BALDWIN CAPITAL MANAGEMENT: 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 CAPITAL MANAGEMENT
Largest movements
- Tangible fixed assets +€335,303
up €335,303 (+24.7%), from €1.4m to €1.7m
of which Land and buildings: +€336,384
- Cash -€32,679
down €32,679 (-19.2%), from €170,421 to €137,742
mainly Investment in fixed assets (net) (-€435,339) and Receivables within one year (-€14,422)
- Debts after one year +€258,832
up €258,832 (+25.9%), from €1.0m to €1.3m
of which Financial debts: +€257,382
- Profit (loss) carried forward +€50,434
up €50,434 (+17.0%), from €297,504 to €347,938
- Current portion of long-term debt +€20,021
up €20,021 (+26.2%), from €76,447 to €96,468
- Depreciation +€49,309
up €49,309 (+97.2%), from €50,728 to €100,036
- Gross operating margin +€24,972
up €24,972 (+12.6%), from €198,343 to €223,314
- Taxes -€4,748
down €4,748 (-25.0%), from €19,024 to €14,276
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 | €1,536,962 | €1,856,408 | +€319,447 | +20.8% |
| Fixed assets | 21/28 | €1,357,314 | €1,692,617 | +€335,303 | +24.7% |
| Tangible fixed assets | 22/27 | €1,357,314 | €1,692,617 | +€335,303 | +24.7% |
| Land and buildings | 22 | €1,353,020 | €1,689,404 | +€336,384 | +24.9% |
| Furniture and vehicles | 24 | €3,263 | €2,439 | -€824 | -25.2% |
| Other tangible fixed assets | 26 | €1,031 | €773 | -€258 | -25.0% |
| Current assets | 29/58 | €179,648 | €163,792 | -€15,856 | -8.8% |
| Amounts receivable within one year | 40/41 | €5,351 | €19,773 | +€14,422 | +270% |
| Trade receivables | 40 | €5,351 | €10,437 | +€5,086 | +95.0% |
| Other amounts receivable | 41 | - | €9,335 | +€9,335 | |
| Cash at bank and in hand | 54/58 | €170,421 | €137,742 | -€32,679 | -19.2% |
| Deferred charges and accrued income | 490/1 | €3,876 | €6,277 | +€2,402 | +62.0% |
| Total equity and liabilities | 10/49 | €1,536,962 | €1,856,408 | +€319,447 | +20.8% |
| Equity | 10/15 | €395,861 | €443,785 | +€47,923 | +12.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €79,758 | €77,247 | -€2,511 | -3.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €77,898 | €75,387 | -€2,511 | -3.2% |
| Profit (loss) carried forward | 14 | €297,504 | €347,938 | +€50,434 | +17.0% |
| Provisions and deferred taxes | 16 | €25,966 | €25,129 | -€837 | -3.2% |
| Deferred taxes | 168 | €25,966 | €25,129 | -€837 | -3.2% |
| Amounts payable | 17/49 | €1,115,134 | €1,387,495 | +€272,361 | +24.4% |
| Amounts payable after more than one year | 17 | €1,001,155 | €1,259,987 | +€258,832 | +25.9% |
| Financial debts | 170/4 | €986,120 | €1,243,502 | +€257,382 | +26.1% |
| Other amounts payable | 178/9 | €15,035 | €16,485 | +€1,450 | +9.6% |
| Amounts payable within one year | 42/48 | €113,979 | €127,508 | +€13,528 | +11.9% |
| Current portion of amounts payable after more than one year | 42 | €76,447 | €96,468 | +€20,021 | +26.2% |
| Trade debts | 44 | €5,127 | €1,470 | -€3,658 | -71.3% |
| Suppliers | 440/4 | €5,127 | €1,470 | -€3,658 | -71.3% |
| Taxes, remuneration and social security | 45 | €29,379 | €26,544 | -€2,835 | -9.6% |
| Taxes | 450/3 | €26,183 | €20,154 | -€6,028 | -23.0% |
| Remuneration and social security | 454/9 | €3,196 | €6,390 | +€3,194 | +99.9% |
| Other amounts payable | 47/48 | €3,026 | €3,026 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €18,140 | €18,514 | +€375 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,728 | €100,036 | +€49,309 | +97.2% |
| Other operating charges | 640/8 | €19,215 | €18,861 | -€354 | -1.8% |
| Gross operating margin | 9900 | €198,343 | €223,314 | +€24,972 | +12.6% |
| Operating profit (loss) | 9901 | €110,260 | €85,902 | -€24,358 | -22.1% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €24,930 | €24,540 | -€390 | -1.6% |
| Recurring financial charges | 65 | €24,930 | €24,540 | -€390 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | €85,330 | €61,362 | -€23,968 | -28.1% |
| Transfer from deferred taxes | 780 | €837 | €837 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €19,024 | €14,276 | -€4,748 | -25.0% |
| Profit (loss) for the period | 9904 | €67,143 | €47,923 | -€19,220 | -28.6% |
| Transfer from tax-exempt reserves | 789 | €2,511 | €2,511 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €69,654 | €50,434 | -€19,220 | -27.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.