Begalev: 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.
Begalev
Largest movements
- Cash -€26,798
no longer reported in 2025 (was €26,798)
mainly Investment in fixed assets (net) (-€25,763) and Trade debts (-€20,355)
- Receivables within one year +€17,576
up €17,576 (+442%), from €3,977 to €21,553
- Tangible fixed assets +€7,669
up €7,669 (+8.3%), from €92,237 to €99,906
of which Land and buildings: +€8,189
- Stocks and contracts -€5,209
down €5,209 (-3.3%), from €158,136 to €152,927
- Short-term financial debts +€30,612
new in 2025: €30,612
- Trade debts -€20,355
down €20,355 (-52.7%), from €38,630 to €18,275
- Debts after one year -€15,624
down €15,624 (-14.8%), from €105,526 to €89,902
- Tax, wage and social debts -€3,950
down €3,950 (-73.7%), from €5,361 to €1,411
of which Taxes: -€4,021
- Other debts +€3,478
up €3,478 (+2.5%), from €136,462 to €139,940
- Staff costs -€16,661
down €16,661 (-22.5%), from €74,043 to €57,382
- Gross operating margin -€15,967
down €15,967 (-15.7%), from €101,944 to €85,977
- Depreciation +€1,127
up €1,127 (+6.6%), from €16,967 to €18,094
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €303,315 | €296,553 | -€6,762 | -2.2% |
| Fixed assets | 21/28 | €94,014 | €101,683 | +€7,669 | +8.2% |
| Tangible fixed assets | 22/27 | €92,237 | €99,906 | +€7,669 | +8.3% |
| Land and buildings | 22 | €91,031 | €99,220 | +€8,189 | +9.0% |
| Furniture and vehicles | 24 | €1,206 | €686 | -€520 | -43.1% |
| Financial fixed assets | 28 | €1,777 | €1,777 | = | 0.0% |
| Current assets | 29/58 | €209,301 | €194,870 | -€14,431 | -6.9% |
| Amounts receivable after more than one year | 29 | €20,390 | €20,390 | = | 0.0% |
| Other amounts receivable | 291 | €20,390 | €20,390 | = | 0.0% |
| Stocks and contracts in progress | 3 | €158,136 | €152,927 | -€5,209 | -3.3% |
| Stocks | 30/36 | €158,136 | €152,927 | -€5,209 | -3.3% |
| Amounts receivable within one year | 40/41 | €3,977 | €21,553 | +€17,576 | +442% |
| Trade receivables | 40 | €3,977 | €21,553 | +€17,576 | +442% |
| Cash at bank and in hand | 54/58 | €26,798 | - | -€26,798 | |
| Total equity and liabilities | 10/49 | €303,315 | €296,553 | -€6,762 | -2.2% |
| Equity | 10/15 | €1,219 | €1,218 | -€1 | -0.1% |
| Contributions | 10/11 | €65,625 | €65,625 | = | 0.0% |
| Capital | 10 | €65,625 | €65,625 | = | 0.0% |
| Issued capital | 100 | €65,625 | €65,625 | = | 0.0% |
| Reserves | 13 | €246 | €246 | = | 0.0% |
| Non-distributable reserves | 130/1 | €246 | €246 | = | 0.0% |
| Legal reserve | 130 | €246 | €246 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€64,652 | -€64,653 | -€1 | 0.0% |
| Amounts payable | 17/49 | €302,096 | €295,335 | -€6,761 | -2.2% |
| Amounts payable after more than one year | 17 | €105,526 | €89,902 | -€15,624 | -14.8% |
| Financial debts | 170/4 | €105,526 | €89,902 | -€15,624 | -14.8% |
| Amounts payable within one year | 42/48 | €196,570 | €205,433 | +€8,863 | +4.5% |
| Current portion of amounts payable after more than one year | 42 | €14,920 | €13,933 | -€987 | -6.6% |
| Financial debts | 43 | - | €30,612 | +€30,612 | |
| Other loans | 439 | - | €30,612 | +€30,612 | |
| Trade debts | 44 | €38,630 | €18,275 | -€20,355 | -52.7% |
| Suppliers | 440/4 | €38,630 | €18,275 | -€20,355 | -52.7% |
| Advances received on contracts in progress | 46 | €1,197 | €1,262 | +€65 | +5.4% |
| Taxes, remuneration and social security | 45 | €5,361 | €1,411 | -€3,950 | -73.7% |
| Taxes | 450/3 | €5,281 | €1,260 | -€4,021 | -76.1% |
| Remuneration and social security | 454/9 | €80 | €151 | +€71 | +88.8% |
| Other amounts payable | 47/48 | €136,462 | €139,940 | +€3,478 | +2.5% |
| Remuneration, social security and pensions | 62 | €74,043 | €57,382 | -€16,661 | -22.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,967 | €18,094 | +€1,127 | +6.6% |
| Other operating charges | 640/8 | €3,871 | €3,276 | -€595 | -15.4% |
| Gross operating margin | 9900 | €101,944 | €85,977 | -€15,967 | -15.7% |
| Operating profit (loss) | 9901 | €7,063 | €7,225 | +€162 | +2.3% |
| Financial income | 75/76B | €1,662 | €1,351 | -€311 | -18.7% |
| Recurring financial income | 75 | €1,662 | €1,351 | -€311 | -18.7% |
| Financial charges | 65/66B | €7,862 | €8,577 | +€715 | +9.1% |
| Recurring financial charges | 65 | €7,862 | €8,577 | +€715 | +9.1% |
| Profit (loss) for the period before taxes | 9903 | €863 | -€1 | -€864 | |
| Profit (loss) for the period | 9904 | €863 | -€1 | -€864 | |
| Profit (loss) for the period to be appropriated | 9905 | €863 | -€1 | -€864 |
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 13 October 2026 via checked.be.