REGICO: 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.
What changed
REGICO
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€96,444
2024 · €75,488+€20,956
Equity
€892,184
2024 · €797,868+€94,316
Cash
€270,599
2024 · €164,479+€106,120
Balance sheet total
€1.9m
2024 · €2.0m-€116,774
Largest movements
Assets
- Tangible fixed assets -€227,568
down €227,568 (-12.6%), from €1.8m to €1.6m
- Cash +€106,120
up €106,120 (+64.5%), from €164,479 to €270,599
mainly Depreciation (+€249,703) and Net result for the year (+€96,444)
Equity and liabilities
- Debts after one year -€198,131
down €198,131 (-21.8%), from €909,851 to €711,720
- Reserves +€96,444
up €96,444 (+16.0%), from €601,226 to €697,670
of which Distributable reserves: +€150,922
Income statement
- Gross operating margin +€26,567
up €26,567 (+6.9%), from €386,344 to €412,911
- Taxes +€7,092
up €7,092 (+16.7%), from €42,559 to €49,651
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.
Result 2024
€75,488
Gross operating margin
+€26,567
Depreciation
-€987
Other operating charges
-€844
Financial income
-€0
Financial charges
+€3,312
Taxes
-€7,092
Result 2025
€96,444
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.
From operations
+€325,701
Investment
-€22,135
Financing
-€197,446
Cash 2024
€164,479
From operations (derived)
+€325,701
Net result for the year
+€96,444
Depreciation
+€249,703
Receivables within one year
-€1,232
Deferred charges and accrued income
-€3,442
Provisions
-€18,159
Trade debts
-€4,842
Tax, wage and social debts
+€7,229
Investment (derived)
-€22,135
Investment in fixed assets (net)
-€22,135
Financing
-€197,446
Debts after one year
-€198,131
Current portion of long-term debt
+€2,814
Contributions, distributions and other
-€2,128
Cash 2025
€270,599
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,980,751 | €1,863,977 | -€116,774 | -5.9% |
| Fixed assets | 21/28 | €1,810,573 | €1,583,005 | -€227,568 | -12.6% |
| Tangible fixed assets | 22/27 | €1,810,573 | €1,583,005 | -€227,568 | -12.6% |
| Land and buildings | 22 | €1,810,573 | €1,583,005 | -€227,568 | -12.6% |
| Current assets | 29/58 | €170,178 | €280,972 | +€110,794 | +65.1% |
| Amounts receivable within one year | 40/41 | €1,523 | €2,756 | +€1,232 | +80.9% |
| Trade receivables | 40 | €1,523 | €2,756 | +€1,232 | +80.9% |
| Cash at bank and in hand | 54/58 | €164,479 | €270,599 | +€106,120 | +64.5% |
| Deferred charges and accrued income | 490/1 | €4,176 | €7,618 | +€3,442 | +82.4% |
| Total equity and liabilities | 10/49 | €1,980,751 | €1,863,977 | -€116,774 | -5.9% |
| Equity | 10/15 | €797,868 | €892,184 | +€94,316 | +11.8% |
| Contributions | 10/11 | €186,000 | €186,000 | = | 0.0% |
| Capital | 10 | €186,000 | €186,000 | = | 0.0% |
| Issued capital | 100 | €186,000 | €186,000 | = | 0.0% |
| Reserves | 13 | €601,226 | €697,670 | +€96,444 | +16.0% |
| Non-distributable reserves | 130/1 | €18,600 | €18,600 | = | 0.0% |
| Legal reserve | 130 | €18,600 | €18,600 | = | 0.0% |
| Tax-exempt reserves | 132 | €189,653 | €135,175 | -€54,478 | -28.7% |
| Distributable reserves | 133 | €392,973 | €543,895 | +€150,922 | +38.4% |
| Investment grants | 15 | €10,642 | €8,513 | -€2,128 | -20.0% |
| Provisions and deferred taxes | 16 | €63,218 | €45,058 | -€18,159 | -28.7% |
| Deferred taxes | 168 | €63,218 | €45,058 | -€18,159 | -28.7% |
| Amounts payable | 17/49 | €1,119,665 | €926,735 | -€192,930 | -17.2% |
| Amounts payable after more than one year | 17 | €909,851 | €711,720 | -€198,131 | -21.8% |
| Financial debts | 170/4 | €909,851 | €711,720 | -€198,131 | -21.8% |
| Amounts payable within one year | 42/48 | €209,718 | €214,919 | +€5,201 | +2.5% |
| Current portion of amounts payable after more than one year | 42 | €195,318 | €198,131 | +€2,814 | +1.4% |
| Trade debts | 44 | €11,618 | €6,776 | -€4,842 | -41.7% |
| Suppliers | 440/4 | €11,618 | €6,776 | -€4,842 | -41.7% |
| Taxes, remuneration and social security | 45 | €2,782 | €10,011 | +€7,229 | +259.9% |
| Taxes | 450/3 | €2,782 | €10,011 | +€7,229 | +259.9% |
| Accrued charges and deferred income | 492/3 | €96 | €96 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €248,715 | €249,703 | +€987 | +0.4% |
| Other operating charges | 640/8 | €20,433 | €21,277 | +€844 | +4.1% |
| Gross operating margin | 9900 | €386,344 | €412,911 | +€26,567 | +6.9% |
| Operating profit (loss) | 9901 | €117,195 | €141,931 | +€24,736 | +21.1% |
| Financial income | 75/76B | €2,128 | €2,128 | -€0 | 0.0% |
| Recurring financial income | 75 | €2,128 | €2,128 | -€0 | 0.0% |
| Financial charges | 65/66B | €19,436 | €16,123 | -€3,312 | -17.0% |
| Recurring financial charges | 65 | €19,436 | €16,123 | -€3,312 | -17.0% |
| Profit (loss) for the period before taxes | 9903 | €99,888 | €127,936 | +€28,048 | +28.1% |
| Transfer from deferred taxes | 780 | €18,159 | €18,159 | = | 0.0% |
| Income taxes | 67/77 | €42,559 | €49,651 | +€7,092 | +16.7% |
| Profit (loss) for the period | 9904 | €75,488 | €96,444 | +€20,956 | +27.8% |
| Transfer from tax-exempt reserves | 789 | €54,478 | €54,478 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €129,966 | €150,922 | +€20,956 | +16.1% |
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 6 October 2026 via checked.be.