HUGO SETBON: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
HUGO SETBON
Largest movements
- Receivables within one year +€66,179
up €66,179 (+69.2%), from €95,638 to €161,817
of which Other amounts receivable: +€63,645
- Cash -€10,695
down €10,695 (-15.5%), from €69,011 to €58,316
mainly Contributions, distributions and other (-€213,814) and Receivables within one year (-€66,179)
- Tangible fixed assets -€2,494
down €2,494 (-43.3%), from €5,760 to €3,266
- Other debts +€176,722
up €176,722 (+653%), from €27,081 to €203,803
- Profit (loss) carried forward -€114,491
down €114,491 (-100%), from €114,491 to €0
- Reserves -€10,011
down €10,011 (-100%), from €10,011 to €0
- Tax, wage and social debts +€3,463
up €3,463 (+26.6%), from €13,025 to €16,488
- Other operating charges -€3,827
down €3,827 (-81.5%), from €4,695 to €868
- Financial income +€3,267
up €3,267 (+127%), from €2,572 to €5,839
- Gross operating margin -€2,413
down €2,413 (-2.1%), from €116,648 to €114,236
- Taxes +€1,585
up €1,585 (+6.5%), from €24,257 to €25,842
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €189,275 | €244,182 | +€54,907 | +29.0% |
| Fixed assets | 21/28 | €6,123 | €3,629 | -€2,494 | -40.7% |
| Tangible fixed assets | 22/27 | €5,760 | €3,266 | -€2,494 | -43.3% |
| Furniture and vehicles | 24 | €5,760 | €3,266 | -€2,494 | -43.3% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €183,152 | €240,553 | +€57,402 | +31.3% |
| Amounts receivable within one year | 40/41 | €95,638 | €161,817 | +€66,179 | +69.2% |
| Trade receivables | 40 | €1,466 | €4,000 | +€2,534 | +173% |
| Other amounts receivable | 41 | €94,172 | €157,817 | +€63,645 | +67.6% |
| Cash at bank and in hand | 54/58 | €69,011 | €58,316 | -€10,695 | -15.5% |
| Deferred charges and accrued income | 490/1 | €18,503 | €20,421 | +€1,918 | +10.4% |
| Total equity and liabilities | 10/49 | €189,275 | €244,182 | +€54,907 | +29.0% |
| Equity | 10/15 | €143,102 | €18,600 | -€124,502 | -87.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €10,011 | €0 | -€10,011 | -100% |
| Distributable reserves | 133 | €10,011 | €0 | -€10,011 | -100% |
| Profit (loss) carried forward | 14 | €114,491 | €0 | -€114,491 | -100% |
| Amounts payable | 17/49 | €46,173 | €225,582 | +€179,409 | +389% |
| Amounts payable within one year | 42/48 | €46,173 | €225,582 | +€179,409 | +389% |
| Financial debts | 43 | €38 | €152 | +€114 | +300% |
| Credit institutions | 430/8 | €38 | €152 | +€114 | +300% |
| Trade debts | 44 | €6,029 | €5,139 | -€890 | -14.8% |
| Suppliers | 440/4 | €6,029 | €5,139 | -€890 | -14.8% |
| Taxes, remuneration and social security | 45 | €13,025 | €16,488 | +€3,463 | +26.6% |
| Taxes | 450/3 | €13,025 | €16,488 | +€3,463 | +26.6% |
| Other amounts payable | 47/48 | €27,081 | €203,803 | +€176,722 | +653% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,284 | €2,494 | +€210 | +9.2% |
| Other operating charges | 640/8 | €4,695 | €868 | -€3,827 | -81.5% |
| Gross operating margin | 9900 | €116,648 | €114,236 | -€2,413 | -2.1% |
| Operating profit (loss) | 9901 | €109,669 | €110,874 | +€1,205 | +1.1% |
| Financial income | 75/76B | €2,572 | €5,839 | +€3,267 | +127% |
| Recurring financial income | 75 | €2,572 | €5,839 | +€3,267 | +127% |
| Financial charges | 65/66B | €1,613 | €1,559 | -€55 | -3.4% |
| Recurring financial charges | 65 | €1,613 | €1,559 | -€55 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | €110,628 | €115,154 | +€4,526 | +4.1% |
| Income taxes | 67/77 | €24,257 | €25,842 | +€1,585 | +6.5% |
| Profit (loss) for the period | 9904 | €86,371 | €89,312 | +€2,941 | +3.4% |
| Profit (loss) for the period to be appropriated | 9905 | €86,371 | €89,312 | +€2,941 | +3.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.