Mad Cow: 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.
What changed
Mad Cow
NACE 46.240, Wholesale trade
financial year 2024 compared with 2023filed annual accounts (NBB)
Net result for the year
-€11,881
2023 · -€73,863+€61,983
Equity
€540,897
2023 · €552,778-€11,881
Cash
€1,849
2023 · €15,701-€13,853
Balance sheet total
€6.3m
2023 · €7.2m-€948,972
Largest movements
Assets
- Stocks and contracts -€2.4m
down €2.4m (-72.4%), from €3.3m to €900,304
- Receivables within one year +€1.4m
up €1.4m (+40.1%), from €3.5m to €5.0m
of which Trade receivables: +€1.5m
Equity and liabilities
- Trade debts -€1.2m
down €1.2m (-19.1%), from €6.2m to €5.0m
- Short-term financial debts +€250,107
new in 2024: €250,107
Income statement
- Gross operating margin -€269,363
down €269,363 (-91.8%), from €293,281 to €23,918
- Staff costs -€111,820
down €111,820 (-76.1%), from €146,922 to €35,102
- Financial income +€99,017
up €99,017 (+33,005,820%), from €0 to €99,018
- Financial charges -€80,705
down €80,705 (-71.7%), from €112,514 to €31,809
of which Non-recurring financial charges: -€86,526
- Other operating charges -€43,230
down €43,230 (-59.6%), from €72,522 to €29,292
From the 2023 result to the 2024 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.
Result 2023
-€73,863
Gross operating margin
-€269,363
Staff costs
+€111,820
Depreciation
+€3,109
Other operating charges
+€43,230
Other operating items
+€5,695
Financial income
+€99,017
Financial charges
+€80,705
Taxes
-€12,230
Result 2024
-€11,881
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€247,512
Investment
-€16,448
Financing
+€250,107
Cash 2023
€15,701
From operations (derived)
-€247,512
Net result for the year
-€11,881
Depreciation
+€19,368
Stocks and contracts
+€2.4m
Receivables within one year
-€1.4m
Deferred charges and accrued income
-€6,315
Trade debts
-€1.2m
Tax, wage and social debts
-€19,076
Other debts
+€20,285
Accrued charges and deferred income
-€5,500
Investment (derived)
-€16,448
Investment in fixed assets (net)
-€18,678
Current investments
+€2,230
Financing
+€250,107
Short-term financial debts
+€250,107
Cash 2024
€1,849
brings cash intakes cash out
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,246,806 | €6,297,834 | -€948,972 | -13.1% |
| Fixed assets | 21/28 | €430,500 | €429,810 | -€690 | -0.2% |
| Tangible fixed assets | 22/27 | €415,616 | €414,925 | -€690 | -0.2% |
| Furniture and vehicles | 24 | €39,941 | €22,455 | -€17,486 | -43.8% |
| Leasing and similar rights | 25 | €9,590 | €8,386 | -€1,204 | -12.6% |
| Other tangible fixed assets | 26 | €366,084 | €384,084 | +€18,000 | +4.9% |
| Financial fixed assets | 28 | €14,884 | €14,884 | = | 0.0% |
| Current assets | 29/58 | €6,816,307 | €5,868,025 | -€948,282 | -13.9% |
| Stocks and contracts in progress | 3 | €3,257,789 | €900,304 | -€2.4m | -72.4% |
| Stocks | 30/36 | €3,257,789 | €900,304 | -€2.4m | -72.4% |
| Amounts receivable within one year | 40/41 | €3,540,587 | €4,959,557 | +€1.4m | +40.1% |
| Trade receivables | 40 | €1,813,046 | €3,336,358 | +€1.5m | +84.0% |
| Other amounts receivable | 41 | €1,727,541 | €1,623,199 | -€104,342 | -6.0% |
| Current investments | 50/53 | €2,230 | €0 | -€2,230 | -100% |
| Cash at bank and in hand | 54/58 | €15,701 | €1,849 | -€13,853 | -88.2% |
| Deferred charges and accrued income | 490/1 | - | €6,315 | +€6,315 | |
| Total equity and liabilities | 10/49 | €7,246,806 | €6,297,834 | -€948,972 | -13.1% |
| Equity | 10/15 | €552,778 | €540,897 | -€11,881 | -2.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 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 | €532,318 | €520,437 | -€11,881 | -2.2% |
| Amounts payable | 17/49 | €6,694,029 | €5,756,937 | -€937,092 | -14.0% |
| Amounts payable within one year | 42/48 | €6,671,048 | €5,739,456 | -€931,592 | -14.0% |
| Financial debts | 43 | - | €250,107 | +€250,107 | |
| Credit institutions | 430/8 | - | €250,107 | +€250,107 | |
| Trade debts | 44 | €6,184,687 | €5,001,779 | -€1.2m | -19.1% |
| Suppliers | 440/4 | €6,184,687 | €5,001,779 | -€1.2m | -19.1% |
| Taxes, remuneration and social security | 45 | €465,461 | €446,385 | -€19,076 | -4.1% |
| Taxes | 450/3 | €386,848 | €417,591 | +€30,742 | +7.9% |
| Remuneration and social security | 454/9 | €78,612 | €28,794 | -€49,818 | -63.4% |
| Other amounts payable | 47/48 | €20,900 | €41,185 | +€20,285 | +97.1% |
| Accrued charges and deferred income | 492/3 | €22,981 | €17,481 | -€5,500 | -23.9% |
| Non-recurring operating income | 76A | €26,125 | €0 | -€26,125 | -100% |
| Remuneration, social security and pensions | 62 | €146,922 | €35,102 | -€111,820 | -76.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,477 | €19,368 | -€3,109 | -13.8% |
| Other operating charges | 640/8 | €72,522 | €29,292 | -€43,230 | -59.6% |
| Non-recurring operating charges | 66A | €7,319 | €1,624 | -€5,695 | -77.8% |
| Gross operating margin | 9900 | €293,281 | €23,918 | -€269,363 | -91.8% |
| Operating profit (loss) | 9901 | €44,042 | -€61,467 | -€105,509 | |
| Financial income | 75/76B | €0 | €99,018 | +€99,017 | +33,005,820% |
| Recurring financial income | 75 | €0 | €99,018 | +€99,017 | +33,005,820% |
| Financial charges | 65/66B | €112,514 | €31,809 | -€80,705 | -71.7% |
| Recurring financial charges | 65 | €25,987 | €31,809 | +€5,822 | +22.4% |
| Non-recurring financial charges | 66B | €86,526 | €0 | -€86,526 | -100% |
| Profit (loss) for the period before taxes | 9903 | -€68,471 | €5,741 | +€74,213 | |
| Income taxes | 67/77 | €5,392 | €17,622 | +€12,230 | +227% |
| Profit (loss) for the period | 9904 | -€73,863 | -€11,881 | +€61,983 | +83.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€73,863 | -€11,881 | +€61,983 | +83.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.