'T BEGIJNTJE: 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.
'T BEGIJNTJE
Largest movements
- Tangible fixed assets -€70,744
down €70,744 (-15.0%), from €472,377 to €401,633
of which Plant, machinery and equipment: -€37,104
- Stocks and contracts -€14,040
down €14,040 (-6.5%), from €217,233 to €203,193
- Cash +€9,278
up €9,278 (+66.7%), from €13,913 to €23,191
mainly Depreciation (+€69,265) and Net result for the year (+€62,372)
- Receivables within one year +€8,543
up €8,543 (+9.1%), from €94,184 to €102,727
of which Trade receivables: +€25,774
- Debts after one year -€47,787
down €47,787 (-15.9%), from €300,676 to €252,889
- Reserves +€34,111
up €34,111 (+11.7%), from €292,446 to €326,557
- Trade debts -€24,527
down €24,527 (-49.3%), from €49,746 to €25,219
- Other debts -€17,284
down €17,284 (-36.7%), from €47,141 to €29,856
- Short-term financial debts -€10,000
down €10,000 (-100%), from €10,000 to €0
- Gross operating margin +€9,687
up €9,687 (+4.0%), from €243,833 to €253,520
- Staff costs -€9,009
down €9,009 (-9.6%), from €94,136 to €85,128
- Taxes +€3,883
up €3,883 (+31.7%), from €12,256 to €16,139
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 | €804,315 | €739,207 | -€65,109 | -8.1% |
| Fixed assets | 21/28 | €472,377 | €401,633 | -€70,744 | -15.0% |
| Tangible fixed assets | 22/27 | €472,377 | €401,633 | -€70,744 | -15.0% |
| Land and buildings | 22 | €277,637 | €260,702 | -€16,935 | -6.1% |
| Plant, machinery and equipment | 23 | €172,187 | €135,083 | -€37,104 | -21.5% |
| Furniture and vehicles | 24 | €22,553 | €5,848 | -€16,705 | -74.1% |
| Current assets | 29/58 | €331,938 | €337,574 | +€5,636 | +1.7% |
| Stocks and contracts in progress | 3 | €217,233 | €203,193 | -€14,040 | -6.5% |
| Stocks | 30/36 | €217,233 | €203,193 | -€14,040 | -6.5% |
| Amounts receivable within one year | 40/41 | €94,184 | €102,727 | +€8,543 | +9.1% |
| Trade receivables | 40 | €76,165 | €101,939 | +€25,774 | +33.8% |
| Other amounts receivable | 41 | €18,019 | €788 | -€17,231 | -95.6% |
| Cash at bank and in hand | 54/58 | €13,913 | €23,191 | +€9,278 | +66.7% |
| Deferred charges and accrued income | 490/1 | €6,608 | €8,463 | +€1,854 | +28.1% |
| Total equity and liabilities | 10/49 | €804,315 | €739,207 | -€65,109 | -8.1% |
| Equity | 10/15 | €311,492 | €345,975 | +€34,483 | +11.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €292,446 | €326,557 | +€34,111 | +11.7% |
| Distributable reserves | 133 | €292,446 | €326,557 | +€34,111 | +11.7% |
| Profit (loss) carried forward | 14 | €446 | €818 | +€372 | +83.3% |
| Amounts payable | 17/49 | €492,823 | €393,232 | -€99,592 | -20.2% |
| Amounts payable after more than one year | 17 | €300,676 | €252,889 | -€47,787 | -15.9% |
| Financial debts | 170/4 | €300,676 | €252,889 | -€47,787 | -15.9% |
| Amounts payable within one year | 42/48 | €188,098 | €135,113 | -€52,986 | -28.2% |
| Current portion of amounts payable after more than one year | 42 | €54,095 | €47,787 | -€6,309 | -11.7% |
| Financial debts | 43 | €10,000 | €0 | -€10,000 | -100% |
| Credit institutions | 430/8 | €10,000 | €0 | -€10,000 | -100% |
| Trade debts | 44 | €49,746 | €25,219 | -€24,527 | -49.3% |
| Suppliers | 440/4 | €49,746 | €25,219 | -€24,527 | -49.3% |
| Taxes, remuneration and social security | 45 | €27,117 | €32,251 | +€5,134 | +18.9% |
| Taxes | 450/3 | €5,454 | €14,996 | +€9,542 | +175% |
| Remuneration and social security | 454/9 | €21,663 | €17,254 | -€4,408 | -20.3% |
| Other amounts payable | 47/48 | €47,141 | €29,856 | -€17,284 | -36.7% |
| Accrued charges and deferred income | 492/3 | €4,049 | €5,230 | +€1,181 | +29.2% |
| Remuneration, social security and pensions | 62 | €94,136 | €85,128 | -€9,009 | -9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,468 | €69,265 | -€203 | -0.3% |
| Other operating charges | 640/8 | €3,493 | €3,823 | +€331 | +9.5% |
| Non-recurring operating charges | 66A | - | €1,479 | +€1,479 | |
| Gross operating margin | 9900 | €243,833 | €253,520 | +€9,687 | +4.0% |
| Operating profit (loss) | 9901 | €76,736 | €93,824 | +€17,088 | +22.3% |
| Financial income | 75/76B | €817 | €1,577 | +€760 | +93.0% |
| Recurring financial income | 75 | €817 | €1,577 | +€760 | +93.0% |
| Financial charges | 65/66B | €19,029 | €16,891 | -€2,138 | -11.2% |
| Recurring financial charges | 65 | €19,029 | €16,891 | -€2,138 | -11.2% |
| Profit (loss) for the period before taxes | 9903 | €58,524 | €78,511 | +€19,987 | +34.2% |
| Income taxes | 67/77 | €12,256 | €16,139 | +€3,883 | +31.7% |
| Profit (loss) for the period | 9904 | €46,268 | €62,372 | +€16,104 | +34.8% |
| Profit (loss) for the period to be appropriated | 9905 | €46,268 | €62,372 | +€16,104 | +34.8% |
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 22 October 2026 via checked.be.