COWEN: 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.
COWEN
Largest movements
- Cash +€91,688
up €91,688 (+35.0%), from €261,915 to €353,603
mainly Net result for the year (+€112,254) and Depreciation (+€17,538)
- Receivables within one year -€16,230
down €16,230 (-8.2%), from €198,306 to €182,076
of which Other amounts receivable: -€10,735
- Tangible fixed assets +€10,236
up €10,236 (+13.0%), from €79,033 to €89,269
of which Furniture and vehicles: +€17,214
- Reserves +€112,254
up €112,254 (+26.5%), from €422,869 to €535,124
- Trade debts -€21,541
down €21,541 (-29.8%), from €72,221 to €50,679
- Gross operating margin +€41,319
up €41,319 (+15.1%), from €273,092 to €314,411
- Taxes +€12,495
up €12,495 (+36.3%), from €34,398 to €46,892
- Staff costs +€7,396
up €7,396 (+6.0%), from €123,238 to €130,635
- Depreciation -€3,388
down €3,388 (-16.2%), from €20,926 to €17,538
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 | €603,632 | €690,468 | +€86,836 | +14.4% |
| Fixed assets | 21/28 | €79,060 | €89,296 | +€10,236 | +12.9% |
| Tangible fixed assets | 22/27 | €79,033 | €89,269 | +€10,236 | +13.0% |
| Plant, machinery and equipment | 23 | €77,605 | €70,627 | -€6,978 | -9.0% |
| Furniture and vehicles | 24 | €1,428 | €18,642 | +€17,214 | +1205.5% |
| Financial fixed assets | 28 | €28 | €28 | = | 0.0% |
| Current assets | 29/58 | €524,572 | €601,172 | +€76,600 | +14.6% |
| Stocks and contracts in progress | 3 | €64,352 | €64,862 | +€510 | +0.8% |
| Stocks | 30/36 | €64,352 | €64,862 | +€510 | +0.8% |
| Amounts receivable within one year | 40/41 | €198,306 | €182,076 | -€16,230 | -8.2% |
| Trade receivables | 40 | €148,647 | €143,153 | -€5,495 | -3.7% |
| Other amounts receivable | 41 | €49,658 | €38,923 | -€10,735 | -21.6% |
| Cash at bank and in hand | 54/58 | €261,915 | €353,603 | +€91,688 | +35.0% |
| Deferred charges and accrued income | 490/1 | - | €632 | +€632 | |
| Total equity and liabilities | 10/49 | €603,632 | €690,468 | +€86,836 | +14.4% |
| Equity | 10/15 | €429,072 | €541,326 | +€112,254 | +26.2% |
| Contributions | 10/11 | €6,202 | €6,202 | = | 0.0% |
| Reserves | 13 | €422,869 | €535,124 | +€112,254 | +26.5% |
| Distributable reserves | 133 | €422,869 | €535,124 | +€112,254 | +26.5% |
| Amounts payable | 17/49 | €174,561 | €149,142 | -€25,418 | -14.6% |
| Amounts payable within one year | 42/48 | €174,561 | €149,142 | -€25,418 | -14.6% |
| Trade debts | 44 | €72,221 | €50,679 | -€21,541 | -29.8% |
| Suppliers | 440/4 | €72,221 | €50,679 | -€21,541 | -29.8% |
| Advances received on contracts in progress | 46 | €21,044 | €20,600 | -€444 | -2.1% |
| Taxes, remuneration and social security | 45 | €75,387 | €71,954 | -€3,433 | -4.6% |
| Taxes | 450/3 | €33,166 | €43,004 | +€9,838 | +29.7% |
| Remuneration and social security | 454/9 | €42,220 | €28,949 | -€13,271 | -31.4% |
| Other amounts payable | 47/48 | €5,909 | €5,909 | -€0 | 0.0% |
| Non-recurring operating income | 76A | €707 | - | -€707 | |
| Remuneration, social security and pensions | 62 | €123,238 | €130,635 | +€7,396 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,926 | €17,538 | -€3,388 | -16.2% |
| Other operating charges | 640/8 | €1,232 | €2,272 | +€1,040 | +84.4% |
| Gross operating margin | 9900 | €273,092 | €314,411 | +€41,319 | +15.1% |
| Operating profit (loss) | 9901 | €127,696 | €163,966 | +€36,271 | +28.4% |
| Financial income | 75/76B | €84 | €531 | +€447 | +535.3% |
| Recurring financial income | 75 | €84 | €531 | +€447 | +535.3% |
| Financial charges | 65/66B | €8,127 | €5,350 | -€2,777 | -34.2% |
| Recurring financial charges | 65 | €8,127 | €5,350 | -€2,777 | -34.2% |
| Profit (loss) for the period before taxes | 9903 | €119,652 | €159,147 | +€39,494 | +33.0% |
| Income taxes | 67/77 | €34,398 | €46,892 | +€12,495 | +36.3% |
| Profit (loss) for the period | 9904 | €85,255 | €112,254 | +€27,000 | +31.7% |
| Profit (loss) for the period to be appropriated | 9905 | €85,255 | €112,254 | +€27,000 | +31.7% |
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 10 October 2026 via checked.be.