GRATEFUL COWBOY: 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.
GRATEFUL COWBOY
Largest movements
- Tangible fixed assets +€44,841
up €44,841 (+2.8%), from €1.6m to €1.7m
of which Land and buildings: +€51,134
- Other debts +€532,155
up €532,155 (+11,203%), from €4,750 to €536,905
- Debts after one year -€470,479
down €470,479 (-30.5%), from €1.5m to €1.1m
of which Other amounts payable: -€419,381
- Profit (loss) carried forward -€57,397
down €57,397 (-20.6%), from -€278,551 to -€335,948
- Trade debts +€36,976
up €36,976 (+604%), from €6,126 to €43,101
- Financial charges -€11,639
down €11,639 (-23.1%), from €50,445 to €38,806
- Gross operating margin +€9,095
up €9,095 (+19.3%), from €47,183 to €56,278
- Depreciation +€5,168
up €5,168 (+8.7%), from €59,162 to €64,330
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 | €1,626,521 | €1,671,354 | +€44,833 | +2.8% |
| Fixed assets | 21/28 | €1,623,037 | €1,667,878 | +€44,841 | +2.8% |
| Tangible fixed assets | 22/27 | €1,623,037 | €1,667,878 | +€44,841 | +2.8% |
| Land and buildings | 22 | €1,593,861 | €1,644,995 | +€51,134 | +3.2% |
| Plant, machinery and equipment | 23 | €991 | €1,085 | +€94 | +9.4% |
| Furniture and vehicles | 24 | €28,185 | €21,798 | -€6,387 | -22.7% |
| Current assets | 29/58 | €3,484 | €3,476 | -€8 | -0.2% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €2,813 | €2,130 | -€683 | -24.3% |
| Deferred charges and accrued income | 490/1 | €671 | €1,346 | +€675 | +101% |
| Total equity and liabilities | 10/49 | €1,626,521 | €1,671,354 | +€44,833 | +2.8% |
| Equity | 10/15 | €23,309 | -€34,088 | -€57,397 | |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€278,551 | -€335,948 | -€57,397 | -20.6% |
| Amounts payable | 17/49 | €1,603,213 | €1,705,442 | +€102,230 | +6.4% |
| Amounts payable after more than one year | 17 | €1,542,360 | €1,071,880 | -€470,479 | -30.5% |
| Financial debts | 170/4 | €1,122,979 | €1,071,880 | -€51,098 | -4.6% |
| Other amounts payable | 178/9 | €419,381 | €0 | -€419,381 | -100% |
| Amounts payable within one year | 42/48 | €60,788 | €631,457 | +€570,669 | +939% |
| Current portion of amounts payable after more than one year | 42 | €49,885 | €51,098 | +€1,213 | +2.4% |
| Financial debts | 43 | €27 | €352 | +€324 | +1,188% |
| Credit institutions | 430/8 | €27 | €352 | +€324 | +1,188% |
| Trade debts | 44 | €6,126 | €43,101 | +€36,976 | +604% |
| Suppliers | 440/4 | €6,126 | €43,101 | +€36,976 | +604% |
| Other amounts payable | 47/48 | €4,750 | €536,905 | +€532,155 | +11,203% |
| Accrued charges and deferred income | 492/3 | €65 | €2,105 | +€2,040 | +3,139% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,162 | €64,330 | +€5,168 | +8.7% |
| Other operating charges | 640/8 | €6,567 | €6,778 | +€211 | +3.2% |
| Non-recurring operating charges | 66A | €181 | €3,762 | +€3,580 | +1,975% |
| Gross operating margin | 9900 | €47,183 | €56,278 | +€9,095 | +19.3% |
| Operating profit (loss) | 9901 | -€18,728 | -€18,591 | +€136 | +0.7% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €50,445 | €38,806 | -€11,639 | -23.1% |
| Recurring financial charges | 65 | €50,445 | €38,806 | -€11,639 | -23.1% |
| Profit (loss) for the period before taxes | 9903 | -€69,173 | -€57,397 | +€11,776 | +17.0% |
| Profit (loss) for the period | 9904 | -€69,173 | -€57,397 | +€11,776 | +17.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€69,173 | -€57,397 | +€11,776 | +17.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.