ACTIVE

FIRST OPERA

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Financial year 2025 · closed on 31/12/2025

Net result

163,8 k €

+53.7% YoY

Gross margin

984,8 k €

-3.8% YoY

Equity

2,9 M €

+6.0% YoY

What does FIRST OPERA do?

FIRST OPERA is a Public limited company incorporated in 2002. Its main activity is: Camping grounds, recreational vehicle parks and trailer parks. Its registered office is in Waterloo.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0478.524.853

Incorporation

09/10/2002

Legal form

Public limited company

Registered office

Avenue du Vert Bocage 31
1410 Waterloo · WallonieSee on map

Contributed capital

124 000,00 €

Latest accounts

31/12/2025

Activities (NACE)

55301Camping grounds, recreational vehicle parks and trailer parks· main 56101Restaurants and mobile food service activities 56111Restaurants and mobile food service activities 55522Accommodation 56210Event catering activities 56210Event catering activities

Joint committees (3)

302
3020
302000

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	984,8 k €	-3.8%	1 M €	+1.3%	1 M €	+32.1%	765,3 k €	+9.2%	700,9 k €	-48.6%	1,4 M €	-3.8%	1,4 M €	+13.0%	1,3 M €	+2.8%	1,2 M €	-2.4%	1,3 M €	-3.7%	1,3 M €	-5.7%	1,4 M €	-6.5%	1,5 M €	+11.3%	1,3 M €	+8.3%	1,2 M €	+78.8%	683,3 k €	-15.0%	803,7 k €	-1.2%	813,3 k €
EBITDA	204,1 k €	+6.6%	191,5 k €	-50.9%	390,4 k €	+61.9%	241,1 k €	-18.4%	295,4 k €	+4.4%	283,1 k €	-54.3%	619 k €	+52.9%	404,8 k €	+32.1%	306,4 k €	+9.8%	278,9 k €	-18.5%	342,3 k €	-3.7%	355,3 k €	-38.3%	575,5 k €	+38.3%	416 k €	+19.2%	348,9 k €	+680%	44,8 k €	-85.3%	304,5 k €	-3.9%	316,7 k €
Operating result	158,3 k €	+5.4%	150,2 k €	-56.6%	346,1 k €	+2.1%	338,8 k €	+45.2%	233,3 k €	+2.4%	227,9 k €	-59.0%	556,1 k €	+67.1%	332,9 k €	+41.8%	234,7 k €	+14.9%	204,2 k €	-6.7%	218,9 k €	+19.7%	182,9 k €	-53.3%	391,3 k €	+96.3%	199,4 k €	+30.1%	153,2 k €	+308%	-73,5 k €	-139%	188 k €	-12.7%	215,2 k €
Net result	163,8 k €	+53.7%	106,5 k €	-56.1%	242,4 k €	-2.9%	249,6 k €	+61.7%	154,3 k €	-0.9%	155,8 k €	-62.2%	411,9 k €	+68.4%	244,7 k €	+53.8%	159,1 k €	+20.1%	132,5 k €	-24.2%	174,9 k €	+49.7%	116,8 k €	-69.2%	379,3 k €	+275%	101,1 k €	-10.9%	113,4 k €	+315%	-52,7 k €	-155%	95,6 k €	-31.9%	140,4 k €
Balance sheet
Equity	2,9 M €	+6.0%	2,7 M €	+4.1%	2,6 M €	+10.2%	2,4 M €	+11.8%	2,1 M €	+58.5%	1,3 M €	+13.2%	1,2 M €	+28.4%	921,9 k €	+11.4%	827,2 k €	-4.7%	868,1 k €	+18.0%	735,6 k €	+11.3%	660,7 k €	+21.5%	543,9 k €	-28.9%	764,6 k €	+15.2%	663,5 k €	+20.6%	550,2 k €	-8.7%	602,9 k €	+18.8%	507,3 k €
Total assets	3,1 M €	+4.2%	3 M €	+4.8%	2,8 M €	+1.3%	2,8 M €	+0.4%	2,8 M €	+4.8%	2,6 M €	+21.2%	2,2 M €	+13.1%	1,9 M €	+13.0%	1,7 M €	+9.3%	1,6 M €	-3.6%	1,6 M €	+0.5%	1,6 M €	-10.9%	1,8 M €	-14.4%	2,1 M €	+9.3%	1,9 M €	-7.6%	2,1 M €	+33.6%	1,6 M €	+11.8%	1,4 M €
Cash	108,9 k €	-28.3%	151,8 k €	-32.5%	225 k €	-33.7%	339,1 k €	-5.5%	359 k €	-75.9%	1,5 M €	+18.8%	1,3 M €	+39.7%	898,4 k €	+35.5%	663,1 k €	-7.5%	716,6 k €	-18.5%	879,2 k €	+9.3%	804,1 k €	-10.0%	893,7 k €	-4.8%	938,9 k €	+80.1%	521,4 k €	-3.9%	542,3 k €	-39.1%	890,7 k €	+8.5%	821,1 k €
Debts	192 k €	-17.5%	232,7 k €	+13.8%	204,5 k €	-50.1%	409,6 k €	-17.9%	499 k €	-56.8%	1,2 M €	+35.8%	849,8 k €	-0.1%	850,7 k €	+16.3%	731,5 k €	+34.1%	545,6 k €	-32.4%	807 k €	-12.7%	924,8 k €	-25.1%	1,2 M €	-1.9%	1,3 M €	-0.0%	1,3 M €	-18.7%	1,5 M €	+64.0%	943,1 k €	+8.0%	873,5 k €
Other
Workforce	–		–		–		–		13,5 ETP	-46.6%	25,3 ETP	+13.5%	22,3 ETP	0.0%	22,3 ETP	-5.9%	23,7 ETP	-8.8%	26,0 ETP	-3.7%	27,0 ETP	+1.9%	26,5 ETP	-0.4%	26,6 ETP	-1.1%	26,9 ETP	-4.6%	28,2 ETP	+31.8%	21,4 ETP	+13.2%	18,9 ETP	-3.1%	19,5 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 22 ended

Active mandates

AMERICO SERFILIPPI

Director · since 12 juin 2020 · until 12 juin 2026

Active

ROSA SERFILIPPI FEDERICA

Director · since 12 juin 2020 · until 12 juin 2026

Active

Ended mandates

AMERICO SERFILIPPI

Managing director · since 12 juin 2020 · until 12 juin 2026

Ended

LIMA INVEST

Director · since 01 septembre 2016 · until 30 juin 2022 · 0836.142.176

Represented by Americo Serfilippi

Ended

Americo Serfilippi

Managing director · since 16 juin 2014 · until 15 juin 2020

Ended

Americo Serfilippi

Managing director · since 16 juin 2014 · until 16 juin 2020

Ended

At this address

Other companies at this address

Company	CBE no.
ARLECCHINO● Active	0420.495.691
LIMA INVEST● Active	0836.142.176
LIMALO● Active	0725.561.384

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	31/08/2026	23/06/2025	30/07/2024	11/07/2023	08/08/2022	31/08/2021
General meeting	15/06/2026	16/06/2025	17/06/2024	19/06/2023	20/06/2022	21/06/2021
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

21 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	15/06/2026	31/08/2026	Dutch	PDF
Abridged model	31/12/2024	16/06/2025	23/06/2025	Dutch	PDF
Abridged model	31/12/2023	17/06/2024	30/07/2024	Dutch	PDF
Abridged model	31/12/2022	19/06/2023	11/07/2023	Dutch	PDF
Abridged model	31/12/2021	20/06/2022	08/08/2022	Dutch	PDF
Abridged model	31/12/2020	21/06/2021	31/08/2021	French	PDF
Abridged model	31/12/2019	15/06/2020	11/09/2020	French	PDF
Abridged model	31/12/2018	17/06/2019	25/06/2019	French	PDF
Abridged model	31/12/2017	18/06/2018	30/08/2018	French	PDF
Abridged modelCorrection	31/12/2016	19/06/2017	27/08/2018	French	PDF
Abridged model	31/12/2016	19/06/2017	25/08/2017	French	PDF
Abridged model	31/12/2015	03/06/2016	29/09/2016	French	PDF
Abridged model	31/12/2014	15/06/2015	31/08/2015	French	PDF
Abridged model	31/12/2013	16/06/2014	27/08/2014	French	PDF
Abridged model	31/12/2012	17/06/2013	21/08/2013	French	PDF
Abridged model	31/12/2011	18/06/2012	28/08/2012	French	PDF
Abridged model	31/12/2010	20/06/2011	31/08/2011	French	PDF
Abridged model	31/12/2009	21/06/2010	06/07/2010	French	PDF
Abridged model	31/12/2008	15/06/2009	30/06/2009	French	PDF
Abridged model	31/12/2007	16/06/2008	29/08/2008	French	PDF
Abridged model	31/12/2006	19/06/2007	31/07/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 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 · 2 active · 22 ended

Active mandates

AMERICO SERFILIPPI

Director · since 12 juin 2020 · until 12 juin 2026

Active

ROSA SERFILIPPI FEDERICA

Director · since 12 juin 2020 · until 12 juin 2026

Active

Ended mandates

AMERICO SERFILIPPI

Managing director · since 12 juin 2020 · until 12 juin 2026

Ended

LIMA INVEST

Director · since 01 septembre 2016 · until 30 juin 2022 · 0836.142.176

Represented by Americo Serfilippi

Ended

Americo Serfilippi

Managing director · since 16 juin 2014 · until 15 juin 2020

Ended

Americo Serfilippi

Managing director · since 16 juin 2014 · until 16 juin 2020

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates16/01/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates23/06/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates30/04/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates04/04/2017
DEMISSIONS, NOMINATIONS
PDF
Mandates05/08/2014
DEMISSIONS, NOMINATIONS
PDF
Capital / shares01/02/2012
CAPITAL, ACTIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates02/01/2012
DEMISSIONS, NOMINATIONS
PDF
Mandates23/09/2008
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 2025163,8 k €↑
2024
Annual accounts 2024106,5 k €↓
2023
Annual accounts 2023242,4 k €↓
2022
Annual accounts 2022249,6 k €↑
2021
Annual accounts 2021154,3 k €↓
2018
Annual accounts 2018155,8 k €↓
2017
Annual accounts 2017411,9 k €↑
2016
Annual accounts 2016244,7 k €↑
2015
Annual accounts 2015159,1 k €↑
2014
Annual accounts 2014132,5 k €↓
2013
Annual accounts 2013174,9 k €↑
2012
Annual accounts 2012116,8 k €↓
2011
Annual accounts 2011379,3 k €↑
2010
Annual accounts 2010101,1 k €↓
2009
Annual accounts 2009113,4 k €↑
2008
Annual accounts 2008-52,7 k €↓
2007
Annual accounts 200795,6 k €↓
2006
Annual accounts 2006140,4 k €
09/10/2002
IncorporationPublic limited company

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

FIRST OPERA

Overview

What does FIRST OPERA 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