ACTIVE

T.P.F.

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Financial year 2025 · closed on 31/12/2025

Net result

4,1 M €

+71.7% YoY

Revenue

9,1 M €

+2.6% YoY

Equity

62,7 M €

+0.1% YoY

Workforce

12,6 ETP

+12.5% YoY

What does T.P.F. do?

T.P.F. is a Public limited company incorporated in 1988. Its registered office is in Forest. It employs on average 12,6 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0435.170.803

Incorporation

31/08/1988

Legal form

Public limited company

Registered office

Avenue de Haveskercke 46
1190 Forest · BruxellesSee on map

Contributed capital

24 947 655,88 €

Latest accounts

31/12/2025

Average workforce

12,6 ETP

Joint committees (3)

Signals

ProfitableSolid equityLow riskPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	9,1 M €	+2.6%	8,9 M €	-33.4%	13,3 M €	+1.5%	13,1 M €	+15.8%	11,3 M €	+17.0%	9,7 M €	+155%	3,8 M €	+35.9%	2,8 M €	+6.8%	2,6 M €	+6.5%	2,5 M €	-14.0%	2,9 M €	+2.1%	2,8 M €	+18.2%	2,4 M €	-3.5%	2,5 M €	-0.1%	2,5 M €	-34.2%	3,7 M €	+84.3%	2 M €	-41.1%	3,4 M €	-7.0%	3,7 M €	-2.3%	3,8 M €
EBITDA	1,2 M €	-6.0%	1,3 M €	+126%	585,9 k €	-45.3%	1,1 M €	+210%	345,4 k €	-74.4%	1,3 M €	-18.2%	1,6 M €	+521%	265,6 k €	-58.7%	642,6 k €	+106%	311,2 k €	-60.4%	785,1 k €	-24.7%	1 M €	+211%	334,8 k €	-12.6%	383 k €	+423%	-118,5 k €	-117%	682,4 k €	+2729%	-26 k €	-111%	235,5 k €	-35.2%	363,5 k €	+337%	83,1 k €
Operating result	1,2 M €	-5.7%	1,3 M €	+586%	188,4 k €	-81.6%	1 M €	+248%	-691,3 k €	-147%	1,5 M €	+104%	714,9 k €	+1581%	-48,3 k €	-112%	418,5 k €	+207%	-391,7 k €	-176%	517,7 k €	-49.0%	1 M €	-13.8%	1,2 M €	+717%	144,3 k €	+204%	-138,6 k €	+92.8%	-1,9 M €	-4458%	-42,2 k €	-120%	209,5 k €	+122%	-970,1 k €	-2326%	43,6 k €
Net result	4,1 M €	+71.7%	2,4 M €	-36.1%	3,7 M €	-6.9%	4 M €	+263%	-2,5 M €	-253%	-696,9 k €	-112%	6 M €	+12464%	47,4 k €	-98.7%	3,7 M €	-47.3%	7 M €	+255%	2 M €	-47.7%	3,8 M €	+31.3%	2,9 M €	+1881%	-161,8 k €	-109%	1,9 M €	+247%	-1,3 M €	-154%	2,4 M €	+18.5%	2 M €	+29.9%	1,5 M €	+51.0%	1 M €
Balance sheet
Equity	62,7 M €	+0.1%	62,6 M €	+4.0%	60,2 M €	+7.1%	56,3 M €	+20.0%	46,9 M €	-5.0%	49,4 M €	-1.4%	50,1 M €	+13.5%	44,1 M €	+0.1%	44,1 M €	+2.4%	43 M €	+19.5%	36 M €	+5.8%	34 M €	+35.0%	25,2 M €	+12.9%	22,3 M €	-0.7%	22,5 M €	+9.2%	20,6 M €	-7.6%	22,3 M €	+11.4%	20 M €	+11.2%	18 M €	+9.4%	16,4 M €
Total assets	148,5 M €	+8.1%	137,4 M €	-5.1%	144,8 M €	+4.7%	138,3 M €	+3.0%	134,2 M €	+0.2%	134 M €	+3.7%	129,2 M €	+6.5%	121,3 M €	-10.3%	135,2 M €	-9.4%	149,2 M €	+11.8%	133,5 M €	+44.6%	92,3 M €	+66.3%	55,5 M €	+13.0%	49,1 M €	+2.0%	48,1 M €	+3.9%	46,3 M €	+3.4%	44,8 M €	+14.6%	39,1 M €	+8.5%	36 M €	+18.8%	30,3 M €
Cash	992,9 k €	+158%	384,3 k €	-67.3%	1,2 M €	+557%	179,1 k €	-35.0%	275,5 k €	-32.1%	405,9 k €	+2516%	15,5 k €	-98.8%	1,3 M €	-64.2%	3,7 M €	-78.9%	17,5 M €	+5583%	307,8 k €	-89.5%	2,9 M €	+270%	795,1 k €	+72.9%	459,9 k €	+49.6%	307,4 k €	-70.0%	1 M €	+254%	289,2 k €	-73.9%	1,1 M €	+72.2%	643,7 k €	+1546%	39,1 k €
Debts	84,6 M €	+15.6%	73,2 M €	-11.7%	82,9 M €	+2.5%	80,9 M €	-5.0%	85,2 M €	+1.3%	84 M €	+6.4%	79 M €	+2.8%	76,8 M €	-15.3%	90,7 M €	-14.3%	105,9 M €	+9.1%	97,1 M €	+67.2%	58,1 M €	+92.2%	30,2 M €	+13.1%	26,7 M €	+4.3%	25,6 M €	-0.3%	25,7 M €	+14.9%	22,4 M €	+17.7%	19 M €	+6.0%	17,9 M €	+30.5%	13,7 M €
Other
Workforce	12,6 ETP	+12.5%	11,2 ETP	+13.1%	9,9 ETP	+5.3%	9,4 ETP	-13.0%	10,8 ETP	+17.4%	9,2 ETP	+13.6%	8,1 ETP	+9.5%	7,4 ETP	-14.0%	8,6 ETP	+11.7%	7,7 ETP	-3.7%	8,0 ETP	-8.0%	8,7 ETP	0.0%	8,7 ETP	+2.4%	8,5 ETP	+7.6%	7,9 ETP	+23.4%	6,4 ETP	-3.0%	6,6 ETP	0.0%	6,6 ETP	-13.2%	7,6 ETP	-20.8%	9,6 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 0 € and 100 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 9 active · 5 ended

Active mandates

Delphine Spitaels

Director · since 01 janvier 2026

Active

Edouard Gilain

Director · since 01 janvier 2026

Active

Isabelle Stoffels

Director · since 01 janvier 2026

Active

José Santos

Managing director · since 12 novembre 2024

Active

Luc Bertrand

Director · since 12 novembre 2024

Active

Aurore Mme Spitaels

Director · since 09 novembre 2022

Active

CHRISTOPHE MR.GILAIN

Director

Active

RIK MR VANDENBERGHE

Director

Active

THOMAS MR.SPITAELS

Director

Active

Ended mandates

CHRISTOPHE MR.GILAIN

Mandate

Ended

JORGE MR. NANDIN DE CARVALHO

Director · until 12 décembre 2024

Ended

JORGE MR. NANDIN DE CARVALHO

Director

Ended

RIK MR.VANDENBERGHE

Director

Ended

At this address

Other companies at this address

Company	CBE no.
ARCOTEAM - MULTIPROFESSIONELE ARCHITECTENVENNOOTSCHAP● Active	0443.951.083
CONSORTIUM FOR EAST EUROPEAN DEVELOPMENT● Active	0446.600.272
SM TPF-ARCADIS NEO1● Active	0506.904.875
SM TPF ENGINEERING-CROMWELL ARCHITECTS● Active	0834.161.693
SM VANCAMPENHOUT-TPF-BAGON● Active	0831.742.534
SOCIETE CAROLOREGIENNE DE GESTION THERMIQUE● Active	0434.844.961
STRATODEV● Active	0810.982.158
STRATOS CONSULT● Active	0441.816.786
TPF CONTRACTING● Active	0402.527.630
T.P.F. - ENGINEERING● Active	0400.422.532
TPF ENGINEERING -ARCOTEAM - AREP● Active	0758.743.007
TPF ENGINEERING-ARCOTEAM-FIMATEC● Active	1023.112.943
TPF GROUP● Active	0459.966.773
T.P.F. HOLDING● Active	0466.977.497
TPF REAL ESTATE● Active	0806.715.841
TPF UTILITIES● Active	0406.406.442

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Consolidated accounts
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	28/07/2026	24/07/2025	22/07/2024	28/08/2023	01/07/2022	30/09/2021
General meeting	16/07/2026	22/07/2025	03/07/2024	18/08/2023	30/06/2022	29/09/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

39 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	16/07/2026	28/07/2026	French	PDF
Full model	31/12/2024	22/07/2025	24/07/2025	French	PDF
Consolidated accounts	31/12/2024	22/07/2025	25/07/2025	French	PDF
Full model	31/12/2023	03/07/2024	22/07/2024	French	PDF
Consolidated accounts	31/12/2023	03/07/2024	05/08/2024	French	PDF
Full model	31/12/2022	18/08/2023	28/08/2023	French	PDF
Consolidated accounts	31/12/2022	15/09/2023	21/09/2023	French	PDF
Full model	31/12/2021	30/06/2022	01/07/2022	French	PDF
Consolidated accounts	31/12/2021	08/08/2022	09/08/2022	French	PDF
Full model	31/12/2020	30/06/2021	01/07/2021	French	PDF
Consolidated accounts	31/12/2020	29/09/2021	30/09/2021	French	PDF
Full model	31/12/2019	29/06/2020	03/08/2020	French	PDF
Consolidated accounts	31/12/2019	29/06/2020	03/08/2020	French	PDF
Full model	31/12/2018	03/06/2019	27/06/2019	French	PDF
Consolidated accounts	31/12/2018	03/06/2019	27/06/2019	French	PDF
Full model	31/12/2017	29/06/2018	12/07/2018	French	PDF
Consolidated accounts	31/12/2017	29/06/2018	12/07/2018	French	PDF
Full model	31/12/2016	30/06/2017	06/07/2017	French	PDF
Consolidated accounts	31/12/2016	30/06/2017	06/07/2017	French	PDF
Full model	31/12/2015	30/06/2016	19/07/2016	French	PDF
Consolidated accounts	31/12/2015	30/06/2016	19/07/2016	French	PDF
Full model	31/12/2014	30/06/2015	08/07/2015	French	PDF
Consolidated accounts	31/12/2014	30/06/2015	08/07/2015	French	PDF
Full model	31/12/2013	30/06/2014	24/07/2014	French	PDF

View all 39 filings

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 0 € and 100 k€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 9 active · 5 ended

Active mandates

Delphine Spitaels

Director · since 01 janvier 2026

Active

Edouard Gilain

Director · since 01 janvier 2026

Active

Isabelle Stoffels

Director · since 01 janvier 2026

Active

José Santos

Managing director · since 12 novembre 2024

Active

Luc Bertrand

Director · since 12 novembre 2024

Active

Aurore Mme Spitaels

Director · since 09 novembre 2022

Active

CHRISTOPHE MR.GILAIN

Director

Active

RIK MR VANDENBERGHE

Director

Active

THOMAS MR.SPITAELS

Director

Active

Ended mandates

CHRISTOPHE MR.GILAIN

Mandate

Ended

JORGE MR. NANDIN DE CARVALHO

Director · until 12 décembre 2024

Ended

JORGE MR. NANDIN DE CARVALHO

Director

Ended

RIK MR.VANDENBERGHE

Director

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates09/02/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates18/12/2025
DEMISSIONS, NOMINATIONS
PDF
Capital / shares26/05/2025
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - CAPITAL, ACTIONS
PDF
Mandates29/04/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates19/11/2024
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - DEMISSIONS, NOMINATIONS
PDF
Mandates18/01/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates12/10/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates28/07/2023
DEMISSIONS, NOMINATIONS
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

01/01/2026
nominationIsabelle Stoffels de Saint-Georges — administrateur
01/01/2026
nominationDelphine Spitaels — administrateur
01/01/2026
nominationEduard Gilain — administrateur
2025
Annual accounts 20254,1 M €↑
22/07/2025
reconductionMathieu Noel — commissaire
21/05/2025
autre
2024
Annual accounts 20242,4 M €↓
12/11/2024
reconductionThomas Spitaels — administrateur et président du conseil d’administration
12/11/2024
nominationJosé Manuel CASTRO FERNANDES dos SANTOS — administrateur
12/11/2024
nominationLuc BERTRAND — administrateur
2023
Annual accounts 20233,7 M €↓
01/09/2023
nominationJosé SANTOS — mandataire spécial (Chief Operational Officer)
01/09/2023
nominationJulie BELMANS — mandataire spécial (Chief Human Resources Officer)
18/08/2023
reconductionThomas SPITAELS — administrateur
18/08/2023
reconductionChristophe GILAIN — administrateur
06/06/2023
augmentation_capital
2022
Annual accounts 20224 M €↑
09/11/2022
nominationAurore Spitaels — Administrateur
30/06/2022
reconductionRSM INTERAUDIT SRL représentée par Monsieur Mathieu Noel — commissaire
2021
Annual accounts 2021-2,5 M €↓
2021
Name changeTPF SA
2020
Annual accounts 2020-696,9 k €↓
2019
Annual accounts 20196 M €↑
2018
Annual accounts 201847,4 k €↓
2017
Annual accounts 20173,7 M €↓
2016
Annual accounts 20167 M €↑
2015
Annual accounts 20152 M €↓
2014
Annual accounts 20143,8 M €↑
2013
Annual accounts 20132,9 M €↑
2012
Annual accounts 2012-161,8 k €↓
2011
Annual accounts 20111,9 M €↑
2010
Annual accounts 2010-1,3 M €↓
2009
Annual accounts 20092,4 M €↑
2008
Annual accounts 20082 M €↑
2007
Annual accounts 20071,5 M €↑
2006
Annual accounts 20061 M €
2006
Name changeT.P.F.
31/08/1988
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

T.P.F.

Overview

What does T.P.F. do?

Trend over 20 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline