What does THE FIRST do?

THE FIRST is a property company in Elsene. Public Limited, started on 20 April 1993, 1 establishment.

What is the address of THE FIRST?

The registered office of THE FIRST is located at Louizalaan 54, 1050 Elsene.

Is THE FIRST still active?

Yes. According to the CBE (30 October 2026) THE FIRST is active, legal situation “Normale toestand”, started on 20 April 1993.

Is THE FIRST registered on Peppol?

Yes, THE FIRST is registered on the Peppol network with ID 0208:0449936577.

What is the enterprise number of THE FIRST?

The enterprise number of THE FIRST is BE0449936577.

When was THE FIRST founded?

THE FIRST was founded on 20 April 1993.

Who are the directors of THE FIRST?

According to the 2025 annual accounts, the directors of THE FIRST are: Laurence SIMILLON, Axel CEUSTERS, Marc GÄRTNER.

Is THE FIRST a reliable company?

Databakkes does not pass judgement; this is what the sources say: Active according to the CBE since 20 April 1993; 5 annual accounts filed, latest fiscal year 2025; 3 directors known from the annual account.

How much profit did THE FIRST make in 2025?

THE FIRST posted a profit after taxes of € 512,905 in financial year 2025.

What is the revenue of THE FIRST?

In its most recent annual accounts (2025), THE FIRST reported revenue of € 3,901,528.

THE FIRST (Public Limited) - Elsene - BE0449936577

Dossier THE FIRST, printed on 30 October 2026 from databakkes.be/en/0449936577/the-first. Sources: CBE, National Bank of Belgium, Belgian Official Gazette.

Financials

Financial year 2025

THE FIRST from Elsene, company number BE0449936577, closed financial year 2025 with a result of € 512,905 after tax. For that financial year THE FIRST recorded revenue of € 3.9 million and equity of € 29.1 million. Compared with financial year 2024, the result moved from € 561,043 to € 512,905. The company is profitable. The company holds a healthy buffer. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on August 27, 2026.

What it is worth Healthy

€ 29.1 million

▼ 3% vs 2024

Assets minus debts, by the books. What is left if everything were sold and paid today.

Profit Healthy

€ 512,905

▼ 9% vs 2024

Profit after tax over the fiscal year.

Cash in the bank

€ 2.5 million

▼ 2% vs 2024

Cash and bank balances on the last day of the fiscal year.

Where the profit goes Growing

Stays in the company

No dividend for 2025. Retained profit grew to € -847,321.

People and assets in 2025

Vehicles and equipment

€ 12,179

Book value of vehicles, furniture and equipment.

Debts at end 2025

Bank debt

€ 24.3 million

Loans from banks and other lenders, long and short.

Owed to suppliers

€ 67,166

▼ 79% vs 2024

Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 139 days on average.

Taxes

€ 189,430

▲ 57% vs 2024

Corporate tax and VAT still to pay. No wage debt: nothing outstanding to staff or social security.

Key figures per fiscal year Download key figures (CSV)
	2022	2023	2024	2025	Change 2024 → 2025
Revenue	€ 672,154 Revenue 2022: € 672,154 First fiscal year in the series	€ 1,810,983 Revenue 2023: € 1,810,983 ▲ 169% vs 2022 (€ 672,154) Favourable step	€ 3,637,840 Revenue 2024: € 3,637,840 ▲ 101% vs 2023 (€ 1,810,983) Favourable step	€ 3,901,528 Revenue 2025: € 3,901,528 ▲ 7% vs 2024 (€ 3,637,840) Favourable step	▲ 7%
Profit after taxes	€ -868,038 Profit after taxes 2022: € -868,038 First fiscal year in the series	€ -1,125,386 Profit after taxes 2023: € -1,125,386 ▼ € 257,348 vs 2022 (€ -868,038) Unfavourable step	€ 561,043 Profit after taxes 2024: € 561,043 ▲ € 1.7 million vs 2023 (€ -1,125,386) Favourable step	€ 512,905 Profit after taxes 2025: € 512,905 ▼ 9% vs 2024 (€ 561,043) Unfavourable step	▼ 9%
Equity	€ 10,236,117 Equity 2022: € 10,236,117 First fiscal year in the series	€ 30,015,789 Equity 2023: € 30,015,789 ▲ 193% vs 2022 (€ 10,236,117) Favourable step	€ 29,934,832 Equity 2024: € 29,934,832 Unchanged (€ 30,015,789) Unfavourable step	€ 29,097,737 Equity 2025: € 29,097,737 ▼ 3% vs 2024 (€ 29,934,832) Unfavourable step	▼ 3%
Total debts	€ 21,843,093 Total debts 2022: € 21,843,093 First fiscal year in the series	€ 28,222,920 Total debts 2023: € 28,222,920 ▲ 29% vs 2022 (€ 21,843,093) Unfavourable step	€ 28,547,088 Total debts 2024: € 28,547,088 ▲ 1% vs 2023 (€ 28,222,920) Unfavourable step	€ 27,851,591 Total debts 2025: € 27,851,591 ▼ 2% vs 2024 (€ 28,547,088) Favourable step	▼ 2%
Cash	€ 1,868,004 Cash 2022: € 1,868,004 First fiscal year in the series	€ 1,437,098 Cash 2023: € 1,437,098 ▼ 23% vs 2022 (€ 1,868,004) Unfavourable step	€ 2,523,329 Cash 2024: € 2,523,329 ▲ 76% vs 2023 (€ 1,437,098) Favourable step	€ 2,462,835 Cash 2025: € 2,462,835 ▼ 2% vs 2024 (€ 2,523,329) Unfavourable step	▼ 2%
Land & buildings	€ 29,473,559 Land & buildings 2022: € 29,473,559 First fiscal year in the series	€ 51,454,629 Land & buildings 2023: € 51,454,629 ▲ 75% vs 2022 (€ 29,473,559) Unchanged	€ 50,268,905 Land & buildings 2024: € 50,268,905 ▼ 2% vs 2023 (€ 51,454,629) Unchanged	€ 48,964,871 Land & buildings 2025: € 48,964,871 ▼ 3% vs 2024 (€ 50,268,905) Unchanged	▼ 3%
Retained profit	€ -795,883 Retained profit 2022: € -795,883 First fiscal year in the series	€ -1,921,269 Retained profit 2023: € -1,921,269 ▼ € 1.1 million vs 2022 (€ -795,883) Unfavourable step	€ -1,360,225 Retained profit 2024: € -1,360,225 ▲ € 561,043 vs 2023 (€ -1,921,269) Favourable step	€ -847,321 Retained profit 2025: € -847,321 ▲ € 512,905 vs 2024 (€ -1,360,225) Favourable step	▲ € 512,905
Bank debt	€ 21,200,000 Bank debt 2022: € 21,200,000 First fiscal year in the series	€ 24,300,000 Bank debt 2023: € 24,300,000 ▲ 15% vs 2022 (€ 21,200,000) Unfavourable step	€ 24,300,000 Bank debt 2024: € 24,300,000 Unchanged (€ 24,300,000) Unchanged	€ 24,300,000 Bank debt 2025: € 24,300,000 Unchanged (€ 24,300,000) Unchanged
Balance sheet total	€ 32,079,210 Balance sheet total 2022: € 32,079,210 First fiscal year in the series	€ 58,238,709 Balance sheet total 2023: € 58,238,709 ▲ 82% vs 2022 (€ 32,079,210) Unchanged	€ 58,481,920 Balance sheet total 2024: € 58,481,920 Unchanged (€ 58,238,709) Unchanged	€ 56,949,328 Balance sheet total 2025: € 56,949,328 ▼ 3% vs 2024 (€ 58,481,920) Unchanged	▼ 3%

Key figures of THE FIRST, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.

What happened to THE FIRST?

What happened at THE FIRST in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:

Aug 27, 2026 New annual accounts for financial year 2025: profit of € 512,905 (▼ 9% vs 2024). filed late Source: NBB ↗
2026 Laurence SIMILLON stepped down as director. NBB
2026 Axel CEUSTERS stepped down as director. NBB
2026 Marc GÄRTNER stepped down as director. NBB
2020 Laurence SIMILLON became a director. NBB
2020 Axel CEUSTERS became a director. NBB
2020 Marc GÄRTNER became a director. NBB
Jan 3, 1994 New establishment in Elsene. KBO

In short

From € 868,038 loss in 2022 to € 512,905 profit in 2025.

Paid € 459,622 in corporate taxes since 2022.

Best year ever: 2024, with € 561,043 profit.

Pays suppliers within 139 days on average.

Original PDFs at the National Bank ↗

Management

Union Investment Institutional Property GmbH - Belgian Branch 100%

THE FIRST

The shares are held by Union Investment Institutional Property GmbH - Belgian Branch (100%).

Directors

According to the 2025 annual accounts

Laurence SIMILLON

Director

Also active at: LES GRANDS PRES S.A.

since 2020 · until 2026

Axel CEUSTERS

Director

Also active at: Inhu, LES GRANDS PRES S.A., FG EURO GREEN 1, UII GREEN RETAIL 63, Ajax Real Estate, Global Life Tree, ROYALE 120

since 2020 · until 2026

Marc GÄRTNER

Director

Also active at: NewCort, UIR BELGIQUE 1, UIR LE PRESIDENT 1, FG EURO GREEN 1, UII GREEN RETAIL 63, Global Life Tree, K in Kortrijk

since 2020 · until 2026

Shareholders

Union Investment Institutional Property GmbH - Belgian Branch

100%

Participations

No participations in other companies reported.

Establishments

Establishment units

Physical locations of this company

Registered office

Louizalaan 54

1050 Elsene

2.064.939.166

Louizalaan 65 box 11

1050 Elsene

Active since 3 January 1994

What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.

Details

Company number

0449.936.577

VAT number

BE 0449.936.577

Registered office

Louizalaan 54, 1050 Elsene

Names & denominations

THE FIRST

Enterprise type

Rechtspersoon

Legal form

Public limited company

Legal situation

Normale toestand

Start date

20 April 1993

Peppol

Active · Active since 10 Dec 2025

Activities · NACE

Verhuur en exploitatie van eigen of geleased niet-residentieel onroerend goed, exclusief terreinen

Verhuur van niet-residentiële gebouwen

View on CBE Public ↗ Annual accounts (NBB) ↗

THE FIRST

Financials

What happened to THE FIRST?

Management

Directors

Shareholders

Participations

Establishments

Establishment units

Details

Frequently asked questions