Philippe D. Gardens: 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.
Philippe D. Gardens
Largest movements
- Cash -€58,971
down €58,971 (-34.9%), from €169,081 to €110,109
mainly Trade debts (-€72,308) and Investment in fixed assets (net) (-€66,530)
- Receivables within one year -€45,047
down €45,047 (-52.1%), from €86,511 to €41,464
of which Other amounts receivable: -€26,091
- Tangible fixed assets +€38,622
up €38,622 (+102%), from €37,914 to €76,535
of which Furniture and vehicles: +€34,763
- Trade debts -€72,308
down €72,308 (-97.8%), from €73,960 to €1,652
- Other debts +€10,804
up €10,804 (+692%), from €1,562 to €12,366
- Tax, wage and social debts -€2,968
down €2,968 (-26.1%), from €11,392 to €8,424
of which Remuneration and social security: -€8,357
- Staff costs -€13,361
down €13,361 (-49.3%), from €27,096 to €13,734
- Financial income +€5,769
up €5,769 (+144%), from €4,015 to €9,784
of which Non-recurring financial income: +€6,465
- Depreciation +€4,466
up €4,466 (+19.1%), from €23,442 to €27,908
- Taxes +€4,414
up €4,414 (+513%), from €860 to €5,274
- Financial charges -€999
down €999 (-60.0%), from €1,665 to €666
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 | €294,664 | €230,299 | -€64,364 | -21.8% |
| Fixed assets | 21/28 | €37,914 | €76,535 | +€38,622 | +102% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €37,914 | €76,535 | +€38,622 | +102% |
| Plant, machinery and equipment | 23 | €2,125 | €1,894 | -€230 | -10.8% |
| Furniture and vehicles | 24 | €28,533 | €63,296 | +€34,763 | +122% |
| Other tangible fixed assets | 26 | €7,256 | €11,345 | +€4,089 | +56.3% |
| Current assets | 29/58 | €256,750 | €153,764 | -€102,986 | -40.1% |
| Amounts receivable within one year | 40/41 | €86,511 | €41,464 | -€45,047 | -52.1% |
| Trade receivables | 40 | €39,859 | €20,903 | -€18,956 | -47.6% |
| Other amounts receivable | 41 | €46,652 | €20,561 | -€26,091 | -55.9% |
| Cash at bank and in hand | 54/58 | €169,081 | €110,109 | -€58,971 | -34.9% |
| Deferred charges and accrued income | 490/1 | €1,159 | €2,191 | +€1,032 | +89.0% |
| Total equity and liabilities | 10/49 | €294,664 | €230,299 | -€64,364 | -21.8% |
| Equity | 10/15 | €207,749 | €207,857 | +€108 | +0.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €185,464 | €185,464 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €183,604 | €183,604 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,686 | €3,794 | +€108 | +2.9% |
| Amounts payable | 17/49 | €86,914 | €22,442 | -€64,472 | -74.2% |
| Amounts payable within one year | 42/48 | €86,914 | €22,442 | -€64,472 | -74.2% |
| Trade debts | 44 | €73,960 | €1,652 | -€72,308 | -97.8% |
| Suppliers | 440/4 | €73,960 | €1,652 | -€72,308 | -97.8% |
| Taxes, remuneration and social security | 45 | €11,392 | €8,424 | -€2,968 | -26.1% |
| Taxes | 450/3 | €3,035 | €8,424 | +€5,389 | +178% |
| Remuneration and social security | 454/9 | €8,357 | - | -€8,357 | |
| Other amounts payable | 47/48 | €1,562 | €12,366 | +€10,804 | +692% |
| Remuneration, social security and pensions | 62 | €27,096 | €13,734 | -€13,361 | -49.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,442 | €27,908 | +€4,466 | +19.1% |
| Other operating charges | 640/8 | €3,331 | €3,687 | +€356 | +10.7% |
| Gross operating margin | 9900 | €56,063 | €55,593 | -€471 | -0.8% |
| Operating profit (loss) | 9901 | €2,195 | €10,264 | +€8,068 | +368% |
| Financial income | 75/76B | €4,015 | €9,784 | +€5,769 | +144% |
| Recurring financial income | 75 | €970 | €274 | -€696 | -71.8% |
| Non-recurring financial income | 76B | €3,045 | €9,510 | +€6,465 | +212% |
| Financial charges | 65/66B | €1,665 | €666 | -€999 | -60.0% |
| Recurring financial charges | 65 | €1,665 | €666 | -€999 | -60.0% |
| Profit (loss) for the period before taxes | 9903 | €4,545 | €19,382 | +€14,837 | +326% |
| Income taxes | 67/77 | €860 | €5,274 | +€4,414 | +513% |
| Profit (loss) for the period | 9904 | €3,686 | €14,108 | +€10,423 | +283% |
| Profit (loss) for the period to be appropriated | 9905 | €3,686 | €14,108 | +€10,423 | +283% |
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 25 October 2026 via checked.be.