COWBOY: 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.
What changed
COWBOY
NACE 47.632, Retail sale of bicycles
fiscal year 2023 against 2024filed annual accounts (NBB)
Net result for the year
-€25.9m
2023 · -€21.7m-€4.2m
Equity
-€43.2m
2023 · -€22.4m-€20.8m
Cash
€604,300
2023 · €3.1m-€2.5m
Balance sheet total
€17.7m
2023 · €23.1m-€5.4m
Largest movements
Assets
- Stocks and contracts -€2.7m
down €2.7m (-36.2%), from €7.6m to €4.8m
- Cash -€2.5m
down €2.5m (-80.7%), from €3.1m to €604,300
mainly Net result for the year (-€25.9m) and Short-term financial debts (-€25.5m)
- Deferred charges and accrued income +€1.8m
up €1.8m (+222.6%), from €800,288 to €2.6m
- Receivables within one year -€1.3m
down €1.3m (-38.7%), from €3.4m to €2.1m
of which Trade receivables: -€1.1m
- Intangible fixed assets -€785,330
down €785,330 (-18.5%), from €4.3m to €3.5m
Equity and liabilities
- Debts after one year +€33.8m
up €33.8m (+735.3%), from €4.6m to €38.4m
- Profit (loss) carried forward -€25.9m
down €25.9m (-48.2%), from -€53.8m to -€79.7m
- Short-term financial debts -€25.5m
no longer reported in 2024 (was €25.5m)
- Contributions +€5.3m
up €5.3m (+16.9%), from €31.2m to €36.5m
of which Capital: +€3.5m
- Advances received +€3.8m
up €3.8m (+151.3%), from €2.5m to €6.3m
Income statement
- Turnover -€12.0m
down €12.0m (-35.7%), from €33.7m to €21.7m
- Goods and materials -€8.2m
down €8.2m (-33.7%), from €24.2m to €16.1m
of which Change in stocks: decrease (increase): -€5.4m
- Financial income -€3.3m
down €3.3m (-85.0%), from €3.9m to €581,616
of which Non-recurring financial income: -€2.6m
- Services and other goods -€3.1m
down €3.1m (-16.7%), from €18.6m to €15.5m
- Financial charges -€914,620
down €914,620 (-14.8%), from €6.2m to €5.3m
From the 2023 result to the 2024 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.
Result 2023
-€21.7m
Turnover
-€12.0m
Other operating income
+€396,175
Goods and materials
+€8.2m
Services and other goods
+€3.1m
Staff costs
+€550,922
Depreciation
-€79,434
Write-downs
+€383,502
Provisions
-€644,969
Other operating charges
+€20,151
Other operating items
-€1.7m
Financial income
-€3.3m
Financial charges
+€914,620
Result 2024
-€25.9m
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€10.2m
Investment
-€3.9m
Financing
+€11.6m
Cash 2023
€3.1m
From operations (derived)
-€10.2m
Net result for the year
-€25.9m
Depreciation
+€4.5m
Smaller working-capital items
+€23,915
Stocks and contracts
+€2.7m
Receivables within one year
+€1.3m
Deferred charges and accrued income
-€1.8m
Provisions
+€2.4m
Trade debts
+€1.4m
Tax, wage and social debts
+€1.3m
Advances received
+€3.8m
Investment (derived)
-€3.9m
Investment in fixed assets (net)
-€4.1m
Current investments
+€187,837
Financing
+€11.6m
Debts after one year
+€33.8m
Current portion of long-term debt
-€1.8m
Short-term financial debts
-€25.5m
Contributions, distributions and other
+€5.2m
Cash 2024
€604,300
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,076,727 | €17,657,094 | -€5.4m | -23.5% |
| Formation expenses | 20 | €882,533 | €1,539,404 | +€656,871 | +74.4% |
| Fixed assets | 21/28 | €6,674,724 | €5,576,623 | -€1.1m | -16.5% |
| Intangible fixed assets | 21 | €4,252,402 | €3,467,072 | -€785,330 | -18.5% |
| Tangible fixed assets | 22/27 | €1,528,762 | €1,205,649 | -€323,113 | -21.1% |
| Plant, machinery and equipment | 23 | €635,045 | €462,685 | -€172,360 | -27.1% |
| Furniture and vehicles | 24 | €91,560 | €365,806 | +€274,246 | +299.5% |
| Leasing and similar rights | 25 | €79,844 | €76,623 | -€3,221 | -4.0% |
| Other tangible fixed assets | 26 | €722,313 | €300,535 | -€421,778 | -58.4% |
| Financial fixed assets | 28 | €893,560 | €903,902 | +€10,342 | +1.2% |
| Affiliated companies | 280/1 | €2,001 | €2,001 | = | 0.0% |
| Participating interests | 280 | €2,001 | €2,001 | = | 0.0% |
| Other financial fixed assets | 284/8 | €891,559 | €901,901 | +€10,342 | +1.2% |
| Amounts receivable and cash guarantees | 285/8 | €891,559 | €901,901 | +€10,342 | +1.2% |
| Current assets | 29/58 | €15,519,470 | €10,541,067 | -€5.0m | -32.1% |
| Amounts receivable after more than one year | 29 | €54,806 | €42,126 | -€12,680 | -23.1% |
| Other amounts receivable | 291 | €54,806 | €42,126 | -€12,680 | -23.1% |
| Stocks and contracts in progress | 3 | €7,555,636 | €4,822,371 | -€2.7m | -36.2% |
| Stocks | 30/36 | €7,555,636 | €4,822,371 | -€2.7m | -36.2% |
| Raw materials and consumables | 30/31 | €3,934,553 | €2,679,917 | -€1.3m | -31.9% |
| Finished goods | 33 | €1,869,943 | €656,127 | -€1.2m | -64.9% |
| Goods purchased for resale | 34 | €1,152,952 | €963,376 | -€189,576 | -16.4% |
| Advance payments | 36 | €598,188 | €522,951 | -€75,237 | -12.6% |
| Amounts receivable within one year | 40/41 | €3,355,496 | €2,056,399 | -€1.3m | -38.7% |
| Trade receivables | 40 | €2,144,430 | €1,075,155 | -€1.1m | -49.9% |
| Other amounts receivable | 41 | €1,211,066 | €981,244 | -€229,822 | -19.0% |
| Current investments | 50/53 | €622,215 | €434,378 | -€187,837 | -30.2% |
| Other investments | 51/53 | €622,215 | €434,378 | -€187,837 | -30.2% |
| Cash at bank and in hand | 54/58 | €3,131,029 | €604,300 | -€2.5m | -80.7% |
| Deferred charges and accrued income | 490/1 | €800,288 | €2,581,493 | +€1.8m | +222.6% |
| Total equity and liabilities | 10/49 | €23,076,727 | €17,657,094 | -€5.4m | -23.5% |
| Equity | 10/15 | -€22,443,803 | -€43,197,409 | -€20.8m | -92.5% |
| Contributions | 10/11 | €31,229,158 | €36,516,478 | +€5.3m | +16.9% |
| Capital | 10 | €3,131,443 | €6,656,331 | +€3.5m | +112.6% |
| Issued capital | 100 | €3,131,443 | €6,656,331 | +€3.5m | +112.6% |
| Outside capital | 11 | €28,097,715 | €29,860,147 | +€1.8m | +6.3% |
| Share premium | 1100/10 | €28,097,715 | €29,860,147 | +€1.8m | +6.3% |
| Profit (loss) carried forward | 14 | -€53,812,644 | -€79,734,788 | -€25.9m | -48.2% |
| Investment grants | 15 | €139,683 | €20,901 | -€118,782 | -85.0% |
| Provisions and deferred taxes | 16 | €2,423,752 | €4,827,031 | +€2.4m | +99.2% |
| Provisions for liabilities and charges | 160/5 | €2,423,752 | €4,827,031 | +€2.4m | +99.2% |
| Other liabilities and charges | 164/5 | €2,423,752 | €4,827,031 | +€2.4m | +99.2% |
| Amounts payable | 17/49 | €43,096,778 | €56,027,472 | +€12.9m | +30.0% |
| Amounts payable after more than one year | 17 | €4,593,567 | €38,368,704 | +€33.8m | +735.3% |
| Financial debts | 170/4 | €4,593,567 | €38,368,704 | +€33.8m | +735.3% |
| Leasing and similar obligations | 172 | €33,603 | €30,766 | -€2,837 | -8.4% |
| Credit institutions | 173 | €4,559,964 | €38,337,938 | +€33.8m | +740.8% |
| Amounts payable within one year | 42/48 | €38,262,348 | €17,406,670 | -€20.9m | -54.5% |
| Current portion of amounts payable after more than one year | 42 | €2,088,811 | €245,614 | -€1.8m | -88.2% |
| Financial debts | 43 | €25,492,638 | - | -€25.5m | |
| Credit institutions | 430/8 | €25,492,638 | - | -€25.5m | |
| Trade debts | 44 | €6,825,574 | €8,269,171 | +€1.4m | +21.1% |
| Suppliers | 440/4 | €6,825,574 | €8,269,171 | +€1.4m | +21.1% |
| Advances received on contracts in progress | 46 | €2,496,492 | €6,272,758 | +€3.8m | +151.3% |
| Taxes, remuneration and social security | 45 | €1,358,833 | €2,619,127 | +€1.3m | +92.7% |
| Taxes | 450/3 | €769,078 | €2,150,363 | +€1.4m | +179.6% |
| Remuneration and social security | 454/9 | €589,755 | €468,764 | -€120,991 | -20.5% |
| Accrued charges and deferred income | 492/3 | €240,863 | €252,098 | +€11,235 | +4.7% |
| Operating income | 70/76A | €34,737,519 | €24,101,828 | -€10.6m | -30.6% |
| Turnover | 70 | €33,722,755 | €21,674,930 | -€12.0m | -35.7% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€1,723,791 | -€1,234,980 | +€488,811 | +28.4% |
| Own construction capitalised | 72 | €1,978,393 | €2,703,061 | +€724,668 | +36.6% |
| Other operating income | 74 | €562,642 | €958,817 | +€396,175 | +70.4% |
| Non-recurring operating income | 76A | €197,520 | - | -€197,520 | |
| Operating charges | 60/66A | €54,119,225 | €45,341,573 | -€8.8m | -16.2% |
| Goods for resale, raw materials and consumables | 60 | €24,218,769 | €16,050,640 | -€8.2m | -33.7% |
| Purchases | 600/8 | €17,223,032 | €14,412,987 | -€2.8m | -16.3% |
| Change in stocks: decrease (increase) | 609 | €6,995,737 | €1,637,653 | -€5.4m | -76.6% |
| Services and other goods | 61 | €18,603,760 | €15,491,058 | -€3.1m | -16.7% |
| Remuneration, social security and pensions | 62 | €6,266,453 | €5,715,531 | -€550,922 | -8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,436,958 | €4,516,392 | +€79,434 | +1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €211,168 | -€172,334 | -€383,502 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€1,199,624 | -€554,655 | +€644,969 | +53.8% |
| Other operating charges | 640/8 | €222,098 | €201,947 | -€20,151 | -9.1% |
| Non-recurring operating charges | 66A | €1,359,643 | €4,092,994 | +€2.7m | +201.0% |
| Operating profit (loss) | 9901 | -€19,381,706 | -€21,239,745 | -€1.9m | -9.6% |
| Financial income | 75/76B | €3,887,833 | €581,616 | -€3.3m | -85.0% |
| Recurring financial income | 75 | €1,082,624 | €369,452 | -€713,172 | -65.9% |
| Income from current assets | 751 | €11 | €10,367 | +€10,356 | +94145.5% |
| Other financial income | 752/9 | €1,082,613 | €359,085 | -€723,528 | -66.8% |
| Non-recurring financial income | 76B | €2,805,209 | €212,164 | -€2.6m | -92.4% |
| Financial charges | 65/66B | €6,178,635 | €5,264,015 | -€914,620 | -14.8% |
| Recurring financial charges | 65 | €6,178,635 | €5,264,015 | -€914,620 | -14.8% |
| Debt charges | 650 | €6,036,752 | €2,687,096 | -€3.3m | -55.5% |
| Other financial charges | 652/9 | €141,883 | €2,576,919 | +€2.4m | +1716.2% |
| Profit (loss) for the period before taxes | 9903 | -€21,672,508 | -€25,922,144 | -€4.2m | -19.6% |
| Profit (loss) for the period | 9904 | -€21,672,508 | -€25,922,144 | -€4.2m | -19.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,672,508 | -€25,922,144 | -€4.2m | -19.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.