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123 Construct

Active Private limited companyfounded 2021active for 5 yearsVliegtuiglaan 5A, 9000 GhentKBO/BCE: BE 0763.380.397
123 Construct
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Overview

Lifetime

4 annual accounts with figures on one time axis
Gross marginpeak €620,543 (2024)
-€435,408▼ €1.1m
Resultlowest -€1.4m (2025)
-€1.4m▼ €1.4m
Equitypeak €203,337 (2024)
-€1.2m▼ €1.4m
Debts
€2.2m▲ 47.4%
Staffpeak 11.9 FTE (2025)
11.9 FTE▲ 77.6%
Board2 names since 2022
1 directorFikaj Ditmir
Documentsfilings and deeds
30-09-202661 days late
2025abbreviated format
Gross margin from €620,543 to -€435,408Loss of €1.4mStaff from 6.7 FTE to 11.9 FTERegistered office moved within Ghent 20-03Equity from €203,337 to -€1.2mDebts from €1.5m to €2.2m

Key points

from the 2025 annual accounts

Equity

-€1.2m
2022202320242025

Debts exceed assets in financial year 2025.

Result

-€1.4m -€1.4m
€77,6002024-€1.4m2025

From profit to loss in 2025, after a profit of €77,599 in 2024.

Debts

€2.2m 217% of the balance sheet
Financial debts 14%Suppliers 67%Taxes and wages 4%Other 15%

Of this, €1.8m falls due within a year.

Staff

10 employees on 31-12-2025
21202321720245102025

In 2025, 5 people joined and 10 left.

Liquidity

0.34 was 1.23 in 2024

Short-term debts rose from €988,683 to €1.8m.

Position in the sector

-117.1%

Lower solvency than 95% of companies in construction of buildings. Sector median 38.6% · 2,805 companies.

2025 accounts filed 61 days after the deadlineTurnover not published (abbreviated or micro format)

Checked score

29
Weak
Financially stronger than 2% of small companies in construction of buildings (NACE 41)
Probability in this band: 4.2% to 15.0%
Bankruptcy probability within 12 months
10.0% High
0%0.5%1.5%4%10%≥ 25%

The dashed line is the sector median: 0.4% across 910 companies (NACE 41, small).

About 1 in 10 comparable companies go bankrupt within 12 months (an estimate).

Last 24 months 12-2024: 0.7% 01-2025: 0.7%● unchanged vs 12-2024 02-2025: 0.7%● unchanged vs 01-2025lowest value 03-2025: 0.7%● unchanged vs 02-2025lowest value 04-2025: 1.6%▲ +0.9 percentage points vs 03-2025 05-2025: 2.2%▲ +0.6 percentage points vs 04-2025 06-2025: 2.3%▲ +0.1 percentage points vs 05-2025 07-2025: 2.6%▲ +0.3 percentage points vs 06-2025 08-2025: 4.9%▲ +2.3 percentage points vs 07-2025 09-2025: 4.9%● unchanged vs 08-2025 10-2025: 4.9%● unchanged vs 09-2025 11-2025: 4.9%● unchanged vs 10-2025 12-2025: 4.9%● unchanged vs 11-2025 01-2026: 4.7%▼ -0.2 percentage points vs 12-2025 02-2026: 4.8%▲ +0.1 percentage points vs 01-2026 03-2026: 4.8%● unchanged vs 02-2026 04-2026: 5.2%▲ +0.4 percentage points vs 03-2026 05-2026: 6.2%▲ +1.0 percentage point vs 04-2026 06-2026: 6.3%▲ +0.1 percentage points vs 05-2026 07-2026: 6.9%▲ +0.6 percentage points vs 06-2026 08-2026: 7.2%▲ +0.3 percentage points vs 07-2026 09-2026: 7.9%▲ +0.7 percentage points vs 08-2026 10-2026: 10.0%▲ +2.1 percentage points vs 09-2026highest value 11-2026: 10.0%● unchanged vs 10-2026highest value

Financial strength
Weak

Solvency
0-37equity -117.1% of total assets
Liquidity
6-17short-term debt 183.3% · cash 4.9%
Profitability
0-75return on assets -137.6%

Score breakdown

raises risk
Sector: Construction of residential and non-residential buildings (NACE 41)
Loss of €1.4m (financial year 2025)
Last filed accounts filed 61 days late; 1 of the last 3 accounts late
Negative equity -€1.2m
Calculation

The band follows from the bankruptcy probability. 10 more points roughly halve it.

75-100 Excellent under 0.55%
60-74 Healthy 0.55% to 1.5%
45-59 Fair 1.5% to 4.2%
25-44 Weak 4.2% to 15.0%
0-24 Critical over 15.0%

Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 41, small). It does better than 1% of them on solvency, 7% on liquidity, 1% on profitability and 0% on growth.

The bankruptcy probability was computed on 05-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.

The probability rests on the annual accounts with balance sheet date 31-12-2025.

Of the companies with a bankruptcy probability in the high class on 30-06-2025, 14.6% went bankrupt within twelve months.

Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).

Comparable companies, two years later

In July 2024, 562 companies had the same profile as 123 Construct has now. Each dot stands for 2 companies, two years later.

86.8%
were still trading
4.8%
stopped another way
7.1%
went bankrupt
  • Small
  • 5 to 10 years old
  • negative equity
  • a loss of 10% of the balance sheet or more

Another 1.2% stopped without a precise date, possibly only after those two years.

The bankruptcy probability of 123 Construct itself is higher: 10.0% within 12 months. It rests on far more data about 123 Construct than the profile alone.

Test of the method

The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.

The companies in ten equal groups, from the lowest to the highest expected share
Group Expected Actual
1 0.2% 0.2%
2 0.3% 0.5%
3 0.5% 0.6%
4 0.7% 0.8%
5 0.9% 0.9%
6 1.3% 1.5%
7 1.6% 1.8%
8 1.8% 1.8%
9 3.0% 3.1%
10 5.6% 6.2%

A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.

This is an observation about 562 companies, not a prediction for 123 Construct. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.

Credit verdict

No credit on open account

Liquidity is insufficient, with a current ratio of 0.34 (1.23 in 2024), below 1. Short-term debt is 183.3% and cash 4.9% of total assets. Equity is negative.

Credit check for an amount and term of your choice

Show the recommended maximum and see how the verdict changes with amount, term and advance.

The scores and ratios are Checked's own calculations, not a credit decision.

Signals

Six signals.
raises riskneutral
raises risk · Sector: Construction of residential and non-residential buildings (NACE 41)
KBO
raises risk · Loss of €1.4m (financial year 2025)
NBB · annual accounts
raises risk · Last filed accounts filed 61 days late; 1 of the last 3 accounts late
NBB · filings
raises risk · Negative equity -€1.2m
NBB · annual accounts
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025
Equity per financial year
22232425
2022 to 2025 · latest year -€1.2m
neutral · A punctual record breaks
This company filed 3 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 30-09-2026, 61 days late. Weigh it accordingly: of the companies that move to filing 1 to 90 days late, 1.41% are now bankrupt, dissolved or in another special legal status, below the 1.66% of all filers. It is a change in behaviour, not evidence of elevated risk.
NBB · 4 filings
Deviation from the deadline
2025
61 days late
2024
6 days early
2023
6 days early
2022
4 days early
← before the deadline after the deadline →
tick = median of all Belgian filingsring = median in the sector

The company filed its last 4 accounts on average 11 days after the deadline. In the sector (NACE 41), the median for financial year 2024 was on the deadline day, and 46% of those companies filed late.

Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 27 July (3 of the last 4 accounts filed within 30 days either side of that date).
Companies Code · seven months
Where today falls in the filing period
06-11-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
That holds for every publication since 2021.
KBO publications

Board and ownership

FD
Fikaj Ditmir
Director
Board & ownership

Recent changes

Registered in the Peppol Directory Reachable for e-invoices through 0208:0763380397
Registered office moved within Ghent New registered office: Vliegtuiglaan 5A, 9000 Gent · Previous registered office: Langestraat 59, 9050 Gent · Permanent representative: Wannes Sas · General meeting of 04-02-2025 · Gazette deed
Environmental permit granted Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden · Gent
Resignation: Spahija Mersim (manager) Director discharge: Spahija Mersim · General meeting of 28-10-2022 · Gazette deed
All 14 events

Comparable companies

same main activity, similar in size and age
Company Total assets Gross margin Solvency Staff
123 Construct Ghent €1.0m -€435,408 -117.1% 11.9
DESA CONSTRUCTION BELGIUM Zaventem €1.1m -€626,907 -149.0% 6.6
NELIS BOUW Grobbendonk €0.9m -€23,258 17.5% 6.5
Renova Real Estate Beveren-Kruibeke-Zwijndrecht €1.0m -€5,060 3.8% -
BlueBird Ghent €1.1m -€3,865 95.7% -
COVAI Waasmunster €0.8m -€27,756 0.5% -
AtiCasa Beveren-Kruibeke-Zwijndrecht €0.8m -€49,958 17.1% -

These companies have the same main activity as 123 Construct: general construction of residential buildings (NACE 41001). They are comparable in size and age: total assets between €783,000 and €1.1m, founded between 2017 and 2021.

Official details

Source: KBO
Status
Active since 08-02-2021Normal situation
Registered office
14 active companies are registered at this addressSource: KBO register, as of 6 November 2026.
Activity
General construction of residential buildingsNACE 41001and 2 others
Joint committees
124Construction
200Auxiliary committee for white-collar workers · annual accounts 2023
Establishment unit
2.314.990.2219000 Ghent, since 08-02-2021
Financial year end
31 December
Peppol
Reachable since 23-12-2025
Company details

Annual accounts 2025

Gross margin
-€435,408
Loss
€1.4m
Equity
-€1.2m
Total assets
€993,323▼ 40.4%
Employeeson 31-12-2025
10▼ 33.3%
Filing
Filed on 30-09-2026
Financials

Insights on 123 Construct

123 Construct files the abbreviated format. That format states no turnover. The gross margin fell from €70,034 in 2022 to -€435,408 in 2025.

Sources: KBO register, filings at the National Bank, Belgian Official Gazette.

Financials

Annual accounts 2025

abbreviated format, filed on 30-09-2026, 61 days late
Gross margin
-€435,408
▼ €1.1m
Operating result
-€1.4m
▼ €1.5m
Loss
-€1.4m
▼ €1.4m
Working capital
-€1.2m
▼ €1.4m
Solvency
-117.1%
▼ 129.3 percentage points
Current ratio
0.34
▼ 0.89

Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.

Balance sheet

balance sheet total €993,323 on 31-12-2025
What the company ownsHow it is paid for

Change in equityin €m

Change in cashin €m

Position in the sector

Compare with sector

Solvency-117.1%

Lower than 95% of 2,805 companies in 2025.

Current ratio0.34

Higher than 5% of 2,734 companies in 2025.

Return on assets-137.6%

Lower than 95% of 2,770 companies in 2025.

123 Construct Middle half of the sector 80% of the sector Abbreviated accounts in construction of buildings (NACE 41)

Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: middle half · Working capital: bottom quarter · Staff: top quarter

Staff

Staff cost per FTE€62,715

Staff costs divided by the average number of full-time equivalents.

Joined and left-5

Filed annual accounts

as filed with the National Bank, click a year to choose it
Line Trend2025202420232022
Balance sheet: assets
Total assets20/58 993,3231.7m533,15298,395
Fixed assets21/28 375,996453,97285,52361,127
Tangible fixed assets22/27 340,658418,63472,00656,610
Plant, machinery and equipment23 254,475280,37211,8128,622
Furniture and vehicles24 85,330136,27357,07044,751
Other tangible fixed assets26 8541,9893,1233,237
Financial fixed assets28 35,33835,33813,5174,517
Current assets29/58 617,3271.2m447,63037,269
Stocks and contracts in progress3 169,351373,047--
Stocks30/36 169,351221,086--
Contracts in progress37 -151,961--
Amounts receivable within one year40/41 399,702781,636298,55127,650
Trade receivables40 363,807742,161261,12617,594
Other amounts receivable41 35,89639,47637,42410,055
Cash at bank and in hand54/58 48,27347,604149,0799,619
Deferred charges and accrued income490/1 -10,165--
Balance sheet: equity and liabilities
Total equity and liabilities10/49 993,3231.7m533,15298,395
Equity10/15 -1.2m203,337125,73970,888
Contributions10/11 12,00012,00012,00012,000
Reserves13 191,337191,337113,73958,888
Non-distributable reserves130/1 --113,73958,888
Other1319 --113,73958,888
Distributable reserves133 191,337191,337--
Profit (loss) carried forward14 -1.4m---
Amounts payable17/49 2.2m1.5m407,41427,507
Amounts payable after more than one year17 52,299---
Financial debts170/4 52,299---
Amounts payable within one year42/48 1.8m988,683287,11327,507
Current portion of amounts payable after more than one year42 37,448---
Financial debts43 250,000---
Credit institutions430/8 250,000---
Trade debts44 1.4m950,451285,36821,618
Suppliers440/4 1.4m950,451285,36821,618
Taxes, remuneration and social security45 95,88133,2622615,889
Taxes450/3 66,23917,821-5,889
Remuneration and social security454/9 29,64215,441261-
Other amounts payable47/48 -4,9701,485-
Accrued charges and deferred income492/3 283,767474,403120,300-
Income statement
Gross operating margin9900 -435,408620,543172,97370,034
Remuneration, social security and pensions62 746,306401,53049,087-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 112,46369,74715,1042,715
Other operating charges640/8 59,40411,6624,5622,554
Operating profit (loss)9901 -1.4m137,603104,21964,766
Financial income75/76B 489281,05112
Recurring financial income75 489281,05112
Financial charges65/66B 12,3731,1251,808-
Recurring financial charges65 12,3731,1251,808-
Profit (loss) for the period before taxes9903 -1.4m136,506103,46364,777
Income taxes67/77 92058,90748,6125,889
Profit (loss) for the period9904 -1.4m77,59954,85058,888
Profit (loss) for the period to be appropriated9905 -1.4m77,59954,85058,888
Appropriation of the result
Profit (loss) to be appropriated9906 -1.4m77,59954,85058,888
Transfer to equity691/2 -77,59954,85058,888
To other reserves6921 -77,59954,85058,888
Social balance sheet
Average staff (FTE)9087 11.96.70.9-
Hours worked1013 18,32910,7881,748-
Document PDFPDFPDFPDF

The notes to these accounts have 9 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 30-09-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank

2025 annual accounts filed 61 days after the deadline. Filed on 30 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00542397.

Financial year Type Filed Reference Document
31-12-2025 abbreviated format 30-09-2026 2026-00542397 PDF
31-12-2024 abbreviated format 25-07-2025 2025-00313304 PDF
31-12-2023 micro format 25-07-2024 2024-00280296 PDF
31-12-2022 micro format 27-07-2023 2023-00276315 PDF

Key figures and ratios

per financial year, computed from the annual accounts
Line Trend2025202420232022
EBITDA -1.2m207,350119,32367,480
Cash flow -1.3m147,34669,95461,603
Investment in fixed assets 34,487438,19639,50063,841
Change in cash 669-101,475139,460-
Working capital -1.2m223,769160,5169,762
Solvency -117.1%12.2%23.6%72.0%
Current ratio 0.341.231.561.35
Quick ratio 0.250.851.561.35
Debt to equity -7.203.240.39
ROE -38.2%43.6%83.1%
ROA -137.6%4.7%10.3%59.8%
Interest coverage -100.31over 10066.00-

Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Social balance sheet

Item31-12-202531-12-202431-12-2023
Employees at the balance-sheet date10151
full-time9141
part-time11-
in full-time equivalents9.814.81
Average over the year, in full-time equivalents11.96.70.9
On a permanent contract813-
Joined5212
Left1071

Source: social balance sheet in the 2023 to 2025 annual accounts

Investments

fixed assets acquired
Item2025202420232022
Tangible fixed assets€34,487€416,376€30,500€59,324
Financial fixed assets-€21,821€9,000€4,517
Depreciation and write-downs of the year€112,463€69,747€15,104€2,715

Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)

Insights on 123 Construct

The operating result for 2025 is a loss of €1.4m, after a profit of €137,603 in 2024. It is the lowest result since 2022.

Equity is negative. Debt (€2.2m) exceeds the balance-sheet total (€993,323).

Large changes and their cause
  • 2024 Staff (FTE) +644% on 2023. The accounts now follow the abbreviated format, last year the micro format.

Board & ownership

Board

1 director, last change in 2022
Fikaj Ditmir
Director
listed in the 2025 annual accounts, filed on 30-09-2026

Office holders in the KBO →

Mandates through the years

2 names, the dashed line is today
Fikaj Ditmir
Director
Spahija Mersim
Manager
BoardEarliermandate already running before its first mention
Mandates as a list
  • Fikaj Ditmir
    • Director, since before 31-12-2025
  • Spahija Mersim
    • Manager, until 28-10-2022

See the board, name and registered office on a given date →

Control

See the annual accounts at the National Bank and the publications in the Belgian Official Gazette.

Capital

Contribution
€12,000
Source
2025 annual accounts

Network & group

No group

123 Construct has no parent and no holdings in its annual accounts. Fikaj Ditmir is the only director. 123 Construct shares no director with another company.

Timeline

Timeline

14 events since 2021

Deadline for the 2026 accounts: 31-07-2027

2026
Annual accounts 2025 filed NBBabbreviated format · 61 days late
2025
Weakest financial year net -€1.4m The net result drops to -€1.4m, the lowest from 2022 to 2025.
Registered in the Peppol Directory Reachable for e-invoices through 0208:0763380397
Annual accounts 2024 filed PDFabbreviated format · 6 days before the deadline
Registered office moved within GhentNew registered office: Vliegtuiglaan 5A, 9000 Gent · Previous registered office: Langestraat 59, 9050 Gent · Permanent representative: Wannes Sas · General meeting of 04-02-20255 points ▸
  • General meeting, 04-02-2025
  • Registered-office move, Vliegtuiglaan 5A, 9000 Gent
  • Power of attorney, BV Meesters Accountants
  • Power of attorney, Sas Consultancy BV
  • Permanent representative, Wannes Sas
  • The deed holds 1 more point.

Open the deed in the Belgian Official Gazette

2024
Highest result from 2022 to 2025 net €77,599 ▲41.5% The operating result of €137,603 and the net result of €77,599 are both a record.
Equity above €200,000 equity €203,337 ▲61.7% With a profit in every financial year since 2022, equity grows to €203,337.
Annual accounts 2023 filed PDFmicro format · 6 days before the deadline
2023
Equity above €100,000 equity €125,739 ▲77.4% With a profit in every financial year since 2022, equity grows to €125,739.
Annual accounts 2022 filed PDFmicro format · 4 days before the deadline
Environmental permit granted OmgevingsloketVerbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden · Gent
2022
Resignation: Spahija Mersim (manager)Director discharge: Spahija Mersim · General meeting of 28-10-20223 points ▸
  • General meeting, 28-10-2022
  • Director resignation, Spahija Mersim (manager)
  • Director discharge, Spahija Mersim

Open the deed in the Belgian Official Gazette

2021
Incorporation PDFpublished on 10-02-2021
First establishment Vliegtuiglaan 5A, Ghent

Financial milestones sit on the financial year-end date, not the filing date.

Sources: Publications in the Belgian Official GazetteFilings with the National Bank

History

On 8 February 2021, 123 Construct was incorporated as a private limited company.1 In 2025 the registered office moved to Ghent.2 Total assets went from €98,395 in 2022 to €993,323 in 2025 and headcount from 0.9 full-time equivalents in 2023 to 11.9 in 2025.3

  1. 1KBO register
  2. 2Belgian Official Gazette, 20-03-2025
  3. 3National Bank, annual accounts 2022, 2023 and 2025

Company details

Identity

Enterprise number
0763.380.397
VAT number
BE 0763.380.397
Peppol ID
0208:0763380397
Other Peppol ID
9925:BE0763380397
Legal form
Private limited company
Status
Active, normal situation
Founded
08-02-2021
Financial year
ends on 31 December
Peppol
Reachable since 23-12-2025Follow this company and you will hear the next morning if it leaves the Peppol register.
Name
123 Construct in Dutch
Abbreviation
123 in Dutch
Entity type
Legal entity

Activities

NACEBEL 2025
VAT activities
41001 General construction of residential buildings main activity
41003 General construction of other non-residential buildings
Social security (RSZ) activities
43221 Plumbing work main activity
Joint committees annual accounts 2023
JC 124 Construction
JC 200 Auxiliary committee for white-collar workers
Codes under NACEBEL 2008
VAT activities
41201 General construction of buildings main activity
41203 Construction of residential and non-residential buildings
Social security (RSZ) activities
43221 Plumbing main activity

Registered office and establishments

1 establishment
Establishment Since Unit number
Vliegtuiglaan 5A registered office 9000 Ghent 08-02-2021 2.314.990.221
1 former office
  • Langestraat 59, 9050 Gent until 04-02-2025 · deed of 20-03-2025

Buildings and parcels at the address

Ground area
3.2 ha
Buildings
1.5 ha
Volume, LiDAR
126,051 m³
Tallest building
10.6 m
Buildings to scale, each on its own parcel
1.5 ha, 10.6 m 1.5 ha, 10.6 m

Environmental permits

2 applications in Flanders since 2022 · 1 granted
02-03-2023 Granted Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden submitted 17-12-2022 · project 2022167422 Gent
07-12-2022 Discontinued Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden submitted 28-11-2022 · project 2022139185 Gent

Source: Omgevingsloket Vlaanderen.

Location

registered office establishment The establishment unit on the map

Parcels

Cadastral parcelArea Buildings Height / floors
44812P0639/00P0183.2 ha 1 · 1.5 ha 10.6 m · 3

Contact

E-mail info@123construct.be
Phone +32 483 04 17 35

Invoicing and payment

Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0763.380.397

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