ACTIVE

TPM Morel

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Financial year 2025 · closed on 31/12/2025

Net result

16,9 k €

+34.8% YoY

Gross margin

161,8 k €

+0.8% YoY

Equity

473,7 k €

+3.7% YoY

What does TPM Morel do?

TPM Morel is a Private limited company incorporated in 2008. Its main activity is: Engineering activities and related technical consultancy. Its registered office is in Brugge.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0897.297.411

Incorporation

10/04/2008

Legal form

Private limited company

Registered office

Maagdenstraat 92
8000 Brugge · FlandreSee on map

Contributed capital

25 200,00 €

Latest accounts

31/12/2025

Activities (NACE)

71121Engineering activities and related technical consultancy· main 71121Engineering activities and related technical consultancy 68201Rental and operating of own or leased real estate 68201Rental and operating of own or leased real estate 68203Rental and operating of own or leased real estate 68203Rental and operating of own or leased real estate

Signals

ProfitableSolid equityPositive cashflowPositive EBITDA

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008
Income statement
Gross margin	161,8 k €	+0.8%	160,5 k €	+5.4%	152,3 k €	+29.9%	117,2 k €	+0.9%	116,1 k €	+7.1%	108,4 k €	+202%	35,8 k €	+17.7%	30,5 k €	+27.2%	24 k €	-21.0%	30,3 k €	+17.4%	25,8 k €	-4.2%	27 k €	+7.5%	25,1 k €	-15.4%	29,7 k €	-21.1%	37,6 k €	+382%	7,8 k €	-36.1%	12,2 k €	-47.9%	23,4 k €
EBITDA	154,5 k €	+0.8%	153,3 k €	+4.9%	146,1 k €	+29.6%	112,8 k €	+0.9%	111,8 k €	+8.1%	103,4 k €	+196%	35 k €	+18.1%	29,6 k €	+28.1%	23,1 k €	-21.7%	29,5 k €	+18.0%	25 k €	-4.4%	26,1 k €	+22.6%	21,3 k €	-23.6%	27,9 k €	-23.8%	36,6 k €	+398%	7,3 k €	-35.8%	11,4 k €	-49.1%	22,5 k €
Operating result	74,9 k €	+1.1%	74,1 k €	+12.6%	65,8 k €	+24.3%	53 k €	-17.0%	63,8 k €	+13.6%	56,2 k €	+79.8%	31,2 k €	+8.1%	28,9 k €	+29.0%	22,4 k €	+8.5%	20,6 k €	+27.8%	16,2 k €	-6.9%	17,4 k €	+41.0%	12,3 k €	-54.5%	27,1 k €	-13.0%	31,1 k €	+1151%	2,5 k €	-62.2%	6,6 k €	-62.7%	17,6 k €
Net result	16,9 k €	+34.8%	12,6 k €	+6.1%	11,8 k €	-23.9%	15,5 k €	-29.1%	21,9 k €	+34.7%	16,3 k €	-16.0%	19,4 k €	+23.2%	15,7 k €	+64.3%	9,6 k €	+43.7%	6,7 k €	+14.0%	5,8 k €	-37.9%	9,4 k €	+37.6%	6,8 k €	-57.2%	16 k €	-27.3%	21,9 k €	+607%	3,1 k €	+0.1%	3,1 k €	-75.4%	12,6 k €
Balance sheet
Equity	473,7 k €	+3.7%	456,8 k €	-9.5%	504,8 k €	+2.4%	493 k €	+3.3%	477,4 k €	+4.8%	455,5 k €	+3.7%	439,3 k €	+276%	117 k €	+15.5%	101,2 k €	+10.4%	91,7 k €	+7.8%	85 k €	+7.4%	79,1 k €	+13.5%	69,7 k €	+10.9%	62,9 k €	+34.0%	46,9 k €	+87.7%	25 k €	+14.2%	21,9 k €	+16.5%	18,8 k €
Total assets	1,3 M €	-4.0%	1,4 M €	-5.5%	1,5 M €	-1.1%	1,5 M €	+4.5%	1,4 M €	-2.8%	1,5 M €	-2.3%	1,5 M €	+437%	280,7 k €	-1.6%	285,3 k €	+0.7%	283,2 k €	-6.4%	302,5 k €	-0.1%	302,9 k €	-9.8%	335,8 k €	-3.7%	348,9 k €	+588%	50,7 k €	+3.6%	48,9 k €	+12.2%	43,6 k €	-5.0%	45,9 k €
Cash	38,3 k €	+35.4%	28,3 k €	+47.5%	19,2 k €	-29.1%	27 k €	-10.7%	30,3 k €	+109%	14,5 k €	-26.6%	19,8 k €	+337%	4,5 k €	-56.9%	10,5 k €	+63.0%	6,4 k €	-44.1%	11,5 k €	+7.1%	10,8 k €	-52.4%	22,6 k €	-27.5%	31,2 k €	+65.8%	18,8 k €	-8.7%	20,6 k €	+1046%	1,8 k €	-87.2%	14 k €
Debts	842,2 k €	-7.5%	910,5 k €	-4.2%	950 k €	-3.5%	984,3 k €	+5.2%	936,1 k €	-6.3%	999,5 k €	-5.4%	1,1 M €	+560%	160,2 k €	-11.1%	180,2 k €	-3.8%	187,3 k €	-13.9%	217,5 k €	-2.8%	223,7 k €	-15.9%	266,1 k €	-6.8%	285,5 k €	+7477%	3,8 k €	-4.2%	3,9 k €	-81.9%	21,7 k €	-19.4%	26,9 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 500 k€ and 1 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 1 ended

Active mandates

Katrien Decoster

Director · since 30 décembre 2019

Active

John Morel

Director · since 10 avril 2008

Active

Ended mandates

John Morel

Mandate

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Micro model
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	08/07/2026	06/07/2025	30/07/2024	24/07/2023	26/07/2022	30/07/2021
General meeting	29/06/2026	24/06/2025	01/07/2024	28/06/2023	30/06/2022	30/06/2021
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

18 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	29/06/2026	08/07/2026	Dutch	PDF
Micro model	31/12/2024	24/06/2025	06/07/2025	Dutch	PDF
Micro model	31/12/2023	01/07/2024	30/07/2024	Dutch	PDF
Micro model	31/12/2022	28/06/2023	24/07/2023	Dutch	PDF
Micro model	31/12/2021	30/06/2022	26/07/2022	Dutch	PDF
Micro model	31/12/2020	30/06/2021	30/07/2021	Dutch	PDF
Abridged model	31/12/2019	30/06/2020	29/07/2020	Dutch	PDF
Abridged model	31/12/2018	26/06/2019	02/07/2019	Dutch	PDF
Micro model	31/12/2017	16/06/2018	16/07/2018	Dutch	PDF
Abridged model	31/12/2016	22/06/2017	19/07/2017	Dutch	PDF
Abridged model	31/12/2015	30/07/2016	30/08/2016	Dutch	PDF
Abridged model	31/12/2014	06/06/2015	02/07/2015	Dutch	PDF
Abridged model	31/12/2013	28/07/2014	26/08/2014	Dutch	PDF
Abridged model	31/12/2012	20/06/2013	19/07/2013	Dutch	PDF
Abridged model	31/12/2011	31/03/2012	30/04/2012	Dutch	PDF
Abridged model	31/12/2010	14/07/2011	27/07/2011	Dutch	PDF
Abridged model	31/12/2009	12/07/2010	26/07/2010	Dutch	PDF
Abridged model	31/12/2008	16/05/2009	26/05/2009	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 500 k€ and 1 M€

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 · 2 active · 1 ended

Active mandates

Katrien Decoster

Director · since 30 décembre 2019

Active

John Morel

Director · since 10 avril 2008

Active

Ended mandates

John Morel

Mandate

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Restructuring04/02/2020
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring21/11/2019
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Registered office17/12/2018
MAATSCHAPPELIJKE ZETEL
PDF
Other25/04/2008
RUBRIEK OPRICHTING (NIEUWE RECHTSPERSOON, OPENING BIJKANTOOR, ENZ...)
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

2025
Annual accounts 202516,9 k €↑
2024
Annual accounts 202412,6 k €↑
2023
Annual accounts 202311,8 k €↓
2022
Annual accounts 202215,5 k €↓
2021
Annual accounts 202121,9 k €↑
2020
Annual accounts 202016,3 k €↓
2019
Annual accounts 201919,4 k €↑
2018
Annual accounts 201815,7 k €↑
2017
Annual accounts 20179,6 k €↑
2016
Annual accounts 20166,7 k €↑
2015
Annual accounts 20155,8 k €↓
2014
Annual accounts 20149,4 k €↑
2013
Annual accounts 20136,8 k €↓
2012
Annual accounts 201216 k €↓
2011
Annual accounts 201121,9 k €↑
2010
Annual accounts 20103,1 k €↑
2009
Annual accounts 20093,1 k €↓
2008
Annual accounts 200812,6 k €
10/04/2008
IncorporationPrivate 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

TPM Morel

Overview

What does TPM Morel do?

Trend over 18 financial years

Indicative valuation

Board of directors

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