BEGIMMO: 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.
What changed
BEGIMMO
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€108,501
2024 · €52,834+€55,668
Equity
€798,412
2024 · €834,911-€36,499
Cash
€195,852
2024 · €52,487+€143,365
Balance sheet total
€3.5m
2024 · €3.2m+€233,128
Largest movements
Assets
- Stocks and contracts +€431,517
new in 2025: €431,517
- Tangible fixed assets -€316,876
down €316,876 (-10.1%), from €3.1m to €2.8m
of which Land and buildings: -€302,901
- Cash +€143,365
up €143,365 (+273.1%), from €52,487 to €195,852
mainly Depreciation (+€359,799) and Other debts (+€124,500)
Equity and liabilities
- Other debts +€124,500
up €124,500 (+607.3%), from €20,500 to €145,000
- Trade debts +€70,779
up €70,779 (+430.3%), from €16,448 to €87,226
- Profit (loss) carried forward -€36,499
down €36,499 (-7.2%), from €507,692 to €471,193
Income statement
- Gross operating margin +€72,830
up €72,830 (+12.4%), from €586,442 to €659,271
- Taxes +€19,431
up €19,431 (+110.3%), from €17,611 to €37,042
- Depreciation -€17,856
down €17,856 (-4.7%), from €377,655 to €359,799
- Financial income -€11,684
down €11,684 (-100.0%), from €11,688 to €4
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.
Result 2024
€52,834
Gross operating margin
+€72,830
Depreciation
+€17,856
Other operating charges
-€2,799
Financial income
-€11,684
Financial charges
-€1,105
Taxes
-€19,431
Result 2025
€108,501
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.
From operations
+€289,586
Investment
-€42,923
Financing
-€103,298
Cash 2024
€52,487
From operations (derived)
+€289,586
Net result for the year
+€108,501
Depreciation
+€359,799
Stocks and contracts
-€431,517
Receivables within one year
+€29,064
Deferred charges and accrued income
-€4,186
Trade debts
+€70,779
Tax, wage and social debts
+€17,041
Other debts
+€124,500
Accrued charges and deferred income
+€15,606
Investment (derived)
-€42,923
Investment in fixed assets (net)
-€42,923
Financing
-€103,298
Debts after one year
+€18,257
Current portion of long-term debt
+€15,576
Short-term financial debts
+€7,868
Contributions, distributions and other
-€145,000
Cash 2025
€195,852
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,241,116 | €3,474,244 | +€233,128 | +7.2% |
| Fixed assets | 21/28 | €3,126,833 | €2,809,957 | -€316,876 | -10.1% |
| Tangible fixed assets | 22/27 | €3,126,833 | €2,809,957 | -€316,876 | -10.1% |
| Land and buildings | 22 | €3,008,901 | €2,706,000 | -€302,901 | -10.1% |
| Furniture and vehicles | 24 | €20,728 | €10,990 | -€9,738 | -47.0% |
| Assets under construction and advance payments | 27 | €97,203 | €92,966 | -€4,237 | -4.4% |
| Current assets | 29/58 | €114,283 | €664,287 | +€550,004 | +481.3% |
| Stocks and contracts in progress | 3 | - | €431,517 | +€431,517 | |
| Stocks | 30/36 | - | €431,517 | +€431,517 | |
| Amounts receivable within one year | 40/41 | €49,773 | €20,710 | -€29,064 | -58.4% |
| Trade receivables | 40 | €2,135 | €9,377 | +€7,242 | +339.2% |
| Other amounts receivable | 41 | €47,639 | €11,333 | -€36,306 | -76.2% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €52,487 | €195,852 | +€143,365 | +273.1% |
| Deferred charges and accrued income | 490/1 | €12,022 | €16,208 | +€4,186 | +34.8% |
| Total equity and liabilities | 10/49 | €3,241,116 | €3,474,244 | +€233,128 | +7.2% |
| Equity | 10/15 | €834,911 | €798,412 | -€36,499 | -4.4% |
| Contributions | 10/11 | €297,472 | €297,472 | = | 0.0% |
| Capital | 10 | €297,472 | €297,472 | = | 0.0% |
| Issued capital | 100 | €297,472 | €297,472 | = | 0.0% |
| Reserves | 13 | €29,747 | €29,747 | = | 0.0% |
| Non-distributable reserves | 130/1 | €29,747 | €29,747 | = | 0.0% |
| Legal reserve | 130 | €29,747 | €29,747 | = | 0.0% |
| Profit (loss) carried forward | 14 | €507,692 | €471,193 | -€36,499 | -7.2% |
| Provisions and deferred taxes | 16 | €72,400 | €72,400 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €72,400 | €72,400 | = | 0.0% |
| Major repairs and maintenance | 162 | €72,400 | €72,400 | = | 0.0% |
| Amounts payable | 17/49 | €2,333,805 | €2,603,431 | +€269,627 | +11.6% |
| Amounts payable after more than one year | 17 | €2,113,677 | €2,131,934 | +€18,257 | +0.9% |
| Financial debts | 170/4 | €1,591,524 | €1,609,281 | +€17,757 | +1.1% |
| Other amounts payable | 178/9 | €522,153 | €522,653 | +€500 | +0.1% |
| Amounts payable within one year | 42/48 | €212,425 | €448,188 | +€235,764 | +111.0% |
| Current portion of amounts payable after more than one year | 42 | €175,477 | €191,053 | +€15,576 | +8.9% |
| Financial debts | 43 | €0 | €7,868 | +€7,868 | |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €0 | €7,868 | +€7,868 | |
| Trade debts | 44 | €16,448 | €87,226 | +€70,779 | +430.3% |
| Suppliers | 440/4 | €16,448 | €87,226 | +€70,779 | +430.3% |
| Taxes, remuneration and social security | 45 | €0 | €17,041 | +€17,041 | |
| Taxes | 450/3 | €0 | €17,041 | +€17,041 | |
| Other amounts payable | 47/48 | €20,500 | €145,000 | +€124,500 | +607.3% |
| Accrued charges and deferred income | 492/3 | €7,703 | €23,309 | +€15,606 | +202.6% |
| Non-recurring operating income | 76A | €8,386 | €7,384 | -€1,002 | -12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €377,655 | €359,799 | -€17,856 | -4.7% |
| Other operating charges | 640/8 | €90,841 | €93,641 | +€2,799 | +3.1% |
| Gross operating margin | 9900 | €586,442 | €659,271 | +€72,830 | +12.4% |
| Operating profit (loss) | 9901 | €117,945 | €205,832 | +€87,887 | +74.5% |
| Financial income | 75/76B | €11,688 | €4 | -€11,684 | -100.0% |
| Recurring financial income | 75 | €11,688 | €4 | -€11,684 | -100.0% |
| Financial charges | 65/66B | €59,188 | €60,292 | +€1,105 | +1.9% |
| Recurring financial charges | 65 | €59,188 | €60,292 | +€1,105 | +1.9% |
| Profit (loss) for the period before taxes | 9903 | €70,445 | €145,543 | +€75,098 | +106.6% |
| Income taxes | 67/77 | €17,611 | €37,042 | +€19,431 | +110.3% |
| Profit (loss) for the period | 9904 | €52,834 | €108,501 | +€55,668 | +105.4% |
| Profit (loss) for the period to be appropriated | 9905 | €52,834 | €108,501 | +€55,668 | +105.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.