KBUREZ: 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
KBUREZ
NACE 10.712, Artisanal bread and fresh pastry making
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€32,091
2024 · €53,274-€21,183
Equity
-€61,766
2024 · -€93,857+€32,091
Cash
€5,059
2024 · €3,309+€1,750
Balance sheet total
€374,164
2024 · €423,275-€49,111
Largest movements
Assets
- Tangible fixed assets -€42,381
down €42,381 (-13.6%), from €310,963 to €268,583
of which Land and buildings: -€26,664
- Receivables within one year -€8,060
down €8,060 (-12.5%), from €64,708 to €56,648
of which Trade receivables: -€8,202
Equity and liabilities
- Debts after one year -€62,359
down €62,359 (-19.4%), from €321,612 to €259,253
- Profit (loss) carried forward +€32,091
up €32,091 (+11.6%), from -€277,057 to -€244,966
- Trade debts -€21,575
down €21,575 (-39.6%), from €54,453 to €32,878
- Tax, wage and social debts +€10,515
up €10,515 (+48.9%), from €21,484 to €31,999
of which Remuneration and social security: +€6,382
- Current portion of long-term debt -€6,029
down €6,029 (-6.1%), from €98,388 to €92,359
Income statement
- Gross operating margin -€13,093
down €13,093 (-4.9%), from €268,201 to €255,108
- Staff costs +€9,346
up €9,346 (+6.9%), from €135,835 to €145,181
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
€53,274
Gross operating margin
-€13,093
Staff costs
-€9,346
Depreciation
-€390
Other operating charges
-€446
Other operating items
-€23
Financial income
-€70
Financial charges
+€2,194
Taxes
-€9
Result 2025
€32,091
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€83,595
Investment
-€11,703
Financing
-€70,142
Cash 2024
€3,309
From operations (derived)
+€83,595
Net result for the year
+€32,091
Depreciation
+€52,352
Stocks and contracts
+€2,152
Receivables within one year
+€8,060
Trade debts
-€21,575
Tax, wage and social debts
+€10,515
Investment (derived)
-€11,703
Investment in fixed assets (net)
-€9,371
Current investments
-€2,332
Financing
-€70,142
Debts after one year
-€62,359
Current portion of long-term debt
-€6,029
Short-term financial debts
-€1,754
Cash 2025
€5,059
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €423,275 | €374,164 | -€49,111 | -11.6% |
| Fixed assets | 21/28 | €311,613 | €268,633 | -€42,981 | -13.8% |
| Tangible fixed assets | 22/27 | €310,963 | €268,583 | -€42,381 | -13.6% |
| Land and buildings | 22 | €227,419 | €200,756 | -€26,664 | -11.7% |
| Plant, machinery and equipment | 23 | €50,211 | €44,127 | -€6,084 | -12.1% |
| Furniture and vehicles | 24 | €24,215 | €16,102 | -€8,114 | -33.5% |
| Leasing and similar rights | 25 | €9,118 | €7,598 | -€1,520 | -16.7% |
| Financial fixed assets | 28 | €650 | €50 | -€600 | -92.3% |
| Current assets | 29/58 | €111,662 | €105,531 | -€6,131 | -5.5% |
| Stocks and contracts in progress | 3 | €36,462 | €34,310 | -€2,152 | -5.9% |
| Stocks | 30/36 | €36,462 | €34,310 | -€2,152 | -5.9% |
| Amounts receivable within one year | 40/41 | €64,708 | €56,648 | -€8,060 | -12.5% |
| Trade receivables | 40 | €47,055 | €38,852 | -€8,202 | -17.4% |
| Other amounts receivable | 41 | €17,654 | €17,796 | +€142 | +0.8% |
| Current investments | 50/53 | €7,182 | €9,514 | +€2,332 | +32.5% |
| Cash at bank and in hand | 54/58 | €3,309 | €5,059 | +€1,750 | +52.9% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €423,275 | €374,164 | -€49,111 | -11.6% |
| Equity | 10/15 | -€93,857 | -€61,766 | +€32,091 | +34.2% |
| Contributions | 10/11 | €162,000 | €162,000 | = | 0.0% |
| Capital | 10 | €162,000 | €162,000 | = | 0.0% |
| Issued capital | 100 | €162,000 | €162,000 | = | 0.0% |
| Reserves | 13 | €21,200 | €21,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €16,200 | €16,200 | = | 0.0% |
| Legal reserve | 130 | €16,200 | €16,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€277,057 | -€244,966 | +€32,091 | +11.6% |
| Amounts payable | 17/49 | €517,132 | €435,930 | -€81,202 | -15.7% |
| Amounts payable after more than one year | 17 | €321,612 | €259,253 | -€62,359 | -19.4% |
| Financial debts | 170/4 | €321,612 | €259,253 | -€62,359 | -19.4% |
| Amounts payable within one year | 42/48 | €193,306 | €174,463 | -€18,843 | -9.7% |
| Current portion of amounts payable after more than one year | 42 | €98,388 | €92,359 | -€6,029 | -6.1% |
| Financial debts | 43 | €18,981 | €17,227 | -€1,754 | -9.2% |
| Credit institutions | 430/8 | €18,255 | €17,187 | -€1,068 | -5.9% |
| Other loans | 439 | €726 | €40 | -€686 | -94.5% |
| Trade debts | 44 | €54,453 | €32,878 | -€21,575 | -39.6% |
| Suppliers | 440/4 | €54,453 | €32,878 | -€21,575 | -39.6% |
| Taxes, remuneration and social security | 45 | €21,484 | €31,999 | +€10,515 | +48.9% |
| Taxes | 450/3 | €346 | €4,479 | +€4,134 | +1,196% |
| Remuneration and social security | 454/9 | €21,138 | €27,520 | +€6,382 | +30.2% |
| Accrued charges and deferred income | 492/3 | €2,213 | €2,213 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €135,835 | €145,181 | +€9,346 | +6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,961 | €52,352 | +€390 | +0.8% |
| Other operating charges | 640/8 | €5,464 | €5,910 | +€446 | +8.2% |
| Non-recurring operating charges | 66A | - | €23 | +€23 | |
| Gross operating margin | 9900 | €268,201 | €255,108 | -€13,093 | -4.9% |
| Operating profit (loss) | 9901 | €74,940 | €51,642 | -€23,298 | -31.1% |
| Financial income | 75/76B | €823 | €754 | -€70 | -8.5% |
| Recurring financial income | 75 | €823 | €754 | -€70 | -8.5% |
| Financial charges | 65/66B | €22,235 | €20,041 | -€2,194 | -9.9% |
| Recurring financial charges | 65 | €22,235 | €20,041 | -€2,194 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €53,528 | €32,354 | -€21,174 | -39.6% |
| Income taxes | 67/77 | €255 | €263 | +€9 | +3.5% |
| Profit (loss) for the period | 9904 | €53,274 | €32,091 | -€21,183 | -39.8% |
| Profit (loss) for the period to be appropriated | 9905 | €53,274 | €32,091 | -€21,183 | -39.8% |
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 30 October 2026 via checked.be.