CHOUKRAN
Annual accounts 2025
full format, filed on 27-07-2026, 4 days before the deadlineThe turnover shown is an estimate from the gross margin.
Turnover ≈ €14,000. Estimated: probably between €6,300 and €36,000.
Balance sheet
balance sheet total €10,050 on 31-12-2025in euro
in euro
Position in the sector
40.0%
Higher than 39% of 3,873 companies in 2025.
1.50
Higher than 54% of 3,727 companies in 2025.
5.4%
Higher than 61% of 3,849 companies in 2025.
Net result: middle half · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: middle half
Staff
Staff costs divided by the average number of full-time equivalents.
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 |
10,050 | 103,872 | 107,273 | 110,436 | 112,268 | 115,394 | 113,354 | 105,272 | 94,850 | 91,694 | 78,761 | 83,676 | 62,889 | 89,247 | 87,400 | 99,440 | 102,118 | 77,094 | 118,603 | 149,001 | |
21/28 |
984 | 984 | 5,984 | 10,984 | 1,379 | 1,774 | 2,170 | 2,565 | 1,515 | 2,046 | 4,702 | 22,890 | 984 | 984 | 1,479 | 9,531 | 16,096 | 51,853 | 47,784 | 50,384 | |
22/27 |
- | - | 5,000 | 10,000 | 395 | 791 | 1,186 | 1,581 | 531 | 1,063 | 3,719 | 21,906 | - | - | 495 | 8,547 | 15,113 | 50,869 | 46,800 | 49,400 | |
22 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 50,869 | 46,800 | 49,400 | |
24 |
- | - | 5,000 | 10,000 | 395 | 791 | 1,186 | - | - | - | - | - | - | - | 495 | 991 | - | - | - | - | |
28 |
984 | 984 | 984 | 984 | 984 | 984 | 984 | 984 | 984 | 984 | 984 | 984 | 984 | 984 | 984 | 984 | 984 | 984 | 984 | 984 | |
29/58 |
9,066 | 102,888 | 101,289 | 99,452 | 110,889 | 113,619 | 111,184 | 102,707 | 93,335 | 89,648 | 74,059 | 60,786 | 61,905 | 88,263 | 85,922 | 89,909 | 86,022 | 25,241 | 70,819 | 98,617 | |
3 |
- | 2,790 | 2,790 | 2,790 | 2,790 | 6,045 | 9,300 | 9,300 | 9,300 | 10,000 | 12,750 | 16,750 | - | - | - | - | - | - | - | - | |
30/36 |
- | 2,790 | 2,790 | 2,790 | 2,790 | 6,045 | 9,300 | 9,300 | 9,300 | 10,000 | 12,750 | 16,750 | - | - | - | - | - | - | - | - | |
40/41 |
8,666 | 86,918 | 96,709 | 65,381 | 105,962 | 104,829 | 96,322 | 91,403 | 81,174 | 79,548 | 60,017 | 40,705 | 61,860 | 85,443 | 83,096 | 87,083 | 78,521 | 24,960 | 19,448 | 30,716 | |
40 |
3,250 | 1,210 | 902 | - | - | - | - | 6,327 | 4,669 | 33,943 | 23,442 | 14,030 | 0 | 1,815 | 2,170 | 545 | - | 908 | 18,374 | 29,737 | |
41 |
5,416 | 85,708 | 95,807 | 65,381 | 105,962 | 104,829 | 96,322 | 85,076 | 76,505 | 45,605 | 36,575 | 26,675 | 61,860 | 83,628 | 80,926 | 86,538 | 78,521 | 24,053 | 1,074 | 979 | |
54/58 |
400 | 13,180 | 1,295 | 31,281 | 2,137 | 2,745 | 5,562 | 2,004 | 2,862 | 100 | 1,291 | 2,397 | 46 | 2,340 | 2,340 | 2,340 | 7,014 | 281 | 51,371 | 67,901 | |
490/1 |
- | - | 495 | - | - | - | - | - | - | - | - | 934 | - | 480 | 486 | 486 | 486 | - | - | - | |
| Balance sheet: equity and liabilities | |||||||||||||||||||||
10/49 |
10,050 | 103,872 | 107,273 | 110,436 | 112,268 | 115,394 | 113,354 | 105,272 | 94,850 | 91,694 | 78,761 | 83,676 | 62,889 | 89,247 | 87,400 | 99,440 | 102,118 | 77,094 | 118,603 | 149,001 | |
10/15 |
4,020 | 3,481 | 106,546 | 110,069 | 109,732 | 105,682 | 92,586 | 80,623 | 69,855 | 56,990 | 50,060 | 37,449 | 28,589 | 46,157 | 40,746 | 43,883 | 42,051 | 16,618 | 47,547 | 22,141 | |
10/11 |
1,918 | 1,918 | 57,016 | 57,016 | 57,016 | 57,016 | 57,016 | 57,016 | 57,016 | 57,016 | 57,016 | 57,016 | 57,016 | 57,016 | 57,016 | 57,016 | 57,016 | 57,016 | 57,016 | 57,016 | |
10 |
1,918 | - | - | - | 57,016 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
100 |
1,918 | - | - | - | 57,016 | 57,016 | 57,016 | 57,016 | 57,016 | 57,016 | 57,016 | 57,016 | 57,016 | 57,016 | 57,016 | 57,016 | 57,016 | 57,016 | 57,016 | 57,016 | |
13 |
192 | 192 | 5,701 | 5,701 | 5,702 | 5,702 | 5,702 | 5,702 | 5,702 | 5,702 | 5,702 | 5,702 | 5,702 | 5,702 | 5,702 | 5,702 | 5,702 | 5,702 | 5,702 | 5,702 | |
130/1 |
192 | - | 5,701 | 5,701 | 5,702 | 5,702 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
130 |
192 | - | - | - | 5,702 | 5,702 | 5,702 | 5,702 | 5,702 | 5,702 | 5,702 | 5,702 | 5,702 | 5,702 | 5,702 | 5,702 | 5,702 | 5,702 | 5,702 | 5,702 | |
1311 |
- | - | 5,701 | 5,701 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
133 |
- | 192 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
14 |
1,910 | 1,371 | 43,829 | 47,352 | 47,015 | 42,965 | 29,869 | 17,906 | 7,138 | -5,727 | -12,657 | -25,268 | -34,128 | -16,561 | -21,971 | -18,834 | -20,666 | -46,099 | -15,171 | -40,577 | |
16 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 62,399 | |
160/5 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 62,399 | |
17/49 |
6,030 | 100,391 | 727 | 367 | 2,536 | 9,712 | 20,768 | 24,649 | 24,995 | 34,705 | 28,701 | 46,227 | 34,300 | 43,090 | 46,654 | 55,557 | 60,067 | 60,476 | 71,056 | 64,461 | |
17 |
- | - | - | - | - | - | 1,979 | 6,578 | 10,971 | 15,167 | 19,174 | 31,186 | 26,657 | 30,149 | 35,232 | 43,489 | 51,353 | 42,617 | 45,393 | 48,044 | |
170/4 |
- | - | - | - | - | - | 1,979 | 6,578 | 10,971 | 15,167 | 19,174 | 31,186 | 26,657 | 30,149 | 35,232 | 43,489 | 51,353 | 42,617 | 45,393 | 48,044 | |
42/48 |
6,030 | 100,391 | 727 | 367 | 2,536 | 9,712 | 18,643 | 18,070 | 14,024 | 19,538 | 9,527 | 15,041 | 7,643 | 12,941 | 11,422 | 12,068 | 8,714 | 17,858 | 25,663 | 16,417 | |
42 |
- | - | - | - | - | 1,979 | 4,599 | 4,393 | 4,196 | 4,007 | 3,827 | 13,820 | 3,492 | 5,083 | 8,257 | 7,865 | 7,491 | 2,775 | 2,651 | 2,532 | |
43 |
- | - | - | - | - | - | - | - | - | 1,781 | - | - | 1,590 | 3,252 | 1,473 | 3,078 | - | 2,976 | - | - | |
430/8 |
- | - | - | - | - | - | - | - | - | 1,781 | - | - | 1,590 | 3,252 | 1,473 | 3,078 | - | 2,976 | - | - | |
44 |
49 | 252 | 495 | - | 348 | - | - | 47 | - | 2,026 | - | 1,221 | 1,277 | 2,147 | 1,183 | 905 | 905 | 11,289 | 12,242 | 4,718 | |
440/4 |
49 | 252 | 495 | - | 348 | - | - | 47 | - | 2,026 | - | 1,221 | 1,277 | 2,147 | 1,183 | 905 | 905 | 11,289 | 12,242 | 4,718 | |
45 |
- | 139 | 232 | 367 | 2,189 | 7,732 | 14,044 | 13,631 | 9,828 | 11,723 | 5,700 | - | 1,283 | 2,460 | 510 | 220 | 317 | 818 | 10,770 | 9,167 | |
450/3 |
- | 139 | 232 | 367 | 2,189 | 7,732 | 14,044 | 13,631 | 9,828 | 11,723 | 5,700 | - | 1,283 | 2,460 | 510 | 220 | 317 | 75 | 9,159 | 7,090 | |
454/9 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 743 | 1,611 | 2,077 | |
47/48 |
5,981 | 100,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
492/3 |
- | - | - | - | - | - | 146 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Income statement | |||||||||||||||||||||
9900 |
3,639 | -2,956 | -1,250 | 1,631 | 2,030 | 7,500 | 11,852 | 12,722 | 15,547 | 11,922 | 25,780 | 18,736 | 3,425 | 4,592 | 3,171 | 10,212 | 39,166 | -9,467 | -5,278 | 38,278 | |
62 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 3,883 | 15,488 | 18,369 | 19,149 | |
630 |
- | 5,000 | 5,000 | 5,395 | 395 | 395 | 395 | 927 | 531 | 531 | 2,656 | 7,302 | 1,119 | 495 | 8,053 | 8,052 | 7,556 | 3,341 | 2,600 | 10,806 | |
631/4 |
2,790 | - | - | - | 3,255 | 3,255 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
635/8 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -62,399 | 5,389 | |
640/8 |
461 | 514 | 1,153 | 61 | 755 | 59 | 406 | 405 | 756 | 2,839 | 5,701 | 1,215 | 4,104 | 1,854 | 2,027 | 1,694 | 3,335 | 1,169 | 1,075 | 1,524 | |
66A |
- | - | - | - | - | - | - | - | - | - | - | - | 20,000 | - | - | - | - | - | - | - | |
9901 |
388 | -8,470 | -7,403 | -3,825 | -2,374 | 3,791 | 11,051 | 11,391 | 14,260 | 8,551 | 17,424 | 10,219 | -1,798 | 2,243 | -6,909 | 466 | 24,392 | -29,464 | 35,077 | 1,410 | |
75/76B |
242 | 5,500 | 5,556 | 5,906 | 6,520 | 9,613 | 7,395 | 6,215 | 5,135 | 3,635 | 2,446 | 3,867 | 6,132 | 7,454 | 6,820 | 4,261 | 3,915 | 1,307 | 67 | 192 | |
75 |
242 | 5,500 | 5,556 | 5,906 | 6,520 | 9,613 | 7,395 | 6,215 | 5,135 | 3,635 | 2,446 | 3,867 | 6,132 | 7,454 | 6,820 | 4,261 | 3,915 | 1,307 | 67 | 192 | |
65/66B |
91 | 94 | 16 | 85 | 95 | 307 | 983 | 838 | 1,029 | 1,256 | 1,559 | 4,074 | 1,901 | 2,408 | 2,613 | 2,894 | 2,874 | 2,754 | 2,528 | 1,746 | |
65 |
91 | 94 | 16 | 85 | 95 | 307 | 983 | 838 | 1,029 | 1,256 | 1,559 | 4,074 | 1,901 | 2,408 | 2,613 | 2,894 | 2,874 | 2,754 | 2,528 | 1,746 | |
9903 |
539 | -3,064 | -1,863 | 1,996 | 4,050 | 13,096 | 17,463 | 16,768 | 18,366 | 10,930 | 18,311 | 10,012 | -17,567 | 7,289 | -2,702 | 1,832 | 25,433 | -30,912 | 32,616 | -144 | |
67/77 |
- | - | 1,660 | 1,659 | - | - | 5,500 | 6,000 | 5,500 | 4,000 | 5,700 | 1,153 | 0 | 1,878 | 435 | - | - | 16 | 7,210 | 26 | |
9904 |
539 | -3,064 | -3,523 | 337 | 4,050 | 13,096 | 11,963 | 10,768 | 12,866 | 6,930 | 12,611 | 8,860 | -17,567 | 5,411 | -3,137 | 1,832 | 25,433 | -30,927 | 25,406 | -170 | |
9905 |
539 | -3,064 | -3,523 | 337 | 4,050 | 13,096 | 11,963 | 10,768 | 12,866 | 6,930 | 12,611 | 8,860 | -17,567 | 5,411 | -3,137 | 1,832 | 25,433 | -30,927 | 25,406 | -170 | |
| Appropriation of the result | |||||||||||||||||||||
9906 |
1,910 | 40,765 | 43,829 | 47,352 | 47,015 | 42,965 | 29,869 | 17,906 | 7,138 | -5,727 | -12,657 | -25,268 | -34,128 | -16,561 | -21,971 | -18,834 | -20,666 | -46,099 | -15,171 | -40,577 | |
14P |
1,371 | 43,829 | 47,352 | 47,015 | 42,965 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
791/2 |
- | 60,606 | - | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
691/2 |
- | - | - | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
691 |
- | - | - | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
6920 |
- | - | - | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
6921 |
- | - | - | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
694/7 |
- | 100,000 | - | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
694 |
- | 100,000 | - | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
695 |
- | - | - | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
696 |
- | - | - | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
697 |
- | - | - | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Social balance sheet | |||||||||||||||||||||
9087 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0.5 | 0.5 | 0.5 | |
Hours worked1013 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 922 | 920 | 930 | |
| Document | |||||||||||||||||||||
The accounts for 18 older financial years (1988-2005) were filed as documents without figures as data, scans for example.
The notes to these accounts have 3 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 27-07-2026.
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 | full format | 27-07-2026 | 2026-00349555 | |
| 31-12-2024 | full format | 21-07-2025 | 2025-00290237 | |
| 31-12-2023 | full format | 22-08-2024 | 2024-00363868 | |
| 31-12-2022 | full format | 22-08-2023 | 2023-00362645 | |
| 31-12-2021 | full format | 16-09-2022 | 2022-20431201 | |
| 31-12-2020 | micro format | 23-08-2021 | 2021-52100171 | |
| 31-12-2019 | micro format | 21-08-2020 | 2020-43600049 | |
| 31-12-2018 | full format | 05-09-2019 | 2019-63400484 | |
| 31-12-2017 | full format | 29-08-2018 | 2018-53900356 | |
| 31-12-2016 | full format | 31-08-2017 | 2017-56900188 | |
| 31-12-2015 | full format | 31-08-2016 | 2016-55400324 | |
| 31-12-2014 | full format | 28-08-2015 | 2015-51700211 | |
| 31-12-2013 | full format | 27-08-2014 | 2014-49000226 | |
| 31-12-2012 | full format | 29-08-2013 | 2013-51700286 | |
| 31-12-2011 | full format | 27-08-2012 | 2012-46300547 | |
| 31-12-2010 | full format | 29-08-2011 | 2011-47000289 | |
| 31-12-2009 | full format | 27-08-2010 | 2010-46900408 | |
| 31-12-2008 | full format | 24-07-2009 | 2009-47000068 | |
| 31-12-2007 | full format | 26-08-2008 | 2008-71500088 | |
| 31-12-2006 | full format | 30-07-2007 | 2007-48600031 | |
| 31-12-2005 | full format | 28-07-2006 | 2006-59601046 | |
| 31-12-2004 | full format | 24-08-2005 | 2005-65600171 | |
| 31-12-2003 | full format | 02-08-2004 | 2004-58401067 | |
| 31-12-2002 | full format | 04-09-2003 | 2003-65203445 | |
| 31-12-2001 | full format | 04-09-2002 | 2002-53802922 | |
| 31-12-2000 | full format | 03-10-2001 | 2001-61603760 | |
| 31-12-1999 | full format | 22-08-2000 | 2000-52400666 | |
| 31-12-1998 | full format | 24-11-1999 | 1999-60300112 | |
| 31-12-1997 | full format | 15-07-1998 | 1998-33302523 | |
| 31-12-1996 | full format | 31-07-1997 | 1997-35500998 | |
| 31-12-1995 | full format | 08-08-1996 | 1996-39703336 | |
| 31-12-1994 | full format | 24-07-1995 | 1995-41702421 | |
| 31-12-1993 | full format | 20-07-1994 | 1994-31702082 | |
| 31-12-1992 | full format | 31-03-1994 | 1994-05603077 | |
| 31-12-1991 | full format | 24-06-1992 | 1992-14305339 | |
| 31-12-1990 | full format | 03-06-1991 | 1991-07400255 | |
| 31-12-1989 | full format | 26-10-1990 | 1990-26804073 | |
| 31-12-1988 | full format | 26-10-1990 | 1990-26804063 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| - | -3,470 | -2,403 | 1,570 | -1,979 | 4,186 | 11,446 | 12,317 | 14,791 | 9,082 | 20,080 | 17,521 | -679 | 2,738 | 1,143 | 8,518 | 31,948 | -26,123 | 37,677 | 12,216 | ||
| - | 1,936 | 1,477 | 5,732 | 4,445 | 13,492 | 12,358 | 11,694 | 13,397 | 7,461 | 15,267 | 16,162 | -16,448 | 5,905 | 4,915 | 9,884 | 32,989 | -27,586 | 28,006 | 10,636 | ||
| - | 0 | 0 | 15,000 | 0 | 0 | 0 | 1,977 | 0 | -2,125 | 6,375 | 29,208 | 1,119 | 0 | 0 | 1,487 | 22,669 | 7,410 | 0 | 60,206 | ||
| -12,780 | 11,885 | -29,986 | 29,144 | -608 | -2,817 | 3,558 | -858 | 2,762 | -1,191 | -1,105 | 2,351 | -2,295 | 0 | 0 | -4,674 | 6,733 | -51,090 | -16,530 | - | ||
| 3,036 | 2,497 | 100,562 | 99,085 | 108,353 | 103,907 | 92,541 | 84,636 | 79,311 | 70,110 | 64,531 | 45,746 | 54,263 | 75,322 | 74,499 | 77,841 | 77,308 | 7,383 | 45,156 | 82,200 | ||
| 40.0% | 3.4% | 99.3% | 99.7% | 97.7% | 91.6% | 81.7% | 76.6% | 73.6% | 62.2% | 63.6% | 44.8% | 45.5% | 51.7% | 46.6% | 44.1% | 41.2% | 21.6% | 40.1% | 14.9% | ||
| 1.50 | 1.02 | - | - | 43.72 | 11.70 | 5.96 | 5.68 | 6.66 | 4.59 | 7.77 | 4.04 | 8.10 | 6.82 | 7.52 | 7.45 | 9.87 | 1.41 | 2.76 | 6.01 | ||
| 1.50 | 1.00 | - | - | 42.62 | 11.08 | 5.47 | 5.17 | 5.99 | 4.08 | 6.43 | 2.93 | 8.10 | 6.82 | 7.52 | 7.45 | 9.87 | 1.41 | 2.76 | 6.01 | ||
| 1.50 | 28.84 | 0.01 | 0.00 | 0.02 | 0.09 | 0.22 | 0.31 | 0.36 | 0.61 | 0.57 | 1.23 | 1.20 | 0.93 | 1.15 | 1.27 | 1.43 | 3.64 | 1.49 | 2.91 | ||
| 13.4% | -88.0% | -3.3% | 0.3% | 3.7% | 12.4% | 12.9% | 13.4% | 18.4% | 12.2% | 25.2% | 23.7% | -61.4% | 11.7% | -7.7% | 4.2% | 60.5% | -186.1% | 53.4% | -0.8% | ||
| 5.4% | -2.9% | -3.3% | 0.3% | 3.6% | 11.3% | 10.6% | 10.2% | 13.6% | 7.6% | 16.0% | 10.6% | -27.9% | 6.1% | -3.6% | 1.8% | 24.9% | -40.1% | 21.4% | -0.1% | ||
| - | -36.91 | -150.19 | 18.47 | -20.75 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
EBIT margin: not included in this filing.
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.
Overdue debts
tax and social security| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Overdue tax debts | - | - | - | €367 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €15,000 | - |
| - | €5,000 | €5,000 | €5,395 | €395 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on CHOUKRAN
The operating result for 2025 is a profit of €388, after a loss of €8,470 in 2024. It is the highest result since 2020.
Debt's share of the balance-sheet total falls from 96.6% to 60.0%. Equity is higher and debt is lower.