Cash flow before tax (rent − costs − loan payments) — Furnished flat-share in Melun — LMNP · ID 02LMNPCash Flow

Rent minus the total costs (property tax, syndic, other fixed costs and the loan interest) is the profit; the loan principal is not a cost — it is equity you build — but it is still cash that leaves each year, so the cash flow takes it off too. All before any tax. Under LMNP the profit is where the income you are taxed on starts, and the cash flow is what your rental account receives each year before the income tax and social contributions.