KAPIMO
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 38 days after the deadline Filed on 7 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00507072.
Annual accounts 2025 filed on 07-09-2026 at the NBB all 24 filings
Every figure per financial year
The operating result for 2025 is a loss of €10,486, smaller than the loss of €11,674 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €72,913 | €23,979 | €3,056 | - | - |
| Depreciation and write-downs of the year | €19,107 | €21,909 | €22,051 | €22,316 | €22,316 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €18,032 | €20,141 | €17,782 | €19,107 | €21,909 | €22,051 | €22,316 | €22,316 | = |
| Other operating charges640/8 | - | - | - | €2,478 | €1,826 | €2,385 | €2,440 | €2,517 | ▲ 3.1% |
| Gross operating margin9900 | €23,631 | €10,425 | €16,909 | €25,444 | €12,429 | €11,988 | €13,082 | €14,347 | ▲ 9.7% |
| Operating profit (loss)9901 | €3,447 | -€11,857 | -€2,643 | €3,860 | -€11,306 | -€12,449 | -€11,674 | -€10,486 | ▲ 10.2% |
| Financial income75/76B | - | - | - | €397 | - | - | - | - | - |
| Recurring financial income75 | €1,327 | €1,346 | €821 | €397 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €4,010 | €3,843 | €3,167 | €2,211 | €1,321 | ▼ 40.3% |
| Recurring financial charges65 | €4,063 | €3,649 | €3,334 | €4,010 | €3,843 | €3,167 | €2,211 | €1,321 | ▼ 40.3% |
| Profit (loss) for the period before taxes9903 | €711 | -€14,159 | -€5,156 | €246 | -€15,148 | -€15,616 | -€13,885 | -€11,807 | ▲ 15.0% |
| Profit (loss) for the period9904 | €711 | -€14,159 | -€5,156 | €246 | -€15,148 | -€15,616 | -€13,885 | -€11,807 | ▲ 15.0% |
| Profit (loss) for the period to be appropriated9905 | €711 | -€14,159 | -€5,156 | €246 | -€15,148 | -€15,616 | -€13,885 | -€11,807 | ▲ 15.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €217,453 | €219,528 | €197,639 | €252,091 | €246,784 | €227,789 | €206,231 | €185,643 | ▼ 10.0% |
| Fixed assets21/28 | €194,495 | €207,640 | €189,858 | €243,664 | €245,734 | €226,739 | €204,423 | €182,107 | ▼ 10.9% |
| Tangible fixed assets22/27 | €194,495 | €207,640 | €189,858 | €243,664 | €245,734 | €226,739 | €204,423 | €182,107 | ▼ 10.9% |
| Land and buildings22 | - | - | - | €243,664 | €245,734 | €226,739 | €204,423 | €182,107 | ▼ 10.9% |
| Current assets29/58 | €22,958 | €11,888 | €7,781 | €8,427 | €1,050 | €1,050 | €1,808 | €3,537 | ▲ 95.6% |
| Amounts receivable within one year40/41 | €17,855 | €9,776 | €7,377 | €5,277 | - | - | - | - | - |
| Other amounts receivable41 | - | - | - | €5,277 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €5,103 | €2,112 | €404 | - | - | - | €1,808 | €2,907 | ▲ 60.8% |
| Deferred charges and accrued income490/1 | - | - | - | €3,150 | €1,050 | €1,050 | - | €630 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €217,453 | €219,528 | €197,639 | €252,091 | €246,784 | €227,789 | €206,231 | €185,643 | ▼ 10.0% |
| Equity10/15 | €61,311 | €47,152 | €41,996 | €42,242 | €27,094 | €11,479 | -€2,407 | -€14,214 | ▼ 491% |
| Contributions10/11 | €61,973 | €61,973 | €61,973 | €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 | €2,788 | €2,788 | €2,788 | €2,788 | €2,788 | €2,788 | €2,788 | €2,788 | = |
| Non-distributable reserves130/1 | - | - | - | €2,788 | €2,788 | €2,788 | €2,788 | €2,788 | = |
| Legal reserve130 | - | - | - | €2,788 | €2,788 | €2,788 | €2,788 | €2,788 | = |
| Profit (loss) carried forward14 | -€3,451 | -€17,610 | -€22,766 | -€22,520 | -€37,668 | -€53,283 | -€67,169 | -€78,975 | ▼ 17.6% |
| Amounts payable17/49 | €156,142 | €172,376 | €155,643 | €209,849 | €219,690 | €216,310 | €208,638 | €199,857 | ▼ 4.2% |
| Amounts payable after more than one year17 | €71,140 | €86,755 | €68,348 | €128,102 | €100,839 | €71,282 | €48,168 | €29,815 | ▼ 38.1% |
| Financial debts170/4 | - | - | - | €128,102 | €100,839 | €71,282 | €48,168 | €29,815 | ▼ 38.1% |
| Amounts payable within one year42/48 | €83,958 | €84,577 | €86,253 | €81,747 | €118,851 | €145,028 | €157,834 | €168,475 | ▲ 6.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €10,917 | €28,698 | €29,557 | €23,115 | €18,353 | ▼ 20.6% |
| Financial debts43 | - | - | - | €974 | €1,893 | €1,911 | - | - | - |
| Credit institutions430/8 | - | - | - | €974 | €1,893 | €1,911 | - | - | - |
| Trade debts44 | €6 | €54 | €1,144 | €3,153 | €1,119 | €2,395 | €387 | €5,354 | ▲ 14× |
| Suppliers440/4 | - | - | - | €3,153 | €1,119 | €2,395 | €387 | €5,354 | ▲ 14× |
| Other amounts payable47/48 | - | - | - | €66,702 | €87,141 | €111,165 | €134,332 | €144,768 | ▲ 7.8% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €2,636 | €1,567 | ▼ 40.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €711 | -€14,159 | -€5,156 | €246 | -€15,148 | -€15,616 | -€13,885 | -€11,807 | ▲ 15.0% |
| + Depreciation and write-downs630 | €18,032 | €20,141 | €17,782 | €19,107 | €21,909 | €22,051 | €22,316 | €22,316 | = |
| Operating cash flow (approximation) | €18,742 | €5,983 | €12,626 | €19,352 | €6,761 | €6,436 | €8,431 | €10,509 | ▲ 24.7% |
| Investment in fixed assets (approximation) | - | -€33,286 | €0 | -€72,913 | -€23,979 | -€3,056 | €0 | €0 | - |
| Change in cash | - | -€2,991 | -€1,708 | - | - | - | - | €1,099 | - |
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, 2,796 companies had the same profile as KAPIMO has now. Two years later, 90.4% were still going and 2.1% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a small loss
Another 1.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of KAPIMO itself: 1.0% within 12 months.
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 2,796 companies, not a prediction for KAPIMO. 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.
Latest 10 of 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 07-09-2026 | 2026-00507072 | |
| 31-12-2024 | micro format | 12-08-2025 | 2025-00371081 | |
| 31-12-2023 | micro format | 12-08-2024 | 2024-00339435 | |
| 31-12-2022 | micro format | 24-07-2023 | 2023-00261199 | |
| 31-12-2021 | micro format | 22-08-2022 | 2022-20301395 | |
| 31-12-2020 | micro format | 29-07-2021 | 2021-41700318 | |
| 31-12-2019 | micro format | 13-10-2020 | 2020-60900413 | |
| 31-12-2018 | micro format | 09-07-2019 | 2019-30000341 | |
| 31-12-2017 | micro format | 18-09-2018 | 2018-63200084 | |
| 31-12-2016 | micro format | 29-08-2017 | 2017-51600370 |