DESLOOVER
Annual accounts 2025
abbreviated format, filed on 30-01-2026, 1 day before the deadlineTurnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €2.0m. Estimated: probably between €1.3m and €3.4m.
Money flows
no detail for 2025Balance sheet
balance sheet total €248,882 on 30-06-2025in euro
in euro
Position in the sector
28.3%
Higher than 35% of 9,886 companies in 2025.
1.39
Higher than 38% of 9,650 companies in 2025.
0.3%
Higher than 30% of 9,765 companies in 2025.
Net result: middle half · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: middle half · Staff: middle half
Staff
€68,305
Staff costs divided by the average number of full-time equivalents.
level
In 2025, 3 people joined and 3 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 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||||||||
20/58 |
248,882 | 346,757 | 333,137 | 528,217 | 425,290 | 401,381 | 365,902 | 340,249 | 441,057 | 658,873 | 651,776 | 531,816 | 562,803 | 546,707 | 726,860 | 622,062 | 589,965 | 760,128 | |
21/28 |
3,737 | 12,072 | 19,639 | 29,647 | 44,757 | 26,106 | 37,079 | 36,323 | 1,558 | 4,383 | 13,339 | 30,725 | 37,896 | 36,458 | 73,370 | 88,637 | 109,409 | 383,958 | |
21 |
80 | 380 | 680 | 980 | 1,280 | - | - | - | - | - | 3,168 | 6,337 | - | 314 | 629 | - | - | 713 | |
22/27 |
3,252 | 11,287 | 18,554 | 28,263 | 43,072 | 25,701 | 36,674 | 35,918 | 1,153 | 3,978 | 10,170 | 24,388 | 37,896 | 36,143 | 72,741 | 88,637 | 109,409 | 383,245 | |
22 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 248,337 | |
23 |
1,434 | 3,270 | 5,105 | 7,435 | 10,182 | 2,821 | 3,228 | 1,671 | - | - | 2,214 | 4,429 | 622 | 1,446 | 4,151 | 11,841 | 13,983 | 41,815 | |
24 |
1,372 | 5,792 | 10,212 | 14,631 | 19,519 | 1,136 | 1,804 | 2,449 | 1,153 | 3,978 | 7,956 | 17,180 | 31,714 | 26,357 | 57,470 | 76,796 | 95,427 | 93,093 | |
26 |
447 | 2,226 | 3,237 | 6,196 | 13,371 | 21,744 | 31,642 | 31,798 | - | - | - | 2,780 | 5,560 | 8,340 | 11,120 | - | - | - | |
28 |
405 | 405 | 405 | 405 | 405 | 405 | 405 | 405 | 405 | 405 | - | - | - | - | - | - | - | - | |
29/58 |
245,145 | 334,685 | 313,498 | 498,570 | 380,533 | 375,275 | 328,823 | 303,926 | 439,499 | 654,490 | 638,438 | 501,091 | 524,907 | 510,249 | 653,490 | 533,425 | 480,556 | 376,169 | |
3 |
74,609 | 182,492 | 154,751 | 238,392 | 129,919 | 94,830 | 109,943 | 66,054 | 287,504 | 412,419 | 407,975 | 401,879 | 377,962 | 364,843 | 453,737 | 396,176 | 374,207 | 242,569 | |
30/36 |
74,609 | 182,492 | 154,751 | 238,392 | 129,919 | 94,830 | 109,943 | 66,054 | 287,504 | 412,419 | 407,975 | 401,879 | 377,962 | 364,843 | 453,737 | 396,176 | 374,207 | 242,569 | |
40/41 |
136,064 | 120,002 | 133,506 | 221,980 | 205,321 | 226,305 | 183,338 | 183,279 | 136,985 | 237,233 | 224,461 | 90,877 | 137,799 | 136,322 | 195,043 | 128,677 | 99,993 | 122,977 | |
40 |
62,657 | 67,720 | 81,475 | 170,200 | 149,126 | 220,486 | 177,520 | 177,760 | 131,373 | 231,206 | 216,996 | 84,415 | 131,337 | 129,842 | 190,718 | 124,352 | 44,450 | 104,882 | |
41 |
73,407 | 52,282 | 52,030 | 51,780 | 56,194 | 5,818 | 5,818 | 5,519 | 5,612 | 6,028 | 7,466 | 6,462 | 6,462 | 6,480 | 4,325 | 4,325 | 55,543 | 18,095 | |
54/58 |
27,520 | 23,111 | 15,784 | 34,536 | 40,999 | 49,932 | 31,646 | 50,708 | 12,176 | 2,235 | 1,861 | 5,061 | 5,223 | 1,947 | 842 | 4,942 | 3,248 | 1,048 | |
490/1 |
6,951 | 9,081 | 9,458 | 3,662 | 4,295 | 4,208 | 3,895 | 3,886 | 2,834 | 2,602 | 4,140 | 3,275 | 3,923 | 7,137 | 3,869 | 3,630 | 3,108 | 9,576 | |
| Balance sheet: equity and liabilities | |||||||||||||||||||
10/49 |
248,882 | 346,757 | 333,137 | 528,217 | 425,290 | 401,381 | 365,902 | 340,249 | 441,057 | 658,873 | 651,776 | 531,816 | 562,803 | 546,707 | 726,860 | 622,062 | 589,965 | 760,128 | |
10/15 |
70,332 | 69,528 | 71,055 | -4,501 | -50,933 | -92,342 | -148,507 | -149,887 | -58,069 | 38,691 | 13,548 | -1,193 | 101,447 | 85,247 | 91,238 | 92,488 | 89,208 | 338,470 | |
10/11 |
61,500 | 61,500 | 61,500 | 61,500 | 61,500 | 61,500 | 61,500 | 61,500 | 61,500 | 61,500 | 61,500 | 61,500 | 61,500 | 61,500 | 61,500 | 54,935 | 54,935 | 247,894 | |
10 |
61,500 | 61,500 | 61,500 | 61,500 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
100 |
61,500 | 61,500 | 61,500 | 61,500 | 61,500 | 61,500 | 61,500 | 61,500 | 61,500 | 61,500 | 61,500 | 61,500 | 61,500 | 61,500 | 61,500 | 54,935 | 54,935 | 247,894 | |
13 |
8,832 | 12,962 | 12,962 | 12,962 | 12,962 | 12,962 | 12,962 | 12,962 | 12,962 | 12,962 | 12,962 | 12,962 | 12,962 | 12,962 | 12,962 | 21,477 | 21,477 | 96,916 | |
130/1 |
6,150 | 6,150 | 6,150 | 6,150 | 6,150 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
130 |
6,150 | 6,150 | 6,150 | 6,150 | 6,150 | 6,150 | 6,150 | 6,150 | 6,150 | 6,150 | 6,150 | 6,150 | 6,150 | 6,150 | 6,150 | 8,100 | 8,100 | 8,100 | |
133 |
2,682 | 6,812 | 6,812 | 6,812 | 6,812 | 6,812 | 6,812 | 6,812 | 6,812 | 6,812 | 6,812 | 6,812 | 6,812 | 6,812 | 6,812 | 13,377 | 13,377 | 88,816 | |
14 |
0 | -4,934 | -3,407 | -78,963 | -125,395 | -166,804 | -222,969 | -224,349 | -132,531 | -35,771 | -60,914 | -75,655 | 26,985 | 10,785 | 16,776 | 16,076 | 12,796 | -6,339 | |
17/49 |
178,550 | 277,229 | 262,082 | 532,718 | 476,223 | 493,723 | 514,408 | 490,136 | 499,126 | 620,182 | 638,228 | 533,010 | 461,356 | 461,460 | 635,622 | 529,575 | 500,757 | 421,658 | |
17 |
- | - | 0 | 2,254 | 8,969 | - | - | - | 300 | 3,900 | 7,500 | 11,100 | - | 2,914 | 15,116 | 14,065 | 8,067 | 18,016 | |
170/4 |
- | - | 0 | 2,254 | 8,969 | - | - | - | 300 | 3,900 | 7,500 | 11,100 | - | 2,914 | 15,116 | 14,065 | 8,067 | 18,016 | |
42/48 |
175,988 | 273,724 | 260,980 | 525,717 | 465,759 | 492,141 | 513,215 | 490,136 | 498,826 | 615,824 | 630,188 | 519,973 | 461,238 | 458,470 | 619,745 | 474,357 | 492,256 | 401,215 | |
42 |
- | 0 | 2,254 | 6,715 | 6,642 | - | - | 300 | 3,600 | 3,600 | - | 3,600 | 2,914 | 12,203 | 13,161 | 15,438 | 28,551 | 40,797 | |
43 |
- | - | - | - | - | - | - | - | - | 11,807 | 11,267 | - | 3,200 | - | 13,502 | 23,024 | 3,090 | 21,959 | |
430/8 |
- | - | - | - | - | - | - | - | - | 11,807 | 11,267 | - | 3,200 | - | 13,502 | 23,024 | 3,090 | 21,959 | |
44 |
104,988 | 84,171 | 67,886 | 173,524 | 110,553 | 83,956 | 136,629 | 42,821 | 429,099 | 522,148 | 534,611 | 448,323 | 378,744 | 379,710 | 545,761 | 345,375 | 337,430 | 208,246 | |
440/4 |
104,988 | 84,171 | 67,886 | 173,524 | 110,553 | 83,956 | 136,629 | 42,821 | 429,099 | 522,148 | 534,611 | 448,323 | 378,744 | 379,710 | 545,761 | 345,375 | 337,430 | 208,246 | |
45 |
70,995 | 72,662 | 75,051 | 90,979 | 90,654 | 95,480 | 56,381 | 58,150 | 66,128 | 76,075 | 82,302 | 66,577 | 75,507 | 66,218 | 47,321 | 87,839 | 67,023 | 67,661 | |
450/3 |
10,212 | 10,901 | 18,827 | 11,337 | 15,005 | 15,983 | 10,433 | 15,172 | 16,400 | 12,689 | 16,554 | 10,912 | 21,439 | 10,242 | 12,244 | 18,440 | 6,425 | 6,748 | |
454/9 |
60,783 | 61,761 | 56,224 | 79,643 | 75,649 | 79,497 | 45,949 | 42,978 | 49,728 | 63,387 | 65,748 | 55,664 | 54,068 | 55,975 | 35,077 | 69,400 | 60,598 | 60,913 | |
47/48 |
4 | 116,891 | 115,788 | 254,499 | 257,910 | 312,705 | 320,205 | 388,865 | - | 2,193 | 2,007 | 1,474 | 873 | 340 | - | 2,681 | 56,162 | 62,552 | |
492/3 |
2,563 | 3,505 | 1,102 | 4,747 | 1,495 | 1,582 | 1,193 | - | - | 458 | 540 | 1,936 | 118 | 76 | 761 | 41,153 | 435 | 2,428 | |
| Income statement | |||||||||||||||||||
70 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 1.6m | - | - | - | - | |
76A |
692 | 754 | - | - | 0 | 100 | - | - | - | 1,318 | - | - | 10,000 | - | - | - | - | 3,306 | |
9900 |
398,412 | 385,499 | 496,264 | 424,062 | 337,855 | 443,398 | 348,346 | 349,290 | 364,949 | 574,803 | 563,180 | 375,846 | 470,603 | 415,577 | 534,621 | 595,984 | 573,368 | 635,208 | |
60/61 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 1.2m | - | - | - | - | |
62 |
382,507 | 399,991 | 376,261 | 349,425 | 273,893 | 369,629 | 327,886 | 420,093 | 448,164 | 532,472 | 516,686 | 448,094 | 431,612 | 377,609 | 463,691 | 511,978 | 485,976 | 540,656 | |
630 |
8,335 | 7,567 | 10,009 | 18,601 | 15,558 | 11,504 | 12,054 | 9,412 | 4,555 | 9,361 | 17,386 | 23,319 | 18,452 | 36,913 | 56,339 | 55,635 | 60,296 | 90,044 | |
631/4 |
0 | -29,066 | 29,066 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
640/8 |
2,169 | 3,737 | 2,945 | 6,910 | 5,029 | 3,738 | 2,809 | 5,828 | 7,559 | 7,201 | 12,827 | 6,094 | 5,964 | 5,111 | 10,187 | 21,010 | 8,559 | 22,080 | |
66A |
0 | 74 | 207 | - | 0 | 470 | 613 | - | 50 | 210 | 349 | - | 695 | 1,292 | - | 156 | 7,000 | - | |
9901 |
5,401 | 3,196 | 77,776 | 49,126 | 43,375 | 58,057 | 4,985 | -86,043 | -95,379 | 25,769 | 16,281 | -101,660 | 14,575 | -4,056 | 4,403 | 7,361 | 18,536 | -17,573 | |
75/76B |
1,577 | 1,579 | 392 | 250 | 529 | 362 | 443 | 1,805 | 122 | 1 | 644 | 207 | 333 | 666 | 1,095 | 2,226 | 422 | 228 | |
75 |
1,577 | 1,579 | 392 | 250 | 529 | 362 | 443 | 1,805 | 122 | 1 | 644 | 207 | 333 | 666 | 1,095 | 2,226 | 422 | 228 | |
65/66B |
2,942 | 4,017 | 1,319 | 2,596 | 2,005 | 1,662 | 3,511 | 6,885 | 1,019 | 1,459 | 1,618 | 961 | 848 | 1,544 | 2,152 | 2,351 | 4,340 | 16,873 | |
65 |
2,942 | 4,017 | 1,319 | 2,596 | 2,005 | 1,662 | 3,511 | 6,885 | 1,019 | 1,459 | 1,618 | 961 | 848 | 1,544 | 2,152 | 2,351 | 4,340 | 16,873 | |
9903 |
4,035 | 758 | 76,849 | 46,780 | 41,899 | 56,757 | 1,916 | -91,123 | -96,276 | 25,419 | 14,958 | -102,414 | 23,365 | -6,226 | 3,347 | 7,080 | 7,617 | -30,912 | |
67/77 |
3,232 | 2,285 | 1,293 | 348 | 490 | 592 | 536 | 695 | 485 | 277 | 216 | 225 | 7,165 | -234 | 4,596 | 3,801 | 0 | - | |
9904 |
804 | -1,527 | 75,556 | 46,432 | 41,409 | 56,164 | 1,380 | -91,818 | -96,760 | 25,143 | 14,741 | -102,640 | 16,200 | -5,991 | -1,249 | 3,279 | 7,617 | -30,912 | |
9905 |
804 | -1,527 | 75,556 | 46,432 | 41,409 | 56,164 | 1,380 | -91,818 | -96,760 | 25,143 | 14,741 | -102,640 | 16,200 | -5,991 | -1,249 | 3,279 | 7,617 | -30,912 | |
| Appropriation of the result | |||||||||||||||||||
9906 |
-4,130 | -4,934 | -3,407 | -78,963 | -125,395 | -166,804 | -222,969 | -224,349 | -132,531 | -35,771 | -60,914 | -75,655 | 26,985 | 10,785 | 14,826 | 16,076 | 12,796 | -6,339 | |
14P |
-4,934 | -3,407 | -78,963 | -125,395 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
791/2 |
4,130 | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,950 | - | - | - | |
| Social balance sheet | |||||||||||||||||||
9087 |
5.6 | 6.1 | 5.6 | 5.5 | 5.1 | 7.3 | 5.8 | 7.4 | 8.6 | 10.3 | 10 | 8.5 | 8.5 | 7.5 | 9.3 | 10.9 | 10.8 | 9.8 | |
Hours worked1013 |
9,489 | 9,791 | 9,340 | 8,852 | 7,970 | 9,796 | 8,972 | 12,565 | 13,415 | 15,975 | 16,190 | 14,745 | 14,170 | 12,438 | 16,043 | 18,291 | 17,753 | 22,531 | |
| Document | |||||||||||||||||||
The accounts for 8 older financial years (1999-2006) were filed as documents without figures as data, scans for example.
The notes to these accounts have 16 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 30-01-2026.
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 | abbreviated format | 30-01-2026 | 2026-00034131 | |
| 30-06-2024 | abbreviated format | 27-01-2025 | 2025-00014737 | |
| 30-06-2023 | abbreviated format | 30-01-2024 | 2024-00025834 | |
| 30-06-2022 | abbreviated format | 31-01-2023 | 2023-00023539 | |
| 30-06-2021 | abbreviated format | 31-01-2022 | 2022-04800473 | |
| 30-06-2020 | abbreviated format | 01-02-2021 | 2021-04700551 | |
| 30-06-2019 | abbreviated format | 31-01-2020 | 2020-04200234 | |
| 30-06-2018 | abbreviated format | 21-02-2019 | 2019-05800150 | |
| 30-06-2017 | abbreviated format | 28-02-2018 | 2018-06100045 | |
| 30-06-2016 | abbreviated format | 17-02-2017 | 2017-04700222 | |
| 30-06-2015 | abbreviated format | 29-02-2016 | 2016-05300076 | |
| 30-06-2014 | abbreviated format | 28-02-2015 | 2015-05300200 | |
| 30-06-2013 | abbreviated format | 28-02-2014 | 2014-05500502 | |
| 30-06-2012 | abbreviated format | 28-02-2013 | 2013-05300469 | |
| 30-06-2011 | abbreviated format | 11-01-2012 | 2012-00700519 | |
| 30-06-2010 | abbreviated format | 26-01-2011 | 2011-01900015 | |
| 30-06-2009 | abbreviated format | 15-12-2009 | 2009-89500070 | |
| 30-06-2008 | abbreviated format | 13-02-2009 | 2009-04700160 | |
| 30-06-2007 | abbreviated format | 17-12-2007 | 2007-83600124 | |
| 31-03-2006 | abbreviated format | 30-10-2006 | 2006-84500295 | |
| 31-03-2005 | abbreviated format | 19-10-2005 | 2005-82700053 | |
| 31-03-2004 | abbreviated format | 29-10-2004 | 2004-75500172 | |
| 31-03-2003 | abbreviated format | 16-10-2003 | 2003-74400127 | |
| 31-03-2002 | abbreviated format | 22-11-2002 | 2002-73104380 | |
| 31-03-2001 | abbreviated format | 22-03-2002 | 2002-07305343 | |
| 31-03-2000 | abbreviated format | 10-11-2000 | 2000-71001642 | |
| 31-03-1999 | abbreviated format | 26-10-1999 | 1999-55101867 |
Subsidies and aid
Flemish government 2023, 1 entry, €62 awarded, €62 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 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 13,735 | 10,763 | 87,785 | 67,727 | 58,933 | 69,561 | 17,039 | -76,631 | -90,824 | 35,130 | 33,667 | -78,341 | 33,027 | 32,857 | 60,742 | 62,996 | 78,833 | 72,472 | ||
| 9,138 | 6,040 | 85,565 | 65,033 | 56,967 | 67,668 | 13,434 | -82,406 | -92,206 | 34,503 | 32,128 | -79,321 | 34,651 | 30,921 | 55,090 | 58,914 | 67,914 | 59,132 | ||
| 0 | 0 | 0 | 3,492 | 34,209 | 531 | 12,810 | 44,176 | 1,730 | 405 | 0 | 16,148 | 19,890 | 0 | 41,072 | 34,863 | 8,537 | 125,858 | ||
| 4,409 | 7,327 | -18,752 | -6,463 | -8,934 | 18,286 | -19,061 | 38,531 | 9,941 | 374 | -3,199 | -162 | 3,276 | 1,105 | -4,101 | 1,694 | - | - | ||
| 69,157 | 60,961 | 52,518 | -27,148 | -85,226 | -116,866 | -184,392 | -186,209 | -59,328 | 38,666 | 8,250 | -18,882 | 63,669 | 51,779 | 33,745 | 59,068 | -11,700 | -25,045 | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | -0.3% | - | - | - | - | ||
| 28.3% | 20.1% | 21.3% | -0.9% | -12.0% | -23.0% | -40.6% | -44.1% | -13.2% | 5.9% | 2.1% | -0.2% | 18.0% | 15.6% | 12.6% | 14.9% | 15.1% | 44.5% | ||
| 1.39 | 1.22 | 1.20 | 0.95 | 0.82 | 0.76 | 0.64 | 0.62 | 0.88 | 1.06 | 1.01 | 0.96 | 1.14 | 1.11 | 1.05 | 1.12 | 0.98 | 0.94 | ||
| 0.97 | 0.56 | 0.61 | 0.49 | 0.54 | 0.57 | 0.43 | 0.49 | 0.30 | 0.39 | 0.37 | 0.19 | 0.32 | 0.32 | 0.32 | 0.29 | 0.22 | 0.33 | ||
| 2.54 | 3.99 | 3.69 | - | - | - | - | - | - | 16.03 | 47.11 | - | 4.55 | 5.41 | 6.97 | 5.73 | 5.61 | 1.25 | ||
| 1.1% | -2.2% | 106.3% | - | - | - | - | - | - | 65.0% | 108.8% | - | 16.0% | -7.0% | -1.4% | 3.5% | 8.5% | -9.1% | ||
| 0.3% | -0.4% | 22.7% | 8.8% | 9.7% | 14.0% | 0.4% | -27.0% | -21.9% | 3.8% | 2.3% | -19.3% | 2.9% | -1.1% | -0.2% | 0.5% | 1.3% | -4.1% | ||
| 4.67 | 2.68 | 66.57 | 26.09 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | 30 days | - | - | - | - | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | 119 days | - | - | - | - |
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 | 5 | 5 | 5 | 6 |
| full-time | 4 | 4 | 2 | 4 |
| part-time | 1 | 1 | 3 | 2 |
| in full-time equivalents | 4.8 | 4.8 | 4.4 | 5.6 |
| 5.6 | 6.1 | 5.6 | 5.5 | |
| On a permanent contract | 5 | 5 | 5 | 6 |
| Joined | 3 | 7 | 1 | 4 |
| Left | 3 | 7 | 2 | 3 |
| Training hours | - | - | 44 | 8 |
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 | €0 | - | - | €3,492 |
| €8,335 | €7,567 | €10,009 | €18,601 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Insights on DESLOOVER
The operating result for 2025 is 69% higher than in 2024. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total falls from 79.9% to 71.7%. Equity is higher and debt is lower.