COWBOY UP: 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 UP
Largest movements
- Cash -€6,913
down €6,913 (-77.8%), from €8,889 to €1,976
mainly Net result for the year (-€60,360) and Receivables within one year (-€6,740)
- Receivables within one year +€6,740
up €6,740 (+116%), from €5,806 to €12,546
of which Trade receivables: +€5,809
- Tangible fixed assets -€4,185
down €4,185 (-42.1%), from €9,945 to €5,760
of which Plant, machinery and equipment: -€3,100
- Deferred charges and accrued income -€2,630
down €2,630 (-52.0%), from €5,057 to €2,427
- Profit (loss) carried forward -€60,360
down €60,360 (-66.1%), from -€91,327 to -€151,687
- Other debts +€40,543
up €40,543 (+70.2%), from €57,746 to €98,288
- Accrued charges and deferred income +€5,668
up €5,668 (+242%), from €2,339 to €8,007
- Tax, wage and social debts +€4,008
up €4,008 (+20.0%), from €20,035 to €24,043
of which Remuneration and social security: +€2,685
- Short-term financial debts +€2,768
new in 2025: €2,768
- Staff costs +€18,096
up €18,096 (+12.5%), from €144,668 to €162,764
- Gross operating margin -€11,485
down €11,485 (-9.5%), from €120,878 to €109,393
- Financial income -€3,680
down €3,680 (-95.0%), from €3,874 to €194
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 | €45,255 | €38,532 | -€6,723 | -14.9% |
| Fixed assets | 21/28 | €9,945 | €5,760 | -€4,185 | -42.1% |
| Tangible fixed assets | 22/27 | €9,945 | €5,760 | -€4,185 | -42.1% |
| Plant, machinery and equipment | 23 | €6,048 | €2,948 | -€3,100 | -51.2% |
| Furniture and vehicles | 24 | €3,897 | €2,811 | -€1,085 | -27.9% |
| Current assets | 29/58 | €35,310 | €32,772 | -€2,538 | -7.2% |
| Stocks and contracts in progress | 3 | €15,557 | €15,822 | +€265 | +1.7% |
| Stocks | 30/36 | €15,557 | €15,822 | +€265 | +1.7% |
| Amounts receivable within one year | 40/41 | €5,806 | €12,546 | +€6,740 | +116% |
| Trade receivables | 40 | €0 | €5,809 | +€5,809 | |
| Other amounts receivable | 41 | €5,806 | €6,738 | +€932 | +16.0% |
| Cash at bank and in hand | 54/58 | €8,889 | €1,976 | -€6,913 | -77.8% |
| Deferred charges and accrued income | 490/1 | €5,057 | €2,427 | -€2,630 | -52.0% |
| Total equity and liabilities | 10/49 | €45,255 | €38,532 | -€6,723 | -14.9% |
| Equity | 10/15 | -€77,935 | -€138,295 | -€60,360 | -77.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €3,391 | €3,391 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,391 | €3,391 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€91,327 | -€151,687 | -€60,360 | -66.1% |
| Amounts payable | 17/49 | €123,190 | €176,828 | +€53,637 | +43.5% |
| Amounts payable within one year | 42/48 | €120,852 | €168,821 | +€47,969 | +39.7% |
| Financial debts | 43 | - | €2,768 | +€2,768 | |
| Credit institutions | 430/8 | - | €2,768 | +€2,768 | |
| Trade debts | 44 | €42,671 | €43,721 | +€1,050 | +2.5% |
| Suppliers | 440/4 | €42,671 | €43,721 | +€1,050 | +2.5% |
| Advances received on contracts in progress | 46 | €400 | €0 | -€400 | -100% |
| Taxes, remuneration and social security | 45 | €20,035 | €24,043 | +€4,008 | +20.0% |
| Taxes | 450/3 | €9,587 | €10,909 | +€1,323 | +13.8% |
| Remuneration and social security | 454/9 | €10,449 | €13,134 | +€2,685 | +25.7% |
| Other amounts payable | 47/48 | €57,746 | €98,288 | +€40,543 | +70.2% |
| Accrued charges and deferred income | 492/3 | €2,339 | €8,007 | +€5,668 | +242% |
| Remuneration, social security and pensions | 62 | €144,668 | €162,764 | +€18,096 | +12.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,222 | €4,185 | -€37 | -0.9% |
| Other operating charges | 640/8 | €2,555 | €2,310 | -€246 | -9.6% |
| Gross operating margin | 9900 | €120,878 | €109,393 | -€11,485 | -9.5% |
| Operating profit (loss) | 9901 | -€30,567 | -€59,865 | -€29,298 | -95.8% |
| Financial income | 75/76B | €3,874 | €194 | -€3,680 | -95.0% |
| Recurring financial income | 75 | €3,874 | €194 | -€3,680 | -95.0% |
| Financial charges | 65/66B | €393 | €429 | +€36 | +9.1% |
| Recurring financial charges | 65 | €393 | €429 | +€36 | +9.1% |
| Profit (loss) for the period before taxes | 9903 | -€27,087 | -€60,100 | -€33,014 | -122% |
| Income taxes | 67/77 | €253 | €260 | +€7 | +2.9% |
| Profit (loss) for the period | 9904 | -€27,339 | -€60,360 | -€33,021 | -121% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,339 | -€60,360 | -€33,021 | -121% |
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 28 October 2026 via checked.be.