TMG: what changed
TMG
Largest movements
- Tangible fixed assets +€53,901
up €53,901 (+77.0%), from €69,988 to €123,889
of which Leasing and similar rights: +€50,585
- Receivables within one year +€18,692
up €18,692 (+212%), from €8,806 to €27,497
of which Trade receivables: +€18,346
- Stocks and contracts -€5,474
down €5,474 (-57.0%), from €9,600 to €4,126
of which Contracts in progress: -€5,000
- Cash -€2,498
down €2,498 (-7.1%), from €35,278 to €32,780
mainly Investment in fixed assets (net) (-€108,706) and Receivables within one year (-€18,692)
- Debts after one year +€32,017
up €32,017 (+38.9%), from €82,332 to €114,348
of which Financial debts: +€33,555
- Trade debts +€15,643
up €15,643 (+141%), from €11,128 to €26,771
- Current portion of long-term debt +€11,947
up €11,947 (+61.8%), from €19,317 to €31,265
- Reserves +€2,459
up €2,459 (+34.4%), from €7,148 to €9,607
- Depreciation +€17,864
up €17,864 (+47.7%), from €37,441 to €55,305
- Gross operating margin +€12,402
up €12,402 (+23.4%), from €53,000 to €65,402
- Financial charges +€1,733
up €1,733 (+74.5%), from €2,326 to €4,059
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €133,533 | €196,009 | +€62,476 | +46.8% |
| Fixed assets | 21/28 | €72,987 | €126,388 | +€53,401 | +73.2% |
| Intangible fixed assets | 21 | €2,999 | €2,499 | -€500 | -16.7% |
| Tangible fixed assets | 22/27 | €69,988 | €123,889 | +€53,901 | +77.0% |
| Plant, machinery and equipment | 23 | €11,387 | €15,312 | +€3,925 | +34.5% |
| Leasing and similar rights | 25 | €48,950 | €99,535 | +€50,585 | +103% |
| Other tangible fixed assets | 26 | €9,651 | €9,042 | -€609 | -6.3% |
| Current assets | 29/58 | €60,546 | €69,622 | +€9,075 | +15.0% |
| Stocks and contracts in progress | 3 | €9,600 | €4,126 | -€5,474 | -57.0% |
| Stocks | 30/36 | €4,600 | €4,126 | -€474 | -10.3% |
| Contracts in progress | 37 | €5,000 | €0 | -€5,000 | -100% |
| Amounts receivable within one year | 40/41 | €8,806 | €27,497 | +€18,692 | +212% |
| Trade receivables | 40 | €3,652 | €21,998 | +€18,346 | +502% |
| Other amounts receivable | 41 | €5,154 | €5,499 | +€346 | +6.7% |
| Cash at bank and in hand | 54/58 | €35,278 | €32,780 | -€2,498 | -7.1% |
| Deferred charges and accrued income | 490/1 | €6,863 | €5,219 | -€1,644 | -24.0% |
| Total equity and liabilities | 10/49 | €133,533 | €196,009 | +€62,476 | +46.8% |
| Equity | 10/15 | €16,148 | €18,607 | +€2,459 | +15.2% |
| Contributions | 10/11 | €9,000 | €9,000 | = | 0.0% |
| Reserves | 13 | €7,148 | €9,607 | +€2,459 | +34.4% |
| Distributable reserves | 133 | €7,148 | €9,607 | +€2,459 | +34.4% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €117,385 | €177,402 | +€60,017 | +51.1% |
| Amounts payable after more than one year | 17 | €82,332 | €114,348 | +€32,017 | +38.9% |
| Financial debts | 170/4 | €28,575 | €62,130 | +€33,555 | +117% |
| Other amounts payable | 178/9 | €53,756 | €52,218 | -€1,538 | -2.9% |
| Amounts payable within one year | 42/48 | €35,053 | €63,054 | +€28,000 | +79.9% |
| Current portion of amounts payable after more than one year | 42 | €19,317 | €31,265 | +€11,947 | +61.8% |
| Trade debts | 44 | €11,128 | €26,771 | +€15,643 | +141% |
| Suppliers | 440/4 | €11,128 | €26,771 | +€15,643 | +141% |
| Taxes, remuneration and social security | 45 | €2,110 | €2,108 | -€2 | -0.1% |
| Taxes | 450/3 | €2,110 | €2,108 | -€2 | -0.1% |
| Other amounts payable | 47/48 | €2,498 | €2,910 | +€412 | +16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,441 | €55,305 | +€17,864 | +47.7% |
| Other operating charges | 640/8 | €2,410 | €2,647 | +€237 | +9.8% |
| Non-recurring operating charges | 66A | - | €299 | +€299 | |
| Gross operating margin | 9900 | €53,000 | €65,402 | +€12,402 | +23.4% |
| Operating profit (loss) | 9901 | €13,148 | €7,151 | -€5,997 | -45.6% |
| Financial income | 75/76B | - | €131 | +€131 | |
| Recurring financial income | 75 | - | €131 | +€131 | |
| Financial charges | 65/66B | €2,326 | €4,059 | +€1,733 | +74.5% |
| Recurring financial charges | 65 | €2,326 | €4,059 | +€1,733 | +74.5% |
| Profit (loss) for the period before taxes | 9903 | €10,822 | €3,223 | -€7,599 | -70.2% |
| Income taxes | 67/77 | €1,069 | €764 | -€305 | -28.6% |
| Profit (loss) for the period | 9904 | €9,753 | €2,459 | -€7,294 | -74.8% |
| Profit (loss) for the period to be appropriated | 9905 | €9,753 | €2,459 | -€7,294 | -74.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.