KAPIM: 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.
KAPIM
Largest movements
- Cash +€741,370
up €741,370 (+1,029%), from €72,077 to €813,447
mainly Net result for the year (+€653,778) and Investment in fixed assets (net) (+€533,476)
- Tangible fixed assets -€616,763
down €616,763 (-31.2%), from €2.0m to €1.4m
of which Land and buildings: -€616,405
- Reserves +€372,861
up €372,861 (+24.4%), from €1.5m to €1.9m
of which Distributable reserves: +€651,844
- Other debts -€158,226
down €158,226 (-96.4%), from €164,098 to €5,873
- Provisions -€92,995
down €92,995 (-43.3%), from €214,923 to €121,929
- Gross operating margin +€827,837
up €827,837 (+562%), from €147,251 to €975,088
- Taxes +€286,089
up €286,089 (+1,127%), from €25,378 to €311,467
- Depreciation -€28,222
down €28,222 (-25.3%), from €111,509 to €83,287
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 | €2,068,880 | €2,178,208 | +€109,328 | +5.3% |
| Fixed assets | 21/28 | €1,979,815 | €1,363,053 | -€616,763 | -31.2% |
| Tangible fixed assets | 22/27 | €1,979,815 | €1,363,053 | -€616,763 | -31.2% |
| Land and buildings | 22 | €1,979,387 | €1,362,982 | -€616,405 | -31.1% |
| Furniture and vehicles | 24 | €429 | €71 | -€358 | -83.5% |
| Current assets | 29/58 | €89,064 | €815,155 | +€726,091 | +815% |
| Amounts receivable after more than one year | 29 | €465 | €0 | -€465 | -100% |
| Other amounts receivable | 291 | €465 | €0 | -€465 | -100% |
| Amounts receivable within one year | 40/41 | €15,374 | €533 | -€14,841 | -96.5% |
| Other amounts receivable | 41 | €15,374 | €533 | -€14,841 | -96.5% |
| Cash at bank and in hand | 54/58 | €72,077 | €813,447 | +€741,370 | +1,029% |
| Deferred charges and accrued income | 490/1 | €1,148 | €1,175 | +€27 | +2.3% |
| Total equity and liabilities | 10/49 | €2,068,880 | €2,178,208 | +€109,328 | +5.3% |
| Equity | 10/15 | €1,676,885 | €2,049,746 | +€372,861 | +22.2% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €1,526,885 | €1,899,746 | +€372,861 | +24.4% |
| Tax-exempt reserves | 132 | €644,770 | €365,786 | -€278,984 | -43.3% |
| Distributable reserves | 133 | €882,116 | €1,533,960 | +€651,844 | +73.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €214,923 | €121,929 | -€92,995 | -43.3% |
| Deferred taxes | 168 | €214,923 | €121,929 | -€92,995 | -43.3% |
| Amounts payable | 17/49 | €177,071 | €6,533 | -€170,538 | -96.3% |
| Amounts payable within one year | 42/48 | €177,071 | €6,533 | -€170,538 | -96.3% |
| Trade debts | 44 | €672 | €660 | -€12 | -1.8% |
| Suppliers | 440/4 | €672 | €660 | -€12 | -1.8% |
| Taxes, remuneration and social security | 45 | €12,301 | €0 | -€12,301 | -100% |
| Taxes | 450/3 | €12,301 | €0 | -€12,301 | -100% |
| Other amounts payable | 47/48 | €164,098 | €5,873 | -€158,226 | -96.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €881,524 | +€881,524 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,509 | €83,287 | -€28,222 | -25.3% |
| Other operating charges | 640/8 | €23,063 | €18,979 | -€4,083 | -17.7% |
| Gross operating margin | 9900 | €147,251 | €975,088 | +€827,837 | +562% |
| Operating profit (loss) | 9901 | €12,679 | €872,822 | +€860,142 | +6,784% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €387 | €571 | +€184 | +47.4% |
| Recurring financial charges | 65 | €387 | €571 | +€184 | +47.4% |
| Profit (loss) for the period before taxes | 9903 | €12,292 | €872,251 | +€859,959 | +6,996% |
| Transfer from deferred taxes | 780 | €16,528 | €92,995 | +€76,467 | +463% |
| Income taxes | 67/77 | €25,378 | €311,467 | +€286,089 | +1,127% |
| Profit (loss) for the period | 9904 | €3,442 | €653,778 | +€650,336 | +18,896% |
| Transfer from tax-exempt reserves | 789 | €49,584 | €278,984 | +€229,400 | +463% |
| Profit (loss) for the period to be appropriated | 9905 | €53,026 | €932,761 | +€879,736 | +1,659% |
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 15 October 2026 via checked.be.