MODERATO: 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.
MODERATO
Largest movements
- Cash +€385,825
up €385,825 (+400.9%), from €96,233 to €482,058
mainly Investment in fixed assets (net) (+€256,441) and Other debts (+€193,680)
- Tangible fixed assets -€265,350
down €265,350 (-63.2%), from €420,114 to €154,763
of which Land and buildings: -€264,882
- Current investments +€25,141
up €25,141 (+8.0%), from €315,000 to €340,141
- Other debts +€193,680
up €193,680 (+2366.8%), from €8,183 to €201,863
- Reserves -€102,250
down €102,250 (-13.7%), from €745,006 to €642,756
of which Tax-exempt reserves: -€135,552
- Tax, wage and social debts +€91,107
up €91,107, from €0 to €91,107
- Provisions -€45,184
down €45,184 (-100.0%), from €45,184 to €0
- Gross operating margin +€99,230
up €99,230 (+141.5%), from €70,123 to €169,353
- Taxes +€92,007
up €92,007 (+483.5%), from €19,031 to €111,038
- Depreciation -€6,830
down €6,830 (-43.4%), from €15,740 to €8,910
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 | €898,559 | €1,035,776 | +€137,217 | +15.3% |
| Fixed assets | 21/28 | €420,114 | €154,763 | -€265,350 | -63.2% |
| Tangible fixed assets | 22/27 | €420,114 | €154,763 | -€265,350 | -63.2% |
| Land and buildings | 22 | €419,626 | €154,744 | -€264,882 | -63.1% |
| Plant, machinery and equipment | 23 | €488 | €19 | -€469 | -96.1% |
| Current assets | 29/58 | €478,445 | €881,012 | +€402,567 | +84.1% |
| Amounts receivable within one year | 40/41 | €67,051 | €58,814 | -€8,238 | -12.3% |
| Trade receivables | 40 | - | €1,362 | +€1,362 | |
| Other amounts receivable | 41 | €67,051 | €57,451 | -€9,600 | -14.3% |
| Current investments | 50/53 | €315,000 | €340,141 | +€25,141 | +8.0% |
| Cash at bank and in hand | 54/58 | €96,233 | €482,058 | +€385,825 | +400.9% |
| Deferred charges and accrued income | 490/1 | €161 | €0 | -€161 | -100.0% |
| Total equity and liabilities | 10/49 | €898,559 | €1,035,776 | +€137,217 | +15.3% |
| Equity | 10/15 | €845,056 | €742,806 | -€102,250 | -12.1% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €745,006 | €642,756 | -€102,250 | -13.7% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €135,552 | €0 | -€135,552 | -100.0% |
| Distributable reserves | 133 | €599,454 | €632,756 | +€33,302 | +5.6% |
| Profit (loss) carried forward | 14 | €50 | €50 | = | 0.0% |
| Provisions and deferred taxes | 16 | €45,184 | €0 | -€45,184 | -100.0% |
| Deferred taxes | 168 | €45,184 | €0 | -€45,184 | -100.0% |
| Amounts payable | 17/49 | €8,319 | €292,970 | +€284,650 | +3421.6% |
| Amounts payable within one year | 42/48 | €8,319 | €292,970 | +€284,650 | +3421.6% |
| Trade debts | 44 | €136 | €0 | -€136 | -100.0% |
| Suppliers | 440/4 | €136 | €0 | -€136 | -100.0% |
| Taxes, remuneration and social security | 45 | €0 | €91,107 | +€91,107 | |
| Taxes | 450/3 | €0 | €91,107 | +€91,107 | |
| Other amounts payable | 47/48 | €8,183 | €201,863 | +€193,680 | +2366.8% |
| Non-recurring operating income | 76A | €0 | €100,589 | +€100,589 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,740 | €8,910 | -€6,830 | -43.4% |
| Other operating charges | 640/8 | €1,387 | €3,054 | +€1,667 | +120.1% |
| Gross operating margin | 9900 | €70,123 | €169,353 | +€99,230 | +141.5% |
| Operating profit (loss) | 9901 | €52,996 | €157,389 | +€104,393 | +197.0% |
| Financial income | 75/76B | €276 | €571 | +€296 | +107.3% |
| Recurring financial income | 75 | €276 | €571 | +€296 | +107.3% |
| Financial charges | 65/66B | €612 | €676 | +€64 | +10.5% |
| Recurring financial charges | 65 | €612 | €676 | +€64 | +10.5% |
| Profit (loss) for the period before taxes | 9903 | €52,659 | €157,284 | +€104,625 | +198.7% |
| Transfer from deferred taxes | 780 | €1,788 | €45,184 | +€43,396 | +2426.7% |
| Income taxes | 67/77 | €19,031 | €111,038 | +€92,007 | +483.5% |
| Profit (loss) for the period | 9904 | €35,416 | €91,430 | +€56,013 | +158.2% |
| Transfer from tax-exempt reserves | 789 | €5,365 | €135,552 | +€130,187 | +2426.7% |
| Profit (loss) for the period to be appropriated | 9905 | €40,781 | €226,982 | +€186,200 | +456.6% |
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 4 October 2026 via checked.be.