TMG
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 11-06-2026 at the NBB all 5 filings
Turnover
≈ €210,000
Estimated: probably between €130,000 and €280,000
Total assets
€196,009▲ 46.8%
2024 · €133,533
Net result
€2,459▼ 74.8%
2024 · €9,753
Working capital
€6,568▼ 74.2%
2024 · €25,493
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€7,151
▼ 45.6%
2025
20212025
Net result
€2,459
▼ 74.8%
2025
middle half of the sector
20212025
Equity
€18,607
▲ 15.2%
2025
middle half of the sector
20212025
Total assets
€196,009
▲ 46.8%
2025
middle half of the sector
20212025
Debt
€177,402
▲ 51.1%
2025
20212025
Working capital
€6,568
▼ 74.2%
2025
middle half of the sector
20212025
Solvency
9.5%
▼ 2.6pp
2025
lowest quarter of the sector
20212025
Current ratio
1.10
▼ 0.62
2025
middle half of the sector
20212025
Return on assets (ROA)
1.3%
▼ 6.0pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result-€8,404-€7,808€2,338▼ 70.1%€13,148▲ 462%€7,151▼ 45.6%
Net result-€9,660below the sector's middle half-€7,020within the sector's middle half€35within the sector's middle half▼ 99.5%€9,753within the sector's middle half▲ 276×€2,459within the sector's middle half▼ 74.8%
Equity-€660below the sector's middle half-€6,360below the sector's middle half€6,395below the sector's middle half▲ 0.6%€16,148within the sector's middle half▲ 153%€18,607within the sector's middle half▲ 15.2%
Total assets€143,359within the sector's middle half-€132,717within the sector's middle half▼ 7.4%€155,671within the sector's middle half▲ 17.3%€133,533within the sector's middle half▼ 14.2%€196,009within the sector's middle half▲ 46.8%
Debt€144,019-€126,358▼ 12.3%€149,276▲ 18.1%€117,385▼ 21.4%€177,402▲ 51.1%
Working capital-€5,024below the sector's middle half-€9,196within the sector's middle half€11,859within the sector's middle half▲ 29.0%€25,493within the sector's middle half▲ 115%€6,568within the sector's middle half▼ 74.2%
Solvency-0.5%below the sector's middle half-4.8%below the sector's middle half▲ 5.3pp4.1%below the sector's middle half▼ 0.7pp12.1%below the sector's middle half▲ 8.0pp9.5%below the sector's middle half▼ 2.6pp
Current ratio0.83below the sector's middle half-1.28within the sector's middle half▲ 0.451.33within the sector's middle half▲ 0.051.73within the sector's middle half▲ 0.401.10within the sector's middle half▼ 0.62
Return on assets (ROA)-6.7%below the sector's middle half-5.3%within the sector's middle half▲ 12.0pp0.0%below the sector's middle half▼ 5.3pp7.3%within the sector's middle half▲ 7.3pp1.3%within the sector's middle half▼ 6.0pp
above
within
below
The sector band is the middle half of the companies in Services to buildings and landscape activities (NACE 81). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 46% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €196,009
Fixed assets
€126,388 ▲ 73.2%
Current assets
€69,622 ▲ 15.0%
Equity and liabilities €196,009
Equity
€18,607 ▲ 15.2%
Debt
€177,402 ▲ 51.1%
Debt's share of the balance-sheet total rises from 87.9% to 90.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€62,456▲
2024 · €50,589
Cash flow
€57,764▲
2024 · €47,194
Quick ratio
1.04▼
2024 · 1.45
Debt to equity
9.53▲
2024 · 7.27
ROE
13.2%▼
2024 · 60.4%
Interest coverage
15.39▼
2024 · 21.75
Debt ≤ 1 year
€63,054▲
2024 · €35,053
Debt > 1 year
€114,348▲
2024 · €82,332
Income taxes
€764▼
2024 · €1,069
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €140,952 | €1,626 | €53,700 | €3,000 | €109,005 |
| Intangible fixed assets | €5,000 | - | - | - | - |
| Depreciation and write-downs of the year | €29,565 | €29,226 | €36,925 | €37,441 | €55,305 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 3 entries · €806 awarded · €806 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €327 | €327 |
| 2023 | 1 | €94 | €94 |
| 2022 | 1 | €385 | €385 |
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €29,565 | €29,226 | €36,925 | €37,441 | €55,305 | ▲ 47.7% |
| Other operating charges640/8 | €621 | €509 | €958 | €2,410 | €2,647 | ▲ 9.8% |
| Non-recurring operating charges66A | - | - | - | - | €299 | - |
| Gross operating margin9900 | €21,782 | €37,543 | €40,220 | €53,000 | €65,402 | ▲ 23.4% |
| Operating profit (loss)9901 | -€8,404 | €7,808 | €2,338 | €13,148 | €7,151 | ▼ 45.6% |
| Financial income75/76B | €143 | €55 | €0 | - | €131 | - |
| Recurring financial income75 | €143 | €55 | €0 | - | €131 | - |
| Financial charges65/66B | €1,399 | €843 | €2,303 | €2,326 | €4,059 | ▲ 74.5% |
| Recurring financial charges65 | €1,399 | €843 | €2,303 | €2,326 | €4,059 | ▲ 74.5% |
| Profit (loss) for the period before taxes9903 | -€9,660 | €7,020 | €35 | €10,822 | €3,223 | ▼ 70.2% |
| Income taxes67/77 | - | - | - | €1,069 | €764 | ▼ 28.6% |
| Profit (loss) for the period9904 | -€9,660 | €7,020 | €35 | €9,753 | €2,459 | ▼ 74.8% |
| Profit (loss) for the period to be appropriated9905 | -€9,660 | €7,020 | €35 | €9,753 | €2,459 | ▼ 74.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €143,359 | €132,717 | €155,671 | €133,533 | €196,009 | ▲ 46.8% |
| Fixed assets21/28 | €118,252 | €90,653 | €107,428 | €72,987 | €126,388 | ▲ 73.2% |
| Intangible fixed assets21 | €4,499 | €3,999 | €3,499 | €2,999 | €2,499 | ▼ 16.7% |
| Tangible fixed assets22/27 | €113,754 | €86,654 | €103,929 | €69,988 | €123,889 | ▲ 77.0% |
| Plant, machinery and equipment23 | €44,255 | €32,539 | €19,206 | €11,387 | €15,312 | ▲ 34.5% |
| Leasing and similar rights25 | €58,020 | €43,247 | €74,464 | €48,950 | €99,535 | ▲ 103% |
| Other tangible fixed assets26 | €11,478 | €10,869 | €10,260 | €9,651 | €9,042 | ▼ 6.3% |
| Current assets29/58 | €25,106 | €42,064 | €48,243 | €60,546 | €69,622 | ▲ 15.0% |
| Stocks and contracts in progress3 | €8,040 | €14,985 | €13,332 | €9,600 | €4,126 | ▼ 57.0% |
| Stocks30/36 | €3,240 | €4,985 | €4,332 | €4,600 | €4,126 | ▼ 10.3% |
| Contracts in progress37 | €4,800 | €10,000 | €9,000 | €5,000 | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €6,987 | €113 | €4,536 | €8,806 | €27,497 | ▲ 212% |
| Trade receivables40 | €6,216 | €0 | €4,035 | €3,652 | €21,998 | ▲ 502% |
| Other amounts receivable41 | €771 | €113 | €500 | €5,154 | €5,499 | ▲ 6.7% |
| Cash at bank and in hand54/58 | €7,337 | €23,390 | €25,695 | €35,278 | €32,780 | ▼ 7.1% |
| Deferred charges and accrued income490/1 | €2,742 | €3,576 | €4,681 | €6,863 | €5,219 | ▼ 24.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €143,359 | €132,717 | €155,671 | €133,533 | €196,009 | ▲ 46.8% |
| Equity10/15 | -€660 | €6,360 | €6,395 | €16,148 | €18,607 | ▲ 15.2% |
| Contributions10/11 | €9,000 | €9,000 | €9,000 | €9,000 | €9,000 | = |
| Reserves13 | - | - | - | €7,148 | €9,607 | ▲ 34.4% |
| Distributable reserves133 | - | - | - | €7,148 | €9,607 | ▲ 34.4% |
| Profit (loss) carried forward14 | -€9,660 | -€2,640 | -€2,605 | €0 | - | - |
| Amounts payable17/49 | €144,019 | €126,358 | €149,276 | €117,385 | €177,402 | ▲ 51.1% |
| Amounts payable after more than one year17 | €113,889 | €93,490 | €112,893 | €82,332 | €114,348 | ▲ 38.9% |
| Financial debts170/4 | €43,889 | €28,490 | €47,893 | €28,575 | €62,130 | ▲ 117% |
| Other amounts payable178/9 | €70,000 | €65,000 | €65,000 | €53,756 | €52,218 | ▼ 2.9% |
| Amounts payable within one year42/48 | €30,130 | €32,868 | €36,384 | €35,053 | €63,054 | ▲ 79.9% |
| Current portion of amounts payable after more than one year42 | €15,205 | €15,399 | €23,836 | €19,317 | €31,265 | ▲ 61.8% |
| Trade debts44 | €9,230 | €10,760 | €7,696 | €11,128 | €26,771 | ▲ 141% |
| Suppliers440/4 | €9,230 | €10,760 | €7,696 | €11,128 | €26,771 | ▲ 141% |
| Taxes, remuneration and social security45 | €1,941 | €2,785 | €2,024 | €2,110 | €2,108 | ▼ 0.1% |
| Taxes450/3 | €119 | €2,785 | €2,024 | €2,110 | €2,108 | ▼ 0.1% |
| Remuneration and social security454/9 | €1,823 | €0 | - | - | - | - |
| Other amounts payable47/48 | €3,753 | €3,924 | €2,828 | €2,498 | €2,910 | ▲ 16.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€9,660 | €7,020 | €35 | €9,753 | €2,459 | ▼ 74.8% |
| + Depreciation and write-downs630 | €29,565 | €29,226 | €36,925 | €37,441 | €55,305 | ▲ 47.7% |
| Operating cash flow (approximation) | €19,904 | €36,246 | €36,960 | €47,194 | €57,764 | ▲ 22.4% |
| Investment in fixed assets (approximation) | - | -€1,626 | -€53,700 | -€3,000 | -€108,706 | ▼ 3,524% |
| Change in cash | - | €16,053 | €2,304 | €9,583 | -€2,498 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 1,251 companies had the same profile as TMG has now. Two years later, 94.4% were still going and 2.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit under 5% of the balance sheet
94.4%
was still going
2.7%
stopped otherwise
2.6%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TMG itself: 1.0% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 1,251 companies, not a prediction for TMG. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 11-06-2026 | 2026-00153215 | |
| 31-12-2024 | micro format | 17-06-2025 | 2025-00151770 | |
| 31-12-2023 | micro format | 19-06-2024 | 2024-00140023 | |
| 31-12-2022 | micro format | 20-06-2023 | 2023-00137675 | |
| 31-12-2021 | micro format | 17-06-2022 | 2022-20069513 |