Bread Management: 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 Management
Largest movements
- Tangible fixed assets -€31,469
down €31,469 (-38.1%), from €82,623 to €51,154
of which Plant, machinery and equipment: -€31,083
- Cash +€29,341
up €29,341 (+42.8%), from €68,572 to €97,913
mainly Depreciation (+€34,138) and Receivables within one year (+€12,456)
- Receivables within one year -€12,456
down €12,456 (-65.5%), from €19,026 to €6,570
of which Other amounts receivable: -€13,128
- Trade debts -€12,013
down €12,013 (-18.0%), from €66,871 to €54,858
- Tax, wage and social debts -€2,403
down €2,403 (-6.0%), from €40,283 to €37,880
- Gross operating margin -€47,107
down €47,107 (-14.8%), from €318,924 to €271,817
- Staff costs -€39,148
down €39,148 (-14.7%), from €266,212 to €227,064
- Other operating charges -€4,344
down €4,344 (-97.3%), from €4,465 to €121
- Financial charges +€3,416
up €3,416 (+50.2%), from €6,801 to €10,217
- Taxes +€3,358
new in 2025: €3,358
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 | €175,371 | €160,787 | -€14,584 | -8.3% |
| Fixed assets | 21/28 | €87,773 | €56,304 | -€31,469 | -35.9% |
| Tangible fixed assets | 22/27 | €82,623 | €51,154 | -€31,469 | -38.1% |
| Plant, machinery and equipment | 23 | €80,453 | €49,370 | -€31,083 | -38.6% |
| Other tangible fixed assets | 26 | €2,170 | €1,784 | -€386 | -17.8% |
| Financial fixed assets | 28 | €5,150 | €5,150 | = | 0.0% |
| Current assets | 29/58 | €87,598 | €104,483 | +€16,885 | +19.3% |
| Amounts receivable within one year | 40/41 | €19,026 | €6,570 | -€12,456 | -65.5% |
| Trade receivables | 40 | €5,881 | €6,553 | +€672 | +11.4% |
| Other amounts receivable | 41 | €13,145 | €17 | -€13,128 | -99.9% |
| Cash at bank and in hand | 54/58 | €68,572 | €97,913 | +€29,341 | +42.8% |
| Total equity and liabilities | 10/49 | €175,371 | €160,787 | -€14,584 | -8.3% |
| Equity | 10/15 | €67,299 | €66,264 | -€1,035 | -1.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,299 | €46,264 | -€1,035 | -2.2% |
| Amounts payable | 17/49 | €108,072 | €94,523 | -€13,549 | -12.5% |
| Amounts payable within one year | 42/48 | €108,072 | €94,523 | -€13,549 | -12.5% |
| Trade debts | 44 | €66,871 | €54,858 | -€12,013 | -18.0% |
| Suppliers | 440/4 | €66,871 | €54,858 | -€12,013 | -18.0% |
| Taxes, remuneration and social security | 45 | €40,283 | €37,880 | -€2,403 | -6.0% |
| Remuneration and social security | 454/9 | €40,283 | €37,880 | -€2,403 | -6.0% |
| Other amounts payable | 47/48 | €918 | €1,785 | +€867 | +94.4% |
| Remuneration, social security and pensions | 62 | €266,212 | €227,064 | -€39,148 | -14.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,084 | €34,138 | -€946 | -2.7% |
| Other operating charges | 640/8 | €4,465 | €121 | -€4,344 | -97.3% |
| Gross operating margin | 9900 | €318,924 | €271,817 | -€47,107 | -14.8% |
| Operating profit (loss) | 9901 | €13,163 | €10,494 | -€2,669 | -20.3% |
| Financial income | 75/76B | €190 | €2,046 | +€1,856 | +976.8% |
| Recurring financial income | 75 | €190 | €2,046 | +€1,856 | +976.8% |
| Financial charges | 65/66B | €6,801 | €10,217 | +€3,416 | +50.2% |
| Recurring financial charges | 65 | €6,801 | €10,217 | +€3,416 | +50.2% |
| Profit (loss) for the period before taxes | 9903 | €6,552 | €2,323 | -€4,229 | -64.5% |
| Income taxes | 67/77 | - | €3,358 | +€3,358 | |
| Profit (loss) for the period | 9904 | €6,552 | -€1,035 | -€7,587 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,552 | -€1,035 | -€7,587 |
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 6 October 2026 via checked.be.