MSW IMMO III: what changed
MSW IMMO III
Largest movements
- Tangible fixed assets -€83,880
down €83,880 (-2.3%), from €3.6m to €3.6m
- Receivables within one year -€46,986
down €46,986 (-42.8%), from €109,654 to €62,668
of which Trade receivables: -€41,003
- Cash -€44,231
down €44,231 (-95.3%), from €46,400 to €2,168
mainly Debts after one year (-€165,000) and Trade debts (-€90,493)
- Debts after one year -€165,000
down €165,000 (-5.3%), from €3.1m to €2.9m
- Other debts +€125,590
up €125,590 (+19.7%), from €638,193 to €763,783
- Trade debts -€90,493
down €90,493 (-96.9%), from €93,397 to €2,904
- Profit (loss) carried forward -€44,412
down €44,412 (-9.2%), from -€481,514 to -€525,926
- Depreciation -€390,351
down €390,351 (-76.5%), from €510,511 to €120,160
- Gross operating margin +€49,496
up €49,496 (+26.4%), from €187,700 to €237,196
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,792,019 | €3,616,923 | -€175,097 | -4.6% |
| Fixed assets | 21/28 | €3,635,966 | €3,552,086 | -€83,880 | -2.3% |
| Tangible fixed assets | 22/27 | €3,635,966 | €3,552,086 | -€83,880 | -2.3% |
| Land and buildings | 22 | €3,635,966 | €3,552,086 | -€83,880 | -2.3% |
| Current assets | 29/58 | €156,053 | €64,836 | -€91,217 | -58.5% |
| Amounts receivable within one year | 40/41 | €109,654 | €62,668 | -€46,986 | -42.8% |
| Trade receivables | 40 | €85,738 | €44,735 | -€41,003 | -47.8% |
| Other amounts receivable | 41 | €23,916 | €17,933 | -€5,983 | -25.0% |
| Cash at bank and in hand | 54/58 | €46,400 | €2,168 | -€44,231 | -95.3% |
| Total equity and liabilities | 10/49 | €3,792,019 | €3,616,923 | -€175,097 | -4.6% |
| Equity | 10/15 | -€216,514 | -€260,926 | -€44,412 | -20.5% |
| Contributions | 10/11 | €265,000 | €265,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€481,514 | -€525,926 | -€44,412 | -9.2% |
| Amounts payable | 17/49 | €4,008,533 | €3,877,849 | -€130,685 | -3.3% |
| Amounts payable after more than one year | 17 | €3,107,500 | €2,942,500 | -€165,000 | -5.3% |
| Financial debts | 170/4 | €3,107,500 | €2,942,500 | -€165,000 | -5.3% |
| Amounts payable within one year | 42/48 | €896,590 | €931,687 | +€35,097 | +3.9% |
| Current portion of amounts payable after more than one year | 42 | €165,000 | €165,000 | = | 0.0% |
| Trade debts | 44 | €93,397 | €2,904 | -€90,493 | -96.9% |
| Suppliers | 440/4 | €93,397 | €2,904 | -€90,493 | -96.9% |
| Other amounts payable | 47/48 | €638,193 | €763,783 | +€125,590 | +19.7% |
| Accrued charges and deferred income | 492/3 | €4,444 | €3,662 | -€781 | -17.6% |
| Non-recurring operating income | 76A | €7,581 | €319 | -€7,263 | -95.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €510,511 | €120,160 | -€390,351 | -76.5% |
| Other operating charges | 640/8 | €18,950 | €20,356 | +€1,406 | +7.4% |
| Gross operating margin | 9900 | €187,700 | €237,196 | +€49,496 | +26.4% |
| Operating profit (loss) | 9901 | -€341,761 | €96,680 | +€438,442 | |
| Financial charges | 65/66B | €139,752 | €141,092 | +€1,340 | +1.0% |
| Recurring financial charges | 65 | €139,752 | €141,092 | +€1,340 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | -€481,514 | -€44,412 | +€437,102 | +90.8% |
| Profit (loss) for the period | 9904 | -€481,514 | -€44,412 | +€437,102 | +90.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€481,514 | -€44,412 | +€437,102 | +90.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.