Cash flow before tax (rent − costs − loan payments) — T3 in Melun — réel foncier · ID 05Réel foncierCash Flow

Loan principal is subtracted here (in Cash flow) but NOT in Total costs/Profit — a real debt-service cash outflow, not a deductible charge. Under the réel foncier regime the tax starts from the rent minus the deductible charges (loan interest included; the charges recoverable from the tenant excluded) — see the deductible-charges page.