SETMè: 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.
SETMè
Largest movements
- Financial fixed assets -€316,011
down €316,011 (-100.0%), from €316,011 to €0
- Receivables within one year +€52,995
up €52,995, from €0 to €52,995
of which Other amounts receivable: +€52,825
- Tangible fixed assets -€14,879
down €14,879 (-13.4%), from €110,735 to €95,856
of which Land and buildings: -€11,667
- Cash +€9,577
up €9,577 (+71045.5%), from €13 to €9,590
mainly Investment in fixed assets (net) (+€311,003) and Depreciation (+€19,887)
- Other debts -€252,464
down €252,464 (-100.0%), from €252,464 to €0
- Tax, wage and social debts -€15,798
down €15,798 (-82.5%), from €19,148 to €3,351
- Reserves +€8,160
up €8,160 (+6.4%), from €126,930 to €135,090
- Accrued charges and deferred income -€4,483
down €4,483 (-100.0%), from €4,483 to €0
- Gross operating margin -€50,245
down €50,245 (-47.9%), from €104,937 to €54,692
- Taxes -€16,102
down €16,102 (-62.9%), from €25,590 to €9,487
- Financial charges -€4,683
down €4,683 (-95.8%), from €4,889 to €205
- Depreciation +€2,523
up €2,523 (+14.5%), from €17,364 to €19,887
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 | €426,759 | €158,441 | -€268,318 | -62.9% |
| Fixed assets | 21/28 | €426,746 | €95,856 | -€330,890 | -77.5% |
| Tangible fixed assets | 22/27 | €110,735 | €95,856 | -€14,879 | -13.4% |
| Land and buildings | 22 | €58,334 | €46,667 | -€11,667 | -20.0% |
| Plant, machinery and equipment | 23 | €49,367 | €47,218 | -€2,149 | -4.4% |
| Furniture and vehicles | 24 | €3,035 | €1,971 | -€1,064 | -35.1% |
| Financial fixed assets | 28 | €316,011 | €0 | -€316,011 | -100.0% |
| Current assets | 29/58 | €13 | €62,585 | +€62,572 | +464182.3% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €0 | €52,995 | +€52,995 | |
| Trade receivables | 40 | - | €169 | +€169 | |
| Other amounts receivable | 41 | €0 | €52,825 | +€52,825 | |
| Cash at bank and in hand | 54/58 | €13 | €9,590 | +€9,577 | +71045.5% |
| Total equity and liabilities | 10/49 | €426,759 | €158,441 | -€268,318 | -62.9% |
| Equity | 10/15 | €146,930 | €155,090 | +€8,160 | +5.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €126,930 | €135,090 | +€8,160 | +6.4% |
| Distributable reserves | 133 | €126,930 | €135,090 | +€8,160 | +6.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €279,829 | €3,351 | -€276,478 | -98.8% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €275,346 | €3,351 | -€271,996 | -98.8% |
| Current portion of amounts payable after more than one year | 42 | €3,146 | €0 | -€3,146 | -100.0% |
| Trade debts | 44 | €588 | €0 | -€588 | -100.0% |
| Suppliers | 440/4 | €588 | €0 | -€588 | -100.0% |
| Taxes, remuneration and social security | 45 | €19,148 | €3,351 | -€15,798 | -82.5% |
| Taxes | 450/3 | €19,148 | €3,351 | -€15,798 | -82.5% |
| Other amounts payable | 47/48 | €252,464 | €0 | -€252,464 | -100.0% |
| Accrued charges and deferred income | 492/3 | €4,483 | €0 | -€4,483 | -100.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,364 | €19,887 | +€2,523 | +14.5% |
| Other operating charges | 640/8 | €85 | €88 | +€3 | +3.2% |
| Non-recurring operating charges | 66A | - | €16,864 | +€16,864 | |
| Gross operating margin | 9900 | €104,937 | €54,692 | -€50,245 | -47.9% |
| Operating profit (loss) | 9901 | €87,487 | €17,853 | -€69,634 | -79.6% |
| Financial charges | 65/66B | €4,889 | €205 | -€4,683 | -95.8% |
| Recurring financial charges | 65 | €4,889 | €205 | -€4,683 | -95.8% |
| Profit (loss) for the period before taxes | 9903 | €82,599 | €17,647 | -€64,951 | -78.6% |
| Income taxes | 67/77 | €25,590 | €9,487 | -€16,102 | -62.9% |
| Profit (loss) for the period | 9904 | €57,009 | €8,160 | -€48,849 | -85.7% |
| Profit (loss) for the period to be appropriated | 9905 | €57,009 | €8,160 | -€48,849 | -85.7% |
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.