Moat Management: 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.
Moat Management
Largest movements
- Cash +€27,607
up €27,607 (+68.5%), from €40,300 to €67,907
mainly Net result for the year (+€40,901) and Tax, wage and social debts (+€17,392)
- Current investments +€17,779
new in 2025: €17,779
- Receivables within one year +€7,437
up €7,437 (+668%), from €1,113 to €8,549
of which Trade receivables: +€5,218
- Tangible fixed assets +€7,047
up €7,047 (+75.7%), from €9,312 to €16,359
of which Plant, machinery and equipment: +€6,943
- Reserves +€40,901
up €40,901 (+144%), from €28,494 to €69,395
- Tax, wage and social debts +€17,392
up €17,392 (+92.2%), from €18,871 to €36,263
- Gross operating margin +€19,168
up €19,168 (+44.6%), from €42,940 to €62,108
- Taxes +€5,740
up €5,740 (+52.9%), from €10,850 to €16,590
- Financial income +€1,372
up €1,372 (+2,927%), from €47 to €1,418
- Financial charges +€1,018
up €1,018 (+707%), from €144 to €1,162
- Other operating charges +€692
up €692 (+83.0%), from €834 to €1,525
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 | €51,232 | €111,096 | +€59,865 | +117% |
| Fixed assets | 21/28 | €9,792 | €16,839 | +€7,047 | +72.0% |
| Tangible fixed assets | 22/27 | €9,312 | €16,359 | +€7,047 | +75.7% |
| Plant, machinery and equipment | 23 | €5,373 | €12,316 | +€6,943 | +129% |
| Furniture and vehicles | 24 | €3,939 | €4,043 | +€104 | +2.6% |
| Financial fixed assets | 28 | €480 | €480 | = | 0.0% |
| Current assets | 29/58 | €41,440 | €94,258 | +€52,818 | +127% |
| Amounts receivable within one year | 40/41 | €1,113 | €8,549 | +€7,437 | +668% |
| Trade receivables | 40 | - | €5,218 | +€5,218 | |
| Other amounts receivable | 41 | €1,113 | €3,332 | +€2,219 | +199% |
| Current investments | 50/53 | - | €17,779 | +€17,779 | |
| Cash at bank and in hand | 54/58 | €40,300 | €67,907 | +€27,607 | +68.5% |
| Deferred charges and accrued income | 490/1 | €27 | €22 | -€5 | -18.5% |
| Total equity and liabilities | 10/49 | €51,232 | €111,096 | +€59,865 | +117% |
| Equity | 10/15 | €30,994 | €71,895 | +€40,901 | +132% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €28,494 | €69,395 | +€40,901 | +144% |
| Distributable reserves | 133 | €28,494 | €69,395 | +€40,901 | +144% |
| Amounts payable | 17/49 | €20,237 | €39,201 | +€18,964 | +93.7% |
| Amounts payable within one year | 42/48 | €20,237 | €38,618 | +€18,381 | +90.8% |
| Trade debts | 44 | €1,366 | €2,355 | +€989 | +72.4% |
| Suppliers | 440/4 | €1,366 | €2,355 | +€989 | +72.4% |
| Taxes, remuneration and social security | 45 | €18,871 | €36,263 | +€17,392 | +92.2% |
| Taxes | 450/3 | €18,871 | €36,263 | +€17,392 | +92.2% |
| Accrued charges and deferred income | 492/3 | - | €583 | +€583 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,665 | €3,348 | +€683 | +25.6% |
| Other operating charges | 640/8 | €834 | €1,525 | +€692 | +83.0% |
| Gross operating margin | 9900 | €42,940 | €62,108 | +€19,168 | +44.6% |
| Operating profit (loss) | 9901 | €39,441 | €57,235 | +€17,793 | +45.1% |
| Financial income | 75/76B | €47 | €1,418 | +€1,372 | +2,927% |
| Recurring financial income | 75 | €47 | €1,418 | +€1,372 | +2,927% |
| Financial charges | 65/66B | €144 | €1,162 | +€1,018 | +707% |
| Recurring financial charges | 65 | €144 | €1,162 | +€1,018 | +707% |
| Profit (loss) for the period before taxes | 9903 | €39,344 | €57,491 | +€18,146 | +46.1% |
| Income taxes | 67/77 | €10,850 | €16,590 | +€5,740 | +52.9% |
| Profit (loss) for the period | 9904 | €28,494 | €40,901 | +€12,407 | +43.5% |
| Profit (loss) for the period to be appropriated | 9905 | €28,494 | €40,901 | +€12,407 | +43.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.