2 BAKE: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
2 BAKE
Largest movements
- Receivables within one year +€333,613
up €333,613 (+76.7%), from €434,976 to €768,589
of which Trade receivables: +€283,969
- Cash -€115,468
down €115,468 (-61.0%), from €189,171 to €73,703
mainly Receivables within one year (-€333,613) and Tax, wage and social debts (-€140,205)
- Receivables after one year -€22,309
no longer reported in 2025 (was €22,309)
- Tangible fixed assets +€17,365
up €17,365 (+65.3%), from €26,588 to €43,953
of which Furniture and vehicles: +€29,234
- Trade debts +€471,708
up €471,708 (+119.3%), from €395,339 to €867,047
- Tax, wage and social debts -€140,205
down €140,205 (-69.4%), from €201,980 to €61,775
of which Taxes: -€152,561
- Profit (loss) carried forward -€99,907
down €99,907 (-42.3%), from €235,915 to €136,009
- Short-term financial debts +€29,479
new in 2025: €29,479
- Other debts -€24,840
down €24,840 (-97.5%), from €25,480 to €640
- Gross operating margin -€209,134
down €209,134 (-85.1%), from €245,754 to €36,620
- Taxes -€41,908
down €41,908 (-99.4%), from €42,141 to €233
- Staff costs +€38,130
up €38,130 (+59.4%), from €64,184 to €102,314
- Write-downs -€11,536
no longer reported in 2025 (was €11,536)
- Depreciation +€5,335
up €5,335 (+40.1%), from €13,319 to €18,653
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €879,417 | €1,105,849 | +€226,432 | +25.7% |
| Fixed assets | 21/28 | €26,588 | €43,953 | +€17,365 | +65.3% |
| Tangible fixed assets | 22/27 | €26,588 | €43,953 | +€17,365 | +65.3% |
| Plant, machinery and equipment | 23 | €787 | €1,585 | +€798 | +101.4% |
| Furniture and vehicles | 24 | €1,570 | €30,804 | +€29,234 | +1861.9% |
| Leasing and similar rights | 25 | €20,596 | €8,743 | -€11,853 | -57.5% |
| Other tangible fixed assets | 26 | €3,634 | €2,821 | -€813 | -22.4% |
| Current assets | 29/58 | €852,829 | €1,061,895 | +€209,067 | +24.5% |
| Amounts receivable after more than one year | 29 | €22,309 | - | -€22,309 | |
| Trade receivables | 290 | €22,309 | - | -€22,309 | |
| Stocks and contracts in progress | 3 | €201,004 | €208,203 | +€7,199 | +3.6% |
| Stocks | 30/36 | €105,360 | €117,605 | +€12,245 | +11.6% |
| Contracts in progress | 37 | €95,643 | €90,598 | -€5,046 | -5.3% |
| Amounts receivable within one year | 40/41 | €434,976 | €768,589 | +€333,613 | +76.7% |
| Trade receivables | 40 | €433,569 | €717,538 | +€283,969 | +65.5% |
| Other amounts receivable | 41 | €1,407 | €51,051 | +€49,644 | +3527.9% |
| Cash at bank and in hand | 54/58 | €189,171 | €73,703 | -€115,468 | -61.0% |
| Deferred charges and accrued income | 490/1 | €5,368 | €11,400 | +€6,031 | +112.3% |
| Total equity and liabilities | 10/49 | €879,417 | €1,105,849 | +€226,432 | +25.7% |
| Equity | 10/15 | €238,915 | €139,009 | -€99,907 | -41.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €235,915 | €136,009 | -€99,907 | -42.3% |
| Amounts payable | 17/49 | €640,501 | €966,840 | +€326,339 | +51.0% |
| Amounts payable after more than one year | 17 | €7,190 | €1,056 | -€6,134 | -85.3% |
| Financial debts | 170/4 | €7,190 | €1,056 | -€6,134 | -85.3% |
| Amounts payable within one year | 42/48 | €632,826 | €965,075 | +€332,248 | +52.5% |
| Current portion of amounts payable after more than one year | 42 | €10,027 | €6,134 | -€3,894 | -38.8% |
| Financial debts | 43 | - | €29,479 | +€29,479 | |
| Credit institutions | 430/8 | - | €29,479 | +€29,479 | |
| Trade debts | 44 | €395,339 | €867,047 | +€471,708 | +119.3% |
| Suppliers | 440/4 | €395,339 | €867,047 | +€471,708 | +119.3% |
| Taxes, remuneration and social security | 45 | €201,980 | €61,775 | -€140,205 | -69.4% |
| Taxes | 450/3 | €196,533 | €43,972 | -€152,561 | -77.6% |
| Remuneration and social security | 454/9 | €5,446 | €17,803 | +€12,357 | +226.9% |
| Other amounts payable | 47/48 | €25,480 | €640 | -€24,840 | -97.5% |
| Accrued charges and deferred income | 492/3 | €485 | €709 | +€224 | +46.2% |
| Remuneration, social security and pensions | 62 | €64,184 | €102,314 | +€38,130 | +59.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,319 | €18,653 | +€5,335 | +40.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,536 | - | -€11,536 | |
| Other operating charges | 640/8 | €8,189 | €4,196 | -€3,993 | -48.8% |
| Gross operating margin | 9900 | €245,754 | €36,620 | -€209,134 | -85.1% |
| Operating profit (loss) | 9901 | €148,527 | -€88,542 | -€237,069 | |
| Financial income | 75/76B | €747 | €388 | -€358 | -48.0% |
| Recurring financial income | 75 | €747 | €388 | -€358 | -48.0% |
| Financial charges | 65/66B | €10,125 | €11,519 | +€1,395 | +13.8% |
| Recurring financial charges | 65 | €10,125 | €11,519 | +€1,395 | +13.8% |
| Profit (loss) for the period before taxes | 9903 | €139,149 | -€99,673 | -€238,822 | |
| Income taxes | 67/77 | €42,141 | €233 | -€41,908 | -99.4% |
| Profit (loss) for the period | 9904 | €97,008 | -€99,907 | -€196,915 | |
| Profit (loss) for the period to be appropriated | 9905 | €97,008 | -€99,907 | -€196,915 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.