DP CONSULT
Annual accounts 2025
abbreviated format, filed on 08-07-2026, 23 days before the deadlineTurnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €170,000. Estimated: probably between €140,000 and €220,000.
Balance sheet
balance sheet total €1.2m on 31-12-2025in euro
in euro
Position in the sector
39.6%
Higher than 39% of 10,856 companies in 2025.
0.24
Higher than 13% of 10,478 companies in 2025.
2.5%
Higher than 39% of 10,725 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: bottom quarter
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 |
1.2m | 1.4m | 1.4m | 1.3m | 1.3m | 1.4m | 1.4m | 1.4m | 1.4m | 1.4m | 1.3m | 1.3m | 1.4m | 1.4m | 1.4m | 1.3m | 1.3m | 1.4m | 1.4m | 1.3m | |
21/28 |
1.1m | 1.2m | 1.1m | 1.1m | 1.1m | 1.1m | 1.2m | 1.2m | 1.2m | 1.2m | 1.2m | 1.3m | 1.3m | 1.3m | 1.3m | 1.2m | 1.2m | 1.3m | 1.3m | 1.3m | |
22/27 |
244,369 | 266,017 | 251,476 | 213,058 | 221,631 | 250,458 | 278,287 | 304,991 | 332,277 | 325,661 | 351,056 | 384,296 | 418,446 | 457,737 | 425,415 | 340,682 | 355,092 | 375,337 | 382,511 | 391,732 | |
22 |
218,180 | 230,473 | 242,766 | 207,526 | 215,732 | 242,664 | 268,457 | 297,315 | 326,595 | 318,106 | 345,988 | 374,603 | 404,034 | 433,291 | 414,638 | 336,854 | 353,498 | 370,141 | 375,667 | 391,198 | |
23 |
- | - | - | - | - | - | - | - | - | - | - | 4,637 | 12,516 | 22,076 | 7,815 | 125 | 281 | 469 | - | - | |
24 |
26,189 | 35,544 | 8,710 | 5,532 | 5,899 | 7,795 | 9,830 | 7,675 | 5,682 | 7,555 | 5,069 | 5,056 | 1,896 | 2,370 | 2,962 | 3,702 | 1,313 | 4,727 | 6,844 | 534 | |
28 |
885,277 | 885,277 | 885,277 | 885,277 | 885,277 | 885,277 | 885,277 | 885,277 | 885,277 | 885,277 | 885,277 | 885,277 | 885,277 | 885,277 | 885,277 | 885,277 | 885,277 | 885,277 | 885,277 | 885,277 | |
29/58 |
87,031 | 253,061 | 249,137 | 227,071 | 235,618 | 269,646 | 232,556 | 199,664 | 207,032 | 224,241 | 36,335 | 49,509 | 71,649 | 85,830 | 98,555 | 92,857 | 78,492 | 101,288 | 82,274 | 38,848 | |
40/41 |
85,128 | 174,089 | 183,592 | 200,291 | 205,668 | 217,656 | 224,079 | 198,058 | 201,005 | 57,190 | 32,681 | 47,158 | 55,583 | 83,926 | 75,859 | 92,531 | 78,492 | 93,764 | 78,953 | 37,485 | |
40 |
14,601 | 21,151 | 20,579 | 27,353 | 32,731 | 24,719 | 31,141 | 2,995 | 2,545 | 37,875 | 13,366 | 18,766 | 27,190 | 62,507 | 62,155 | 78,828 | 69,577 | 84,849 | 69,888 | 37,485 | |
41 |
70,527 | 152,938 | 163,013 | 172,938 | 172,938 | 192,938 | 192,938 | 195,062 | 198,459 | 19,315 | 19,315 | 28,393 | 28,393 | 21,419 | 13,703 | 13,703 | 8,915 | 8,915 | 9,065 | - | |
54/58 |
1,153 | 78,213 | 64,817 | 26,092 | 29,949 | 51,989 | 8,477 | 1,606 | 6,028 | 167,052 | 3,654 | 2,351 | 16,066 | 1,904 | 22,697 | 325 | - | 7,524 | 3,320 | 1,363 | |
490/1 |
751 | 759 | 728 | 688 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Balance sheet: equity and liabilities | |||||||||||||||||||||
10/49 |
1.2m | 1.4m | 1.4m | 1.3m | 1.3m | 1.4m | 1.4m | 1.4m | 1.4m | 1.4m | 1.3m | 1.3m | 1.4m | 1.4m | 1.4m | 1.3m | 1.3m | 1.4m | 1.4m | 1.3m | |
10/15 |
482,160 | 451,166 | 411,492 | 369,872 | 338,069 | 339,626 | 302,023 | 268,386 | 295,046 | 339,651 | 323,591 | 312,810 | 308,274 | 300,880 | 277,269 | 247,221 | 232,527 | 198,786 | 146,108 | 107,758 | |
10/11 |
6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | |
100 |
- | - | - | - | - | - | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | - | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | |
11 |
- | - | 6,200 | 6,200 | 6,200 | 6,200 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
1109/19 |
- | - | 6,200 | 6,200 | 6,200 | 6,200 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
13 |
475,960 | 444,966 | 405,292 | 363,672 | 331,869 | 333,426 | 295,823 | 262,186 | 288,846 | 333,451 | 317,391 | 306,610 | 302,074 | 294,680 | 271,069 | 241,021 | 226,327 | 192,586 | 139,908 | 91,860 | |
130/1 |
- | - | - | - | 1,860 | 1,860 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | |
1311 |
- | - | - | - | 1,860 | 1,860 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
133 |
475,960 | 444,966 | 405,292 | 363,672 | 330,009 | 331,566 | 293,963 | 260,326 | 286,986 | 331,591 | 315,531 | 304,750 | 300,214 | 292,820 | 269,209 | 239,161 | 224,467 | 190,726 | 138,048 | 90,000 | |
14 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 9,698 | |
16 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 5,200 | 5,200 | 5,200 | 5,200 | 5,200 | |
160/5 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 5,200 | 5,200 | 5,200 | 5,200 | 5,200 | |
17/49 |
734,518 | 953,190 | 974,398 | 955,534 | 1.0m | 1.1m | 1.1m | 1.1m | 1.1m | 1.1m | 949,078 | 1.0m | 1.1m | 1.1m | 1.1m | 1.1m | 1.1m | 1.2m | 1.2m | 1.2m | |
17 |
350,000 | 544,040 | 554,395 | 612,004 | 923,761 | 1.0m | 1.0m | 374,933 | 395,302 | 351,106 | 110,487 | 193,472 | 282,166 | 370,368 | 389,505 | 346,761 | 437,217 | 525,177 | 610,768 | 694,114 | |
170/4 |
- | 194,040 | 204,395 | 212,004 | 223,761 | 306,249 | 340,705 | 374,933 | 395,302 | 351,106 | 110,487 | 193,472 | 282,166 | 370,368 | 389,505 | 346,761 | 437,217 | 525,177 | 610,768 | 694,114 | |
178/9 |
350,000 | 350,000 | 350,000 | 400,000 | 700,000 | 700,000 | 700,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
42/48 |
368,039 | 388,597 | 399,877 | 331,509 | 80,696 | 59,507 | 53,393 | 746,613 | 734,239 | 744,423 | 838,321 | 812,326 | 784,932 | 757,595 | 742,474 | 719,634 | 643,917 | 632,602 | 587,908 | 508,594 | |
42 |
- | 10,355 | 9,965 | 11,757 | 13,138 | 34,456 | 34,229 | 34,004 | 34,216 | 87,669 | 87,762 | 93,273 | 88,201 | 87,540 | 86,388 | 90,456 | 87,960 | 85,592 | 83,346 | 81,215 | |
43 |
- | - | - | - | - | - | - | - | - | - | - | 1,558 | 4,428 | 4,430 | 4,414 | 5,062 | 7,486 | 3,581 | 4,198 | 2,805 | |
430/8 |
- | - | - | - | - | - | - | - | - | - | - | 1,558 | - | - | - | 612 | 3,037 | - | 1,461 | 84 | |
439 |
- | - | - | - | - | - | - | - | - | - | - | - | 4,428 | 4,430 | 4,414 | 4,450 | 4,450 | 3,581 | 2,737 | 2,721 | |
44 |
4,298 | 4,553 | 10,414 | 343 | 758 | 3,257 | 666 | 2,661 | 5,228 | 10,544 | 10,501 | 7,499 | 14,554 | 17,679 | 36,587 | 11,582 | 10,253 | 7,061 | 4,435 | 1,890 | |
440/4 |
4,298 | 4,553 | 10,414 | 343 | 758 | 3,257 | 666 | 2,661 | 5,228 | 10,544 | 10,501 | 7,499 | 14,554 | 17,679 | 36,587 | 11,582 | 10,253 | 7,061 | 4,435 | 1,890 | |
45 |
21,007 | 26,423 | 14,248 | 14,668 | 7,771 | 18,004 | 3,678 | 910 | 12,109 | 16,833 | 15,918 | 6,391 | 4,242 | 3,832 | 2,503 | 14,771 | 7,713 | 24,595 | 33,278 | 29,527 | |
450/3 |
21,007 | 26,423 | 14,248 | 14,668 | 7,771 | 18,004 | 3,678 | 910 | 12,109 | 16,833 | 15,918 | 6,391 | 4,242 | 3,832 | 2,503 | 3,542 | 4,000 | 20,475 | 21,751 | 21,996 | |
454/9 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 11,229 | 3,713 | 4,120 | 11,528 | 7,531 | |
47/48 |
342,734 | 347,266 | 365,249 | 304,741 | 59,029 | 3,790 | 14,820 | 709,037 | 682,686 | 629,376 | 724,140 | 703,605 | 673,507 | 644,114 | 612,581 | 597,762 | 530,505 | 511,773 | 462,652 | 393,157 | |
492/3 |
16,479 | 20,553 | 20,126 | 12,020 | - | - | - | - | - | - | 269 | 474 | - | - | - | - | - | 138 | 78 | 191 | |
| Income statement | |||||||||||||||||||||
9900 |
105,124 | 145,094 | 115,873 | 78,105 | 92,858 | 94,125 | 73,125 | 13,998 | -4,803 | 67,216 | 71,041 | 62,586 | 83,029 | 103,761 | 92,238 | 95,909 | 115,689 | 156,164 | 139,283 | 136,845 | |
62 |
1,264 | - | - | - | - | - | - | - | - | - | - | - | - | - | -3,031 | 26,204 | 14,689 | 21,314 | 18,333 | 18,352 | |
630 |
21,648 | 21,781 | 12,686 | 10,414 | 28,827 | 30,617 | 31,079 | 30,803 | 33,062 | 30,106 | 34,739 | 37,773 | 40,370 | 46,544 | 33,211 | 19,038 | 20,245 | 19,073 | 18,945 | 23,558 | |
635/8 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | -5,200 | - | - | - | - | - | |
640/8 |
1,866 | 1,819 | 1,781 | 2,500 | 1,568 | 1,930 | 1,661 | 2,170 | 1,547 | 1,528 | 1,739 | 1,507 | 1,396 | 1,472 | 1,089 | 2,184 | 1,066 | 1,449 | 1,856 | 1,204 | |
9901 |
80,346 | 121,494 | 101,407 | 65,191 | 62,462 | 61,578 | 40,385 | -18,975 | -39,412 | 35,581 | 34,562 | 23,306 | 41,263 | 55,745 | 66,169 | 48,483 | 79,690 | 114,328 | 100,150 | 93,731 | |
75/76B |
64 | 130 | 48 | 0 | - | 1 | 0 | 9 | 93 | 0 | 0 | 2 | 1 | - | 1,120 | - | - | 4 | - | 0 | |
75 |
64 | 130 | 48 | 0 | - | 1 | 0 | 9 | 93 | 0 | 0 | 2 | 1 | - | 1,120 | - | - | 4 | - | 0 | |
65/66B |
32,647 | 37,567 | 28,977 | 15,777 | 4,738 | 5,603 | 6,522 | 7,446 | 4,982 | 8,055 | 10,760 | 14,631 | 17,947 | 21,637 | 22,485 | 25,578 | 29,989 | 34,340 | 40,106 | 43,087 | |
65 |
32,647 | 37,567 | 28,977 | 15,777 | 4,738 | 5,603 | 6,522 | 7,446 | 4,982 | 8,055 | 10,760 | 14,631 | 17,947 | 21,637 | 22,485 | 25,578 | 29,989 | 34,340 | 40,106 | 43,087 | |
9903 |
47,763 | 84,057 | 72,477 | 49,414 | 57,724 | 55,976 | 33,863 | -26,412 | -44,301 | 27,526 | 23,802 | 8,677 | 23,316 | 34,107 | 44,804 | 22,905 | 49,701 | 79,992 | 60,044 | 50,644 | |
67/77 |
16,769 | 28,324 | 30,857 | 17,611 | 17,495 | 13,836 | 225 | 248 | 303 | 11,467 | 13,022 | 4,140 | 3,922 | 10,496 | 14,756 | 8,212 | 15,959 | 27,314 | 18,894 | 17,149 | |
9904 |
30,994 | 55,733 | 41,620 | 31,803 | 40,229 | 42,139 | 33,638 | -26,660 | -44,605 | 16,060 | 10,781 | 4,537 | 19,394 | 23,611 | 30,048 | 14,693 | 33,742 | 52,678 | 41,150 | 33,495 | |
9905 |
30,994 | 55,733 | 41,620 | 31,803 | 40,229 | 42,139 | 33,638 | -26,660 | -44,605 | 16,060 | 10,781 | 4,537 | 19,394 | 23,611 | 30,048 | 14,693 | 33,742 | 52,678 | 41,150 | 33,495 | |
| Appropriation of the result | |||||||||||||||||||||
9906 |
30,994 | 55,733 | 41,620 | 31,803 | 40,229 | 42,139 | 33,638 | -26,660 | -44,605 | 16,060 | 10,781 | 4,537 | 19,394 | 23,611 | 30,048 | 14,693 | 33,742 | 52,678 | 50,848 | 41,198 | |
791/2 |
- | 16,060 | - | - | 41,786 | 4,537 | - | 26,660 | 44,605 | - | - | - | - | - | - | - | - | - | - | - | |
691/2 |
30,994 | 55,733 | 41,620 | 31,803 | 40,229 | 42,139 | 33,638 | - | - | 16,060 | 10,781 | 4,537 | 7,394 | 23,611 | 30,048 | 14,693 | 33,742 | 52,678 | 48,048 | 30,000 | |
6921 |
30,994 | 55,733 | 41,620 | 31,803 | 40,229 | 42,139 | 33,638 | - | - | 16,060 | 10,781 | 4,537 | 7,394 | 23,611 | 30,048 | 14,693 | 33,742 | 52,678 | 48,048 | 30,000 | |
694/7 |
- | 16,060 | - | - | 41,786 | 4,537 | - | - | - | - | - | - | 12,000 | - | - | - | - | - | 2,800 | 1,500 | |
694 |
- | 16,060 | - | - | 41,786 | 4,537 | - | - | - | - | - | - | - | - | - | - | - | - | 800 | - | |
695 |
- | - | - | - | - | - | - | - | - | - | - | - | 12,000 | - | - | - | - | - | 2,000 | 1,500 | |
| Social balance sheet | |||||||||||||||||||||
9087 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | |
Hours worked1013 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 859 | 481 | 879 | 856 | 868 | |
| Document | |||||||||||||||||||||
The accounts for 4 older financial years (2002-2005) 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 08-07-2026.
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 | abbreviated format | 08-07-2026 | 2026-00274982 | |
| 31-12-2024 | abbreviated format | 01-07-2025 | 2025-00217747 | |
| 31-12-2023 | abbreviated format | 01-07-2024 | 2024-00219960 | |
| 31-12-2022 | micro format | 20-07-2023 | 2023-00264215 | |
| 31-12-2021 | micro format | 20-06-2022 | 2022-20079300 | |
| 31-12-2020 | micro format | 23-07-2021 | 2021-39600276 | |
| 31-12-2019 | abbreviated format | 25-06-2020 | 2020-21000573 | |
| 31-12-2018 | abbreviated format | 29-08-2019 | 2019-59100382 | |
| 31-12-2017 | abbreviated format | 30-08-2018 | 2018-56100272 | |
| 31-12-2016 | abbreviated format | 30-08-2017 | 2017-55300459 | |
| 31-12-2015 | abbreviated format | 11-08-2016 | 2016-42000218 | |
| 31-12-2014 | abbreviated format | 30-07-2015 | 2015-39300529 | |
| 31-12-2013 | abbreviated format | 21-08-2014 | 2014-44800539 | |
| 31-12-2012 | abbreviated format | 29-08-2013 | 2013-49900565 | |
| 31-12-2011 | abbreviated format | 28-08-2012 | 2012-47400582 | |
| 31-12-2010 | abbreviated format | 22-08-2011 | 2011-42200442 | |
| 31-12-2009 | abbreviated format | 20-08-2010 | 2010-42900177 | |
| 31-12-2008 | abbreviated format | 28-08-2009 | 2009-68700334 | |
| 31-12-2007 | abbreviated format | 29-08-2008 | 2008-69000314 | |
| 31-12-2006 | abbreviated format | 27-08-2007 | 2007-62000282 | |
| 31-12-2005 | abbreviated format | 15-06-2006 | 2006-25302537 | |
| 31-12-2004 | abbreviated format | 12-05-2005 | 2005-14605038 | |
| 31-12-2003 | abbreviated format | 03-06-2004 | 2004-19600261 | |
| 31-12-2002 | abbreviated format | 12-09-2003 | 2003-66500865 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 101,994 | 143,275 | 114,093 | 75,605 | 91,289 | 92,195 | 71,464 | 11,828 | -6,350 | 65,688 | 69,302 | 61,079 | 81,633 | 102,289 | 99,379 | 67,522 | 99,934 | 133,401 | 119,095 | 117,288 | ||
| 52,642 | 77,514 | 54,306 | 42,217 | 69,056 | 72,756 | 64,717 | 4,143 | -11,543 | 46,166 | 45,520 | 42,310 | 59,764 | 70,156 | 63,259 | 33,732 | 53,986 | 71,751 | 60,095 | 57,052 | ||
| 0 | 36,322 | 51,105 | 1,841 | 0 | 2,788 | 4,376 | 3,517 | 39,678 | 4,711 | 1,500 | 3,623 | 1,079 | 78,866 | 117,944 | 4,628 | 0 | 11,899 | 9,724 | - | ||
| -77,060 | 13,396 | 38,725 | -3,857 | -22,040 | 43,512 | 6,871 | -4,421 | -161,024 | 163,397 | 1,303 | -13,715 | 14,162 | -20,793 | 22,371 | - | - | 4,204 | 1,958 | - | ||
| -281,008 | -135,536 | -150,740 | -104,438 | 154,922 | 210,139 | 179,164 | -546,949 | -527,207 | -520,182 | -801,987 | -762,817 | -713,283 | -671,766 | -643,918 | -626,777 | -565,425 | -531,314 | -505,634 | -469,746 | ||
| 39.6% | 32.1% | 29.7% | 27.9% | 25.2% | 24.2% | 21.6% | 19.3% | 20.7% | 23.7% | 25.4% | 23.7% | 22.4% | 21.1% | 19.7% | 18.7% | 17.6% | 14.6% | 10.8% | 8.2% | ||
| 0.24 | 0.65 | 0.62 | 0.68 | 2.92 | 4.53 | 4.36 | 0.27 | 0.28 | 0.30 | 0.04 | 0.06 | 0.09 | 0.11 | 0.13 | 0.13 | 0.12 | 0.16 | 0.14 | 0.08 | ||
| 1.52 | 2.11 | 2.37 | 2.58 | 2.97 | 3.14 | 3.62 | 4.18 | 3.83 | 3.23 | 2.93 | 3.22 | 3.46 | 3.75 | 4.08 | 4.31 | 4.65 | 5.82 | 8.20 | 11.16 | ||
| 6.4% | 12.4% | 10.1% | 8.6% | 11.9% | 12.4% | 11.1% | -9.9% | -15.1% | 4.7% | 3.3% | 1.5% | 6.3% | 7.8% | 10.8% | 5.9% | 14.5% | 26.5% | 28.2% | 31.1% | ||
| 2.5% | 4.0% | 3.0% | 2.4% | 3.0% | 3.0% | 2.4% | -1.9% | -3.1% | 1.1% | 0.8% | 0.3% | 1.4% | 1.7% | 2.1% | 1.1% | 2.6% | 3.9% | 3.0% | 2.5% | ||
| 3.12 | 3.81 | 3.94 | 4.79 | 19.27 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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 | - | €36,322 | €51,105 | €1,841 | - |
| €21,648 | €21,781 | €12,686 | €10,414 | €28,827 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on DP CONSULT
The operating result for 2025 is 34% lower than in 2024 and the lowest since 2022.
Debt's share of the balance-sheet total falls from 67.9% to 60.4%. Equity is higher and debt is lower.