Bread Management
ActiveSummary
The computed 12-month bankruptcy probability of Bread Management is 1.8% (moderate). The 2025 annual accounts show equity of €66,264 and a net result of -€1,035. Equity has been growing by about 13% per year since 2022. Its solvency ranks better than 60% of 1,904 sector peers (NACE 10, financial year 2025). The company has been active since 2022 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
Overview
Official details
Source: KBO- Status
- Active since 08-03-2022 Normal situation
- Activity
- Artisanal bread and fresh pastry making NACE 10712and 3 others
- Establishment units
- 2.330.605.043 1190 Vorst, since 01-04-2022
- 2.387.761.502 1701 Dilbeek, since 01-04-2026and 1 other
- Financial year end
- 31 December
- Peppol
- Reachable since 16-12-2025
Board and ownership
- Anestis KATSIARASDirector · since 01-05-2023
- De Smedt Alain Francis Marie Jean50 sharesact of 10-03-2022
- Pierre Lara Jeanine Violette50 sharesact of 10-03-2022
Financial position
- Bankruptcy probabilitywithin 12 months
- 1.8%
- Gross margin
- €271,817
- ▼ 14.8%
- Turnover
- ≈ €540,000
- estimated
- Loss
- €1,035
- Equity
- €66,264
- ▼ 1.5%
- Total assets
- €160,787
- ▼ 8.3%
- Staff
- ≈ 5.9 FTE
- estimated
- 2025 accounts filed 31 days after the deadline
Score breakdownraises riskSector: Manufacture of food products (NACE 10)Last filed accounts filed 31 days late; 2 of the last 3 accounts lateFounded in 2022lowers riskLiquidity: current ratio 1.11, cash €97,913Show the evidence
Checked score
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 10, micro). It does better than 59% of them on solvency, 75% on liquidity, 33% on profitability and 36% on growth.
The bankruptcy probability was computed on 04-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 4 accounts on average 30 days after the deadline. In the sector (NACE 10), the median for financial year 2024 was 4 days before the deadline, and 38% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00494848.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 4 filings
Every figure per financial year
The operating result for 2025 is 20% lower than in 2024 and the lowest since 2022. It is the third fall in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 |
|---|---|---|---|
| Employees at the balance-sheet date | 12 | 13 | 12 |
| full-time | 3 | 5 | 5 |
| part-time | 9 | 8 | 7 |
| in full-time equivalents | 7.5 | 7.9 | 7.3 |
| Average over the year, in full-time equivalents | 5.2 | 8.4 | 7 |
| On a permanent contract | 5 | 6 | 6 |
| Joined | 24 | 17 | 14 |
| Left | 12 | 16 | 15 |
Source: social balance sheet in the 2022 to 2024 annual accounts
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €157,000 | €15,473 | €4,751 | €2,669 |
| Financial fixed assets | €5,150 | - | - | - |
| Depreciation and write-downs of the year | €24,750 | €34,767 | €35,084 | €34,138 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €162,249 | €255,404 | €266,212 | €227,064 | ▼ 14.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €24,750 | €34,767 | €35,084 | €34,138 | ▼ 2.7% |
| Other operating charges640/8 | - | - | €4,465 | €121 | ▼ 97.3% |
| Gross operating margin9900 | €232,931 | €305,096 | €318,924 | €271,817 | ▼ 14.8% |
| Operating profit (loss)9901 | €45,932 | €14,925 | €13,163 | €10,494 | ▼ 20.3% |
| Financial income75/76B | €61 | €39 | €190 | €2,046 | ▲ 977% |
| Recurring financial income75 | €61 | €39 | €190 | €2,046 | ▲ 977% |
| Financial charges65/66B | €2,556 | €6,427 | €6,801 | €10,217 | ▲ 50.2% |
| Recurring financial charges65 | €2,556 | €6,427 | €6,801 | €10,217 | ▲ 50.2% |
| Profit (loss) for the period before taxes9903 | €43,437 | €8,537 | €6,552 | €2,323 | ▼ 64.5% |
| Income taxes67/77 | €8,000 | €3,227 | - | €3,358 | - |
| Profit (loss) for the period9904 | €35,437 | €5,310 | €6,552 | -€1,035 | - |
| Profit (loss) for the period to be appropriated9905 | €35,437 | €5,310 | €6,552 | -€1,035 | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €189,771 | €189,627 | €175,371 | €160,787 | ▼ 8.3% |
| Fixed assets21/28 | €137,400 | €118,106 | €87,773 | €56,304 | ▼ 35.9% |
| Tangible fixed assets22/27 | €132,250 | €112,956 | €82,623 | €51,154 | ▼ 38.1% |
| Plant, machinery and equipment23 | €130,750 | €110,029 | €80,453 | €49,370 | ▼ 38.6% |
| Other tangible fixed assets26 | €1,500 | €2,927 | €2,170 | €1,784 | ▼ 17.8% |
| Financial fixed assets28 | €5,150 | €5,150 | €5,150 | €5,150 | = |
| Current assets29/58 | €52,371 | €71,521 | €87,598 | €104,483 | ▲ 19.3% |
| Amounts receivable within one year40/41 | - | €21,919 | €19,026 | €6,570 | ▼ 65.5% |
| Trade receivables40 | - | €9,972 | €5,881 | €6,553 | ▲ 11.4% |
| Other amounts receivable41 | - | €11,947 | €13,145 | €17 | ▼ 99.9% |
| Cash at bank and in hand54/58 | €50,871 | €49,602 | €68,572 | €97,913 | ▲ 42.8% |
| Deferred charges and accrued income490/1 | €1,500 | - | - | - | - |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €189,771 | €189,627 | €175,371 | €160,787 | ▼ 8.3% |
| Equity10/15 | €35,437 | €60,747 | €67,299 | €66,264 | ▼ 1.5% |
| Contributions10/11 | - | €20,000 | €20,000 | €20,000 | = |
| Profit (loss) carried forward14 | €35,437 | €40,747 | €47,299 | €46,264 | ▼ 2.2% |
| Amounts payable17/49 | €154,334 | €128,880 | €108,072 | €94,523 | ▼ 12.5% |
| Amounts payable within one year42/48 | €154,334 | €128,880 | €108,072 | €94,523 | ▼ 12.5% |
| Trade debts44 | €97,853 | €91,352 | €66,871 | €54,858 | ▼ 18.0% |
| Suppliers440/4 | €97,853 | €91,352 | €66,871 | €54,858 | ▼ 18.0% |
| Taxes, remuneration and social security45 | €56,481 | €37,528 | €40,283 | €37,880 | ▼ 6.0% |
| Taxes450/3 | €16,948 | €5,354 | - | - | - |
| Remuneration and social security454/9 | €39,533 | €32,174 | €40,283 | €37,880 | ▼ 6.0% |
| Other amounts payable47/48 | - | - | €918 | €1,785 | ▲ 94.4% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €35,437 | €5,310 | €6,552 | -€1,035 | - |
| + Depreciation and write-downs630 | €24,750 | €34,767 | €35,084 | €34,138 | ▼ 2.7% |
| Operating cash flow (approximation) | €60,187 | €40,077 | €41,636 | €33,103 | ▼ 20.5% |
| Investment in fixed assets (approximation) | - | -€15,473 | -€4,751 | -€2,669 | ▲ 43.8% |
| Change in cash | - | -€1,269 | €18,970 | €29,341 | ▲ 54.7% |
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, 2,145 companies had the same profile as Bread Management has now. Two years later, 91.7% were still going and 2.2% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a small loss
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Bread Management itself: 1.8% 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 2,145 companies, not a prediction for Bread Management. 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.
Board & ownership
Directors
Owners and capital
Shareholders
- De Smedt Alain Francis Marie Jean 50 shares (50%) · €10,000
- Pierre Lara Jeanine Violette 50 shares (50%) · €10,000
Capital transactions
- 10-03-2022 Incorporation · €20,000 · 100 shares
Mandate history
- Board
- mandate already running before its first mention
- end not dated
| Name | Functions and periods |
|---|---|
| Anestis KATSIARAS |
|
| Alain DE SMEDT |
|
| Lara PIERRE |
|
| De Smedt Alain Francis Marie Jean |
|
| Pierre Lara Jeanine Violette |
|
Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- At least 1 director
Articles of association, deed of 10-03-2022 (in French)
Network & group
Bread Management shares no director with another company.
Companies at the same address
4 other companiesConnections & network
1 current directorThe network starts from the directors of Bread Management. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
14-03
Gazette deed
1 director appointed, 2 directors resigningResignations: Lara PIERRE (director) and Alain DE SMEDT (director) · Appointment: Anestis KATSIARAS (director) · Director discharge: Lara PIERRE6 points ▸
- General meeting, 04-05-2023
- Director resignation, Lara PIERRE (director)
- Director resignation, Alain DE SMEDT (director)
- Director discharge, Lara PIERRE
- Director discharge, Alain DE SMEDT
- Director appointment, Anestis KATSIARAS (director)
10-03
Gazette deed
IncorporationStarting capital €20,000 · Appointments: De Smedt Alain Francis Marie Jean (director) and Pierre Lara Jeanine Violette (director) · Founder: De Smedt Alain Francis Marie Jean (comparant) · Founder: Pierre Lara Jeanine Violette (comparante)7 points ▸
- Founder, De Smedt Alain Francis Marie Jean (comparant)
- Founder, Pierre Lara Jeanine Violette (comparante)
- Founding capital, €20,000, 100 shares
- 100 shares
- Registered office clause, Forest (1190 Bruxelles), avenue du Domaine 1
- Director appointment, De Smedt Alain Francis Marie Jean (director (not named in the articles))
- Director appointment, Pierre Lara Jeanine Violette (director (not named in the articles))
- The act holds 2 more points.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
On 8 March 2022, Bread Management was incorporated as a private limited company by two natural persons, with a starting capital of €20,000.12 Anestis KATSIARAS has served as director since 2023.3 Total assets went from €189,771 in 2022 to €160,787 in 2025 and headcount from 5.9 full-time equivalents in 2022 to 7 in 2024.4
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
3 activities
- La boulangerie,pâtisserie,chocolaterie,glacerie,confiserie
- La sandwicherie et la petite restauration
- La vente en gros et en détail ainsi que la fabrication de tous produits alimentaires
Invoicing and payment
Financial year and general meeting
Accounts at the NBBRecognitions · licences · registrations
Food safety, FASFC
3 sitesSites & property
Buildings and parcels at the addresses
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 23037C0170/00T003 | Flanders | 283 m² | 1 · 84 m² | 10.4 m · 3 |
| 21383B0020/00C020 | Brussels | 240 m² | 1 · 177 m² | 22.9 m · 6 |
| 21017D0093/00L006 | Brussels | 122 m² | 1 · 122 m² | 15.2 m · 5 |