R.E.G.: 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.
R.E.G.
Largest movements
- Receivables within one year -€91,836
down €91,836 (-50.5%), from €181,863 to €90,026
- Cash -€74,070
down €74,070 (-18.4%), from €402,414 to €328,344
mainly Investment in fixed assets (net) (-€132,175) and Trade debts (-€80,794)
- Tangible fixed assets -€30,599
down €30,599 (-1.3%), from €2.4m to €2.4m
of which Land and buildings: -€30,252
- Trade debts -€80,794
down €80,794 (-85.3%), from €94,747 to €13,953
- Debts after one year -€57,454
down €57,454 (-12.2%), from €472,360 to €414,906
of which Financial debts: -€57,454
- Reserves -€32,458
down €32,458 (-1.5%), from €2.1m to €2.1m
of which Tax-exempt reserves: -€47,796
- Gross operating margin -€24,719
down €24,719 (-9.9%), from €249,837 to €225,118
- Taxes -€11,428
down €11,428 (-32.4%), from €35,272 to €23,844
- Depreciation +€10,933
up €10,933 (+7.2%), from €151,840 to €162,773
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 | €2,994,346 | €2,797,303 | -€197,043 | -6.6% |
| Fixed assets | 21/28 | €2,399,486 | €2,368,887 | -€30,599 | -1.3% |
| Tangible fixed assets | 22/27 | €2,399,486 | €2,368,887 | -€30,599 | -1.3% |
| Land and buildings | 22 | €2,398,951 | €2,368,699 | -€30,252 | -1.3% |
| Furniture and vehicles | 24 | €535 | €188 | -€347 | -64.8% |
| Current assets | 29/58 | €594,860 | €428,416 | -€166,445 | -28.0% |
| Amounts receivable within one year | 40/41 | €181,863 | €90,026 | -€91,836 | -50.5% |
| Other amounts receivable | 41 | €181,863 | €90,026 | -€91,836 | -50.5% |
| Cash at bank and in hand | 54/58 | €402,414 | €328,344 | -€74,070 | -18.4% |
| Deferred charges and accrued income | 490/1 | €10,583 | €10,045 | -€538 | -5.1% |
| Total equity and liabilities | 10/49 | €2,994,346 | €2,797,303 | -€197,043 | -6.6% |
| Equity | 10/15 | €2,202,284 | €2,169,826 | -€32,458 | -1.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Contributions outside capital | 11 | €62,000 | €62,000 | = | 0.0% |
| Other | 1109/19 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €2,140,284 | €2,107,826 | -€32,458 | -1.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €417,894 | €370,098 | -€47,796 | -11.4% |
| Distributable reserves | 133 | €1,716,191 | €1,731,528 | +€15,338 | +0.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €135,379 | €119,447 | -€15,932 | -11.8% |
| Deferred taxes | 168 | €135,379 | €119,447 | -€15,932 | -11.8% |
| Amounts payable | 17/49 | €656,683 | €508,030 | -€148,653 | -22.6% |
| Amounts payable after more than one year | 17 | €472,360 | €414,906 | -€57,454 | -12.2% |
| Financial debts | 170/4 | €471,171 | €413,716 | -€57,454 | -12.2% |
| Other amounts payable | 178/9 | €1,190 | €1,190 | = | 0.0% |
| Amounts payable within one year | 42/48 | €184,322 | €93,124 | -€91,198 | -49.5% |
| Current portion of amounts payable after more than one year | 42 | €55,858 | €57,454 | +€1,596 | +2.9% |
| Trade debts | 44 | €94,747 | €13,953 | -€80,794 | -85.3% |
| Suppliers | 440/4 | €94,747 | €13,953 | -€80,794 | -85.3% |
| Advances received on contracts in progress | 46 | €18,416 | €21,716 | +€3,300 | +17.9% |
| Taxes, remuneration and social security | 45 | €15,301 | €0 | -€15,301 | -100.0% |
| Taxes | 450/3 | €15,301 | €0 | -€15,301 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €151,840 | €162,773 | +€10,933 | +7.2% |
| Other operating charges | 640/8 | €36,154 | €37,857 | +€1,703 | +4.7% |
| Gross operating margin | 9900 | €249,837 | €225,118 | -€24,719 | -9.9% |
| Operating profit (loss) | 9901 | €61,843 | €24,488 | -€37,355 | -60.4% |
| Financial charges | 65/66B | €14,749 | €13,278 | -€1,471 | -10.0% |
| Recurring financial charges | 65 | €14,749 | €13,278 | -€1,471 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €47,094 | €11,210 | -€35,884 | -76.2% |
| Transfer from deferred taxes | 780 | €15,931 | €15,932 | +€1 | 0.0% |
| Income taxes | 67/77 | €35,272 | €23,844 | -€11,428 | -32.4% |
| Profit (loss) for the period | 9904 | €27,753 | €3,298 | -€24,455 | -88.1% |
| Transfer from tax-exempt reserves | 789 | €47,794 | €47,796 | +€2 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €75,548 | €51,094 | -€24,454 | -32.4% |
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 12 October 2026 via checked.be.