SETO (0670.819.831): financials and annual accounts

SETO

Ghent ·KBO/BCE: BE 0670.819.831

Line	2025	2024	2023	2022	2021	2020	2019	2018
Balance sheet: assets
Total assets`20/58`	5.7m	5.6m	5.6m	5.1m	4.7m	4.8m	4.8m	4.5m
Fixed assets`21/28`	5.1m	4.8m	5.2m	5.1m	4.6m	4.6m	4.6m	4.4m
Tangible fixed assets`22/27`	702,897	482,544	782,829	674,062	279,484	271,314	287,645	34,757
Land and buildings`22`	285,358	124,822	380,660	388,206	235,988	241,593	243,803	-
Plant, machinery and equipment`23`	245	379	716	1,053	-	-	-	-
Furniture and vehicles`24`	170,093	153,789	165,905	90,861	43,496	29,722	43,842	34,757
Leasing and similar rights`25`	69,313	25,659	34,006	-	-	-	-	-
Other tangible fixed assets`26`	177,888	177,895	201,541	193,942	-	-	-	-
Financial fixed assets`28`	4.3m	4.3m	4.4m	4.4m	4.4m	4.4m	4.4m	4.4m
Current assets`29/58`	609,786	723,736	424,748	79,338	82,334	175,216	131,904	94,637
Stocks and contracts in progress`3`	261,514	317,090	-	-	-	-	-	-
Stocks`30/36`	261,514	317,090	-	-	-	-	-	-
Amounts receivable within one year`40/41`	305,302	287,386	55,550	55,835	57,629	119,271	120,166	78,226
Trade receivables`40`	144,714	287,386	55,550	49,835	57,629	6,767	27,830	17,726
Other amounts receivable`41`	160,587	-	-	6,000	-	112,504	92,336	60,500
Cash at bank and in hand`54/58`	16,019	106,760	355,558	16,693	18,046	54,176	7,018	16,411
Deferred charges and accrued income`490/1`	26,952	12,501	13,640	6,810	6,658	1,769	4,721	-
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	5.7m	5.6m	5.6m	5.1m	4.7m	4.8m	4.8m	4.5m
Equity`10/15`	2.2m	2.0m	1.7m	1.3m	442,498	375,473	328,297	342,129
Contributions`10/11`	400,000	400,000	400,000	400,000	400,000	400,000	400,000	400,000
Capital`10`	400,000	400,000	400,000	400,000	-	-	-	-
Issued capital`100`	400,000	400,000	400,000	400,000	400,000	400,000	400,000	400,000
Reserves`13`	40,000	40,000	40,000	40,000	3,351	-	-	-
Non-distributable reserves`130/1`	40,000	40,000	40,000	40,000	3,351	-	-	-
Legal reserve`130`	40,000	40,000	40,000	40,000	3,351	-	-	-
Profit (loss) carried forward`14`	1.8m	1.5m	1.3m	815,625	39,147	-24,527	-71,703	-57,871
Amounts payable`17/49`	3.5m	3.6m	3.9m	3.9m	4.3m	4.4m	4.5m	4.1m
Amounts payable after more than one year`17`	2.1m	2.7m	2.8m	3.1m	3.7m	3.9m	3.9m	3.6m
Financial debts`170/4`	2.1m	2.7m	2.8m	3.1m	3.7m	3.9m	3.9m	3.6m
Amounts payable within one year`42/48`	1.2m	925,228	1.0m	796,542	536,800	523,432	511,548	475,524
Current portion of amounts payable after more than one year`42`	204,522	210,341	548,542	478,085	464,369	456,708	457,562	453,450
Trade debts`44`	185,359	154,825	85,823	139,030	19,780	18,426	17,024	17,292
Suppliers`440/4`	185,359	154,825	85,823	139,030	19,780	18,426	17,024	17,292
Advances received on contracts in progress`46`	-	-	17,350	17,350	-	-	-	-
Taxes, remuneration and social security`45`	186,963	230,478	216,452	58,109	52,407	48,053	36,932	4,782
Taxes`450/3`	75,056	131,040	154,307	-	31,701	26,648	20,863	4,782
Remuneration and social security`454/9`	111,907	99,439	62,144	58,109	20,706	21,404	16,068	-
Other amounts payable`47/48`	627,353	329,584	181,316	103,968	244	244	30	-
Accrued charges and deferred income`492/3`	150,405	10,672	-	-	-	-	35,145	31,007
Income statement
Gross operating margin`9900`	1.5m	1.3m	1.0m	527,180	338,906	306,486	241,444	76,184
Remuneration, social security and pensions`62`	1.1m	925,706	509,892	270,933	148,345	156,667	124,988	16,723
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	96,113	88,086	71,738	49,625	20,034	19,081	43,667	12,639
Other operating charges`640/8`	10,251	6,215	20,502	6,816	3,988	2,709	755	2,717
Operating profit (loss)`9901`	217,438	244,852	422,961	199,806	166,539	128,029	72,034	44,105
Financial income`75/76B`	430,020	402,524	300,001	798,120	1,314	1,227	436	27
Recurring financial income`75`	430,020	400,024	300,001	798,120	1,314	1,227	436	27
Non-recurring financial income`76B`	-	2,500	-	-	-	-	-	-
Financial charges`65/66B`	79,221	93,183	72,134	65,355	70,876	79,649	86,005	-
Recurring financial charges`65`	79,221	93,183	72,134	65,355	70,876	79,649	86,005	-
Profit (loss) for the period before taxes`9903`	568,237	554,193	650,828	932,571	96,977	49,607	-13,535	44,132
Income taxes`67/77`	42,105	63,110	96,158	24,444	29,951	2,432	297	102,003
Profit (loss) for the period`9904`	526,132	491,083	554,670	908,127	67,026	47,175	-13,832	-57,871
Profit (loss) for the period to be appropriated`9905`	526,132	491,083	554,670	908,127	67,026	47,175	-13,832	-57,871
Appropriation of the result
Profit (loss) to be appropriated`9906`	2.1m	1.8m	1.4m	947,274	42,498	-24,527	-71,703	-57,871
Profit (loss) brought forward from the previous period`14P`	1.5m	1.3m	815,625	39,147	-	-	-	-
Transfer to equity`691/2`	-	-	-	36,649	3,351	-	-	-
To the legal reserve`6920`	-	-	-	36,649	3,351	-	-	-
Profit to be distributed`694/7`	282,353	235,294	100,000	95,000	-	-	-	-
Return on contributions (dividend)`694`	282,353	235,294	100,000	95,000	-	-	-	-
Social balance sheet
Average staff (FTE)`9087`	12.6	11.2	7	3.5	2.1	2	1.2	0.2
Hours worked`1013`	21,574	17,749	12,134	5,684	3,359	2,935	1,897	226
Document	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF

Financial year	Type	Filed	Reference	Document
30-06-2025	abbreviated format	23-01-2026	2026-00012413	PDF
30-06-2024	abbreviated format	31-01-2025	2025-00019842	PDF
30-06-2023	micro format	31-01-2024	2024-00016873	PDF
30-06-2022	micro format	31-01-2023	2023-00012821	PDF
30-06-2021	micro format	31-01-2022	2022-04600045	PDF
30-06-2020	micro format	28-01-2021	2021-02100400	PDF
30-06-2019	micro format	29-01-2020	2020-02500131	PDF
30-06-2018	micro format	29-01-2019	2019-02500082	PDF

Year	Entries	Awarded	Paid
2025	1	€3,075	€3,075
2024	2	€622	€622
2023	1	€360	€585

Line	2025	2024	2023	2022	2021	2020	2019	2018
Investment in fixed assets	316,466	138,262	214,500	457,577	34,604	2,750	296,555	4.4m
Change in cash	-90,740	-248,798	338,865	-1,353	-36,129	47,158	-9,394	-
Solvency	39.0%	35.4%	30.6%	24.5%	9.4%	7.8%	6.9%	7.6%
ROE	23.8%	25.0%	32.4%	72.3%	15.1%	12.6%	-4.2%	-16.9%
ROA	9.3%	8.8%	9.9%	17.7%	1.4%	1.0%	-0.3%	-1.3%

Item	30-06-2025	30-06-2024	30-06-2023	30-06-2022
Employees at the balance-sheet date	14	12	8	4
full-time	11	12	7	4
part-time	3	-	1	-
in full-time equivalents	13.7	12	7.9	4
Average over the year, in full-time equivalents	12.6	11.2	7	3.5
On a permanent contract	14	12	8	4
Joined	3	2	4	1
Left	1	0	0	0

SETO

Annual accounts 2025

Balance sheet

Change in equityin €m

Change in cashin euro

Position in the sector

Solvency39.0%

Return on assets9.3%

Staff

Staff cost per FTE€90,967

Joined and left+2

Filed annual accounts

Filings

Subsidies and aid

Flemish government 2023 to 2025, 4 entries, €4,057 awarded, €4,282 paid

Key figures and ratios

Social balance sheet

Securities and guarantees

Investments

Insights on SETO

Next steps

Item	30-06-2025	30-06-2024	30-06-2023	30-06-2022
Mortgages, amount registered	-	€50,000	-	-
Mortgage mandates	-	€435,000	-	-
Carrying value of the mortgaged assets	-	€441,912	-	-

Item	30-06-2025	30-06-2024	30-06-2023	30-06-2022
Tangible fixed assets	€316,466	€138,127	€214,500	€444,203
Financial fixed assets	-	€136	-	€13,374
Depreciation and write-downs of the year	€96,113	€88,086	€71,738	€49,625