IMMO KAPELLEGOED: 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.
What changed
IMMO KAPELLEGOED
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€500,981
2024 · €104,370+€396,610
Equity
€3.0m
2024 · €2.5m+€480,786
Cash
€53,584
2024 · €50,933+€2,651
Balance sheet total
€3.4m
2024 · €2.8m+€585,501
Largest movements
Assets
- Tangible fixed assets +€541,334
up €541,334 (+20.2%), from €2.7m to €3.2m
of which Assets under construction and advance payments: +€717,124
- Receivables within one year +€41,516
up €41,516 (+97.8%), from €42,457 to €83,974
of which Other amounts receivable: +€48,516
Equity and liabilities
- Reserves +€480,786
up €480,786 (+68.5%), from €701,443 to €1.2m
of which Tax-exempt reserves: +€389,044
- Provisions +€129,681
new in 2025: €129,681
Income statement
- Gross operating margin +€534,925
up €534,925 (+230%), from €233,003 to €767,928
- Depreciation +€19,674
up €19,674 (+26.9%), from €73,007 to €92,682
- Taxes -€9,330
down €9,330 (-30.4%), from €30,738 to €21,407
- Financial income +€7,968
up €7,968 (+167%), from €4,761 to €12,728
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.
Result 2024
€104,370
Gross operating margin
+€534,925
Depreciation
-€19,674
Other operating charges
-€1,498
Financial income
+€7,968
Financial charges
-€4,759
Taxes
+€9,330
Deferred taxes and other
-€129,681
Result 2025
€500,981
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€656,861
Investment
-€634,015
Financing
-€20,195
Cash 2024
€50,933
From operations (derived)
+€656,861
Net result for the year
+€500,981
Depreciation
+€92,682
Receivables within one year
-€41,516
Provisions
+€129,681
Trade debts
-€10,005
Tax, wage and social debts
-€18,061
Other debts
+€3,100
Investment (derived)
-€634,015
Investment in fixed assets (net)
-€634,015
Financing
-€20,195
Contributions, distributions and other
-€20,195
Cash 2025
€53,584
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,771,777 | €3,357,278 | +€585,501 | +21.1% |
| Fixed assets | 21/28 | €2,678,387 | €3,219,720 | +€541,334 | +20.2% |
| Tangible fixed assets | 22/27 | €2,678,387 | €3,219,720 | +€541,334 | +20.2% |
| Land and buildings | 22 | €2,386,385 | €2,223,383 | -€163,002 | -6.8% |
| Other tangible fixed assets | 26 | €107,119 | €94,330 | -€12,788 | -11.9% |
| Assets under construction and advance payments | 27 | €184,883 | €902,007 | +€717,124 | +388% |
| Current assets | 29/58 | €93,390 | €137,558 | +€44,167 | +47.3% |
| Amounts receivable within one year | 40/41 | €42,457 | €83,974 | +€41,516 | +97.8% |
| Trade receivables | 40 | €7,000 | €0 | -€7,000 | -100% |
| Other amounts receivable | 41 | €35,457 | €83,974 | +€48,516 | +137% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €50,933 | €53,584 | +€2,651 | +5.2% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €2,771,777 | €3,357,278 | +€585,501 | +21.1% |
| Equity | 10/15 | €2,515,592 | €2,996,378 | +€480,786 | +19.1% |
| Contributions | 10/11 | €1,814,149 | €1,814,149 | = | 0.0% |
| Capital | 10 | €418,050 | €418,050 | = | 0.0% |
| Issued capital | 100 | €418,050 | €418,050 | = | 0.0% |
| Contributions outside capital | 11 | €1,396,099 | €1,396,099 | = | 0.0% |
| Share premium | 1100/10 | €1,396,099 | €1,396,099 | = | 0.0% |
| Reserves | 13 | €701,443 | €1,182,229 | +€480,786 | +68.5% |
| Non-distributable reserves | 130/1 | €48,132 | €48,132 | = | 0.0% |
| Legal reserve | 130 | €41,805 | €41,805 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,327 | €6,327 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,463 | €400,507 | +€389,044 | +3,394% |
| Distributable reserves | 133 | €641,847 | €733,590 | +€91,742 | +14.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | - | €129,681 | +€129,681 | |
| Deferred taxes | 168 | - | €129,681 | +€129,681 | |
| Amounts payable | 17/49 | €256,185 | €231,219 | -€24,966 | -9.7% |
| Amounts payable within one year | 42/48 | €256,185 | €231,219 | -€24,966 | -9.7% |
| Trade debts | 44 | €16,494 | €6,488 | -€10,005 | -60.7% |
| Suppliers | 440/4 | €16,494 | €6,488 | -€10,005 | -60.7% |
| Taxes, remuneration and social security | 45 | €39,692 | €21,631 | -€18,061 | -45.5% |
| Taxes | 450/3 | €39,692 | €21,631 | -€18,061 | -45.5% |
| Other amounts payable | 47/48 | €200,000 | €203,100 | +€3,100 | +1.6% |
| Non-recurring operating income | 76A | - | €518,725 | +€518,725 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,007 | €92,682 | +€19,674 | +26.9% |
| Other operating charges | 640/8 | €27,501 | €28,999 | +€1,498 | +5.4% |
| Gross operating margin | 9900 | €233,003 | €767,928 | +€534,925 | +230% |
| Operating profit (loss) | 9901 | €132,495 | €646,248 | +€513,752 | +388% |
| Financial income | 75/76B | €4,761 | €12,728 | +€7,968 | +167% |
| Recurring financial income | 75 | €4,761 | €12,728 | +€7,968 | +167% |
| Financial charges | 65/66B | €2,148 | €6,906 | +€4,759 | +222% |
| Recurring financial charges | 65 | €2,148 | €6,906 | +€4,759 | +222% |
| Profit (loss) for the period before taxes | 9903 | €135,108 | €652,069 | +€516,961 | +383% |
| Transfer to deferred taxes | 680 | - | €129,681 | +€129,681 | |
| Income taxes | 67/77 | €30,738 | €21,407 | -€9,330 | -30.4% |
| Profit (loss) for the period | 9904 | €104,370 | €500,981 | +€396,610 | +380% |
| Transfer to tax-exempt reserves | 689 | - | €389,044 | +€389,044 | |
| Profit (loss) for the period to be appropriated | 9905 | €104,370 | €111,937 | +€7,566 | +7.2% |
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 25 October 2026 via checked.be.