SETL: 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.
SETL
Largest movements
- Receivables within one year -€21,300
down €21,300 (-31.4%), from €67,903 to €46,603
of which Trade receivables: -€21,373
- Cash +€10,832
up €10,832 (+29.5%), from €36,750 to €47,581
mainly Receivables within one year (+€21,300) and Trade debts (+€8,210)
- Deferred charges and accrued income -€5,504
down €5,504 (-100.0%), from €5,504 to €0
- Tangible fixed assets +€2,765
up €2,765 (+133.1%), from €2,077 to €4,842
of which Furniture and vehicles: +€1,885
- Other debts -€22,500
down €22,500 (-98.9%), from €22,750 to €250
- Trade debts +€8,210
up €8,210 (+48.4%), from €16,961 to €25,171
- Debts after one year -€6,897
down €6,897 (-85.4%), from €8,074 to €1,177
- Tax, wage and social debts +€5,919
up €5,919 (+17.5%), from €33,891 to €39,810
of which Remuneration and social security: +€9,406
- Reserves +€1,781
up €1,781 (+8.5%), from €20,940 to €22,721
of which Distributable reserves: +€1,781
- Staff costs +€66,255
up €66,255 (+58.3%), from €113,581 to €179,835
- Gross operating margin +€49,775
up €49,775 (+34.0%), from €146,542 to €196,316
- Taxes +€3,325
up €3,325 (+102.5%), from €3,245 to €6,570
- Financial charges +€2,312
up €2,312 (+53.3%), from €4,339 to €6,651
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 | €112,233 | €99,026 | -€13,207 | -11.8% |
| Fixed assets | 21/28 | €2,077 | €4,842 | +€2,765 | +133.1% |
| Tangible fixed assets | 22/27 | €2,077 | €4,842 | +€2,765 | +133.1% |
| Plant, machinery and equipment | 23 | - | €880 | +€880 | |
| Furniture and vehicles | 24 | €2,077 | €3,962 | +€1,885 | +90.8% |
| Current assets | 29/58 | €110,156 | €94,184 | -€15,972 | -14.5% |
| Amounts receivable within one year | 40/41 | €67,903 | €46,603 | -€21,300 | -31.4% |
| Trade receivables | 40 | €67,903 | €46,529 | -€21,373 | -31.5% |
| Other amounts receivable | 41 | - | €73 | +€73 | |
| Cash at bank and in hand | 54/58 | €36,750 | €47,581 | +€10,832 | +29.5% |
| Deferred charges and accrued income | 490/1 | €5,504 | €0 | -€5,504 | -100.0% |
| Total equity and liabilities | 10/49 | €112,233 | €99,026 | -€13,207 | -11.8% |
| Equity | 10/15 | €23,940 | €25,721 | +€1,781 | +7.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €20,940 | €22,721 | +€1,781 | +8.5% |
| Non-distributable reserves | 130/1 | €17,500 | €17,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €17,500 | €17,500 | = | 0.0% |
| Distributable reserves | 133 | €3,440 | €5,221 | +€1,781 | +51.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €88,293 | €73,305 | -€14,988 | -17.0% |
| Amounts payable after more than one year | 17 | €8,074 | €1,177 | -€6,897 | -85.4% |
| Financial debts | 170/4 | €8,074 | €1,177 | -€6,897 | -85.4% |
| Amounts payable within one year | 42/48 | €80,219 | €72,128 | -€8,091 | -10.1% |
| Current portion of amounts payable after more than one year | 42 | €6,617 | €6,897 | +€280 | +4.2% |
| Trade debts | 44 | €16,961 | €25,171 | +€8,210 | +48.4% |
| Suppliers | 440/4 | €16,961 | €25,171 | +€8,210 | +48.4% |
| Taxes, remuneration and social security | 45 | €33,891 | €39,810 | +€5,919 | +17.5% |
| Taxes | 450/3 | €17,463 | €13,977 | -€3,487 | -20.0% |
| Remuneration and social security | 454/9 | €16,427 | €25,833 | +€9,406 | +57.3% |
| Other amounts payable | 47/48 | €22,750 | €250 | -€22,500 | -98.9% |
| Remuneration, social security and pensions | 62 | €113,581 | €179,835 | +€66,255 | +58.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,079 | €1,994 | +€916 | +84.9% |
| Other operating charges | 640/8 | €1,047 | €1,024 | -€23 | -2.2% |
| Gross operating margin | 9900 | €146,542 | €196,316 | +€49,775 | +34.0% |
| Operating profit (loss) | 9901 | €30,836 | €13,463 | -€17,373 | -56.3% |
| Financial income | 75/76B | €0 | €1,538 | +€1,538 | +465909.1% |
| Recurring financial income | 75 | €0 | €1,538 | +€1,538 | +465909.1% |
| Financial charges | 65/66B | €4,339 | €6,651 | +€2,312 | +53.3% |
| Recurring financial charges | 65 | €4,339 | €6,651 | +€2,312 | +53.3% |
| Profit (loss) for the period before taxes | 9903 | €26,497 | €8,350 | -€18,147 | -68.5% |
| Income taxes | 67/77 | €3,245 | €6,570 | +€3,325 | +102.5% |
| Profit (loss) for the period | 9904 | €23,253 | €1,781 | -€21,472 | -92.3% |
| Profit (loss) for the period to be appropriated | 9905 | €23,253 | €1,781 | -€21,472 | -92.3% |
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 8 October 2026 via checked.be.