GIMV, Belgium's biggest private equity investor, has turned around its finances after big losses in 2002. The company last week reported a €40.5m ($48.8m) profit for last year, after following a €300.6m loss in 2002. GIMV also indicated that it was continuing to improve this year, declaring €158.3m of capital gains in the first five months of this year.

Frank de Leenheer, investor relations manager at GIMV, said it was time to draw a line under the losses sustained from the post-bubble collapse of technology assets and weak conditions in the European equity capital markets. "We took advantage of strong conditions in the mergers and acquisitions market in the first half of this year to make a number of divestments from portfolio companies. The first-half capital gains were particularly strong," he said.