Garde's side started well with Alexandre Lacazette giving the hosts the lead in the 25th minute but the visitors took advantage of Lyon's failure to score a second goal with Martin Braithwaite eventually equalising for Toulouse with eight minutes remaining.
The 1-1 draw was Lyon's second in a row at their home ground - the Stade de Gerland - but Garde believes his team's performance against Toulouse on Thursday was worse than when they took on Valenciennes at the end of November.
"I am disappointed with the result as (are the) players," Garde said.
"We have the same result against Valenciennes but not quite the same production.
"We were better in the second period during the game against Valenciennes without managing to score the second goal again to make us safe."
Garde confirmed goalscorer Lacazette was substituted in the 83rd minute because he had complained of groin soreness.
Lyon captain Maxime Gonalons challenged the 22-year-old forward to regularly produce similar performances to his first half against Toulouse.
"He was the number one weapon of our team tonight," Gonalons said.
"He was rewarded with a goal, unfortunately it does not allow us to win.
"This is Alexandre Lacazette how you want to see him all the time."
The result has left Lyon 17 points adrift of Ligue 1 leaders Paris Saint-Germain after 16 rounds in the French league.
Lyon sit 12th on the table, while Toulouse are just two positions behind, four adrift on goal difference.
Get the best features, fun and footballing frolics straight to your inbox every week.
Thank you for signing up to Four Four Two. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.