MSW IMMO II: 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.
MSW IMMO II
Largest movements
- Receivables within one year +€68,992
up €68,992 (+43.2%), from €159,648 to €228,640
of which Other amounts receivable: +€92,580
- Tangible fixed assets -€68,780
down €68,780 (-3.8%), from €1.8m to €1.7m
of which Land and buildings: -€74,800
- Debts after one year -€108,690
down €108,690 (-6.5%), from €1.7m to €1.6m
- Profit (loss) carried forward +€61,328
up €61,328, from -€41,166 to €20,162
- Other debts +€27,500
up €27,500 (+29.7%), from €92,736 to €120,236
- Taxes +€6,828
new in 2025: €6,828
- Gross operating margin +€6,624
up €6,624 (+3.8%), from €174,853 to €181,477
- Depreciation -€2,825
down €2,825 (-3.7%), from €77,196 to €74,371
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,971,249 | €1,957,790 | -€13,460 | -0.7% |
| Fixed assets | 21/28 | €1,796,851 | €1,728,071 | -€68,780 | -3.8% |
| Tangible fixed assets | 22/27 | €1,796,851 | €1,728,071 | -€68,780 | -3.8% |
| Land and buildings | 22 | €1,796,851 | €1,722,051 | -€74,800 | -4.2% |
| Plant, machinery and equipment | 23 | - | €6,020 | +€6,020 | |
| Current assets | 29/58 | €174,398 | €229,719 | +€55,321 | +31.7% |
| Amounts receivable within one year | 40/41 | €159,648 | €228,640 | +€68,992 | +43.2% |
| Trade receivables | 40 | €42,254 | €18,666 | -€23,588 | -55.8% |
| Other amounts receivable | 41 | €117,394 | €209,974 | +€92,580 | +78.9% |
| Cash at bank and in hand | 54/58 | €13,884 | €1,079 | -€12,805 | -92.2% |
| Deferred charges and accrued income | 490/1 | €866 | - | -€866 | |
| Total equity and liabilities | 10/49 | €1,971,249 | €1,957,790 | -€13,460 | -0.7% |
| Equity | 10/15 | €83,834 | €145,162 | +€61,328 | +73.2% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€41,166 | €20,162 | +€61,328 | |
| Amounts payable | 17/49 | €1,887,415 | €1,812,627 | -€74,788 | -4.0% |
| Amounts payable after more than one year | 17 | €1,682,352 | €1,573,662 | -€108,690 | -6.5% |
| Financial debts | 170/4 | €1,682,352 | €1,573,662 | -€108,690 | -6.5% |
| Amounts payable within one year | 42/48 | €201,059 | €234,439 | +€33,380 | +16.6% |
| Current portion of amounts payable after more than one year | 42 | €107,159 | €111,625 | +€4,465 | +4.2% |
| Trade debts | 44 | €1,164 | €751 | -€413 | -35.5% |
| Suppliers | 440/4 | €1,164 | €751 | -€413 | -35.5% |
| Taxes, remuneration and social security | 45 | - | €1,828 | +€1,828 | |
| Taxes | 450/3 | - | €1,828 | +€1,828 | |
| Other amounts payable | 47/48 | €92,736 | €120,236 | +€27,500 | +29.7% |
| Accrued charges and deferred income | 492/3 | €4,004 | €4,527 | +€522 | +13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,196 | €74,371 | -€2,825 | -3.7% |
| Other operating charges | 640/8 | €13,557 | €13,983 | +€426 | +3.1% |
| Gross operating margin | 9900 | €174,853 | €181,477 | +€6,624 | +3.8% |
| Operating profit (loss) | 9901 | €84,100 | €93,123 | +€9,023 | +10.7% |
| Financial charges | 65/66B | €26,482 | €24,967 | -€1,516 | -5.7% |
| Recurring financial charges | 65 | €26,482 | €24,967 | -€1,516 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | €57,618 | €68,156 | +€10,538 | +18.3% |
| Income taxes | 67/77 | - | €6,828 | +€6,828 | |
| Profit (loss) for the period | 9904 | €57,618 | €61,328 | +€3,710 | +6.4% |
| Profit (loss) for the period to be appropriated | 9905 | €57,618 | €61,328 | +€3,710 | +6.4% |
Source: filed annual accounts (NBB), financial 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 October 2026 via checked.be.