SETIM: 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.
What changed
SETIM
NACE 08.121, Other mining and quarrying
fiscal year 2023 against 2024filed annual accounts (NBB)
Net result for the year
€498,038
2023 · €445,944+€52,094
Equity
€902,335
2023 · €904,297-€1,962
Cash
€434,258
2023 · €250,411+€183,847
Balance sheet total
€3.3m
2023 · €3.3m-€11,418
Largest movements
Assets
- Cash +€183,847
up €183,847 (+73.4%), from €250,411 to €434,258
mainly Depreciation (+€583,646) and Net result for the year (+€498,038)
- Tangible fixed assets -€168,751
down €168,751 (-12.8%), from €1.3m to €1.2m
of which Leasing and similar rights: -€168,300
- Receivables within one year -€58,749
down €58,749 (-3.5%), from €1.7m to €1.6m
of which Other amounts receivable: -€207,178
Equity and liabilities
- Other debts +€200,000
up €200,000 (+66.7%), from €300,000 to €500,000
- Debts after one year -€192,266
down €192,266 (-26.6%), from €722,707 to €530,441
- Current portion of long-term debt -€116,348
down €116,348 (-15.2%), from €766,575 to €650,227
- Trade debts +€97,105
up €97,105 (+18.1%), from €536,226 to €633,331
Income statement
- Depreciation -€77,502
down €77,502 (-11.7%), from €661,148 to €583,646
- Financial income +€18,998
up €18,998 (+82.1%), from €23,135 to €42,133
- Write-downs +€17,048
up €17,048 (+195.0%), from €8,744 to €25,792
From the 2023 result to the 2024 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.
Result 2023
€445,944
Gross operating margin
-€4,834
Staff costs
-€10,310
Depreciation
+€77,502
Write-downs
-€17,048
Provisions
+€2,500
Other operating charges
+€265
Other operating items
+€6
Financial income
+€18,998
Financial charges
-€1,977
Taxes
-€13,007
Result 2024
€498,038
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€1.4m
Investment
-€414,895
Financing
-€808,615
Cash 2023
€250,411
From operations (derived)
+€1.4m
Net result for the year
+€498,038
Depreciation
+€583,646
Stocks and contracts
-€29,038
Receivables within one year
+€58,749
Deferred charges and accrued income
-€3,197
Provisions
-€2,500
Trade debts
+€97,105
Tax, wage and social debts
+€2,354
Other debts
+€200,000
Accrued charges and deferred income
+€2,200
Investment (derived)
-€414,895
Investment in fixed assets (net)
-€414,895
Financing
-€808,615
Debts after one year
-€192,266
Current portion of long-term debt
-€116,348
Contributions, distributions and other
-€500,000
Cash 2024
€434,258
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,303,042 | €3,291,624 | -€11,418 | -0.3% |
| Fixed assets | 21/28 | €1,324,160 | €1,155,409 | -€168,751 | -12.7% |
| Tangible fixed assets | 22/27 | €1,323,465 | €1,154,714 | -€168,751 | -12.8% |
| Land and buildings | 22 | €139,797 | €112,940 | -€26,857 | -19.2% |
| Plant, machinery and equipment | 23 | €799,234 | €832,276 | +€33,043 | +4.1% |
| Furniture and vehicles | 24 | €12,108 | €5,471 | -€6,637 | -54.8% |
| Leasing and similar rights | 25 | €372,326 | €204,026 | -€168,300 | -45.2% |
| Financial fixed assets | 28 | €695 | €695 | = | 0.0% |
| Current assets | 29/58 | €1,978,883 | €2,136,216 | +€157,333 | +8.0% |
| Stocks and contracts in progress | 3 | €40,348 | €69,386 | +€29,038 | +72.0% |
| Stocks | 30/36 | €40,348 | €69,386 | +€29,038 | +72.0% |
| Amounts receivable within one year | 40/41 | €1,658,753 | €1,600,004 | -€58,749 | -3.5% |
| Trade receivables | 40 | €594,851 | €743,280 | +€148,428 | +25.0% |
| Other amounts receivable | 41 | €1,063,902 | €856,724 | -€207,178 | -19.5% |
| Cash at bank and in hand | 54/58 | €250,411 | €434,258 | +€183,847 | +73.4% |
| Deferred charges and accrued income | 490/1 | €29,370 | €32,568 | +€3,197 | +10.9% |
| Total equity and liabilities | 10/49 | €3,303,042 | €3,291,624 | -€11,418 | -0.3% |
| Equity | 10/15 | €904,297 | €902,335 | -€1,962 | -0.2% |
| Contributions | 10/11 | €375,000 | €375,000 | = | 0.0% |
| Reserves | 13 | €241,520 | €241,520 | = | 0.0% |
| Distributable reserves | 133 | €241,520 | €241,520 | = | 0.0% |
| Profit (loss) carried forward | 14 | €287,777 | €285,815 | -€1,962 | -0.7% |
| Provisions and deferred taxes | 16 | €2,500 | - | -€2,500 | |
| Provisions for liabilities and charges | 160/5 | €2,500 | - | -€2,500 | |
| Other liabilities and charges | 164/5 | €2,500 | - | -€2,500 | |
| Amounts payable | 17/49 | €2,396,245 | €2,389,289 | -€6,956 | -0.3% |
| Amounts payable after more than one year | 17 | €722,707 | €530,441 | -€192,266 | -26.6% |
| Financial debts | 170/4 | €722,707 | €530,441 | -€192,266 | -26.6% |
| Amounts payable within one year | 42/48 | €1,673,538 | €1,856,648 | +€183,111 | +10.9% |
| Current portion of amounts payable after more than one year | 42 | €766,575 | €650,227 | -€116,348 | -15.2% |
| Trade debts | 44 | €536,226 | €633,331 | +€97,105 | +18.1% |
| Suppliers | 440/4 | €536,226 | €633,331 | +€97,105 | +18.1% |
| Taxes, remuneration and social security | 45 | €70,736 | €73,090 | +€2,354 | +3.3% |
| Taxes | 450/3 | €38,676 | €21,255 | -€17,420 | -45.0% |
| Remuneration and social security | 454/9 | €32,061 | €51,835 | +€19,774 | +61.7% |
| Other amounts payable | 47/48 | €300,000 | €500,000 | +€200,000 | +66.7% |
| Accrued charges and deferred income | 492/3 | - | €2,200 | +€2,200 | |
| Non-recurring operating income | 76A | - | €87,000 | +€87,000 | |
| Remuneration, social security and pensions | 62 | €389,905 | €400,216 | +€10,310 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €661,148 | €583,646 | -€77,502 | -11.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €8,744 | €25,792 | +€17,048 | +195.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€2,500 | -€2,500 | |
| Other operating charges | 640/8 | €28,061 | €27,797 | -€265 | -0.9% |
| Non-recurring operating charges | 66A | €6 | - | -€6 | |
| Gross operating margin | 9900 | €1,695,125 | €1,690,292 | -€4,834 | -0.3% |
| Operating profit (loss) | 9901 | €607,261 | €655,341 | +€48,080 | +7.9% |
| Financial income | 75/76B | €23,135 | €42,133 | +€18,998 | +82.1% |
| Recurring financial income | 75 | €23,135 | €42,133 | +€18,998 | +82.1% |
| Financial charges | 65/66B | €26,790 | €28,767 | +€1,977 | +7.4% |
| Recurring financial charges | 65 | €26,790 | €28,767 | +€1,977 | +7.4% |
| Profit (loss) for the period before taxes | 9903 | €603,606 | €668,707 | +€65,101 | +10.8% |
| Income taxes | 67/77 | €157,662 | €170,669 | +€13,007 | +8.3% |
| Profit (loss) for the period | 9904 | €445,944 | €498,038 | +€52,094 | +11.7% |
| Profit (loss) for the period to be appropriated | 9905 | €445,944 | €498,038 | +€52,094 | +11.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.