THE BELGIAN CITADEL: 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.
THE BELGIAN CITADEL
Largest movements
- Current investments +€60,001
up €60,001 (+36.2%), from €165,524 to €225,525
- Tangible fixed assets -€53,105
down €53,105 (-10.4%), from €510,074 to €456,969
of which Plant, machinery and equipment: -€53,105
- Cash +€22,935
up €22,935 (+36.9%), from €62,225 to €85,160
mainly Depreciation (+€53,105) and Net result for the year (+€31,286)
- Reserves +€31,286
up €31,286 (+9.4%), from €332,290 to €363,576
of which Distributable reserves: +€59,168
- Provisions -€10,332
down €10,332 (-11.7%), from €88,237 to €77,905
- Tax, wage and social debts +€9,272
up €9,272 (+63.2%), from €14,677 to €23,949
- Taxes +€9,279
up €9,279 (+76.8%), from €12,076 to €21,355
- Gross operating margin -€2,161
down €2,161 (-2.2%), from €100,377 to €98,216
- Depreciation -€1,446
down €1,446 (-2.7%), from €54,551 to €53,105
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 | €738,087 | €767,923 | +€29,836 | +4.0% |
| Fixed assets | 21/28 | €510,074 | €456,969 | -€53,105 | -10.4% |
| Tangible fixed assets | 22/27 | €510,074 | €456,969 | -€53,105 | -10.4% |
| Land and buildings | 22 | €55,117 | €55,117 | = | 0.0% |
| Plant, machinery and equipment | 23 | €454,957 | €401,852 | -€53,105 | -11.7% |
| Current assets | 29/58 | €228,013 | €310,954 | +€82,941 | +36.4% |
| Current investments | 50/53 | €165,524 | €225,525 | +€60,001 | +36.2% |
| Cash at bank and in hand | 54/58 | €62,225 | €85,160 | +€22,935 | +36.9% |
| Deferred charges and accrued income | 490/1 | €265 | €270 | +€5 | +1.8% |
| Total equity and liabilities | 10/49 | €738,087 | €767,923 | +€29,836 | +4.0% |
| Equity | 10/15 | €632,489 | €663,776 | +€31,286 | +4.9% |
| Contributions | 10/11 | €300,199 | €300,199 | = | 0.0% |
| Capital | 10 | €300,199 | €300,199 | = | 0.0% |
| Issued capital | 100 | €300,199 | €300,199 | = | 0.0% |
| Reserves | 13 | €332,290 | €363,576 | +€31,286 | +9.4% |
| Non-distributable reserves | 130/1 | €3,379 | €6,493 | +€3,114 | +92.2% |
| Legal reserve | 130 | €3,379 | €6,493 | +€3,114 | +92.2% |
| Tax-exempt reserves | 132 | €264,711 | €233,716 | -€30,996 | -11.7% |
| Distributable reserves | 133 | €64,200 | €123,368 | +€59,168 | +92.2% |
| Provisions and deferred taxes | 16 | €88,237 | €77,905 | -€10,332 | -11.7% |
| Deferred taxes | 168 | €88,237 | €77,905 | -€10,332 | -11.7% |
| Amounts payable | 17/49 | €17,361 | €26,242 | +€8,882 | +51.2% |
| Amounts payable within one year | 42/48 | €17,361 | €26,242 | +€8,882 | +51.2% |
| Trade debts | 44 | €854 | €463 | -€390 | -45.7% |
| Suppliers | 440/4 | €854 | €463 | -€390 | -45.7% |
| Taxes, remuneration and social security | 45 | €14,677 | €23,949 | +€9,272 | +63.2% |
| Taxes | 450/3 | €14,677 | €23,949 | +€9,272 | +63.2% |
| Other amounts payable | 47/48 | €1,830 | €1,830 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,551 | €53,105 | -€1,446 | -2.7% |
| Other operating charges | 640/8 | €4,906 | €5,060 | +€154 | +3.1% |
| Gross operating margin | 9900 | €100,377 | €98,216 | -€2,161 | -2.2% |
| Operating profit (loss) | 9901 | €40,920 | €40,051 | -€869 | -2.1% |
| Financial income | 75/76B | €2,415 | €2,815 | +€399 | +16.5% |
| Recurring financial income | 75 | €2,415 | €2,815 | +€399 | +16.5% |
| Financial charges | 65/66B | €367 | €556 | +€189 | +51.4% |
| Recurring financial charges | 65 | €367 | €556 | +€189 | +51.4% |
| Profit (loss) for the period before taxes | 9903 | €42,968 | €42,310 | -€658 | -1.5% |
| Transfer from deferred taxes | 780 | €10,332 | €10,332 | = | 0.0% |
| Income taxes | 67/77 | €12,076 | €21,355 | +€9,279 | +76.8% |
| Profit (loss) for the period | 9904 | €41,224 | €31,286 | -€9,938 | -24.1% |
| Transfer from tax-exempt reserves | 789 | €30,996 | €30,996 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €72,220 | €62,282 | -€9,938 | -13.8% |
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 26 October 2026 via checked.be.