MENA-PHOENIX: 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-PHOENIX
Largest movements
- Receivables within one year +€39,697
up €39,697 (+351.4%), from €11,297 to €50,994
of which Other amounts receivable: +€35,000
- Cash +€9,795
up €9,795 (+50.6%), from €19,361 to €29,155
mainly Net result for the year (+€29,450) and Trade debts (+€23,493)
- Tangible fixed assets +€5,413
up €5,413 (+41.7%), from €12,981 to €18,394
of which Plant, machinery and equipment: +€5,277
- Reserves +€29,450
up €29,450 (+802.2%), from €3,671 to €33,121
of which Distributable reserves: +€29,450
- Trade debts +€23,493
up €23,493 (+106.5%), from €22,051 to €45,544
- Tax, wage and social debts +€3,516
up €3,516 (+54.4%), from €6,469 to €9,985
of which Taxes: +€5,561
- Staff costs -€27,190
down €27,190 (-27.1%), from €100,363 to €73,173
- Gross operating margin +€22,725
up €22,725 (+23.7%), from €95,886 to €118,611
- Taxes +€6,252
new in 2025: €6,252
- Financial charges +€1,410
up €1,410 (+224.7%), from €627 to €2,037
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 | €44,591 | €101,049 | +€56,458 | +126.6% |
| Fixed assets | 21/28 | €12,981 | €18,394 | +€5,413 | +41.7% |
| Tangible fixed assets | 22/27 | €12,981 | €18,394 | +€5,413 | +41.7% |
| Plant, machinery and equipment | 23 | €10,896 | €16,173 | +€5,277 | +48.4% |
| Furniture and vehicles | 24 | €2,085 | €2,221 | +€136 | +6.5% |
| Current assets | 29/58 | €31,610 | €82,655 | +€51,046 | +161.5% |
| Stocks and contracts in progress | 3 | €952 | €1,713 | +€761 | +79.9% |
| Stocks | 30/36 | €952 | €1,713 | +€761 | +79.9% |
| Amounts receivable within one year | 40/41 | €11,297 | €50,994 | +€39,697 | +351.4% |
| Trade receivables | 40 | €3,662 | €8,359 | +€4,697 | +128.2% |
| Other amounts receivable | 41 | €7,635 | €42,635 | +€35,000 | +458.4% |
| Cash at bank and in hand | 54/58 | €19,361 | €29,155 | +€9,795 | +50.6% |
| Deferred charges and accrued income | 490/1 | - | €793 | +€793 | |
| Total equity and liabilities | 10/49 | €44,591 | €101,049 | +€56,458 | +126.6% |
| Equity | 10/15 | €16,071 | €45,521 | +€29,450 | +183.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Outside capital | 11 | €12,400 | €12,400 | = | 0.0% |
| Other | 1109/19 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €3,671 | €33,121 | +€29,450 | +802.2% |
| Non-distributable reserves | 130/1 | €1,306 | €1,306 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,306 | €1,306 | = | 0.0% |
| Distributable reserves | 133 | €2,365 | €31,815 | +€29,450 | +1245.3% |
| Amounts payable | 17/49 | €28,520 | €55,528 | +€27,009 | +94.7% |
| Amounts payable within one year | 42/48 | €28,520 | €55,528 | +€27,009 | +94.7% |
| Trade debts | 44 | €22,051 | €45,544 | +€23,493 | +106.5% |
| Suppliers | 440/4 | €22,051 | €45,544 | +€23,493 | +106.5% |
| Taxes, remuneration and social security | 45 | €6,469 | €9,985 | +€3,516 | +54.4% |
| Taxes | 450/3 | €1,517 | €7,078 | +€5,561 | +366.6% |
| Remuneration and social security | 454/9 | €4,952 | €2,907 | -€2,045 | -41.3% |
| Remuneration, social security and pensions | 62 | €100,363 | €73,173 | -€27,190 | -27.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,120 | €3,310 | -€810 | -19.7% |
| Other operating charges | 640/8 | €1,182 | €1,725 | +€543 | +45.9% |
| Non-recurring operating charges | 66A | - | €2,665 | +€2,665 | |
| Gross operating margin | 9900 | €95,886 | €118,611 | +€22,725 | +23.7% |
| Operating profit (loss) | 9901 | -€9,778 | €37,739 | +€47,517 | |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €627 | €2,037 | +€1,410 | +224.7% |
| Recurring financial charges | 65 | €627 | €2,037 | +€1,410 | +224.7% |
| Profit (loss) for the period before taxes | 9903 | -€10,404 | €35,702 | +€46,106 | |
| Income taxes | 67/77 | - | €6,252 | +€6,252 | |
| Profit (loss) for the period | 9904 | -€10,404 | €29,450 | +€39,854 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,404 | €29,450 | +€39,854 |
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.