BAKE - PERFORMANCE: 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.
What changed
BAKE - PERFORMANCE
NACE 46.389, Wholesale of other food products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€461,311
2024 · €428,428+€32,883
Equity
€2.2m
2024 · €1.8m+€456,411
Cash
€651,569
2024 · €303,625+€347,943
Balance sheet total
€3.4m
2024 · €2.9m+€442,332
Largest movements
Assets
- Cash +€347,943
up €347,943 (+114.6%), from €303,625 to €651,569
mainly Net result for the year (+€461,311) and Depreciation (+€154,887)
- Stocks and contracts +€165,606
up €165,606 (+15.3%), from €1.1m to €1.2m
- Receivables within one year -€103,963
down €103,963 (-13.7%), from €757,169 to €653,206
of which Trade receivables: -€107,151
- Intangible fixed assets +€37,542
up €37,542 (+170.7%), from €21,996 to €59,538
Equity and liabilities
- Reserves +€456,411
up €456,411 (+30.2%), from €1.5m to €2.0m
of which Distributable reserves: +€456,411
- Short-term financial debts -€100,000
down €100,000 (-100.0%), from €100,000 to €0
- Current portion of long-term debt +€80,460
up €80,460 (+88.9%), from €90,471 to €170,931
Income statement
- Gross operating margin +€213,878
up €213,878 (+15.3%), from €1.4m to €1.6m
- Staff costs +€153,715
up €153,715 (+24.3%), from €632,828 to €786,543
- Depreciation +€24,459
up €24,459 (+18.8%), from €130,428 to €154,887
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.
Result 2024
€428,428
Gross operating margin
+€213,878
Staff costs
-€153,715
Depreciation
-€24,459
Write-downs
-€1,383
Other operating charges
+€5,525
Other operating items
-€3,390
Financial income
+€4,651
Financial charges
-€5,891
Taxes
-€2,334
Result 2025
€461,311
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.
From operations
+€552,375
Investment
-€200,277
Financing
-€4,155
Cash 2024
€303,625
From operations (derived)
+€552,375
Net result for the year
+€461,311
Depreciation
+€154,887
Receivables after one year
+€2,000
Stocks and contracts
-€165,606
Receivables within one year
+€103,963
Deferred charges and accrued income
+€10,644
Provisions
+€1,383
Trade debts
-€7,504
Tax, wage and social debts
-€3,447
Other debts
-€6,736
Accrued charges and deferred income
+€1,478
Investment (derived)
-€200,277
Investment in fixed assets (net)
-€200,277
Financing
-€4,155
Debts after one year
+€20,285
Current portion of long-term debt
+€80,460
Short-term financial debts
-€100,000
Contributions, distributions and other
-€4,900
Cash 2025
€651,569
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,942,733 | €3,385,065 | +€442,332 | +15.0% |
| Fixed assets | 21/28 | €762,306 | €807,696 | +€45,390 | +6.0% |
| Intangible fixed assets | 21 | €21,996 | €59,538 | +€37,542 | +170.7% |
| Tangible fixed assets | 22/27 | €739,371 | €747,218 | +€7,847 | +1.1% |
| Land and buildings | 22 | €353,641 | €339,166 | -€14,475 | -4.1% |
| Plant, machinery and equipment | 23 | €332,691 | €342,476 | +€9,785 | +2.9% |
| Furniture and vehicles | 24 | €22,150 | €36,088 | +€13,938 | +62.9% |
| Leasing and similar rights | 25 | €30,466 | €25,122 | -€5,344 | -17.5% |
| Other tangible fixed assets | 26 | €423 | €4,366 | +€3,942 | +931.1% |
| Financial fixed assets | 28 | €940 | €940 | = | 0.0% |
| Current assets | 29/58 | €2,180,427 | €2,577,369 | +€396,942 | +18.2% |
| Amounts receivable after more than one year | 29 | €4,000 | €2,000 | -€2,000 | -50.0% |
| Other amounts receivable | 291 | €4,000 | €2,000 | -€2,000 | -50.0% |
| Stocks and contracts in progress | 3 | €1,083,393 | €1,248,999 | +€165,606 | +15.3% |
| Stocks | 30/36 | €1,083,393 | €1,248,999 | +€165,606 | +15.3% |
| Amounts receivable within one year | 40/41 | €757,169 | €653,206 | -€103,963 | -13.7% |
| Trade receivables | 40 | €654,401 | €547,250 | -€107,151 | -16.4% |
| Other amounts receivable | 41 | €102,769 | €105,957 | +€3,188 | +3.1% |
| Cash at bank and in hand | 54/58 | €303,625 | €651,569 | +€347,943 | +114.6% |
| Deferred charges and accrued income | 490/1 | €32,239 | €21,595 | -€10,644 | -33.0% |
| Total equity and liabilities | 10/49 | €2,942,733 | €3,385,065 | +€442,332 | +15.0% |
| Equity | 10/15 | €1,760,750 | €2,217,161 | +€456,411 | +25.9% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €1,510,750 | €1,967,161 | +€456,411 | +30.2% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Distributable reserves | 133 | €1,485,750 | €1,942,161 | +€456,411 | +30.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €15,000 | €16,383 | +€1,383 | +9.2% |
| Provisions for liabilities and charges | 160/5 | €15,000 | €16,383 | +€1,383 | +9.2% |
| Other liabilities and charges | 164/5 | €15,000 | €16,383 | +€1,383 | +9.2% |
| Amounts payable | 17/49 | €1,166,983 | €1,151,521 | -€15,462 | -1.3% |
| Amounts payable after more than one year | 17 | €216,881 | €237,167 | +€20,285 | +9.4% |
| Financial debts | 170/4 | €216,881 | €237,167 | +€20,285 | +9.4% |
| Amounts payable within one year | 42/48 | €950,102 | €912,876 | -€37,226 | -3.9% |
| Current portion of amounts payable after more than one year | 42 | €90,471 | €170,931 | +€80,460 | +88.9% |
| Financial debts | 43 | €100,000 | €0 | -€100,000 | -100.0% |
| Credit institutions | 430/8 | €100,000 | €0 | -€100,000 | -100.0% |
| Trade debts | 44 | €635,965 | €628,461 | -€7,504 | -1.2% |
| Suppliers | 440/4 | €635,965 | €628,461 | -€7,504 | -1.2% |
| Taxes, remuneration and social security | 45 | €93,502 | €90,056 | -€3,447 | -3.7% |
| Taxes | 450/3 | €45,593 | €45,891 | +€298 | +0.7% |
| Remuneration and social security | 454/9 | €47,909 | €44,164 | -€3,745 | -7.8% |
| Other amounts payable | 47/48 | €30,164 | €23,428 | -€6,736 | -22.3% |
| Accrued charges and deferred income | 492/3 | €0 | €1,478 | +€1,478 | |
| Non-recurring operating income | 76A | €8,474 | €2 | -€8,473 | -100.0% |
| Remuneration, social security and pensions | 62 | €632,828 | €786,543 | +€153,715 | +24.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €130,428 | €154,887 | +€24,459 | +18.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,383 | +€1,383 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €30,531 | €25,006 | -€5,525 | -18.1% |
| Non-recurring operating charges | 66A | €3,260 | €6,650 | +€3,390 | +104.0% |
| Gross operating margin | 9900 | €1,393,545 | €1,607,424 | +€213,878 | +15.3% |
| Operating profit (loss) | 9901 | €596,499 | €632,955 | +€36,456 | +6.1% |
| Financial income | 75/76B | €2,491 | €7,142 | +€4,651 | +186.8% |
| Recurring financial income | 75 | €2,491 | €7,142 | +€4,651 | +186.8% |
| Financial charges | 65/66B | €24,968 | €30,858 | +€5,891 | +23.6% |
| Recurring financial charges | 65 | €24,968 | €30,858 | +€5,891 | +23.6% |
| Profit (loss) for the period before taxes | 9903 | €574,021 | €609,238 | +€35,217 | +6.1% |
| Income taxes | 67/77 | €145,593 | €147,927 | +€2,334 | +1.6% |
| Profit (loss) for the period | 9904 | €428,428 | €461,311 | +€32,883 | +7.7% |
| Profit (loss) for the period to be appropriated | 9905 | €428,428 | €461,311 | +€32,883 | +7.7% |
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 30 September 2026 via checked.be.