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Your equation is wrong, it has 2 oxygens on the left side and 4 on the right side.
Because for bond energies, average values are used , but in reality, same bond energies differ between different molecules. For example, the O-H bond energy in water is different from the O-H bond energy in peroxide.
I suspect the difference in the enthalpy of reaction in the two approaches is the heat of formation of O2, H2 and N2 from constituent atoms.