SETESCO Structural Engineers: 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.
SETESCO Structural Engineers
Largest movements
- Receivables within one year -€117,969
down €117,969 (-27.0%), from €436,786 to €318,817
of which Trade receivables: -€117,689
- Cash -€114,157
down €114,157 (-76.0%), from €150,149 to €35,992
mainly Current portion of long-term debt (-€89,080) and Net result for the year (-€74,549)
- Tangible fixed assets -€34,732
down €34,732 (-26.7%), from €130,306 to €95,574
- Deferred charges and accrued income +€12,543
up €12,543 (+145.8%), from €8,605 to €21,148
- Reserves -€136,051
down €136,051 (-95.6%), from €142,248 to €6,197
of which Distributable reserves: -€136,051
- Current portion of long-term debt -€89,080
down €89,080 (-80.8%), from €110,188 to €21,108
- Profit (loss) carried forward +€61,502
up €61,502 (+120.7%), from €50,953 to €112,455
- Other debts -€50,000
no longer reported in 2025 (was €50,000)
- Debts after one year -€21,108
down €21,108 (-21.9%), from €96,575 to €75,467
- Gross operating margin -€206,816
down €206,816 (-29.3%), from €705,188 to €498,372
- Staff costs -€53,799
down €53,799 (-9.5%), from €564,180 to €510,381
- Other operating charges +€10,950
up €10,950 (+855.5%), from €1,280 to €12,230
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 | €728,057 | €471,656 | -€256,401 | -35.2% |
| Fixed assets | 21/28 | €132,517 | €95,699 | -€36,818 | -27.8% |
| Tangible fixed assets | 22/27 | €130,306 | €95,574 | -€34,732 | -26.7% |
| Plant, machinery and equipment | 23 | €11,592 | €1,272 | -€10,320 | -89.0% |
| Furniture and vehicles | 24 | €8,474 | €789 | -€7,685 | -90.7% |
| Other tangible fixed assets | 26 | €110,240 | €93,513 | -€16,727 | -15.2% |
| Financial fixed assets | 28 | €2,211 | €125 | -€2,086 | -94.3% |
| Current assets | 29/58 | €595,540 | €375,957 | -€219,583 | -36.9% |
| Amounts receivable within one year | 40/41 | €436,786 | €318,817 | -€117,969 | -27.0% |
| Trade receivables | 40 | €436,368 | €318,679 | -€117,689 | -27.0% |
| Other amounts receivable | 41 | €418 | €138 | -€280 | -67.0% |
| Cash at bank and in hand | 54/58 | €150,149 | €35,992 | -€114,157 | -76.0% |
| Deferred charges and accrued income | 490/1 | €8,605 | €21,148 | +€12,543 | +145.8% |
| Total equity and liabilities | 10/49 | €728,057 | €471,656 | -€256,401 | -35.2% |
| Equity | 10/15 | €256,509 | €180,625 | -€75,884 | -29.6% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €142,248 | €6,197 | -€136,051 | -95.6% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €136,051 | - | -€136,051 | |
| Profit (loss) carried forward | 14 | €50,953 | €112,455 | +€61,502 | +120.7% |
| Investment grants | 15 | €1,335 | - | -€1,335 | |
| Amounts payable | 17/49 | €471,548 | €291,031 | -€180,517 | -38.3% |
| Amounts payable after more than one year | 17 | €96,575 | €75,467 | -€21,108 | -21.9% |
| Financial debts | 170/4 | €96,575 | €75,467 | -€21,108 | -21.9% |
| Amounts payable within one year | 42/48 | €374,973 | €215,564 | -€159,409 | -42.5% |
| Current portion of amounts payable after more than one year | 42 | €110,188 | €21,108 | -€89,080 | -80.8% |
| Trade debts | 44 | €86,920 | €70,574 | -€16,346 | -18.8% |
| Suppliers | 440/4 | €86,920 | €70,574 | -€16,346 | -18.8% |
| Taxes, remuneration and social security | 45 | €127,865 | €123,882 | -€3,983 | -3.1% |
| Taxes | 450/3 | €67,108 | €52,368 | -€14,740 | -22.0% |
| Remuneration and social security | 454/9 | €60,757 | €71,514 | +€10,757 | +17.7% |
| Other amounts payable | 47/48 | €50,000 | - | -€50,000 | |
| Remuneration, social security and pensions | 62 | €564,180 | €510,381 | -€53,799 | -9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,358 | €34,732 | -€2,626 | -7.0% |
| Other operating charges | 640/8 | €1,280 | €12,230 | +€10,950 | +855.5% |
| Gross operating margin | 9900 | €705,188 | €498,372 | -€206,816 | -29.3% |
| Operating profit (loss) | 9901 | €102,370 | -€58,971 | -€161,341 | |
| Financial income | 75/76B | €1,476 | €1,355 | -€121 | -8.2% |
| Recurring financial income | 75 | €1,476 | €1,355 | -€121 | -8.2% |
| Financial charges | 65/66B | €18,164 | €16,331 | -€1,833 | -10.1% |
| Recurring financial charges | 65 | €18,164 | €16,331 | -€1,833 | -10.1% |
| Profit (loss) for the period before taxes | 9903 | €85,682 | -€73,947 | -€159,629 | |
| Income taxes | 67/77 | €462 | €602 | +€140 | +30.3% |
| Profit (loss) for the period | 9904 | €85,220 | -€74,549 | -€159,769 | |
| Profit (loss) for the period to be appropriated | 9905 | €85,220 | -€74,549 | -€159,769 |
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 2 October 2026 via checked.be.