SETTEM: 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.
SETTEM
Largest movements
- Tangible fixed assets -€386,660
down €386,660 (-49.4%), from €782,653 to €395,993
of which Land and buildings: -€386,336
- Cash +€63,234
up €63,234 (+309.9%), from €20,402 to €83,636
mainly Net result for the year (+€472,828) and Investment in fixed assets (net) (+€359,873)
- Other debts -€790,337
down €790,337 (-92.6%), from €853,301 to €62,963
- Profit (loss) carried forward +€472,828
up €472,828 (+54.9%), from -€861,123 to -€388,294
- Gross operating margin +€474,764
up €474,764 (+680.6%), from €69,753 to €544,516
- Depreciation -€20,739
down €20,739 (-43.6%), from €47,526 to €26,787
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 | €807,258 | €487,208 | -€320,050 | -39.6% |
| Fixed assets | 21/28 | €786,723 | €400,063 | -€386,660 | -49.1% |
| Tangible fixed assets | 22/27 | €782,653 | €395,993 | -€386,660 | -49.4% |
| Land and buildings | 22 | €782,177 | €395,842 | -€386,336 | -49.4% |
| Plant, machinery and equipment | 23 | €476 | €151 | -€324 | -68.2% |
| Financial fixed assets | 28 | €4,070 | €4,070 | = | 0.0% |
| Current assets | 29/58 | €20,535 | €87,145 | +€66,610 | +324.4% |
| Amounts receivable within one year | 40/41 | - | €760 | +€760 | |
| Other amounts receivable | 41 | - | €760 | +€760 | |
| Current investments | 50/53 | €133 | €133 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €20,402 | €83,636 | +€63,234 | +309.9% |
| Deferred charges and accrued income | 490/1 | - | €2,615 | +€2,615 | |
| Total equity and liabilities | 10/49 | €807,258 | €487,208 | -€320,050 | -39.6% |
| Equity | 10/15 | -€459,123 | €13,706 | +€472,828 | |
| Contributions | 10/11 | €402,000 | €402,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€861,123 | -€388,294 | +€472,828 | +54.9% |
| Amounts payable | 17/49 | €1,266,381 | €473,502 | -€792,879 | -62.6% |
| Amounts payable after more than one year | 17 | €402,000 | €402,000 | = | 0.0% |
| Financial debts | 170/4 | €402,000 | €402,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €862,973 | €71,502 | -€791,471 | -91.7% |
| Taxes, remuneration and social security | 45 | €9,672 | €8,538 | -€1,134 | -11.7% |
| Taxes | 450/3 | €9,672 | €8,538 | -€1,134 | -11.7% |
| Other amounts payable | 47/48 | €853,301 | €62,963 | -€790,337 | -92.6% |
| Accrued charges and deferred income | 492/3 | €1,408 | - | -€1,408 | |
| Non-recurring operating income | 76A | - | €507,427 | +€507,427 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,526 | €26,787 | -€20,739 | -43.6% |
| Other operating charges | 640/8 | €15,709 | €16,201 | +€491 | +3.1% |
| Gross operating margin | 9900 | €69,753 | €544,516 | +€474,764 | +680.6% |
| Operating profit (loss) | 9901 | €6,517 | €501,529 | +€495,011 | +7595.4% |
| Financial charges | 65/66B | €32,486 | €28,700 | -€3,786 | -11.7% |
| Recurring financial charges | 65 | €32,486 | €28,700 | -€3,786 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | -€25,969 | €472,828 | +€498,798 | |
| Profit (loss) for the period | 9904 | -€25,969 | €472,828 | +€498,798 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,969 | €472,828 | +€498,798 |
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 5 October 2026 via checked.be.