Baxter World Trade: 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.
What changed
Baxter World Trade
NACE 64.999, Other financial services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€19.8m
2024 · €194.3m-€174.5m
Equity
€1.06bn
2024 · €1.45bn-€389.3m
Cash
€233.0m
2024 · €292.7m-€59.8m
Balance sheet total
€2.23bn
2024 · €3.60bn-€1.37bn
Largest movements
Assets
- Receivables after one year -€770.8m
down €770.8m (-56.3%), from €1.37bn to €598.1m
- Financial fixed assets -€494.5m
down €494.5m (-29.7%), from €1.67bn to €1.17bn
- Cash -€59.8m
down €59.8m (-20.4%), from €292.7m to €233.0m
mainly Debts after one year (-€533.1m) and Short-term financial debts (-€448.8m)
- Current investments -€42.1m
down €42.1m (-93.4%), from €45.1m to €3.0m
Equity and liabilities
- Debts after one year -€533.1m
down €533.1m (-64.6%), from €824.8m to €291.7m
- Short-term financial debts -€448.8m
down €448.8m (-34.2%), from €1.31bn to €865.4m
- Contributions -€409.1m
down €409.1m (-40.9%), from €1.00bn to €591.0m
Income statement
- Financial income -€219.6m
down €219.6m (-74.8%), from €293.7m to €74.1m
- Financial charges -€47.0m
down €47.0m (-47.3%), from €99.3m to €52.3m
of which Financial charges: -€47.6m
- Staff costs -€3.4m
down €3.4m (-51.7%), from €6.6m to €3.2m
- Provisions +€2.5m
up €2.5m, from -€2.3m to €224,064
- Taxes +€2.0m
up €2.0m, from €0 to €2.0m
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
€194.3m
Turnover
-€1.6m
Services and other goods
+€748,457
Staff costs
+€3.4m
Depreciation
+€565
Provisions
-€2.5m
Other operating charges
-€50,168
Financial income
-€219.6m
Financial charges
+€47.0m
Taxes
-€2.0m
Result 2025
€19.8m
raises the resultlowers the result
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.
From operations
+€794.7m
Investment
+€536.5m
Financing
-€1.39bn
Cash 2024
€292.7m
From operations (derived)
+€794.7m
Net result for the year
+€19.8m
Depreciation
+€126,032
Receivables after one year
+€770.8m
Receivables within one year
+€5.8m
Smaller working-capital items
+€1.9m
Accrued charges and deferred income
-€3.6m
Investment (derived)
+€536.5m
Investment in fixed assets (net)
+€494.4m
Current investments
+€42.1m
Financing
-€1.39bn
Debts after one year
-€533.1m
Short-term financial debts
-€448.8m
Contributions, distributions and other
-€409.1m
Cash 2025
€233.0m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,598,720,936 | €2,225,560,015 | -€1.37bn | -38.2% |
| Fixed assets | 21/28 | €1,668,278,190 | €1,173,771,790 | -€494.5m | -29.6% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €693,457 | €681,951 | -€11,506 | -1.7% |
| Plant, machinery and equipment | 23 | €56,914 | €38,913 | -€18,001 | -31.6% |
| Furniture and vehicles | 24 | €12,069 | €4,646 | -€7,423 | -61.5% |
| Other tangible fixed assets | 26 | €340,638 | €240,030 | -€100,608 | -29.5% |
| Assets under construction and advance payments | 27 | €283,836 | €398,362 | +€114,526 | +40.3% |
| Financial fixed assets | 28 | €1,667,584,733 | €1,173,089,839 | -€494.5m | -29.7% |
| Affiliated companies | 280/1 | €1,667,584,733 | €1,173,089,839 | -€494.5m | -29.7% |
| Participating interests | 280 | €1,667,584,733 | €1,173,089,839 | -€494.5m | -29.7% |
| Current assets | 29/58 | €1,930,442,746 | €1,051,788,225 | -€878.7m | -45.5% |
| Amounts receivable after more than one year | 29 | €1,368,856,866 | €598,068,947 | -€770.8m | -56.3% |
| Other amounts receivable | 291 | €1,368,856,866 | €598,068,947 | -€770.8m | -56.3% |
| Amounts receivable within one year | 40/41 | €222,117,667 | €216,319,127 | -€5.8m | -2.6% |
| Trade receivables | 40 | €5,139,848 | €5,525,918 | +€386,070 | +7.5% |
| Other amounts receivable | 41 | €216,977,819 | €210,793,209 | -€6.2m | -2.9% |
| Current investments | 50/53 | €45,120,721 | €2,982,658 | -€42.1m | -93.4% |
| Other investments | 51/53 | €45,120,721 | €2,982,658 | -€42.1m | -93.4% |
| Cash at bank and in hand | 54/58 | €292,739,739 | €232,972,789 | -€59.8m | -20.4% |
| Deferred charges and accrued income | 490/1 | €1,607,753 | €1,444,704 | -€163,049 | -10.1% |
| Total equity and liabilities | 10/49 | €3,598,720,936 | €2,225,560,015 | -€1.37bn | -38.2% |
| Equity | 10/15 | €1,451,311,950 | €1,062,011,884 | -€389.3m | -26.8% |
| Contributions | 10/11 | €1,000,085,233 | €590,976,522 | -€409.1m | -40.9% |
| Reserves | 13 | €20,519,013 | €21,509,445 | +€990,432 | +4.8% |
| Non-distributable reserves | 130/1 | €20,519,013 | €21,509,445 | +€990,432 | +4.8% |
| Reserves not available under the articles | 1311 | €20,519,013 | €21,509,445 | +€990,432 | +4.8% |
| Profit (loss) carried forward | 14 | €430,707,704 | €449,525,917 | +€18.8m | +4.4% |
| Provisions and deferred taxes | 16 | €0 | €224,064 | +€224,064 | |
| Provisions for liabilities and charges | 160/5 | €0 | €224,064 | +€224,064 | |
| Other liabilities and charges | 164/5 | €0 | €224,064 | +€224,064 | |
| Amounts payable | 17/49 | €2,147,408,986 | €1,163,324,067 | -€984.1m | -45.8% |
| Amounts payable after more than one year | 17 | €824,775,764 | €291,698,547 | -€533.1m | -64.6% |
| Financial debts | 170/4 | €824,775,764 | €291,698,547 | -€533.1m | -64.6% |
| Other loans | 174 | €824,775,764 | €291,698,547 | -€533.1m | -64.6% |
| Amounts payable within one year | 42/48 | €1,317,600,183 | €870,221,427 | -€447.4m | -34.0% |
| Financial debts | 43 | €1,314,241,329 | €865,393,074 | -€448.8m | -34.2% |
| Other loans | 439 | €1,314,241,329 | €865,393,074 | -€448.8m | -34.2% |
| Trade debts | 44 | €2,620,009 | €3,162,449 | +€542,440 | +20.7% |
| Suppliers | 440/4 | €2,620,009 | €3,162,449 | +€542,440 | +20.7% |
| Taxes, remuneration and social security | 45 | €738,845 | €1,665,904 | +€927,059 | +125% |
| Taxes | 450/3 | €22,252 | €1,087,081 | +€1.1m | +4,785% |
| Remuneration and social security | 454/9 | €716,593 | €578,823 | -€137,770 | -19.2% |
| Accrued charges and deferred income | 492/3 | €5,033,039 | €1,404,093 | -€3.6m | -72.1% |
| Operating income | 70/76A | €9,578,202 | €8,028,146 | -€1.6m | -16.2% |
| Turnover | 70 | €9,578,202 | €8,028,146 | -€1.6m | -16.2% |
| Other operating income | 74 | €0 | €0 | = | |
| Operating charges | 60/66A | €9,612,884 | €8,010,805 | -€1.6m | -16.7% |
| Services and other goods | 61 | €4,921,512 | €4,173,055 | -€748,457 | -15.2% |
| Remuneration, social security and pensions | 62 | €6,638,230 | €3,205,579 | -€3.4m | -51.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126,597 | €126,032 | -€565 | -0.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€2,305,362 | €224,064 | +€2.5m | |
| Other operating charges | 640/8 | €231,907 | €282,075 | +€50,168 | +21.6% |
| Operating profit (loss) | 9901 | -€34,682 | €17,341 | +€52,023 | |
| Financial income | 75/76B | €293,663,165 | €74,080,445 | -€219.6m | -74.8% |
| Recurring financial income | 75 | €293,663,165 | €74,080,445 | -€219.6m | -74.8% |
| Income from financial fixed assets | 750 | €190,000,000 | - | -€190.0m | |
| Income from current assets | 751 | €99,136,512 | €63,281,907 | -€35.9m | -36.2% |
| Other financial income | 752/9 | €4,526,653 | €10,798,538 | +€6.3m | +139% |
| Financial charges | 65/66B | €99,327,507 | €52,312,060 | -€47.0m | -47.3% |
| Recurring financial charges | 65 | €99,327,507 | €51,718,912 | -€47.6m | -47.9% |
| Debt charges | 650 | €93,389,145 | €40,958,020 | -€52.4m | -56.1% |
| Other financial charges | 652/9 | €5,938,362 | €10,760,892 | +€4.8m | +81.2% |
| Non-recurring financial charges | 66B | - | €593,148 | +€593,148 | |
| Profit (loss) for the period before taxes | 9903 | €194,300,976 | €21,785,726 | -€172.5m | -88.8% |
| Income taxes | 67/77 | €0 | €1,977,081 | +€2.0m | |
| Taxes | 670/3 | €0 | €1,977,081 | +€2.0m | |
| Profit (loss) for the period | 9904 | €194,300,976 | €19,808,645 | -€174.5m | -89.8% |
| Profit (loss) for the period to be appropriated | 9905 | €194,300,976 | €19,808,645 | -€174.5m | -89.8% |
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 22 October 2026 via checked.be.