BREAD BOX: 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.
BREAD BOX
Largest movements
- Tangible fixed assets +€316,877
up €316,877 (+31.7%), from €998,912 to €1.3m
of which Land and buildings: +€249,540
- Debts after one year +€295,050
up €295,050 (+33.7%), from €874,782 to €1.2m
- Profit (loss) carried forward -€131,507
down €131,507, from €20,832 to -€110,675
- Trade debts +€46,409
up €46,409 (+153.1%), from €30,316 to €76,725
of which Suppliers: +€55,040
- Short-term financial debts +€39,820
new in 2025: €39,820
- Current portion of long-term debt +€36,211
up €36,211 (+51.8%), from €69,932 to €106,143
- Staff costs +€61,316
up €61,316 (+26.6%), from €230,178 to €291,495
- Financial charges +€31,277
up €31,277 (+140.8%), from €22,209 to €53,486
- Gross operating margin +€16,553
up €16,553 (+5.9%), from €281,614 to €298,167
- Depreciation +€12,964
up €12,964 (+19.9%), from €65,050 to €78,015
- Other operating charges +€5,851
up €5,851 (+812.0%), from €721 to €6,572
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
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 | €1,059,466 | €1,366,990 | +€307,524 | +29.0% |
| Fixed assets | 21/28 | €999,725 | €1,320,009 | +€320,283 | +32.0% |
| Intangible fixed assets | 21 | - | €3,525 | +€3,525 | |
| Tangible fixed assets | 22/27 | €998,912 | €1,315,789 | +€316,877 | +31.7% |
| Land and buildings | 22 | €730,694 | €980,234 | +€249,540 | +34.2% |
| Furniture and vehicles | 24 | €261,708 | €335,554 | +€73,846 | +28.2% |
| Leasing and similar rights | 25 | €6,509 | - | -€6,509 | |
| Financial fixed assets | 28 | €813 | €694 | -€119 | -14.6% |
| Current assets | 29/58 | €59,740 | €46,982 | -€12,759 | -21.4% |
| Stocks and contracts in progress | 3 | €8,075 | €10,391 | +€2,316 | +28.7% |
| Stocks | 30/36 | €8,075 | €10,391 | +€2,316 | +28.7% |
| Amounts receivable within one year | 40/41 | €22,972 | €20,046 | -€2,925 | -12.7% |
| Trade receivables | 40 | €22,472 | €17,274 | -€5,198 | -23.1% |
| Other amounts receivable | 41 | €500 | €2,773 | +€2,273 | +454.6% |
| Cash at bank and in hand | 54/58 | €12,505 | €9,501 | -€3,004 | -24.0% |
| Deferred charges and accrued income | 490/1 | €16,189 | €7,043 | -€9,146 | -56.5% |
| Total equity and liabilities | 10/49 | €1,059,466 | €1,366,990 | +€307,524 | +29.0% |
| Equity | 10/15 | €25,832 | -€105,675 | -€131,507 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,832 | -€110,675 | -€131,507 | |
| Amounts payable | 17/49 | €1,033,634 | €1,472,665 | +€439,031 | +42.5% |
| Amounts payable after more than one year | 17 | €874,782 | €1,169,832 | +€295,050 | +33.7% |
| Financial debts | 170/4 | €874,782 | €1,169,832 | +€295,050 | +33.7% |
| Amounts payable within one year | 42/48 | €158,852 | €302,833 | +€143,981 | +90.6% |
| Current portion of amounts payable after more than one year | 42 | €69,932 | €106,143 | +€36,211 | +51.8% |
| Financial debts | 43 | - | €39,820 | +€39,820 | |
| Credit institutions | 430/8 | - | €39,820 | +€39,820 | |
| Trade debts | 44 | €30,316 | €76,725 | +€46,409 | +153.1% |
| Suppliers | 440/4 | €21,685 | €76,725 | +€55,040 | +253.8% |
| Bills of exchange payable | 441 | €8,631 | - | -€8,631 | |
| Taxes, remuneration and social security | 45 | €41,400 | €50,809 | +€9,410 | +22.7% |
| Taxes | 450/3 | €1,868 | €1,500 | -€368 | -19.7% |
| Remuneration and social security | 454/9 | €39,532 | €49,309 | +€9,778 | +24.7% |
| Other amounts payable | 47/48 | €17,204 | €29,335 | +€12,131 | +70.5% |
| Non-recurring operating income | 76A | €377 | €270 | -€108 | -28.5% |
| Remuneration, social security and pensions | 62 | €230,178 | €291,495 | +€61,316 | +26.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,050 | €78,015 | +€12,964 | +19.9% |
| Other operating charges | 640/8 | €721 | €6,572 | +€5,851 | +812.0% |
| Non-recurring operating charges | 66A | €45 | €111 | +€66 | +146.8% |
| Gross operating margin | 9900 | €281,614 | €298,167 | +€16,553 | +5.9% |
| Operating profit (loss) | 9901 | -€14,380 | -€78,025 | -€63,645 | -442.6% |
| Financial income | 75/76B | €604 | €4 | -€600 | -99.3% |
| Recurring financial income | 75 | €604 | €4 | -€600 | -99.3% |
| Financial charges | 65/66B | €22,209 | €53,486 | +€31,277 | +140.8% |
| Recurring financial charges | 65 | €22,209 | €53,486 | +€31,277 | +140.8% |
| Profit (loss) for the period before taxes | 9903 | -€35,985 | -€131,507 | -€95,522 | -265.5% |
| Profit (loss) for the period | 9904 | -€35,985 | -€131,507 | -€95,522 | -265.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€35,985 | -€131,507 | -€95,522 | -265.5% |
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 7 October 2026 via checked.be.