CITADELLE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-06-2026 at the NBB all 9 filings
Turnover
≈ €640,000
Estimated: probably between €600,000 and €730,000
EBIT margin
Not included in this filing
Net result
€7,935
2024 · -€1,233
Working capital
€23,656▼ 64.5%
2024 · €66,723
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€53,191
2025
20182025
Net result
€7,935
2025
middle half of the sector
20182025
Equity
€43,901
▲ 22.1%
2025
middle half of the sector
20182025
Total assets
€252,490
▲ 119%
2025
middle half of the sector
20182025
Debt
€208,589
▲ 163%
2025
20182025
Working capital
€23,656
▼ 64.5%
2025
middle half of the sector
20182025
Solvency
17.4%
▼ 13.8pp
2025
middle half of the sector
20182025
Current ratio
1.11
▼ 1.40
2025
middle half of the sector
20182025
Return on assets (ROA)
3.1%
▲ 4.2pp
2025
middle half of the sector
20182025
Staff (FTE)
6.9
▼ 15.9%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€4,429-€4,449▲ 0.5%€9,481▲ 113%€3,526▼ 62.8%€5,511▲ 56.3%€12,327▲ 124%-€736€53,191
Net result€2,544-€2,845▲ 11.8%€9,374within the sector's middle half▲ 229%€2,418within the sector's middle half▼ 74.2%€3,442within the sector's middle half▲ 42.3%€10,704within the sector's middle half▲ 211%-€1,233below the sector's middle half€7,935within the sector's middle half
Equity€8,417-€11,262▲ 33.8%€20,636below the sector's middle half▲ 83.2%€23,054within the sector's middle half▲ 11.7%€26,496within the sector's middle half▲ 14.9%€37,200within the sector's middle half▲ 40.4%€35,967within the sector's middle half▼ 3.3%€43,901within the sector's middle half▲ 22.1%
Total assets€103,151-€135,492▲ 31.4%€170,424below the sector's middle half▲ 25.8%€115,282within the sector's middle half▼ 32.4%€129,950within the sector's middle half▲ 12.7%€106,078within the sector's middle half▼ 18.4%€115,152within the sector's middle half▲ 8.6%€252,490within the sector's middle half▲ 119%
Debt€94,734-€124,230▲ 31.1%€149,788▲ 20.6%€92,228▼ 38.4%€103,454▲ 12.2%€68,878▼ 33.4%€79,185▲ 15.0%€208,589▲ 163%
Working capital€8,157-€11,092▲ 36.0%€94,956within the sector's middle half▲ 756%€22,974within the sector's middle half▼ 75.8%€22,441within the sector's middle half▼ 2.3%€32,575within the sector's middle half▲ 45.2%€66,723within the sector's middle half▲ 105%€23,656within the sector's middle half▼ 64.5%
Solvency8.2%-8.3%▲ 0.2pp12.1%below the sector's middle half▲ 3.8pp20.0%within the sector's middle half▲ 7.9pp20.4%within the sector's middle half▲ 0.4pp35.1%within the sector's middle half▲ 14.7pp31.2%within the sector's middle half▼ 3.8pp17.4%within the sector's middle half▼ 13.8pp
Current ratio1.09-1.09=2.26within the sector's middle half▲ 1.171.25within the sector's middle half▼ 1.011.22within the sector's middle half▼ 0.031.47within the sector's middle half▲ 0.262.52within the sector's middle half▲ 1.041.11within the sector's middle half▼ 1.40
Return on assets (ROA)2.5%-2.1%▼ 0.4pp5.5%within the sector's middle half▲ 3.4pp2.1%within the sector's middle half▼ 3.4pp2.6%within the sector's middle half▲ 0.6pp10.1%within the sector's middle half▲ 7.4pp-1.1%below the sector's middle half▼ 11.2pp3.1%within the sector's middle half▲ 4.2pp
Staff (FTE)7-6▼ 14.3%6below the sector's middle half=6.1▲ 1.7%7.3▲ 19.7%7.9▲ 8.2%8.2▲ 3.8%6.9▼ 15.9%
above
within
below
The sector band is the middle half of the companies in Social work activities without accommodation (NACE 88). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a profit of €53,191, after a loss of €736 in 2024. It is the highest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €252,490
Fixed assets
€20,245 ▲ 356%
Current assets
€232,245 ▲ 110%
Equity and liabilities €252,490
Equity
€43,901 ▲ 22.1%
Debt
€208,589 ▲ 163%
Debt's share of the balance-sheet total rises from 68.8% to 82.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€61,381▲
2024 · -€546
Cash flow
€16,125▲
2024 · -€1,043
Debt to equity
4.75▲
2024 · 2.20
ROE
18.1%▲
2024 · -3.4%
Interest coverage
over 100▲
2024 · -1.10
Debt ≤ 1 year
€208,589▲
2024 · €43,994
Staff costs
€481,186▼
2024 · €490,538
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 7 | 10 | 9 | 8 | 8 |
| full-time | 4 | 6 | 6 | 5 | 5 |
| part-time | 3 | 4 | 3 | 3 | 3 |
| in full-time equivalents | 6.4 | 8.9 | 8.4 | 7.4 | 7.4 |
| Average over the year, in full-time equivalents | 6.1 | 7.3 | 7.9 | 8.2 | 6.9 |
| On a permanent contract | 5 | 6 | 8 | 6 | 8 |
| Joined | 3 | 3 | 0 | - | 4 |
| Left | 0 | 0 | 1 | - | 4 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €760 | - | €24,000 |
| Financial fixed assets | - | €3,975 | - | - | - |
| Depreciation and write-downs of the year | - | - | €190 | €190 | €8,190 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €21,424 | - |
| Remuneration, social security and pensions62 | - | - | - | €357,590 | €451,552 | €563,855 | €490,538 | €481,186 | ▼ 1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €90 | €90 | €90 | - | - | €190 | €190 | €8,190 | ▲ 43× |
| Non-recurring operating charges66A | - | - | - | - | - | - | €5,302 | - | - |
| Gross operating margin9900 | €289,221 | €273,642 | €303,712 | €361,116 | €457,063 | €576,372 | €495,294 | €542,567 | ▲ 9.5% |
| Operating profit (loss)9901 | €4,429 | €4,449 | €9,481 | €3,526 | €5,511 | €12,327 | -€736 | €53,191 | - |
| Financial income75/76B | - | - | - | - | - | - | - | €70 | - |
| Recurring financial income75 | - | - | - | - | - | - | - | €70 | - |
| Financial charges65/66B | - | - | - | €1,108 | €2,069 | €1,623 | €497 | €45,327 | ▲ 91× |
| Recurring financial charges65 | €1,885 | €1,100 | €107 | €1,108 | €2,069 | €1,623 | €497 | €55 | ▼ 89.0% |
| Non-recurring financial charges66B | - | - | - | - | - | - | €497 | €45,272 | ▲ 91× |
| Profit (loss) for the period before taxes9903 | €2,544 | €3,349 | €9,374 | €2,418 | €3,442 | €10,704 | -€1,233 | €7,935 | - |
| Profit (loss) for the period9904 | €2,544 | €2,845 | €9,374 | €2,418 | €3,442 | €10,704 | -€1,233 | €7,935 | - |
| Profit (loss) for the period to be appropriated9905 | €2,544 | €2,845 | €9,374 | €2,418 | €3,442 | €10,704 | -€1,233 | €7,935 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €103,151 | €135,492 | €170,424 | €115,282 | €129,950 | €106,078 | €115,152 | €252,490 | ▲ 119% |
| Fixed assets21/28 | €260 | €170 | €80 | €80 | €4,055 | €4,625 | €4,435 | €20,245 | ▲ 356% |
| Tangible fixed assets22/27 | €180 | €90 | €0 | €0 | - | €570 | €380 | €16,190 | ▲ 43× |
| Furniture and vehicles24 | - | - | - | - | - | €570 | €380 | €16,190 | ▲ 43× |
| Financial fixed assets28 | €80 | €80 | €80 | €80 | €4,055 | €4,055 | €4,055 | €4,055 | = |
| Current assets29/58 | €102,891 | €135,322 | €170,344 | €115,202 | €125,895 | €101,453 | €110,717 | €232,245 | ▲ 110% |
| Amounts receivable within one year40/41 | €50,184 | €56,611 | €91,796 | €58,029 | €68,553 | €91,714 | €7,482 | €89,437 | ▲ 12× |
| Trade receivables40 | - | - | - | - | €2,049 | €635 | €7,482 | €18,335 | ▲ 145% |
| Other amounts receivable41 | - | - | - | €58,029 | €66,504 | €91,079 | - | €71,102 | - |
| Cash at bank and in hand54/58 | €52,707 | €78,711 | €78,548 | €57,173 | €48,832 | €9,739 | €103,235 | €142,808 | ▲ 38.3% |
| Deferred charges and accrued income490/1 | - | - | - | - | €8,510 | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €103,151 | €135,492 | €170,424 | €115,282 | €129,950 | €106,078 | €115,152 | €252,490 | ▲ 119% |
| Equity10/15 | €8,417 | €11,262 | €20,636 | €23,054 | €26,496 | €37,200 | €35,967 | €43,901 | ▲ 22.1% |
| Profit (loss) carried forward14 | €8,417 | €11,262 | €20,636 | €23,054 | €26,496 | €37,200 | €35,967 | €43,901 | ▲ 22.1% |
| Amounts payable17/49 | €94,734 | €124,230 | €149,788 | €92,228 | €103,454 | €68,878 | €79,185 | €208,589 | ▲ 163% |
| Amounts payable within one year42/48 | €94,734 | €124,230 | €75,388 | €92,228 | €103,454 | €68,878 | €43,994 | €208,589 | ▲ 374% |
| Trade debts44 | €22,764 | €16,744 | €24,388 | €40,333 | €43,443 | €54,588 | €31,638 | €43,594 | ▲ 37.8% |
| Suppliers440/4 | - | - | - | €40,333 | €43,443 | €54,588 | €31,638 | €21,212 | ▼ 33.0% |
| Bills of exchange payable441 | - | - | - | - | - | - | - | €22,382 | - |
| Taxes, remuneration and social security45 | - | - | - | €11,831 | €17,866 | €14,227 | €4,557 | - | - |
| Taxes450/3 | - | - | - | - | - | - | €999 | - | - |
| Remuneration and social security454/9 | - | - | - | €11,831 | €17,866 | €14,227 | €3,558 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €35,191 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,544 | €2,845 | €9,374 | €2,418 | €3,442 | €10,704 | -€1,233 | €7,935 | - |
| + Depreciation and write-downs630 | €90 | €90 | €90 | - | - | €190 | €190 | €8,190 | ▲ 43× |
| Operating cash flow (approximation) | €2,634 | €2,935 | €9,464 | €2,418 | €3,442 | €10,894 | -€1,043 | €16,125 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€3,975 | -€760 | €0 | -€24,000 | - |
| Change in cash | - | €26,004 | -€163 | -€21,375 | -€8,341 | -€39,093 | €93,496 | €39,573 | ▼ 57.7% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 3,984 companies had the same profile as CITADELLE has now. Two years later, 96.5% were still going and 1.1% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.5%
was still going
2.3%
stopped otherwise
1.1%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of CITADELLE itself is lower: < 0.1% within 12 months. It rests on far more data about CITADELLE than the profile alone.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 3,984 companies, not a prediction for CITADELLE. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-06-2026 | 2026-00235561 | |
| 31-12-2024 | micro format | 27-05-2025 | 2025-00109676 | |
| 31-12-2023 | micro format | 28-08-2024 | 2024-00407297 | |
| 31-12-2022 | micro format | 25-06-2023 | 2023-00154996 | |
| 31-12-2021 | micro format | 26-06-2022 | 2022-20102977 | |
| 31-12-2020 | full format | 09-07-2021 | 2021-34300332 | |
| 31-12-2019 | full format | 01-07-2020 | 2020-24900083 | |
| 31-12-2018 | full format | 21-08-2019 | 2019-48300576 | |
| 31-12-2017 | full format | 02-08-2018 | 2018-42900252 |