MSV 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.
MSV IMMO
Largest movements
- Cash +€78,501
up €78,501 (+234.4%), from €33,495 to €111,995
mainly Net result for the year (+€101,519) and Trade debts (+€89,386)
- Receivables within one year +€49,527
up €49,527 (+1305.8%), from €3,793 to €53,320
of which Other amounts receivable: +€29,782
- Profit (loss) carried forward +€101,519
up €101,519 (+41.4%), from €245,158 to €346,678
- Trade debts +€89,386
new in 2025: €89,386
- Other debts -€46,667
down €46,667 (-76.0%), from €61,368 to €14,701
- Tax, wage and social debts -€13,557
no longer reported in 2025 (was €13,557)
- Current portion of long-term debt +€9,082
up €9,082 (+25.3%), from €35,892 to €44,975
- Gross operating margin -€15,569
down €15,569 (-6.7%), from €232,917 to €217,348
- Taxes -€5,519
down €5,519 (-13.8%), from €39,973 to €34,454
- Other operating charges +€2,439
up €2,439 (+44.0%), from €5,539 to €7,977
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 | €600,482 | €733,116 | +€132,634 | +22.1% |
| Fixed assets | 21/28 | €562,362 | €566,075 | +€3,713 | +0.7% |
| Tangible fixed assets | 22/27 | €562,362 | €566,075 | +€3,713 | +0.7% |
| Land and buildings | 22 | €463,094 | €424,401 | -€38,693 | -8.4% |
| Plant, machinery and equipment | 23 | €13,685 | €7,931 | -€5,753 | -42.0% |
| Furniture and vehicles | 24 | €27,534 | €89,463 | +€61,929 | +224.9% |
| Leasing and similar rights | 25 | €58,049 | €44,280 | -€13,769 | -23.7% |
| Current assets | 29/58 | €38,120 | €167,041 | +€128,921 | +338.2% |
| Amounts receivable within one year | 40/41 | €3,793 | €53,320 | +€49,527 | +1305.8% |
| Trade receivables | 40 | €3,480 | €23,226 | +€19,745 | +567.4% |
| Other amounts receivable | 41 | €313 | €30,094 | +€29,782 | +9522.5% |
| Cash at bank and in hand | 54/58 | €33,495 | €111,995 | +€78,501 | +234.4% |
| Deferred charges and accrued income | 490/1 | €833 | €1,726 | +€893 | +107.3% |
| Total equity and liabilities | 10/49 | €600,482 | €733,116 | +€132,634 | +22.1% |
| Equity | 10/15 | €283,289 | €383,084 | +€99,795 | +35.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Share premium | 1100/10 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €245,158 | €346,678 | +€101,519 | +41.4% |
| Investment grants | 15 | €19,531 | €17,806 | -€1,724 | -8.8% |
| Provisions and deferred taxes | 16 | €6,798 | €6,367 | -€431 | -6.3% |
| Deferred taxes | 168 | €6,798 | €6,367 | -€431 | -6.3% |
| Amounts payable | 17/49 | €310,396 | €343,666 | +€33,270 | +10.7% |
| Amounts payable after more than one year | 17 | €199,578 | €194,603 | -€4,975 | -2.5% |
| Financial debts | 170/4 | €199,578 | €194,603 | -€4,975 | -2.5% |
| Amounts payable within one year | 42/48 | €110,818 | €149,062 | +€38,245 | +34.5% |
| Current portion of amounts payable after more than one year | 42 | €35,892 | €44,975 | +€9,082 | +25.3% |
| Trade debts | 44 | - | €89,386 | +€89,386 | |
| Suppliers | 440/4 | - | €89,386 | +€89,386 | |
| Taxes, remuneration and social security | 45 | €13,557 | - | -€13,557 | |
| Taxes | 450/3 | €13,557 | - | -€13,557 | |
| Other amounts payable | 47/48 | €61,368 | €14,701 | -€46,667 | -76.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,507 | €70,287 | -€1,220 | -1.7% |
| Other operating charges | 640/8 | €5,539 | €7,977 | +€2,439 | +44.0% |
| Gross operating margin | 9900 | €232,917 | €217,348 | -€15,569 | -6.7% |
| Operating profit (loss) | 9901 | €155,871 | €139,084 | -€16,788 | -10.8% |
| Financial income | 75/76B | €1,724 | €1,724 | +€0 | 0.0% |
| Recurring financial income | 75 | €1,724 | €1,724 | +€0 | 0.0% |
| Financial charges | 65/66B | €5,801 | €5,266 | -€536 | -9.2% |
| Recurring financial charges | 65 | €5,801 | €5,266 | -€536 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | €151,794 | €135,542 | -€16,252 | -10.7% |
| Transfer from deferred taxes | 780 | €431 | €431 | = | 0.0% |
| Income taxes | 67/77 | €39,973 | €34,454 | -€5,519 | -13.8% |
| Profit (loss) for the period | 9904 | €112,253 | €101,519 | -€10,733 | -9.6% |
| Profit (loss) for the period to be appropriated | 9905 | €112,253 | €101,519 | -€10,733 | -9.6% |
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 30 September 2026 via checked.be.