Mezzo: 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.
Mezzo
Largest movements
- Cash -€287,211
down €287,211 (-60.6%), from €474,135 to €186,924
mainly Contributions, distributions and other (-€470,588) and Other debts (-€100,407)
- Receivables within one year +€43,584
up €43,584 (+433.3%), from €10,059 to €53,643
of which Other amounts receivable: +€44,578
- Tangible fixed assets -€30,092
down €30,092 (-5.9%), from €513,266 to €483,173
of which Other tangible fixed assets: -€33,671
- Intangible fixed assets -€18,750
down €18,750 (-15.5%), from €120,781 to €102,031
- Reserves -€124,069
down €124,069 (-18.0%), from €688,585 to €564,516
of which Distributable reserves: -€124,069
- Other debts -€100,407
down €100,407 (-100.0%), from €100,407 to €0
- Debts after one year -€49,096
down €49,096 (-31.1%), from €158,003 to €108,907
- Trade debts -€27,420
down €27,420 (-46.5%), from €59,007 to €31,587
- Current portion of long-term debt +€11,932
up €11,932 (+21.2%), from €56,194 to €68,126
- Gross operating margin +€125,171
up €125,171 (+11.8%), from €1.1m to €1.2m
- Staff costs +€62,372
up €62,372 (+11.6%), from €539,195 to €601,566
- Taxes +€14,437
up €14,437 (+13.5%), from €106,870 to €121,307
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 | €1,128,266 | €846,290 | -€281,976 | -25.0% |
| Fixed assets | 21/28 | €634,297 | €585,454 | -€48,842 | -7.7% |
| Intangible fixed assets | 21 | €120,781 | €102,031 | -€18,750 | -15.5% |
| Tangible fixed assets | 22/27 | €513,266 | €483,173 | -€30,092 | -5.9% |
| Plant, machinery and equipment | 23 | €8,898 | €11,255 | +€2,357 | +26.5% |
| Furniture and vehicles | 24 | €36,571 | €37,793 | +€1,222 | +3.3% |
| Other tangible fixed assets | 26 | €467,796 | €434,125 | -€33,671 | -7.2% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €493,969 | €260,836 | -€233,133 | -47.2% |
| Stocks and contracts in progress | 3 | €2,699 | €2,764 | +€65 | +2.4% |
| Stocks | 30/36 | €2,699 | €2,764 | +€65 | +2.4% |
| Amounts receivable within one year | 40/41 | €10,059 | €53,643 | +€43,584 | +433.3% |
| Trade receivables | 40 | €3,766 | €2,771 | -€995 | -26.4% |
| Other amounts receivable | 41 | €6,294 | €50,872 | +€44,578 | +708.3% |
| Cash at bank and in hand | 54/58 | €474,135 | €186,924 | -€287,211 | -60.6% |
| Deferred charges and accrued income | 490/1 | €7,076 | €17,505 | +€10,429 | +147.4% |
| Total equity and liabilities | 10/49 | €1,128,266 | €846,290 | -€281,976 | -25.0% |
| Equity | 10/15 | €691,085 | €567,016 | -€124,069 | -18.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €688,585 | €564,516 | -€124,069 | -18.0% |
| Tax-exempt reserves | 132 | €63,150 | €63,150 | = | 0.0% |
| Distributable reserves | 133 | €625,435 | €501,366 | -€124,069 | -19.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €437,181 | €279,275 | -€157,907 | -36.1% |
| Amounts payable after more than one year | 17 | €158,003 | €108,907 | -€49,096 | -31.1% |
| Financial debts | 170/4 | €158,003 | €108,907 | -€49,096 | -31.1% |
| Amounts payable within one year | 42/48 | €279,178 | €170,368 | -€108,810 | -39.0% |
| Current portion of amounts payable after more than one year | 42 | €56,194 | €68,126 | +€11,932 | +21.2% |
| Trade debts | 44 | €59,007 | €31,587 | -€27,420 | -46.5% |
| Suppliers | 440/4 | €59,007 | €31,587 | -€27,420 | -46.5% |
| Taxes, remuneration and social security | 45 | €63,571 | €70,655 | +€7,084 | +11.1% |
| Taxes | 450/3 | €8,394 | €17,746 | +€9,353 | +111.4% |
| Remuneration and social security | 454/9 | €55,177 | €52,909 | -€2,268 | -4.1% |
| Other amounts payable | 47/48 | €100,407 | €0 | -€100,407 | -100.0% |
| Remuneration, social security and pensions | 62 | €539,195 | €601,566 | +€62,372 | +11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,203 | €99,072 | +€7,870 | +8.6% |
| Other operating charges | 640/8 | €5,750 | €4,779 | -€971 | -16.9% |
| Non-recurring operating charges | 66A | €1,383 | €5,714 | +€4,331 | +313.3% |
| Gross operating margin | 9900 | €1,064,014 | €1,189,186 | +€125,171 | +11.8% |
| Operating profit (loss) | 9901 | €426,484 | €478,054 | +€51,570 | +12.1% |
| Financial income | 75/76B | €951 | €853 | -€98 | -10.3% |
| Recurring financial income | 75 | €951 | €853 | -€98 | -10.3% |
| Financial charges | 65/66B | €10,969 | €11,081 | +€112 | +1.0% |
| Recurring financial charges | 65 | €10,969 | €11,081 | +€112 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | €416,466 | €467,826 | +€51,360 | +12.3% |
| Income taxes | 67/77 | €106,870 | €121,307 | +€14,437 | +13.5% |
| Profit (loss) for the period | 9904 | €309,596 | €346,519 | +€36,923 | +11.9% |
| Transfer to tax-exempt reserves | 689 | €63,150 | €0 | -€63,150 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €246,446 | €346,519 | +€100,073 | +40.6% |
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 12 October 2026 via checked.be.