BEGI EXPRESS: what changed
Two fiscal 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.
BEGI EXPRESS
Largest movements
- Cash -€41,868
down €41,868 (-50.8%), from €82,374 to €40,506
mainly Trade debts (-€54,169) and Debts after one year (-€25,798)
- Tangible fixed assets -€36,843
down €36,843 (-14.3%), from €257,367 to €220,524
of which Plant, machinery and equipment: -€25,818
- Stocks and contracts +€19,447
up €19,447 (+35.4%), from €54,917 to €74,364
- Receivables within one year +€12,600
up €12,600 (+105.2%), from €11,973 to €24,573
of which Other amounts receivable: +€12,176
- Trade debts -€54,169
down €54,169 (-30.1%), from €179,765 to €125,596
- Debts after one year -€25,798
down €25,798 (-19.9%), from €129,950 to €104,153
- Profit (loss) carried forward +€25,069
up €25,069 (+740.6%), from €3,385 to €28,454
- Tax, wage and social debts +€8,011
up €8,011 (+71.9%), from €11,136 to €19,147
of which Taxes: +€7,106
- Gross operating margin +€41,337
up €41,337 (+26.9%), from €153,912 to €195,249
- Staff costs +€31,400
up €31,400 (+40.3%), from €77,944 to €109,344
- Financial charges -€10,168
down €10,168 (-66.0%), from €15,395 to €5,227
- Taxes +€7,460
new in 2025: €7,460
- Depreciation -€5,519
down €5,519 (-10.1%), from €54,422 to €48,903
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.
Cash bridge derived
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 | €411,677 | €365,579 | -€46,099 | -11.2% |
| Fixed assets | 21/28 | €261,203 | €223,355 | -€37,848 | -14.5% |
| Intangible fixed assets | 21 | €3,836 | €2,831 | -€1,005 | -26.2% |
| Tangible fixed assets | 22/27 | €257,367 | €220,524 | -€36,843 | -14.3% |
| Plant, machinery and equipment | 23 | €157,661 | €131,843 | -€25,818 | -16.4% |
| Furniture and vehicles | 24 | €4,621 | €5,344 | +€723 | +15.6% |
| Other tangible fixed assets | 26 | €95,085 | €83,337 | -€11,749 | -12.4% |
| Current assets | 29/58 | €150,475 | €142,224 | -€8,251 | -5.5% |
| Stocks and contracts in progress | 3 | €54,917 | €74,364 | +€19,447 | +35.4% |
| Stocks | 30/36 | €54,917 | €74,364 | +€19,447 | +35.4% |
| Amounts receivable within one year | 40/41 | €11,973 | €24,573 | +€12,600 | +105.2% |
| Trade receivables | 40 | - | €424 | +€424 | |
| Other amounts receivable | 41 | €11,973 | €24,149 | +€12,176 | +101.7% |
| Cash at bank and in hand | 54/58 | €82,374 | €40,506 | -€41,868 | -50.8% |
| Deferred charges and accrued income | 490/1 | €1,212 | €2,781 | +€1,570 | +129.6% |
| Total equity and liabilities | 10/49 | €411,677 | €365,579 | -€46,099 | -11.2% |
| Equity | 10/15 | €63,385 | €88,454 | +€25,069 | +39.5% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,385 | €28,454 | +€25,069 | +740.6% |
| Amounts payable | 17/49 | €348,292 | €277,125 | -€71,168 | -20.4% |
| Amounts payable after more than one year | 17 | €129,950 | €104,153 | -€25,798 | -19.9% |
| Financial debts | 170/4 | €129,950 | €104,153 | -€25,798 | -19.9% |
| Amounts payable within one year | 42/48 | €215,915 | €170,541 | -€45,374 | -21.0% |
| Current portion of amounts payable after more than one year | 42 | €25,014 | €25,798 | +€784 | +3.1% |
| Trade debts | 44 | €179,765 | €125,596 | -€54,169 | -30.1% |
| Suppliers | 440/4 | €179,765 | €125,596 | -€54,169 | -30.1% |
| Taxes, remuneration and social security | 45 | €11,136 | €19,147 | +€8,011 | +71.9% |
| Taxes | 450/3 | €354 | €7,460 | +€7,106 | +2008.3% |
| Remuneration and social security | 454/9 | €10,782 | €11,688 | +€905 | +8.4% |
| Accrued charges and deferred income | 492/3 | €2,427 | €2,431 | +€4 | +0.2% |
| Remuneration, social security and pensions | 62 | €77,944 | €109,344 | +€31,400 | +40.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,422 | €48,903 | -€5,519 | -10.1% |
| Other operating charges | 640/8 | €3,069 | €347 | -€2,722 | -88.7% |
| Gross operating margin | 9900 | €153,912 | €195,249 | +€41,337 | +26.9% |
| Operating profit (loss) | 9901 | €18,477 | €36,656 | +€18,179 | +98.4% |
| Financial income | 75/76B | €303 | €1,099 | +€796 | +263.0% |
| Recurring financial income | 75 | €303 | €1,099 | +€796 | +263.0% |
| Financial charges | 65/66B | €15,395 | €5,227 | -€10,168 | -66.0% |
| Recurring financial charges | 65 | €15,395 | €5,227 | -€10,168 | -66.0% |
| Profit (loss) for the period before taxes | 9903 | €3,385 | €32,528 | +€29,143 | +860.9% |
| Income taxes | 67/77 | - | €7,460 | +€7,460 | |
| Profit (loss) for the period | 9904 | €3,385 | €25,069 | +€21,683 | +640.6% |
| Profit (loss) for the period to be appropriated | 9905 | €3,385 | €25,069 | +€21,683 | +640.6% |
Source: filed annual accounts (NBB), fiscal years ended 29 February 2024 and 28 February 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.