FIRST LADY: 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 LADY
Largest movements
- Tangible fixed assets +€9,919
up €9,919 (+21.1%), from €47,118 to €57,037
of which Furniture and vehicles: +€17,265
- Stocks and contracts -€4,141
down €4,141 (-12.2%), from €33,893 to €29,752
- Cash -€2,663
down €2,663 (-3.3%), from €80,813 to €78,150
mainly Investment in fixed assets (net) (-€22,694) and Contributions, distributions and other (-€21,053)
- Reserves -€9,233
down €9,233 (-6.9%), from €133,675 to €124,442
of which Distributable reserves: -€9,233
- Debts after one year +€7,440
new in 2025: €7,440
- Current portion of long-term debt +€6,647
new in 2025: €6,647
- Trade debts -€3,484
down €3,484 (-85.6%), from €4,068 to €584
- Other debts +€2,716
up €2,716, from €0 to €2,716
- Gross operating margin -€3,906
down €3,906 (-10.1%), from €38,731 to €34,825
- Depreciation +€3,361
up €3,361 (+35.7%), from €9,414 to €12,775
- Taxes -€2,340
down €2,340 (-27.4%), from €8,545 to €6,205
- Financial charges +€580
up €580 (+131%), from €444 to €1,024
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 | €163,846 | €167,075 | +€3,229 | +2.0% |
| Fixed assets | 21/28 | €47,118 | €57,037 | +€9,919 | +21.1% |
| Tangible fixed assets | 22/27 | €47,118 | €57,037 | +€9,919 | +21.1% |
| Land and buildings | 22 | €37,842 | €32,421 | -€5,421 | -14.3% |
| Plant, machinery and equipment | 23 | €5,685 | €3,760 | -€1,925 | -33.9% |
| Furniture and vehicles | 24 | €3,591 | €20,856 | +€17,265 | +481% |
| Current assets | 29/58 | €116,728 | €110,038 | -€6,690 | -5.7% |
| Stocks and contracts in progress | 3 | €33,893 | €29,752 | -€4,141 | -12.2% |
| Stocks | 30/36 | €33,893 | €29,752 | -€4,141 | -12.2% |
| Amounts receivable within one year | 40/41 | €883 | €734 | -€148 | -16.8% |
| Other amounts receivable | 41 | €883 | €734 | -€148 | -16.8% |
| Cash at bank and in hand | 54/58 | €80,813 | €78,150 | -€2,663 | -3.3% |
| Deferred charges and accrued income | 490/1 | €1,140 | €1,403 | +€262 | +23.0% |
| Total equity and liabilities | 10/49 | €163,846 | €167,075 | +€3,229 | +2.0% |
| Equity | 10/15 | €152,275 | €143,042 | -€9,233 | -6.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €133,675 | €124,442 | -€9,233 | -6.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €131,815 | €122,582 | -€9,233 | -7.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €11,571 | €24,033 | +€12,462 | +108% |
| Amounts payable after more than one year | 17 | - | €7,440 | +€7,440 | |
| Financial debts | 170/4 | - | €7,440 | +€7,440 | |
| Amounts payable within one year | 42/48 | €11,571 | €16,593 | +€5,023 | +43.4% |
| Current portion of amounts payable after more than one year | 42 | - | €6,647 | +€6,647 | |
| Financial debts | 43 | €2,000 | €2,000 | = | 0.0% |
| Credit institutions | 430/8 | €2,000 | €2,000 | = | 0.0% |
| Trade debts | 44 | €4,068 | €584 | -€3,484 | -85.6% |
| Suppliers | 440/4 | €4,068 | €584 | -€3,484 | -85.6% |
| Taxes, remuneration and social security | 45 | €5,503 | €4,647 | -€856 | -15.6% |
| Taxes | 450/3 | €5,503 | €4,647 | -€856 | -15.6% |
| Other amounts payable | 47/48 | €0 | €2,716 | +€2,716 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,414 | €12,775 | +€3,361 | +35.7% |
| Other operating charges | 640/8 | €2,836 | €3,048 | +€212 | +7.5% |
| Gross operating margin | 9900 | €38,731 | €34,825 | -€3,906 | -10.1% |
| Operating profit (loss) | 9901 | €26,482 | €19,003 | -€7,479 | -28.2% |
| Financial income | 75/76B | €42 | €46 | +€3 | +7.6% |
| Recurring financial income | 75 | €42 | €46 | +€3 | +7.6% |
| Financial charges | 65/66B | €444 | €1,024 | +€580 | +131% |
| Recurring financial charges | 65 | €444 | €1,024 | +€580 | +131% |
| Profit (loss) for the period before taxes | 9903 | €26,080 | €18,025 | -€8,056 | -30.9% |
| Income taxes | 67/77 | €8,545 | €6,205 | -€2,340 | -27.4% |
| Profit (loss) for the period | 9904 | €17,536 | €11,820 | -€5,716 | -32.6% |
| Profit (loss) for the period to be appropriated | 9905 | €17,536 | €11,820 | -€5,716 | -32.6% |
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 15 October 2026 via checked.be.