BOWDY & BRAVE: 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.
BOWDY & BRAVE
Largest movements
- Receivables within one year +€513,380
up €513,380 (+51.3%), from €1.0m to €1.5m
of which Trade receivables: +€672,947
- Stocks and contracts -€405,344
down €405,344 (-15.0%), from €2.7m to €2.3m
- Cash -€63,323
down €63,323 (-15.7%), from €403,036 to €339,713
mainly Short-term financial debts (-€624,558) and Receivables within one year (-€513,380)
- Tangible fixed assets -€46,742
down €46,742 (-47.1%), from €99,136 to €52,394
of which Furniture and vehicles: -€46,337
- Short-term financial debts -€624,558
down €624,558 (-54.9%), from €1.1m to €513,783
- Debts after one year +€480,872
up €480,872 (+50.8%), from €947,082 to €1.4m
of which Financial debts: +€480,872
- Trade debts +€461,889
up €461,889 (+190%), from €243,257 to €705,147
- Profit (loss) carried forward -€237,215
down €237,215 (-61.0%), from -€388,818 to -€626,033
- Current portion of long-term debt -€72,261
down €72,261 (-24.8%), from €291,346 to €219,086
- Gross operating margin +€469,443
up €469,443, from -€291,157 to €178,286
- Write-downs +€427,193
up €427,193 (+100.0%), from -€427,265 to -€72
- Financial charges +€33,852
up €33,852 (+25.3%), from €133,926 to €167,778
- Financial income +€24,685
up €24,685 (+153%), from €16,144 to €40,828
of which Financial income: +€32,201
- Depreciation -€15,038
down €15,038 (-44.5%), from €33,814 to €18,776
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 | €4,308,511 | €4,313,570 | +€5,059 | +0.1% |
| Fixed assets | 21/28 | €137,509 | €90,807 | -€46,702 | -34.0% |
| Tangible fixed assets | 22/27 | €99,136 | €52,394 | -€46,742 | -47.1% |
| Plant, machinery and equipment | 23 | €34,746 | €34,340 | -€405 | -1.2% |
| Furniture and vehicles | 24 | €64,390 | €18,053 | -€46,337 | -72.0% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €38,374 | €38,414 | +€40 | +0.1% |
| Current assets | 29/58 | €4,171,002 | €4,222,763 | +€51,761 | +1.2% |
| Stocks and contracts in progress | 3 | €2,701,763 | €2,296,419 | -€405,344 | -15.0% |
| Stocks | 30/36 | €2,701,763 | €2,296,419 | -€405,344 | -15.0% |
| Amounts receivable within one year | 40/41 | €1,000,985 | €1,514,365 | +€513,380 | +51.3% |
| Trade receivables | 40 | €831,990 | €1,504,937 | +€672,947 | +80.9% |
| Other amounts receivable | 41 | €168,995 | €9,428 | -€159,567 | -94.4% |
| Cash at bank and in hand | 54/58 | €403,036 | €339,713 | -€63,323 | -15.7% |
| Deferred charges and accrued income | 490/1 | €65,218 | €72,266 | +€7,048 | +10.8% |
| Total equity and liabilities | 10/49 | €4,308,511 | €4,313,570 | +€5,059 | +0.1% |
| Equity | 10/15 | €1,627,244 | €1,390,029 | -€237,215 | -14.6% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €1,816,062 | €1,816,062 | = | 0.0% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Distributable reserves | 133 | €1,796,062 | €1,796,062 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€388,818 | -€626,033 | -€237,215 | -61.0% |
| Amounts payable | 17/49 | €2,681,267 | €2,923,541 | +€242,274 | +9.0% |
| Amounts payable after more than one year | 17 | €947,082 | €1,427,955 | +€480,872 | +50.8% |
| Financial debts | 170/4 | €236,327 | €717,199 | +€480,872 | +203% |
| Trade debts | 175 | €710,756 | €710,756 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,734,185 | €1,495,587 | -€238,598 | -13.8% |
| Current portion of amounts payable after more than one year | 42 | €291,346 | €219,086 | -€72,261 | -24.8% |
| Financial debts | 43 | €1,138,341 | €513,783 | -€624,558 | -54.9% |
| Credit institutions | 430/8 | €1,138,341 | €513,783 | -€624,558 | -54.9% |
| Trade debts | 44 | €243,257 | €705,147 | +€461,889 | +190% |
| Suppliers | 440/4 | €243,257 | €705,147 | +€461,889 | +190% |
| Taxes, remuneration and social security | 45 | €57,223 | €52,371 | -€4,852 | -8.5% |
| Taxes | 450/3 | €41,922 | €31,809 | -€10,113 | -24.1% |
| Remuneration and social security | 454/9 | €15,301 | €20,562 | +€5,261 | +34.4% |
| Other amounts payable | 47/48 | €4,017 | €5,200 | +€1,183 | +29.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | €9,461 | +€9,461 | |
| Remuneration, social security and pensions | 62 | €228,376 | €229,897 | +€1,521 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,814 | €18,776 | -€15,038 | -44.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€427,265 | -€72 | +€427,193 | +100.0% |
| Other operating charges | 640/8 | €31,833 | €20,273 | -€11,560 | -36.3% |
| Non-recurring operating charges | 66A | €0 | €19,677 | +€19,677 | |
| Gross operating margin | 9900 | -€291,157 | €178,286 | +€469,443 | |
| Operating profit (loss) | 9901 | -€157,915 | -€110,265 | +€47,650 | +30.2% |
| Financial income | 75/76B | €16,144 | €40,828 | +€24,685 | +153% |
| Recurring financial income | 75 | €8,627 | €40,828 | +€32,201 | +373% |
| Non-recurring financial income | 76B | €7,517 | - | -€7,517 | |
| Financial charges | 65/66B | €133,926 | €167,778 | +€33,852 | +25.3% |
| Recurring financial charges | 65 | €133,926 | €167,778 | +€33,852 | +25.3% |
| Profit (loss) for the period before taxes | 9903 | -€275,697 | -€237,215 | +€38,482 | +14.0% |
| Income taxes | 67/77 | €1,032 | - | -€1,032 | |
| Profit (loss) for the period | 9904 | -€276,729 | -€237,215 | +€39,515 | +14.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€276,729 | -€237,215 | +€39,515 | +14.3% |
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 26 October 2026 via checked.be.