THE FIRST (0449.936.577): financials and annual accounts

THE FIRST

Ixelles ·KBO/BCE: BE 0449.936.577

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
Balance sheet: assets
Total assets`20/58`	56.9m	58.5m	58.2m	32.1m	21.0m	15.6m	11.3m	10.5m	9.9m	11.1m	16.6m	16.7m	16.4m	16.9m	17.7m	21.8m	21.7m	22.0m	22.1m	21.9m
Fixed assets`21/28`	49.0m	50.3m	51.5m	29.5m	14.6m	9.8m	10.7m	9.4m	8.6m	10.2m	15.9m	15.9m	15.9m	16.2m	16.8m	17.4m	18.0m	18.6m	19.2m	19.8m
Intangible fixed assets`21`	8,190	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Tangible fixed assets`22/27`	49.0m	50.3m	51.5m	29.5m	14.6m	9.8m	8.9m	8.6m	8.6m	8.6m	8.6m	8.6m	8.6m	8.8m	9.4m	10.0m	10.6m	11.2m	11.8m	12.4m
Land and buildings`22`	49.0m	50.3m	51.5m	29.5m	14.6m	9.8m	8.6m	8.6m	8.6m	8.6m	8.6m	8.6m	8.5m	8.8m	9.4m	10.0m	10.6m	11.2m	11.8m	12.4m
Plant, machinery and equipment`23`	-	-	-	-	-	-	-	-	-	-	-	-	2,354	4,707	7,061	9,415	11,768	14,122	16,476	18,830
Furniture and vehicles`24`	12,179	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	942	1,884
Other tangible fixed assets`26`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	812	1,624	2,436	3,248
Assets under construction and advance payments`27`	-	-	-	-	-	0	382,105	-	-	-	-	-	-	-	-	-	-	-	-	-
Financial fixed assets`28`	200	200	200	-	-	0	1.8m	800,000	-	1.7m	7.4m	7.4m	7.4m	7.4m	7.4m	7.4m	7.4m	7.4m	7.4m	7.4m
Affiliated companies`280/1`	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amounts receivable`281`	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Companies linked by participating interests`282/3`	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other financial fixed assets`284/8`	200	200	200	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amounts receivable and cash guarantees`285/8`	200	200	200	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Current assets`29/58`	8.0m	8.2m	6.8m	2.6m	6.4m	5.8m	514,082	1.2m	1.3m	903,842	677,876	742,195	500,482	665,300	864,215	4.4m	3.7m	3.4m	2.9m	2.0m
Amounts receivable after more than one year`29`	2.1m	2.7m	-	-	-	-	-	-	-	-	-	-	-	420,000	420,000	-	-	-	-	-
Trade receivables`290`	2.1m	2.7m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other amounts receivable`291`	-	-	-	-	-	-	-	-	-	-	-	-	-	420,000	420,000	-	-	-	-	-
Stocks and contracts in progress`3`	0	0	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amounts receivable within one year`40/41`	1.7m	1.6m	4.8m	732,992	779,180	764,535	8,896	216	756	673,592	342,286	242,185	73,928	83,516	144,562	4.0m	3.7m	3.0m	2.4m	1.9m
Trade receivables`40`	899,336	1.1m	3.9m	229,120	294,009	386,238	8,896	-	-	673,537	342,275	242,137	73,816	83,399	144,006	102,312	178,184	203,873	4	-
Other amounts receivable`41`	838,150	473,166	908,319	503,871	485,171	378,297	-	216	756	55	11	48	112	117	556	3.9m	3.5m	2.8m	2.4m	1.9m
Cash at bank and in hand`54/58`	2.5m	2.5m	1.4m	1.9m	5.6m	5.1m	484,996	1.1m	1.2m	150,725	169,464	232,530	57,792	13,827	19,840	397,826	10,727	296,283	390,831	50,813
Deferred charges and accrued income`490/1`	1.6m	1.5m	544,393	4,656	9,465	8,429	20,190	46,955	140,757	79,525	166,126	267,480	368,762	147,956	279,813	12,824	16,178	111,173	91,030	48,546
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	56.9m	58.5m	58.2m	32.1m	21.0m	15.6m	11.3m	10.5m	9.9m	11.1m	16.6m	16.7m	16.4m	16.9m	17.7m	21.8m	21.7m	22.0m	22.1m	21.9m
Equity`10/15`	29.1m	29.9m	30.0m	10.2m	3.9m	3.9m	-14,909	-1.1m	-2.2m	-2.9m	2.2m	1.4m	739,594	6,790	-868,710	423,808	361,098	404,001	250,524	85,464
Contributions`10/11`	7.0m	8.4m	9.0m	9.0m	3.8m	3.8m	422,000	422,000	422,000	422,000	422,000	422,000	422,000	422,000	62,000	62,000	62,000	62,000	62,000	62,000
Capital`10`	7.0m	8.4m	9.0m	9.0m	3.8m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issued capital`100`	7.0m	8.4m	9.0m	9.0m	3.8m	3.8m	422,000	422,000	422,000	422,000	422,000	422,000	422,000	422,000	62,000	62,000	62,000	62,000	62,000	62,000
Revaluation surpluses`12`	22.9m	22.9m	22.9m	2.0m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Reserves`13`	97,800	72,155	72,155	72,155	72,155	62,865	42,200	42,200	42,200	42,200	42,200	42,200	42,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200
Non-distributable reserves`130/1`	97,800	72,155	72,155	72,155	72,155	62,865	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Legal reserve`130`	97,800	72,155	72,155	72,155	72,155	62,865	42,200	42,200	42,200	42,200	42,200	42,200	42,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200
Profit (loss) carried forward`14`	-945,121	-1.4m	-2.0m	-868,038	0	0	-479,109	-1.6m	-2.7m	-3.3m	1.7m	982,521	275,394	-421,410	-936,910	355,608	292,898	335,801	182,324	17,264
Provisions and deferred taxes`16`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	155,000
Provisions for liabilities and charges`160/5`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	155,000
Amounts payable`17/49`	27.9m	28.5m	28.2m	21.8m	17.1m	11.7m	11.3m	11.6m	12.1m	14.0m	14.4m	15.2m	15.7m	16.9m	18.5m	21.4m	21.3m	21.6m	21.8m	21.6m
Amounts payable after more than one year`17`	24.3m	24.3m	24.3m	0	16.2m	10.7m	10.6m	10.6m	10.6m	-	-	7.7m	9.5m	14.5m	14.8m	21.0m	21.0m	21.0m	21.0m	21.0m
Financial debts`170/4`	24.3m	24.3m	24.3m	0	16.2m	10.7m	10.6m	10.6m	10.6m	-	-	7.7m	9.5m	14.5m	14.8m	21.0m	21.0m	21.0m	21.0m	21.0m
Credit institutions`173`	24.3m	24.3m	24.3m	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other loans`174`	-	-	-	-	-	10.7m	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amounts payable within one year`42/48`	270,995	460,023	297,962	21.8m	813,357	672,698	370,206	734,228	1.1m	13.7m	14.1m	7.3m	5.8m	2.0m	3.4m	94,239	35,832	187,696	402,422	252,838
Current portion of amounts payable after more than one year`42`	-	-	0	21.2m	-	-	-	-	-	-	7.7m	166,000	198,287	331,491	354,753	-	-	-	-	-
Trade debts`44`	67,166	325,221	275,818	539,339	584,522	140,229	83,127	2,475	106,840	393,555	370,142	467,428	105,854	336,704	335,802	94,237	18,511	54,390	38,515	21,159
Suppliers`440/4`	67,166	325,221	275,818	539,339	584,522	140,229	83,127	2,475	106,840	393,555	370,142	467,428	105,854	336,704	335,802	94,237	18,511	54,390	38,515	21,159
Taxes, remuneration and social security`45`	189,430	120,402	22,143	21,465	47,956	135,461	281,747	727,295	991,322	912,250	829,859	446,648	34,899	-	17	-	17,320	133,304	253,813	122,358
Taxes`450/3`	189,430	120,402	22,143	21,465	47,956	135,461	281,747	727,295	991,322	912,250	829,859	446,648	34,899	-	17	-	17,320	133,304	253,813	122,358
Other amounts payable`47/48`	14,400	14,400	-	0	180,880	397,008	5,332	4,458	18,273	12.4m	5.3m	6.2m	5.5m	1.4m	2.7m	2	2	2	110,093	109,320
Accrued charges and deferred income`492/3`	3.3m	3.8m	3.6m	82,289	92,566	304,203	292,728	295,822	378,078	301,156	322,483	321,372	359,432	370,197	402,829	305,486	289,096	439,524	441,392	366,712
Income statement
Operating income`70/76A`	4.0m	3.8m	2.9m	681,813	-	2.3m	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Turnover`70`	3.9m	3.6m	1.8m	672,154	-	2.3m	-	-	-	-	-	-	-	-	-	-	-	1.9m	1.8m	1.8m
Other operating income`74`	71,895	156,369	1.1m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-recurring operating income`76A`	-	-	0	9,658	46,321	961	-	-	13,056	-	-	-	-	-	-	-	-	-	-	-
Gross operating margin`9900`	-	-	-	-	1.2m	-	2.2m	2.2m	2.1m	1.9m	1.9m	1.9m	1.9m	2.0m	768,159	2.0m	2.0m	2.2m	2.1m	2.0m
Operating charges`60/66A`	2.2m	2.4m	3.4m	1.0m	-	985,476	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Goods, raw materials, services and sundry goods`60/61`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	22,805	28,972	33,591
Goods for resale, raw materials and consumables`60`	-	-	-	-	-	4,872	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchases`600/8`	-	-	-	-	-	4,872	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Services and other goods`61`	176,810	345,841	281,105	116,345	-	431,482	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	1.4m	1.4m	1.2m	383,394	106,848	2,089	2,163	2,162	2,162	2,162	2,162	4,003	294,538	586,453	595,123	595,959	595,959	599,938	631,446	658,418
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	-10,742	10,742	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Provisions for liabilities and charges: additions (uses and reversals)`635/8`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-155,000	-
Other operating charges`640/8`	715,284	706,942	2.0m	525,179	464,758	547,033	444,359	435,215	426,716	422,011	394,852	384,635	376,343	368,411	546,883	299,389	305,145	268,031	264,088	259,365
Non-recurring operating charges`66A`	-	-	-	-	-	-	-	-	-	5.7m	-	-	-	-	-	-	-	-	-	-
Operating profit (loss)`9901`	1.7m	1.4m	-536,020	-343,105	635,822	1.3m	1.8m	1.7m	1.7m	1.5m	1.5m	1.6m	1.3m	1.0m	-373,847	1.1m	1.1m	1.3m	1.3m	1.1m
Financial income`75/76B`	21,649	40,034	24,562	5,121	0	67,453	7,356	1,304	13,056	-	205	58	279	418	120,385	147,140	129,331	107,492	86,630	48,754
Recurring financial income`75`	21,649	40,034	24,562	5,121	0	67,453	7,356	1,304	-	-	205	58	279	418	120,385	147,140	129,331	107,492	86,630	48,754
Income from financial fixed assets`750`	-	-	0	5,121	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income from current assets`751`	-	0	-	-	-	66,643	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other financial income`752/9`	21,649	40,034	24,562	-	-	810	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-recurring financial income`76B`	-	-	-	-	-	-	-	-	13,056	-	-	-	-	-	-	-	-	-	-	-
Financial charges`65/66B`	820,759	826,565	613,928	520,968	330,599	222,790	141,635	142,688	455,487	6.1m	403,846	434,735	449,791	522,078	1.0m	1.1m	1.2m	1.2m	1.1m	848,048
Recurring financial charges`65`	820,759	826,565	613,928	520,968	330,599	222,790	141,635	142,688	455,487	421,357	403,846	434,735	449,791	522,078	1.0m	1.1m	1.2m	1.2m	1.1m	848,048
Debt charges`650`	820,206	820,206	613,193	519,949	-	219,360	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other financial charges`652/9`	553	6,359	735	1,019	-	3,431	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-recurring financial charges`66B`	-	-	-	-	-	-	-	-	-	5.7m	-	-	-	-	-	-	-	-	-	-
Profit (loss) for the period before taxes`9903`	934,491	589,993	-1.1m	-858,952	305,223	1.2m	1.6m	1.6m	1.3m	-4.6m	1.1m	1.1m	817,761	515,394	-1.3m	128,233	5,666	233,599	295,687	276,588
Income taxes`67/77`	421,587	28,950	0	9,086	119,424	300,053	518,473	496,133	589,544	401,856	418,370	411,807	84,957	-106	139	65,523	48,570	80,122	130,627	121,806
Taxes`670/3`	421,915	29,107	0	9,086	-	500,263	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Tax adjustments and reversals of tax provisions`77`	328	157	-	0	-	200,210	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Profit (loss) for the period`9904`	512,905	561,043	-1.1m	-868,038	185,798	892,411	1.1m	1.1m	662,412	-5.0m	725,971	707,127	732,803	515,500	-1.3m	62,710	-42,904	153,477	165,061	154,782
Profit (loss) for the period to be appropriated`9905`	512,905	561,043	-1.1m	-868,038	185,798	892,411	1.1m	1.1m	662,412	-5.0m	725,971	707,127	732,803	515,500	-1.3m	62,710	-42,904	153,477	165,061	154,782
Appropriation of the result
Profit (loss) to be appropriated`9906`	-919,476	-1.4m	-2.0m	-868,038	185,798	413,302	-479,109	-1.6m	-2.7m	-3.3m	1.7m	982,521	311,394	-421,410	-936,910	355,608	292,898	335,801	182,324	101,689
Profit (loss) brought forward from the previous period`14P`	-1.4m	-2.0m	-868,038	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer to equity`691/2`	25,645	-	-	0	9,290	20,665	-	-	-	-	-	-	36,000	-	-	-	-	-	-	4,426
To the legal reserve`6920`	25,645	-	-	0	9,290	20,665	-	-	-	-	-	-	36,000	-	-	-	-	-	-	4,426
Profit to be distributed`694/7`	-	-	-	0	176,509	392,637	-	-	-	-	-	-	-	-	-	-	-	-	-	80,000
Return on contributions (dividend)`694`	-	-	-	0	176,509	392,637	-	-	-	-	-	-	-	-	-	-	-	-	-	80,000
Social balance sheet
Hours worked`1013`	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-
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Financial year	Type	Filed	Reference	Document
31-12-2025	full format	27-08-2026	2026-00435764	PDF
31-12-2024	full format	20-08-2025	2025-00385050	PDF
31-12-2023	full format	06-08-2024	2024-00332577	PDF
31-12-2022	full format	10-07-2023	2023-00219240	PDF
31-12-2021	full format	21-09-2022	2022-20433165	PDF
31-12-2020	full format	19-10-2021	2021-72100431	PDF
31-12-2019	full format	28-07-2020	2020-37800116	PDF
31-12-2018	full format	24-06-2019	2019-23200322	PDF
31-12-2017	full format	22-06-2018	2018-21900185	PDF
31-12-2016	full format	03-07-2017	2017-26400195	PDF
31-12-2015	full format	29-08-2016	2016-50400106	PDF
31-12-2014	full format	31-08-2015	2015-55900544	PDF
31-12-2013	full format	25-08-2014	2014-47400048	PDF
31-12-2012	full format	31-07-2013	2013-38600561	PDF
31-12-2011	full format	22-08-2012	2012-43500587	PDF
31-12-2010	full format	30-08-2011	2011-48400569	PDF
31-12-2009	full format	27-08-2010	2010-46900388	PDF
31-12-2008	full format	02-07-2009	2009-36000295	PDF
31-12-2007	full format	07-07-2008	2008-37600049	PDF
31-12-2006	full format	20-07-2007	2007-44000384	PDF
31-12-2005	full format	25-08-2006	2006-67302028	PDF
31-12-2004	unclassified schema	14-04-2005	2005-11200287	PDF
31-12-2003	unclassified schema	23-03-2004	2004-07700218	PDF
31-12-2002	unclassified schema	25-03-2003	2003-08200053	PDF
31-12-2001	unclassified schema	05-04-2002	2002-08500225	PDF
31-12-2000	unclassified schema	20-04-2001	2001-10200012	PDF
31-12-1999	unclassified schema	13-04-2000	2000-09400257	PDF
30-12-1998	unclassified schema	08-04-1999	1999-07203526	PDF
30-12-1997	unclassified schema	16-04-1998	1998-06901670	PDF
30-12-1996	unclassified schema	18-04-1997	1997-05904586	PDF
31-12-1994	unclassified schema	28-03-1995	1995-04601961	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
EBITDA	3.1m	2.7m	624,381	40,289	742,670	1.3m	1.8m	1.7m	1.7m	1.5m	1.6m	1.6m	1.6m	1.6m	221,276	1.7m	1.7m	1.9m	2.0m	1.7m
Cash flow	1.9m	1.9m	35,015	-484,644	292,647	894,500	1.1m	1.1m	664,574	-5.0m	728,133	711,130	1.0m	1.1m	-697,395	658,669	553,055	753,415	796,507	813,201
Investment in fixed assets (approximation)	74,805	168,436	23.1m	15.2m	5.0m	821,793	1.4m	800,000	-1.7m	-5.7m	0	19,464	2,159	0	0	0	0	0	0	4,060
Change in cash	-60,494	1.1m	-430,906	-3.7m	509,775	4.6m	-621,537	-91,216	1.0m	-18,739	-63,066	174,738	43,965	-6,013	-377,985	387,099	-285,556	-94,548	340,019	-
Working capital	7.7m	7.8m	6.5m	-19.2m	5.6m	5.2m	143,876	419,476	222,827	-12.8m	-13.4m	-6.5m	-5.3m	-1.4m	-2.5m	4.3m	3.7m	3.3m	2.5m	1.8m
EBIT margin	44.4%	37.8%	-29.6%	-51.0%	-	57.8%	-	-	-	-	-	-	-	-	-	-	-	68.8%	71.7%	60.0%
Solvency	51.1%	51.2%	51.5%	31.9%	18.5%	24.9%	-0.1%	-10.7%	-22.2%	-25.7%	13.1%	8.7%	4.5%	0.0%	-4.9%	1.9%	1.7%	1.8%	1.1%	0.4%
Current ratio	29.39	17.85	22.77	0.12	7.84	8.69	1.39	1.57	1.20	0.07	0.05	0.10	0.09	0.33	0.26	46.94	-	18.33	7.21	8.06
Debt to equity	0.96	0.95	0.94	2.13	4.39	3.02	-	-	-	-	6.65	10.53	21.21	-	-	50.49	59.06	53.53	87.19	-
ROE	1.8%	1.9%	-3.7%	-8.5%	4.8%	23.0%	-	-	-	-	33.4%	48.9%	99.1%	-	-	14.8%	-11.9%	38.0%	65.9%	181.1%
ROA	0.9%	1.0%	-1.9%	-2.7%	0.9%	5.7%	9.8%	10.2%	6.7%	-45.2%	4.4%	4.2%	4.5%	3.1%	-7.3%	0.3%	-0.2%	0.7%	0.7%	0.7%
Interest coverage	3.77	3.33	1.02	0.08	2.25	6.15	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Customer credit	84 days	110 days	785 days	124 days	-	61 days	-	-	-	-	-	-	-	-	-	-	-	39 days	0 days	394 days
Supplier credit	139 days	343 days	358 days	1692 days	-	117 days	-	-	-	-	-	-	-	-	-	-	-	871 days	485 days	230 days

By activity	2019	2020	2021	2022	2023
HUUR VERIZON	-	-	-	-	€740,361
HUUR WHITE & CASE	-	-	-	-	€375,263
DIVERSE BEDRIJFSOPBRENGSTEN - WHITE & CA	-	-	-	-	€238,107
DIVERSE BEDRIJFSOPBRENGSTEN - VERIZON	-	-	-	-	€127,016
HUUR ECB	-	-	-	-	€125,789
HUUR DIGITAL EUROP	-	-	-	-	€86,385
DIVERSE BEDRIJFSOPBRENGSTEN - ECB	-	-	-	-	€59,952
DIVERSE BEDRIJFSOPBRENGSTEN - DIGITALEUR	-	-	-	-	€40,551
HUUR BATOPIN	-	-	-	-	€8,097
HUUR ONLY4COACHING	-	-	-	-	€6,800
DIVERSE BEDRIJFSOPBRENGSTEN - ONLY 4 COA	-	-	-	-	€2,047
DIVERSE BEDRIJFSOPBRENGSTEN - BATOPIN	-	-	-	-	€615
HUUR	-	-	€1,107,344	€531,245	-
DOORFACTURATIE ONROERENDE VOORHEFFING	-	-	€97,277	€140,894	-
RECUPERATIE KOSTEN - PARKING - BELASTING	-	-	€0	€15	-
Loyers perçus	€2,352,578	€2,333,277	-	-	-
Total	€2,352,578	€2,333,277	€1,204,621	€672,154	€1,810,983

Item	2025	2024	2023	2022	2021
Mortgages, amount registered	€24.3m	€24.3m	€24.3m	-	-
Carrying value of the mortgaged assets	€49.0m	€50.3m	€51.5m	-	-

THE FIRST

Annual accounts 2025

Money flows

Balance sheet

Change in equityin €m

Change in cashin €m

Position in the sector

Solvency51.1%

Current ratio29.39

Return on assets0.9%

Filed annual accounts

Filings

Key figures and ratios

Revenue breakdown

By activity 2023

Securities and guarantees

Investments

Auditor

Insights on THE FIRST

Next steps

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€66,615	€168,436	€23.1m	€15.2m	€5.0m
Intangible fixed assets	€8,190	-	-	-	-
Depreciation and write-downs of the year	€1.4m	€1.4m	€1.2m	€383,394	€106,848