Like I said in another post on this forum, I'm doing research on today's Bosnian Army. However, I am completely familiar with the history of the Bosnian Army.
At its height in February 1995, the Bosnian Army had 200,000+ soldiers, but because of the arms embargo, only 50,000 were armed and none were fully armed. If you think about that for a second, that means 150,000 soldiers could not have been put to any serious use in the defense of the country. The Serb Army had 80,000-94,000 fully armed soldiers. In addition to that, there was about 4,000 foreign volunteer fighters (mainly Russia, Greece, & Bulgaria) and a couple of Serb paramilitary groups (e.g., Arkan's Tigers) whose numbers totaled in the 1,000s.
We lacked heavy weapons. In 1995, we only had 40 tanks and 30 APCs. The Serbs had 330 tanks and 400 APCs at that time--Basically at our best we were outgunned 10 to 1 in terms of tanks and APCs. Given that the Bosnian Army started out with, more or less, nothing at the beginning of the war, this was still better (much of the weapons were captured from the enemy). The Serbs were targeting civilians and executing unarmed men and boys. Many of the Serb soldiers were low on morale and were deserting the army (but not in the beginning of the war). Towards the end of the war the Serbs were on the back foot and losing territory rapidly (like most wars, this war too had a turning point).
In short, the Bosnian Army was on it's way to recovering the territory the Serbs had captured through war crimes. One reason why that was happening is also that the (Bosnian) Croats and Bosnians stopped fighting each other (although it would take some time before the Croats started fully fighting the Serbs after that). If you divide the war in a beginning, middle, and end, the Bosnians and (Bosnian) Croats were fighting each other in the middle part of the war. The Croats had about 50,000 soldiers. To make a long story short, at the point when the Bosnian Army was winning the war, the West stepped in and essentially saved the RS from defeat by forcing us sign a treaty (Dayton Accord) that recognized RS as an entity within Bosnia. President Bill Clinton even threatened to bomb the Bosnian Army if they continued taking back territory that the Serbs acquired through war crimes.