MSL 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.
MSL IMMO
Largest movements
- Tangible fixed assets -€9,286
down €9,286 (-2.1%), from €439,590 to €430,304
- Cash +€7,057
up €7,057 (+121.5%), from €5,807 to €12,864
mainly Depreciation (+€13,954) and Net result for the year (+€11,837)
- Debts after one year -€13,697
down €13,697 (-3.8%), from €361,436 to €347,740
- Profit (loss) carried forward +€11,837
up €11,837 (+51.5%), from -€22,965 to -€11,128
- Gross operating margin +€19,482
up €19,482 (+63.9%), from €30,467 to €49,949
- Financial charges -€7,691
down €7,691 (-27.5%), from €27,941 to €20,249
- Depreciation -€5,631
down €5,631 (-28.8%), from €19,585 to €13,954
- Other operating charges -€1,198
down €1,198 (-23.5%), from €5,106 to €3,908
- Staff costs -€800
no longer reported in 2025 (was €800)
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 | €454,094 | €455,647 | +€1,553 | +0.3% |
| Fixed assets | 21/28 | €439,590 | €430,304 | -€9,286 | -2.1% |
| Tangible fixed assets | 22/27 | €439,590 | €430,304 | -€9,286 | -2.1% |
| Land and buildings | 22 | €439,590 | €430,304 | -€9,286 | -2.1% |
| Current assets | 29/58 | €14,504 | €25,343 | +€10,838 | +74.7% |
| Amounts receivable within one year | 40/41 | €6,000 | €10,123 | +€4,123 | +68.7% |
| Trade receivables | 40 | - | €123 | +€123 | |
| Other amounts receivable | 41 | €6,000 | €10,000 | +€4,000 | +66.7% |
| Cash at bank and in hand | 54/58 | €5,807 | €12,864 | +€7,057 | +121.5% |
| Deferred charges and accrued income | 490/1 | €2,698 | €2,356 | -€341 | -12.7% |
| Total equity and liabilities | 10/49 | €454,094 | €455,647 | +€1,553 | +0.3% |
| Equity | 10/15 | €27,035 | €38,872 | +€11,837 | +43.8% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,965 | -€11,128 | +€11,837 | +51.5% |
| Amounts payable | 17/49 | €427,059 | €416,775 | -€10,285 | -2.4% |
| Amounts payable after more than one year | 17 | €361,436 | €347,740 | -€13,697 | -3.8% |
| Financial debts | 170/4 | €361,436 | €347,740 | -€13,697 | -3.8% |
| Amounts payable within one year | 42/48 | €65,623 | €69,035 | +€3,412 | +5.2% |
| Current portion of amounts payable after more than one year | 42 | €14,159 | €14,810 | +€652 | +4.6% |
| Trade debts | 44 | €432 | - | -€432 | |
| Suppliers | 440/4 | €432 | - | -€432 | |
| Taxes, remuneration and social security | 45 | €2,262 | €2,921 | +€659 | +29.1% |
| Taxes | 450/3 | €2,262 | €2,921 | +€659 | +29.1% |
| Other amounts payable | 47/48 | €48,770 | €51,303 | +€2,534 | +5.2% |
| Remuneration, social security and pensions | 62 | €800 | - | -€800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,585 | €13,954 | -€5,631 | -28.8% |
| Other operating charges | 640/8 | €5,106 | €3,908 | -€1,198 | -23.5% |
| Gross operating margin | 9900 | €30,467 | €49,949 | +€19,482 | +63.9% |
| Operating profit (loss) | 9901 | €4,976 | €32,087 | +€27,111 | +544.9% |
| Financial charges | 65/66B | €27,941 | €20,249 | -€7,691 | -27.5% |
| Recurring financial charges | 65 | €27,941 | €20,249 | -€7,691 | -27.5% |
| Profit (loss) for the period before taxes | 9903 | -€22,965 | €11,837 | +€34,802 | |
| Profit (loss) for the period | 9904 | -€22,965 | €11,837 | +€34,802 | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,965 | €11,837 | +€34,802 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.