WILLEMSTAD – Curaçao's main psychiatric care provider, Klinika Capriles, ended 2025 with a negative equity position of more than NAf. 12 million, underscoring the long road ahead to achieving financial stability despite posting a modest operating surplus during the year.
According to the institution's 2025 annual report, the negative equity reflects accumulated losses from previous years and means that the clinic's debts and financial obligations exceed the value of its assets by more than NAf. 12 million. Although the deficit improved slightly compared to the end of 2024, when it was approximately NAf. 300,000 higher, the organization describes its financial position as remaining vulnerable.
A negative equity position does not necessarily mean the institution is unable to meet its day-to-day financial obligations. As long as sufficient revenue continues to flow in—primarily through healthcare funding provided by the Social Insurance Bank (SVB)—Capriles can continue paying salaries, suppliers and other operating expenses.
However, the lack of a financial buffer leaves the psychiatric hospital exposed to unexpected costs or reductions in revenue. It could also make it more difficult to secure financing for future investments, leaving the institution heavily dependent on stable healthcare funding, cost-covering reimbursement rates and, if necessary, government support.
Although Capriles finished 2025 with a positive financial result of nearly NAf. 180,000, that surplus was significantly lower than the more than NAf. 1 million recorded in 2024. The annual surplus therefore declined by approximately 84 percent.
The report illustrates the scale of the financial challenge facing the institution. If Capriles were to generate a surplus of around NAf. 180,000 every year, it would theoretically take about 68 years to eliminate the current negative equity of more than NAf. 12 million. The institution notes that this is only a mathematical illustration, as future financial results could be higher or lower.
Revenue continued to grow during 2025, increasing by five percent to nearly NAf. 34 million. Expenses, however, rose even faster, climbing eight percent to just over NAf. 33 million, reducing the organization's operating margin.
Personnel costs accounted for most of the increase in spending. Capriles spent more than NAf. 25 million on employees during 2025, an increase of approximately NAf. 2.4 million compared to the previous year. According to the annual report, the higher payroll costs were driven by salary indexation, periodic wage increases and a one-time bonus totaling NAf. 264,000.
By the end of 2025, the psychiatric institution employed 272 staff members. Including contracted personnel, the workforce totaled 301 people, representing approximately 283 full-time equivalent positions.
The institution also pointed to challenges in the financing of psychiatric care. Since January 2025, new funding arrangements through the Basic Health Insurance (BVZ) and Exceptional Medical Expenses Insurance (AVBZ) have provided greater financial stability.
Nevertheless, Capriles argues that the reimbursement rates remain based on cost calculations from about six years ago and therefore fail to reflect inflation and current operating expenses. The institution is calling for the tariffs to be recalculated. At the time the annual report was prepared, the ministerial decree needed to formalize the updated financing arrangements had not yet been issued.
Capriles also received NAf. 2.7 million for deferred maintenance, spread over four years. During 2025, those funds were invested in projects including a new fire alarm system, kitchen equipment, air-conditioning units and upgrades to the clinic's information technology infrastructure.
Despite its financial challenges, Klinika Capriles remains one of Curaçao's most important healthcare institutions. By the end of 2025, it had more than 2,500 registered patients and operated 178 inpatient beds. During the year, the institution recorded more than 60,000 inpatient care days and over 42,000 outpatient consultations.
The annual report concludes that restoring the organization's financial health will require structural improvements in reimbursement rates, along with several consecutive years of positive financial results to gradually reduce the accumulated deficit.