MST 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.
What changed
MST ESTATE
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
-€19,507
2024 · €7,454-€26,961
Equity
€1.6m
2024 · €1.6m-€19,507
Cash
€43,145
2024 · €57,198-€14,053
Balance sheet total
€3.9m
2024 · €4.1m-€190,229
Largest movements
Assets
- Tangible fixed assets -€174,860
down €174,860 (-4.4%), from €4.0m to €3.8m
of which Land and buildings: -€158,323
Equity and liabilities
- Trade debts -€100,635
down €100,635 (-96.7%), from €104,108 to €3,473
- Debts after one year -€75,646
down €75,646 (-4.3%), from €1.8m to €1.7m
of which Financial debts: -€119,132
Income statement
- Depreciation +€14,981
up €14,981 (+6.9%), from €215,966 to €230,947
- Gross operating margin -€12,197
down €12,197 (-4.6%), from €263,037 to €250,840
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
€7,454
Gross operating margin
-€12,197
Depreciation
-€14,981
Other operating charges
+€944
Financial income
-€309
Financial charges
-€418
Result 2025
-€19,507
raises the resultlowers the result
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
+€115,720
Investment
-€56,086
Financing
-€73,686
Cash 2024
€57,198
From operations (derived)
+€115,720
Net result for the year
-€19,507
Depreciation
+€230,947
Receivables within one year
+€2,225
Deferred charges and accrued income
-€909
Trade debts
-€100,635
Tax, wage and social debts
-€18,559
Other debts
+€22,158
Investment (derived)
-€56,086
Investment in fixed assets (net)
-€56,086
Financing
-€73,686
Debts after one year
-€75,646
Current portion of long-term debt
+€1,959
Cash 2025
€43,145
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,096,993 | €3,906,764 | -€190,229 | -4.6% |
| Fixed assets | 21/28 | €4,009,262 | €3,834,402 | -€174,860 | -4.4% |
| Tangible fixed assets | 22/27 | €4,008,800 | €3,833,939 | -€174,860 | -4.4% |
| Land and buildings | 22 | €3,591,623 | €3,433,300 | -€158,323 | -4.4% |
| Plant, machinery and equipment | 23 | €12,918 | €11,157 | -€1,761 | -13.6% |
| Furniture and vehicles | 24 | €643 | €402 | -€241 | -37.5% |
| Other tangible fixed assets | 26 | €403,615 | €389,080 | -€14,535 | -3.6% |
| Financial fixed assets | 28 | €462 | €462 | = | 0.0% |
| Current assets | 29/58 | €87,731 | €72,362 | -€15,369 | -17.5% |
| Amounts receivable within one year | 40/41 | €26,205 | €23,980 | -€2,225 | -8.5% |
| Trade receivables | 40 | €18,150 | €18,150 | = | 0.0% |
| Other amounts receivable | 41 | €8,055 | €5,830 | -€2,225 | -27.6% |
| Cash at bank and in hand | 54/58 | €57,198 | €43,145 | -€14,053 | -24.6% |
| Deferred charges and accrued income | 490/1 | €4,329 | €5,237 | +€909 | +21.0% |
| Total equity and liabilities | 10/49 | €4,096,993 | €3,906,764 | -€190,229 | -4.6% |
| Equity | 10/15 | €1,636,842 | €1,617,335 | -€19,507 | -1.2% |
| Contributions | 10/11 | €1,030,420 | €1,030,420 | = | 0.0% |
| Capital | 10 | €1,030,420 | €1,030,420 | = | 0.0% |
| Issued capital | 100 | €1,030,420 | €1,030,420 | = | 0.0% |
| Reserves | 13 | €100,812 | €100,812 | = | 0.0% |
| Non-distributable reserves | 130/1 | €84,378 | €84,378 | = | 0.0% |
| Legal reserve | 130 | €84,378 | €84,378 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,779 | €2,779 | = | 0.0% |
| Distributable reserves | 133 | €13,654 | €13,654 | = | 0.0% |
| Profit (loss) carried forward | 14 | €505,610 | €486,103 | -€19,507 | -3.9% |
| Amounts payable | 17/49 | €2,460,151 | €2,289,429 | -€170,722 | -6.9% |
| Amounts payable after more than one year | 17 | €1,755,278 | €1,679,632 | -€75,646 | -4.3% |
| Financial debts | 170/4 | €1,500,736 | €1,381,604 | -€119,132 | -7.9% |
| Other amounts payable | 178/9 | €254,542 | €298,029 | +€43,487 | +17.1% |
| Amounts payable within one year | 42/48 | €704,873 | €609,796 | -€95,076 | -13.5% |
| Current portion of amounts payable after more than one year | 42 | €117,173 | €119,132 | +€1,959 | +1.7% |
| Trade debts | 44 | €104,108 | €3,473 | -€100,635 | -96.7% |
| Suppliers | 440/4 | €104,108 | €3,473 | -€100,635 | -96.7% |
| Taxes, remuneration and social security | 45 | €23,797 | €5,238 | -€18,559 | -78.0% |
| Taxes | 450/3 | €23,797 | €5,238 | -€18,559 | -78.0% |
| Other amounts payable | 47/48 | €459,795 | €481,953 | +€22,158 | +4.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €215,966 | €230,947 | +€14,981 | +6.9% |
| Other operating charges | 640/8 | €5,934 | €4,990 | -€944 | -15.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €263,037 | €250,840 | -€12,197 | -4.6% |
| Operating profit (loss) | 9901 | €41,137 | €14,903 | -€26,234 | -63.8% |
| Financial income | 75/76B | €309 | €0 | -€309 | -100% |
| Recurring financial income | 75 | €309 | €0 | -€309 | -100% |
| Financial charges | 65/66B | €33,993 | €34,411 | +€418 | +1.2% |
| Recurring financial charges | 65 | €33,993 | €34,411 | +€418 | +1.2% |
| Profit (loss) for the period before taxes | 9903 | €7,454 | -€19,507 | -€26,961 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €7,454 | -€19,507 | -€26,961 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,454 | -€19,507 | -€26,961 |
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 29 October 2026 via checked.be.