Citadel Finance: what changed
Two financial 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 Finance
Largest movements
- Cash -€790,960
down €790,960 (-65.0%), from €1.2m to €425,155
mainly Investment in fixed assets (net) (-€1.2m) and Receivables after one year (-€504,020)
- Tangible fixed assets +€682,708
up €682,708 (+9.6%), from €7.1m to €7.8m
of which Assets under construction and advance payments: +€1.2m
- Receivables after one year +€504,020
up €504,020 (+8.0%), from €6.3m to €6.8m
- Investment grants +€504,020
up €504,020 (+5.3%), from €9.6m to €10.1m
- Profit (loss) carried forward +€279,102
up €279,102 (+12.9%), from €2.2m to €2.4m
- Trade debts -€201,573
down €201,573 (-42.6%), from €473,055 to €271,482
- Gross operating margin +€133,539
up €133,539 (+13.4%), from €994,927 to €1.1m
- Taxes +€55,147
up €55,147 (+146%), from €37,887 to €93,034
- Financial charges -€12,650
down €12,650 (-14.3%), from €88,413 to €75,763
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.
Derived cash bridge
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 | €15,083,980 | €15,658,491 | +€574,511 | +3.8% |
| Fixed assets | 21/28 | €7,114,130 | €7,834,640 | +€720,510 | +10.1% |
| Tangible fixed assets | 22/27 | €7,114,130 | €7,796,838 | +€682,708 | +9.6% |
| Land and buildings | 22 | €1,983,490 | €1,500,249 | -€483,241 | -24.4% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Assets under construction and advance payments | 27 | €5,130,640 | €6,296,589 | +€1.2m | +22.7% |
| Financial fixed assets | 28 | - | €37,802 | +€37,802 | |
| Current assets | 29/58 | €7,969,850 | €7,823,851 | -€145,999 | -1.8% |
| Amounts receivable after more than one year | 29 | €6,318,587 | €6,822,607 | +€504,020 | +8.0% |
| Other amounts receivable | 291 | €6,318,587 | €6,822,607 | +€504,020 | +8.0% |
| Amounts receivable within one year | 40/41 | €435,148 | €571,835 | +€136,687 | +31.4% |
| Trade receivables | 40 | €58,836 | €141,404 | +€82,568 | +140% |
| Other amounts receivable | 41 | €376,312 | €430,431 | +€54,119 | +14.4% |
| Cash at bank and in hand | 54/58 | €1,216,115 | €425,155 | -€790,960 | -65.0% |
| Deferred charges and accrued income | 490/1 | - | €4,254 | +€4,254 | |
| Total equity and liabilities | 10/49 | €15,083,980 | €15,658,491 | +€574,511 | +3.8% |
| Equity | 10/15 | €12,061,380 | €12,844,502 | +€783,122 | +6.5% |
| Contributions | 10/11 | €311,600 | €311,600 | = | 0.0% |
| Capital | 10 | €311,600 | €311,600 | = | 0.0% |
| Issued capital | 100 | €311,600 | €311,600 | = | 0.0% |
| Reserves | 13 | €31,160 | €31,160 | = | 0.0% |
| Non-distributable reserves | 130/1 | €31,160 | €31,160 | = | 0.0% |
| Legal reserve | 130 | €31,160 | €31,160 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,159,747 | €2,438,849 | +€279,102 | +12.9% |
| Investment grants | 15 | €9,558,873 | €10,062,893 | +€504,020 | +5.3% |
| Amounts payable | 17/49 | €3,022,600 | €2,813,989 | -€208,611 | -6.9% |
| Amounts payable after more than one year | 17 | €1,949,260 | €1,940,926 | -€8,334 | -0.4% |
| Financial debts | 170/4 | €1,949,260 | €1,940,926 | -€8,334 | -0.4% |
| Amounts payable within one year | 42/48 | €1,029,665 | €833,454 | -€196,211 | -19.1% |
| Current portion of amounts payable after more than one year | 42 | €516,150 | €533,252 | +€17,102 | +3.3% |
| Trade debts | 44 | €473,055 | €271,482 | -€201,573 | -42.6% |
| Suppliers | 440/4 | €473,055 | €271,482 | -€201,573 | -42.6% |
| Taxes, remuneration and social security | 45 | €40,260 | €28,720 | -€11,540 | -28.7% |
| Taxes | 450/3 | €40,260 | €28,720 | -€11,540 | -28.7% |
| Other amounts payable | 47/48 | €200 | - | -€200 | |
| Accrued charges and deferred income | 492/3 | €43,675 | €39,609 | -€4,066 | -9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €483,245 | €483,196 | -€49 | 0.0% |
| Other operating charges | 640/8 | €192,252 | €198,284 | +€6,032 | +3.1% |
| Non-recurring operating charges | 66A | €24 | €641 | +€617 | +2,571% |
| Gross operating margin | 9900 | €994,927 | €1,128,466 | +€133,539 | +13.4% |
| Operating profit (loss) | 9901 | €319,406 | €446,345 | +€126,939 | +39.7% |
| Financial income | 75/76B | €5,726 | €1,554 | -€4,172 | -72.9% |
| Recurring financial income | 75 | €5,726 | €1,554 | -€4,172 | -72.9% |
| Financial charges | 65/66B | €88,413 | €75,763 | -€12,650 | -14.3% |
| Recurring financial charges | 65 | €88,413 | €75,763 | -€12,650 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | €236,719 | €372,136 | +€135,417 | +57.2% |
| Income taxes | 67/77 | €37,887 | €93,034 | +€55,147 | +146% |
| Profit (loss) for the period | 9904 | €198,832 | €279,102 | +€80,270 | +40.4% |
| Profit (loss) for the period to be appropriated | 9905 | €198,832 | €279,102 | +€80,270 | +40.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.