SETA: 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.
SETA
Largest movements
- Tangible fixed assets +€33,260
up €33,260 (+54.1%), from €61,483 to €94,743
of which Plant, machinery and equipment: +€32,662
- Cash -€3,418
down €3,418 (-38.4%), from €8,905 to €5,487
mainly Investment in fixed assets (net) (-€53,417) and Other debts (-€10,113)
- Receivables within one year +€3,214
new in 2025: €3,214
- Intangible fixed assets -€1,240
down €1,240 (-16.4%), from €7,543 to €6,304
- Debts after one year +€27,301
up €27,301 (+182%), from €15,000 to €42,301
- Other debts -€10,113
down €10,113 (-31.6%), from €32,000 to €21,887
- Current portion of long-term debt +€7,699
new in 2025: €7,699
- Trade debts +€4,385
up €4,385 (+726%), from €604 to €4,988
- Profit (loss) carried forward +€1,559
new in 2025: €1,559
- Depreciation +€6,561
up €6,561 (+44.2%), from €14,835 to €21,397
- Gross operating margin -€3,786
down €3,786 (-11.6%), from €32,583 to €28,797
- Other operating charges +€3,036
up €3,036 (+531%), from €571 to €3,608
- Taxes -€2,733
down €2,733 (-84.6%), from €3,233 to €499
- Staff costs -€1,797
down €1,797 (-93.0%), from €1,933 to €136
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 | €77,932 | €109,748 | +€31,817 | +40.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €69,027 | €101,047 | +€32,020 | +46.4% |
| Intangible fixed assets | 21 | €7,543 | €6,304 | -€1,240 | -16.4% |
| Tangible fixed assets | 22/27 | €61,483 | €94,743 | +€33,260 | +54.1% |
| Plant, machinery and equipment | 23 | €60,337 | €92,998 | +€32,662 | +54.1% |
| Furniture and vehicles | 24 | €1,147 | €1,745 | +€599 | +52.2% |
| Current assets | 29/58 | €8,905 | €8,701 | -€204 | -2.3% |
| Amounts receivable within one year | 40/41 | - | €3,214 | +€3,214 | |
| Other amounts receivable | 41 | - | €3,214 | +€3,214 | |
| Cash at bank and in hand | 54/58 | €8,905 | €5,487 | -€3,418 | -38.4% |
| Total equity and liabilities | 10/49 | €77,932 | €109,748 | +€31,817 | +40.8% |
| Equity | 10/15 | €24,315 | €25,873 | +€1,559 | +6.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €19,315 | €19,315 | = | 0.0% |
| Distributable reserves | 133 | €19,315 | €19,315 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €1,559 | +€1,559 | |
| Amounts payable | 17/49 | €53,617 | €83,875 | +€30,258 | +56.4% |
| Amounts payable after more than one year | 17 | €15,000 | €42,301 | +€27,301 | +182% |
| Financial debts | 170/4 | €15,000 | €42,301 | +€27,301 | +182% |
| Amounts payable within one year | 42/48 | €38,617 | €41,574 | +€2,956 | +7.7% |
| Current portion of amounts payable after more than one year | 42 | - | €7,699 | +€7,699 | |
| Trade debts | 44 | €604 | €4,988 | +€4,385 | +726% |
| Suppliers | 440/4 | €604 | €4,988 | +€4,385 | +726% |
| Taxes, remuneration and social security | 45 | €6,014 | €6,999 | +€986 | +16.4% |
| Taxes | 450/3 | €6,014 | €6,999 | +€986 | +16.4% |
| Other amounts payable | 47/48 | €32,000 | €21,887 | -€10,113 | -31.6% |
| Remuneration, social security and pensions | 62 | €1,933 | €136 | -€1,797 | -93.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,835 | €21,397 | +€6,561 | +44.2% |
| Other operating charges | 640/8 | €571 | €3,608 | +€3,036 | +531% |
| Gross operating margin | 9900 | €32,583 | €28,797 | -€3,786 | -11.6% |
| Operating profit (loss) | 9901 | €15,243 | €3,656 | -€11,587 | -76.0% |
| Financial charges | 65/66B | €437 | €1,598 | +€1,160 | +265% |
| Recurring financial charges | 65 | €437 | €1,598 | +€1,160 | +265% |
| Profit (loss) for the period before taxes | 9903 | €14,805 | €2,058 | -€12,747 | -86.1% |
| Income taxes | 67/77 | €3,233 | €499 | -€2,733 | -84.6% |
| Profit (loss) for the period | 9904 | €11,573 | €1,559 | -€10,014 | -86.5% |
| Profit (loss) for the period to be appropriated | 9905 | €11,573 | €1,559 | -€10,014 | -86.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.