ACTIVE

SETHI

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Financial year 2025 · closed on 31/12/2025

Net result

477 k €

+52.5% YoY

Gross margin

-86,3 k €

-2.1% YoY

Equity

14,8 M €

+3.3% YoY

What does SETHI do?

SETHI is a Public limited company incorporated in 1995. Its registered office is in Ixelles.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0456.630.666

Incorporation

30/11/1995

Legal form

Public limited company

Registered office

Avenue Louise 367
1050 Ixelles · BruxellesSee on map

Contributed capital

62 000,00 €

Latest accounts

31/12/2025

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflow

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	-86,3 k €	-2.1%	-84,5 k €	+35.8%	-131,8 k €	+10.9%	-147,9 k €	+28.2%	-206,1 k €	-7.3%	-192,1 k €	+7.1%	-206,8 k €	+28.1%	-287,4 k €	-24.2%	-231,5 k €	-29.0%	-179,5 k €	-29.1%	-139,1 k €	+4.9%	-146,2 k €	-35.7%	-107,7 k €	-1.3%	-106,4 k €	-25.3%	-84,9 k €	-60.2%	-53 k €	+38.8%	-86,6 k €	-46.4%	-59,1 k €	+33.8%	-89,3 k €	-68.9%	-52,9 k €
EBITDA	-87,4 k €	-2.2%	-85,5 k €	+35.6%	-132,7 k €	+11.0%	-149,1 k €	+28.0%	-207 k €	-7.0%	-193,5 k €	+6.8%	-207,7 k €	+27.8%	-287,4 k €	-23.7%	-232,4 k €	-28.9%	-180,4 k €	-28.8%	-140 k €	+4.9%	-147,2 k €	-35.4%	-108,7 k €	-1.3%	-107,3 k €	-25.0%	-85,9 k €	-59.1%	-53,9 k €	+38.3%	-87,5 k €	-43.8%	-60,9 k €	+32.6%	-90,3 k €	-67.2%	-54 k €
Operating result	-88 k €	-1.8%	-86,5 k €	+36.1%	-135,2 k €	+10.8%	-151,6 k €	+28.1%	-210,8 k €	-7.1%	-196,9 k €	+7.1%	-212 k €	+27.1%	-290,7 k €	-22.5%	-237,4 k €	-25.9%	-188,6 k €	-27.2%	-148,3 k €	+4.6%	-155,4 k €	-32.9%	-116,9 k €	-1.2%	-115,6 k €	-22.8%	-94,1 k €	-74.4%	-53,9 k €	+38.3%	-87,5 k €	-43.8%	-60,9 k €	+32.6%	-90,3 k €	-67.2%	-54 k €
Net result	477 k €	+52.5%	312,8 k €	-17.6%	379,5 k €	+162%	-616,7 k €	-301%	307,1 k €	+195%	-323,1 k €	-177%	419 k €	-80.1%	2,1 M €	+19363%	-10,9 k €	-106%	178,1 k €	+134%	76,3 k €	-76.1%	318,8 k €	-5.1%	336,1 k €	+30.5%	257,6 k €	+436%	-76,7 k €	-173%	105 k €	-65.5%	304,8 k €	+255%	85,8 k €	-90.1%	865,5 k €	+180%	308,8 k €
Balance sheet
Equity	14,8 M €	+3.3%	14,4 M €	+2.2%	14 M €	+2.8%	13,7 M €	-4.3%	14,3 M €	+2.2%	14 M €	-2.3%	14,3 M €	+3.0%	13,9 M €	+17.9%	11,8 M €	-0.1%	11,8 M €	+1.5%	11,6 M €	+0.7%	11,5 M €	+1.0%	11,4 M €	+3.0%	11,1 M €	+2.4%	10,8 M €	-0.7%	10,9 M €	+1.0%	10,8 M €	+2.9%	10,5 M €	+0.8%	10,4 M €	+9.2%	9,5 M €
Total assets	17,1 M €	+1.7%	16,9 M €	+5.1%	16,1 M €	+5.7%	15,2 M €	-8.5%	16,6 M €	+6.1%	15,6 M €	-0.1%	15,6 M €	+6.1%	14,8 M €	+12.9%	13,1 M €	+2.2%	12,8 M €	+2.2%	12,5 M €	-1.5%	12,7 M €	+5.5%	12 M €	+0.2%	12 M €	+4.1%	11,5 M €	-2.6%	11,8 M €	+1.3%	11,7 M €	+6.0%	11 M €	+0.6%	11 M €	+5.6%	10,4 M €
Cash	1,4 M €	-41.2%	2,3 M €	+33.4%	1,8 M €	-49.5%	3,5 M €	-29.9%	5 M €	-1.1%	5 M €	+166%	1,9 M €	+2.6%	1,8 M €	-12.8%	2,1 M €	+41.4%	1,5 M €	+13.6%	1,3 M €	-14.2%	1,5 M €	+203%	505,1 k €	-47.4%	960,6 k €	-31.2%	1,4 M €	+55.1%	900,5 k €	+429%	170,3 k €	+33.3%	127,7 k €	-96.0%	3,2 M €	+31.2%	2,4 M €
Debts	261,5 k €	+83.1%	142,9 k €	+82.1%	78,4 k €	+26.3%	62,1 k €	+192%	21,2 k €	-75.3%	86,1 k €	+199%	28,7 k €	+577%	4,2 k €	-95.4%	92,4 k €	+281%	24,3 k €	+14.1%	21,3 k €	-90.8%	230,3 k €	+1940%	11,3 k €	+64.2%	6,9 k €	-33.0%	10,3 k €	+3.1%	10 k €	+7.6%	9,3 k €	+23.5%	7,5 k €	+60.9%	4,7 k €	-76.2%	19,5 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 23 ended

Active mandates

Roland FITOUSSI

Chairman of the board of directors · since 04 juin 2025 · until 30 mai 2031

Active

Severine FITOUSSI

Director · since 04 juin 2025 · until 30 mai 2031

Active

Philippe Decleire

Director · since 24 juin 2021 · until 30 mai 2027

Active

Ended mandates

Philippe DECLEIRE

Director · since 28 mai 2021 · until 28 mai 2027

Ended

Roland FITOUSSI

Chairman of the board of directors · since 20 juin 2019 · until 20 juin 2025

Ended

Roland FITOUSSI

Director · since 20 juin 2019 · until 20 juin 2025

Ended

Severine FITOUSSI

Director · since 20 juin 2019 · until 20 juin 2025

Ended

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Abridged model	Abridged model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	13/07/2026	26/08/2025	29/08/2024	09/08/2023	17/08/2023	15/07/2021
General meeting	17/06/2026	04/06/2025	30/05/2024	20/06/2023	20/06/2023	24/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

21 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	17/06/2026	13/07/2026	French	PDF
Micro model	31/12/2024	04/06/2025	26/08/2025	French	PDF
Micro model	31/12/2023	30/05/2024	29/08/2024	French	PDF
Micro model	31/12/2022	20/06/2023	09/08/2023	French	PDF
Abridged modelCorrection	31/12/2021	20/06/2023	17/08/2023	French	PDF
Abridged model	31/12/2021	21/06/2022	27/06/2022	French	PDF
Abridged model	31/12/2020	24/06/2021	15/07/2021	French	PDF
Abridged model	31/12/2019	28/05/2020	21/10/2020	French	PDF
Abridged model	31/12/2018	20/05/2019	25/07/2019	French	PDF
Micro model	31/12/2017	20/06/2018	07/08/2018	French	PDF
Abridged model	31/12/2016	29/06/2017	04/08/2017	French	PDF
Abridged model	31/12/2015	03/06/2016	05/07/2016	French	PDF
Abridged model	31/12/2014	22/05/2015	19/08/2015	French	PDF
Abridged model	31/12/2013	23/06/2014	31/07/2014	French	PDF
Abridged model	31/12/2012	05/06/2013	11/07/2013	French	PDF
Abridged model	31/12/2011	05/06/2012	21/06/2012	French	PDF
Abridged model	31/12/2010	18/05/2011	13/07/2011	French	PDF
Abridged model	31/12/2009	16/06/2010	01/07/2010	French	PDF
Abridged model	31/12/2008	08/06/2009	26/06/2009	French	PDF
Abridged model	31/12/2007	17/06/2008	14/07/2008	French	PDF
Abridged model	31/12/2006	09/05/2007	08/06/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 10 M€ and 25 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 23 ended

Active mandates

Roland FITOUSSI

Chairman of the board of directors · since 04 juin 2025 · until 30 mai 2031

Active

Severine FITOUSSI

Director · since 04 juin 2025 · until 30 mai 2031

Active

Philippe Decleire

Director · since 24 juin 2021 · until 30 mai 2027

Active

Ended mandates

Philippe DECLEIRE

Director · since 28 mai 2021 · until 28 mai 2027

Ended

Roland FITOUSSI

Chairman of the board of directors · since 20 juin 2019 · until 20 juin 2025

Ended

Roland FITOUSSI

Director · since 20 juin 2019 · until 20 juin 2025

Ended

Severine FITOUSSI

Director · since 20 juin 2019 · until 20 juin 2025

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates03/07/2025
DEMISSIONS, NOMINATIONS
PDF
Other07/07/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates07/10/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates17/09/2019
DEMISSIONS, NOMINATIONS - DIVERS
PDF
Mandates07/08/2019
SIEGE SOCIAL - DEMISSIONS, NOMINATIONS
PDF
Mandates08/06/2015
DEMISSIONS, NOMINATIONS
PDF
Mandates19/06/2013
DEMISSIONS, NOMINATIONS
PDF
Capital / shares13/01/2012
CAPITAL, ACTIONS
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025477 k €↑
2024
Annual accounts 2024312,8 k €↓
2023
Annual accounts 2023379,5 k €↑
2022
Annual accounts 2022-616,7 k €↓
2021
Annual accounts 2021307,1 k €↑
2020
Annual accounts 2020-323,1 k €↓
2019
Annual accounts 2019419 k €↓
2018
Annual accounts 20182,1 M €↑
2017
Annual accounts 2017-10,9 k €↓
2016
Annual accounts 2016178,1 k €↑
2015
Annual accounts 201576,3 k €↓
2014
Annual accounts 2014318,8 k €↓
2013
Annual accounts 2013336,1 k €↑
2012
Annual accounts 2012257,6 k €↑
2011
Annual accounts 2011-76,7 k €↓
2010
Annual accounts 2010105 k €↓
2009
Annual accounts 2009304,8 k €↑
2008
Annual accounts 200885,8 k €↓
2007
Annual accounts 2007865,5 k €↑
2006
Annual accounts 2006308,8 k €
30/11/1995
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

SETHI

Overview

What does SETHI do?

Trend over 20 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline