HIGH POLY TECH
Annual accounts 2025
micro 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 ≈ €48,000. Estimated: probably between €22,000 and €120,000.
Balance sheet
balance sheet total €277,659 on 31-12-2025in euro
in euro
Position in the sector
66.8%
Higher than 77% of 181 companies in 2025.
3.01
Higher than 74% of 175 companies in 2025.
0.5%
Higher than 35% of 177 companies in 2025.
Net result: middle half · Equity: top quarter · Balance sheet total: middle half · Working capital: top 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 |
277,659 | 274,160 | 264,803 | 290,705 | 272,058 | 259,160 | 279,150 | 267,563 | 261,556 | 258,161 | 269,937 | 279,328 | 279,004 | 309,468 | 279,451 | 269,223 | 280,985 | 272,626 | 307,862 | 288,332 | |
21/28 |
181 | 181 | 181 | 119 | 1,664 | 3,602 | 380 | 318 | 318 | 1,523 | 7,798 | 14,073 | 20,318 | 20,962 | 6,231 | 7,805 | 16,442 | 23,831 | 34,434 | 57,246 | |
21 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 18,329 | |
22/27 |
- | - | - | - | 1,421 | 3,421 | - | - | - | 1,250 | 7,525 | 13,799 | 20,074 | 20,762 | 6,031 | 7,635 | 16,301 | 23,690 | 34,294 | 38,776 | |
23 |
- | - | - | - | 1,421 | 3,421 | - | - | - | 1,250 | 2,500 | 3,750 | 5,000 | 663 | 1,326 | 1,989 | 5,320 | 5,335 | 8,826 | 13,725 | |
24 |
- | - | - | - | - | - | - | - | - | - | 4,084 | 8,167 | 12,251 | 16,335 | - | - | 4,394 | 8,789 | 13,183 | 17,578 | |
26 |
- | - | - | - | - | - | - | - | - | - | 941 | 1,882 | 2,823 | 3,764 | 4,705 | 5,646 | 6,587 | 9,566 | 12,284 | 7,474 | |
28 |
181 | 181 | 181 | 119 | 243 | 181 | 380 | 318 | 318 | 273 | 273 | 273 | 243 | 200 | 200 | 170 | 141 | 141 | 141 | 141 | |
29/58 |
277,478 | 273,979 | 264,622 | 290,586 | 270,394 | 255,558 | 278,770 | 267,245 | 261,238 | 256,637 | 262,139 | 265,256 | 258,686 | 288,506 | 273,220 | 261,417 | 264,543 | 248,795 | 273,428 | 231,085 | |
3 |
3,749 | 6,077 | 4,309 | 8,572 | 9,458 | 7,129 | 30,764 | 33,229 | 39,372 | 34,636 | 35,649 | 59,698 | 57,483 | 68,720 | 69,667 | 59,218 | 67,089 | 59,412 | 57,298 | 57,658 | |
30/36 |
3,749 | 6,077 | 4,309 | 8,572 | 9,458 | 7,129 | 30,764 | 33,229 | 39,372 | 34,636 | 35,649 | 59,698 | 57,483 | 68,720 | 69,667 | 59,218 | 67,089 | 59,412 | 57,298 | 57,658 | |
40/41 |
1,574 | 5,336 | 5,392 | 2,728 | 6,778 | 7,123 | 11,338 | 27,950 | 41,565 | 23,784 | 35,646 | 44,171 | 16,412 | 12,252 | 18,400 | 21,689 | 43,253 | 32,310 | 60,816 | 68,776 | |
40 |
1,418 | 5,336 | 2,144 | 2,266 | 6,453 | 7,123 | 11,203 | 27,950 | 36,418 | 23,780 | 35,642 | 43,929 | 15,456 | 10,746 | 15,071 | 18,688 | 41,625 | 24,790 | 52,294 | 60,916 | |
41 |
156 | - | 3,248 | 463 | 325 | - | 135 | - | 5,146 | 4 | 4 | 242 | 956 | 1,506 | 3,329 | 3,001 | 1,627 | 7,520 | 8,522 | 7,860 | |
50/53 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 100,000 | 100,000 | 101,673 | 100,000 | 100,000 | 100,405 | - | |
54/58 |
272,079 | 262,496 | 254,851 | 279,231 | 254,031 | 241,229 | 236,598 | 206,022 | 180,212 | 198,127 | 190,661 | 160,797 | 183,887 | 102,757 | 84,966 | 78,174 | 53,325 | 55,613 | 52,369 | 100,841 | |
490/1 |
75 | 70 | 70 | 55 | 128 | 77 | 69 | 44 | 89 | 90 | 183 | 590 | 904 | 4,776 | 187 | 663 | 877 | 1,459 | 2,539 | 3,810 | |
| Balance sheet: equity and liabilities | |||||||||||||||||||||
10/49 |
277,659 | 274,160 | 264,803 | 290,705 | 272,058 | 259,160 | 279,150 | 267,563 | 261,556 | 258,161 | 269,937 | 279,328 | 279,004 | 309,468 | 279,451 | 269,223 | 280,985 | 272,626 | 307,862 | 288,332 | |
10/15 |
185,477 | 184,113 | 175,949 | 203,806 | 186,053 | 174,031 | 181,990 | 169,179 | 165,799 | 165,634 | 173,225 | 178,378 | 177,371 | 165,863 | 184,072 | 179,413 | 161,023 | 152,953 | 140,108 | 112,269 | |
10/11 |
75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | |
100 |
- | - | - | - | - | - | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | |
11 |
75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
1109/19 |
75,000 | 75,000 | 75,000 | 75,000 | 75,000 | 75,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
13 |
128,806 | 128,806 | 128,806 | 128,806 | 111,053 | 109,072 | 109,072 | 109,072 | 109,072 | 109,072 | 109,072 | 109,072 | 109,072 | 109,072 | 109,072 | 104,413 | 86,023 | 77,953 | 65,108 | 43,510 | |
130/1 |
7,500 | 7,500 | 7,500 | 7,500 | 7,500 | 7,500 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 7,500 | 7,500 | 7,500 | 7,500 | 7,500 | 7,500 | 7,500 | 7,500 | 7,500 | 7,500 | 7,500 | 7,500 | 7,500 | 7,500 | |
1311 |
7,500 | 7,500 | 7,500 | 7,500 | 7,500 | 7,500 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
133 |
121,306 | 121,306 | 121,306 | 121,306 | 103,553 | 101,572 | 101,572 | 101,572 | 101,572 | 101,572 | 101,572 | 101,572 | 101,572 | 101,572 | 101,572 | 96,913 | 78,523 | 70,453 | 57,608 | 36,010 | |
14 |
-18,329 | -19,693 | -27,857 | - | - | -10,041 | -2,081 | -14,893 | -18,272 | -18,437 | -10,847 | -5,694 | -6,701 | -18,209 | - | - | - | - | - | -6,240 | |
16 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 33,054 | - | - | - | - | 22,534 | 22,534 | |
160/5 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 33,054 | - | - | - | - | 22,534 | 22,534 | |
17/49 |
92,182 | 90,047 | 88,854 | 86,899 | 86,005 | 85,129 | 97,159 | 98,384 | 95,757 | 92,526 | 96,712 | 100,950 | 101,633 | 110,551 | 95,380 | 89,809 | 119,963 | 119,673 | 145,220 | 153,529 | |
17 |
- | - | - | - | - | - | - | - | - | - | 1,095 | 5,474 | 9,854 | 14,233 | - | - | 2,354 | 8,004 | 13,654 | 19,304 | |
170/4 |
- | - | - | - | - | - | - | - | - | - | 1,095 | 5,474 | 9,854 | 14,233 | - | - | 2,354 | 8,004 | 13,654 | 19,304 | |
42/48 |
92,182 | 90,047 | 88,854 | 86,899 | 86,005 | 85,129 | 97,159 | 98,384 | 95,757 | 92,526 | 95,617 | 95,456 | 90,509 | 94,140 | 94,104 | 88,498 | 115,083 | 102,559 | 130,270 | 133,026 | |
42 |
- | - | - | - | - | - | - | - | - | 1,095 | 4,380 | 4,380 | 4,380 | 4,380 | - | 2,354 | 5,650 | 5,650 | 5,650 | 14,390 | |
44 |
196 | 133 | 1,180 | 623 | 730 | 354 | 10,802 | 4,616 | 7,148 | 5,346 | 7,384 | 6,968 | 10,054 | 16,975 | 21,497 | 5,215 | 29,601 | 13,521 | 30,982 | 33,131 | |
440/4 |
196 | 133 | 1,180 | 623 | 730 | 354 | 10,802 | 4,616 | 7,148 | 5,346 | 7,384 | 6,968 | 10,054 | 16,975 | 21,497 | 5,215 | 29,601 | 13,521 | 30,982 | 33,131 | |
45 |
1,390 | 1,181 | 766 | 1,155 | 1,885 | 3,099 | 6,362 | 15,419 | 11,871 | 10,925 | 10,240 | 12,071 | 6,972 | 5,452 | 7,963 | 15,424 | 13,043 | 12,195 | 13,402 | 16,397 | |
450/3 |
1,390 | 1,181 | 766 | 1,155 | 1,885 | 3,099 | 1,114 | 4,198 | 676 | 903 | 1,082 | 1,391 | 887 | 81 | - | 4,938 | 15 | - | - | - | |
454/9 |
- | - | - | - | - | - | 5,248 | 11,221 | 11,194 | 10,022 | 9,158 | 10,681 | 6,085 | 5,371 | 7,963 | 10,486 | 13,028 | 12,195 | 13,402 | 16,397 | |
47/48 |
90,597 | 88,734 | 86,909 | 85,121 | 83,391 | 81,676 | 79,995 | 78,350 | 76,738 | 75,160 | 73,614 | 72,037 | 69,103 | 67,334 | 64,645 | 65,506 | 66,788 | 71,193 | 80,237 | 69,108 | |
492/3 |
- | - | - | - | - | - | - | - | - | - | - | 20 | 1,270 | 2,177 | 1,275 | 1,311 | 2,526 | 9,110 | 1,296 | 1,199 | |
| Income statement | |||||||||||||||||||||
76A |
- | - | - | - | - | - | - | - | - | - | - | 1,048 | 1,436 | 1,424 | 1,750 | 1,628 | 1,586 | 3,243 | 5,486 | 1,493 | |
9900 |
6,328 | 12,200 | -24,024 | 28,193 | 19,895 | 33,571 | 49,975 | 75,630 | 74,291 | 65,791 | 67,131 | 78,202 | 62,297 | 76,155 | 75,080 | 116,240 | 134,667 | 139,683 | 193,068 | 218,555 | |
62 |
1 | - | - | - | 2,328 | 38,733 | 32,102 | 68,954 | 69,228 | 61,783 | 62,127 | 68,856 | 38,322 | 53,398 | 65,928 | 81,025 | 108,704 | 108,559 | 124,730 | 147,114 | |
630 |
- | - | - | - | 2,000 | 579 | - | - | 1,250 | 6,275 | 6,275 | 6,275 | 6,938 | 5,688 | 1,604 | 8,666 | 10,704 | 11,544 | 32,222 | 63,962 | |
631/4 |
- | - | - | - | - | -1,420 | - | -302 | - | 1,690 | 186 | -3,059 | -118 | 625 | -218 | -1,248 | -550 | 3,179 | -7,284 | 2,748 | |
635/8 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -22,534 | - | - | |
640/8 |
1,429 | 669 | 657 | 682 | 703 | 743 | 768 | 1,060 | 968 | 1,027 | 789 | 1,530 | 1,566 | 1,487 | 4,297 | 1,448 | 1,919 | 1,335 | 12,446 | 2,383 | |
66A |
- | - | - | - | - | - | - | - | - | - | - | - | 1,327 | 33,054 | - | - | - | - | - | 4,887 | |
9901 |
4,898 | 11,531 | -24,681 | 27,512 | 14,864 | -5,065 | 17,105 | 5,919 | 2,845 | -4,984 | -2,246 | 4,600 | 15,590 | 14,957 | 3,469 | 26,348 | 13,890 | 37,599 | 30,953 | 2,348 | |
75/76B |
184 | 90 | 66 | 111 | 117 | 116 | 27 | 146 | 102 | 268 | 100 | 295 | 499 | 3,652 | 1,620 | 2,123 | 1,275 | 3,513 | 2,362 | 1,004 | |
75 |
184 | 90 | 66 | 111 | 117 | 116 | 27 | 146 | 102 | 268 | 100 | 295 | 499 | 3,652 | 1,620 | 2,123 | 1,275 | 3,513 | 2,362 | 1,004 | |
65/66B |
3,718 | 3,457 | 3,242 | 3,456 | 2,959 | 3,010 | 4,320 | 2,685 | 2,782 | 2,874 | 3,007 | 4,936 | 4,689 | 5,188 | 4,730 | 5,614 | 8,476 | 11,094 | 4,757 | 6,197 | |
65 |
3,718 | 3,457 | 3,242 | 3,456 | 2,959 | 3,010 | 4,320 | 2,685 | 2,782 | 2,874 | 3,007 | 4,936 | 4,689 | 5,188 | 4,730 | 5,614 | 8,476 | 11,094 | 4,757 | 6,197 | |
9903 |
1,364 | 8,164 | -27,857 | 24,166 | 12,022 | -7,959 | 12,812 | 3,379 | 165 | -7,590 | -5,153 | 1,007 | 11,508 | -18,209 | 2,109 | 24,486 | 8,275 | 33,261 | 34,044 | -6,240 | |
67/77 |
- | - | - | 6,414 | - | - | - | - | - | - | - | - | - | - | -2,549 | 6,095 | 205 | 10,415 | 6,206 | - | |
9904 |
1,364 | 8,164 | -27,857 | 17,753 | 12,022 | -7,959 | 12,812 | 3,379 | 165 | -7,590 | -5,153 | 1,007 | 11,508 | -18,209 | 4,659 | 18,391 | 8,069 | 22,846 | 27,838 | -6,240 | |
9905 |
1,364 | 8,164 | -27,857 | 17,753 | 12,022 | -7,959 | 12,812 | 3,379 | 165 | -7,590 | -5,153 | 1,007 | 11,508 | -18,209 | 4,659 | 18,391 | 8,069 | 22,846 | 27,838 | -6,240 | |
| Appropriation of the result | |||||||||||||||||||||
9906 |
-18,329 | -19,693 | -27,857 | 17,753 | 1,981 | -10,041 | -2,081 | -14,893 | -18,272 | -18,437 | -10,847 | -5,694 | -6,701 | -18,209 | 4,659 | 18,391 | 8,069 | 22,846 | 21,598 | -6,240 | |
14P |
-19,693 | -27,857 | - | - | -10,041 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
691/2 |
- | - | - | 17,753 | 1,981 | - | - | - | - | - | - | - | - | - | 4,659 | 18,391 | 8,069 | 12,846 | 21,598 | - | |
6921 |
- | - | - | 17,753 | 1,981 | - | - | - | - | - | - | - | - | - | 4,659 | 18,391 | 8,069 | 12,846 | 21,598 | - | |
694/7 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 10,000 | - | - | |
694 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 10,000 | - | - | |
| Social balance sheet | |||||||||||||||||||||
9087 |
- | - | - | - | - | 1.4 | 0.7 | 2.4 | 2.5 | 2.5 | 2.5 | 2.5 | 2.2 | 3 | 3 | 3 | 3 | 3.2 | 4 | 5 | |
Hours worked1013 |
- | - | - | - | - | 1,764 | 843 | 2,410 | 2,409 | 2,435 | 2,362 | 2,553 | 1,409 | 2,285 | 2,644 | 3,202 | 4,466 | 4,052 | 5,222 | 6,467 | |
| Document | |||||||||||||||||||||
The accounts for 6 older financial years (2000-2005) were filed as documents without figures as data, scans for example.
The notes to these accounts have 3 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 | micro format | 08-07-2026 | 2026-00275457 | |
| 31-12-2024 | micro format | 07-07-2025 | 2025-00243824 | |
| 31-12-2023 | micro format | 06-08-2024 | 2024-00335637 | |
| 31-12-2022 | micro format | 03-07-2023 | 2023-00210703 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20270804 | |
| 31-12-2020 | micro format | 28-07-2021 | 2021-44100157 | |
| 31-12-2019 | micro format | 22-07-2020 | 2020-35300196 | |
| 31-12-2018 | abbreviated format | 01-07-2019 | 2019-26000242 | |
| 31-12-2017 | abbreviated format | 02-07-2018 | 2018-26500151 | |
| 31-12-2016 | micro format | 25-07-2017 | 2017-38700438 | |
| 31-12-2015 | abbreviated format | 26-07-2016 | 2016-35300262 | |
| 31-12-2014 | abbreviated format | 29-08-2015 | 2015-52300599 | |
| 31-12-2013 | abbreviated format | 27-08-2014 | 2014-50800184 | |
| 31-12-2012 | abbreviated format | 24-08-2013 | 2013-46900050 | |
| 31-12-2011 | abbreviated format | 31-08-2012 | 2012-54500059 | |
| 31-12-2010 | abbreviated format | 30-09-2011 | 2011-56900383 | |
| 31-12-2009 | abbreviated format | 15-09-2010 | 2010-54300270 | |
| 31-12-2008 | abbreviated format | 31-08-2009 | 2009-73300065 | |
| 31-12-2007 | abbreviated format | 28-07-2008 | 2008-49100155 | |
| 31-12-2006 | abbreviated format | 13-07-2007 | 2007-40900364 | |
| 31-12-2005 | abbreviated format | 25-07-2006 | 2006-51302775 | |
| 31-12-2004 | abbreviated format | 19-07-2005 | 2005-50301979 | |
| 31-12-2003 | abbreviated format | 06-09-2004 | 2004-63101522 | |
| 31-12-2002 | abbreviated format | 29-07-2003 | 2003-53400512 | |
| 31-12-2001 | abbreviated format | 02-08-2002 | 2002-45403990 | |
| 31-12-2000 | abbreviated format | 30-07-2001 | 2001-46004896 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| - | - | - | - | 16,864 | -4,486 | - | - | 4,095 | 1,290 | 4,029 | 10,875 | 22,528 | 20,645 | 5,073 | 35,015 | 24,594 | 49,143 | 63,176 | 66,310 | ||
| - | - | - | - | 14,022 | -7,380 | - | - | 1,415 | -1,316 | 1,122 | 7,282 | 18,446 | -12,521 | 6,263 | 27,057 | 18,774 | 34,390 | 60,061 | 57,722 | ||
| - | - | 62 | - | 62 | 4,000 | 199 | - | 45 | 0 | 0 | 30 | 6,293 | 20,419 | 30 | 30 | 3,315 | 941 | 9,410 | 35,310 | ||
| 9,584 | 7,645 | -24,381 | 25,201 | 12,802 | 4,631 | 30,575 | 25,810 | -17,914 | 7,466 | 29,864 | -23,090 | 81,130 | 17,791 | 6,792 | 24,849 | -2,288 | 3,244 | -48,472 | - | ||
| 185,296 | 183,932 | 175,768 | 203,687 | 184,389 | 170,429 | 181,610 | 168,861 | 165,481 | 164,111 | 166,522 | 169,800 | 168,177 | 194,366 | 179,116 | 172,919 | 149,461 | 146,236 | 143,157 | 98,060 | ||
| 66.8% | 67.2% | 66.4% | 70.1% | 68.4% | 67.2% | 65.2% | 63.2% | 63.4% | 64.2% | 64.2% | 63.9% | 63.6% | 53.6% | 65.9% | 66.6% | 57.3% | 56.1% | 45.5% | 38.9% | ||
| 3.01 | 3.04 | 2.98 | 3.34 | 3.14 | 3.00 | 2.87 | 2.72 | 2.73 | 2.77 | 2.74 | 2.78 | 2.86 | 3.06 | 2.90 | 2.95 | 2.30 | 2.43 | 2.10 | 1.74 | ||
| 2.97 | 2.98 | 2.93 | 3.25 | 3.03 | 2.92 | 2.55 | 2.38 | 2.32 | 2.40 | 2.37 | 2.15 | 2.22 | 2.33 | 2.16 | 2.28 | 1.72 | 1.85 | 1.66 | 1.30 | ||
| 0.50 | 0.49 | 0.51 | 0.43 | 0.46 | 0.49 | 0.53 | 0.58 | 0.58 | 0.56 | 0.56 | 0.57 | 0.57 | 0.67 | 0.52 | 0.50 | 0.75 | 0.78 | 1.04 | 1.37 | ||
| 0.7% | 4.4% | -15.8% | 8.7% | 6.5% | -4.6% | 7.0% | 2.0% | 0.1% | -4.6% | -3.0% | 0.6% | 6.5% | -11.0% | 2.5% | 10.3% | 5.0% | 14.9% | 19.9% | -5.6% | ||
| 0.5% | 3.0% | -10.5% | 6.1% | 4.4% | -3.1% | 4.6% | 1.3% | 0.1% | -2.9% | -1.9% | 0.4% | 4.1% | -5.9% | 1.7% | 6.8% | 2.9% | 8.4% | 9.0% | -2.2% | ||
| - | - | - | - | 5.70 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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 |
|---|---|---|---|---|---|
| Financial fixed assets | - | - | €62 | - | €62 |
| - | - | - | - | €2,000 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on HIGH POLY TECH
The operating result for 2025 is 58% lower than in 2024.
Debt's share of the balance-sheet total rises from 32.8% to 33.2%. Equity and debt are higher.