SETT: 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.
SETT
Largest movements
- Receivables within one year -€20,636
down €20,636 (-91.7%), from €22,514 to €1,878
of which Trade receivables: -€20,883
- Debts after one year -€218,374
down €218,374 (-16.1%), from €1.4m to €1.1m
of which Other amounts payable: -€259,000
- Contributions +€150,000
up €150,000 (+61.2%), from €245,000 to €395,000
- Accrued charges and deferred income -€38,976
down €38,976 (-95.6%), from €40,757 to €1,781
- Reserves +€29,627
up €29,627 (+37.4%), from €79,238 to €108,866
- Current portion of long-term debt +€21,144
up €21,144 (+26.8%), from €78,850 to €99,994
- Staff costs +€11,229
up €11,229 (+44.2%), from €25,399 to €36,628
- Taxes +€3,131
up €3,131 (+25.8%), from €12,139 to €15,270
- Financial charges -€3,006
down €3,006 (-9.2%), from €32,803 to €29,798
- Gross operating margin +€2,116
up €2,116 (+1.6%), from €133,309 to €135,424
- Other operating charges +€1,632
up €1,632 (+47.1%), from €3,464 to €5,096
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 | €1,895,249 | €1,848,155 | -€47,094 | -2.5% |
| Fixed assets | 21/28 | €1,826,901 | €1,811,481 | -€15,421 | -0.8% |
| Intangible fixed assets | 21 | €173 | €0 | -€173 | -100.0% |
| Tangible fixed assets | 22/27 | €1,826,728 | €1,811,305 | -€15,423 | -0.8% |
| Land and buildings | 22 | €1,734,487 | €1,736,812 | +€2,325 | +0.1% |
| Plant, machinery and equipment | 23 | €29,113 | €22,822 | -€6,290 | -21.6% |
| Furniture and vehicles | 24 | €63,129 | €51,671 | -€11,458 | -18.2% |
| Financial fixed assets | 28 | - | €176 | +€176 | |
| Current assets | 29/58 | €68,347 | €36,674 | -€31,673 | -46.3% |
| Stocks and contracts in progress | 3 | €23,873 | €20,666 | -€3,207 | -13.4% |
| Stocks | 30/36 | €23,873 | €20,666 | -€3,207 | -13.4% |
| Amounts receivable within one year | 40/41 | €22,514 | €1,878 | -€20,636 | -91.7% |
| Trade receivables | 40 | €22,263 | €1,380 | -€20,883 | -93.8% |
| Other amounts receivable | 41 | €251 | €498 | +€247 | +98.1% |
| Cash at bank and in hand | 54/58 | €17,173 | €9,764 | -€7,409 | -43.1% |
| Deferred charges and accrued income | 490/1 | €4,787 | €4,366 | -€421 | -8.8% |
| Total equity and liabilities | 10/49 | €1,895,249 | €1,848,155 | -€47,094 | -2.5% |
| Equity | 10/15 | €324,238 | €503,866 | +€179,627 | +55.4% |
| Contributions | 10/11 | €245,000 | €395,000 | +€150,000 | +61.2% |
| Reserves | 13 | €79,238 | €108,866 | +€29,627 | +37.4% |
| Distributable reserves | 133 | €79,238 | €108,866 | +€29,627 | +37.4% |
| Amounts payable | 17/49 | €1,571,010 | €1,344,289 | -€226,721 | -14.4% |
| Amounts payable after more than one year | 17 | €1,357,352 | €1,138,978 | -€218,374 | -16.1% |
| Financial debts | 170/4 | €835,902 | €876,528 | +€40,626 | +4.9% |
| Other amounts payable | 178/9 | €521,450 | €262,450 | -€259,000 | -49.7% |
| Amounts payable within one year | 42/48 | €172,902 | €203,530 | +€30,628 | +17.7% |
| Current portion of amounts payable after more than one year | 42 | €78,850 | €99,994 | +€21,144 | +26.8% |
| Trade debts | 44 | €48,215 | €29,108 | -€19,106 | -39.6% |
| Suppliers | 440/4 | €48,215 | €29,108 | -€19,106 | -39.6% |
| Advances received on contracts in progress | 46 | €14,514 | €28,097 | +€13,583 | +93.6% |
| Taxes, remuneration and social security | 45 | €27,338 | €45,436 | +€18,098 | +66.2% |
| Taxes | 450/3 | €20,420 | €37,510 | +€17,090 | +83.7% |
| Remuneration and social security | 454/9 | €6,918 | €7,926 | +€1,008 | +14.6% |
| Other amounts payable | 47/48 | €3,985 | €894 | -€3,091 | -77.6% |
| Accrued charges and deferred income | 492/3 | €40,757 | €1,781 | -€38,976 | -95.6% |
| Remuneration, social security and pensions | 62 | €25,399 | €36,628 | +€11,229 | +44.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,327 | €19,805 | -€522 | -2.6% |
| Other operating charges | 640/8 | €3,464 | €5,096 | +€1,632 | +47.1% |
| Gross operating margin | 9900 | €133,309 | €135,424 | +€2,116 | +1.6% |
| Operating profit (loss) | 9901 | €84,118 | €73,895 | -€10,223 | -12.2% |
| Financial income | 75/76B | €1,253 | €800 | -€453 | -36.1% |
| Recurring financial income | 75 | €1,253 | €800 | -€453 | -36.1% |
| Financial charges | 65/66B | €32,803 | €29,798 | -€3,006 | -9.2% |
| Recurring financial charges | 65 | €32,803 | €29,798 | -€3,006 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | €52,567 | €44,897 | -€7,670 | -14.6% |
| Income taxes | 67/77 | €12,139 | €15,270 | +€3,131 | +25.8% |
| Profit (loss) for the period | 9904 | €40,428 | €29,627 | -€10,801 | -26.7% |
| Profit (loss) for the period to be appropriated | 9905 | €40,428 | €29,627 | -€10,801 | -26.7% |
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 9 October 2026 via checked.be.