The Hapsburgs gain, the Turks and Italians lose
After Der Koenig and Kaiser went on a rampage against Venice and Greece, Austria has gained TWO supply centers and inhabits one of the strongest positions on the board. Germany is not far behind, nor France and Russia. I suspect the anti-Hapsburg league is alive and well in the Levant this season.
Here are the adjustments:
And here is what Europe looks like going into Spring of 1904: