SMILING BAKER: 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
SMILING BAKER
NACE 47.241, Retail sale of bread and pastry (bakery outlets)
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.0m
2024 · €2.5m-€455,882
Equity
€6.8m
2024 · €4.9m+€1.8m
Cash
€20,118
2024 · €144,893-€124,775
Balance sheet total
€9.8m
2024 · €8.4m+€1.4m
Largest movements
Assets
- Current investments +€2.0m
new in 2025: €2.0m
- Stocks and contracts +€573,814
up €573,814 (+69.7%), from €823,621 to €1.4m
- Receivables within one year -€560,826
down €560,826 (-21.3%), from €2.6m to €2.1m
of which Other amounts receivable: -€393,483
- Tangible fixed assets -€498,796
down €498,796 (-10.5%), from €4.7m to €4.2m
of which Plant, machinery and equipment: -€859,202
- Cash -€124,775
down €124,775 (-86.1%), from €144,893 to €20,118
mainly Current investments (-€2.0m) and Investment in fixed assets (net) (-€932,184)
Equity and liabilities
- Profit (loss) carried forward +€2.0m
up €2.0m (+81.8%), from €2.5m to €4.5m
- Debts after one year -€890,857
down €890,857 (-53.8%), from €1.7m to €764,544
- Tax, wage and social debts +€327,583
up €327,583 (+153%), from €213,833 to €541,416
of which Taxes: +€303,331
- Investment grants -€198,600
down €198,600 (-32.5%), from €610,600 to €412,000
- Trade debts +€120,788
up €120,788 (+18.3%), from €661,401 to €782,189
Income statement
- Turnover -€3.3m
down €3.3m (-20.8%), from €15.8m to €12.5m
- Goods and materials -€2.7m
down €2.7m (-33.9%), from €8.0m to €5.3m
of which Change in stocks: decrease (increase): -€2.4m
- Services and other goods -€525,580
down €525,580 (-21.3%), from €2.5m to €1.9m
- Staff costs +€240,062
up €240,062 (+19.6%), from €1.2m to €1.5m
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
€2.5m
Turnover
-€3.3m
Other operating income
-€27,796
Goods and materials
+€2.7m
Services and other goods
+€525,580
Staff costs
-€240,062
Depreciation
-€62,267
Other operating charges
+€1,120
Other operating items
-€118
Financial income
-€42,385
Financial charges
+€23,130
Taxes
-€54,419
Result 2025
€2.0m
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
+€3.9m
Investment
-€2.9m
Financing
-€1.1m
Cash 2024
€144,893
From operations (derived)
+€3.9m
Net result for the year
+€2.0m
Depreciation
+€1.4m
Stocks and contracts
-€573,814
Receivables within one year
+€560,826
Deferred charges and accrued income
-€8,137
Trade debts
+€120,788
Tax, wage and social debts
+€327,583
Other debts
+€6,600
Investment (derived)
-€2.9m
Investment in fixed assets (net)
-€932,184
Current investments
-€2.0m
Financing
-€1.1m
Debts after one year
-€890,857
Current portion of long-term debt
-€13,622
Contributions, distributions and other
-€198,600
Cash 2025
€20,118
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,381,963 | €9,767,021 | +€1.4m | +16.5% |
| Fixed assets | 21/28 | €4,768,760 | €4,257,467 | -€511,293 | -10.7% |
| Intangible fixed assets | 21 | €26,034 | €13,538 | -€12,496 | -48.0% |
| Tangible fixed assets | 22/27 | €4,742,726 | €4,243,930 | -€498,796 | -10.5% |
| Plant, machinery and equipment | 23 | €2,355,390 | €1,496,188 | -€859,202 | -36.5% |
| Furniture and vehicles | 24 | €126,112 | €103,369 | -€22,744 | -18.0% |
| Other tangible fixed assets | 26 | €2,261,224 | €2,644,373 | +€383,149 | +16.9% |
| Current assets | 29/58 | €3,613,203 | €5,509,554 | +€1.9m | +52.5% |
| Stocks and contracts in progress | 3 | €823,621 | €1,397,435 | +€573,814 | +69.7% |
| Stocks | 30/36 | €823,621 | €1,397,435 | +€573,814 | +69.7% |
| Raw materials and consumables | 30/31 | €387,896 | €1,397,435 | +€1.0m | +260% |
| Goods purchased for resale | 34 | €435,725 | - | -€435,725 | |
| Amounts receivable within one year | 40/41 | €2,628,825 | €2,067,999 | -€560,826 | -21.3% |
| Trade receivables | 40 | €2,135,358 | €1,968,015 | -€167,343 | -7.8% |
| Other amounts receivable | 41 | €493,467 | €99,984 | -€393,483 | -79.7% |
| Current investments | 50/53 | - | €2,000,000 | +€2.0m | |
| Other investments | 51/53 | - | €2,000,000 | +€2.0m | |
| Cash at bank and in hand | 54/58 | €144,893 | €20,118 | -€124,775 | -86.1% |
| Deferred charges and accrued income | 490/1 | €15,865 | €24,002 | +€8,137 | +51.3% |
| Total equity and liabilities | 10/49 | €8,381,963 | €9,767,021 | +€1.4m | +16.5% |
| Equity | 10/15 | €4,941,391 | €6,775,958 | +€1.8m | +37.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,782,100 | €1,782,100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,275,900 | €294,700 | -€981,200 | -76.9% |
| Distributable reserves | 133 | €500,000 | €1,481,200 | +€981,200 | +196% |
| Profit (loss) carried forward | 14 | €2,486,691 | €4,519,858 | +€2.0m | +81.8% |
| Investment grants | 15 | €610,600 | €412,000 | -€198,600 | -32.5% |
| Amounts payable | 17/49 | €3,440,572 | €2,991,063 | -€449,509 | -13.1% |
| Amounts payable after more than one year | 17 | €1,655,401 | €764,544 | -€890,857 | -53.8% |
| Financial debts | 170/4 | €1,655,401 | €764,544 | -€890,857 | -53.8% |
| Credit institutions | 173 | €1,655,401 | €764,544 | -€890,857 | -53.8% |
| Amounts payable within one year | 42/48 | €1,785,171 | €2,226,519 | +€441,348 | +24.7% |
| Current portion of amounts payable after more than one year | 42 | €904,487 | €890,865 | -€13,622 | -1.5% |
| Trade debts | 44 | €661,401 | €782,189 | +€120,788 | +18.3% |
| Suppliers | 440/4 | €661,401 | €782,189 | +€120,788 | +18.3% |
| Taxes, remuneration and social security | 45 | €213,833 | €541,416 | +€327,583 | +153% |
| Taxes | 450/3 | €80,382 | €383,713 | +€303,331 | +377% |
| Remuneration and social security | 454/9 | €133,451 | €157,703 | +€24,252 | +18.2% |
| Other amounts payable | 47/48 | €5,450 | €12,050 | +€6,600 | +121% |
| Operating income | 70/76A | €15,851,192 | €12,543,976 | -€3.3m | -20.9% |
| Turnover | 70 | €15,755,767 | €12,476,464 | -€3.3m | -20.8% |
| Other operating income | 74 | €95,307 | €67,511 | -€27,796 | -29.2% |
| Non-recurring operating income | 76A | €119 | €1 | -€118 | -99.1% |
| Operating charges | 60/66A | €13,056,748 | €10,131,741 | -€2.9m | -22.4% |
| Goods for resale, raw materials and consumables | 60 | €7,972,061 | €5,271,425 | -€2.7m | -33.9% |
| Purchases | 600/8 | €6,134,784 | €5,845,240 | -€289,544 | -4.7% |
| Change in stocks: decrease (increase) | 609 | €1,837,277 | -€573,814 | -€2.4m | |
| Services and other goods | 61 | €2,469,164 | €1,943,584 | -€525,580 | -21.3% |
| Remuneration, social security and pensions | 62 | €1,222,041 | €1,462,103 | +€240,062 | +19.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,381,209 | €1,443,476 | +€62,267 | +4.5% |
| Other operating charges | 640/8 | €12,273 | €11,153 | -€1,120 | -9.1% |
| Operating profit (loss) | 9901 | €2,794,444 | €2,412,235 | -€382,209 | -13.7% |
| Financial income | 75/76B | €334,954 | €292,569 | -€42,385 | -12.7% |
| Recurring financial income | 75 | €334,954 | €292,569 | -€42,385 | -12.7% |
| Income from financial fixed assets | 750 | €2,550 | - | -€2,550 | |
| Income from current assets | 751 | €20,410 | €38,969 | +€18,560 | +90.9% |
| Other financial income | 752/9 | €311,994 | €253,600 | -€58,394 | -18.7% |
| Financial charges | 65/66B | €52,567 | €29,437 | -€23,130 | -44.0% |
| Recurring financial charges | 65 | €52,374 | €29,437 | -€22,937 | -43.8% |
| Debt charges | 650 | €44,255 | €28,068 | -€16,187 | -36.6% |
| Other financial charges | 652/9 | €8,118 | €1,369 | -€6,750 | -83.1% |
| Non-recurring financial charges | 66B | €194 | - | -€194 | |
| Profit (loss) for the period before taxes | 9903 | €3,076,831 | €2,675,367 | -€401,463 | -13.0% |
| Income taxes | 67/77 | €587,782 | €642,200 | +€54,419 | +9.3% |
| Taxes | 670/3 | €706,664 | €642,200 | -€64,464 | -9.1% |
| Tax adjustments and reversals of tax provisions | 77 | €118,882 | - | -€118,882 | |
| Profit (loss) for the period | 9904 | €2,489,049 | €2,033,167 | -€455,882 | -18.3% |
| Transfer from tax-exempt reserves | 789 | - | €926,200 | +€926,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,489,049 | €2,959,367 | +€470,318 | +18.9% |
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 23 October 2026 via checked.be.