M & S IMMO: what changed
Two financial 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.
M & S IMMO
Largest movements
- Cash +€42,565
up €42,565 (+194%), from €21,936 to €64,500
mainly Net result for the year (+€178,075) and Depreciation (+€36,067)
- Tangible fixed assets -€36,067
down €36,067 (-1.4%), from €2.5m to €2.5m
- Profit (loss) carried forward +€178,075
up €178,075, from -€95,552 to €82,524
- Debts after one year -€131,601
down €131,601 (-8.2%), from €1.6m to €1.5m
- Other debts -€89,052
down €89,052 (-10.1%), from €883,308 to €794,257
- Tax, wage and social debts +€31,507
up €31,507 (+96,619%), from €33 to €31,540
- Taxes +€31,540
new in 2025: €31,540
- Gross operating margin +€12,678
up €12,678 (+4.6%), from €273,947 to €286,625
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.
Derived cash bridge
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 | €2,566,860 | €2,554,073 | -€12,787 | -0.5% |
| Fixed assets | 21/28 | €2,524,591 | €2,488,523 | -€36,067 | -1.4% |
| Tangible fixed assets | 22/27 | €2,524,591 | €2,488,523 | -€36,067 | -1.4% |
| Land and buildings | 22 | €2,524,591 | €2,488,523 | -€36,067 | -1.4% |
| Current assets | 29/58 | €42,269 | €65,550 | +€23,281 | +55.1% |
| Amounts receivable within one year | 40/41 | €8,194 | €1,050 | -€7,144 | -87.2% |
| Trade receivables | 40 | €1,498 | €1,050 | -€448 | -29.9% |
| Other amounts receivable | 41 | €6,696 | - | -€6,696 | |
| Cash at bank and in hand | 54/58 | €21,936 | €64,500 | +€42,565 | +194% |
| Deferred charges and accrued income | 490/1 | €12,140 | - | -€12,140 | |
| Total equity and liabilities | 10/49 | €2,566,860 | €2,554,073 | -€12,787 | -0.5% |
| Equity | 10/15 | -€76,952 | €101,124 | +€178,075 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€95,552 | €82,524 | +€178,075 | |
| Amounts payable | 17/49 | €2,643,812 | €2,452,950 | -€190,862 | -7.2% |
| Amounts payable after more than one year | 17 | €1,604,811 | €1,473,210 | -€131,601 | -8.2% |
| Financial debts | 170/4 | €1,604,811 | €1,473,210 | -€131,601 | -8.2% |
| Amounts payable within one year | 42/48 | €1,025,089 | €968,291 | -€56,799 | -5.5% |
| Current portion of amounts payable after more than one year | 42 | €140,725 | €142,494 | +€1,769 | +1.3% |
| Trade debts | 44 | €1,024 | - | -€1,024 | |
| Suppliers | 440/4 | €1,024 | - | -€1,024 | |
| Taxes, remuneration and social security | 45 | €33 | €31,540 | +€31,507 | +96,619% |
| Taxes | 450/3 | €33 | €31,540 | +€31,507 | +96,619% |
| Other amounts payable | 47/48 | €883,308 | €794,257 | -€89,052 | -10.1% |
| Accrued charges and deferred income | 492/3 | €13,911 | €11,449 | -€2,462 | -17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,067 | €36,067 | = | 0.0% |
| Other operating charges | 640/8 | €19,031 | €19,534 | +€503 | +2.6% |
| Gross operating margin | 9900 | €273,947 | €286,625 | +€12,678 | +4.6% |
| Operating profit (loss) | 9901 | €218,848 | €231,023 | +€12,175 | +5.6% |
| Financial charges | 65/66B | €23,049 | €21,408 | -€1,641 | -7.1% |
| Recurring financial charges | 65 | €23,049 | €21,408 | -€1,641 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | €195,799 | €209,615 | +€13,816 | +7.1% |
| Income taxes | 67/77 | - | €31,540 | +€31,540 | |
| Profit (loss) for the period | 9904 | €195,799 | €178,075 | -€17,724 | -9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €195,799 | €178,075 | -€17,724 | -9.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.