SETHI: 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.
SETHI
Largest movements
- Current investments +€1.2m
up €1.2m (+10.5%), from €11.9m to €13.1m
- Cash -€965,590
down €965,590 (-41.2%), from €2.3m to €1.4m
mainly Current investments (-€1.2m) and Accrued charges and deferred income (-€317,212)
- Profit (loss) carried forward +€476,960
up €476,960 (+3.3%), from €14.3m to €14.8m
- Accrued charges and deferred income -€317,212
down €317,212 (-13.4%), from €2.4m to €2.1m
- Financial income +€441,873
up €441,873 (+79.1%), from €558,528 to €1.0m
of which Non-recurring financial income: +€786,677
- Financial charges +€210,224
up €210,224 (+592.1%), from €35,507 to €245,731
- Taxes +€65,970
up €65,970 (+53.3%), from €123,723 to €189,693
- Gross operating margin -€1,739
down €1,739 (-2.1%), from -€84,530 to -€86,269
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 | €16,870,628 | €17,149,065 | +€278,437 | +1.7% |
| Fixed assets | 21/28 | €2,426,454 | €2,425,795 | -€660 | 0.0% |
| Tangible fixed assets | 22/27 | €1,649 | €990 | -€660 | -40.0% |
| Furniture and vehicles | 24 | €1,649 | €990 | -€660 | -40.0% |
| Financial fixed assets | 28 | €2,424,805 | €2,424,805 | = | 0.0% |
| Current assets | 29/58 | €14,444,173 | €14,723,270 | +€279,097 | +1.9% |
| Amounts receivable after more than one year | 29 | €212,440 | €216,240 | +€3,800 | +1.8% |
| Other amounts receivable | 291 | €212,440 | €216,240 | +€3,800 | +1.8% |
| Amounts receivable within one year | 40/41 | €30,615 | €30,615 | = | 0.0% |
| Other amounts receivable | 41 | €30,615 | €30,615 | = | 0.0% |
| Current investments | 50/53 | €11,854,535 | €13,093,822 | +€1.2m | +10.5% |
| Cash at bank and in hand | 54/58 | €2,344,176 | €1,378,586 | -€965,590 | -41.2% |
| Deferred charges and accrued income | 490/1 | €2,407 | €4,007 | +€1,600 | +66.5% |
| Total equity and liabilities | 10/49 | €16,870,628 | €17,149,065 | +€278,437 | +1.7% |
| Equity | 10/15 | €14,356,758 | €14,833,718 | +€476,960 | +3.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €7,200 | €7,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,200 | €7,200 | = | 0.0% |
| Legal reserve | 130 | €7,200 | €7,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,287,558 | €14,764,518 | +€476,960 | +3.3% |
| Amounts payable | 17/49 | €2,513,870 | €2,315,347 | -€198,523 | -7.9% |
| Amounts payable within one year | 42/48 | €142,854 | €261,544 | +€118,690 | +83.1% |
| Trade debts | 44 | €7,052 | €10,556 | +€3,504 | +49.7% |
| Suppliers | 440/4 | €7,052 | €7,056 | +€4 | +0.1% |
| Bills of exchange payable | 441 | - | €3,500 | +€3,500 | |
| Taxes, remuneration and social security | 45 | €135,552 | €250,738 | +€115,186 | +85.0% |
| Taxes | 450/3 | €132,300 | €244,568 | +€112,268 | +84.9% |
| Remuneration and social security | 454/9 | €3,252 | €6,170 | +€2,918 | +89.7% |
| Other amounts payable | 47/48 | €250 | €250 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,371,016 | €2,053,804 | -€317,212 | -13.4% |
| Non-recurring operating income | 76A | - | €494 | +€494 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €954 | €660 | -€294 | -30.8% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Non-recurring operating charges | 66A | - | €90 | +€90 | |
| Gross operating margin | 9900 | -€84,530 | -€86,269 | -€1,739 | -2.1% |
| Operating profit (loss) | 9901 | -€86,452 | -€88,018 | -€1,566 | -1.8% |
| Financial income | 75/76B | €558,528 | €1,000,401 | +€441,873 | +79.1% |
| Recurring financial income | 75 | €558,528 | €213,725 | -€344,804 | -61.7% |
| Non-recurring financial income | 76B | - | €786,677 | +€786,677 | |
| Financial charges | 65/66B | €35,507 | €245,731 | +€210,224 | +592.1% |
| Recurring financial charges | 65 | €35,507 | €245,731 | +€210,224 | +592.1% |
| Profit (loss) for the period before taxes | 9903 | €436,570 | €666,653 | +€230,083 | +52.7% |
| Income taxes | 67/77 | €123,723 | €189,693 | +€65,970 | +53.3% |
| Profit (loss) for the period | 9904 | €312,847 | €476,960 | +€164,113 | +52.5% |
| Profit (loss) for the period to be appropriated | 9905 | €312,847 | €476,960 | +€164,113 | +52.5% |
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 6 October 2026 via checked.be.