SETH: 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.
SETH
Largest movements
- Cash -€58,195
down €58,195 (-82.1%), from €70,863 to €12,668
mainly Other debts (-€36,000) and Net result for the year (-€29,146)
- Tangible fixed assets -€4,872
down €4,872 (-100%), from €4,872 to €0
of which Furniture and vehicles: -€4,247
- Other debts -€36,000
down €36,000 (-100%), from €36,000 to €0
- Reserves -€29,146
down €29,146 (-78.2%), from €37,289 to €8,143
of which Distributable reserves: -€29,146
- Trade debts +€1,551
up €1,551 (+224%), from €693 to €2,244
- Gross operating margin -€100,256
down €100,256, from €77,042 to -€23,214
- Taxes -€11,037
down €11,037 (-97.6%), from €11,307 to €270
- Depreciation -€1,471
down €1,471 (-23.2%), from €6,343 to €4,872
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 | €92,583 | €29,218 | -€63,364 | -68.4% |
| Fixed assets | 21/28 | €4,872 | €0 | -€4,872 | -100% |
| Tangible fixed assets | 22/27 | €4,872 | €0 | -€4,872 | -100% |
| Plant, machinery and equipment | 23 | €625 | €0 | -€625 | -100% |
| Furniture and vehicles | 24 | €4,247 | €0 | -€4,247 | -100% |
| Current assets | 29/58 | €87,711 | €29,218 | -€58,492 | -66.7% |
| Amounts receivable within one year | 40/41 | €16,630 | €16,550 | -€80 | -0.5% |
| Trade receivables | 40 | €0 | €226 | +€226 | |
| Other amounts receivable | 41 | €16,630 | €16,324 | -€306 | -1.8% |
| Cash at bank and in hand | 54/58 | €70,863 | €12,668 | -€58,195 | -82.1% |
| Deferred charges and accrued income | 490/1 | €218 | €0 | -€218 | -100% |
| Total equity and liabilities | 10/49 | €92,583 | €29,218 | -€63,364 | -68.4% |
| Equity | 10/15 | €55,889 | €26,743 | -€29,146 | -52.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €37,289 | €8,143 | -€29,146 | -78.2% |
| Non-distributable reserves | 130/1 | €775 | €775 | = | 0.0% |
| Reserves not available under the articles | 1311 | €775 | €775 | = | 0.0% |
| Distributable reserves | 133 | €36,514 | €7,368 | -€29,146 | -79.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €36,693 | €2,475 | -€34,218 | -93.3% |
| Amounts payable within one year | 42/48 | €36,693 | €2,475 | -€34,218 | -93.3% |
| Trade debts | 44 | €693 | €2,244 | +€1,551 | +224% |
| Suppliers | 440/4 | €693 | €2,244 | +€1,551 | +224% |
| Taxes, remuneration and social security | 45 | €0 | €231 | +€231 | |
| Taxes | 450/3 | €0 | €231 | +€231 | |
| Other amounts payable | 47/48 | €36,000 | €0 | -€36,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,343 | €4,872 | -€1,471 | -23.2% |
| Other operating charges | 640/8 | €892 | €910 | +€18 | +2.0% |
| Gross operating margin | 9900 | €77,042 | -€23,214 | -€100,256 | |
| Operating profit (loss) | 9901 | €69,808 | -€28,995 | -€98,803 | |
| Financial income | 75/76B | €645 | €179 | -€466 | -72.2% |
| Recurring financial income | 75 | €645 | €179 | -€466 | -72.2% |
| Financial charges | 65/66B | €74 | €60 | -€14 | -18.7% |
| Recurring financial charges | 65 | €74 | €60 | -€14 | -18.7% |
| Profit (loss) for the period before taxes | 9903 | €70,378 | -€28,876 | -€99,255 | |
| Income taxes | 67/77 | €11,307 | €270 | -€11,037 | -97.6% |
| Profit (loss) for the period | 9904 | €59,072 | -€29,146 | -€88,218 | |
| Profit (loss) for the period to be appropriated | 9905 | €59,072 | -€29,146 | -€88,218 |
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 18 October 2026 via checked.be.