REGINAFORCE: 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.
What changed
REGINAFORCE
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€61,962
2024 · -€301,379+€239,417
Equity
€6.9m
2024 · €7.0m-€61,962
Cash
€285,008
2024 · €63,402+€221,606
Balance sheet total
€15.7m
2024 · €16.8m-€1.1m
Largest movements
Assets
- Tangible fixed assets -€1.7m
down €1.7m (-10.5%), from €16.1m to €14.4m
of which Land and buildings: -€1.6m
- Current investments +€490,384
up €490,384 (+160%), from €306,878 to €797,262
- Cash +€221,606
up €221,606 (+350%), from €63,402 to €285,008
mainly Investment in fixed assets (net) (+€1.2m) and Depreciation (+€510,573)
Equity and liabilities
- Debts after one year -€1.6m
down €1.6m (-18.8%), from €8.5m to €6.9m
- Other debts +€477,598
up €477,598 (+1,439%), from €33,200 to €510,798
Income statement
- Depreciation -€76,302
down €76,302 (-13.0%), from €586,875 to €510,573
- Gross operating margin -€40,389
down €40,389 (-4.5%), from €902,378 to €861,989
- Taxes +€15,355
up €15,355 (+78.0%), from €19,686 to €35,041
- Staff costs +€15,107
up €15,107 (+25.5%), from €59,290 to €74,397
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
-€301,379
Gross operating margin
-€40,389
Staff costs
-€15,107
Depreciation
+€76,302
Other operating charges
-€2,187
Other operating items
+€304,170
Financial income
-€290
Financial charges
-€6,689
Taxes
-€15,355
Deferred taxes and other
-€61,039
Result 2025
-€61,962
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.0m
Investment
+€692,570
Financing
-€1.5m
Cash 2024
€63,402
From operations (derived)
+€1.0m
Net result for the year
-€61,962
Depreciation
+€510,573
Receivables after one year
-€25,000
Receivables within one year
+€96,007
Deferred charges and accrued income
+€2,147
Provisions
-€21,589
Trade debts
+€14,776
Tax, wage and social debts
+€33,912
Other debts
+€477,598
Accrued charges and deferred income
+€15,987
Investment (derived)
+€692,570
Investment in fixed assets (net)
+€1.2m
Current investments
-€490,384
Financing
-€1.5m
Debts after one year
-€1.6m
Current portion of long-term debt
+€79,242
Cash 2025
€285,008
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,803,052 | €15,748,362 | -€1.1m | -6.3% |
| Fixed assets | 21/28 | €16,067,684 | €14,374,157 | -€1.7m | -10.5% |
| Tangible fixed assets | 22/27 | €16,067,684 | €14,374,157 | -€1.7m | -10.5% |
| Land and buildings | 22 | €15,907,590 | €14,277,400 | -€1.6m | -10.2% |
| Plant, machinery and equipment | 23 | €2,279 | €1,466 | -€813 | -35.7% |
| Furniture and vehicles | 24 | €96,114 | €45,129 | -€50,985 | -53.0% |
| Other tangible fixed assets | 26 | €61,701 | €50,163 | -€11,538 | -18.7% |
| Current assets | 29/58 | €735,368 | €1,374,204 | +€638,836 | +86.9% |
| Amounts receivable after more than one year | 29 | - | €25,000 | +€25,000 | |
| Other amounts receivable | 291 | - | €25,000 | +€25,000 | |
| Amounts receivable within one year | 40/41 | €352,924 | €256,917 | -€96,007 | -27.2% |
| Trade receivables | 40 | €7,260 | €158 | -€7,102 | -97.8% |
| Other amounts receivable | 41 | €345,664 | €256,759 | -€88,905 | -25.7% |
| Current investments | 50/53 | €306,878 | €797,262 | +€490,384 | +160% |
| Cash at bank and in hand | 54/58 | €63,402 | €285,008 | +€221,606 | +350% |
| Deferred charges and accrued income | 490/1 | €12,164 | €10,017 | -€2,147 | -17.7% |
| Total equity and liabilities | 10/49 | €16,803,052 | €15,748,362 | -€1.1m | -6.3% |
| Equity | 10/15 | €6,950,327 | €6,888,364 | -€61,962 | -0.9% |
| Contributions | 10/11 | €74,200 | €74,200 | = | 0.0% |
| Reserves | 13 | €6,876,127 | €6,814,164 | -€61,962 | -0.9% |
| Tax-exempt reserves | 132 | €2,653,636 | €2,567,281 | -€86,355 | -3.3% |
| Distributable reserves | 133 | €4,222,490 | €4,246,883 | +€24,393 | +0.6% |
| Provisions and deferred taxes | 16 | €663,366 | €641,777 | -€21,589 | -3.3% |
| Deferred taxes | 168 | €663,366 | €641,777 | -€21,589 | -3.3% |
| Amounts payable | 17/49 | €9,189,360 | €8,218,220 | -€971,139 | -10.6% |
| Amounts payable after more than one year | 17 | €8,456,354 | €6,863,701 | -€1.6m | -18.8% |
| Financial debts | 170/4 | €8,456,354 | €6,863,701 | -€1.6m | -18.8% |
| Amounts payable within one year | 42/48 | €732,130 | €1,337,658 | +€605,527 | +82.7% |
| Current portion of amounts payable after more than one year | 42 | €663,558 | €742,800 | +€79,242 | +11.9% |
| Trade debts | 44 | €13,508 | €28,284 | +€14,776 | +109% |
| Suppliers | 440/4 | €13,508 | €28,284 | +€14,776 | +109% |
| Taxes, remuneration and social security | 45 | €21,864 | €55,775 | +€33,912 | +155% |
| Taxes | 450/3 | €13,545 | €46,040 | +€32,495 | +240% |
| Remuneration and social security | 454/9 | €8,319 | €9,735 | +€1,416 | +17.0% |
| Other amounts payable | 47/48 | €33,200 | €510,798 | +€477,598 | +1,439% |
| Accrued charges and deferred income | 492/3 | €875 | €16,862 | +€15,987 | +1,826% |
| Non-recurring operating income | 76A | €67,078 | €427,046 | +€359,968 | +537% |
| Remuneration, social security and pensions | 62 | €59,290 | €74,397 | +€15,107 | +25.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €586,875 | €510,573 | -€76,302 | -13.0% |
| Other operating charges | 640/8 | €56,616 | €58,802 | +€2,187 | +3.9% |
| Non-recurring operating charges | 66A | €304,170 | - | -€304,170 | |
| Gross operating margin | 9900 | €902,378 | €861,989 | -€40,389 | -4.5% |
| Operating profit (loss) | 9901 | -€104,572 | €218,217 | +€322,789 | |
| Financial income | 75/76B | €8,476 | €8,186 | -€290 | -3.4% |
| Recurring financial income | 75 | €8,476 | €8,186 | -€290 | -3.4% |
| Financial charges | 65/66B | €268,224 | €274,913 | +€6,689 | +2.5% |
| Recurring financial charges | 65 | €268,224 | €274,913 | +€6,689 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | -€364,320 | -€48,510 | +€315,810 | +86.7% |
| Transfer from deferred taxes | 780 | €96,043 | €21,589 | -€74,455 | -77.5% |
| Transfer to deferred taxes | 680 | €13,416 | - | -€13,416 | |
| Income taxes | 67/77 | €19,686 | €35,041 | +€15,355 | +78.0% |
| Profit (loss) for the period | 9904 | -€301,379 | -€61,962 | +€239,417 | +79.4% |
| Transfer from tax-exempt reserves | 789 | €384,173 | €86,355 | -€297,818 | -77.5% |
| Transfer to tax-exempt reserves | 689 | €53,663 | - | -€53,663 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,132 | €24,393 | -€4,739 | -16.3% |
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 15 October 2026 via checked.be.