TPM Morel
ActiveTPM Morel has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €474k and a net result of €17k. Equity is growing by ~3.5% per year across the filed fiscal years. Its solvency ranks better than 33% of 9386 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
62
/ 100
Healthy▲ +11 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability18▲+4
Solvency53▲+13
Growth78▲+26
Stability100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €30k at 30 days acceptable
Liquidity short (current ratio 0.87 against 0.44 in 2024), and 64.7% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 71
Relative position
BE, all sectors
reference
Sector 71
lower
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
35.3%
Return on assets
1.3%
Age of the figures
8 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 08-07-2026, 23 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
23 d early
2024
25 d early
2023
1 d early
2022
7 d early
2021
5 d early
2020
1 d early
2019
2 d early
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
15-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€474k▲ 3.7%
2024 · €457k
2018: €117k
2019: €439k
2020: €456k
2021: €477k
2022: €493k
2023: €505k
2024: €457k
2018 → 2025
Total assets
€1.34M▼ 4.0%
2024 · €1.40M
2018: €281k
2019: €1.51M
2020: €1.47M
2021: €1.43M
2022: €1.49M
2023: €1.48M
2024: €1.40M
2018 → 2025
Net result
€17k▲ 34.8%
2024 · €13k
2018: €16k
2019: €19k
2020: €16k
2021: €22k
2022: €16k
2023: €12k
2024: €13k
2018 → 2025
Working capital
€-10k▲ 86.4%
2024 · €-76k
2018: €-47k
2019: €-41k
2020: €-72k
2021: €-19k
2022: €-11k
2023: €-18k
2024: €-76k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€477k-€493k▲ 3.3%€505k▲ 2.4%€457k▼ 9.5%€474k▲ 3.7%
Operating result€64k-€53k▼ 17.0%€66k▲ 24.3%€74k▲ 12.6%€75k▲ 1.1%
Net result€22k-€16k▼ 29.1%€12k▼ 23.9%€13k▲ 6.1%€17k▲ 34.8%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 1% above 2024 and is the highest year so far.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.34M
Fixed assets
€1.27M▼ 5.1%
Current assets
€72k▲ 20.3%
Equity and liabilities €1.34M
Equity
€474k▲ 3.7%
Debt
€867k▼ 7.7%
The debt ratio falls from 67.3% to 64.7%: equity grows while debt is paid down.
Key figures and ratios
EBITDA
€155k▲
2024 · €153k
Cash flow
€97k▲
2024 · €92k
Solvency
35.3%▲
2024 · 32.7%
Current ratio
0.87▲
2024 · 0.44
Quick ratio
0.87▲
2024 · 0.44
Debt / equity
1.83▼
2024 · 2.06
ROE
3.6%▲
2024 · 2.7%
ROA
1.3%▲
2024 · 0.9%
Interest coverage
3.57▲
2024 · 3.10
Debt
€867k▼
2024 · €940k
Debt ≤ 1 year
€82k▼
2024 · €136k
Debt > 1 year
€760k▼
2024 · €775k
Income taxes
€15k▲
2024 · €12k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€1.40M€1.34M▼
Fixed assets21/28€1.34M€1.27M▼
Intangible fixed assets21€50k€33k▼
Tangible fixed assets22/27€1.29M€1.24M▼
Land and buildings22€667k€639k▼
Plant, machinery and equipment23€582k€570k▼
Furniture and vehicles24€10k€8k▼
Leasing and similar rights25€28k€19k▼
Financial fixed assets28€145€236▲
Current assets29/58€60k€72k▲
Amounts receivable within one year40/41€25k€27k▲
Trade receivables40€22k€24k▲
Other amounts receivable41€3k€3k▼
Current investments50/53€453€454▲
Cash at bank and in hand54/58€28k€38k▲
Deferred charges and accrued income490/1€6k€6k▼
Equity and liabilities
Total equity and liabilities10/49€1.40M€1.34M▼
Equity10/15€457k€474k▲
Contributions10/11€25k€25k=
Reserves13€432k€449k▲
Distributable reserves133€432k€449k▲
Profit (loss) carried forward14€0€0=
Amounts payable17/49€940k€867k▼
Amounts payable after more than one year17€775k€760k▼
Financial debts170/4€290k€239k▼
Other amounts payable178/9€485k€521k▲
Amounts payable within one year42/48€136k€82k▼
Current portion of amounts payable after more than one year42€50k€51k▲
Trade debts44€722€2k▲
Suppliers440/4€722€2k▲
Taxes, remuneration and social security45€26k€27k▲
Taxes450/3€26k€27k▲
Remuneration and social security454/9€0-
Other amounts payable47/48€58k€2k▼
Accrued charges and deferred income492/3€29k€25k▼
Income statement
Code20242025
Non-recurring operating income76A€0-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€79k€80k▲
Other operating charges640/8€6k€7k▲
Non-recurring operating charges66A€873€132▼
Gross operating margin9900€160k€162k▲
Operating profit (loss)9901€74k€75k▲
Financial income75/76B€2€9▲
Recurring financial income75€2€9▲
Financial charges65/66B€50k€43k▼
Recurring financial charges65€50k€43k▼
Profit (loss) for the period before taxes9903€25k€32k▲
Income taxes67/77€12k€15k▲
Profit (loss) for the period9904€13k€17k▲
Profit (loss) for the period to be appropriated9905€13k€17k▲
Appropriation of the result
Profit (loss) to be appropriated9906€13k€17k▲
Transfer from equity791/2€61k€0▼
Transfer to equity691/2€13k€17k▲
To other reserves6921€13k€17k▲
Profit to be distributed694/7€61k€0▼
Return on contributions (dividend)694€61k€0▼
The notes to these accounts (19 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
08-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
06-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Weakest financial yearnet €12k ▼23.9%
Net result drops to €12k, the lowest in the series; recovery starts the following year.
31-12
Financial
Equity above €500kEq €505k ▲2.4%
6 profitable years in a row build equity to €505k.
24-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
26-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Highest result since 2018net €22k ▲34.7%
Net result €22k, the highest in the series.
30-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
29-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Equity above €200kEq €439k ▲276%
2 profitable years in a row build equity to €439k.
02-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
16-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
19-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Brugge · 1 establishment unit since 2008
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Maagdenstraat 928000 BruggeGround area
403 m²
Building footprint
44 m²
Volume, LiDAR
449 m³
Parcel 31804D1704/00C007, Flanders · tallest building 13.4 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
TPM Morel
since 20082.170.243.158
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31804D1704/00C007 | Flanders | 403 m² | 1 · 44 m² | 13.4 m · 4 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
INFRAPLAN
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FEROKILL
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FIRE SAFETY CONSULTING
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Sombreffe · Eq €474k
VOXDALE
BE 0749.635.695
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Arscensio
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Of 11,508 companies in sector 71121 we hold annual accounts for 6,527. 4,457 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded10-04-2008
Fiscal year end31-12
Activities, NACEBEL
71121Engineering and related technical consultancy, excluding land surveyors
68201Renting and operating of own or leased residential real estate, excluding social housing
68203Renting and operating of own or leased non-residential real estate, excluding land
Sources
Crossroads Bank for EnterprisesNational Bank · 18 filingsAddress and cadastre registers
Data from official sources, last processed on 15-09-2026. Scores and ratios are computed by Checked and are not a credit decision.
Contact details
2 entriesE-mail:john.morel@telenet.be
Phone:+32499262333