Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
The result fell in 2025 from -€35,985 to -€131,507.
Of this, €302,833 falls due within a year.
Green is investment, beige is depreciation. Land and buildings stand 34.2% higher than in 2024.
In 2025, 49 people joined and 46 left.
Lower net result than 95% of companies in food products. Sector median €7,704 · 2,084 companies.
In July 2024, 1,565 companies had the same profile as BREAD BOX has now. Each dot stands for 4 companies, two years later.
Another 0.6% stopped without a precise date, possibly only after those two years.
The method was tested on the 497,762 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 | 2.9% | 3.1% |
| 10 | 5.6% | 6.1% |
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 1,565 companies, not a prediction for BREAD BOX. 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.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
| Company | ||||
|---|---|---|---|---|
| BREAD BOX Tournai | €1.4m | €298,167 | -7.7% | - |
| Nature de Pain Fernelmont | €1.5m | €385,779 | -1.7% | - |
| Pâtisserie Meremans Ninove | €1.1m | €362,170 | 9.2% | - |
| LIKAJ Schilde | €1.1m | €368,676 | 0.5% | - |
| HIMSCHOOT Ghent | €1.8m | €248,694 | 11.1% | 15.3 |
| LUC DECROOS Roeselare | €1.1m | €417,617 | -27.0% | 5.4 |
| Bakkerij Jens VAN TICHELT Lille | €0.9m | €293,891 | -6.2% | - |
These companies have the same main activity as BREAD BOX: artisanal bread and fresh pastry making (NACE 10712). They are comparable in size and age: total assets between €910,000 and €1.8m, founded between 2018 and 2021.
BREAD BOX files the micro format. That format states no turnover. The gross margin rose from €256,077 in 2021 to €298,167 in 2025.
The balance sheet grew most from 2023 to 2025 through fixed assets, financed with long-term debt.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €600,000. Estimated: probably between €420,000 and €870,000.
Higher than 19% of 2,082 companies in 2025.
Lower than 95% of 2,021 companies in 2025.
Higher than 18% of 2,039 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: top quarter · Working capital: bottom quarter
Staff costs divided by the average number of full-time equivalents.
In 2025, 49 people joined and 46 left.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
1.4m | 1.1m | 190,422 | 161,016 | 140,835 | |
21/28 |
1.3m | 999,725 | 76,394 | 67,412 | 78,938 | |
21 |
3,525 | - | - | - | - | |
22/27 |
1.3m | 998,912 | 75,699 | 66,806 | 78,333 | |
22 |
980,234 | 730,694 | 10,614 | - | - | |
24 |
335,554 | 261,708 | 48,958 | 41,060 | 42,968 | |
25 |
- | 6,509 | 16,128 | 25,746 | 35,365 | |
28 |
694 | 813 | 694 | 605 | 605 | |
29/58 |
46,982 | 59,740 | 114,028 | 93,604 | 61,897 | |
3 |
10,391 | 8,075 | 7,340 | 5,281 | 4,991 | |
30/36 |
10,391 | 8,075 | 7,340 | 5,281 | 4,991 | |
40/41 |
20,046 | 22,972 | 26,187 | 15,751 | 4,324 | |
40 |
17,274 | 22,472 | 16,187 | 15,751 | 4,324 | |
41 |
2,773 | 500 | 10,000 | - | - | |
54/58 |
9,501 | 12,505 | 71,707 | 62,198 | 43,542 | |
490/1 |
7,043 | 16,189 | 8,794 | 10,374 | 9,040 | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
1.4m | 1.1m | 190,422 | 161,016 | 140,835 | |
10/15 |
-105,675 | 25,832 | 61,817 | 42,833 | 25,245 | |
10/11 |
5,000 | 5,000 | 5,000 | 5,000 | 5,000 | |
14 |
-110,675 | 20,832 | 56,817 | 37,833 | 20,245 | |
17/49 |
1.5m | 1.0m | 128,605 | 118,184 | 115,590 | |
17 |
1.2m | 874,782 | 23,231 | 32,964 | 44,239 | |
170/4 |
1.2m | 874,782 | 23,231 | 32,964 | 44,239 | |
42/48 |
302,833 | 158,852 | 105,374 | 85,219 | 71,351 | |
42 |
106,143 | 69,932 | 33,502 | 26,541 | 14,990 | |
43 |
39,820 | - | - | - | - | |
430/8 |
39,820 | - | - | - | - | |
44 |
76,725 | 30,316 | 34,688 | 22,444 | 30,144 | |
440/4 |
76,725 | 21,685 | 34,688 | 22,444 | 30,144 | |
441 |
- | 8,631 | - | - | - | |
45 |
50,809 | 41,400 | 36,117 | 34,625 | 13,763 | |
450/3 |
1,500 | 1,868 | 1,893 | 2,764 | 761 | |
454/9 |
49,309 | 39,532 | 34,225 | 31,861 | 13,002 | |
47/48 |
29,335 | 17,204 | 1,067 | 1,610 | 12,455 | |
| Income statement | ||||||
76A |
270 | 377 | - | - | - | |
9900 |
298,167 | 281,614 | 264,908 | 224,139 | 256,077 | |
62 |
291,495 | 230,178 | 213,080 | 178,190 | 196,626 | |
630 |
78,015 | 65,050 | 26,351 | 22,805 | 27,675 | |
640/8 |
6,572 | 721 | 1,029 | 349 | 1,746 | |
66A |
111 | 45 | - | - | 3,000 | |
9901 |
-78,025 | -14,380 | 24,448 | 22,794 | 27,030 | |
75/76B |
4 | 604 | 81 | 5 | 10 | |
75 |
4 | 604 | 81 | 5 | 10 | |
65/66B |
53,486 | 22,209 | 5,545 | 5,212 | 6,777 | |
65 |
53,486 | 22,209 | 5,545 | 5,212 | 6,777 | |
9903 |
-131,507 | -35,985 | 18,984 | 17,587 | 20,263 | |
67/77 |
- | - | - | - | 18 | |
9904 |
-131,507 | -35,985 | 18,984 | 17,587 | 20,245 | |
9905 |
-131,507 | -35,985 | 18,984 | 17,587 | 20,245 | |
| Appropriation of the result | ||||||
9906 |
-110,675 | 20,832 | 56,817 | 37,833 | 20,245 | |
14P |
20,832 | 56,817 | 37,833 | 20,245 | - | |
| Social balance sheet | ||||||
9087 |
8.1 | 8.1 | 7 | 6.8 | 6 | |
Hours worked1013 |
11,123 | 10,138 | 9,754 | 9,443 | 11,186 | |
| Document | ||||||
The notes to these accounts have 12 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 16-06-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 16-06-2026 | 2026-00190858 | |
| 31-12-2024 | micro format | 14-07-2025 | 2025-00263475 | |
| 31-12-2023 | micro format | 28-08-2024 | 2024-00388090 | |
| 31-12-2022 | micro format | 18-07-2023 | 2023-00248816 | |
| 31-12-2021 | micro format | 16-08-2022 | 2022-20289456 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| -10 | 50,670 | 50,799 | 45,600 | 54,705 | ||
| -53,492 | 29,065 | 45,335 | 40,393 | 47,920 | ||
| 398,417 | 988,382 | 35,333 | 11,279 | 106,613 | ||
| -3,004 | -59,202 | 9,509 | 18,656 | - | ||
| -255,851 | -99,111 | 8,654 | 8,385 | -9,454 | ||
| -7.7% | 2.4% | 32.5% | 26.6% | 17.9% | ||
| 0.16 | 0.38 | 1.08 | 1.10 | 0.87 | ||
| 0.12 | 0.33 | 1.01 | 1.04 | 0.80 | ||
| - | 40.01 | 2.08 | 2.76 | 4.58 | ||
| - | -139.3% | 30.7% | 41.1% | 80.2% | ||
| -9.6% | -3.4% | 10.0% | 10.9% | 14.4% | ||
| 0.00 | 2.28 | 9.16 | 8.75 | 8.07 |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 16 | 13 | 12 | 10 | 9 |
| full-time | 5 | 4 | 4 | 4 | 4 |
| part-time | 11 | 9 | 8 | 6 | 5 |
| in full-time equivalents | 10.3 | 8 | 7.6 | 7.1 | 6.8 |
| 8.1 | 7.2 | 7 | 6.8 | 6 | |
| On a permanent contract | 6 | 6 | 5 | 4 | 4 |
| Joined | 49 | 36 | 29 | 13 | 23 |
| Left | 46 | 35 | 27 | 11 | 14 |
| Training hours | - | 1,053 | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €394,680 | €988,263 | €35,244 | €11,279 | €106,007 |
| Intangible fixed assets | €3,737 | - | - | - | - |
| Financial fixed assets | - | €119 | €89 | - | €605 |
| €78,015 | €65,050 | €26,351 | €22,805 | €27,675 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €78,025, larger than the loss of €14,380 in 2024. It is the lowest result since 2021.
Equity is negative. Debt (€1.5m) exceeds the balance-sheet total (€1.4m).
BREAD BOX has no parent and no holdings in its annual accounts. BREAD BOX shares no director with another company.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number | FASFC approval |
|---|---|---|---|
| Vieux Chemin de Lille 30 registered office 7501 Tournai | |||
| Chaussée de Lille 479 7501 Tournai | 18-08-2020 | 2.306.286.054 | Bakery Buyer of raw cow’s milk |
| Rue de l'Yser 34 7500 Tournai | 18-08-2020 | 2.306.286.153 | Retail trade |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 57060A0261/00N000 | 577 m² | 1 · 138 m² | 6.5 m · 2 |
| 57060A0259/00F003 | 485 m² | 1 · 77 m² | 7.3 m · 2 |
| 57081F0032/00B000 | 118 m² | 1 · 60 m² | 17.7 m · 5 |
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