FIRST OPERA

Active Public limited companyfounded 2002active for 24 yearsAvenue du Vert Bocage 31, 1410 WaterlooKBO/BCE: BE 0478.524.853 subsidiary of #2 company by equity in Waterloo, Accommodation and food service sector

FIRST OPERA

Financial year 2025

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Annual accounts 2025

abbreviated format, filed on 31-08-2026, 31 days late

€984,750

▼ 3.8%

€158,277

▲ 5.4%

€163,778

▲ 53.7%

€2.8m

▲ 7.5%

93.8%

▲ 1.6 percentage points

15.79

▲ 3.49

The turnover shown is an estimate from the gross margin.

Turnover ≈ €2.4m. Estimated: probably between €2.2m and €3.4m.

In the rankings #2 company by equity in Waterloo, Accommodation and food service sector #5 company by total assets in Waterloo, Accommodation and food service sector

Balance sheet

balance sheet total €3.1m on 31-12-2025

What the company ownsHow it is paid for

in €m

in euro

Position in the sector

Compare with sector

93.8%

Higher than 95% of 4,125 companies in 2025.

15.79

Higher than 95% of 4,069 companies in 2025.

5.3%

Higher than 55% of 4,086 companies in 2025.

FIRST OPERA Middle half of the sector 80% of the sector Abbreviated accounts in food and beverage service (NACE 56)

Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: top quarter · Staff: middle half

Staff

€55,858

Staff costs divided by the average number of full-time equivalents.

-2 people

people who joined people who left

In 2025, 11 people joined and 13 left.

Filed annual accounts

as filed with the National Bank, click a year to choose it

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
Balance sheet: assets
`20/58`	3.1m	3.0m	2.8m	2.8m	2.8m	2.5m	2.7m	2.6m	2.2m	1.9m	1.7m	1.6m	1.6m	1.6m	1.8m	2.1m	1.9m	2.1m	1.6m	1.4m
`20`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
`21/28`	117,838	147,685	150,053	192,152	244,398	274,419	338,498	418,368	81,522	105,296	128,021	173,436	226,741	314,751	471,526	942,111	1.1m	1.2m	521,091	461,857
`21`	-	-	-	-	-	-	-	0	-	-	-	3,334	6,667	-	-	-	-	-	-	-
`22/27`	116,393	146,240	148,608	187,493	239,740	269,760	333,839	413,709	76,863	100,637	123,362	165,443	215,415	314,593	471,368	616,953	775,629	904,330	521,091	461,857
`22`	104,976	134,865	131,996	159,042	190,984	228,664	269,226	318,049	28,216	54,425	84,678	134,453	189,562	245,032	351,828	459,511	546,525	635,978	417,264	352,927
`23`	4,090	9,548	13,311	18,365	28,735	16,699	32,537	43,514	35,447	26,490	28,345	27,135	19,093	40,432	62,769	84,302	122,201	153,098	67,374	64,111
`24`	7,326	1,828	3,300	10,087	20,020	24,398	32,075	52,146	13,200	19,722	10,339	3,855	6,759	29,129	56,771	73,140	106,903	115,254	36,452	44,820
`26`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
`27`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
`28`	1,445	1,445	1,445	4,659	4,659	4,659	4,659	4,659	4,659	4,659	4,659	4,659	4,659	159	159	325,159	325,159	325,159	-	-
`29/58`	3.0m	2.8m	2.7m	2.6m	2.5m	2.2m	2.3m	2.2m	2.1m	1.8m	1.6m	1.4m	1.4m	1.3m	1.3m	1.2m	837,296	867,864	1.0m	942,302
`29`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
`290`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
`291`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
`3`	352,350	258,287	257,551	247,051	240,326	239,439	194,243	234,941	201,866	176,977	176,977	182,185	182,185	220,612	242,915	215,241	240,825	254,102	147,118	116,822
`30/36`	352,350	258,287	257,551	247,051	240,326	239,439	194,243	234,941	201,866	176,977	176,977	182,185	182,185	220,612	242,915	215,241	240,825	254,102	147,118	116,822
`37`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
`40/41`	1.5m	1.4m	490,744	506,887	487,161	515,950	511,660	501,658	644,913	749,554	740,673	489,902	325,462	268,349	195,423	13,409	62,974	64,293	10,128	4,051
`40`	23,857	26,423	9,751	17,855	13,780	40,729	16,246	9,943	33,798	11,545	14,231	16,782	49,861	64,229	151,313	10,324	60,763	62,029	7,856	557
`41`	1.5m	1.4m	480,992	489,033	473,381	475,221	495,415	491,716	611,115	738,009	726,442	473,119	275,602	204,121	44,110	3,085	2,211	2,264	2,272	3,494
`50/53`	960,052	1.0m	1.7m	1.5m	1.4m	1.2m	-	0	-	-	-	-	-	-	-	-	-	-	-	-
`54/58`	108,874	151,769	225,005	339,134	359,016	323,616	1.6m	1.5m	1.3m	898,363	663,088	716,612	879,237	804,072	893,690	938,897	521,392	542,316	890,716	821,068
`490/1`	7,150	3,635	6,677	7,687	2,693	3,476	-	0	-	-	-	1,946	9,415	7,985	9,323	9,188	12,106	7,153	368	361
Balance sheet: equity and liabilities
`10/49`	3.1m	3.0m	2.8m	2.8m	2.8m	2.5m	2.7m	2.6m	2.2m	1.9m	1.7m	1.6m	1.6m	1.6m	1.8m	2.1m	1.9m	2.1m	1.6m	1.4m
`10/15`	2.9m	2.7m	2.6m	2.4m	2.1m	2.0m	1.9m	1.3m	1.2m	921,908	827,229	868,141	735,642	660,746	543,908	764,616	663,545	550,155	602,850	507,269
`10/11`	124,000	124,000	124,000	124,000	124,000	124,000	124,000	124,000	124,000	124,000	124,000	124,000	124,000	124,000	124,000	124,000	124,000	124,000	124,000	124,000
`10`	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`100`	-	-	-	-	0	124,000	124,000	124,000	124,000	124,000	124,000	124,000	124,000	124,000	124,000	124,000	124,000	124,000	124,000	124,000
`101`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
`11`	124,000	124,000	124,000	124,000	124,000	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
`1100/10`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
`1109/19`	124,000	124,000	124,000	124,000	124,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`12`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
`13`	2.8m	2.6m	2.5m	2.2m	2.0m	1.8m	1.8m	1.2m	1.1m	797,229	703,229	743,900	611,642	536,746	419,908	640,616	539,545	478,850	478,850	383,269
`130/1`	49,900	49,900	49,900	49,900	49,900	49,900	37,500	37,500	37,500	37,500	37,500	37,500	37,500	37,500	37,500	37,500	37,500	37,500	37,500	37,500
`130`	-	-	-	-	0	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	17,288
`1311`	49,900	49,900	49,900	49,900	49,900	37,500	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`1312`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
`1319`	-	-	-	-	-	-	37,500	37,500	37,500	37,500	37,500	37,500	37,500	37,500	37,500	37,500	37,500	37,500	37,500	37,500
`132`	-	-	-	-	-	0	100,000	0	-	-	-	-	-	-	-	-	-	-	-	-
`133`	2.7m	2.5m	2.4m	2.2m	1.9m	1.8m	1.6m	1.2m	1.0m	747,329	653,329	694,000	561,742	486,846	370,008	590,716	489,645	428,950	428,950	328,480
`14`	2,052	8,274	4,083	1,668	1,105	1,105	207	380	615	679	-	241	-	-	-	-	-	-52,695	-	-
`15`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
`19`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
`16`	-	-	-	0	150,000	150,000	150,000	150,000	150,000	150,000	150,000	150,000	80,000	30,000	35,000	35,000	-	-	-	-
`160/5`	-	-	-	0	150,000	150,000	150,000	150,000	150,000	150,000	150,000	150,000	80,000	30,000	35,000	35,000	-	-	-	-
`160`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
`161`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
`162`	-	-	-	0	150,000	150,000	150,000	150,000	150,000	150,000	-	-	-	-	-	-	-	-	-	-
`163`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
`164/5`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
`168`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
`17/49`	191,951	232,735	204,455	409,598	499,047	393,710	604,500	1.2m	849,838	858,282	731,530	545,939	807,398	925,024	1.2m	1.3m	1.3m	1.5m	966,571	896,890
`17`	4,500	4,500	4,500	4,500	58,814	130,219	200,484	269,625	4,500	4,500	4,500	4,500	4,500	-	-	-	-	-	-	273,616
`170/4`	-	-	-	0	54,314	125,719	195,984	265,125	-	-	-	-	-	-	-	-	-	-	-	254,302
`175`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
`176`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
`178/9`	4,500	4,500	4,500	4,500	4,500	4,500	4,500	4,500	4,500	4,500	4,500	4,500	4,500	-	-	-	-	-	-	19,314
`42/48`	187,451	228,235	199,955	405,098	440,233	263,491	404,016	884,671	845,338	846,182	727,030	541,086	802,548	924,792	1.2m	1.3m	1.3m	1.5m	943,132	599,836
`42`	-	-	0	54,314	71,405	70,264	69,141	68,036	-	-	-	5,644	71,108	135,615	201,145	261,153	74,029	128,210	197,674	2,200
`43`	-	-	-	-	-	-	-	0	-	-	-	-	327,418	-	-	132	2,016	24,520	-	35,400
`430/8`	-	-	-	-	-	-	-	0	-	-	-	-	327,418	-	-	132	2,016	24,520	-	23,944
`439`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	11,456
`44`	59,304	98,603	81,267	238,538	128,027	34,516	142,616	393,276	182,865	249,787	235,237	358,934	-	553,110	492,050	439,203	228,277	453,391	143,534	230,837
`440/4`	59,304	98,603	81,267	238,538	128,027	34,516	142,616	393,276	182,865	249,787	235,237	358,934	-	553,110	492,050	439,203	228,277	453,391	143,534	230,837
`441`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
`46`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	2,050	-	-	2,500	-
`45`	128,147	96,111	67,167	97,765	187,811	116,549	171,501	274,525	219,447	190,544	230,220	173,861	132,197	168,497	205,833	220,006	175,714	109,823	181,640	108,265
`450/3`	42,797	24,262	67,167	64,649	115,731	95,247	121,510	214,633	155,470	136,668	172,596	88,973	60,752	87,740	70,099	99,611	62,367	32,812	155,625	72,246
`454/9`	85,350	71,849	0	33,116	72,080	21,302	49,991	59,892	63,976	53,876	57,624	84,888	71,444	80,756	135,734	120,395	113,347	77,011	26,015	36,020
`47/48`	0	33,521	51,521	14,481	52,990	42,162	20,758	148,833	443,026	405,852	261,572	2,648	271,826	67,570	334,942	335,112	777,753	830,362	417,784	223,133
`492/3`	-	-	-	-	-	-	0	2,426	-	7,600	-	353	350	232	-	61,576	16,750	892	23,438	23,438
Income statement
`76A`	-	-	-	-	-	-	-	-	-	-	-	-	1,287	-	25,000	-	-	-	-	-
`9900`	984,750	1.0m	1.0m	765,340	700,889	511,731	1.6m	1.4m	1.4m	1.3m	1.2m	1.3m	1.3m	1.4m	1.5m	1.3m	1.2m	683,310	803,672	813,301
`62`	776,426	794,582	608,407	518,299	402,297	336,257	794,711	911,831	791,717	840,263	910,312	892,006	898,213	1.0m	889,935	866,644	868,790	630,105	496,266	492,806
`630`	45,814	41,269	44,313	52,246	62,155	65,911	70,568	55,220	62,954	71,956	71,612	74,712	123,414	172,444	184,185	196,948	195,709	118,287	116,528	101,506
`631/4`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	19,699	-	-	-	-
`635/8`	-	-	0	-150,000	-	-	-	0	-	-	-	70,000	50,000	-5,000	-	35,000	-	-	-	-
`640/8`	4,233	37,563	12,186	5,978	3,151	3,876	5,684	168,266	6,193	9,185	3,584	9,713	8,541	6,316	6,997	5,187	4,263	8,449	2,906	3,793
`649`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
`66A`	-	-	-	-	-	-	-	0	-	-	-	-	4,102	-	-	-	-	-	-	-
`9901`	158,277	150,222	346,079	338,817	233,285	105,687	778,557	227,859	556,069	332,856	234,744	204,227	218,885	182,896	391,297	199,361	153,196	-73,531	187,972	215,197
`75/76B`	47,660	61	541	77	738	3,929	394	249	742	14,992	8,609	826	1,481	11,442	3,950	5,353	3,392	15,604	12,578	7,342
`75`	47,660	61	541	77	738	3,929	394	249	742	14,992	8,609	826	1,481	11,442	3,950	5,353	3,392	15,604	12,578	7,342
`76B`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
`65/66B`	5,162	5,322	4,751	6,575	30,395	6,419	6,603	3,552	1,029	2,663	1,188	1,768	10,274	7,662	11,945	45,741	25,369	13,954	14,010	23,173
`65`	5,162	5,322	4,751	6,575	30,395	6,419	6,603	3,552	1,029	2,663	1,188	1,768	10,274	7,662	11,945	45,741	25,369	13,954	14,010	23,173
`66B`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
`9903`	200,775	144,960	341,868	332,319	203,629	103,197	772,348	224,557	555,782	345,185	242,165	203,285	207,277	186,676	408,301	158,972	131,218	-71,881	186,540	199,366
`67/77`	36,997	38,435	99,454	82,756	49,292	45,300	200,520	68,792	143,845	100,507	83,076	70,786	32,381	69,838	29,009	57,901	17,828	-19,186	90,959	58,965
`9904`	163,778	106,525	242,415	249,563	154,336	57,898	571,828	155,764	411,937	244,679	159,088	132,499	174,896	116,837	379,292	101,071	113,390	-52,695	95,582	140,401
`789`	-	-	-	-	0	100,000	-	0	-	-	-	-	-	-	-	-	-	-	-	-
`689`	-	-	-	-	-	0	100,000	0	-	-	-	-	-	-	-	-	-	-	-	-
`9905`	163,778	106,525	242,415	249,563	154,336	157,898	471,828	155,764	411,937	244,679	159,088	132,499	174,896	116,837	379,292	101,071	113,390	-52,695	95,582	140,401
Appropriation of the result
`9906`	172,052	110,608	244,083	250,668	155,442	158,105	472,207	156,380	412,615	244,679	159,329	132,499	174,896	116,837	379,292	101,071	60,695	-52,695	95,582	140,401
`14P`	8,274	4,083	1,668	1,105	1,105	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`791/2`	-	-	-	-	-	-	-	0	-	-	40,671	-	-	-	300,000	-	-	-	-	-
`691/2`	170,000	102,334	240,000	249,000	154,336	157,000	472,000	156,000	262,000	94,000	-	132,258	74,896	116,837	79,292	101,071	60,695	-	95,582	140,401
`691`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
`6920`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	7,020
`6921`	170,000	102,334	240,000	249,000	154,336	157,000	472,000	156,000	262,000	94,000	-	132,258	74,896	116,837	79,292	101,071	60,695	-	95,582	133,381
`694/7`	-	-	-	-	-	-	-	0	150,000	150,000	200,000	-	100,000	-	600,000	-	-	-	-	-
`694`	-	-	-	-	-	-	-	0	-	150,000	200,000	-	-	-	300,000	-	-	-	-	-
`695`	-	-	-	-	-	-	-	0	150,000	-	-	-	100,000	-	300,000	-	-	-	-	-
`696`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
Social balance sheet
`9087`	13.9	16.5	13.8	12.9	13.5	13.7	20.3	25.3	22.3	22.3	23.7	26	27	26.5	26.6	26.9	28.2	21.4	18.9	19.5
Hours worked`1013`	20,824	24,718	22,329	20,177	14,547	13,180	32,471	391,189	36,549	36,549	38,535	38,215	38,867	44,730	43,453	43,883	46,581	33,188	30,495	30,451
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The accounts for 3 older financial years (2003-2005) were filed as documents without figures as data, scans for example.

The notes to these accounts have 11 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 31-08-2026.

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Filings

each dot is a set of accounts, on the day it reached the National Bank

2025 annual accounts filed 31 days after the deadline. Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00486260.

Financial year	Type	Filed	Reference	Document
31-12-2025	abbreviated format	31-08-2026	2026-00486260	PDF
31-12-2024	abbreviated format	23-06-2025	2025-00172785	PDF
31-12-2023	abbreviated format	30-07-2024	2024-00316537	PDF
31-12-2022	abbreviated format	11-07-2023	2023-00230184	PDF
31-12-2021	abbreviated format	08-08-2022	2022-20279354	PDF
31-12-2020	full format	31-08-2021	2021-60500183	PDF
31-12-2019	full format	11-09-2020	2020-53000434	PDF
31-12-2018	full format	25-06-2019	2019-22700457	PDF
31-12-2017	full format	30-08-2018	2018-54600394	PDF
31-12-2016	full format	25-08-2017	2017-48600063	PDF
31-12-2015	full format	29-09-2016	2016-62900264	PDF
31-12-2014	full format	31-08-2015	2015-50400193	PDF
31-12-2013	full format	27-08-2014	2014-48100044	PDF
31-12-2012	full format	21-08-2013	2013-44100130	PDF
31-12-2011	full format	28-08-2012	2012-49100532	PDF
31-12-2010	full format	31-08-2011	2011-52100144	PDF
31-12-2009	full format	06-07-2010	2010-27000120	PDF
31-12-2008	full format	30-06-2009	2009-33700083	PDF
31-12-2007	full format	29-08-2008	2008-68900022	PDF
31-12-2006	full format	31-07-2007	2007-52300024	PDF
31-12-2005	full format	13-09-2006	2006-78203417	PDF
31-12-2004	full format	04-07-2005	2005-41101653	PDF
31-12-2003	full format	19-07-2004	2004-47503364	PDF

Key figures and ratios

per financial year, computed from the annual accounts

2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
204,091	191,491	390,392	391,064	295,441	171,598	849,125	283,079	619,023	404,812	306,356	278,939	342,299	355,340	575,481	396,309	348,904	44,756	304,500	316,702
209,593	147,794	286,728	301,809	216,492	123,809	642,395	210,984	474,891	316,635	230,700	207,211	298,311	289,282	563,477	298,020	309,099	65,592	212,110	241,907
15,967	38,902	6,827	0	32,135	1,833	17,224	392,066	39,180	49,231	26,197	21,407	40,728	15,669	38,600	38,272	67,007	826,685	175,762	28,707
-42,894	-73,237	-114,128	-19,882	35,400	-1.3m	130,172	235,982	357,018	235,275	-53,523	-162,625	75,165	-89,618	-45,207	417,505	-20,924	-348,400	69,648	-
2.8m	2.6m	2.5m	2.2m	2.1m	2.0m	1.9m	1.3m	1.3m	978,712	853,708	849,558	593,752	376,226	107,382	-80,919	-420,493	-678,442	105,198	342,466
93.8%	92.1%	92.8%	85.3%	76.6%	78.4%	71.7%	50.6%	54.2%	47.8%	48.4%	55.5%	45.3%	40.9%	30.0%	36.1%	34.2%	26.2%	38.4%	36.1%
15.79	12.30	13.35	6.40	5.74	8.50	5.76	2.52	2.49	2.16	2.17	2.57	1.74	1.41	1.09	0.94	0.67	0.56	1.11	1.57
13.91	11.17	12.07	5.79	5.20	7.59	5.28	2.25	2.25	1.95	1.93	2.23	1.51	1.17	0.89	0.76	0.47	0.40	0.96	1.38
0.07	0.09	0.08	0.17	0.23	0.20	0.32	0.86	0.72	0.93	0.88	0.63	1.10	1.40	2.27	1.73	1.92	2.81	1.60	1.77
5.7%	3.9%	9.3%	10.5%	7.3%	2.9%	29.9%	11.6%	34.8%	26.5%	19.2%	15.3%	23.8%	17.7%	69.7%	13.2%	17.1%	-9.6%	15.9%	27.7%
5.3%	3.6%	8.6%	9.0%	5.6%	2.3%	21.4%	5.9%	18.9%	12.7%	9.3%	8.5%	10.8%	7.2%	20.9%	4.8%	5.9%	-2.5%	6.1%	10.0%
39.54	35.98	82.16	59.47	9.72	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

EBIT margin: not included in this filing.

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Social balance sheet

Item	31-12-2025	31-12-2024	31-12-2023	31-12-2022	31-12-2021
Employees at the balance-sheet date	15	17	22	16	13
full-time	10	12	16	13	11
part-time	5	5	6	3	2
in full-time equivalents	13.1	15	19.6	14.9	12.3
	13.9	16.5	13.8	12.9	13.5
On a permanent contract	14	14	12	12	13
Joined	11	11	16	5	2
Left	13	18	12	3	4
Training hours	-	-	-	415	-

Source: social balance sheet in the 2021 to 2025 annual accounts

Investments

fixed assets acquired

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€15,967	€38,902	€5,427	-	€32,135
Financial fixed assets	-	-	€1,400	-	-
	€45,814	€41,269	€44,313	€52,246	€62,155

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Insights on FIRST OPERA

The operating result for 2025 is 5% higher than in 2024. It is a recovery after the fall in 2024.

Debt's share of the balance-sheet total falls from 7.9% to 6.2%. Equity is higher and debt is lower.

Next steps

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Annual accounts 2025

Balance sheet

Change in equityin €m

Change in cashin euro

Position in the sector

Solvency93.8%

Current ratio15.79

Return on assets5.3%

Staff

Staff cost per FTE€55,858

Joined and left-2 people

Filed annual accounts

Filings

Key figures and ratios

Social balance sheet

Investments

Insights on FIRST OPERA

Next steps

in €m

in euro

93.8%

15.79

5.3%

€55,858

-2 people