FIRST INC: 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 INC
Largest movements
- Tangible fixed assets -€19,633
down €19,633 (-22.5%), from €87,224 to €67,592
- Receivables within one year +€14,738
up €14,738 (+1,228%), from €1,200 to €15,938
of which Trade receivables: +€11,111
- Cash -€14,710
down €14,710 (-75.7%), from €19,437 to €4,727
mainly Other debts (-€32,896) and Receivables within one year (-€14,738)
- Other debts -€32,896
down €32,896 (-74.2%), from €44,324 to €11,428
- Reserves +€7,504
up €7,504 (+21.0%), from €35,650 to €43,155
of which Distributable reserves: +€7,504
- Trade debts +€6,141
up €6,141 (+71.0%), from €8,644 to €14,784
- Staff costs -€17,901
down €17,901 (-14.7%), from €121,707 to €103,807
- Gross operating margin -€17,109
down €17,109 (-11.8%), from €145,470 to €128,361
- Depreciation -€4,302
down €4,302 (-28.5%), from €15,097 to €10,796
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.
Derived cash bridge
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 | €129,937 | €110,331 | -€19,605 | -15.1% |
| Fixed assets | 21/28 | €87,224 | €67,592 | -€19,633 | -22.5% |
| Tangible fixed assets | 22/27 | €87,224 | €67,592 | -€19,633 | -22.5% |
| Land and buildings | 22 | €68,752 | €60,170 | -€8,582 | -12.5% |
| Plant, machinery and equipment | 23 | €7,118 | €5,829 | -€1,289 | -18.1% |
| Furniture and vehicles | 24 | €11,354 | €1,593 | -€9,762 | -86.0% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €42,712 | €42,740 | +€27 | +0.1% |
| Stocks and contracts in progress | 3 | €22,076 | €22,076 | = | 0.0% |
| Stocks | 30/36 | €22,076 | €22,076 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,200 | €15,938 | +€14,738 | +1,228% |
| Trade receivables | 40 | €1,200 | €12,311 | +€11,111 | +926% |
| Other amounts receivable | 41 | €0 | €3,627 | +€3,627 | |
| Cash at bank and in hand | 54/58 | €19,437 | €4,727 | -€14,710 | -75.7% |
| Total equity and liabilities | 10/49 | €129,937 | €110,331 | -€19,605 | -15.1% |
| Equity | 10/15 | €60,440 | €67,944 | +€7,504 | +12.4% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €35,650 | €43,155 | +€7,504 | +21.0% |
| Non-distributable reserves | 130/1 | €2,479 | €2,479 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,479 | €2,479 | = | 0.0% |
| Distributable reserves | 133 | €33,171 | €40,676 | +€7,504 | +22.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €69,497 | €42,388 | -€27,109 | -39.0% |
| Amounts payable within one year | 42/48 | €69,497 | €42,388 | -€27,109 | -39.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €8,644 | €14,784 | +€6,141 | +71.0% |
| Suppliers | 440/4 | €8,644 | €14,784 | +€6,141 | +71.0% |
| Taxes, remuneration and social security | 45 | €16,530 | €16,175 | -€354 | -2.1% |
| Taxes | 450/3 | €4,656 | €3,897 | -€759 | -16.3% |
| Remuneration and social security | 454/9 | €11,874 | €12,279 | +€405 | +3.4% |
| Other amounts payable | 47/48 | €44,324 | €11,428 | -€32,896 | -74.2% |
| Non-recurring operating income | 76A | - | €3,813 | +€3,813 | |
| Remuneration, social security and pensions | 62 | €121,707 | €103,807 | -€17,901 | -14.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,097 | €10,796 | -€4,302 | -28.5% |
| Other operating charges | 640/8 | €3,674 | €4,122 | +€448 | +12.2% |
| Gross operating margin | 9900 | €145,470 | €128,361 | -€17,109 | -11.8% |
| Operating profit (loss) | 9901 | €4,992 | €9,637 | +€4,645 | +93.1% |
| Financial income | 75/76B | €0 | €0 | -€0 | -30.3% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -30.3% |
| Financial charges | 65/66B | €697 | €1,767 | +€1,071 | +154% |
| Recurring financial charges | 65 | €697 | €1,767 | +€1,071 | +154% |
| Profit (loss) for the period before taxes | 9903 | €4,295 | €7,870 | +€3,575 | +83.2% |
| Income taxes | 67/77 | €0 | €366 | +€366 | +365,730% |
| Profit (loss) for the period | 9904 | €4,295 | €7,504 | +€3,209 | +74.7% |
| Profit (loss) for the period to be appropriated | 9905 | €4,295 | €7,504 | +€3,209 | +74.7% |
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 17 October 2026 via checked.be.