COWBOY HENK: 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.
COWBOY HENK
Largest movements
- Current investments +€50,168
up €50,168 (+27.5%), from €182,187 to €232,355
- Cash -€12,427
down €12,427 (-19.3%), from €64,426 to €51,999
mainly Current investments (-€50,168) and Investment in fixed assets (net) (-€8,805)
- Reserves +€25,000
up €25,000 (+9.2%), from €272,801 to €297,801
of which Distributable reserves: +€25,000
- Trade debts +€16,019
up €16,019 (+18,287%), from €88 to €16,107
- Depreciation -€2,907
down €2,907 (-20.3%), from €14,350 to €11,443
- Taxes +€2,879
up €2,879 (+24.4%), from €11,795 to €14,673
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 | €629,021 | €670,128 | +€41,107 | +6.5% |
| Fixed assets | 21/28 | €380,633 | €377,995 | -€2,638 | -0.7% |
| Tangible fixed assets | 22/27 | €380,633 | €377,995 | -€2,638 | -0.7% |
| Land and buildings | 22 | €376,144 | €364,911 | -€11,233 | -3.0% |
| Furniture and vehicles | 24 | €4,489 | €13,085 | +€8,596 | +191% |
| Current assets | 29/58 | €248,388 | €292,133 | +€43,745 | +17.6% |
| Amounts receivable within one year | 40/41 | €1,775 | €7,779 | +€6,004 | +338% |
| Trade receivables | 40 | €1,775 | €1,470 | -€305 | -17.2% |
| Other amounts receivable | 41 | - | €6,309 | +€6,309 | |
| Current investments | 50/53 | €182,187 | €232,355 | +€50,168 | +27.5% |
| Cash at bank and in hand | 54/58 | €64,426 | €51,999 | -€12,427 | -19.3% |
| Total equity and liabilities | 10/49 | €629,021 | €670,128 | +€41,107 | +6.5% |
| Equity | 10/15 | €598,373 | €627,435 | +€29,062 | +4.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €272,801 | €297,801 | +€25,000 | +9.2% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,447 | €3,447 | = | 0.0% |
| Distributable reserves | 133 | €263,204 | €288,204 | +€25,000 | +9.5% |
| Profit (loss) carried forward | 14 | €264,073 | €268,135 | +€4,062 | +1.5% |
| Amounts payable | 17/49 | €30,648 | €42,693 | +€12,045 | +39.3% |
| Amounts payable within one year | 42/48 | €30,648 | €42,693 | +€12,045 | +39.3% |
| Trade debts | 44 | €88 | €16,107 | +€16,019 | +18,287% |
| Suppliers | 440/4 | €88 | €16,107 | +€16,019 | +18,287% |
| Taxes, remuneration and social security | 45 | €25,402 | €26,586 | +€1,184 | +4.7% |
| Taxes | 450/3 | €25,402 | €26,586 | +€1,184 | +4.7% |
| Other amounts payable | 47/48 | €5,158 | - | -€5,158 | |
| Non-recurring operating income | 76A | - | €5,160 | +€5,160 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,350 | €11,443 | -€2,907 | -20.3% |
| Other operating charges | 640/8 | €1,831 | €1,632 | -€199 | -10.9% |
| Gross operating margin | 9900 | €56,777 | €56,676 | -€102 | -0.2% |
| Operating profit (loss) | 9901 | €40,596 | €43,601 | +€3,005 | +7.4% |
| Financial income | 75/76B | €116 | €275 | +€160 | +138% |
| Recurring financial income | 75 | €116 | €275 | +€160 | +138% |
| Financial charges | 65/66B | €91 | €141 | +€50 | +55.0% |
| Recurring financial charges | 65 | €91 | €141 | +€50 | +55.0% |
| Profit (loss) for the period before taxes | 9903 | €40,621 | €43,735 | +€3,114 | +7.7% |
| Income taxes | 67/77 | €11,795 | €14,673 | +€2,879 | +24.4% |
| Profit (loss) for the period | 9904 | €28,826 | €29,062 | +€236 | +0.8% |
| Profit (loss) for the period to be appropriated | 9905 | €28,826 | €29,062 | +€236 | +0.8% |
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 29 October 2026 via checked.be.