ACTIVE

A-FIRST

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Financial year 2025 · Closed on 31/12/2025

Net result343 k €-16,1 %over 1 year

Gross margin1,6 M €+5,1 %over 1 year

Equity3,4 M €+11,4 %over 1 year

Workforce11,4 ETP+16,3 %over 1 year

Identity

Source · BCE/KBO

A-FIRST is a Non-profit organization incorporated in 1968. Its main activity is: Management consultancy activities. Its registered office is in Ixelles. It employs on average 11,4 ETP workers (FTE).

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0407.890.839
Incorporation: 05/04/1968
Legal form: Non-profit organization
Registered office: Avenue Louise 231
1050 Ixelles · BruxellesSee on map
Latest accounts: 31/12/2025
Average workforce: 11,4 ETP

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities 80421Security and investigation activities 85592Other education n.e.c.85592Other education n.e.c.

Joint committees (1)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

Financials

Source · NBB, 19 filings

Trend over 18 financial years

	2025		2024		2023		2022		2021
Income statement
Gross margin	1,6 M €	+5.1%	1,5 M €	-1.2%	1,5 M €	+14.2%	1,3 M €	+25.5%	1,1 M €
EBITDA	400,8 k €	-20.6%	504,9 k €	+2.7%	491,5 k €	+30.4%	376,9 k €	+63.3%	230,9 k €
Operating result	340,2 k €	-18.0%	414,8 k €	+6.9%	387,9 k €	+39.1%	278,9 k €	+79.1%	155,7 k €
Net result	343 k €	-16.1%	408,6 k €	+6.6%	383,1 k €	+39.8%	274,1 k €	+82.0%	150,6 k €
Balance sheet
Equity	3,4 M €	+11.4%	3 M €	+15.7%	2,6 M €	+17.2%	2,2 M €	+14.0%	2 M €
Total assets	4,2 M €	+9.0%	3,9 M €	+6.7%	3,6 M €	+13.2%	3,2 M €	+14.8%	2,8 M €
Cash	2,5 M €	+13.9%	2,2 M €	+20.2%	1,8 M €	+23.0%	1,5 M €	+18.2%	1,3 M €
Debts	733,3 k €	-1.7%	746,1 k €	-18.3%	913,4 k €	+5.8%	863,6 k €	+20.2%	718,5 k €
Other
Workforce	11,4 ETP	+16.3%	9,8 ETP	-9.3%	10,8 ETP	+28.6%	8,4 ETP	-16.8%	10,1 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

5 active · 10 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
EUROPEAN SAFETY MAINTENANCE0465.348.887Represented by Marc UBAGHS	Director14/07/2006 → 15/06/2028
Jacky Jouniaux	Chairman of the board of directors22/06/2016 → 15/06/2028Director07/06/2010 → 2016 accountsended
Centre Européén Pour la Sécurité0429.856.389Represented by Philippe Hella	Vice-chairman of the board of directors11/06/2018 → 15/06/2027Chairman of the board of directors04/06/2015 → 2016 accountsendedDirector14/07/2006 → 2023 accountsended
Geneviève Loiseau	Director12/06/2023 → 12/06/2026
Muriel Gysens	Director19/05/2020 → 12/06/2026

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Isabelle Perin	Director07/06/2021 → 2023 accounts
Vincianne DELVENNE	Director14/09/2018 → 2020 accounts
Jocelyne LALLEMAND	Director23/08/2018 → 2020 accounts

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Avenue Louise 231 1050 Ixelles

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Full financial information

Source · NBB

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	30/06/2026	24/06/2025	27/06/2024	26/06/2023	07/07/2022	31/08/2021
General meeting	09/06/2026	12/06/2025	10/06/2024	12/06/2023	13/06/2022	07/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 19 filings

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	09/06/2026	30/06/2026	French	PDF
Abridged model	31/12/2024	12/06/2025	24/06/2025	French	PDF
Abridged model	31/12/2023	10/06/2024	27/06/2024	French	PDF
Abridged model	31/12/2022	12/06/2023	26/06/2023	French	PDF
Abridged model	31/12/2021	13/06/2022	07/07/2022	French	PDF
Abridged model	31/12/2020	07/06/2021	31/08/2021	French	PDF
Abridged model	31/12/2019	15/09/2020	01/10/2020	French	PDF
Abridged model	31/12/2018	17/06/2019	01/07/2019	French	PDF
Abridged model	31/12/2017	11/06/2018	05/07/2018	French	PDF
Abridged model	31/12/2016	16/06/2017	11/07/2017	French	PDF
Abridged model	31/12/2015	22/06/2016	26/07/2016	French	PDF
Abridged model	31/12/2014	04/06/2015	24/08/2015	French	PDF
Abridged model	31/12/2013	04/06/2014	01/07/2014	French	PDF
Abridged model	31/12/2012	11/06/2013	27/08/2013	French	PDF
Abridged model	31/12/2011	12/06/2012	21/09/2012	French	PDF
Abridged model	31/12/2010	07/06/2011	31/08/2011	French	PDF
Abridged model	31/12/2009	07/06/2010	07/07/2010	French	PDF
Abridged model	31/12/2008	02/06/2009	12/06/2009	French	PDF
Abridged model	31/12/2007	26/05/2008	28/07/2008	French	PDF

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 2,5 M€ and 5 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Board of directors

Source · NBB, accounts to 31/12/2025

5 active · 10 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
EUROPEAN SAFETY MAINTENANCE0465.348.887Represented by Marc UBAGHS	Director14/07/2006 → 15/06/2028
Jacky Jouniaux	Chairman of the board of directors22/06/2016 → 15/06/2028Director07/06/2010 → 2016 accountsended
Centre Européén Pour la Sécurité0429.856.389Represented by Philippe Hella	Vice-chairman of the board of directors11/06/2018 → 15/06/2027Chairman of the board of directors04/06/2015 → 2016 accountsendedDirector14/07/2006 → 2023 accountsended
Geneviève Loiseau	Director12/06/2023 → 12/06/2026
Muriel Gysens	Director19/05/2020 → 12/06/2026

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Isabelle Perin	Director07/06/2021 → 2023 accounts
Vincianne DELVENNE	Director14/09/2018 → 2020 accounts
Jocelyne LALLEMAND	Director23/08/2018 → 2020 accounts

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Mandates04/09/2026
Mandat administrateur et adresse siège social
PDF
Other22/07/2026
Pouvoirs de signature
PDF
Mandates17/10/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates12/03/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates13/08/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates25/07/2024
DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates10/08/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates12/09/2022
DEMISSIONS, NOMINATIONS
PDF

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A company's peers, by sector and size, are included in the Business plan.

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Timeline

Source · CBE, NBB annual accounts

Year

Identity

Incorporation

Name

Registered office

Annual accounts

Filings18 filings

Mandates

EUROPEAN SAFETY MAINTENANCE

Jacky Jouniaux

Centre Européén Pour la Sécurité

Muriel Gysens

Geneviève Loiseau

Isabelle Perin

Vincianne DELVENNE

Jocelyne LALLEMAND

Philippe Botteman

Jacky Jouniauc

Marc Ubaghs

Guillaume Jeusette

Show the 3 other mandates

1968196919701971197219731974197519761977197819791980198119821983198419851986198719881989199019911992199319941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022202320242025202620272028

A-FIRST

Avenue Louise 523, 1050 Ixelles

Director

Chairman of the board of directorsDirector

Vice-chairman of the board of directorsChairman of the board of directorsDirector

Director

Vice-chairman of the board of directorsDirector

Chairman of the board of directors

Director

CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE

Registered address	Period	Source
Avenue Louise 231, 1050 IxellesCurrent		CBE
Avenue Louise 523, 1050 Ixelles	accounts 2022 → 2025	Accounts 2025 · 2026-00227049
Avenue Louise 475, 1050 Ixelles	accounts 2021	Accounts 2021 · 2022-20156506

Company names

Source · NBB annual accounts, CBE

Name	Period	Source
A-FIRSTCurrent	accounts 2008 → 2025	Accounts 2025 · 2026-00227049

Events

2025
Annual accounts 2025343 k €↓
2024
Annual accounts 2024408,6 k €↑
2023
Annual accounts 2023383,1 k €↑
2022
Annual accounts 2022274,1 k €↑
2021
Annual accounts 2021150,6 k €↑
2020
Annual accounts 2020-176,8 k €↓
2019
Annual accounts 20191,3 M €↑
2018
Annual accounts 2018251,3 k €↓
2017
Annual accounts 2017321,6 k €↑
2016
Annual accounts 2016266,1 k €↑
2015
Annual accounts 2015132,1 k €↑
2014
Annual accounts 201498,4 k €↓
2013
Annual accounts 2013125,9 k €↑
2012
Annual accounts 201287 k €↑
2011
Annual accounts 201142 k €↑
2010
Annual accounts 2010-181,3 k €↑
2009
Annual accounts 2009-317,3 k €↓
2008
Annual accounts 200843,7 k €
05/04/1968
IncorporationNon-profit organization

A-FIRST

Overview

Identity

Financials

Valuation

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline

Timeline

Registered offices

Company names

Events