ACTIVE

BALDES

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Financial year 2025 · closed on 31/12/2025

Net result

-1,3 k €

+89.5% YoY

Gross margin

5,8 k €

-45.6% YoY

Equity

83,2 k €

-1.5% YoY

What does BALDES do?

BALDES is a Public limited company incorporated in 1991. Its main activity is: Management consultancy activities. Its registered office is in Bruxelles.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0446.194.852

Incorporation

19/12/1991

Legal form

Public limited company

Registered office

Rue de Livourne 158
1000 Bruxelles · BruxellesSee on map

Contributed capital

61 973,38 €

Latest accounts

31/12/2025

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities 73200Market research and public opinion polling 73200Market research and public opinion polling 81100Combined facilities support activities 81100Combined facilities support activities

Signals

Solid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	5,8 k €	-45.6%	10,7 k €	+27.2%	8,4 k €	+102%	4,1 k €	-69.2%	13,4 k €	+169%	5 k €	+2.7%	4,9 k €	+21.1%	4 k €	-11.7%	4,6 k €	+252%	1,3 k €	+157%	-2,3 k €	-49.8%	-1,5 k €	+56.4%	-3,5 k €	-4.1%	-3,4 k €	-4.2%	-3,2 k €	-2.0%	-3,2 k €	-42.6%	-2,2 k €	-178%	-801,1 €	+4.8%	-841,7 €
EBITDA	5,1 k €	-41.8%	8,8 k €	+39.5%	6,3 k €	+51.6%	4,1 k €	-69.2%	13,4 k €	+169%	5 k €	+2.7%	4,9 k €	+22.6%	4 k €	-12.8%	4,6 k €	+252%	1,3 k €	+157%	-2,3 k €	-49.8%	-1,5 k €	+56.4%	-3,5 k €	-4.1%	-3,4 k €	+5.9%	-3,6 k €	-1.8%	-3,5 k €	-36.1%	-2,6 k €	-125%	-1,1 k €	-110%	11,5 k €
Operating result	-1,2 k €	-149%	2,5 k €	+184%	870,9 €	-79.0%	4,1 k €	-69.2%	13,4 k €	+169%	5 k €	+2.7%	4,9 k €	+22.6%	4 k €	-12.8%	4,6 k €	+252%	1,3 k €	+157%	-2,3 k €	-49.8%	-1,5 k €	+56.4%	-3,5 k €	-4.1%	-3,4 k €	+5.9%	-3,6 k €	-1.8%	-3,5 k €	-36.1%	-2,6 k €	-125%	-1,1 k €	-110%	11,5 k €
Net result	-1,3 k €	+89.5%	-12,3 k €	-1889%	686 €	-85.1%	4,6 k €	-66.0%	13,6 k €	+111%	6,4 k €	+2.4%	6,3 k €	+16.7%	5,4 k €	-9.7%	5,9 k €	+96.3%	3 k €	+507%	-744,1 €	+61.4%	-1,9 k €	+33.0%	-2,9 k €	+28.9%	-4 k €	-311%	-985,2 €	-143%	2,3 k €	+652%	-417,1 €	-219%	-130,7 €	+99.9%	-129,2 k €
Balance sheet
Equity	83,2 k €	-1.5%	84,5 k €	-12.7%	96,8 k €	+0.7%	96,1 k €	+5.0%	91,5 k €	+28.5%	71,2 k €	+9.9%	64,8 k €	+10.7%	58,5 k €	+10.1%	53,1 k €	+12.6%	47,2 k €	+6.9%	44,2 k €	-1.7%	44,9 k €	-4.1%	46,8 k €	-5.8%	49,7 k €	-7.5%	53,8 k €	-1.8%	54,7 k €	+4.4%	52,4 k €	-0.8%	52,9 k €	-0.2%	53 k €
Total assets	102,3 k €	+8.6%	94,2 k €	-12.2%	107,3 k €	+0.4%	106,9 k €	+11.0%	96,3 k €	+33.7%	72 k €	+6.8%	67,4 k €	+10.1%	61,2 k €	+9.6%	55,8 k €	+14.1%	48,9 k €	+2.2%	47,9 k €	+2.5%	46,7 k €	-9.6%	51,7 k €	-5.3%	54,5 k €	-6.9%	58,6 k €	-23.9%	77 k €	+0.6%	76,5 k €	+1.5%	75,4 k €	+0.0%	75,4 k €
Cash	20,6 k €	-19.5%	25,6 k €	+3046%	813,9 €	-97.5%	33 k €	+150%	13,2 k €	-20.4%	16,6 k €	+13.6%	14,6 k €	+9.8%	13,3 k €	-3.0%	13,7 k €	+63.3%	8,4 k €	-77.8%	37,7 k €	-19.2%	46,6 k €	-9.6%	51,6 k €	+166%	19,4 k €	-66.7%	58,3 k €	-24.1%	76,8 k €	+3695%	2 k €	+463%	359,6 €	+2.7%	350,2 €
Debts	19,1 k €	+97.0%	9,7 k €	-7.8%	10,5 k €	-2.2%	10,7 k €	+125%	4,8 k €	+499%	796,5 €	-69.5%	2,6 k €	-2.9%	2,7 k €	-0.5%	2,7 k €	+55.5%	1,7 k €	-53.2%	3,7 k €	+105%	1,8 k €	-62.5%	4,8 k €	0.0%	4,8 k €	0.0%	4,8 k €	-78.3%	22,3 k €	-7.5%	24,1 k €	+7.0%	22,5 k €	+0.6%	22,4 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 0 € and 100 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 11 ended

Active mandates

ANNICQ CONSULT

Director · 0473.650.208

Represented by CARL ANNICQ

Active

PATRICK DEQUAE

Director

Active

Ended mandates

ANNICQ CONSULT

Director · since 22 décembre 2011 · 0473.650.208

Represented by Carl Annicq

Ended

Carl Annicq

Director · since 25 juin 2010

Ended

ANNICQ CONSULT

Director · 0473.650.208

Represented by Carl Annicq

Ended

ANNICQ CONSULT

Director · 0473.650.208

Represented by CARL ANNICQ

Ended

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Micro model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	31/08/2026	29/08/2025	30/07/2024	31/08/2023	31/08/2022	16/08/2021
General meeting	05/06/2026	06/06/2025	30/06/2024	02/06/2023	03/06/2022	04/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	05/06/2026	31/08/2026	Dutch	PDF
Micro model	31/12/2024	06/06/2025	29/08/2025	Dutch	PDF
Micro model	31/12/2023	30/06/2024	30/07/2024	Dutch	PDF
Micro model	31/12/2022	02/06/2023	31/08/2023	Dutch	PDF
Micro model	31/12/2021	03/06/2022	31/08/2022	Dutch	PDF
Micro model	31/12/2020	04/06/2021	16/08/2021	Dutch	PDF
Micro model	31/12/2019	28/07/2020	18/09/2020	Dutch	PDF
Micro model	31/12/2018	28/06/2019	23/07/2019	Dutch	PDF
Micro model	31/12/2017	30/06/2018	27/07/2018	Dutch	PDF
Micro model	31/12/2016	02/06/2017	31/07/2017	Dutch	PDF
Abridged model	31/12/2015	30/06/2016	25/07/2016	Dutch	PDF
Abridged model	31/12/2014	05/06/2015	03/07/2015	Dutch	PDF
Abridged model	31/12/2013	06/06/2014	02/07/2014	Dutch	PDF
Abridged model	31/12/2012	07/06/2013	10/07/2013	Dutch	PDF
Abridged model	31/12/2011	18/06/2012	12/07/2012	Dutch	PDF
Abridged model	31/12/2010	24/06/2011	14/07/2011	Dutch	PDF
Abridged model	31/12/2009	25/06/2010	20/07/2010	Dutch	PDF
Abridged model	31/12/2008	05/06/2009	29/07/2009	Dutch	PDF
Abridged model	31/12/2007	06/06/2008	23/06/2008	Dutch	PDF
Abridged model	31/12/2006	29/06/2007	25/07/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 0 € and 100 k€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 11 ended

Active mandates

ANNICQ CONSULT

Director · 0473.650.208

Represented by CARL ANNICQ

Active

PATRICK DEQUAE

Director

Active

Ended mandates

ANNICQ CONSULT

Director · since 22 décembre 2011 · 0473.650.208

Represented by Carl Annicq

Ended

Carl Annicq

Director · since 25 juin 2010

Ended

ANNICQ CONSULT

Director · 0473.650.208

Represented by Carl Annicq

Ended

ANNICQ CONSULT

Director · 0473.650.208

Represented by CARL ANNICQ

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates10/01/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - MAATSCHAPPELIJKE ZETEL - ONTSLAGEN - BENOEMINGEN
PDF
Mandates25/10/2017
ONTSLAGEN - BENOEMINGEN
PDF
Mandates19/01/2012
KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates12/01/2011
ONTSLAGEN - BENOEMINGEN
PDF
Registered office14/02/2006
MAATSCHAPPELIJKE ZETEL
PDF
Mandates10/01/2005
MAATSCHAPPELIJKE ZETEL - ONTSLAGEN - BENOEMINGEN
PDF
Mandates15/09/2003
ONTSLAGEN - BENOEMINGEN - MAATSCHAPPELIJKE ZETEL
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025-1,3 k €↑
2024
Annual accounts 2024-12,3 k €↓
2023
Annual accounts 2023686 €↓
2022
Annual accounts 20224,6 k €↓
2021
Annual accounts 202113,6 k €↑
2019
Annual accounts 20196,4 k €↑
2018
Annual accounts 20186,3 k €↑
2017
Annual accounts 20175,4 k €↓
2016
Annual accounts 20165,9 k €↑
2015
Annual accounts 20153 k €↑
2014
Annual accounts 2014-744,1 €↑
2013
Annual accounts 2013-1,9 k €↑
2012
Annual accounts 2012-2,9 k €↑
2011
Annual accounts 2011-4 k €↓
2010
Annual accounts 2010-985,2 €↓
2009
Annual accounts 20092,3 k €↑
2008
Annual accounts 2008-417,1 €↓
2007
Annual accounts 2007-130,7 €↑
2006
Annual accounts 2006-129,2 k €
19/12/1991
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

BALDES

Overview

What does BALDES do?

Trend over 19 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline