SETUP Protokolltester GmbH — Financial snapshot & analysis

Key verifiable facts

• Legal form / registry: GmbH, HRB 28991 (Amtsgericht Chemnitz).
• Managing director: Klaus Bauer.
• LEI: 391200TPF9SNCFRBVU32 (active).
• Scale indicator (public extract): balance sheet totals ≈ €2.3m (2020) → ≈ €2.85m (2021).

Analytical take

• Small, specialist provider: total assets under €3m — typical hardware+services profile.
• Growth signal: ~25% increase in assets from 2020→2021 suggests expansion (capex, receivables or inventory).
• Revenue durability: focus on KRITIS, telecom and utilities implies higher-quality, recurring contract potential but also customer concentration risk.
• Cash‑flow & working capital: likely sensitive to project timing and hardware procurement; public summaries don’t show liquidity lines.
• Governance: long history, active LEI and single listed director reduce governance uncertainty but introduce key‑person risk.

Key risks to monitor

• Customer concentration (telecom/KRITIS) and procurement dependencies.
• Supplier credit on specialized network hardware.
• Insufficient public filings for full profitability and leverage assessment.
• Single‑director dependency and small headcount operational risks.

What’s missing / recommended next steps

1. Retrieve official annual financial statements (Unternehmensregister / Bundesanzeiger) for 2021–2024 to compute: equity ratio, current ratio, net debt, EBITDA/NI margins, YoY revenue and net income trends.
2. Obtain a commercial credit report (Creditreform / D&B / Creditsafe) for counterparty risk and adverse events.
3. If needed, request references or contract samples for recurring revenue validation.

Short conclusion

SETUP Protokolltester GmbH appears to be a small but established specialist in network/protocol testing and KRITIS‑related services. Public data indicate modest scale with recent asset growth; however, definitive statements about profitability, leverage, and liquidity require the company’s filed annual accounts. For a full financial risk or credit assessment, obtain the official filings and a commercial credit report.