GARDESIGN
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 17-07-2026 at the NBB all 33 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €1.1m
Estimated: probably between €870,000 and €1.8m
Total assets
€557,452▼ 5.5%
2024 · €589,897
Net result
€5,885▼ 24.8%
2024 · €7,829
Working capital
€141,540▲ 10.7%
2024 · €127,853
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€5,867
▼ 14.8%
2025
20182025
Net result
€5,885
▼ 24.8%
2025
middle half of the sector
20182025
Equity
€239,422
▲ 2.5%
2025
middle half of the sector
20182025
Total assets
€557,452
▼ 5.5%
2025
middle half of the sector
20182025
Debt
€318,029
▼ 10.8%
2025
20182025
Working capital
€141,540
▲ 10.7%
2025
middle half of the sector
20182025
Solvency
42.9%
▲ 3.4pp
2025
middle half of the sector
20182025
Current ratio
1.45
▲ 0.06
2025
middle half of the sector
20182025
Return on assets (ROA)
1.1%
▼ 0.3pp
2025
middle half of the sector
20182025
Staff (FTE)
6
=
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€3,734-€6,901▲ 84.8%€31,513▲ 357%€21,428▼ 32.0%€27,844▲ 29.9%€21,116▼ 24.2%€6,888▼ 67.4%€5,867▼ 14.8%
Net result-€493-€4,632€26,754within the sector's middle half▲ 478%€16,999within the sector's middle half▼ 36.5%€23,407within the sector's middle half▲ 37.7%€16,858within the sector's middle half▼ 28.0%€7,829within the sector's middle half▼ 53.6%€5,885within the sector's middle half▼ 24.8%
Equity€137,058-€141,690▲ 3.4%€168,444within the sector's middle half▲ 18.9%€185,443within the sector's middle half▲ 10.1%€208,850within the sector's middle half▲ 12.6%€225,708within the sector's middle half▲ 8.1%€233,537within the sector's middle half▲ 3.5%€239,422within the sector's middle half▲ 2.5%
Total assets€449,312-€537,650▲ 19.7%€482,673within the sector's middle half▼ 10.2%€508,490within the sector's middle half▲ 5.3%€650,541within the sector's middle half▲ 27.9%€670,347within the sector's middle half▲ 3.0%€589,897within the sector's middle half▼ 12.0%€557,452within the sector's middle half▼ 5.5%
Debt€302,254-€385,960▲ 27.7%€304,229▼ 21.2%€313,047▲ 2.9%€431,690▲ 37.9%€444,639▲ 3.0%€356,360▼ 19.9%€318,029▼ 10.8%
Working capital€99,941-€105,449▲ 5.5%€129,217within the sector's middle half▲ 22.5%€130,309within the sector's middle half▲ 0.8%€109,602within the sector's middle half▼ 15.9%€115,070within the sector's middle half▲ 5.0%€127,853within the sector's middle half▲ 11.1%€141,540within the sector's middle half▲ 10.7%
Solvency30.5%-26.4%▼ 4.2pp34.9%within the sector's middle half▲ 8.5pp36.5%within the sector's middle half▲ 1.6pp32.1%within the sector's middle half▼ 4.4pp33.7%within the sector's middle half▲ 1.6pp39.6%within the sector's middle half▲ 5.9pp42.9%within the sector's middle half▲ 3.4pp
Current ratio1.33-1.28▼ 0.051.43within the sector's middle half▲ 0.151.45within the sector's middle half▲ 0.021.32within the sector's middle half▼ 0.131.30within the sector's middle half▼ 0.021.39within the sector's middle half▲ 0.091.45within the sector's middle half▲ 0.06
Return on assets (ROA)-0.1%-0.9%▲ 1.0pp5.5%within the sector's middle half▲ 4.7pp3.3%within the sector's middle half▼ 2.2pp3.6%within the sector's middle half▲ 0.3pp2.5%within the sector's middle half▼ 1.1pp1.3%within the sector's middle half▼ 1.2pp1.1%within the sector's middle half▼ 0.3pp
Staff (FTE)6.7-6.4▼ 4.5%5.8within the sector's middle half▼ 9.4%7within the sector's middle half▲ 20.7%6.7within the sector's middle half▼ 4.3%6.7within the sector's middle half=6within the sector's middle half▼ 10.4%6within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 15% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €557,452
Fixed assets
€104,032 ▼ 23.2%
Current assets
€453,420 ▼ 0.2%
Equity and liabilities €557,452
Equity
€239,422 ▲ 2.5%
Debt
€318,029 ▼ 10.8%
Debt's share of the balance-sheet total falls from 60.4% to 57.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€41,155▼
2024 · €43,077
Cash flow
€41,173▼
2024 · €44,018
Quick ratio
1.44▲
2024 · 1.14
Debt to equity
1.33▼
2024 · 1.53
ROE
2.5%▼
2024 · 3.4%
Interest coverage
11.45▼
2024 · 13.50
Debt ≤ 1 year
€311,879▼
2024 · €326,664
Debt > 1 year
€5,791▼
2024 · €29,696
Income taxes
€3,352▼
2024 · €4,181
Staff costs
€257,711▲
2024 · €248,741
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 8 | 6 | 7 | 7 | 4 |
| full-time | 7 | 5 | 4 | 4 | 3 |
| part-time | 1 | 1 | 3 | 3 | 1 |
| in full-time equivalents | 7.4 | 5.7 | 6.1 | 6.1 | 4 |
| Average over the year, in full-time equivalents | 7 | 6.7 | 4.1 | 6 | 5.5 |
| On a permanent contract | 8 | 6 | 6 | 6 | 3 |
| Joined | 5 | 1 | 4 | 1 | 1 |
| Left | 3 | 3 | 3 | 1 | 4 |
| Training hours | 0 | - | - | 212 | 559 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €34,953 | €119,264 | €89,417 | €59,993 | €29,696 |
| Mortgages, amount registered | €74,368 | €74,368 | €74,368 | €74,368 | €74,368 |
| Carrying value of the mortgaged assets | €22,369 | €19,078 | €15,787 | €12,496 | €10,567 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €49,662 | €130,634 | €9,560 | €951 | €3,939 |
| Intangible fixed assets | €750 | €750 | - | - | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €14,069 | €23,212 | €36,739 | €36,189 | €35,287 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 4 entries · €2,116 awarded · €2,075 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €1,075 | €1,075 |
| 2024 | 1 | €1,000 | €1,000 |
| 2023 | 1 | €41 | €0 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0 | €11,952 | €0 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €252,275 | €250,097 | €219,917 | €248,741 | €257,711 | ▲ 3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19,100 | €19,579 | €8,675 | €14,069 | €23,212 | €36,739 | €36,189 | €35,287 | ▼ 2.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0 | €99 | €0 | -€22,452 | €0 | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | -€10,000 | €0 | - | - |
| Other operating charges640/8 | - | - | - | €3,296 | €2,395 | €1,888 | €27,206 | €7,245 | ▼ 73.4% |
| Non-recurring operating charges66A | - | - | - | €0 | €4,426 | €0 | - | - | - |
| Gross operating margin9900 | €284,451 | €283,025 | €280,855 | €291,069 | €308,072 | €269,659 | €296,572 | €306,111 | ▲ 3.2% |
| Operating profit (loss)9901 | €3,734 | €6,901 | €31,513 | €21,428 | €27,844 | €21,116 | €6,888 | €5,867 | ▼ 14.8% |
| Financial income75/76B | - | - | - | €4,215 | €4,724 | €7,637 | €8,313 | €6,963 | ▼ 16.2% |
| Recurring financial income75 | €2,292 | €1,967 | €4,850 | €4,215 | €4,724 | €7,637 | €8,313 | €6,963 | ▼ 16.2% |
| Financial charges65/66B | - | - | - | €1,906 | €3,070 | €4,760 | €3,192 | €3,594 | ▲ 12.6% |
| Recurring financial charges65 | €4,136 | €3,189 | €4,216 | €1,906 | €3,070 | €4,760 | €3,192 | €3,594 | ▲ 12.6% |
| Profit (loss) for the period before taxes9903 | €1,891 | €5,680 | €32,147 | €23,738 | €29,498 | €23,992 | €12,009 | €9,237 | ▼ 23.1% |
| Income taxes67/77 | €2,384 | €1,047 | €5,393 | €6,738 | €6,091 | €7,134 | €4,181 | €3,352 | ▼ 19.8% |
| Profit (loss) for the period9904 | -€493 | €4,632 | €26,754 | €16,999 | €23,407 | €16,858 | €7,829 | €5,885 | ▼ 24.8% |
| Transfer from tax-exempt reserves789 | - | - | - | €10,300 | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€493 | €4,632 | €26,754 | €27,299 | €23,407 | €16,858 | €7,829 | €5,885 | ▼ 24.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €449,312 | €537,650 | €482,673 | €508,490 | €650,541 | €670,347 | €589,897 | €557,452 | ▼ 5.5% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €50,344 | €55,112 | €54,296 | €90,638 | €198,810 | €170,631 | €135,380 | €104,032 | ▼ 23.2% |
| Intangible fixed assets21 | €2,010 | €1,340 | €670 | €734 | €1,239 | €939 | €639 | €339 | ▼ 46.9% |
| Tangible fixed assets22/27 | €48,199 | €52,609 | €52,463 | €88,741 | €196,408 | €169,529 | €134,591 | €103,543 | ▼ 23.1% |
| Plant, machinery and equipment23 | - | - | - | €50,887 | €100,453 | €86,909 | €73,003 | €61,518 | ▼ 15.7% |
| Furniture and vehicles24 | - | - | - | €2,422 | €65,680 | €57,502 | €41,627 | €25,859 | ▼ 37.9% |
| Leasing and similar rights25 | - | - | - | €13,063 | €11,197 | €9,331 | €7,465 | €5,598 | ▼ 25.0% |
| Other tangible fixed assets26 | - | - | - | €22,369 | €19,078 | €15,787 | €12,496 | €10,567 | ▼ 15.4% |
| Financial fixed assets28 | €135 | €1,163 | €1,163 | €1,163 | €1,163 | €163 | €150 | €150 | = |
| Current assets29/58 | €398,968 | €482,538 | €428,377 | €417,852 | €451,730 | €499,716 | €454,517 | €453,420 | ▼ 0.2% |
| Stocks and contracts in progress3 | €16,123 | €15,088 | €12,344 | €33,060 | €39,622 | €106,915 | €81,843 | €5,347 | ▼ 93.5% |
| Stocks30/36 | - | - | - | €12,864 | €13,140 | €15,733 | €16,437 | €5,347 | ▼ 67.5% |
| Contracts in progress37 | - | - | - | €20,197 | €26,482 | €91,181 | €65,406 | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €297,732 | €359,691 | €322,753 | €281,452 | €338,327 | €321,324 | €302,456 | €360,633 | ▲ 19.2% |
| Trade receivables40 | - | - | - | €168,018 | €218,391 | €175,157 | €200,212 | €251,404 | ▲ 25.6% |
| Other amounts receivable41 | - | - | - | €113,434 | €119,936 | €146,167 | €102,244 | €109,228 | ▲ 6.8% |
| Current investments50/53 | €0 | - | €14,476 | €15,476 | €15,476 | €0 | - | - | - |
| Cash at bank and in hand54/58 | €80,112 | €103,005 | €55,225 | €83,171 | €53,766 | €65,215 | €63,637 | €82,683 | ▲ 29.9% |
| Deferred charges and accrued income490/1 | - | - | - | €4,691 | €4,540 | €6,263 | €6,580 | €4,757 | ▼ 27.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €449,312 | €537,650 | €482,673 | €508,490 | €650,541 | €670,347 | €589,897 | €557,452 | ▼ 5.5% |
| Equity10/15 | €137,058 | €141,690 | €168,444 | €185,443 | €208,850 | €225,708 | €233,537 | €239,422 | ▲ 2.5% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €118,458 | €123,090 | €123,090 | €166,843 | €190,250 | €207,108 | €214,937 | €220,822 | ▲ 2.7% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €164,983 | €188,390 | €207,108 | €214,937 | €220,822 | ▲ 2.7% |
| Profit (loss) carried forward14 | €0 | - | €26,754 | €0 | - | - | - | - | - |
| Provisions and deferred taxes16 | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | €0 | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €10,000 | €10,000 | €0 | - | - | - |
| Pensions and similar obligations160 | - | - | - | €10,000 | €10,000 | €0 | - | - | - |
| Amounts payable17/49 | €302,254 | €385,960 | €304,229 | €313,047 | €431,690 | €444,639 | €356,360 | €318,029 | ▼ 10.8% |
| Amounts payable after more than one year17 | €3,227 | €8,872 | €5,070 | €24,265 | €89,417 | €59,993 | €29,696 | €5,791 | ▼ 80.5% |
| Financial debts170/4 | - | - | - | €24,265 | €89,417 | €59,993 | €29,696 | €5,791 | ▼ 80.5% |
| Amounts payable within one year42/48 | €299,027 | €377,089 | €299,159 | €287,543 | €342,128 | €384,646 | €326,664 | €311,879 | ▼ 4.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €10,688 | €29,847 | €29,424 | €30,297 | €23,906 | ▼ 21.1% |
| Financial debts43 | - | - | - | €0 | - | - | - | - | - |
| Credit institutions430/8 | - | - | - | €0 | - | - | - | - | - |
| Trade debts44 | €121,816 | €209,432 | €127,610 | €78,530 | €111,110 | €153,015 | €87,011 | €80,780 | ▼ 7.2% |
| Suppliers440/4 | - | - | - | €78,530 | €111,110 | €153,015 | €87,011 | €80,780 | ▼ 7.2% |
| Advances received on contracts in progress46 | - | - | - | €10,000 | €0 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €32,771 | €41,749 | €33,178 | €31,452 | €33,286 | ▲ 5.8% |
| Taxes450/3 | - | - | - | €20,943 | €15,491 | €10,760 | €3,814 | €10,066 | ▲ 164% |
| Remuneration and social security454/9 | - | - | - | €11,829 | €26,258 | €22,418 | €27,638 | €23,220 | ▼ 16.0% |
| Other amounts payable47/48 | - | - | - | €155,553 | €159,422 | €169,029 | €177,904 | €173,908 | ▼ 2.2% |
| Accrued charges and deferred income492/3 | - | - | - | €1,239 | €145 | €0 | - | €360 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€493 | €4,632 | €26,754 | €16,999 | €23,407 | €16,858 | €7,829 | €5,885 | ▼ 24.8% |
| + Depreciation and write-downs630 | €19,100 | €19,579 | €8,675 | €14,069 | €23,212 | €36,739 | €36,189 | €35,287 | ▼ 2.5% |
| Operating cash flow (approximation) | €18,607 | €24,212 | €35,429 | €31,069 | €46,619 | €53,597 | €44,018 | €41,173 | ▼ 6.5% |
| Investment in fixed assets (approximation) | - | -€24,348 | -€7,858 | -€50,412 | -€131,384 | -€8,560 | -€938 | -€3,939 | ▼ 320% |
| Change in cash | - | €22,893 | -€47,780 | €27,947 | -€29,406 | €11,449 | -€1,577 | €19,046 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 17,041 companies had the same profile as GARDESIGN has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GARDESIGN itself: 0.2% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 17,041 companies, not a prediction for GARDESIGN. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 17-07-2026 | 2026-00302913 | |
| 31-12-2024 | abbreviated format | 04-07-2025 | 2025-00241023 | |
| 31-12-2023 | abbreviated format | 05-07-2024 | 2024-00213234 | |
| 31-12-2022 | abbreviated format | 31-08-2023 | 2023-00391889 | |
| 31-12-2021 | abbreviated format | 31-08-2022 | 2022-20369886 | |
| 31-12-2020 | abbreviated format | 30-09-2021 | 2021-69600042 | |
| 31-12-2019 | abbreviated format | 29-10-2020 | 2020-65900183 | |
| 31-12-2018 | abbreviated format | 20-09-2019 | 2019-64900098 | |
| 31-12-2017 | abbreviated format | 27-09-2018 | 2018-65500174 | |
| 31-12-2016 | abbreviated format | 21-09-2017 | 2017-61900456 |