BAKERY WORLD: 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.
What changed
BAKERY WORLD
NACE 10.720, Manufacture of rusks, biscuits and preserved pastry goods
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€35,826
2024 · €69,919-€34,093
Equity
€601,453
2024 · €565,627+€35,826
Cash
€74,998
2024 · €53,125+€21,873
Balance sheet total
€4.4m
2024 · €2.0m+€2.5m
Largest movements
Assets
- Receivables within one year +€1.3m
up €1.3m (+1006.5%), from €127,564 to €1.4m
of which Other amounts receivable: +€1.3m
- Financial fixed assets +€1.3m
new in 2025: €1.3m
- Tangible fixed assets -€55,051
down €55,051 (-3.9%), from €1.4m to €1.4m
Equity and liabilities
- Debts after one year +€2.7m
new in 2025: €2.7m
- Other debts -€880,305
down €880,305 (-66.3%), from €1.3m to €447,039
- Short-term financial debts +€500,000
new in 2025: €500,000
- Trade debts +€74,528
up €74,528 (+313.0%), from €23,814 to €98,342
- Current portion of long-term debt +€66,667
new in 2025: €66,667
Income statement
- Financial income +€33,519
up €33,519 (+60855.7%), from €55 to €33,574
- Financial charges +€21,008
up €21,008 (+92.4%), from €22,736 to €43,744
- Gross operating margin -€15,708
down €15,708 (-4.5%), from €345,739 to €330,031
- Depreciation +€7,439
up €7,439 (+11.7%), from €63,341 to €70,780
- Taxes +€3,641
up €3,641 (+38.7%), from €9,419 to €13,060
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
€69,919
Gross operating margin
-€15,708
Staff costs
-€381
Depreciation
-€7,439
Other operating charges
+€1,811
Other operating items
-€21,246
Financial income
+€33,519
Financial charges
-€21,008
Taxes
-€3,641
Result 2025
€35,826
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
-€2.0m
Investment
-€1.3m
Financing
+€3.2m
Cash 2024
€53,125
From operations (derived)
-€2.0m
Net result for the year
+€35,826
Depreciation
+€70,780
Stocks and contracts
+€36,195
Receivables within one year
-€1.3m
Deferred charges and accrued income
+€1,565
Trade debts
+€74,528
Tax, wage and social debts
-€6,733
Other debts
-€880,305
Investment (derived)
-€1.3m
Investment in fixed assets (net)
-€1.3m
Financing
+€3.2m
Debts after one year
+€2.7m
Current portion of long-term debt
+€66,667
Short-term financial debts
+€500,000
Cash 2025
€74,998
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,963,323 | €4,425,528 | +€2.5m | +125.4% |
| Fixed assets | 21/28 | €1,420,316 | €2,614,536 | +€1.2m | +84.1% |
| Intangible fixed assets | 21 | €1,260 | €532 | -€728 | -57.8% |
| Tangible fixed assets | 22/27 | €1,419,056 | €1,364,004 | -€55,051 | -3.9% |
| Land and buildings | 22 | €1,278,871 | €1,257,593 | -€21,277 | -1.7% |
| Plant, machinery and equipment | 23 | €47,995 | €28,585 | -€19,411 | -40.4% |
| Furniture and vehicles | 24 | €92,189 | €77,826 | -€14,363 | -15.6% |
| Financial fixed assets | 28 | - | €1,250,000 | +€1.3m | |
| Current assets | 29/58 | €543,007 | €1,810,992 | +€1.3m | +233.5% |
| Stocks and contracts in progress | 3 | €358,721 | €322,525 | -€36,195 | -10.1% |
| Stocks | 30/36 | €358,721 | €322,525 | -€36,195 | -10.1% |
| Amounts receivable within one year | 40/41 | €127,564 | €1,411,436 | +€1.3m | +1006.5% |
| Trade receivables | 40 | €125,176 | €79,885 | -€45,291 | -36.2% |
| Other amounts receivable | 41 | €2,388 | €1,331,552 | +€1.3m | +55653.6% |
| Cash at bank and in hand | 54/58 | €53,125 | €74,998 | +€21,873 | +41.2% |
| Deferred charges and accrued income | 490/1 | €3,598 | €2,033 | -€1,565 | -43.5% |
| Total equity and liabilities | 10/49 | €1,963,323 | €4,425,528 | +€2.5m | +125.4% |
| Equity | 10/15 | €565,627 | €601,453 | +€35,826 | +6.3% |
| Contributions | 10/11 | €520,000 | €520,000 | = | 0.0% |
| Reserves | 13 | €45,627 | €81,453 | +€35,826 | +78.5% |
| Distributable reserves | 133 | €45,627 | €81,453 | +€35,826 | +78.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,397,696 | €3,824,075 | +€2.4m | +173.6% |
| Amounts payable after more than one year | 17 | - | €2,672,222 | +€2.7m | |
| Financial debts | 170/4 | - | €2,672,222 | +€2.7m | |
| Amounts payable within one year | 42/48 | €1,397,696 | €1,151,853 | -€245,843 | -17.6% |
| Current portion of amounts payable after more than one year | 42 | - | €66,667 | +€66,667 | |
| Financial debts | 43 | - | €500,000 | +€500,000 | |
| Credit institutions | 430/8 | - | €500,000 | +€500,000 | |
| Trade debts | 44 | €23,814 | €98,342 | +€74,528 | +313.0% |
| Suppliers | 440/4 | €23,814 | €98,342 | +€74,528 | +313.0% |
| Taxes, remuneration and social security | 45 | €46,538 | €39,805 | -€6,733 | -14.5% |
| Taxes | 450/3 | €16,764 | €16,855 | +€91 | +0.5% |
| Remuneration and social security | 454/9 | €29,774 | €22,950 | -€6,824 | -22.9% |
| Other amounts payable | 47/48 | €1,327,344 | €447,039 | -€880,305 | -66.3% |
| Remuneration, social security and pensions | 62 | €166,510 | €166,892 | +€381 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,341 | €70,780 | +€7,439 | +11.7% |
| Other operating charges | 640/8 | €11,580 | €9,770 | -€1,811 | -15.6% |
| Non-recurring operating charges | 66A | €2,289 | €23,535 | +€21,246 | +928.1% |
| Gross operating margin | 9900 | €345,739 | €330,031 | -€15,708 | -4.5% |
| Operating profit (loss) | 9901 | €102,019 | €59,055 | -€42,964 | -42.1% |
| Financial income | 75/76B | €55 | €33,574 | +€33,519 | +60855.7% |
| Recurring financial income | 75 | €55 | €33,574 | +€33,519 | +60855.7% |
| Financial charges | 65/66B | €22,736 | €43,744 | +€21,008 | +92.4% |
| Recurring financial charges | 65 | €22,736 | €43,744 | +€21,008 | +92.4% |
| Profit (loss) for the period before taxes | 9903 | €79,338 | €48,886 | -€30,452 | -38.4% |
| Income taxes | 67/77 | €9,419 | €13,060 | +€3,641 | +38.7% |
| Profit (loss) for the period | 9904 | €69,919 | €35,826 | -€34,093 | -48.8% |
| Profit (loss) for the period to be appropriated | 9905 | €69,919 | €35,826 | -€34,093 | -48.8% |
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 12 October 2026 via checked.be.