IMMO-MSA: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
IMMO-MSA
Largest movements
- Tangible fixed assets -€25,922
down €25,922 (-6.4%), from €405,119 to €379,197
- Deferred charges and accrued income +€20,001
new in 2025: €20,001
- Receivables within one year +€7,500
up €7,500 (+38.0%), from €19,752 to €27,252
- Cash -€5,506
down €5,506 (-51.1%), from €10,783 to €5,277
mainly Debts after one year (-€32,062) and Deferred charges and accrued income (-€20,001)
- Debts after one year -€32,062
down €32,062 (-9.4%), from €341,582 to €309,521
- Profit (loss) carried forward +€23,729
up €23,729 (+58.9%), from €40,292 to €64,021
- Gross operating margin +€10,354
up €10,354 (+15.6%), from €66,423 to €76,777
- Taxes +€2,602
up €2,602 (+45.1%), from €5,764 to €8,366
- Depreciation +€2,532
up €2,532 (+9.4%), from €26,834 to €29,366
- Other operating charges -€1,575
no longer reported in 2025 (was €1,575)
- Financial charges -€1,126
down €1,126 (-6.8%), from €16,442 to €15,316
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €483,865 | €476,495 | -€7,370 | -1.5% |
| Formation expenses | 20 | €48,211 | €44,767 | -€3,444 | -7.1% |
| Fixed assets | 21/28 | €405,119 | €379,197 | -€25,922 | -6.4% |
| Tangible fixed assets | 22/27 | €405,119 | €379,197 | -€25,922 | -6.4% |
| Land and buildings | 22 | €405,119 | €379,197 | -€25,922 | -6.4% |
| Current assets | 29/58 | €30,535 | €52,530 | +€21,996 | +72.0% |
| Amounts receivable within one year | 40/41 | €19,752 | €27,252 | +€7,500 | +38.0% |
| Other amounts receivable | 41 | €19,752 | €27,252 | +€7,500 | +38.0% |
| Cash at bank and in hand | 54/58 | €10,783 | €5,277 | -€5,506 | -51.1% |
| Deferred charges and accrued income | 490/1 | - | €20,001 | +€20,001 | |
| Total equity and liabilities | 10/49 | €483,865 | €476,495 | -€7,370 | -1.5% |
| Equity | 10/15 | €102,266 | €125,995 | +€23,729 | +23.2% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Profit (loss) carried forward | 14 | €40,292 | €64,021 | +€23,729 | +58.9% |
| Amounts payable | 17/49 | €381,599 | €350,500 | -€31,099 | -8.1% |
| Amounts payable after more than one year | 17 | €341,582 | €309,521 | -€32,062 | -9.4% |
| Financial debts | 170/4 | €341,582 | €309,521 | -€32,062 | -9.4% |
| Amounts payable within one year | 42/48 | €40,017 | €40,979 | +€962 | +2.4% |
| Current portion of amounts payable after more than one year | 42 | €34,242 | €32,062 | -€2,180 | -6.4% |
| Financial debts | 43 | - | €30 | +€30 | |
| Credit institutions | 430/8 | - | €30 | +€30 | |
| Taxes, remuneration and social security | 45 | €5,755 | €8,888 | +€3,133 | +54.4% |
| Taxes | 450/3 | €5,755 | €8,888 | +€3,133 | +54.4% |
| Other amounts payable | 47/48 | €20 | - | -€20 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,834 | €29,366 | +€2,532 | +9.4% |
| Other operating charges | 640/8 | €1,575 | - | -€1,575 | |
| Gross operating margin | 9900 | €66,423 | €76,777 | +€10,354 | +15.6% |
| Operating profit (loss) | 9901 | €38,015 | €47,411 | +€9,396 | +24.7% |
| Financial charges | 65/66B | €16,442 | €15,316 | -€1,126 | -6.8% |
| Recurring financial charges | 65 | €16,442 | €15,316 | -€1,126 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | €21,573 | €32,095 | +€10,522 | +48.8% |
| Income taxes | 67/77 | €5,764 | €8,366 | +€2,602 | +45.1% |
| Profit (loss) for the period | 9904 | €15,809 | €23,729 | +€7,920 | +50.1% |
| Profit (loss) for the period to be appropriated | 9905 | €15,809 | €23,729 | +€7,920 | +50.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.