BAKING GROUP: 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.
BAKING GROUP
Largest movements
- Cash +€281,442
up €281,442 (+214.3%), from €131,354 to €412,796
- Stocks and contracts +€203,727
up €203,727 (+46.5%), from €438,358 to €642,086
- Tangible fixed assets -€135,273
down €135,273 (-13.0%), from €1.0m to €907,569
of which Plant, machinery and equipment: -€80,386
- Receivables within one year -€97,470
down €97,470 (-35.7%), from €272,831 to €175,361
of which Trade receivables: -€99,948
- Other debts +€131,861
up €131,861 (+103.2%), from €127,733 to €259,594
- Profit (loss) carried forward +€102,002
up €102,002, from -€102,002 to €0
- Trade debts -€80,513
down €80,513 (-23.1%), from €348,428 to €267,916
- Tax, wage and social debts +€61,899
up €61,899 (+61.1%), from €101,371 to €163,270
of which Remuneration and social security: +€63,710
- Debts after one year +€56,084
up €56,084 (+5.1%), from €1.1m to €1.2m
- Staff costs -€535,861
down €535,861 (-31.7%), from €1.7m to €1.2m
- Gross operating margin -€261,500
down €261,500 (-13.8%), from €1.9m to €1.6m
- Depreciation -€76,460
down €76,460 (-20.7%), from €368,738 to €292,278
- Financial charges -€28,184
down €28,184 (-27.1%), from €104,065 to €75,881
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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,897,556 | €2,168,775 | +€271,220 | +14.3% |
| Fixed assets | 21/28 | €1,045,272 | €909,999 | -€135,273 | -12.9% |
| Tangible fixed assets | 22/27 | €1,042,842 | €907,569 | -€135,273 | -13.0% |
| Plant, machinery and equipment | 23 | €437,836 | €357,450 | -€80,386 | -18.4% |
| Furniture and vehicles | 24 | €44,061 | €23,859 | -€20,203 | -45.9% |
| Leasing and similar rights | 25 | €540,561 | €495,988 | -€44,573 | -8.2% |
| Other tangible fixed assets | 26 | €20,384 | €30,272 | +€9,888 | +48.5% |
| Financial fixed assets | 28 | €2,430 | €2,430 | = | 0.0% |
| Current assets | 29/58 | €852,283 | €1,258,776 | +€406,493 | +47.7% |
| Stocks and contracts in progress | 3 | €438,358 | €642,086 | +€203,727 | +46.5% |
| Stocks | 30/36 | €438,358 | €642,086 | +€203,727 | +46.5% |
| Amounts receivable within one year | 40/41 | €272,831 | €175,361 | -€97,470 | -35.7% |
| Trade receivables | 40 | €267,798 | €167,850 | -€99,948 | -37.3% |
| Other amounts receivable | 41 | €5,033 | €7,511 | +€2,478 | +49.2% |
| Cash at bank and in hand | 54/58 | €131,354 | €412,796 | +€281,442 | +214.3% |
| Deferred charges and accrued income | 490/1 | €9,740 | €28,534 | +€18,794 | +192.9% |
| Total equity and liabilities | 10/49 | €1,897,556 | €2,168,775 | +€271,220 | +14.3% |
| Equity | 10/15 | -€97,764 | €7,635 | +€105,399 | |
| Contributions | 10/11 | €4,238 | €4,238 | = | 0.0% |
| Reserves | 13 | €0 | €3,397 | +€3,397 | |
| Distributable reserves | 133 | €0 | €3,397 | +€3,397 | |
| Profit (loss) carried forward | 14 | -€102,002 | €0 | +€102,002 | |
| Amounts payable | 17/49 | €1,995,320 | €2,161,140 | +€165,820 | +8.3% |
| Amounts payable after more than one year | 17 | €1,109,213 | €1,165,297 | +€56,084 | +5.1% |
| Financial debts | 170/4 | €1,109,213 | €1,165,297 | +€56,084 | +5.1% |
| Amounts payable within one year | 42/48 | €874,809 | €973,207 | +€98,399 | +11.2% |
| Current portion of amounts payable after more than one year | 42 | €297,276 | €282,428 | -€14,848 | -5.0% |
| Trade debts | 44 | €348,428 | €267,916 | -€80,513 | -23.1% |
| Suppliers | 440/4 | €348,428 | €267,916 | -€80,513 | -23.1% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €101,371 | €163,270 | +€61,899 | +61.1% |
| Taxes | 450/3 | €3,987 | €2,176 | -€1,811 | -45.4% |
| Remuneration and social security | 454/9 | €97,384 | €161,094 | +€63,710 | +65.4% |
| Other amounts payable | 47/48 | €127,733 | €259,594 | +€131,861 | +103.2% |
| Accrued charges and deferred income | 492/3 | €11,298 | €22,636 | +€11,338 | +100.3% |
| Non-recurring operating income | 76A | - | €224 | +€224 | |
| Remuneration, social security and pensions | 62 | €1,693,081 | €1,157,220 | -€535,861 | -31.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €368,738 | €292,278 | -€76,460 | -20.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €371 | €1,943 | +€1,572 | +424.2% |
| Other operating charges | 640/8 | €10,186 | €8,391 | -€1,795 | -17.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,895,316 | €1,633,816 | -€261,500 | -13.8% |
| Operating profit (loss) | 9901 | -€177,059 | €173,985 | +€351,044 | |
| Financial income | 75/76B | €13,541 | €7,445 | -€6,096 | -45.0% |
| Recurring financial income | 75 | €13,541 | €7,445 | -€6,096 | -45.0% |
| Financial charges | 65/66B | €104,065 | €75,881 | -€28,184 | -27.1% |
| Recurring financial charges | 65 | €104,065 | €75,881 | -€28,184 | -27.1% |
| Profit (loss) for the period before taxes | 9903 | -€267,583 | €105,549 | +€373,132 | |
| Income taxes | 67/77 | €234 | €150 | -€84 | -35.9% |
| Profit (loss) for the period | 9904 | -€267,817 | €105,399 | +€373,216 | |
| Profit (loss) for the period to be appropriated | 9905 | -€267,817 | €105,399 | +€373,216 |
Source: filed annual accounts (NBB), fiscal years ended 31 May 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.