Setec: 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.
Setec
Largest movements
- Deferred charges and accrued income +€12,798
up €12,798 (+1645.0%), from €778 to €13,575
- Tangible fixed assets -€7,701
down €7,701 (-35.6%), from €21,643 to €13,942
of which Furniture and vehicles: -€5,081
- Cash +€5,156
up €5,156 (+17.7%), from €29,201 to €34,357
mainly Net result for the year (+€34,372) and Depreciation (+€8,742)
- Stocks and contracts +€3,858
up €3,858 (+37.5%), from €10,289 to €14,146
- Receivables within one year +€3,297
up €3,297 (+26.3%), from €12,534 to €15,830
of which Trade receivables: +€3,329
- Reserves +€33,539
up €33,539 (+107.0%), from €31,351 to €64,890
- Other debts -€7,029
down €7,029 (-87.8%), from €8,006 to €977
- Trade debts -€6,945
down €6,945 (-65.5%), from €10,595 to €3,650
- Debts after one year -€4,932
no longer reported in 2025 (was €4,932)
- Tax, wage and social debts +€2,893
up €2,893 (+25.0%), from €11,561 to €14,454
- Gross operating margin +€2,254
up €2,254 (+4.4%), from €51,750 to €54,003
- Taxes +€798
up €798 (+9.7%), from €8,203 to €9,001
- Depreciation -€738
down €738 (-7.8%), from €9,480 to €8,742
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 | €74,548 | €91,903 | +€17,355 | +23.3% |
| Fixed assets | 21/28 | €21,747 | €13,994 | -€7,753 | -35.7% |
| Intangible fixed assets | 21 | €103 | €52 | -€52 | -50.1% |
| Tangible fixed assets | 22/27 | €21,643 | €13,942 | -€7,701 | -35.6% |
| Plant, machinery and equipment | 23 | €10,544 | €7,924 | -€2,620 | -24.8% |
| Furniture and vehicles | 24 | €11,099 | €6,018 | -€5,081 | -45.8% |
| Current assets | 29/58 | €52,801 | €77,909 | +€25,108 | +47.6% |
| Stocks and contracts in progress | 3 | €10,289 | €14,146 | +€3,858 | +37.5% |
| Stocks | 30/36 | €10,289 | €14,146 | +€3,858 | +37.5% |
| Amounts receivable within one year | 40/41 | €12,534 | €15,830 | +€3,297 | +26.3% |
| Trade receivables | 40 | €818 | €4,147 | +€3,329 | +406.8% |
| Other amounts receivable | 41 | €11,715 | €11,683 | -€32 | -0.3% |
| Cash at bank and in hand | 54/58 | €29,201 | €34,357 | +€5,156 | +17.7% |
| Deferred charges and accrued income | 490/1 | €778 | €13,575 | +€12,798 | +1645.0% |
| Total equity and liabilities | 10/49 | €74,548 | €91,903 | +€17,355 | +23.3% |
| Equity | 10/15 | €34,351 | €67,890 | +€33,539 | +97.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €31,351 | €64,890 | +€33,539 | +107.0% |
| Distributable reserves | 133 | €31,351 | €64,890 | +€33,539 | +107.0% |
| Amounts payable | 17/49 | €40,197 | €24,013 | -€16,184 | -40.3% |
| Amounts payable after more than one year | 17 | €4,932 | - | -€4,932 | |
| Financial debts | 170/4 | €4,932 | - | -€4,932 | |
| Amounts payable within one year | 42/48 | €35,265 | €24,013 | -€11,251 | -31.9% |
| Current portion of amounts payable after more than one year | 42 | €5,103 | €4,932 | -€171 | -3.3% |
| Trade debts | 44 | €10,595 | €3,650 | -€6,945 | -65.5% |
| Suppliers | 440/4 | €10,595 | €3,650 | -€6,945 | -65.5% |
| Taxes, remuneration and social security | 45 | €11,561 | €14,454 | +€2,893 | +25.0% |
| Taxes | 450/3 | €11,561 | €14,454 | +€2,893 | +25.0% |
| Other amounts payable | 47/48 | €8,006 | €977 | -€7,029 | -87.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,480 | €8,742 | -€738 | -7.8% |
| Other operating charges | 640/8 | €388 | €418 | +€30 | +7.9% |
| Non-recurring operating charges | 66A | - | €229 | +€229 | |
| Gross operating margin | 9900 | €51,750 | €54,003 | +€2,254 | +4.4% |
| Operating profit (loss) | 9901 | €41,882 | €44,615 | +€2,733 | +6.5% |
| Financial income | 75/76B | €52 | €74 | +€23 | +43.8% |
| Recurring financial income | 75 | €52 | €74 | +€23 | +43.8% |
| Financial charges | 65/66B | €1,521 | €1,317 | -€204 | -13.4% |
| Recurring financial charges | 65 | €1,521 | €1,317 | -€204 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €40,413 | €43,373 | +€2,959 | +7.3% |
| Income taxes | 67/77 | €8,203 | €9,001 | +€798 | +9.7% |
| Profit (loss) for the period | 9904 | €32,210 | €34,372 | +€2,161 | +6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €32,210 | €34,372 | +€2,161 | +6.7% |
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 9 October 2026 via checked.be.