GOURMAND: 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.
What changed
GOURMAND
NACE 10.712, Artisanal bread and fresh pastry making
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€571,550
2024 · €887,267-€315,717
Equity
€1.1m
2024 · €8.4m-€7.4m
Cash
€270,298
2024 · €1.9m-€1.6m
Balance sheet total
€37.0m
2024 · €46.8m-€9.9m
Largest movements
Assets
- Tangible fixed assets -€6.7m
down €6.7m (-19.6%), from €34.3m to €27.6m
of which Assets under construction and advance payments: -€20.0m
- Cash -€1.6m
down €1.6m (-85.5%), from €1.9m to €270,298
mainly Contributions, distributions and other (-€7.9m) and Other debts (-€6.5m)
- Receivables within one year -€1.6m
down €1.6m (-15.4%), from €10.1m to €8.6m
of which Trade receivables: -€2.3m
Equity and liabilities
- Other debts -€6.5m
down €6.5m (-99.4%), from €6.6m to €40,380
- Profit (loss) carried forward -€6.3m
down €6.3m (-99.5%), from €6.4m to €34,421
- Short-term financial debts +€2.8m
new in 2025: €2.8m
- Contributions -€1.6m
down €1.6m (-96.4%), from €1.7m to €61,500
- Current portion of long-term debt +€1.5m
up €1.5m (+49.6%), from €3.0m to €4.5m
Income statement
- Turnover +€3.8m
up €3.8m (+12.1%), from €31.0m to €34.7m
- Depreciation +€2.2m
up €2.2m (+57.2%), from €3.8m to €6.0m
- Services and other goods +€1.5m
up €1.5m (+9.4%), from €16.1m to €17.6m
- Staff costs -€536,962
down €536,962 (-4.8%), from €11.1m to €10.6m
- Other operating income -€492,185
down €492,185 (-21.9%), from €2.3m to €1.8m
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
€887,267
Turnover
+€3.8m
Other operating income
-€492,185
Goods and materials
+€43,001
Services and other goods
-€1.5m
Staff costs
+€536,962
Depreciation
-€2.2m
Write-downs
-€114,351
Other operating charges
+€58,301
Financial income
-€214,203
Financial charges
-€218,977
Taxes
+€45,535
Deferred taxes and other
-€17,939
Result 2025
€571,550
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
+€233,018
Investment
+€747,507
Financing
-€2.6m
Cash 2024
€1.9m
From operations (derived)
+€233,018
Net result for the year
+€571,550
Depreciation
+€6.0m
Smaller working-capital items
-€36,372
Receivables within one year
+€1.6m
Provisions
-€53,607
Trade debts
-€75,727
Tax, wage and social debts
-€1.2m
Other debts
-€6.5m
Investment (derived)
+€747,507
Investment in fixed assets (net)
+€747,507
Financing
-€2.6m
Debts after one year
+€1.1m
Current portion of long-term debt
+€1.5m
Short-term financial debts
+€2.8m
Contributions, distributions and other
-€7.9m
Cash 2025
€270,298
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €46,840,852 | €36,970,015 | -€9.9m | -21.1% |
| Fixed assets | 21/28 | €34,379,525 | €27,626,984 | -€6.8m | -19.6% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €34,292,329 | €27,585,342 | -€6.7m | -19.6% |
| Land and buildings | 22 | €8,203,481 | - | -€8.2m | |
| Plant, machinery and equipment | 23 | €3,204,890 | €4,652,752 | +€1.4m | +45.2% |
| Furniture and vehicles | 24 | €894,690 | €577,417 | -€317,273 | -35.5% |
| Leasing and similar rights | 25 | €1,802,206 | €22,170,577 | +€20.4m | +1130.2% |
| Assets under construction and advance payments | 27 | €20,187,062 | €184,596 | -€20.0m | -99.1% |
| Financial fixed assets | 28 | €87,195 | €41,641 | -€45,554 | -52.2% |
| Affiliated companies | 280/1 | €21,733 | €10,544 | -€11,189 | -51.5% |
| Participating interests | 280 | €21,733 | €10,544 | -€11,189 | -51.5% |
| Amounts receivable | 281 | €0 | - | = | |
| Other financial fixed assets | 284/8 | €65,463 | €31,097 | -€34,366 | -52.5% |
| Amounts receivable and cash guarantees | 285/8 | €65,463 | €31,097 | -€34,366 | -52.5% |
| Current assets | 29/58 | €12,461,327 | €9,343,032 | -€3.1m | -25.0% |
| Stocks and contracts in progress | 3 | €397,348 | €416,931 | +€19,583 | +4.9% |
| Stocks | 30/36 | €397,348 | €416,931 | +€19,583 | +4.9% |
| Raw materials and consumables | 30/31 | €397,348 | €416,931 | +€19,583 | +4.9% |
| Amounts receivable within one year | 40/41 | €10,113,833 | €8,556,748 | -€1.6m | -15.4% |
| Trade receivables | 40 | €9,977,170 | €7,706,756 | -€2.3m | -22.8% |
| Other amounts receivable | 41 | €136,662 | €849,991 | +€713,329 | +522.0% |
| Cash at bank and in hand | 54/58 | €1,868,611 | €270,298 | -€1.6m | -85.5% |
| Deferred charges and accrued income | 490/1 | €81,535 | €99,055 | +€17,519 | +21.5% |
| Total equity and liabilities | 10/49 | €46,840,852 | €36,970,015 | -€9.9m | -21.1% |
| Equity | 10/15 | €8,444,160 | €1,067,393 | -€7.4m | -87.4% |
| Contributions | 10/11 | €1,700,161 | €61,500 | -€1.6m | -96.4% |
| Capital | 10 | €1,700,161 | €61,500 | -€1.6m | -96.4% |
| Issued capital | 100 | €1,700,161 | €61,500 | -€1.6m | -96.4% |
| Revaluation surpluses | 12 | - | €952,769 | +€952,769 | |
| Reserves | 13 | €235,060 | €18,704 | -€216,356 | -92.0% |
| Non-distributable reserves | 130/1 | €170,016 | €1,427 | -€168,589 | -99.2% |
| Legal reserve | 130 | €170,016 | €1,427 | -€168,589 | -99.2% |
| Tax-exempt reserves | 132 | €24,658 | €16,938 | -€7,720 | -31.3% |
| Distributable reserves | 133 | €40,385 | €339 | -€40,046 | -99.2% |
| Profit (loss) carried forward | 14 | €6,381,917 | €34,421 | -€6.3m | -99.5% |
| Investment grants | 15 | €127,021 | €0 | -€127,021 | -100.0% |
| Provisions and deferred taxes | 16 | €58,844 | €5,237 | -€53,607 | -91.1% |
| Provisions for liabilities and charges | 160/5 | €5,237 | €5,237 | = | 0.0% |
| Pensions and similar obligations | 160 | €5,237 | €5,237 | = | 0.0% |
| Deferred taxes | 168 | €53,607 | €0 | -€53,607 | -100.0% |
| Amounts payable | 17/49 | €38,337,848 | €35,897,385 | -€2.4m | -6.4% |
| Amounts payable after more than one year | 17 | €19,526,244 | €20,588,192 | +€1.1m | +5.4% |
| Financial debts | 170/4 | €19,526,244 | €20,588,192 | +€1.1m | +5.4% |
| Leasing and similar obligations | 172 | €18,014,480 | €19,554,192 | +€1.5m | +8.5% |
| Credit institutions | 173 | €1,511,764 | €1,034,000 | -€477,764 | -31.6% |
| Amounts payable within one year | 42/48 | €18,808,135 | €15,304,994 | -€3.5m | -18.6% |
| Current portion of amounts payable after more than one year | 42 | €3,036,582 | €4,544,112 | +€1.5m | +49.6% |
| Financial debts | 43 | - | €2,800,000 | +€2.8m | |
| Credit institutions | 430/8 | - | €2,800,000 | +€2.8m | |
| Trade debts | 44 | €6,563,803 | €6,488,076 | -€75,727 | -1.2% |
| Suppliers | 440/4 | €6,563,803 | €6,488,076 | -€75,727 | -1.2% |
| Taxes, remuneration and social security | 45 | €2,649,165 | €1,432,426 | -€1.2m | -45.9% |
| Taxes | 450/3 | €1,208,697 | €170,011 | -€1.0m | -85.9% |
| Remuneration and social security | 454/9 | €1,440,468 | €1,262,416 | -€178,052 | -12.4% |
| Other amounts payable | 47/48 | €6,558,585 | €40,380 | -€6.5m | -99.4% |
| Accrued charges and deferred income | 492/3 | €3,469 | €4,199 | +€730 | +21.0% |
| Operating income | 70/76A | €33,212,208 | €36,476,576 | +€3.3m | +9.8% |
| Turnover | 70 | €30,959,860 | €34,716,413 | +€3.8m | +12.1% |
| Other operating income | 74 | €2,252,348 | €1,760,163 | -€492,185 | -21.9% |
| Operating charges | 60/66A | €31,320,667 | €34,495,167 | +€3.2m | +10.1% |
| Goods for resale, raw materials and consumables | 60 | €23,418 | -€19,583 | -€43,001 | |
| Purchases | 600/8 | €0 | - | = | |
| Change in stocks: decrease (increase) | 609 | €23,418 | -€19,583 | -€43,001 | |
| Services and other goods | 61 | €16,105,945 | €17,619,958 | +€1.5m | +9.4% |
| Remuneration, social security and pensions | 62 | €11,131,180 | €10,594,219 | -€536,962 | -4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,820,635 | €6,005,034 | +€2.2m | +57.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€92,348 | €22,003 | +€114,351 | |
| Other operating charges | 640/8 | €331,837 | €273,536 | -€58,301 | -17.6% |
| Operating profit (loss) | 9901 | €1,891,541 | €1,981,409 | +€89,868 | +4.8% |
| Financial income | 75/76B | €507,387 | €293,184 | -€214,203 | -42.2% |
| Recurring financial income | 75 | €507,387 | €293,184 | -€214,203 | -42.2% |
| Income from financial fixed assets | 750 | - | €273,690 | +€273,690 | |
| Income from current assets | 751 | €855 | €8,244 | +€7,388 | +864.0% |
| Other financial income | 752/9 | €506,532 | €11,250 | -€495,282 | -97.8% |
| Financial charges | 65/66B | €1,147,082 | €1,366,059 | +€218,977 | +19.1% |
| Recurring financial charges | 65 | €1,147,082 | €1,366,059 | +€218,977 | +19.1% |
| Debt charges | 650 | €484,636 | €854,572 | +€369,936 | +76.3% |
| Other financial charges | 652/9 | €662,446 | €511,487 | -€150,959 | -22.8% |
| Profit (loss) for the period before taxes | 9903 | €1,251,847 | €908,534 | -€343,313 | -27.4% |
| Transfer from deferred taxes | 780 | €29,893 | €11,954 | -€17,939 | -60.0% |
| Income taxes | 67/77 | €394,473 | €348,938 | -€45,535 | -11.5% |
| Taxes | 670/3 | €424,396 | €348,938 | -€75,458 | -17.8% |
| Tax adjustments and reversals of tax provisions | 77 | €29,923 | - | -€29,923 | |
| Profit (loss) for the period | 9904 | €887,267 | €571,550 | -€315,717 | -35.6% |
| Transfer from tax-exempt reserves | 789 | €13,002 | €6,180 | -€6,821 | -52.5% |
| Transfer to tax-exempt reserves | 689 | - | €572,882 | +€572,882 | |
| Profit (loss) for the period to be appropriated | 9905 | €900,269 | €4,849 | -€895,420 | -99.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.