COWELL: 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.
COWELL
Largest movements
- Stocks and contracts -€50,000
no longer reported in 2025 (was €50,000)
- Tangible fixed assets -€23,467
down €23,467 (-24.3%), from €96,515 to €73,048
of which Furniture and vehicles: -€36,062
- Receivables within one year -€5,594
down €5,594 (-7.0%), from €79,804 to €74,210
of which Other amounts receivable: -€2,987
- Advances received -€25,000
no longer reported in 2025 (was €25,000)
- Other debts -€18,321
down €18,321 (-86.3%), from €21,224 to €2,903
- Reserves -€13,239
down €13,239 (-21.6%), from €61,242 to €48,003
of which Distributable reserves: -€10,000
- Tax, wage and social debts -€8,216
down €8,216 (-29.3%), from €28,022 to €19,806
of which Remuneration and social security: -€5,539
- Trade debts -€8,020
down €8,020 (-13.9%), from €57,723 to €49,703
- Gross operating margin +€14,692
up €14,692 (+10.6%), from €139,059 to €153,751
- Other operating charges +€10,179
up €10,179 (+828.2%), from €1,229 to €11,408
- Staff costs +€4,478
up €4,478 (+4.5%), from €98,496 to €102,973
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 | €241,491 | €161,396 | -€80,095 | -33.2% |
| Fixed assets | 21/28 | €100,529 | €77,062 | -€23,467 | -23.3% |
| Tangible fixed assets | 22/27 | €96,515 | €73,048 | -€23,467 | -24.3% |
| Plant, machinery and equipment | 23 | €32,571 | €45,165 | +€12,595 | +38.7% |
| Furniture and vehicles | 24 | €63,944 | €27,883 | -€36,062 | -56.4% |
| Financial fixed assets | 28 | €4,014 | €4,014 | = | 0.0% |
| Current assets | 29/58 | €140,962 | €84,334 | -€56,628 | -40.2% |
| Stocks and contracts in progress | 3 | €50,000 | - | -€50,000 | |
| Stocks | 30/36 | €50,000 | - | -€50,000 | |
| Amounts receivable within one year | 40/41 | €79,804 | €74,210 | -€5,594 | -7.0% |
| Trade receivables | 40 | €76,413 | €73,806 | -€2,607 | -3.4% |
| Other amounts receivable | 41 | €3,391 | €404 | -€2,987 | -88.1% |
| Cash at bank and in hand | 54/58 | €4 | €10 | +€6 | +142.0% |
| Deferred charges and accrued income | 490/1 | €11,154 | €10,114 | -€1,040 | -9.3% |
| Total equity and liabilities | 10/49 | €241,491 | €161,396 | -€80,095 | -33.2% |
| Equity | 10/15 | €82,938 | €74,007 | -€8,931 | -10.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €61,242 | €48,003 | -€13,239 | -21.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,282 | €1,043 | -€3,239 | -75.6% |
| Distributable reserves | 133 | €55,100 | €45,100 | -€10,000 | -18.1% |
| Profit (loss) carried forward | 14 | €3,096 | €7,404 | +€4,308 | +139.1% |
| Amounts payable | 17/49 | €158,553 | €87,390 | -€71,164 | -44.9% |
| Amounts payable after more than one year | 17 | €7,116 | - | -€7,116 | |
| Financial debts | 170/4 | €7,116 | - | -€7,116 | |
| Amounts payable within one year | 42/48 | €150,642 | €87,390 | -€63,253 | -42.0% |
| Current portion of amounts payable after more than one year | 42 | €10,744 | €7,116 | -€3,628 | -33.8% |
| Financial debts | 43 | €7,931 | €7,862 | -€69 | -0.9% |
| Credit institutions | 430/8 | €7,931 | €7,862 | -€69 | -0.9% |
| Trade debts | 44 | €57,723 | €49,703 | -€8,020 | -13.9% |
| Suppliers | 440/4 | €57,723 | €49,703 | -€8,020 | -13.9% |
| Advances received on contracts in progress | 46 | €25,000 | - | -€25,000 | |
| Taxes, remuneration and social security | 45 | €28,022 | €19,806 | -€8,216 | -29.3% |
| Taxes | 450/3 | €5,533 | €2,856 | -€2,676 | -48.4% |
| Remuneration and social security | 454/9 | €22,489 | €16,950 | -€5,539 | -24.6% |
| Other amounts payable | 47/48 | €21,224 | €2,903 | -€18,321 | -86.3% |
| Accrued charges and deferred income | 492/3 | €795 | - | -€795 | |
| Remuneration, social security and pensions | 62 | €98,496 | €102,973 | +€4,478 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,482 | €43,222 | +€741 | +1.7% |
| Other operating charges | 640/8 | €1,229 | €11,408 | +€10,179 | +828.2% |
| Gross operating margin | 9900 | €139,059 | €153,751 | +€14,692 | +10.6% |
| Operating profit (loss) | 9901 | -€3,148 | -€3,853 | -€705 | -22.4% |
| Financial income | 75/76B | €4 | €382 | +€378 | +8565.3% |
| Recurring financial income | 75 | €4 | €382 | +€378 | +8565.3% |
| Financial charges | 65/66B | €5,284 | €4,384 | -€901 | -17.0% |
| Recurring financial charges | 65 | €5,284 | €4,384 | -€901 | -17.0% |
| Profit (loss) for the period before taxes | 9903 | -€8,427 | -€7,854 | +€573 | +6.8% |
| Income taxes | 67/77 | €1,535 | €1,077 | -€458 | -29.8% |
| Profit (loss) for the period | 9904 | -€9,962 | -€8,931 | +€1,031 | +10.4% |
| Transfer from tax-exempt reserves | 789 | €4,600 | €3,239 | -€1,361 | -29.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,362 | -€5,692 | -€330 | -6.2% |
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.