BREAD GARDEN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-04-2026 PDF all 22 filings
Turnover
≈ €730,000
Estimated: probably between €540,000 and €890,000
Total assets
€111,213▼ 22.1%
2024 · €142,802
Net result
€16,769▼ 57.6%
2024 · €39,508
Working capital
-€77,340▼ 13.9%
2024 · -€67,877
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€25,153
▼ 49.5%
2025
20192025
Net result
€16,769
▼ 57.6%
2025
middle half of the sector
20192025
Equity
-€82,847
▲ 16.8%
2025
lowest quarter of the sector
20192025
Total assets
€111,213
▼ 22.1%
2025
middle half of the sector
20192025
Debt
€194,060
▼ 19.9%
2025
20192025
Working capital
-€77,340
▼ 13.9%
2025
lowest quarter of the sector
20192025
Solvency
-74.5%
▼ 4.7pp
2025
lowest quarter of the sector
20192025
Current ratio
0.39
▼ 0.05
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
15.1%
▼ 12.6pp
2025
middle half of the sector
20192025
Staff (FTE)
3.3
▲ 13.8%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€41,517-€37,439▼ 9.8%€83,071▲ 122%-€3,284€35,617€49,762▲ 39.7%€25,153▼ 49.5%
Net result€21,259-€19,167above the sector's middle half▼ 9.8%€66,797above the sector's middle half▲ 248%-€18,069below the sector's middle half€25,632above the sector's middle half€39,508above the sector's middle half▲ 54.1%€16,769within the sector's middle half▼ 57.6%
Equity-€232,650--€213,482below the sector's middle half▲ 8.2%-€146,686below the sector's middle half▲ 31.3%-€164,755below the sector's middle half▼ 12.3%-€139,123below the sector's middle half▲ 15.6%-€99,615below the sector's middle half▲ 28.4%-€82,847below the sector's middle half▲ 16.8%
Total assets€188,401-€181,760within the sector's middle half▼ 3.5%€235,507above the sector's middle half▲ 29.6%€196,794within the sector's middle half▼ 16.4%€179,677within the sector's middle half▼ 8.7%€142,802within the sector's middle half▼ 20.5%€111,213within the sector's middle half▼ 22.1%
Debt€421,051-€395,243▼ 6.1%€382,192▼ 3.3%€361,549▼ 5.4%€318,800▼ 11.8%€242,417▼ 24.0%€194,060▼ 19.9%
Working capital-€44,490--€48,747below the sector's middle half▼ 9.6%-€4,635within the sector's middle half▲ 90.5%-€69,550below the sector's middle half▼ 1,400%-€70,701below the sector's middle half▼ 1.7%-€67,877below the sector's middle half▲ 4.0%-€77,340below the sector's middle half▼ 13.9%
Solvency-123.5%--117.5%below the sector's middle half▲ 6.0pp-62.3%below the sector's middle half▲ 55.2pp-83.7%below the sector's middle half▼ 21.4pp-77.4%below the sector's middle half▲ 6.3pp-69.8%below the sector's middle half▲ 7.7pp-74.5%below the sector's middle half▼ 4.7pp
Current ratio0.43-0.50within the sector's middle half▲ 0.070.96within the sector's middle half▲ 0.460.50below the sector's middle half▼ 0.460.50below the sector's middle half=0.45below the sector's middle half▼ 0.050.39below the sector's middle half▼ 0.05
Return on assets (ROA)11.3%-10.5%within the sector's middle half▼ 0.7pp28.4%above the sector's middle half▲ 17.8pp-9.2%within the sector's middle half▼ 37.5pp14.3%within the sector's middle half▲ 23.4pp27.7%above the sector's middle half▲ 13.4pp15.1%within the sector's middle half▼ 12.6pp
Staff (FTE)5.3-4.4above the sector's middle half▼ 17.0%3.9▼ 11.4%5▲ 28.2%5.4▲ 8.0%2.9▼ 46.3%3.3▲ 13.8%
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 49% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €111,213
Fixed assets
€61,444 ▼ 30.4%
Current assets
€49,769 ▼ 8.8%
Equity and liabilities
Equity-€82,847
Debt€194,060
Equity is negative. Debt (€194,060) exceeds the balance-sheet total (€111,213).
Key figures and ratios
EBITDA
€59,739▼
2024 · €82,763
Cash flow
€51,355▼
2024 · €72,509
Quick ratio
0.30▼
2024 · 0.37
Interest coverage
7.35▼
2024 · 8.28
Debt ≤ 1 year
€127,109▲
2024 · €122,421
Debt > 1 year
€66,951▼
2024 · €119,996
Income taxes
€255▲
2024 · €254
Staff costs
€173,217▲
2024 · €114,413
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 5 | 7 | 10 | 3 | 4 |
| full-time | 3 | 7 | 10 | 2 | 3 |
| part-time | 2 | - | - | 1 | 1 |
| in full-time equivalents | 4.7 | 7 | 10 | 2.8 | 3.8 |
| Average over the year, in full-time equivalents | 3.9 | 5 | 5.4 | 2.9 | 3.3 |
| On a permanent contract | 3 | 2 | 2 | 3 | 3 |
| Joined | 2 | 3 | 3 | 1 | 2 |
| Left | 1 | 0 | 0 | 1 | 1 |
| Training hours | - | - | 30 | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €645,000 | €645,000 | €645,000 | €645,000 | €645,000 |
| Carrying value of the mortgaged assets | €98,908 | €101,417 | €80,582 | €59,746 | €38,910 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €25,079 | €27,958 | €15,517 | €11,419 | €7,772 |
| Financial fixed assets | - | €1,050 | - | - | - |
| Depreciation and write-downs of the year | €28,734 | €30,312 | €33,903 | €33,001 | €34,587 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €76,433 | €199,017 | €193,137 | €114,413 | €173,217 | ▲ 51.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €28,414 | €28,055 | €28,734 | €30,312 | €33,903 | €33,001 | €34,587 | ▲ 4.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €1,435 | -€1,435 | - |
| Other operating charges640/8 | - | - | €5,002 | €2,465 | €2,654 | €3,031 | €2,988 | ▼ 1.4% |
| Gross operating margin9900 | €228,353 | €180,729 | €193,240 | €228,510 | €265,310 | €201,642 | €234,509 | ▲ 16.3% |
| Operating profit (loss)9901 | €41,517 | €37,439 | €83,071 | -€3,284 | €35,617 | €49,762 | €25,153 | ▼ 49.5% |
| Financial income75/76B | - | - | €900 | - | €2,771 | - | - | - |
| Recurring financial income75 | - | - | €900 | - | €2,771 | - | - | - |
| Non-recurring financial income76B | - | - | €900 | - | €2,771 | - | - | - |
| Financial charges65/66B | - | - | €16,930 | €14,529 | €12,495 | €10,001 | €8,129 | ▼ 18.7% |
| Recurring financial charges65 | €20,242 | €18,023 | €16,930 | €14,529 | €12,495 | €10,001 | €8,129 | ▼ 18.7% |
| Profit (loss) for the period before taxes9903 | €21,425 | €19,417 | €67,042 | -€17,813 | €25,893 | €39,762 | €17,023 | ▼ 57.2% |
| Income taxes67/77 | €165 | €250 | €245 | €256 | €261 | €254 | €255 | ▲ 0.3% |
| Profit (loss) for the period9904 | €21,259 | €19,167 | €66,797 | -€18,069 | €25,632 | €39,508 | €16,769 | ▼ 57.6% |
| Profit (loss) for the period to be appropriated9905 | €21,259 | €19,167 | €66,797 | -€18,069 | €25,632 | €39,508 | €16,769 | ▼ 57.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €188,401 | €181,760 | €235,507 | €196,794 | €179,677 | €142,802 | €111,213 | ▼ 22.1% |
| Fixed assets21/28 | €154,305 | €133,185 | €129,530 | €128,226 | €109,840 | €88,258 | €61,444 | ▼ 30.4% |
| Intangible fixed assets21 | €240 | €120 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €154,065 | €133,065 | €129,530 | €127,176 | €108,790 | €87,208 | €60,394 | ▼ 30.7% |
| Land and buildings22 | - | - | €98,908 | €101,417 | €80,582 | €59,746 | €38,910 | ▼ 34.9% |
| Plant, machinery and equipment23 | - | - | €7,392 | €8,775 | €9,184 | €11,518 | €14,765 | ▲ 28.2% |
| Furniture and vehicles24 | - | - | €12,969 | €10,830 | €15,717 | €14,465 | €5,502 | ▼ 62.0% |
| Other tangible fixed assets26 | - | - | €10,261 | €6,154 | €3,307 | €1,480 | €1,217 | ▼ 17.7% |
| Financial fixed assets28 | - | - | - | €1,050 | €1,050 | €1,050 | €1,050 | = |
| Current assets29/58 | €34,096 | €48,575 | €105,976 | €68,567 | €69,837 | €54,544 | €49,769 | ▼ 8.8% |
| Stocks and contracts in progress3 | €7,474 | €10,338 | €12,083 | €9,716 | €11,717 | €9,759 | €12,039 | ▲ 23.4% |
| Stocks30/36 | - | - | €12,083 | €9,716 | €11,717 | €9,759 | €12,039 | ▲ 23.4% |
| Amounts receivable within one year40/41 | €10,814 | €19,969 | €19,250 | €22,601 | €34,809 | €18,021 | €13,572 | ▼ 24.7% |
| Trade receivables40 | - | - | €16,029 | €19,733 | €31,942 | €15,154 | €10,643 | ▼ 29.8% |
| Other amounts receivable41 | - | - | €3,221 | €2,868 | €2,868 | €2,868 | €2,929 | ▲ 2.2% |
| Cash at bank and in hand54/58 | €12,713 | €13,840 | €70,394 | €32,090 | €19,462 | €20,523 | €20,395 | ▼ 0.6% |
| Deferred charges and accrued income490/1 | - | - | €4,249 | €4,161 | €3,849 | €6,240 | €3,763 | ▼ 39.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €188,401 | €181,760 | €235,507 | €196,794 | €179,677 | €142,802 | €111,213 | ▼ 22.1% |
| Equity10/15 | -€232,650 | -€213,482 | -€146,686 | -€164,755 | -€139,123 | -€99,615 | -€82,847 | ▲ 16.8% |
| Contributions10/11 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€253,110 | -€233,942 | -€167,146 | -€185,215 | -€159,583 | -€120,075 | -€103,307 | ▲ 14.0% |
| Amounts payable17/49 | €421,051 | €395,243 | €382,192 | €361,549 | €318,800 | €242,417 | €194,060 | ▼ 19.9% |
| Amounts payable after more than one year17 | €342,112 | €297,843 | €271,581 | €223,431 | €178,219 | €119,996 | €66,951 | ▼ 44.2% |
| Financial debts170/4 | - | - | €271,581 | €223,431 | €178,219 | €119,996 | €66,951 | ▼ 44.2% |
| Amounts payable within one year42/48 | €78,586 | €97,322 | €110,612 | €138,118 | €140,537 | €122,421 | €127,109 | ▲ 3.8% |
| Current portion of amounts payable after more than one year42 | - | - | €48,637 | €48,149 | €53,205 | €55,723 | €51,645 | ▼ 7.3% |
| Financial debts43 | - | - | €147 | - | - | - | - | - |
| Credit institutions430/8 | - | - | €147 | - | - | - | - | - |
| Trade debts44 | €19,953 | €35,594 | €38,486 | €53,505 | €56,366 | €38,871 | €43,766 | ▲ 12.6% |
| Suppliers440/4 | - | - | €38,486 | €53,505 | €56,366 | €38,871 | €43,766 | ▲ 12.6% |
| Taxes, remuneration and social security45 | - | - | €22,665 | €35,798 | €30,966 | €27,827 | €31,698 | ▲ 13.9% |
| Taxes450/3 | - | - | €1,151 | €4,563 | €3,609 | €2,334 | €2,154 | ▼ 7.7% |
| Remuneration and social security454/9 | - | - | €21,514 | €31,235 | €27,357 | €25,493 | €29,544 | ▲ 15.9% |
| Other amounts payable47/48 | - | - | €676 | €665 | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €44 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €21,259 | €19,167 | €66,797 | -€18,069 | €25,632 | €39,508 | €16,769 | ▼ 57.6% |
| + Depreciation and write-downs630 | €28,414 | €28,055 | €28,734 | €30,312 | €33,903 | €33,001 | €34,587 | ▲ 4.8% |
| Operating cash flow (approximation) | €49,674 | €47,223 | €95,531 | €12,243 | €59,535 | €72,509 | €51,355 | ▼ 29.2% |
| Investment in fixed assets (approximation) | - | -€6,936 | -€25,079 | -€29,008 | -€15,517 | -€11,419 | -€7,772 | ▲ 31.9% |
| Change in cash | - | €1,127 | €56,555 | -€38,305 | -€12,628 | €1,062 | -€128 | - |
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, 3,794 companies had the same profile as BREAD GARDEN has now. Two years later, 91.5% were still going and 2.7% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
91.5%
was still going
5.3%
stopped otherwise
2.7%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BREAD GARDEN itself: 1.0% 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 3,794 companies, not a prediction for BREAD GARDEN. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 30-04-2026 | 2026-00097185 | |
| 30-09-2024 | micro format | 29-04-2025 | 2025-00085309 | |
| 30-09-2023 | micro format | 28-04-2024 | 2024-00071312 | |
| 30-09-2022 | micro format | 02-05-2023 | 2023-00075247 | |
| 30-09-2021 | micro format | 30-04-2022 | 2022-20016453 | |
| 30-09-2020 | micro format | 30-04-2021 | 2021-12500056 | |
| 30-09-2019 | micro format | 28-04-2020 | 2020-10300283 | |
| 30-09-2018 | micro format | 14-04-2019 | 2019-09900594 | |
| 30-09-2017 | micro format | 28-04-2018 | 2018-11300576 | |
| 30-09-2016 | abbreviated format | 29-04-2017 | 2017-11100226 |