A €4.52 million impairment of receivables was enough to turn a year of rising sales into a loss-making one for Baker Master, the dough-products manufacturer belonging to the Glaros Greek paper group, in which the Sklavenitis family has interests.
The company increased its turnover by 8% in 2025, but ended the year with net losses of almost €3 million, compared with a profit of €973,000 in 2024.
Baker Master, which produces and sells dough, puff pastry, bakery products and other foodstuffs, sold products worth €30.45 million last year, up from €28.19 million in 2024. Gross profit rose to €5.39 million from €4.40 million, while the corresponding margin increased to 17.7% from 15.6%.
The recognition of a €4.52 million impairment charge on assets, however, reversed the picture. Operating results swung to a loss of €2.58 million from a profit of €1.35 million, while net losses came to €2.98 million.
Equity fell to €2.19 million from €5.17 million, with the auditor noting that it had dropped below half of the share capital, triggering the relevant provisions of company law. Despite the loss-making year, the company reported positive operating cash flow of €1.68 million, while cash holdings rose to €2.33 million from €1.25 million.
The financial statements identify increasing sales in supermarkets as a key priority. They also refer to support from the main shareholder, if required, to implement the company’s business plan and address its limited capital base.