BOW: what changed
BOW
Largest movements
- Receivables after one year +€26,343
up €26,343 (+28.5%), from €92,482 to €118,825
- Receivables within one year -€21,930
down €21,930 (-30.9%), from €70,912 to €48,982
of which Trade receivables: -€25,894
- Cash -€8,669
down €8,669 (-81.9%), from €10,579 to €1,910
mainly Receivables after one year (-€26,343) and Trade debts (-€17,733)
- Tangible fixed assets -€2,186
down €2,186 (-30.4%), from €7,202 to €5,016
of which Furniture and vehicles: -€2,603
- Reserves +€22,175
up €22,175 (+57.8%), from €38,342 to €60,517
- Trade debts -€17,733
down €17,733 (-41.0%), from €43,295 to €25,561
- Debts after one year -€11,553
down €11,553 (-21.8%), from €53,095 to €41,542
- Gross operating margin -€40,584
down €40,584 (-27.5%), from €147,693 to €107,109
- Staff costs -€11,812
down €11,812 (-14.0%), from €84,636 to €72,824
- Depreciation -€4,689
down €4,689 (-52.9%), from €8,864 to €4,175
- Taxes -€4,104
down €4,104 (-38.6%), from €10,639 to €6,536
- Other operating charges -€2,690
down €2,690 (-63.4%), from €4,245 to €1,555
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €186,254 | €179,733 | -€6,522 | -3.5% |
| Fixed assets | 21/28 | €7,202 | €5,016 | -€2,186 | -30.4% |
| Tangible fixed assets | 22/27 | €7,202 | €5,016 | -€2,186 | -30.4% |
| Plant, machinery and equipment | 23 | €4,599 | €5,016 | +€416 | +9.1% |
| Furniture and vehicles | 24 | €2,603 | €0 | -€2,603 | -100% |
| Current assets | 29/58 | €179,052 | €174,717 | -€4,335 | -2.4% |
| Amounts receivable after more than one year | 29 | €92,482 | €118,825 | +€26,343 | +28.5% |
| Other amounts receivable | 291 | €92,482 | €118,825 | +€26,343 | +28.5% |
| Stocks and contracts in progress | 3 | €5,000 | €5,000 | = | 0.0% |
| Stocks | 30/36 | €5,000 | €5,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €70,912 | €48,982 | -€21,930 | -30.9% |
| Trade receivables | 40 | €64,511 | €38,617 | -€25,894 | -40.1% |
| Other amounts receivable | 41 | €6,401 | €10,365 | +€3,964 | +61.9% |
| Cash at bank and in hand | 54/58 | €10,579 | €1,910 | -€8,669 | -81.9% |
| Deferred charges and accrued income | 490/1 | €79 | €0 | -€79 | -100% |
| Total equity and liabilities | 10/49 | €186,254 | €179,733 | -€6,522 | -3.5% |
| Equity | 10/15 | €43,342 | €65,517 | +€22,175 | +51.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €38,342 | €60,517 | +€22,175 | +57.8% |
| Distributable reserves | 133 | €38,342 | €60,517 | +€22,175 | +57.8% |
| Amounts payable | 17/49 | €142,912 | €114,216 | -€28,696 | -20.1% |
| Amounts payable after more than one year | 17 | €53,095 | €41,542 | -€11,553 | -21.8% |
| Financial debts | 170/4 | €53,095 | €41,542 | -€11,553 | -21.8% |
| Amounts payable within one year | 42/48 | €89,779 | €72,674 | -€17,106 | -19.1% |
| Current portion of amounts payable after more than one year | 42 | €11,380 | €11,553 | +€173 | +1.5% |
| Trade debts | 44 | €43,295 | €25,561 | -€17,733 | -41.0% |
| Suppliers | 440/4 | €43,295 | €25,561 | -€17,733 | -41.0% |
| Advances received on contracts in progress | 46 | €8,582 | €8,582 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €26,123 | €26,729 | +€606 | +2.3% |
| Taxes | 450/3 | €21,745 | €22,221 | +€476 | +2.2% |
| Remuneration and social security | 454/9 | €4,378 | €4,508 | +€130 | +3.0% |
| Other amounts payable | 47/48 | €400 | €248 | -€152 | -37.9% |
| Accrued charges and deferred income | 492/3 | €37 | €0 | -€37 | -100% |
| Remuneration, social security and pensions | 62 | €84,636 | €72,824 | -€11,812 | -14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,864 | €4,175 | -€4,689 | -52.9% |
| Other operating charges | 640/8 | €4,245 | €1,555 | -€2,690 | -63.4% |
| Gross operating margin | 9900 | €147,693 | €107,109 | -€40,584 | -27.5% |
| Operating profit (loss) | 9901 | €49,948 | €28,555 | -€21,393 | -42.8% |
| Financial income | 75/76B | €2,256 | €2,582 | +€326 | +14.4% |
| Recurring financial income | 75 | €2,256 | €2,582 | +€326 | +14.4% |
| Financial charges | 65/66B | €3,223 | €2,427 | -€796 | -24.7% |
| Recurring financial charges | 65 | €3,223 | €2,427 | -€796 | -24.7% |
| Profit (loss) for the period before taxes | 9903 | €48,982 | €28,710 | -€20,271 | -41.4% |
| Income taxes | 67/77 | €10,639 | €6,536 | -€4,104 | -38.6% |
| Profit (loss) for the period | 9904 | €38,342 | €22,175 | -€16,167 | -42.2% |
| Profit (loss) for the period to be appropriated | 9905 | €38,342 | €22,175 | -€16,167 | -42.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.