AGEDEXT
Annual accounts 2025
micro format, filed on 08-06-2026, 53 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 ≈ €880,000. Estimated: probably between €660,000 and €1.2m.
Balance sheet
balance sheet total €691,883 on 31-12-2025in euro
in euro
Position in the sector
88.4%
Higher than 93% of 3,649 companies in 2025.
10.99
Higher than 95% of 3,513 companies in 2025.
12.3%
Higher than 68% of 3,540 companies in 2025.
Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: top quarter
Staff
€50,734
Staff costs divided by the average number of full-time equivalents.
+2 people
In 2025, 12 people joined and 10 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 | 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||||||||||
20/58 |
691,883 | 687,149 | 600,258 | 477,967 | 407,214 | 335,540 | 285,089 | 250,224 | 199,360 | 175,199 | 158,851 | 130,413 | 85,114 | 74,700 | 62,368 | 58,962 | 67,949 | 50,872 | 39,165 | 24,549 | |
21/28 |
49,533 | 66,272 | 50,424 | 1,060 | 6,329 | 11,090 | 15,404 | 22,064 | 10,390 | 11,249 | 10,708 | 11,469 | 3,855 | 5,109 | 7,240 | 9,942 | 13,024 | 2,216 | 3,540 | 3,636 | |
22/27 |
49,533 | 66,272 | 50,424 | 1,060 | 6,329 | 11,050 | 15,404 | 22,064 | 10,390 | 11,249 | 10,708 | 11,469 | 3,855 | 5,109 | 7,240 | 9,942 | 13,024 | 2,216 | 3,540 | 3,636 | |
24 |
49,533 | 66,272 | 50,424 | 1,060 | 6,329 | 11,050 | 15,404 | 22,064 | 10,390 | 11,249 | 10,708 | 11,469 | 3,855 | 5,109 | 7,240 | 9,942 | 13,024 | 2,216 | 3,540 | 3,636 | |
28 |
- | - | - | - | - | 40 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
29/58 |
642,350 | 620,877 | 549,834 | 476,907 | 400,885 | 324,450 | 269,685 | 228,160 | 188,970 | 163,950 | 148,143 | 118,944 | 81,259 | 69,591 | 55,128 | 49,020 | 54,926 | 48,656 | 35,625 | 20,913 | |
3 |
2,499 | 2,095 | 2,495 | 3,546 | 7,421 | 8,656 | 12,002 | 5,563 | 2,458 | - | - | - | - | - | - | - | - | - | 2,450 | - | |
30/36 |
2,499 | 2,095 | 2,495 | 3,546 | 7,421 | 8,656 | 12,002 | 5,563 | 2,458 | - | - | - | - | - | - | - | - | - | 2,450 | - | |
40/41 |
98,007 | 78,431 | 66,995 | 69,917 | 56,267 | 39,635 | 39,582 | 46,379 | 40,885 | 23,766 | 20,987 | 25,047 | 19,830 | 26,743 | 29,032 | 23,568 | 31,229 | 35,563 | 32,077 | 20,653 | |
40 |
35,251 | 33,243 | 36,096 | 40,165 | 26,668 | 20,071 | 32,131 | 34,323 | 29,032 | 20,301 | 16,945 | 15,158 | 11,507 | 20,737 | 28,975 | 19,073 | 26,621 | 31,069 | 27,102 | 18,673 | |
41 |
62,756 | 45,189 | 30,899 | 29,752 | 29,599 | 19,564 | 7,451 | 12,056 | 11,853 | 3,465 | 4,042 | 9,889 | 8,322 | 6,006 | 57 | 4,494 | 4,608 | 4,494 | 4,975 | 1,980 | |
50/53 |
- | 400,000 | 350,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
54/58 |
541,844 | 140,351 | 130,345 | 403,444 | 337,197 | 276,158 | 217,238 | 175,355 | 145,627 | 140,183 | 127,157 | 93,897 | 61,205 | 40,009 | 21,490 | 21,179 | 20,835 | 11,714 | - | - | |
490/1 |
- | - | - | - | - | - | 863 | 863 | - | - | - | - | 225 | 2,839 | 4,606 | 4,273 | 2,861 | 1,379 | 1,099 | 260 | |
| Balance sheet: equity and liabilities | |||||||||||||||||||||
10/49 |
691,883 | 687,149 | 600,258 | 477,967 | 407,214 | 335,540 | 285,089 | 250,224 | 199,360 | 175,199 | 158,851 | 130,413 | 85,114 | 74,700 | 62,368 | 58,962 | 67,949 | 50,872 | 39,165 | 24,549 | |
10/15 |
611,846 | 604,435 | 536,650 | 456,508 | 386,670 | 309,072 | 255,244 | 204,209 | 168,439 | 142,343 | 118,061 | 87,189 | 58,565 | 37,788 | 24,943 | 18,395 | 15,409 | -11,391 | -7,993 | -10,372 | |
10/11 |
18,600 | 18,600 | 16,200 | 16,200 | 16,200 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | |
100 |
- | - | - | - | - | - | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | - | 3,600 | 3,600 | 3,600 | 3,600 | 3,600 | 3,600 | 3,600 | 3,600 | 3,600 | 3,600 | 3,600 | 3,600 | 3,600 | 3,600 | |
11 |
- | - | - | - | - | 15,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
1100/10 |
- | - | - | - | - | 15,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
13 |
200,930 | 270,930 | 210,930 | 135,930 | 70,930 | 930 | 930 | 930 | 930 | 930 | 930 | 930 | 930 | 930 | 930 | 930 | 930 | 930 | 930 | 930 | |
130/1 |
930 | 930 | 930 | 930 | 930 | 930 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 930 | 930 | 930 | 930 | 930 | 930 | 930 | 930 | 930 | 930 | 930 | 930 | 930 | 930 | |
1311 |
930 | 930 | 930 | 930 | 930 | 930 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
133 |
200,000 | 270,000 | 210,000 | 135,000 | 70,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
14 |
392,316 | 314,905 | 309,520 | 304,378 | 299,540 | 293,142 | 239,314 | 188,279 | 152,509 | 126,413 | 102,131 | 71,259 | 42,635 | 21,858 | 9,013 | 2,465 | -521 | -27,321 | -23,923 | -26,302 | |
16 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 10,000 | 10,000 | 10,000 | |
160/5 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 10,000 | 10,000 | 10,000 | |
17/49 |
80,037 | 82,713 | 63,608 | 21,459 | 20,544 | 26,467 | 29,844 | 46,014 | 30,922 | 32,856 | 40,791 | 43,224 | 26,549 | 36,912 | 37,425 | 40,568 | 52,540 | 52,263 | 37,158 | 24,921 | |
17 |
21,533 | 34,644 | 28,813 | - | 1,395 | 4,721 | 8,016 | 11,278 | - | 860 | 3,410 | 5,917 | - | 1,056 | 4,225 | 7,394 | - | - | - | - | |
170/4 |
21,533 | 34,644 | 28,813 | - | 1,395 | 4,721 | 8,016 | 11,278 | - | 860 | 3,410 | 5,917 | - | 1,056 | 4,225 | 7,394 | - | - | - | - | |
42/48 |
58,457 | 48,070 | 34,795 | 21,459 | 19,148 | 21,746 | 21,829 | 34,736 | 30,922 | 31,996 | 37,381 | 37,307 | 26,549 | 35,856 | 33,200 | 31,782 | 52,540 | 52,263 | 37,158 | 24,633 | |
42 |
13,111 | 12,615 | 7,531 | 1,395 | 3,326 | 3,294 | 3,263 | 3,231 | 860 | 2,550 | 2,507 | 2,464 | 1,056 | 3,169 | 3,169 | 3,169 | - | - | - | 3,034 | |
43 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 6,086 | 6,459 | |
430/8 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 6,086 | 6,459 | |
44 |
12,953 | 20,340 | 12,344 | 9,996 | 4,597 | 6,940 | 7,511 | 18,582 | 18,369 | 18,895 | 20,415 | 19,996 | 9,497 | 21,132 | 11,278 | 8,454 | 12,405 | 16,188 | 5,285 | 2,510 | |
440/4 |
12,953 | 20,340 | 12,344 | 9,996 | 4,597 | 6,940 | 7,511 | 18,582 | 18,369 | 18,895 | 20,415 | 19,996 | 9,497 | 21,132 | 11,278 | 8,454 | 12,405 | 16,188 | 5,285 | 2,510 | |
46 |
70 | 1,144 | - | - | 370 | 258 | - | - | 25 | 65 | - | - | - | - | - | - | - | - | - | - | |
45 |
24,324 | 13,971 | 14,562 | 9,737 | 10,580 | 9,819 | 9,879 | 12,198 | 10,322 | 9,999 | 13,970 | 13,952 | 11,278 | 8,325 | 16,080 | 18,050 | 5,671 | 9,978 | 9,378 | 3,323 | |
450/3 |
2,904 | 2,357 | 1,535 | 1,607 | 1,345 | 1,635 | 1,757 | 1,255 | 1,264 | 1,223 | 3,210 | 1,620 | 1,623 | 1,250 | 7,343 | 10,068 | 2,326 | 5,116 | 4,105 | 3,045 | |
454/9 |
21,420 | 11,614 | 13,027 | 8,131 | 9,235 | 8,184 | 8,122 | 10,943 | 9,058 | 8,777 | 10,759 | 12,332 | 9,654 | 7,075 | 8,738 | 7,982 | 3,344 | 4,863 | 5,273 | 278 | |
47/48 |
8,000 | - | 358 | 330 | 277 | 1,435 | 1,177 | 725 | 1,346 | 487 | 490 | 894 | 4,718 | 3,230 | 2,672 | 2,110 | 34,464 | 26,097 | 16,409 | 9,306 | |
492/3 |
46 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,392 | - | - | - | 288 | |
| Income statement | |||||||||||||||||||||
9900 |
257,389 | 212,303 | 219,418 | 192,716 | 183,616 | 140,621 | 131,894 | 111,829 | 91,741 | 86,203 | 95,560 | 95,427 | 82,765 | 70,952 | 57,123 | 47,862 | 66,748 | 32,880 | 31,270 | -2,326 | |
62 |
126,836 | 108,124 | 92,314 | 83,727 | 63,980 | 62,216 | 49,492 | 48,127 | 43,128 | 41,468 | 40,440 | 43,162 | 43,646 | 34,550 | 40,686 | 36,584 | 39,110 | 33,201 | 24,964 | 5,225 | |
630 |
16,739 | 13,403 | 5,080 | 5,269 | 5,906 | 6,408 | 6,660 | 6,660 | 5,423 | 4,510 | 3,500 | 5,451 | 2,949 | 2,131 | 3,271 | 3,082 | 1,293 | 2,479 | 2,249 | 1,819 | |
631/4 |
1,192 | 562 | - | - | - | - | - | - | 757 | 257 | - | 623 | 6,371 | 7,588 | 4,494 | 410 | 142 | - | - | - | |
640/8 |
1,028 | 1,339 | 3,087 | 718 | 676 | 770 | 666 | 664 | 507 | 499 | 455 | 1,827 | 297 | 511 | 85 | 85 | 425 | 518 | 730 | 85 | |
66A |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 3,506 | - | - | - | |
9901 |
111,595 | 88,875 | 118,937 | 103,002 | 113,054 | 71,227 | 75,076 | 56,378 | 41,927 | 39,470 | 51,166 | 44,365 | 29,502 | 26,172 | 8,586 | 7,702 | 25,778 | -3,317 | 3,328 | -9,455 | |
75/76B |
4,399 | 7,646 | - | - | - | - | - | - | - | 376 | 2 | - | - | 292 | 1,846 | 15 | 4,588 | - | - | 27 | |
75 |
4,399 | 7,646 | - | - | - | - | - | - | - | 376 | 2 | - | - | 292 | 1,846 | 15 | 4,588 | - | - | 27 | |
65/66B |
1,654 | 2,580 | 59 | 1,152 | 216 | 19 | 641 | 1,706 | 37 | - | 807 | 277 | 337 | 334 | 169 | 2,729 | 60 | 81 | 950 | 1,265 | |
65 |
1,654 | 2,580 | 59 | 1,152 | 216 | 19 | 641 | 1,706 | 37 | - | 807 | 277 | 337 | 334 | 169 | 2,729 | 60 | 81 | 950 | 1,265 | |
9903 |
114,339 | 93,941 | 118,878 | 101,850 | 112,837 | 71,207 | 74,435 | 54,672 | 41,890 | 39,846 | 50,361 | 44,088 | 29,165 | 26,130 | 10,264 | 4,988 | 26,801 | -3,398 | 2,378 | -10,693 | |
67/77 |
28,929 | 28,556 | 38,736 | 32,012 | 36,440 | 17,379 | 23,400 | 18,901 | 15,794 | 15,563 | 19,489 | 15,463 | 8,388 | 13,285 | 3,715 | 2,002 | - | - | - | 1,005 | |
9904 |
85,410 | 65,385 | 80,142 | 69,838 | 76,397 | 53,828 | 51,035 | 35,770 | 26,096 | 24,282 | 30,871 | 28,625 | 20,777 | 12,844 | 6,548 | 2,986 | 26,801 | -3,398 | 2,378 | -11,698 | |
9905 |
85,410 | 65,385 | 80,142 | 69,838 | 76,397 | 53,828 | 51,035 | 35,770 | 26,096 | 24,282 | 30,871 | 28,625 | 20,777 | 12,844 | 6,548 | 2,986 | 26,801 | -3,398 | 2,378 | -11,698 | |
| Appropriation of the result | |||||||||||||||||||||
9906 |
400,316 | 374,905 | 384,520 | 369,378 | 369,540 | 293,142 | 239,314 | 188,279 | 152,509 | 126,413 | 102,131 | 71,259 | 42,635 | 21,858 | 9,013 | 2,465 | -521 | -27,321 | -23,923 | -26,302 | |
14P |
314,905 | 309,520 | 304,378 | 299,540 | 293,142 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
791/2 |
70,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
691/2 |
- | 60,000 | 75,000 | 65,000 | 70,000 | - | - | - | - | - | - | - | - | - | 0 | - | - | - | - | - | |
6921 |
- | 60,000 | 75,000 | 65,000 | 70,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
694/7 |
78,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
694 |
70,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
696 |
8,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Social balance sheet | |||||||||||||||||||||
9087 |
2.5 | 1.7 | 1 | - | 1.9 | 1 | 1.1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1.2 | 1.5 | 1.3 | 0.3 | |
Hours worked1013 |
4,630 | 3,614 | 1,722 | - | 2,691 | 2,741 | 1,872 | 1,755 | 1,748 | 1,755 | 1,672 | 1,748 | 1,677 | 1,520 | 1,756 | 1,680 | 2,204 | 2,564 | 1,976 | 320 | |
| Document | |||||||||||||||||||||
The accounts for 2 older financial years, from 2004 to 2005, 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 08-06-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 08-06-2026 | 2026-00150027 | |
| 31-12-2024 | micro format | 27-08-2025 | 2025-00445625 | |
| 31-12-2023 | micro format | 28-08-2024 | 2024-00396457 | |
| 31-12-2022 | micro format | 23-10-2023 | 2023-00490437 | |
| 31-12-2021 | micro format | 01-09-2022 | 2022-20397944 | |
| 31-12-2020 | micro format | 27-08-2021 | 2021-55300151 | |
| 31-12-2019 | micro format | 11-11-2020 | 2020-70000143 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-54500492 | |
| 31-12-2017 | micro format | 29-08-2018 | 2018-54100429 | |
| 31-12-2016 | micro format | 23-08-2017 | 2017-46600460 | |
| 31-12-2015 | full format | 25-08-2016 | 2016-48400122 | |
| 31-12-2014 | full format | 27-08-2015 | 2015-49800107 | |
| 31-12-2013 | full format | 24-07-2014 | 2014-36100398 | |
| 31-12-2012 | full format | 12-08-2013 | 2013-42300589 | |
| 31-12-2011 | full format | 30-08-2012 | 2012-53600014 | |
| 31-12-2010 | full format | 30-08-2011 | 2011-49900419 | |
| 31-12-2009 | full format | 31-08-2010 | 2010-50300251 | |
| 31-12-2008 | full format | 31-08-2009 | 2009-69500129 | |
| 31-12-2007 | full format | 26-08-2008 | 2008-62900105 | |
| 31-12-2006 | full format | 28-09-2007 | 2007-74900006 | |
| 31-12-2005 | full format | 30-08-2006 | 2006-74204659 | |
| 31-12-2004 | full format | 28-07-2005 | 2005-59704823 |
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 | 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 128,333 | 102,278 | 124,017 | 108,271 | 118,960 | 77,635 | 81,736 | 63,038 | 47,350 | 43,980 | 54,666 | 49,816 | 32,451 | 28,302 | 11,858 | 10,784 | 27,071 | -838 | 5,577 | -7,636 | ||
| 102,149 | 78,788 | 85,222 | 75,107 | 82,303 | 60,237 | 57,695 | 42,431 | 31,519 | 28,792 | 34,371 | 34,076 | 23,726 | 14,975 | 9,820 | 6,067 | 28,093 | -919 | 4,627 | -9,879 | ||
| 0 | 29,250 | 54,444 | 0 | 1,185 | 2,094 | 0 | 20,947 | 4,564 | 5,051 | 2,739 | 13,065 | 1,695 | 0 | 569 | 0 | 12,100 | 1,155 | 2,153 | - | ||
| 401,493 | 10,006 | -273,099 | 66,247 | 61,038 | 58,921 | 41,883 | 29,728 | 5,443 | 13,026 | 33,260 | 32,692 | 21,196 | 18,519 | 311 | 344 | 9,121 | - | - | - | ||
| 583,892 | 572,807 | 515,040 | 455,448 | 381,736 | 302,704 | 247,856 | 193,423 | 158,048 | 131,954 | 110,763 | 81,638 | 54,710 | 33,735 | 21,929 | 17,239 | 2,386 | -3,607 | -1,533 | -3,719 | ||
| 88.4% | 88.0% | 89.4% | 95.5% | 95.0% | 92.1% | 89.5% | 81.6% | 84.5% | 81.2% | 74.3% | 66.9% | 68.8% | 50.6% | 40.0% | 31.2% | 22.7% | -22.4% | -20.4% | -42.2% | ||
| 10.99 | 12.92 | 15.80 | 22.22 | 20.94 | 14.92 | 12.35 | 6.57 | 6.11 | 5.12 | 3.96 | 3.19 | 3.06 | 1.94 | 1.66 | 1.54 | 1.05 | 0.93 | 0.96 | 0.85 | ||
| 10.95 | 12.87 | 15.73 | 22.06 | 20.55 | 14.52 | 11.80 | 6.41 | 6.03 | 5.12 | 3.96 | 3.19 | 3.06 | 1.94 | 1.66 | 1.54 | 1.05 | 0.93 | 0.89 | 0.85 | ||
| 0.13 | 0.14 | 0.12 | 0.05 | 0.05 | 0.09 | 0.12 | 0.23 | 0.18 | 0.23 | 0.35 | 0.50 | 0.45 | 0.98 | 1.50 | 2.21 | 3.41 | - | - | - | ||
| 14.0% | 10.8% | 14.9% | 15.3% | 19.8% | 17.4% | 20.0% | 17.5% | 15.5% | 17.1% | 26.1% | 32.8% | 35.5% | 34.0% | 26.3% | 16.2% | 173.9% | - | - | - | ||
| 12.3% | 9.5% | 13.4% | 14.6% | 18.8% | 16.0% | 17.9% | 14.3% | 13.1% | 13.9% | 19.4% | 21.9% | 24.4% | 17.2% | 10.5% | 5.1% | 39.4% | -6.7% | 6.1% | -47.7% | ||
| 77.57 | 39.64 | over 100 | 94.02 | over 100 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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 | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2021 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 |
| part-time | 2 | - | - | - |
| in full-time equivalents | 2.1 | 1 | 1 | 1 |
| 2.5 | 1.7 | 1 | 1.9 | |
| On a permanent contract | 1 | 1 | 1 | 1 |
| Joined | 12 | - | - | - |
| Left | 10 | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €29,250 | €54,444 | - | €1,185 |
| €16,739 | €13,403 | €5,080 | €5,269 | €5,906 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on AGEDEXT
The operating result for 2025 is 26% higher than in 2024. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total falls from 12.0% to 11.6%. Equity is higher and debt is lower.