MSW 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.
What changed
MSW Immo
NACE 77.229, Renting and leasing of other personal and household goods
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€43,878
2024 · €41,023+€2,855
Equity
€597,838
2024 · €553,960+€43,878
Cash
€19,621
2024 · €17,663+€1,958
Balance sheet total
€1.9m
2024 · €2.0m-€100,097
Largest movements
Assets
- Tangible fixed assets -€79,735
down €79,735 (-4.5%), from €1.8m to €1.7m
- Receivables within one year -€22,619
down €22,619 (-13.6%), from €166,439 to €143,820
of which Other amounts receivable: -€26,126
Equity and liabilities
- Debts after one year -€139,451
down €139,451 (-13.3%), from €1.0m to €906,046
- Profit (loss) carried forward +€43,878
up €43,878 (+19.6%), from €223,960 to €267,838
Income statement
- Financial charges -€4,642
down €4,642 (-10.3%), from €45,029 to €40,387
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
€41,023
Gross operating margin
-€906
Depreciation
-€354
Other operating charges
-€31
Financial charges
+€4,642
Taxes
-€497
Result 2025
€43,878
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.
From operations
+€145,756
Investment
-€2,605
Financing
-€141,193
Cash 2024
€17,663
From operations (derived)
+€145,756
Net result for the year
+€43,878
Depreciation
+€82,340
Receivables within one year
+€22,619
Smaller working-capital items
-€468
Tax, wage and social debts
-€3,304
Other debts
-€3,000
Accrued charges and deferred income
+€3,690
Investment (derived)
-€2,605
Investment in fixed assets (net)
-€2,605
Financing
-€141,193
Debts after one year
-€139,451
Current portion of long-term debt
+€4,890
Short-term financial debts
-€6,632
Cash 2025
€19,621
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,966,234 | €1,866,137 | -€100,097 | -5.1% |
| Fixed assets | 21/28 | €1,782,131 | €1,702,396 | -€79,735 | -4.5% |
| Tangible fixed assets | 22/27 | €1,782,131 | €1,702,396 | -€79,735 | -4.5% |
| Land and buildings | 22 | €1,782,131 | €1,702,396 | -€79,735 | -4.5% |
| Current assets | 29/58 | €184,103 | €163,741 | -€20,362 | -11.1% |
| Amounts receivable within one year | 40/41 | €166,439 | €143,820 | -€22,619 | -13.6% |
| Trade receivables | 40 | €7,613 | €11,120 | +€3,507 | +46.1% |
| Other amounts receivable | 41 | €158,826 | €132,700 | -€26,126 | -16.4% |
| Cash at bank and in hand | 54/58 | €17,663 | €19,621 | +€1,958 | +11.1% |
| Deferred charges and accrued income | 490/1 | - | €299 | +€299 | |
| Total equity and liabilities | 10/49 | €1,966,234 | €1,866,137 | -€100,097 | -5.1% |
| Equity | 10/15 | €553,960 | €597,838 | +€43,878 | +7.9% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €30,000 | €30,000 | = | 0.0% |
| Distributable reserves | 133 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €223,960 | €267,838 | +€43,878 | +19.6% |
| Amounts payable | 17/49 | €1,412,274 | €1,268,299 | -€143,975 | -10.2% |
| Amounts payable after more than one year | 17 | €1,045,497 | €906,046 | -€139,451 | -13.3% |
| Financial debts | 170/4 | €1,045,497 | €906,046 | -€139,451 | -13.3% |
| Amounts payable within one year | 42/48 | €363,126 | €354,912 | -€8,215 | -2.3% |
| Current portion of amounts payable after more than one year | 42 | €134,561 | €139,451 | +€4,890 | +3.6% |
| Financial debts | 43 | €10,000 | €3,368 | -€6,632 | -66.3% |
| Credit institutions | 430/8 | €10,000 | €3,368 | -€6,632 | -66.3% |
| Trade debts | 44 | €4,357 | €4,188 | -€169 | -3.9% |
| Suppliers | 440/4 | €4,357 | €4,188 | -€169 | -3.9% |
| Taxes, remuneration and social security | 45 | €12,571 | €9,268 | -€3,304 | -26.3% |
| Taxes | 450/3 | €12,571 | €9,268 | -€3,304 | -26.3% |
| Other amounts payable | 47/48 | €201,637 | €198,636 | -€3,000 | -1.5% |
| Accrued charges and deferred income | 492/3 | €3,651 | €7,341 | +€3,690 | +101.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,987 | €82,340 | +€354 | +0.4% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | €183,136 | €182,231 | -€906 | -0.5% |
| Operating profit (loss) | 9901 | €100,182 | €98,892 | -€1,290 | -1.3% |
| Financial charges | 65/66B | €45,029 | €40,387 | -€4,642 | -10.3% |
| Recurring financial charges | 65 | €45,029 | €40,387 | -€4,642 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | €55,152 | €58,504 | +€3,352 | +6.1% |
| Income taxes | 67/77 | €14,129 | €14,626 | +€497 | +3.5% |
| Profit (loss) for the period | 9904 | €41,023 | €43,878 | +€2,855 | +7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €41,023 | €43,878 | +€2,855 | +7.0% |
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 6 October 2026 via checked.be.