CITADEL
ActiveSummary
CITADEL has been active since 1998 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €114,385 and a net result of -€6,306. Equity remains stable across the filed fiscal years (±1.1% per year). Its solvency ranks better than 33% of 4613 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability37=
Solvency45=
Growth52=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €6,000 at 30 days acceptable
Liquidity short (current ratio 0.4 against 0.7 in 2024; short-term debt: 18.2% and cash: 1.3% of total assets), and 79.9% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€6,306
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-08-2026, 28 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
28 d late
2024
32 d late
2023
9 d early
2022
12 d early
2021
17 d early
2020
15 d early
2019
32 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 4 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 23 July (4 of the last 5 filed years within 36 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€6,306▲ 39.3%
2024 · -€10,389
Working capital
-€62,580▼ 75.4%
2024 · -€35,679
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€33,887▲ 17.1%€17,014▼ 49.8%€66,372▲ 290%€9,696▼ 85.4%€18,031▲ 86.0%
Net result€18,609within the sector's middle half▲ 10.6%€7,826within the sector's middle half▼ 57.9%€41,326within the sector's middle half▲ 428%-€10,389within the sector's middle half-€6,306within the sector's middle half▲ 39.3%
Equity€143,928within the sector's middle half▲ 14.8%€89,754within the sector's middle half▼ 37.6%€131,079within the sector's middle half▲ 46.0%€120,691within the sector's middle half▼ 7.9%€114,385below the sector's middle half▼ 5.2%
Total assets€352,588below the sector's middle half▼ 5.4%€684,514within the sector's middle half▲ 94.1%€649,061below the sector's middle half▼ 5.2%€595,249below the sector's middle half▼ 8.3%€569,585below the sector's middle half▼ 4.3%
Debt€208,659▼ 15.6%€594,760▲ 185%€517,982▼ 12.9%€474,559▼ 8.4%€455,200▼ 4.1%
Working capital-€139,545below the sector's middle half▲ 11.1%-€97,450within the sector's middle half▲ 30.2%-€44,797within the sector's middle half▲ 54.0%-€35,679within the sector's middle half▲ 20.4%-€62,580within the sector's middle half▼ 75.4%
Solvency40.8%within the sector's middle half▲ 7.2pp13.1%within the sector's middle half▼ 27.7pp20.2%within the sector's middle half▲ 7.1pp20.3%within the sector's middle half▲ 0.1pp20.1%within the sector's middle half▼ 0.2pp
Current ratio0.27below the sector's middle half▲ 0.040.53within the sector's middle half▲ 0.270.70within the sector's middle half▲ 0.170.70within the sector's middle half=0.40below the sector's middle half▼ 0.30
Return on assets (ROA)5.3%within the sector's middle half▲ 0.8pp1.1%within the sector's middle half▼ 4.1pp6.4%above the sector's middle half▲ 5.2pp-1.7%below the sector's middle half▼ 8.1pp-1.1%within the sector's middle half▲ 0.6pp
Staff (FTE)2within the sector's middle half=2within the sector's middle half=1.9within the sector's middle half▼ 5.0%1.1within the sector's middle half▼ 42.1%1within the sector's middle half▼ 9.1%
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 86% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €569,585
Fixed assets
€528,371 ▲ 3.2%
Current assets
€41,214 ▼ 50.6%
Equity and liabilities €569,585
Equity
€114,385 ▼ 5.2%
Debt
€455,200 ▼ 4.1%
Debt's share of the balance-sheet total rises from 79.7% to 79.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
€58,062▲
2024 · €49,015
Cash flow
€33,725▲
2024 · €28,929
Debt to equity
3.98▲
2024 · 3.93
ROE
-5.5%▲
2024 · -8.6%
Interest coverage
2.40▼
2024 · 2.44
Debt ≤ 1 year
€103,794▼
2024 · €119,118
Debt > 1 year
€330,320▼
2024 · €341,664
Income taxes
€176▲
2024 · €174
Staff costs
€69,165▼
2024 · €76,575
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,450 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 10 to 30%
- a small loss
1.5%
went bankrupt
5.0%
stopped otherwise
93%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.2% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 2,450 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €500 | - | - | - | - | - |
| Remuneration, social security and pensions62 | €93,323 | €129,358 | €141,522 | €76,575 | €69,165 | ▼ 9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €25,202 | €24,665 | €37,050 | €39,318 | €40,030 | ▲ 1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €2,398 | - | - | - |
| Other operating charges640/8 | €2,252 | €5,240 | €2,739 | €3,753 | €6,226 | ▲ 65.9% |
| Gross operating margin9900 | €154,663 | €176,277 | €250,080 | €129,342 | €133,453 | ▲ 3.2% |
| Operating profit (loss)9901 | €33,887 | €17,014 | €66,372 | €9,696 | €18,031 | ▲ 86.0% |
| Financial income75/76B | €0 | €0 | €52 | €155 | €0 | ▼ 99.9% |
| Recurring financial income75 | €0 | €0 | €52 | €155 | €0 | ▼ 99.9% |
| Financial charges65/66B | €6,394 | €8,242 | €20,582 | €20,066 | €24,161 | ▲ 20.4% |
| Recurring financial charges65 | €6,394 | €8,242 | €20,582 | €20,066 | €24,161 | ▲ 20.4% |
| Profit (loss) for the period before taxes9903 | €27,493 | €8,772 | €45,842 | -€10,215 | -€6,130 | ▲ 40.0% |
| Income taxes67/77 | €8,884 | €947 | €4,517 | €174 | €176 | ▲ 1.0% |
| Profit (loss) for the period9904 | €18,609 | €7,826 | €41,326 | -€10,389 | -€6,306 | ▲ 39.3% |
| Profit (loss) for the period to be appropriated9905 | €18,609 | €7,826 | €41,326 | -€10,389 | -€6,306 | ▲ 39.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €352,588 | €684,514 | €649,061 | €595,249 | €569,585 | ▼ 4.3% |
| Fixed assets21/28 | €302,191 | €572,831 | €543,990 | €511,810 | €528,371 | ▲ 3.2% |
| Tangible fixed assets22/27 | €302,011 | €572,651 | €543,810 | €511,630 | €528,191 | ▲ 3.2% |
| Land and buildings22 | €302,011 | €570,744 | €541,537 | €510,062 | €520,497 | ▲ 2.0% |
| Plant, machinery and equipment23 | - | - | €800 | €529 | €257 | ▼ 51.4% |
| Furniture and vehicles24 | - | €1,906 | €1,473 | €1,040 | €7,437 | ▲ 615% |
| Financial fixed assets28 | €180 | €180 | €180 | €180 | €180 | = |
| Current assets29/58 | €50,397 | €111,683 | €105,071 | €83,439 | €41,214 | ▼ 50.6% |
| Amounts receivable after more than one year29 | - | €2,484 | €2,484 | €4,167 | €155 | ▼ 96.3% |
| Trade receivables290 | - | €2,484 | €2,484 | €4,167 | €155 | ▼ 96.3% |
| Amounts receivable within one year40/41 | €43,478 | €86,317 | €96,820 | €54,538 | €31,868 | ▼ 41.6% |
| Trade receivables40 | €30,267 | €44,858 | €55,478 | €54,538 | €31,868 | ▼ 41.6% |
| Other amounts receivable41 | €13,212 | €41,459 | €41,341 | - | - | - |
| Cash at bank and in hand54/58 | €4,825 | €20,918 | €4,647 | €22,961 | €7,462 | ▼ 67.5% |
| Deferred charges and accrued income490/1 | €2,093 | €1,964 | €1,121 | €1,773 | €1,729 | ▼ 2.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €352,588 | €684,514 | €649,061 | €595,249 | €569,585 | ▼ 4.3% |
| Equity10/15 | €143,928 | €89,754 | €131,079 | €120,691 | €114,385 | ▼ 5.2% |
| Contributions10/11 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Capital10 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Issued capital100 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Reserves13 | €81,197 | €26,997 | €69,106 | €66,997 | €66,997 | = |
| Non-distributable reserves130/1 | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Legal reserve130 | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Distributable reserves133 | €75,000 | €20,800 | €62,909 | €60,800 | €60,800 | = |
| Profit (loss) carried forward14 | €758 | €783 | - | -€8,280 | -€14,586 | ▼ 76.2% |
| Amounts payable17/49 | €208,659 | €594,760 | €517,982 | €474,559 | €455,200 | ▼ 4.1% |
| Amounts payable after more than one year17 | €15,603 | €380,014 | €354,405 | €341,664 | €330,320 | ▼ 3.3% |
| Financial debts170/4 | €15,603 | €169,938 | €144,328 | €116,448 | €87,455 | ▼ 24.9% |
| Other amounts payable178/9 | - | €210,076 | €210,076 | €225,216 | €242,866 | ▲ 7.8% |
| Amounts payable within one year42/48 | €189,942 | €209,133 | €149,868 | €119,118 | €103,794 | ▼ 12.9% |
| Current portion of amounts payable after more than one year42 | €26,463 | €41,215 | €25,812 | €27,771 | €28,950 | ▲ 4.2% |
| Trade debts44 | €3,546 | €68,398 | €11,166 | €14,694 | €19,184 | ▲ 30.6% |
| Suppliers440/4 | €3,546 | €68,398 | €11,166 | €14,694 | €19,184 | ▲ 30.6% |
| Taxes, remuneration and social security45 | €37,518 | €33,282 | €45,842 | €32,241 | €26,871 | ▼ 16.7% |
| Taxes450/3 | €17,707 | €8,227 | €19,785 | €18,103 | €12,045 | ▼ 33.5% |
| Remuneration and social security454/9 | €19,810 | €25,055 | €26,057 | €14,138 | €14,826 | ▲ 4.9% |
| Other amounts payable47/48 | €122,415 | €66,239 | €67,047 | €44,412 | €28,789 | ▼ 35.2% |
| Accrued charges and deferred income492/3 | €3,114 | €5,613 | €13,710 | €13,776 | €21,086 | ▲ 53.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18,609 | €7,826 | €41,326 | -€10,389 | -€6,306 | ▲ 39.3% |
| + Depreciation and write-downs630 | €25,202 | €24,665 | €37,050 | €39,318 | €40,030 | ▲ 1.8% |
| Operating cash flow (approximation) | €43,811 | €32,490 | €78,375 | €28,929 | €33,725 | ▲ 16.6% |
| Investment in fixed assets (approximation) | - | -€295,305 | -€8,209 | -€7,138 | -€56,591 | ▼ 693% |
| Change in cash | - | €16,093 | -€16,271 | €18,315 | -€15,500 | ▼ 185% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
28-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 28 days late
2025
01-09
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 32 days late
2024
31-12
Financial
Weakest financial yearnet -€10,389
Net result drops to -€10,389, the lowest in the series; recovery starts the following year.
22-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Highest result since 2018net €41,326 ▲428%
Operating result €66,372, net result €41,326, both a record.
31-12
Financial
Equity above €100,000Eq €131,079 ▲46%
6 profitable years in a row build equity to €131,079.
19-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
14-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
16-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
29-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Equity above €100,000Eq €116,897 ▲17.4%
2 profitable years in a row build equity to €116,897.
10-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
12-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
23-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 8 acts read
About the unread acts
We know of 8 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
8 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Destelbergen · 1 establishment unit since 1998
Ground area
5,142 m²
Building footprint
221 m²
Volume, LiDAR
1,248 m³
Parcel 44028C0433/00D000, Flanders · tallest building 9.0 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Wellingstraat(HEU) 44, 9070 Destelbergen
since 19982.087.769.107
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44028C0433/00D000 | Flanders | 5,142 m² | 1 · 221 m² | 9.0 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 9,144 companies in sector 68201 we hold annual accounts for 6,775. 4,346 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded16-06-1998
Fiscal year end31-12
Activities, NACEBEL 2025
68201Renting and operating of own or leased residential real estate, excluding social housing
68321Property management for co-owned buildings (syndics)
E-invoicing
Reachable via Peppol
Peppol ID
0208:0463578143
Also
9925:BE0463578143
Registered
12-06-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.