ACTIVE

A-FIRST

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Financial year 2025 · closed on 31/12/2025

Net result

343 k €

-16.1% YoY

Gross margin

1,6 M €

+5.1% YoY

Equity

3,4 M €

+11.4% YoY

Workforce

11,4 ETP

+16.3% YoY

What does A-FIRST do?

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

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008
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 €	+62.6%	648,6 k €	-46.2%	1,2 M €	+5.9%	1,1 M €	-0.8%	1,1 M €	+0.1%	1,1 M €	+20.1%	954,3 k €	+17.5%	812,4 k €	+1.3%	802 k €	+16.7%	687,3 k €	-7.4%	741,9 k €	+14.6%	647,1 k €	-25.5%	868,2 k €	-21.6%	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 €	+327%	-101,6 k €	-117%	600 k €	+81.4%	330,7 k €	-14.3%	385,7 k €	+7.7%	358,1 k €	+36.8%	261,7 k €	+15.8%	226 k €	-2.7%	232,2 k €	+66.0%	139,8 k €	-27.6%	193,1 k €	+22.1%	158,1 k €	+4.3%	151,5 k €	+20.1%	126,1 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 €	+192%	-170,1 k €	-131%	551,6 k €	+109%	264,1 k €	-20.7%	333,1 k €	+17.0%	284,8 k €	+59.6%	178,4 k €	+31.8%	135,3 k €	-19.8%	168,8 k €	+78.6%	94,5 k €	-32.4%	139,8 k €	+25.5%	111,5 k €	+34.9%	82,6 k €	+37.5%	60,1 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 €	+185%	-176,8 k €	-114%	1,3 M €	+417%	251,3 k €	-21.8%	321,6 k €	+20.8%	266,1 k €	+101%	132,1 k €	+34.3%	98,4 k €	-21.8%	125,9 k €	+44.6%	87 k €	+107%	42 k €	+123%	-181,3 k €	+42.9%	-317,3 k €	-826%	43,7 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 €	+8.4%	1,8 M €	-8.9%	2 M €	+191%	679,9 k €	+58.6%	428,6 k €	+301%	107 k €	+167%	-159,2 k €	+45.4%	-291,3 k €	+25.2%	-389,7 k €	+24.4%	-515,6 k €	+14.4%	-602,6 k €	+6.5%	-644,6 k €	-39.1%	-463,3 k €	-217%	-146 k €
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 €	+6.4%	2,6 M €	-7.3%	2,8 M €	+62.1%	1,8 M €	+16.5%	1,5 M €	+29.1%	1,2 M €	+10.8%	1,1 M €	+15.7%	907,6 k €	-12.3%	1 M €	+29.4%	799,3 k €	+7.9%	740,6 k €	+14.1%	648,9 k €	-32.8%	965,1 k €	+8.2%	891,7 k €
Cash	2,5 M €	+13.9%	2,2 M €	+20.2%	1,8 M €	+23.0%	1,5 M €	+18.2%	1,3 M €	-18.6%	1,5 M €	-32.5%	2,3 M €	+116%	1,1 M €	+18.8%	887,4 k €	+61.9%	548,1 k €	+26.2%	434,4 k €	+28.2%	338,8 k €	-2.2%	346,5 k €	-14.7%	406,3 k €	+32.4%	306,8 k €	+26.6%	242,4 k €	-44.6%	437,8 k €	+55.1%	282,2 k €
Debts	733,3 k €	-1.7%	746,1 k €	-18.3%	913,4 k €	+5.8%	863,6 k €	+20.2%	718,5 k €	+7.0%	671,5 k €	-2.1%	686,1 k €	+13.4%	604,8 k €	-3.3%	625,3 k €	-5.6%	662,5 k €	-24.4%	876 k €	-2.2%	895,3 k €	-21.6%	1,1 M €	+13.8%	1 M €	-8.2%	1,1 M €	-3.9%	1,1 M €	-19.5%	1,4 M €	+36.5%	1 M €
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	-4.7%	10,6 ETP	-14.5%	12,4 ETP	0.0%	12,4 ETP	-5.3%	13,1 ETP	+2.3%	12,8 ETP	+3.2%	12,4 ETP	+3.3%	12,0 ETP	+3.4%	11,6 ETP	-0.9%	11,7 ETP	-8.6%	12,8 ETP	+9.4%	11,7 ETP	-27.8%	16,2 ETP	-19.4%	20,1 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 5 active · 55 ended

Active mandates

EUROPEAN SAFETY MAINTENANCE

Director · since 12 juin 2025 · until 15 juin 2028 · 0465.348.887

Represented by Marc UBAGHS

Active

Jacky Jouniaux

Chairman of the board of directors · since 12 juin 2025 · until 15 juin 2028

Active

Centre Européén Pour la Sécurité

Vice-chairman of the board of directors · since 10 juin 2024 · until 15 juin 2027 · 0429.856.389

Represented by Philippe Hella

Active

Geneviève Loiseau

Director · since 12 juin 2023 · until 09 juin 2026

Active

Muriel Gysens

Director · since 12 juin 2023 · until 09 juin 2026

Active

Ended mandates

Geneviève Loiseau

Director · since 12 juin 2023 · until 12 juin 2026

Ended

Muriel Gysens

Director · since 12 juin 2023 · until 12 juin 2026

Ended

EUROPEAN SAFETY MAINTENANCE

Director · since 13 juin 2022 · until 12 juin 2025 · 0465.348.887

Represented by Marc UBAGHS

Ended

EUROPEAN SAFETY MAINTENANCE

Director · since 13 juin 2022 · until 13 juin 2025 · 0465.348.887

Represented by Marc UBAGHS

Ended

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Annual accounts

Full financial information

	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

Ratios

Financial ratios

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Filings

Annual accounts filings

19 filings with the NBB

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

Estimate

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.

Governance

Board of directors

Seen on filing of 31/12/2025 · 5 active · 55 ended

Active mandates

EUROPEAN SAFETY MAINTENANCE

Director · since 12 juin 2025 · until 15 juin 2028 · 0465.348.887

Represented by Marc UBAGHS

Active

Jacky Jouniaux

Chairman of the board of directors · since 12 juin 2025 · until 15 juin 2028

Active

Centre Européén Pour la Sécurité

Vice-chairman of the board of directors · since 10 juin 2024 · until 15 juin 2027 · 0429.856.389

Represented by Philippe Hella

Active

Geneviève Loiseau

Director · since 12 juin 2023 · until 09 juin 2026

Active

Muriel Gysens

Director · since 12 juin 2023 · until 09 juin 2026

Active

Ended mandates

Geneviève Loiseau

Director · since 12 juin 2023 · until 12 juin 2026

Ended

Muriel Gysens

Director · since 12 juin 2023 · until 12 juin 2026

Ended

EUROPEAN SAFETY MAINTENANCE

Director · since 13 juin 2022 · until 12 juin 2025 · 0465.348.887

Represented by Marc UBAGHS

Ended

EUROPEAN SAFETY MAINTENANCE

Director · since 13 juin 2022 · until 13 juin 2025 · 0465.348.887

Represented by Marc UBAGHS

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates04/09/2026
Mandat administrateur et adresse siège social
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
Mandates06/09/2022
DEMISSIONS, NOMINATIONS
PDF

Source: Belgian Official Gazette

Competition

Similar companies

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

See the Business plan

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

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

A-FIRST

Overview

What does A-FIRST do?

Trend over 18 financial years

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