GARDEN SCHWIND: 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.
GARDEN SCHWIND
Largest movements
- Tangible fixed assets +€309,915
up €309,915 (+153%), from €202,635 to €512,550
of which Land and buildings: +€338,257
- Cash +€50,842
up €50,842 (+46.6%), from €109,062 to €159,905
mainly Debts after one year (+€291,830) and Depreciation (+€101,417)
- Receivables within one year -€19,676
down €19,676 (-34.3%), from €57,312 to €37,636
of which Trade receivables: -€25,080
- Debts after one year +€291,830
new in 2025: €291,830
- Current portion of long-term debt +€30,651
new in 2025: €30,651
- Profit (loss) carried forward +€17,541
up €17,541 (+28.0%), from €62,722 to €80,262
- Depreciation +€54,997
up €54,997 (+118%), from €46,420 to €101,417
- Staff costs -€21,390
down €21,390 (-17.3%), from €123,637 to €102,247
- Taxes -€14,338
down €14,338 (-70.9%), from €20,219 to €5,881
- Financial charges +€12,491
up €12,491 (+2,624%), from €476 to €12,967
- Gross operating margin -€10,287
down €10,287 (-4.1%), from €252,384 to €242,097
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 | €487,871 | €832,156 | +€344,286 | +70.6% |
| Fixed assets | 21/28 | €216,409 | €526,324 | +€309,915 | +143% |
| Tangible fixed assets | 22/27 | €202,635 | €512,550 | +€309,915 | +153% |
| Land and buildings | 22 | €78,072 | €416,329 | +€338,257 | +433% |
| Plant, machinery and equipment | 23 | €49,415 | €31,609 | -€17,806 | -36.0% |
| Furniture and vehicles | 24 | €75,148 | €64,612 | -€10,535 | -14.0% |
| Financial fixed assets | 28 | €13,774 | €13,774 | = | 0.0% |
| Current assets | 29/58 | €271,462 | €305,832 | +€34,370 | +12.7% |
| Stocks and contracts in progress | 3 | €18,296 | €16,101 | -€2,196 | -12.0% |
| Stocks | 30/36 | €18,296 | €16,101 | -€2,196 | -12.0% |
| Amounts receivable within one year | 40/41 | €57,312 | €37,636 | -€19,676 | -34.3% |
| Trade receivables | 40 | €56,322 | €31,242 | -€25,080 | -44.5% |
| Other amounts receivable | 41 | €990 | €6,394 | +€5,404 | +546% |
| Current investments | 50/53 | €75,000 | €75,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €109,062 | €159,905 | +€50,842 | +46.6% |
| Deferred charges and accrued income | 490/1 | €11,791 | €17,191 | +€5,400 | +45.8% |
| Total equity and liabilities | 10/49 | €487,871 | €832,156 | +€344,286 | +70.6% |
| Equity | 10/15 | €201,893 | €219,433 | +€17,541 | +8.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €120,571 | €120,571 | = | 0.0% |
| Tax-exempt reserves | 132 | €19,459 | €19,459 | = | 0.0% |
| Distributable reserves | 133 | €101,112 | €101,112 | = | 0.0% |
| Profit (loss) carried forward | 14 | €62,722 | €80,262 | +€17,541 | +28.0% |
| Amounts payable | 17/49 | €285,978 | €612,723 | +€326,745 | +114% |
| Amounts payable after more than one year | 17 | - | €291,830 | +€291,830 | |
| Financial debts | 170/4 | - | €291,830 | +€291,830 | |
| Amounts payable within one year | 42/48 | €285,960 | €317,874 | +€31,914 | +11.2% |
| Current portion of amounts payable after more than one year | 42 | - | €30,651 | +€30,651 | |
| Trade debts | 44 | €17,392 | €22,999 | +€5,607 | +32.2% |
| Suppliers | 440/4 | €17,392 | €22,999 | +€5,607 | +32.2% |
| Taxes, remuneration and social security | 45 | €19,790 | €14,701 | -€5,089 | -25.7% |
| Taxes | 450/3 | €19,790 | €5,386 | -€14,404 | -72.8% |
| Remuneration and social security | 454/9 | - | €9,315 | +€9,315 | |
| Other amounts payable | 47/48 | €248,779 | €249,524 | +€745 | +0.3% |
| Accrued charges and deferred income | 492/3 | €18 | €3,019 | +€3,001 | +17,112% |
| Non-recurring operating income | 76A | €4,999 | - | -€4,999 | |
| Remuneration, social security and pensions | 62 | €123,637 | €102,247 | -€21,390 | -17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,420 | €101,417 | +€54,997 | +118% |
| Other operating charges | 640/8 | €2,255 | €4,092 | +€1,837 | +81.5% |
| Gross operating margin | 9900 | €252,384 | €242,097 | -€10,287 | -4.1% |
| Operating profit (loss) | 9901 | €80,071 | €34,341 | -€45,730 | -57.1% |
| Financial income | 75/76B | €3,346 | €2,047 | -€1,298 | -38.8% |
| Recurring financial income | 75 | €3,346 | €2,047 | -€1,298 | -38.8% |
| Financial charges | 65/66B | €476 | €12,967 | +€12,491 | +2,624% |
| Recurring financial charges | 65 | €476 | €12,967 | +€12,491 | +2,624% |
| Profit (loss) for the period before taxes | 9903 | €82,941 | €23,421 | -€59,519 | -71.8% |
| Income taxes | 67/77 | €20,219 | €5,881 | -€14,338 | -70.9% |
| Profit (loss) for the period | 9904 | €62,722 | €17,541 | -€45,181 | -72.0% |
| Profit (loss) for the period to be appropriated | 9905 | €62,722 | €17,541 | -€45,181 | -72.0% |
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 22 October 2026 via checked.be.