BALDWIN: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
BALDWIN
Largest movements
- Cash +€136,340
up €136,340 (+174%), from €78,154 to €214,495
mainly Current investments (+€100,836) and Net result for the year (+€63,368)
- Current investments -€100,836
down €100,836 (-100%), from €100,836 to €0
- Tangible fixed assets -€7,404
down €7,404 (-12.1%), from €61,340 to €53,937
- Profit (loss) carried forward +€63,368
up €63,368 (+55.4%), from €114,414 to €177,782
- Current portion of long-term debt -€33,415
down €33,415 (-100%), from €33,415 to €0
- Financial charges -€1,795
down €1,795 (-77.7%), from €2,310 to €514
- Gross operating margin -€1,648
down €1,648 (-1.6%), from €103,519 to €101,871
- Depreciation -€1,461
down €1,461 (-16.5%), from €8,865 to €7,404
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €249,025 | €278,206 | +€29,181 | +11.7% |
| Fixed assets | 21/28 | €61,340 | €53,937 | -€7,404 | -12.1% |
| Tangible fixed assets | 22/27 | €61,340 | €53,937 | -€7,404 | -12.1% |
| Land and buildings | 22 | €61,340 | €53,937 | -€7,404 | -12.1% |
| Current assets | 29/58 | €187,685 | €224,269 | +€36,585 | +19.5% |
| Current investments | 50/53 | €100,836 | €0 | -€100,836 | -100% |
| Cash at bank and in hand | 54/58 | €78,154 | €214,495 | +€136,340 | +174% |
| Deferred charges and accrued income | 490/1 | €8,694 | €9,775 | +€1,080 | +12.4% |
| Total equity and liabilities | 10/49 | €249,025 | €278,206 | +€29,181 | +11.7% |
| Equity | 10/15 | €213,720 | €277,088 | +€63,368 | +29.7% |
| Contributions | 10/11 | €99,157 | €99,157 | = | 0.0% |
| Capital | 10 | €99,157 | €99,157 | = | 0.0% |
| Issued capital | 100 | €99,157 | €99,157 | = | 0.0% |
| Reserves | 13 | €149 | €149 | = | 0.0% |
| Non-distributable reserves | 130/1 | €149 | €149 | = | 0.0% |
| Legal reserve | 130 | €149 | €149 | = | 0.0% |
| Profit (loss) carried forward | 14 | €114,414 | €177,782 | +€63,368 | +55.4% |
| Amounts payable | 17/49 | €35,305 | €1,118 | -€34,187 | -96.8% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €35,305 | €1,118 | -€34,187 | -96.8% |
| Current portion of amounts payable after more than one year | 42 | €33,415 | €0 | -€33,415 | -100% |
| Trade debts | 44 | €425 | €288 | -€137 | -32.3% |
| Suppliers | 440/4 | €425 | €288 | -€137 | -32.3% |
| Taxes, remuneration and social security | 45 | €1,465 | €830 | -€635 | -43.3% |
| Taxes | 450/3 | €1,465 | €830 | -€635 | -43.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,865 | €7,404 | -€1,461 | -16.5% |
| Other operating charges | 640/8 | €10,123 | €10,439 | +€316 | +3.1% |
| Gross operating margin | 9900 | €103,519 | €101,871 | -€1,648 | -1.6% |
| Operating profit (loss) | 9901 | €84,531 | €84,027 | -€503 | -0.6% |
| Financial income | 75/76B | €1,834 | €977 | -€857 | -46.7% |
| Recurring financial income | 75 | €1,834 | €977 | -€857 | -46.7% |
| Financial charges | 65/66B | €2,310 | €514 | -€1,795 | -77.7% |
| Recurring financial charges | 65 | €2,310 | €514 | -€1,795 | -77.7% |
| Profit (loss) for the period before taxes | 9903 | €84,055 | €84,490 | +€435 | +0.5% |
| Income taxes | 67/77 | €21,011 | €21,122 | +€111 | +0.5% |
| Profit (loss) for the period | 9904 | €63,044 | €63,368 | +€324 | +0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €63,044 | €63,368 | +€324 | +0.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.