Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Negative equity NBB
More debt than assets in 4 of the last 4 fiscal years.
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Two loss years in a row NBB
Negative result in 2023 and 2024.
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Tight liquidity NBB
Cash and receivables cover 15 % of short-term debt in 2024; threshold 65 %.
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Shrinking team NBB
FTE fell two years in a row, from 78.4 to 57.
Financials
Financial year 2024
COWBOY from Brussel, company number BE0669908031, closed financial year 2024 with a result of € -25.9 million after tax. For that financial year COWBOY recorded revenue of € 21.7 million and equity of € -43.2 million. Compared with financial year 2023, the result moved from € -21.7 million to € -25.9 million. The company made a loss. More debts than assets. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on September 3, 2025.
€ -43.2 million
▼ € 20.8 million vs 2023
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -25.9 million
▼ 20 % more loss than in 2023
Profit after tax over the fiscal year.
€ 604,300
▼ 81% vs 2023
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -79.7 million.
People and assets in 2024
57
▼ 6.7 vs 2023
Average over the fiscal year, from the social balance sheet.
€ 5.7 million
▼ 9% vs 2023
€ 100,300 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 442,429
▲ 158% vs 2023
Of which on lease € 76,623.
Debts at end 2024
€ 38.6 million
▲ 20% vs 2023
€ 245,614 is repaid this year. At this pace the long-term loan is gone in ≈ 157 years.
€ 8.3 million
▲ 21% vs 2023
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 96 days on average.
€ 2.6 million
▲ 93% vs 2023
Taxes, VAT and social contributions still to pay.
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| 2021 | 2022 | 2023 | 2024 | Change 2023 → 2024 | |
|---|---|---|---|---|---|
| Revenue | € 15,221,499 | € 40,955,003 | € 33,722,755 | € 21,674,930 | ▼ 36% |
| Profit after taxes | € -24,095,527 | € -32,140,137 | € -21,672,508 | € -25,922,144 | ▼ € 4.2 million |
| Equity | € -17,988,476 | € -8,437,692 | € -22,443,803 | € -43,197,409 | ▼ € 20.8 million |
| Total debts | € 49,792,835 | € 43,465,407 | € 43,096,778 | € 56,027,472 | ▲ 30% |
| Cash | € 3,557,152 | € 4,160,170 | € 3,131,029 | € 604,300 | ▼ 81% |
| Retained profit | € -50,049,849 | € -82,189,986 | € -53,812,644 | € -79,734,788 | ▼ € 25.9 million |
| Bank debt | € 31,274,843 | € 25,802,559 | € 32,175,016 | € 38,614,318 | ▲ 20% |
| Balance sheet total | € 33,654,359 | € 38,651,091 | € 23,076,727 | € 17,657,094 | ▼ 23% |
| Employees (FTE) | 66.4 | 78.4 | 63.7 | 57 | ▼ 6.7 |
Key figures of COWBOY, fiscal years 2021 to 2024, from the annual accounts filed with the National Bank of Belgium.The annual account for fiscal year 2025 has not been filed yet; it was expected before 31 July 2026.
What happened to COWBOY?
What happened at COWBOY in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Hsun-Hsien HUANG stepped down as director. NBB
- Sofia Leila HMICH stepped down as director. NBB
- Youssef OHANA NOAM stepped down as director. NBB
- ADRIEN ROOSE stepped down as director. NBB
- TANGUY GORETTI stepped down as director. NBB
- Alexis HOUSSOU ALIHONOU stepped down as director. NBB
- New annual accounts for financial year 2024: loss of € 25.9 million. filed late Source: NBB ↗
- Hsun-Hsien HUANG became a director. NBB
In short
From € 24.1 million loss in 2021 to € 25.9 million loss in 2024.
Pays suppliers within 96 days on average.
A new publication or filing at COWBOY? We notify you, reason included.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
It owns 100% of COWBOY INC and 100% of COWBOY STAK itself.
Directors
According to the 2024 annual accounts
Hsun-Hsien HUANG
Director
since 2024 · until 2030
Youssef OHANA NOAM
Director
since 2022 · until 2027
ADRIEN ROOSE
Managing director
since 2022 · until 2027
TANGUY GORETTI
Managing director
since 2022 · until 2027
Alexis HOUSSOU ALIHONOU
Director
since 2022 · until 2027
Sofia Leila HMICH
Director
since 2023 · until 2029
Establishments
Establishment units
Physical locations of this company
Regentschapsstraat 67
1000 Brussel
Henegouwenkaai 19
1080 Sint-Jans-Molenbeek
Active since 20 January 2019
Boulevard de la Technicité(H-G) 1A
7110 La Louvière
Active since 1 April 2018
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 3 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0669.908.031
- VAT number
- BE 0669.908.031
- Registered office
- Regentschapsstraat 67, 1000 Brussel
- Names & denominations
- COWBOY
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 24 January 2017
- Peppol
- Active · Active since 30 Mar 2026
- Activities · NACE
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