SETO: 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.
SETO
Largest movements
- Tangible fixed assets +€220,353
up €220,353 (+45.7%), from €482,544 to €702,897
of which Land and buildings: +€160,536
- Cash -€90,740
down €90,740 (-85.0%), from €106,760 to €16,019
mainly Debts after one year (-€556,078) and Investment in fixed assets (net) (-€316,466)
- Debts after one year -€556,078
down €556,078 (-21.0%), from €2.7m to €2.1m
- Other debts +€297,769
up €297,769 (+90.3%), from €329,584 to €627,353
- Profit (loss) carried forward +€243,779
up €243,779 (+16.0%), from €1.5m to €1.8m
- Accrued charges and deferred income +€139,733
up €139,733 (+1309.3%), from €10,672 to €150,405
- Staff costs +€220,476
up €220,476 (+23.8%), from €925,706 to €1.1m
- Gross operating margin +€205,124
up €205,124 (+16.2%), from €1.3m to €1.5m
- Financial income +€27,495
up €27,495 (+6.8%), from €402,524 to €430,020
of which Financial income: +€29,995
- Taxes -€21,006
down €21,006 (-33.3%), from €63,110 to €42,105
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 | €5,555,535 | €5,661,937 | +€106,403 | +1.9% |
| Fixed assets | 21/28 | €4,831,798 | €5,052,151 | +€220,353 | +4.6% |
| Tangible fixed assets | 22/27 | €482,544 | €702,897 | +€220,353 | +45.7% |
| Land and buildings | 22 | €124,822 | €285,358 | +€160,536 | +128.6% |
| Plant, machinery and equipment | 23 | €379 | €245 | -€134 | -35.3% |
| Furniture and vehicles | 24 | €153,789 | €170,093 | +€16,304 | +10.6% |
| Leasing and similar rights | 25 | €25,659 | €69,313 | +€43,654 | +170.1% |
| Other tangible fixed assets | 26 | €177,895 | €177,888 | -€8 | 0.0% |
| Financial fixed assets | 28 | €4,349,254 | €4,349,254 | = | 0.0% |
| Current assets | 29/58 | €723,736 | €609,786 | -€113,950 | -15.7% |
| Stocks and contracts in progress | 3 | €317,090 | €261,514 | -€55,576 | -17.5% |
| Stocks | 30/36 | €317,090 | €261,514 | -€55,576 | -17.5% |
| Amounts receivable within one year | 40/41 | €287,386 | €305,302 | +€17,916 | +6.2% |
| Trade receivables | 40 | €287,386 | €144,714 | -€142,672 | -49.6% |
| Other amounts receivable | 41 | - | €160,587 | +€160,587 | |
| Cash at bank and in hand | 54/58 | €106,760 | €16,019 | -€90,740 | -85.0% |
| Deferred charges and accrued income | 490/1 | €12,501 | €26,952 | +€14,451 | +115.6% |
| Total equity and liabilities | 10/49 | €5,555,535 | €5,661,937 | +€106,403 | +1.9% |
| Equity | 10/15 | €1,966,084 | €2,209,863 | +€243,779 | +12.4% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Capital | 10 | €400,000 | €400,000 | = | 0.0% |
| Issued capital | 100 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €40,000 | €40,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €40,000 | €40,000 | = | 0.0% |
| Legal reserve | 130 | €40,000 | €40,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,526,084 | €1,769,863 | +€243,779 | +16.0% |
| Amounts payable | 17/49 | €3,589,451 | €3,452,074 | -€137,376 | -3.8% |
| Amounts payable after more than one year | 17 | €2,653,550 | €2,097,472 | -€556,078 | -21.0% |
| Financial debts | 170/4 | €2,653,550 | €2,097,472 | -€556,078 | -21.0% |
| Amounts payable within one year | 42/48 | €925,228 | €1,204,197 | +€278,969 | +30.2% |
| Current portion of amounts payable after more than one year | 42 | €210,341 | €204,522 | -€5,819 | -2.8% |
| Trade debts | 44 | €154,825 | €185,359 | +€30,533 | +19.7% |
| Suppliers | 440/4 | €154,825 | €185,359 | +€30,533 | +19.7% |
| Taxes, remuneration and social security | 45 | €230,478 | €186,963 | -€43,515 | -18.9% |
| Taxes | 450/3 | €131,040 | €75,056 | -€55,983 | -42.7% |
| Remuneration and social security | 454/9 | €99,439 | €111,907 | +€12,468 | +12.5% |
| Other amounts payable | 47/48 | €329,584 | €627,353 | +€297,769 | +90.3% |
| Accrued charges and deferred income | 492/3 | €10,672 | €150,405 | +€139,733 | +1309.3% |
| Remuneration, social security and pensions | 62 | €925,706 | €1,146,182 | +€220,476 | +23.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,086 | €96,113 | +€8,027 | +9.1% |
| Other operating charges | 640/8 | €6,215 | €10,251 | +€4,036 | +64.9% |
| Gross operating margin | 9900 | €1,264,859 | €1,469,983 | +€205,124 | +16.2% |
| Operating profit (loss) | 9901 | €244,852 | €217,438 | -€27,415 | -11.2% |
| Financial income | 75/76B | €402,524 | €430,020 | +€27,495 | +6.8% |
| Recurring financial income | 75 | €400,024 | €430,020 | +€29,995 | +7.5% |
| Non-recurring financial income | 76B | €2,500 | - | -€2,500 | |
| Financial charges | 65/66B | €93,183 | €79,221 | -€13,963 | -15.0% |
| Recurring financial charges | 65 | €93,183 | €79,221 | -€13,963 | -15.0% |
| Profit (loss) for the period before taxes | 9903 | €554,193 | €568,237 | +€14,043 | +2.5% |
| Income taxes | 67/77 | €63,110 | €42,105 | -€21,006 | -33.3% |
| Profit (loss) for the period | 9904 | €491,083 | €526,132 | +€35,049 | +7.1% |
| Profit (loss) for the period to be appropriated | 9905 | €491,083 | €526,132 | +€35,049 | +7.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.