AVV. MASSIMO MORETTO: 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.
AVV. MASSIMO MORETTO
Largest movements
- Current investments +€72,336
up €72,336 (+55.6%), from €130,000 to €202,336
- Tangible fixed assets +€36,087
up €36,087 (+332%), from €10,878 to €46,965
of which Other tangible fixed assets: +€34,927
- Cash -€18,689
down €18,689 (-14.3%), from €130,690 to €112,001
mainly Current investments (-€72,336) and Advances received (-€46,800)
- Receivables within one year -€13,917
down €13,917 (-90.3%), from €15,416 to €1,499
of which Other amounts receivable: -€12,586
- Reserves +€151,384
up €151,384 (+84.2%), from €179,845 to €331,229
of which Distributable reserves: +€151,384
- Advances received -€46,800
no longer reported in 2025 (was €46,800)
- Other debts -€37,159
no longer reported in 2025 (was €37,159)
- Tax, wage and social debts +€7,394
up €7,394 (+66.6%), from €11,094 to €18,488
- Gross operating margin +€59,099
up €59,099 (+34.4%), from €171,764 to €230,864
- Taxes +€26,914
up €26,914 (+53.4%), from €50,396 to €77,310
- Financial income +€5,073
up €5,073 (+2,020%), from €251 to €5,324
- Depreciation +€3,272
up €3,272 (+165%), from €1,981 to €5,253
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 | €287,299 | €364,313 | +€77,015 | +26.8% |
| Fixed assets | 21/28 | €10,914 | €46,965 | +€36,051 | +330% |
| Intangible fixed assets | 21 | €36 | - | -€36 | |
| Tangible fixed assets | 22/27 | €10,878 | €46,965 | +€36,087 | +332% |
| Furniture and vehicles | 24 | €2,821 | €3,982 | +€1,161 | +41.1% |
| Other tangible fixed assets | 26 | €8,057 | €42,983 | +€34,927 | +434% |
| Current assets | 29/58 | €276,384 | €317,348 | +€40,964 | +14.8% |
| Amounts receivable within one year | 40/41 | €15,416 | €1,499 | -€13,917 | -90.3% |
| Trade receivables | 40 | €1,331 | - | -€1,331 | |
| Other amounts receivable | 41 | €14,085 | €1,499 | -€12,586 | -89.4% |
| Current investments | 50/53 | €130,000 | €202,336 | +€72,336 | +55.6% |
| Cash at bank and in hand | 54/58 | €130,690 | €112,001 | -€18,689 | -14.3% |
| Deferred charges and accrued income | 490/1 | €279 | €1,512 | +€1,234 | +443% |
| Total equity and liabilities | 10/49 | €287,299 | €364,313 | +€77,015 | +26.8% |
| Equity | 10/15 | €192,245 | €343,629 | +€151,384 | +78.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €179,845 | €331,229 | +€151,384 | +84.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €177,985 | €329,369 | +€151,384 | +85.1% |
| Amounts payable | 17/49 | €95,054 | €20,684 | -€74,369 | -78.2% |
| Amounts payable within one year | 42/48 | €95,054 | €20,684 | -€74,369 | -78.2% |
| Trade debts | 44 | - | €2,196 | +€2,196 | |
| Suppliers | 440/4 | - | €2,196 | +€2,196 | |
| Advances received on contracts in progress | 46 | €46,800 | - | -€46,800 | |
| Taxes, remuneration and social security | 45 | €11,094 | €18,488 | +€7,394 | +66.6% |
| Taxes | 450/3 | €11,094 | €18,488 | +€7,394 | +66.6% |
| Other amounts payable | 47/48 | €37,159 | - | -€37,159 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,981 | €5,253 | +€3,272 | +165% |
| Other operating charges | 640/8 | €2,356 | €1,997 | -€359 | -15.2% |
| Gross operating margin | 9900 | €171,764 | €230,864 | +€59,099 | +34.4% |
| Operating profit (loss) | 9901 | €167,427 | €223,614 | +€56,186 | +33.6% |
| Financial income | 75/76B | €251 | €5,324 | +€5,073 | +2,020% |
| Recurring financial income | 75 | €251 | €5,324 | +€5,073 | +2,020% |
| Financial charges | 65/66B | €267 | €244 | -€23 | -8.5% |
| Recurring financial charges | 65 | €267 | €244 | -€23 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | €167,411 | €228,694 | +€61,282 | +36.6% |
| Income taxes | 67/77 | €50,396 | €77,310 | +€26,914 | +53.4% |
| Profit (loss) for the period | 9904 | €117,016 | €151,384 | +€34,369 | +29.4% |
| Profit (loss) for the period to be appropriated | 9905 | €117,016 | €151,384 | +€34,369 | +29.4% |
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 27 October 2026 via checked.be.