PROTECPIPE
ActiveSummary
PROTECPIPE has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€28,123) and a net result of €8,021. Equity is shrinking by ~41.8% per year across the filed fiscal years. Its solvency ranks better than 5% of 9559 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100▲+100
Solvency0=
Growth58=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.51 against 0.18 in 2024; short-term debt: 186.6% and cash: 49.9% of total assets), and equity is negative.
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Signals
Six 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 · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-86.6%
Return on assets
24.7%
Age of the figures
9 mo
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 5% of 9559 sector peers (2025).
NBB · sector comparisonPosition among 9559 sector peers
Solvency
better than 5%
← weakest
strongest →
neutral · A punctual record breaks
This company filed 6 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 06-08-2026, 6 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 7 filingsDeviation from the deadline
2025
6 d late
2024
2 d early
2023
28 d early
2022
27 d early
2021
16 d early
2020
40 d early
2019
8 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 16 days before 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 (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 15 July (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
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Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
Equity
-€28,123▲ 22.2%
2024 · -€36,144
Total assets
€32,465▲ 194%
2024 · €11,053
Net result
€8,021
2024 · -€9,935
Working capital
-€29,782▲ 22.6%
2024 · -€38,466
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 71, Architectural and engineering activities; technical testing and analysis, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€662-€2,098-€13,756▼ 556%-€9,798▲ 28.8%€8,156
Net result€602below the sector's middle half-€2,203below the sector's middle half-€13,872below the sector's middle half▼ 530%-€9,935below the sector's middle half▲ 28.4%€8,021within the sector's middle half
Equity-€10,133below the sector's middle half▲ 5.6%-€12,336below the sector's middle half▼ 21.7%-€26,208below the sector's middle half▼ 112%-€36,144below the sector's middle half▼ 37.9%-€28,123below the sector's middle half▲ 22.2%
Total assets€31,275below the sector's middle half▲ 46.6%€33,555below the sector's middle half▲ 7.3%€20,014below the sector's middle half▼ 40.4%€11,053below the sector's middle half▼ 44.8%€32,465below the sector's middle half▲ 194%
Debt€41,409▲ 29.2%€45,891▲ 10.8%€46,222▲ 0.7%€47,197▲ 2.1%€60,587▲ 28.4%
Working capital-€14,446below the sector's middle half▲ 9.4%-€15,985below the sector's middle half▼ 10.7%-€29,194below the sector's middle half▼ 82.6%-€38,466below the sector's middle half▼ 31.8%-€29,782below the sector's middle half▲ 22.6%
Solvency-32.4%below the sector's middle half▲ 17.9pp-36.8%below the sector's middle half▼ 4.4pp-131.0%below the sector's middle half▼ 94.2pp-327.0%below the sector's middle half▼ 196.1pp-86.6%below the sector's middle half▲ 240.4pp
Current ratio0.65below the sector's middle half▲ 0.150.65below the sector's middle half=0.37below the sector's middle half▼ 0.280.18below the sector's middle half▼ 0.180.51below the sector's middle half▲ 0.32
Return on assets (ROA)1.9%within the sector's middle half▲ 33.0pp-6.6%below the sector's middle half▼ 8.5pp-69.3%below the sector's middle half▼ 62.7pp-89.9%below the sector's middle half▼ 20.6pp24.7%within the sector's middle half▲ 114.6pp
above
within
below
the middle half (P25 to P75) of NACE 71, Architectural and engineering activities; technical testing and analysis, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €8,156 after a loss of €9,798 in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €32,465
Fixed assets
€1,659 ▼ 28.6%
Current assets
€30,806 ▲ 253%
Key figures and ratios
EBITDA
€8,820▲
2024 · -€9,134
Cash flow
€8,685▲
2024 · -€9,272
Debt to equity
-2.15▼
2024 · -1.31
Interest coverage
65.36▲
2024 · -66.20
Debt ≤ 1 year
€60,587▲
2024 · €47,197
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,180 companies that looked in July 2024 the way this one looks now, 4.8% went bankrupt within 24 months and 89% are still going.
- Micro
- 5 to 10 years old
- negative equity
- a profit of 5% of the balance sheet or more
4.8%
went bankrupt
5.8%
stopped otherwise
89%
still going
A further 0.6% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.4% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
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 2,180 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €894 | €664 | €664 | €664 | €664 | = |
| Other operating charges640/8 | €448 | €448 | €434 | €387 | €400 | ▲ 3.2% |
| Gross operating margin9900 | €2,003 | -€987 | -€12,658 | -€8,747 | €9,219 | ▲ 205% |
| Operating profit (loss)9901 | €662 | -€2,098 | -€13,756 | -€9,798 | €8,156 | ▲ 183% |
| Financial income75/76B | €18 | - | - | - | - | - |
| Recurring financial income75 | €18 | - | - | - | - | - |
| Financial charges65/66B | €78 | €105 | €116 | €138 | €135 | ▼ 2.2% |
| Recurring financial charges65 | €78 | €105 | €116 | €138 | €135 | ▼ 2.2% |
| Profit (loss) for the period before taxes9903 | €602 | -€2,203 | -€13,872 | -€9,935 | €8,021 | ▲ 181% |
| Profit (loss) for the period9904 | €602 | -€2,203 | -€13,872 | -€9,935 | €8,021 | ▲ 181% |
| Profit (loss) for the period to be appropriated9905 | €602 | -€2,203 | -€13,872 | -€9,935 | €8,021 | ▲ 181% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €31,275 | €33,555 | €20,014 | €11,053 | €32,465 | ▲ 194% |
| Fixed assets21/28 | €4,313 | €3,649 | €2,986 | €2,322 | €1,659 | ▼ 28.6% |
| Tangible fixed assets22/27 | €4,313 | €3,649 | €2,986 | €2,322 | €1,659 | ▼ 28.6% |
| Plant, machinery and equipment23 | €4,313 | €3,649 | €2,986 | €2,322 | €1,659 | ▼ 28.6% |
| Current assets29/58 | €26,963 | €29,906 | €17,028 | €8,731 | €30,806 | ▲ 253% |
| Amounts receivable within one year40/41 | €3,078 | €2,281 | €1,201 | €280 | €14,594 | ▲ 5,112% |
| Trade receivables40 | €3,078 | €2,281 | - | - | €14,258 | - |
| Other amounts receivable41 | - | - | €1,201 | €280 | €336 | ▲ 20.0% |
| Cash at bank and in hand54/58 | €23,884 | €27,625 | €15,827 | €8,451 | €16,212 | ▲ 91.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €31,275 | €33,555 | €20,014 | €11,053 | €32,465 | ▲ 194% |
| Equity10/15 | -€10,133 | -€12,336 | -€26,208 | -€36,144 | -€28,123 | ▲ 22.2% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Profit (loss) carried forward14 | -€22,533 | -€24,736 | -€38,608 | -€48,544 | -€40,523 | ▲ 16.5% |
| Amounts payable17/49 | €41,409 | €45,891 | €46,222 | €47,197 | €60,587 | ▲ 28.4% |
| Amounts payable within one year42/48 | €41,409 | €45,891 | €46,222 | €47,197 | €60,587 | ▲ 28.4% |
| Trade debts44 | - | €142 | €238 | €103 | - | - |
| Suppliers440/4 | - | €142 | €238 | €103 | - | - |
| Advances received on contracts in progress46 | - | - | - | - | €16,492 | - |
| Taxes, remuneration and social security45 | €389 | €1,797 | - | - | €964 | - |
| Taxes450/3 | €389 | €1,797 | - | - | €964 | - |
| Other amounts payable47/48 | €41,020 | €43,953 | €45,984 | €47,094 | €43,131 | ▼ 8.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €602 | -€2,203 | -€13,872 | -€9,935 | €8,021 | ▲ 181% |
| + Depreciation and write-downs630 | €894 | €664 | €664 | €664 | €664 | = |
| Operating cash flow (approximation) | €1,495 | -€1,539 | -€13,209 | -€9,272 | €8,685 | ▲ 194% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €3,741 | -€11,798 | -€7,376 | €7,761 | ▲ 205% |
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
Next filing, fiscal year 2026, expected by
2026
06-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 6 days late
2025
31-12
Financial
Back to profitnet €8,021
Net result €8,021 after 3 loss-making years.
29-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
03-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
04-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
15-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Back to profitnet €602
Net result €602 after 2 loss-making years.
21-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
23-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Erquelinnes · 1 establishment unit since 2018
Ground area
75 m²
Building footprint
70 m²
Volume, LiDAR
504 m³
Parcel 56022B0410/00H005, Wallonia · tallest building 9.8 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
0699.966.846
since 20182.277.813.881
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 56022B0410/00H005 | Wallonia | 75 m² | 1 · 70 m² | 9.8 m · 3 fl. |
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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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 11,573 companies in sector 71121 we hold annual accounts for 6,569. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded16-07-2018
Fiscal year end31-12
Activities, NACEBEL 2025
71121Engineering and related technical consultancy, excluding land surveyors
26110Manufacture of computer, electronic and optical products
26120Manufacture of computer, electronic and optical products
26300Manufacture of computer, electronic and optical products
26510Manufacture of computer, electronic and optical products
27330Manufacture of electrical equipment
27900Manufacture of electrical equipment
33200Installation of industrial machinery and equipment
43120Site preparation
43211General electrical installation work
43212Electrical installation work in industrial facilities
43240Other construction installation
71209Other technical testing and analysis
E-invoicing
Reachable via Peppol
Peppol ID
0208:0699966846
Registered
12-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.