KAPIM: what changed
What changed
KAPIM
filed annual accounts (NBB)
Net result for the year
€653,778
2024 · €3,442+€650,336
Equity
€2.0m
2024 · €1.7m+€372,861
Cash
€813,447
2024 · €72,077+€741,370
Balance sheet total
€2.2m
2024 · €2.1m+€109,328
Largest movements
Assets
- 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
Equity and liabilities
- 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
Income statement
- 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
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
€3,442
Gross operating margin
+€827,837
Depreciation
+€28,222
Other operating charges
+€4,083
Financial charges
-€184
Taxes
-€286,089
Deferred taxes and other
+€76,467
Result 2025
€653,778
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
+€488,811
Investment
+€533,476
Financing
-€280,917
Cash 2024
€72,077
From operations (derived)
+€488,811
Net result for the year
+€653,778
Depreciation
+€83,287
Smaller working-capital items
+€426
Receivables within one year
+€14,841
Provisions
-€92,995
Tax, wage and social debts
-€12,301
Other debts
-€158,226
Investment (derived)
+€533,476
Investment in fixed assets (net)
+€533,476
Financing
-€280,917
Contributions, distributions and other
-€280,917
Cash 2025
€813,447
brings cash intakes cash out
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% |
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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 2 November 2026 via checked.be.