First Estate Group: what changed
First Estate Group
Largest movements
- Stocks and contracts +€163,595
up €163,595 (+24.8%), from €660,000 to €823,595
- Cash -€11,736
down €11,736 (-92.5%), from €12,688 to €952
mainly Stocks and contracts (-€163,595) and Net result for the year (-€33,150)
- Debts after one year +€166,621
up €166,621 (+22.8%), from €732,000 to €898,621
of which Financial debts: +€178,621
- Profit (loss) carried forward -€33,150
down €33,150 (-22.5%), from -€147,517 to -€180,667
- Trade debts +€15,596
up €15,596 (+224%), from €6,969 to €22,564
- Other operating charges -€37,799
down €37,799 (-95.2%), from €39,719 to €1,921
- Financial charges -€36,749
down €36,749 (-98.0%), from €37,513 to €764
- Gross operating margin -€36,485
down €36,485, from €7,537 to -€28,948
- Staff costs -€13,082
down €13,082 (-100%), from €13,082 to €0
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €674,265 | €825,747 | +€151,482 | +22.5% |
| Current assets | 29/58 | €674,265 | €825,747 | +€151,482 | +22.5% |
| Stocks and contracts in progress | 3 | €660,000 | €823,595 | +€163,595 | +24.8% |
| Stocks | 30/36 | €660,000 | €823,595 | +€163,595 | +24.8% |
| Cash at bank and in hand | 54/58 | €12,688 | €952 | -€11,736 | -92.5% |
| Deferred charges and accrued income | 490/1 | €1,577 | €1,200 | -€377 | -23.9% |
| Total equity and liabilities | 10/49 | €674,265 | €825,747 | +€151,482 | +22.5% |
| Equity | 10/15 | -€94,723 | -€127,873 | -€33,150 | -35.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €42,794 | €42,794 | = | 0.0% |
| Distributable reserves | 133 | €42,794 | €42,794 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€147,517 | -€180,667 | -€33,150 | -22.5% |
| Amounts payable | 17/49 | €768,987 | €953,620 | +€184,632 | +24.0% |
| Amounts payable after more than one year | 17 | €732,000 | €898,621 | +€166,621 | +22.8% |
| Financial debts | 170/4 | €720,000 | €898,621 | +€178,621 | +24.8% |
| Other amounts payable | 178/9 | €12,000 | €0 | -€12,000 | -100% |
| Amounts payable within one year | 42/48 | €36,987 | €54,999 | +€18,012 | +48.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €6,969 | €22,564 | +€15,596 | +224% |
| Suppliers | 440/4 | €6,969 | €22,564 | +€15,596 | +224% |
| Taxes, remuneration and social security | 45 | €29,672 | €31,510 | +€1,838 | +6.2% |
| Taxes | 450/3 | €1,306 | €3,144 | +€1,838 | +141% |
| Remuneration and social security | 454/9 | €28,366 | €28,366 | = | 0.0% |
| Other amounts payable | 47/48 | €346 | €925 | +€578 | +167% |
| Remuneration, social security and pensions | 62 | €13,082 | €0 | -€13,082 | -100% |
| Other operating charges | 640/8 | €39,719 | €1,921 | -€37,799 | -95.2% |
| Gross operating margin | 9900 | €7,537 | -€28,948 | -€36,485 | |
| Operating profit (loss) | 9901 | -€45,264 | -€30,869 | +€14,396 | +31.8% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €37,513 | €764 | -€36,749 | -98.0% |
| Recurring financial charges | 65 | €37,513 | €764 | -€36,749 | -98.0% |
| Profit (loss) for the period before taxes | 9903 | -€82,778 | -€31,633 | +€51,145 | +61.8% |
| Income taxes | 67/77 | €1,627 | €1,517 | -€110 | -6.7% |
| Profit (loss) for the period | 9904 | -€84,405 | -€33,150 | +€51,254 | +60.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€84,405 | -€33,150 | +€51,254 | +60.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.