Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Two loss years in a row NBB
Negative result in 2024 and 2025.
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Not on Peppol Peppol
Not registered in the Peppol network, mandatory for VAT-liable companies since 1 January 2026.
Financials
Financial year 2025
Capricorn Fusion China Fund from Leuven, company number BE0737709942, closed financial year 2025 with a result of € -927,647 after tax. For that financial year Capricorn Fusion China Fund recorded a gross margin of € -763,739 and equity of € 9.6 million. Compared with financial year 2024, the result moved from € -2.3 million to € -927,647. The company made a loss. The company holds a healthy buffer. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on May 21, 2026.
€ 9.6 million
▼ 5% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -927,647
▲ 60 % less loss than in 2024
Profit after tax over the fiscal year.
€ 702,917
▼ 60% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -7.7 million.
Debts at end 2025
None
No bank loans on the last day of the fiscal year.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € -1,012,799 | € -753,146 | € -771,075 | € -763,739 | ▲ € 7,336 |
| Profit after taxes | € -1,206,137 | € -1,817,598 | € -2,320,117 | € -927,647 | ▲ € 1.4 million |
| Equity | € 10,458,522 | € 10,702,210 | € 10,092,468 | € 9,615,214 | ▼ 5% |
| Total debts | € 22,203 | € 5,641 | € 26,005 | € 48,465 | ▲ 86% |
| Cash | € 892,606 | € 842,258 | € 1,744,188 | € 702,917 | ▼ 60% |
| Retained profit | € -2,679,216 | € -4,496,814 | € -6,816,932 | € -7,744,579 | ▼ € 927,647 |
| Balance sheet total | € 10,480,725 | € 10,707,851 | € 10,118,473 | € 9,663,679 | ▼ 4% |
Key figures of Capricorn Fusion China Fund, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to Capricorn Fusion China Fund?
What happened at Capricorn Fusion China Fund in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- FEDERALE PARTICIPATIE- EN INVESTERINGSMAATSCHAPPIJ NV stepped down as director. NBB
- Wim Heylen stepped down as director. NBB
- Didier Clerx stepped down as director. NBB
- CAPRICORN PARTNERS NV stepped down as director. NBB
- Josephus Bonifacius Peeters stepped down as director. NBB
- Bart Fransis stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 927,647. Source: NBB ↗
- AXXIS BV stepped down as director. NBB
In short
From € 1.2 million loss in 2022 to € 927,647 loss in 2025.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
The stake of SOCIETE FEDERALE DE PARTICIPATIONS ET D'INVESTISSEMENT, Euro Invest Management comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
Capricorn Fusion China FundThe shares are held by SOCIETE FEDERALE DE PARTICIPATIONS ET D'INVESTISSEMENT (25.3%) and Euro Invest Management (0.3%). It owns 15% of TS Flanders itself.
Directors
According to the 2025 annual accounts
Wim Heylen
Director
Also active at: RONALD VANDEPUTTE, Eltra, Société Anversoise Immobilière et de Placements du Centre, LANCKRIET ANDRE, HERMANS HEFTRUCKS, Heylen Remi, EURO FRESH FOODS, TUVO +97 more
since 2020 · until 2026
Didier Clerx
Director
Also active at: RONALD VANDEPUTTE, LANCKRIET ANDRE, HERMANS HEFTRUCKS, Heylen Remi, EURO FRESH FOODS, TUVO, DRU INTERNATIONAL, D & D COMPUTERS +57 more
since 2020 · until 2026
Director · represented by Philippe de Vicq de Cumptich
Also active at: Cibo, UITGEVERIJ LANNOO, CAPRICORN ICT ARKIV, INVEST FOR JOBS, Capricorn SCF, Capricorn Digital Growth Fund, CAPRICORN HEALTH-TECH FUND
since 2021 · until 2026
Koenraad Van Loo
Director
Also active at: Société Anonyme Belge de Constructions Aéronautiques, FPIM International - SFPI Internationaal - SFPIM International, Sabena Aerospace Engineering, Thaumas, Euroports Group, Orizio
since 2021 · until 2025
FEDERALE PARTICIPATIE- EN INVESTERINGSMAATSCHAPPIJ NV
Director · represented by Michiel Verheyden
Also active at: Aviapartner Belgium, Société Anonyme Belge de Constructions Aéronautiques, Société Nationale de Construction Aérospatiale, COMETSAMBRE, ASCO INDUSTRIES, ZEPHYR - FIN, Sabena Aerospace Engineering, reMYND +57 more
since 2025 · until 2031
Managing director · represented by Steven Levecke
Also active at: TS FLANDERS, Mulan Invest, CAPRICORN ICT ARKIV, Sensolus, REIN4CED, Confo Therapeutics, Minze, ViroVet +23 more
since 2020 · until 2026
Josephus Bonifacius Peeters
Director
Also active at: De Jonge St. Jacob, EASDAQ, CAPRICORN ICT ARKIV, Capricorn SCF, Capricorn Digital Growth Fund, KRYOS
since 2023 · until 2026
since 2020 · until 2026
Shareholders
Participations
15%
Establishments
Establishment units
Physical locations of this company
Lei 19 box 10
3000 Leuven
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 9 companies are registered at this address.
All companies at this address →De Jonge St. Jacob same network
€ 231,615 gross margin · 2025
CAPRICORN PARTNERS same network
EASDAQ same network
€ 10.4 million revenue · 2025
QUEST FOR GROWTH
CAPRICORN HEALTH-TECH FUND same network
€ -22,478 gross margin · 2025
+4 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0737.709.942
- VAT number
- BE 0737.709.942
- Registered office
- Lei 19 bus 10, 3000 Leuven
- Names & denominations
- Capricorn Fusion China Fund · CFCF
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 15 November 2019
- Peppol
- Not registered
- Contact
- [email protected]