Mezzo: 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.
Mezzo
Largest movements
- Tangible fixed assets -€264,647
down €264,647 (-5.7%), from €4.6m to €4.4m
of which Land and buildings: -€248,264
- Cash +€74,070
up €74,070 (+65.2%), from €113,566 to €187,636
mainly Net result for the year (+€343,641) and Depreciation (+€285,523)
- Debts after one year -€500,000
down €500,000 (-27.8%), from €1.8m to €1.3m
- Reserves +€343,641
up €343,641 (+25.4%), from €1.4m to €1.7m
of which Distributable reserves: +€326,459
- Gross operating margin -€49,663
down €49,663 (-3.6%), from €1.4m to €1.3m
- Financial charges -€39,527
down €39,527 (-35.7%), from €110,608 to €71,082
of which Financial charges: -€35,328
- Staff costs +€25,725
up €25,725 (+6.1%), from €418,475 to €444,200
- Financial income -€15,913
down €15,913 (-82.2%), from €19,354 to €3,442
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 | €4,918,048 | €4,716,677 | -€201,371 | -4.1% |
| Fixed assets | 21/28 | €4,616,643 | €4,351,996 | -€264,647 | -5.7% |
| Tangible fixed assets | 22/27 | €4,616,643 | €4,351,996 | -€264,647 | -5.7% |
| Land and buildings | 22 | €4,514,025 | €4,265,761 | -€248,264 | -5.5% |
| Plant, machinery and equipment | 23 | €41,071 | €24,575 | -€16,496 | -40.2% |
| Furniture and vehicles | 24 | €61,547 | €61,660 | +€113 | +0.2% |
| Current assets | 29/58 | €301,405 | €364,681 | +€63,276 | +21.0% |
| Amounts receivable after more than one year | 29 | €41,737 | €6,599 | -€35,139 | -84.2% |
| Other amounts receivable | 291 | €41,737 | €6,599 | -€35,139 | -84.2% |
| Stocks and contracts in progress | 3 | €10,000 | €10,000 | = | 0.0% |
| Stocks | 30/36 | €10,000 | €10,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €127,290 | €133,228 | +€5,937 | +4.7% |
| Trade receivables | 40 | €125,265 | €132,501 | +€7,236 | +5.8% |
| Other amounts receivable | 41 | €2,025 | €727 | -€1,298 | -64.1% |
| Cash at bank and in hand | 54/58 | €113,566 | €187,636 | +€74,070 | +65.2% |
| Deferred charges and accrued income | 490/1 | €8,812 | €27,219 | +€18,407 | +208.9% |
| Total equity and liabilities | 10/49 | €4,918,048 | €4,716,677 | -€201,371 | -4.1% |
| Equity | 10/15 | €2,855,451 | €3,199,093 | +€343,641 | +12.0% |
| Contributions | 10/11 | €1,500,000 | €1,500,000 | = | 0.0% |
| Capital | 10 | €1,500,000 | €1,500,000 | = | 0.0% |
| Issued capital | 100 | €1,500,000 | €1,500,000 | = | 0.0% |
| Reserves | 13 | €1,355,451 | €1,699,093 | +€343,641 | +25.4% |
| Non-distributable reserves | 130/1 | €67,665 | €84,847 | +€17,182 | +25.4% |
| Legal reserve | 130 | €67,665 | €84,847 | +€17,182 | +25.4% |
| Tax-exempt reserves | 132 | €2,160 | €2,160 | = | 0.0% |
| Distributable reserves | 133 | €1,285,627 | €1,612,086 | +€326,459 | +25.4% |
| Amounts payable | 17/49 | €2,062,596 | €1,517,585 | -€545,012 | -26.4% |
| Amounts payable after more than one year | 17 | €1,800,000 | €1,300,000 | -€500,000 | -27.8% |
| Financial debts | 170/4 | €1,800,000 | €1,300,000 | -€500,000 | -27.8% |
| Amounts payable within one year | 42/48 | €165,649 | €114,010 | -€51,640 | -31.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €36,179 | €33,474 | -€2,705 | -7.5% |
| Suppliers | 440/4 | €36,179 | €33,474 | -€2,705 | -7.5% |
| Taxes, remuneration and social security | 45 | €129,470 | €80,536 | -€48,934 | -37.8% |
| Taxes | 450/3 | €88,159 | €33,744 | -€54,415 | -61.7% |
| Remuneration and social security | 454/9 | €41,311 | €46,791 | +€5,480 | +13.3% |
| Accrued charges and deferred income | 492/3 | €96,947 | €103,575 | +€6,628 | +6.8% |
| Remuneration, social security and pensions | 62 | €418,475 | €444,200 | +€25,725 | +6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €299,185 | €285,523 | -€13,662 | -4.6% |
| Other operating charges | 640/8 | €53,157 | €56,197 | +€3,040 | +5.7% |
| Gross operating margin | 9900 | €1,368,314 | €1,318,650 | -€49,663 | -3.6% |
| Operating profit (loss) | 9901 | €597,496 | €532,730 | -€64,766 | -10.8% |
| Financial income | 75/76B | €19,354 | €3,442 | -€15,913 | -82.2% |
| Recurring financial income | 75 | €19,354 | €3,442 | -€15,913 | -82.2% |
| Financial charges | 65/66B | €110,608 | €71,082 | -€39,527 | -35.7% |
| Recurring financial charges | 65 | €106,101 | €70,773 | -€35,328 | -33.3% |
| Non-recurring financial charges | 66B | €4,508 | €309 | -€4,199 | -93.2% |
| Profit (loss) for the period before taxes | 9903 | €506,242 | €465,090 | -€41,152 | -8.1% |
| Income taxes | 67/77 | €133,483 | €121,449 | -€12,034 | -9.0% |
| Profit (loss) for the period | 9904 | €372,759 | €343,641 | -€29,118 | -7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €372,759 | €343,641 | -€29,118 | -7.8% |
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 30 September 2026 via checked.be.