RINADI: 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.
RINADI
Largest movements
- Stocks and contracts -€57,228
no longer reported in 2025 (was €57,228)
- Cash +€27,923
up €27,923 (+6.2%), from €451,778 to €479,702
mainly Stocks and contracts (+€57,228) and Depreciation (+€24,269)
- Receivables within one year -€21,868
down €21,868 (-18.0%), from €121,385 to €99,517
of which Trade receivables: -€19,023
- Tangible fixed assets -€18,983
down €18,983 (-2.2%), from €851,924 to €832,941
of which Land and buildings: -€18,901
- Other debts -€27,188
down €27,188 (-93.6%), from €29,063 to €1,874
- Reserves -€24,760
down €24,760 (-3.7%), from €675,382 to €650,622
of which Distributable reserves: -€24,760
- Trade debts -€19,255
down €19,255 (-92.8%), from €20,752 to €1,497
- Taxes -€7,557
down €7,557 (-94.3%), from €8,017 to €460
- Financial income -€5,972
down €5,972 (-79.6%), from €7,506 to €1,534
- Gross operating margin -€5,577
down €5,577 (-13.6%), from €40,869 to €35,291
- Staff costs +€2,915
no longer reported in 2025 (was -€2,915)
- Depreciation +€641
up €641 (+2.7%), from €23,628 to €24,269
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 | €1,548,632 | €1,476,870 | -€71,762 | -4.6% |
| Fixed assets | 21/28 | €917,828 | €897,227 | -€20,601 | -2.2% |
| Tangible fixed assets | 22/27 | €851,924 | €832,941 | -€18,983 | -2.2% |
| Land and buildings | 22 | €851,584 | €832,683 | -€18,901 | -2.2% |
| Plant, machinery and equipment | 23 | €340 | €258 | -€82 | -24.0% |
| Financial fixed assets | 28 | €65,904 | €64,286 | -€1,618 | -2.5% |
| Current assets | 29/58 | €630,804 | €579,642 | -€51,161 | -8.1% |
| Stocks and contracts in progress | 3 | €57,228 | - | -€57,228 | |
| Stocks | 30/36 | €57,228 | - | -€57,228 | |
| Amounts receivable within one year | 40/41 | €121,385 | €99,517 | -€21,868 | -18.0% |
| Trade receivables | 40 | €116,597 | €97,574 | -€19,023 | -16.3% |
| Other amounts receivable | 41 | €4,788 | €1,943 | -€2,845 | -59.4% |
| Cash at bank and in hand | 54/58 | €451,778 | €479,702 | +€27,923 | +6.2% |
| Deferred charges and accrued income | 490/1 | €413 | €424 | +€11 | +2.7% |
| Total equity and liabilities | 10/49 | €1,548,632 | €1,476,870 | -€71,762 | -4.6% |
| Equity | 10/15 | €1,497,502 | €1,472,742 | -€24,760 | -1.7% |
| Contributions | 10/11 | €822,120 | €822,120 | = | 0.0% |
| Capital | 10 | €822,120 | €822,120 | = | 0.0% |
| Issued capital | 100 | €822,120 | €822,120 | = | 0.0% |
| Reserves | 13 | €675,382 | €650,622 | -€24,760 | -3.7% |
| Non-distributable reserves | 130/1 | €41,281 | €41,281 | = | 0.0% |
| Legal reserve | 130 | €41,281 | €41,281 | = | 0.0% |
| Distributable reserves | 133 | €634,102 | €609,342 | -€24,760 | -3.9% |
| Amounts payable | 17/49 | €51,129 | €4,127 | -€47,002 | -91.9% |
| Amounts payable within one year | 42/48 | €51,129 | €4,127 | -€47,002 | -91.9% |
| Trade debts | 44 | €20,752 | €1,497 | -€19,255 | -92.8% |
| Suppliers | 440/4 | €20,752 | €1,497 | -€19,255 | -92.8% |
| Taxes, remuneration and social security | 45 | €1,315 | €756 | -€559 | -42.5% |
| Taxes | 450/3 | €1,315 | €756 | -€559 | -42.5% |
| Other amounts payable | 47/48 | €29,063 | €1,874 | -€27,188 | -93.6% |
| Remuneration, social security and pensions | 62 | -€2,915 | - | +€2,915 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,628 | €24,269 | +€641 | +2.7% |
| Other operating charges | 640/8 | €6,246 | €5,672 | -€574 | -9.2% |
| Non-recurring operating charges | 66A | - | €30,909 | +€30,909 | |
| Gross operating margin | 9900 | €40,869 | €35,291 | -€5,577 | -13.6% |
| Operating profit (loss) | 9901 | €13,909 | -€25,559 | -€39,468 | |
| Financial income | 75/76B | €7,506 | €1,534 | -€5,972 | -79.6% |
| Recurring financial income | 75 | €7,506 | €1,534 | -€5,972 | -79.6% |
| Financial charges | 65/66B | €310 | €275 | -€35 | -11.2% |
| Recurring financial charges | 65 | €310 | €275 | -€35 | -11.2% |
| Profit (loss) for the period before taxes | 9903 | €21,105 | -€24,300 | -€45,405 | |
| Income taxes | 67/77 | €8,017 | €460 | -€7,557 | -94.3% |
| Profit (loss) for the period | 9904 | €13,088 | -€24,760 | -€37,849 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,088 | -€24,760 | -€37,849 |
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 20 October 2026 via checked.be.