Croûte: 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.
What changed
Croûte
NACE 47.241, Retail sale of bread and pastry (bakery outlets)
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€124,367
2024 · €96,388+€27,979
Equity
€252,043
2024 · €327,676-€75,633
Cash
€182,625
2024 · €96,880+€85,745
Balance sheet total
€1.1m
2024 · €1.0m+€75,721
Largest movements
Assets
- Cash +€85,745
up €85,745 (+88.5%), from €96,880 to €182,625
mainly Other debts (+€200,000) and Depreciation (+€124,852)
Equity and liabilities
- Other debts +€200,000
new in 2025: €200,000
- Reserves -€75,633
down €75,633 (-28.3%), from €267,676 to €192,043
- Debts after one year -€63,974
down €63,974 (-11.6%), from €552,733 to €488,759
Income statement
- Gross operating margin +€58,380
up €58,380 (+12.3%), from €474,776 to €533,156
- Taxes +€12,882
up €12,882 (+48.8%), from €26,390 to €39,272
- Depreciation +€10,422
up €10,422 (+9.1%), from €114,430 to €124,852
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
€96,388
Gross operating margin
+€58,380
Staff costs
-€5,325
Depreciation
-€10,422
Other operating charges
-€1,424
Financial income
-€787
Financial charges
+€438
Taxes
-€12,882
Result 2025
€124,367
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
+€463,098
Investment
-€121,973
Financing
-€255,380
Cash 2024
€96,880
From operations (derived)
+€463,098
Net result for the year
+€124,367
Depreciation
+€124,852
Receivables within one year
+€7,360
Deferred charges and accrued income
-€215
Trade debts
+€1,753
Tax, wage and social debts
+€4,981
Other debts
+€200,000
Investment (derived)
-€121,973
Investment in fixed assets (net)
-€121,973
Financing
-€255,380
Debts after one year
-€63,974
Current portion of long-term debt
+€8,594
Contributions, distributions and other
-€200,000
Cash 2025
€182,625
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,046,468 | €1,122,189 | +€75,721 | +7.2% |
| Fixed assets | 21/28 | €919,229 | €916,350 | -€2,879 | -0.3% |
| Tangible fixed assets | 22/27 | €919,229 | €916,350 | -€2,879 | -0.3% |
| Land and buildings | 22 | €562,171 | €550,346 | -€11,825 | -2.1% |
| Plant, machinery and equipment | 23 | €263,501 | €296,766 | +€33,264 | +12.6% |
| Furniture and vehicles | 24 | €91,253 | €69,238 | -€22,015 | -24.1% |
| Leasing and similar rights | 25 | €2,303 | €0 | -€2,303 | -100.0% |
| Current assets | 29/58 | €127,239 | €205,839 | +€78,600 | +61.8% |
| Amounts receivable within one year | 40/41 | €27,945 | €20,585 | -€7,360 | -26.3% |
| Trade receivables | 40 | €4,722 | €4,355 | -€368 | -7.8% |
| Other amounts receivable | 41 | €23,223 | €16,231 | -€6,992 | -30.1% |
| Cash at bank and in hand | 54/58 | €96,880 | €182,625 | +€85,745 | +88.5% |
| Deferred charges and accrued income | 490/1 | €2,414 | €2,628 | +€215 | +8.9% |
| Total equity and liabilities | 10/49 | €1,046,468 | €1,122,189 | +€75,721 | +7.2% |
| Equity | 10/15 | €327,676 | €252,043 | -€75,633 | -23.1% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €267,676 | €192,043 | -€75,633 | -28.3% |
| Distributable reserves | 133 | €267,676 | €192,043 | -€75,633 | -28.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €718,792 | €870,146 | +€151,354 | +21.1% |
| Amounts payable after more than one year | 17 | €552,733 | €488,759 | -€63,974 | -11.6% |
| Financial debts | 170/4 | €552,733 | €488,759 | -€63,974 | -11.6% |
| Amounts payable within one year | 42/48 | €166,059 | €381,387 | +€215,327 | +129.7% |
| Current portion of amounts payable after more than one year | 42 | €97,323 | €105,916 | +€8,594 | +8.8% |
| Trade debts | 44 | €39,278 | €41,031 | +€1,753 | +4.5% |
| Suppliers | 440/4 | €39,278 | €41,031 | +€1,753 | +4.5% |
| Taxes, remuneration and social security | 45 | €29,459 | €34,440 | +€4,981 | +16.9% |
| Taxes | 450/3 | €2,535 | €5,526 | +€2,991 | +118.0% |
| Remuneration and social security | 454/9 | €26,924 | €28,914 | +€1,990 | +7.4% |
| Other amounts payable | 47/48 | - | €200,000 | +€200,000 | |
| Remuneration, social security and pensions | 62 | €218,351 | €223,675 | +€5,325 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114,430 | €124,852 | +€10,422 | +9.1% |
| Other operating charges | 640/8 | €5,642 | €7,066 | +€1,424 | +25.2% |
| Gross operating margin | 9900 | €474,776 | €533,156 | +€58,380 | +12.3% |
| Operating profit (loss) | 9901 | €136,353 | €177,563 | +€41,210 | +30.2% |
| Financial income | 75/76B | €1,306 | €520 | -€787 | -60.2% |
| Recurring financial income | 75 | €1,306 | €520 | -€787 | -60.2% |
| Financial charges | 65/66B | €14,882 | €14,443 | -€438 | -2.9% |
| Recurring financial charges | 65 | €14,882 | €14,443 | -€438 | -2.9% |
| Profit (loss) for the period before taxes | 9903 | €122,778 | €163,639 | +€40,861 | +33.3% |
| Income taxes | 67/77 | €26,390 | €39,272 | +€12,882 | +48.8% |
| Profit (loss) for the period | 9904 | €96,388 | €124,367 | +€27,979 | +29.0% |
| Profit (loss) for the period to be appropriated | 9905 | €96,388 | €124,367 | +€27,979 | +29.0% |
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 28 September 2026 via checked.be.