Beggie
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 2 days after the deadline Filed on 2 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00032137.
Annual accounts 2025 filed on 02-02-2026 PDF all 9 filings
Turnover
≈ €270,000
Estimated: probably between €120,000 and €700,000
Total assets
€583,484▼ 1.6%
2024 · €592,855
Net result
-€260,887▼ 151%
2024 · -€103,991
Working capital
-€166,050▼ 89.2%
2024 · -€87,754
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€246,034
▼ 134%
2025
20192025
Net result
-€260,887
▼ 151%
2025
lowest quarter of the sector
20192025
Equity
-€196,151
2025
lowest quarter of the sector
20192025
Total assets
€583,484
▼ 1.6%
2025
middle half of the sector
20192025
Debt
€779,635
▲ 47.6%
2025
20192025
Working capital
-€166,050
▼ 89.2%
2025
lowest quarter of the sector
20192025
Solvency
-33.6%
▼ 44.5pp
2025
lowest quarter of the sector
20192025
Current ratio
0.66
▼ 0.14
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-44.7%
▼ 27.2pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
4
▲ 53.8%
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€24,009-€15,881▼ 33.9%-€9,991€57,902€109,832▲ 89.7%-€105,152-€246,034▼ 134%
Net result€19,670-€12,657within the sector's middle half▼ 35.7%-€10,394below the sector's middle half€48,730above the sector's middle half€86,218above the sector's middle half▲ 76.9%-€103,991below the sector's middle half-€260,887below the sector's middle half▼ 151%
Equity€34,371-€47,028within the sector's middle half▲ 36.8%€36,634within the sector's middle half▼ 22.1%€85,364within the sector's middle half▲ 133%€168,726above the sector's middle half▲ 97.7%€64,736within the sector's middle half▼ 61.6%-€196,151below the sector's middle half
Total assets€107,907-€144,737within the sector's middle half▲ 34.1%€123,026within the sector's middle half▼ 15.0%€186,245within the sector's middle half▲ 51.4%€292,239within the sector's middle half▲ 56.9%€592,855above the sector's middle half▲ 103%€583,484within the sector's middle half▼ 1.6%
Debt€73,536-€97,709▲ 32.9%€86,393▼ 11.6%€100,881▲ 16.8%€123,513▲ 22.4%€528,120▲ 328%€779,635▲ 47.6%
Working capital€3,047--€19,317below the sector's middle half-€26,276below the sector's middle half▼ 36.0%-€8,112below the sector's middle half▲ 69.1%-€19,922below the sector's middle half▼ 146%-€87,754below the sector's middle half▼ 340%-€166,050below the sector's middle half▼ 89.2%
Solvency31.9%-32.5%within the sector's middle half▲ 0.6pp29.8%within the sector's middle half▼ 2.7pp45.8%within the sector's middle half▲ 16.1pp57.7%within the sector's middle half▲ 11.9pp10.9%within the sector's middle half▼ 46.8pp-33.6%below the sector's middle half▼ 44.5pp
Current ratio1.07-0.72below the sector's middle half▼ 0.350.63below the sector's middle half▼ 0.100.92below the sector's middle half▲ 0.290.84below the sector's middle half▼ 0.080.80below the sector's middle half▼ 0.040.66below the sector's middle half▼ 0.14
Return on assets (ROA)18.2%-8.7%within the sector's middle half▼ 9.5pp-8.4%below the sector's middle half▼ 17.2pp26.2%above the sector's middle half▲ 34.6pp29.5%above the sector's middle half▲ 3.3pp-17.5%below the sector's middle half▼ 47.0pp-44.7%below the sector's middle half▼ 27.2pp
Staff (FTE)1.1-1.3within the sector's middle half▲ 18.2%0.3▼ 76.9%1▲ 233%2▲ 100%2.6▲ 30.0%4within the sector's middle half▲ 53.8%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €246,034, larger than the loss of €105,152 in 2024. It is the lowest result since 2021.
Large changes and their cause
- 2025 Net result -151% on 2024. The accounts now follow the abbreviated format, last year the micro format.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €583,484
Fixed assets
€265,197 ▲ 5.3%
Current assets
€318,287 ▼ 6.7%
Equity and liabilities
Equity-€196,151
Debt€779,635
Equity is negative. Debt (€779,635) exceeds the balance-sheet total (€583,484).
Key figures and ratios
EBITDA
-€187,095▼
2024 · -€52,796
Cash flow
-€201,948▼
2024 · -€51,634
Quick ratio
0.60▼
2024 · 0.74
Interest coverage
-8.79▲
2024 · -23.66
Debt ≤ 1 year
€484,338▲
2024 · €428,802
Debt > 1 year
€293,547▲
2024 · €99,317
Income taxes
€388▲
2024 · €0
Staff costs
€231,897▲
2024 · €103,365
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 3 | 3 | 5 |
| full-time | 1 | 3 | 3 | 5 |
| part-time | - | - | 0 | 0 |
| in full-time equivalents | 1 | 3 | 3 | 5 |
| Average over the year, in full-time equivalents | 1 | 2 | 2.6 | 4 |
| On a permanent contract | 1 | 3 | 3 | 5 |
| Joined | - | - | 1 | 5 |
| Left | - | - | 1 | 1 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €42,631 | €133,805 | €181,246 | €74,081 |
| Intangible fixed assets | - | - | €775 | - |
| Financial fixed assets | - | - | €12,500 | €687 |
| Depreciation and write-downs of the year | €22,862 | €38,633 | €52,356 | €58,939 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €184 awarded · €184 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €11,161 | - |
| Remuneration, social security and pensions62 | - | - | - | €40,981 | €86,580 | €103,365 | €231,897 | ▲ 124% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,138 | €18,746 | €21,811 | €22,862 | €38,633 | €52,356 | €58,939 | ▲ 12.6% |
| Other operating charges640/8 | - | - | - | €989 | €1,466 | €7,825 | €9,321 | ▲ 19.1% |
| Non-recurring operating charges66A | - | - | - | - | - | €8,303 | €0 | ▼ 100% |
| Gross operating margin9900 | €70,968 | €64,848 | €25,446 | €122,733 | €236,512 | €66,698 | €54,123 | ▼ 18.9% |
| Operating profit (loss)9901 | €24,009 | €15,881 | -€9,991 | €57,902 | €109,832 | -€105,152 | -€246,034 | ▼ 134% |
| Financial income75/76B | - | - | - | €1,769 | €400 | €3,393 | €6,812 | ▲ 101% |
| Recurring financial income75 | €1,261 | €124 | €420 | €1,769 | €400 | €3,393 | €6,812 | ▲ 101% |
| Financial charges65/66B | - | - | - | €1,026 | €2,724 | €2,231 | €21,277 | ▲ 854% |
| Recurring financial charges65 | €1,072 | €1,835 | €823 | €1,026 | €2,724 | €2,231 | €21,277 | ▲ 854% |
| Profit (loss) for the period before taxes9903 | €24,197 | €14,170 | -€10,394 | €58,644 | €107,508 | -€103,991 | -€260,499 | ▼ 151% |
| Income taxes67/77 | €4,527 | €1,514 | - | €9,914 | €21,290 | €0 | €388 | - |
| Profit (loss) for the period9904 | €19,670 | €12,657 | -€10,394 | €48,730 | €86,218 | -€103,991 | -€260,887 | ▼ 151% |
| Profit (loss) for the period to be appropriated9905 | €19,670 | €12,657 | -€10,394 | €48,730 | €86,218 | -€103,991 | -€260,887 | ▼ 151% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €107,907 | €144,737 | €123,026 | €186,245 | €292,239 | €592,855 | €583,484 | ▼ 1.6% |
| Formation expenses20 | - | €199 | €154 | €108 | €62 | €16 | €0 | ▼ 100% |
| Fixed assets21/28 | €62,374 | €93,738 | €78,504 | €93,369 | €188,586 | €251,792 | €265,197 | ▲ 5.3% |
| Intangible fixed assets21 | €1,474 | €1,074 | €741 | €369 | €174 | €709 | €450 | ▼ 36.5% |
| Tangible fixed assets22/27 | €58,499 | €87,106 | €72,812 | €92,999 | €188,412 | €238,583 | €251,559 | ▲ 5.4% |
| Plant, machinery and equipment23 | - | - | - | €63,745 | €118,683 | €86,330 | €103,268 | ▲ 19.6% |
| Furniture and vehicles24 | - | - | - | €29,254 | €64,484 | €77,100 | €51,638 | ▼ 33.0% |
| Other tangible fixed assets26 | - | - | - | - | €5,244 | €75,152 | €96,654 | ▲ 28.6% |
| Financial fixed assets28 | €2,400 | €5,557 | €4,950 | - | - | €12,500 | €13,187 | ▲ 5.5% |
| Current assets29/58 | €45,534 | €50,800 | €44,369 | €92,769 | €103,591 | €341,048 | €318,287 | ▼ 6.7% |
| Stocks and contracts in progress3 | - | - | - | - | - | €22,500 | €30,000 | ▲ 33.3% |
| Stocks30/36 | - | - | - | - | - | €22,500 | €30,000 | ▲ 33.3% |
| Amounts receivable within one year40/41 | €29,926 | €33,290 | €33,537 | €29,939 | €57,906 | €294,191 | €277,228 | ▼ 5.8% |
| Trade receivables40 | - | - | - | €28,624 | €48,640 | €163,924 | €74,985 | ▼ 54.3% |
| Other amounts receivable41 | - | - | - | €1,315 | €9,266 | €130,268 | €202,243 | ▲ 55.3% |
| Cash at bank and in hand54/58 | €15,608 | €17,510 | €10,832 | €62,829 | €45,685 | €483 | €24 | ▼ 95.0% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €23,874 | €11,035 | ▼ 53.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €107,907 | €144,737 | €123,026 | €186,245 | €292,239 | €592,855 | €583,484 | ▼ 1.6% |
| Equity10/15 | €34,371 | €47,028 | €36,634 | €85,364 | €168,726 | €64,736 | -€196,151 | - |
| Contributions10/11 | €20,000 | - | - | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €14,371 | €27,028 | €16,634 | €65,364 | €148,726 | €61,387 | €61,387 | = |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €2,000 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,000 | €2,000 | €0 | - | - |
| Distributable reserves133 | - | - | - | €63,364 | €146,726 | €61,387 | €61,387 | = |
| Profit (loss) carried forward14 | - | - | - | - | - | -€16,652 | -€277,539 | ▼ 1,567% |
| Amounts payable17/49 | €73,536 | €97,709 | €86,393 | €100,881 | €123,513 | €528,120 | €779,635 | ▲ 47.6% |
| Amounts payable after more than one year17 | €28,938 | €20,792 | €15,747 | - | - | €99,317 | €293,547 | ▲ 196% |
| Financial debts170/4 | - | - | - | - | - | €99,317 | €293,547 | ▲ 196% |
| Amounts payable within one year42/48 | €42,487 | €70,117 | €70,646 | €100,881 | €123,513 | €428,802 | €484,338 | ▲ 13.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €15,747 | - | €23,389 | €24,509 | ▲ 4.8% |
| Financial debts43 | - | - | - | - | - | €13,505 | €89,738 | ▲ 564% |
| Credit institutions430/8 | - | - | - | - | - | €13,505 | €89,738 | ▲ 564% |
| Trade debts44 | €11,124 | €27,280 | €29,466 | €15,688 | €47,749 | €357,589 | €309,423 | ▼ 13.5% |
| Suppliers440/4 | - | - | - | €15,688 | €47,749 | €357,589 | €309,423 | ▼ 13.5% |
| Advances received on contracts in progress46 | - | - | - | - | - | €7,760 | €7,760 | = |
| Taxes, remuneration and social security45 | - | - | - | €22,162 | €41,461 | €24,121 | €50,470 | ▲ 109% |
| Taxes450/3 | - | - | - | €20,617 | €28,970 | €12,517 | €15,031 | ▲ 20.1% |
| Remuneration and social security454/9 | - | - | - | €1,545 | €12,490 | €11,603 | €35,439 | ▲ 205% |
| Other amounts payable47/48 | - | - | - | €47,283 | €34,303 | €2,438 | €2,438 | = |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €1,751 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,670 | €12,657 | -€10,394 | €48,730 | €86,218 | -€103,991 | -€260,887 | ▼ 151% |
| + Depreciation and write-downs630 | €12,138 | €18,746 | €21,811 | €22,862 | €38,633 | €52,356 | €58,939 | ▲ 12.6% |
| Operating cash flow (approximation) | €31,808 | €31,402 | €11,417 | €71,592 | €124,852 | -€51,634 | -€201,948 | ▼ 291% |
| Investment in fixed assets (approximation) | - | -€50,109 | -€6,577 | -€37,727 | -€133,851 | -€115,562 | -€72,344 | ▲ 37.4% |
| Change in cash | - | €1,902 | -€6,678 | €51,997 | -€17,144 | -€45,202 | -€459 | ▲ 99.0% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 6,907 companies had the same profile as Beggie has now. Two years later, 85.4% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.4%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Beggie itself: 5.8% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 6,907 companies, not a prediction for Beggie. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 02-02-2026 | 2026-00032137 | |
| 30-06-2024 | micro format | 31-01-2025 | 2025-00029551 | |
| 30-06-2023 | micro format | 31-01-2024 | 2024-00023549 | |
| 30-06-2022 | micro format | 30-01-2023 | 2023-00019183 | |
| 30-06-2021 | micro format | 31-01-2022 | 2022-03400124 | |
| 30-06-2020 | micro format | 29-01-2021 | 2021-03600398 | |
| 30-06-2019 | micro format | 18-02-2020 | 2020-05200134 | |
| 30-06-2018 | micro format | 08-01-2019 | 2019-00700290 | |
| 30-06-2017 | micro format | 30-01-2018 | 2018-03400050 |