BAKER
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 13 days after the deadline Filed on 13 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00396821.
Annual accounts 2025 filed on 13-08-2026 at the NBB all 21 filings
Turnover
€331,850▼ 11.9%
2018 · €376,742
EBIT margin
-7.4%▼ 2.7pp
2018 · -4.7%
Net result
-€4,897▲ 75.2%
2024 · -€19,767
Working capital
-€21,807▼ 50.3%
2024 · -€14,505
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€5,140
▼ 59.2%
2025
20182025
Net result
-€4,897
▲ 75.2%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€168,069
▼ 2.8%
2025
highest quarter of the sector
20182025
Total assets
€560,715
▼ 4.8%
2025
highest quarter of the sector
20182025
Debt
€392,646
▼ 5.6%
2025
20182025
Working capital
-€21,807
▼ 50.3%
2025
middle half of the sector
20182025
Solvency
30.0%
▲ 0.6pp
2025
middle half of the sector
20182025
Current ratio
0.65
▼ 0.13
2025
middle half of the sector
20182025
Return on assets (ROA)
-0.9%
▲ 2.5pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€376,742-€331,850▼ 11.9%
Operating result-€17,710--€24,641▼ 39.1%-€11,408▲ 53.7%-€23,246▼ 104%€47,169€17,366▼ 63.2%€12,609▼ 27.4%€5,140▼ 59.2%
Net result-€19,494--€23,126▼ 18.6%€19,078above the sector's middle half€2,704within the sector's middle half▼ 85.8%€48,560above the sector's middle half▲ 18×€25,597above the sector's middle half▼ 47.3%-€19,767below the sector's middle half-€4,897within the sector's middle half▲ 75.2%
EBIT margin-4.7%--7.4%▼ 2.7pp
Equity€119,920-€96,794▼ 19.3%€115,872above the sector's middle half▲ 19.7%€118,576above the sector's middle half▲ 2.3%€167,136above the sector's middle half▲ 41.0%€192,733above the sector's middle half▲ 15.3%€172,966above the sector's middle half▼ 10.3%€168,069above the sector's middle half▼ 2.8%
Total assets€124,557-€100,593▼ 19.2%€117,796within the sector's middle half▲ 17.1%€129,650within the sector's middle half▲ 10.1%€169,213within the sector's middle half▲ 30.5%€207,442within the sector's middle half▲ 22.6%€588,820above the sector's middle half▲ 184%€560,715above the sector's middle half▼ 4.8%
Debt€4,637-€3,799▼ 18.1%€1,924▼ 49.4%€11,074▲ 476%€2,077▼ 81.2%€14,709▲ 608%€415,854▲ 28×€392,646▼ 5.6%
Working capital€92,127-€76,759▼ 16.7%€101,647above the sector's middle half▲ 32.4%€110,162above the sector's middle half▲ 8.4%€123,032above the sector's middle half▲ 11.7%€152,483above the sector's middle half▲ 23.9%-€14,505within the sector's middle half-€21,807within the sector's middle half▼ 50.3%
Solvency96.3%-96.2%▼ 0.1pp98.4%above the sector's middle half▲ 2.1pp91.5%above the sector's middle half▼ 6.9pp98.8%above the sector's middle half▲ 7.3pp92.9%above the sector's middle half▼ 5.9pp29.4%within the sector's middle half▼ 63.5pp30.0%within the sector's middle half▲ 0.6pp
Current ratio20.87-21.21▲ 0.3453.83above the sector's middle half▲ 32.6310.95above the sector's middle half▼ 42.8860.24above the sector's middle half▲ 49.2911.37above the sector's middle half▼ 48.870.78within the sector's middle half▼ 10.590.65within the sector's middle half▼ 0.13
Return on assets (ROA)-15.7%--23.0%▼ 7.3pp16.2%within the sector's middle half▲ 39.2pp2.1%within the sector's middle half▼ 14.1pp28.7%above the sector's middle half▲ 26.6pp12.3%within the sector's middle half▼ 16.4pp-3.4%within the sector's middle half▼ 15.7pp-0.9%within the sector's middle half▲ 2.5pp
Staff (FTE)2.1-1.5▼ 28.6%1.1within the sector's middle half▼ 26.7%
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 59% lower than in 2024. It is the third fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €560,715
Fixed assets
€519,876 ▼ 3.3%
Current assets
€40,839 ▼ 20.5%
Equity and liabilities €560,715
Equity
€168,069 ▼ 2.8%
Debt
€392,646 ▼ 5.6%
Debt's share of the balance-sheet total falls from 70.6% to 70.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€22,735▼
2024 · €30,204
Cash flow
€12,698▲
2024 · -€2,172
Debt to equity
2.34▼
2024 · 2.40
ROE
-2.9%▲
2024 · -11.4%
Interest coverage
0.68▼
2024 · 0.93
Debt ≤ 1 year
€62,646▼
2024 · €65,854
Debt > 1 year
€330,000▼
2024 · €350,000
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue tax debts | €201 | €2,007 | - | €3,284 | €5,913 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €45,000 | - | €514,816 | - |
| Depreciation and write-downs of the year | €5,810 | €9,310 | €3,854 | €17,595 | €17,595 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €376,742 | €331,850 | - | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,944 | €11,298 | €5,810 | €5,810 | €9,310 | €3,854 | €17,595 | €17,595 | = |
| Gross operating margin9900 | €69,983 | €63,366 | €11,494 | -€17,436 | €56,479 | €21,220 | €30,204 | €22,735 | ▼ 24.7% |
| Operating profit (loss)9901 | -€17,710 | -€24,641 | -€11,408 | -€23,246 | €47,169 | €17,366 | €12,609 | €5,140 | ▼ 59.2% |
| Financial income75/76B | - | - | - | €26,228 | €1,439 | €8,428 | - | €23,193 | - |
| Recurring financial income75 | €1,038 | €4,299 | €18,310 | €4,995 | €1,439 | €8,428 | - | €23,193 | - |
| Non-recurring financial income76B | - | - | - | €21,233 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €278 | €48 | €197 | €32,376 | €33,230 | ▲ 2.6% |
| Recurring financial charges65 | €2,822 | €2,784 | €1,024 | €278 | €48 | €197 | €32,376 | €33,230 | ▲ 2.6% |
| Profit (loss) for the period before taxes9903 | -€19,494 | -€23,126 | €19,078 | €2,704 | €48,560 | €25,597 | -€19,767 | -€4,897 | ▲ 75.2% |
| Profit (loss) for the period9904 | -€19,494 | -€23,126 | €19,078 | €2,704 | €48,560 | €25,597 | -€19,767 | -€4,897 | ▲ 75.2% |
| Profit (loss) for the period to be appropriated9905 | -€19,494 | -€23,126 | €19,078 | €2,704 | €48,560 | €25,597 | -€19,767 | -€4,897 | ▲ 75.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €124,557 | €100,593 | €117,796 | €129,650 | €169,213 | €207,442 | €588,820 | €560,715 | ▼ 4.8% |
| Fixed assets21/28 | €27,793 | €20,035 | €14,225 | €8,414 | €44,104 | €40,250 | €537,471 | €519,876 | ▼ 3.3% |
| Tangible fixed assets22/27 | €27,793 | €20,035 | €14,225 | €8,414 | €44,104 | €40,250 | €537,471 | €519,876 | ▼ 3.3% |
| Land and buildings22 | - | - | - | - | €41,500 | €38,000 | €474,000 | €460,000 | ▼ 3.0% |
| Plant, machinery and equipment23 | - | - | - | €8,414 | €2,604 | €2,250 | €1,896 | €1,542 | ▼ 18.7% |
| Other tangible fixed assets26 | - | - | - | - | - | - | €61,575 | €58,334 | ▼ 5.3% |
| Current assets29/58 | €96,764 | €80,558 | €103,571 | €121,236 | €125,109 | €167,192 | €51,349 | €40,839 | ▼ 20.5% |
| Stocks and contracts in progress3 | €31,358 | €23,299 | €24,137 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €33,390 | €28,768 | €39,743 | €15,003 | €14,640 | €60,765 | €14,609 | €7,080 | ▼ 51.5% |
| Trade receivables40 | - | - | - | €7,623 | €7,260 | €8,385 | €1,729 | - | - |
| Other amounts receivable41 | - | - | - | €7,380 | €7,380 | €52,380 | €12,880 | €7,080 | ▼ 45.0% |
| Cash at bank and in hand54/58 | €32,016 | €28,491 | €39,691 | €106,233 | €110,469 | €106,427 | €36,740 | €33,759 | ▼ 8.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €124,557 | €100,593 | €117,796 | €129,650 | €169,213 | €207,442 | €588,820 | €560,715 | ▼ 4.8% |
| Equity10/15 | €119,920 | €96,794 | €115,872 | €118,576 | €167,136 | €192,733 | €172,966 | €168,069 | ▼ 2.8% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | €18,600 | €18,600 | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | €18,600 | - | - | - | - |
| Reserves13 | €151,860 | €151,860 | €151,860 | €151,860 | €151,860 | €151,860 | €151,860 | €151,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | - | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €150,000 | €150,000 | €150,000 | €150,000 | €150,000 | = |
| Profit (loss) carried forward14 | -€50,540 | -€73,666 | -€54,588 | -€51,884 | -€3,324 | €22,273 | €2,506 | -€2,391 | - |
| Amounts payable17/49 | €4,637 | €3,799 | €1,924 | €11,074 | €2,077 | €14,709 | €415,854 | €392,646 | ▼ 5.6% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | €350,000 | €330,000 | ▼ 5.7% |
| Financial debts170/4 | - | - | - | - | - | - | €350,000 | €330,000 | ▼ 5.7% |
| Amounts payable within one year42/48 | €4,637 | €3,799 | €1,924 | €11,074 | €2,077 | €14,709 | €65,854 | €62,646 | ▼ 4.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €24,594 | €23,526 | ▼ 4.3% |
| Trade debts44 | €4,637 | €3,312 | €1,694 | €10,873 | €70 | €8,389 | €12,809 | €8,040 | ▼ 37.2% |
| Suppliers440/4 | - | - | - | €10,873 | €70 | €8,389 | €12,809 | €8,040 | ▼ 37.2% |
| Taxes, remuneration and social security45 | - | - | - | €201 | €2,007 | €2,492 | €3,284 | €5,913 | ▲ 80.1% |
| Taxes450/3 | - | - | - | €201 | €2,007 | €2,492 | €3,284 | €5,913 | ▲ 80.1% |
| Other amounts payable47/48 | - | - | - | - | - | €3,828 | €25,167 | €25,167 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€19,494 | -€23,126 | €19,078 | €2,704 | €48,560 | €25,597 | -€19,767 | -€4,897 | ▲ 75.2% |
| + Depreciation and write-downs630 | €10,944 | €11,298 | €5,810 | €5,810 | €9,310 | €3,854 | €17,595 | €17,595 | = |
| Operating cash flow (approximation) | -€8,550 | -€11,828 | €24,888 | €8,514 | €57,870 | €29,451 | -€2,172 | €12,698 | - |
| Investment in fixed assets (approximation) | - | -€3,540 | €0 | €1 | -€45,000 | €0 | -€514,816 | €0 | - |
| Change in cash | - | -€3,525 | €11,200 | €66,542 | €4,236 | -€4,042 | -€69,687 | -€2,981 | ▲ 95.7% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 2,507 companies had the same profile as BAKER has now. Two years later, 96.4% were still going and 1.6% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a small loss
96.4%
was still going
1.8%
stopped otherwise
1.6%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BAKER itself: 1.4% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 2,507 companies, not a prediction for BAKER. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 13-08-2026 | 2026-00396821 | |
| 31-12-2024 | micro format | 28-08-2025 | 2025-00426863 | |
| 31-12-2023 | micro format | 24-10-2024 | 2024-00514940 | |
| 31-12-2022 | micro format | 29-08-2023 | 2023-00429077 | |
| 31-12-2021 | micro format | 25-08-2022 | 2022-20327850 | |
| 31-12-2020 | micro format | 24-08-2021 | 2021-52900530 | |
| 31-12-2019 | micro format | 23-10-2020 | 2020-63000450 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-59200092 | |
| 31-12-2017 | abbreviated format | 24-08-2018 | 2018-50100252 | |
| 31-12-2016 | abbreviated format | 29-08-2017 | 2017-51600023 |