ACTIVE

THE FIRST

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Financial year 2025 · closed on 31/12/2025
Net result
512,9 k €
-8.6% YoY
Revenue
3,9 M €
+7.2% YoY
Equity
29,1 M €
-2.8% YoY

What does THE FIRST do?

THE FIRST is a Public limited company incorporated in 1993. Its main activity is: Rental and operating of own or leased real estate. Its registered office is in Ixelles.

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0449.936.577
Incorporation
20/04/1993
Legal form
Public limited company
Registered office
Avenue Louise 54
1050 Ixelles · BruxellesSee on map
Contributed capital
7 040 000,00 €
Latest accounts
31/12/2025
Activities (NACE)
68203Rental and operating of own or leased real estate· main68203Rental and operating of own or leased real estate70203Management consultancy activities
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHigh revenue
View the BCE/KBO Public Search record →
Health score
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✦ Verdict · Analyst summary
Financials

Trend over 19 financial years

2025202420232022202120192018201720162015201420132012201120102009200820072006
Income statement
Revenue3,9 M €3,6 M €1,8 M €672,2 k €––––––––––––1,9 M €1,8 M €1,8 M €
EBITDA3,1 M €2,7 M €624,4 k €40,3 k €742,7 k €1,8 M €1,7 M €1,7 M €1,5 M €1,6 M €1,6 M €1,6 M €1,6 M €221,3 k €1,7 M €1,7 M €1,9 M €2 M €1,7 M €
Operating result1,7 M €1,4 M €-536 k €-343,1 k €635,8 k €1,8 M €1,7 M €1,7 M €1,5 M €1,5 M €1,6 M €1,3 M €1 M €-373,8 k €1,1 M €1,1 M €1,3 M €1,3 M €1,1 M €
Net result512,9 k €561 k €-1,1 M €-868 k €185,8 k €1,1 M €1,1 M €662,4 k €-5 M €726 k €707,1 k €732,8 k €515,5 k €-1,3 M €62,7 k €-42,9 k €153,5 k €165,1 k €154,8 k €
Balance sheet
Equity29,1 M €29,9 M €30 M €10,2 M €3,9 M €-14,9 k €-1,1 M €-2,2 M €-2,9 M €2,2 M €1,4 M €739,6 k €6,8 k €-868,7 k €423,8 k €361,1 k €404 k €250,5 k €85,5 k €
Total assets56,9 M €58,5 M €58,2 M €32,1 M €21 M €11,3 M €10,5 M €9,9 M €11,1 M €16,6 M €16,7 M €16,4 M €16,9 M €17,7 M €21,8 M €21,7 M €22 M €22,1 M €21,9 M €
Cash2,5 M €2,5 M €1,4 M €1,9 M €5,6 M €485 k €1,1 M €1,2 M €150,7 k €169,5 k €232,5 k €57,8 k €13,8 k €19,8 k €397,8 k €10,7 k €296,3 k €390,8 k €50,8 k €
Debts24,6 M €24,8 M €24,6 M €21,8 M €17 M €11 M €11,3 M €11,7 M €13,7 M €14,1 M €14,9 M €15,3 M €16,5 M €18,1 M €21,1 M €21 M €21,2 M €21,4 M €21,3 M €
Estimate

Indicative valuation

As an indication, this company is worth

between 0 € and 100 k€
See the valuation
Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 33 ended

Active mandates

Axel CEUSTERS

Director · since 16 décembre 2020 · until 30 juin 2026

Active
Laurence SIMILLON

Director · since 16 décembre 2020 · until 30 juin 2026

Active
Marc GÄRTNER

Director · since 16 décembre 2020 · until 30 juin 2026

Active

Ended mandates

Axel CEUSTERS

Director · since 16 décembre 2020 · until 01 juin 2026

Ended
Axel CEUSTERS

Director · since 16 décembre 2020

Ended
Laurence SIMILLON

Director · since 16 décembre 2020

Ended
Marc GÄRTNER

Director · since 16 décembre 2020 · until 01 juin 2026

Ended
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Annual accounts

Full financial information

202520242023202220212020
Type of accountFull modelFull modelFull modelFull modelAbridged modelFull model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date27/08/202620/08/202506/08/202410/07/202321/09/202219/10/2021
General meeting21/08/202618/08/202505/08/202405/06/202315/09/202230/09/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202521/08/202627/08/2026FrenchPDF
Full model31/12/202418/08/202520/08/2025FrenchPDF
Full model31/12/202305/08/202406/08/2024DutchPDF
Full model31/12/202205/06/202310/07/2023DutchPDF
Abridged model31/12/202115/09/202221/09/2022FrenchPDF
Full model31/12/202030/09/202119/10/2021DutchPDF
Abridged model31/12/201925/06/202028/07/2020FrenchPDF
Abridged model31/12/201803/06/201924/06/2019FrenchPDF
Abridged model31/12/201704/06/201822/06/2018FrenchPDF
Abridged model31/12/201616/06/201703/07/2017FrenchPDF
Abridged model31/12/201519/08/201629/08/2016FrenchPDF
Abridged model31/12/201420/08/201531/08/2015FrenchPDF
Abridged model31/12/201318/08/201425/08/2014FrenchPDF
Abridged model31/12/201220/06/201331/07/2013FrenchPDF
Abridged model31/12/201119/06/201222/08/2012FrenchPDF
Abridged model31/12/201015/06/201130/08/2011FrenchPDF
Abridged model31/12/200914/06/201027/08/2010FrenchPDF
Abridged model31/12/200818/06/200902/07/2009FrenchPDF
Abridged model31/12/200719/06/200807/07/2008FrenchPDF
Abridged model31/12/200629/06/200720/07/2007FrenchPDF
Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 0 € and 100 k€

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 · 3 active · 33 ended

Active mandates

Axel CEUSTERS

Director · since 16 décembre 2020 · until 30 juin 2026

Active
Laurence SIMILLON

Director · since 16 décembre 2020 · until 30 juin 2026

Active
Marc GÄRTNER

Director · since 16 décembre 2020 · until 30 juin 2026

Active

Ended mandates

Axel CEUSTERS

Director · since 16 décembre 2020 · until 01 juin 2026

Ended
Axel CEUSTERS

Director · since 16 décembre 2020

Ended
Laurence SIMILLON

Director · since 16 décembre 2020

Ended
Marc GÄRTNER

Director · since 16 décembre 2020 · until 01 juin 2026

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • Capital / shares30/07/2026
    CAPITAL, ACTIONS
    PDF
  • Capital / shares24/02/2026
    STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …) - CAPITAL, ACTIONS
    PDF
  • Capital / shares04/03/2025
    STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …) - CAPITAL, ACTIONS
    PDF
  • Capital / shares16/02/2024
    STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …) - CAPITAL, ACTIONS
    PDF
  • Registered office24/11/2023
    SIEGE SOCIAL
    PDF
  • Mandates04/07/2023
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Capital / shares21/11/2022
    STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …) - CAPITAL, ACTIONS
    PDF
  • Capital / shares26/01/2022
    STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …) - CAPITAL, ACTIONS
    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

Timeline

  1. 13/02/2026
    reduction_capital
  2. 2025
    Annual accounts 2025512,9 k €↓
  3. 24/02/2025
    reduction_capital
  4. 2024
    Annual accounts 2024561 k €↑
  5. 05/02/2024
    reduction_capital
  6. 2023
    Annual accounts 2023-1,1 M €↓
  7. 05/06/2023
    nominationL&S Réviseurs d'Entreprises SRL — commissaris
  8. 2022
    Annual accounts 2022-868 k €↓
  9. 10/11/2022
    augmentation_capital
  10. 2021
    Annual accounts 2021185,8 k €↓
  11. 2019
    Annual accounts 20191,1 M €↑
  12. 2018
    Annual accounts 20181,1 M €↑
  13. 2017
    Annual accounts 2017662,4 k €↑
  14. 2016
    Annual accounts 2016-5 M €↓
  15. 2015
    Annual accounts 2015726 k €↑
  16. 2014
    Annual accounts 2014707,1 k €↓
  17. 2013
    Annual accounts 2013732,8 k €↑
  18. 2012
    Annual accounts 2012515,5 k €↑
  19. 2011
    Annual accounts 2011-1,3 M €↓
  20. 2010
    Annual accounts 201062,7 k €↑
  21. 2009
    Annual accounts 2009-42,9 k €↓
  22. 2008
    Annual accounts 2008153,5 k €↓
  23. 2007
    Annual accounts 2007165,1 k €↑
  24. 2006
    Annual accounts 2006154,8 k €
  25. 20/04/1993
    IncorporationPublic limited company