2BOW: 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.
2BOW
Largest movements
- Stocks and contracts -€515,752
down €515,752 (-41.2%), from €1.3m to €734,882
- Receivables within one year -€105,365
down €105,365 (-90.1%), from €116,918 to €11,553
of which Other amounts receivable: -€109,364
- Short-term financial debts -€397,000
no longer reported in 2025 (was €397,000)
- Other debts -€277,822
down €277,822 (-32.9%), from €845,365 to €567,543
- Debts after one year +€102,303
up €102,303 (+15.8%), from €646,934 to €749,237
- Current portion of long-term debt -€24,530
down €24,530 (-70.5%), from €34,793 to €10,263
- Profit (loss) carried forward -€21,096
new in 2025: -€21,096
- Gross operating margin -€31,905
down €31,905 (-30.8%), from €103,695 to €71,790
- Financial charges +€17,471
up €17,471 (+35.1%), from €49,748 to €67,219
- Depreciation -€9,884
down €9,884 (-34.9%), from €28,314 to €18,430
- Taxes -€7,803
no longer reported in 2025 (was €7,803)
- Other operating charges +€1,730
up €1,730 (+31.4%), from €5,508 to €7,238
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 | €2,069,179 | €1,452,232 | -€616,947 | -29.8% |
| Fixed assets | 21/28 | €695,758 | €678,518 | -€17,240 | -2.5% |
| Tangible fixed assets | 22/27 | €695,758 | €678,518 | -€17,240 | -2.5% |
| Land and buildings | 22 | €694,940 | €677,073 | -€17,867 | -2.6% |
| Plant, machinery and equipment | 23 | €818 | €1,445 | +€627 | +76.6% |
| Current assets | 29/58 | €1,373,421 | €773,714 | -€599,707 | -43.7% |
| Stocks and contracts in progress | 3 | €1,250,634 | €734,882 | -€515,752 | -41.2% |
| Stocks | 30/36 | €1,250,634 | €734,882 | -€515,752 | -41.2% |
| Amounts receivable within one year | 40/41 | €116,918 | €11,553 | -€105,365 | -90.1% |
| Trade receivables | 40 | - | €3,998 | +€3,998 | |
| Other amounts receivable | 41 | €116,918 | €7,554 | -€109,364 | -93.5% |
| Cash at bank and in hand | 54/58 | €5,544 | €23,912 | +€18,368 | +331.3% |
| Deferred charges and accrued income | 490/1 | €325 | €3,367 | +€3,042 | +935.9% |
| Total equity and liabilities | 10/49 | €2,069,179 | €1,452,232 | -€616,947 | -29.8% |
| Equity | 10/15 | €112,326 | €91,230 | -€21,096 | -18.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €12,326 | €12,326 | -€0 | 0.0% |
| Distributable reserves | 133 | €12,326 | €12,326 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | - | -€21,096 | -€21,096 | |
| Amounts payable | 17/49 | €1,956,853 | €1,361,002 | -€595,851 | -30.4% |
| Amounts payable after more than one year | 17 | €646,934 | €749,237 | +€102,303 | +15.8% |
| Financial debts | 170/4 | €646,934 | €749,237 | +€102,303 | +15.8% |
| Amounts payable within one year | 42/48 | €1,292,530 | €580,306 | -€712,224 | -55.1% |
| Current portion of amounts payable after more than one year | 42 | €34,793 | €10,263 | -€24,530 | -70.5% |
| Financial debts | 43 | €397,000 | - | -€397,000 | |
| Credit institutions | 430/8 | €397,000 | - | -€397,000 | |
| Trade debts | 44 | €5,069 | €0 | -€5,069 | -100.0% |
| Suppliers | 440/4 | €5,069 | €0 | -€5,069 | -100.0% |
| Taxes, remuneration and social security | 45 | €10,303 | €2,500 | -€7,803 | -75.7% |
| Taxes | 450/3 | €7,803 | - | -€7,803 | |
| Remuneration and social security | 454/9 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 47/48 | €845,365 | €567,543 | -€277,822 | -32.9% |
| Accrued charges and deferred income | 492/3 | €17,389 | €31,459 | +€14,070 | +80.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,314 | €18,430 | -€9,884 | -34.9% |
| Other operating charges | 640/8 | €5,508 | €7,238 | +€1,730 | +31.4% |
| Gross operating margin | 9900 | €103,695 | €71,790 | -€31,905 | -30.8% |
| Operating profit (loss) | 9901 | €69,873 | €46,122 | -€23,751 | -34.0% |
| Financial income | 75/76B | €4 | €1 | -€3 | -73.5% |
| Recurring financial income | 75 | €4 | €1 | -€3 | -73.5% |
| Financial charges | 65/66B | €49,748 | €67,219 | +€17,471 | +35.1% |
| Recurring financial charges | 65 | €49,748 | €67,219 | +€17,471 | +35.1% |
| Profit (loss) for the period before taxes | 9903 | €20,129 | -€21,096 | -€41,225 | |
| Income taxes | 67/77 | €7,803 | - | -€7,803 | |
| Profit (loss) for the period | 9904 | €12,326 | -€21,096 | -€33,422 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,326 | -€21,096 | -€33,422 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.