TMG Winters: 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.
TMG Winters
Largest movements
- Cash +€11,787
up €11,787 (+51.5%), from €22,904 to €34,691
mainly Depreciation (+€32,859) and Net result for the year (+€28,836)
- Deferred charges and accrued income -€3,398
down €3,398 (-39.4%), from €8,632 to €5,234
- Reserves +€28,836
up €28,836 (+28.9%), from €99,740 to €128,576
- Debts after one year -€15,180
down €15,180 (-16.4%), from €92,431 to €77,251
- Trade debts -€3,292
down €3,292 (-96.3%), from €3,418 to €126
- Tax, wage and social debts -€2,912
down €2,912 (-36.4%), from €7,997 to €5,086
of which Remuneration and social security: -€1,509
- Staff costs -€64,091
down €64,091 (-93.1%), from €68,849 to €4,759
- Gross operating margin -€37,400
down €37,400 (-28.0%), from €133,392 to €95,992
- Depreciation +€14,737
up €14,737 (+81.3%), from €18,122 to €32,859
- Other operating charges +€6,992
up €6,992 (+246%), from €2,841 to €9,833
- Financial charges +€2,791
up €2,791 (+178%), from €1,569 to €4,360
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 | €241,104 | €247,459 | +€6,355 | +2.6% |
| Fixed assets | 21/28 | €140,608 | €138,986 | -€1,622 | -1.2% |
| Tangible fixed assets | 22/27 | €140,608 | €138,986 | -€1,622 | -1.2% |
| Plant, machinery and equipment | 23 | €24,115 | €46,375 | +€22,260 | +92.3% |
| Furniture and vehicles | 24 | €116,493 | €92,611 | -€23,883 | -20.5% |
| Current assets | 29/58 | €100,496 | €108,473 | +€7,978 | +7.9% |
| Amounts receivable after more than one year | 29 | €15,000 | €15,000 | = | 0.0% |
| Trade receivables | 290 | €15,000 | €0 | -€15,000 | -100% |
| Other amounts receivable | 291 | - | €15,000 | +€15,000 | |
| Amounts receivable within one year | 40/41 | €53,960 | €53,549 | -€411 | -0.8% |
| Trade receivables | 40 | €42,383 | €43,614 | +€1,231 | +2.9% |
| Other amounts receivable | 41 | €11,577 | €9,935 | -€1,643 | -14.2% |
| Cash at bank and in hand | 54/58 | €22,904 | €34,691 | +€11,787 | +51.5% |
| Deferred charges and accrued income | 490/1 | €8,632 | €5,234 | -€3,398 | -39.4% |
| Total equity and liabilities | 10/49 | €241,104 | €247,459 | +€6,355 | +2.6% |
| Equity | 10/15 | €100,740 | €129,576 | +€28,836 | +28.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €99,740 | €128,576 | +€28,836 | +28.9% |
| Distributable reserves | 133 | €99,740 | €128,576 | +€28,836 | +28.9% |
| Amounts payable | 17/49 | €140,364 | €117,883 | -€22,481 | -16.0% |
| Amounts payable after more than one year | 17 | €92,431 | €77,251 | -€15,180 | -16.4% |
| Financial debts | 170/4 | €92,431 | €77,251 | -€15,180 | -16.4% |
| Amounts payable within one year | 42/48 | €38,522 | €30,392 | -€8,130 | -21.1% |
| Current portion of amounts payable after more than one year | 42 | €17,106 | €15,180 | -€1,926 | -11.3% |
| Financial debts | 43 | €10,000 | €10,000 | = | 0.0% |
| Credit institutions | 430/8 | - | €10,000 | +€10,000 | |
| Other loans | 439 | €10,000 | €0 | -€10,000 | -100% |
| Trade debts | 44 | €3,418 | €126 | -€3,292 | -96.3% |
| Suppliers | 440/4 | €3,418 | €126 | -€3,292 | -96.3% |
| Taxes, remuneration and social security | 45 | €7,997 | €5,086 | -€2,912 | -36.4% |
| Taxes | 450/3 | €4,490 | €3,087 | -€1,403 | -31.3% |
| Remuneration and social security | 454/9 | €3,507 | €1,999 | -€1,509 | -43.0% |
| Accrued charges and deferred income | 492/3 | €9,410 | €10,240 | +€830 | +8.8% |
| Remuneration, social security and pensions | 62 | €68,849 | €4,759 | -€64,091 | -93.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,122 | €32,859 | +€14,737 | +81.3% |
| Other operating charges | 640/8 | €2,841 | €9,833 | +€6,992 | +246% |
| Gross operating margin | 9900 | €133,392 | €95,992 | -€37,400 | -28.0% |
| Operating profit (loss) | 9901 | €43,580 | €48,541 | +€4,961 | +11.4% |
| Financial income | 75/76B | €916 | €742 | -€174 | -19.0% |
| Recurring financial income | 75 | €916 | €742 | -€174 | -19.0% |
| Financial charges | 65/66B | €1,569 | €4,360 | +€2,791 | +178% |
| Recurring financial charges | 65 | €1,569 | €4,360 | +€2,791 | +178% |
| Profit (loss) for the period before taxes | 9903 | €42,927 | €44,923 | +€1,996 | +4.7% |
| Income taxes | 67/77 | €14,490 | €16,087 | +€1,597 | +11.0% |
| Profit (loss) for the period | 9904 | €28,437 | €28,836 | +€400 | +1.4% |
| Profit (loss) for the period to be appropriated | 9905 | €28,437 | €28,836 | +€400 | +1.4% |
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 28 October 2026 via checked.be.