KALDO: 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
KALDO
NACE 47.241, Retail sale of bread and pastry (bakery outlets)
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€25,806
2024 · €23,375+€2,431
Equity
€438,714
2024 · €412,908+€25,806
Cash
€58,885
2024 · €48,120+€10,765
Balance sheet total
€1.2m
2024 · €1.2m-€55,229
Largest movements
Assets
- Tangible fixed assets -€65,869
down €65,869 (-5.7%), from €1.2m to €1.1m
of which Land and buildings: -€50,961
Equity and liabilities
- Debts after one year -€104,729
down €104,729 (-20.1%), from €521,100 to €416,371
- Other debts +€48,709
up €48,709 (+102.9%), from €47,321 to €96,030
- Reserves +€23,909
up €23,909 (+7.6%), from €315,088 to €338,996
of which Distributable reserves: +€30,044
- Tax, wage and social debts -€14,147
down €14,147 (-25.8%), from €54,923 to €40,776
of which Taxes: -€11,626
Income statement
No income-statement line moved by more than 1% of the activity.
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
€23,375
Gross operating margin
+€4,846
Staff costs
-€4,115
Depreciation
-€247
Other operating charges
-€972
Financial income
+€94
Financial charges
+€4,327
Taxes
-€1,502
Result 2025
€25,806
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
+€119,367
Investment
-€3,346
Financing
-€105,256
Cash 2024
€48,120
From operations (derived)
+€119,367
Net result for the year
+€25,806
Depreciation
+€69,215
Stocks and contracts
+€1,291
Receivables within one year
-€432
Deferred charges and accrued income
-€734
Trade debts
-€11,842
Tax, wage and social debts
-€14,147
Other debts
+€48,709
Accrued charges and deferred income
+€1,500
Investment (derived)
-€3,346
Investment in fixed assets (net)
-€3,346
Financing
-€105,256
Debts after one year
-€104,729
Current portion of long-term debt
-€527
Short-term financial debts
+€0
Cash 2025
€58,885
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,216,609 | €1,161,380 | -€55,229 | -4.5% |
| Fixed assets | 21/28 | €1,153,488 | €1,087,619 | -€65,869 | -5.7% |
| Tangible fixed assets | 22/27 | €1,153,428 | €1,087,559 | -€65,869 | -5.7% |
| Land and buildings | 22 | €1,092,472 | €1,041,512 | -€50,961 | -4.7% |
| Plant, machinery and equipment | 23 | €18,156 | €16,826 | -€1,330 | -7.3% |
| Furniture and vehicles | 24 | €15,969 | €8,275 | -€7,695 | -48.2% |
| Leasing and similar rights | 25 | €26,831 | €20,947 | -€5,884 | -21.9% |
| Financial fixed assets | 28 | €60 | €60 | = | 0.0% |
| Current assets | 29/58 | €63,121 | €73,760 | +€10,640 | +16.9% |
| Stocks and contracts in progress | 3 | €11,369 | €10,078 | -€1,291 | -11.4% |
| Stocks | 30/36 | €11,369 | €10,078 | -€1,291 | -11.4% |
| Amounts receivable within one year | 40/41 | €1,213 | €1,645 | +€432 | +35.6% |
| Trade receivables | 40 | €1,213 | €1,645 | +€432 | +35.6% |
| Cash at bank and in hand | 54/58 | €48,120 | €58,885 | +€10,765 | +22.4% |
| Deferred charges and accrued income | 490/1 | €2,419 | €3,153 | +€734 | +30.3% |
| Total equity and liabilities | 10/49 | €1,216,609 | €1,161,380 | -€55,229 | -4.5% |
| Equity | 10/15 | €412,908 | €438,714 | +€25,806 | +6.2% |
| Contributions | 10/11 | €97,200 | €97,200 | = | 0.0% |
| Capital | 10 | €97,200 | €97,200 | = | 0.0% |
| Issued capital | 100 | €97,200 | €97,200 | = | 0.0% |
| Reserves | 13 | €315,088 | €338,996 | +€23,909 | +7.6% |
| Non-distributable reserves | 130/1 | €9,720 | €9,720 | = | 0.0% |
| Legal reserve | 130 | €9,720 | €9,720 | = | 0.0% |
| Tax-exempt reserves | 132 | €188,368 | €182,232 | -€6,135 | -3.3% |
| Distributable reserves | 133 | €117,000 | €147,044 | +€30,044 | +25.7% |
| Profit (loss) carried forward | 14 | €620 | €2,518 | +€1,897 | +305.8% |
| Amounts payable | 17/49 | €803,701 | €722,665 | -€81,036 | -10.1% |
| Amounts payable after more than one year | 17 | €521,100 | €416,371 | -€104,729 | -20.1% |
| Financial debts | 170/4 | €521,100 | €416,371 | -€104,729 | -20.1% |
| Amounts payable within one year | 42/48 | €282,601 | €304,795 | +€22,193 | +7.9% |
| Current portion of amounts payable after more than one year | 42 | €105,256 | €104,729 | -€527 | -0.5% |
| Financial debts | 43 | €9,542 | €9,542 | +€0 | 0.0% |
| Credit institutions | 430/8 | €9,542 | €9,542 | +€0 | 0.0% |
| Trade debts | 44 | €65,559 | €53,718 | -€11,842 | -18.1% |
| Suppliers | 440/4 | €65,559 | €53,718 | -€11,842 | -18.1% |
| Taxes, remuneration and social security | 45 | €54,923 | €40,776 | -€14,147 | -25.8% |
| Taxes | 450/3 | €30,684 | €19,058 | -€11,626 | -37.9% |
| Remuneration and social security | 454/9 | €24,239 | €21,718 | -€2,521 | -10.4% |
| Other amounts payable | 47/48 | €47,321 | €96,030 | +€48,709 | +102.9% |
| Accrued charges and deferred income | 492/3 | - | €1,500 | +€1,500 | |
| Turnover | 70 | €1,009,804 | €1,017,771 | +€7,967 | +0.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €677,540 | €681,603 | +€4,063 | +0.6% |
| Remuneration, social security and pensions | 62 | €241,366 | €245,481 | +€4,115 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,968 | €69,215 | +€247 | +0.4% |
| Other operating charges | 640/8 | €12,047 | €13,019 | +€972 | +8.1% |
| Gross operating margin | 9900 | €388,779 | €393,625 | +€4,846 | +1.2% |
| Operating profit (loss) | 9901 | €66,398 | €65,909 | -€489 | -0.7% |
| Financial income | 75/76B | €195 | €289 | +€94 | +48.2% |
| Recurring financial income | 75 | €195 | €289 | +€94 | +48.2% |
| Financial charges | 65/66B | €26,006 | €21,679 | -€4,327 | -16.6% |
| Recurring financial charges | 65 | €26,006 | €21,679 | -€4,327 | -16.6% |
| Profit (loss) for the period before taxes | 9903 | €40,587 | €44,519 | +€3,932 | +9.7% |
| Income taxes | 67/77 | €17,211 | €18,713 | +€1,502 | +8.7% |
| Profit (loss) for the period | 9904 | €23,375 | €25,806 | +€2,431 | +10.4% |
| Transfer from tax-exempt reserves | 789 | €6,135 | €6,135 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €29,511 | €31,942 | +€2,431 | +8.2% |
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 5 October 2026 via checked.be.