MENA: 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.
MENA
Largest movements
- Receivables within one year +€165,800
up €165,800 (+40.4%), from €409,918 to €575,718
- Tangible fixed assets -€83,762
down €83,762 (-6.8%), from €1.2m to €1.2m
- Cash -€23,804
down €23,804 (-48.3%), from €49,333 to €25,529
mainly Receivables within one year (-€165,800) and Debts after one year (-€66,672)
- Reserves +€116,287
up €116,287 (+17.4%), from €669,001 to €785,288
of which Distributable reserves: +€116,287
- Debts after one year -€66,672
down €66,672 (-9.5%), from €699,976 to €633,304
- Financial income +€4,488
up €4,488 (+45.3%), from €9,918 to €14,407
- Financial charges -€3,947
down €3,947 (-21.8%), from €18,073 to €14,126
- Taxes +€3,005
up €3,005 (+8.2%), from €36,841 to €39,846
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 | €1,697,255 | €1,755,488 | +€58,233 | +3.4% |
| Fixed assets | 21/28 | €1,238,003 | €1,154,241 | -€83,762 | -6.8% |
| Tangible fixed assets | 22/27 | €1,238,003 | €1,154,241 | -€83,762 | -6.8% |
| Land and buildings | 22 | €1,238,003 | €1,154,241 | -€83,762 | -6.8% |
| Current assets | 29/58 | €459,252 | €601,247 | +€141,996 | +30.9% |
| Amounts receivable within one year | 40/41 | €409,918 | €575,718 | +€165,800 | +40.4% |
| Other amounts receivable | 41 | €409,918 | €575,718 | +€165,800 | +40.4% |
| Cash at bank and in hand | 54/58 | €49,333 | €25,529 | -€23,804 | -48.3% |
| Total equity and liabilities | 10/49 | €1,697,255 | €1,755,488 | +€58,233 | +3.4% |
| Equity | 10/15 | €919,001 | €1,035,288 | +€116,287 | +12.7% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €669,001 | €785,288 | +€116,287 | +17.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €669,001 | €785,288 | +€116,287 | +17.4% |
| Amounts payable | 17/49 | €778,254 | €720,200 | -€58,054 | -7.5% |
| Amounts payable after more than one year | 17 | €699,976 | €633,304 | -€66,672 | -9.5% |
| Financial debts | 170/4 | €699,976 | €633,304 | -€66,672 | -9.5% |
| Amounts payable within one year | 42/48 | €78,278 | €86,896 | +€8,618 | +11.0% |
| Current portion of amounts payable after more than one year | 42 | €61,116 | €66,672 | +€5,556 | +9.1% |
| Trade debts | 44 | €9,900 | €10,378 | +€478 | +4.8% |
| Suppliers | 440/4 | €9,900 | €10,378 | +€478 | +4.8% |
| Taxes, remuneration and social security | 45 | €7,262 | €9,846 | +€2,584 | +35.6% |
| Taxes | 450/3 | €7,262 | €9,846 | +€2,584 | +35.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,762 | €83,762 | +€0 | 0.0% |
| Other operating charges | 640/8 | €22,520 | €22,002 | -€519 | -2.3% |
| Gross operating margin | 9900 | €262,488 | €261,617 | -€872 | -0.3% |
| Operating profit (loss) | 9901 | €156,205 | €155,852 | -€353 | -0.2% |
| Financial income | 75/76B | €9,918 | €14,407 | +€4,488 | +45.3% |
| Recurring financial income | 75 | €9,918 | €14,407 | +€4,488 | +45.3% |
| Financial charges | 65/66B | €18,073 | €14,126 | -€3,947 | -21.8% |
| Recurring financial charges | 65 | €18,073 | €14,126 | -€3,947 | -21.8% |
| Profit (loss) for the period before taxes | 9903 | €148,051 | €156,133 | +€8,082 | +5.5% |
| Income taxes | 67/77 | €36,841 | €39,846 | +€3,005 | +8.2% |
| Profit (loss) for the period | 9904 | €111,210 | €116,287 | +€5,078 | +4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €111,210 | €116,287 | +€5,078 | +4.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.