ML PELLET: 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.
ML PELLET
Largest movements
- Stocks and contracts +€51,592
up €51,592 (+163.5%), from €31,563 to €83,155
- Tangible fixed assets -€22,265
down €22,265 (-25.4%), from €87,671 to €65,407
of which Other tangible fixed assets: -€21,035
- Cash -€21,669
down €21,669 (-99.4%), from €21,798 to €130
mainly Stocks and contracts (-€51,592) and Debts after one year (-€32,100)
- Receivables within one year +€6,707
up €6,707 (+18.9%), from €35,574 to €42,281
of which Trade receivables: +€13,167
- Financial fixed assets +€4,800
up €4,800 (+228.0%), from €2,105 to €6,905
- Debts after one year -€32,100
down €32,100 (-49.5%), from €64,850 to €32,750
- Trade debts +€24,255
up €24,255 (+47.5%), from €51,097 to €75,353
- Other debts +€19,283
up €19,283 (+67.3%), from €28,646 to €47,929
- Accrued charges and deferred income +€7,650
new in 2025: €7,650
- Current portion of long-term debt -€5,076
down €5,076 (-25.7%), from €19,720 to €14,643
- Gross operating margin +€13,981
up €13,981 (+89.0%), from €15,717 to €29,697
- Other operating charges -€3,344
down €3,344 (-100.0%), from €3,344 to €0
- Depreciation -€2,789
down €2,789 (-13.1%), from €21,323 to €18,535
- Financial charges -€1,417
down €1,417 (-18.9%), from €7,518 to €6,101
- Staff costs +€350
new in 2025: €350
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 | €179,727 | €197,877 | +€18,150 | +10.1% |
| Fixed assets | 21/28 | €89,776 | €72,312 | -€17,465 | -19.5% |
| Tangible fixed assets | 22/27 | €87,671 | €65,407 | -€22,265 | -25.4% |
| Furniture and vehicles | 24 | €64,279 | €59,036 | -€5,243 | -8.2% |
| Leasing and similar rights | 25 | €2,358 | €6,370 | +€4,013 | +170.2% |
| Other tangible fixed assets | 26 | €21,035 | €0 | -€21,035 | -100.0% |
| Financial fixed assets | 28 | €2,105 | €6,905 | +€4,800 | +228.0% |
| Current assets | 29/58 | €89,951 | €125,566 | +€35,614 | +39.6% |
| Stocks and contracts in progress | 3 | €31,563 | €83,155 | +€51,592 | +163.5% |
| Stocks | 30/36 | €31,563 | €83,155 | +€51,592 | +163.5% |
| Amounts receivable within one year | 40/41 | €35,574 | €42,281 | +€6,707 | +18.9% |
| Trade receivables | 40 | €29,114 | €42,281 | +€13,167 | +45.2% |
| Other amounts receivable | 41 | €6,460 | €0 | -€6,460 | -100.0% |
| Cash at bank and in hand | 54/58 | €21,798 | €130 | -€21,669 | -99.4% |
| Deferred charges and accrued income | 490/1 | €1,016 | €0 | -€1,016 | -100.0% |
| Total equity and liabilities | 10/49 | €179,727 | €197,877 | +€18,150 | +10.1% |
| Equity | 10/15 | €4,884 | €9,501 | +€4,617 | +94.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €1,884 | €6,501 | +€4,617 | +245.0% |
| Distributable reserves | 133 | €1,884 | €6,501 | +€4,617 | +245.0% |
| Amounts payable | 17/49 | €174,843 | €188,376 | +€13,533 | +7.7% |
| Amounts payable after more than one year | 17 | €64,850 | €32,750 | -€32,100 | -49.5% |
| Financial debts | 170/4 | €64,850 | €32,750 | -€32,100 | -49.5% |
| Amounts payable within one year | 42/48 | €109,993 | €147,976 | +€37,983 | +34.5% |
| Current portion of amounts payable after more than one year | 42 | €19,720 | €14,643 | -€5,076 | -25.7% |
| Trade debts | 44 | €51,097 | €75,353 | +€24,255 | +47.5% |
| Suppliers | 440/4 | €51,097 | €75,353 | +€24,255 | +47.5% |
| Advances received on contracts in progress | 46 | €10,402 | €8,400 | -€2,002 | -19.2% |
| Taxes, remuneration and social security | 45 | €128 | €1,651 | +€1,523 | +1188.2% |
| Taxes | 450/3 | €128 | €1,651 | +€1,523 | +1188.2% |
| Other amounts payable | 47/48 | €28,646 | €47,929 | +€19,283 | +67.3% |
| Accrued charges and deferred income | 492/3 | - | €7,650 | +€7,650 | |
| Remuneration, social security and pensions | 62 | - | €350 | +€350 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,323 | €18,535 | -€2,789 | -13.1% |
| Other operating charges | 640/8 | €3,344 | €0 | -€3,344 | -100.0% |
| Gross operating margin | 9900 | €15,717 | €29,697 | +€13,981 | +89.0% |
| Operating profit (loss) | 9901 | -€8,951 | €10,812 | +€19,764 | |
| Financial income | 75/76B | €0 | €46 | +€46 | |
| Recurring financial income | 75 | €0 | €46 | +€46 | |
| Financial charges | 65/66B | €7,518 | €6,101 | -€1,417 | -18.9% |
| Recurring financial charges | 65 | €7,518 | €6,101 | -€1,417 | -18.9% |
| Profit (loss) for the period before taxes | 9903 | -€16,469 | €4,758 | +€21,227 | |
| Income taxes | 67/77 | €111 | €141 | +€30 | +26.9% |
| Profit (loss) for the period | 9904 | -€16,580 | €4,617 | +€21,197 | |
| Profit (loss) for the period to be appropriated | 9905 | -€16,580 | €4,617 | +€21,197 |
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.