2025 was marked by the complete destruction of Apollonion’s central warehouse in Koropi, as well as an increase in sales, for the Karomolegos group’s bakery and food-service chain.
The company recognised €6.145 million in insurance compensation for the fire, but exceptional expenses and the impact on its operations led to a significant widening of losses.
The fire broke out on 14 January 2025 at the central warehouse facilities at the Tzima site in Koropi. The building, owned by the parent company Karomolegos Bakery Industry, was completely destroyed, along with its mechanical equipment and stocks of raw materials, products and packaging materials.
The financial statements record losses of €3.71 million from the destruction of fixed assets and €1.18 million from the loss of inventories. Insurance cover limited the direct financial impact, but not the additional operating costs required to keep the business running.
Despite the disruption, consolidated revenue rose 4.2% to €28.13 million. Net losses, however, widened to €752,000 from €125,000, while operating profit fell to €915,000 from €975,000. Higher financial expenses, which rose to €1.35 million, also contributed to the strain.
Beyond the fire, the financial statements highlight the company’s limited capital base. The group’s equity stood at just €1.49 million, against total liabilities of €32.87 million. Bank borrowings reached €14.05 million, while cash and cash equivalents at year-end stood at just €201,000.
Of particular note is management’s statement that the main shareholders are committed to providing financial or other support, if needed, for at least 12 months from the approval of the financial statements. At the end of 2025, its liabilities to parent company Karomolegos stood at €3.99 million, while amounts due from the parent were €1.09 million.
The chain opened a new store in Koropi and plans to open two more outlets by the end of 2026, which are expected to contribute to sales in 2027.