FIRST FRONT
ActiveSummary
FIRST FRONT has been active since 2001 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €5.71M and a net result of €-239k. Equity remains stable across the filed fiscal years (±0.4% per year). Its solvency ranks better than 67% of 9234 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability36▼-6
Solvency78▲+9
Growth52▲+20
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €370k at 30 days acceptable
Liquidity short (current ratio 0.08 against 0.06 in 2024; short-term debt: 29.5% and cash: 0.2% of total assets), and 46.8% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
53.2%
Return on assets
-2.2%
Age of the figures
15 mo
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
19202122232425
2019 to 2025 · latest year €5.71M
neutral · Filed after the deadline
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 04-02-2026, 4 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
4 d late
2024
3 d late
2023
on the day
2022
on the day
2021
on the day
2020
5 d late
2019
on the day
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close25-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€5.71M▲ 47.8%
2024 · €3.86M
2019: €4.16M
2020: €4.19M▲ +0.9% vs 2019
2021: €4.27M▲ +1.8% vs 2020
2022: €4.21M▼ -1.4% vs 2021
2023: €3.81M▼ -9.6% vs 2022lowest in 7 years
2024: €3.86M▲ +1.5% vs 2023
2025: €5.71M▲ +47.8% vs 2024highest in 7 years
2019 → 2025
Total assets
€10.74M▲ 21.9%
2024 · €8.82M
2019: €7.35M
2020: €7.12M▼ -3.1% vs 2019
2021: €6.81M▼ -4.3% vs 2020
2022: €6.50M▼ -4.6% vs 2021lowest in 7 years
2023: €9.21M▲ +41.8% vs 2022
2024: €8.82M▼ -4.3% vs 2023
2025: €10.74M▲ +21.9% vs 2024highest in 7 years
2019 → 2025
Net result
€-239k
2024 · €57k
2019: €376khighest in 7 years
2020: €36k▼ -90.6% vs 2019
2021: €77k▲ +117% vs 2020
2022: €-58k▼ -176% vs 2021
2023: €-404k▼ -592% vs 2022lowest in 7 years
2024: €57k▲ +114% vs 2023
2025: €-239k▼ -518% vs 2024
2019 → 2025
Working capital
€-2.93M▲ 5.0%
2024 · €-3.08M
2019: €-276khighest in 7 years
2020: €-367k▼ -33.3% vs 2019
2021: €-766k▼ -109% vs 2020
2022: €-748k▲ +2.4% vs 2021
2023: €-3.27M▼ -337% vs 2022lowest in 7 years
2024: €-3.08M▲ +5.8% vs 2023
2025: €-2.93M▲ +5.0% vs 2024
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€4.27M-€4.21M▼ 1.4%€3.81M▼ 9.6%€3.86M▲ 1.5%€5.71M▲ 47.8%
2021: €4.27M
2022: €4.21M▼ -1.4% vs 2021
2023: €3.81M▼ -9.6% vs 2022lowest in 5 years
2024: €3.86M▲ +1.5% vs 2023
2025: €5.71M▲ +47.8% vs 2024highest in 5 years
Operating result€16k-€-24k€-286k▼ 1,113%€247k€-83k
2021: €16k
2022: €-24k▼ -245% vs 2021
2023: €-286k▼ -1113% vs 2022lowest in 5 years
2024: €247k▲ +186% vs 2023highest in 5 years
2025: €-83k▼ -134% vs 2024
Net result€77k-€-58k€-404k▼ 592%€57k€-239k
2021: €77khighest in 5 years
2022: €-58k▼ -176% vs 2021
2023: €-404k▼ -592% vs 2022lowest in 5 years
2024: €57k▲ +114% vs 2023
2025: €-239k▼ -518% vs 2024
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €83k after €247k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €10.74M
Fixed assets
€10.50M ▲ 22.0%
Current assets
€242k ▲ 14.2%
Equity and liabilities €10.74M
Equity
€5.71M ▲ 47.8%
Provisions
€375k ▼ 7.5%
Debt
€4.65M ▲ 2.4%
Debt's share of the balance-sheet total falls from 51.6% to 43.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€444k▼
2024 · €590k
Cash flow
€288k▼
2024 · €400k
Current ratio
0.08▲
2024 · 0.06
Debt to equity
0.81▼
2024 · 1.18
ROE
-4.2%▼
2024 · 1.5%
ROA
-2.2%▼
2024 · 0.6%
Interest coverage
2.38▼
2024 · 2.67
Debt ≤ 1 year
€3.17M▼
2024 · €3.29M
Debt > 1 year
€1.37M▲
2024 · €1.24M
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 55 lines
Balance sheet
Code20242025
Assets
Total assets20/58€8.82M€10.74M▲
Fixed assets21/28€8.60M€10.50M▲
Tangible fixed assets22/27€8.60M€10.50M▲
Land and buildings22€8.60M€10.50M▲
Furniture and vehicles24€5k€4k▼
Current assets29/58€212k€242k▲
Amounts receivable within one year40/41€211k€216k▲
Trade receivables40€0€18k▲
Other amounts receivable41€211k€199k▼
Cash at bank and in hand54/58€164€25k▲
Equity and liabilities
Total equity and liabilities10/49€8.82M€10.74M▲
Equity10/15€3.86M€5.71M▲
Contributions10/11€550k€550k=
Capital10€550k€550k=
Issued capital100€800k€800k=
Uncalled capital101€250k€250k=
Revaluation surpluses12€2.61M€4.69M▲
Reserves13€934k€871k▼
Non-distributable reserves130/1€123k€123k=
Legal reserve130€80k€80k=
Reserves not available under the articles1311€43k€43k=
Tax-exempt reserves132€810k€748k▼
Profit (loss) carried forward14€-225k€-401k▼
Provisions and deferred taxes16€406k€375k▼
Deferred taxes168€406k€375k▼
Amounts payable17/49€4.55M€4.65M▲
Amounts payable after more than one year17€1.24M€1.37M▲
Financial debts170/4€1.24M€1.36M▲
Other amounts payable178/9€4k€16k▲
Amounts payable within one year42/48€3.29M€3.17M▼
Current portion of amounts payable after more than one year42€108k€113k▲
Financial debts43€3.06M€2.83M▼
Credit institutions430/8€3.06M€2.83M▼
Trade debts44€98k€127k▲
Suppliers440/4€98k€127k▲
Taxes, remuneration and social security45€50€0▼
Taxes450/3€50€0▼
Other amounts payable47/48€28k€102k▲
Accrued charges and deferred income492/3€13k€115k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€343k€527k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€-420€0▲
Other operating charges640/8€61k€120k▲
Gross operating margin9900€651k€564k▼
Operating profit (loss)9901€247k€-83k▼
Financial income75/76B€458€7▼
Recurring financial income75€458€7▼
Financial charges65/66B€221k€186k▼
Recurring financial charges65€221k€186k▼
Profit (loss) for the period before taxes9903€27k€-269k▼
Transfer from deferred taxes780€30k€30k=
Profit (loss) for the period9904€57k€-239k▼
Transfer from tax-exempt reserves789€62k€62k=
Profit (loss) for the period to be appropriated9905€120k€-176k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-225k€-401k▼
Profit (loss) brought forward from the previous period14P€-345k€-225k▲
The notes to these accounts (18 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €237k | €327k | €850k | €343k | €527k | ▲ 53.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €0 | €-58k | €-420 | €0 | ▲ 100% |
| Other operating charges640/8 | - | €27k | €107k | €61k | €120k | ▲ 97.1% |
| Gross operating margin9900 | €338k | €330k | €613k | €651k | €564k | ▼ 13.3% |
| Operating profit (loss)9901 | €16k | €-24k | €-286k | €247k | €-83k | ▼ 134% |
| Financial income75/76B | - | €0 | €0 | €458 | €7 | ▼ 98.5% |
| Recurring financial income75 | €611 | €0 | €0 | €458 | €7 | ▼ 98.5% |
| Financial charges65/66B | - | €62k | €148k | €221k | €186k | ▼ 15.7% |
| Recurring financial charges65 | €52k | €62k | €148k | €221k | €186k | ▼ 15.7% |
| Profit (loss) for the period before taxes9903 | €-35k | €-86k | €-434k | €27k | €-269k | ▼ 1,103% |
| Transfer from deferred taxes780 | - | €27k | €30k | €30k | €30k | = |
| Income taxes67/77 | €14k | €0 | - | - | - | - |
| Profit (loss) for the period9904 | €77k | €-58k | €-404k | €57k | €-239k | ▼ 518% |
| Transfer from tax-exempt reserves789 | - | €54k | €62k | €62k | €62k | = |
| Profit (loss) for the period to be appropriated9905 | €338k | €-5k | €-343k | €120k | €-176k | ▼ 247% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €6.81M | €6.50M | €9.21M | €8.82M | €10.74M | ▲ 21.9% |
| Fixed assets21/28 | €5.96M | €5.68M | €8.90M | €8.60M | €10.50M | ▲ 22.0% |
| Tangible fixed assets22/27 | €5.96M | €5.68M | €8.90M | €8.60M | €10.50M | ▲ 22.0% |
| Land and buildings22 | - | €5.68M | €8.89M | €8.60M | €10.50M | ▲ 22.1% |
| Furniture and vehicles24 | - | €6k | €5k | €5k | €4k | ▼ 11.9% |
| Current assets29/58 | €854k | €815k | €312k | €212k | €242k | ▲ 14.2% |
| Amounts receivable within one year40/41 | €117k | €339k | €276k | €211k | €216k | ▲ 2.3% |
| Trade receivables40 | - | €175 | €751 | €0 | €18k | - |
| Other amounts receivable41 | - | €339k | €276k | €211k | €199k | ▼ 6.1% |
| Cash at bank and in hand54/58 | €736k | €476k | €35k | €164 | €25k | ▲ 15,372% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €6.81M | €6.50M | €9.21M | €8.82M | €10.74M | ▲ 21.9% |
| Equity10/15 | €4.27M | €4.21M | €3.81M | €3.86M | €5.71M | ▲ 47.8% |
| Contributions10/11 | €550k | €550k | €550k | €550k | €550k | = |
| Capital10 | - | €550k | €550k | €550k | €550k | = |
| Issued capital100 | - | €800k | €800k | €800k | €800k | = |
| Uncalled capital101 | - | €250k | €250k | €250k | €250k | = |
| Revaluation surpluses12 | - | €2.61M | €2.61M | €2.61M | €4.69M | ▲ 80.1% |
| Reserves13 | €1.11M | €1.06M | €996k | €934k | €871k | ▼ 6.7% |
| Non-distributable reserves130/1 | - | €123k | €123k | €123k | €123k | = |
| Legal reserve130 | - | €80k | €80k | €80k | €80k | = |
| Reserves not available under the articles1311 | - | €43k | €43k | €43k | €43k | = |
| Tax-exempt reserves132 | - | €935k | €873k | €810k | €748k | ▼ 7.7% |
| Profit (loss) carried forward14 | €2k | €-2k | €-345k | €-225k | €-401k | ▼ 78.4% |
| Provisions and deferred taxes16 | €494k | €466k | €436k | €406k | €375k | ▼ 7.5% |
| Deferred taxes168 | - | €466k | €436k | €406k | €375k | ▼ 7.5% |
| Amounts payable17/49 | €2.05M | €1.82M | €4.97M | €4.55M | €4.65M | ▲ 2.4% |
| Amounts payable after more than one year17 | €390k | €245k | €1.35M | €1.24M | €1.37M | ▲ 10.4% |
| Financial debts170/4 | - | €241k | €1.35M | €1.24M | €1.36M | ▲ 9.5% |
| Other amounts payable178/9 | - | €4k | €4k | €4k | €16k | ▲ 296% |
| Amounts payable within one year42/48 | €1.62M | €1.56M | €3.58M | €3.29M | €3.17M | ▼ 3.7% |
| Current portion of amounts payable after more than one year42 | - | €145k | €202k | €108k | €113k | ▲ 4.0% |
| Financial debts43 | - | €1.31M | €3.29M | €3.06M | €2.83M | ▼ 7.6% |
| Credit institutions430/8 | - | €1.31M | €3.29M | €3.06M | €2.83M | ▼ 7.6% |
| Trade debts44 | €3k | €100k | €77k | €98k | €127k | ▲ 30.0% |
| Suppliers440/4 | - | €100k | €77k | €98k | €127k | ▲ 30.0% |
| Taxes, remuneration and social security45 | - | €0 | €3k | €50 | €0 | ▼ 100% |
| Taxes450/3 | - | €0 | €3k | €50 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | €11k | €10k | €28k | €102k | ▲ 270% |
| Accrued charges and deferred income492/3 | - | €12k | €38k | €13k | €115k | ▲ 786% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €77k | €-58k | €-404k | €57k | €-239k | ▼ 518% |
| + Depreciation and write-downs630 | €237k | €327k | €850k | €343k | €527k | ▲ 53.7% |
| Operating cash flow (approximation) | €314k | €269k | €446k | €400k | €288k | ▼ 28.0% |
| Investment in fixed assets (approximation) | - | €-49k | €-4.07M | €-46k | €-2.42M | ▼ 5,132% |
| Change in cash | - | €-260k | €-441k | €-35k | €25k | ▲ 172% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
04-02
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 4 days late
2025
30-06
Financial
Equity above €5MEq €5.71M ▲47.8%
Equity rises from €3.86M to €5.71M.
03-02
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 3 days late
2024
30-06
Financial
Back to profitnet €57k
Net result €57k after 2 loss-making years.
31-01
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
30-06
Financial
Weakest financial yearnet €-404k
Net result drops to €-404k, the lowest in the series; recovery starts the following year.
31-01
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-01
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
05-02
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 5 days late
2020
31-01
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
30-01
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
30-01
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
31-01
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 8 acts read
About the unread acts
We know of 8 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
8 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Aalst
Ground area
118 m²
Building footprint
82 m²
Volume, LiDAR
888 m³
Parcel 41002A1917/00_000, Flanders · tallest building 14.0 m, ±4 floors. Linked by address, not a title deed.
19
companies at this address
See who is registered here
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41002A1917/00_000 | Flanders | 118 m² | 1 · 82 m² | 14.0 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
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Of 9,136 companies in sector 68201 we hold annual accounts for 6,765. 2,957 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded08-11-2001
Fiscal year end30-06
Activities, NACEBEL 2025
68201Renting and operating of own or leased residential real estate, excluding social housing
Contact
Website
www.redrose.be
E-mail
dr@redrose.be
Scores and ratios are computed by Checked and are not a credit decision.