SE.TA.BO: 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.
SE.TA.BO
Largest movements
- Receivables within one year +€93,940
up €93,940 (+75.8%), from €123,984 to €217,924
of which Other amounts receivable: +€81,969
- Tangible fixed assets -€9,430
down €9,430 (-16.7%), from €56,532 to €47,102
of which Other tangible fixed assets: -€6,345
- Stocks and contracts +€6,403
up €6,403 (+69.2%), from €9,257 to €15,660
- Reserves +€66,632
up €66,632 (+61.3%), from €108,776 to €175,408
of which Distributable reserves: +€66,632
- Tax, wage and social debts +€46,950
up €46,950 (+138%), from €33,945 to €80,895
of which Remuneration and social security: +€42,088
- Other debts -€22,500
down €22,500 (-35.4%), from €63,500 to €41,000
- Trade debts +€14,692
up €14,692 (+78.2%), from €18,795 to €33,487
- Debts after one year -€12,500
down €12,500 (-62.5%), from €20,000 to €7,500
- Staff costs +€139,533
up €139,533 (+281%), from €49,737 to €189,270
- Gross operating margin +€49,992
up €49,992 (+20.7%), from €241,953 to €291,945
- Provisions -€10,000
no longer reported in 2025 (was €10,000)
- Financial income +€5,720
up €5,720 (+153%), from €3,727 to €9,447
- Taxes -€4,181
down €4,181 (-38.6%), from €10,844 to €6,663
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 | €286,178 | €376,119 | +€89,941 | +31.4% |
| Fixed assets | 21/28 | €79,030 | €69,290 | -€9,740 | -12.3% |
| Intangible fixed assets | 21 | €22,333 | €18,833 | -€3,500 | -15.7% |
| Tangible fixed assets | 22/27 | €56,532 | €47,102 | -€9,430 | -16.7% |
| Plant, machinery and equipment | 23 | €7,717 | €7,177 | -€540 | -7.0% |
| Furniture and vehicles | 24 | €3,844 | €1,299 | -€2,545 | -66.2% |
| Other tangible fixed assets | 26 | €44,971 | €38,626 | -€6,345 | -14.1% |
| Financial fixed assets | 28 | €165 | €3,355 | +€3,190 | +1,933% |
| Current assets | 29/58 | €207,148 | €306,829 | +€99,681 | +48.1% |
| Stocks and contracts in progress | 3 | €9,257 | €15,660 | +€6,403 | +69.2% |
| Stocks | 30/36 | €9,257 | €15,660 | +€6,403 | +69.2% |
| Amounts receivable within one year | 40/41 | €123,984 | €217,924 | +€93,940 | +75.8% |
| Trade receivables | 40 | €988 | €12,959 | +€11,971 | +1,212% |
| Other amounts receivable | 41 | €122,996 | €204,965 | +€81,969 | +66.6% |
| Cash at bank and in hand | 54/58 | €73,907 | €73,244 | -€663 | -0.9% |
| Deferred charges and accrued income | 490/1 | - | €1 | +€1 | |
| Total equity and liabilities | 10/49 | €286,178 | €376,119 | +€89,941 | +31.4% |
| Equity | 10/15 | €136,605 | €203,237 | +€66,632 | +48.8% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €108,776 | €175,408 | +€66,632 | +61.3% |
| Non-distributable reserves | 130/1 | €332 | €332 | = | 0.0% |
| Reserves not available under the articles | 1311 | €332 | €332 | = | 0.0% |
| Distributable reserves | 133 | €108,444 | €175,076 | +€66,632 | +61.4% |
| Profit (loss) carried forward | 14 | €20,829 | €20,829 | = | 0.0% |
| Provisions and deferred taxes | 16 | €10,000 | €10,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €10,000 | €10,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €10,000 | €10,000 | = | 0.0% |
| Amounts payable | 17/49 | €139,573 | €162,882 | +€23,309 | +16.7% |
| Amounts payable after more than one year | 17 | €20,000 | €7,500 | -€12,500 | -62.5% |
| Financial debts | 170/4 | €20,000 | €7,500 | -€12,500 | -62.5% |
| Amounts payable within one year | 42/48 | €119,573 | €155,382 | +€35,809 | +29.9% |
| Current portion of amounts payable after more than one year | 42 | €3,333 | - | -€3,333 | |
| Trade debts | 44 | €18,795 | €33,487 | +€14,692 | +78.2% |
| Suppliers | 440/4 | €18,795 | €33,487 | +€14,692 | +78.2% |
| Taxes, remuneration and social security | 45 | €33,945 | €80,895 | +€46,950 | +138% |
| Taxes | 450/3 | €25,681 | €30,543 | +€4,862 | +18.9% |
| Remuneration and social security | 454/9 | €8,264 | €50,352 | +€42,088 | +509% |
| Other amounts payable | 47/48 | €63,500 | €41,000 | -€22,500 | -35.4% |
| Remuneration, social security and pensions | 62 | €49,737 | €189,270 | +€139,533 | +281% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,819 | €14,957 | +€1,138 | +8.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €10,000 | - | -€10,000 | |
| Other operating charges | 640/8 | €2,341 | €3,516 | +€1,175 | +50.2% |
| Gross operating margin | 9900 | €241,953 | €291,945 | +€49,992 | +20.7% |
| Operating profit (loss) | 9901 | €166,056 | €84,202 | -€81,854 | -49.3% |
| Financial income | 75/76B | €3,727 | €9,447 | +€5,720 | +153% |
| Recurring financial income | 75 | €3,727 | €9,447 | +€5,720 | +153% |
| Financial charges | 65/66B | €495 | €354 | -€141 | -28.5% |
| Recurring financial charges | 65 | €495 | €354 | -€141 | -28.5% |
| Profit (loss) for the period before taxes | 9903 | €169,288 | €93,295 | -€75,993 | -44.9% |
| Income taxes | 67/77 | €10,844 | €6,663 | -€4,181 | -38.6% |
| Profit (loss) for the period | 9904 | €158,444 | €86,632 | -€71,812 | -45.3% |
| Profit (loss) for the period to be appropriated | 9905 | €158,444 | €86,632 | -€71,812 | -45.3% |
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 26 October 2026 via checked.be.