The legend on the Num Lock key is pad printed, since it's a windowed key (the window is the second shot).
On Cherry keyboards produced after a certain year they put a clear coating over their pad printing to protect it, which is that rectangle that you see.
It's usually practically invisible, but obviously yours has discoloured over time. I find it quite odd; I have windowed Cherry keys that are far older and far more yellowed, but I've never seen the clear coat undergo a colour change that makes it obvious like this.