What the property is worth to you (unsold, before tax) — Furnished flat-share in Melun — SCI à l’IS · ID 04SCI ISProperty Networth

Everything that went into the company's savings account: the cash left in it after the purchase, the cash you added when the company ran short (payments after the purchase — none in this projection), every year's rent kept after costs, the interest the account earned, and the compte-courant cash effect (your 31.4% tax on the interest the company pays you — compte courant page). It equals the real account's closing balance plus the company tax paid out of it so far.

"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 payments after the purchase can include cash you added only to pay the company tax (the account would have stayed above €0 without it); that tax is then added back as well, so such cash counts twice here — the yearly return before tax leaves it out (Part 3).

Year 1: savings account before company tax = €1,044.04 + €0.00 + €5,554.65 + €41.76 − €490.32 = €6,150.13.

Year 1: the same figure from the real account — closing €6,150.13 + company tax paid so far €0.00 = €6,150.13. Company tax: its own page.

Day-1 equity is what you own on day one (price − loan, plus any value uplift); Σ loan paid off is the principal repaid since (its own page). Σ appreciation is the value gained by the END of the year — one period more than the appreciation page's start-of-year figure, so it matches what selling in this same year would be worth.

Year 1: €15,000.00 + €3,958.24 + €625.00 + €6,150.13 = €25,733.37.

Not a gain: it includes the money you put in. The gain is on the yearly return pages and the cash you walk away with.

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.