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FirstClass

Active
Private limited companyfounded 2020active for 6 yearsZultseweg 234, 8790 Waregem, BelgiumKBO/BCE: BE 0744.470.545
Summary

The computed 12-month bankruptcy probability of FirstClass is 13.5% (high). For FirstClass, one filing cycle of the annual accounts is missing. The 2024 annual accounts show negative equity (-€133,078) and a net result of -€78,879. Equity is shrinking by about 79% per year across the filed financial years. Its solvency ranks better than 7% of 8,980 sector peers (NACE 46, financial year 2024). The company has been active since 2020 and the Belgian Official Gazette contains no insolvency or warning signals.

Financials · financial year 2024, abbreviated format

2025 annual accounts not yet filed, deadline passed on 30 April 2026 Financial year closed on 30 September 2025; filing due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 12 October 2026.

Equity
-€133,078▼ 146%
2023 · -€54,199
Total assets
€744,928=
2023 · €745,107
Net result
-€78,879▼ 689%
2023 · -€10,001
Working capital
-€590,980▼ 12.6%
2023 · -€524,653
Trend over the years

2020 to 2024, 5 financial years

The operating result stays negative: a loss of €82,747 in 2024 against €5,492 in 2023; the loss grows.

What the company sold each financial year and what was left of it. A loss stands below the zero line.

Operating result-€82,747 2024 Net result-€78,879 2024

Use the arrow keys on the chart for the figures per year.

Sector: the middle half of NACE 46, Wholesale trade: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).

Every figure with its change against the financial year before
favourable unfavourable
Line20202021202220232024
Operating result€12,942-€36,574▲ 183%-€110,002-€5,492▲ 95.0%-€82,747▼ 1,407%
Net result€11,705within the sector's middle half-€35,487above the sector's middle half▲ 203%-€111,390below the sector's middle half-€10,001below the sector's middle half▲ 91.0%-€78,879below the sector's middle half▼ 689%
Equity€31,705within the sector's middle half-€67,193within the sector's middle half▲ 112%-€44,198below the sector's middle half-€54,199below the sector's middle half▼ 22.6%-€133,078below the sector's middle half▼ 146%
Total assets€283,151within the sector's middle half-€337,363within the sector's middle half▲ 19.1%€806,862above the sector's middle half▲ 139%€745,107above the sector's middle half▼ 7.7%€744,928within the sector's middle half=
Debt€251,446-€270,170▲ 7.4%€851,060▲ 215%€799,305▼ 6.1%€878,006▲ 9.8%
Working capital-€103,791below the sector's middle half--€79,054below the sector's middle half▲ 23.8%-€524,593below the sector's middle half▼ 564%-€524,653below the sector's middle half=-€590,980below the sector's middle half▼ 12.6%
Solvency11.2%within the sector's middle half-19.9%within the sector's middle half▲ 8.7pp-5.5%below the sector's middle half▼ 25.4pp-7.3%below the sector's middle half▼ 1.8pp-17.9%below the sector's middle half▼ 10.6pp
Current ratio0.46below the sector's middle half-0.65below the sector's middle half▲ 0.190.32below the sector's middle half▼ 0.330.29below the sector's middle half▼ 0.030.30below the sector's middle half▲ 0.01
Return on assets (ROA)4.1%within the sector's middle half-10.5%within the sector's middle half▲ 6.4pp-13.8%below the sector's middle half▼ 24.3pp-1.3%within the sector's middle half▲ 12.5pp-10.6%below the sector's middle half▼ 9.2pp
Staff (FTE)6.1above the sector's middle half-8.5▲ 39.3%22.7▲ 167%22.1▼ 2.6%7.2within the sector's middle half▼ 67.4%
above within below the middle half of NACE 46, Wholesale trade: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the abbreviated or micro format does not require them.
Why a figure moved sharply
  • 2024 Staff (FTE) -67% on 2023. The accounts now follow the abbreviated format, last year the micro format.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €744,928
Fixed assets €489,120 ▼ 7.5%
Current assets €255,808 ▲ 18.3%
Equity and liabilities
Equity-€133,078
Debt€878,006
Equity is negative: debt (€878,006) exceeds the balance-sheet total (€744,928).
Key figures and ratios
2024 value · change against 2023
EBITDA
-€9,396▼
2023 · €62,967
Cash flow
-€5,529▼
2023 · €58,458
Quick ratio
0.24▲
2023 · 0.18
Interest coverage
-2.39▼
2023 · 13.40
Debt ≤ 1 year
€846,788▲
2023 · €740,868
Debt > 1 year
€30,521▼
2023 · €58,437
Income taxes
€5▲
2023 · €0
Staff costs
€107,064▼
2023 · €156,700
No debt to equity: equity is negative, so debt divided by equity means nothing.
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
Filed annual accounts As filed with the NBB · 2024 against 2023 · 51 lines
Balance sheet Code20232024
Assets
Total assets20/58€745,107€744,928=
Fixed assets21/28€528,892€489,120▼
Tangible fixed assets22/27€528,562€488,790▼
Plant, machinery and equipment23€177,460€138,918▼
Furniture and vehicles24€22,245€12,988▼
Leasing and similar rights25€22,629€17,571▼
Other tangible fixed assets26€306,228€319,313▲
Financial fixed assets28€330€330=
Current assets29/58€216,215€255,808▲
Stocks and contracts in progress3€82,251€55,306▼
Stocks30/36€82,251€55,306▼
Amounts receivable within one year40/41€32,503€91,824▲
Trade receivables40€32,503€91,572▲
Other amounts receivable41€0€252▲
Cash at bank and in hand54/58€63,330€56,294▼
Deferred charges and accrued income490/1€38,131€52,384▲
Equity and liabilities
Total equity and liabilities10/49€745,107€744,928=
Equity10/15-€54,199-€133,078▼
Contributions10/11€20,000€20,000=
Profit (loss) carried forward14-€74,199-€153,078▼
Amounts payable17/49€799,305€878,006▲
Amounts payable after more than one year17€58,437€30,521▼
Financial debts170/4€58,437€30,521▼
Amounts payable within one year42/48€740,868€846,788▲
Current portion of amounts payable after more than one year42€35,878€27,917▼
Trade debts44€45,367€66,786▲
Suppliers440/4€45,367€66,786▲
Advances received on contracts in progress46-€80,131
Taxes, remuneration and social security45€39,794€27,625▼
Taxes450/3€20,051€16,964▼
Remuneration and social security454/9€19,743€10,661▼
Other amounts payable47/48€619,830€644,330▲
Accrued charges and deferred income492/3-€697
Income statement Code20232024
Non-recurring operating income76A€5,464€0▼
Remuneration, social security and pensions62€156,700€107,064▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€68,459€73,350▲
Other operating charges640/8€3,723€3,543▼
Gross operating margin9900€223,390€101,210▼
Operating profit (loss)9901-€5,492-€82,747▼
Financial income75/76B€189€7,801▲
Recurring financial income75€189€7,801▲
Financial charges65/66B€4,698€3,929▼
Recurring financial charges65€4,698€3,929▼
Profit (loss) for the period before taxes9903-€10,001-€78,874▼
Income taxes67/77€0€5▲
Profit (loss) for the period9904-€10,001-€78,879▼
Profit (loss) for the period to be appropriated9905-€10,001-€78,879▼
Appropriation of the result
Profit (loss) to be appropriated9906-€74,199-€153,078▼
Profit (loss) brought forward from the previous period14P-€64,198-€74,199▼
Transfer from equity791/2€0-
Social balance sheet
Average headcount (FTE)9087-7.2

The notes to these accounts (16 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Line20202021202220232024Change
Non-recurring operating income76A---€5,464€0▼ 100%
Remuneration, social security and pensions62--€248,382€156,700€107,064▼ 31.7%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€17,527€38,755€56,229€68,459€73,350▲ 7.1%
Other operating charges640/8--€2,460€3,723€3,543▼ 4.8%
Gross operating margin9900€73,255€172,296€197,070€223,390€101,210▼ 54.7%
Operating profit (loss)9901€12,942€36,574-€110,002-€5,492-€82,747▼ 1,407%
Financial income75/76B--€314€189€7,801▲ 4,033%
Recurring financial income75-€78€314€189€7,801▲ 4,033%
Financial charges65/66B--€1,700€4,698€3,929▼ 16.4%
Recurring financial charges65€1,237€1,164€1,700€4,698€3,929▼ 16.4%
Profit (loss) for the period before taxes9903€11,705€35,488-€111,388-€10,001-€78,874▼ 689%
Income taxes67/77-€1€2€0€5-
Profit (loss) for the period9904€11,705€35,487-€111,390-€10,001-€78,879▼ 689%
Profit (loss) for the period to be appropriated9905€11,705€35,487-€111,390-€10,001-€78,879▼ 689%
Line20202021202220232024Change
Assets
Total assets20/58€283,151€337,363€806,862€745,107€744,928=
Fixed assets21/28€195,187€189,216€557,020€528,892€489,120▼ 7.5%
Tangible fixed assets22/27€188,587€189,216€556,850€528,562€488,790▼ 7.5%
Plant, machinery and equipment23--€203,860€177,460€138,918▼ 21.7%
Furniture and vehicles24--€31,502€22,245€12,988▼ 41.6%
Leasing and similar rights25---€22,629€17,571▼ 22.4%
Other tangible fixed assets26--€321,489€306,228€319,313▲ 4.3%
Financial fixed assets28€6,600-€170€330€330=
Current assets29/58€87,964€148,146€249,842€216,215€255,808▲ 18.3%
Stocks and contracts in progress3€26,103€49,378€87,627€82,251€55,306▼ 32.8%
Stocks30/36--€87,627€82,251€55,306▼ 32.8%
Amounts receivable within one year40/41€10,702€20,685€11,538€32,503€91,824▲ 183%
Trade receivables40--€9,517€32,503€91,572▲ 182%
Other amounts receivable41--€2,020€0€252-
Cash at bank and in hand54/58€51,158€74,700€115,461€63,330€56,294▼ 11.1%
Deferred charges and accrued income490/1--€35,216€38,131€52,384▲ 37.4%
Equity and liabilities
Total equity and liabilities10/49€283,151€337,363€806,862€745,107€744,928=
Equity10/15€31,705€67,193-€44,198-€54,199-€133,078▼ 146%
Contributions10/11--€20,000€20,000€20,000=
Reserves13€11,705€47,193€0---
Distributable reserves133--€0---
Profit (loss) carried forward14---€64,198-€74,199-€153,078▼ 106%
Amounts payable17/49€251,446€270,170€851,060€799,305€878,006▲ 9.8%
Amounts payable after more than one year17€59,691€42,970€76,625€58,437€30,521▼ 47.8%
Financial debts170/4--€76,625€58,437€30,521▼ 47.8%
Amounts payable within one year42/48€191,755€227,200€774,435€740,868€846,788▲ 14.3%
Current portion of amounts payable after more than one year42--€30,689€35,878€27,917▼ 22.2%
Trade debts44€14,099€8,230€84,196€45,367€66,786▲ 47.2%
Suppliers440/4--€84,196€45,367€66,786▲ 47.2%
Advances received on contracts in progress46----€80,131-
Taxes, remuneration and social security45--€28,747€39,794€27,625▼ 30.6%
Taxes450/3---€20,051€16,964▼ 15.4%
Remuneration and social security454/9--€28,747€19,743€10,661▼ 46.0%
Other amounts payable47/48--€630,803€619,830€644,330▲ 4.0%
Accrued charges and deferred income492/3----€697-
Line20202021202220232024Change
Profit (loss) for the period9904€11,705€35,487-€111,390-€10,001-€78,879▼ 689%
+ Depreciation and write-downs630€17,527€38,755€56,229€68,459€73,350▲ 7.1%
Operating cash flow (approximation)€29,232€74,242-€55,161€58,458-€5,529-
Investment in fixed assets (approximation)--€32,784-€424,034-€40,330-€33,579▲ 16.7%
Change in cash-€23,542€40,762-€52,131-€7,036▲ 86.5%

Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.

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