MTBC
ActiveSummary
MTBC has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €210,324 and a net result of €133,731. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 19% of 11615 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability65▲+21
Solvency43▲+14
Growth85=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €13,000 at 30 days acceptable
Liquidity ample (current ratio 1.72 against 3.68 in 2023; short-term debt: 36.4% and cash: 4% of total assets), but 81.6% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises 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
Architectural and engineering activities; technical testing and analysis (NACE 71)
about 56% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 19% of 11615 sector peers (2024).
NBB · sector comparisonPosition among 11615 sector peers
Solvency
better than 19%
← weakest
strongest →
lowers risk · Growing equity
Reported equity is higher than in 2022 and did not fall compared with 2023. These amounts do not establish the cause of the change.
NBB · annual accounts 2024Equity per financial year
18192021222324
2018 to 2024 · latest year €210,324
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 28-10-2025, 89 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 8 filingsDeviation from the deadline
2025
not confirmed
2024
89 d late
2023
29 d late
2022
31 d late
2021
61 d late
2020
30 d late
2019
31 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 45 days after the deadline; the sector median for financial year 2024 is 8 days before the deadline, and 33% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Turnover
€126,593▲ 43.9%
2019 · €87,947
EBIT margin
21.4%▲ 48.1pp
2019 · -26.8%
Net result
€133,731▲ 173%
2023 · €49,068
Working capital
€301,211▼ 73.8%
2023 · €1.1m
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Turnover€126,593▲ 43.9%
Operating result€27,036-€10,761€63,050€122,428▲ 94.2%€202,520▲ 65.4%
Net result€19,475-€26,237€30,996€49,068▲ 58.3%€133,731▲ 173%
EBIT margin21.4%▲ 48.1pp
Equity€16,586-€9,671€27,525€76,593▲ 178%€210,324▲ 175%
Total assets€915,016▲ 234%€1.3m▲ 37.1%€1.6m▲ 30.1%€2.0m▲ 23.8%€1.1m▼ 43.4%
Debt€898,430▲ 224%€1.3m▲ 40.8%€1.6m▲ 26.9%€1.9m▲ 21.2%€934,664▼ 51.9%
Working capital€203,683▲ 545%€11,801▼ 94.2%€428,440▲ 3,531%€1.1m▲ 168%€301,211▼ 73.8%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2021 the operating result has climbed three years in a row; 2024 is 65% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €1.1m
Fixed assets
€426,230 ▼ 3.8%
Current assets
€718,122 ▼ 54.5%
Equity and liabilities €1.1m
Equity
€210,324 ▲ 175%
Debt
€934,664 ▼ 51.9%
Debt's share of the balance-sheet total falls from 96.2% to 81.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€226,910▲
2023 · €146,544
Cash flow
€158,121▲
2023 · €73,184
Current ratio
1.72▼
2023 · 3.68
Quick ratio
0.30▲
2023 · 0.24
Debt to equity
4.44▼
2023 · 25.39
ROE
63.6%▼
2023 · 64.1%
ROA
11.7%▲
2023 · 2.4%
Interest coverage
3.85▲
2023 · 2.64
Debt ≤ 1 year
€416,911▼
2023 · €429,076
Debt > 1 year
€517,753▼
2023 · €1.5m
Income taxes
€9,867▼
2023 · €17,846
Staff costs
€172
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,677 companies that looked in July 2024 the way this one looks now, 1.3% went bankrupt within 24 months and 97% are still going.
- Small
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
1.3%
went bankrupt
1.2%
stopped otherwise
97%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 2,677 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €126,593 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | €0 | - | - | €172 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,550 | €11,627 | €19,060 | €24,116 | €24,390 | ▲ 1.1% |
| Other operating charges640/8 | - | €646 | €1,386 | €3,051 | €4,034 | ▲ 32.2% |
| Non-recurring operating charges66A | - | €0 | - | - | - | - |
| Gross operating margin9900 | €38,724 | €1,512 | €83,496 | €149,596 | €231,116 | ▲ 54.5% |
| Operating profit (loss)9901 | €27,036 | -€10,761 | €63,050 | €122,428 | €202,520 | ▲ 65.4% |
| Financial income75/76B | - | €0 | €0 | €86 | €52 | ▼ 39.3% |
| Recurring financial income75 | €12 | €0 | €0 | €86 | €52 | ▼ 39.3% |
| Financial charges65/66B | - | €15,322 | €28,418 | €55,601 | €58,975 | ▲ 6.1% |
| Recurring financial charges65 | €7,424 | €15,322 | €28,418 | €55,601 | €58,975 | ▲ 6.1% |
| Profit (loss) for the period before taxes9903 | €19,623 | -€26,083 | €34,632 | €66,913 | €143,597 | ▲ 115% |
| Income taxes67/77 | €148 | €154 | €3,636 | €17,846 | €9,867 | ▼ 44.7% |
| Profit (loss) for the period9904 | €19,475 | -€26,237 | €30,996 | €49,068 | €133,731 | ▲ 173% |
| Transfer to tax-exempt reserves689 | - | - | - | - | €105,250 | - |
| Profit (loss) for the period to be appropriated9905 | €19,475 | -€26,237 | €30,996 | €49,068 | €28,481 | ▼ 42.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €915,016 | €1.3m | €1.6m | €2.0m | €1.1m | ▼ 43.4% |
| Formation expenses20 | €1,098 | €983 | €867 | €751 | €635 | ▼ 15.4% |
| Fixed assets21/28 | €54,413 | €35,019 | €452,467 | €443,263 | €426,230 | ▼ 3.8% |
| Tangible fixed assets22/27 | €40,913 | €35,019 | €452,467 | €443,263 | €426,230 | ▼ 3.8% |
| Land and buildings22 | - | €1,386 | €427,755 | €415,790 | €403,826 | ▼ 2.9% |
| Plant, machinery and equipment23 | - | €14,725 | €12,394 | €11,235 | €8,785 | ▼ 21.8% |
| Furniture and vehicles24 | - | €18,909 | €12,318 | €16,237 | €13,619 | ▼ 16.1% |
| Financial fixed assets28 | €13,500 | - | - | - | - | - |
| Current assets29/58 | €859,504 | €1.2m | €1.2m | €1.6m | €718,122 | ▼ 54.5% |
| Stocks and contracts in progress3 | €769,675 | €1.2m | €1.1m | €1.5m | €593,100 | ▼ 59.8% |
| Stocks30/36 | - | €1.2m | €1.1m | €1.5m | €593,100 | ▼ 59.8% |
| Amounts receivable within one year40/41 | €44,751 | €13,838 | €27,318 | €19,398 | €72,581 | ▲ 274% |
| Trade receivables40 | - | - | €73 | - | €6,308 | - |
| Other amounts receivable41 | - | €13,838 | €27,245 | €19,398 | €66,273 | ▲ 242% |
| Cash at bank and in hand54/58 | €36,717 | €47,299 | €36,247 | €74,772 | €45,897 | ▼ 38.6% |
| Deferred charges and accrued income490/1 | - | €1,823 | €10,166 | €9,327 | €6,544 | ▼ 29.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €915,016 | €1.3m | €1.6m | €2.0m | €1.1m | ▼ 43.4% |
| Equity10/15 | €16,586 | -€9,671 | €27,525 | €76,593 | €210,324 | ▲ 175% |
| Contributions10/11 | €12,400 | €12,400 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €107,110 | ▲ 5,659% |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Tax-exempt reserves132 | - | - | - | - | €105,250 | - |
| Profit (loss) carried forward14 | €2,326 | -€23,931 | €7,065 | €56,133 | €84,614 | ▲ 50.7% |
| Amounts payable17/49 | €898,430 | €1.3m | €1.6m | €1.9m | €934,664 | ▼ 51.9% |
| Amounts payable after more than one year17 | €242,610 | €55,589 | €854,248 | €1.5m | €517,753 | ▼ 65.8% |
| Financial debts170/4 | - | €55,589 | €854,248 | €1.5m | €517,753 | ▼ 65.8% |
| Amounts payable within one year42/48 | €655,821 | €1.2m | €750,583 | €429,076 | €416,911 | ▼ 2.8% |
| Current portion of amounts payable after more than one year42 | - | €187,065 | €15,380 | €11,269 | €160,084 | ▲ 1,321% |
| Financial debts43 | - | €693,482 | €377,624 | €1 | - | - |
| Credit institutions430/8 | - | €693,482 | €377,624 | €1 | - | - |
| Trade debts44 | €15,144 | €27,876 | €3,469 | €44,979 | €54,482 | ▲ 21.1% |
| Suppliers440/4 | - | €27,876 | €3,469 | €44,979 | €54,482 | ▲ 21.1% |
| Taxes, remuneration and social security45 | - | €2,658 | €22,616 | €46,470 | €12,863 | ▼ 72.3% |
| Taxes450/3 | - | €2,658 | €22,616 | €44,870 | €12,863 | ▼ 71.3% |
| Remuneration and social security454/9 | - | - | - | €1,600 | - | - |
| Other amounts payable47/48 | - | €296,044 | €331,495 | €326,356 | €189,482 | ▼ 41.9% |
| Accrued charges and deferred income492/3 | - | €1,885 | - | - | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,475 | -€26,237 | €30,996 | €49,068 | €133,731 | ▲ 173% |
| + Depreciation and write-downs630 | €9,550 | €11,627 | €19,060 | €24,116 | €24,390 | ▲ 1.1% |
| Operating cash flow (approximation) | €29,024 | -€14,610 | €50,056 | €73,184 | €158,121 | ▲ 116% |
| Investment in fixed assets (approximation) | - | €7,767 | -€436,507 | -€14,912 | -€7,357 | ▲ 50.7% |
| Change in cash | - | €10,582 | -€11,052 | €38,525 | -€28,875 | ▼ 175% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2025
28-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 89 days late
2024
31-12
Financial
Highest result since 2018net €133,731 ▲173%
Operating result €202,520, net result €133,731, both a record.
31-12
Financial
Equity above €200,000Eq €210,324 ▲175%
3 profitable years in a row build equity to €210,324.
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
2023
31-12
Financial
Liquidity doublescurrent ratio 3.68
Current ratio from 1.57 to 3.68; short-term debt falls from €750,583 to €429,076.
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
31-12
Financial
Back to profitnet €30,996
Net result €30,996 after one loss-making year.
30-09
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 61 days late
2021
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 30 days late
2020
31-12
Financial
Back to profitnet €19,475
Net result €19,475 after one loss-making year.
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 31 days late
2019
31-12
Financial
Weakest financial yearnet -€29,743
Net result drops to -€29,743, the lowest in the series; recovery starts the following year.
25-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
05-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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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, Eghezée · 1 establishment unit since 2017
Ground area
2,918 m²
Building footprint
60 m²
Parcel 92073B0266/00M000, Wallonia. Linked by address, not a title deed.
1 establishment unit
MTBC
since 20172.261.840.852
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 92073B0266/00M000 | Wallonia | 2,918 m² | 1 · 60 m² | - |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 11,577 companies in sector 71121 we hold annual accounts for 6,563. 5,082 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded16-02-2017
Fiscal year end31-12
Trade name FR
ARTANA
Activities, NACEBEL 2025
71121Engineering and related technical consultancy, excluding land surveyors
74999Other professional, scientific and technical activities
Contact
E-mail
thibaudmaes@gmail.comEghezée
Phone
0497-373620Eghezée
E-invoicing
Reachable via Peppol
Peppol ID
0208:0671559605
Also
9925:BE0671559605
Registered
09-09-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.