HOLY BAGELS: 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.
HOLY BAGELS
Largest movements
- Tangible fixed assets +€87,787
up €87,787 (+162%), from €54,141 to €141,928
of which Plant, machinery and equipment: +€86,948
- Cash +€34,932
up €34,932 (+38.9%), from €89,887 to €124,819
mainly Debts after one year (+€59,749) and Depreciation (+€32,637)
- Deferred charges and accrued income +€15,247
new in 2025: €15,247
- Receivables within one year +€14,545
up €14,545 (+99.8%), from €14,572 to €29,117
of which Trade receivables: +€10,245
- Intangible fixed assets -€9,000
down €9,000 (-13.3%), from €67,463 to €58,463
- Debts after one year +€59,749
new in 2025: €59,749
- Reserves +€24,000
up €24,000 (+20.5%), from €116,860 to €140,860
of which Distributable reserves: +€24,000
- Trade debts +€22,745
up €22,745 (+189%), from €12,041 to €34,786
- Current portion of long-term debt +€19,139
new in 2025: €19,139
- Tax, wage and social debts +€16,759
up €16,759 (+28.5%), from €58,722 to €75,481
of which Taxes: +€11,540
- Staff costs +€92,229
up €92,229 (+43.1%), from €214,184 to €306,413
- Gross operating margin +€34,765
up €34,765 (+10.0%), from €348,851 to €383,616
- Taxes -€24,896
down €24,896 (-70.4%), from €35,348 to €10,452
- Depreciation +€9,295
up €9,295 (+39.8%), from €23,342 to €32,637
- Financial charges +€5,713
up €5,713, from -€1,356 to €4,357
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 | €313,320 | €449,396 | +€136,076 | +43.4% |
| Fixed assets | 21/28 | €128,184 | €206,971 | +€78,787 | +61.5% |
| Intangible fixed assets | 21 | €67,463 | €58,463 | -€9,000 | -13.3% |
| Tangible fixed assets | 22/27 | €54,141 | €141,928 | +€87,787 | +162% |
| Plant, machinery and equipment | 23 | €20,562 | €107,510 | +€86,948 | +423% |
| Furniture and vehicles | 24 | €33,579 | €34,417 | +€838 | +2.5% |
| Financial fixed assets | 28 | €6,580 | €6,580 | = | 0.0% |
| Current assets | 29/58 | €185,136 | €242,425 | +€57,289 | +30.9% |
| Amounts receivable after more than one year | 29 | €76,719 | €68,195 | -€8,524 | -11.1% |
| Other amounts receivable | 291 | €76,719 | €68,195 | -€8,524 | -11.1% |
| Stocks and contracts in progress | 3 | €3,958 | €5,047 | +€1,089 | +27.5% |
| Stocks | 30/36 | €3,958 | €5,047 | +€1,089 | +27.5% |
| Amounts receivable within one year | 40/41 | €14,572 | €29,117 | +€14,545 | +99.8% |
| Trade receivables | 40 | €7,692 | €17,937 | +€10,245 | +133% |
| Other amounts receivable | 41 | €6,880 | €11,180 | +€4,300 | +62.5% |
| Cash at bank and in hand | 54/58 | €89,887 | €124,819 | +€34,932 | +38.9% |
| Deferred charges and accrued income | 490/1 | - | €15,247 | +€15,247 | |
| Total equity and liabilities | 10/49 | €313,320 | €449,396 | +€136,076 | +43.4% |
| Equity | 10/15 | €213,790 | €238,710 | +€24,920 | +11.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €116,860 | €140,860 | +€24,000 | +20.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €115,000 | €139,000 | +€24,000 | +20.9% |
| Profit (loss) carried forward | 14 | €90,730 | €91,650 | +€920 | +1.0% |
| Amounts payable | 17/49 | €99,530 | €210,685 | +€111,155 | +112% |
| Amounts payable after more than one year | 17 | - | €59,749 | +€59,749 | |
| Financial debts | 170/4 | - | €59,749 | +€59,749 | |
| Amounts payable within one year | 42/48 | €99,530 | €150,936 | +€51,406 | +51.6% |
| Current portion of amounts payable after more than one year | 42 | - | €19,139 | +€19,139 | |
| Trade debts | 44 | €12,041 | €34,786 | +€22,745 | +189% |
| Suppliers | 440/4 | €12,041 | €34,786 | +€22,745 | +189% |
| Advances received on contracts in progress | 46 | €23,707 | €17,031 | -€6,676 | -28.2% |
| Taxes, remuneration and social security | 45 | €58,722 | €75,481 | +€16,759 | +28.5% |
| Taxes | 450/3 | €37,589 | €49,128 | +€11,540 | +30.7% |
| Remuneration and social security | 454/9 | €21,133 | €26,353 | +€5,219 | +24.7% |
| Other amounts payable | 47/48 | €5,060 | €4,499 | -€561 | -11.1% |
| Remuneration, social security and pensions | 62 | €214,184 | €306,413 | +€92,229 | +43.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,342 | €32,637 | +€9,295 | +39.8% |
| Other operating charges | 640/8 | €3,971 | €4,873 | +€902 | +22.7% |
| Gross operating margin | 9900 | €348,851 | €383,616 | +€34,765 | +10.0% |
| Operating profit (loss) | 9901 | €107,354 | €39,693 | -€67,661 | -63.0% |
| Financial income | 75/76B | €5 | €36 | +€32 | +700% |
| Recurring financial income | 75 | €5 | €36 | +€32 | +700% |
| Financial charges | 65/66B | -€1,356 | €4,357 | +€5,713 | |
| Recurring financial charges | 65 | -€1,356 | €4,357 | +€5,713 | |
| Profit (loss) for the period before taxes | 9903 | €108,714 | €35,372 | -€73,342 | -67.5% |
| Income taxes | 67/77 | €35,348 | €10,452 | -€24,896 | -70.4% |
| Profit (loss) for the period | 9904 | €73,367 | €24,920 | -€48,446 | -66.0% |
| Profit (loss) for the period to be appropriated | 9905 | €73,367 | €24,920 | -€48,446 | -66.0% |
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 24 October 2026 via checked.be.