G&E Bakery
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 5 filings
Turnover
≈ €120,000
Estimated: probably between €71,000 and €210,000
Total assets
€70,918▼ 20.7%
2024 · €89,429
Net result
-€3,361
2024 · €5,207
Working capital
-€22,658▲ 6.3%
2024 · -€24,185
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€1,127
▼ 89.7%
2025
20212025
Net result
-€3,361
2025
middle half of the sector
20212025
Equity
€15,482
▼ 17.8%
2025
middle half of the sector
20212025
Total assets
€70,918
▼ 20.7%
2025
lowest quarter of the sector
20212025
Debt
€55,436
▼ 21.5%
2025
20212025
Working capital
-€22,658
▲ 6.3%
2025
middle half of the sector
20212025
Solvency
21.8%
▲ 0.8pp
2025
middle half of the sector
20212025
Current ratio
0.56
▲ 0.02
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
-4.7%
▼ 10.6pp
2025
lowest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€6,829--€10,014€20,541€10,907▼ 46.9%€1,127▼ 89.7%
Net result€3,800within the sector's middle half--€11,895below the sector's middle half€14,812within the sector's middle half€5,207within the sector's middle half▼ 64.8%-€3,361within the sector's middle half
Equity€5,800within the sector's middle half--€6,095below the sector's middle half€13,636within the sector's middle half€18,843within the sector's middle half▲ 38.2%€15,482within the sector's middle half▼ 17.8%
Total assets€127,019within the sector's middle half-€134,123within the sector's middle half▲ 5.6%€126,984within the sector's middle half▼ 5.3%€89,429within the sector's middle half▼ 29.6%€70,918below the sector's middle half▼ 20.7%
Debt€121,219-€140,218▲ 15.7%€113,348▼ 19.2%€70,586▼ 37.7%€55,436▼ 21.5%
Working capital-€9,502within the sector's middle half--€48,050below the sector's middle half▼ 406%-€33,741within the sector's middle half▲ 29.8%-€24,185within the sector's middle half▲ 28.3%-€22,658within the sector's middle half▲ 6.3%
Solvency4.6%below the sector's middle half--4.5%below the sector's middle half▼ 9.1pp10.7%within the sector's middle half▲ 15.3pp21.1%within the sector's middle half▲ 10.3pp21.8%within the sector's middle half▲ 0.8pp
Current ratio0.79within the sector's middle half-0.34below the sector's middle half▼ 0.450.56below the sector's middle half▲ 0.210.54below the sector's middle half▼ 0.020.56below the sector's middle half▲ 0.02
Return on assets (ROA)3.0%within the sector's middle half--8.9%below the sector's middle half▼ 11.9pp11.7%within the sector's middle half▲ 20.5pp5.8%within the sector's middle half▼ 5.8pp-4.7%below the sector's middle half▼ 10.6pp
above
within
below
The sector band is the middle half of the companies in Manufacture of food products (NACE 10). 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 90% lower than in 2024. It is the second 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.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €70,918
Fixed assets
€42,544 ▼ 30.5%
Current assets
€28,374 ▲ 0.6%
Equity and liabilities €70,918
Equity
€15,482 ▼ 17.8%
Debt
€55,436 ▼ 21.5%
Debt's share of the balance-sheet total falls from 78.9% to 78.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€26,264▼
2024 · €35,429
Cash flow
€21,776▼
2024 · €29,729
Quick ratio
0.54▲
2024 · 0.52
Debt to equity
3.58▼
2024 · 3.75
ROE
-21.7%▼
2024 · 27.6%
Interest coverage
19.31▲
2024 · 19.06
Debt ≤ 1 year
€51,032▼
2024 · €52,378
Debt > 1 year
€4,404▼
2024 · €18,208
Income taxes
€3,128▼
2024 · €3,841
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €106,226 | €41,113 | - | €1,239 | €6,444 |
| Financial fixed assets | €101 | - | - | - | - |
| Depreciation and write-downs of the year | €16,623 | €23,015 | €24,314 | €24,522 | €25,137 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 3 entries · €487 awarded · €487 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €176 | €176 |
| 2024 | 1 | €176 | €176 |
| 2022 | 1 | €135 | €135 |
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,623 | €23,015 | €24,314 | €24,522 | €25,137 | ▲ 2.5% |
| Other operating charges640/8 | €2,301 | €1,713 | €1,880 | €2,000 | €2,941 | ▲ 47.1% |
| Gross operating margin9900 | €25,753 | €14,715 | €46,734 | €37,429 | €29,205 | ▼ 22.0% |
| Operating profit (loss)9901 | €6,829 | -€10,014 | €20,541 | €10,907 | €1,127 | ▼ 89.7% |
| Financial income75/76B | €3 | - | - | - | - | - |
| Recurring financial income75 | €3 | - | - | - | - | - |
| Financial charges65/66B | €940 | €1,679 | €2,150 | €1,859 | €1,360 | ▼ 26.8% |
| Recurring financial charges65 | €940 | €1,679 | €2,150 | €1,859 | €1,360 | ▼ 26.8% |
| Profit (loss) for the period before taxes9903 | €5,891 | -€11,693 | €18,392 | €9,048 | -€233 | - |
| Income taxes67/77 | €2,091 | €203 | €3,580 | €3,841 | €3,128 | ▼ 18.6% |
| Profit (loss) for the period9904 | €3,800 | -€11,895 | €14,812 | €5,207 | -€3,361 | - |
| Profit (loss) for the period to be appropriated9905 | €3,800 | -€11,895 | €14,812 | €5,207 | -€3,361 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €127,019 | €134,123 | €126,984 | €89,429 | €70,918 | ▼ 20.7% |
| Formation expenses20 | €343 | - | - | - | - | - |
| Fixed assets21/28 | €90,393 | €108,833 | €84,520 | €61,237 | €42,544 | ▼ 30.5% |
| Tangible fixed assets22/27 | €90,292 | €108,732 | €84,419 | €61,136 | €42,443 | ▼ 30.6% |
| Plant, machinery and equipment23 | €46,400 | €35,482 | €24,565 | €14,678 | €9,381 | ▼ 36.1% |
| Furniture and vehicles24 | €43,892 | €33,564 | €23,237 | €12,909 | €2,582 | ▼ 80.0% |
| Other tangible fixed assets26 | - | €39,686 | €36,617 | €33,548 | €30,480 | ▼ 9.1% |
| Financial fixed assets28 | €101 | €101 | €101 | €101 | €101 | = |
| Current assets29/58 | €36,283 | €25,290 | €42,464 | €28,192 | €28,374 | ▲ 0.6% |
| Stocks and contracts in progress3 | €926 | €1,176 | €725 | €851 | €975 | ▲ 14.7% |
| Stocks30/36 | €926 | €1,176 | €725 | €851 | €975 | ▲ 14.7% |
| Amounts receivable within one year40/41 | €3,094 | €2,243 | €2,866 | €3,323 | €4,952 | ▲ 49.0% |
| Trade receivables40 | €515 | €2,243 | €2,866 | €1,802 | €3,510 | ▲ 94.8% |
| Other amounts receivable41 | €2,578 | - | - | €1,521 | €1,442 | ▼ 5.2% |
| Cash at bank and in hand54/58 | €32,264 | €18,999 | €31,883 | €16,301 | €17,480 | ▲ 7.2% |
| Deferred charges and accrued income490/1 | - | €2,872 | €6,990 | €7,718 | €4,967 | ▼ 35.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €127,019 | €134,123 | €126,984 | €89,429 | €70,918 | ▼ 20.7% |
| Equity10/15 | €5,800 | -€6,095 | €13,636 | €18,843 | €15,482 | ▼ 17.8% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves13 | - | - | €11,636 | €16,843 | €13,482 | ▼ 20.0% |
| Distributable reserves133 | - | - | €11,636 | €16,843 | €13,482 | ▼ 20.0% |
| Profit (loss) carried forward14 | €3,800 | -€8,095 | - | - | - | - |
| Amounts payable17/49 | €121,219 | €140,218 | €113,348 | €70,586 | €55,436 | ▼ 21.5% |
| Amounts payable after more than one year17 | €75,434 | €66,878 | €37,143 | €18,208 | €4,404 | ▼ 75.8% |
| Financial debts170/4 | €75,434 | €66,878 | €37,143 | €18,208 | €4,404 | ▼ 75.8% |
| Amounts payable within one year42/48 | €45,785 | €73,340 | €76,205 | €52,378 | €51,032 | ▼ 2.6% |
| Current portion of amounts payable after more than one year42 | €25,143 | €38,556 | €39,429 | €19,949 | €14,881 | ▼ 25.4% |
| Trade debts44 | €18,754 | €33,140 | €31,961 | €31,258 | €30,567 | ▼ 2.2% |
| Suppliers440/4 | €18,754 | €33,140 | €31,961 | €31,258 | €30,567 | ▼ 2.2% |
| Taxes, remuneration and social security45 | €1,888 | €854 | €4,816 | €1,171 | €591 | ▼ 49.5% |
| Taxes450/3 | €1,888 | €854 | €4,816 | €1,171 | €591 | ▼ 49.5% |
| Other amounts payable47/48 | - | €790 | - | - | €4,993 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,800 | -€11,895 | €14,812 | €5,207 | -€3,361 | - |
| + Depreciation and write-downs630 | €16,623 | €23,015 | €24,314 | €24,522 | €25,137 | ▲ 2.5% |
| Operating cash flow (approximation) | €20,423 | €11,120 | €39,126 | €29,729 | €21,776 | ▼ 26.8% |
| Investment in fixed assets (approximation) | - | -€41,456 | €0 | -€1,239 | -€6,444 | ▼ 420% |
| Change in cash | - | -€13,265 | €12,884 | -€15,582 | €1,180 | - |
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, 1,548 companies had the same profile as G&E Bakery has now. Two years later, 91.3% were still going and 4.3% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a small loss
91.3%
was still going
3.9%
stopped otherwise
4.3%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of G&E Bakery 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 1,548 companies, not a prediction for G&E Bakery. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00226719 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00195772 | |
| 31-12-2023 | micro format | 25-07-2024 | 2024-00282003 | |
| 31-12-2022 | micro format | 29-06-2023 | 2023-00177195 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20342755 |