CONA
ActiveSummary
CONA has been active since 2003 and the Belgian Official Gazette contains no insolvency or warning signals. The 2026 annual accounts show equity of €9.6m and a net result of €970,047. Equity remains stable across the filed financial years (±1.4% per year). Its solvency ranks better than 75% of 37 sector peers (NACE 42, financial year 2026). The computed 12-month bankruptcy probability is below 0.1% (very low).
Financials · financial year 2026, full format
In the rankings
#6 company by equity in Lokeren, Construction sector#9 company by total assets in Lokeren, Construction sector
Turnover
€14.5m▲ 8.8%
2025 · €13.3m
EBIT margin
7.8%▼ 1.3pp
2025 · 9.2%
Net result
€970,047▲ 9.9%
2025 · €882,526
Working capital
€9.8m▲ 10.9%
2025 · €8.8m
Trend over the years
2022 to 2026, 5 financial years 2019 to 2026, 8 financial years
The operating result has fallen two years in a row; 2026 is 7% below 2025.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Turnover€14.5m
2026
Operating result€1.1m
2026
Net result€1.0m
2026
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€13.5m
2026
Equity€9.6m
2026
Debt€3.1m
2026
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€9.8m
2026
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
EBIT margin7.8%
2026
Return on assets (ROA)7.2%
2026
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency71.3%
2026
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio4.51
2026
Average staff in full-time equivalents (FTE).
Staff (FTE)59.9
2026
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 42, Civil engineering: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Turnover€17.3m-€7.9m▼ 54.1%€8.6m▲ 7.8%€8.5m▼ 0.7%€12.1m▲ 42.3%€12.7m▲ 5.4%€13.3m▲ 4.3%€14.5m▲ 8.8%
Operating result€2.7m-€1.8m▼ 34.7%€1.8m▲ 1.2%€0.6m▼ 66.6%€1.6m▲ 160%€1.7m▲ 11.0%€1.2m▼ 30.0%€1.1m▼ 7.0%
Net result€1.7m-€1.2m▼ 27.3%€1.3mabove the sector's middle half▲ 3.5%€0.2mwithin the sector's middle half▼ 80.8%€1.1mabove the sector's middle half▲ 332%€1.3mabove the sector's middle half▲ 18.7%€0.9mwithin the sector's middle half▼ 30.3%€1.0m▲ 9.9%
EBIT margin15.8%-22.5%▲ 6.7pp21.2%▼ 1.4pp7.1%▼ 14.0pp13.0%▲ 5.9pp13.7%▲ 0.7pp9.2%▼ 4.5pp7.8%▼ 1.3pp
Equity€7.9m-€8.7m▲ 10.3%€9.3mabove the sector's middle half▲ 6.6%€9.1mabove the sector's middle half▼ 1.9%€9.5mabove the sector's middle half▲ 3.9%€9.3mabove the sector's middle half▼ 1.7%€8.6mabove the sector's middle half▼ 7.4%€9.6m▲ 11.2%
Total assets€12.4m-€13.1m▲ 6.0%€11.9mwithin the sector's middle half▼ 9.3%€12.3mwithin the sector's middle half▲ 2.9%€12.9mwithin the sector's middle half▲ 5.2%€14.1mwithin the sector's middle half▲ 9.4%€13.3mwithin the sector's middle half▼ 5.7%€13.5m▲ 1.1%
Debt€3.4m-€4.3m▲ 27.7%€2.4m▼ 44.5%€2.8m▲ 15.1%€2.9m▲ 5.5%€4.1m▲ 42.7%€4.0m▼ 2.8%€3.1m▼ 24.1%
Working capital€8.6m-€8.4m▼ 2.1%€9.3mabove the sector's middle half▲ 10.5%€9.1mabove the sector's middle half▼ 1.6%€9.5mabove the sector's middle half▲ 3.6%€9.4mabove the sector's middle half▼ 0.4%€8.8mabove the sector's middle half▼ 6.5%€9.8m▲ 10.9%
Solvency63.8%-66.4%▲ 2.6pp78.0%above the sector's middle half▲ 11.6pp74.3%above the sector's middle half▼ 3.7pp73.4%above the sector's middle half▼ 0.9pp66.0%above the sector's middle half▼ 7.4pp64.8%above the sector's middle half▼ 1.2pp71.3%▲ 6.5pp
Current ratio3.63-2.96▼ 0.664.95above the sector's middle half▲ 1.994.35above the sector's middle half▼ 0.604.54above the sector's middle half▲ 0.193.46above the sector's middle half▼ 1.093.30above the sector's middle half▼ 0.164.51▲ 1.21
Return on assets (ROA)13.8%-9.5%▼ 4.3pp10.8%above the sector's middle half▲ 1.3pp2.0%within the sector's middle half▼ 8.8pp8.3%within the sector's middle half▲ 6.3pp9.0%within the sector's middle half▲ 0.7pp6.6%within the sector's middle half▼ 2.3pp7.2%▲ 0.6pp
Staff (FTE)51.3-50.1▼ 2.3%57within the sector's middle half▲ 13.8%59.7within the sector's middle half▲ 4.7%60.4within the sector's middle half▲ 1.2%64within the sector's middle half▲ 6.0%60.5within the sector's middle half▼ 5.5%59.9▼ 1.0%
above
within
below
the middle half of NACE 42, Civil engineering: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €13.5m
Fixed assets
€912,727 ▲ 33.3%
Current assets
€12.6m ▼ 0.7%
Equity and liabilities €13.5m
Equity
€9.6m ▲ 11.2%
Provisions
€809,914 ▲ 22.3%
Debt
€3.1m ▼ 24.1%
Debt's share of the balance-sheet total falls from 30.3% to 22.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1.4m▼
2025 · €1.4m
Cash flow
€1.2m▲
2025 · €1.1m
Quick ratio
4.27▲
2025 · 2.96
Debt to equity
0.32▼
2025 · 0.47
ROE
10.1%▼
2025 · 10.2%
Interest coverage
57.23▲
2025 · 51.72
Debt ≤ 1 year
€2.8m▼
2025 · €3.8m
Debt > 1 year
€277,626▲
2025 · €202,803
Income taxes
€358,844▲
2025 · €334,779
Staff costs
€3.4m▲
2025 · €3.2m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,579 companies that looked in July 2024 the way this one looks now, 0.1% went bankrupt within 24 months and 96.7% are still going.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.1%
went bankrupt
3.2%
stopped otherwise
96.7%
still going
For this company itself Checked computes a bankruptcy probability of < 0.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,472 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,579 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €8.7m | €12.5m | €14.8m | €12.8m | €14.1m | ▲ 9.7% |
| Turnover70 | €17.3m | €7.9m | €8.6m | €8.5m | €12.1m | €12.7m | €13.3m | €14.5m | ▲ 8.8% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | €0.08m | €0.2m | €1.8m | -€0.8m | -€0.6m | ▲ 26.1% |
| Other operating income74 | - | - | - | €0.1m | €0.2m | €0.2m | €0.3m | €0.2m | ▼ 35.4% |
| Non-recurring operating income76A | - | - | - | €0.001m | €0.003m | €0.02m | €0.06m | €0.02m | ▼ 62.2% |
| Operating charges60/66A | - | - | - | €8.1m | €10.9m | €13.0m | €11.6m | €12.9m | ▲ 11.4% |
| Goods for resale, raw materials and consumables60 | - | - | - | €0.9m | €3.2m | €5.2m | €4.2m | €5.0m | ▲ 19.4% |
| Purchases600/8 | - | - | - | €0.9m | €3.2m | €5.2m | €4.2m | €5.0m | ▲ 19.4% |
| Services and other goods61 | - | - | - | €4.3m | €4.3m | €4.2m | €3.9m | €3.9m | = |
| Remuneration, social security and pensions62 | - | - | - | €2.5m | €3.1m | €3.3m | €3.2m | €3.4m | ▲ 6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.4m | €0.2m | €0.2m | €0.2m | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 13.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €0.008m | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €0.2m | €0.1m | €0.1m | €0 | €0.1m | - |
| Other operating charges640/8 | - | - | - | €0.05m | €0.09m | €0.03m | €0.02m | €0.1m | ▲ 635% |
| Non-recurring operating charges66A | - | - | - | €104 | €0 | - | - | - | - |
| Operating profit (loss)9901 | €2.7m | €1.8m | €1.8m | €0.6m | €1.6m | €1.7m | €1.2m | €1.1m | ▼ 7.0% |
| Financial income75/76B | - | - | - | €0.04m | €0.04m | €0.06m | €0.03m | €0.2m | ▲ 686% |
| Recurring financial income75 | €0.05m | €0.02m | €0.04m | €0.04m | €0.04m | €0.06m | €0.03m | €0.2m | ▲ 686% |
| Income from financial fixed assets750 | - | - | - | €0 | €0.003m | €0 | - | - | - |
| Income from current assets751 | - | - | - | €0.003m | €0.008m | €0.03m | €0.01m | €0.2m | ▲ 1,940% |
| Other financial income752/9 | - | - | - | €0.03m | €0.03m | €0.03m | €0.02m | €0.002m | ▼ 89.6% |
| Financial charges65/66B | - | - | - | €0.04m | €0.02m | €0.04m | €0.03m | €0.03m | ▼ 4.9% |
| Recurring financial charges65 | €0.04m | €0.02m | €0.06m | €0.04m | €0.02m | €0.04m | €0.03m | €0.03m | ▼ 4.9% |
| Debt charges650 | €0.02m | €0.004m | €0.02m | €0.02m | €0.01m | €0.03m | €0.03m | €0.02m | ▼ 13.3% |
| Other financial charges652/9 | - | - | - | €0.02m | €0.008m | €0.006m | €0.003m | €0.005m | ▲ 87.3% |
| Profit (loss) for the period before taxes9903 | €2.8m | €1.8m | €1.8m | €0.6m | €1.6m | €1.8m | €1.2m | €1.3m | ▲ 9.2% |
| Income taxes67/77 | €1.0m | €0.5m | €0.5m | €0.4m | €0.5m | €0.5m | €0.3m | €0.4m | ▲ 7.2% |
| Taxes670/3 | - | - | - | €0.4m | €0.5m | €0.5m | €0.3m | €0.4m | ▲ 7.2% |
| Profit (loss) for the period9904 | €1.7m | €1.2m | €1.3m | €0.2m | €1.1m | €1.3m | €0.9m | €1.0m | ▲ 9.9% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.6m | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €1.2m | €1.2m | €1.3m | €0.8m | €1.1m | €1.3m | €0.9m | €1.0m | ▲ 9.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €12.4m | €13.1m | €11.9m | €12.3m | €12.9m | €14.1m | €13.3m | €13.5m | ▲ 1.1% |
| Fixed assets21/28 | €0.6m | €0.5m | €0.3m | €0.4m | €0.8m | €0.9m | €0.7m | €0.9m | ▲ 33.3% |
| Tangible fixed assets22/27 | €0.5m | €0.5m | €0.3m | €0.3m | €0.6m | €0.7m | €0.5m | €0.8m | ▲ 42.8% |
| Land and buildings22 | - | - | - | €0.003m | €0.001m | €0.001m | €0.001m | €476 | ▼ 27.4% |
| Plant, machinery and equipment23 | - | - | - | €0.06m | €0.06m | €0.2m | €0.2m | €0.2m | ▼ 13.9% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 10.9% |
| Leasing and similar rights25 | - | - | - | €0.09m | €0.1m | €0.09m | €0.05m | €0.3m | ▲ 419% |
| Other tangible fixed assets26 | - | - | - | €0.01m | €0.004m | €0.01m | €0.02m | €0.09m | ▲ 391% |
| Financial fixed assets28 | €0.03m | €0.02m | €0.02m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | = |
| Other financial fixed assets284/8 | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | = |
| Current assets29/58 | €11.8m | €12.7m | €11.6m | €11.9m | €12.1m | €13.2m | €12.6m | €12.6m | ▼ 0.7% |
| Amounts receivable after more than one year29 | - | - | - | €1.3m | €1.2m | €1.1m | €1.1m | €1.1m | ▲ 6.1% |
| Other amounts receivable291 | - | - | - | €1.3m | €1.2m | €1.1m | €1.1m | €1.1m | ▲ 6.1% |
| Stocks and contracts in progress3 | - | - | - | €0.08m | €0.3m | €2.1m | €1.3m | €0.7m | ▼ 48.1% |
| Contracts in progress37 | - | - | - | €0.08m | €0.3m | €2.1m | €1.3m | €0.7m | ▼ 48.1% |
| Amounts receivable within one year40/41 | €1.3m | €2.1m | €1.1m | €1.8m | €2.1m | €1.8m | €2.0m | €2.2m | ▲ 13.5% |
| Trade receivables40 | - | - | - | €0.8m | €1.1m | €0.9m | €0.5m | €0.2m | ▼ 48.7% |
| Other amounts receivable41 | - | - | - | €1.0m | €1.0m | €0.9m | €1.5m | €2.0m | ▲ 33.8% |
| Current investments50/53 | - | €0.4m | €3.4m | €3.4m | €3.4m | €5.4m | €5.4m | €5.7m | ▲ 4.9% |
| Other investments51/53 | - | - | - | €3.4m | €3.4m | €5.4m | €5.4m | €5.7m | ▲ 4.9% |
| Cash at bank and in hand54/58 | €10.1m | €9.7m | €6.0m | €5.2m | €5.1m | €2.8m | €2.8m | €2.8m | ▼ 1.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.03m | €0.04m | €0.04m | €0.04m | ▼ 7.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €12.4m | €13.1m | €11.9m | €12.3m | €12.9m | €14.1m | €13.3m | €13.5m | ▲ 1.1% |
| Equity10/15 | €7.9m | €8.7m | €9.3m | €9.1m | €9.5m | €9.3m | €8.6m | €9.6m | ▲ 11.2% |
| Contributions10/11 | €0.02m | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €6.7m | €8.7m | €9.3m | €9.1m | €9.5m | €9.3m | €8.6m | €9.6m | ▲ 11.3% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €9.1m | €9.5m | €9.3m | €8.6m | €9.6m | ▲ 11.3% |
| Profit (loss) carried forward14 | €1.2m | - | €1.2m | - | - | - | - | - | - |
| Provisions and deferred taxes16 | €1.1m | €0.1m | €0.2m | €0.4m | €0.5m | €0.7m | €0.7m | €0.8m | ▲ 22.3% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.4m | €0.5m | €0.7m | €0.7m | €0.8m | ▲ 22.3% |
| Other liabilities and charges164/5 | - | - | - | €0.4m | €0.5m | €0.7m | €0.7m | €0.8m | ▲ 22.3% |
| Amounts payable17/49 | €3.4m | €4.3m | €2.4m | €2.8m | €2.9m | €4.1m | €4.0m | €3.1m | ▼ 24.1% |
| Amounts payable after more than one year17 | €0.1m | €0.03m | €0.05m | €0.03m | €0.2m | €0.3m | €0.2m | €0.3m | ▲ 36.9% |
| Financial debts170/4 | - | - | - | €0.03m | €0.2m | €0.3m | €0.2m | €0.3m | ▲ 36.9% |
| Leasing and similar obligations172 | - | - | - | €0.03m | €0.04m | €0.01m | €0 | €0.2m | - |
| Credit institutions173 | - | - | - | - | €0.2m | €0.3m | €0.2m | €0.1m | ▼ 51.3% |
| Amounts payable within one year42/48 | €3.3m | €4.3m | €2.3m | €2.7m | €2.7m | €3.8m | €3.8m | €2.8m | ▼ 27.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.3m | €0.3m | €0.2m | €0.3m | ▲ 24.9% |
| Trade debts44 | €1.5m | €1.6m | €1.3m | €2.1m | €2.1m | €2.7m | €2.7m | €2.4m | ▼ 13.7% |
| Suppliers440/4 | - | - | - | €2.1m | €2.1m | €2.7m | €2.7m | €2.4m | ▼ 13.7% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 12.6% |
| Taxes450/3 | - | - | - | €0.04m | €0.004m | €0.001m | €0.002m | €0.004m | ▲ 70.5% |
| Remuneration and social security454/9 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 11.4% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.1m | €0.8m | €0.7m | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | €0 | - | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.7m | €1.2m | €1.3m | €0.2m | €1.1m | €1.3m | €0.9m | €1.0m | ▲ 9.9% |
| + Depreciation and write-downs630 | €0.4m | €0.2m | €0.2m | €0.2m | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 13.0% |
| Operating cash flow (approximation) | €2.1m | €1.4m | €1.5m | €0.4m | €1.2m | €1.5m | €1.1m | €1.2m | ▲ 10.5% |
| Investment in fixed assets (approximation) | - | -€0.1m | -€0.03m | -€0.3m | -€0.5m | -€0.3m | -€0.02m | -€0.5m | ▼ 2,753% |
| Change in cash | - | -€0.3m | -€3.7m | -€0.8m | -€0.2m | -€2.3m | €0.08m | -€0.05m | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 22 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-01-2026 | full format | 30-09-2026 | 2026-00534049 |
| 31-01-2025 | full format | 09-03-2026 | 2026-00051820 |
| 31-01-2024 | full format | 01-08-2024 | 2024-00324570 |
| 31-01-2023 | full format | 16-08-2023 | 2023-00330539 |
| 31-01-2022 | full format | 01-08-2022 | 2022-20255133 |
| 31-01-2021 | full format | 10-08-2021 | 2021-47300503 |
| 31-01-2020 | full format | 13-08-2020 | 2020-40900462 |
| 31-01-2019 | full format | 29-08-2019 | 2019-54800493 |
| 31-03-2017 | full format | 30-11-2017 | 2017-70800498 |
| 31-03-2016 | full format | 31-10-2016 | 2016-67400447 |
Similar companies · same sector, comparable size
FODETRA-HOTTON INFRA
BE 0419.453.437
Courcelles · equity €9.4m
CAS-VOS
BE 0477.494.376
Sint-Niklaas · equity €10.2m
IZEN ENERGY SYSTEMS
BE 0461.969.032
Kasterlee · equity €10.6m
ARGEA
BE 0420.191.528
Ukkel · equity €10.7m
Damovo Technology Services
BE 0882.831.147
Zaventem · equity €8.0m
Of the 1,790 active companies whose main activity is construction of utility projects for electricity and telecommunications (NACE 42220), figures are known for 975. 141 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €7,681 awarded · €7,545 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €2,774 | €3,146 |
| 2024 | 1 | €1,411 | €903 |
| 2023 | 1 | €1,558 | €1,558 |
| 2022 | 1 | €1,938 | €1,938 |
Public contracts
3 awards · 2024 to 2025
RAAMOVEREENKOMST VOOR UITVOEREN VAN GRONDWERKEN EN STRAATHERSTEL INCLUSIEF HET INRICHTEN VAN EEN WACHTDIENST IN DE DISTRIBUTIEZONES 6, 7 EN 10: 20240096 - 1
Kleine grond- en technische werken: Kleine grond- en technische werken regio Schelde-Lieve
Kleine grond- en technische werken: Kleine grond- en technische werken Schelde-Waas
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. Values as the buyer published them; for a framework agreement, a ceiling.