MELLOW: what changed
Two fiscal 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.
MELLOW
Largest movements
- Stocks and contracts -€97,970
down €97,970 (-41.3%), from €237,472 to €139,502
- Cash +€26,320
up €26,320 (+13.0%), from €202,568 to €228,888
mainly Stocks and contracts (+€97,970) and Net result for the year (+€37,752)
- Receivables within one year +€14,040
up €14,040 (+22.6%), from €62,021 to €76,061
of which Other amounts receivable: +€14,834
- Tangible fixed assets -€12,743
down €12,743 (-3.8%), from €332,720 to €319,977
of which Land and buildings: -€8,791
- Other debts -€63,818
down €63,818 (-22.8%), from €279,443 to €215,625
- Trade debts -€45,746
down €45,746 (-63.7%), from €71,765 to €26,019
- Tax, wage and social debts +€36,368
up €36,368 (+60.1%), from €60,505 to €96,873
- Reserves +€13,752
up €13,752 (+10.5%), from €130,846 to €144,598
of which Distributable reserves: +€13,752
- Debts after one year -€11,521
down €11,521 (-5.2%), from €222,187 to €210,666
- Write-downs -€14,281
down €14,281 (-474.8%), from -€3,008 to -€17,289
- Financial charges +€3,848
up €3,848 (+26.2%), from €14,688 to €18,536
- Gross operating margin +€2,915
up €2,915 (+5.0%), from €58,360 to €61,275
- Staff costs -€2,673
no longer reported in 2025 (was €2,673)
- Financial income +€1,991
up €1,991 (+19.0%), from €10,479 to €12,470
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.
Cash bridge derived
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 | €839,268 | €769,218 | -€70,049 | -8.3% |
| Fixed assets | 21/28 | €332,720 | €319,977 | -€12,743 | -3.8% |
| Tangible fixed assets | 22/27 | €332,720 | €319,977 | -€12,743 | -3.8% |
| Land and buildings | 22 | €297,011 | €288,220 | -€8,791 | -3.0% |
| Plant, machinery and equipment | 23 | €20,633 | €15,389 | -€5,244 | -25.4% |
| Furniture and vehicles | 24 | €13,675 | €14,967 | +€1,292 | +9.4% |
| Other tangible fixed assets | 26 | €1,400 | €1,400 | = | 0.0% |
| Current assets | 29/58 | €506,548 | €449,242 | -€57,306 | -11.3% |
| Stocks and contracts in progress | 3 | €237,472 | €139,502 | -€97,970 | -41.3% |
| Stocks | 30/36 | €237,472 | €139,502 | -€97,970 | -41.3% |
| Amounts receivable within one year | 40/41 | €62,021 | €76,061 | +€14,040 | +22.6% |
| Trade receivables | 40 | €38,234 | €37,440 | -€793 | -2.1% |
| Other amounts receivable | 41 | €23,787 | €38,621 | +€14,834 | +62.4% |
| Cash at bank and in hand | 54/58 | €202,568 | €228,888 | +€26,320 | +13.0% |
| Deferred charges and accrued income | 490/1 | €4,487 | €4,790 | +€303 | +6.8% |
| Total equity and liabilities | 10/49 | €839,268 | €769,218 | -€70,049 | -8.3% |
| Equity | 10/15 | €155,846 | €169,598 | +€13,752 | +8.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €130,846 | €144,598 | +€13,752 | +10.5% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €31,798 | €31,798 | = | 0.0% |
| Distributable reserves | 133 | €96,548 | €110,300 | +€13,752 | +14.2% |
| Provisions and deferred taxes | 16 | €27,601 | €27,601 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €27,601 | €27,601 | = | 0.0% |
| Pensions and similar obligations | 160 | €27,601 | €27,601 | = | 0.0% |
| Amounts payable | 17/49 | €655,821 | €572,020 | -€83,801 | -12.8% |
| Amounts payable after more than one year | 17 | €222,187 | €210,666 | -€11,521 | -5.2% |
| Financial debts | 170/4 | €222,187 | €210,666 | -€11,521 | -5.2% |
| Amounts payable within one year | 42/48 | €433,634 | €361,354 | -€72,280 | -16.7% |
| Current portion of amounts payable after more than one year | 42 | €21,921 | €22,837 | +€916 | +4.2% |
| Trade debts | 44 | €71,765 | €26,019 | -€45,746 | -63.7% |
| Suppliers | 440/4 | €71,765 | €26,019 | -€45,746 | -63.7% |
| Taxes, remuneration and social security | 45 | €60,505 | €96,873 | +€36,368 | +60.1% |
| Taxes | 450/3 | €60,505 | €96,873 | +€36,368 | +60.1% |
| Other amounts payable | 47/48 | €279,443 | €215,625 | -€63,818 | -22.8% |
| Remuneration, social security and pensions | 62 | €2,673 | - | -€2,673 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,945 | €22,190 | +€1,245 | +5.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,008 | -€17,289 | -€14,281 | -474.8% |
| Other operating charges | 640/8 | €5,811 | €3,928 | -€1,883 | -32.4% |
| Gross operating margin | 9900 | €58,360 | €61,275 | +€2,915 | +5.0% |
| Operating profit (loss) | 9901 | €31,939 | €52,446 | +€20,507 | +64.2% |
| Financial income | 75/76B | €10,479 | €12,470 | +€1,991 | +19.0% |
| Recurring financial income | 75 | €10,479 | €12,470 | +€1,991 | +19.0% |
| Financial charges | 65/66B | €14,688 | €18,536 | +€3,848 | +26.2% |
| Recurring financial charges | 65 | €14,688 | €18,536 | +€3,848 | +26.2% |
| Profit (loss) for the period before taxes | 9903 | €27,730 | €46,380 | +€18,650 | +67.3% |
| Income taxes | 67/77 | €6,665 | €8,628 | +€1,964 | +29.5% |
| Profit (loss) for the period | 9904 | €21,065 | €37,752 | +€16,687 | +79.2% |
| Profit (loss) for the period to be appropriated | 9905 | €21,065 | €37,752 | +€16,687 | +79.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.