Bow Projects: what changed
Two fiscal 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.
Bow Projects
Largest movements
- Receivables within one year -€103,066
down €103,066 (-99.6%), from €103,480 to €414
of which Trade receivables: -€103,480
- Cash -€33,972
down €33,972 (-56.9%), from €59,672 to €25,700
mainly Contributions, distributions and other (-€100,000) and Trade debts (-€62,887)
- Tangible fixed assets -€2,895
down €2,895 (-79.9%), from €3,622 to €726
- Profit (loss) carried forward -€63,839
down €63,839 (-86.0%), from €74,201 to €10,361
- Trade debts -€62,887
down €62,887 (-99.8%), from €63,015 to €128
- Tax, wage and social debts -€12,580
down €12,580 (-57.1%), from €22,037 to €9,457
- Other debts -€1,765
down €1,765 (-40.2%), from €4,394 to €2,629
- Gross operating margin +€16,730
up €16,730 (+43.0%), from €38,919 to €55,650
- Financial income -€7,923
down €7,923 (-78.0%), from €10,158 to €2,235
- Write-downs +€7,403
new in 2025: €7,403
- Depreciation -€6,044
down €6,044 (-67.6%), from €8,939 to €2,895
- Taxes +€1,709
up €1,709 (+20.4%), from €8,377 to €10,086
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 | €168,647 | €27,613 | -€141,034 | -83.6% |
| Fixed assets | 21/28 | €3,622 | €726 | -€2,895 | -79.9% |
| Tangible fixed assets | 22/27 | €3,622 | €726 | -€2,895 | -79.9% |
| Furniture and vehicles | 24 | €3,622 | €726 | -€2,895 | -79.9% |
| Current assets | 29/58 | €165,025 | €26,887 | -€138,139 | -83.7% |
| Amounts receivable within one year | 40/41 | €103,480 | €414 | -€103,066 | -99.6% |
| Trade receivables | 40 | €103,480 | - | -€103,480 | |
| Other amounts receivable | 41 | - | €414 | +€414 | |
| Cash at bank and in hand | 54/58 | €59,672 | €25,700 | -€33,972 | -56.9% |
| Deferred charges and accrued income | 490/1 | €1,874 | €773 | -€1,101 | -58.8% |
| Total equity and liabilities | 10/49 | €168,647 | €27,613 | -€141,034 | -83.6% |
| Equity | 10/15 | €79,201 | €15,361 | -€63,839 | -80.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €74,201 | €10,361 | -€63,839 | -86.0% |
| Amounts payable | 17/49 | €89,446 | €12,252 | -€77,194 | -86.3% |
| Amounts payable within one year | 42/48 | €89,446 | €12,214 | -€77,232 | -86.3% |
| Trade debts | 44 | €63,015 | €128 | -€62,887 | -99.8% |
| Suppliers | 440/4 | €63,015 | €128 | -€62,887 | -99.8% |
| Taxes, remuneration and social security | 45 | €22,037 | €9,457 | -€12,580 | -57.1% |
| Taxes | 450/3 | €22,037 | €9,457 | -€12,580 | -57.1% |
| Other amounts payable | 47/48 | €4,394 | €2,629 | -€1,765 | -40.2% |
| Accrued charges and deferred income | 492/3 | - | €38 | +€38 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,939 | €2,895 | -€6,044 | -67.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €7,403 | +€7,403 | |
| Other operating charges | 640/8 | €1,315 | €1,155 | -€160 | -12.2% |
| Gross operating margin | 9900 | €38,919 | €55,650 | +€16,730 | +43.0% |
| Operating profit (loss) | 9901 | €28,664 | €44,196 | +€15,531 | +54.2% |
| Financial income | 75/76B | €10,158 | €2,235 | -€7,923 | -78.0% |
| Recurring financial income | 75 | €10,158 | €2,235 | -€7,923 | -78.0% |
| Financial charges | 65/66B | €241 | €183 | -€57 | -23.8% |
| Recurring financial charges | 65 | €241 | €183 | -€57 | -23.8% |
| Profit (loss) for the period before taxes | 9903 | €38,581 | €46,247 | +€7,666 | +19.9% |
| Income taxes | 67/77 | €8,377 | €10,086 | +€1,709 | +20.4% |
| Profit (loss) for the period | 9904 | €30,204 | €36,161 | +€5,956 | +19.7% |
| Profit (loss) for the period to be appropriated | 9905 | €30,204 | €36,161 | +€5,956 | +19.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.