BATITUB
Annual accounts 2025
micro format, filed on 19-12-2025, 43 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 ≈ €770,000. Estimated: probably between €530,000 and €1.2m.
Balance sheet
balance sheet total €194,897 on 30-06-2025in euro
Position in the sector
70.1%
Higher than 81% of 5,730 companies in 2025.
3.57
Higher than 82% of 5,591 companies in 2025.
-5.0%
Higher than 16% of 5,617 companies in 2025.
Net result: bottom quarter · Equity: top quarter · Balance sheet total: middle half · Working capital: top quarter
Staff
€57,820
Staff costs divided by the average number of full-time equivalents.
level
In 2025, 1 person joined and 1 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 |
194,897 | 187,286 | 226,716 | 145,812 | 93,992 | 86,405 | 63,553 | 115,004 | 122,471 | 157,614 | 258,382 | 232,826 | 262,756 | 177,319 | 162,872 | 189,905 | 168,275 | 242,300 | 216,510 | |
21/28 |
35,561 | 50,771 | 65,982 | 17,454 | - | - | - | - | 5,863 | 15,499 | 42,262 | 45,021 | 58,002 | 47,724 | 25,476 | 24,747 | 14,439 | 11,235 | 20,336 | |
22/27 |
35,561 | 50,771 | 65,982 | 17,454 | - | - | - | - | 5,863 | 15,499 | 42,262 | 45,021 | 58,002 | 47,724 | 25,476 | 24,747 | 14,439 | 11,235 | 20,336 | |
23 |
- | - | - | - | - | - | - | - | - | - | - | - | 2,811 | 5,622 | 8,433 | - | - | 830 | 1,847 | |
24 |
35,561 | 50,771 | 65,982 | 17,454 | - | - | - | - | 5,863 | 15,499 | 41,801 | 44,098 | 53,807 | 40,257 | 14,737 | 21,980 | 11,210 | 6,715 | 14,338 | |
26 |
- | - | - | - | - | - | - | - | - | - | 461 | 922 | 1,384 | 1,845 | 2,306 | 2,767 | 3,229 | 3,690 | 4,151 | |
29/58 |
159,337 | 136,514 | 160,735 | 128,358 | 93,992 | 86,405 | 63,553 | 115,004 | 116,608 | 142,115 | 216,120 | 187,805 | 204,754 | 129,595 | 137,396 | 165,158 | 153,837 | 231,065 | 196,175 | |
3 |
12,708 | 27,545 | 35,991 | 22,438 | 11,621 | 18,848 | 11,201 | 16,153 | 11,210 | 33,090 | 27,478 | 29,544 | 37,733 | 18,636 | 15,997 | 27,402 | 14,010 | 47,512 | 52,434 | |
30/36 |
12,708 | 27,545 | 35,991 | 22,438 | 11,621 | 18,848 | 11,201 | 16,153 | 11,210 | 33,090 | 27,478 | 29,544 | 37,733 | 18,636 | 15,997 | 27,402 | 14,010 | 47,512 | 52,434 | |
40/41 |
78,440 | 53,413 | 58,994 | 42,268 | 20,326 | 18,756 | 27,636 | 63,304 | 77,418 | 88,799 | 134,657 | 132,015 | 101,354 | 91,945 | 92,256 | 87,797 | 117,510 | 175,570 | 129,214 | |
40 |
32,642 | 17,239 | 16,363 | 10,689 | 11,272 | 12,987 | 17,948 | 58,890 | 64,771 | 80,782 | 107,427 | 92,881 | 100,842 | 91,945 | 88,313 | 82,639 | 105,423 | 124,255 | 64,332 | |
41 |
45,798 | 36,174 | 42,631 | 31,579 | 9,054 | 5,769 | 9,688 | 4,415 | 12,647 | 8,017 | 27,230 | 39,134 | 512 | - | 3,943 | 5,158 | 12,087 | 51,315 | 64,882 | |
50/53 |
60,662 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
54/58 |
- | 53,094 | 59,236 | 60,825 | 56,516 | 43,360 | 19,117 | 29,288 | 23,149 | 11,680 | 46,764 | 26,246 | 65,668 | 19,014 | 29,143 | 49,958 | 22,317 | 7,983 | 14,527 | |
490/1 |
7,526 | 2,463 | 6,514 | 2,827 | 5,529 | 5,442 | 5,599 | 6,258 | 4,831 | 8,546 | 7,222 | - | - | - | - | - | - | - | - | |
| Balance sheet: equity and liabilities | ||||||||||||||||||||
10/49 |
194,897 | 187,286 | 226,716 | 145,812 | 93,992 | 86,405 | 63,553 | 115,004 | 122,471 | 157,614 | 258,382 | 232,826 | 262,756 | 177,319 | 162,872 | 189,905 | 168,275 | 242,300 | 216,510 | |
10/15 |
136,633 | 146,465 | 168,775 | 83,590 | 37,182 | -36,525 | -68,831 | -8,964 | -17,867 | 39,275 | 100,852 | 82,133 | 119,981 | 61,546 | 57,249 | 65,648 | 36,395 | 61,118 | 71,466 | |
10/11 |
74,368 | 74,368 | 74,368 | 74,368 | 74,368 | - | 74,368 | 74,368 | 74,368 | 74,368 | 74,368 | 74,368 | 74,368 | 74,368 | 74,368 | 74,368 | 74,368 | 74,368 | 74,368 | |
100 |
- | - | - | - | - | - | 74,368 | 74,368 | 74,368 | 74,368 | 74,368 | 74,368 | 74,368 | 74,368 | 74,368 | 74,368 | 74,368 | 74,368 | 74,368 | |
11 |
- | - | - | - | - | 74,368 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
1100/10 |
- | - | - | - | - | 74,368 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
13 |
62,000 | 70,000 | 7,437 | 7,437 | 7,437 | 7,437 | 7,437 | 7,437 | 7,437 | 7,437 | 7,437 | 7,437 | 7,437 | - | - | - | - | - | - | |
130/1 |
- | - | 7,437 | 7,437 | 7,437 | 7,437 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 7,437 | 7,437 | 7,437 | 7,437 | 7,437 | 7,437 | 7,437 | - | - | - | - | - | - | |
1319 |
- | - | 7,437 | 7,437 | 7,437 | 7,437 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
133 |
62,000 | 70,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
14 |
265 | 2,097 | 86,971 | 1,785 | -44,623 | -118,330 | -150,636 | -90,769 | -99,671 | -42,530 | 19,047 | 328 | 38,176 | -12,822 | -17,119 | -8,720 | -37,973 | -13,250 | -2,902 | |
16 |
13,479 | 13,497 | 16,517 | 12,930 | 11,194 | 10,847 | 11,433 | 12,406 | 8,343 | 9,892 | 15,707 | 13,665 | 13,143 | 6,550 | 6,880 | 6,800 | 7,900 | 8,250 | 7,350 | |
160/5 |
13,479 | 13,497 | 16,517 | 12,930 | 11,194 | 10,847 | 11,433 | 12,406 | 8,343 | 9,892 | 15,707 | 13,665 | 13,143 | 6,550 | 6,880 | 6,800 | 7,900 | 8,250 | 7,350 | |
164/5 |
13,479 | 13,497 | 16,517 | 12,930 | 11,194 | 10,847 | 11,433 | 12,406 | 8,343 | - | - | - | - | - | - | - | - | - | - | |
17/49 |
44,785 | 27,324 | 41,424 | 49,292 | 45,617 | 112,083 | 120,951 | 111,561 | 131,994 | 108,448 | 141,824 | 137,028 | 129,632 | 109,223 | 98,744 | 117,458 | 123,980 | 172,932 | 137,695 | |
17 |
- | - | - | - | - | - | - | - | - | - | 8,036 | 18,410 | 10,402 | 14,297 | 901 | 6,559 | - | - | - | |
170/4 |
- | - | - | - | - | - | - | - | - | - | 8,036 | 18,410 | 10,402 | 14,297 | 901 | 6,559 | - | - | - | |
42/48 |
44,585 | 27,130 | 41,250 | 49,118 | 45,443 | 111,909 | 120,951 | 111,561 | 131,994 | 108,448 | 133,788 | 118,584 | 119,184 | 94,926 | 97,842 | 110,899 | 123,980 | 172,932 | 137,695 | |
42 |
- | - | - | - | - | - | - | - | - | 8,036 | 10,374 | 10,312 | 4,212 | 4,652 | 5,234 | 4,925 | - | - | - | |
43 |
- | - | 7,500 | 7,500 | 7,500 | 49,071 | 56,000 | 40,000 | 58,000 | 25,000 | 25,000 | 20,000 | - | 20,148 | - | - | - | - | - | |
439 |
- | - | 7,500 | 7,500 | 7,500 | 49,071 | 56,000 | 40,000 | 58,000 | 25,000 | 25,000 | 20,000 | - | 20,148 | - | - | - | - | - | |
44 |
13,094 | 7,311 | 6,460 | 6,972 | 23,314 | 8,978 | 6,962 | 6,570 | 4,081 | 5,391 | 23,785 | 5,707 | 6,993 | 11,619 | 18,773 | 23,029 | 32,717 | 67,635 | 55,039 | |
440/4 |
13,094 | 7,311 | 6,460 | 6,972 | 23,314 | 8,978 | 6,962 | 6,570 | 4,081 | 5,391 | 23,785 | 5,707 | 6,993 | 11,619 | 18,773 | 23,029 | 32,717 | 67,635 | 55,039 | |
45 |
31,109 | 19,437 | 26,908 | 34,447 | 14,629 | 18,789 | 22,918 | 31,322 | 36,243 | 34,691 | 37,186 | 45,122 | 65,660 | 20,910 | 31,066 | 44,251 | 53,906 | 85,789 | 82,656 | |
450/3 |
1,861 | 2,888 | 16,127 | 21,422 | 5,938 | 4,129 | 4,559 | 4,880 | 7,472 | 7,570 | 6,702 | 7,897 | 41,335 | 6,101 | 5,760 | 15,274 | 23,437 | 34,046 | 38,122 | |
454/9 |
29,248 | 16,549 | 10,781 | 13,025 | 8,691 | 14,660 | 18,359 | 26,443 | 28,771 | 27,122 | 30,483 | 37,225 | 24,325 | 14,809 | 25,306 | 28,978 | 30,469 | 51,743 | 44,533 | |
47/48 |
383 | 383 | 383 | 199 | - | 35,070 | 35,070 | 33,670 | 33,670 | 35,329 | 37,443 | 37,443 | 42,319 | 37,598 | 42,769 | 38,693 | 37,358 | 19,509 | - | |
492/3 |
200 | 194 | 174 | 174 | 174 | 174 | - | - | - | - | - | 34 | 46 | - | - | - | - | - | - | |
| Income statement | ||||||||||||||||||||
9900 |
392,139 | 385,751 | 494,699 | 374,924 | 338,949 | 323,945 | 292,050 | 330,562 | 180,451 | 274,548 | 412,535 | 326,705 | 376,116 | 215,374 | 192,846 | 198,013 | 125,629 | 175,438 | 164,966 | |
62 |
381,612 | 392,480 | 352,821 | 299,135 | 262,525 | 288,027 | 306,724 | 287,807 | 213,730 | 285,275 | 349,104 | 308,268 | 207,023 | 173,119 | 174,036 | 135,882 | 127,284 | 163,027 | 146,172 | |
630 |
15,210 | 15,210 | 7,661 | 2,409 | - | - | - | 5,863 | 9,636 | 10,339 | 17,709 | 18,724 | 20,528 | 18,699 | 16,364 | 11,603 | 13,611 | 9,101 | 10,345 | |
631/4 |
3,461 | 50 | -42 | -763 | -574 | -1 | 35,056 | 9,604 | 2,958 | 3,036 | 4,208 | - | 10,304 | - | - | 4,507 | - | - | - | |
635/8 |
-18 | -3,020 | 3,587 | 1,736 | 346 | -586 | -973 | 4,063 | -1,548 | -5,815 | 2,042 | 522 | 6,593 | -330 | 80 | -1,100 | -350 | 900 | -1,450 | |
640/8 |
2,681 | 5,314 | 12,894 | 8,219 | 3,087 | 3,772 | 10,988 | 13,499 | 11,855 | 40,948 | 12,912 | 33,870 | 28,705 | 11,781 | 8,037 | 7,795 | 8,954 | 15,507 | 11,798 | |
66A |
- | - | - | - | - | - | - | - | 500 | 1,386 | 250 | 2,267 | - | 250 | - | 2,350 | 567 | - | - | |
9901 |
-10,808 | -24,284 | 117,777 | 64,187 | 73,565 | 32,733 | -59,743 | 9,726 | -56,680 | -59,235 | 26,562 | -34,680 | 102,962 | 12,106 | -5,671 | 39,325 | -23,869 | -13,097 | -1,899 | |
75/76B |
2,325 | 3,656 | 2,612 | 235 | 839 | 1,111 | 486 | 24 | 55 | 230 | 287 | 123 | 1,193 | 24 | 90 | 936 | 21 | 3,452 | 5,092 | |
75 |
2,325 | 3,656 | 2,612 | 235 | 839 | 1,111 | 486 | 24 | 55 | 230 | 287 | 123 | 1,193 | 24 | 90 | 936 | 21 | 3,452 | 5,092 | |
65/66B |
1,190 | 1,524 | 2,860 | 765 | 528 | 1,364 | 436 | 496 | 517 | 1,088 | 2,321 | 907 | 1,646 | 1,578 | 853 | 1,138 | 306 | 702 | 304 | |
65 |
1,190 | 1,524 | 2,860 | 765 | 528 | 1,364 | 436 | 496 | 517 | 1,088 | 2,321 | 907 | 1,646 | 1,578 | 853 | 1,138 | 306 | 702 | 304 | |
9903 |
-9,673 | -22,151 | 117,530 | 63,658 | 73,876 | 32,479 | -59,693 | 9,255 | -57,141 | -61,479 | 24,278 | -37,731 | 102,509 | 10,302 | -6,434 | 36,773 | -24,722 | -10,346 | 2,890 | |
67/77 |
158 | 160 | 32,345 | 17,249 | 169 | 173 | 174 | 352 | - | 98 | 5,559 | 117 | 39,073 | 6,004 | 1,965 | 7,520 | 1 | 2 | 2,515 | |
9904 |
-9,832 | -22,311 | 85,185 | 46,409 | 73,707 | 32,306 | -59,867 | 8,903 | -57,141 | -61,577 | 18,718 | -37,848 | 63,435 | 4,297 | -8,399 | 29,253 | -24,723 | -10,348 | 375 | |
9905 |
-9,832 | -22,311 | 85,185 | 46,409 | 73,707 | 32,306 | -59,867 | 8,903 | -57,141 | -61,577 | 18,718 | -37,848 | 63,435 | 4,297 | -8,399 | 29,253 | -24,723 | -10,348 | 375 | |
| Appropriation of the result | ||||||||||||||||||||
9906 |
-7,735 | 64,660 | 86,971 | 1,785 | -44,623 | -118,330 | -150,636 | -90,769 | -99,671 | -42,530 | 19,047 | 328 | 50,613 | -12,822 | -17,119 | -8,720 | -37,973 | -13,250 | -2,902 | |
14P |
2,097 | 86,971 | 1,785 | -44,623 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
791/2 |
8,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
691/2 |
- | 62,563 | - | - | - | - | - | - | - | - | - | - | 7,437 | - | - | - | - | - | - | |
6920 |
- | - | - | - | - | - | - | - | - | - | - | - | 7,437 | - | - | - | - | - | - | |
6921 |
- | 62,563 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
694/7 |
- | - | - | - | - | - | - | - | - | - | - | - | 5,000 | - | - | - | - | - | - | |
695 |
- | - | - | - | - | - | - | - | - | - | - | - | 5,000 | - | - | - | - | - | - | |
| Social balance sheet | ||||||||||||||||||||
9087 |
6.6 | 7 | 7.5 | 7 | 5.5 | 5.9 | 5 | 4.7 | 4 | 5.2 | 6.3 | 6.2 | 4.6 | 3.9 | 3.9 | 3.8 | 4.1 | 4.3 | 4.1 | |
Hours worked1013 |
9,235 | 9,724 | 9,268 | 9,177 | 8,614 | 7,512 | 8,904 | 8,264 | 6,408 | 7,720 | 10,344 | 10,148 | 7,524 | 5,978 | 6,440 | 5,343 | 5,498 | 7,632 | 6,224 | |
| Document | ||||||||||||||||||||
The accounts for 4 older financial years (2003-2006) were filed as documents without figures as data, scans for example.
The notes to these accounts have 6 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 19-12-2025.
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 | 19-12-2025 | 2025-00590168 | |
| 30-06-2024 | micro format | 17-12-2024 | 2024-00618944 | |
| 30-06-2023 | micro format | 08-02-2024 | 2024-00028345 | |
| 30-06-2022 | micro format | 20-12-2022 | 2022-20541416 | |
| 30-06-2021 | micro format | 21-01-2022 | 2022-01500077 | |
| 30-06-2020 | micro format | 15-12-2020 | 2020-75700223 | |
| 30-06-2019 | micro format | 14-01-2020 | 2020-01200039 | |
| 30-06-2018 | micro format | 12-12-2018 | 2018-74200016 | |
| 30-06-2017 | micro format | 12-01-2018 | 2018-01200272 | |
| 30-06-2016 | full format | 13-01-2017 | 2017-01200532 | |
| 30-06-2015 | full format | 12-01-2016 | 2016-01300169 | |
| 30-06-2014 | full format | 14-01-2015 | 2015-01500274 | |
| 30-06-2013 | full format | 13-02-2014 | 2014-03600034 | |
| 30-06-2012 | full format | 14-02-2013 | 2013-03700028 | |
| 30-06-2011 | full format | 31-01-2012 | 2012-02200308 | |
| 31-05-2010 | full format | 24-12-2010 | 2010-64700295 | |
| 31-05-2009 | full format | 22-12-2009 | 2009-89800377 | |
| 31-05-2008 | full format | 08-01-2009 | 2009-00500210 | |
| 31-05-2007 | full format | 29-11-2007 | 2007-81400346 | |
| 31-05-2006 | full format | 30-11-2006 | 2006-89102564 | |
| 31-05-2005 | full format | 30-11-2005 | 2005-87701273 | |
| 31-05-2004 | full format | 29-12-2004 | 2004-88801553 | |
| 31-05-2003 | full format | 06-01-2004 | 2004-00300446 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 4,402 | -9,073 | 125,438 | 66,596 | - | - | - | 15,589 | -47,044 | -48,896 | 44,270 | -15,956 | 123,490 | 30,804 | 10,693 | 50,928 | -10,258 | -3,996 | 8,446 | ||
| 5,379 | -7,100 | 92,847 | 48,818 | - | - | - | 14,765 | -47,505 | -51,239 | 36,427 | -19,124 | 83,963 | 22,996 | 7,965 | 40,856 | -11,112 | -1,247 | 10,719 | ||
| 0 | 0 | 56,188 | 19,864 | - | - | - | 0 | 0 | 450 | 14,950 | 29,288 | 48,670 | 44,547 | 17,093 | 21,912 | 16,815 | 0 | 21,832 | ||
| - | -6,142 | -1,589 | 4,308 | 13,157 | 24,242 | -10,171 | 6,139 | 11,469 | -35,083 | 20,517 | -39,421 | 46,653 | -10,128 | -20,816 | 27,642 | 14,334 | -6,544 | - | ||
| 114,751 | 109,384 | 119,484 | 79,239 | 48,549 | -25,504 | -57,398 | 3,442 | -15,386 | 33,667 | 82,332 | 69,221 | 85,570 | 34,668 | 39,554 | 54,259 | 29,856 | 58,133 | 58,480 | ||
| 70.1% | 78.2% | 74.4% | 57.3% | 39.6% | -42.3% | -108.3% | -7.8% | -14.6% | 24.9% | 39.0% | 35.3% | 45.7% | 34.7% | 35.1% | 34.6% | 21.6% | 25.2% | 33.0% | ||
| 3.57 | 5.03 | 3.90 | 2.61 | 2.07 | 0.77 | 0.53 | 1.03 | 0.88 | 1.31 | 1.62 | 1.58 | 1.72 | 1.37 | 1.40 | 1.49 | 1.24 | 1.34 | 1.42 | ||
| 3.29 | 4.02 | 3.02 | 2.16 | 1.81 | 0.60 | 0.43 | 0.89 | 0.80 | 1.01 | 1.41 | 1.33 | 1.40 | 1.17 | 1.24 | 1.24 | 1.13 | 1.06 | 1.04 | ||
| 0.33 | 0.19 | 0.25 | 0.59 | 1.23 | - | - | - | - | 2.76 | 1.41 | 1.67 | 1.08 | 1.77 | 1.72 | 1.79 | 3.41 | 2.83 | 1.93 | ||
| -7.2% | -15.2% | 50.5% | 55.5% | 198.2% | - | - | - | - | -156.8% | 18.6% | -46.1% | 52.9% | 7.0% | -14.7% | 44.6% | -67.9% | -16.9% | 0.5% | ||
| -5.0% | -11.9% | 37.6% | 31.8% | 78.4% | 37.4% | -94.2% | 7.7% | -46.7% | -39.1% | 7.2% | -16.3% | 24.1% | 2.4% | -5.2% | 15.4% | -14.7% | -4.3% | 0.2% | ||
| 3.70 | -5.96 | 43.87 | 87.08 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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 | 7 | 7 | 8 | 7 |
| full-time | 6 | 5 | 6 | 5 |
| part-time | 1 | 2 | 2 | 2 |
| in full-time equivalents | 6.7 | 6.5 | 7.5 | 6.5 |
| 6.6 | 7 | 7.5 | 7 | |
| On a permanent contract | 5 | 5 | 6 | 5 |
| Joined | 1 | 2 | 3 | 2 |
| Left | 1 | 3 | 2 | 2 |
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 | - | - | €56,188 | €19,864 |
| €15,210 | €15,210 | €7,661 | €2,409 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Insights on BATITUB
The operating result for 2025 is a loss of €10,808, smaller than the loss of €24,284 in 2024.
Debt's share of the balance-sheet total rises from 14.6% to 23.0%. Equity is lower and debt is higher.