BEGUIN-MASSET: what changed
What changed
BEGUIN-MASSET
NACE 43.222, Installation of electric heating, air conditioning, cooling and ventilation
filed annual accounts (NBB)
Net result for the year
€74,024
2024 · €52,340+€21,684
Equity
€399,037
2024 · €325,013+€74,024
Cash
€166,972
2024 · €136,161+€30,811
Balance sheet total
€871,002
2024 · €750,048+€120,954
Largest movements
Assets
- Receivables within one year +€70,903
up €70,903 (+34.1%), from €207,652 to €278,555
of which Trade receivables: +€47,528
- Cash +€30,811
up €30,811 (+22.6%), from €136,161 to €166,972
mainly Net result for the year (+€74,024) and Trade debts (+€59,098)
- Stocks and contracts +€15,100
up €15,100 (+13.2%), from €114,000 to €129,100
Equity and liabilities
- Reserves +€74,024
up €74,024 (+31.4%), from €236,108 to €310,132
- Trade debts +€59,098
up €59,098 (+47.2%), from €125,174 to €184,272
- Tax, wage and social debts -€12,350
down €12,350 (-25.2%), from €49,016 to €36,666
of which Taxes: -€17,164
- Current portion of long-term debt +€8,983
up €8,983 (+38.7%), from €23,222 to €32,205
Income statement
- Gross operating margin +€123,616
up €123,616 (+25.8%), from €479,680 to €603,296
- Staff costs +€95,124
up €95,124 (+26.9%), from €353,959 to €449,083
- Other operating charges -€15,942
down €15,942 (-90.1%), from €17,688 to €1,746
- Depreciation +€12,829
up €12,829 (+55.3%), from €23,199 to €36,028
- Taxes +€7,749
up €7,749 (+33.0%), from €23,499 to €31,248
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€52,340
Gross operating margin
+€123,616
Staff costs
-€95,124
Depreciation
-€12,829
Other operating charges
+€15,942
Other operating items
-€320
Financial income
-€1,006
Financial charges
-€846
Taxes
-€7,749
Result 2025
€74,024
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€67,579
Investment
-€38,654
Financing
+€1,886
Cash 2024
€136,161
From operations (derived)
+€67,579
Net result for the year
+€74,024
Depreciation
+€36,028
Stocks and contracts
-€15,100
Receivables within one year
-€70,903
Deferred charges and accrued income
-€1,514
Trade debts
+€59,098
Tax, wage and social debts
-€12,350
Advances received
-€318
Other debts
-€1,386
Investment (derived)
-€38,654
Investment in fixed assets (net)
-€38,654
Financing
+€1,886
Debts after one year
-€7,097
Current portion of long-term debt
+€8,983
Cash 2025
€166,972
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €750,048 | €871,002 | +€120,954 | +16.1% |
| Fixed assets | 21/28 | €278,168 | €280,794 | +€2,626 | +0.9% |
| Intangible fixed assets | 21 | €1,110 | €616 | -€494 | -44.5% |
| Tangible fixed assets | 22/27 | €276,695 | €279,815 | +€3,120 | +1.1% |
| Land and buildings | 22 | €234,740 | €224,055 | -€10,685 | -4.6% |
| Plant, machinery and equipment | 23 | €14,842 | €15,344 | +€502 | +3.4% |
| Furniture and vehicles | 24 | €24,035 | €33,194 | +€9,159 | +38.1% |
| Other tangible fixed assets | 26 | €3,078 | €7,222 | +€4,144 | +135% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €471,880 | €590,208 | +€118,328 | +25.1% |
| Stocks and contracts in progress | 3 | €114,000 | €129,100 | +€15,100 | +13.2% |
| Stocks | 30/36 | €114,000 | €129,100 | +€15,100 | +13.2% |
| Amounts receivable within one year | 40/41 | €207,652 | €278,555 | +€70,903 | +34.1% |
| Trade receivables | 40 | €180,787 | €228,315 | +€47,528 | +26.3% |
| Other amounts receivable | 41 | €26,865 | €50,240 | +€23,375 | +87.0% |
| Cash at bank and in hand | 54/58 | €136,161 | €166,972 | +€30,811 | +22.6% |
| Deferred charges and accrued income | 490/1 | €14,067 | €15,581 | +€1,514 | +10.8% |
| Total equity and liabilities | 10/49 | €750,048 | €871,002 | +€120,954 | +16.1% |
| Equity | 10/15 | €325,013 | €399,037 | +€74,024 | +22.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €236,108 | €310,132 | +€74,024 | +31.4% |
| Distributable reserves | 133 | €236,108 | €310,132 | +€74,024 | +31.4% |
| Profit (loss) carried forward | 14 | €63,905 | €63,905 | = | 0.0% |
| Amounts payable | 17/49 | €425,035 | €471,965 | +€46,930 | +11.0% |
| Amounts payable after more than one year | 17 | €219,063 | €211,966 | -€7,097 | -3.2% |
| Financial debts | 170/4 | €219,063 | €211,966 | -€7,097 | -3.2% |
| Amounts payable within one year | 42/48 | €205,972 | €259,999 | +€54,027 | +26.2% |
| Current portion of amounts payable after more than one year | 42 | €23,222 | €32,205 | +€8,983 | +38.7% |
| Trade debts | 44 | €125,174 | €184,272 | +€59,098 | +47.2% |
| Suppliers | 440/4 | €125,174 | €184,272 | +€59,098 | +47.2% |
| Advances received on contracts in progress | 46 | €5,718 | €5,400 | -€318 | -5.6% |
| Taxes, remuneration and social security | 45 | €49,016 | €36,666 | -€12,350 | -25.2% |
| Taxes | 450/3 | €24,852 | €7,688 | -€17,164 | -69.1% |
| Remuneration and social security | 454/9 | €24,164 | €28,978 | +€4,814 | +19.9% |
| Other amounts payable | 47/48 | €2,842 | €1,456 | -€1,386 | -48.8% |
| Remuneration, social security and pensions | 62 | €353,959 | €449,083 | +€95,124 | +26.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,199 | €36,028 | +€12,829 | +55.3% |
| Other operating charges | 640/8 | €17,688 | €1,746 | -€15,942 | -90.1% |
| Non-recurring operating charges | 66A | €172 | €492 | +€320 | +186% |
| Gross operating margin | 9900 | €479,680 | €603,296 | +€123,616 | +25.8% |
| Operating profit (loss) | 9901 | €84,662 | €115,947 | +€31,285 | +37.0% |
| Financial income | 75/76B | €6,655 | €5,649 | -€1,006 | -15.1% |
| Recurring financial income | 75 | €6,655 | €5,649 | -€1,006 | -15.1% |
| Financial charges | 65/66B | €15,478 | €16,324 | +€846 | +5.5% |
| Recurring financial charges | 65 | €15,478 | €16,324 | +€846 | +5.5% |
| Profit (loss) for the period before taxes | 9903 | €75,839 | €105,272 | +€29,433 | +38.8% |
| Income taxes | 67/77 | €23,499 | €31,248 | +€7,749 | +33.0% |
| Profit (loss) for the period | 9904 | €52,340 | €74,024 | +€21,684 | +41.4% |
| Profit (loss) for the period to be appropriated | 9905 | €52,340 | €74,024 | +€21,684 | +41.4% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.