EDM
Annual accounts 2025
micro format, filed on 29-10-2026, 90 days late€108,839
▲ 8.7%
€22,592
▲ 4.2%
€16,982
▲ 20.9%
-€422,195
▼ €352,922
-1.7%
▲ 23.3 percentage points
0.04
▼ 0.12
Turnover 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 ≈ €190,000. Estimated: probably between €150,000 and €290,000.
Balance sheet
balance sheet total €435,714 on 31-12-2025What the company ownsHow it is paid for
in euro
in euro
Position in the sector
-1.7%
Lower than 95% of 16,416 companies in 2025.
0.04
Lower than 95% of 16,156 companies in 2025.
3.9%
Higher than 19% of 16,293 companies in 2025.
EDM
Middle half of the sector
80% of the sector
Micro accounts in legal and accounting (NACE 69)
Net result: middle half · Equity: bottom quarter · Balance sheet total: middle half · Working capital: bottom quarter
Staff
€18,707
Staff costs divided by the average number of full-time equivalents.
+1 person
people who joined
people who left
In 2025, 4 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 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||||||||||
20/58 |
435,714 | 97,888 | 141,206 | 143,697 | 185,379 | 225,931 | 291,800 | 359,545 | 323,459 | 355,839 | 408,854 | 448,166 | 479,387 | 500,392 | 498,805 | 507,383 | 516,203 | 497,482 | 482,168 | 490,846 | |
21/28 |
417,693 | 84,372 | 122,824 | 142,832 | 183,143 | 223,455 | 263,766 | 298,377 | 245,565 | 282,186 | 323,137 | 364,500 | 330,103 | 343,086 | 370,023 | 397,089 | 425,246 | 417,096 | 443,333 | 472,914 | |
22/27 |
417,693 | 84,056 | 122,508 | 142,516 | 182,827 | 223,139 | 263,450 | 298,061 | 245,249 | 281,870 | 322,821 | 364,284 | 329,887 | 342,870 | 369,807 | 396,873 | 425,031 | 416,881 | 443,118 | 472,699 | |
22 |
396,758 | 60,721 | 95,434 | 134,196 | 172,957 | 211,719 | 250,480 | 289,241 | 245,152 | 281,495 | 319,379 | 356,024 | 325,176 | 340,687 | 366,257 | 391,828 | 417,399 | 407,338 | 431,127 | 454,916 | |
23 |
6,190 | 2,426 | - | - | - | - | - | - | - | - | - | - | - | 105 | 743 | 1,381 | 2,598 | 4,354 | 6,531 | 8,709 | |
24 |
14,745 | 20,909 | 27,074 | 8,320 | 9,870 | 11,420 | 12,970 | 8,820 | 97 | 375 | 3,442 | 8,260 | 4,711 | 2,078 | 2,807 | 3,664 | 5,034 | 5,189 | 5,460 | 9,074 | |
28 |
- | 316 | 316 | 316 | 316 | 316 | 316 | 316 | 316 | 316 | 316 | 216 | 216 | 216 | 216 | 216 | 215 | 215 | 215 | 216 | |
29/58 |
18,021 | 13,516 | 18,382 | 865 | 2,236 | 2,476 | 28,034 | 61,168 | 77,894 | 73,653 | 85,717 | 83,666 | 149,284 | 157,306 | 128,782 | 110,294 | 90,957 | 80,386 | 38,835 | 17,932 | |
40/41 |
8,183 | 1,992 | 5,915 | 740 | 1,286 | 1,870 | 27,085 | 55,153 | 60,626 | 63,688 | 79,061 | 82,823 | 143,834 | 154,105 | 127,195 | 104,871 | 85,322 | 78,986 | 38,207 | 16,555 | |
40 |
7,934 | 1,660 | 5,915 | 657 | 1,286 | 1,870 | 25,315 | 52,708 | 60,626 | 57,441 | 70,237 | 76,195 | 101,440 | 70,209 | 61,576 | 54,809 | 70,808 | 70,566 | 37,761 | 16,555 | |
41 |
249 | 332 | - | 83 | - | - | 1,770 | 2,445 | - | 6,247 | 8,824 | 6,628 | 42,394 | 83,896 | 65,619 | 50,062 | 14,514 | 8,420 | 446 | - | |
54/58 |
1,457 | 3,924 | 7,016 | 125 | 950 | 606 | 949 | 5,759 | 14,000 | 7,721 | 6,281 | 418 | 5,450 | 3,101 | 1,067 | 3,823 | 4,301 | 1,141 | 460 | 1,378 | |
490/1 |
8,381 | 7,600 | 5,451 | - | - | - | - | 256 | 3,268 | 2,244 | 375 | 425 | - | 100 | 520 | 1,600 | 1,334 | 259 | 168 | - | |
| Balance sheet: equity and liabilities | |||||||||||||||||||||
10/49 |
435,714 | 97,888 | 141,206 | 143,697 | 185,379 | 225,931 | 291,800 | 359,545 | 323,459 | 355,839 | 408,854 | 448,166 | 479,387 | 500,392 | 498,805 | 507,383 | 516,203 | 497,482 | 482,168 | 490,846 | |
10/15 |
-7,554 | -24,536 | -38,579 | -27,530 | -27,839 | -20,988 | 6,996 | 9,536 | 12,577 | 1,823 | 20,006 | 24,156 | 64,369 | 22,496 | 5,875 | 8,121 | 26,866 | 34,633 | 18,900 | 19,605 | |
10/11 |
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 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
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 | |
13 |
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 | 1,860 | 1,860 | 1,860 | 1,860 | 1,005 | 1,005 | |
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 | 1,005 | 1,005 | |
1311 |
- | - | - | - | 1,860 | 1,860 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
133 |
1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
14 |
-28,014 | -44,996 | -59,039 | -47,990 | -48,299 | -41,448 | -13,464 | -10,924 | -7,883 | -18,637 | -454 | 3,696 | 43,909 | 2,036 | -14,585 | -12,339 | 6,406 | 14,173 | -705 | - | |
17/49 |
443,268 | 122,424 | 179,785 | 171,227 | 213,218 | 246,919 | 284,804 | 350,009 | 310,882 | 354,016 | 388,848 | 424,010 | 415,018 | 477,896 | 492,930 | 499,262 | 489,337 | 462,849 | 463,268 | 471,241 | |
17 |
2,874 | 38,822 | 78,427 | 106,461 | 146,627 | 185,385 | 196,912 | 233,926 | 197,422 | 219,795 | 241,217 | 261,729 | 283,939 | 311,208 | 341,545 | 371,896 | 386,593 | 382,602 | 402,531 | 421,580 | |
170/4 |
2,874 | 38,822 | 78,427 | 106,461 | 146,627 | 185,385 | 196,912 | 233,926 | 197,422 | 219,795 | 241,217 | 261,729 | 283,939 | 311,208 | 341,545 | 371,896 | 386,593 | 382,602 | 402,531 | 421,580 | |
42/48 |
440,216 | 82,789 | 100,362 | 64,405 | 65,561 | 60,812 | 87,452 | 114,374 | 111,866 | 131,569 | 127,102 | 143,510 | 108,075 | 146,682 | 133,703 | 111,098 | 90,651 | 71,684 | 55,530 | 44,960 | |
42 |
36,273 | 41,665 | 51,127 | 40,157 | 38,750 | 37,394 | 37,013 | 37,635 | 22,373 | 23,166 | 22,181 | 22,211 | 27,269 | 31,802 | 31,754 | 32,058 | 28,297 | 21,161 | 20,229 | 19,338 | |
43 |
26,000 | 32,300 | 29,430 | 17,793 | 10,200 | 7,500 | 35,000 | 50,000 | 35,000 | 46,000 | 46,000 | 50,000 | 30,000 | 63,370 | 45,000 | 15,631 | 7,605 | 955 | - | - | |
430/8 |
26,000 | 32,300 | 29,430 | 17,793 | 10,200 | 7,500 | 35,000 | 50,000 | 35,000 | 46,000 | 46,000 | 50,000 | 30,000 | 63,370 | 45,000 | 15,631 | 7,605 | 955 | - | - | |
44 |
8,955 | 2,534 | 4,941 | 271 | 346 | 128 | 934 | 8,720 | 5,003 | 6,916 | 5,347 | 30,098 | 2,919 | 7,140 | 9,567 | 16,550 | 7,353 | 13,052 | 5,877 | 8,853 | |
440/4 |
8,955 | 2,534 | 4,941 | 271 | 346 | 128 | 934 | 8,720 | 5,003 | 6,916 | 5,347 | 30,098 | 2,919 | 7,140 | 9,567 | 16,550 | 7,353 | 13,052 | 5,877 | 8,853 | |
45 |
10,668 | 6,290 | 7,793 | 2,911 | 5,702 | 5,320 | 2,968 | 5,235 | 8,061 | 5,784 | 5,068 | 6,099 | 25,606 | 11,219 | 4,701 | 9,928 | 17,396 | 8,516 | 4,684 | 6,141 | |
450/3 |
6,192 | 5,691 | 7,511 | 2,911 | 5,702 | 5,320 | 2,968 | 2,791 | 5,309 | 1,369 | 635 | 1,863 | 23,051 | 6,666 | 710 | 501 | 7,746 | 6,730 | 323 | 2,145 | |
454/9 |
4,476 | 599 | 282 | - | - | - | - | 2,444 | 2,752 | 4,415 | 4,433 | 4,236 | 2,555 | 4,553 | 3,991 | 9,427 | 9,650 | 1,786 | 4,361 | 3,996 | |
47/48 |
358,320 | - | 7,071 | 3,273 | 10,563 | 10,470 | 11,537 | 12,784 | 41,429 | 49,703 | 48,506 | 35,102 | 22,281 | 33,151 | 42,681 | 36,931 | 30,000 | 28,000 | 24,740 | 10,628 | |
492/3 |
178 | 813 | 996 | 361 | 1,030 | 722 | 440 | 1,709 | 1,594 | 2,652 | 20,529 | 18,771 | 23,004 | 20,006 | 17,682 | 16,268 | 12,093 | 8,563 | 5,207 | 4,701 | |
| Income statement | |||||||||||||||||||||
76A |
- | - | - | - | - | - | - | - | 2,066 | 125 | - | - | - | - | - | - | 6,000 | - | - | - | |
9900 |
108,839 | 100,133 | 60,572 | 53,588 | 48,088 | 49,166 | 58,474 | 125,258 | 107,108 | 91,100 | 94,542 | 60,584 | 153,186 | 116,026 | 76,808 | 80,595 | 82,484 | 110,571 | 87,644 | 81,932 | |
62 |
41,156 | 34,174 | 17,366 | - | - | - | - | 42,669 | 39,647 | 37,985 | 34,491 | 36,869 | 42,951 | 47,801 | 31,553 | 47,145 | 43,546 | 34,164 | 33,510 | 27,114 | |
630 |
41,890 | 41,357 | 43,080 | 40,311 | 40,311 | 40,311 | 40,311 | 45,465 | 38,333 | 40,951 | 42,701 | 42,577 | 30,220 | 26,937 | 27,066 | 29,755 | 29,369 | 28,441 | 30,021 | 30,674 | |
640/8 |
3,201 | 2,912 | 3,054 | 4,657 | 5,129 | 26,326 | 9,080 | 24,994 | 4,090 | 15,513 | 6,665 | 4,946 | 2,354 | 2,203 | 1,872 | 1,849 | 2,767 | 4,456 | 2,529 | 5,632 | |
66A |
- | - | - | - | - | - | - | 3,010 | - | - | - | - | - | - | - | - | - | - | - | - | |
9901 |
22,592 | 21,690 | -2,928 | 8,620 | 2,648 | -17,471 | 9,083 | 9,120 | 25,038 | -3,349 | 10,685 | -23,808 | 77,661 | 39,085 | 16,317 | 1,846 | 6,802 | 43,510 | 21,584 | 18,512 | |
75/76B |
1 | 373 | - | - | - | 50 | - | 53 | 5 | 391 | 2,277 | 33 | 5,050 | 5,800 | 4,650 | 3,322 | 841 | 508 | 28 | 27 | |
75 |
1 | 373 | - | - | - | 50 | - | 53 | 5 | 391 | 2,277 | 33 | 5,050 | 5,800 | 4,650 | 3,322 | 841 | 508 | 28 | 27 | |
65/66B |
5,459 | 7,781 | 8,121 | 8,311 | 9,499 | 10,563 | 11,623 | 12,214 | 14,289 | 15,095 | 17,112 | 16,439 | 19,506 | 23,327 | 23,213 | 23,913 | 21,410 | 22,049 | 21,678 | 16,320 | |
65 |
5,459 | 7,781 | 8,121 | 8,311 | 9,499 | 10,563 | 11,623 | 12,214 | 14,289 | 15,095 | 17,112 | 16,439 | 19,506 | 23,327 | 23,213 | 23,913 | 21,410 | 22,049 | 21,678 | 16,320 | |
9903 |
17,134 | 14,282 | -11,049 | 309 | -6,851 | -27,984 | -2,540 | -3,041 | 10,754 | -18,053 | -4,150 | -40,214 | 63,205 | 21,558 | -2,246 | -18,745 | -7,767 | 21,969 | -66 | 2,219 | |
67/77 |
152 | 239 | - | - | - | - | - | - | - | 130 | - | -1 | 21,332 | 4,937 | - | - | - | 6,236 | 639 | 1,213 | |
9904 |
16,982 | 14,043 | -11,049 | 309 | -6,851 | -27,984 | -2,540 | -3,041 | 10,754 | -18,183 | -4,150 | -40,213 | 41,873 | 16,621 | -2,246 | -18,745 | -7,767 | 15,733 | -705 | 1,005 | |
9905 |
16,982 | 14,043 | -11,049 | 309 | -6,851 | -27,984 | -2,540 | -3,041 | 10,754 | -18,183 | -4,150 | -40,213 | 41,873 | 16,621 | -2,246 | -18,745 | -7,767 | 15,733 | -705 | 1,005 | |
| Appropriation of the result | |||||||||||||||||||||
9906 |
-28,014 | -44,996 | -59,039 | -47,990 | -48,299 | -41,448 | -13,464 | -10,924 | -7,883 | -18,637 | -454 | 3,696 | 43,909 | 2,036 | -14,585 | -12,339 | 6,406 | 15,028 | -705 | 1,005 | |
14P |
-44,996 | -59,039 | -47,990 | -48,299 | -41,448 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
691/2 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 855 | - | 1,005 | |
6920 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 855 | - | 1,005 | |
| Social balance sheet | |||||||||||||||||||||
9087 |
2.2 | 2.4 | 1.5 | - | - | - | - | 1 | 1.2 | 1.1 | 0.9 | 1 | 1.1 | 1.5 | 1.6 | 1.4 | 1.1 | 1.4 | 1.3 | 0.9 | |
Hours worked1013 |
2,078 | 1,364 | 756 | - | - | - | - | 1,828 | 2,120 | 1,896 | 1,616 | 1,816 | 1,996 | 2,765 | 1,587 | 2,121 | 2,035 | 1,729 | 1,961 | 1,490 | |
| Document | |||||||||||||||||||||
The notes to these accounts have 11 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 29-10-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank2025 annual accounts filed 90 days after the deadline. Filed on 29 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00597035.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-10-2026 | 2026-00597035 | |
| 31-12-2024 | micro format | 13-08-2025 | 2025-00373367 | |
| 31-12-2023 | micro format | 21-10-2024 | 2024-00510339 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00379534 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20367229 | |
| 31-12-2020 | micro format | 24-12-2021 | 2021-81700013 | |
| 31-12-2019 | abbreviated format | 30-12-2020 | 2020-77500389 | |
| 31-12-2018 | abbreviated format | 31-08-2019 | 2019-60500164 | |
| 31-12-2017 | abbreviated format | 24-09-2018 | 2018-64300478 | |
| 31-12-2016 | abbreviated format | 09-10-2017 | 2017-66800347 | |
| 31-12-2015 | abbreviated format | 26-09-2016 | 2016-61400363 | |
| 31-12-2014 | abbreviated format | 11-10-2015 | 2015-64500060 | |
| 31-12-2013 | abbreviated format | 26-09-2014 | 2014-59900049 | |
| 31-12-2012 | abbreviated format | 30-09-2013 | 2013-59900198 | |
| 31-12-2011 | abbreviated format | 30-12-2012 | 2012-68500355 | |
| 31-12-2010 | abbreviated format | 30-12-2011 | 2011-66000438 | |
| 31-12-2009 | abbreviated format | 22-12-2010 | 2010-63800165 | |
| 31-12-2008 | abbreviated format | 29-09-2009 | 2009-77700339 | |
| 31-12-2007 | abbreviated format | 29-08-2008 | 2008-65100032 | |
| 31-12-2006 | abbreviated format | 30-08-2007 | 2007-63900198 |
Subsidies and aid
Flemish government 2023 to 2025, 3 entries, €1,393 awarded, €1,393 paid
| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €42 | €42 |
| 2024 | 1 | €90 | €90 |
| 2023 | 1 | €1,261 | €1,261 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 64,482 | 63,047 | 40,152 | 48,931 | 42,959 | 22,840 | 49,394 | 54,585 | 63,371 | 37,602 | 53,386 | 18,769 | 107,881 | 66,022 | 43,383 | 31,601 | 36,171 | 71,951 | 51,605 | 49,186 | ||
| 58,872 | 55,400 | 32,031 | 40,620 | 33,460 | 12,327 | 37,771 | 42,424 | 49,087 | 22,768 | 38,551 | 2,364 | 72,093 | 43,558 | 24,820 | 11,010 | 21,602 | 44,174 | 29,316 | 31,679 | ||
| 375,527 | 2,905 | 23,072 | 0 | -1 | 0 | 5,700 | 98,277 | 1,712 | 0 | 1,338 | 76,974 | 17,237 | 0 | 0 | 1,598 | 37,519 | 2,204 | 440 | 503,588 | ||
| -2,467 | -3,092 | 6,891 | -825 | 344 | -343 | -4,810 | -8,241 | 6,279 | 1,440 | 5,863 | -5,032 | 2,349 | 2,034 | -2,756 | -478 | 3,160 | 681 | -918 | - | ||
| -422,195 | -69,273 | -81,980 | -63,540 | -63,325 | -58,336 | -59,418 | -53,206 | -33,972 | -57,916 | -41,385 | -59,844 | 41,209 | 10,624 | -4,921 | -804 | 306 | 8,702 | -16,695 | -27,028 | ||
| -1.7% | -25.1% | -27.3% | -19.2% | -15.0% | -9.3% | 2.4% | 2.7% | 3.9% | 0.5% | 4.9% | 5.4% | 13.4% | 4.5% | 1.2% | 1.6% | 5.2% | 7.0% | 3.9% | 4.0% | ||
| 0.04 | 0.16 | 0.18 | 0.01 | 0.03 | 0.04 | 0.32 | 0.53 | 0.70 | 0.56 | 0.67 | 0.58 | 1.38 | 1.07 | 0.96 | 0.99 | 1.00 | 1.12 | 0.70 | 0.40 | ||
| - | - | - | - | - | - | 40.71 | 36.70 | 24.72 | - | 19.44 | 17.55 | 6.45 | 21.24 | 83.90 | 61.48 | 18.21 | 13.36 | 24.51 | 24.04 | ||
| - | - | - | - | - | - | -36.3% | -31.9% | 85.5% | -997.4% | -20.7% | -166.5% | 65.1% | 73.9% | -38.2% | -230.8% | -28.9% | 45.4% | -3.7% | 5.1% | ||
| 3.9% | 14.3% | -7.8% | 0.2% | -3.7% | -12.4% | -0.9% | -0.8% | 3.3% | -5.1% | -1.0% | -9.0% | 8.7% | 3.3% | -0.5% | -3.7% | -1.5% | 3.2% | -0.1% | 0.2% | ||
| 11.81 | 8.10 | 4.94 | 5.89 | 4.52 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | 31-12-2025 | 31-12-2024 | 31-12-2023 |
|---|---|---|---|
| Employees at the balance-sheet date | 2 | 1 | 2 |
| full-time | 1 | - | - |
| part-time | 1 | 1 | 2 |
| in full-time equivalents | 1.2 | 0.8 | 0.5 |
| 1.3 | 0.9 | 0.6 | |
| On a permanent contract | 1 | 1 | 2 |
| Joined | 4 | 3 | 3 |
| Left | 3 | 4 | 1 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Securities and guarantees
on own assets and for others| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €36,273 | €80,486 | €124,971 | €146,618 | €185,376 |
| Carrying value of the mortgaged assets | €417,692 | €84,056 | €122,506 | €142,516 | €182,827 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €375,527 | €2,905 | €23,072 | - | - |
| €41,890 | €41,357 | €43,080 | €40,311 | €40,311 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on EDM
The operating result for 2025 is 4% higher than in 2024 and the highest since 2017. It is the second rise in a row, after the fall in 2023.
Equity is negative. Debt (€443,268) exceeds the balance-sheet total (€435,714).