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
- Stocks and contracts -€50,582
down €50,582 (-75.5%), from €66,957 to €16,375
of which Contracts in progress: -€41,204
- Cash +€46,348
up €46,348 (+265.0%), from €17,490 to €63,837
mainly Stocks and contracts (+€50,582) and Depreciation (+€17,504)
- Tangible fixed assets +€29,358
up €29,358 (+286.3%), from €10,254 to €39,612
of which Leasing and similar rights: +€26,821
- Receivables within one year -€12,401
down €12,401 (-16.9%), from €73,582 to €61,181
of which Trade receivables: -€20,421
- Financial fixed assets -€4,127
down €4,127 (-43.0%), from €9,600 to €5,473
- Trade debts -€16,194
down €16,194 (-39.2%), from €41,326 to €25,133
- Debts after one year +€14,416
up €14,416 (+370.0%), from €3,896 to €18,312
- Reserves +€12,908
up €12,908 (+13.3%), from €96,884 to €109,791
- Tax, wage and social debts -€6,963
down €6,963 (-34.7%), from €20,095 to €13,131
- Current portion of long-term debt +€2,167
up €2,167 (+30.5%), from €7,102 to €9,269
- Gross operating margin -€59,227
down €59,227 (-58.1%), from €101,999 to €42,772
- Taxes -€12,753
down €12,753 (-78.1%), from €16,331 to €3,578
- Depreciation +€9,321
up €9,321 (+113.9%), from €8,182 to €17,504
- Other operating charges +€2,138
up €2,138 (+348.0%), from €614 to €2,752
- Financial charges +€1,460
up €1,460 (+188.3%), from €775 to €2,234
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 | €181,413 | €189,058 | +€7,645 | +4.2% |
| Formation expenses | 20 | €480 | €0 | -€480 | -100.0% |
| Fixed assets | 21/28 | €19,854 | €45,085 | +€25,231 | +127.1% |
| Tangible fixed assets | 22/27 | €10,254 | €39,612 | +€29,358 | +286.3% |
| Plant, machinery and equipment | 23 | €6,790 | €5,808 | -€982 | -14.5% |
| Furniture and vehicles | 24 | €3,464 | €6,983 | +€3,519 | +101.6% |
| Leasing and similar rights | 25 | - | €26,821 | +€26,821 | |
| Financial fixed assets | 28 | €9,600 | €5,473 | -€4,127 | -43.0% |
| Current assets | 29/58 | €161,079 | €143,973 | -€17,106 | -10.6% |
| Stocks and contracts in progress | 3 | €66,957 | €16,375 | -€50,582 | -75.5% |
| Stocks | 30/36 | €24,407 | €15,028 | -€9,378 | -38.4% |
| Contracts in progress | 37 | €42,551 | €1,347 | -€41,204 | -96.8% |
| Amounts receivable within one year | 40/41 | €73,582 | €61,181 | -€12,401 | -16.9% |
| Trade receivables | 40 | €67,664 | €47,243 | -€20,421 | -30.2% |
| Other amounts receivable | 41 | €5,918 | €13,937 | +€8,019 | +135.5% |
| Cash at bank and in hand | 54/58 | €17,490 | €63,837 | +€46,348 | +265.0% |
| Deferred charges and accrued income | 490/1 | €3,050 | €2,580 | -€470 | -15.4% |
| Total equity and liabilities | 10/49 | €181,413 | €189,058 | +€7,645 | +4.2% |
| Equity | 10/15 | €102,884 | €115,791 | +€12,908 | +12.5% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €96,884 | €109,791 | +€12,908 | +13.3% |
| Distributable reserves | 133 | €96,884 | €109,791 | +€12,908 | +13.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €78,529 | €73,267 | -€5,263 | -6.7% |
| Amounts payable after more than one year | 17 | €3,896 | €18,312 | +€14,416 | +370.0% |
| Financial debts | 170/4 | €3,896 | €18,312 | +€14,416 | +370.0% |
| Amounts payable within one year | 42/48 | €74,633 | €54,954 | -€19,679 | -26.4% |
| Current portion of amounts payable after more than one year | 42 | €7,102 | €9,269 | +€2,167 | +30.5% |
| Trade debts | 44 | €41,326 | €25,133 | -€16,194 | -39.2% |
| Suppliers | 440/4 | €41,326 | €25,133 | -€16,194 | -39.2% |
| Taxes, remuneration and social security | 45 | €20,095 | €13,131 | -€6,963 | -34.7% |
| Taxes | 450/3 | €20,095 | €13,131 | -€6,963 | -34.7% |
| Other amounts payable | 47/48 | €6,110 | €7,422 | +€1,311 | +21.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,182 | €17,504 | +€9,321 | +113.9% |
| Other operating charges | 640/8 | €614 | €2,752 | +€2,138 | +348.0% |
| Non-recurring operating charges | 66A | €11,158 | €0 | -€11,158 | -100.0% |
| Gross operating margin | 9900 | €101,999 | €42,772 | -€59,227 | -58.1% |
| Operating profit (loss) | 9901 | €82,045 | €22,517 | -€59,528 | -72.6% |
| Financial income | 75/76B | €160 | €203 | +€43 | +27.2% |
| Recurring financial income | 75 | €160 | €203 | +€43 | +27.2% |
| Financial charges | 65/66B | €775 | €2,234 | +€1,460 | +188.3% |
| Recurring financial charges | 65 | €775 | €2,234 | +€1,460 | +188.3% |
| Profit (loss) for the period before taxes | 9903 | €81,430 | €20,485 | -€60,944 | -74.8% |
| Income taxes | 67/77 | €16,331 | €3,578 | -€12,753 | -78.1% |
| Profit (loss) for the period | 9904 | €65,099 | €16,908 | -€48,191 | -74.0% |
| Profit (loss) for the period to be appropriated | 9905 | €65,099 | €16,908 | -€48,191 | -74.0% |
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.