We present the first radiative transfer (RT) model of a non-edge-on disk galaxy in which the large-scale geometry of stars and dust is self-consistently derived through fitting of multiwavelength imaging observations from the UV to the submm. To this end we used the axi-symmetric RT model of Popescu et al. and a new methodology for deriving geometrical parameters, and applied this to decode the spectral energy distribution (SED) of M33. We successfully account for both the spatial and spectral energy distribution, with residuals typically within 7% in the profiles of surface brightness and within 8% in the spatially-integrated SED. We predict well the energy balance between absorption and re-emission by dust, with no need to invoke modified grain properties, and we find no submm emission that is in excess of our model predictions. We calculate that 80 ± 8% of the dust heating is powered by the young stellar populations. We identify several morphological components in M33, a nuclear, an inner, a main and an outer disc, showing a monotonic trend in decreasing star-formation surface-density (Σ SFR ) from the nuclear to the outer disc. In relation to surface density of stellar mass, the Σ SFR of these components define a steeper relation than the "main sequence" of star-forming galaxies, which we call a "structurally resolved main sequence". Either environmental or stellar feedback mechanisms could explain the slope of the newly defined sequence. We find the star-formation rate to be SFR = 0.28 +0.02 −0.01 M yr −1 .