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
- Stocks and contracts +€278,563
up €278,563 (+109%), from €256,518 to €535,081
- Current investments -€200,000
down €200,000 (-100%), from €200,000 to €0
- Receivables within one year +€23,926
up €23,926 (+931%), from €2,569 to €26,495
- Cash +€18,555
up €18,555 (+104%), from €17,917 to €36,472
mainly Current investments (+€200,000) and Trade debts (+€137,139)
- Trade debts +€137,139
up €137,139, from €0 to €137,139
- Profit (loss) carried forward -€15,707
down €15,707 (-21.5%), from -€73,084 to -€88,791
- Financial income +€3,077
new in 2025: €3,077
- Gross operating margin +€203
up €203 (+1.1%), from -€18,445 to -€18,242
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 | €477,303 | €598,348 | +€121,044 | +25.4% |
| Fixed assets | 21/28 | €300 | €300 | = | 0.0% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €477,003 | €598,048 | +€121,044 | +25.4% |
| Stocks and contracts in progress | 3 | €256,518 | €535,081 | +€278,563 | +109% |
| Stocks | 30/36 | €256,518 | €535,081 | +€278,563 | +109% |
| Amounts receivable within one year | 40/41 | €2,569 | €26,495 | +€23,926 | +931% |
| Other amounts receivable | 41 | €2,569 | €26,495 | +€23,926 | +931% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100% |
| Cash at bank and in hand | 54/58 | €17,917 | €36,472 | +€18,555 | +104% |
| Total equity and liabilities | 10/49 | €477,303 | €598,348 | +€121,044 | +25.4% |
| Equity | 10/15 | €26,916 | €11,209 | -€15,707 | -58.4% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€73,084 | -€88,791 | -€15,707 | -21.5% |
| Amounts payable | 17/49 | €450,387 | €587,139 | +€136,752 | +30.4% |
| Amounts payable after more than one year | 17 | €450,000 | €450,000 | = | 0.0% |
| Financial debts | 170/4 | €450,000 | €450,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €0 | €137,139 | +€137,139 | |
| Trade debts | 44 | €0 | €137,139 | +€137,139 | |
| Suppliers | 440/4 | €0 | €137,139 | +€137,139 | |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €387 | €0 | -€387 | -100% |
| Other operating charges | 640/8 | €387 | €433 | +€46 | +11.8% |
| Gross operating margin | 9900 | -€18,445 | -€18,242 | +€203 | +1.1% |
| Operating profit (loss) | 9901 | -€18,832 | -€18,675 | +€158 | +0.8% |
| Financial income | 75/76B | - | €3,077 | +€3,077 | |
| Recurring financial income | 75 | - | €3,077 | +€3,077 | |
| Financial charges | 65/66B | €100 | €110 | +€10 | +10.2% |
| Recurring financial charges | 65 | €100 | €110 | +€10 | +10.2% |
| Profit (loss) for the period before taxes | 9903 | -€18,932 | -€15,707 | +€3,225 | +17.0% |
| Profit (loss) for the period | 9904 | -€18,932 | -€15,707 | +€3,225 | +17.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,932 | -€15,707 | +€3,225 | +17.0% |
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 15 October 2026 via checked.be.