Tero Bakery: 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.
Tero Bakery
Largest movements
- Tangible fixed assets +€242,993
up €242,993 (+409%), from €59,405 to €302,397
of which Other tangible fixed assets: +€250,722
- Receivables within one year +€39,861
up €39,861 (+47.3%), from €84,193 to €124,054
of which Trade receivables: +€73,581
- Cash -€22,427
down €22,427 (-39.9%), from €56,253 to €33,826
mainly Investment in fixed assets (net) (-€271,211) and Net result for the year (-€70,484)
- Stocks and contracts +€11,530
up €11,530 (+136%), from €8,470 to €20,000
- Debts after one year +€210,706
up €210,706 (+597%), from €35,304 to €246,011
- Profit (loss) carried forward -€70,484
down €70,484 (-204%), from -€34,502 to -€104,986
- Trade debts +€56,715
up €56,715 (+342%), from €16,570 to €73,285
- Current portion of long-term debt +€28,614
up €28,614 (+268%), from €10,680 to €39,294
- Tax, wage and social debts +€28,242
up €28,242 (+176%), from €16,082 to €44,324
of which Remuneration and social security: +€27,223
- Staff costs +€181,483
up €181,483 (+162%), from €111,685 to €293,168
- Gross operating margin +€83,598
up €83,598 (+43.4%), from €192,708 to €276,306
- Depreciation +€14,397
up €14,397 (+82.7%), from €17,412 to €31,809
- Financial charges +€5,079
up €5,079 (+46.7%), from €10,876 to €15,955
- Other operating charges +€5,054
up €5,054 (+930%), from €543 to €5,597
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 | €231,750 | €500,859 | +€269,109 | +116% |
| Fixed assets | 21/28 | €76,931 | €316,333 | +€239,402 | +311% |
| Intangible fixed assets | 21 | €12,426 | €8,836 | -€3,591 | -28.9% |
| Tangible fixed assets | 22/27 | €59,405 | €302,397 | +€242,993 | +409% |
| Furniture and vehicles | 24 | €3,403 | €7,178 | +€3,775 | +111% |
| Leasing and similar rights | 25 | €44,694 | €33,189 | -€11,504 | -25.7% |
| Other tangible fixed assets | 26 | €11,308 | €262,030 | +€250,722 | +2,217% |
| Financial fixed assets | 28 | €5,100 | €5,100 | = | 0.0% |
| Current assets | 29/58 | €154,819 | €184,526 | +€29,707 | +19.2% |
| Stocks and contracts in progress | 3 | €8,470 | €20,000 | +€11,530 | +136% |
| Stocks | 30/36 | €8,470 | €20,000 | +€11,530 | +136% |
| Amounts receivable within one year | 40/41 | €84,193 | €124,054 | +€39,861 | +47.3% |
| Trade receivables | 40 | €43,745 | €117,325 | +€73,581 | +168% |
| Other amounts receivable | 41 | €40,448 | €6,728 | -€33,720 | -83.4% |
| Cash at bank and in hand | 54/58 | €56,253 | €33,826 | -€22,427 | -39.9% |
| Deferred charges and accrued income | 490/1 | €5,903 | €6,646 | +€743 | +12.6% |
| Total equity and liabilities | 10/49 | €231,750 | €500,859 | +€269,109 | +116% |
| Equity | 10/15 | -€4,502 | -€74,986 | -€70,484 | -1,566% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,502 | -€104,986 | -€70,484 | -204% |
| Amounts payable | 17/49 | €236,252 | €575,845 | +€339,593 | +144% |
| Amounts payable after more than one year | 17 | €35,304 | €246,011 | +€210,706 | +597% |
| Financial debts | 170/4 | €35,304 | €246,011 | +€210,706 | +597% |
| Amounts payable within one year | 42/48 | €200,948 | €322,759 | +€121,811 | +60.6% |
| Current portion of amounts payable after more than one year | 42 | €10,680 | €39,294 | +€28,614 | +268% |
| Trade debts | 44 | €16,570 | €73,285 | +€56,715 | +342% |
| Suppliers | 440/4 | €16,570 | €73,285 | +€56,715 | +342% |
| Taxes, remuneration and social security | 45 | €16,082 | €44,324 | +€28,242 | +176% |
| Taxes | 450/3 | €767 | €1,786 | +€1,019 | +133% |
| Remuneration and social security | 454/9 | €15,315 | €42,538 | +€27,223 | +178% |
| Other amounts payable | 47/48 | €157,616 | €165,856 | +€8,241 | +5.2% |
| Accrued charges and deferred income | 492/3 | - | €7,076 | +€7,076 | |
| Remuneration, social security and pensions | 62 | €111,685 | €293,168 | +€181,483 | +162% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,412 | €31,809 | +€14,397 | +82.7% |
| Other operating charges | 640/8 | €543 | €5,597 | +€5,054 | +930% |
| Non-recurring operating charges | 66A | €381 | - | -€381 | |
| Gross operating margin | 9900 | €192,708 | €276,306 | +€83,598 | +43.4% |
| Operating profit (loss) | 9901 | €62,686 | -€54,268 | -€116,955 | |
| Financial income | 75/76B | €29 | €19 | -€11 | -36.5% |
| Recurring financial income | 75 | €29 | €19 | -€11 | -36.5% |
| Financial charges | 65/66B | €10,876 | €15,955 | +€5,079 | +46.7% |
| Recurring financial charges | 65 | €10,876 | €15,955 | +€5,079 | +46.7% |
| Profit (loss) for the period before taxes | 9903 | €51,839 | -€70,205 | -€122,044 | |
| Income taxes | 67/77 | €286 | €279 | -€7 | -2.6% |
| Profit (loss) for the period | 9904 | €51,553 | -€70,484 | -€122,037 | |
| Profit (loss) for the period to be appropriated | 9905 | €51,553 | -€70,484 | -€122,037 |
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.