TAMK annual review 2024: Finance
In 2024, the result from primary activities totalled +9 million euros, while the goal was 3.2 million. Compared to the previous year, turnover increased by approximately 0.9 million euros. Of this, the share of government aid totalled 1.6 million euros. External funding decreased by 0.7 million euros compared to the year before, mostly due to the drop in the share of RDI financing and business operations. Structural funds were not available to apply for in the autumn of 2023, which had an impact on the accrual of external RDI financing. 36% of external RDI financing consisted of structural funds (ESF and ERDF).
In our business operations, the wind-down of the international degree-awarding education caused profits to reduce by approximately 20% compared to the year before. Income from tuition fees increased by 1.4 million euros from the previous year.
Investment funding was used for developing the learning environments at the schools and for machinery and equipment procurement. Our campus development project saw the cafeteria hall expansion and the main entrance renovation completed.
Financial key figures
| Income in the income statement | 2023 | 2024 |
| Government financing for higher education | 62 301 000 | 63 896 000 |
| Aids | 8 478 000 | 7 506 000 |
| Business income | 6 025 000 | 4 765 000 |
| Income from group companies | 7 029 000 | 7 000 000 |
| Financial income, income from funding and investment activities | 1 772 000 | 2 612 000 |
| Other income | 4 130 000 | 2 572 000 |
| Total | 88 177 000 | 89 909 000 |
| Expenses in the income statement | 2023 | 2024 |
| Staff expenses | 52 583 000 | 50 803 000 |
| Depreciations | 4 332 000 | 3 979 000 |
| Services, raw materials and consumables | 8 184 000 | 8 726 000 |
| Purchased group services | 8 797 000 | 8 734 000 |
| Rents | 1 673 000 | 1 556 000 |
| Travel expenses | 1 150 000 | 1 207 000 |
| Taxes | 13 000 | 5000 |
| Financial expenses, expenses related to funding and investment activities | 398 000 | 220 000 |
| Other expenses | 3 570 000 | 3 266 000 |
| Total | 80 700 000 | 78 495 000 |