Yearly return before tax (money-weighted) — Furnished flat-share in Melun — SCI à l’IS · ID 04SCI ISMWRR — Before Tax

Company lender rate > 0: shortfalls are covered by a lender's short-term loan (not your money). Rate = 0: shortfalls are paid by you and counted here. The company's lender rate (one for the whole company: the portfolio's setting, else the first property's) is 0.00%, so you cover shortfalls personally — any year's own deficit shows as a real injection below. Measured against this page's own before-tax account (cash flow + compte-courant cash effect + interest, no company tax): company tax doesn't exist before tax, so money you only had to add to pay it is not an injection here (the after-tax pages count it).

"Before tax" means the company tax paid is added back to the real account. The interest inside is what the account really earned — after each year's tax had been paid out of it at year end — so this is not a world where no tax was ever paid.

The injections below use a stricter before-tax account: no company tax at all (not paid, then added back — never paid). The table below lets it earn interest on its own balance, only to decide the injections: the final amount keeps the interest actually earned (line above). So the money you had to add only to pay company tax is not an injection here, and this page's final amount is the net worth (which adds the tax back) minus those payments after the purchase — Part 2 shows the figure. Each injection is made at the end of its year and grows from the next year on.

Year 0: the initial investment, €60,233. After that, the injections come from the company's own before-tax account below: it opens with the cash left after the purchase and, each year, adds the account interest, the rent kept and the compte-courant cash effect — but no company tax.

Each amount in the worked lines is rounded to the cent, so a line can differ by €0.01.

Year 1: before injection = €1,044.04 + €41.76 + €5,554.65 − €490.32 = €6,150.13. Injection = max(−€6,150.13, €0) = €0.00.

What's added at Year 1, on top of the recurring cash-flow account above: the property's own built-up equity and appreciation — the same 3 terms Property Networth assembles from, alongside its own Closing Balance (this page's own Σ Totals above). Full ledgers on Equity from Loan and Appreciation.

Any deficit year's own negative Total is still counted here in full (the loss is real) — but that same amount is also added to Total Injected (Part 1), so it cancels out of the Final Amount below without disappearing from Total Profit. Final Amount below is this page's own before-tax net worth: Property Networth with the company's real payments after the purchase (which include cash that only paid company tax) replaced by the injections above — the two coincide when no payment after the purchase paid tax.

Year 1: final amount = total injected €60,232.55 + €5,106.09 (Σ totals) + €20,627.28 (Year 1 extras) − €60,232.55 (initial investment) = €25,733.37.

Year 1: this is also the yearly return before tax's final amount (€25,733.37) — no payment after the purchase so far only paid company tax. (What the property is worth to you, unsold, before tax)

Bars are drawn only for Year 0 (the initial investment) and Year 1 (that year's own amounts plus the Year 1 extras); the in-between years' amounts are too small to read at this scale, so they aren't drawn — hover any year for its full breakdown. Y-axis uses a compressed (signed arcsinh) scale; hover values and labels still show real, untransformed euro amounts. The total profit line tracks the running net profit through each year (starting at −€60,233, ending at Total Profit — the same Total Profit figure shown in Part 2) — add back Total Injected (Part 1), not just the Year 0 investment, to get the Final Amount from Part 2. No breakeven marker here deliberately — most of Total Profit lands all at once at Year N (Year N Extras), so a mid-chart zero-crossing on the cumulative line wouldn't mean you'd actually recovered your money at that point, only that the running Total_t sum did.

Each euro injected, compounded at R from its own injection year, equals the final amount. Built up in 3 steps: first the total actually injected, then the final amount it grew into, then R itself.

Step 1 — Total Injected

Every other year (Inj_t for t not shown above) is €0 — omitted from the sum above rather than listing 1 zero rows.

Step 2 — Final Amount (FV_final)

Step 3 — Solve for R

R ≈ −57.2766%: Σ Inj_t × (1 + R)^(1 − t) = €25,733.37; minus the final amount €25,733.37 = €0.00 — R is the rate that makes this €0. Each injection is made at the end of its year t and grows from the next year on, for N − t years (the initial investment, Year 0, for all N).

Depends on the rate idle cash earns in the Reinvestment/Financing Account — see Reinvestment/Financing Account.

MWRR by exit year — the exact same method as Part 4, recomputed for every year 1 through 25 instead of just Year 1. Use the year selector above to view any one of these years in full detail.