PROTECH-TOIT
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00508028.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 13 filings
Turnover
€228,332▼ 0.4%
2023 · €229,352
EBIT margin
-2.1%▼ 7.9pp
2023 · 5.8%
Net result
-€5,644▲ 8.7%
2024 · -€6,181
Working capital
€13,129▼ 17.6%
2024 · €15,934
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€5,670
▼ 19.1%
2025
20182025
Net result
-€5,644
▲ 8.7%
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€17,710
▼ 19.3%
2025
lowest quarter of the sector
20182025
Total assets
€75,011
▲ 44.5%
2025
middle half of the sector
20182025
Debt
€57,302
▲ 91.2%
2025
20182025
Working capital
€13,129
▼ 17.6%
2025
middle half of the sector
20182025
Solvency
23.6%
▼ 18.7pp
2025
middle half of the sector
20182025
Current ratio
1.27
▼ 0.62
2025
middle half of the sector
20182025
Return on assets (ROA)
-7.5%
▲ 4.4pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€179,319-€234,667▲ 30.9%€159,382▼ 32.1%€229,352€228,332▼ 0.4%
Operating result-€15,490-€29,275-€23,377€5,224€17,927▲ 243%€13,234▼ 26.2%-€4,761-€5,670▼ 19.1%
Net result-€16,310-€26,982-€25,315below the sector's middle half€4,187within the sector's middle half€10,737within the sector's middle half▲ 156%€10,932within the sector's middle half▲ 1.8%-€6,181below the sector's middle half-€5,644below the sector's middle half▲ 8.7%
EBIT margin-8.6%-12.5%▲ 21.1pp-14.7%▼ 27.1pp5.8%-2.1%▼ 7.9pp
Equity€612-€27,595▲ 45×€2,280below the sector's middle half▼ 91.7%€6,467below the sector's middle half▲ 184%€17,204below the sector's middle half▲ 166%€28,136within the sector's middle half▲ 63.5%€21,956within the sector's middle half▼ 22.0%€17,710below the sector's middle half▼ 19.3%
Total assets€44,654-€56,993▲ 27.6%€30,235below the sector's middle half▼ 47.0%€49,640below the sector's middle half▲ 64.2%€41,391below the sector's middle half▼ 16.6%€60,596below the sector's middle half▲ 46.4%€51,920below the sector's middle half▼ 14.3%€75,011within the sector's middle half▲ 44.5%
Debt€44,041-€29,399▼ 33.2%€27,955▼ 4.9%€43,173▲ 54.4%€24,187▼ 44.0%€32,459▲ 34.2%€29,965▼ 7.7%€57,302▲ 91.2%
Working capital-€3,417-€23,956-€121below the sector's middle half€4,946within the sector's middle half€13,739within the sector's middle half▲ 178%€26,114within the sector's middle half▲ 90.1%€15,934within the sector's middle half▼ 39.0%€13,129within the sector's middle half▼ 17.6%
Solvency1.4%-48.4%▲ 47.0pp7.5%below the sector's middle half▼ 40.9pp13.0%below the sector's middle half▲ 5.5pp41.6%within the sector's middle half▲ 28.5pp46.4%within the sector's middle half▲ 4.9pp42.3%within the sector's middle half▼ 4.1pp23.6%within the sector's middle half▼ 18.7pp
Current ratio0.90-1.94▲ 1.041.00below the sector's middle half▼ 0.941.11within the sector's middle half▲ 0.121.57within the sector's middle half▲ 0.451.80within the sector's middle half▲ 0.241.89within the sector's middle half▲ 0.091.27within the sector's middle half▼ 0.62
Return on assets (ROA)-36.5%-47.3%▲ 83.9pp-83.7%below the sector's middle half▼ 131.1pp8.4%within the sector's middle half▲ 92.2pp25.9%above the sector's middle half▲ 17.5pp18.0%above the sector's middle half▼ 7.9pp-11.9%below the sector's middle half▼ 29.9pp-7.5%below the sector's middle half▲ 4.4pp
Staff (FTE)2-1.7▼ 15.0%1within the sector's middle half▼ 41.2%1=11.1▲ 10.0%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 2025 is a loss of €5,670, larger than the loss of €4,761 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €75,011
Fixed assets
€13,741 ▼ 24.2%
Current assets
€61,270 ▲ 81.3%
Equity and liabilities €75,011
Equity
€17,710 ▼ 19.3%
Debt
€57,302 ▲ 91.2%
Debt's share of the balance-sheet total rises from 57.7% to 76.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€1,288▲
2024 · -€2,598
Cash flow
-€1,262▲
2024 · -€4,018
Debt to equity
3.24▲
2024 · 1.36
ROE
-31.9%▼
2024 · -28.2%
Interest coverage
-1.50▲
2024 · -1.83
Debt ≤ 1 year
€48,141▲
2024 · €17,864
Debt > 1 year
€9,161▼
2024 · €12,101
Staff costs
€45,269▼
2024 · €46,673
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2023 | 31-12-2024 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 2 |
| full-time | 1 | 1 | 2 |
| in full-time equivalents | 1 | 1 | 2 |
| Average over the year, in full-time equivalents | 1 | 1 | 1.1 |
| On a permanent contract | 1 | 1 | 1 |
| Joined | - | - | 1 |
| Left | - | - | 0 |
Source: social balance sheet in the 2021 to 2024 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €329 | €3,208 | - | €18,263 | - |
| Depreciation and write-downs of the year | €1,209 | €1,263 | €1,443 | €2,163 | €4,382 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €179,319 | €234,667 | €159,382 | - | - | €229,352 | €228,332 | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | - | €168,116 | €192,506 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €37,639 | €39,260 | €45,826 | €46,673 | €45,269 | ▼ 3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,832 | €7,975 | €6,197 | €1,209 | €1,263 | €1,443 | €2,163 | €4,382 | ▲ 103% |
| Other operating charges640/8 | - | - | - | - | €695 | €732 | €387 | €400 | ▲ 3.2% |
| Gross operating margin9900 | €35,377 | €86,484 | €22,862 | €44,072 | €59,146 | €61,236 | €44,462 | €44,381 | ▼ 0.2% |
| Operating profit (loss)9901 | -€15,490 | €29,275 | -€23,377 | €5,224 | €17,927 | €13,234 | -€4,761 | -€5,670 | ▼ 19.1% |
| Financial income75/76B | - | - | - | €9 | - | - | €0 | €883 | ▲ 22,082× |
| Recurring financial income75 | €17 | €1 | €1 | €9 | - | - | €0 | €883 | ▲ 22,082× |
| Financial charges65/66B | - | - | - | €1,046 | €7,190 | €1,885 | €1,419 | €857 | ▼ 39.6% |
| Recurring financial charges65 | €837 | €1,341 | €1,938 | €1,046 | €6,820 | €1,885 | €1,419 | €857 | ▼ 39.6% |
| Non-recurring financial charges66B | - | - | - | - | €370 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€16,310 | €27,936 | -€25,315 | €4,187 | €10,737 | €11,350 | -€6,181 | -€5,644 | ▲ 8.7% |
| Income taxes67/77 | - | €954 | - | - | - | €418 | - | - | - |
| Profit (loss) for the period9904 | -€16,310 | €26,982 | -€25,315 | €4,187 | €10,737 | €10,932 | -€6,181 | -€5,644 | ▲ 8.7% |
| Profit (loss) for the period to be appropriated9905 | -€16,310 | €26,982 | -€25,315 | €4,187 | €10,737 | €10,932 | -€6,181 | -€5,644 | ▲ 8.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €44,654 | €56,993 | €30,235 | €49,640 | €41,391 | €60,596 | €51,920 | €75,011 | ▲ 44.5% |
| Fixed assets21/28 | €13,020 | €7,536 | €2,401 | €1,521 | €3,466 | €2,023 | €18,123 | €13,741 | ▼ 24.2% |
| Intangible fixed assets21 | €1,071 | - | - | - | - | €0 | €0 | €0 | - |
| Tangible fixed assets22/27 | €11,948 | €7,536 | €2,401 | €1,521 | €3,466 | €2,023 | €18,123 | €13,741 | ▼ 24.2% |
| Plant, machinery and equipment23 | - | - | - | €414 | €309 | €136 | €23 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | €1,107 | €3,157 | €1,887 | €18,100 | €13,741 | ▼ 24.1% |
| Current assets29/58 | €31,634 | €49,457 | €27,834 | €48,119 | €37,926 | €58,573 | €33,797 | €61,270 | ▲ 81.3% |
| Amounts receivable within one year40/41 | €19,110 | €32,234 | €22,699 | €41,643 | €35,171 | €25,537 | €29,308 | €58,634 | ▲ 100% |
| Trade receivables40 | - | - | - | €17,018 | - | - | €77 | €23,140 | ▲ 301× |
| Other amounts receivable41 | - | - | - | €24,625 | €35,171 | €25,537 | €29,232 | €35,494 | ▲ 21.4% |
| Cash at bank and in hand54/58 | €12,523 | €17,223 | €5,135 | €2,839 | €2,754 | €30,854 | €4,489 | €2,636 | ▼ 41.3% |
| Deferred charges and accrued income490/1 | - | - | - | €3,637 | - | €2,182 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €44,654 | €56,993 | €30,235 | €49,640 | €41,391 | €60,596 | €51,920 | €75,011 | ▲ 44.5% |
| Equity10/15 | €612 | €27,595 | €2,280 | €6,467 | €17,204 | €28,136 | €21,956 | €17,710 | ▼ 19.3% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,375 | €1,375 | €1,375 | €1,375 | €1,375 | €1,375 | €1,375 | €1,375 | = |
| Non-distributable reserves130/1 | - | - | - | €1,375 | €1,375 | €1,375 | €1,375 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,375 | €1,375 | €1,375 | €1,375 | - | - |
| Distributable reserves133 | - | - | - | - | - | - | - | €1,375 | - |
| Profit (loss) carried forward14 | -€6,962 | €20,020 | -€5,295 | -€1,107 | €9,630 | €20,562 | €14,381 | €10,135 | ▼ 29.5% |
| Amounts payable17/49 | €44,041 | €29,399 | €27,955 | €43,173 | €24,187 | €32,459 | €29,965 | €57,302 | ▲ 91.2% |
| Amounts payable after more than one year17 | €8,990 | €3,898 | - | - | - | - | €12,101 | €9,161 | ▼ 24.3% |
| Financial debts170/4 | - | - | - | - | - | - | €12,101 | €9,161 | ▼ 24.3% |
| Amounts payable within one year42/48 | €35,051 | €25,501 | €27,955 | €43,173 | €24,187 | €32,459 | €17,864 | €48,141 | ▲ 169% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €2,933 | €2,940 | ▲ 0.2% |
| Financial debts43 | - | - | - | €3,591 | €2,255 | - | - | - | - |
| Credit institutions430/8 | - | - | - | €3,591 | €2,255 | - | - | - | - |
| Trade debts44 | €27,329 | €17,992 | €21,469 | €34,045 | €18,337 | €31,242 | €7,256 | €43,237 | ▲ 496% |
| Suppliers440/4 | - | - | - | €34,045 | €18,337 | €31,242 | €7,256 | €43,237 | ▲ 496% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €5,134 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €5,537 | €3,595 | €1,218 | €2,540 | €1,964 | ▼ 22.7% |
| Taxes450/3 | - | - | - | €1,821 | - | €418 | €0 | €824 | - |
| Remuneration and social security454/9 | - | - | - | €3,716 | €3,595 | €800 | €2,540 | €1,140 | ▼ 55.1% |
| Other amounts payable47/48 | - | - | - | - | - | - | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€16,310 | €26,982 | -€25,315 | €4,187 | €10,737 | €10,932 | -€6,181 | -€5,644 | ▲ 8.7% |
| + Depreciation and write-downs630 | €8,832 | €7,975 | €6,197 | €1,209 | €1,263 | €1,443 | €2,163 | €4,382 | ▲ 103% |
| Operating cash flow (approximation) | -€7,478 | €34,957 | -€19,118 | €5,396 | €12,000 | €12,375 | -€4,018 | -€1,262 | ▲ 68.6% |
| Investment in fixed assets (approximation) | - | -€2,492 | -€1,062 | -€329 | -€3,208 | €0 | -€18,263 | €0 | - |
| Change in cash | - | €4,700 | -€12,088 | -€2,296 | -€85 | €28,100 | -€26,365 | -€1,853 | ▲ 93.0% |
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, 2,166 companies had the same profile as PROTECH-TOIT has now. Two years later, 94.1% were still going and 2.5% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
94.1%
was still going
3.0%
stopped otherwise
2.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PROTECH-TOIT itself: 1.5% 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 2,166 companies, not a prediction for PROTECH-TOIT. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00508028 | |
| 31-12-2024 | micro format | 18-08-2025 | 2025-00378889 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00435651 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00376677 | |
| 31-12-2021 | micro format | 03-11-2022 | 2022-20482593 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-60800446 | |
| 31-12-2019 | micro format | 23-07-2020 | 2020-33000212 | |
| 31-12-2018 | micro format | 27-08-2019 | 2019-51800402 | |
| 31-12-2017 | micro format | 05-07-2018 | 2018-29500172 | |
| 31-12-2016 | full format | 19-07-2017 | 2017-33700109 |