Result
-€238,848 -€238,848
From profit to loss in 2025, after a profit of €57,165 in 2024.
FIRST FRONT
Lifetime
19 annual accounts with figures on one time axis, 23 filings since 2002peak €1.7m (2017)
€564,257▼ 13.3%
lowest -€404,407 (2023)
-€238,848▼ €296,013
peak €5.7m (2025)
€5.7m▲ 47.8%
€4.7m▲ 2.4%
Board2 names since 2021
-
Owners3 names in the annual accounts
33.2%F-INVEST and 1 other
Documentsfilings and deeds
04-02-20264 days late
2025abbreviated format
Gross margin from €650,777 to €564,257Loss of €238,848Equity from €3.9m to €5.7mInvestments €2.4mCash from €164 to €25,425
Key points
from the 2025 annual accountsFilings
23 annual accounts since 2002
Three of the last ten came late. The 2020 accounts came latest: 5 days after the end of the period.
Position in the sector
-€238,848
Lower net result than 94% of companies in real estate. Sector median €9,997 · 11,290 companies.
Checked score
88
Excellent
Financially stronger than 56% of medium-sized companies in real estate (NACE 68)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.2% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 1,720 companies (NACE 68, medium-sized).
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.2%lowest value
01-2025: 0.3%▲ +0.1 percentage points vs 12-2024
02-2025: 0.4%▲ +0.1 percentage points vs 01-2025
03-2025: 0.4%● unchanged vs 02-2025
04-2025: 0.4%● unchanged vs 03-2025
05-2025: 0.4%● unchanged vs 04-2025
06-2025: 0.4%● unchanged vs 05-2025
07-2025: 0.4%● unchanged vs 06-2025
08-2025: 0.4%● unchanged vs 07-2025
09-2025: 0.4%● unchanged vs 08-2025
10-2025: 0.4%● unchanged vs 09-2025
11-2025: 0.4%● unchanged vs 10-2025
12-2025: 0.4%● unchanged vs 11-2025
01-2026: 0.6%▲ +0.2 percentage points vs 12-2025
02-2026: 1.1%▲ +0.5 percentage points vs 01-2026highest value
03-2026: 0.2%▼ -0.9 percentage points vs 02-2026
04-2026: 0.2%● unchanged vs 03-2026
05-2026: 0.2%● unchanged vs 04-2026
06-2026: 0.2%● unchanged vs 05-2026
07-2026: 0.2%● unchanged vs 06-2026
08-2026: 0.2%● unchanged vs 07-2026
09-2026: 0.2%● unchanged vs 08-2026
10-2026: 0.2%● unchanged vs 09-2026
11-2026: 0.2%● unchanged vs 10-2026
Financial strengthAverage
Score breakdown
raises risk
Liquidity: current ratio 0.08, cash €25,425
No registered site in the KBO
lowers risk
Size: total assets €10.7m
Legal form: public limited company
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 68, medium-sized). It does better than 73% of them on solvency, 30% on liquidity, 34% on profitability and 89% on growth.
The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 30-06-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 830 companies had the same profile as FIRST FRONT has now. Each dot stands for 3 companies, two years later.
96.5%
were still trading
2.9%
stopped another way
0.6%
went bankrupt
That fits the bankruptcy probability of FIRST FRONT itself: 0.2% within 12 months.
Test of the method
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 830 companies, not a prediction for FIRST FRONT. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Credit verdict
Credit of up to €500,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.08 (0.06 in 2024), below 1. Short-term debt is 29.5% and cash 0.2% of total assets. 46.8% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises risk
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 €5.7m
raises risk · 2025 accounts filed 4 days late
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. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 10 filingsDeviation from the deadline
2025
4 days late
2024
3 days late
2023
on the day
2022
on the day
2021
on the day
2020
5 days late
2019
on the day
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 2 days after the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The financial year that closed on 30-06-2026 is due by 31-01-2027. Nothing is late today. The company usually files around 31 January (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
30-06-2026 year end10-11-2026 today31-01-2027 deadline
Board and ownership
FI
F-INVEST BV
Managing director
- F-INVEST 33.2%equity €5.3m (2025) · 2025 annual accounts of F-INVEST
- K-INVEST 33.2%equity €21.5m (2025) · 30-12-2025 annual accounts of K-INVEST
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0476027203
2 directors reappointed
F-Invest BV (managing director) and Build 4 U NV (managing director) · Permanent representatives: Verschaete Frank, Gryspeert Kris and Roelandt Dominic · General meeting of 02-12-2021 · Gazette deed
Registered office moved from Evergem to Aalst
New registered office: Korte Zoutstraat 45, 9300 Aalst · Previous registered office: Finlandstraat 11, 9940 Evergem · General meeting of 18-12-2020 · Gazette deed
Incorporation
published on 20-11-2001 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| FIRST FRONT Aalst | €10.7m | €564,257 | 53.2% | - |
| HAGE-INVEST Bierbeek | €11.3m | €516,632 | 27.0% | 2 |
| IMOBA Brussels | €10.0m | €493,736 | 59.6% | 1 |
| IMOËR Hasselt | €10.1m | €504,899 | 19.1% | - |
| GOLDEN GATE ONE Watermael-Boitsfort | €9.5m | €582,115 | 39.8% | 0 |
| BOEY COMPANY Bredene | €10.1m | €679,270 | 77.8% | - |
| AXIS-BUILDING Aalst | €15.2m | €778,685 | 52.4% | 0 |
These companies have the same main activity as FIRST FRONT: renting and operating of own or leased residential real estate, excluding social housing (NACE 68201). They are comparable in size and age: total assets between €9.5m and €15m, founded between 1999 and 2004.
Official details
Source: KBO- Status
- Active since 08-11-2001Normal situation
- Registered office
- 17 active companies are registered at this address1 started in the 12 months before. Source: KBO register, as of 9 November 2026.
- Activity
- Renting and operating of own or leased residential real estate, excluding social housingNACE 68201
- Financial year end
- 30 June
- Peppol
- Reachable since 21-10-2026
Insights on FIRST FRONT
FIRST FRONT files the abbreviated format. That format states no turnover. The gross margin rose from €43,052 in 2006 to €564,257 in 2025.
The balance sheet grew most from 2007 to 2009 through fixed assets.
Since December 2021, F-INVEST BV has been managing director.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about FIRST FRONT
- What is the company number of FIRST FRONT?
- The company number of FIRST FRONT is 0476.027.203. The VAT number is the same number with BE in front: BE 0476.027.203.
- Where is FIRST FRONT based?
- The registered office is at Korte Zoutstraat 45, 9300 Aalst.Company details
- What does FIRST FRONT do?
- According to the KBO register, the main activity is renting and operating of own or leased residential real estate, excluding social housing (NACE 68201).
- What is the legal form of FIRST FRONT?
- FIRST FRONT is a public limited company (NV).
- When was FIRST FRONT founded?
- FIRST FRONT was founded on 08-11-2001.
- Is FIRST FRONT still active?
- Yes, FIRST FRONT is an active enterprise in the KBO register.
- What is the turnover of FIRST FRONT?
- The turnover in financial year 2025 is ≈ €630,000. This figure is estimated from the gross margin of €564,257 and 38 comparable companies (NACE 68201). It probably lies between €570,000 and €700,000.Financials
- Is FIRST FRONT profitable?
- In financial year 2025, FIRST FRONT made a loss of €238,848.
- Where can I find the annual accounts of FIRST FRONT?
- FIRST FRONT filed 23 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of FIRST FRONT due?
- FIRST FRONT must file the annual accounts for financial year 2026 by 31-01-2027.Timeline
Next steps
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