KAPHIVER: 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
KAPHIVER
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€88,661
2024 · €223,724-€135,063
Equity
€2.3m
2024 · €2.2m+€88,661
Cash
€439,871
2024 · €288,135+€151,736
Balance sheet total
€2.6m
2024 · €2.6m+€80,809
Largest movements
Assets
- Cash +€151,736
up €151,736 (+52.7%), from €288,135 to €439,871
mainly Net result for the year (+€88,661) and Depreciation (+€82,810)
- Tangible fixed assets -€82,810
down €82,810 (-3.7%), from €2.3m to €2.2m
of which Land and buildings: -€49,690
Equity and liabilities
- Reserves +€88,661
up €88,661 (+5.9%), from €1.5m to €1.6m
of which Distributable reserves: +€100,230
Income statement
- Gross operating margin -€180,286
down €180,286 (-40.1%), from €449,186 to €268,900
- Taxes +€5,811
up €5,811 (+19.8%), from €29,291 to €35,102
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
€223,724
Gross operating margin
-€180,286
Depreciation
+€156
Other operating charges
-€1,156
Financial income
-€59
Financial charges
+€561
Taxes
-€5,811
Deferred taxes and other
+€51,532
Result 2025
€88,661
Cash bridge derived
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
+€151,736
Investment
€0
Financing
€0
Cash 2024
€288,135
From operations (derived)
+€151,736
Net result for the year
+€88,661
Depreciation
+€82,810
Receivables within one year
-€4,628
Deferred charges and accrued income
-€7,255
Provisions
-€3,856
Trade debts
+€5,581
Tax, wage and social debts
+€508
Other debts
-€9,271
Accrued charges and deferred income
-€813
Cash 2025
€439,871
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,558,984 | €2,639,793 | +€80,809 | +3.2% |
| Fixed assets | 21/28 | €2,262,964 | €2,180,154 | -€82,810 | -3.7% |
| Tangible fixed assets | 22/27 | €2,262,964 | €2,180,154 | -€82,810 | -3.7% |
| Land and buildings | 22 | €2,229,844 | €2,180,154 | -€49,690 | -2.2% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €33,120 | €0 | -€33,120 | -100.0% |
| Current assets | 29/58 | €296,020 | €459,638 | +€163,619 | +55.3% |
| Amounts receivable within one year | 40/41 | €3,694 | €8,322 | +€4,628 | +125.3% |
| Trade receivables | 40 | €3,694 | €8,322 | +€4,628 | +125.3% |
| Cash at bank and in hand | 54/58 | €288,135 | €439,871 | +€151,736 | +52.7% |
| Deferred charges and accrued income | 490/1 | €4,191 | €11,445 | +€7,255 | +173.1% |
| Total equity and liabilities | 10/49 | €2,558,984 | €2,639,793 | +€80,809 | +3.2% |
| Equity | 10/15 | €2,208,986 | €2,297,646 | +€88,661 | +4.0% |
| Contributions | 10/11 | €700,000 | €700,000 | = | 0.0% |
| Capital | 10 | €700,000 | €700,000 | = | 0.0% |
| Issued capital | 100 | €700,000 | €700,000 | = | 0.0% |
| Reserves | 13 | €1,508,671 | €1,597,332 | +€88,661 | +5.9% |
| Non-distributable reserves | 130/1 | €107,800 | €107,800 | = | 0.0% |
| Legal reserve | 130 | €107,800 | €107,800 | = | 0.0% |
| Tax-exempt reserves | 132 | €466,764 | €455,195 | -€11,569 | -2.5% |
| Distributable reserves | 133 | €934,107 | €1,034,337 | +€100,230 | +10.7% |
| Profit (loss) carried forward | 14 | €314 | €314 | = | 0.0% |
| Provisions and deferred taxes | 16 | €155,588 | €151,732 | -€3,856 | -2.5% |
| Deferred taxes | 168 | €155,588 | €151,732 | -€3,856 | -2.5% |
| Amounts payable | 17/49 | €194,410 | €190,415 | -€3,996 | -2.1% |
| Amounts payable within one year | 42/48 | €187,915 | €184,733 | -€3,182 | -1.7% |
| Trade debts | 44 | €26,333 | €31,914 | +€5,581 | +21.2% |
| Suppliers | 440/4 | €26,333 | €31,914 | +€5,581 | +21.2% |
| Taxes, remuneration and social security | 45 | €9,113 | €9,621 | +€508 | +5.6% |
| Taxes | 450/3 | €9,113 | €9,621 | +€508 | +5.6% |
| Other amounts payable | 47/48 | €152,469 | €143,198 | -€9,271 | -6.1% |
| Accrued charges and deferred income | 492/3 | €6,495 | €5,682 | -€813 | -12.5% |
| Non-recurring operating income | 76A | €211,061 | €5,338 | -€205,723 | -97.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,966 | €82,810 | -€156 | -0.2% |
| Other operating charges | 640/8 | €59,834 | €60,990 | +€1,156 | +1.9% |
| Gross operating margin | 9900 | €449,186 | €268,900 | -€180,286 | -40.1% |
| Operating profit (loss) | 9901 | €306,385 | €125,100 | -€181,285 | -59.2% |
| Financial income | 75/76B | €592 | €534 | -€59 | -9.9% |
| Recurring financial income | 75 | €592 | €534 | -€59 | -9.9% |
| Financial charges | 65/66B | €6,288 | €5,727 | -€561 | -8.9% |
| Recurring financial charges | 65 | €6,288 | €5,727 | -€561 | -8.9% |
| Profit (loss) for the period before taxes | 9903 | €300,690 | €119,907 | -€180,783 | -60.1% |
| Transfer from deferred taxes | 780 | €3,856 | €3,856 | = | 0.0% |
| Transfer to deferred taxes | 680 | €51,532 | €0 | -€51,532 | -100.0% |
| Income taxes | 67/77 | €29,291 | €35,102 | +€5,811 | +19.8% |
| Profit (loss) for the period | 9904 | €223,724 | €88,661 | -€135,063 | -60.4% |
| Transfer from tax-exempt reserves | 789 | €11,569 | €11,569 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €154,595 | €0 | -€154,595 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €80,698 | €100,230 | +€19,532 | +24.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.