SET SPA: 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.
SET SPA
Largest movements
- Tangible fixed assets -€43,657
down €43,657 (-16.2%), from €269,927 to €226,271
of which Other tangible fixed assets: -€39,523
- Receivables within one year -€3,041
down €3,041 (-88.5%), from €3,437 to €396
of which Trade receivables: -€1,760
- Profit (loss) carried forward -€24,712
down €24,712 (-16.5%), from -€150,128 to -€174,841
- Other debts -€19,197
down €19,197 (-4.6%), from €418,667 to €399,471
- Trade debts -€5,187
down €5,187 (-85.2%), from €6,090 to €903
- Financial income +€8,916
new in 2025: €8,916
of which Non-recurring financial income: +€8,916
- Gross operating margin +€6,556
up €6,556 (+35.1%), from €18,663 to €25,219
- Depreciation +€3,426
up €3,426 (+6.8%), from €50,654 to €54,080
- Staff costs -€677
no longer reported in 2025 (was €677)
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 | €284,701 | €237,195 | -€47,506 | -16.7% |
| Fixed assets | 21/28 | €270,898 | €226,513 | -€44,385 | -16.4% |
| Intangible fixed assets | 21 | €971 | €243 | -€728 | -75.0% |
| Tangible fixed assets | 22/27 | €269,927 | €226,271 | -€43,657 | -16.2% |
| Plant, machinery and equipment | 23 | €18,743 | €14,761 | -€3,982 | -21.2% |
| Furniture and vehicles | 24 | €13,587 | €13,434 | -€152 | -1.1% |
| Other tangible fixed assets | 26 | €237,598 | €198,075 | -€39,523 | -16.6% |
| Current assets | 29/58 | €13,803 | €10,682 | -€3,121 | -22.6% |
| Amounts receivable within one year | 40/41 | €3,437 | €396 | -€3,041 | -88.5% |
| Trade receivables | 40 | €1,760 | - | -€1,760 | |
| Other amounts receivable | 41 | €1,677 | €396 | -€1,282 | -76.4% |
| Cash at bank and in hand | 54/58 | €10,366 | €9,916 | -€450 | -4.3% |
| Deferred charges and accrued income | 490/1 | - | €371 | +€371 | |
| Total equity and liabilities | 10/49 | €284,701 | €237,195 | -€47,506 | -16.7% |
| Equity | 10/15 | -€145,128 | -€169,841 | -€24,712 | -17.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€150,128 | -€174,841 | -€24,712 | -16.5% |
| Amounts payable | 17/49 | €429,829 | €407,036 | -€22,794 | -5.3% |
| Amounts payable within one year | 42/48 | €429,829 | €407,036 | -€22,794 | -5.3% |
| Trade debts | 44 | €6,090 | €903 | -€5,187 | -85.2% |
| Suppliers | 440/4 | €6,090 | €903 | -€5,187 | -85.2% |
| Taxes, remuneration and social security | 45 | €5,072 | €6,662 | +€1,590 | +31.4% |
| Taxes | 450/3 | €5,038 | €6,662 | +€1,624 | +32.2% |
| Remuneration and social security | 454/9 | €34 | - | -€34 | |
| Other amounts payable | 47/48 | €418,667 | €399,471 | -€19,197 | -4.6% |
| Remuneration, social security and pensions | 62 | €677 | - | -€677 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,654 | €54,080 | +€3,426 | +6.8% |
| Other operating charges | 640/8 | €1,970 | €2,100 | +€130 | +6.6% |
| Gross operating margin | 9900 | €18,663 | €25,219 | +€6,556 | +35.1% |
| Operating profit (loss) | 9901 | -€34,639 | -€30,961 | +€3,678 | +10.6% |
| Financial income | 75/76B | - | €8,916 | +€8,916 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Non-recurring financial income | 76B | - | €8,916 | +€8,916 | |
| Financial charges | 65/66B | €2,687 | €2,667 | -€20 | -0.8% |
| Recurring financial charges | 65 | €2,687 | €2,667 | -€20 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | -€37,326 | -€24,712 | +€12,614 | +33.8% |
| Profit (loss) for the period | 9904 | -€37,326 | -€24,712 | +€12,614 | +33.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€37,326 | -€24,712 | +€12,614 | +33.8% |
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 8 October 2026 via checked.be.