GARDENAS: 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.
What changed
GARDENAS
NACE 16.210, Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€488,711
2024 · €571,738-€83,027
Equity
€8.0m
2024 · €7.6m+€388,711
Cash
€349,950
2024 · €313,211+€36,739
Balance sheet total
€9.2m
2024 · €8.8m+€395,800
Largest movements
Assets
- Stocks and contracts +€827,190
up €827,190 (+19.9%), from €4.2m to €5.0m
- Current investments -€650,000
down €650,000 (-56.5%), from €1.2m to €500,000
- Tangible fixed assets +€113,984
up €113,984 (+13.2%), from €860,624 to €974,608
of which Assets under construction and advance payments: +€205,000
Equity and liabilities
- Reserves +€388,711
up €388,711 (+5.1%), from €7.6m to €7.9m
of which Distributable reserves: +€388,711
- Trade debts +€156,710
up €156,710 (+30.4%), from €515,934 to €672,644
Income statement
- Depreciation +€27,734
up €27,734 (+9.0%), from €309,537 to €337,271
- Financial charges +€27,263
up €27,263 (+20.9%), from €130,295 to €157,558
- Financial income -€27,025
down €27,025 (-29.7%), from €90,915 to €63,890
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.
Result 2024
€571,738
Gross operating margin
+€3,510
Staff costs
-€9,273
Depreciation
-€27,734
Other operating charges
+€2,529
Financial income
-€27,025
Financial charges
-€27,263
Taxes
+€2,229
Result 2025
€488,711
raises the resultlowers the result
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.
From operations
-€20,702
Investment
+€200,895
Financing
-€143,454
Cash 2024
€313,211
From operations (derived)
-€20,702
Net result for the year
+€488,711
Depreciation
+€337,271
Stocks and contracts
-€827,190
Receivables within one year
-€70,863
Smaller working-capital items
+€42
Trade debts
+€156,710
Tax, wage and social debts
-€22,490
Other debts
-€82,893
Investment (derived)
+€200,895
Investment in fixed assets (net)
-€449,105
Current investments
+€650,000
Financing
-€143,454
Debts after one year
-€44,364
Current portion of long-term debt
+€910
Contributions, distributions and other
-€100,000
Cash 2025
€349,950
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,829,047 | €9,224,847 | +€395,800 | +4.5% |
| Fixed assets | 21/28 | €869,212 | €981,046 | +€111,834 | +12.9% |
| Intangible fixed assets | 21 | €8,588 | €6,438 | -€2,150 | -25.0% |
| Tangible fixed assets | 22/27 | €860,624 | €974,608 | +€113,984 | +13.2% |
| Land and buildings | 22 | €2,417 | €7,729 | +€5,312 | +220% |
| Plant, machinery and equipment | 23 | €667,716 | €650,560 | -€17,156 | -2.6% |
| Furniture and vehicles | 24 | €10,246 | €21,197 | +€10,951 | +107% |
| Leasing and similar rights | 25 | €180,245 | €90,123 | -€90,123 | -50.0% |
| Assets under construction and advance payments | 27 | €0 | €205,000 | +€205,000 | |
| Current assets | 29/58 | €7,959,835 | €8,243,800 | +€283,966 | +3.6% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €4,163,245 | €4,990,435 | +€827,190 | +19.9% |
| Stocks | 30/36 | €4,163,245 | €4,990,435 | +€827,190 | +19.9% |
| Amounts receivable within one year | 40/41 | €2,329,325 | €2,400,188 | +€70,863 | +3.0% |
| Trade receivables | 40 | €1,405,494 | €1,356,592 | -€48,902 | -3.5% |
| Other amounts receivable | 41 | €923,830 | €1,043,596 | +€119,765 | +13.0% |
| Current investments | 50/53 | €1,150,000 | €500,000 | -€650,000 | -56.5% |
| Cash at bank and in hand | 54/58 | €313,211 | €349,950 | +€36,739 | +11.7% |
| Deferred charges and accrued income | 490/1 | €4,054 | €3,228 | -€826 | -20.4% |
| Total equity and liabilities | 10/49 | €8,829,047 | €9,224,847 | +€395,800 | +4.5% |
| Equity | 10/15 | €7,613,090 | €8,001,801 | +€388,711 | +5.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €7,551,090 | €7,939,801 | +€388,711 | +5.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €7,544,890 | €7,933,601 | +€388,711 | +5.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,215,957 | €1,223,046 | +€7,088 | +0.6% |
| Amounts payable after more than one year | 17 | €288,822 | €244,457 | -€44,364 | -15.4% |
| Financial debts | 170/4 | €288,822 | €244,457 | -€44,364 | -15.4% |
| Amounts payable within one year | 42/48 | €923,851 | €976,088 | +€52,237 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €43,454 | €44,364 | +€910 | +2.1% |
| Trade debts | 44 | €515,934 | €672,644 | +€156,710 | +30.4% |
| Suppliers | 440/4 | €515,934 | €672,644 | +€156,710 | +30.4% |
| Taxes, remuneration and social security | 45 | €147,394 | €124,904 | -€22,490 | -15.3% |
| Taxes | 450/3 | €52,863 | €51,350 | -€1,513 | -2.9% |
| Remuneration and social security | 454/9 | €94,531 | €73,553 | -€20,978 | -22.2% |
| Other amounts payable | 47/48 | €217,069 | €134,177 | -€82,893 | -38.2% |
| Accrued charges and deferred income | 492/3 | €3,285 | €2,500 | -€785 | -23.9% |
| Remuneration, social security and pensions | 62 | €965,725 | €974,998 | +€9,273 | +1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €309,537 | €337,271 | +€27,734 | +9.0% |
| Other operating charges | 640/8 | €12,964 | €10,435 | -€2,529 | -19.5% |
| Gross operating margin | 9900 | €2,036,710 | €2,040,220 | +€3,510 | +0.2% |
| Operating profit (loss) | 9901 | €748,485 | €717,516 | -€30,968 | -4.1% |
| Financial income | 75/76B | €90,915 | €63,890 | -€27,025 | -29.7% |
| Recurring financial income | 75 | €90,915 | €63,890 | -€27,025 | -29.7% |
| Financial charges | 65/66B | €130,295 | €157,558 | +€27,263 | +20.9% |
| Recurring financial charges | 65 | €130,295 | €157,558 | +€27,263 | +20.9% |
| Profit (loss) for the period before taxes | 9903 | €709,104 | €623,848 | -€85,256 | -12.0% |
| Income taxes | 67/77 | €137,366 | €135,137 | -€2,229 | -1.6% |
| Profit (loss) for the period | 9904 | €571,738 | €488,711 | -€83,027 | -14.5% |
| Profit (loss) for the period to be appropriated | 9905 | €571,738 | €488,711 | -€83,027 | -14.5% |
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.