Bowico: 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.
Bowico
Largest movements
- Receivables within one year +€542,886
up €542,886 (+94.5%), from €574,346 to €1.1m
of which Other amounts receivable: +€419,776
- Stocks and contracts -€221,741
down €221,741 (-26.7%), from €830,962 to €609,221
- Tangible fixed assets -€219,274
down €219,274 (-18.3%), from €1.2m to €980,633
of which Land and buildings: -€214,692
- Cash -€75,742
down €75,742 (-99.3%), from €76,306 to €564
mainly Receivables within one year (-€542,886) and Tax, wage and social debts (-€112,114)
- Reserves +€236,400
up €236,400 (+34.4%), from €688,100 to €924,500
- Tax, wage and social debts -€112,114
down €112,114 (-85.0%), from €131,867 to €19,753
of which Taxes: -€109,093
- Trade debts +€103,950
up €103,950 (+129%), from €80,828 to €184,778
- Current portion of long-term debt -€101,484
down €101,484 (-55.1%), from €184,046 to €82,562
- Debts after one year -€55,174
down €55,174 (-5.0%), from €1.1m to €1.0m
- Financial income -€95,803
down €95,803 (-83.5%), from €114,802 to €19,000
of which Non-recurring financial income: -€101,461
- Taxes -€31,341
down €31,341 (-22.4%), from €139,759 to €108,418
- Write-downs -€19,209
no longer reported in 2025 (was €19,209)
- Gross operating margin -€16,266
down €16,266 (-3.6%), from €449,002 to €432,737
- Financial charges +€11,709
up €11,709 (+35.1%), from €33,317 to €45,027
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 | €2,688,704 | €2,718,485 | +€29,781 | +1.1% |
| Fixed assets | 21/28 | €1,199,907 | €980,633 | -€219,274 | -18.3% |
| Tangible fixed assets | 22/27 | €1,199,907 | €980,633 | -€219,274 | -18.3% |
| Land and buildings | 22 | €1,185,524 | €970,832 | -€214,692 | -18.1% |
| Furniture and vehicles | 24 | €14,383 | €9,802 | -€4,582 | -31.9% |
| Current assets | 29/58 | €1,488,797 | €1,737,852 | +€249,055 | +16.7% |
| Stocks and contracts in progress | 3 | €830,962 | €609,221 | -€221,741 | -26.7% |
| Stocks | 30/36 | €830,962 | €609,221 | -€221,741 | -26.7% |
| Amounts receivable within one year | 40/41 | €574,346 | €1,117,232 | +€542,886 | +94.5% |
| Trade receivables | 40 | €194,950 | €318,059 | +€123,110 | +63.1% |
| Other amounts receivable | 41 | €379,396 | €799,173 | +€419,776 | +111% |
| Cash at bank and in hand | 54/58 | €76,306 | €564 | -€75,742 | -99.3% |
| Deferred charges and accrued income | 490/1 | €7,183 | €10,835 | +€3,652 | +50.8% |
| Total equity and liabilities | 10/49 | €2,688,704 | €2,718,485 | +€29,781 | +1.1% |
| Equity | 10/15 | €702,845 | €939,262 | +€236,416 | +33.6% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €688,100 | €924,500 | +€236,400 | +34.4% |
| Distributable reserves | 133 | €688,100 | €924,500 | +€236,400 | +34.4% |
| Profit (loss) carried forward | 14 | €485 | €502 | +€16 | +3.4% |
| Amounts payable | 17/49 | €1,985,859 | €1,779,224 | -€206,635 | -10.4% |
| Amounts payable after more than one year | 17 | €1,098,117 | €1,042,943 | -€55,174 | -5.0% |
| Financial debts | 170/4 | €1,098,117 | €1,042,943 | -€55,174 | -5.0% |
| Amounts payable within one year | 42/48 | €880,984 | €733,980 | -€147,004 | -16.7% |
| Current portion of amounts payable after more than one year | 42 | €184,046 | €82,562 | -€101,484 | -55.1% |
| Financial debts | 43 | €250,000 | €258,750 | +€8,750 | +3.5% |
| Credit institutions | 430/8 | €250,000 | €258,750 | +€8,750 | +3.5% |
| Trade debts | 44 | €80,828 | €184,778 | +€103,950 | +129% |
| Suppliers | 440/4 | €80,828 | €184,778 | +€103,950 | +129% |
| Taxes, remuneration and social security | 45 | €131,867 | €19,753 | -€112,114 | -85.0% |
| Taxes | 450/3 | €128,846 | €19,753 | -€109,093 | -84.7% |
| Remuneration and social security | 454/9 | €3,021 | - | -€3,021 | |
| Other amounts payable | 47/48 | €234,242 | €188,137 | -€46,106 | -19.7% |
| Accrued charges and deferred income | 492/3 | €6,758 | €2,301 | -€4,457 | -66.0% |
| Non-recurring operating income | 76A | - | €119,804 | +€119,804 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,845 | €55,624 | +€9,780 | +21.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €19,209 | - | -€19,209 | |
| Other operating charges | 640/8 | €5,920 | €6,250 | +€331 | +5.6% |
| Gross operating margin | 9900 | €449,002 | €432,737 | -€16,266 | -3.6% |
| Operating profit (loss) | 9901 | €378,029 | €370,862 | -€7,167 | -1.9% |
| Financial income | 75/76B | €114,802 | €19,000 | -€95,803 | -83.5% |
| Recurring financial income | 75 | €13,341 | €19,000 | +€5,658 | +42.4% |
| Non-recurring financial income | 76B | €101,461 | - | -€101,461 | |
| Financial charges | 65/66B | €33,317 | €45,027 | +€11,709 | +35.1% |
| Recurring financial charges | 65 | €33,317 | €45,027 | +€11,709 | +35.1% |
| Profit (loss) for the period before taxes | 9903 | €459,514 | €344,834 | -€114,679 | -25.0% |
| Income taxes | 67/77 | €139,759 | €108,418 | -€31,341 | -22.4% |
| Profit (loss) for the period | 9904 | €319,755 | €236,416 | -€83,338 | -26.1% |
| Profit (loss) for the period to be appropriated | 9905 | €319,755 | €236,416 | -€83,338 | -26.1% |
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.