No, badges are not removed from your account when you no longer meet the critera, but you will not gain any new badges until the 'undeserved" badge slots are filled.
- I get a badge for +10 post (My profile shows 1, I meet critera for 1)
- I get a downvote. (My profile shows 1, I meet critera for 0)
- I produce a second +10 post (My profile shows 1, I meet criteria for 1)
- I get an upvote on the original (My profile shows 2, I meet criteria for 2)
So it only increments the number in your profile when you increase the number that you "deserve" according to the back end.
The Badges FAQ says it better.
When badges are awarded, the system checks to see how many you're supposed to have, and only awards new badges when the number of badges you're supposed to have is greater than the number of badges you have.