COMPROFISC
Annual accounts 2025
micro format, filed on 06-06-2026, 55 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 ≈ €270,000. Estimated: probably between €220,000 and €340,000.
Balance sheet
balance sheet total €1.3m on 31-12-2025in €m
in euro
Position in the sector
92.5%
Higher than 92% of 15,834 companies in 2025.
12.75
Higher than 92% of 15,606 companies in 2025.
7.2%
Higher than 25% of 15,723 companies in 2025.
Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: top quarter
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 |
1.3m | 1.2m | 1.1m | 1.1m | 1.0m | 913,670 | 861,108 | 807,236 | 822,640 | 721,587 | 649,576 | 638,717 | 639,153 | 646,250 | 606,742 | 511,846 | 473,920 | 397,647 | 396,578 | 322,292 | |
21/28 |
57,059 | 61,537 | 61,852 | 57,056 | 57,956 | 58,855 | 60,356 | 65,290 | 56,976 | 59,441 | 62,256 | 65,329 | 69,167 | 72,895 | 82,520 | 102,714 | 117,058 | 142,696 | 147,009 | 121,188 | |
22/27 |
53,986 | 58,465 | 58,779 | 53,983 | 54,883 | 55,783 | 57,283 | 62,217 | 53,903 | 56,368 | 59,184 | 62,256 | 66,094 | 69,822 | 79,447 | 99,641 | 113,986 | 139,623 | 143,937 | 118,121 | |
22 |
49,758 | 50,277 | 50,795 | 51,313 | 51,831 | 52,349 | 52,867 | 53,385 | 53,903 | 54,421 | 54,939 | 55,458 | 55,976 | 56,494 | 57,012 | 57,530 | 58,048 | 58,566 | 59,084 | 59,602 | |
23 |
1,526 | 1,908 | 2,289 | 2,671 | 3,052 | 3,434 | - | - | - | 183 | 717 | 1,251 | 2,199 | 2,531 | 3,356 | 4,237 | 5,118 | 6,687 | 8,519 | 6,005 | |
24 |
2,702 | 6,280 | 5,695 | - | - | - | 4,416 | 8,832 | - | - | - | - | 352 | 703 | 2,007 | 6,649 | 5,441 | 14,839 | 24,735 | 18,554 | |
26 |
0 | 0 | - | - | - | - | - | - | - | 1,764 | 3,527 | 5,548 | 7,568 | 10,094 | 17,073 | 31,225 | 45,378 | 59,532 | 51,599 | 33,959 | |
28 |
3,073 | 3,073 | 3,073 | 3,073 | 3,073 | 3,073 | 3,073 | 3,073 | 3,073 | 3,073 | 3,073 | 3,073 | 3,073 | 3,073 | 3,073 | 3,073 | 3,073 | 3,073 | 3,073 | 3,068 | |
29/58 |
1.2m | 1.2m | 1.1m | 1.0m | 948,247 | 854,815 | 800,752 | 741,946 | 765,664 | 662,147 | 587,319 | 573,388 | 569,986 | 573,355 | 524,222 | 409,132 | 356,861 | 254,951 | 249,569 | 201,104 | |
29 |
226,679 | 246,043 | 264,808 | 282,994 | 300,619 | 317,701 | 334,259 | 65,130 | 78,158 | 90,823 | 103,136 | - | - | - | - | - | - | - | - | - | |
291 |
226,679 | 246,043 | 264,808 | 282,994 | 300,619 | 317,701 | 334,259 | 65,130 | 78,158 | 90,823 | 103,136 | - | - | - | - | - | - | - | - | - | |
40/41 |
687,945 | 735,585 | 782,291 | 538,017 | 457,794 | 448,617 | 428,191 | 458,770 | 610,389 | 483,422 | 335,067 | 426,120 | 352,443 | 400,357 | 371,886 | 306,090 | 311,907 | 115,113 | 142,148 | 104,256 | |
40 |
436,789 | 442,701 | 498,787 | 402,666 | 345,404 | 369,675 | 314,472 | 382,455 | 335,292 | 272,130 | 139,990 | 252,142 | 204,296 | 229,116 | 231,255 | 164,039 | 131,355 | 76,870 | 100,737 | 62,833 | |
41 |
251,156 | 292,884 | 283,504 | 135,352 | 112,390 | 78,943 | 113,719 | 76,316 | 275,098 | 211,292 | 195,077 | 173,978 | 148,147 | 171,241 | 140,631 | 142,052 | 180,552 | 38,243 | 41,411 | 41,423 | |
50/53 |
255 | 255 | 255 | 255 | 255 | 255 | 255 | 255 | - | 70,245 | 100,139 | 135,534 | 201,355 | 100,896 | 141,116 | 45,258 | 92 | 92 | 86,851 | 75,284 | |
54/58 |
330,643 | 198,173 | 29,501 | 207,016 | 183,775 | 82,919 | 32,919 | 212,930 | 72,702 | 15,393 | 48,977 | 11,734 | 16,189 | 71,938 | 11,220 | 57,784 | 44,863 | 139,746 | 20,570 | 21,055 | |
490/1 |
- | - | - | 6,037 | 5,804 | 5,322 | 5,129 | 4,861 | 4,414 | 2,263 | - | - | - | 164 | - | - | - | - | - | 509 | |
| Balance sheet: equity and liabilities | |||||||||||||||||||||
10/49 |
1.3m | 1.2m | 1.1m | 1.1m | 1.0m | 913,670 | 861,108 | 807,236 | 822,640 | 721,587 | 649,576 | 638,717 | 639,153 | 646,250 | 606,742 | 511,846 | 473,920 | 397,647 | 396,578 | 322,292 | |
10/15 |
1.2m | 1.1m | 995,757 | 921,938 | 822,183 | 787,302 | 766,148 | 762,685 | 692,206 | 634,521 | 561,058 | 493,681 | 434,025 | 402,885 | 357,248 | 302,419 | 273,807 | 249,369 | 223,061 | 187,335 | |
10/11 |
341,000 | 341,000 | 341,000 | 341,000 | 341,000 | 341,000 | 341,000 | 341,000 | 341,000 | 341,000 | 341,000 | 341,000 | 341,000 | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 | |
100 |
- | - | - | - | - | - | 341,000 | 341,000 | 341,000 | 341,000 | 341,000 | 341,000 | 341,000 | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 | |
13 |
863,876 | 770,211 | 654,757 | 580,938 | 481,183 | 446,302 | 425,148 | 421,685 | 351,206 | 293,521 | 220,058 | 152,681 | 93,025 | 277,885 | 232,248 | 148,807 | 148,807 | 124,369 | 98,061 | 62,335 | |
130/1 |
- | - | - | 34,100 | 34,100 | 34,100 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 34,100 | 34,100 | 34,100 | 34,100 | 34,100 | 34,100 | 34,100 | 12,500 | 12,500 | 12,500 | 12,500 | 12,500 | 12,500 | 12,500 | |
1311 |
- | - | - | 34,100 | 34,100 | 34,100 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
132 |
25,225 | 25,225 | 25,225 | 25,225 | 25,225 | 25,225 | 25,225 | 25,225 | 25,225 | 25,225 | 25,225 | 25,225 | 25,225 | 25,225 | 25,225 | 25,225 | 25,225 | 25,225 | 25,225 | 25,225 | |
133 |
838,651 | 744,986 | 629,532 | 521,613 | 421,858 | 386,976 | 365,823 | 362,360 | 291,881 | 234,196 | 160,732 | 93,356 | 33,700 | 240,160 | 194,523 | 111,082 | 111,082 | 86,644 | 60,336 | 24,609 | |
14 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 28,612 | - | - | - | - | |
17/49 |
97,705 | 130,382 | 142,950 | 169,437 | 184,020 | 126,369 | 94,960 | 44,550 | 130,434 | 87,066 | 88,518 | 145,036 | 205,128 | 243,365 | 249,493 | 209,427 | 200,113 | 148,278 | 173,517 | 134,958 | |
17 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 130,500 | 168,688 | 159,510 | 154,545 | 141,605 | 129,524 | 118,599 | |
170/4 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 130,500 | 168,688 | 159,510 | 154,545 | 141,605 | 129,524 | 118,599 | |
42/48 |
97,705 | 130,382 | 142,950 | 169,437 | 182,753 | 126,369 | 94,960 | 44,550 | 130,434 | 87,066 | 88,518 | 145,036 | 205,128 | 112,865 | 80,805 | 49,917 | 45,568 | 6,672 | 43,994 | 16,358 | |
44 |
543 | 1,427 | 1,242 | 2,347 | 1,466 | 1,899 | 530 | 2,165 | 451 | 108 | 944 | 765 | 1,946 | 1,352 | 947 | 4,963 | 2,204 | 385 | 2,636 | 2,165 | |
440/4 |
543 | 1,427 | 1,242 | 2,347 | 1,466 | 1,899 | 530 | 2,165 | 451 | 108 | 944 | 765 | 1,946 | 1,352 | 947 | 4,963 | 2,204 | 385 | 2,636 | 2,165 | |
46 |
177 | - | - | 1,357 | 1,357 | 1,357 | 1,357 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
45 |
72,240 | 66,847 | 65,011 | 68,645 | 60,042 | 45,966 | 38,073 | 42,385 | 114,984 | 74,839 | 65,761 | 69,675 | 59,741 | 63,416 | 64,859 | 44,954 | 38,364 | 6,288 | 31,357 | 4,193 | |
450/3 |
72,240 | 66,847 | 65,011 | 68,645 | 60,042 | 45,966 | 38,073 | 42,385 | 114,984 | 74,839 | 65,761 | 69,675 | 59,741 | 63,416 | 64,859 | 44,954 | 38,364 | 6,288 | 31,357 | 4,193 | |
47/48 |
24,746 | 62,109 | 76,697 | 97,090 | 119,888 | 77,147 | 55,000 | - | 15,000 | 12,119 | 21,813 | 74,596 | 143,441 | 48,097 | 15,000 | - | 5,000 | - | 10,000 | 10,000 | |
492/3 |
- | - | - | - | 1,267 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Income statement | |||||||||||||||||||||
76A |
- | - | - | - | - | - | - | - | - | - | - | - | - | 5,415 | - | - | 4,132 | - | - | - | |
9900 |
145,436 | 163,894 | 172,471 | 145,510 | 130,129 | 121,094 | 81,787 | 104,012 | 102,887 | 126,861 | 119,198 | 111,199 | 127,660 | 128,852 | 119,238 | 83,580 | 71,938 | 81,860 | 99,511 | 49,776 | |
630 |
4,478 | 4,415 | 1,840 | 900 | 900 | 5,316 | 4,934 | 4,934 | 2,465 | 2,816 | 3,072 | 3,838 | 4,344 | 10,680 | 20,194 | 20,364 | 26,385 | 26,399 | 24,008 | 14,740 | |
631/4 |
- | - | - | 7,867 | - | - | - | - | - | 1,065 | -1,900 | - | -2,503 | -3,007 | - | 14,748 | - | - | 368 | - | |
640/8 |
24,650 | 9,898 | 82,523 | 2,566 | 1,976 | 2,146 | 2,879 | 4,708 | 1,829 | 1,504 | 2,091 | 1,285 | 1,076 | 8,665 | 1,681 | 1,276 | 4,384 | 7,929 | 661 | 2,055 | |
66A |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | - | - | - | |
9901 |
116,308 | 149,582 | 88,108 | 134,177 | 127,254 | 113,632 | 73,974 | 94,370 | 98,593 | 121,477 | 115,935 | 106,076 | 124,743 | 112,514 | 97,364 | 47,192 | 41,169 | 47,532 | 74,474 | 32,981 | |
75/76B |
19,538 | 19,956 | 18,244 | 9,443 | 10,177 | 10,519 | 7,724 | 5,314 | 8,176 | 7,717 | 5,636 | 5,146 | 5,790 | 5,595 | 6,650 | 6,222 | 4,922 | 2,573 | 1,455 | 614 | |
75 |
19,538 | 19,956 | 18,244 | 9,443 | 10,177 | 10,519 | 7,724 | 5,314 | 8,176 | 7,717 | 5,636 | 5,146 | 5,790 | 5,595 | 6,650 | 6,222 | 4,922 | 2,573 | 1,455 | 614 | |
65/66B |
4,009 | 6,257 | 3,622 | 3,144 | 262 | 507 | 168 | 274 | 403 | 495 | 924 | 6,918 | 11,706 | 13,839 | 14,912 | 15,374 | 15,537 | 14,419 | 13,171 | 8,856 | |
65 |
4,009 | 6,257 | 3,622 | 3,144 | 262 | 507 | 168 | 274 | 403 | 495 | 924 | 6,918 | 11,706 | 13,839 | 14,912 | 15,374 | 15,537 | 14,419 | 13,171 | 8,856 | |
9903 |
131,837 | 163,280 | 102,730 | 140,477 | 137,169 | 123,645 | 81,530 | 99,410 | 106,366 | 128,699 | 120,646 | 104,303 | 118,827 | 109,685 | 89,101 | 38,040 | 34,686 | 35,686 | 62,758 | 24,739 | |
67/77 |
38,172 | 47,827 | 28,911 | 40,722 | 28,823 | 35,115 | 23,067 | 28,930 | 33,681 | 43,235 | 36,970 | 29,647 | 24,187 | 29,048 | 19,272 | 9,428 | 5,249 | 9,378 | 17,032 | 1,702 | |
9904 |
93,665 | 115,454 | 73,819 | 99,755 | 108,346 | 88,530 | 58,463 | 70,480 | 72,684 | 85,464 | 83,676 | 74,656 | 94,640 | 80,637 | 69,830 | 28,612 | 29,438 | 26,308 | 45,726 | 23,038 | |
9905 |
93,665 | 115,454 | 73,819 | 99,755 | 108,346 | 88,530 | 58,463 | 70,480 | 72,684 | 85,464 | 83,676 | 74,656 | 94,640 | 80,637 | 69,830 | 28,612 | 29,438 | 26,308 | 45,726 | 23,038 | |
| Appropriation of the result | |||||||||||||||||||||
9906 |
93,665 | 115,454 | 73,819 | 99,755 | 108,346 | 88,530 | 58,463 | 70,480 | 72,684 | 85,464 | 83,676 | 74,656 | 94,640 | 80,637 | 69,830 | 28,612 | 29,438 | 26,308 | 45,726 | 23,038 | |
791/2 |
- | - | - | - | 73,464 | 67,376 | 55,000 | - | - | - | - | - | 240,000 | - | - | - | - | - | - | - | |
691/2 |
93,665 | 115,454 | 73,819 | 99,755 | 108,346 | 88,530 | 58,463 | 70,480 | 57,684 | 73,464 | 67,376 | 59,656 | 55,140 | 45,637 | 54,830 | - | 24,438 | 26,308 | 35,726 | 13,038 | |
6920 |
- | - | - | - | - | - | - | - | - | - | - | - | 21,600 | - | - | - | - | - | 35,726 | 5,063 | |
6921 |
93,665 | 115,454 | 73,819 | 99,755 | 108,346 | 88,530 | 58,463 | 70,480 | 57,684 | 73,464 | 67,376 | 59,656 | 33,540 | 45,637 | 54,830 | - | 24,438 | 26,308 | - | 7,975 | |
694/7 |
- | - | - | - | 73,464 | 67,376 | 55,000 | - | 15,000 | 12,000 | 16,300 | 15,000 | 279,500 | 35,000 | 15,000 | - | 5,000 | - | 10,000 | 10,000 | |
694 |
- | - | - | - | 73,464 | 67,376 | 55,000 | - | - | - | - | - | 249,500 | 20,000 | - | - | - | - | - | - | |
695 |
- | - | - | - | - | - | - | - | 15,000 | 12,000 | 16,300 | 15,000 | 30,000 | 15,000 | 15,000 | - | 5,000 | - | 10,000 | 10,000 | |
| Document | |||||||||||||||||||||
The accounts for 10 older financial years (1996-2005) 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 06-06-2026.
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 | 06-06-2026 | 2026-00141321 | |
| 31-12-2024 | micro format | 03-06-2025 | 2025-00115564 | |
| 31-12-2023 | micro format | 26-06-2024 | 2024-00164557 | |
| 31-12-2022 | micro format | 11-06-2023 | 2023-00118010 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20347445 | |
| 31-12-2020 | micro format | 22-08-2021 | 2021-51800074 | |
| 31-12-2019 | micro format | 04-07-2020 | 2020-27100491 | |
| 31-12-2018 | micro format | 14-08-2019 | 2019-46000080 | |
| 31-12-2017 | micro format | 01-09-2018 | 2018-57800333 | |
| 31-12-2016 | micro format | 25-07-2017 | 2017-34600367 | |
| 31-12-2015 | abbreviated format | 26-07-2016 | 2016-36000067 | |
| 31-12-2014 | abbreviated format | 15-08-2015 | 2015-45500049 | |
| 31-12-2013 | abbreviated format | 31-07-2014 | 2014-36900215 | |
| 31-12-2012 | abbreviated format | 09-10-2013 | 2013-63100534 | |
| 31-12-2011 | abbreviated format | 20-08-2012 | 2012-41600474 | |
| 31-12-2010 | abbreviated format | 16-08-2011 | 2011-40200290 | |
| 31-12-2009 | abbreviated format | 31-08-2010 | 2010-46500474 | |
| 31-12-2008 | abbreviated format | 31-07-2009 | 2009-50700354 | |
| 31-12-2007 | abbreviated format | 30-07-2008 | 2008-48700316 | |
| 31-12-2006 | abbreviated format | 23-07-2007 | 2007-43400389 | |
| 31-12-2005 | abbreviated format | 27-07-2006 | 2006-53402622 | |
| 31-12-2004 | abbreviated format | 15-07-2005 | 2005-49203968 | |
| 31-12-2003 | abbreviated format | 27-07-2004 | 2004-51604453 | |
| 31-12-2002 | abbreviated format | 16-07-2003 | 2003-45601500 | |
| 31-12-2001 | abbreviated format | 29-07-2002 | 2002-43300627 | |
| 31-12-2000 | abbreviated format | 27-07-2001 | 2001-44200856 | |
| 31-12-1999 | abbreviated format | 14-07-2000 | 2000-42302842 | |
| 31-12-1998 | abbreviated format | 15-07-1999 | 1999-34003690 | |
| 31-12-1997 | abbreviated format | 17-07-1998 | 1998-34000568 | |
| 31-12-1996 | abbreviated format | 14-07-1997 | 1997-30303693 |
Subsidies and aid
Flemish government 2022 to 2025, 5 entries, €2,354 awarded, €2,774 paid
| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €1,224 | €1,194 |
| 2024 | 1 | €504 | €504 |
| 2023 | 1 | €0 | €450 |
| 2022 | 1 | €626 | €626 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 120,786 | 153,997 | 89,948 | 135,077 | 128,154 | 118,948 | 78,908 | 99,304 | 101,058 | 124,292 | 119,007 | 109,914 | 129,087 | 123,194 | 117,558 | 67,557 | 67,554 | 73,931 | 98,482 | 47,722 | ||
| 98,143 | 119,868 | 75,659 | 100,654 | 109,245 | 93,845 | 63,397 | 75,414 | 75,149 | 88,279 | 86,749 | 78,494 | 98,984 | 91,316 | 90,024 | 48,976 | 55,822 | 52,707 | 69,734 | 37,778 | ||
| 0 | 4,100 | 6,635 | 0 | 0 | 3,815 | 0 | 13,248 | 0 | 0 | 0 | 0 | 616 | 6,384 | 0 | 6,020 | 747 | 22,086 | 49,824 | - | ||
| 132,470 | 168,672 | -177,515 | 23,242 | 100,856 | 50,000 | -180,011 | 140,228 | 57,309 | -33,583 | 37,243 | -4,455 | -55,749 | 60,718 | -46,564 | 12,921 | -94,883 | 119,176 | -485 | - | ||
| 1.1m | 1.0m | 933,905 | 864,882 | 765,495 | 728,446 | 705,792 | 697,396 | 635,230 | 575,081 | 498,801 | 428,353 | 364,858 | 460,490 | 443,416 | 359,215 | 311,293 | 248,278 | 205,575 | 184,746 | ||
| 92.5% | 89.5% | 87.4% | 84.5% | 81.7% | 86.2% | 89.0% | 94.5% | 84.1% | 87.9% | 86.4% | 77.3% | 67.9% | 62.3% | 58.9% | 59.1% | 57.8% | 62.7% | 56.2% | 58.1% | ||
| 12.75 | 9.05 | 7.53 | 6.10 | 5.19 | 6.76 | 8.43 | 16.65 | 5.87 | 7.61 | 6.64 | 3.95 | 2.78 | 5.08 | 6.49 | 8.20 | 7.83 | 38.21 | 5.67 | 12.29 | ||
| 0.08 | 0.12 | 0.14 | 0.18 | 0.22 | 0.16 | 0.12 | 0.06 | 0.19 | 0.14 | 0.16 | 0.29 | 0.47 | 0.60 | 0.70 | 0.69 | 0.73 | 0.59 | 0.78 | 0.72 | ||
| 7.8% | 10.4% | 7.4% | 10.8% | 13.2% | 11.2% | 7.6% | 9.2% | 10.5% | 13.5% | 14.9% | 15.1% | 21.8% | 20.0% | 19.5% | 9.5% | 10.8% | 10.5% | 20.5% | 12.3% | ||
| 7.2% | 9.3% | 6.5% | 9.1% | 10.8% | 9.7% | 6.8% | 8.7% | 8.8% | 11.8% | 12.9% | 11.7% | 14.8% | 12.5% | 11.5% | 5.6% | 6.2% | 6.6% | 11.5% | 7.1% | ||
| 30.13 | 24.61 | 24.83 | 42.96 | 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.
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €4,100 | €6,635 | - | - |
| €4,478 | €4,415 | €1,840 | €900 | €900 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on COMPROFISC
The operating result for 2025 is 22% lower than in 2024.
Debt's share of the balance-sheet total falls from 10.5% to 7.5%. Equity is higher and debt is lower.