MS REAL ESTATE: 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 REAL ESTATE
Largest movements
- Receivables within one year +€1.0m
up €1.0m (+151%), from €665,717 to €1.7m
of which Other amounts receivable: +€1.0m
- Tangible fixed assets -€758,919
down €758,919 (-29.4%), from €2.6m to €1.8m
of which Land and buildings: -€739,695
- Cash +€255,377
up €255,377 (+3,156%), from €8,093 to €263,470
mainly Net result for the year (+€859,154) and Investment in fixed assets (net) (+€671,783)
- Reserves +€723,907
up €723,907 (+131%), from €554,348 to €1.3m
of which Tax-exempt reserves: +€723,907
- Short-term financial debts -€586,196
down €586,196 (-37.5%), from €1.6m to €978,614
- Provisions +€241,302
up €241,302 (+164%), from €147,447 to €388,750
- Profit (loss) carried forward +€135,247
up €135,247 (+11.7%), from €1.2m to €1.3m
- Gross operating margin +€877,118
up €877,118 (+212%), from €412,814 to €1.3m
- Financial charges -€45,189
down €45,189 (-49.0%), from €92,294 to €47,105
- Depreciation -€26,427
down €26,427 (-22.8%), from €115,686 to €89,258
- Financial income +€21,646
new in 2025: €21,646
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 | €3,574,187 | €4,074,864 | +€500,677 | +14.0% |
| Formation expenses | 20 | €2,122 | - | -€2,122 | |
| Fixed assets | 21/28 | €2,870,502 | €2,111,583 | -€758,919 | -26.4% |
| Tangible fixed assets | 22/27 | €2,583,257 | €1,824,338 | -€758,919 | -29.4% |
| Land and buildings | 22 | €2,487,659 | €1,747,964 | -€739,695 | -29.7% |
| Plant, machinery and equipment | 23 | €95,598 | €76,374 | -€19,224 | -20.1% |
| Financial fixed assets | 28 | €287,245 | €287,245 | = | 0.0% |
| Current assets | 29/58 | €701,563 | €1,963,281 | +€1.3m | +180% |
| Amounts receivable within one year | 40/41 | €665,717 | €1,672,361 | +€1.0m | +151% |
| Trade receivables | 40 | €2,904 | €2,904 | = | 0.0% |
| Other amounts receivable | 41 | €662,813 | €1,669,457 | +€1.0m | +152% |
| Cash at bank and in hand | 54/58 | €8,093 | €263,470 | +€255,377 | +3,156% |
| Deferred charges and accrued income | 490/1 | €27,754 | €27,450 | -€304 | -1.1% |
| Total equity and liabilities | 10/49 | €3,574,187 | €4,074,864 | +€500,677 | +14.0% |
| Equity | 10/15 | €1,772,265 | €2,631,419 | +€859,154 | +48.5% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €554,348 | €1,278,255 | +€723,907 | +131% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €443,151 | €1,167,058 | +€723,907 | +163% |
| Distributable reserves | 133 | €105,000 | €105,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,155,943 | €1,291,190 | +€135,247 | +11.7% |
| Provisions and deferred taxes | 16 | €147,447 | €388,750 | +€241,302 | +164% |
| Deferred taxes | 168 | €147,447 | €388,750 | +€241,302 | +164% |
| Amounts payable | 17/49 | €1,654,475 | €1,054,696 | -€599,780 | -36.3% |
| Amounts payable within one year | 42/48 | €1,635,656 | €1,038,946 | -€596,711 | -36.5% |
| Current portion of amounts payable after more than one year | 42 | €13,333 | €13,333 | = | 0.0% |
| Financial debts | 43 | €1,564,810 | €978,614 | -€586,196 | -37.5% |
| Credit institutions | 430/8 | €1,564,810 | €978,614 | -€586,196 | -37.5% |
| Trade debts | 44 | €19,580 | €3,765 | -€15,815 | -80.8% |
| Suppliers | 440/4 | €19,580 | €3,765 | -€15,815 | -80.8% |
| Taxes, remuneration and social security | 45 | €9,375 | €14,675 | +€5,300 | +56.5% |
| Taxes | 450/3 | €9,375 | €12,800 | +€3,425 | +36.5% |
| Remuneration and social security | 454/9 | - | €1,875 | +€1,875 | |
| Other amounts payable | 47/48 | €28,558 | €28,558 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €18,819 | €15,750 | -€3,069 | -16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,686 | €89,258 | -€26,427 | -22.8% |
| Other operating charges | 640/8 | €42,996 | €36,333 | -€6,663 | -15.5% |
| Gross operating margin | 9900 | €412,814 | €1,289,932 | +€877,118 | +212% |
| Operating profit (loss) | 9901 | €254,132 | €1,164,340 | +€910,208 | +358% |
| Financial income | 75/76B | - | €21,646 | +€21,646 | |
| Recurring financial income | 75 | - | €21,646 | +€21,646 | |
| Financial charges | 65/66B | €92,294 | €47,105 | -€45,189 | -49.0% |
| Recurring financial charges | 65 | €92,294 | €47,105 | -€45,189 | -49.0% |
| Profit (loss) for the period before taxes | 9903 | €161,839 | €1,138,881 | +€977,043 | +604% |
| Transfer from deferred taxes | 780 | €6,552 | €15,752 | +€9,200 | +140% |
| Transfer to deferred taxes | 680 | - | €257,054 | +€257,054 | |
| Income taxes | 67/77 | €45,769 | €38,425 | -€7,344 | -16.0% |
| Profit (loss) for the period | 9904 | €122,621 | €859,154 | +€736,533 | +601% |
| Transfer from tax-exempt reserves | 789 | €19,655 | €47,256 | +€27,601 | +140% |
| Transfer to tax-exempt reserves | 689 | - | €771,162 | +€771,162 | |
| Profit (loss) for the period to be appropriated | 9905 | €142,276 | €135,247 | -€7,029 | -4.9% |
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 31 October 2026 via checked.be.