Gardenstate: what changed
Gardenstate
Largest movements
- Tangible fixed assets -€11,666
down €11,666 (-27.0%), from €43,137 to €31,471
of which Plant, machinery and equipment: -€7,172
- Deferred charges and accrued income +€7,056
up €7,056 (+206%), from €3,434 to €10,490
- Stocks and contracts +€5,283
up €5,283 (+170%), from €3,100 to €8,383
of which Contracts in progress: +€3,283
- Cash -€2,948
down €2,948 (-28.0%), from €10,544 to €7,596
mainly Deferred charges and accrued income (-€7,056) and Net result for the year (-€6,504)
- Receivables within one year -€2,940
down €2,940 (-7.1%), from €41,437 to €38,497
of which Trade receivables: -€9,143
- Profit (loss) carried forward -€6,504
new in 2025: -€6,504
- Tax, wage and social debts +€6,447
up €6,447 (+742%), from €869 to €7,317
- Other debts -€5,290
down €5,290 (-9.6%), from €54,876 to €49,586
- Staff costs +€23,055
up €23,055 (+37.2%), from €62,031 to €85,086
- Other operating charges -€10,368
down €10,368 (-88.8%), from €11,679 to €1,311
- Depreciation +€3,138
up €3,138 (+23.9%), from €13,105 to €16,243
- Taxes -€2,138
down €2,138 (-94.2%), from €2,270 to €132
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €101,651 | €96,437 | -€5,215 | -5.1% |
| Fixed assets | 21/28 | €43,137 | €31,471 | -€11,666 | -27.0% |
| Tangible fixed assets | 22/27 | €43,137 | €31,471 | -€11,666 | -27.0% |
| Land and buildings | 22 | €1,045 | €696 | -€348 | -33.3% |
| Plant, machinery and equipment | 23 | €30,229 | €23,056 | -€7,172 | -23.7% |
| Furniture and vehicles | 24 | €10,428 | €6,703 | -€3,725 | -35.7% |
| Leasing and similar rights | 25 | €1,435 | €1,015 | -€420 | -29.3% |
| Current assets | 29/58 | €58,515 | €64,966 | +€6,451 | +11.0% |
| Stocks and contracts in progress | 3 | €3,100 | €8,383 | +€5,283 | +170% |
| Stocks | 30/36 | €3,100 | €5,100 | +€2,000 | +64.5% |
| Contracts in progress | 37 | - | €3,283 | +€3,283 | |
| Amounts receivable within one year | 40/41 | €41,437 | €38,497 | -€2,940 | -7.1% |
| Trade receivables | 40 | €24,673 | €15,530 | -€9,143 | -37.1% |
| Other amounts receivable | 41 | €16,764 | €22,967 | +€6,203 | +37.0% |
| Cash at bank and in hand | 54/58 | €10,544 | €7,596 | -€2,948 | -28.0% |
| Deferred charges and accrued income | 490/1 | €3,434 | €10,490 | +€7,056 | +206% |
| Total equity and liabilities | 10/49 | €101,651 | €96,437 | -€5,215 | -5.1% |
| Equity | 10/15 | €35,246 | €28,743 | -€6,504 | -18.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €30,246 | €30,246 | = | 0.0% |
| Distributable reserves | 133 | €30,246 | €30,246 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€6,504 | -€6,504 | |
| Amounts payable | 17/49 | €66,405 | €67,694 | +€1,289 | +1.9% |
| Amounts payable within one year | 42/48 | €66,405 | €67,694 | +€1,289 | +1.9% |
| Current portion of amounts payable after more than one year | 42 | €5,500 | €6,500 | +€1,000 | +18.2% |
| Trade debts | 44 | €5,160 | €4,292 | -€868 | -16.8% |
| Suppliers | 440/4 | €5,160 | €4,292 | -€868 | -16.8% |
| Taxes, remuneration and social security | 45 | €869 | €7,317 | +€6,447 | +742% |
| Taxes | 450/3 | €869 | €7,317 | +€6,447 | +742% |
| Other amounts payable | 47/48 | €54,876 | €49,586 | -€5,290 | -9.6% |
| Remuneration, social security and pensions | 62 | €62,031 | €85,086 | +€23,055 | +37.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,105 | €16,243 | +€3,138 | +23.9% |
| Other operating charges | 640/8 | €11,679 | €1,311 | -€10,368 | -88.8% |
| Non-recurring operating charges | 66A | €500 | - | -€500 | |
| Gross operating margin | 9900 | €97,923 | €97,522 | -€401 | -0.4% |
| Operating profit (loss) | 9901 | €10,608 | -€5,118 | -€15,726 | |
| Financial income | 75/76B | €84 | €195 | +€111 | +133% |
| Recurring financial income | 75 | €84 | €195 | +€111 | +133% |
| Financial charges | 65/66B | €1,778 | €1,448 | -€330 | -18.6% |
| Recurring financial charges | 65 | €1,778 | €1,448 | -€330 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | €8,914 | -€6,372 | -€15,285 | |
| Income taxes | 67/77 | €2,270 | €132 | -€2,138 | -94.2% |
| Profit (loss) for the period | 9904 | €6,644 | -€6,504 | -€13,147 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,644 | -€6,504 | -€13,147 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.