GARDEX²: what changed
Two fiscal 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.
GARDEX²
Largest movements
- Tangible fixed assets +€24,396
up €24,396 (+15.7%), from €155,393 to €179,789
of which Furniture and vehicles: +€17,096
- Cash +€4,796
up €4,796 (+256.3%), from €1,872 to €6,668
mainly Depreciation (+€42,807) and Other debts (+€26,272)
- Deferred charges and accrued income +€3,552
new in 2025: €3,552
- Receivables within one year -€3,305
down €3,305 (-5.7%), from €57,802 to €54,497
of which Trade receivables: -€3,412
- Other debts +€26,272
up €26,272 (+59.9%), from €43,866 to €70,139
- Tax, wage and social debts -€8,234
down €8,234 (-95.8%), from €8,593 to €359
of which Taxes: -€8,071
- Reserves +€7,190
up €7,190 (+7.9%), from €91,236 to €98,425
- Trade debts +€4,264
up €4,264 (+6.4%), from €66,613 to €70,876
- Depreciation +€22,678
up €22,678 (+112.7%), from €20,129 to €42,807
- Staff costs +€4,649
up €4,649 (+230.6%), from €2,016 to €6,666
- Gross operating margin +€4,425
up €4,425 (+7.6%), from €58,483 to €62,908
- Taxes -€4,375
down €4,375 (-53.3%), from €8,202 to €3,827
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.
Cash bridge derived
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 | €215,307 | €244,799 | +€29,492 | +13.7% |
| Fixed assets | 21/28 | €155,634 | €180,082 | +€24,449 | +15.7% |
| Tangible fixed assets | 22/27 | €155,393 | €179,789 | +€24,396 | +15.7% |
| Plant, machinery and equipment | 23 | €30,786 | €38,087 | +€7,300 | +23.7% |
| Furniture and vehicles | 24 | €124,606 | €141,702 | +€17,096 | +13.7% |
| Financial fixed assets | 28 | €241 | €294 | +€53 | +22.0% |
| Current assets | 29/58 | €59,674 | €64,717 | +€5,043 | +8.5% |
| Amounts receivable within one year | 40/41 | €57,802 | €54,497 | -€3,305 | -5.7% |
| Trade receivables | 40 | €46,458 | €43,046 | -€3,412 | -7.3% |
| Other amounts receivable | 41 | €11,344 | €11,451 | +€106 | +0.9% |
| Cash at bank and in hand | 54/58 | €1,872 | €6,668 | +€4,796 | +256.3% |
| Deferred charges and accrued income | 490/1 | - | €3,552 | +€3,552 | |
| Total equity and liabilities | 10/49 | €215,307 | €244,799 | +€29,492 | +13.7% |
| Equity | 10/15 | €96,236 | €103,425 | +€7,190 | +7.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €91,236 | €98,425 | +€7,190 | +7.9% |
| Distributable reserves | 133 | €91,236 | €98,425 | +€7,190 | +7.9% |
| Amounts payable | 17/49 | €119,072 | €141,374 | +€22,302 | +18.7% |
| Amounts payable within one year | 42/48 | €119,072 | €141,374 | +€22,302 | +18.7% |
| Trade debts | 44 | €66,613 | €70,876 | +€4,264 | +6.4% |
| Suppliers | 440/4 | €66,613 | €70,876 | +€4,264 | +6.4% |
| Taxes, remuneration and social security | 45 | €8,593 | €359 | -€8,234 | -95.8% |
| Taxes | 450/3 | €8,202 | €131 | -€8,071 | -98.4% |
| Remuneration and social security | 454/9 | €391 | €228 | -€163 | -41.7% |
| Other amounts payable | 47/48 | €43,866 | €70,139 | +€26,272 | +59.9% |
| Non-recurring operating income | 76A | €2,366 | €3,370 | +€1,005 | +42.5% |
| Remuneration, social security and pensions | 62 | €2,016 | €6,666 | +€4,649 | +230.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,129 | €42,807 | +€22,678 | +112.7% |
| Other operating charges | 640/8 | €2,486 | €2,156 | -€330 | -13.3% |
| Gross operating margin | 9900 | €58,483 | €62,908 | +€4,425 | +7.6% |
| Operating profit (loss) | 9901 | €33,852 | €11,279 | -€22,573 | -66.7% |
| Financial income | 75/76B | €52 | €85 | +€32 | +61.5% |
| Recurring financial income | 75 | €52 | €85 | +€32 | +61.5% |
| Financial charges | 65/66B | €249 | €346 | +€98 | +39.3% |
| Recurring financial charges | 65 | €249 | €346 | +€98 | +39.3% |
| Profit (loss) for the period before taxes | 9903 | €33,656 | €11,017 | -€22,639 | -67.3% |
| Income taxes | 67/77 | €8,202 | €3,827 | -€4,375 | -53.3% |
| Profit (loss) for the period | 9904 | €25,454 | €7,190 | -€18,264 | -71.8% |
| Profit (loss) for the period to be appropriated | 9905 | €25,454 | €7,190 | -€18,264 | -71.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.