FIRST INVEST: 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 INVEST
Largest movements
- Tangible fixed assets -€47,897
down €47,897 (-7.6%), from €629,431 to €581,534
of which Land and buildings: -€34,620
- Profit (loss) carried forward -€74,235
down €74,235 (-22.2%), from -€334,752 to -€408,987
- Other debts +€71,675
up €71,675 (+10.2%), from €703,625 to €775,300
- Debts after one year -€50,466
down €50,466 (-26.2%), from €192,672 to €142,206
- Tax, wage and social debts +€9,772
up €9,772 (+36.0%), from €27,118 to €36,890
of which Remuneration and social security: +€9,691
- Staff costs +€22,464
up €22,464 (+26.6%), from €84,307 to €106,771
- Other operating charges -€4,253
down €4,253 (-57.7%), from €7,375 to €3,122
- Gross operating margin -€3,892
down €3,892 (-4.3%), from €90,993 to €87,101
- Financial charges -€1,188
down €1,188 (-25.1%), from €4,734 to €3,546
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 | €649,492 | €608,445 | -€41,047 | -6.3% |
| Fixed assets | 21/28 | €629,431 | €581,534 | -€47,897 | -7.6% |
| Tangible fixed assets | 22/27 | €629,431 | €581,534 | -€47,897 | -7.6% |
| Land and buildings | 22 | €546,183 | €511,563 | -€34,620 | -6.3% |
| Plant, machinery and equipment | 23 | €71,366 | €60,764 | -€10,602 | -14.9% |
| Furniture and vehicles | 24 | €11,882 | €9,207 | -€2,675 | -22.5% |
| Current assets | 29/58 | €20,061 | €26,911 | +€6,850 | +34.1% |
| Stocks and contracts in progress | 3 | €762 | €1,000 | +€238 | +31.2% |
| Stocks | 30/36 | €762 | €1,000 | +€238 | +31.2% |
| Amounts receivable within one year | 40/41 | €5,257 | €9,354 | +€4,097 | +77.9% |
| Trade receivables | 40 | €5,252 | €9,354 | +€4,102 | +78.1% |
| Other amounts receivable | 41 | €5 | - | -€5 | |
| Cash at bank and in hand | 54/58 | €6,577 | €10,374 | +€3,797 | +57.7% |
| Deferred charges and accrued income | 490/1 | €7,465 | €6,183 | -€1,282 | -17.2% |
| Total equity and liabilities | 10/49 | €649,492 | €608,445 | -€41,047 | -6.3% |
| Equity | 10/15 | -€332,252 | -€406,487 | -€74,235 | -22.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€334,752 | -€408,987 | -€74,235 | -22.2% |
| Amounts payable | 17/49 | €981,744 | €1,014,932 | +€33,188 | +3.4% |
| Amounts payable after more than one year | 17 | €192,672 | €142,206 | -€50,466 | -26.2% |
| Financial debts | 170/4 | €192,672 | €142,206 | -€50,466 | -26.2% |
| Amounts payable within one year | 42/48 | €786,914 | €870,435 | +€83,521 | +10.6% |
| Current portion of amounts payable after more than one year | 42 | €49,816 | €50,467 | +€651 | +1.3% |
| Trade debts | 44 | €6,355 | €7,778 | +€1,423 | +22.4% |
| Suppliers | 440/4 | €6,355 | €7,778 | +€1,423 | +22.4% |
| Taxes, remuneration and social security | 45 | €27,118 | €36,890 | +€9,772 | +36.0% |
| Taxes | 450/3 | €7,940 | €8,021 | +€81 | +1.0% |
| Remuneration and social security | 454/9 | €19,178 | €28,869 | +€9,691 | +50.5% |
| Other amounts payable | 47/48 | €703,625 | €775,300 | +€71,675 | +10.2% |
| Accrued charges and deferred income | 492/3 | €2,158 | €2,291 | +€133 | +6.2% |
| Remuneration, social security and pensions | 62 | €84,307 | €106,771 | +€22,464 | +26.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,041 | €47,897 | +€856 | +1.8% |
| Other operating charges | 640/8 | €7,375 | €3,122 | -€4,253 | -57.7% |
| Gross operating margin | 9900 | €90,993 | €87,101 | -€3,892 | -4.3% |
| Operating profit (loss) | 9901 | -€47,730 | -€70,689 | -€22,959 | -48.1% |
| Financial income | 75/76B | €50 | €0 | -€50 | -100% |
| Recurring financial income | 75 | €50 | €0 | -€50 | -100% |
| Financial charges | 65/66B | €4,734 | €3,546 | -€1,188 | -25.1% |
| Recurring financial charges | 65 | €4,734 | €3,546 | -€1,188 | -25.1% |
| Profit (loss) for the period before taxes | 9903 | -€52,414 | -€74,235 | -€21,821 | -41.6% |
| Profit (loss) for the period | 9904 | -€52,414 | -€74,235 | -€21,821 | -41.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€52,414 | -€74,235 | -€21,821 | -41.6% |
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 18 October 2026 via checked.be.