M.S. IMMOB: 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. IMMOB
Largest movements
- Receivables within one year -€358,564
down €358,564 (-74.2%), from €482,934 to €124,370
of which Other amounts receivable: -€359,738
- Tangible fixed assets -€69,491
down €69,491 (-4.7%), from €1.5m to €1.4m
- Other debts -€378,998
down €378,998 (-97.5%), from €388,628 to €9,630
- Debts after one year -€74,267
down €74,267 (-29.2%), from €254,532 to €180,265
- Profit (loss) carried forward +€35,025
up €35,025 (+3.1%), from €1.1m to €1.2m
- Turnover -€146,738
no longer reported in 2025 (was €146,738)
- Purchases and services -€27,066
no longer reported in 2025 (was €27,066)
- Gross operating margin +€23,779
up €23,779 (+19.6%), from €121,243 to €145,022
- Taxes +€5,942
up €5,942 (+98.1%), from €6,055 to €11,997
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 | €1,971,449 | €1,551,460 | -€419,989 | -21.3% |
| Fixed assets | 21/28 | €1,479,607 | €1,410,116 | -€69,491 | -4.7% |
| Tangible fixed assets | 22/27 | €1,470,251 | €1,400,760 | -€69,491 | -4.7% |
| Land and buildings | 22 | €1,470,251 | €1,400,760 | -€69,491 | -4.7% |
| Financial fixed assets | 28 | €9,356 | €9,356 | = | 0.0% |
| Current assets | 29/58 | €491,842 | €141,344 | -€350,498 | -71.3% |
| Amounts receivable within one year | 40/41 | €482,934 | €124,370 | -€358,564 | -74.2% |
| Trade receivables | 40 | €646 | €1,821 | +€1,175 | +182% |
| Other amounts receivable | 41 | €482,288 | €122,549 | -€359,738 | -74.6% |
| Cash at bank and in hand | 54/58 | €6,339 | €14,385 | +€8,046 | +127% |
| Deferred charges and accrued income | 490/1 | €2,569 | €2,589 | +€20 | +0.8% |
| Total equity and liabilities | 10/49 | €1,971,449 | €1,551,460 | -€419,989 | -21.3% |
| Equity | 10/15 | €1,207,429 | €1,242,454 | +€35,025 | +2.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,440 | €6,440 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,440 | €6,440 | = | 0.0% |
| Legal reserve | 130 | €6,440 | €6,440 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,138,989 | €1,174,014 | +€35,025 | +3.1% |
| Provisions and deferred taxes | 16 | €25,000 | €25,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €25,000 | €25,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €25,000 | €25,000 | = | 0.0% |
| Amounts payable | 17/49 | €739,020 | €284,006 | -€455,014 | -61.6% |
| Amounts payable after more than one year | 17 | €254,532 | €180,265 | -€74,267 | -29.2% |
| Financial debts | 170/4 | €254,532 | €180,265 | -€74,267 | -29.2% |
| Amounts payable within one year | 42/48 | €473,844 | €94,083 | -€379,761 | -80.1% |
| Current portion of amounts payable after more than one year | 42 | €76,271 | €73,116 | -€3,155 | -4.1% |
| Financial debts | 43 | €8,036 | - | -€8,036 | |
| Credit institutions | 430/8 | €8,036 | - | -€8,036 | |
| Trade debts | 44 | €909 | €9,340 | +€8,432 | +928% |
| Suppliers | 440/4 | €909 | €9,340 | +€8,432 | +928% |
| Taxes, remuneration and social security | 45 | - | €1,997 | +€1,997 | |
| Taxes | 450/3 | - | €1,997 | +€1,997 | |
| Other amounts payable | 47/48 | €388,628 | €9,630 | -€378,998 | -97.5% |
| Accrued charges and deferred income | 492/3 | €10,644 | €9,658 | -€986 | -9.3% |
| Turnover | 70 | €146,738 | - | -€146,738 | |
| Goods, raw materials, services and sundry goods | 60/61 | €27,066 | - | -€27,066 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,695 | €69,491 | -€204 | -0.3% |
| Other operating charges | 640/8 | €19,971 | €19,258 | -€713 | -3.6% |
| Non-recurring operating charges | 66A | - | €682 | +€682 | |
| Gross operating margin | 9900 | €121,243 | €145,022 | +€23,779 | +19.6% |
| Operating profit (loss) | 9901 | €31,577 | €55,590 | +€24,013 | +76.0% |
| Financial charges | 65/66B | €8,285 | €8,569 | +€284 | +3.4% |
| Recurring financial charges | 65 | €8,285 | €8,569 | +€284 | +3.4% |
| Profit (loss) for the period before taxes | 9903 | €23,292 | €47,021 | +€23,730 | +102% |
| Income taxes | 67/77 | €6,055 | €11,997 | +€5,942 | +98.1% |
| Profit (loss) for the period | 9904 | €17,237 | €35,025 | +€17,788 | +103% |
| Profit (loss) for the period to be appropriated | 9905 | €17,237 | €35,025 | +€17,788 | +103% |
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 25 October 2026 via checked.be.