MEHL + WASSER: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
MEHL + WASSER
Largest movements
- Receivables within one year +€7,708
up €7,708 (+34.7%), from €22,243 to €29,950
of which Trade receivables: +€8,637
- Cash -€7,554
down €7,554 (-10.5%), from €71,671 to €64,117
mainly Investment in fixed assets (net) (-€24,698) and Debts after one year (-€17,070)
- Tangible fixed assets -€7,315
down €7,315 (-2.5%), from €290,310 to €282,995
of which Land and buildings: -€8,084
- Debts after one year -€17,070
down €17,070 (-8.5%), from €200,279 to €183,209
- Other debts +€16,848
up €16,848 (+92.9%), from €18,138 to €34,986
- Profit (loss) carried forward -€6,884
down €6,884 (-5.2%), from €131,499 to €124,616
- Gross operating margin -€27,289
down €27,289 (-31.1%), from €87,641 to €60,353
- Taxes -€8,978
down €8,978 (-71.2%), from €12,617 to €3,639
- Staff costs +€5,056
new in 2025: €5,056
- Depreciation +€2,133
up €2,133 (+7.1%), from €29,879 to €32,013
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €393,260 | €387,700 | -€5,559 | -1.4% |
| Fixed assets | 21/28 | €290,310 | €282,995 | -€7,315 | -2.5% |
| Tangible fixed assets | 22/27 | €290,310 | €282,995 | -€7,315 | -2.5% |
| Land and buildings | 22 | €223,330 | €215,246 | -€8,084 | -3.6% |
| Plant, machinery and equipment | 23 | €29,003 | €26,783 | -€2,220 | -7.7% |
| Furniture and vehicles | 24 | €37,978 | €40,967 | +€2,989 | +7.9% |
| Current assets | 29/58 | €102,949 | €104,705 | +€1,755 | +1.7% |
| Stocks and contracts in progress | 3 | - | €1,825 | +€1,825 | |
| Contracts in progress | 37 | - | €1,825 | +€1,825 | |
| Amounts receivable within one year | 40/41 | €22,243 | €29,950 | +€7,708 | +34.7% |
| Trade receivables | 40 | €18,860 | €27,496 | +€8,637 | +45.8% |
| Other amounts receivable | 41 | €3,383 | €2,454 | -€929 | -27.5% |
| Cash at bank and in hand | 54/58 | €71,671 | €64,117 | -€7,554 | -10.5% |
| Deferred charges and accrued income | 490/1 | €9,036 | €8,813 | -€223 | -2.5% |
| Total equity and liabilities | 10/49 | €393,260 | €387,700 | -€5,559 | -1.4% |
| Equity | 10/15 | €136,499 | €129,616 | -€6,884 | -5.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €131,499 | €124,616 | -€6,884 | -5.2% |
| Investment grants | 15 | - | €0 | = | |
| Amounts payable | 17/49 | €256,761 | €258,085 | +€1,324 | +0.5% |
| Amounts payable after more than one year | 17 | €200,279 | €183,209 | -€17,070 | -8.5% |
| Financial debts | 170/4 | €200,279 | €183,209 | -€17,070 | -8.5% |
| Amounts payable within one year | 42/48 | €55,828 | €74,076 | +€18,248 | +32.7% |
| Current portion of amounts payable after more than one year | 42 | €16,400 | €17,070 | +€670 | +4.1% |
| Trade debts | 44 | €6,423 | €5,877 | -€546 | -8.5% |
| Suppliers | 440/4 | €6,423 | €5,877 | -€546 | -8.5% |
| Advances received on contracts in progress | 46 | €11,000 | €11,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €3,867 | €5,143 | +€1,276 | +33.0% |
| Taxes | 450/3 | €3,867 | €1,870 | -€1,997 | -51.6% |
| Remuneration and social security | 454/9 | €0 | €3,273 | +€3,273 | |
| Other amounts payable | 47/48 | €18,138 | €34,986 | +€16,848 | +92.9% |
| Accrued charges and deferred income | 492/3 | €654 | €800 | +€146 | +22.4% |
| Remuneration, social security and pensions | 62 | - | €5,056 | +€5,056 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,879 | €32,013 | +€2,133 | +7.1% |
| Other operating charges | 640/8 | €2,123 | €2,628 | +€505 | +23.8% |
| Gross operating margin | 9900 | €87,641 | €60,353 | -€27,289 | -31.1% |
| Operating profit (loss) | 9901 | €55,639 | €20,656 | -€34,983 | -62.9% |
| Financial income | 75/76B | €131 | €34 | -€98 | -74.3% |
| Recurring financial income | 75 | €131 | €34 | -€98 | -74.3% |
| Financial charges | 65/66B | €9,524 | €8,935 | -€589 | -6.2% |
| Recurring financial charges | 65 | €9,524 | €8,935 | -€589 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | €46,247 | €11,756 | -€34,492 | -74.6% |
| Income taxes | 67/77 | €12,617 | €3,639 | -€8,978 | -71.2% |
| Profit (loss) for the period | 9904 | €33,630 | €8,116 | -€25,513 | -75.9% |
| Profit (loss) for the period to be appropriated | 9905 | €33,630 | €8,116 | -€25,513 | -75.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.