IMMO KAPELLENBOS: what changed
What changed
IMMO KAPELLENBOS
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
filed annual accounts (NBB)
Net result for the year
-€798,227
2024 · -€465,431-€332,796
Equity
-€578,338
2024 · €219,889-€798,227
Cash
€41,547
2024 · €469+€41,078
Balance sheet total
€38.5m
2024 · €39.4m-€948,950
Largest movements
Assets
- Tangible fixed assets -€562,315
down €562,315 (-1.4%), from €38.9m to €38.3m
of which Land and buildings: -€517,758
- Receivables within one year -€427,713
down €427,713 (-77.3%), from €553,164 to €125,451
Equity and liabilities
- Profit (loss) carried forward -€607,857
down €607,857 (-20.0%), from -€3.0m to -€3.7m
Income statement
- Depreciation +€211,878
up €211,878 (+31.0%), from €683,062 to €894,941
- Gross operating margin -€182,700
down €182,700 (-20.2%), from €903,423 to €720,724
- Financial charges -€55,465
down €55,465 (-7.8%), from €712,379 to €656,913
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€465,431
Gross operating margin
-€182,700
Depreciation
-€211,878
Other operating charges
-€1,131
Financial income
+€0
Financial charges
+€55,465
Taxes
+€5,504
Deferred taxes and other
+€1,943
Result 2025
-€798,227
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€373,704
Investment
-€332,626
Financing
€0
Cash 2024
€469
From operations (derived)
+€373,704
Net result for the year
-€798,227
Depreciation
+€894,941
Receivables within one year
+€427,713
Provisions
-€63,457
Trade debts
-€210,545
Tax, wage and social debts
+€5,229
Other debts
+€115,000
Accrued charges and deferred income
+€3,050
Investment (derived)
-€332,626
Investment in fixed assets (net)
-€332,626
Cash 2025
€41,547
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €39,428,210 | €38,479,260 | -€948,950 | -2.4% |
| Fixed assets | 21/28 | €38,874,577 | €38,312,262 | -€562,315 | -1.4% |
| Tangible fixed assets | 22/27 | €38,874,577 | €38,312,262 | -€562,315 | -1.4% |
| Land and buildings | 22 | €38,830,020 | €38,312,262 | -€517,758 | -1.3% |
| Assets under construction and advance payments | 27 | €44,557 | €0 | -€44,557 | -100% |
| Current assets | 29/58 | €553,633 | €166,998 | -€386,635 | -69.8% |
| Amounts receivable within one year | 40/41 | €553,164 | €125,451 | -€427,713 | -77.3% |
| Trade receivables | 40 | €553,164 | €125,451 | -€427,713 | -77.3% |
| Cash at bank and in hand | 54/58 | €469 | €41,547 | +€41,078 | +8,761% |
| Total equity and liabilities | 10/49 | €39,428,210 | €38,479,260 | -€948,950 | -2.4% |
| Equity | 10/15 | €219,889 | -€578,338 | -€798,227 | |
| Contributions | 10/11 | €1,243,500 | €1,243,500 | = | 0.0% |
| Capital | 10 | €1,243,500 | €1,243,500 | = | 0.0% |
| Issued capital | 100 | €1,243,500 | €1,243,500 | = | 0.0% |
| Reserves | 13 | €2,023,117 | €1,832,747 | -€190,370 | -9.4% |
| Non-distributable reserves | 130/1 | €14,025 | €14,025 | = | 0.0% |
| Legal reserve | 130 | €14,025 | €14,025 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,009,092 | €1,818,722 | -€190,370 | -9.5% |
| Profit (loss) carried forward | 14 | -€3,046,728 | -€3,654,585 | -€607,857 | -20.0% |
| Provisions and deferred taxes | 16 | €669,697 | €606,241 | -€63,457 | -9.5% |
| Deferred taxes | 168 | €669,697 | €606,241 | -€63,457 | -9.5% |
| Amounts payable | 17/49 | €38,538,624 | €38,451,358 | -€87,266 | -0.2% |
| Amounts payable after more than one year | 17 | €30,500,000 | €30,500,000 | = | 0.0% |
| Financial debts | 170/4 | €30,500,000 | €30,500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €7,711,076 | €7,620,760 | -€90,316 | -1.2% |
| Trade debts | 44 | €365,622 | €155,077 | -€210,545 | -57.6% |
| Suppliers | 440/4 | €365,622 | €155,077 | -€210,545 | -57.6% |
| Taxes, remuneration and social security | 45 | €1,353 | €6,582 | +€5,229 | +386% |
| Taxes | 450/3 | €1,353 | €6,582 | +€5,229 | +386% |
| Other amounts payable | 47/48 | €7,344,100 | €7,459,100 | +€115,000 | +1.6% |
| Accrued charges and deferred income | 492/3 | €327,548 | €330,598 | +€3,050 | +0.9% |
| Non-recurring operating income | 76A | €137,666 | €104,332 | -€33,334 | -24.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €683,062 | €894,941 | +€211,878 | +31.0% |
| Other operating charges | 640/8 | €29,423 | €30,554 | +€1,131 | +3.8% |
| Gross operating margin | 9900 | €903,423 | €720,724 | -€182,700 | -20.2% |
| Operating profit (loss) | 9901 | €190,938 | -€204,771 | -€395,709 | |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €712,379 | €656,913 | -€55,465 | -7.8% |
| Recurring financial charges | 65 | €712,379 | €656,913 | -€55,465 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | -€521,441 | -€861,684 | -€340,243 | -65.3% |
| Transfer from deferred taxes | 780 | €61,514 | €63,457 | +€1,943 | +3.2% |
| Income taxes | 67/77 | €5,504 | €0 | -€5,504 | -100% |
| Profit (loss) for the period | 9904 | -€465,431 | -€798,227 | -€332,796 | -71.5% |
| Transfer from tax-exempt reserves | 789 | €184,541 | €190,370 | +€5,829 | +3.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€280,890 | -€607,857 | -€326,967 | -116% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.