FIRST MODERN: what changed
Two fiscal 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.
What changed
FIRST MODERN
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€34,783
2024 · -€41,332+€6,549
Equity
€847,033
2024 · €900,025-€52,992
Cash
€10,542
2024 · €12,986-€2,445
Balance sheet total
€2.5m
2024 · €2.7m-€164,658
Largest movements
Assets
- Tangible fixed assets -€176,433
down €176,433 (-7.2%), from €2.4m to €2.3m
Equity and liabilities
- Debts after one year -€66,756
down €66,756 (-6.3%), from €1.1m to €989,087
- Reserves -€35,389
down €35,389 (-14.3%), from €247,679 to €212,289
of which Tax-exempt reserves: -€35,389
Income statement
- Financial charges -€9,037
down €9,037 (-12.0%), from €75,379 to €66,342
- Financial income +€5,025
up €5,025 (+25.6%), from €19,638 to €24,663
- Gross operating margin +€4,585
up €4,585 (+2.6%), from €178,465 to €183,050
- Other operating charges +€2,801
up €2,801 (+24.8%), from €11,307 to €14,108
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.
Result 2024
-€41,332
Gross operating margin
+€4,585
Depreciation
+€1,547
Other operating charges
-€2,801
Financial income
+€5,025
Financial charges
+€9,037
Taxes
-€474
Deferred taxes and other
-€10,371
Result 2025
-€34,783
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.
From operations
+€102,598
Investment
-€2,289
Financing
-€102,754
Cash 2024
€12,986
From operations (derived)
+€102,598
Net result for the year
-€34,783
Depreciation
+€179,439
Receivables within one year
-€3,820
Deferred charges and accrued income
-€11,118
Provisions
-€17,866
Trade debts
+€9,530
Tax, wage and social debts
-€3,231
Other debts
-€15,287
Accrued charges and deferred income
-€267
Investment (derived)
-€2,289
Investment in fixed assets (net)
-€2,289
Financing
-€102,754
Debts after one year
-€66,756
Current portion of long-term debt
-€17,789
Contributions, distributions and other
-€18,209
Cash 2025
€10,542
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,681,831 | €2,517,173 | -€164,658 | -6.1% |
| Fixed assets | 21/28 | €2,442,772 | €2,265,622 | -€177,150 | -7.3% |
| Intangible fixed assets | 21 | €1,043 | €326 | -€717 | -68.7% |
| Tangible fixed assets | 22/27 | €2,441,729 | €2,265,296 | -€176,433 | -7.2% |
| Land and buildings | 22 | €2,441,729 | €2,265,296 | -€176,433 | -7.2% |
| Current assets | 29/58 | €239,059 | €251,552 | +€12,493 | +5.2% |
| Amounts receivable within one year | 40/41 | €225,447 | €229,266 | +€3,820 | +1.7% |
| Trade receivables | 40 | €51,598 | €11,417 | -€40,180 | -77.9% |
| Other amounts receivable | 41 | €173,849 | €217,849 | +€44,000 | +25.3% |
| Cash at bank and in hand | 54/58 | €12,986 | €10,542 | -€2,445 | -18.8% |
| Deferred charges and accrued income | 490/1 | €626 | €11,744 | +€11,118 | +1776.1% |
| Total equity and liabilities | 10/49 | €2,681,831 | €2,517,173 | -€164,658 | -6.1% |
| Equity | 10/15 | €900,025 | €847,033 | -€52,992 | -5.9% |
| Contributions | 10/11 | €84,284 | €84,284 | = | 0.0% |
| Capital | 10 | €84,284 | €84,284 | = | 0.0% |
| Issued capital | 100 | €84,284 | €84,284 | = | 0.0% |
| Reserves | 13 | €247,679 | €212,289 | -€35,389 | -14.3% |
| Non-distributable reserves | 130/1 | €8,428 | €8,428 | = | 0.0% |
| Legal reserve | 130 | €8,428 | €8,428 | = | 0.0% |
| Tax-exempt reserves | 132 | €103,110 | €67,720 | -€35,389 | -34.3% |
| Distributable reserves | 133 | €136,141 | €136,141 | = | 0.0% |
| Profit (loss) carried forward | 14 | €354,735 | €355,341 | +€606 | +0.2% |
| Investment grants | 15 | €213,328 | €195,119 | -€18,209 | -8.5% |
| Provisions and deferred taxes | 16 | €105,479 | €87,613 | -€17,866 | -16.9% |
| Deferred taxes | 168 | €105,479 | €87,613 | -€17,866 | -16.9% |
| Amounts payable | 17/49 | €1,676,326 | €1,582,527 | -€93,799 | -5.6% |
| Amounts payable after more than one year | 17 | €1,055,843 | €989,087 | -€66,756 | -6.3% |
| Financial debts | 170/4 | €1,055,843 | €989,087 | -€66,756 | -6.3% |
| Amounts payable within one year | 42/48 | €369,746 | €342,969 | -€26,776 | -7.2% |
| Current portion of amounts payable after more than one year | 42 | €83,912 | €66,124 | -€17,789 | -21.2% |
| Trade debts | 44 | €43,936 | €53,466 | +€9,530 | +21.7% |
| Suppliers | 440/4 | €43,936 | €53,466 | +€9,530 | +21.7% |
| Taxes, remuneration and social security | 45 | €4,279 | €1,048 | -€3,231 | -75.5% |
| Taxes | 450/3 | €4,279 | €1,048 | -€3,231 | -75.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €237,619 | €222,332 | -€15,287 | -6.4% |
| Accrued charges and deferred income | 492/3 | €250,738 | €250,471 | -€267 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €180,986 | €179,439 | -€1,547 | -0.9% |
| Other operating charges | 640/8 | €11,307 | €14,108 | +€2,801 | +24.8% |
| Gross operating margin | 9900 | €178,465 | €183,050 | +€4,585 | +2.6% |
| Operating profit (loss) | 9901 | -€13,828 | -€10,497 | +€3,331 | +24.1% |
| Financial income | 75/76B | €19,638 | €24,663 | +€5,025 | +25.6% |
| Recurring financial income | 75 | €19,638 | €24,663 | +€5,025 | +25.6% |
| Financial charges | 65/66B | €75,379 | €66,342 | -€9,037 | -12.0% |
| Recurring financial charges | 65 | €75,379 | €66,342 | -€9,037 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | -€69,570 | -€52,175 | +€17,394 | +25.0% |
| Transfer from deferred taxes | 780 | €28,238 | €17,866 | -€10,371 | -36.7% |
| Income taxes | 67/77 | - | €474 | +€474 | |
| Profit (loss) for the period | 9904 | -€41,332 | -€34,783 | +€6,549 | +15.8% |
| Transfer from tax-exempt reserves | 789 | €66,139 | €35,389 | -€30,750 | -46.5% |
| Profit (loss) for the period to be appropriated | 9905 | €24,807 | €606 | -€24,201 | -97.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.