MS-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.
MS-IMMO
Largest movements
- Stocks and contracts +€124,232
new in 2025: €124,232
- Cash -€20,914
down €20,914 (-60.6%), from €34,528 to €13,614
mainly Stocks and contracts (-€124,232) and Contributions, distributions and other (-€46,000)
- Receivables within one year +€13,822
up €13,822 (+82.5%), from €16,751 to €30,574
of which Other amounts receivable: +€16,306
- Intangible fixed assets -€10,000
down €10,000 (-66.7%), from €15,000 to €5,000
- Tangible fixed assets +€6,188
up €6,188 (+28.0%), from €22,110 to €28,298
of which Other tangible fixed assets: +€8,607
- Other debts +€94,016
up €94,016 (+187%), from €50,279 to €144,295
- Trade debts +€32,402
up €32,402 (+814%), from €3,981 to €36,383
- Tax, wage and social debts -€10,385
down €10,385 (-89.4%), from €11,622 to €1,236
- Gross operating margin +€50,695
up €50,695 (+154%), from €32,829 to €83,524
- Taxes +€14,132
up €14,132 (+448%), from €3,154 to €17,286
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 | €89,252 | €205,146 | +€115,894 | +130% |
| Formation expenses | 20 | €172 | €57 | -€115 | -66.7% |
| Fixed assets | 21/28 | €37,110 | €33,298 | -€3,812 | -10.3% |
| Intangible fixed assets | 21 | €15,000 | €5,000 | -€10,000 | -66.7% |
| Tangible fixed assets | 22/27 | €22,110 | €28,298 | +€6,188 | +28.0% |
| Plant, machinery and equipment | 23 | €15,668 | €12,358 | -€3,309 | -21.1% |
| Furniture and vehicles | 24 | €1,302 | €2,193 | +€890 | +68.4% |
| Other tangible fixed assets | 26 | €5,140 | €13,747 | +€8,607 | +167% |
| Current assets | 29/58 | €51,971 | €171,791 | +€119,820 | +231% |
| Stocks and contracts in progress | 3 | - | €124,232 | +€124,232 | |
| Stocks | 30/36 | - | €124,232 | +€124,232 | |
| Amounts receivable within one year | 40/41 | €16,751 | €30,574 | +€13,822 | +82.5% |
| Trade receivables | 40 | €14,890 | €12,406 | -€2,484 | -16.7% |
| Other amounts receivable | 41 | €1,861 | €18,167 | +€16,306 | +876% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €34,528 | €13,614 | -€20,914 | -60.6% |
| Deferred charges and accrued income | 490/1 | €691 | €3,371 | +€2,680 | +388% |
| Total equity and liabilities | 10/49 | €89,252 | €205,146 | +€115,894 | +130% |
| Equity | 10/15 | €23,371 | €23,232 | -€139 | -0.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,911 | €2,772 | -€139 | -4.8% |
| Amounts payable | 17/49 | €65,881 | €181,914 | +€116,033 | +176% |
| Amounts payable within one year | 42/48 | €65,881 | €181,914 | +€116,033 | +176% |
| Trade debts | 44 | €3,981 | €36,383 | +€32,402 | +814% |
| Suppliers | 440/4 | €3,981 | €36,383 | +€32,402 | +814% |
| Taxes, remuneration and social security | 45 | €11,622 | €1,236 | -€10,385 | -89.4% |
| Taxes | 450/3 | €11,622 | €1,236 | -€10,385 | -89.4% |
| Other amounts payable | 47/48 | €50,279 | €144,295 | +€94,016 | +187% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,364 | €19,897 | +€533 | +2.8% |
| Other operating charges | 640/8 | €993 | €414 | -€579 | -58.3% |
| Gross operating margin | 9900 | €32,829 | €83,524 | +€50,695 | +154% |
| Operating profit (loss) | 9901 | €12,472 | €63,213 | +€50,741 | +407% |
| Financial income | 75/76B | €53 | €110 | +€57 | +109% |
| Recurring financial income | 75 | €53 | €110 | +€57 | +109% |
| Financial charges | 65/66B | €154 | €175 | +€21 | +13.7% |
| Recurring financial charges | 65 | €154 | €175 | +€21 | +13.7% |
| Profit (loss) for the period before taxes | 9903 | €12,370 | €63,148 | +€50,777 | +410% |
| Income taxes | 67/77 | €3,154 | €17,286 | +€14,132 | +448% |
| Profit (loss) for the period | 9904 | €9,216 | €45,861 | +€36,645 | +398% |
| Profit (loss) for the period to be appropriated | 9905 | €9,216 | €45,861 | +€36,645 | +398% |
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 14 October 2026 via checked.be.