T.M.G.: 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.
T.M.G.
Largest movements
- Cash -€20,471
down €20,471 (-67.4%), from €30,358 to €9,887
mainly Other debts (-€27,577) and Debts after one year (-€15,095)
- Tangible fixed assets -€13,245
down €13,245 (-3.2%), from €416,910 to €403,665
of which Land and buildings: -€8,515
- Other debts -€27,577
down €27,577 (-41.4%), from €66,660 to €39,083
- Debts after one year -€15,095
down €15,095 (-15.5%), from €97,082 to €81,987
- Profit (loss) carried forward +€6,404
up €6,404 (+70.3%), from -€9,110 to -€2,706
- Gross operating margin +€10,268
up €10,268 (+25.3%), from €40,538 to €50,807
- Other operating charges +€6,585
up €6,585 (+50.4%), from €13,065 to €19,650
- Depreciation +€877
up €877 (+4.7%), from €18,723 to €19,600
- Financial charges -€838
down €838 (-13.9%), from €6,010 to €5,171
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 | €457,363 | €422,421 | -€34,942 | -7.6% |
| Fixed assets | 21/28 | €416,910 | €403,665 | -€13,245 | -3.2% |
| Tangible fixed assets | 22/27 | €416,910 | €403,665 | -€13,245 | -3.2% |
| Land and buildings | 22 | €380,171 | €371,657 | -€8,515 | -2.2% |
| Plant, machinery and equipment | 23 | €12,238 | €14,590 | +€2,352 | +19.2% |
| Furniture and vehicles | 24 | €299 | €16 | -€282 | -94.6% |
| Other tangible fixed assets | 26 | €24,203 | €17,402 | -€6,801 | -28.1% |
| Current assets | 29/58 | €40,453 | €18,756 | -€21,697 | -53.6% |
| Amounts receivable within one year | 40/41 | €3,272 | €1,850 | -€1,422 | -43.5% |
| Other amounts receivable | 41 | €3,272 | €1,850 | -€1,422 | -43.5% |
| Cash at bank and in hand | 54/58 | €30,358 | €9,887 | -€20,471 | -67.4% |
| Deferred charges and accrued income | 490/1 | €6,823 | €7,019 | +€196 | +2.9% |
| Total equity and liabilities | 10/49 | €457,363 | €422,421 | -€34,942 | -7.6% |
| Equity | 10/15 | €278,258 | €284,662 | +€6,404 | +2.3% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €225,868 | €225,868 | = | 0.0% |
| Non-distributable reserves | 130/1 | €37,680 | €37,680 | = | 0.0% |
| Legal reserve | 130 | €37,680 | €37,680 | = | 0.0% |
| Distributable reserves | 133 | €188,188 | €188,188 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,110 | -€2,706 | +€6,404 | +70.3% |
| Amounts payable | 17/49 | €179,105 | €137,759 | -€41,346 | -23.1% |
| Amounts payable after more than one year | 17 | €97,082 | €81,987 | -€15,095 | -15.5% |
| Financial debts | 170/4 | €97,082 | €81,987 | -€15,095 | -15.5% |
| Amounts payable within one year | 42/48 | €82,023 | €55,772 | -€26,251 | -32.0% |
| Current portion of amounts payable after more than one year | 42 | €14,407 | €15,427 | +€1,019 | +7.1% |
| Trade debts | 44 | €956 | €1,262 | +€306 | +32.1% |
| Suppliers | 440/4 | €956 | €1,262 | +€306 | +32.1% |
| Other amounts payable | 47/48 | €66,660 | €39,083 | -€27,577 | -41.4% |
| Non-recurring operating income | 76A | €1,046 | - | -€1,046 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,723 | €19,600 | +€877 | +4.7% |
| Other operating charges | 640/8 | €13,065 | €19,650 | +€6,585 | +50.4% |
| Gross operating margin | 9900 | €40,538 | €50,807 | +€10,268 | +25.3% |
| Operating profit (loss) | 9901 | €8,751 | €11,557 | +€2,806 | +32.1% |
| Financial income | 75/76B | €14 | €18 | +€5 | +35.7% |
| Recurring financial income | 75 | €14 | €18 | +€5 | +35.7% |
| Financial charges | 65/66B | €6,010 | €5,171 | -€838 | -13.9% |
| Recurring financial charges | 65 | €6,010 | €5,171 | -€838 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | €2,755 | €6,404 | +€3,649 | +132% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €2,755 | €6,404 | +€3,649 | +132% |
| Profit (loss) for the period to be appropriated | 9905 | €2,755 | €6,404 | +€3,649 | +132% |
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 16 October 2026 via checked.be.