CITADEL: what changed
Two fiscal 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.
CITADEL
Largest movements
- Receivables within one year -€22,670
down €22,670 (-41.6%), from €54,538 to €31,868
- Tangible fixed assets +€16,561
up €16,561 (+3.2%), from €511,630 to €528,191
of which Land and buildings: +€10,435
- Cash -€15,500
down €15,500 (-67.5%), from €22,961 to €7,462
mainly Investment in fixed assets (net) (-€56,591) and Other debts (-€15,623)
- Other debts -€15,623
down €15,623 (-35.2%), from €44,412 to €28,789
- Debts after one year -€11,344
down €11,344 (-3.3%), from €341,664 to €330,320
of which Financial debts: -€28,993
- Accrued charges and deferred income +€7,310
up €7,310 (+53.1%), from €13,776 to €21,086
- Profit (loss) carried forward -€6,306
down €6,306 (-76.2%), from -€8,280 to -€14,586
- Staff costs -€7,409
down €7,409 (-9.7%), from €76,575 to €69,165
- Gross operating margin +€4,110
up €4,110 (+3.2%), from €129,342 to €133,453
- Financial charges +€4,095
up €4,095 (+20.4%), from €20,066 to €24,161
- Other operating charges +€2,473
up €2,473 (+65.9%), from €3,753 to €6,226
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.
Cash bridge derived
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 | €595,249 | €569,585 | -€25,664 | -4.3% |
| Fixed assets | 21/28 | €511,810 | €528,371 | +€16,561 | +3.2% |
| Tangible fixed assets | 22/27 | €511,630 | €528,191 | +€16,561 | +3.2% |
| Land and buildings | 22 | €510,062 | €520,497 | +€10,435 | +2.0% |
| Plant, machinery and equipment | 23 | €529 | €257 | -€272 | -51.4% |
| Furniture and vehicles | 24 | €1,040 | €7,437 | +€6,397 | +615.3% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €83,439 | €41,214 | -€42,225 | -50.6% |
| Amounts receivable after more than one year | 29 | €4,167 | €155 | -€4,012 | -96.3% |
| Trade receivables | 290 | €4,167 | €155 | -€4,012 | -96.3% |
| Amounts receivable within one year | 40/41 | €54,538 | €31,868 | -€22,670 | -41.6% |
| Trade receivables | 40 | €54,538 | €31,868 | -€22,670 | -41.6% |
| Cash at bank and in hand | 54/58 | €22,961 | €7,462 | -€15,500 | -67.5% |
| Deferred charges and accrued income | 490/1 | €1,773 | €1,729 | -€44 | -2.5% |
| Total equity and liabilities | 10/49 | €595,249 | €569,585 | -€25,664 | -4.3% |
| Equity | 10/15 | €120,691 | €114,385 | -€6,306 | -5.2% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €66,997 | €66,997 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €60,800 | €60,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,280 | -€14,586 | -€6,306 | -76.2% |
| Amounts payable | 17/49 | €474,559 | €455,200 | -€19,358 | -4.1% |
| Amounts payable after more than one year | 17 | €341,664 | €330,320 | -€11,344 | -3.3% |
| Financial debts | 170/4 | €116,448 | €87,455 | -€28,993 | -24.9% |
| Other amounts payable | 178/9 | €225,216 | €242,866 | +€17,649 | +7.8% |
| Amounts payable within one year | 42/48 | €119,118 | €103,794 | -€15,324 | -12.9% |
| Current portion of amounts payable after more than one year | 42 | €27,771 | €28,950 | +€1,179 | +4.2% |
| Trade debts | 44 | €14,694 | €19,184 | +€4,490 | +30.6% |
| Suppliers | 440/4 | €14,694 | €19,184 | +€4,490 | +30.6% |
| Taxes, remuneration and social security | 45 | €32,241 | €26,871 | -€5,370 | -16.7% |
| Taxes | 450/3 | €18,103 | €12,045 | -€6,058 | -33.5% |
| Remuneration and social security | 454/9 | €14,138 | €14,826 | +€688 | +4.9% |
| Other amounts payable | 47/48 | €44,412 | €28,789 | -€15,623 | -35.2% |
| Accrued charges and deferred income | 492/3 | €13,776 | €21,086 | +€7,310 | +53.1% |
| Remuneration, social security and pensions | 62 | €76,575 | €69,165 | -€7,409 | -9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,318 | €40,030 | +€712 | +1.8% |
| Other operating charges | 640/8 | €3,753 | €6,226 | +€2,473 | +65.9% |
| Gross operating margin | 9900 | €129,342 | €133,453 | +€4,110 | +3.2% |
| Operating profit (loss) | 9901 | €9,696 | €18,031 | +€8,335 | +86.0% |
| Financial income | 75/76B | €155 | €0 | -€155 | -99.9% |
| Recurring financial income | 75 | €155 | €0 | -€155 | -99.9% |
| Financial charges | 65/66B | €20,066 | €24,161 | +€4,095 | +20.4% |
| Recurring financial charges | 65 | €20,066 | €24,161 | +€4,095 | +20.4% |
| Profit (loss) for the period before taxes | 9903 | -€10,215 | -€6,130 | +€4,085 | +40.0% |
| Income taxes | 67/77 | €174 | €176 | +€2 | +1.0% |
| Profit (loss) for the period | 9904 | -€10,389 | -€6,306 | +€4,083 | +39.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,389 | -€6,306 | +€4,083 | +39.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.