Greece has fewer and fewer children. Moustakas, however, is selling more and more toys. This paradox has accompanied the growth of one of Greece’s best-known family businesses, which, four decades after switching from toy manufacturing to retail, is now approaching €100m in annual sales.
According to financial statements published in GEMI, turnover rose by 13.8% in 2025, to €98.27m, while net profit increased by 20.9%, to €8.89m.
Behind the rise in sales, however, lies a second story: management’s decision to free the company from bank debt. Moustakas had signed two loan agreements with National Bank of Greece, with a combined original value of €13.75m, in 2023 and 2024. Rather than follow the scheduled repayment timetable, it chose to pay off its obligations early. It repaid €13.66m in 2025, ending the year with no bank loans.
The repayment contributed to a reduction in cash and cash equivalents from €50.17m to €42.4m. Despite the fall, the company retained strong liquidity, while its equity rose to €60.62m.
Growth, however, comes at a cost. Operating cash flow fell to €6.42m, from €8.19m in 2024, despite higher profitability. One of the main reasons was an increase in inventories, whose value reached €37.36m, up from €33.18m a year earlier.
Inventory management is critical for a toy retailer, which must maintain a wide range of products ahead of peak demand during the festive season, tying up substantial amounts of capital.
For 2026, management expects growth to continue at a steady pace, provided there are no fresh pressures from energy costs, rising prices for goods and declining consumer purchasing power.
Behind the figures is a family business that began long before the era of large shopping centres and partnerships with international toy companies. The Moustakas family initially made plastic toys, but in the mid-1980s chose to move into retail, opening a shop in Peristeri.
Today, the network numbers 26 stores and employs an average of 756 people, while remaining focused on toys.