SETHI
ActiveSummary
SETHI has been active since 1998 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €258,898 and a net result of -€17,089. Equity is growing by ~8.8% per year across the filed fiscal years. Its solvency ranks better than 49% of 17179 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability33▲+13
Solvency84▼-1
Growth52=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €20,000 at 30 days acceptable
Liquidity ample (current ratio 5.64 against 5.26 in 2024; short-term debt: 8.6% and cash: 40.6% of total assets), and 40.7% of the assets are financed with debt.
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Signals
Five 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 62
Relative position
BE, all sectors
reference
Computer programming, consultancy and related activities (NACE 62)
about 64% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€17,089
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-08-2026, 28 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
28 d late
2024
28 d late
2023
29 d late
2022
28 d late
2021
24 d late
2020
27 d late
2019
96 d late
← 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 37 days after the deadline; the sector median for financial year 2024 is 9 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.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€17,089▲ 29.7%
2024 · -€24,301
Working capital
€173,413▲ 0.6%
2024 · €172,449
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 62, Computer programming, consultancy and related activities, 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€58,015▲ 12.9%€75,526▲ 30.2%€30,374▼ 59.8%-€20,001-€13,513▲ 32.4%
Net result€32,459within the sector's middle half▲ 3.2%€48,496within the sector's middle half▲ 49.4%€21,614within the sector's middle half▼ 55.4%-€24,301below the sector's middle half-€17,089below the sector's middle half▲ 29.7%
Equity€230,178above the sector's middle half▲ 16.4%€278,674within the sector's middle half▲ 21.1%€300,288above the sector's middle half▲ 7.8%€275,987above the sector's middle half▼ 8.1%€258,898above the sector's middle half▼ 6.2%
Total assets€428,804above the sector's middle half▲ 4.1%€483,581within the sector's middle half▲ 12.8%€479,636above the sector's middle half▼ 0.8%€456,465above the sector's middle half▼ 4.8%€436,276above the sector's middle half▼ 4.4%
Debt€198,626▼ 7.3%€204,907▲ 3.2%€179,348▼ 12.5%€180,477▲ 0.6%€177,378▼ 1.7%
Working capital€76,646▲ 172%€139,164▲ 81.6%€177,881▲ 27.8%€172,449▼ 3.1%€173,413▲ 0.6%
Solvency53.7%within the sector's middle half▲ 5.7pp57.6%within the sector's middle half▲ 3.9pp62.6%within the sector's middle half▲ 5.0pp60.5%within the sector's middle half▼ 2.1pp59.3%within the sector's middle half▼ 1.1pp
above
within
below
the middle half (P25 to P75) of NACE 62, Computer programming, consultancy and related activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €13,513 in 2025 against €20,001 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €436,276
Fixed assets
€225,485 ▼ 7.4%
Current assets
€210,791 ▼ 1.0%
Equity and liabilities €436,276
Equity
€258,898 ▼ 6.2%
Debt
€177,378 ▼ 1.7%
Debt's share of the balance-sheet total rises from 39.5% to 40.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€13,175▲
2024 · €5,107
Cash flow
€9,599▲
2024 · €807
Current ratio
5.64▲
2024 · 5.26
Debt to equity
0.69▲
2024 · 0.65
ROE
-6.6%▲
2024 · -8.8%
ROA
-3.9%▲
2024 · -5.3%
Interest coverage
2.35▲
2024 · 0.91
Debt ≤ 1 year
€37,378▼
2024 · €40,477
Debt > 1 year
€140,000=
2024 · €140,000
Income taxes
€670▲
2024 · €332
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 12,304 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 90% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
0.6%
went bankrupt
8.6%
stopped otherwise
90%
still going
A further 0.6% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.2% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
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 12,304 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €1,027 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26,396 | €28,301 | €27,151 | €25,108 | €26,688 | ▲ 6.3% |
| Other operating charges640/8 | €2,358 | €1,749 | €1,916 | €1,991 | €2,056 | ▲ 3.3% |
| Non-recurring operating charges66A | €252 | €10,499 | - | €318 | €567 | ▲ 78.1% |
| Gross operating margin9900 | €87,021 | €116,075 | €59,442 | €7,416 | €15,797 | ▲ 113% |
| Operating profit (loss)9901 | €58,015 | €75,526 | €30,374 | -€20,001 | -€13,513 | ▲ 32.4% |
| Financial income75/76B | €100 | €95 | €186 | €1,894 | €2,694 | ▲ 42.2% |
| Recurring financial income75 | €100 | €95 | €186 | €1,894 | €2,694 | ▲ 42.2% |
| Financial charges65/66B | €7,211 | €5,610 | €6,060 | €5,862 | €5,600 | ▼ 4.5% |
| Recurring financial charges65 | €7,211 | €5,610 | €5,682 | €5,600 | €5,600 | = |
| Non-recurring financial charges66B | - | - | €378 | €262 | - | - |
| Profit (loss) for the period before taxes9903 | €50,904 | €70,011 | €24,500 | -€23,969 | -€16,419 | ▲ 31.5% |
| Income taxes67/77 | €18,445 | €21,514 | €2,886 | €332 | €670 | ▲ 102% |
| Profit (loss) for the period9904 | €32,459 | €48,496 | €21,614 | -€24,301 | -€17,089 | ▲ 29.7% |
| Profit (loss) for the period to be appropriated9905 | €32,459 | €48,496 | €21,614 | -€24,301 | -€17,089 | ▲ 29.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €428,804 | €483,581 | €479,636 | €456,465 | €436,276 | ▼ 4.4% |
| Fixed assets21/28 | €293,532 | €279,510 | €262,407 | €243,538 | €225,485 | ▼ 7.4% |
| Tangible fixed assets22/27 | €293,532 | €279,510 | €262,407 | €243,538 | €225,485 | ▼ 7.4% |
| Land and buildings22 | €219,369 | €214,204 | €209,040 | €203,875 | €198,711 | ▼ 2.5% |
| Plant, machinery and equipment23 | €64,823 | €58,386 | €47,501 | €29,213 | €11,492 | ▼ 60.7% |
| Furniture and vehicles24 | €9,341 | €6,920 | €5,867 | €10,449 | €15,283 | ▲ 46.3% |
| Current assets29/58 | €135,272 | €204,071 | €217,229 | €212,927 | €210,791 | ▼ 1.0% |
| Amounts receivable within one year40/41 | €21,409 | €40,875 | €24,719 | €39,493 | €33,857 | ▼ 14.3% |
| Trade receivables40 | €15,820 | €35,325 | €19,470 | €31,292 | €24,849 | ▼ 20.6% |
| Other amounts receivable41 | €5,589 | €5,549 | €5,249 | €8,201 | €9,008 | ▲ 9.8% |
| Cash at bank and in hand54/58 | €113,863 | €163,197 | €192,510 | €173,434 | €176,934 | ▲ 2.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €428,804 | €483,581 | €479,636 | €456,465 | €436,276 | ▼ 4.4% |
| Equity10/15 | €230,178 | €278,674 | €300,288 | €275,987 | €258,898 | ▼ 6.2% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €68,200 | €68,200 | = |
| Capital10 | €62,000 | €62,000 | €62,000 | - | - | - |
| Issued capital100 | €62,000 | €62,000 | €62,000 | - | - | - |
| Reserves13 | €78,600 | €118,600 | €118,600 | €112,400 | €112,400 | = |
| Non-distributable reserves130/1 | €13,600 | €13,600 | €13,600 | €7,400 | €7,400 | = |
| Legal reserve130 | €6,200 | €6,200 | €6,200 | - | - | - |
| Reserves not available under the articles1311 | - | €7,400 | €7,400 | €7,400 | €7,400 | = |
| Other1319 | €7,400 | - | - | - | - | - |
| Tax-exempt reserves132 | €15,000 | €15,000 | €15,000 | €15,000 | €15,000 | = |
| Distributable reserves133 | €50,000 | €90,000 | €90,000 | €90,000 | €90,000 | = |
| Profit (loss) carried forward14 | €89,578 | €98,074 | €119,688 | €95,387 | €78,298 | ▼ 17.9% |
| Amounts payable17/49 | €198,626 | €204,907 | €179,348 | €180,477 | €177,378 | ▼ 1.7% |
| Amounts payable after more than one year17 | €140,000 | €140,000 | €140,000 | €140,000 | €140,000 | = |
| Financial debts170/4 | €140,000 | €140,000 | €140,000 | €140,000 | €140,000 | = |
| Amounts payable within one year42/48 | €58,626 | €64,907 | €39,348 | €40,477 | €37,378 | ▼ 7.7% |
| Financial debts43 | - | - | - | €262 | €262 | = |
| Credit institutions430/8 | - | - | - | €262 | €262 | = |
| Trade debts44 | €8,222 | €6,932 | €7,720 | €10,151 | €7,096 | ▼ 30.1% |
| Suppliers440/4 | €8,222 | €6,932 | €7,720 | €10,151 | €7,096 | ▼ 30.1% |
| Taxes, remuneration and social security45 | €11,290 | €21,606 | €8,192 | €4,584 | €8,161 | ▲ 78.0% |
| Taxes450/3 | €9,540 | €19,856 | €8,192 | €4,584 | €7,161 | ▲ 56.2% |
| Remuneration and social security454/9 | €1,750 | €1,750 | - | - | €1,000 | - |
| Other amounts payable47/48 | €39,114 | €36,370 | €23,437 | €25,480 | €21,858 | ▼ 14.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €32,459 | €48,496 | €21,614 | -€24,301 | -€17,089 | ▲ 29.7% |
| + Depreciation and write-downs630 | €26,396 | €28,301 | €27,151 | €25,108 | €26,688 | ▲ 6.3% |
| Operating cash flow (approximation) | €58,855 | €76,797 | €48,765 | €807 | €9,599 | ▲ 1,089% |
| Investment in fixed assets (approximation) | - | -€14,279 | -€10,049 | -€6,239 | -€8,635 | ▼ 38.4% |
| Change in cash | - | €49,334 | €29,313 | -€19,076 | €3,500 | ▲ 118% |
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
28-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 28 days late
2025
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 28 days late
2024
31-12
Financial
Weakest financial yearnet -€24,301
Net result drops to -€24,301, the lowest in the series; recovery starts the following year.
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
2023
28-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 28 days late
2022
31-12
Financial
Highest result since 2018net €48,496 ▲49.4%
Operating result €75,526, net result €48,496, both a record.
24-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 24 days late
2021
31-12
Financial
Equity above €200,000Eq €230,178 ▲16.4%
3 profitable years in a row build equity to €230,178.
27-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 27 days late
2020
04-11
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 96 days late
2019
31-12
Financial
Back to profitnet €11,185
Net result €11,185 after one loss-making year.
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 29 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 30 days late
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 30 days late
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, Waterloo · 1 establishment unit since 1998
Ground area
1,786 m²
Building footprint
396 m²
Volume, LiDAR
5,258 m³
2 parcels, Brussels, Wallonia · tallest building 21.4 m, ±6 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Penelopelaan 14, 1190 Vorst
since 19982.089.446.514
2 parcels
Wallonia
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21383B0020/00S059 | Brussels | 969 m² | 1 · 348 m² | 21.4 m · 6 fl. |
| 25110D0716/00B000 | Wallonia | 817 m² | 1 · 48 m² | 9.3 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Legal Entity Identifier
699400T4NZ41ETHDEJ96
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Of 30,007 companies in sector 62200 we hold annual accounts for 18,396. 14,119 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded30-10-1998
Fiscal year end31-12
Activities, NACEBEL 2025
62200Computer consultancy and computer facilities management
E-invoicing
Reachable via Peppol
Peppol ID
0208:0464486874
Also
9925:BE0464486874
Registered
17-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.