SETU: 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.
SETU
Largest movements
- Receivables within one year +€83,916
up €83,916 (+116%), from €72,337 to €156,253
- Tangible fixed assets +€24,419
up €24,419 (+252%), from €9,696 to €34,115
- Cash +€8,529
up €8,529 (+27.6%), from €30,945 to €39,474
mainly Debts within one year (+€85,843) and Debts after one year (+€25,805)
- Debts within one year +€85,843
up €85,843 (+94.5%), from €90,793 to €176,636
- Debts after one year +€25,805
new in 2019: €25,805
- Profit (loss) carried forward +€5,216
up €5,216 (+50.5%), from €10,325 to €15,541
- Gross operating margin -€69,145
down €69,145 (-50.8%), from €136,073 to €66,928
- Depreciation +€7,266
up €7,266 (+81.3%), from €8,933 to €16,198
- Taxes +€3,332
up €3,332 (+1,180%), from €282 to €3,615
From the 2018 result to the 2019 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.
Derived cash bridge
Derived from the 2018 and 2019 balance sheets and the 2019 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2018 | 2019 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €112,978 | €229,842 | +€116,864 | +103% |
| Fixed assets | 21/28 | €9,696 | €34,115 | +€24,419 | +252% |
| Tangible fixed assets | 22/27 | €9,696 | €34,115 | +€24,419 | +252% |
| Current assets | 29/58 | €103,282 | €195,726 | +€92,445 | +89.5% |
| Amounts receivable within one year | 40/41 | €72,337 | €156,253 | +€83,916 | +116% |
| Cash at bank and in hand | 54/58 | €30,945 | €39,474 | +€8,529 | +27.6% |
| Total equity and liabilities | 10/49 | €112,978 | €229,842 | +€116,864 | +103% |
| Equity | 10/15 | €22,185 | €27,401 | +€5,216 | +23.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,325 | €15,541 | +€5,216 | +50.5% |
| Amounts payable | 17/49 | €90,793 | €202,441 | +€111,648 | +123% |
| Amounts payable after more than one year | 17 | - | €25,805 | +€25,805 | |
| Amounts payable within one year | 42/48 | €90,793 | €176,636 | +€85,843 | +94.5% |
| Trade debts | 44 | €71,591 | €163,161 | +€91,570 | +128% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,933 | €16,198 | +€7,266 | +81.3% |
| Gross operating margin | 9900 | €136,073 | €66,928 | -€69,145 | -50.8% |
| Operating profit (loss) | 9901 | -€6,513 | €5,944 | +€12,457 | |
| Recurring financial income | 75 | €1,370 | €6,481 | +€5,111 | +373% |
| Recurring financial charges | 65 | -€43 | €3,594 | +€3,637 | |
| Profit (loss) for the period before taxes | 9903 | -€5,100 | €8,831 | +€13,931 | |
| Income taxes | 67/77 | €282 | €3,615 | +€3,332 | +1,180% |
| Profit (loss) for the period | 9904 | -€5,382 | €5,216 | +€10,598 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,382 | €5,216 | +€10,598 |
Source: filed annual accounts (NBB), financial years ended 31 December 2018 and 31 December 2019. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.