BAKERONLINE: what changed
Two financial 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.
BAKERONLINE
Largest movements
- Financial fixed assets -€180,326
down €180,326 (-85.2%), from €211,576 to €31,250
- Receivables within one year +€91,755
up €91,755 (+42.5%), from €215,956 to €307,710
of which Other amounts receivable: +€65,273
- Cash +€35,046
up €35,046 (+220%), from €15,940 to €50,985
mainly Other debts (+€452,429) and Investment in fixed assets (net) (+€197,142)
- Tangible fixed assets -€23,321
down €23,321 (-63.0%), from €37,023 to €13,702
of which Furniture and vehicles: -€22,696
- Intangible fixed assets -€9,326
down €9,326 (-34.8%), from €26,824 to €17,498
- Other debts +€452,429
up €452,429 (+11.0%), from €4.1m to €4.5m
- Profit (loss) carried forward -€344,052
down €344,052 (-7.4%), from -€4.7m to -€5.0m
- Trade debts -€119,691
down €119,691 (-23.0%), from €521,364 to €401,672
- Short-term financial debts -€48,578
down €48,578 (-93.5%), from €51,967 to €3,389
- Current portion of long-term debt -€28,284
down €28,284 (-100%), from €28,284 to €0
- Financial charges -€131,564
down €131,564 (-21.4%), from €616,122 to €484,558
of which Financial charges: -€199,521
- Gross operating margin -€91,133
down €91,133 (-12.4%), from €737,216 to €646,084
- Financial income +€80,010
up €80,010 (+4,143%), from €1,931 to €81,941
- Staff costs +€63,628
up €63,628 (+12.8%), from €497,308 to €560,935
- Depreciation -€14,970
down €14,970 (-48.6%), from €30,800 to €15,830
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.
Derived cash bridge
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 | €513,181 | €424,943 | -€88,238 | -17.2% |
| Fixed assets | 21/28 | €275,422 | €62,450 | -€212,972 | -77.3% |
| Intangible fixed assets | 21 | €26,824 | €17,498 | -€9,326 | -34.8% |
| Tangible fixed assets | 22/27 | €37,023 | €13,702 | -€23,321 | -63.0% |
| Plant, machinery and equipment | 23 | €625 | €0 | -€625 | -100% |
| Furniture and vehicles | 24 | €36,398 | €13,702 | -€22,696 | -62.4% |
| Financial fixed assets | 28 | €211,576 | €31,250 | -€180,326 | -85.2% |
| Current assets | 29/58 | €237,758 | €362,492 | +€124,734 | +52.5% |
| Amounts receivable within one year | 40/41 | €215,956 | €307,710 | +€91,755 | +42.5% |
| Trade receivables | 40 | €180,029 | €206,510 | +€26,482 | +14.7% |
| Other amounts receivable | 41 | €35,927 | €101,200 | +€65,273 | +182% |
| Cash at bank and in hand | 54/58 | €15,940 | €50,985 | +€35,046 | +220% |
| Deferred charges and accrued income | 490/1 | €5,863 | €3,797 | -€2,066 | -35.2% |
| Total equity and liabilities | 10/49 | €513,181 | €424,943 | -€88,238 | -17.2% |
| Equity | 10/15 | -€4,259,188 | -€4,603,240 | -€344,052 | -8.1% |
| Contributions | 10/11 | €393,600 | €393,600 | = | 0.0% |
| Capital | 10 | €393,600 | €393,600 | = | 0.0% |
| Issued capital | 100 | €393,600 | €393,600 | = | 0.0% |
| Reserves | 13 | €2,383 | €2,383 | = | 0.0% |
| Non-distributable reserves | 130/1 | €119 | €119 | = | 0.0% |
| Legal reserve | 130 | €119 | €119 | = | 0.0% |
| Distributable reserves | 133 | €2,264 | €2,264 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,655,171 | -€4,999,223 | -€344,052 | -7.4% |
| Amounts payable | 17/49 | €4,772,369 | €5,028,183 | +€255,814 | +5.4% |
| Amounts payable after more than one year | 17 | €2,037 | €0 | -€2,037 | -100% |
| Financial debts | 170/4 | €2,037 | €0 | -€2,037 | -100% |
| Amounts payable within one year | 42/48 | €4,770,332 | €5,028,183 | +€257,851 | +5.4% |
| Current portion of amounts payable after more than one year | 42 | €28,284 | €0 | -€28,284 | -100% |
| Financial debts | 43 | €51,967 | €3,389 | -€48,578 | -93.5% |
| Credit institutions | 430/8 | €51,967 | €3,389 | -€48,578 | -93.5% |
| Trade debts | 44 | €521,364 | €401,672 | -€119,691 | -23.0% |
| Suppliers | 440/4 | €521,364 | €401,672 | -€119,691 | -23.0% |
| Taxes, remuneration and social security | 45 | €74,032 | €76,007 | +€1,975 | +2.7% |
| Taxes | 450/3 | €13,391 | €14,484 | +€1,093 | +8.2% |
| Remuneration and social security | 454/9 | €60,641 | €61,523 | +€882 | +1.5% |
| Other amounts payable | 47/48 | €4,094,685 | €4,547,114 | +€452,429 | +11.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €5,427 | +€5,427 | |
| Remuneration, social security and pensions | 62 | €497,308 | €560,935 | +€63,628 | +12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,800 | €15,830 | -€14,970 | -48.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€8,551 | -€2,058 | +€6,494 | +75.9% |
| Other operating charges | 640/8 | €3,847 | €1,448 | -€2,399 | -62.4% |
| Non-recurring operating charges | 66A | - | €10,465 | +€10,465 | |
| Gross operating margin | 9900 | €737,216 | €646,084 | -€91,133 | -12.4% |
| Operating profit (loss) | 9901 | €213,813 | €59,463 | -€154,350 | -72.2% |
| Financial income | 75/76B | €1,931 | €81,941 | +€80,010 | +4,143% |
| Recurring financial income | 75 | €1,931 | €81,941 | +€80,010 | +4,143% |
| Financial charges | 65/66B | €616,122 | €484,558 | -€131,564 | -21.4% |
| Recurring financial charges | 65 | €610,946 | €411,425 | -€199,521 | -32.7% |
| Non-recurring financial charges | 66B | €5,176 | €73,133 | +€67,957 | +1,313% |
| Profit (loss) for the period before taxes | 9903 | -€400,377 | -€343,154 | +€57,224 | +14.3% |
| Income taxes | 67/77 | €766 | €898 | +€132 | +17.3% |
| Profit (loss) for the period | 9904 | -€401,143 | -€344,052 | +€57,091 | +14.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€401,143 | -€344,052 | +€57,091 | +14.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.