S.E.T.E.: what changed
Two fiscal 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.
S.E.T.E.
Largest movements
- Tangible fixed assets +€8,334
up €8,334 (+149.5%), from €5,576 to €13,910
of which Land and buildings: +€8,483
- Cash -€5,324
down €5,324 (-9.9%), from €53,704 to €48,380
mainly Investment in fixed assets (net) (-€9,064) and Receivables within one year (-€3,354)
- Receivables within one year +€3,354
up €3,354 (+15.7%), from €21,357 to €24,710
- Profit (loss) carried forward +€6,902
up €6,902 (+33.0%), from €20,936 to €27,838
- Trade debts -€1,250
down €1,250 (-51.6%), from €2,423 to €1,172
- Gross operating margin +€3,806
up €3,806 (+41.6%), from €9,158 to €12,965
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.
Cash bridge derived
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 | €81,764 | €87,355 | +€5,590 | +6.8% |
| Fixed assets | 21/28 | €5,576 | €13,910 | +€8,334 | +149.5% |
| Tangible fixed assets | 22/27 | €5,576 | €13,910 | +€8,334 | +149.5% |
| Land and buildings | 22 | €5,289 | €13,773 | +€8,483 | +160.4% |
| Plant, machinery and equipment | 23 | €287 | €137 | -€150 | -52.1% |
| Current assets | 29/58 | €76,188 | €73,445 | -€2,743 | -3.6% |
| Amounts receivable within one year | 40/41 | €21,357 | €24,710 | +€3,354 | +15.7% |
| Other amounts receivable | 41 | €21,357 | €24,710 | +€3,354 | +15.7% |
| Cash at bank and in hand | 54/58 | €53,704 | €48,380 | -€5,324 | -9.9% |
| Deferred charges and accrued income | 490/1 | €1,127 | €354 | -€773 | -68.6% |
| Total equity and liabilities | 10/49 | €81,764 | €87,355 | +€5,590 | +6.8% |
| Equity | 10/15 | €71,876 | €78,778 | +€6,902 | +9.6% |
| Contributions | 10/11 | €37,184 | €37,184 | = | 0.0% |
| Capital | 10 | €37,184 | - | -€37,184 | |
| Issued capital | 100 | €37,184 | - | -€37,184 | |
| Outside capital | 11 | - | €37,184 | +€37,184 | |
| Other | 1109/19 | - | €37,184 | +€37,184 | |
| Reserves | 13 | €13,756 | €13,756 | = | 0.0% |
| Distributable reserves | 133 | €13,756 | €13,756 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,936 | €27,838 | +€6,902 | +33.0% |
| Amounts payable | 17/49 | €9,888 | €8,577 | -€1,312 | -13.3% |
| Amounts payable within one year | 42/48 | €9,827 | €8,576 | -€1,250 | -12.7% |
| Trade debts | 44 | €2,423 | €1,172 | -€1,250 | -51.6% |
| Suppliers | 440/4 | €2,423 | €1,172 | -€1,250 | -51.6% |
| Taxes, remuneration and social security | 45 | €1,575 | €1,575 | = | 0.0% |
| Taxes | 450/3 | €1,575 | €1,575 | = | 0.0% |
| Other amounts payable | 47/48 | €5,829 | €5,829 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €62 | €0 | -€61 | -99.8% |
| Non-recurring operating income | 76A | - | €6,278 | +€6,278 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €654 | €731 | +€76 | +11.7% |
| Other operating charges | 640/8 | €3,281 | €3,340 | +€59 | +1.8% |
| Gross operating margin | 9900 | €9,158 | €12,965 | +€3,806 | +41.6% |
| Operating profit (loss) | 9901 | €5,223 | €8,894 | +€3,671 | +70.3% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €385 | €417 | +€32 | +8.3% |
| Recurring financial charges | 65 | €385 | €417 | +€32 | +8.3% |
| Profit (loss) for the period before taxes | 9903 | €4,837 | €8,477 | +€3,639 | +75.2% |
| Income taxes | 67/77 | €1,575 | €1,575 | -€0 | 0.0% |
| Profit (loss) for the period | 9904 | €3,262 | €6,902 | +€3,640 | +111.6% |
| Profit (loss) for the period to be appropriated | 9905 | €3,262 | €6,902 | +€3,640 | +111.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.