MENA MOD: 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 MOD
Largest movements
- Receivables within one year +€275,736
up €275,736 (+186%), from €148,405 to €424,141
of which Trade receivables: +€346,079
- Tangible fixed assets +€49,376
up €49,376 (+89.6%), from €55,135 to €104,511
of which Leasing and similar rights: +€38,194
- Cash -€36,779
down €36,779 (-92.5%), from €39,751 to €2,972
mainly Receivables within one year (-€275,736) and Investment in fixed assets (net) (-€86,707)
- Profit (loss) carried forward +€261,274
up €261,274, from -€7,065 to €254,208
- Current portion of long-term debt +€23,548
up €23,548 (+115%), from €20,449 to €43,997
- Debts after one year +€19,041
up €19,041 (+47.3%), from €40,235 to €59,276
- Trade debts -€15,948
down €15,948 (-9.9%), from €160,360 to €144,411
of which Bills of exchange payable: -€17,657
- Short-term financial debts +€7,557
up €7,557 (+286%), from €2,639 to €10,196
- Gross operating margin +€449,080
up €449,080, from -€90,543 to €358,537
- Turnover +€271,337
up €271,337 (+19.7%), from €1.4m to €1.6m
- Purchases and services -€177,743
down €177,743 (-12.1%), from €1.5m to €1.3m
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 | €243,292 | €531,624 | +€288,333 | +119% |
| Fixed assets | 21/28 | €55,135 | €104,511 | +€49,376 | +89.6% |
| Tangible fixed assets | 22/27 | €55,135 | €104,511 | +€49,376 | +89.6% |
| Furniture and vehicles | 24 | €6,074 | €17,256 | +€11,182 | +184% |
| Leasing and similar rights | 25 | €49,061 | €87,255 | +€38,194 | +77.8% |
| Current assets | 29/58 | €188,156 | €427,113 | +€238,957 | +127% |
| Amounts receivable within one year | 40/41 | €148,405 | €424,141 | +€275,736 | +186% |
| Trade receivables | 40 | €57,850 | €403,929 | +€346,079 | +598% |
| Other amounts receivable | 41 | €90,555 | €20,211 | -€70,343 | -77.7% |
| Cash at bank and in hand | 54/58 | €39,751 | €2,972 | -€36,779 | -92.5% |
| Total equity and liabilities | 10/49 | €243,292 | €531,624 | +€288,333 | +119% |
| Equity | 10/15 | €995 | €262,268 | +€261,274 | +26,272% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,065 | €254,208 | +€261,274 | |
| Amounts payable | 17/49 | €242,297 | €269,356 | +€27,059 | +11.2% |
| Amounts payable after more than one year | 17 | €40,235 | €59,276 | +€19,041 | +47.3% |
| Financial debts | 170/4 | €40,235 | €59,276 | +€19,041 | +47.3% |
| Amounts payable within one year | 42/48 | €202,063 | €210,080 | +€8,018 | +4.0% |
| Current portion of amounts payable after more than one year | 42 | €20,449 | €43,997 | +€23,548 | +115% |
| Financial debts | 43 | €2,639 | €10,196 | +€7,557 | +286% |
| Credit institutions | 430/8 | €2,639 | €10,196 | +€7,557 | +286% |
| Trade debts | 44 | €160,360 | €144,411 | -€15,948 | -9.9% |
| Suppliers | 440/4 | €6,029 | €7,738 | +€1,708 | +28.3% |
| Bills of exchange payable | 441 | €154,330 | €136,674 | -€17,657 | -11.4% |
| Taxes, remuneration and social security | 45 | €18,615 | €11,476 | -€7,139 | -38.4% |
| Remuneration and social security | 454/9 | €18,615 | €11,476 | -€7,139 | -38.4% |
| Turnover | 70 | €1,376,851 | €1,648,188 | +€271,337 | +19.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,467,394 | €1,289,651 | -€177,743 | -12.1% |
| Remuneration, social security and pensions | 62 | €777 | €1,401 | +€625 | +80.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,831 | €37,331 | +€7,500 | +25.1% |
| Other operating charges | 640/8 | €58,863 | €52,334 | -€6,529 | -11.1% |
| Gross operating margin | 9900 | -€90,543 | €358,537 | +€449,080 | |
| Operating profit (loss) | 9901 | -€180,014 | €267,471 | +€447,485 | |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €4,643 | €6,063 | +€1,420 | +30.6% |
| Recurring financial charges | 65 | €4,643 | €6,063 | +€1,420 | +30.6% |
| Profit (loss) for the period before taxes | 9903 | -€184,654 | €261,408 | +€446,062 | |
| Income taxes | 67/77 | - | €134 | +€134 | |
| Profit (loss) for the period | 9904 | -€184,654 | €261,274 | +€445,928 | |
| Profit (loss) for the period to be appropriated | 9905 | -€184,654 | €261,274 | +€445,928 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.