MAISON BEGHUIN
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 15-05-2026 PDF all 43 filings
Turnover
≈ €500,000
Estimated: probably between €300,000 and €930,000
EBIT margin
Not included in this filing
Net result
€26,019▲ 0.2%
2024 · €25,955
Working capital
€332,061▲ 13.5%
2024 · €292,530
In the rankings
#5 oldest company in the province of Namur, Food products sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€33,801
▲ 3.5%
2025
20182025
Net result
€26,019
▲ 0.2%
2025
middle half of the sector
20182025
Equity
€435,179
▲ 5.3%
2025
middle half of the sector
20182025
Total assets
€574,013
▼ 1.3%
2025
lowest quarter of the sector
20182025
Debt
€138,834
▼ 17.3%
2025
20182025
Working capital
€332,061
▲ 13.5%
2025
middle half of the sector
20182025
Solvency
75.8%
▲ 4.7pp
2025
highest quarter of the sector
20182025
Current ratio
4.88
▲ 1.05
2025
highest quarter of the sector
20182025
Return on assets (ROA)
4.5%
▲ 0.1pp
2025
middle half of the sector
20182025
Staff (FTE)
1.8
=
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€43,069-€48,536▲ 12.7%€71,892▲ 48.1%€80,104▲ 11.4%€34,379▼ 57.1%€34,749▲ 1.1%€32,651▼ 6.0%€33,801▲ 3.5%
Net result€44,901-€48,035▲ 7.0%€62,442within the sector's middle half▲ 30.0%€58,146within the sector's middle half▼ 6.9%€31,260within the sector's middle half▼ 46.2%€25,331within the sector's middle half▼ 19.0%€25,955within the sector's middle half▲ 2.5%€26,019within the sector's middle half▲ 0.2%
Equity€176,461-€231,800▲ 31.4%€289,946within the sector's middle half▲ 25.1%€343,797within the sector's middle half▲ 18.6%€370,761within the sector's middle half▲ 7.8%€391,796within the sector's middle half▲ 5.7%€413,455within the sector's middle half▲ 5.5%€435,179within the sector's middle half▲ 5.3%
Total assets€359,491-€391,903▲ 9.0%€543,345below the sector's middle half▲ 38.6%€544,487below the sector's middle half▲ 0.2%€602,050below the sector's middle half▲ 10.6%€559,059below the sector's middle half▼ 7.1%€581,324below the sector's middle half▲ 4.0%€574,013below the sector's middle half▼ 1.3%
Debt€183,030-€160,103▼ 12.5%€253,398▲ 58.3%€200,690▼ 20.8%€231,289▲ 15.2%€167,263▼ 27.7%€167,868▲ 0.4%€138,834▼ 17.3%
Working capital€117,752-€171,256▲ 45.4%€203,910within the sector's middle half▲ 19.1%€256,708within the sector's middle half▲ 25.9%€257,932within the sector's middle half▲ 0.5%€274,006within the sector's middle half▲ 6.2%€292,530within the sector's middle half▲ 6.8%€332,061within the sector's middle half▲ 13.5%
Solvency49.1%-59.1%▲ 10.1pp53.4%within the sector's middle half▼ 5.8pp63.1%above the sector's middle half▲ 9.8pp61.6%above the sector's middle half▼ 1.6pp70.1%above the sector's middle half▲ 8.5pp71.1%above the sector's middle half▲ 1.0pp75.8%above the sector's middle half▲ 4.7pp
Current ratio2.28-3.57▲ 1.292.95above the sector's middle half▼ 0.623.82above the sector's middle half▲ 0.873.21above the sector's middle half▼ 0.613.66above the sector's middle half▲ 0.453.83above the sector's middle half▲ 0.174.88above the sector's middle half▲ 1.05
Return on assets (ROA)12.5%-12.3%▼ 0.2pp11.5%above the sector's middle half▼ 0.8pp10.7%above the sector's middle half▼ 0.8pp5.2%within the sector's middle half▼ 5.5pp4.5%within the sector's middle half▼ 0.7pp4.5%within the sector's middle half▼ 0.1pp4.5%within the sector's middle half▲ 0.1pp
Staff (FTE)2.4-2▼ 16.7%2below the sector's middle half=2below the sector's middle half=2.2below the sector's middle half▲ 10.0%2below the sector's middle half▼ 9.1%1.8below the sector's middle half▼ 10.0%1.8below the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Manufacture of food products (NACE 10). 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 4% higher than in 2024. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €574,013
Fixed assets
€156,407 ▼ 15.6%
Current assets
€417,606 ▲ 5.5%
Equity and liabilities €574,013
Equity
€435,179 ▲ 5.3%
Debt
€138,834 ▼ 17.3%
Debt's share of the balance-sheet total falls from 28.9% to 24.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€89,039▲
2024 · €84,796
Cash flow
€81,257▲
2024 · €78,101
Quick ratio
4.06▲
2024 · 3.30
Debt to equity
0.32▼
2024 · 0.41
ROE
6.0%▼
2024 · 6.3%
Interest coverage
21.21▼
2024 · 27.61
Debt ≤ 1 year
€85,546▼
2024 · €103,411
Debt > 1 year
€52,426▼
2024 · €63,594
Income taxes
€8,410▲
2024 · €8,206
Staff costs
€100,104▼
2024 · €101,603
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 2 | 2 | 2 |
| full-time | 2 | 2 | 2 | 1 | 1 |
| part-time | - | - | - | 1 | 1 |
| in full-time equivalents | 2 | 2 | 2 | 1.8 | 1.8 |
| Average over the year, in full-time equivalents | 2 | 2.2 | 2 | 1.8 | 1.8 |
| On a permanent contract | 2 | 2 | 2 | 2 | 2 |
| Joined | - | 1 | - | 1 | 18 |
| Left | - | 1 | - | 1 | 18 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,617 | €76,594 | €6,222 | €55,620 | €26,262 |
| Depreciation and write-downs of the year | €42,610 | €45,995 | €51,735 | €52,145 | €55,238 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €3,719 | €372 | - | €5,000 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €88,987 | €97,093 | €102,600 | €101,603 | €100,104 | ▼ 1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35,702 | €28,476 | €30,633 | €42,610 | €45,995 | €51,735 | €52,145 | €55,238 | ▲ 5.9% |
| Other operating charges640/8 | - | - | - | €5,271 | €5,698 | €5,760 | €5,987 | €6,039 | ▲ 0.9% |
| Gross operating margin9900 | €183,238 | €171,133 | €199,817 | €216,973 | €183,164 | €194,843 | €192,387 | €195,182 | ▲ 1.5% |
| Operating profit (loss)9901 | €43,069 | €48,536 | €71,892 | €80,104 | €34,379 | €34,749 | €32,651 | €33,801 | ▲ 3.5% |
| Financial income75/76B | - | - | - | €4,296 | €4,296 | €4,296 | €4,582 | €4,826 | ▲ 5.3% |
| Recurring financial income75 | €5,341 | €5,585 | €5,396 | €4,296 | €4,296 | €4,296 | €4,582 | €4,826 | ▲ 5.3% |
| Financial charges65/66B | - | - | - | €3,373 | €3,890 | €3,032 | €3,072 | €4,197 | ▲ 36.6% |
| Recurring financial charges65 | €3,509 | €2,829 | €2,468 | €3,373 | €3,890 | €3,032 | €3,072 | €4,197 | ▲ 36.6% |
| Profit (loss) for the period before taxes9903 | €44,901 | €51,291 | €74,820 | €81,027 | €34,785 | €36,012 | €34,161 | €34,429 | ▲ 0.8% |
| Income taxes67/77 | - | €3,256 | €12,377 | €22,880 | €3,525 | €10,682 | €8,206 | €8,410 | ▲ 2.5% |
| Profit (loss) for the period9904 | €44,901 | €48,035 | €62,442 | €58,146 | €31,260 | €25,331 | €25,955 | €26,019 | ▲ 0.2% |
| Profit (loss) for the period to be appropriated9905 | €44,901 | €48,035 | €62,442 | €58,146 | €31,260 | €25,331 | €25,955 | €26,019 | ▲ 0.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €359,491 | €391,903 | €543,345 | €544,487 | €602,050 | €559,059 | €581,324 | €574,013 | ▼ 1.3% |
| Fixed assets21/28 | €149,496 | €153,922 | €234,815 | €196,822 | €227,422 | €181,908 | €185,383 | €156,407 | ▼ 15.6% |
| Tangible fixed assets22/27 | €149,196 | €153,622 | €234,515 | €196,522 | €227,122 | €181,608 | €185,083 | €156,107 | ▼ 15.7% |
| Land and buildings22 | - | - | - | €32,016 | €31,017 | €30,018 | €29,019 | €28,020 | ▼ 3.4% |
| Plant, machinery and equipment23 | - | - | - | €136,544 | €175,844 | €139,031 | €99,236 | €87,240 | ▼ 12.1% |
| Furniture and vehicles24 | - | - | - | €27,962 | €20,261 | €12,559 | €56,828 | €40,847 | ▼ 28.1% |
| Financial fixed assets28 | €300 | €300 | €300 | €300 | €300 | €300 | €300 | €300 | = |
| Current assets29/58 | €209,996 | €237,981 | €308,530 | €347,665 | €374,628 | €377,151 | €395,941 | €417,606 | ▲ 5.5% |
| Stocks and contracts in progress3 | €59,319 | €58,880 | €56,676 | €62,923 | €68,326 | €68,057 | €54,862 | €69,907 | ▲ 27.4% |
| Stocks30/36 | - | - | - | €62,923 | €68,326 | €68,057 | €54,862 | €69,907 | ▲ 27.4% |
| Amounts receivable within one year40/41 | €98,636 | €105,831 | €99,617 | €149,605 | €200,938 | €196,239 | €204,298 | €210,876 | ▲ 3.2% |
| Trade receivables40 | - | - | - | €137,534 | €170,237 | €162,964 | €169,087 | €174,642 | ▲ 3.3% |
| Other amounts receivable41 | - | - | - | €12,071 | €30,701 | €33,275 | €35,211 | €36,234 | ▲ 2.9% |
| Cash at bank and in hand54/58 | €52,041 | €73,270 | €152,237 | €135,138 | €105,364 | €112,855 | €136,780 | €136,823 | = |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €359,491 | €391,903 | €543,345 | €544,487 | €602,050 | €559,059 | €581,324 | €574,013 | ▼ 1.3% |
| Equity10/15 | €176,461 | €231,800 | €289,946 | €343,797 | €370,761 | €391,796 | €413,455 | €435,179 | ▲ 5.3% |
| Contributions10/11 | €68,600 | €68,600 | - | €68,600 | €68,600 | €68,600 | €68,600 | €68,600 | = |
| Reserves13 | €29,762 | €29,762 | €186,860 | €186,860 | €186,860 | €186,860 | €186,860 | €186,860 | = |
| Non-distributable reserves130/1 | - | - | - | €6,860 | €6,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €6,860 | €6,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €180,000 | €180,000 | €186,860 | €186,860 | €186,860 | = |
| Profit (loss) carried forward14 | €51,034 | €99,069 | €4,412 | €62,559 | €93,819 | €119,150 | €145,105 | €171,124 | ▲ 17.9% |
| Investment grants15 | - | - | - | €25,778 | €21,482 | €17,186 | €12,891 | €8,595 | ▼ 33.3% |
| Amounts payable17/49 | €183,030 | €160,103 | €253,398 | €200,690 | €231,289 | €167,263 | €167,868 | €138,834 | ▼ 17.3% |
| Amounts payable after more than one year17 | €90,786 | €93,378 | €148,778 | €108,661 | €113,600 | €63,183 | €63,594 | €52,426 | ▼ 17.6% |
| Financial debts170/4 | - | - | - | €108,661 | €113,600 | €63,183 | €63,594 | €52,426 | ▼ 17.6% |
| Amounts payable within one year42/48 | €92,244 | €66,725 | €104,620 | €90,957 | €116,697 | €103,144 | €103,411 | €85,546 | ▼ 17.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €40,117 | €53,719 | €50,417 | €52,346 | €35,293 | ▼ 32.6% |
| Trade debts44 | €44,432 | €14,867 | €25,556 | €22,233 | €36,159 | €25,225 | €24,233 | €22,770 | ▼ 6.0% |
| Suppliers440/4 | - | - | - | €22,233 | €36,159 | €25,225 | €24,233 | €22,770 | ▼ 6.0% |
| Taxes, remuneration and social security45 | - | - | - | €28,607 | €26,602 | €27,503 | €26,832 | €27,483 | ▲ 2.4% |
| Taxes450/3 | - | - | - | €2,880 | - | - | - | - | - |
| Remuneration and social security454/9 | - | - | - | €25,727 | €26,602 | €27,503 | €26,832 | €27,483 | ▲ 2.4% |
| Other amounts payable47/48 | - | - | - | - | €217 | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €1,072 | €992 | €936 | €863 | €862 | ▼ 0.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €44,901 | €48,035 | €62,442 | €58,146 | €31,260 | €25,331 | €25,955 | €26,019 | ▲ 0.2% |
| + Depreciation and write-downs630 | €35,702 | €28,476 | €30,633 | €42,610 | €45,995 | €51,735 | €52,145 | €55,238 | ▲ 5.9% |
| Operating cash flow (approximation) | €80,604 | €76,511 | €93,075 | €100,756 | €77,255 | €77,065 | €78,101 | €81,257 | ▲ 4.0% |
| Investment in fixed assets (approximation) | - | -€32,901 | -€111,526 | -€4,617 | -€76,594 | -€6,222 | -€55,620 | -€26,262 | ▲ 52.8% |
| Change in cash | - | €21,230 | €78,967 | -€17,099 | -€29,774 | €7,491 | €23,926 | €43 | ▼ 99.8% |
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, 17,041 companies had the same profile as MAISON BEGHUIN has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MAISON BEGHUIN itself: 0.1% 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 17,041 companies, not a prediction for MAISON BEGHUIN. 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.
Latest 10 of 43 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 15-05-2026 | 2026-00111641 | |
| 31-12-2024 | full format | 29-08-2025 | 2025-00446743 | |
| 31-12-2023 | full format | 18-07-2024 | 2024-00274223 | |
| 31-12-2022 | full format | 19-06-2023 | 2023-00135823 | |
| 31-12-2021 | full format | 28-06-2022 | 2022-20141302 | |
| 31-12-2020 | full format | 05-05-2021 | 2021-13300284 | |
| 31-12-2019 | full format | 02-06-2020 | 2020-14000469 | |
| 31-12-2018 | full format | 23-05-2019 | 2019-14200151 | |
| 31-12-2017 | full format | 15-05-2018 | 2018-12800567 | |
| 31-12-2016 | full format | 18-05-2017 | 2017-12600201 |