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.
€ 29.1 million
▼ 3% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 512,905
▼ 9% vs 2024
Profit after tax over the fiscal year.
€ 2.5 million
▼ 2% vs 2024
Cash and bank balances on the last day of the fiscal year.
Stays in the company
No dividend for 2025. Retained profit grew to € -847,321.
People and assets in 2025
€ 12,179
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 24.3 million
Loans from banks and other lenders, long and short.
€ 67,166
▼ 79% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 139 days on average.
€ 189,430
▲ 57% vs 2024
Corporate tax and VAT still to pay. No wage debt: nothing outstanding to staff or social security.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 672,154 | € 1,810,983 | € 3,637,840 | € 3,901,528 | ▲ 7% |
| Profit after taxes | € -868,038 | € -1,125,386 | € 561,043 | € 512,905 | ▼ 9% |
| Equity | € 10,236,117 | € 30,015,789 | € 29,934,832 | € 29,097,737 | ▼ 3% |
| Total debts | € 21,843,093 | € 28,222,920 | € 28,547,088 | € 27,851,591 | ▼ 2% |
| Cash | € 1,868,004 | € 1,437,098 | € 2,523,329 | € 2,462,835 | ▼ 2% |
| Land & buildings | € 29,473,559 | € 51,454,629 | € 50,268,905 | € 48,964,871 | ▼ 3% |
| Retained profit | € -795,883 | € -1,921,269 | € -1,360,225 | € -847,321 | ▲ € 512,905 |
| Bank debt | € 21,200,000 | € 24,300,000 | € 24,300,000 | € 24,300,000 | |
| Balance sheet total | € 32,079,210 | € 58,238,709 | € 58,481,920 | € 56,949,328 | ▼ 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:
- New annual accounts for financial year 2025: profit of € 512,905 (▼ 9% vs 2024). filed late Source: NBB ↗
- Laurence SIMILLON stepped down as director. NBB
- Axel CEUSTERS stepped down as director. NBB
- Marc GÄRTNER stepped down as director. NBB
- Laurence SIMILLON became a director. NBB
- Axel CEUSTERS became a director. NBB
- Marc GÄRTNER became a director. NBB
- 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.
A new publication or filing at THE FIRST? We notify you, reason included.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
The shares are held by Union Investment Institutional Property GmbH - Belgian Branch (100%).
Directors
According to the 2025 annual accounts
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
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Louizalaan 54
1050 Elsene
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
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