First Class Service: what changed
Two financial 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.
First Class Service
Largest movements
- Tangible fixed assets +€58,851
up €58,851 (+40.6%), from €144,938 to €203,790
of which Other tangible fixed assets: +€30,085
- Receivables within one year +€21,771
up €21,771 (+28.7%), from €75,796 to €97,567
of which Trade receivables: +€12,322
- Cash -€19,380
down €19,380 (-38.8%), from €49,918 to €30,538
mainly Investment in fixed assets (net) (-€68,616) and Debts after one year (-€62,759)
- Reserves +€94,359
up €94,359 (+14.2%), from €664,321 to €758,681
- Debts after one year -€62,759
down €62,759 (-19.2%), from €326,657 to €263,898
- Other debts +€24,829
up €24,829 (+6.2%), from €402,023 to €426,852
- Taxes +€20,423
up €20,423 (+100.4%), from €20,347 to €40,770
- Gross operating margin -€14,045
down €14,045 (-5.7%), from €248,516 to €234,470
- Financial income -€10,916
down €10,916 (-91.0%), from €11,998 to €1,083
- Depreciation -€10,127
down €10,127 (-50.9%), from €19,893 to €9,765
- Staff costs +€5,127
up €5,127 (+7.9%), from €65,139 to €70,266
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,496,620 | €1,570,819 | +€74,199 | +5.0% |
| Fixed assets | 21/28 | €1,335,143 | €1,393,995 | +€58,851 | +4.4% |
| Tangible fixed assets | 22/27 | €144,938 | €203,790 | +€58,851 | +40.6% |
| Land and buildings | 22 | €144,938 | €173,705 | +€28,766 | +19.8% |
| Other tangible fixed assets | 26 | - | €30,085 | +€30,085 | |
| Financial fixed assets | 28 | €1,190,205 | €1,190,205 | = | 0.0% |
| Current assets | 29/58 | €161,477 | €176,824 | +€15,348 | +9.5% |
| Amounts receivable within one year | 40/41 | €75,796 | €97,567 | +€21,771 | +28.7% |
| Trade receivables | 40 | €20,766 | €33,088 | +€12,322 | +59.3% |
| Other amounts receivable | 41 | €55,030 | €64,479 | +€9,449 | +17.2% |
| Current investments | 50/53 | €22,736 | €25,902 | +€3,166 | +13.9% |
| Cash at bank and in hand | 54/58 | €49,918 | €30,538 | -€19,380 | -38.8% |
| Deferred charges and accrued income | 490/1 | €13,027 | €22,817 | +€9,790 | +75.2% |
| Total equity and liabilities | 10/49 | €1,496,620 | €1,570,819 | +€74,199 | +5.0% |
| Equity | 10/15 | €676,745 | €771,104 | +€94,359 | +13.9% |
| Contributions | 10/11 | €12,423 | €12,423 | = | 0.0% |
| Reserves | 13 | €664,321 | €758,681 | +€94,359 | +14.2% |
| Distributable reserves | 133 | €664,321 | €758,681 | +€94,359 | +14.2% |
| Amounts payable | 17/49 | €819,875 | €799,715 | -€20,160 | -2.5% |
| Amounts payable after more than one year | 17 | €326,657 | €263,898 | -€62,759 | -19.2% |
| Financial debts | 170/4 | €326,657 | €263,898 | -€62,759 | -19.2% |
| Amounts payable within one year | 42/48 | €493,218 | €535,817 | +€42,598 | +8.6% |
| Current portion of amounts payable after more than one year | 42 | €61,669 | €62,759 | +€1,090 | +1.8% |
| Financial debts | 43 | - | €12 | +€12 | |
| Credit institutions | 430/8 | - | €12 | +€12 | |
| Trade debts | 44 | - | €7,991 | +€7,991 | |
| Suppliers | 440/4 | - | €7,991 | +€7,991 | |
| Taxes, remuneration and social security | 45 | €29,526 | €38,202 | +€8,676 | +29.4% |
| Taxes | 450/3 | €27,345 | €30,056 | +€2,711 | +9.9% |
| Remuneration and social security | 454/9 | €2,181 | €8,146 | +€5,965 | +273.5% |
| Other amounts payable | 47/48 | €402,023 | €426,852 | +€24,829 | +6.2% |
| Remuneration, social security and pensions | 62 | €65,139 | €70,266 | +€5,127 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,893 | €9,765 | -€10,127 | -50.9% |
| Other operating charges | 640/8 | €2,086 | €2,783 | +€697 | +33.4% |
| Gross operating margin | 9900 | €248,516 | €234,470 | -€14,045 | -5.7% |
| Operating profit (loss) | 9901 | €161,398 | €151,657 | -€9,742 | -6.0% |
| Financial income | 75/76B | €11,998 | €1,083 | -€10,916 | -91.0% |
| Recurring financial income | 75 | €11,998 | €1,083 | -€10,916 | -91.0% |
| Financial charges | 65/66B | €11,622 | €8,974 | -€2,649 | -22.8% |
| Recurring financial charges | 65 | €11,622 | €8,974 | -€2,649 | -22.8% |
| Profit (loss) for the period before taxes | 9903 | €161,774 | €143,765 | -€18,009 | -11.1% |
| Income taxes | 67/77 | €20,347 | €40,770 | +€20,423 | +100.4% |
| Profit (loss) for the period | 9904 | €141,427 | €102,995 | -€38,432 | -27.2% |
| Profit (loss) for the period to be appropriated | 9905 | €141,427 | €102,995 | -€38,432 | -27.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.