ADING
Annual accounts 2025
micro format, filed on 08-12-2025, 54 days before the deadlineTurnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €330,000. Estimated: probably between €220,000 and €520,000.
Balance sheet
balance sheet total €350,559 on 30-06-2025in euro
in euro
Position in the sector
83.5%
Higher than 81% of 2,302 companies in 2025.
2.97
Higher than 60% of 2,199 companies in 2025.
13.0%
Higher than 48% of 2,233 companies in 2025.
Net result: middle half · Equity: top quarter · Balance sheet total: top quarter · Working capital: top quarter
Staff
€49,185
Staff costs divided by the average number of full-time equivalents.
-1 person
In 2025, 4 people joined and 5 left.
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||||||||||
20/58 |
350,559 | 401,325 | 317,105 | 304,780 | 285,203 | 241,652 | 234,593 | 240,909 | 242,695 | 241,610 | 242,081 | 252,771 | 269,938 | 238,121 | 250,887 | 259,457 | 374,348 | 36,978 | 18,089 | |
21/28 |
178,331 | 184,731 | 187,496 | 194,046 | 192,160 | 196,589 | 193,818 | 187,619 | 188,330 | 194,076 | 222,255 | 232,977 | 241,922 | 209,280 | 217,247 | 225,724 | 218,009 | 5,970 | 1,828 | |
22/27 |
178,291 | 184,691 | 187,496 | 194,046 | 192,160 | 196,589 | 193,818 | 187,619 | 188,330 | 194,076 | 222,255 | 232,977 | 241,922 | 209,280 | 217,247 | 225,724 | 218,009 | 5,970 | 1,828 | |
22 |
158,247 | 159,849 | 165,928 | 172,393 | 178,858 | 185,323 | 191,783 | 184,702 | 186,094 | 191,409 | 191,485 | 196,486 | 201,182 | 205,830 | 210,736 | 214,639 | 213,132 | - | - | |
23 |
10,710 | 13,846 | 7,245 | 8,548 | 9,852 | 9,062 | - | 294 | 726 | 1,168 | 1,529 | 1,983 | 922 | 466 | 938 | 1,920 | 2,009 | 2,833 | 557 | |
24 |
9,334 | 10,996 | 14,323 | 13,105 | 3,450 | 2,204 | 2,035 | 2,623 | 1,509 | 1,499 | 29,240 | 34,508 | 39,818 | 2,984 | 5,573 | 9,166 | 2,868 | 3,137 | 1,229 | |
26 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 42 | |
28 |
40 | 40 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
29/58 |
172,228 | 216,594 | 129,609 | 110,734 | 93,043 | 45,063 | 40,775 | 53,290 | 54,366 | 47,534 | 19,826 | 19,794 | 28,016 | 28,841 | 33,640 | 33,733 | 156,338 | 31,008 | 16,261 | |
3 |
- | 23,135 | 23,004 | - | - | - | - | - | 91 | 221 | 608 | 957 | 1,241 | 1,588 | 1,817 | 226 | 431 | 294 | 53 | |
30/36 |
- | - | - | - | - | - | - | - | 91 | 221 | 608 | 957 | 1,241 | 1,588 | 1,817 | 226 | 431 | 294 | 53 | |
37 |
- | 23,135 | 23,004 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
40/41 |
96,530 | 121,487 | 78,982 | 81,828 | 56,094 | 15,657 | 31,525 | 41,716 | 25,703 | 39,101 | 16,164 | 16,763 | 23,680 | 25,818 | 30,244 | 31,766 | 153,771 | 20,258 | 14,590 | |
40 |
27,905 | 51,442 | 15,842 | 37,556 | 35,600 | 9,744 | 31,015 | 37,708 | 25,677 | 24,178 | 16,164 | 15,263 | 23,680 | 24,818 | 30,244 | 31,766 | 152,971 | 17,732 | 14,590 | |
41 |
68,625 | 70,045 | 63,140 | 44,272 | 20,494 | 5,913 | 510 | 4,008 | 26 | 14,923 | - | 1,500 | - | 1,000 | - | - | 800 | 2,526 | - | |
54/58 |
74,699 | 70,972 | 26,624 | 27,905 | 35,949 | 28,406 | 7,367 | 10,704 | 27,437 | 6,768 | - | - | - | - | - | - | - | 7,688 | - | |
490/1 |
1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,883 | 870 | 1,135 | 1,443 | 3,053 | 2,074 | 3,095 | 1,435 | 1,578 | 1,741 | 2,136 | 2,768 | 1,618 | |
| Balance sheet: equity and liabilities | ||||||||||||||||||||
10/49 |
350,559 | 401,325 | 317,105 | 304,780 | 285,203 | 241,652 | 234,593 | 240,909 | 242,695 | 241,610 | 242,081 | 252,771 | 269,938 | 238,121 | 250,887 | 259,457 | 374,348 | 36,978 | 18,089 | |
10/15 |
292,616 | 285,806 | 254,767 | 233,408 | 257,785 | 216,994 | 214,352 | 205,185 | 180,091 | 181,403 | 176,365 | 145,373 | 120,130 | 95,946 | 84,146 | 64,435 | 37,159 | 18,212 | -694 | |
10/11 |
6,640 | 6,640 | 6,640 | 6,640 | 6,640 | 6,640 | 6,640 | 6,640 | 6,640 | 6,640 | 6,640 | 6,640 | 6,640 | 6,640 | 6,640 | 6,640 | 6,640 | 6,640 | 6,640 | |
100 |
- | - | - | - | - | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | |
101 |
- | - | - | - | - | 13,360 | 13,360 | 13,360 | 13,360 | 13,360 | 13,360 | 13,360 | 13,360 | 13,360 | 13,360 | 13,360 | 13,360 | 13,360 | 13,360 | |
13 |
285,976 | 279,166 | 248,126 | 226,768 | 251,145 | 210,354 | 207,712 | 198,545 | 36,447 | 31,713 | 26,714 | 26,168 | 25,753 | 25,504 | 25,482 | 25,482 | 18,444 | 10,203 | 521 | |
130 |
- | - | - | - | - | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 521 | |
132 |
45,975 | 45,975 | 45,975 | 45,975 | 45,975 | 45,975 | 42,207 | 38,648 | 34,447 | 29,713 | 24,714 | 24,168 | 23,753 | 23,504 | 23,482 | 23,482 | 16,444 | 8,203 | - | |
133 |
240,000 | 233,191 | 202,151 | 180,793 | 205,170 | 162,379 | 163,505 | 157,898 | - | - | - | - | - | - | - | - | - | - | - | |
14 |
- | - | - | - | - | - | - | - | 137,005 | 143,050 | 143,011 | 112,565 | 87,737 | 63,801 | 52,024 | 32,314 | 12,075 | 1,369 | -7,855 | |
17/49 |
57,944 | 115,519 | 62,338 | 71,372 | 27,417 | 24,658 | 20,241 | 35,724 | 62,604 | 60,207 | 65,716 | 107,398 | 149,808 | 142,176 | 166,741 | 195,022 | 337,189 | 18,766 | 18,783 | |
17 |
- | - | - | - | 939 | - | - | - | - | 3,971 | 10,651 | 17,172 | 23,538 | - | 1,339 | 3,962 | - | - | - | |
170/4 |
- | - | - | - | 939 | - | - | - | - | 3,971 | 10,651 | 17,172 | 23,538 | - | 1,339 | 3,962 | - | - | - | |
42/48 |
57,944 | 115,519 | 62,338 | 67,852 | 26,479 | 24,316 | 20,241 | 35,724 | 62,604 | 56,235 | 53,851 | 87,699 | 123,803 | 140,516 | 162,792 | 190,331 | 336,258 | 18,270 | 18,335 | |
42 |
- | - | 8,223 | 9,121 | 7,079 | 5,850 | 5,845 | 10,533 | 3,971 | 6,680 | 6,521 | 6,366 | 11,215 | 1,339 | 2,623 | 2,550 | - | - | - | |
43 |
- | - | - | - | - | - | - | - | 10,000 | 842 | 5,581 | 26,350 | 17,196 | 27,552 | 23,889 | 22,646 | 10,958 | - | 4,290 | |
430/8 |
- | - | - | - | - | - | - | - | 10,000 | 842 | 5,581 | 26,350 | 17,196 | 27,552 | 23,889 | 22,646 | 10,958 | - | 4,290 | |
44 |
3,789 | 3,904 | 3,982 | 2,582 | 3,623 | 2,309 | 5,668 | 11,514 | 3,282 | 4,473 | 4,987 | 3,959 | 4,775 | 2,894 | 3,722 | 3,190 | 239,342 | 1,918 | 3,279 | |
440/4 |
3,789 | 3,904 | 3,982 | 2,582 | 3,623 | 2,309 | 5,668 | 11,514 | 3,282 | 4,473 | 4,987 | 3,959 | 4,775 | 2,894 | 3,722 | 3,190 | 239,342 | 1,918 | 3,279 | |
45 |
15,285 | 61,115 | 29,333 | 21,149 | 15,277 | 16,129 | 8,729 | 13,678 | 17,781 | 13,341 | 16,160 | 6,010 | 10,330 | 7,194 | 16,869 | 5,828 | 6,295 | 5,336 | 10,635 | |
450/3 |
2,724 | 40,918 | 17,341 | 13,900 | 14,643 | 16,129 | 8,729 | 13,678 | 17,781 | 13,341 | 16,160 | 6,010 | 10,330 | 7,194 | 16,869 | 5,828 | 6,295 | 5,336 | 10,635 | |
454/9 |
12,561 | 20,197 | 11,992 | 7,249 | 634 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
47/48 |
38,870 | 50,500 | 20,800 | 35,000 | 500 | 28 | - | - | 27,570 | 30,900 | 20,602 | 45,013 | 80,287 | 101,537 | 115,690 | 156,116 | 79,663 | 11,016 | 131 | |
492/3 |
- | - | - | 3,521 | - | 341 | - | - | - | - | 1,214 | 2,528 | 2,466 | 1,659 | 2,610 | 729 | 930 | 496 | 448 | |
| Income statement | ||||||||||||||||||||
76A |
- | - | - | - | - | - | - | - | - | 30 | - | - | - | - | - | - | - | - | - | |
9900 |
133,532 | 215,473 | 122,705 | 106,115 | 116,082 | 56,374 | 54,703 | 45,357 | 69,419 | 61,424 | 59,003 | 53,309 | 52,048 | 33,343 | 43,580 | 51,428 | 43,876 | 30,780 | 33,881 | |
62 |
59,022 | 90,309 | 51,669 | 44,271 | 35,706 | 21,599 | - | - | - | - | - | - | - | - | - | - | - | - | 5 | |
630 |
13,384 | 13,194 | 11,923 | 10,578 | 8,920 | 8,918 | 7,963 | 7,021 | 6,940 | 7,352 | 12,821 | 12,320 | 10,112 | 8,874 | 10,660 | 10,104 | 15,442 | 2,670 | 1,007 | |
631/4 |
- | - | - | -3,521 | 3,521 | - | - | - | - | - | -1,797 | - | - | 1,797 | -444 | -142 | 522 | -1,859 | 140 | |
640/8 |
1,306 | 1,012 | 1,106 | 1,172 | 839 | 763 | 147 | 1,476 | 1,763 | 3,091 | 1,713 | 2,316 | 1,585 | 1,943 | 1,506 | 1,253 | 2,040 | 1,918 | 2,956 | |
66A |
- | - | - | - | - | - | - | - | 291 | - | 294 | 188 | - | - | - | - | - | - | - | |
9901 |
59,821 | 110,958 | 58,008 | 53,615 | 67,096 | 25,094 | 46,593 | 36,860 | 60,425 | 50,981 | 46,267 | 38,673 | 40,352 | 20,729 | 31,858 | 40,213 | 25,871 | 28,050 | 29,773 | |
75/76B |
2,674 | 2,906 | 2,813 | 1,927 | 825 | 39 | 193 | 169 | 1 | - | 325 | 0 | 100 | 0 | 162 | 1 | 227 | 0 | 12 | |
75 |
2,674 | 2,906 | 2,813 | 1,927 | 825 | 39 | 193 | 169 | 1 | - | 325 | 0 | 100 | 0 | 162 | 1 | 227 | 0 | 12 | |
65/66B |
914 | 760 | 1,236 | 881 | 1,503 | 2,031 | 1,075 | 793 | 1,464 | 1,912 | 4,370 | 4,635 | 3,759 | 3,929 | 4,308 | 4,392 | 2,733 | 3,669 | 4,703 | |
65 |
914 | 760 | 1,236 | 881 | 1,503 | 2,031 | 1,075 | 793 | 1,464 | 1,912 | 4,370 | 4,635 | 3,759 | 3,929 | 4,308 | 4,392 | 2,733 | 3,669 | 4,703 | |
9903 |
61,580 | 113,103 | 59,584 | 54,661 | 66,418 | 23,102 | 45,711 | 36,236 | 58,962 | 49,099 | 41,928 | 33,851 | 36,692 | 16,800 | 27,712 | 35,822 | 23,365 | 24,381 | 25,082 | |
67/77 |
15,901 | 31,564 | 17,426 | 15,466 | 19,127 | 5,460 | 11,544 | 11,142 | 18,275 | 13,161 | 10,936 | 8,608 | 8,508 | 5,000 | 8,001 | 8,546 | 4,419 | 5,475 | 5,807 | |
9904 |
45,680 | 81,539 | 42,159 | 39,194 | 47,291 | 17,642 | 34,167 | 25,094 | 40,688 | 35,938 | 30,992 | 25,243 | 28,185 | 11,800 | 19,711 | 27,276 | 18,947 | 18,906 | 19,275 | |
689 |
- | - | - | - | - | 3,768 | 3,560 | 4,201 | 4,734 | 4,999 | 546 | 415 | 249 | 23 | - | 7,037 | 8,241 | 8,203 | - | |
9905 |
45,680 | 81,539 | 42,159 | 39,194 | 47,291 | 13,874 | 30,607 | 20,893 | 35,954 | 30,939 | 30,446 | 24,828 | 27,936 | 11,777 | 19,711 | 20,239 | 10,706 | 10,703 | 19,275 | |
| Appropriation of the result | ||||||||||||||||||||
9906 |
45,680 | 81,539 | 42,159 | 39,194 | 47,291 | 13,874 | 30,607 | 157,898 | 179,005 | 173,950 | 143,011 | 112,565 | 91,737 | 63,801 | 52,024 | 32,314 | 12,075 | 2,848 | -7,855 | |
791/2 |
13,870 | 30,500 | 20,800 | 63,571 | 6,000 | 15,000 | 25,000 | - | - | - | - | - | - | - | - | - | - | - | - | |
691/2 |
20,680 | 61,539 | 42,159 | 39,194 | 46,791 | 13,874 | 30,607 | 157,898 | - | - | - | - | - | - | - | - | - | 1,479 | - | |
6920 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,479 | - | |
6921 |
20,680 | 61,539 | 42,159 | 39,194 | 46,791 | 13,874 | 30,607 | 157,898 | - | - | - | - | - | - | - | - | - | - | - | |
694/7 |
38,870 | 50,500 | 20,800 | 63,571 | 6,500 | 15,000 | 25,000 | - | 42,000 | 30,900 | - | - | 4,000 | - | - | - | - | - | - | |
694 |
38,870 | 50,500 | 20,800 | 63,571 | 6,000 | 15,000 | 25,000 | - | 42,000 | 30,900 | - | - | - | - | - | - | - | - | - | |
695 |
- | - | - | - | 500 | - | - | - | - | - | - | - | 4,000 | - | - | - | - | - | - | |
| Social balance sheet | ||||||||||||||||||||
9087 |
1.2 | 1.9 | 1.2 | 1.1 | 1 | 1 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
Hours worked1013 |
2,223 | 3,399 | 2,124 | 1,857 | 1,748 | 1,246 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Document | ||||||||||||||||||||
The accounts for 6 older financial years (2001-2006) were filed as documents without figures as data, scans for example.
The notes to these accounts have 7 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 08-12-2025.
Filings
each dot is a set of accounts, on the day it reached the National Bank| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 08-12-2025 | 2025-00577343 | |
| 30-06-2024 | micro format | 19-12-2024 | 2024-00619841 | |
| 30-06-2023 | micro format | 12-12-2023 | 2023-00525993 | |
| 30-06-2022 | micro format | 19-12-2022 | 2022-20539340 | |
| 30-06-2021 | micro format | 21-12-2021 | 2021-81000126 | |
| 30-06-2020 | micro format | 21-12-2020 | 2020-76300565 | |
| 30-06-2019 | micro format | 09-12-2019 | 2019-75600258 | |
| 30-06-2018 | micro format | 30-11-2018 | 2018-73300083 | |
| 30-06-2017 | micro format | 05-12-2017 | 2017-71200043 | |
| 30-06-2016 | abbreviated format | 30-11-2016 | 2016-69400217 | |
| 30-06-2015 | abbreviated format | 23-12-2015 | 2015-70700243 | |
| 30-06-2014 | abbreviated format | 30-12-2014 | 2014-71100282 | |
| 30-06-2013 | abbreviated format | 30-12-2013 | 2013-70300398 | |
| 30-06-2012 | abbreviated format | 28-12-2012 | 2012-68500083 | |
| 30-06-2011 | abbreviated format | 30-12-2011 | 2011-65900212 | |
| 30-06-2010 | abbreviated format | 28-02-2011 | 2011-04700294 | |
| 30-06-2009 | abbreviated format | 12-01-2010 | 2010-01300048 | |
| 30-06-2008 | abbreviated format | 30-12-2008 | 2008-87800254 | |
| 30-06-2007 | abbreviated format | 28-12-2007 | 2007-85500053 | |
| 30-06-2006 | abbreviated format | 28-02-2007 | 2007-06203805 | |
| 30-06-2005 | abbreviated format | 16-02-2006 | 2006-05200141 | |
| 30-06-2004 | abbreviated format | 28-04-2005 | 2005-13304863 | |
| 30-06-2003 | abbreviated format | 21-01-2004 | 2004-02203051 | |
| 30-06-2002 | abbreviated format | 29-11-2002 | 2002-74603920 | |
| 30-06-2001 | abbreviated format | 30-11-2001 | 2001-72605202 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 73,204 | 124,152 | 69,931 | 64,193 | 76,016 | 34,011 | 54,556 | 43,881 | 67,365 | 58,333 | 59,087 | 50,993 | 50,463 | 29,603 | 42,518 | 50,317 | 41,313 | 30,720 | 30,780 | ||
| 59,063 | 94,734 | 54,082 | 49,773 | 56,211 | 26,560 | 42,130 | 32,115 | 47,628 | 43,290 | 43,813 | 37,563 | 38,296 | 20,673 | 30,371 | 37,381 | 34,389 | 21,576 | 20,282 | ||
| 24,668 | 10,429 | 5,373 | 12,465 | 4,491 | 11,688 | 14,162 | 6,310 | 2,168 | 5,956 | 2,392 | 3,564 | 44,999 | 907 | 2,183 | 17,819 | 227,482 | 6,812 | 1,636 | ||
| 3,727 | 44,348 | -1,282 | -8,043 | 7,543 | 21,039 | -3,337 | -16,733 | 20,669 | - | - | - | - | - | - | - | - | - | - | ||
| 114,285 | 101,075 | 67,270 | 42,882 | 66,564 | 20,747 | 20,534 | 17,566 | -8,238 | -8,701 | -34,025 | -67,905 | -95,787 | -111,676 | -129,152 | -156,598 | -179,920 | 12,738 | -2,074 | ||
| 83.5% | 71.2% | 80.3% | 76.6% | 90.4% | 89.8% | 91.4% | 85.2% | 74.2% | 75.1% | 72.9% | 57.5% | 44.5% | 40.3% | 33.5% | 24.8% | 9.9% | 49.3% | -3.8% | ||
| 2.97 | 1.87 | 2.08 | 1.63 | 3.51 | 1.85 | 2.01 | 1.49 | 0.87 | 0.85 | 0.37 | 0.23 | 0.23 | 0.21 | 0.21 | 0.18 | 0.46 | 1.70 | 0.89 | ||
| 2.97 | 1.67 | 1.71 | 1.63 | 3.51 | 1.85 | 2.01 | 1.49 | 0.87 | 0.84 | 0.36 | 0.21 | 0.22 | 0.19 | 0.20 | 0.18 | 0.46 | 1.68 | 0.88 | ||
| 0.20 | 0.40 | 0.24 | 0.31 | 0.11 | 0.11 | 0.09 | 0.17 | 0.35 | 0.33 | 0.37 | 0.74 | 1.25 | 1.48 | 1.98 | 3.03 | 9.07 | 1.03 | - | ||
| 15.6% | 28.5% | 16.5% | 16.8% | 18.3% | 8.1% | 15.9% | 12.2% | 22.6% | 19.8% | 17.6% | 17.4% | 23.5% | 12.3% | 23.4% | 42.3% | 51.0% | 103.8% | - | ||
| 13.0% | 20.3% | 13.3% | 12.9% | 16.6% | 7.3% | 14.6% | 10.4% | 16.8% | 14.9% | 12.8% | 10.0% | 10.4% | 5.0% | 7.9% | 10.5% | 5.1% | 51.1% | 106.6% | ||
| 80.05 | over 100 | 56.58 | 72.88 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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
| Item | 30-06-2025 | 30-06-2024 | 30-06-2023 | 30-06-2022 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 2 | 1 | 1 |
| full-time | 1 | 2 | 1 | 1 |
| in full-time equivalents | 1 | 2 | 1 | 1 |
| 1.2 | 1.9 | 1.2 | 1.1 | |
| On a permanent contract | 1 | 2 | 1 | 1 |
| Joined | 4 | 15 | 2 | 1 |
| Left | 5 | 14 | 2 | 1 |
| Training hours | - | - | 3 | 4 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
fixed assets acquired| Item | 30-06-2025 | 30-06-2024 | 30-06-2023 | 30-06-2022 |
|---|---|---|---|---|
| Tangible fixed assets | €24,668 | €10,389 | €5,373 | €12,465 |
| Financial fixed assets | - | €40 | - | - |
| €13,384 | €13,194 | €11,923 | €10,578 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Insights on ADING
The operating result for 2025 is 46% lower than in 2024.
Debt's share of the balance-sheet total falls from 28.8% to 16.5%. Equity is higher and debt is lower.