M.S. LEASE: 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.
What changed
M.S. LEASE
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€6,092
2024 · €761+€5,331
Equity
€1.5m
2024 · €1.5m+€6,092
Cash
€36,778
2024 · €37,152-€374
Balance sheet total
€6.9m
2024 · €6.8m+€32,905
Largest movements
Assets
- Tangible fixed assets +€100,756
up €100,756 (+19.6%), from €512,962 to €613,718
of which Plant, machinery and equipment: +€108,649
Equity and liabilities
- Other debts +€1.1m
up €1.1m (+157%), from €672,321 to €1.7m
- Short-term financial debts -€600,000
down €600,000 (-100%), from €600,000 to €0
- Debts after one year -€383,677
down €383,677 (-12.6%), from €3.0m to €2.6m
Income statement
- Financial charges -€20,771
down €20,771 (-12.9%), from €161,314 to €140,543
- Turnover -€17,593
down €17,593 (-6.2%), from €283,200 to €265,607
- Depreciation -€11,847
down €11,847 (-20.4%), from €58,007 to €46,160
- Services and other goods +€5,235
up €5,235 (+4.1%), from €128,993 to €134,228
- Taxes -€3,112
down €3,112 (-78.1%), from €3,986 to €873
of which Taxes: -€3,127
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.
Result 2024
€761
Turnover
-€17,593
Other operating income
-€659
Services and other goods
-€5,235
Depreciation
+€11,847
Other operating charges
-€908
Financial income
-€2,347
Financial charges
+€20,771
Taxes
+€3,112
Deferred taxes and other
-€3,658
Result 2025
€6,092
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.1m
Investment
-€146,527
Financing
-€976,681
Cash 2024
€37,152
From operations (derived)
+€1.1m
Net result for the year
+€6,092
Depreciation
+€46,160
Receivables within one year
+€66,882
Deferred charges and accrued income
+€206
Trade debts
-€30,932
Tax, wage and social debts
-€3,000
Other debts
+€1.1m
Accrued charges and deferred income
-€16,863
Investment (derived)
-€146,527
Investment in fixed assets (net)
-€146,527
Financing
-€976,681
Debts after one year
-€383,677
Current portion of long-term debt
+€6,996
Short-term financial debts
-€600,000
Cash 2025
€36,778
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,821,362 | €6,854,267 | +€32,905 | +0.5% |
| Fixed assets | 21/28 | €6,363,301 | €6,463,668 | +€100,367 | +1.6% |
| Intangible fixed assets | 21 | €388 | €0 | -€388 | -100% |
| Tangible fixed assets | 22/27 | €512,962 | €613,718 | +€100,756 | +19.6% |
| Land and buildings | 22 | €333,306 | €325,413 | -€7,893 | -2.4% |
| Plant, machinery and equipment | 23 | €179,656 | €288,305 | +€108,649 | +60.5% |
| Financial fixed assets | 28 | €5,849,951 | €5,849,951 | = | 0.0% |
| Affiliated companies | 280/1 | €5,849,951 | €5,849,951 | = | 0.0% |
| Participating interests | 280 | €5,849,951 | €5,849,951 | = | 0.0% |
| Current assets | 29/58 | €458,061 | €390,599 | -€67,462 | -14.7% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €418,320 | €351,437 | -€66,882 | -16.0% |
| Trade receivables | 40 | €27,918 | €9,853 | -€18,065 | -64.7% |
| Other amounts receivable | 41 | €390,401 | €341,584 | -€48,817 | -12.5% |
| Cash at bank and in hand | 54/58 | €37,152 | €36,778 | -€374 | -1.0% |
| Deferred charges and accrued income | 490/1 | €2,590 | €2,384 | -€206 | -8.0% |
| Total equity and liabilities | 10/49 | €6,821,362 | €6,854,267 | +€32,905 | +0.5% |
| Equity | 10/15 | €1,540,244 | €1,546,336 | +€6,092 | +0.4% |
| 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 | €24,950 | €24,950 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,453,294 | €1,459,386 | +€6,092 | +0.4% |
| Investment grants | 15 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €5,281,119 | €5,307,931 | +€26,813 | +0.5% |
| Amounts payable after more than one year | 17 | €3,033,559 | €2,649,882 | -€383,677 | -12.6% |
| Financial debts | 170/4 | €3,033,559 | €2,649,882 | -€383,677 | -12.6% |
| Subordinated loans | 170 | €1,425,000 | €1,425,000 | = | 0.0% |
| Credit institutions | 173 | €1,608,559 | €1,224,882 | -€383,677 | -23.9% |
| Other loans | 174 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €2,191,076 | €2,618,430 | +€427,354 | +19.5% |
| Current portion of amounts payable after more than one year | 42 | €883,361 | €890,357 | +€6,996 | +0.8% |
| Financial debts | 43 | €600,000 | €0 | -€600,000 | -100% |
| Credit institutions | 430/8 | €600,000 | €0 | -€600,000 | -100% |
| Trade debts | 44 | €32,394 | €1,462 | -€30,932 | -95.5% |
| Suppliers | 440/4 | €32,394 | €1,462 | -€30,932 | -95.5% |
| Taxes, remuneration and social security | 45 | €3,000 | €0 | -€3,000 | -100% |
| Taxes | 450/3 | €3,000 | €0 | -€3,000 | -100% |
| Other amounts payable | 47/48 | €672,321 | €1,726,610 | +€1.1m | +157% |
| Accrued charges and deferred income | 492/3 | €56,483 | €39,620 | -€16,863 | -29.9% |
| Operating income | 70/76A | €358,559 | €340,307 | -€18,251 | -5.1% |
| Turnover | 70 | €283,200 | €265,607 | -€17,593 | -6.2% |
| Other operating income | 74 | €75,359 | €74,700 | -€659 | -0.9% |
| Operating charges | 60/66A | €211,207 | €205,504 | -€5,704 | -2.7% |
| Services and other goods | 61 | €128,993 | €134,228 | +€5,235 | +4.1% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,007 | €46,160 | -€11,847 | -20.4% |
| Other operating charges | 640/8 | €24,208 | €25,116 | +€908 | +3.8% |
| Operating profit (loss) | 9901 | €147,351 | €134,804 | -€12,547 | -8.5% |
| Financial income | 75/76B | €15,052 | €12,705 | -€2,347 | -15.6% |
| Recurring financial income | 75 | €15,052 | €12,705 | -€2,347 | -15.6% |
| Income from financial fixed assets | 750 | €0 | - | = | |
| Income from current assets | 751 | €14,021 | €12,705 | -€1,316 | -9.4% |
| Other financial income | 752/9 | €1,031 | €0 | -€1,030 | -100.0% |
| Financial charges | 65/66B | €161,314 | €140,543 | -€20,771 | -12.9% |
| Recurring financial charges | 65 | €161,314 | €140,543 | -€20,771 | -12.9% |
| Debt charges | 650 | €160,781 | €139,998 | -€20,783 | -12.9% |
| Other financial charges | 652/9 | €533 | €545 | +€12 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | €1,089 | €6,965 | +€5,877 | +540% |
| Transfer from deferred taxes | 780 | €3,658 | €0 | -€3,658 | -100% |
| Income taxes | 67/77 | €3,986 | €873 | -€3,112 | -78.1% |
| Taxes | 670/3 | €4,000 | €873 | -€3,127 | -78.2% |
| Tax adjustments and reversals of tax provisions | 77 | €14 | €0 | -€14 | -100% |
| Profit (loss) for the period | 9904 | €761 | €6,092 | +€5,331 | +701% |
| Transfer from tax-exempt reserves | 789 | €10,853 | €0 | -€10,853 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €11,614 | €6,092 | -€5,522 | -47.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.