TPM Morel: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
TPM Morel
NACE 71.121, Engineering and related technical consultancy, excluding land surveyors
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€16,927
2024 · €12,555+€4,372
Equity
€473,702
2024 · €456,775+€16,927
Cash
€38,288
2024 · €28,272+€10,016
Balance sheet total
€1.3m
2024 · €1.4m-€55,552
Largest movements
Assets
- Tangible fixed assets -€51,151
down €51,151 (-4.0%), from €1.3m to €1.2m
of which Land and buildings: -€28,822
- Intangible fixed assets -€16,620
down €16,620 (-33.3%), from €49,861 to €33,240
Equity and liabilities
- Other debts -€56,796
down €56,796 (-97.2%), from €58,437 to €1,641
- Reserves +€16,927
up €16,927 (+3.9%), from €431,575 to €448,502
- Debts after one year -€14,817
down €14,817 (-1.9%), from €774,815 to €759,998
of which Financial debts: -€50,817
Income statement
- Financial charges -€6,215
down €6,215 (-12.6%), from €49,518 to €43,303
- Taxes +€2,671
up €2,671 (+22.2%), from €12,039 to €14,710
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
€12,555
Gross operating margin
+€1,331
Depreciation
-€368
Other operating charges
-€882
Other operating items
+€741
Financial income
+€7
Financial charges
+€6,215
Taxes
-€2,671
Result 2025
€16,927
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€36,276
Investment
-€11,916
Financing
-€14,343
Cash 2024
€28,272
From operations (derived)
+€36,276
Net result for the year
+€16,927
Depreciation
+€79,595
Receivables within one year
-€2,570
Deferred charges and accrued income
+€460
Trade debts
+€1,663
Tax, wage and social debts
+€1,183
Other debts
-€56,796
Accrued charges and deferred income
-€4,186
Investment (derived)
-€11,916
Investment in fixed assets (net)
-€11,915
Current investments
-€1
Financing
-€14,343
Debts after one year
-€14,817
Current portion of long-term debt
+€474
Cash 2025
€38,288
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,396,531 | €1,340,979 | -€55,552 | -4.0% |
| Fixed assets | 21/28 | €1,336,730 | €1,269,050 | -€67,680 | -5.1% |
| Intangible fixed assets | 21 | €49,861 | €33,240 | -€16,620 | -33.3% |
| Tangible fixed assets | 22/27 | €1,286,724 | €1,235,574 | -€51,151 | -4.0% |
| Land and buildings | 22 | €667,461 | €638,639 | -€28,822 | -4.3% |
| Plant, machinery and equipment | 23 | €581,634 | €569,802 | -€11,833 | -2.0% |
| Furniture and vehicles | 24 | €9,776 | €8,182 | -€1,593 | -16.3% |
| Leasing and similar rights | 25 | €27,854 | €18,951 | -€8,902 | -32.0% |
| Financial fixed assets | 28 | €145 | €236 | +€91 | +62.9% |
| Current assets | 29/58 | €59,802 | €71,929 | +€12,127 | +20.3% |
| Amounts receivable within one year | 40/41 | €24,743 | €27,313 | +€2,570 | +10.4% |
| Trade receivables | 40 | €21,753 | €24,349 | +€2,595 | +11.9% |
| Other amounts receivable | 41 | €2,990 | €2,965 | -€25 | -0.8% |
| Current investments | 50/53 | €453 | €454 | +€1 | +0.2% |
| Cash at bank and in hand | 54/58 | €28,272 | €38,288 | +€10,016 | +35.4% |
| Deferred charges and accrued income | 490/1 | €6,334 | €5,874 | -€460 | -7.3% |
| Total equity and liabilities | 10/49 | €1,396,531 | €1,340,979 | -€55,552 | -4.0% |
| Equity | 10/15 | €456,775 | €473,702 | +€16,927 | +3.7% |
| Contributions | 10/11 | €25,200 | €25,200 | = | 0.0% |
| Reserves | 13 | €431,575 | €448,502 | +€16,927 | +3.9% |
| Distributable reserves | 133 | €431,575 | €448,502 | +€16,927 | +3.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €939,756 | €867,277 | -€72,479 | -7.7% |
| Amounts payable after more than one year | 17 | €774,815 | €759,998 | -€14,817 | -1.9% |
| Financial debts | 170/4 | €289,815 | €238,998 | -€50,817 | -17.5% |
| Other amounts payable | 178/9 | €485,000 | €521,000 | +€36,000 | +7.4% |
| Amounts payable within one year | 42/48 | €135,713 | €82,237 | -€53,476 | -39.4% |
| Current portion of amounts payable after more than one year | 42 | €50,343 | €50,817 | +€474 | +0.9% |
| Trade debts | 44 | €722 | €2,385 | +€1,663 | +231% |
| Suppliers | 440/4 | €722 | €2,385 | +€1,663 | +231% |
| Taxes, remuneration and social security | 45 | €26,211 | €27,394 | +€1,183 | +4.5% |
| Taxes | 450/3 | €26,211 | €27,394 | +€1,183 | +4.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €58,437 | €1,641 | -€56,796 | -97.2% |
| Accrued charges and deferred income | 492/3 | €29,229 | €25,042 | -€4,186 | -14.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,226 | €79,595 | +€368 | +0.5% |
| Other operating charges | 640/8 | €6,267 | €7,149 | +€882 | +14.1% |
| Non-recurring operating charges | 66A | €873 | €132 | -€741 | -84.9% |
| Gross operating margin | 9900 | €160,476 | €161,807 | +€1,331 | +0.8% |
| Operating profit (loss) | 9901 | €74,109 | €74,931 | +€821 | +1.1% |
| Financial income | 75/76B | €2 | €9 | +€7 | +391% |
| Recurring financial income | 75 | €2 | €9 | +€7 | +391% |
| Financial charges | 65/66B | €49,518 | €43,303 | -€6,215 | -12.6% |
| Recurring financial charges | 65 | €49,518 | €43,303 | -€6,215 | -12.6% |
| Profit (loss) for the period before taxes | 9903 | €24,593 | €31,637 | +€7,044 | +28.6% |
| Income taxes | 67/77 | €12,039 | €14,710 | +€2,671 | +22.2% |
| Profit (loss) for the period | 9904 | €12,555 | €16,927 | +€4,372 | +34.8% |
| Profit (loss) for the period to be appropriated | 9905 | €12,555 | €16,927 | +€4,372 | +34.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.