BOWAR: 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.
BOWAR
Largest movements
- Cash +€140,733
up €140,733 (+4,495%), from €3,131 to €143,864
mainly Net result for the year (+€118,986) and Depreciation (+€40,473)
- Tangible fixed assets -€39,445
down €39,445 (-9.5%), from €415,551 to €376,106
of which Land and buildings: -€39,262
- Receivables within one year +€8,854
new in 2025: €8,854
- Reserves +€118,986
up €118,986 (+74.5%), from €159,775 to €278,762
of which Tax-exempt reserves: +€103,669
- Provisions +€33,769
up €33,769 (+245%), from €13,767 to €47,536
- Debts after one year -€21,946
down €21,946 (-20.3%), from €107,921 to €85,975
- Trade debts -€16,444
down €16,444 (-28.8%), from €57,185 to €40,742
- Tax, wage and social debts -€7,093
down €7,093 (-67.1%), from €10,573 to €3,479
- Gross operating margin +€172,158
up €172,158 (+389%), from €44,210 to €216,368
- Depreciation -€4,348
down €4,348 (-9.7%), from €44,820 to €40,473
- Taxes +€3,479
new in 2025: €3,479
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.
Derived cash bridge
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 | €421,758 | €531,137 | +€109,379 | +25.9% |
| Fixed assets | 21/28 | €415,551 | €376,106 | -€39,445 | -9.5% |
| Tangible fixed assets | 22/27 | €415,551 | €376,106 | -€39,445 | -9.5% |
| Land and buildings | 22 | €414,424 | €375,162 | -€39,262 | -9.5% |
| Plant, machinery and equipment | 23 | €1,127 | €944 | -€182 | -16.2% |
| Current assets | 29/58 | €6,207 | €155,031 | +€148,824 | +2,398% |
| Amounts receivable within one year | 40/41 | - | €8,854 | +€8,854 | |
| Other amounts receivable | 41 | - | €8,854 | +€8,854 | |
| Cash at bank and in hand | 54/58 | €3,131 | €143,864 | +€140,733 | +4,495% |
| Deferred charges and accrued income | 490/1 | €3,077 | €2,314 | -€763 | -24.8% |
| Total equity and liabilities | 10/49 | €421,758 | €531,137 | +€109,379 | +25.9% |
| Equity | 10/15 | €207,828 | €326,814 | +€118,986 | +57.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €159,775 | €278,762 | +€118,986 | +74.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €26,724 | €130,393 | +€103,669 | +388% |
| Distributable reserves | 133 | €126,852 | €142,169 | +€15,317 | +12.1% |
| Profit (loss) carried forward | 14 | -€13,947 | -€13,947 | = | 0.0% |
| Provisions and deferred taxes | 16 | €13,767 | €47,536 | +€33,769 | +245% |
| Provisions for liabilities and charges | 160/5 | €13,767 | €47,536 | +€33,769 | +245% |
| Taxes | 161 | €13,767 | €47,536 | +€33,769 | +245% |
| Amounts payable | 17/49 | €200,163 | €156,787 | -€43,375 | -21.7% |
| Amounts payable after more than one year | 17 | €107,921 | €85,975 | -€21,946 | -20.3% |
| Financial debts | 170/4 | €107,921 | €85,975 | -€21,946 | -20.3% |
| Amounts payable within one year | 42/48 | €92,242 | €70,812 | -€21,430 | -23.2% |
| Current portion of amounts payable after more than one year | 42 | €20,950 | €20,950 | = | 0.0% |
| Trade debts | 44 | €57,185 | €40,742 | -€16,444 | -28.8% |
| Suppliers | 440/4 | €57,185 | €40,742 | -€16,444 | -28.8% |
| Taxes, remuneration and social security | 45 | €10,573 | €3,479 | -€7,093 | -67.1% |
| Taxes | 450/3 | €10,573 | €3,479 | -€7,093 | -67.1% |
| Other amounts payable | 47/48 | €3,534 | €5,641 | +€2,107 | +59.6% |
| Non-recurring operating income | 76A | - | €144,000 | +€144,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,820 | €40,473 | -€4,348 | -9.7% |
| Other operating charges | 640/8 | €13,828 | €14,148 | +€319 | +2.3% |
| Gross operating margin | 9900 | €44,210 | €216,368 | +€172,158 | +389% |
| Operating profit (loss) | 9901 | -€14,438 | €161,748 | +€176,186 | |
| Financial charges | 65/66B | €6,838 | €5,514 | -€1,325 | -19.4% |
| Recurring financial charges | 65 | €6,838 | €5,514 | -€1,325 | -19.4% |
| Profit (loss) for the period before taxes | 9903 | -€21,276 | €156,234 | +€177,511 | |
| Transfer from deferred taxes | 780 | €2,492 | €2,231 | -€261 | -10.5% |
| Transfer to deferred taxes | 680 | - | €36,000 | +€36,000 | |
| Income taxes | 67/77 | - | €3,479 | +€3,479 | |
| Profit (loss) for the period | 9904 | -€18,784 | €118,986 | +€137,771 | |
| Transfer from tax-exempt reserves | 789 | €4,837 | €4,331 | -€506 | -10.5% |
| Transfer to tax-exempt reserves | 689 | - | €108,000 | +€108,000 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,947 | €15,317 | +€29,265 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.