MSB Immo: what changed
Two fiscal 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.
MSB Immo
Largest movements
- Tangible fixed assets +€37,954
up €37,954 (+3.4%), from €1.1m to €1.2m
of which Plant, machinery and equipment: +€52,207
- Cash -€15,089
down €15,089 (-66.1%), from €22,811 to €7,722
mainly Investment in fixed assets (net) (-€172,670) and Other debts (-€25,759)
- Reserves +€32,418
up €32,418 (+111.2%), from €29,155 to €61,573
of which Distributable reserves: +€32,418
- Other debts -€25,759
down €25,759 (-86.7%), from €29,694 to €3,934
- Short-term financial debts +€22,283
new in 2025: €22,283
- Gross operating margin +€47,076
up €47,076 (+28.6%), from €164,408 to €211,484
- Depreciation +€29,781
up €29,781 (+28.4%), from €104,935 to €134,716
- Financial charges +€5,503
up €5,503 (+24.6%), from €22,402 to €27,905
- Taxes +€4,609
up €4,609 (+122.2%), from €3,771 to €8,379
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.
Cash bridge derived
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 | €1,162,970 | €1,191,586 | +€28,616 | +2.5% |
| Fixed assets | 21/28 | €1,125,141 | €1,163,095 | +€37,954 | +3.4% |
| Tangible fixed assets | 22/27 | €1,125,141 | €1,163,095 | +€37,954 | +3.4% |
| Land and buildings | 22 | €501,412 | €506,213 | +€4,801 | +1.0% |
| Plant, machinery and equipment | 23 | €603,391 | €655,598 | +€52,207 | +8.7% |
| Furniture and vehicles | 24 | €1,689 | €1,285 | -€404 | -23.9% |
| Assets under construction and advance payments | 27 | €18,650 | €0 | -€18,650 | -100.0% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €37,829 | €28,491 | -€9,338 | -24.7% |
| Amounts receivable within one year | 40/41 | €13,254 | €20,463 | +€7,209 | +54.4% |
| Trade receivables | 40 | €12,545 | €20,404 | +€7,860 | +62.7% |
| Other amounts receivable | 41 | €709 | €59 | -€651 | -91.7% |
| Cash at bank and in hand | 54/58 | €22,811 | €7,722 | -€15,089 | -66.1% |
| Deferred charges and accrued income | 490/1 | €1,765 | €306 | -€1,459 | -82.7% |
| Total equity and liabilities | 10/49 | €1,162,970 | €1,191,586 | +€28,616 | +2.5% |
| Equity | 10/15 | €91,155 | €123,573 | +€32,418 | +35.6% |
| 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 | €29,155 | €61,573 | +€32,418 | +111.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €22,955 | €55,373 | +€32,418 | +141.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,071,815 | €1,068,013 | -€3,802 | -0.4% |
| Amounts payable after more than one year | 17 | €870,474 | €865,554 | -€4,920 | -0.6% |
| Financial debts | 170/4 | €863,702 | €858,662 | -€5,040 | -0.6% |
| Other amounts payable | 178/9 | €6,772 | €6,892 | +€120 | +1.8% |
| Amounts payable within one year | 42/48 | €201,341 | €202,459 | +€1,118 | +0.6% |
| Current portion of amounts payable after more than one year | 42 | €136,133 | €133,580 | -€2,553 | -1.9% |
| Financial debts | 43 | - | €22,283 | +€22,283 | |
| Credit institutions | 430/8 | - | €22,283 | +€22,283 | |
| Trade debts | 44 | €31,743 | €29,750 | -€1,993 | -6.3% |
| Suppliers | 440/4 | €31,743 | €29,750 | -€1,993 | -6.3% |
| Taxes, remuneration and social security | 45 | €3,771 | €12,911 | +€9,141 | +242.4% |
| Taxes | 450/3 | €3,771 | €12,911 | +€9,141 | +242.4% |
| Other amounts payable | 47/48 | €29,694 | €3,934 | -€25,759 | -86.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,935 | €134,716 | +€29,781 | +28.4% |
| Other operating charges | 640/8 | €6,787 | €8,067 | +€1,280 | +18.9% |
| Non-recurring operating charges | 66A | €644 | €0 | -€644 | -100.0% |
| Gross operating margin | 9900 | €164,408 | €211,484 | +€47,076 | +28.6% |
| Operating profit (loss) | 9901 | €52,042 | €68,701 | +€16,659 | +32.0% |
| Financial income | 75/76B | €0 | €1 | +€1 | +1328.6% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +1328.6% |
| Financial charges | 65/66B | €22,402 | €27,905 | +€5,503 | +24.6% |
| Recurring financial charges | 65 | €22,402 | €27,905 | +€5,503 | +24.6% |
| Profit (loss) for the period before taxes | 9903 | €29,640 | €40,797 | +€11,157 | +37.6% |
| Income taxes | 67/77 | €3,771 | €8,379 | +€4,609 | +122.2% |
| Profit (loss) for the period | 9904 | €25,869 | €32,418 | +€6,548 | +25.3% |
| Profit (loss) for the period to be appropriated | 9905 | €25,869 | €32,418 | +€6,548 | +25.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.