When do the toast begin?

Usually the bridal party enters, the champagne is poured, and there are toasts. If the guests are eating the wedding cake for dessert, I'd recommend cutting the cake before dinner as well.

With a small wedding, you can do whatever works for you. In a bigger wedding when the B&G are introduced by the DJ, I would say Jon is right. Although, I've seen the first dance right after intros and the toasts come later. It depends on the venue, DJ and bride. I have seen people give after dinner toasts, and then cut the cake. With 25 people, it won't take long to serve.

I kind of like the idea of the thank you speech at the beginning as a sort of welcome since your wedding reception is intimate. I would open up the mic towards the halfway point of the meal or end of the meal. I've seen that before at larger weddings and it didn't work out but it might turn out very well for an intimate reception. Make sure you capture the speeches on video. It should be nice. ...Doesn't the champagne toast go with the best man/moh or fob toast for the bride and groom, not necessarily with the thank you speech or cake?