BOWCO: 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.
BOWCO
Largest movements
- Cash -€36,474
down €36,474 (-25.3%), from €144,431 to €107,957
mainly Contributions, distributions and other (-€22,395) and Investment in fixed assets (net) (-€13,922)
- Receivables within one year +€8,936
up €8,936 (+13.8%), from €64,891 to €73,827
of which Trade receivables: +€9,649
- Tangible fixed assets +€4,337
up €4,337 (+2.0%), from €211,693 to €216,030
of which Land and buildings: +€6,110
- Reserves -€18,233
down €18,233 (-11.4%), from €159,655 to €141,422
- Trade debts +€15,993
up €15,993 (+197%), from €8,115 to €24,108
- Other debts -€11,688
down €11,688 (-46.7%), from €25,032 to €13,344
- Debts after one year -€9,480
down €9,480 (-5.3%), from €180,000 to €170,520
- Gross operating margin -€47,223
down €47,223 (-35.7%), from €132,458 to €85,235
- Other operating charges -€27,340
down €27,340 (-95.3%), from €28,691 to €1,351
- Financial charges +€5,642
up €5,642 (+86.6%), from €6,516 to €12,158
- Taxes -€5,230
down €5,230 (-43.7%), from €11,968 to €6,738
- Depreciation -€5,157
down €5,157 (-41.1%), from €12,537 to €7,380
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 | €421,812 | €401,819 | -€19,993 | -4.7% |
| Fixed assets | 21/28 | €211,787 | €218,329 | +€6,542 | +3.1% |
| Intangible fixed assets | 21 | €94 | €0 | -€94 | -100% |
| Tangible fixed assets | 22/27 | €211,693 | €216,030 | +€4,337 | +2.0% |
| Land and buildings | 22 | €200,497 | €206,607 | +€6,110 | +3.0% |
| Plant, machinery and equipment | 23 | €4,101 | €5,625 | +€1,524 | +37.2% |
| Furniture and vehicles | 24 | €7,095 | €3,798 | -€3,297 | -46.5% |
| Financial fixed assets | 28 | - | €2,299 | +€2,299 | |
| Current assets | 29/58 | €210,025 | €183,490 | -€26,535 | -12.6% |
| Amounts receivable within one year | 40/41 | €64,891 | €73,827 | +€8,936 | +13.8% |
| Trade receivables | 40 | €60,145 | €69,795 | +€9,649 | +16.0% |
| Other amounts receivable | 41 | €4,746 | €4,032 | -€714 | -15.0% |
| Cash at bank and in hand | 54/58 | €144,431 | €107,957 | -€36,474 | -25.3% |
| Deferred charges and accrued income | 490/1 | €703 | €1,707 | +€1,004 | +143% |
| Total equity and liabilities | 10/49 | €421,812 | €401,819 | -€19,993 | -4.7% |
| Equity | 10/15 | €170,155 | €151,922 | -€18,233 | -10.7% |
| Contributions | 10/11 | €10,500 | €10,500 | = | 0.0% |
| Reserves | 13 | €159,655 | €141,422 | -€18,233 | -11.4% |
| Distributable reserves | 133 | €159,655 | €141,422 | -€18,233 | -11.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €251,657 | €249,897 | -€1,760 | -0.7% |
| Amounts payable after more than one year | 17 | €180,000 | €170,520 | -€9,480 | -5.3% |
| Financial debts | 170/4 | €180,000 | €170,520 | -€9,480 | -5.3% |
| Amounts payable within one year | 42/48 | €71,657 | €78,550 | +€6,892 | +9.6% |
| Current portion of amounts payable after more than one year | 42 | €16,000 | €16,000 | = | 0.0% |
| Trade debts | 44 | €8,115 | €24,108 | +€15,993 | +197% |
| Suppliers | 440/4 | €8,115 | €24,108 | +€15,993 | +197% |
| Taxes, remuneration and social security | 45 | €22,511 | €25,098 | +€2,587 | +11.5% |
| Taxes | 450/3 | €14,642 | €17,512 | +€2,870 | +19.6% |
| Remuneration and social security | 454/9 | €7,868 | €7,586 | -€282 | -3.6% |
| Other amounts payable | 47/48 | €25,032 | €13,344 | -€11,688 | -46.7% |
| Accrued charges and deferred income | 492/3 | - | €828 | +€828 | |
| Remuneration, social security and pensions | 62 | €51,528 | €53,447 | +€1,920 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,537 | €7,380 | -€5,157 | -41.1% |
| Other operating charges | 640/8 | €28,691 | €1,351 | -€27,340 | -95.3% |
| Gross operating margin | 9900 | €132,458 | €85,235 | -€47,223 | -35.7% |
| Operating profit (loss) | 9901 | €39,702 | €23,057 | -€16,645 | -41.9% |
| Financial income | 75/76B | €30 | €1 | -€29 | -96.6% |
| Recurring financial income | 75 | €30 | €1 | -€29 | -96.6% |
| Financial charges | 65/66B | €6,516 | €12,158 | +€5,642 | +86.6% |
| Recurring financial charges | 65 | €6,516 | €12,158 | +€5,642 | +86.6% |
| Profit (loss) for the period before taxes | 9903 | €33,217 | €10,901 | -€22,316 | -67.2% |
| Income taxes | 67/77 | €11,968 | €6,738 | -€5,230 | -43.7% |
| Profit (loss) for the period | 9904 | €21,249 | €4,162 | -€17,086 | -80.4% |
| Profit (loss) for the period to be appropriated | 9905 | €21,249 | €4,162 | -€17,086 | -80.4% |
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.