SETHI: 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.
SETHI
Largest movements
- Tangible fixed assets -€18,053
down €18,053 (-7.4%), from €243,538 to €225,485
of which Plant, machinery and equipment: -€17,722
- Receivables within one year -€5,636
down €5,636 (-14.3%), from €39,493 to €33,857
of which Trade receivables: -€6,443
- Profit (loss) carried forward -€17,089
down €17,089 (-17.9%), from €95,387 to €78,298
- Gross operating margin +€8,381
up €8,381 (+113.0%), from €7,416 to €15,797
- Depreciation +€1,580
up €1,580 (+6.3%), from €25,108 to €26,688
- Financial income +€800
up €800 (+42.2%), from €1,894 to €2,694
- Taxes +€338
up €338 (+101.8%), from €332 to €670
- Financial charges -€262
down €262 (-4.5%), from €5,862 to €5,600
of which Non-recurring financial charges: -€262
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 | €456,465 | €436,276 | -€20,189 | -4.4% |
| Fixed assets | 21/28 | €243,538 | €225,485 | -€18,053 | -7.4% |
| Tangible fixed assets | 22/27 | €243,538 | €225,485 | -€18,053 | -7.4% |
| Land and buildings | 22 | €203,875 | €198,711 | -€5,164 | -2.5% |
| Plant, machinery and equipment | 23 | €29,213 | €11,492 | -€17,722 | -60.7% |
| Furniture and vehicles | 24 | €10,449 | €15,283 | +€4,834 | +46.3% |
| Current assets | 29/58 | €212,927 | €210,791 | -€2,136 | -1.0% |
| Amounts receivable within one year | 40/41 | €39,493 | €33,857 | -€5,636 | -14.3% |
| Trade receivables | 40 | €31,292 | €24,849 | -€6,443 | -20.6% |
| Other amounts receivable | 41 | €8,201 | €9,008 | +€806 | +9.8% |
| Cash at bank and in hand | 54/58 | €173,434 | €176,934 | +€3,500 | +2.0% |
| Total equity and liabilities | 10/49 | €456,465 | €436,276 | -€20,189 | -4.4% |
| Equity | 10/15 | €275,987 | €258,898 | -€17,089 | -6.2% |
| Contributions | 10/11 | €68,200 | €68,200 | = | 0.0% |
| Reserves | 13 | €112,400 | €112,400 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,400 | €7,400 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,400 | €7,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €90,000 | €90,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €95,387 | €78,298 | -€17,089 | -17.9% |
| Amounts payable | 17/49 | €180,477 | €177,378 | -€3,100 | -1.7% |
| Amounts payable after more than one year | 17 | €140,000 | €140,000 | = | 0.0% |
| Financial debts | 170/4 | €140,000 | €140,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €40,477 | €37,378 | -€3,100 | -7.7% |
| Financial debts | 43 | €262 | €262 | = | 0.0% |
| Credit institutions | 430/8 | €262 | €262 | = | 0.0% |
| Trade debts | 44 | €10,151 | €7,096 | -€3,055 | -30.1% |
| Suppliers | 440/4 | €10,151 | €7,096 | -€3,055 | -30.1% |
| Taxes, remuneration and social security | 45 | €4,584 | €8,161 | +€3,577 | +78.0% |
| Taxes | 450/3 | €4,584 | €7,161 | +€2,577 | +56.2% |
| Remuneration and social security | 454/9 | - | €1,000 | +€1,000 | |
| Other amounts payable | 47/48 | €25,480 | €21,858 | -€3,622 | -14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,108 | €26,688 | +€1,580 | +6.3% |
| Other operating charges | 640/8 | €1,991 | €2,056 | +€65 | +3.3% |
| Non-recurring operating charges | 66A | €318 | €567 | +€249 | +78.1% |
| Gross operating margin | 9900 | €7,416 | €15,797 | +€8,381 | +113.0% |
| Operating profit (loss) | 9901 | -€20,001 | -€13,513 | +€6,488 | +32.4% |
| Financial income | 75/76B | €1,894 | €2,694 | +€800 | +42.2% |
| Recurring financial income | 75 | €1,894 | €2,694 | +€800 | +42.2% |
| Financial charges | 65/66B | €5,862 | €5,600 | -€262 | -4.5% |
| Recurring financial charges | 65 | €5,600 | €5,600 | = | 0.0% |
| Non-recurring financial charges | 66B | €262 | - | -€262 | |
| Profit (loss) for the period before taxes | 9903 | -€23,969 | -€16,419 | +€7,550 | +31.5% |
| Income taxes | 67/77 | €332 | €670 | +€338 | +101.8% |
| Profit (loss) for the period | 9904 | -€24,301 | -€17,089 | +€7,212 | +29.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,301 | -€17,089 | +€7,212 | +29.7% |
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 11 October 2026 via checked.be.