TMG recently presented quite good annual figures. Profits have increased considerably and the decrease of the circulation of De Telegraaf has been halted. But whether that is the result of the 'Belgian' approach, Marc Vangeel doubts it. "Of course, you cannot ignore the fact that de Persgroep and the Mediahuis are doing well in the Netherlands. But that has nothing to do with being Belgian," says Vangeel. According to him, it's more in the structure of the two major Flemish publishers. "Both concerns have a family shareholder structure. By definition, they think more in the medium and long term. They are certainly interested in the profits of this year, but also in those of next year and the year after. They are more relaxed."