BAXTER: what changed
Two fiscal 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.
What changed
BAXTER
NACE 21.201, Manufacture of basic pharmaceutical products and pharmaceutical preparations
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€6.2m
2024 · €17.1m-€10.9m
Equity
€83.8m
2024 · €77.9m+€5.9m
Cash
-
not filed
Balance sheet total
€160.0m
2024 · €154.8m+€5.2m
Largest movements
Assets
- Current investments +€5.3m
up €5.3m (+15.4%), from €34.7m to €40.0m
- Receivables within one year -€2.2m
down €2.2m (-5.3%), from €41.0m to €38.8m
of which Trade receivables: -€1.6m
- Tangible fixed assets +€1.8m
up €1.8m (+3.7%), from €47.8m to €49.5m
of which Assets under construction and advance payments: +€2.9m
Equity and liabilities
- Debts after one year -€32.3m
down €32.3m (-70.8%), from €45.6m to €13.3m
- Short-term financial debts +€31.2m
up €31.2m, from €0 to €31.2m
of which Other loans: +€31.2m
- Profit (loss) carried forward +€6.2m
up €6.2m (+9.1%), from €67.9m to €74.0m
Income statement
- Financial income -€10.9m
down €10.9m (-91.6%), from €11.9m to €995,935
of which Non-recurring financial income: -€10.4m
- Turnover +€2.3m
up €2.3m (+2.2%), from €104.2m to €106.6m
- Services and other goods +€1.4m
up €1.4m (+5.2%), from €27.0m to €28.4m
- Staff costs +€1.4m
up €1.4m (+2.0%), from €69.6m to €71.0m
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.
Result 2024
€17.1m
Turnover
+€2.3m
Other operating income
-€337,511
Goods and materials
+€347,453
Services and other goods
-€1.4m
Staff costs
-€1.4m
Depreciation
+€424,139
Provisions
+€182,241
Other operating charges
-€440,954
Other operating items
+€253,436
Financial income
-€10.9m
Financial charges
+€538,394
Taxes
-€546,625
Deferred taxes and other
-€798
Result 2025
€6.2m
Cash bridge derived
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €154,790,724 | €159,990,639 | +€5.2m | +3.4% |
| Fixed assets | 21/28 | €69,682,880 | €71,140,298 | +€1.5m | +2.1% |
| Intangible fixed assets | 21 | €1,073,664 | €780,501 | -€293,163 | -27.3% |
| Tangible fixed assets | 22/27 | €47,782,532 | €49,533,113 | +€1.8m | +3.7% |
| Land and buildings | 22 | €9,732,666 | €9,735,265 | +€2,599 | 0.0% |
| Plant, machinery and equipment | 23 | €18,098,035 | €17,477,995 | -€620,040 | -3.4% |
| Furniture and vehicles | 24 | €210,799 | €148,402 | -€62,397 | -29.6% |
| Leasing and similar rights | 25 | €15,203,300 | €14,689,089 | -€514,211 | -3.4% |
| Assets under construction and advance payments | 27 | €4,537,732 | €7,482,362 | +€2.9m | +64.9% |
| Financial fixed assets | 28 | €20,826,684 | €20,826,684 | = | 0.0% |
| Affiliated companies | 280/1 | €20,826,684 | €20,826,684 | = | 0.0% |
| Participating interests | 280 | €20,826,684 | €20,826,684 | = | 0.0% |
| Current assets | 29/58 | €85,107,844 | €88,850,341 | +€3.7m | +4.4% |
| Stocks and contracts in progress | 3 | €9,216,474 | €9,876,598 | +€660,124 | +7.2% |
| Stocks | 30/36 | €9,216,474 | €9,876,598 | +€660,124 | +7.2% |
| Raw materials and consumables | 30/31 | €9,216,474 | €9,876,598 | +€660,124 | +7.2% |
| Finished goods | 33 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €40,979,710 | €38,811,192 | -€2.2m | -5.3% |
| Trade receivables | 40 | €37,935,376 | €36,355,243 | -€1.6m | -4.2% |
| Other amounts receivable | 41 | €3,044,334 | €2,455,949 | -€588,385 | -19.3% |
| Current investments | 50/53 | €34,705,572 | €40,035,179 | +€5.3m | +15.4% |
| Other investments | 51/53 | €34,705,572 | €40,035,179 | +€5.3m | +15.4% |
| Deferred charges and accrued income | 490/1 | €206,088 | €127,372 | -€78,716 | -38.2% |
| Total equity and liabilities | 10/49 | €154,790,724 | €159,990,639 | +€5.2m | +3.4% |
| Equity | 10/15 | €77,928,001 | €83,811,817 | +€5.9m | +7.6% |
| Contributions | 10/11 | €7,122,417 | €7,122,417 | = | 0.0% |
| Capital | 10 | €7,122,417 | €7,122,417 | = | 0.0% |
| Issued capital | 100 | €7,122,417 | €7,122,417 | = | 0.0% |
| Reserves | 13 | €2,210,175 | €2,210,175 | = | 0.0% |
| Non-distributable reserves | 130/1 | €732,432 | €732,432 | = | 0.0% |
| Legal reserve | 130 | €712,242 | €712,242 | = | 0.0% |
| Other | 1319 | €20,190 | €20,190 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,477,743 | €1,477,743 | = | 0.0% |
| Profit (loss) carried forward | 14 | €67,854,350 | €74,006,141 | +€6.2m | +9.1% |
| Investment grants | 15 | €741,059 | €473,084 | -€267,975 | -36.2% |
| Provisions and deferred taxes | 16 | €1,339,542 | €962,157 | -€377,385 | -28.2% |
| Provisions for liabilities and charges | 160/5 | €1,325,196 | €948,913 | -€376,283 | -28.4% |
| Other liabilities and charges | 164/5 | €1,325,196 | €948,913 | -€376,283 | -28.4% |
| Deferred taxes | 168 | €14,346 | €13,244 | -€1,102 | -7.7% |
| Amounts payable | 17/49 | €75,523,181 | €75,216,665 | -€306,516 | -0.4% |
| Amounts payable after more than one year | 17 | €45,589,520 | €13,311,783 | -€32.3m | -70.8% |
| Financial debts | 170/4 | €45,589,520 | €13,311,783 | -€32.3m | -70.8% |
| Leasing and similar obligations | 172 | €14,359,319 | €13,311,783 | -€1.0m | -7.3% |
| Other loans | 174 | €31,230,201 | €0 | -€31.2m | -100.0% |
| Amounts payable within one year | 42/48 | €29,933,649 | €61,904,795 | +€32.0m | +106.8% |
| Current portion of amounts payable after more than one year | 42 | €2,805,189 | €2,783,300 | -€21,889 | -0.8% |
| Financial debts | 43 | €0 | €31,209,981 | +€31.2m | |
| Credit institutions | 430/8 | €0 | €0 | = | |
| Other loans | 439 | €0 | €31,209,981 | +€31.2m | |
| Trade debts | 44 | €16,924,656 | €17,756,629 | +€831,973 | +4.9% |
| Suppliers | 440/4 | €16,924,656 | €17,756,629 | +€831,973 | +4.9% |
| Taxes, remuneration and social security | 45 | €10,203,804 | €10,154,885 | -€48,919 | -0.5% |
| Taxes | 450/3 | €444,241 | €0 | -€444,241 | -100.0% |
| Remuneration and social security | 454/9 | €9,759,563 | €10,154,885 | +€395,322 | +4.1% |
| Accrued charges and deferred income | 492/3 | €12 | €87 | +€75 | +625.0% |
| Operating income | 70/76A | €117,725,348 | €119,992,809 | +€2.3m | +1.9% |
| Turnover | 70 | €104,211,056 | €106,551,488 | +€2.3m | +2.2% |
| Own construction capitalised | 72 | €857,758 | €1,122,298 | +€264,540 | +30.8% |
| Other operating income | 74 | €12,656,534 | €12,319,023 | -€337,511 | -2.7% |
| Operating charges | 60/66A | €109,494,697 | €111,767,292 | +€2.3m | +2.1% |
| Goods for resale, raw materials and consumables | 60 | €1,869,076 | €1,521,623 | -€347,453 | -18.6% |
| Purchases | 600/8 | €3,321,022 | €2,181,747 | -€1.1m | -34.3% |
| Change in stocks: decrease (increase) | 609 | -€1,451,946 | -€660,124 | +€791,822 | +54.5% |
| Services and other goods | 61 | €27,036,085 | €28,443,634 | +€1.4m | +5.2% |
| Remuneration, social security and pensions | 62 | €69,632,166 | €70,998,987 | +€1.4m | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,245,685 | €6,821,546 | -€424,139 | -5.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€194,042 | -€376,283 | -€182,241 | -93.9% |
| Other operating charges | 640/8 | €3,905,727 | €4,346,681 | +€440,954 | +11.3% |
| Non-recurring operating charges | 66A | €0 | €11,104 | +€11,104 | |
| Operating profit (loss) | 9901 | €8,230,651 | €8,225,517 | -€5,134 | -0.1% |
| Financial income | 75/76B | €11,923,647 | €995,935 | -€10.9m | -91.6% |
| Recurring financial income | 75 | €1,557,538 | €995,935 | -€561,603 | -36.1% |
| Income from current assets | 751 | €1,092,680 | €519,112 | -€573,568 | -52.5% |
| Other financial income | 752/9 | €464,858 | €476,823 | +€11,965 | +2.6% |
| Non-recurring financial income | 76B | €10,366,109 | €0 | -€10.4m | -100.0% |
| Financial charges | 65/66B | €2,410,793 | €1,872,399 | -€538,394 | -22.3% |
| Recurring financial charges | 65 | €2,410,793 | €1,872,399 | -€538,394 | -22.3% |
| Debt charges | 650 | €2,172,450 | €1,730,265 | -€442,185 | -20.4% |
| Other financial charges | 652/9 | €238,343 | €142,134 | -€96,209 | -40.4% |
| Profit (loss) for the period before taxes | 9903 | €17,743,505 | €7,349,053 | -€10.4m | -58.6% |
| Transfer from deferred taxes | 780 | €1,900 | €1,102 | -€798 | -42.0% |
| Income taxes | 67/77 | €651,739 | €1,198,364 | +€546,625 | +83.9% |
| Taxes | 670/3 | €651,739 | €1,198,364 | +€546,625 | +83.9% |
| Profit (loss) for the period | 9904 | €17,093,666 | €6,151,791 | -€10.9m | -64.0% |
| Profit (loss) for the period to be appropriated | 9905 | €17,093,666 | €6,151,791 | -€10.9m | -64.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.