MTELECOM
ActiveFinancials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 3 November 2026.
Annual accounts 2024 filed on 01-01-2026 PDF all 17 filings
Turnover
€12,852
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
-€78,991▼ 109%
2023 · -€37,771
Working capital
€104,418▼ 31.0%
2023 · €151,403
Multi-year overview
2018 to 2024, 7 financial yearsTurnover
€12,852
2024
20182024
Operating result
-€47,123
▼ 27.3%
2024
20182024
Net result
-€78,991
▼ 109%
2024
lowest quarter of the sector
20182024
Equity
€45,781
▼ 63.3%
2024
middle half of the sector
20182024
Total assets
€413,397
▼ 17.5%
2024
highest quarter of the sector
20182024
Debt
€367,616
▼ 2.4%
2024
20182024
Working capital
€104,418
▼ 31.0%
2024
middle half of the sector
20182024
Solvency
11.1%
▼ 13.8pp
2024
lowest quarter of the sector
20182024
Current ratio
2.42
▼ 1.03
2024
middle half of the sector
20182024
Return on assets (ROA)
-19.1%
▼ 11.6pp
2024
lowest quarter of the sector
20182024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232024
Turnover€12,852
Operating result-€8,173-€6,866€13,391▲ 95.0%€86,772▲ 548%€32,617▼ 62.4%-€37,027-€47,123▼ 27.3%
Net result-€15,222-€179€9,990within the sector's middle half▲ 56×€81,337above the sector's middle half▲ 714%€1,227below the sector's middle half▼ 98.5%-€37,771below the sector's middle half-€78,991below the sector's middle half▼ 109%
Equity€69,810-€69,988▲ 0.3%€79,979within the sector's middle half▲ 14.3%€161,316above the sector's middle half▲ 102%€162,543above the sector's middle half▲ 0.8%€124,772within the sector's middle half▼ 23.2%€45,781within the sector's middle half▼ 63.3%
Total assets€298,994-€290,527▼ 2.8%€323,936above the sector's middle half▲ 11.5%€385,371above the sector's middle half▲ 19.0%€568,946above the sector's middle half▲ 47.6%€501,390above the sector's middle half▼ 11.9%€413,397above the sector's middle half▼ 17.5%
Debt€229,184-€220,538▼ 3.8%€243,957▲ 10.6%€224,055▼ 8.2%€406,403▲ 81.4%€376,618▼ 7.3%€367,616▼ 2.4%
Working capital€45,874-€61,532▲ 34.1%€82,713within the sector's middle half▲ 34.4%€197,282above the sector's middle half▲ 139%€149,652above the sector's middle half▼ 24.1%€151,403above the sector's middle half▲ 1.2%€104,418within the sector's middle half▼ 31.0%
Solvency23.3%-24.1%▲ 0.7pp24.7%below the sector's middle half▲ 0.6pp41.9%within the sector's middle half▲ 17.2pp28.6%below the sector's middle half▼ 13.3pp24.9%below the sector's middle half▼ 3.7pp11.1%below the sector's middle half▼ 13.8pp
Current ratio2.27-2.49▲ 0.232.03within the sector's middle half▼ 0.464.51within the sector's middle half▲ 2.483.10within the sector's middle half▼ 1.413.45within the sector's middle half▲ 0.362.42within the sector's middle half▼ 1.03
Return on assets (ROA)-5.1%-0.1%▲ 5.2pp3.1%below the sector's middle half▲ 3.0pp21.1%within the sector's middle half▲ 18.0pp0.2%below the sector's middle half▼ 20.9pp-7.5%below the sector's middle half▼ 7.7pp-19.1%below the sector's middle half▼ 11.6pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2024 is a loss of €47,123, larger than the loss of €37,027 in 2023. It is the lowest result since 2020.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €413,397
Fixed assets
€235,608 ▼ 18.3%
Current assets
€177,789 ▼ 16.6%
Equity and liabilities €413,397
Equity
€45,781 ▼ 63.3%
Debt
€367,616 ▼ 2.4%
Debt's share of the balance-sheet total rises from 75.1% to 88.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
€13,725▼
2023 · €24,322
Cash flow
-€18,143▼
2023 · €23,578
Debt to equity
8.03▲
2023 · 3.02
ROE
-172.5%▼
2023 · -30.3%
Interest coverage
17.92▼
2023 · 32.69
Debt ≤ 1 year
€73,371▲
2023 · €61,715
Debt > 1 year
€274,105▼
2023 · €314,903
Income taxes
€31,102
Customer credit
1252 days
Supplier credit
307 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Tangible fixed assets | - | €271,845 | €1,686 | - |
| Financial fixed assets | - | - | - | €8,184 |
| Depreciation and write-downs of the year | €29,064 | €55,296 | €61,349 | €60,848 |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | - | - | €12,852 | - |
| Non-recurring operating income76A | - | - | - | - | - | - | €28,725 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | - | - | €27,790 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €29,729 | €29,142 | €28,721 | €29,064 | €55,296 | €61,349 | €60,848 | ▼ 0.8% |
| Other operating charges640/8 | - | - | - | €1,285 | €3,476 | - | €63 | - |
| Gross operating margin9900 | €49,812 | €37,438 | €43,152 | €117,121 | €91,389 | €24,322 | €13,788 | ▼ 43.3% |
| Operating profit (loss)9901 | -€8,173 | €6,866 | €13,391 | €86,772 | €32,617 | -€37,027 | -€47,123 | ▼ 27.3% |
| Recurring financial income75 | €9 | - | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €5,435 | €24,850 | €744 | €766 | ▲ 3.0% |
| Recurring financial charges65 | €2,670 | €3,487 | €3,401 | €5,435 | €24,850 | €744 | €766 | ▲ 3.0% |
| Profit (loss) for the period before taxes9903 | -€10,833 | €3,379 | €9,990 | €81,337 | €7,767 | -€37,771 | -€47,889 | ▼ 26.8% |
| Income taxes67/77 | €4,390 | €3,200 | - | - | €6,540 | - | €31,102 | - |
| Profit (loss) for the period9904 | -€15,222 | €179 | €9,990 | €81,337 | €1,227 | -€37,771 | -€78,991 | ▼ 109% |
| Profit (loss) for the period to be appropriated9905 | -€15,222 | €179 | €9,990 | €81,337 | €1,227 | -€37,771 | -€78,991 | ▼ 109% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €298,994 | €290,527 | €323,936 | €385,371 | €568,946 | €501,390 | €413,397 | ▼ 17.5% |
| Fixed assets21/28 | €216,918 | €187,775 | €160,949 | €131,885 | €347,934 | €288,272 | €235,608 | ▼ 18.3% |
| Tangible fixed assets22/27 | €215,719 | €186,576 | €159,750 | €130,686 | €347,235 | €287,573 | €226,725 | ▼ 21.2% |
| Land and buildings22 | - | - | - | €115,500 | €318,355 | €268,380 | €218,405 | ▼ 18.6% |
| Furniture and vehicles24 | - | - | - | €992 | €17,702 | €11,101 | €3,174 | ▼ 71.4% |
| Other tangible fixed assets26 | - | - | - | €14,194 | €11,178 | €8,092 | €5,146 | ▼ 36.4% |
| Financial fixed assets28 | €1,199 | €1,199 | €1,199 | €1,199 | €699 | €699 | €8,883 | ▲ 13× |
| Current assets29/58 | €82,076 | €102,752 | €162,987 | €253,486 | €221,012 | €213,118 | €177,789 | ▼ 16.6% |
| Amounts receivable within one year40/41 | €61,626 | €75,675 | €91,947 | €75,244 | €105,947 | €101,184 | €141,600 | ▲ 39.9% |
| Trade receivables40 | - | - | - | €60,784 | €63,764 | €42,120 | €44,084 | ▲ 4.7% |
| Other amounts receivable41 | - | - | - | €14,460 | €42,183 | €59,064 | €97,516 | ▲ 65.1% |
| Cash at bank and in hand54/58 | €8,527 | €509 | €59,069 | €151,924 | €115,065 | €90,923 | €36,189 | ▼ 60.2% |
| Deferred charges and accrued income490/1 | - | - | - | €26,318 | - | €21,011 | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €298,994 | €290,527 | €323,936 | €385,371 | €568,946 | €501,390 | €413,397 | ▼ 17.5% |
| Equity10/15 | €69,810 | €69,988 | €79,979 | €161,316 | €162,543 | €124,772 | €45,781 | ▼ 63.3% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| 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 | = |
| Profit (loss) carried forward14 | €61,750 | €61,928 | €71,919 | €153,256 | €154,483 | €116,712 | €37,721 | ▼ 67.7% |
| Amounts payable17/49 | €229,184 | €220,538 | €243,957 | €224,055 | €406,403 | €376,618 | €367,616 | ▼ 2.4% |
| Amounts payable after more than one year17 | €192,982 | €176,019 | €158,883 | €146,481 | €314,903 | €314,903 | €274,105 | ▼ 13.0% |
| Financial debts170/4 | - | - | - | €146,481 | €314,903 | €314,903 | €274,105 | ▼ 13.0% |
| Amounts payable within one year42/48 | €36,202 | €41,220 | €80,274 | €56,204 | €71,360 | €61,715 | €73,371 | ▲ 18.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €15,179 | €26,927 | €840 | €3,000 | ▲ 257% |
| Trade debts44 | €14,134 | €14,753 | €39,362 | €19,551 | €30,455 | €29,399 | €23,393 | ▼ 20.4% |
| Suppliers440/4 | - | - | - | €19,551 | €30,455 | €29,399 | €23,393 | ▼ 20.4% |
| Taxes, remuneration and social security45 | - | - | - | €21,474 | €13,978 | €31,476 | €23,428 | ▼ 25.6% |
| Taxes450/3 | - | - | - | €21,474 | €13,978 | €31,476 | €23,428 | ▼ 25.6% |
| Other amounts payable47/48 | - | - | - | - | - | - | €23,550 | - |
| Accrued charges and deferred income492/3 | - | - | - | €21,370 | €20,140 | - | €20,140 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€15,222 | €179 | €9,990 | €81,337 | €1,227 | -€37,771 | -€78,991 | ▼ 109% |
| + Depreciation and write-downs630 | €29,729 | €29,142 | €28,721 | €29,064 | €55,296 | €61,349 | €60,848 | ▼ 0.8% |
| Operating cash flow (approximation) | €14,507 | €29,321 | €38,711 | €110,401 | €56,523 | €23,578 | -€18,143 | - |
| Investment in fixed assets (approximation) | - | €0 | -€1,894 | -€0 | -€271,345 | -€1,687 | -€8,184 | ▼ 385% |
| Change in cash | - | -€8,018 | €58,560 | €92,855 | -€36,859 | -€24,142 | -€54,734 | ▼ 127% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 1,294 companies had the same profile as MTELECOM has now. Two years later, 89.6% were still going and 4.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
89.6%
was still going
5.9%
stopped otherwise
4.1%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MTELECOM itself: 2.0% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 1,294 companies, not a prediction for MTELECOM. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | micro format | 01-01-2026 | 2026-00001565 | |
| 31-12-2023 | micro format | 01-01-2026 | 2026-00001561 | |
| 31-12-2022 | micro format | 01-01-2026 | 2026-00001555 | |
| 31-12-2021 | micro format | 01-01-2026 | 2026-00001533 | |
| 31-12-2020 | micro format | 17-12-2021 | 2021-80700281 | |
| 31-12-2019 | micro format | 30-11-2020 | 2020-73500519 | |
| 31-12-2018 | micro format | 31-10-2019 | 2019-72500114 | |
| 31-12-2017 | micro format | 26-09-2018 | 2018-65200104 | |
| 31-12-2016 | micro format | 08-11-2017 | 2017-69500155 | |
| 31-12-2015 | full format | 07-10-2016 | 2016-65300108 |