GANS TRANSPORT
Annual accounts 2025
abbreviated format, filed on 03-07-2026, 28 days 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 ≈ €1.4m. Estimated: probably between €870,000 and €2.5m.
Balance sheet
balance sheet total €2.2m on 31-12-2025Change in equityin €m
Change in cashin €m
Position in the sector
Solvency47.3%
Higher than 60% of 890 companies in 2025.
Current ratio2.32
Higher than 71% of 867 companies in 2025.
Return on assets6.6%
Higher than 60% of 880 companies in 2025.
Net result: middle half · Equity: top quarter · Balance sheet total: middle half · Working capital: top quarter · Staff: middle half
Staff
Staff cost per FTE€111,766
Staff costs divided by the average number of full-time equivalents.
Joined and left+0
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||||||||
Total assets20/58 |
2.2m | 1.9m | 2.6m | 2.5m | 1.9m | 896,679 | 711,584 | 1.0m | 959,278 | 924,146 | 900,827 | 715,165 | 625,342 | 404,857 | 578,090 | 755,683 | 1.5m | 1.6m | |
Fixed assets21/28 |
33,348 | 31,333 | 32,653 | 34,577 | 26,465 | 27,477 | 26,412 | 7,791 | 14,148 | 14,132 | 21,489 | 28,846 | 35,025 | 44,773 | 53,258 | 63,692 | 73,843 | 78,977 | |
Tangible fixed assets22/27 |
9,190 | 7,375 | 8,695 | 10,619 | 2,507 | 3,519 | 2,454 | 154 | 6,511 | 13,612 | 20,969 | 28,326 | 34,505 | 44,252 | 52,738 | 63,172 | 73,606 | 78,740 | |
Land and buildings22 |
9,190 | 7,299 | 8,211 | 9,124 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
Furniture and vehicles24 |
0 | 76 | 484 | 1,496 | 2,507 | 3,519 | 2,454 | 154 | 358 | 748 | 1,394 | 2,040 | 1,508 | 4,544 | 6,319 | 10,042 | 13,766 | 12,461 | |
Other tangible fixed assets26 |
- | - | - | - | - | - | - | - | 6,152 | 12,864 | 19,575 | 26,286 | 32,997 | 39,708 | 46,419 | 53,130 | 59,841 | 66,279 | |
Financial fixed assets28 |
24,158 | 23,958 | 23,958 | 23,958 | 23,958 | 23,958 | 23,958 | 7,637 | 7,637 | 520 | 520 | 520 | 520 | 520 | 520 | 520 | 237 | 237 | |
Current assets29/58 |
2.2m | 1.8m | 2.6m | 2.5m | 1.8m | 869,202 | 685,173 | 1.0m | 945,130 | 910,014 | 879,338 | 686,319 | 590,317 | 360,084 | 524,832 | 691,991 | 1.4m | 1.5m | |
Amounts receivable within one year40/41 |
362,182 | 529,116 | 881,175 | 928,716 | 789,046 | 356,118 | 242,090 | 346,666 | 320,305 | 248,154 | 119,055 | 100,518 | 235,099 | 45,252 | 118,829 | 242,196 | 942,403 | 1.1m | |
Trade receivables40 |
262,973 | 335,280 | 498,466 | 550,179 | 288,761 | 259,938 | 186,335 | 154,823 | 229,516 | 157,930 | 70,647 | 99,979 | 229,692 | 40,015 | 89,519 | 96,542 | 116,856 | 348,248 | |
Other amounts receivable41 |
99,209 | 193,836 | 382,709 | 378,537 | 500,285 | 96,180 | 55,755 | 191,843 | 90,789 | 90,224 | 48,408 | 539 | 5,407 | 5,237 | 29,310 | 145,654 | 825,547 | 742,595 | |
Current investments50/53 |
- | - | - | - | - | - | 0 | 101,573 | 101,573 | 101,502 | 101,401 | 101,202 | 100,000 | 100,000 | - | - | - | - | |
Cash at bank and in hand54/58 |
1.8m | 1.2m | 1.3m | 1.1m | 360,791 | 491,474 | 443,083 | 452,434 | 417,704 | 560,359 | 566,425 | 484,384 | 255,219 | 202,720 | 395,212 | 333,509 | 312,628 | 156,845 | |
Deferred charges and accrued income490/1 |
7,279 | 80,815 | 388,701 | 433,787 | 687,120 | 21,610 | 0 | 129,425 | 105,548 | - | 92,457 | 215 | - | 12,112 | 10,791 | 116,286 | 172,277 | 255,046 | |
| Balance sheet: equity and liabilities | |||||||||||||||||||
Total equity and liabilities10/49 |
2.2m | 1.9m | 2.6m | 2.5m | 1.9m | 896,679 | 711,584 | 1.0m | 959,278 | 924,146 | 900,827 | 715,165 | 625,342 | 404,857 | 578,090 | 755,683 | 1.5m | 1.6m | |
Equity10/15 |
1.1m | 904,271 | 782,386 | 521,625 | 653,314 | 476,774 | 429,618 | 605,428 | 485,202 | 361,494 | 422,866 | 301,802 | 209,756 | 153,716 | 140,034 | 102,133 | 1.1m | 1.0m | |
Contributions10/11 |
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 | |
Issued capital100 |
- | - | - | - | - | - | 18,592 | 18,592 | 18,592 | 18,592 | 18,592 | 18,592 | 18,592 | 18,592 | 18,592 | 18,592 | 18,592 | 18,592 | |
Reserves13 |
16,733 | 16,733 | 16,733 | 16,733 | 16,733 | 16,733 | 16,733 | 16,733 | 16,733 | 16,733 | 16,733 | 16,733 | 16,733 | 16,733 | 16,733 | 16,733 | 16,733 | 16,733 | |
Non-distributable reserves130/1 |
- | - | 0 | 1,859 | 1,859 | 1,859 | - | - | - | - | - | - | - | - | - | - | - | - | |
Legal reserve130 |
- | - | - | - | - | - | 1,859 | 1,859 | 1,859 | 1,859 | 1,859 | 1,859 | 1,859 | 1,859 | 1,859 | 1,859 | 1,859 | 1,859 | |
Reserves not available under the articles1311 |
- | - | 0 | 1,859 | 1,859 | 1,859 | - | - | - | - | - | - | - | - | - | - | - | - | |
Tax-exempt reserves132 |
14,874 | 14,874 | 14,874 | 14,874 | 14,874 | 14,874 | 14,874 | 14,874 | 14,874 | 14,874 | 14,874 | 14,874 | 14,874 | 14,874 | 14,874 | 14,874 | 14,874 | 14,874 | |
Distributable reserves133 |
1,859 | 1,859 | 1,859 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
Profit (loss) carried forward14 |
1.0m | 868,946 | 747,062 | 486,300 | 617,989 | 441,449 | 394,293 | 570,103 | 449,877 | 326,169 | 387,542 | 266,478 | 174,431 | 118,391 | 104,709 | 66,808 | 1.0m | 1.0m | |
Amounts payable17/49 |
1.2m | 954,574 | 1.8m | 2.0m | 1.2m | 419,905 | 281,966 | 432,460 | 474,076 | 562,652 | 477,961 | 413,363 | 415,587 | 251,141 | 438,055 | 653,550 | 428,767 | 541,547 | |
Amounts payable within one year42/48 |
946,681 | 817,618 | 1.3m | 1.8m | 1.2m | 419,905 | 260,789 | 383,461 | 434,758 | 424,429 | 460,451 | 397,466 | 376,923 | 238,641 | 248,711 | 587,650 | 284,677 | 529,857 | |
Trade debts44 |
785,300 | 424,675 | 710,991 | 1.5m | 1.1m | 362,014 | 148,383 | 283,595 | 336,488 | 222,362 | 338,361 | 176,387 | 297,053 | 186,559 | 120,069 | 453,259 | 146,940 | 366,900 | |
Suppliers440/4 |
785,300 | 424,675 | 710,991 | 1.5m | 1.1m | 362,014 | 148,383 | 283,595 | 336,488 | 222,362 | 338,361 | 176,387 | 297,053 | 186,559 | 120,069 | 453,259 | 146,940 | 366,900 | |
Taxes, remuneration and social security45 |
32,918 | 125,062 | 126,700 | 134,754 | 74,225 | 55,901 | 45,416 | 69,690 | 73,013 | 174,773 | 121,669 | 141,079 | 79,869 | 52,082 | 103,463 | 84,210 | 71,733 | 162,958 | |
Taxes450/3 |
6,147 | 96,047 | 26,549 | 6,130 | 11,295 | 3,989 | 0 | 12,806 | 11,734 | 118,568 | 77,719 | 93,121 | 40,647 | 29,265 | 61,442 | 8,967 | 32,949 | - | |
Remuneration and social security454/9 |
26,771 | 29,016 | 100,151 | 128,625 | 62,930 | 51,912 | 45,416 | 56,884 | 61,280 | 56,204 | 43,950 | 47,958 | 39,222 | 22,816 | 42,021 | 75,243 | 38,784 | 162,958 | |
Other amounts payable47/48 |
128,462 | 267,881 | 490,726 | 127,257 | 47,251 | 1,990 | 66,990 | 30,176 | 25,257 | 27,295 | 422 | 80,000 | - | - | 25,180 | 50,180 | 66,004 | - | |
Accrued charges and deferred income492/3 |
226,548 | 136,956 | 504,527 | 205,871 | - | 0 | 21,177 | 48,999 | 39,318 | 138,223 | 17,510 | 15,897 | 38,664 | 12,500 | 189,344 | 65,900 | 144,090 | 11,690 | |
| Income statement | |||||||||||||||||||
Gross operating margin9900 |
611,924 | 688,474 | 726,236 | 762,964 | 625,011 | 428,696 | 416,429 | 535,250 | 522,149 | 608,938 | 482,314 | 428,898 | 358,587 | 329,651 | 393,315 | 381,755 | 138,730 | 600,146 | |
Remuneration, social security and pensions62 |
447,064 | 412,660 | 380,000 | 486,937 | 373,712 | 349,645 | 327,266 | 330,039 | 314,043 | 302,311 | 284,029 | 278,670 | 249,356 | 276,641 | 315,011 | 300,641 | 102,538 | 536,145 | |
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 |
1,133 | 1,320 | 1,924 | 1,012 | 1,012 | 1,764 | 579 | 6,357 | 7,101 | 7,357 | 7,357 | 7,203 | 9,747 | 10,692 | 10,434 | 10,434 | 10,434 | 1,125 | |
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 |
0 | 1,937 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 120 | - | |
Other operating charges640/8 |
144 | 141 | 132 | 122 | 120 | 119 | 133 | 130 | 111 | 463 | 343 | 124 | 10,617 | 119 | 115 | 1,911 | 362 | 5,527 | |
Operating profit (loss)9901 |
163,582 | 272,416 | 344,181 | 274,893 | 250,167 | 77,167 | 88,452 | 198,724 | 200,894 | 298,807 | 190,585 | 142,901 | 88,866 | 42,198 | 67,755 | 68,769 | 25,276 | 57,349 | |
Financial income75/76B |
0 | 10,982 | 9,064 | 0 | 88 | 178 | 3,619 | 1,924 | 319 | 1,466 | 2,226 | 2,811 | 674 | 1,621 | 346 | 24,029 | 11,111 | 41,188 | |
Recurring financial income75 |
0 | 10,982 | 9,064 | 0 | 88 | 178 | 3,619 | 1,924 | 319 | 1,466 | 2,226 | 2,811 | 674 | 1,621 | 346 | 24,029 | 11,111 | 41,188 | |
Financial charges65/66B |
22,438 | 4,740 | 2,063 | 7,160 | 3,849 | 8,010 | 1,379 | 615 | 5,084 | 636 | 655 | 680 | 1,044 | 1,485 | 2,391 | 7,000 | 3,098 | 4,138 | |
Recurring financial charges65 |
22,438 | 4,740 | 2,063 | 7,160 | 3,849 | 8,010 | 1,379 | 615 | 5,084 | 636 | 655 | 680 | 1,044 | 1,485 | 2,391 | 7,000 | 3,098 | 4,138 | |
Profit (loss) for the period before taxes9903 |
141,144 | 278,659 | 351,181 | 267,733 | 246,405 | 69,335 | 90,692 | 200,033 | 196,128 | 299,636 | 192,155 | 145,032 | 88,495 | 42,334 | 65,710 | 85,798 | 33,289 | 94,399 | |
Income taxes67/77 |
-6,603 | 156,774 | 90,420 | 74,422 | 69,865 | 22,179 | 16,502 | 79,807 | 72,420 | 111,009 | 71,091 | 52,986 | 32,455 | 28,653 | 27,808 | 25,715 | 1,068 | 16,819 | |
Profit (loss) for the period9904 |
147,747 | 121,885 | 260,761 | 193,311 | 176,540 | 47,156 | 74,190 | 120,226 | 123,708 | 188,627 | 121,064 | 92,047 | 56,040 | 13,682 | 37,901 | 60,083 | 32,221 | 77,579 | |
Profit (loss) for the period to be appropriated9905 |
147,747 | 121,885 | 260,761 | 193,311 | 176,540 | 47,156 | 74,190 | 120,226 | 123,708 | 188,627 | 121,064 | 92,047 | 56,040 | 13,682 | 37,901 | 60,083 | 32,221 | 77,579 | |
| Appropriation of the result | |||||||||||||||||||
Profit (loss) to be appropriated9906 |
1.0m | 868,946 | 747,062 | 811,300 | 617,989 | 441,449 | 644,293 | 570,103 | 449,877 | 576,169 | 387,542 | 266,478 | 174,431 | 118,391 | 104,709 | 1.1m | 1.0m | 1.0m | |
Profit (loss) brought forward from the previous period14P |
868,946 | 747,062 | 486,300 | 617,989 | 441,449 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
Profit to be distributed694/7 |
- | - | 0 | 325,000 | - | 0 | 250,000 | - | - | 250,000 | - | - | - | - | - | 1.0m | - | - | |
Return on contributions (dividend)694 |
- | - | 0 | 325,000 | - | 0 | 250,000 | - | - | 250,000 | - | - | - | - | - | 1.0m | - | - | |
| Social balance sheet | |||||||||||||||||||
Average staff (FTE)9087 |
4 | 3.6 | 3.3 | 4 | 4 | 3.9 | 3.3 | 3.2 | 3 | 3 | 2.9 | 3 | 3.2 | 3.9 | 4 | 4 | 2.8 | 3.7 | |
Hours worked1013 |
6,297 | 6,240 | 5,867 | 6,460 | 6,684 | 6,417 | 5,437 | 5,268 | 5,069 | 5,525 | 4,622 | 4,836 | 4,310 | 5,021 | 6,228 | 6,257 | 6,249 | 6,662 | |
| Document | |||||||||||||||||||
The accounts for 18 older financial years (1989-2007) were filed as documents without figures as data, scans for example.
The notes to these accounts have 12 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 03-07-2026.
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 | 03-07-2026 | 2026-00251113 | |
| 31-12-2024 | abbreviated format | 23-07-2025 | 2025-00299833 | |
| 31-12-2023 | abbreviated format | 26-07-2024 | 2024-00291692 | |
| 31-12-2022 | abbreviated format | 22-09-2023 | 2023-00453135 | |
| 31-12-2021 | abbreviated format | 20-07-2022 | 2022-20205788 | |
| 31-12-2020 | abbreviated format | 08-11-2021 | 2021-76700454 | |
| 31-12-2019 | abbreviated format | 27-10-2020 | 2020-63800216 | |
| 31-12-2018 | abbreviated format | 09-08-2019 | 2019-44700460 | |
| 31-12-2017 | abbreviated format | 03-09-2018 | 2018-57800594 | |
| 31-12-2016 | abbreviated format | 17-08-2017 | 2017-43800074 | |
| 31-12-2015 | abbreviated format | 23-08-2016 | 2016-46100526 | |
| 31-12-2014 | abbreviated format | 26-08-2015 | 2015-47600030 | |
| 31-12-2013 | abbreviated format | 26-08-2014 | 2014-46000360 | |
| 31-12-2012 | abbreviated format | 06-08-2013 | 2013-39400487 | |
| 31-12-2011 | abbreviated format | 13-09-2012 | 2012-56500382 | |
| 31-12-2010 | abbreviated format | 20-12-2011 | 2011-64400126 | |
| 31-12-2009 | abbreviated format | 31-08-2010 | 2010-47900421 | |
| 31-12-2008 | abbreviated format | 07-01-2010 | 2010-00500241 | |
| 31-12-2007 | abbreviated format | 05-11-2008 | 2008-80200054 | |
| 31-12-2006 | abbreviated format | 14-03-2008 | 2008-07000025 | |
| 31-12-2005 | abbreviated format | 25-10-2006 | 2006-84500035 | |
| 31-12-2004 | abbreviated format | 29-09-2005 | 2005-72500071 | |
| 31-12-2003 | abbreviated format | 04-10-2004 | 2004-69600032 | |
| 31-12-2002 | abbreviated format | 07-04-2004 | 2004-09800288 | |
| 31-12-2001 | abbreviated format | 22-05-2003 | 2003-15600035 | |
| 31-05-2000 | abbreviated format | 22-12-2000 | 2000-76700287 | |
| 31-05-1999 | abbreviated format | 03-11-2000 | 2000-69100127 | |
| 31-05-1998 | abbreviated format | 04-08-1999 | 1999-39602211 | |
| 30-09-1997 | abbreviated format | 30-07-1999 | 1999-38903102 | |
| 30-09-1996 | abbreviated format | 07-10-1997 | 1997-47903737 | |
| 30-09-1995 | full format | 03-06-1996 | 1996-11602442 | |
| 30-09-1994 | full format | 02-11-1995 | 1995-55803196 | |
| 31-12-1992 | full format | 08-02-1994 | 1994-02101926 | |
| 31-12-1991 | full format | 08-12-1992 | 1992-39901948 | |
| 31-12-1990 | full format | 30-04-1992 | 1992-04805415 | |
| 31-12-1989 | full format | 30-04-1992 | 1992-04805403 |
Subsidies and aid
Flemish government 2022 to 2025, 3 entries, €1,013 awarded, €1,013 paid
| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €237 | €237 |
| 2024 | 1 | €222 | €222 |
| 2022 | 1 | €554 | €554 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 164,716 | 273,737 | 346,105 | 275,905 | 251,179 | 78,931 | 89,031 | 205,081 | 207,994 | 306,164 | 197,942 | 150,104 | 98,614 | 52,891 | 78,189 | 79,203 | 35,710 | 58,474 | |
| Cash flow | 148,881 | 123,205 | 262,686 | 194,323 | 177,552 | 48,920 | 74,769 | 126,583 | 130,809 | 195,984 | 128,421 | 99,250 | 65,787 | 24,374 | 48,336 | 70,517 | 42,655 | 78,705 | |
| Investment in fixed assets (approximation) | 3,148 | 0 | 0 | 9,124 | 0 | 2,830 | 19,200 | 0 | 7,117 | 0 | 0 | 1,024 | 0 | 2,207 | 0 | 283 | 5,301 | 78,561 | |
| Change in cash | 604,857 | -95,220 | 177,321 | 774,690 | -130,683 | 48,391 | -9,351 | 34,730 | -142,656 | -6,066 | 82,041 | 229,166 | 52,499 | -192,492 | 61,703 | 20,881 | 155,784 | - | |
| Working capital | 1.2m | 1.0m | 1.3m | 692,919 | 626,849 | 449,297 | 424,384 | 646,637 | 510,372 | 485,585 | 418,887 | 288,853 | 213,395 | 121,443 | 276,121 | 104,341 | 1.1m | 972,877 | |
| Solvency | 47.3% | 48.6% | 29.9% | 20.6% | 35.1% | 53.2% | 60.4% | 58.3% | 50.6% | 39.1% | 46.9% | 42.2% | 33.5% | 38.0% | 24.2% | 13.5% | 71.4% | 65.8% | |
| Current ratio | 2.32 | 2.24 | 1.94 | 1.38 | 1.52 | 2.07 | 2.63 | 2.69 | 2.17 | 2.14 | 1.91 | 1.73 | 1.57 | 1.51 | 2.11 | 1.18 | 5.01 | 2.84 | |
| Debt to equity | 1.12 | 1.06 | 2.34 | 3.86 | 1.85 | 0.88 | 0.66 | 0.71 | 0.98 | 1.56 | 1.13 | 1.37 | 1.98 | 1.63 | 3.13 | 6.40 | 0.40 | 0.52 | |
| ROE | 14.0% | 13.5% | 33.3% | 37.1% | 27.0% | 9.9% | 17.3% | 19.9% | 25.5% | 52.2% | 28.6% | 30.5% | 26.7% | 8.9% | 27.1% | 58.8% | 3.0% | 7.5% | |
| ROA | 6.6% | 6.6% | 10.0% | 7.6% | 9.5% | 5.3% | 10.4% | 11.6% | 12.9% | 20.4% | 13.4% | 12.9% | 9.0% | 3.4% | 6.6% | 8.0% | 2.1% | 4.9% | |
| Interest coverage | 7.34 | 57.75 | over 100 | 38.53 | 65.25 | - | - | - | - | - | - | - | - | - | - | - | - | - |
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 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 4 | 3 | 4 | 4 |
| full-time | 4 | 4 | 3 | 4 | 4 |
| part-time | 0 | 0 | 0 | 0 | 0 |
| in full-time equivalents | 4 | 4 | 3 | 4 | 4 |
| Average over the year, in full-time equivalents | 4 | 3.6 | 3.3 | 4 | 4 |
| On a permanent contract | 4 | 4 | 3 | 4 | 4 |
| Joined | 0 | 1 | 2 | - | - |
| Left | 0 | 0 | 3 | - | - |
| Training hours | - | 0 | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,948 | - | - | €9,124 | - |
| Financial fixed assets | €200 | - | - | - | - |
| Depreciation and write-downs of the year | €1,133 | €1,320 | €1,924 | €1,012 | €1,012 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on GANS TRANSPORT
The operating result for 2025 is 40% lower than in 2024 and the lowest since 2020. It is the second fall in a row.
Debt's share of the balance-sheet total rises from 51.4% to 52.7%. Equity and debt are higher.