HD BAKERY GROUP
ActiveHD BAKERY GROUP has been active since 1998 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €1.53M and a net result of €228k. Equity is growing by ~14.8% per year across the filed fiscal years. Its solvency ranks better than 66% of 862 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2024
70
/ 100
Healthy
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2023
Profitability78▼-3
Solvency74▲+7
Growth78=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €100k at 30 days acceptable
Liquidity ample (current ratio 1.63 against 1.58 in 2023; short-term debt: 32.5% and cash: 7.5% of total assets), but 51.4% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 10
Relative position
BE, all sectors
reference
Sector 10
higher
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
48.6%
Return on assets
7.3%
Age of the figures
20 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 18-08-2025, 18 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
18 d late
2023
64 d late
2022
71 d late
2021
117 d late
2020
116 d late
2019
91 d late
← before the deadline
after the deadline →
Financials · fiscal year 2024, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€228k▼ 22.1%
2023 · €293k
2018: €143k
2019: €116k
2020: €-50k
2021: €155k
2022: €117k
2023: €293k
2018 → 2024
Working capital
€646k▲ 1.5%
2023 · €636k
2018: €98k
2019: €127k
2020: €155k
2021: €325k
2022: €407k
2023: €636k
2018 → 2024
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€732k-€887k▲ 21.2%€1.00M▲ 13.2%€1.30M▲ 29.2%€1.53M▲ 17.6%
Operating result€-26k-€206k€195k▼ 5.4%€414k▲ 113%€325k▼ 21.4%
Net result€-50k-€155k€117k▼ 24.3%€293k▲ 150%€228k▼ 22.1%
Result per fiscal year
Operating resultNet result
The operating result falls in 2024; 2024 is 21% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €3.14M
Fixed assets
€1.47M▲ 11.0%
Current assets
€1.67M▼ 3.4%
Equity and liabilities €3.14M
Equity
€1.53M▲ 17.6%
Debt
€1.61M▼ 8.0%
The debt ratio falls from 57.5% to 51.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€541k▼
2023 · €590k
Cash flow
€444k▼
2023 · €469k
Solvency
48.6%▲
2023 · 42.5%
Current ratio
1.63▲
2023 · 1.58
Quick ratio
1.61▲
2023 · 1.55
Debt / equity
1.06▼
2023 · 1.35
ROE
15.0%▼
2023 · 22.6%
ROA
7.3%▼
2023 · 9.6%
Interest coverage
36.28▲
2023 · 35.44
Debt
€1.61M▼
2023 · €1.75M
Debt ≤ 1 year
€1.02M▼
2023 · €1.09M
Debt > 1 year
€593k▼
2023 · €666k
Income taxes
€83k▼
2023 · €107k
Staff costs
€772k▲
2023 · €638k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2024 against 2023
Balance sheet
Code20232024
Assets
Total assets20/58€3.05M€3.14M▲
Fixed assets21/28€1.33M€1.47M▲
Tangible fixed assets22/27€1.32M€1.47M▲
Land and buildings22€866k€815k▼
Plant, machinery and equipment23€434k€595k▲
Furniture and vehicles24€23k€59k▲
Financial fixed assets28€3k€3k=
Current assets29/58€1.73M€1.67M▼
Amounts receivable after more than one year29€668k€566k▼
Other amounts receivable291€668k€566k▼
Stocks and contracts in progress3€35k€24k▼
Stocks30/36€35k€24k▼
Amounts receivable within one year40/41€304k€293k▼
Trade receivables40€287k€276k▼
Other amounts receivable41€17k€16k▼
Current investments50/53€550k€550k=
Cash at bank and in hand54/58€168k€235k▲
Equity and liabilities
Total equity and liabilities10/49€3.05M€3.14M▲
Equity10/15€1.30M€1.53M▲
Contributions10/11€62k€62k=
Capital10€62k€62k=
Issued capital100€62k€62k=
Reserves13€732k€792k▲
Non-distributable reserves130/1€556k€556k=
Legal reserve130€6k€6k=
Own shares acquired1312€550k€550k=
Tax-exempt reserves132€56k€56k=
Distributable reserves133€120k€180k▲
Profit (loss) carried forward14€502k€670k▲
Amounts payable17/49€1.75M€1.61M▼
Amounts payable after more than one year17€666k€593k▼
Financial debts170/4€666k€593k▼
Amounts payable within one year42/48€1.09M€1.02M▼
Current portion of amounts payable after more than one year42€101k€92k▼
Trade debts44€277k€294k▲
Suppliers440/4€277k€294k▲
Taxes, remuneration and social security45€161k€194k▲
Taxes450/3€104k€84k▼
Remuneration and social security454/9€57k€111k▲
Other amounts payable47/48€550k€441k▼
Income statement
Code20232024
Remuneration, social security and pensions62€638k€772k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€177k€215k▲
Other operating charges640/8€25k€36k▲
Gross operating margin9900€1.25M€1.35M▲
Operating profit (loss)9901€414k€325k▼
Financial income75/76B€3k€558▼
Recurring financial income75€3k€558▼
Financial charges65/66B€17k€15k▼
Recurring financial charges65€17k€15k▼
Profit (loss) for the period before taxes9903€400k€311k▼
Income taxes67/77€107k€83k▼
Profit (loss) for the period9904€293k€228k▼
Profit (loss) for the period to be appropriated9905€293k€228k▼
Appropriation of the result
Profit (loss) to be appropriated9906€1.11M€730k▼
Profit (loss) brought forward from the previous period14P€819k€502k▼
Transfer to equity691/2€610k€60k▼
To other reserves6921€610k€60k▼
Social balance
Average headcount (FTE)908712.013.9▲
The notes to these accounts (11 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2025
18-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 18 days late
2024
03-10
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 64 days late
2023
31-12
Financial
Highest result since 2018net €293k ▲150%
Operating result €414k, net result €293k, both a record.
10-10
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 71 days late
2022
31-12
Financial
Equity above €1MEq €1.00M ▲13.2%
2 profitable years in a row build equity to €1.00M.
25-11
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 117 days late
2021
31-12
Financial
Back to profitnet €155k
Net result €155k after one loss-making year.
24-11
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 116 days late
2020
31-12
Financial
Weakest financial yearnet €-50k ▼143%
Net result drops to €-50k, the lowest in the series; recovery starts the following year.
30-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 91 days late
2019
19-09
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 50 days late
2018
02-10
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 63 days late
2017
29-09
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 60 days late
2016
05-10
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 66 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
5 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Braine-le-Château · 2 establishment units since 1998
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Parc Industriel(W-B) 241440 Braine-le-ChâteauGround area
5,974 m²
Building footprint
3,635 m²
Volume, LiDAR
45,760 m³
2 parcels, Brussels, Wallonia · tallest building 22.0 m, ±5 floors. Linked by address, not a title deed.
2 establishment units
HD BAKERY GROUP SA
since 19982.087.069.420
GALET
since 20082.172.416.453
2 parcels
Wallonia
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25111A0686/00V000 | Wallonia | 3,316 m² | 1 · 1,219 m² | 7.4 m · 2 fl. |
| 21802B0807/00C000 ProtectedMonumentGebouwen aan het Martelaarsplein alsook het Martelarenmonument |
Brussels | 2,659 m² | 1 · 2,417 m² | 21.9 m · 5 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage (source: regional heritage registers, Onroerend Erfgoed / patrimoine.brussels).
Recognitions · licences · registrations
Food safety, FASFC
2 sitesBraine-le-Château2.087.069.420
Brussel2.172.416.453
Similar companies · same sector, comparable size
MADAREST
BE 0425.846.331
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AU BLE D'OR
BE 0457.471.794
Sint-Agatha-Berchem · Eq €1.95M
L ARTISAN GOURMET
BE 0885.954.547
Manage · Eq €2.14M
ALGI
BE 0432.003.950
Wavre · Eq €2.67M
FLANDRIA FOODS
BE 0440.123.840
Zulte · Eq €853k
Of 63 companies in sector 10730 we hold annual accounts for 39. 15 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded31-03-1998
Fiscal year end31-12
Activities, NACEBEL
10711Manufacture of food products
10730Manufacture of food products
15811
46360Wholesale trade
Sources
Crossroads Bank for EnterprisesNational Bank · 27 filingsAddress and cadastre registers
Data from official sources, last processed on 16-09-2026. Scores and ratios are computed by Checked and are not a credit decision.
Contact details
3 entriesE-mail:sabri.kerai@vitalgaufre.com
Phone:02/223.74.98
Fax:02/428.07.34