferred charges and accrued income | 490/1 | €210,977 | €64,199 | -€146,778 | -69.6% |
| Total equity and liabilities | 10/49 | €746,474 | €527,108 | -€219,367 | -29.4% |
| Equity | 10/15 | €12,190 | €22,135 | +€9,945 | +81.6% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €156 | €156 | = | 0.0% |
| Non-distributable reserves | 130/1 | €156 | €156 | = | 0.0% |
| Reserves not available under the articles | 1311 | €156 | €156 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€466 | €9,479 | +€9,945 | |
| Amounts payable | 17/49 | €734,285 | €504,973 | -€229,312 | -31.2% |
| Amounts payable within one year | 42/48 | €734,285 | €499,481 | -€234,804 | -32.0% |
| Current portion of amounts payable after more than one year | 42 | €15,280 | - | -€15,280 | |
| Financial debts | 43 | €37,918 | €47,718 | +€9,800 | +25.8% |
| Credit institutions | 430/8 | €37,918 | €47,718 | +€9,800 | +25.8% |
| Trade debts | 44 | €663,025 | €407,601 | -€255,424 | -38.5% |
| Suppliers | 440/4 | €663,025 | €407,601 | -€255,424 | -38.5% |
| Other amounts payable | 47/48 | €18,062 | €44,162 | +€26,100 | +144.5% |
| Accrued charges and deferred income | 492/3 | - | €5,492 | +€5,492 | |
| Non-recurring operating income | 76A | €540 | - | -€540 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €4,130 | +€4,130 | |
| Other operating charges | 640/8 | €285 | €209 | -€76 | -26.8% |
| Gross operating margin | 9900 | -€28,523 | €36,471 | +€64,994 | |
| Operating profit (loss) | 9901 | -€28,808 | €32,133 | +€60,941 | |
| Financial income | 75/76B | €27 | €0 | -€26 | -98.7% |
| Recurring financial income | 75 | €27 | €0 | -€26 | -98.7% |
| Financial charges | 65/66B | €4,665 | €6,461 | +€1,796 | +38.5% |
| Recurring financial charges | 65 | €4,665 | €6,461 | +€1,796 | +38.5% |
| Profit (loss) for the period before taxes | 9903 | -€33,447 | €25,672 | +€59,119 | |
| Income taxes | 67/77 | - | €15,727 | +€15,727 | |
| Profit (loss) for the period | 9904 | -€33,447 | €9,945 | +€43,392 | |
| Profit (loss) for the period to be appropriated | 9905 | -€33,447 | €9,945 | +€43,392 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.