BALDI
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 01-06-2026 PDF all 28 filings
Turnover
≈ €81,000
Estimated: probably between €48,000 and €150,000
EBIT margin
Not included in this filing
Net result
€6,296▼ 30.1%
2024 · €9,009
Working capital
€398
2024 · -€10,897
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€6,594
▼ 31.7%
2025
20182025
Net result
€6,296
▼ 30.1%
2025
middle half of the sector
20182025
Equity
€11,507
▲ 121%
2025
middle half of the sector
20182025
Total assets
€31,241
▼ 11.2%
2025
middle half of the sector
20182025
Debt
€19,734
▼ 34.1%
2025
20182025
Working capital
€398
2025
middle half of the sector
20182025
Solvency
36.8%
▲ 22.0pp
2025
middle half of the sector
20182025
Current ratio
1.02
▲ 0.38
2025
middle half of the sector
20182025
Return on assets (ROA)
20.2%
▼ 5.5pp
2025
highest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€3,370-€5,755-€5,722€4,730-€1,489€4,146€9,659▲ 133%€6,594▼ 31.7%
Net result-€132-€9,024-€6,375within the sector's middle half€3,542within the sector's middle half-€1,988within the sector's middle half€3,581within the sector's middle half€9,009within the sector's middle half▲ 152%€6,296within the sector's middle half▼ 30.1%
Equity-€11,582--€2,558▲ 77.9%-€8,933below the sector's middle half▼ 249%-€5,391below the sector's middle half▲ 39.7%-€7,379below the sector's middle half▼ 36.9%-€3,798below the sector's middle half▲ 48.5%€5,211below the sector's middle half€11,507within the sector's middle half▲ 121%
Total assets€78,729-€76,489▼ 2.8%€60,929within the sector's middle half▼ 20.3%€57,275below the sector's middle half▼ 6.0%€44,758below the sector's middle half▼ 21.9%€40,622below the sector's middle half▼ 9.2%€35,164below the sector's middle half▼ 13.4%€31,241within the sector's middle half▼ 11.2%
Debt€90,311-€79,047▼ 12.5%€69,862▼ 11.6%€62,666▼ 10.3%€52,137▼ 16.8%€44,420▼ 14.8%€29,953▼ 32.6%€19,734▼ 34.1%
Working capital-€23,815--€13,765▲ 42.2%-€21,139within the sector's middle half▼ 53.6%-€16,902within the sector's middle half▲ 20.0%-€24,256within the sector's middle half▼ 43.5%-€21,097within the sector's middle half▲ 13.0%-€10,897within the sector's middle half▲ 48.3%€398within the sector's middle half
Solvency-14.7%--3.3%▲ 11.4pp-14.7%below the sector's middle half▼ 11.3pp-9.4%below the sector's middle half▲ 5.2pp-16.5%below the sector's middle half▼ 7.1pp-9.3%below the sector's middle half▲ 7.1pp14.8%within the sector's middle half▲ 24.2pp36.8%within the sector's middle half▲ 22.0pp
Current ratio0.59-0.74▲ 0.140.56below the sector's middle half▼ 0.180.62below the sector's middle half▲ 0.060.45below the sector's middle half▼ 0.170.49below the sector's middle half▲ 0.040.64below the sector's middle half▲ 0.141.02within the sector's middle half▲ 0.38
Return on assets (ROA)-0.2%-11.8%▲ 12.0pp-10.5%below the sector's middle half▼ 22.3pp6.2%within the sector's middle half▲ 16.6pp-4.4%below the sector's middle half▼ 10.6pp8.8%within the sector's middle half▲ 13.3pp25.6%above the sector's middle half▲ 16.8pp20.2%above the sector's middle half▼ 5.5pp
Staff (FTE)0.6-0.6=0.6below the sector's middle half=0.4below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Personal service activities (NACE 96). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 32% lower than in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €31,241
Fixed assets
€11,109 ▼ 31.0%
Current assets
€20,132 ▲ 5.6%
Equity and liabilities €31,241
Equity
€11,507 ▲ 121%
Debt
€19,734 ▼ 34.1%
Debt's share of the balance-sheet total falls from 85.2% to 63.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€11,592▼
2024 · €14,688
Cash flow
€11,294▼
2024 · €14,038
Quick ratio
0.98▲
2024 · 0.61
Debt to equity
1.71▼
2024 · 5.75
ROE
54.7%▼
2024 · 172.9%
Interest coverage
38.90▲
2024 · 22.60
Debt ≤ 1 year
€19,734▼
2024 · €29,953
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 |
|---|---|
| Average over the year, in full-time equivalents | 0.4 |
| Joined | 0 |
| Left | 1 |
Source: social balance sheet in the 2022 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €1,177 | - |
| Depreciation and write-downs of the year | €4,824 | €4,824 | €4,823 | €5,029 | €4,998 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €8,000 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €16,605 | €14,739 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,800 | €5,800 | €5,860 | €4,824 | €4,824 | €4,823 | €5,029 | €4,998 | ▼ 0.6% |
| Other operating charges640/8 | - | - | - | €348 | €348 | €385 | €387 | €400 | ▲ 3.4% |
| Gross operating margin9900 | €29,482 | €37,800 | €14,576 | €26,507 | €18,422 | €9,354 | €15,075 | €11,992 | ▼ 20.5% |
| Operating profit (loss)9901 | -€3,370 | €5,755 | -€5,722 | €4,730 | -€1,489 | €4,146 | €9,659 | €6,594 | ▼ 31.7% |
| Financial income75/76B | - | - | - | €13 | - | - | - | - | - |
| Recurring financial income75 | €7 | - | - | €13 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €1,201 | €499 | €565 | €650 | €298 | ▼ 54.2% |
| Recurring financial charges65 | €711 | €731 | €653 | €1,201 | €499 | €565 | €650 | €298 | ▼ 54.2% |
| Profit (loss) for the period before taxes9903 | -€74 | €9,024 | -€6,375 | €3,542 | -€1,988 | €3,581 | €9,009 | €6,296 | ▼ 30.1% |
| Income taxes67/77 | €58 | - | - | - | - | - | - | - | - |
| Profit (loss) for the period9904 | -€132 | €9,024 | -€6,375 | €3,542 | -€1,988 | €3,581 | €9,009 | €6,296 | ▼ 30.1% |
| Profit (loss) for the period to be appropriated9905 | -€132 | €9,024 | -€6,375 | €3,542 | -€1,988 | €3,581 | €9,009 | €6,296 | ▼ 30.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €78,729 | €76,489 | €60,929 | €57,275 | €44,758 | €40,622 | €35,164 | €31,241 | ▼ 11.2% |
| Fixed assets21/28 | €44,101 | €38,301 | €34,431 | €29,607 | €24,783 | €19,960 | €16,108 | €11,109 | ▼ 31.0% |
| Tangible fixed assets22/27 | €42,579 | €36,779 | €32,909 | €28,085 | €23,261 | €18,438 | €14,586 | €9,587 | ▼ 34.3% |
| Land and buildings22 | - | - | - | €26,554 | €22,128 | €17,703 | €14,249 | €9,587 | ▼ 32.7% |
| Furniture and vehicles24 | - | - | - | €1,531 | €1,133 | €735 | €337 | - | - |
| Financial fixed assets28 | €1,522 | €1,522 | €1,522 | €1,522 | €1,522 | €1,522 | €1,522 | €1,522 | = |
| Current assets29/58 | €34,628 | €38,188 | €26,498 | €27,668 | €19,975 | €20,662 | €19,056 | €20,132 | ▲ 5.6% |
| Stocks and contracts in progress3 | €2,385 | €2,508 | €2,386 | €2,182 | €1,589 | €1,193 | €854 | €761 | ▼ 10.9% |
| Stocks30/36 | - | - | - | €2,182 | €1,589 | €1,193 | €854 | €761 | ▼ 10.9% |
| Amounts receivable within one year40/41 | - | €275 | €2,407 | €129 | €127 | €382 | €10 | €80 | ▲ 700% |
| Trade receivables40 | - | - | - | €129 | €127 | - | - | €80 | - |
| Other amounts receivable41 | - | - | - | - | - | €382 | €10 | - | - |
| Current investments50/53 | - | €35,405 | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €32,243 | - | €21,705 | €25,357 | €18,259 | €19,087 | €18,192 | €19,291 | ▲ 6.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €78,729 | €76,489 | €60,929 | €57,275 | €44,758 | €40,622 | €35,164 | €31,241 | ▼ 11.2% |
| Equity10/15 | -€11,582 | -€2,558 | -€8,933 | -€5,391 | -€7,379 | -€3,798 | €5,211 | €11,507 | ▲ 121% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Profit (loss) carried forward14 | -€30,174 | -€21,150 | -€27,525 | -€23,983 | -€25,971 | -€22,390 | -€13,381 | -€7,085 | ▲ 47.1% |
| Amounts payable17/49 | €90,311 | €79,047 | €69,862 | €62,666 | €52,137 | €44,420 | €29,953 | €19,734 | ▼ 34.1% |
| Amounts payable after more than one year17 | €31,868 | €27,094 | €22,225 | €18,096 | €7,906 | €2,661 | - | - | - |
| Financial debts170/4 | - | - | - | €18,096 | €7,906 | €2,661 | - | - | - |
| Amounts payable within one year42/48 | €58,443 | €51,953 | €47,637 | €44,570 | €44,231 | €41,759 | €29,953 | €19,734 | ▼ 34.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €5,298 | €5,245 | €2,661 | - | - |
| Trade debts44 | €4,859 | €6,385 | €9,757 | €7,729 | €1,109 | €993 | €950 | €960 | ▲ 1.1% |
| Suppliers440/4 | - | - | - | €7,729 | €1,109 | €993 | €950 | €960 | ▲ 1.1% |
| Taxes, remuneration and social security45 | - | - | - | €1,575 | €887 | - | €120 | €738 | ▲ 515% |
| Taxes450/3 | - | - | - | €1,575 | €887 | - | - | €738 | - |
| Remuneration and social security454/9 | - | - | - | - | - | - | €120 | - | - |
| Other amounts payable47/48 | - | - | - | €35,266 | €36,937 | €35,521 | €26,222 | €18,036 | ▼ 31.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€132 | €9,024 | -€6,375 | €3,542 | -€1,988 | €3,581 | €9,009 | €6,296 | ▼ 30.1% |
| + Depreciation and write-downs630 | €5,800 | €5,800 | €5,860 | €4,824 | €4,824 | €4,823 | €5,029 | €4,998 | ▼ 0.6% |
| Operating cash flow (approximation) | €5,668 | €14,824 | -€515 | €8,366 | €2,836 | €8,404 | €14,038 | €11,294 | ▼ 19.5% |
| Investment in fixed assets (approximation) | - | €0 | -€1,990 | €0 | €0 | €0 | -€1,177 | €1 | - |
| Change in cash | - | - | - | €3,652 | -€7,098 | €828 | -€895 | €1,099 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 31,368 companies had the same profile as BALDI has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BALDI itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 31,368 companies, not a prediction for BALDI. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 28 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 01-06-2026 | 2026-00130468 | |
| 31-12-2024 | full format | 18-03-2025 | 2025-00050526 | |
| 31-12-2023 | full format | 25-06-2024 | 2024-00165440 | |
| 31-12-2022 | full format | 31-05-2023 | 2023-00102466 | |
| 31-12-2021 | full format | 19-07-2022 | 2022-20205813 | |
| 31-12-2020 | full format | 05-11-2021 | 2021-76900178 | |
| 31-12-2019 | full format | 19-03-2020 | 2020-07000373 | |
| 31-12-2018 | full format | 10-05-2019 | 2019-12800097 | |
| 31-12-2017 | full format | 15-02-2018 | 2018-05000103 | |
| 31-12-2016 | full format | 14-03-2017 | 2017-06200368 |