Income Statement Bellini Nautica S.p.A.

Stocks

BELL

IT0005497042

Recreational Products

Market Closed - Borsa Italiana Other stock markets 16:45:00 10/06/2026 BST			5-day change	1st Jan Change
3.160 ^EUR	0.00%		+3.27%	+24.41%

04-23	Bellini Nautica launches new high-performance Astor 38 prototype	AN
04-13	Bellini Nautica S.p.A. Reports Earnings Results for the Full Year Ended December 31, 2025	CI

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Published financial data: BELLINI NAUTICA S.P.A.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	10.25M	12.1M	11.12M	20M	23.82M
Other Revenues, Total	640K	398K	645K	235K	627K
Total Revenues	10.89M	12.5M	11.76M	20.24M	24.44M
Cost of Goods Sold, Total	8.08M	10.17M	9.29M	17.5M	20.56M
Gross Profit	2.81M	2.33M	2.47M	2.74M	3.89M
Selling General & Admin Expenses, Total	536K	944K	1.43M	966K	1.52M
Provision for Bad Debts	15.94K	314K	23.66K	27.68K	28.16K
Depreciation & Amortization - (IS)	161K	86.7K	51.54K	118K	260K
Amortization of Goodwill and Intangible Assets - (IS)	12.18K	179K	203K	440K	726K
Other Operating Expenses	259K	355K	292K	976K	898K
Other Operating Expenses, Total	984K	1.88M	2M	2.53M	3.43M
Operating Income	1.83M	449K	472K	207K	454K
Interest Expense, Total	-	-11.29K	-41.94K	-101K	-89.9K
Interest And Investment Income	-	-	-	-	-
Net Interest Expenses	-	-11.29K	-41.94K	-101K	-89.9K
Currency Exchange Gains (Loss)	-15.39K	-68.03K	-51	-1	-173
Other Non Operating Income (Expenses)	87.21K	-41.55K	-101K	-40.77K	-167K
EBT, Excl. Unusual Items	1.9M	328K	328K	65.2K	198K
Gain (Loss) On Sale Of Investments	-34.54K	-	-	-	-
Gain (Loss) On Sale Of Assets	-	796K	-	-	-
Other Unusual Items	-	-4K	-101K	-	-
EBT, Incl. Unusual Items	1.86M	1.12M	227K	65.2K	198K
Income Tax Expense	591K	446K	-14.04K	191K	102K
Earnings From Continuing Operations	1.27M	674K	241K	-126K	95.74K
Net Income to Company	1.27M	674K	241K	-126K	95.74K
Minority Interest	-	-	-	-	-8.09K
Net Income - (IS)	1.27M	674K	241K	-126K	87.66K
Net Income to Common Incl Extra Items	1.27M	674K	241K	-126K	87.66K
Net Income to Common Excl. Extra Items	1.27M	674K	241K	-126K	87.66K
Supplemental Items
EBITDA	2M	715K	727K	765K	1.44M
EBITA	1.84M	628K	675K	647K	1.18M
EBIT	1.83M	449K	472K	207K	454K
EBITDAR	-	995K	1.15M	1.17M	1.86M
Total Revenues (As Reported)	11.12M	15.47M	14.63M	20.81M	28.95M
Effective Tax Rate - (Ratio)	31.73	39.79	-6.18	293.4	51.53
Current Domestic Taxes	591K	307K	20.76K	226K	137K
Total Current Taxes	591K	307K	20.76K	226K	137K
Deferred Domestic Taxes	-	139K	-34.8K	-34.8K	-34.8K
Total Deferred Taxes	-	139K	-34.8K	-34.8K	-34.8K
Normalized Net Income	1.19M	205K	205K	40.75K	115K
Supplemental Operating Expense Items
Marketing Expenses	-	281K	227K	-	-
Selling and Marketing Expenses	-	-	227K	-	-
Net Rental Expense, Total	-	280K	418K	407K	419K
Imputed Operating Lease Interest Expense	-	9.52K	43.28K	69.2K	54K
Imputed Operating Lease Depreciation	-	270K	375K	337K	365K
Maintenance & Repair Expenses, Total	-	17K	27K	-	-

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	245K	326K	486K	548K	445K
Total Cash And Short Term Investments	245K	326K	486K	548K	445K
Accounts Receivable, Total	3.67M	5.59M	6.41M	6.35M	9.34M
Other Receivables	65.83K	2.27M	746K	1.07M	2.32M
Total Receivables	3.73M	7.86M	7.15M	7.42M	11.66M
Inventory	2.79M	5.02M	9M	9.88M	15.84M
Other Current Assets, Total	303K	-	-	-	-
Total Current Assets	7.08M	13.2M	16.64M	17.84M	27.94M
Gross Property Plant And Equipment	1.93M	1.61M	-	-	-
Accumulated Depreciation	-1.01M	-1.12M	-	-	-
Net Property Plant And Equipment	919K	488K	268K	974K	1.74M
Long-term Investments	296K	597	95.6K	597	597
Goodwill	-	44.41K	33.31K	22.21K	11.1K
Other Intangibles, Total	48.56K	120K	348K	773K	665K
Deferred Charges Long-Term	-	544K	408K	686K	1.48M
Other Long-Term Assets, Total	48.27K	101K	94.5K	100K	97.15K
Total Assets	8.39M	14.5M	17.89M	20.4M	31.94M
Liabilities
Accounts Payable, Total	1.26M	3.74M	3.83M	5.16M	10.03M
Accrued Expenses, Total	24.52K	208K	170K	159K	145K
Short-term Borrowings	672	-	-	120K	120K
Current Portion of Long-Term Debt	1.91M	1.73M	2.64M	3.18M	3.84M
Current Income Taxes Payable	811K	100K	233K	316K	61.92K
Other Current Liabilities	609K	876K	1.93M	1.24M	4.22M
Total Current Liabilities	4.62M	6.66M	8.8M	10.18M	18.41M
Long-Term Debt	836K	827K	1.29M	2.27M	1.63M
Unearned Revenue Non Current	17.46K	-	-	-	-
Other Non Current Liabilities	270K	239K	327K	645K	399K
Total Liabilities	5.74M	7.73M	10.42M	13.09M	20.44M
Common Stock, Total	33.8K	63.8K	63.8K	63.8K	63.8K
Additional Paid In Capital	-	3.57M	3.57M	3.57M	3.57M
Retained Earnings	1.86M	2.36M	2.64M	2.63M	5.2M
Comprehensive Income and Other	744K	776K	970K	858K	858K
Total Common Equity	2.64M	6.77M	7.24M	7.12M	9.69M
Minority Interest	-	-	225K	191K	1.81M
Total Equity	2.64M	6.77M	7.46M	7.31M	11.5M
Total Liabilities And Equity	8.39M	14.5M	17.89M	20.4M	31.94M
Supplemental Items
Tangible Book Value	2.59M	6.61M	6.86M	6.32M	9.02M
Total Debt	2.75M	2.56M	3.93M	5.56M	5.59M
Net Debt	2.5M	2.23M	3.44M	5.02M	5.15M
Debt Equivalent Oper. Leases	-	2.24M	3.35M	3.25M	3.35M
Minority Interest, Total (Incl. Fin. Div)	-	-	225K	191K	1.81M
Account Code - Inventory Valuation	3	-	3	3	3
Inventories - Raw Materials, Total	29.13K	287K	170K	556K	609K
Inventories - Work In Process, Total	-	-	-	200K	4.23M
Inventories - Finished Goods, Total	2.48M	4.73M	8.52M	8.87M	10.52M
Inventories - Others	283K	-	304K	255K	479K
Land - (BS)	-	231K	-	-	-
Machinery, Total	834K	884K	-	-	-
Full Time Employees	17	-	21	28	28
Accumulated Allowance for Doubtful Accounts (Supple)	33.84K	-	-	-	-

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	1.27M	674K	241K	-126K	87.66K
Depreciation & Amortization - CF	161K	86.7K	51.54K	118K	260K
Amortization of Goodwill and Intangible Assets - (CF)	12.18K	179K	203K	440K	726K
Depreciation & Amortization, Total	173K	266K	255K	558K	986K
Other Operating Activities, Total	673K	-680K	557K	373K	-239K
Change In Accounts Receivable	-2.49M	-1.73M	-820K	62.47K	-2.99M
Change In Inventories	-391K	-2.04M	-3.98M	-880K	-5.96M
Change In Accounts Payable	-55.22K	2.69M	989K	661K	7.91M
Change in Other Net Operating Assets	378K	-2.59M	1.92M	-146K	-1.59M
Cash from Operations	-439K	-3.41M	-837K	502K	-1.8M
Capital Expenditure	-21.41K	-26.01K	-34.03K	-824K	-1.03M
Sale of Property, Plant, and Equipment	-	817K	-	-	-
Sale (Purchase) of Intangible assets	-60.74K	-784K	-81.37K	-1.13M	1.4M
Investment in Marketable and Equity Securities, Total	-598K	-	-	-	-2.31K
Cash from Investing	-680K	7.2K	-115K	-1.96M	374K
Short Term Debt Issued, Total	1.37M	177K	-	539K	-
Long-Term Debt Issued, Total	-	-	1.5M	1.85M	-
Total Debt Issued	1.37M	177K	1.5M	2.39M	-
Long-Term Debt Repaid, Total	-694K	-295K	-388K	-873K	-875K
Total Debt Repaid	-694K	-295K	-388K	-873K	-875K
Issuance of Common Stock	-	3.6M	-	-	2.19M
Other Financing Activities, Total	-3	-	-	-	-
Cash from Financing	677K	3.48M	1.11M	1.52M	1.32M
Net Change in Cash	-442K	80.19K	159K	62.45K	-103K
Supplemental Items
Cash Income Tax Paid (Refund)	98.94K	446K	-	191K	102K
Levered Free Cash Flow	-840K	-4.09M	-1.63M	-1.76M	-1.05M
Unlevered Free Cash Flow	-840K	-4.09M	-1.6M	-1.7M	-993K
Change In Net Working Capital	2.07M	3.82M	2.04M	428K	2.64M
Net Debt Issued / Repaid	677K	-118K	1.11M	1.52M	-875K

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	16.61	2.45	1.82	0.68	1.08
Return on Total Capital	25.83	3.81	2.85	1.07	1.89
Return On Equity %	63.39	14.32	3.39	-1.71	1.02
Return on Common Equity	63.39	14.32	3.45	-1.76	1.04
Margin Analysis
Gross Profit Margin %	25.81	18.62	20.99	13.51	15.9
SG&A Margin	4.92	7.55	12.13	4.77	6.22
EBITDA Margin %	18.36	5.72	6.18	3.78	5.89
EBITA Margin %	16.88	5.03	5.74	3.2	4.83
EBIT Margin %	16.77	3.59	4.01	1.02	1.86
Income From Continuing Operations Margin %	11.68	5.4	2.05	-0.62	0.39
Net Income Margin %	11.68	5.4	2.05	-0.62	0.36
Net Avail. For Common Margin %	11.68	5.4	2.05	-0.62	0.36
Normalized Net Income Margin	10.89	1.64	1.74	0.2	0.47
Levered Free Cash Flow Margin	-7.72	-32.74	-13.85	-8.69	-4.29
Unlevered Free Cash Flow Margin	-7.72	-32.69	-13.63	-8.38	-4.06
Asset Turnover
Asset Turnover	1.58	1.09	0.73	1.06	0.93
Fixed Assets Turnover	11.01	17.76	31.1	32.58	17.99
Receivables Turnover (Average Receivables)	4.23	2.61	1.85	3.14	3.04
Inventory Turnover (Average Inventory)	3.11	2.6	1.33	1.85	1.6
Short Term Liquidity
Current Ratio	1.53	1.98	1.89	1.75	1.52
Quick Ratio	0.86	1.23	0.87	0.78	0.66
Operating Cash Flow to Current Liabilities	-0.1	-0.51	-0.1	0.05	-0.1
Days Sales Outstanding (Average Receivables)	86.32	139.61	196.96	116.69	120.19
Days Outstanding Inventory (Average Inventory)	117.45	140.14	275.19	197.35	228.29
Average Days Payable Outstanding	50.56	73.74	104.16	89.57	104.55
Cash Conversion Cycle (Average Days)	153.21	206.01	367.98	224.46	243.93
Long Term Solvency
Total Debt/Equity	104.05	37.78	52.61	76.12	48.61
Total Debt / Total Capital	50.99	27.42	34.47	43.22	32.71
LT Debt/Equity	31.64	12.2	17.29	31.03	14.18
Long-Term Debt / Total Capital	15.5	8.86	11.33	17.62	9.54
Total Liabilities / Total Assets	68.49	53.28	58.27	64.17	63.99
EBIT / Interest Expense	-	39.77	11.25	2.05	5.05
EBITDA / Interest Expense	-	63.33	17.33	7.58	16.02
(EBITDA - Capex) / Interest Expense	-	61.02	16.52	-0.59	4.58
Total Debt / EBITDA	1.38	3.58	5.4	7.27	3.88
Net Debt / EBITDA	1.25	3.12	4.74	6.55	3.57
Total Debt / (EBITDA - Capex)	1.39	3.71	5.67	-93.94	13.57
Net Debt / (EBITDA - Capex)	1.27	3.24	4.97	-84.68	12.49
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	125.34	14.8	-5.89	72.06	20.78
Gross Profit, 1 Yr. Growth %	517.93	-17.15	6.06	22	42.11
EBITDA, 1 Yr. Growth %	2.52K	-64.24	1.63	22.31	88.19
EBITA, 1 Yr. Growth %	5.4K	-65.82	7.45	12.7	82.46
EBIT, 1 Yr. Growth %	5.37K	-75.41	5.09	-44.2	119.48
Earnings From Cont. Operations, 1 Yr. Growth %	-39.45K	-46.99	-64.2	-152.23	-159.62
Net Income, 1 Yr. Growth %	-39.45K	-46.99	-64.2	-152.23	-143.69
Normalized Net Income, 1 Yr. Growth %	5.6K	-82.71	0.08	-71.32	-653.78
Accounts Receivable, 1 Yr. Growth %	211.13	52.36	14.67	-0.97	47.16
Inventory, 1 Yr. Growth %	16.26	79.46	79.39	9.78	60.33
Net Property, Plant and Equip., 1 Yr. Growth %	-13.2	-46.86	-45.11	263.47	78.87
Total Assets, 1 Yr. Growth %	56.59	72.87	23.36	14.05	56.59
Tangible Book Value, 1 Yr. Growth %	89.26	154.75	3.76	-7.81	42.62
Common Equity, 1 Yr. Growth %	92.81	156.31	6.87	-1.68	36.19
Cash From Operations, 1 Yr. Growth %	-193.02	675.76	-75.44	-159.98	-458.15
Capital Expenditures, 1 Yr. Growth %	-97.8	21.52	30.8	2.32K	24.69
Levered Free Cash Flow, 1 Yr. Growth %	172.39	387.09	-60.19	3.94	-40.39
Unlevered Free Cash Flow, 1 Yr. Growth %	172.39	386.25	-60.76	1.79	-41.48
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	33.99	60.84	3.94	27.25	44.16
Gross Profit, 2 Yr. CAGR %	97.53	126.26	-6.26	8.39	31.67
EBITDA, 2 Yr. CAGR %	156.27	206	-39.71	3.46	51.72
EBITA, 2 Yr. CAGR %	155.12	333.55	-39.4	1.48	43.4
EBIT, 2 Yr. CAGR %	154.27	266.69	-49.17	-32.11	10.66
Earnings From Cont. Operations, 2 Yr. CAGR %	179.34	1.34K	-56.44	-56.76	-37.02
Net Income, 2 Yr. CAGR %	179.34	1.34K	-56.44	-56.76	-39.74
Normalized Net Income, 2 Yr. CAGR %	173.74	213.81	-58.4	-55.42	-9.9
Accounts Receivable, 2 Yr. CAGR %	97.84	117.73	32.18	6.56	20.72
Inventory, 2 Yr. CAGR %	1.02	44.45	79.43	40.34	32.67
Net Property, Plant and Equip., 2 Yr. CAGR %	166.41	-32.08	-45.99	41.25	154.98
Total Assets, 2 Yr. CAGR %	39.89	64.53	46.03	18.61	33.64
Tangible Book Value, 2 Yr. CAGR %	134.49	119.58	62.59	-2.19	14.67
Common Equity, 2 Yr. CAGR %	136.67	122.3	65.5	2.5	15.71
Cash From Operations, 2 Yr. CAGR %	-	168.63	38.02	-61.62	46.57
Capital Expenditures, 2 Yr. CAGR %	-	-83.64	26.07	462.97	449.65
Levered Free Cash Flow, 2 Yr. CAGR %	-	264.25	39.26	-34.44	-21.29
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	263.94	38.14	-35.57	-22.82
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	27.26	34.52	22.95	25.06
Gross Profit, 3 Yr. CAGR %	-	47.86	75.76	-0.89	18.64
EBITDA, 3 Yr. CAGR %	-	32.92	111.92	-27.39	26.29
EBITA, 3 Yr. CAGR %	-	30.54	172.33	-29.39	23.4
EBIT, 3 Yr. CAGR %	-	16.71	141.76	-51.61	0.38
Earnings From Cont. Operations, 3 Yr. CAGR %	-	60.53	321.1	-53.72	-47.83
Net Income, 3 Yr. CAGR %	-	60.53	321.1	-53.72	-49.34
Normalized Net Income, 3 Yr. CAGR %	-	9.01	114.4	-67.49	-17.45
Accounts Receivable, 3 Yr. CAGR %	-	81.34	75.83	20.05	18.67
Inventory, 3 Yr. CAGR %	-	22.35	55.27	52.33	46.71
Net Property, Plant and Equip., 3 Yr. CAGR %	-	55.66	-36.74	1.97	52.82
Total Assets, 3 Yr. CAGR %	-	50.12	49.47	34.48	30.12
Tangible Book Value, 3 Yr. CAGR %	-	141.06	71.03	34.57	10.91
Common Equity, 3 Yr. CAGR %	-	143.05	74.15	39.13	12.69
Cash From Operations, 3 Yr. CAGR %	-	-	21.01	4.54	-19.2
Capital Expenditures, 3 Yr. CAGR %	-	-	-67.29	237.7	240.62
Levered Free Cash Flow, 3 Yr. CAGR %	-	-	74.16	27.93	-36.48
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-	73.22	26.38	-37.6
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	-	-	27.26	38.3
Gross Profit, 5 Yr. CAGR %	-	-	-	30.59	53.59
EBITDA, 5 Yr. CAGR %	-	-	-	20.24	79.93
EBITA, 5 Yr. CAGR %	-	-	-	18.03	103.99
EBIT, 5 Yr. CAGR %	-	-	-	-6.03	68.54
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-	-	-5.01	96.93
Net Income, 5 Yr. CAGR %	-	-	-	-5.01	93.48
Normalized Net Income, 5 Yr. CAGR %	-	-	-	-23.77	40.83
Accounts Receivable, 5 Yr. CAGR %	-	-	-	46.6	51.27
Inventory, 5 Yr. CAGR %	-	-	-	29.25	45.8
Net Property, Plant and Equip., 5 Yr. CAGR %	-	-	-	49.73	10.48
Total Assets, 5 Yr. CAGR %	-	-	-	36.62	42.92
Tangible Book Value, 5 Yr. CAGR %	-	-	-	68.04	45.75
Common Equity, 5 Yr. CAGR %	-	-	-	72.07	47.88
Cash From Operations, 5 Yr. CAGR %	-	-	-	-	30.65
Capital Expenditures, 5 Yr. CAGR %	-	-	-	-	1.12
Levered Free Cash Flow, 5 Yr. CAGR %	-	-	-	-	27.73
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	-	-	-	26.33