BALDWIN
ActiveFrom the official registers: KBO 36 annual accounts at the National Bank publications in the Belgian Official Gazette
Summary
BALDWIN has been active since 1990 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €277,088 and a net result of €63,368. Equity has been growing by about 43% per year since 2018. The computed 12-month bankruptcy probability is below 0.1% (very low).
Financials · financial year 2025, abbreviated format
Annual accounts 2025
- Financial year ended
- 31-12-2025
- Filed on
- 04-05-2026
- Format
- abbreviated format
- Reference
- 2026-00099637
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is 1% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
Use the arrow keys on the chart for the figures per year.
Companies with the same profile, two years later
Historical observationIn July 2024, 31,368 companies had the same profile as BALDWIN has now. Two years later, 0.5% had gone bankrupt and 93.5% were still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BALDWIN itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,445 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 BALDWIN. 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.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €60,443 | €60,442 | €5,889 | €2,634 | €2,911 | €6,145 | €8,865 | €7,404 | ▼ 16.5% |
| Other operating charges640/8 | - | - | - | €8,682 | €8,883 | €9,736 | €10,123 | €10,439 | ▲ 3.1% |
| Gross operating margin9900 | €88,028 | €92,825 | €115,025 | €115,059 | €117,825 | €104,159 | €103,519 | €101,871 | ▼ 1.6% |
| Operating profit (loss)9901 | €19,702 | €24,344 | €100,516 | €103,743 | €106,030 | €88,278 | €84,531 | €84,027 | ▼ 0.6% |
| Financial income75/76B | - | - | - | - | - | €36 | €1,834 | €977 | ▼ 46.7% |
| Recurring financial income75 | - | - | - | - | - | €36 | €1,834 | €977 | ▼ 46.7% |
| Financial charges65/66B | - | - | - | €7,981 | €6,096 | €4,229 | €2,310 | €514 | ▼ 77.7% |
| Recurring financial charges65 | €13,556 | €11,708 | €9,879 | €7,981 | €6,096 | €4,229 | €2,310 | €514 | ▼ 77.7% |
| Profit (loss) for the period before taxes9903 | €6,146 | €12,636 | €90,638 | €95,761 | €99,934 | €84,085 | €84,055 | €84,490 | ▲ 0.5% |
| Income taxes67/77 | - | - | - | - | - | €15,776 | €21,011 | €21,122 | ▲ 0.5% |
| Profit (loss) for the period9904 | €6,146 | €12,636 | €90,638 | €95,761 | €99,934 | €68,309 | €63,044 | €63,368 | ▲ 0.5% |
| Profit (loss) for the period to be appropriated9905 | €6,146 | €12,636 | €90,638 | €95,761 | €99,934 | €68,309 | €63,044 | €63,368 | ▲ 0.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €172,904 | €127,472 | €159,373 | €196,521 | €237,222 | €253,313 | €249,025 | €278,206 | ▲ 11.7% |
| Fixed assets21/28 | €111,166 | €50,724 | €44,834 | €42,200 | €48,208 | €70,205 | €61,340 | €53,937 | ▼ 12.1% |
| Tangible fixed assets22/27 | €111,166 | €50,724 | €44,834 | €42,200 | €48,208 | €70,205 | €61,340 | €53,937 | ▼ 12.1% |
| Land and buildings22 | - | - | - | €42,200 | €48,208 | €70,205 | €61,340 | €53,937 | ▼ 12.1% |
| Current assets29/58 | €61,738 | €76,749 | €114,538 | €154,321 | €189,014 | €183,107 | €187,685 | €224,269 | ▲ 19.5% |
| Current investments50/53 | €10,505 | €10,505 | - | - | - | €0 | €100,836 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €40,514 | €65,400 | €105,305 | €144,023 | €175,530 | €174,369 | €78,154 | €214,495 | ▲ 174% |
| Deferred charges and accrued income490/1 | - | - | - | €10,298 | €13,484 | €8,738 | €8,694 | €9,775 | ▲ 12.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €172,904 | €127,472 | €159,373 | €196,521 | €237,222 | €253,313 | €249,025 | €278,206 | ▲ 11.7% |
| Equity10/15 | -€216,603 | -€203,966 | -€113,329 | -€17,567 | €82,367 | €150,676 | €213,720 | €277,088 | ▲ 29.7% |
| Contributions10/11 | €99,157 | €99,157 | €99,157 | €99,157 | €99,157 | €99,157 | €99,157 | €99,157 | = |
| Capital10 | - | - | - | €99,157 | €99,157 | €99,157 | €99,157 | €99,157 | = |
| Issued capital100 | - | - | - | €99,157 | €99,157 | €99,157 | €99,157 | €99,157 | = |
| Reserves13 | €149 | €149 | €149 | €149 | €149 | €149 | €149 | €149 | = |
| Non-distributable reserves130/1 | - | - | - | €149 | €149 | €149 | €149 | €149 | = |
| Legal reserve130 | - | - | - | €149 | €149 | €149 | €149 | €149 | = |
| Profit (loss) carried forward14 | -€315,909 | -€303,272 | -€212,635 | -€116,873 | -€16,939 | €51,370 | €114,414 | €177,782 | ▲ 55.4% |
| Amounts payable17/49 | €389,507 | €331,439 | €272,702 | €214,088 | €154,855 | €102,636 | €35,305 | €1,118 | ▼ 96.8% |
| Amounts payable after more than one year17 | €330,916 | €272,692 | €213,836 | €154,347 | €94,210 | €33,415 | €0 | - | - |
| Financial debts170/4 | - | - | - | €154,347 | €94,210 | €33,415 | €0 | - | - |
| Amounts payable within one year42/48 | €58,591 | €58,747 | €58,865 | €59,741 | €60,645 | €69,221 | €35,305 | €1,118 | ▼ 96.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €59,489 | €60,137 | €60,795 | €33,415 | €0 | ▼ 100% |
| Trade debts44 | €966 | €523 | €10 | €252 | €509 | €7,661 | €425 | €288 | ▼ 32.3% |
| Suppliers440/4 | - | - | - | €252 | €509 | €7,661 | €425 | €288 | ▼ 32.3% |
| Taxes, remuneration and social security45 | - | - | - | - | - | €765 | €1,465 | €830 | ▼ 43.3% |
| Taxes450/3 | - | - | - | - | - | €765 | €1,465 | €830 | ▼ 43.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,146 | €12,636 | €90,638 | €95,761 | €99,934 | €68,309 | €63,044 | €63,368 | ▲ 0.5% |
| + Depreciation and write-downs630 | €60,443 | €60,442 | €5,889 | €2,634 | €2,911 | €6,145 | €8,865 | €7,404 | ▼ 16.5% |
| Operating cash flow (approximation) | €66,589 | €73,079 | €96,527 | €98,396 | €102,845 | €74,454 | €71,909 | €70,772 | ▼ 1.6% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€8,918 | -€28,142 | €0 | €0 | - |
| Change in cash | - | €24,886 | €39,905 | €38,718 | €31,508 | -€1,162 | -€96,215 | €136,340 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 04-05-2026 | 2026-00099637 | |
| 31-12-2024 | abbreviated format | 06-06-2025 | 2025-00122523 | |
| 31-12-2023 | abbreviated format | 06-06-2024 | 2024-00113659 | |
| 31-12-2022 | abbreviated format | 22-05-2023 | 2023-00091074 | |
| 31-12-2021 | abbreviated format | 07-06-2022 | 2022-20051834 | |
| 31-12-2020 | abbreviated format | 18-06-2021 | 2021-21400370 | |
| 31-12-2019 | abbreviated format | 10-06-2020 | 2020-15800392 | |
| 31-12-2018 | abbreviated format | 12-06-2019 | 2019-17700069 | |
| 31-12-2017 | micro format | 04-07-2018 | 2018-28700527 | |
| 31-12-2016 | micro format | 05-07-2017 | 2017-27700103 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.