SETLE: 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.
SETLE
Largest movements
- Receivables within one year -€124,445
down €124,445 (-75.0%), from €166,021 to €41,575
of which Trade receivables: -€79,797
- Intangible fixed assets +€115,635
up €115,635 (+9.1%), from €1.3m to €1.4m
- Cash +€112,561
up €112,561 (+40.0%), from €281,589 to €394,150
mainly Contributions, distributions and other (+€1.5m) and Depreciation (+€773,928)
- Contributions +€1.5m
up €1.5m (+46.1%), from €3.3m to €4.8m
- Profit (loss) carried forward -€1.1m
down €1.1m (-48.1%), from -€2.4m to -€3.5m
- Trade debts -€162,172
down €162,172 (-48.5%), from €334,055 to €171,883
- Debts after one year -€68,635
down €68,635 (-35.3%), from €194,254 to €125,619
- Accrued charges and deferred income +€27,825
up €27,825 (+15.9%), from €175,470 to €203,294
- Depreciation +€245,107
up €245,107 (+46.3%), from €528,822 to €773,928
- Gross operating margin -€167,175
down €167,175 (-81.9%), from €204,033 to €36,858
- Staff costs -€71,877
down €71,877 (-16.7%), from €431,363 to €359,486
- Write-downs +€7,245
up €7,245 (+57.1%), from -€12,690 to -€5,444
- Taxes +€4,936
up €4,936 (+569.2%), from €867 to €5,803
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 | €1,724,184 | €1,843,705 | +€119,521 | +6.9% |
| Fixed assets | 21/28 | €1,276,575 | €1,392,196 | +€115,621 | +9.1% |
| Intangible fixed assets | 21 | €1,273,380 | €1,389,015 | +€115,635 | +9.1% |
| Tangible fixed assets | 22/27 | €3,075 | €3,061 | -€14 | -0.5% |
| Plant, machinery and equipment | 23 | - | €3,061 | +€3,061 | |
| Furniture and vehicles | 24 | €3,075 | - | -€3,075 | |
| Financial fixed assets | 28 | €120 | €120 | = | 0.0% |
| Current assets | 29/58 | €447,610 | €451,509 | +€3,900 | +0.9% |
| Amounts receivable within one year | 40/41 | €166,021 | €41,575 | -€124,445 | -75.0% |
| Trade receivables | 40 | €91,664 | €11,866 | -€79,797 | -87.1% |
| Other amounts receivable | 41 | €74,357 | €29,709 | -€44,648 | -60.0% |
| Cash at bank and in hand | 54/58 | €281,589 | €394,150 | +€112,561 | +40.0% |
| Deferred charges and accrued income | 490/1 | - | €15,784 | +€15,784 | |
| Total equity and liabilities | 10/49 | €1,724,184 | €1,843,705 | +€119,521 | +6.9% |
| Equity | 10/15 | €892,847 | €1,254,909 | +€362,062 | +40.6% |
| Contributions | 10/11 | €3,257,084 | €4,757,080 | +€1.5m | +46.1% |
| Profit (loss) carried forward | 14 | -€2,364,237 | -€3,502,171 | -€1.1m | -48.1% |
| Amounts payable | 17/49 | €831,337 | €588,796 | -€242,541 | -29.2% |
| Amounts payable after more than one year | 17 | €194,254 | €125,619 | -€68,635 | -35.3% |
| Financial debts | 170/4 | €194,254 | €125,619 | -€68,635 | -35.3% |
| Amounts payable within one year | 42/48 | €461,614 | €259,883 | -€201,731 | -43.7% |
| Current portion of amounts payable after more than one year | 42 | €95,374 | €68,635 | -€26,739 | -28.0% |
| Trade debts | 44 | €334,055 | €171,883 | -€162,172 | -48.5% |
| Suppliers | 440/4 | €334,055 | €171,883 | -€162,172 | -48.5% |
| Taxes, remuneration and social security | 45 | €32,186 | €19,366 | -€12,820 | -39.8% |
| Taxes | 450/3 | €1,430 | €1,418 | -€12 | -0.9% |
| Remuneration and social security | 454/9 | €30,755 | €17,948 | -€12,808 | -41.6% |
| Accrued charges and deferred income | 492/3 | €175,470 | €203,294 | +€27,825 | +15.9% |
| Non-recurring operating income | 76A | - | €2,546 | +€2,546 | |
| Remuneration, social security and pensions | 62 | €431,363 | €359,486 | -€71,877 | -16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €528,822 | €773,928 | +€245,107 | +46.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€12,690 | -€5,444 | +€7,245 | +57.1% |
| Other operating charges | 640/8 | €6,573 | €2,530 | -€4,043 | -61.5% |
| Non-recurring operating charges | 66A | - | €22,331 | +€22,331 | |
| Gross operating margin | 9900 | €204,033 | €36,858 | -€167,175 | -81.9% |
| Operating profit (loss) | 9901 | -€750,035 | -€1,115,973 | -€365,938 | -48.8% |
| Financial income | 75/76B | €283 | €76 | -€207 | -73.2% |
| Recurring financial income | 75 | €283 | €76 | -€207 | -73.2% |
| Financial charges | 65/66B | €13,375 | €16,234 | +€2,859 | +21.4% |
| Recurring financial charges | 65 | €13,375 | €16,234 | +€2,859 | +21.4% |
| Profit (loss) for the period before taxes | 9903 | -€763,127 | -€1,132,131 | -€369,004 | -48.4% |
| Income taxes | 67/77 | €867 | €5,803 | +€4,936 | +569.2% |
| Profit (loss) for the period | 9904 | -€763,994 | -€1,137,934 | -€373,940 | -48.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€763,994 | -€1,137,934 | -€373,940 | -48.9% |
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 29 September 2026 via checked.be.