A-FIRST: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
A-FIRST
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€343,010
2024 · €408,601-€65,591
Equity
€3.4m
2024 · €3.0m+€343,010
Cash
€2.5m
2024 · €2.2m+€305,188
Balance sheet total
€4.2m
2024 · €3.9m+€349,263
Largest movements
Assets
- Cash +€305,188
up €305,188 (+13.9%), from €2.2m to €2.5m
mainly Net result for the year (+€343,010) and Tax, wage and social debts (+€96,473)
Equity and liabilities
- Profit (loss) carried forward +€343,010
up €343,010 (+12.9%), from €2.7m to €3.0m
- Trade debts -€143,787
down €143,787 (-37.0%), from €388,481 to €244,694
- Tax, wage and social debts +€96,473
up €96,473 (+36.1%), from €267,361 to €363,833
of which Taxes: +€70,312
Income statement
- Staff costs +€180,583
up €180,583 (+18.7%), from €966,886 to €1.1m
- Gross operating margin +€76,865
up €76,865 (+5.1%), from €1.5m to €1.6m
- Depreciation -€19,398
down €19,398 (-22.8%), from €85,199 to €65,801
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
€408,601
Gross operating margin
+€76,865
Staff costs
-€180,583
Depreciation
+€19,398
Write-downs
+€10,116
Other operating charges
-€724
Other operating items
+€285
Financial income
+€11,716
Financial charges
+€678
Taxes
-€3,341
Result 2025
€343,010
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€339,767
Investment
-€69,092
Financing
+€34,513
Cash 2024
€2.2m
From operations (derived)
+€339,767
Net result for the year
+€343,010
Depreciation
+€65,801
Receivables within one year
-€33,235
Deferred charges and accrued income
-€7,550
Trade debts
-€143,787
Tax, wage and social debts
+€96,473
Accrued charges and deferred income
+€19,055
Investment (derived)
-€69,092
Investment in fixed assets (net)
-€69,092
Financing
+€34,513
Debts after one year
+€22,917
Current portion of long-term debt
+€11,595
Cash 2025
€2.5m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,883,484 | €4,232,747 | +€349,263 | +9.0% |
| Fixed assets | 21/28 | €626,731 | €630,022 | +€3,291 | +0.5% |
| Tangible fixed assets | 22/27 | €609,844 | €613,136 | +€3,291 | +0.5% |
| Land and buildings | 22 | €527,609 | €489,698 | -€37,911 | -7.2% |
| Plant, machinery and equipment | 23 | €25,519 | €80,794 | +€55,275 | +216.6% |
| Furniture and vehicles | 24 | €10,625 | €0 | -€10,625 | -100.0% |
| Other tangible fixed assets | 26 | €12,911 | €9,463 | -€3,448 | -26.7% |
| Assets under construction and advance payments | 27 | €33,181 | €33,181 | = | 0.0% |
| Financial fixed assets | 28 | €16,887 | €16,887 | = | 0.0% |
| Current assets | 29/58 | €3,256,753 | €3,602,725 | +€345,972 | +10.6% |
| Amounts receivable within one year | 40/41 | €1,060,574 | €1,093,809 | +€33,235 | +3.1% |
| Trade receivables | 40 | €357,178 | €293,691 | -€63,487 | -17.8% |
| Other amounts receivable | 41 | €703,396 | €800,117 | +€96,721 | +13.8% |
| Cash at bank and in hand | 54/58 | €2,191,080 | €2,496,268 | +€305,188 | +13.9% |
| Deferred charges and accrued income | 490/1 | €5,098 | €12,648 | +€7,550 | +148.1% |
| Total equity and liabilities | 10/49 | €3,883,484 | €4,232,747 | +€349,263 | +9.0% |
| Equity | 10/15 | €3,018,542 | €3,361,553 | +€343,010 | +11.4% |
| Contributions | 10/11 | €367,426 | €367,426 | = | 0.0% |
| Capital | 10 | €367,426 | €367,426 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,651,116 | €2,994,126 | +€343,010 | +12.9% |
| Provisions and deferred taxes | 16 | €64,928 | €64,928 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €64,928 | €64,928 | = | 0.0% |
| Other liabilities and charges | 164/5 | €64,928 | €64,928 | = | 0.0% |
| Amounts payable | 17/49 | €800,013 | €806,266 | +€6,253 | +0.8% |
| Amounts payable after more than one year | 17 | €16,225 | €39,142 | +€22,917 | +141.2% |
| Financial debts | 170/4 | €16,225 | €39,142 | +€22,917 | +141.2% |
| Amounts payable within one year | 42/48 | €729,894 | €694,175 | -€35,720 | -4.9% |
| Current portion of amounts payable after more than one year | 42 | €74,052 | €85,648 | +€11,595 | +15.7% |
| Trade debts | 44 | €388,481 | €244,694 | -€143,787 | -37.0% |
| Suppliers | 440/4 | €388,481 | €244,694 | -€143,787 | -37.0% |
| Taxes, remuneration and social security | 45 | €267,361 | €363,833 | +€96,473 | +36.1% |
| Taxes | 450/3 | €189,565 | €259,876 | +€70,312 | +37.1% |
| Remuneration and social security | 454/9 | €77,796 | €103,957 | +€26,161 | +33.6% |
| Accrued charges and deferred income | 492/3 | €53,894 | €72,949 | +€19,055 | +35.4% |
| Non-recurring operating income | 76A | - | €11,000 | +€11,000 | |
| Remuneration, social security and pensions | 62 | €966,886 | €1,147,469 | +€180,583 | +18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,199 | €65,801 | -€19,398 | -22.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,901 | -€5,215 | -€10,116 | |
| Other operating charges | 640/8 | €21,595 | €22,319 | +€724 | +3.4% |
| Non-recurring operating charges | 66A | €285 | - | -€285 | |
| Gross operating margin | 9900 | €1,493,689 | €1,570,554 | +€76,865 | +5.1% |
| Operating profit (loss) | 9901 | €414,824 | €340,181 | -€74,643 | -18.0% |
| Financial income | 75/76B | €86 | €11,802 | +€11,716 | +13629.6% |
| Recurring financial income | 75 | €86 | €11,802 | +€11,716 | +13629.6% |
| Financial charges | 65/66B | €5,488 | €4,810 | -€678 | -12.3% |
| Recurring financial charges | 65 | €5,488 | €4,810 | -€678 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | €409,422 | €347,172 | -€62,250 | -15.2% |
| Income taxes | 67/77 | €821 | €4,162 | +€3,341 | +406.8% |
| Profit (loss) for the period | 9904 | €408,601 | €343,010 | -€65,591 | -16.1% |
| Profit (loss) for the period to be appropriated | 9905 | €408,601 | €343,010 | -€65,591 | -16.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.