First Retail Partners: 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 Retail Partners
Largest movements
- Cash -€5.6m
down €5.6m (-90.1%), from €6.3m to €621,203
mainly Contributions, distributions and other (-€5.3m) and Current investments (-€2.2m)
- Current investments +€2.2m
new in 2025: €2.2m
- Financial fixed assets -€1.3m
down €1.3m (-1.6%), from €85.1m to €83.8m
- Contributions -€5.3m
down €5.3m (-5.8%), from €92.5m to €87.1m
- Services and other goods +€540,957
new in 2025: €540,957
- Gross operating margin +€516,301
no longer reported in 2025 (was -€516,301)
- Financial income +€408,800
up €408,800 (+57.5%), from €711,023 to €1.1m
- Taxes -€18,253
no longer reported in 2025 (was €18,253)
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 | €92,577,701 | €87,734,591 | -€4.8m | -5.2% |
| Formation expenses | 20 | €96,542 | €72,398 | -€24,144 | -25.0% |
| Fixed assets | 21/28 | €85,145,300 | €83,821,812 | -€1.3m | -1.6% |
| Financial fixed assets | 28 | €85,145,300 | €83,821,812 | -€1.3m | -1.6% |
| Affiliated companies | 280/1 | - | €83,821,812 | +€83.8m | |
| Participating interests | 280 | - | €82,993,318 | +€83.0m | |
| Amounts receivable | 281 | - | €828,494 | +€828,494 | |
| Current assets | 29/58 | €7,335,860 | €3,840,381 | -€3.5m | -47.6% |
| Amounts receivable within one year | 40/41 | €15,965 | €25,140 | +€9,175 | +57.5% |
| Other amounts receivable | 41 | €15,965 | €25,140 | +€9,175 | +57.5% |
| Current investments | 50/53 | - | €2,200,000 | +€2.2m | |
| Other investments | 51/53 | - | €2,200,000 | +€2.2m | |
| Cash at bank and in hand | 54/58 | €6,253,540 | €621,203 | -€5.6m | -90.1% |
| Deferred charges and accrued income | 490/1 | €1,066,354 | €994,038 | -€72,316 | -6.8% |
| Total equity and liabilities | 10/49 | €92,577,701 | €87,734,591 | -€4.8m | -5.2% |
| Equity | 10/15 | €92,514,871 | €87,627,858 | -€4.9m | -5.3% |
| Contributions | 10/11 | €92,460,221 | €87,111,390 | -€5.3m | -5.8% |
| Capital | 10 | €92,460,221 | - | -€92.5m | |
| Issued capital | 100 | €92,460,221 | - | -€92.5m | |
| Profit (loss) carried forward | 14 | €54,649 | €516,468 | +€461,819 | +845% |
| Amounts payable | 17/49 | €62,831 | €106,733 | +€43,902 | +69.9% |
| Amounts payable within one year | 42/48 | €62,831 | €106,733 | +€43,902 | +69.9% |
| Trade debts | 44 | €62,831 | €106,733 | +€43,902 | +69.9% |
| Suppliers | 440/4 | €62,831 | €106,733 | +€43,902 | +69.9% |
| Operating charges | 60/66A | - | €565,501 | +€565,501 | |
| Services and other goods | 61 | - | €540,957 | +€540,957 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,176 | €24,144 | -€33 | -0.1% |
| Other operating charges | 640/8 | €772 | €400 | -€372 | -48.2% |
| Gross operating margin | 9900 | -€516,301 | - | +€516,301 | |
| Operating profit (loss) | 9901 | -€541,249 | -€565,501 | -€24,252 | -4.5% |
| Financial income | 75/76B | €711,023 | €1,119,823 | +€408,800 | +57.5% |
| Recurring financial income | 75 | €711,023 | €1,119,823 | +€408,800 | +57.5% |
| Income from financial fixed assets | 750 | - | €1,085,983 | +€1.1m | |
| Income from current assets | 751 | - | €33,840 | +€33,840 | |
| Financial charges | 65/66B | €96,872 | €92,504 | -€4,368 | -4.5% |
| Recurring financial charges | 65 | €96,872 | €92,504 | -€4,368 | -4.5% |
| Debt charges | 650 | - | €91,962 | +€91,962 | |
| Other financial charges | 652/9 | - | €542 | +€542 | |
| Profit (loss) for the period before taxes | 9903 | €72,902 | €461,819 | +€388,917 | +533% |
| Income taxes | 67/77 | €18,253 | - | -€18,253 | |
| Profit (loss) for the period | 9904 | €54,649 | €461,819 | +€407,170 | +745% |
| Profit (loss) for the period to be appropriated | 9905 | €54,649 | €461,819 | +€407,170 | +745% |
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 20 October 2026 via checked.be.