SET SEVEN: 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.
SET SEVEN
Largest movements
- Stocks and contracts +€141,963
up €141,963 (+442.8%), from €32,059 to €174,022
- Cash +€50,515
up €50,515 (+34.8%), from €145,183 to €195,698
mainly Trade debts (+€144,206) and Receivables within one year (+€49,326)
- Receivables within one year -€49,326
down €49,326 (-52.2%), from €94,494 to €45,168
of which Trade receivables: -€53,859
- Trade debts +€144,206
up €144,206 (+214.1%), from €67,347 to €211,553
- Reserves +€11,376
up €11,376 (+6.3%), from €179,392 to €190,768
- Other debts -€9,345
no longer reported in 2025 (was €9,345)
- Tax, wage and social debts -€4,651
down €4,651 (-52.9%), from €8,792 to €4,141
- Gross operating margin -€16,732
down €16,732 (-68.5%), from -€24,412 to -€41,144
- Financial income +€11,446
up €11,446 (+23.5%), from €48,769 to €60,215
- Financial charges -€1,227
down €1,227 (-51.3%), from €2,395 to €1,168
- Depreciation +€970
up €970 (+173.2%), from €560 to €1,530
- Other operating charges +€737
up €737 (+1474.1%), from €50 to €787
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 | €283,622 | €425,062 | +€141,440 | +49.9% |
| Fixed assets | 21/28 | €7,368 | €5,838 | -€1,530 | -20.8% |
| Intangible fixed assets | 21 | €7,090 | €5,560 | -€1,530 | -21.6% |
| Financial fixed assets | 28 | €278 | €278 | = | 0.0% |
| Current assets | 29/58 | €276,254 | €419,224 | +€142,970 | +51.8% |
| Stocks and contracts in progress | 3 | €32,059 | €174,022 | +€141,963 | +442.8% |
| Stocks | 30/36 | €32,059 | €174,022 | +€141,963 | +442.8% |
| Amounts receivable within one year | 40/41 | €94,494 | €45,168 | -€49,326 | -52.2% |
| Trade receivables | 40 | €78,589 | €24,730 | -€53,859 | -68.5% |
| Other amounts receivable | 41 | €15,905 | €20,438 | +€4,533 | +28.5% |
| Cash at bank and in hand | 54/58 | €145,183 | €195,698 | +€50,515 | +34.8% |
| Deferred charges and accrued income | 490/1 | €4,518 | €4,336 | -€182 | -4.0% |
| Total equity and liabilities | 10/49 | €283,622 | €425,062 | +€141,440 | +49.9% |
| Equity | 10/15 | €197,992 | €209,368 | +€11,376 | +5.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €179,392 | €190,768 | +€11,376 | +6.3% |
| Distributable reserves | 133 | €179,392 | €190,768 | +€11,376 | +6.3% |
| Amounts payable | 17/49 | €85,630 | €215,694 | +€130,064 | +151.9% |
| Amounts payable within one year | 42/48 | €85,484 | €215,694 | +€130,210 | +152.3% |
| Trade debts | 44 | €67,347 | €211,553 | +€144,206 | +214.1% |
| Suppliers | 440/4 | €67,347 | €211,553 | +€144,206 | +214.1% |
| Taxes, remuneration and social security | 45 | €8,792 | €4,141 | -€4,651 | -52.9% |
| Taxes | 450/3 | €8,792 | €4,141 | -€4,651 | -52.9% |
| Other amounts payable | 47/48 | €9,345 | - | -€9,345 | |
| Accrued charges and deferred income | 492/3 | €146 | - | -€146 | |
| Non-recurring operating income | 76A | - | €4,587 | +€4,587 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €560 | €1,530 | +€970 | +173.2% |
| Other operating charges | 640/8 | €50 | €787 | +€737 | +1474.1% |
| Non-recurring operating charges | 66A | €3,172 | €69 | -€3,103 | -97.8% |
| Gross operating margin | 9900 | -€24,412 | -€41,144 | -€16,732 | -68.5% |
| Operating profit (loss) | 9901 | -€28,194 | -€43,530 | -€15,336 | -54.4% |
| Financial income | 75/76B | €48,769 | €60,215 | +€11,446 | +23.5% |
| Recurring financial income | 75 | €48,769 | €60,215 | +€11,446 | +23.5% |
| Financial charges | 65/66B | €2,395 | €1,168 | -€1,227 | -51.3% |
| Recurring financial charges | 65 | €2,395 | €1,168 | -€1,227 | -51.3% |
| Profit (loss) for the period before taxes | 9903 | €18,180 | €15,517 | -€2,663 | -14.7% |
| Income taxes | 67/77 | €4,787 | €4,141 | -€646 | -13.5% |
| Profit (loss) for the period | 9904 | €13,393 | €11,376 | -€2,017 | -15.1% |
| Profit (loss) for the period to be appropriated | 9905 | €13,393 | €11,376 | -€2,017 | -15.1% |
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 11 October 2026 via checked.be.