MTBC: 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.
MTBC
Largest movements
- Stocks and contracts +€162,772
up €162,772 (+27.4%), from €593,100 to €755,872
- Cash -€34,447
down €34,447 (-75.1%), from €45,897 to €11,451
mainly Stocks and contracts (-€162,772) and Current portion of long-term debt (-€147,971)
- Tangible fixed assets -€21,111
down €21,111 (-5.0%), from €426,230 to €405,119
of which Land and buildings: -€11,965
- Receivables within one year -€17,904
down €17,904 (-24.7%), from €72,581 to €54,677
of which Other amounts receivable: -€40,250
- Debts after one year +€322,655
up €322,655 (+62.3%), from €517,753 to €840,408
- Current portion of long-term debt -€147,971
down €147,971 (-92.4%), from €160,084 to €12,113
- Trade debts -€37,259
down €37,259 (-68.4%), from €54,482 to €17,222
- Reserves -€30,009
down €30,009 (-28.0%), from €107,110 to €77,101
of which Tax-exempt reserves: -€30,009
- Profit (loss) carried forward -€29,695
down €29,695 (-35.1%), from €84,614 to €54,919
- Gross operating margin -€194,474
down €194,474 (-84.1%), from €231,116 to €36,642
- Financial charges -€14,231
down €14,231 (-24.1%), from €58,975 to €44,744
- Taxes +€9,205
up €9,205 (+93.3%), from €9,867 to €19,072
- Depreciation -€4,291
down €4,291 (-17.6%), from €24,390 to €20,099
- Other operating charges +€2,370
up €2,370 (+58.7%), from €4,034 to €6,404
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,144,988 | €1,244,240 | +€99,252 | +8.7% |
| Formation expenses | 20 | €635 | €520 | -€116 | -18.2% |
| Fixed assets | 21/28 | €426,230 | €405,119 | -€21,111 | -5.0% |
| Tangible fixed assets | 22/27 | €426,230 | €405,119 | -€21,111 | -5.0% |
| Land and buildings | 22 | €403,826 | €391,861 | -€11,965 | -3.0% |
| Plant, machinery and equipment | 23 | €8,785 | €6,335 | -€2,450 | -27.9% |
| Furniture and vehicles | 24 | €13,619 | €6,923 | -€6,696 | -49.2% |
| Current assets | 29/58 | €718,122 | €838,601 | +€120,479 | +16.8% |
| Stocks and contracts in progress | 3 | €593,100 | €755,872 | +€162,772 | +27.4% |
| Stocks | 30/36 | €593,100 | €755,872 | +€162,772 | +27.4% |
| Amounts receivable within one year | 40/41 | €72,581 | €54,677 | -€17,904 | -24.7% |
| Trade receivables | 40 | €6,308 | €28,653 | +€22,346 | +354% |
| Other amounts receivable | 41 | €66,273 | €26,023 | -€40,250 | -60.7% |
| Cash at bank and in hand | 54/58 | €45,897 | €11,451 | -€34,447 | -75.1% |
| Deferred charges and accrued income | 490/1 | €6,544 | €16,601 | +€10,057 | +154% |
| Total equity and liabilities | 10/49 | €1,144,988 | €1,244,240 | +€99,252 | +8.7% |
| Equity | 10/15 | €210,324 | €150,620 | -€59,704 | -28.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €107,110 | €77,101 | -€30,009 | -28.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Tax-exempt reserves | 132 | €105,250 | €75,241 | -€30,009 | -28.5% |
| Distributable reserves | 133 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | €84,614 | €54,919 | -€29,695 | -35.1% |
| Amounts payable | 17/49 | €934,664 | €1,093,620 | +€158,956 | +17.0% |
| Amounts payable after more than one year | 17 | €517,753 | €840,408 | +€322,655 | +62.3% |
| Financial debts | 170/4 | €517,753 | €840,408 | +€322,655 | +62.3% |
| Amounts payable within one year | 42/48 | €416,911 | €253,212 | -€163,699 | -39.3% |
| Current portion of amounts payable after more than one year | 42 | €160,084 | €12,113 | -€147,971 | -92.4% |
| Trade debts | 44 | €54,482 | €17,222 | -€37,259 | -68.4% |
| Suppliers | 440/4 | €54,482 | €17,222 | -€37,259 | -68.4% |
| Taxes, remuneration and social security | 45 | €12,863 | €15,089 | +€2,226 | +17.3% |
| Taxes | 450/3 | €12,863 | €14,080 | +€1,218 | +9.5% |
| Remuneration and social security | 454/9 | - | €1,009 | +€1,009 | |
| Other amounts payable | 47/48 | €189,482 | €208,787 | +€19,305 | +10.2% |
| Remuneration, social security and pensions | 62 | €172 | - | -€172 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,390 | €20,099 | -€4,291 | -17.6% |
| Other operating charges | 640/8 | €4,034 | €6,404 | +€2,370 | +58.7% |
| Gross operating margin | 9900 | €231,116 | €36,642 | -€194,474 | -84.1% |
| Operating profit (loss) | 9901 | €202,520 | €10,139 | -€192,381 | -95.0% |
| Financial income | 75/76B | €52 | €1 | -€52 | -98.2% |
| Recurring financial income | 75 | €52 | €1 | -€52 | -98.2% |
| Financial charges | 65/66B | €58,975 | €44,744 | -€14,231 | -24.1% |
| Recurring financial charges | 65 | €58,975 | €44,744 | -€14,231 | -24.1% |
| Profit (loss) for the period before taxes | 9903 | €143,597 | -€34,604 | -€178,201 | |
| Income taxes | 67/77 | €9,867 | €19,072 | +€9,205 | +93.3% |
| Profit (loss) for the period | 9904 | €133,731 | -€53,676 | -€187,407 | |
| Transfer to tax-exempt reserves | 689 | €105,250 | - | -€105,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,481 | -€53,676 | -€82,157 |
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 15 October 2026 via checked.be.