BOULANGERIE MAX: 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.
BOULANGERIE MAX
Largest movements
- Tangible fixed assets +€17,493
up €17,493 (+8.7%), from €200,482 to €217,975
of which Plant, machinery and equipment: +€8,792
- Cash +€5,930
up €5,930 (+2.5%), from €236,354 to €242,284
mainly Other debts (+€162,435) and Net result for the year (+€138,290)
- Other debts +€162,435
up €162,435 (+205%), from €79,384 to €241,819
- Profit (loss) carried forward -€65,032
down €65,032 (-32.0%), from €203,322 to €138,290
- Trade debts -€34,977
down €34,977 (-70.4%), from €49,687 to €14,710
- Tax, wage and social debts -€31,408
down €31,408 (-72.8%), from €43,136 to €11,728
of which Taxes: -€31,201
- Current portion of long-term debt -€8,292
down €8,292 (-91.5%), from €9,060 to €768
- Gross operating margin +€58,142
up €58,142 (+22.2%), from €261,475 to €319,617
- Depreciation +€20,251
up €20,251 (+43.5%), from €46,531 to €66,782
- Staff costs +€7,693
up €7,693 (+13.4%), from €57,357 to €65,051
- Taxes +€4,656
up €4,656 (+14.9%), from €31,184 to €35,840
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €483,060 | €505,018 | +€21,958 | +4.5% |
| Fixed assets | 21/28 | €221,559 | €235,552 | +€13,993 | +6.3% |
| Intangible fixed assets | 21 | €21,077 | €17,577 | -€3,500 | -16.6% |
| Tangible fixed assets | 22/27 | €200,482 | €217,975 | +€17,493 | +8.7% |
| Land and buildings | 22 | €2,540 | €10,099 | +€7,558 | +298% |
| Plant, machinery and equipment | 23 | €197,229 | €206,021 | +€8,792 | +4.5% |
| Furniture and vehicles | 24 | €713 | €1,855 | +€1,143 | +160% |
| Current assets | 29/58 | €261,501 | €269,467 | +€7,965 | +3.0% |
| Stocks and contracts in progress | 3 | €16,456 | €21,186 | +€4,730 | +28.7% |
| Stocks | 30/36 | €16,456 | €21,186 | +€4,730 | +28.7% |
| Amounts receivable within one year | 40/41 | €4,129 | €3,148 | -€980 | -23.7% |
| Trade receivables | 40 | €4,129 | €3,148 | -€980 | -23.7% |
| Cash at bank and in hand | 54/58 | €236,354 | €242,284 | +€5,930 | +2.5% |
| Deferred charges and accrued income | 490/1 | €4,564 | €2,849 | -€1,715 | -37.6% |
| Total equity and liabilities | 10/49 | €483,060 | €505,018 | +€21,958 | +4.5% |
| Equity | 10/15 | €301,026 | €235,994 | -€65,032 | -21.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €87,704 | €87,704 | = | 0.0% |
| Distributable reserves | 133 | €87,704 | €87,704 | = | 0.0% |
| Profit (loss) carried forward | 14 | €203,322 | €138,290 | -€65,032 | -32.0% |
| Amounts payable | 17/49 | €182,034 | €269,024 | +€86,990 | +47.8% |
| Amounts payable after more than one year | 17 | €768 | - | -€768 | |
| Financial debts | 170/4 | €768 | - | -€768 | |
| Amounts payable within one year | 42/48 | €181,267 | €269,024 | +€87,758 | +48.4% |
| Current portion of amounts payable after more than one year | 42 | €9,060 | €768 | -€8,292 | -91.5% |
| Trade debts | 44 | €49,687 | €14,710 | -€34,977 | -70.4% |
| Suppliers | 440/4 | €49,687 | €14,710 | -€34,977 | -70.4% |
| Taxes, remuneration and social security | 45 | €43,136 | €11,728 | -€31,408 | -72.8% |
| Taxes | 450/3 | €36,700 | €5,499 | -€31,201 | -85.0% |
| Remuneration and social security | 454/9 | €6,436 | €6,229 | -€207 | -3.2% |
| Other amounts payable | 47/48 | €79,384 | €241,819 | +€162,435 | +205% |
| Non-recurring operating income | 76A | €295 | €756 | +€461 | +156% |
| Remuneration, social security and pensions | 62 | €57,357 | €65,051 | +€7,693 | +13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,531 | €66,782 | +€20,251 | +43.5% |
| Other operating charges | 640/8 | €1,456 | €1,941 | +€485 | +33.3% |
| Gross operating margin | 9900 | €261,475 | €319,617 | +€58,142 | +22.2% |
| Operating profit (loss) | 9901 | €156,131 | €185,843 | +€29,713 | +19.0% |
| Financial income | 75/76B | €1 | €9 | +€9 | +888% |
| Recurring financial income | 75 | €1 | €9 | +€9 | +888% |
| Financial charges | 65/66B | €11,045 | €11,723 | +€677 | +6.1% |
| Recurring financial charges | 65 | €11,045 | €11,723 | +€677 | +6.1% |
| Profit (loss) for the period before taxes | 9903 | €145,086 | €174,130 | +€29,044 | +20.0% |
| Income taxes | 67/77 | €31,184 | €35,840 | +€4,656 | +14.9% |
| Profit (loss) for the period | 9904 | €113,902 | €138,290 | +€24,388 | +21.4% |
| Profit (loss) for the period to be appropriated | 9905 | €113,902 | €138,290 | +€24,388 | +21.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.