MENA: 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.
MENA
Largest movements
- Cash -€57,787
down €57,787 (-98.6%), from €58,581 to €794
mainly Debts after one year (-€100,000) and Investment in fixed assets (net) (-€44,615)
- Current investments +€38,000
new in 2025: €38,000
- Tangible fixed assets +€37,129
up €37,129 (+1,199%), from €3,096 to €40,226
- Reserves +€110,000
up €110,000 (+37.9%), from €290,000 to €400,000
- Debts after one year -€100,000
down €100,000 (-6.7%), from €1.5m to €1.4m
- Financial income +€26,059
up €26,059 (+34.7%), from €75,150 to €101,209
- Depreciation +€6,965
up €6,965 (+1,340%), from €520 to €7,485
- Gross operating margin +€4,772
up €4,772 (+27.1%), from €17,622 to €22,393
- Other operating charges +€585
up €585 (+116%), from €502 to €1,088
- Taxes -€466
down €466 (-10.2%), from €4,588 to €4,122
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.
Derived cash bridge
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 | €1,861,677 | €1,879,381 | +€17,704 | +1.0% |
| Fixed assets | 21/28 | €1,803,096 | €1,840,226 | +€37,129 | +2.1% |
| Tangible fixed assets | 22/27 | €3,096 | €40,226 | +€37,129 | +1,199% |
| Furniture and vehicles | 24 | €3,096 | €40,226 | +€37,129 | +1,199% |
| Financial fixed assets | 28 | €1,800,000 | €1,800,000 | = | 0.0% |
| Current assets | 29/58 | €58,581 | €39,156 | -€19,425 | -33.2% |
| Amounts receivable within one year | 40/41 | - | €0 | +€0 | |
| Other amounts receivable | 41 | - | €0 | +€0 | |
| Current investments | 50/53 | - | €38,000 | +€38,000 | |
| Cash at bank and in hand | 54/58 | €58,581 | €794 | -€57,787 | -98.6% |
| Deferred charges and accrued income | 490/1 | - | €361 | +€361 | |
| Total equity and liabilities | 10/49 | €1,861,677 | €1,879,381 | +€17,704 | +1.0% |
| Equity | 10/15 | €295,747 | €406,615 | +€110,868 | +37.5% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €290,000 | €400,000 | +€110,000 | +37.9% |
| Distributable reserves | 133 | €290,000 | €400,000 | +€110,000 | +37.9% |
| Profit (loss) carried forward | 14 | €1,747 | €2,615 | +€868 | +49.7% |
| Amounts payable | 17/49 | €1,565,931 | €1,472,766 | -€93,164 | -5.9% |
| Amounts payable after more than one year | 17 | €1,487,315 | €1,387,315 | -€100,000 | -6.7% |
| Financial debts | 170/4 | €1,487,315 | €1,387,315 | -€100,000 | -6.7% |
| Amounts payable within one year | 42/48 | €78,616 | €85,451 | +€6,836 | +8.7% |
| Financial debts | 43 | €62,500 | €62,500 | = | 0.0% |
| Other loans | 439 | €62,500 | €62,500 | = | 0.0% |
| Trade debts | 44 | €677 | €943 | +€266 | +39.3% |
| Suppliers | 440/4 | €677 | €943 | +€266 | +39.3% |
| Taxes, remuneration and social security | 45 | €9,539 | €5,707 | -€3,831 | -40.2% |
| Taxes | 450/3 | €9,539 | €5,707 | -€3,831 | -40.2% |
| Other amounts payable | 47/48 | €5,900 | €16,301 | +€10,401 | +176% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €520 | €7,485 | +€6,965 | +1,340% |
| Other operating charges | 640/8 | €502 | €1,088 | +€585 | +116% |
| Gross operating margin | 9900 | €17,622 | €22,393 | +€4,772 | +27.1% |
| Operating profit (loss) | 9901 | €16,599 | €13,821 | -€2,779 | -16.7% |
| Financial income | 75/76B | €75,150 | €101,209 | +€26,059 | +34.7% |
| Recurring financial income | 75 | €75,150 | €101,209 | +€26,059 | +34.7% |
| Financial charges | 65/66B | €35 | €39 | +€4 | +12.4% |
| Recurring financial charges | 65 | €35 | €39 | +€4 | +12.4% |
| Profit (loss) for the period before taxes | 9903 | €91,714 | €114,991 | +€23,276 | +25.4% |
| Income taxes | 67/77 | €4,588 | €4,122 | -€466 | -10.2% |
| Profit (loss) for the period | 9904 | €87,126 | €110,868 | +€23,742 | +27.2% |
| Profit (loss) for the period to be appropriated | 9905 | €87,126 | €110,868 | +€23,742 | +27.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.