SETY: 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.
SETY
Largest movements
- Deferred charges and accrued income -€263,019
down €263,019 (-97.9%), from €268,690 to €5,671
- Cash -€192,793
down €192,793 (-59.5%), from €324,197 to €131,404
mainly Net result for the year (-€313,466) and Receivables within one year (-€122,164)
- Receivables within one year +€122,164
up €122,164 (+231%), from €52,811 to €174,975
- Current investments +€80,379
new in 2025: €80,379
- Receivables after one year -€25,000
down €25,000 (-33.3%), from €75,000 to €50,000
- Profit (loss) carried forward -€313,466
down €313,466, from €2,590 to -€310,876
- Provisions +€113,896
new in 2025: €113,896
- Tax, wage and social debts -€42,274
down €42,274 (-95.5%), from €44,274 to €2,000
- Other debts -€30,000
no longer reported in 2025 (was €30,000)
- Accrued charges and deferred income +€13,507
new in 2025: €13,507
- Gross operating margin -€503,581
down €503,581, from €417,705 to -€85,876
- Provisions +€113,896
new in 2025: €113,896
- Taxes -€104,861
down €104,861, from €104,774 to -€87
- Financial charges +€32,510
up €32,510 (+46.6%), from €69,776 to €102,285
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.
Derived cash bridge
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 | €801,253 | €541,018 | -€260,235 | -32.5% |
| Fixed assets | 21/28 | €80,554 | €98,589 | +€18,035 | +22.4% |
| Tangible fixed assets | 22/27 | €80,554 | €98,589 | +€18,035 | +22.4% |
| Land and buildings | 22 | €46,993 | €39,339 | -€7,654 | -16.3% |
| Plant, machinery and equipment | 23 | - | €30,349 | +€30,349 | |
| Furniture and vehicles | 24 | €33,561 | €28,901 | -€4,660 | -13.9% |
| Current assets | 29/58 | €720,699 | €442,429 | -€278,269 | -38.6% |
| Amounts receivable after more than one year | 29 | €75,000 | €50,000 | -€25,000 | -33.3% |
| Other amounts receivable | 291 | €75,000 | €50,000 | -€25,000 | -33.3% |
| Amounts receivable within one year | 40/41 | €52,811 | €174,975 | +€122,164 | +231% |
| Other amounts receivable | 41 | €52,811 | €174,975 | +€122,164 | +231% |
| Current investments | 50/53 | - | €80,379 | +€80,379 | |
| Cash at bank and in hand | 54/58 | €324,197 | €131,404 | -€192,793 | -59.5% |
| Deferred charges and accrued income | 490/1 | €268,690 | €5,671 | -€263,019 | -97.9% |
| Total equity and liabilities | 10/49 | €801,253 | €541,018 | -€260,235 | -32.5% |
| Equity | 10/15 | €723,450 | €409,984 | -€313,466 | -43.3% |
| Contributions | 10/11 | €21,460 | €21,460 | = | 0.0% |
| Reserves | 13 | €699,400 | €699,400 | = | 0.0% |
| Distributable reserves | 133 | €699,400 | €699,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,590 | -€310,876 | -€313,466 | |
| Provisions and deferred taxes | 16 | - | €113,896 | +€113,896 | |
| Provisions for liabilities and charges | 160/5 | - | €113,896 | +€113,896 | |
| Other liabilities and charges | 164/5 | - | €113,896 | +€113,896 | |
| Amounts payable | 17/49 | €77,803 | €17,138 | -€60,665 | -78.0% |
| Amounts payable within one year | 42/48 | €77,803 | €3,631 | -€74,172 | -95.3% |
| Trade debts | 44 | €3,529 | €1,631 | -€1,898 | -53.8% |
| Suppliers | 440/4 | €3,529 | €1,631 | -€1,898 | -53.8% |
| Taxes, remuneration and social security | 45 | €44,274 | €2,000 | -€42,274 | -95.5% |
| Taxes | 450/3 | €44,274 | €2,000 | -€42,274 | -95.5% |
| Other amounts payable | 47/48 | €30,000 | - | -€30,000 | |
| Accrued charges and deferred income | 492/3 | - | €13,507 | +€13,507 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,419 | €16,102 | +€1,683 | +11.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €113,896 | +€113,896 | |
| Other operating charges | 640/8 | €1,730 | €1,095 | -€635 | -36.7% |
| Gross operating margin | 9900 | €417,705 | -€85,876 | -€503,581 | |
| Operating profit (loss) | 9901 | €401,556 | -€216,969 | -€618,525 | |
| Financial income | 75/76B | €4,976 | €5,701 | +€726 | +14.6% |
| Recurring financial income | 75 | €4,976 | €5,701 | +€726 | +14.6% |
| Financial charges | 65/66B | €69,776 | €102,285 | +€32,510 | +46.6% |
| Recurring financial charges | 65 | €69,776 | €102,285 | +€32,510 | +46.6% |
| Profit (loss) for the period before taxes | 9903 | €336,756 | -€313,553 | -€650,309 | |
| Income taxes | 67/77 | €104,774 | -€87 | -€104,861 | |
| Profit (loss) for the period | 9904 | €231,982 | -€313,466 | -€545,449 | |
| Profit (loss) for the period to be appropriated | 9905 | €231,982 | -€313,466 | -€545,449 |
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 16 October 2026 via checked.be.