HD BAKERY GROUP: 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.
HD BAKERY GROUP
Largest movements
- Tangible fixed assets -€69,860
down €69,860 (-4.8%), from €1.5m to €1.4m
of which Land and buildings: -€47,461
- Cash -€61,609
down €61,609 (-26.2%), from €235,356 to €173,748
mainly Trade debts (-€206,964) and Investment in fixed assets (net) (-€184,406)
- Receivables within one year -€58,800
down €58,800 (-20.1%), from €292,584 to €233,784
of which Trade receivables: -€43,864
- Receivables after one year -€42,782
down €42,782 (-7.6%), from €566,078 to €523,295
- Trade debts -€206,964
down €206,964 (-70.3%), from €294,342 to €87,378
- Reserves +€120,000
up €120,000 (+15.1%), from €792,468 to €912,468
of which Distributable reserves: +€120,000
- Profit (loss) carried forward +€113,095
up €113,095 (+16.9%), from €670,429 to €783,524
- Other debts -€106,711
down €106,711 (-24.2%), from €440,700 to €333,989
- Tax, wage and social debts -€83,799
down €83,799 (-43.1%), from €194,208 to €110,409
of which Remuneration and social security: -€54,126
- Gross operating margin +€69,698
up €69,698 (+5.2%), from €1.3m to €1.4m
- Depreciation +€39,817
up €39,817 (+18.5%), from €215,448 to €255,265
- Staff costs -€34,887
down €34,887 (-4.5%), from €771,909 to €737,022
- Write-downs +€29,317
new in 2025: €29,317
- Taxes +€22,582
up €22,582 (+27.3%), from €82,743 to €105,325
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.
Derived cash bridge
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 | €3,139,856 | €2,907,994 | -€231,862 | -7.4% |
| Fixed assets | 21/28 | €1,471,884 | €1,401,025 | -€70,860 | -4.8% |
| Tangible fixed assets | 22/27 | €1,469,334 | €1,399,475 | -€69,860 | -4.8% |
| Land and buildings | 22 | €815,415 | €767,954 | -€47,461 | -5.8% |
| Plant, machinery and equipment | 23 | €594,610 | €591,935 | -€2,675 | -0.4% |
| Furniture and vehicles | 24 | €59,309 | €39,586 | -€19,724 | -33.3% |
| Financial fixed assets | 28 | €2,550 | €1,550 | -€1,000 | -39.2% |
| Current assets | 29/58 | €1,667,971 | €1,506,969 | -€161,002 | -9.7% |
| Amounts receivable after more than one year | 29 | €566,078 | €523,295 | -€42,782 | -7.6% |
| Other amounts receivable | 291 | €566,078 | €523,295 | -€42,782 | -7.6% |
| Stocks and contracts in progress | 3 | €23,953 | €15,120 | -€8,832 | -36.9% |
| Stocks | 30/36 | €23,953 | €15,120 | -€8,832 | -36.9% |
| Amounts receivable within one year | 40/41 | €292,584 | €233,784 | -€58,800 | -20.1% |
| Trade receivables | 40 | €276,298 | €232,434 | -€43,864 | -15.9% |
| Other amounts receivable | 41 | €16,286 | €1,350 | -€14,936 | -91.7% |
| Current investments | 50/53 | €550,000 | €550,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €235,356 | €173,748 | -€61,609 | -26.2% |
| Deferred charges and accrued income | 490/1 | - | €11,021 | +€11,021 | |
| Total equity and liabilities | 10/49 | €3,139,856 | €2,907,994 | -€231,862 | -7.4% |
| Equity | 10/15 | €1,525,081 | €1,758,176 | +€233,095 | +15.3% |
| Contributions | 10/11 | €62,184 | €62,184 | = | 0.0% |
| Capital | 10 | €62,184 | €62,184 | = | 0.0% |
| Issued capital | 100 | €62,184 | €62,184 | = | 0.0% |
| Reserves | 13 | €792,468 | €912,468 | +€120,000 | +15.1% |
| Non-distributable reserves | 130/1 | €556,218 | €556,218 | = | 0.0% |
| Legal reserve | 130 | €6,218 | €6,218 | = | 0.0% |
| Reserves not available under the articles | 1311 | - | €550,000 | +€550,000 | |
| Own shares acquired | 1312 | €550,000 | - | -€550,000 | |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €180,000 | €300,000 | +€120,000 | +66.7% |
| Profit (loss) carried forward | 14 | €670,429 | €783,524 | +€113,095 | +16.9% |
| Amounts payable | 17/49 | €1,614,774 | €1,149,817 | -€464,957 | -28.8% |
| Amounts payable after more than one year | 17 | €593,042 | €519,524 | -€73,518 | -12.4% |
| Financial debts | 170/4 | €593,042 | €519,524 | -€73,518 | -12.4% |
| Amounts payable within one year | 42/48 | €1,021,732 | €630,294 | -€391,439 | -38.3% |
| Current portion of amounts payable after more than one year | 42 | €92,482 | €98,518 | +€6,036 | +6.5% |
| Trade debts | 44 | €294,342 | €87,378 | -€206,964 | -70.3% |
| Suppliers | 440/4 | €294,342 | €87,378 | -€206,964 | -70.3% |
| Taxes, remuneration and social security | 45 | €194,208 | €110,409 | -€83,799 | -43.1% |
| Taxes | 450/3 | €83,546 | €53,873 | -€29,673 | -35.5% |
| Remuneration and social security | 454/9 | €110,661 | €56,536 | -€54,126 | -48.9% |
| Other amounts payable | 47/48 | €440,700 | €333,989 | -€106,711 | -24.2% |
| Remuneration, social security and pensions | 62 | €771,909 | €737,022 | -€34,887 | -4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €215,448 | €255,265 | +€39,817 | +18.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €29,317 | +€29,317 | |
| Other operating charges | 640/8 | €35,866 | €44,519 | +€8,653 | +24.1% |
| Gross operating margin | 9900 | €1,348,426 | €1,418,124 | +€69,698 | +5.2% |
| Operating profit (loss) | 9901 | €325,203 | €352,001 | +€26,798 | +8.2% |
| Financial income | 75/76B | €558 | €448 | -€110 | -19.7% |
| Recurring financial income | 75 | €558 | €448 | -€110 | -19.7% |
| Financial charges | 65/66B | €14,901 | €14,029 | -€872 | -5.9% |
| Recurring financial charges | 65 | €14,901 | €14,029 | -€872 | -5.9% |
| Profit (loss) for the period before taxes | 9903 | €310,860 | €338,420 | +€27,560 | +8.9% |
| Income taxes | 67/77 | €82,743 | €105,325 | +€22,582 | +27.3% |
| Profit (loss) for the period | 9904 | €228,117 | €233,095 | +€4,978 | +2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €228,117 | €233,095 | +€4,978 | +2.2% |
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 28 October 2026 via checked.be.