MENAPII: 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.
MENAPII
Largest movements
- Receivables within one year +€88,861
up €88,861 (+67.3%), from €132,045 to €220,906
of which Trade receivables: +€89,508
- Stocks and contracts -€15,090
down €15,090 (-6.7%), from €226,170 to €211,080
- Trade debts +€52,880
up €52,880 (+66.1%), from €80,032 to €132,912
- Reserves +€9,959
up €9,959 (+104.2%), from €9,561 to €19,520
- Other debts +€8,632
up €8,632 (+102.1%), from €8,456 to €17,087
- Gross operating margin +€20,436
up €20,436 (+133.5%), from €15,312 to €35,748
- Write-downs +€8,491
new in 2025: €8,491
- Taxes +€3,414
up €3,414 (+1078.7%), from €316 to €3,731
- Other operating charges -€581
down €581 (-82.0%), from €708 to €128
- Financial charges -€477
down €477 (-3.6%), from €13,346 to €12,869
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 | €369,863 | €444,561 | +€74,697 | +20.2% |
| Fixed assets | 21/28 | €1,061 | €471 | -€589 | -55.6% |
| Tangible fixed assets | 22/27 | €1,061 | €471 | -€589 | -55.6% |
| Furniture and vehicles | 24 | €1,061 | €471 | -€589 | -55.6% |
| Current assets | 29/58 | €368,803 | €444,089 | +€75,287 | +20.4% |
| Stocks and contracts in progress | 3 | €226,170 | €211,080 | -€15,090 | -6.7% |
| Stocks | 30/36 | €226,170 | €211,080 | -€15,090 | -6.7% |
| Amounts receivable within one year | 40/41 | €132,045 | €220,906 | +€88,861 | +67.3% |
| Trade receivables | 40 | €130,072 | €219,580 | +€89,508 | +68.8% |
| Other amounts receivable | 41 | €1,973 | €1,326 | -€647 | -32.8% |
| Cash at bank and in hand | 54/58 | €10,256 | €9,686 | -€570 | -5.6% |
| Deferred charges and accrued income | 490/1 | €331 | €2,418 | +€2,087 | +629.9% |
| Total equity and liabilities | 10/49 | €369,863 | €444,561 | +€74,697 | +20.2% |
| Equity | 10/15 | €29,561 | €39,520 | +€9,959 | +33.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €9,561 | €19,520 | +€9,959 | +104.2% |
| Distributable reserves | 133 | €9,561 | €19,520 | +€9,959 | +104.2% |
| Amounts payable | 17/49 | €340,302 | €405,040 | +€64,738 | +19.0% |
| Amounts payable after more than one year | 17 | €200,000 | €200,000 | = | 0.0% |
| Financial debts | 170/4 | €200,000 | €200,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €138,805 | €203,730 | +€64,926 | +46.8% |
| Financial debts | 43 | €50,000 | €50,000 | = | 0.0% |
| Credit institutions | 430/8 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €80,032 | €132,912 | +€52,880 | +66.1% |
| Suppliers | 440/4 | €80,032 | €132,912 | +€52,880 | +66.1% |
| Taxes, remuneration and social security | 45 | €316 | €3,731 | +€3,414 | +1078.7% |
| Taxes | 450/3 | €316 | €3,731 | +€3,414 | +1078.7% |
| Other amounts payable | 47/48 | €8,456 | €17,087 | +€8,632 | +102.1% |
| Accrued charges and deferred income | 492/3 | €1,498 | €1,310 | -€188 | -12.5% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €559 | €589 | +€30 | +5.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €8,491 | +€8,491 | |
| Other operating charges | 640/8 | €708 | €128 | -€581 | -82.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €15,312 | €35,748 | +€20,436 | +133.5% |
| Operating profit (loss) | 9901 | €14,044 | €26,540 | +€12,496 | +89.0% |
| Financial income | 75/76B | €0 | €19 | +€19 | +18980.0% |
| Recurring financial income | 75 | €0 | €19 | +€19 | +18980.0% |
| Financial charges | 65/66B | €13,346 | €12,869 | -€477 | -3.6% |
| Recurring financial charges | 65 | €13,346 | €12,869 | -€477 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | €698 | €13,690 | +€12,992 | +1861.2% |
| Income taxes | 67/77 | €316 | €3,731 | +€3,414 | +1078.7% |
| Profit (loss) for the period | 9904 | €382 | €9,959 | +€9,578 | +2510.3% |
| Profit (loss) for the period to be appropriated | 9905 | €382 | €9,959 | +€9,578 | +2510.3% |
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 11 October 2026 via checked.be.