Dané
Annual accounts 2025
micro format, filed on 31-08-2026, 31 days lateTurnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €720,000. Estimated: probably between €570,000 and €1.1m.
Balance sheet
balance sheet total €1.3m on 31-12-2025in €m
in euro
Position in the sector
89.4%
Higher than 95% of 9,456 companies in 2025.
7.93
Higher than 93% of 9,204 companies in 2025.
15.5%
Higher than 68% of 9,276 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 | 1.3m | 1.3m | 952,924 | 910,468 | 563,168 | 528,713 | 509,820 | 717,531 | 361,534 | 379,386 | 323,931 | 272,285 | 228,417 | 190,353 | 159,474 | 137,945 | 101,242 | 99,069 | 164,551 | |
21/28 |
280,450 | 275,245 | 312,734 | 350,882 | 389,373 | 384,979 | 377,821 | 193,494 | 219,835 | 253,897 | 278,653 | 126,085 | 52,657 | 7,879 | 13,433 | 18,610 | 22,464 | 22,826 | 35,180 | 51,752 | |
22/27 |
280,450 | 275,245 | 312,734 | 350,882 | 389,238 | 384,795 | 377,637 | 193,309 | 219,651 | 253,713 | 278,603 | 126,035 | 52,608 | 7,829 | 13,383 | 18,560 | 22,415 | 22,777 | 35,131 | 51,703 | |
22 |
240,025 | 261,917 | 283,809 | 305,700 | 327,592 | 349,484 | 371,504 | 179,328 | 199,500 | 222,775 | 234,631 | 48,211 | 48,211 | - | - | - | - | - | - | - | |
23 |
37,788 | - | 32 | 724 | 1,624 | 1,703 | 3,914 | 5,431 | 3,051 | 5,288 | 9,772 | 6,124 | 2,457 | 3,949 | 7,563 | 10,800 | 16,618 | 11,182 | 17,739 | 28,412 | |
24 |
2,638 | 13,329 | 28,893 | 44,458 | 60,023 | 33,608 | 2,219 | 8,550 | 17,100 | 25,650 | 34,200 | - | 1,940 | 3,880 | 5,820 | 7,760 | 5,797 | 11,594 | 17,391 | 23,291 | |
27 |
- | - | - | - | - | - | - | - | - | - | - | 71,700 | - | - | - | - | - | - | - | - | |
28 |
- | - | - | - | 135 | 185 | 185 | 185 | 185 | 185 | 50 | 50 | 50 | 50 | 50 | 50 | 50 | 50 | 50 | 49 | |
29/58 |
1.0m | 1.0m | 1.0m | 602,042 | 521,095 | 178,189 | 150,891 | 316,326 | 497,696 | 107,636 | 100,733 | 197,846 | 219,628 | 220,538 | 176,920 | 140,864 | 115,481 | 78,416 | 63,888 | 112,799 | |
3 |
0 | 501,040 | 437,044 | 405,351 | - | 72,799 | 42,240 | 61,958 | 318,012 | 71,377 | - | - | - | 8,669 | 1,948 | 1,010 | - | 3,971 | 11,285 | - | |
30/36 |
0 | 501,040 | 437,044 | 405,351 | - | 72,799 | 42,240 | 61,958 | 318,012 | 71,377 | - | - | - | 8,669 | 1,948 | 1,010 | - | 3,971 | 8,285 | - | |
37 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 3,000 | - | |
40/41 |
65,791 | 243,115 | 132,422 | 49,962 | 29,597 | 40,902 | 24,808 | 16,043 | 2,121 | 12,562 | 54,762 | 83,823 | 47,794 | 13,260 | 38,249 | 8,095 | 8,931 | 24,434 | 6,391 | 20,975 | |
40 |
13,813 | 145,455 | 78,903 | 24,268 | - | 6,568 | 16,759 | 11,000 | 2,016 | 433 | 3,928 | 19,665 | 2,506 | 10,304 | 33,983 | 4,028 | 5,609 | 20,674 | 2,683 | 6,688 | |
41 |
51,978 | 97,660 | 53,519 | 25,694 | 29,597 | 34,334 | 8,049 | 5,042 | 105 | 12,129 | 50,834 | 64,158 | 45,288 | 2,956 | 4,266 | 4,067 | 3,322 | 3,760 | 3,709 | 14,287 | |
50/53 |
63,099 | - | - | - | 1,828 | 1,828 | 1,828 | 1,828 | 1,828 | 10,748 | 10,748 | 10,748 | 9,664 | 9,164 | 12,121 | 3,000 | 1,870 | 1,870 | - | 22,490 | |
54/58 |
904,370 | 276,071 | 445,252 | 146,716 | 489,479 | 62,660 | 82,016 | 236,498 | 175,735 | 12,949 | 35,223 | 103,124 | 162,169 | 189,444 | 124,600 | 128,747 | 104,396 | 47,966 | 46,211 | 68,452 | |
490/1 |
865 | - | 1,266 | 12 | 191 | - | - | - | - | - | - | 151 | - | - | 2 | 12 | 283 | 175 | - | 882 | |
| Balance sheet: equity and liabilities | |||||||||||||||||||||
10/49 |
1.3m | 1.3m | 1.3m | 952,924 | 910,468 | 563,168 | 528,713 | 509,820 | 717,531 | 361,534 | 379,386 | 323,931 | 272,285 | 228,417 | 190,353 | 159,474 | 137,945 | 101,242 | 99,069 | 164,551 | |
10/15 |
1.2m | 971,564 | 1.1m | 657,526 | 604,800 | 486,660 | 462,149 | 463,112 | 375,867 | 356,764 | 360,483 | 295,272 | 247,142 | 200,413 | 172,910 | 148,572 | 123,549 | 84,106 | 81,348 | 72,104 | |
10/11 |
18,592 | 18,592 | 18,592 | 18,592 | 18,592 | 18,592 | 18,592 | 18,592 | 18,592 | 18,592 | 18,592 | 18,592 | 18,592 | 18,592 | 18,592 | 18,592 | 18,592 | 18,592 | 18,592 | 18,592 | |
100 |
- | - | - | - | - | - | 18,592 | 18,592 | 18,592 | 18,592 | 18,592 | 18,592 | 18,592 | 18,592 | 18,592 | 18,592 | 18,592 | 18,592 | 18,592 | 18,592 | |
13 |
1.2m | 1.0m | 1.0m | 638,934 | 586,208 | 468,068 | 443,557 | 444,520 | 357,275 | 338,172 | 341,891 | 276,680 | 228,550 | 181,821 | 154,318 | 129,980 | 104,957 | 65,514 | 62,756 | 53,512 | |
130/1 |
- | - | - | 1,859 | 1,859 | 1,859 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 1,859 | 1,859 | 1,859 | 1,859 | 1,859 | 1,859 | 1,859 | 1,859 | 1,859 | 1,859 | 1,859 | 1,859 | 1,859 | 1,859 | |
1311 |
- | - | - | 1,859 | 1,859 | 1,859 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
133 |
1.2m | 1.0m | 1.0m | 637,075 | 584,348 | 466,209 | 441,698 | 442,660 | 355,416 | 336,313 | 340,032 | 274,821 | 226,691 | 179,962 | 152,459 | 128,121 | 103,097 | 63,655 | 60,897 | 51,653 | |
14 |
0 | -79,938 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
17/49 |
139,269 | 323,907 | 277,216 | 295,398 | 305,669 | 76,509 | 66,564 | 46,708 | 341,664 | 4,770 | 18,903 | 28,659 | 25,143 | 28,005 | 17,443 | 10,901 | 14,396 | 17,136 | 17,721 | 92,447 | |
17 |
- | - | - | 1,911 | 9,505 | 17,024 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
170/4 |
- | - | - | 1,911 | 9,505 | 17,024 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
42/48 |
130,452 | 263,857 | 273,393 | 289,066 | 291,664 | 59,485 | 33,471 | 46,667 | 338,441 | 4,770 | 18,903 | 28,659 | 25,143 | 28,005 | 17,230 | 10,653 | 14,204 | 16,875 | 15,927 | 90,077 | |
42 |
- | - | 1,911 | 7,595 | 7,519 | 7,444 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
43 |
- | - | - | 240,000 | - | - | - | - | 170,000 | - | - | - | - | - | - | - | - | - | - | - | |
430/8 |
- | - | - | 240,000 | - | - | - | - | 170,000 | - | - | - | - | - | - | - | - | - | - | - | |
44 |
12,404 | 4,340 | 17,367 | 14,560 | 19,910 | 15,923 | 5,073 | 27,700 | 1,331 | 3,393 | 11,624 | 23,991 | 3,869 | 20,704 | 13,349 | 5,788 | 9,878 | 8,954 | 13,839 | 58,649 | |
440/4 |
12,404 | 4,340 | 17,367 | 14,560 | 19,910 | 15,923 | 5,073 | 27,700 | 1,331 | 3,393 | 11,624 | 23,991 | 3,869 | 20,704 | 13,349 | 5,788 | 9,878 | 8,954 | 13,839 | 58,649 | |
45 |
2,600 | 130,512 | 136,112 | 15,354 | 58,504 | 20,737 | 4,100 | 5,985 | 24,654 | 1,377 | 7,279 | 4,668 | 21,274 | 7,192 | 1,415 | 998 | 1,031 | 5,657 | 1,634 | 1,629 | |
450/3 |
2,600 | 130,512 | 136,112 | 15,354 | 58,504 | 20,737 | 4,100 | 5,985 | 24,654 | 1,377 | 7,279 | 4,668 | 21,274 | 7,192 | 1,415 | 998 | 1,031 | 5,657 | 1,634 | 1,629 | |
47/48 |
115,448 | 129,006 | 118,004 | 11,557 | 205,731 | 15,381 | 24,298 | 12,982 | 142,457 | - | - | - | - | 108 | 2,466 | 3,866 | 3,295 | 2,264 | 454 | 29,799 | |
492/3 |
8,817 | 60,049 | 3,823 | 4,422 | 4,500 | - | 33,092 | 42 | 3,223 | - | - | - | - | - | 213 | 249 | 192 | 261 | 1,794 | 2,370 | |
| Income statement | |||||||||||||||||||||
76A |
13,570 | - | - | - | 1,086 | 826 | - | - | - | - | - | - | 4,895 | - | - | - | - | - | - | 8,264 | |
9900 |
317,119 | -27,462 | 621,952 | 118,370 | 225,871 | 73,024 | 38,270 | 165,081 | 79,787 | 36,816 | 157,441 | 79,460 | 68,633 | 47,727 | 26,632 | 22,367 | 63,376 | 25,429 | 34,509 | 33,590 | |
62 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -450 | - | 10,385 | - | |
630 |
38,195 | 37,489 | 38,148 | 38,356 | 38,083 | 30,214 | 36,510 | 34,063 | 36,279 | 39,890 | 44,337 | 7,122 | 9,893 | 8,771 | 10,174 | 15,671 | 24,252 | 17,854 | 18,467 | 25,432 | |
640/8 |
5,726 | 4,392 | 2,611 | 3,344 | 4,703 | 5,218 | 1,445 | 916 | 908 | 995 | 1,029 | 1,037 | 1,023 | 1,012 | 1,000 | 930 | 908 | 890 | 920 | 1,524 | |
9901 |
273,199 | -69,343 | 581,192 | 76,670 | 183,085 | 37,591 | 315 | 130,101 | 42,599 | -4,069 | 112,075 | 71,301 | 57,717 | 37,944 | 15,458 | 5,766 | 38,666 | 6,685 | 4,737 | 6,634 | |
75/76B |
135 | 99 | 2,207 | 2,394 | 198 | 716 | 377 | 136 | 791 | 399 | 563 | 826 | 1,113 | 2,081 | 12,381 | 26,728 | 11,923 | 784 | 9,312 | 762 | |
75 |
135 | 99 | 2,207 | 2,394 | 198 | 716 | 377 | 136 | 791 | 399 | 563 | 826 | 1,113 | 2,081 | 12,381 | 26,728 | 11,923 | 784 | 9,312 | 762 | |
65/66B |
8,780 | 10,271 | 4,512 | 5,282 | 14,700 | 4,894 | 1,391 | 7,234 | 13,384 | 49 | 78 | 56 | 208 | 3,507 | 656 | 6,709 | 1,005 | 3,294 | 1,817 | 2,440 | |
65 |
8,780 | 10,271 | 4,512 | 5,282 | 14,700 | 4,894 | 1,391 | 7,234 | 13,384 | 49 | 78 | 56 | 208 | 3,507 | 656 | 6,709 | 1,005 | 3,294 | 1,817 | 2,440 | |
9903 |
264,553 | -79,514 | 578,888 | 73,782 | 168,582 | 33,413 | -699 | 123,003 | 30,006 | -3,719 | 112,560 | 72,071 | 63,517 | 36,518 | 27,183 | 25,785 | 49,585 | 4,175 | 12,232 | 13,220 | |
67/77 |
60,812 | 423 | 184,912 | 21,056 | 50,443 | 8,903 | 263 | 35,759 | 10,903 | - | 47,349 | 23,941 | 16,788 | 9,015 | 2,846 | 761 | 10,142 | 1,417 | 2,988 | 2,828 | |
9904 |
203,741 | -79,938 | 393,976 | 52,726 | 118,140 | 24,510 | -962 | 87,244 | 19,103 | -3,719 | 65,211 | 48,130 | 46,729 | 27,503 | 24,337 | 25,024 | 39,443 | 2,758 | 9,244 | 10,392 | |
9905 |
203,741 | -79,938 | 393,976 | 52,726 | 118,140 | 24,510 | -962 | 87,244 | 19,103 | -3,719 | 65,211 | 48,130 | 46,729 | 27,503 | 24,337 | 25,024 | 39,443 | 2,758 | 9,244 | 10,392 | |
| Appropriation of the result | |||||||||||||||||||||
9906 |
123,803 | -79,938 | 393,976 | 52,726 | 118,140 | 24,510 | -962 | 87,244 | 19,103 | -3,719 | 65,211 | 48,130 | 46,729 | 27,503 | 24,337 | 25,024 | 39,443 | 2,758 | 9,244 | 10,392 | |
14P |
-79,938 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
791/2 |
- | - | - | - | - | - | 962 | - | - | 3,719 | - | - | - | - | - | - | - | - | - | - | |
691/2 |
123,803 | - | 393,976 | 52,726 | 118,140 | 24,510 | - | 87,244 | 19,103 | - | 65,211 | 48,130 | 46,729 | 27,503 | 24,337 | 25,024 | 39,443 | 2,758 | 9,244 | 10,392 | |
6921 |
123,803 | - | 393,976 | 52,726 | 118,140 | 24,510 | - | 87,244 | 19,103 | - | 65,211 | 48,130 | 46,729 | 27,503 | 24,337 | 25,024 | 39,443 | 2,758 | 9,244 | 10,392 | |
| 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 7 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 31-08-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank2025 annual accounts filed 31 days after the deadline. Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00481211.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00481211 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00441318 | |
| 31-12-2023 | micro format | 30-09-2024 | 2024-00481737 | |
| 31-12-2022 | micro format | 28-07-2023 | 2023-00296057 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20421077 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-64900418 | |
| 31-12-2019 | micro format | 06-11-2020 | 2020-68700158 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-62700561 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-61100470 | |
| 31-12-2016 | micro format | 30-08-2017 | 2017-58700391 | |
| 31-12-2015 | abbreviated format | 30-06-2016 | 2016-25000430 | |
| 31-12-2014 | abbreviated format | 31-07-2015 | 2015-38600279 | |
| 31-12-2013 | abbreviated format | 28-08-2014 | 2014-56200002 | |
| 31-12-2012 | abbreviated format | 30-08-2013 | 2013-56200104 | |
| 31-12-2011 | abbreviated format | 28-09-2012 | 2012-58100553 | |
| 31-12-2010 | abbreviated format | 30-06-2011 | 2011-24900514 | |
| 31-12-2009 | abbreviated format | 25-08-2010 | 2010-44400286 | |
| 31-12-2008 | abbreviated format | 14-08-2009 | 2009-57000336 | |
| 31-12-2007 | abbreviated format | 08-07-2008 | 2008-36500176 | |
| 31-12-2006 | abbreviated format | 10-07-2007 | 2007-37700235 | |
| 31-12-2005 | abbreviated format | 08-06-2006 | 2006-21600695 | |
| 31-12-2004 | abbreviated format | 07-07-2005 | 2005-44204124 | |
| 31-12-2003 | abbreviated format | 01-07-2004 | 2004-38001374 | |
| 31-12-2002 | abbreviated format | 12-06-2003 | 2003-22704943 | |
| 31-12-2001 | abbreviated format | 05-06-2002 | 2002-17400028 | |
| 31-12-2000 | abbreviated format | 25-06-2001 | 2001-26103482 | |
| 31-12-1999 | abbreviated format | 28-06-2000 | 2000-31200810 | |
| 31-12-1998 | abbreviated format | 02-06-1999 | 1999-13604683 | |
| 31-12-1997 | abbreviated format | 24-06-1998 | 1998-22002648 | |
| 31-12-1996 | abbreviated format | 26-05-1997 | 1997-09300604 | |
| 31-12-1995 | abbreviated format | 07-06-1996 | 1996-13805177 | |
| 31-12-1994 | abbreviated format | 03-07-1995 | 1995-35103335 | |
| 31-12-1993 | abbreviated format | 29-06-1994 | 1994-22601392 | |
| 31-12-1992 | abbreviated format | 07-07-1993 | 1993-24700878 | |
| 31-12-1991 | abbreviated format | 25-06-1992 | 1992-15800242 | |
| 31-12-1990 | abbreviated format | 03-07-1991 | 1991-15601087 | |
| 31-12-1989 | abbreviated format | 17-05-1990 | 1990-04804492 | |
| 31-12-1988 | abbreviated format | 30-06-1989 | 1989-13404129 |
Subsidies and aid
Flemish government 2025, 1 entry, €3,140 awarded, €3,140 paid
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 311,394 | -31,854 | 619,340 | 115,026 | 221,168 | 67,805 | 36,825 | 164,165 | 78,878 | 35,821 | 156,412 | 78,423 | 67,610 | 46,715 | 25,632 | 21,438 | 62,919 | 24,539 | 23,204 | 32,066 | ||
| 241,936 | -42,449 | 432,124 | 91,082 | 156,223 | 54,724 | 35,547 | 121,308 | 55,382 | 36,171 | 109,548 | 55,252 | 56,622 | 36,274 | 34,511 | 40,695 | 63,695 | 20,613 | 27,711 | 35,824 | ||
| 43,400 | 0 | 0 | -135 | 42,526 | 37,372 | 220,837 | 7,722 | 2,217 | 15,135 | 196,905 | 80,550 | 54,671 | 3,218 | 4,997 | 11,817 | 23,891 | 5,500 | 1,895 | 73,986 | ||
| 628,299 | -169,181 | 298,536 | -342,763 | 426,819 | -19,355 | -154,483 | 60,763 | 162,787 | -22,274 | -67,901 | -59,045 | -27,275 | 64,844 | -4,147 | 24,350 | 56,430 | 1,755 | -22,241 | - | ||
| 903,672 | 756,368 | 742,591 | 312,976 | 229,431 | 118,704 | 117,420 | 269,659 | 159,255 | 102,867 | 81,830 | 169,187 | 194,485 | 192,534 | 159,690 | 130,211 | 101,276 | 61,541 | 47,961 | 22,722 | ||
| 89.4% | 75.0% | 79.1% | 69.0% | 66.4% | 86.4% | 87.4% | 90.8% | 52.4% | 98.7% | 95.0% | 91.2% | 90.8% | 87.7% | 90.8% | 93.2% | 89.6% | 83.1% | 82.1% | 43.8% | ||
| 7.93 | 3.87 | 3.72 | 2.08 | 1.79 | 3.00 | 4.51 | 6.78 | 1.47 | 22.57 | 5.33 | 6.90 | 8.74 | 7.88 | 10.27 | 13.22 | 8.13 | 4.65 | 4.01 | 1.25 | ||
| 7.93 | 1.97 | 2.12 | 0.68 | 1.79 | 1.77 | 3.25 | 5.45 | 0.53 | 7.60 | 5.33 | 6.90 | 8.74 | 7.57 | 10.16 | 13.13 | 8.13 | 4.41 | 3.30 | 1.25 | ||
| 0.12 | 0.33 | 0.26 | 0.45 | 0.51 | 0.16 | 0.14 | 0.10 | 0.91 | 0.01 | 0.05 | 0.10 | 0.10 | 0.14 | 0.10 | 0.07 | 0.12 | 0.20 | 0.22 | 1.28 | ||
| 17.3% | -8.2% | 37.5% | 8.0% | 19.5% | 5.0% | -0.2% | 18.8% | 5.1% | -1.0% | 18.1% | 16.3% | 18.9% | 13.7% | 14.1% | 16.8% | 31.9% | 3.3% | 11.4% | 14.4% | ||
| 15.5% | -6.2% | 29.7% | 5.5% | 13.0% | 4.4% | -0.2% | 17.1% | 2.7% | -1.0% | 17.2% | 14.9% | 17.2% | 12.0% | 12.8% | 15.7% | 28.6% | 2.7% | 9.3% | 6.3% | ||
| 35.46 | -3.10 | over 100 | 21.78 | 15.05 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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 | €43,400 | - | - | - | €42,526 |
| €38,195 | €37,489 | €38,148 | €38,356 | €38,083 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on Dané
The operating result for 2025 is a profit of €273,199, after a loss of €69,343 in 2024.
Debt's share of the balance-sheet total falls from 25.0% to 10.6%. Equity is higher and debt is lower.