FIRST TRANSMISSION: what changed
What changed
FIRST TRANSMISSION
NACE 17.250, Manufacture of paper and paper products
filed annual accounts (NBB)
Net result for the year
€43,312
2024 · €82,622-€39,310
Equity
€77,645
2024 · €71,333+€6,312
Cash
€75,019
2024 · €28,657+€46,362
Balance sheet total
€89,361
2024 · €88,949+€412
Largest movements
Assets
- Cash +€46,362
up €46,362 (+162%), from €28,657 to €75,019
mainly Receivables within one year (+€45,054) and Net result for the year (+€43,312)
- Receivables within one year -€45,054
down €45,054 (-78.3%), from €57,548 to €12,493
of which Other amounts receivable: -€47,820
Equity and liabilities
- Profit (loss) carried forward +€6,312
up €6,312 (+13.3%), from €47,622 to €53,935
- Tax, wage and social debts -€4,525
down €4,525 (-29.2%), from €15,510 to €10,985
- Trade debts -€1,375
down €1,375 (-65.3%), from €2,106 to €731
Income statement
- Gross operating margin -€32,040
down €32,040 (-37.7%), from €84,913 to €52,873
- Taxes +€7,719
up €7,719 (+5,889%), from €131 to €7,850
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€82,622
Gross operating margin
-€32,040
Depreciation
-€73
Other operating charges
+€69
Financial income
+€151
Financial charges
+€302
Taxes
-€7,719
Result 2025
€43,312
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€83,678
Investment
-€316
Financing
-€37,000
Cash 2024
€28,657
From operations (derived)
+€83,678
Net result for the year
+€43,312
Depreciation
+€1,173
Receivables within one year
+€45,054
Deferred charges and accrued income
+€39
Trade debts
-€1,375
Tax, wage and social debts
-€4,525
Investment (derived)
-€316
Investment in fixed assets (net)
-€316
Financing
-€37,000
Contributions, distributions and other
-€37,000
Cash 2025
€75,019
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €88,949 | €89,361 | +€412 | +0.5% |
| Fixed assets | 21/28 | €2,216 | €1,359 | -€857 | -38.7% |
| Tangible fixed assets | 22/27 | €2,216 | €1,359 | -€857 | -38.7% |
| Furniture and vehicles | 24 | €2,216 | €1,359 | -€857 | -38.7% |
| Current assets | 29/58 | €86,733 | €88,002 | +€1,269 | +1.5% |
| Amounts receivable within one year | 40/41 | €57,548 | €12,493 | -€45,054 | -78.3% |
| Trade receivables | 40 | €9,544 | €12,309 | +€2,765 | +29.0% |
| Other amounts receivable | 41 | €48,004 | €184 | -€47,820 | -99.6% |
| Cash at bank and in hand | 54/58 | €28,657 | €75,019 | +€46,362 | +162% |
| Deferred charges and accrued income | 490/1 | €529 | €490 | -€39 | -7.3% |
| Total equity and liabilities | 10/49 | €88,949 | €89,361 | +€412 | +0.5% |
| Equity | 10/15 | €71,333 | €77,645 | +€6,312 | +8.8% |
| Contributions | 10/11 | €8,694 | €8,694 | = | 0.0% |
| Reserves | 13 | €15,017 | €15,017 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,861 | €1,861 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,861 | €1,861 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,300 | €2,300 | = | 0.0% |
| Distributable reserves | 133 | €10,856 | €10,856 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,622 | €53,935 | +€6,312 | +13.3% |
| Amounts payable | 17/49 | €17,616 | €11,716 | -€5,900 | -33.5% |
| Amounts payable within one year | 42/48 | €17,616 | €11,716 | -€5,900 | -33.5% |
| Trade debts | 44 | €2,106 | €731 | -€1,375 | -65.3% |
| Suppliers | 440/4 | €2,106 | €731 | -€1,375 | -65.3% |
| Taxes, remuneration and social security | 45 | €15,510 | €10,985 | -€4,525 | -29.2% |
| Taxes | 450/3 | €15,510 | €10,985 | -€4,525 | -29.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,100 | €1,173 | +€73 | +6.6% |
| Other operating charges | 640/8 | €451 | €382 | -€69 | -15.3% |
| Gross operating margin | 9900 | €84,913 | €52,873 | -€32,040 | -37.7% |
| Operating profit (loss) | 9901 | €83,362 | €51,318 | -€32,044 | -38.4% |
| Financial income | 75/76B | €0 | €151 | +€151 | +151,070% |
| Recurring financial income | 75 | €0 | €151 | +€151 | +151,070% |
| Financial charges | 65/66B | €609 | €307 | -€302 | -49.6% |
| Recurring financial charges | 65 | €609 | €307 | -€302 | -49.6% |
| Profit (loss) for the period before taxes | 9903 | €82,753 | €51,162 | -€31,591 | -38.2% |
| Income taxes | 67/77 | €131 | €7,850 | +€7,719 | +5,889% |
| Profit (loss) for the period | 9904 | €82,622 | €43,312 | -€39,310 | -47.6% |
| Profit (loss) for the period to be appropriated | 9905 | €82,622 | €43,312 | -€39,310 | -47.6% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.