TMG PROJECTS: what changed
Two fiscal 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.
TMG PROJECTS
Largest movements
- Current investments -€222,920
down €222,920 (-100.0%), from €222,920 to €0
- Cash +€10,763
up €10,763 (+65.9%), from €16,342 to €27,105
mainly Current investments (+€222,920) and Net result for the year (+€103,008)
- Receivables within one year +€3,718
up €3,718 (+35.9%), from €10,366 to €14,084
of which Trade receivables: +€3,657
- Reserves -€175,992
down €175,992 (-86.0%), from €204,573 to €28,581
- Tax, wage and social debts -€23,616
down €23,616 (-58.9%), from €40,084 to €16,468
of which Taxes: -€23,630
- Debts after one year -€10,000
down €10,000 (-50.0%), from €20,000 to €10,000
- Gross operating margin +€36,467
up €36,467 (+42.9%), from €85,040 to €121,508
- Financial income +€10,296
up €10,296 (+200.1%), from €5,146 to €15,443
- Taxes +€7,321
up €7,321 (+45.8%), from €15,981 to €23,302
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.
Cash bridge derived
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 | €269,270 | €60,250 | -€209,020 | -77.6% |
| Fixed assets | 21/28 | €17,235 | €18,599 | +€1,364 | +7.9% |
| Tangible fixed assets | 22/27 | €17,235 | €18,599 | +€1,364 | +7.9% |
| Plant, machinery and equipment | 23 | - | €10,599 | +€10,599 | |
| Furniture and vehicles | 24 | €17,235 | €8,000 | -€9,236 | -53.6% |
| Current assets | 29/58 | €252,035 | €41,651 | -€210,384 | -83.5% |
| Amounts receivable within one year | 40/41 | €10,366 | €14,084 | +€3,718 | +35.9% |
| Trade receivables | 40 | €10,366 | €14,023 | +€3,657 | +35.3% |
| Other amounts receivable | 41 | - | €61 | +€61 | |
| Current investments | 50/53 | €222,920 | €0 | -€222,920 | -100.0% |
| Cash at bank and in hand | 54/58 | €16,342 | €27,105 | +€10,763 | +65.9% |
| Deferred charges and accrued income | 490/1 | €2,407 | €462 | -€1,945 | -80.8% |
| Total equity and liabilities | 10/49 | €269,270 | €60,250 | -€209,020 | -77.6% |
| Equity | 10/15 | €207,073 | €31,081 | -€175,992 | -85.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €204,573 | €28,581 | -€175,992 | -86.0% |
| Distributable reserves | 133 | €204,573 | €28,581 | -€175,992 | -86.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €62,197 | €29,169 | -€33,028 | -53.1% |
| Amounts payable after more than one year | 17 | €20,000 | €10,000 | -€10,000 | -50.0% |
| Financial debts | 170/4 | €20,000 | €10,000 | -€10,000 | -50.0% |
| Amounts payable within one year | 42/48 | €41,229 | €19,169 | -€22,060 | -53.5% |
| Trade debts | 44 | €428 | €2,702 | +€2,273 | +530.6% |
| Suppliers | 440/4 | €428 | €2,702 | +€2,273 | +530.6% |
| Taxes, remuneration and social security | 45 | €40,084 | €16,468 | -€23,616 | -58.9% |
| Taxes | 450/3 | €38,004 | €14,374 | -€23,630 | -62.2% |
| Remuneration and social security | 454/9 | €2,080 | €2,094 | +€14 | +0.7% |
| Other amounts payable | 47/48 | €717 | €0 | -€717 | -100.0% |
| Accrued charges and deferred income | 492/3 | €968 | €0 | -€968 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,236 | €9,886 | +€651 | +7.0% |
| Other operating charges | 640/8 | €236 | €330 | +€94 | +40.0% |
| Gross operating margin | 9900 | €85,040 | €121,508 | +€36,467 | +42.9% |
| Operating profit (loss) | 9901 | €75,569 | €111,291 | +€35,723 | +47.3% |
| Financial income | 75/76B | €5,146 | €15,443 | +€10,296 | +200.1% |
| Recurring financial income | 75 | €5,146 | €15,443 | +€10,296 | +200.1% |
| Financial charges | 65/66B | -€27 | €424 | +€451 | |
| Recurring financial charges | 65 | -€27 | €424 | +€451 | |
| Profit (loss) for the period before taxes | 9903 | €80,742 | €126,310 | +€45,568 | +56.4% |
| Income taxes | 67/77 | €15,981 | €23,302 | +€7,321 | +45.8% |
| Profit (loss) for the period | 9904 | €64,761 | €103,008 | +€38,247 | +59.1% |
| Profit (loss) for the period to be appropriated | 9905 | €64,761 | €103,008 | +€38,247 | +59.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.