Baldwin
Annual accounts 2025
abbreviated format, filed on 01-07-2026, 30 days before the deadline€768,205
▲ 4.4%
€166,288
▲ 255%
€110,969
▲ 577%
-€252,349
▲ €52,038
45.6%
▲ 3.2 percentage points
0.70
▲ 0.10
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €2.0m. Estimated: probably between €1.4m and €3.2m.
Balance sheet
balance sheet total €1.8m on 31-12-2025What the company ownsHow it is paid for
in euro
in euro
Position in the sector
45.6%
Higher than 49% of 3,405 companies in 2025.
0.70
Higher than 14% of 3,266 companies in 2025.
6.2%
Higher than 47% of 3,314 companies in 2025.
Baldwin
Middle half of the sector
80% of the sector
Abbreviated accounts in computer programming and consultancy (NACE 62)
Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: bottom quarter · Staff: middle half
Staff
€79,507
Staff costs divided by the average number of full-time equivalents.
-1 person
people who joined
people who left
In 2025, 1 person joined and 2 left. Training hours in 2025: 16.
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||||
20/58 |
1.8m | 1.7m | 1.7m | 1.8m | 1.6m | 1.6m | 697,088 | 525,055 | 464,541 | 431,624 | 456,487 | 307,206 | 214,361 | |
21/28 |
1.2m | 1.2m | 1.2m | 1.2m | 1.3m | 1.3m | 424,213 | 264,036 | 205,416 | 215,476 | 320,076 | 85,535 | 27,464 | |
21 |
- | 0 | 6,634 | 13,267 | 36,135 | 65,003 | 116,670 | 109,400 | 111,200 | 122,067 | 101,267 | 57,667 | 6,667 | |
22/27 |
26,451 | 26,750 | 36,478 | 43,535 | 55,426 | 14,592 | 7,543 | 14,636 | 13,336 | 12,529 | 17,943 | 12,868 | 20,797 | |
23 |
503 | 673 | 843 | 1,047 | 1,388 | - | - | - | - | - | - | 695 | 1,737 | |
24 |
18,499 | 14,987 | 20,590 | 23,164 | 31,156 | 14,592 | 7,543 | 14,636 | 13,336 | 12,529 | 17,943 | 12,173 | 19,060 | |
26 |
7,449 | 11,090 | 15,044 | 19,323 | 22,882 | - | - | - | - | - | - | - | - | |
28 |
1.2m | 1.2m | 1.2m | 1.2m | 1.2m | 1.2m | 300,000 | 140,000 | 80,880 | 80,880 | 200,867 | 15,000 | - | |
29/58 |
581,385 | 455,444 | 473,638 | 547,805 | 321,264 | 297,263 | 272,875 | 261,019 | 259,124 | 216,149 | 136,411 | 221,672 | 186,897 | |
40/41 |
531,445 | 443,242 | 411,490 | 353,594 | 319,680 | 218,593 | 262,615 | 258,174 | 253,571 | 190,915 | 135,154 | 185,010 | 174,983 | |
40 |
525,010 | 442,981 | 411,283 | 352,288 | 304,471 | 205,033 | 248,243 | 244,130 | 242,418 | 185,335 | 132,766 | 175,517 | 142,496 | |
41 |
6,435 | 260 | 207 | 1,306 | 15,209 | 13,560 | 14,372 | 14,044 | 11,153 | 5,580 | 2,389 | 9,492 | 32,487 | |
54/58 |
38,971 | 7,773 | 57,446 | 192,718 | 166 | 72,465 | 7,206 | 166 | 5,554 | 21,801 | 1,257 | 36,401 | 11,284 | |
490/1 |
10,969 | 4,429 | 4,703 | 1,494 | 1,419 | 6,205 | 3,054 | 2,680 | - | 3,432 | - | 261 | 631 | |
| Balance sheet: equity and liabilities | ||||||||||||||
10/49 |
1.8m | 1.7m | 1.7m | 1.8m | 1.6m | 1.6m | 697,088 | 525,055 | 464,541 | 431,624 | 456,487 | 307,206 | 214,361 | |
10/15 |
812,300 | 701,331 | 684,931 | 644,676 | 601,325 | 571,361 | 131,730 | 30,824 | 55,245 | 47,787 | 64,996 | 37,737 | 36,553 | |
10/11 |
350,000 | 350,000 | 350,000 | 350,000 | 350,000 | 353,110 | 50,000 | 50,000 | 50,000 | 50,000 | 50,000 | 35,000 | 35,000 | |
100 |
- | - | - | - | - | - | 50,000 | 50,000 | 50,000 | 50,000 | 50,000 | 50,000 | 50,000 | |
101 |
- | - | - | - | - | - | - | - | - | - | - | 15,000 | 15,000 | |
12 |
291,563 | 291,563 | 291,563 | 291,563 | 291,563 | 291,563 | 291,563 | 103,520 | 40,000 | 40,000 | 78,267 | - | - | |
13 |
3,110 | 3,110 | 3,110 | 3,110 | 3,110 | - | 3,110 | 3,110 | 3,110 | 2,737 | 2,737 | 2,737 | 1,553 | |
130 |
- | - | - | - | - | - | 3,110 | 3,110 | 3,110 | 2,737 | 2,737 | 2,737 | 1,553 | |
133 |
3,110 | 3,110 | 3,110 | 3,110 | 3,110 | - | - | - | - | - | - | - | - | |
14 |
167,627 | 56,658 | 40,258 | 3 | -43,348 | -73,312 | -212,943 | -125,805 | -37,865 | -44,949 | -66,007 | - | - | |
17/49 |
970,535 | 955,862 | 1.0m | 1.1m | 986,500 | 980,496 | 565,358 | 494,231 | 409,296 | 383,837 | 391,491 | 269,470 | 177,808 | |
17 |
82,143 | 164,286 | 246,429 | 328,571 | 410,714 | 709,329 | 18,282 | 21,418 | 15,000 | 16,833 | 127,232 | - | 2,044 | |
170/4 |
82,143 | 164,286 | 246,429 | 328,571 | 410,714 | 709,329 | 18,282 | 21,418 | 15,000 | 16,833 | 127,232 | - | 2,044 | |
42/48 |
833,733 | 759,831 | 732,938 | 768,383 | 571,756 | 271,167 | 547,076 | 472,813 | 394,296 | 367,004 | 260,312 | 268,304 | 174,811 | |
42 |
82,143 | 82,143 | 82,143 | 164,286 | 82,143 | 2,607 | 3,811 | 3,694 | 3,426 | 6,991 | 5,249 | 2,044 | 5,487 | |
43 |
7,661 | 7,681 | 7,674 | 7,625 | 18,931 | 7,612 | 8,946 | 20,017 | - | - | 2,764 | 21,025 | - | |
430/8 |
7,661 | 7,681 | 7,674 | 7,625 | 18,931 | 7,612 | 8,946 | 20,017 | - | - | 2,764 | 21,025 | - | |
44 |
327,632 | 250,639 | 214,303 | 209,680 | 153,512 | 125,204 | 275,389 | 156,644 | 122,607 | 91,340 | 87,818 | 99,359 | 70,446 | |
440/4 |
327,632 | 250,639 | 214,303 | 209,680 | 153,512 | 125,204 | 275,389 | 156,644 | 122,607 | 91,340 | 87,818 | 99,359 | 70,446 | |
45 |
281,969 | 285,039 | 294,489 | 252,464 | 182,841 | 135,744 | 140,275 | 178,910 | 157,451 | 215,467 | 118,834 | 111,292 | 86,078 | |
450/3 |
182,487 | 169,068 | 169,358 | 135,271 | 83,454 | 62,519 | 73,124 | 80,400 | 80,762 | 89,415 | 33,471 | 41,707 | 31,944 | |
454/9 |
99,482 | 115,971 | 125,131 | 117,192 | 99,388 | 73,225 | 67,152 | 98,511 | 76,689 | 126,052 | 85,363 | 69,585 | 54,135 | |
47/48 |
134,329 | 134,329 | 134,329 | 134,329 | 134,329 | - | 118,654 | 113,547 | 110,812 | 53,205 | 45,647 | 34,584 | 12,800 | |
492/3 |
54,659 | 31,746 | 27,452 | 37,977 | 4,030 | - | - | - | - | - | 3,947 | 1,166 | 953 | |
| Income statement | ||||||||||||||
76A |
0 | 2,997 | - | 0 | 4,132 | - | - | 0 | - | - | - | - | - | |
9900 |
768,205 | 735,666 | 775,208 | 764,101 | 669,155 | 543,459 | 543,218 | 509,961 | 580,160 | 557,421 | 486,021 | 447,171 | 408,993 | |
62 |
588,349 | 677,712 | 678,103 | 656,817 | 639,438 | 419,738 | 521,391 | 544,728 | 498,326 | 536,202 | 514,693 | 421,253 | 372,584 | |
630 |
10,048 | 16,601 | 17,925 | 34,759 | 38,409 | 56,937 | 67,857 | 61,026 | 49,199 | 41,614 | 24,695 | 17,709 | 34,731 | |
631/4 |
0 | -6,760 | 3,830 | 2,929 | - | - | - | - | - | - | - | - | - | |
640/8 |
3,519 | 1,304 | 6,096 | 3,012 | 10,675 | 1,249 | 2,355 | 1,905 | 2,207 | 15,916 | 4,588 | 1,973 | 2,448 | |
66A |
- | - | - | - | - | - | - | - | - | - | 467 | - | - | |
9901 |
166,288 | 46,808 | 69,253 | 66,584 | -19,367 | 65,535 | -48,385 | -97,698 | 30,428 | -36,311 | -57,956 | 6,236 | -771 | |
75/76B |
718 | 275 | 284 | 3,223 | 79,273 | 76,081 | 5,868 | 18,330 | 1,614 | 78,892 | 203 | 1,392 | 7,795 | |
75 |
718 | 275 | 284 | 3,223 | 79,273 | 76,081 | 5,868 | 18,330 | 1,614 | 78,892 | 203 | 1,392 | 7,795 | |
65/66B |
15,207 | 23,107 | 26,556 | 26,268 | 29,742 | 1,926 | 44,452 | 8,408 | 24,348 | 21,394 | 7,665 | 3,698 | 3,898 | |
65 |
15,207 | 23,107 | 26,556 | 26,268 | 29,742 | 1,926 | 44,452 | 8,408 | 24,348 | 21,394 | 7,665 | 3,698 | 3,898 | |
9903 |
151,799 | 23,976 | 42,981 | 43,539 | 30,164 | 139,691 | -86,968 | -87,775 | 7,695 | 21,187 | -65,884 | 3,930 | 3,126 | |
67/77 |
40,830 | 7,575 | 2,726 | 187 | 200 | 60 | 169 | 165 | 237 | 129 | 123 | 2,746 | 1,573 | |
9904 |
110,969 | 16,401 | 40,255 | 43,351 | 29,964 | 139,631 | -87,137 | -87,941 | 7,457 | 21,058 | -66,007 | 1,184 | 1,553 | |
9905 |
110,969 | 16,401 | 40,255 | 43,351 | 29,964 | 139,631 | -87,137 | -87,941 | 7,457 | 21,058 | -66,007 | 1,184 | 1,553 | |
| Appropriation of the result | ||||||||||||||
9906 |
167,627 | 56,658 | 40,258 | 3 | -43,348 | -73,312 | -212,943 | -125,805 | -37,492 | -44,949 | -66,007 | 1,184 | 1,553 | |
14P |
56,658 | 40,258 | 3 | -43,348 | -73,312 | - | - | - | - | - | - | - | - | |
791/2 |
- | - | - | - | 0 | 3,110 | - | - | - | - | - | - | - | |
691/2 |
- | - | - | - | 0 | 3,110 | - | - | 373 | - | - | 1,184 | 1,553 | |
691 |
- | - | - | - | - | 3,110 | - | - | - | - | - | - | - | |
6920 |
- | - | - | - | - | - | - | - | 373 | - | - | 1,184 | 1,553 | |
6921 |
- | - | - | - | 0 | - | - | - | - | - | - | - | - | |
| Social balance sheet | ||||||||||||||
9087 |
7.4 | 8.9 | 8.7 | 9.9 | 11.1 | 7.9 | 9 | 9.7 | 10 | 10.4 | 9.9 | 8.8 | 5 | |
Hours worked1013 |
12,327 | 14,911 | 14,896 | 17,042 | 18,803 | 12,740 | 16,180 | 16,704 | 16,304 | 18,232 | 17,476 | 15,352 | 15,204 | |
| Document | ||||||||||||||
The notes to these accounts have 19 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 01-07-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 01-07-2026 | 2026-00231418 | |
| 31-12-2024 | abbreviated format | 04-07-2025 | 2025-00229287 | |
| 31-12-2023 | abbreviated format | 04-07-2024 | 2024-00206821 | |
| 31-12-2022 | abbreviated format | 29-06-2023 | 2023-00199748 | |
| 31-12-2021 | abbreviated format | 08-08-2022 | 2022-20280057 | |
| 31-12-2020 | abbreviated format | 22-06-2021 | 2021-23000102 | |
| 31-12-2019 | abbreviated format | 23-07-2020 | 2020-33000389 | |
| 31-12-2018 | abbreviated format | 24-07-2019 | 2019-37100420 | |
| 31-12-2017 | abbreviated format | 23-07-2018 | 2018-37100247 | |
| 31-12-2016 | abbreviated format | 29-06-2017 | 2017-23400525 | |
| 31-12-2015 | abbreviated format | 06-06-2016 | 2016-15100037 | |
| 31-12-2014 | abbreviated format | 24-07-2015 | 2015-33400443 | |
| 31-12-2013 | abbreviated format | 14-07-2014 | 2014-29400208 |
Subsidies and aid
Flemish government 2025, 1 entry, €3,600 awarded, €3,600 paid
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 176,336 | 63,409 | 87,179 | 101,343 | 19,042 | 122,472 | 19,472 | -36,671 | 79,627 | 5,303 | -33,260 | 23,945 | 33,961 | ||
| 121,017 | 33,002 | 58,180 | 78,110 | 68,373 | 196,568 | -19,281 | -26,914 | 56,657 | 62,672 | -41,312 | 18,893 | 36,284 | ||
| 9,749 | 3,759 | 4,234 | 0 | 50,375 | 887,319 | 68,033 | 60,526 | 39,140 | 57,000 | 184,937 | 75,780 | 62,195 | ||
| 31,198 | -49,672 | -135,272 | 192,552 | -72,300 | 65,260 | 7,040 | -5,388 | -16,248 | 20,545 | -35,144 | 25,118 | - | ||
| -252,349 | -304,387 | -259,300 | -220,578 | -250,492 | 26,095 | -274,201 | -211,793 | -135,171 | -150,855 | -123,901 | -46,632 | 12,086 | ||
| 45.6% | 42.3% | 40.5% | 36.2% | 37.9% | 36.8% | 18.9% | 5.9% | 11.9% | 11.1% | 14.2% | 12.3% | 17.1% | ||
| 0.70 | 0.60 | 0.65 | 0.71 | 0.56 | 1.10 | 0.50 | 0.55 | 0.66 | 0.59 | 0.52 | 0.83 | 1.07 | ||
| 1.19 | 1.36 | 1.47 | 1.76 | 1.64 | 1.72 | 4.29 | 16.03 | 7.41 | 8.03 | 6.02 | 7.14 | 4.86 | ||
| 13.7% | 2.3% | 5.9% | 6.7% | 5.0% | 24.4% | -66.1% | -285.3% | 13.5% | 44.1% | -101.6% | 3.1% | 4.2% | ||
| 6.2% | 1.0% | 2.4% | 2.4% | 1.9% | 9.0% | -12.5% | -16.7% | 1.6% | 4.9% | -14.5% | 0.4% | 0.7% | ||
| 11.60 | 2.74 | 3.28 | 3.86 | 0.64 | - | - | - | - | - | - | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Social balance sheet
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 8 | 9 | 9 | 10 | 12 |
| full-time | 5 | 8 | 7 | 7 | 10 |
| part-time | 3 | 1 | 2 | 3 | 2 |
| in full-time equivalents | 7.2 | 8.6 | 8.6 | 9.1 | 11.3 |
| 7.4 | 8.9 | 8.7 | 9.9 | 11.1 | |
| On a permanent contract | 8 | 9 | 9 | 10 | 12 |
| Joined | 1 | 1 | 0 | 6 | 6 |
| Left | 2 | 1 | 1 | 8 | 3 |
| Training hours | 16 | - | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €9,749 | €3,759 | €4,234 | - | €50,375 |
| €10,048 | €16,601 | €17,925 | €34,759 | €38,409 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on Baldwin
The operating result for 2025 is nearly 3.6 times that of 2024 and the highest since 2013. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total falls from 57.7% to 54.4%. Equity and debt are higher.