Begdas Management: 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.
Begdas Management
Largest movements
- Cash +€6,644
up €6,644 (+85.6%), from €7,758 to €14,402
mainly Net result for the year (+€27,179) and Tax, wage and social debts (+€2,942)
- Reserves +€27,179
up €27,179 (+48.1%), from €56,453 to €83,632
- Debts after one year -€23,831
down €23,831 (-28.6%), from €83,449 to €59,617
- Tax, wage and social debts +€2,942
up €2,942 (+24.1%), from €12,210 to €15,153
- Gross operating margin +€3,670
up €3,670 (+10.1%), from €36,388 to €40,059
- Taxes +€1,514
up €1,514 (+17.3%), from €8,773 to €10,287
- Financial charges -€453
down €453 (-17.4%), from €2,600 to €2,147
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 | €182,191 | €188,449 | +€6,258 | +3.4% |
| Fixed assets | 21/28 | €167,280 | €166,605 | -€675 | -0.4% |
| Tangible fixed assets | 22/27 | €2,280 | €1,605 | -€675 | -29.6% |
| Furniture and vehicles | 24 | €2,280 | €1,605 | -€675 | -29.6% |
| Financial fixed assets | 28 | €165,000 | €165,000 | = | 0.0% |
| Current assets | 29/58 | €14,911 | €21,844 | +€6,933 | +46.5% |
| Amounts receivable within one year | 40/41 | €7,064 | €7,353 | +€289 | +4.1% |
| Trade receivables | 40 | €1,162 | €409 | -€753 | -64.8% |
| Other amounts receivable | 41 | €5,902 | €6,945 | +€1,042 | +17.7% |
| Cash at bank and in hand | 54/58 | €7,758 | €14,402 | +€6,644 | +85.6% |
| Deferred charges and accrued income | 490/1 | €89 | €89 | = | 0.0% |
| Total equity and liabilities | 10/49 | €182,191 | €188,449 | +€6,258 | +3.4% |
| Equity | 10/15 | €57,453 | €84,632 | +€27,179 | +47.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €56,453 | €83,632 | +€27,179 | +48.1% |
| Distributable reserves | 133 | €56,453 | €83,632 | +€27,179 | +48.1% |
| Amounts payable | 17/49 | €124,737 | €103,816 | -€20,921 | -16.8% |
| Amounts payable after more than one year | 17 | €83,449 | €59,617 | -€23,831 | -28.6% |
| Financial debts | 170/4 | €83,449 | €59,617 | -€23,831 | -28.6% |
| Amounts payable within one year | 42/48 | €40,473 | €43,382 | +€2,909 | +7.2% |
| Current portion of amounts payable after more than one year | 42 | €25,280 | €25,795 | +€515 | +2.0% |
| Trade debts | 44 | €829 | €281 | -€549 | -66.2% |
| Suppliers | 440/4 | €829 | €281 | -€549 | -66.2% |
| Taxes, remuneration and social security | 45 | €12,210 | €15,153 | +€2,942 | +24.1% |
| Taxes | 450/3 | €12,210 | €15,153 | +€2,942 | +24.1% |
| Other amounts payable | 47/48 | €2,153 | €2,153 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €816 | €817 | +€1 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €350 | €675 | +€325 | +93.0% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | €36,388 | €40,059 | +€3,670 | +10.1% |
| Operating profit (loss) | 9901 | €35,921 | €39,264 | +€3,343 | +9.3% |
| Financial income | 75/76B | €355 | €349 | -€6 | -1.7% |
| Recurring financial income | 75 | €355 | €349 | -€6 | -1.7% |
| Financial charges | 65/66B | €2,600 | €2,147 | -€453 | -17.4% |
| Recurring financial charges | 65 | €2,600 | €2,147 | -€453 | -17.4% |
| Profit (loss) for the period before taxes | 9903 | €33,676 | €37,466 | +€3,790 | +11.3% |
| Income taxes | 67/77 | €8,773 | €10,287 | +€1,514 | +17.3% |
| Profit (loss) for the period | 9904 | €24,903 | €27,179 | +€2,276 | +9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €24,903 | €27,179 | +€2,276 | +9.1% |
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 17 October 2026 via checked.be.