HOSTI
Annual accounts 2025
abbreviated format, filed on 31-08-2026, 31 days lateThe turnover shown is an estimate from the gross margin.
Money flows
no detail for 2025Balance sheet
balance sheet total €399,416 on 31-12-2025in euro
in euro
Position in the sector
65.1%
Higher than 63% of 6,708 companies in 2025.
-0.3%
Higher than 17% of 6,673 companies in 2025.
Net result: bottom quarter · Equity: middle half · Balance sheet total: 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 |
399,416 | 434,368 | 460,868 | 440,963 | 403,695 | 656,770 | 613,778 | 498,682 | 326,998 | 181,768 | 120,910 | 139,788 | 410,667 | 399,034 | 370,644 | 432,499 | 583,668 | 938,603 | 553,892 | 404,077 | |
20 |
- | - | - | - | - | - | - | - | - | - | 0 | 314 | 629 | 943 | 1,335 | 311 | 2,083 | 4,624 | 7,165 | 8,524 | |
21/28 |
293,589 | 319,141 | 327,816 | 231,763 | 210,579 | 443,864 | 445,602 | 300,000 | 150,079 | 79 | 10,389 | 21,013 | 344,411 | 350,413 | 349,674 | 357,432 | 496,481 | 467,795 | 545,612 | 361,809 | |
21 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 183 | 458 | 734 | 1,029 | |
22/27 |
3,589 | 29,141 | 37,816 | 4,763 | 8,579 | 3,864 | 5,602 | - | - | - | 10,310 | 20,620 | 14,430 | 20,117 | 18,986 | 27,768 | 31,502 | - | - | 22,903 | |
22 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 11,829 | |
24 |
3,589 | 29,141 | 37,816 | 4,763 | 8,579 | 3,864 | 5,602 | - | - | - | 5,500 | 11,000 | - | 878 | 18,986 | 27,768 | 31,502 | - | - | - | |
28 |
290,000 | 290,000 | 290,000 | 227,000 | 202,000 | 440,000 | 440,000 | 300,000 | 150,079 | 79 | 79 | 79 | 329,353 | 329,353 | 329,353 | 329,353 | 462,713 | 462,713 | 537,713 | 329,353 | |
29/58 |
105,827 | 115,227 | 133,051 | 209,200 | 193,116 | 212,906 | 168,176 | 198,682 | 176,919 | 181,689 | 110,521 | 118,774 | 66,255 | 48,621 | 20,970 | 75,067 | 87,187 | 470,808 | 8,280 | 42,268 | |
29 |
61,760 | 100,000 | 100,000 | 100,000 | 100,000 | 55,000 | 75,000 | 20,000 | 20,000 | 20,000 | - | - | - | - | - | - | - | 193,750 | - | - | |
290 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 193,750 | - | - | |
291 |
61,760 | 100,000 | 100,000 | 100,000 | 100,000 | 55,000 | 75,000 | 20,000 | 20,000 | 20,000 | - | - | - | - | - | - | - | - | - | - | |
3 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 44,720 | - | - | - | - | |
30/36 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 44,720 | - | - | - | - | |
40/41 |
18,194 | 12,085 | 26,346 | 58,755 | 28,688 | 137,926 | 76,237 | 73,970 | 72,884 | 154,001 | 108,718 | 60,422 | 57,524 | 44,777 | 11,527 | 24,306 | 56,105 | 100,989 | - | 14,981 | |
40 |
- | 2,420 | 550 | 20,570 | 4,617 | 57,731 | 47,837 | 62,983 | 64,038 | 106,573 | 9,901 | 58,627 | 57,524 | 44,710 | 11,495 | - | 15,125 | - | - | 14,405 | |
41 |
18,194 | 9,665 | 25,797 | 38,185 | 24,071 | 80,195 | 28,400 | 10,987 | 8,845 | 47,428 | 98,817 | 1,795 | - | 68 | 32 | 24,306 | 40,980 | 100,989 | - | 576 | |
50/53 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 150,000 | - | 22,000 | |
54/58 |
25,703 | 2,448 | 6,143 | 50,000 | 64,095 | 19,919 | 15,245 | 103,808 | 84,035 | 7,435 | 1,803 | 58,352 | 8,731 | 3,844 | 9,443 | 6,041 | 31,082 | 26,069 | 8,280 | 3,500 | |
490/1 |
170 | 694 | 562 | 445 | 333 | 61 | 1,695 | 904 | - | 253 | - | - | - | - | - | - | - | - | - | 1,787 | |
| Balance sheet: equity and liabilities | |||||||||||||||||||||
10/49 |
399,416 | 434,368 | 460,868 | 440,963 | 403,695 | 656,770 | 613,778 | 498,682 | 326,998 | 181,768 | 120,910 | 139,788 | 410,667 | 399,034 | 370,644 | 432,499 | 583,668 | 938,603 | 553,892 | 404,077 | |
10/15 |
259,892 | 261,142 | 259,224 | 215,033 | 188,470 | 422,260 | 374,780 | 281,126 | 186,293 | 142,832 | 68,923 | 67,760 | 278,162 | 310,289 | 284,059 | 365,499 | 464,986 | 524,853 | 492,905 | 383,816 | |
10/11 |
25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 250,000 | 250,000 | 250,000 | 275,000 | 275,000 | 275,000 | 275,000 | 1.1m | |
100 |
- | - | - | - | - | - | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 250,000 | 250,000 | 250,000 | 275,000 | 275,000 | 275,000 | 275,000 | 1.1m | |
11 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 109,286 | 109,286 | 109,286 | 109,286 | 109,286 | |
1100/10 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 109,286 | 109,286 | 109,286 | 109,286 | 109,286 | |
13 |
346,500 | 346,500 | 346,500 | 346,500 | 346,500 | 346,500 | 301,500 | 226,500 | 132,500 | 92,500 | 27,500 | 27,500 | 27,500 | 27,500 | 27,500 | 27,500 | 27,500 | 25,000 | 2,634 | 2,634 | |
130/1 |
- | - | - | 27,500 | 27,500 | 27,500 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 27,500 | 27,500 | 27,500 | 27,500 | 27,500 | 27,500 | 27,500 | 27,500 | 27,500 | 27,500 | 27,500 | 25,000 | 2,634 | 2,634 | |
1311 |
- | - | - | 27,500 | 27,500 | 27,500 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
133 |
346,500 | 346,500 | 346,500 | 319,000 | 319,000 | 319,000 | 274,000 | 199,000 | 105,000 | 65,000 | - | - | - | - | - | - | - | - | - | - | |
14 |
-111,608 | -110,358 | -112,276 | -156,467 | -183,030 | 50,760 | 48,280 | 29,626 | 28,793 | 25,332 | 16,423 | 15,260 | 662 | 32,789 | 6,559 | -46,287 | 53,200 | 115,567 | 105,985 | -828,104 | |
16 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 8,000 | 11,687 | |
160/5 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 8,000 | 11,687 | |
17/49 |
139,524 | 173,226 | 201,644 | 225,931 | 215,225 | 234,510 | 238,998 | 217,556 | 140,704 | 38,936 | 51,986 | 72,028 | 132,504 | 88,745 | 86,585 | 67,000 | 118,682 | 413,750 | 52,987 | 8,574 | |
17 |
124,956 | 161,463 | 186,251 | - | 14,077 | 34,752 | 89,639 | 132,869 | 74,741 | 200 | 10,957 | 26,776 | 14,682 | 19,188 | - | - | - | - | - | - | |
170/4 |
- | - | - | - | 14,077 | 34,752 | 89,639 | 132,669 | 74,541 | - | 10,957 | 26,776 | 14,682 | 19,188 | - | - | - | - | - | - | |
178/9 |
124,956 | 161,463 | 186,251 | - | - | - | - | 200 | 200 | 200 | - | - | - | - | - | - | - | - | - | - | |
42/48 |
1,190 | 4,060 | 7,950 | 219,029 | 191,444 | 196,444 | 148,858 | 84,687 | 65,963 | 38,736 | 41,029 | 45,252 | 117,822 | 69,557 | 86,585 | 67,000 | 118,682 | 413,750 | 52,310 | 8,574 | |
42 |
- | - | - | 14,077 | 20,675 | 20,158 | 39,804 | 35,594 | 19,173 | 10,957 | 15,820 | 15,179 | 4,506 | 4,192 | - | - | - | - | - | 3,492 | |
44 |
838 | 2,246 | 622 | 5,364 | 5,886 | 10,102 | 6,633 | 2,206 | 8,968 | 2,255 | 308 | 9,690 | - | 5,000 | 143 | - | - | - | 1,200 | 4,022 | |
440/4 |
838 | 2,246 | 622 | 5,364 | 5,886 | 10,102 | 6,633 | 2,206 | 8,968 | 2,255 | 308 | 9,690 | - | 5,000 | 143 | - | - | - | 1,200 | 4,022 | |
45 |
352 | 1,814 | 7,329 | 18,980 | 7,864 | 84,560 | 95,203 | 46,887 | 35,412 | 24,382 | 6,901 | 382 | 2,816 | 7,865 | 3,942 | - | 681 | - | 119 | 75 | |
450/3 |
352 | 1,814 | 7,197 | 10,553 | 1,249 | 78,712 | 83,226 | 44,433 | 32,352 | 17,630 | 6,901 | 382 | 2,816 | 7,865 | 3,942 | - | 681 | - | 119 | 75 | |
454/9 |
- | - | 131 | 8,426 | 6,614 | 5,848 | 11,976 | 2,455 | 3,060 | 6,752 | 0 | - | - | - | - | - | - | - | - | - | |
47/48 |
- | - | - | 180,609 | 157,019 | 81,625 | 7,219 | - | 2,410 | 1,142 | 18,000 | 20,000 | 110,500 | 52,500 | 82,500 | 67,000 | 118,001 | 413,750 | 50,991 | 985 | |
492/3 |
13,378 | 7,703 | 7,442 | 6,902 | 9,705 | 3,314 | 501 | - | - | - | - | - | - | - | - | - | - | - | 677 | - | |
| Income statement | |||||||||||||||||||||
70 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 281,130 | 110,793 | 190,207 | 99,818 | 217,426 | 109,466 | |
76A |
- | - | - | - | - | - | - | - | - | - | - | 2.1m | - | 143 | 2 | - | - | 275,014 | 983 | 141 | |
9900 |
20,327 | 4,941 | 99,331 | 88,865 | 50,768 | 113,717 | 187,016 | 207,257 | 116,265 | 108,311 | 32,327 | 57,609 | 63,764 | 89,098 | 94,800 | 39,596 | 90,173 | 83,866 | 139,382 | 102,505 | |
60/61 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | -186,330 | -71,197 | -100,034 | -15,952 | -78,044 | -6,961 | |
62 |
- | - | 41,645 | 62,122 | 52,209 | 26,782 | 42,115 | 74,283 | 55,277 | 46,848 | - | - | - | - | - | - | - | - | - | - | |
630 |
232 | 8,676 | 6,625 | 3,816 | 3,626 | 1,738 | 1,738 | - | - | 10,310 | 10,624 | 10,624 | 6,002 | 10,160 | 9,331 | 5,689 | 6,550 | 2,816 | 7,743 | 6,910 | |
631/4 |
- | - | - | - | 46,250 | -7,123 | - | - | - | - | - | - | - | - | - | - | - | -4,456 | 10,550 | - | |
635/8 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -8,000 | - | - | |
640/8 |
29,840 | 868 | 4,901 | 596 | 593 | 14,033 | 437 | 914 | 1,927 | 320 | 454 | 753 | 89 | 3,239 | 89 | 89 | 89 | 89 | 89 | 179 | |
66A |
- | - | - | - | - | 3,487 | - | 79 | - | - | 0 | 2.1m | - | 19,180 | 1 | 133,359 | 193,800 | 124 | 11,929 | 406,480 | |
9901 |
-9,746 | -4,603 | 46,160 | 22,332 | -51,910 | 74,801 | 142,727 | 131,981 | 59,061 | 50,832 | 21,248 | 46,232 | 57,673 | 75,699 | 85,380 | 33,818 | 83,534 | 93,417 | 121,000 | 95,416 | |
75/76B |
15,142 | 15,610 | 13,106 | 12,172 | 10,349 | 4,000 | 8,869 | 7,119 | 10,436 | 32,919 | - | 30 | 5 | 23 | 16 | 195 | 350,716 | 64,686 | 229 | 99 | |
75 |
15,142 | 15,610 | 13,106 | 12,172 | 10,349 | 4,000 | 8,869 | 7,119 | 10,436 | 32,919 | - | 30 | 5 | 23 | 16 | 195 | 350,716 | 64,686 | 229 | 99 | |
65/66B |
6,293 | 7,443 | 7,877 | 7,821 | 192,116 | 6,801 | 4,726 | 3,838 | 4,053 | 2,207 | 1,984 | 2,273 | 1,804 | 453 | 51 | 141 | 317 | 1,045 | 1,146 | 779 | |
65 |
6,293 | 7,443 | 7,877 | 7,821 | 8,338 | 6,801 | 4,726 | 3,838 | 4,053 | 2,207 | 1,984 | 2,273 | 1,804 | 453 | 51 | 141 | 317 | 1,045 | 1,146 | 779 | |
66B |
- | - | - | - | 183,778 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
9903 |
-897 | 3,564 | 51,389 | 26,683 | -233,677 | 71,999 | 146,869 | 135,262 | 65,444 | 81,544 | 19,264 | 34,635 | 55,873 | 56,233 | 85,346 | -99,487 | 240,133 | 431,948 | 109,137 | -311,603 | |
67/77 |
352 | 1,646 | 7,197 | 120 | 113 | 24,520 | 53,215 | 40,430 | 21,983 | 7,635 | 100 | 38 | - | 2 | - | - | - | - | 48 | 14 | |
9904 |
-1,250 | 1,918 | 44,191 | 26,563 | -233,790 | 47,479 | 93,654 | 94,833 | 43,461 | 73,909 | 19,164 | 34,597 | 55,873 | 56,230 | 85,346 | -99,487 | 240,133 | 431,948 | 109,089 | -311,617 | |
9905 |
-1,250 | 1,918 | 44,191 | 26,563 | -233,790 | 47,479 | 93,654 | 94,833 | 43,461 | 73,909 | 19,164 | 34,597 | 55,873 | 56,230 | 85,346 | -99,487 | 240,133 | 431,948 | 109,089 | -311,617 | |
| Appropriation of the result | |||||||||||||||||||||
9906 |
-111,608 | -110,358 | -112,276 | -156,467 | -183,030 | 95,760 | 123,280 | 123,626 | 68,793 | 90,332 | 34,423 | 35,260 | 88,662 | 62,789 | 39,059 | -46,287 | 355,700 | 537,933 | -719,015 | -828,104 | |
14P |
-110,358 | -112,276 | -156,467 | -183,030 | 50,760 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
791/2 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 825,000 | - | |
691/2 |
- | - | - | - | - | 45,000 | 75,000 | 94,000 | 40,000 | 65,000 | - | - | - | - | - | - | 2,500 | 22,366 | - | - | |
6920 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2,500 | 22,366 | - | - | |
6921 |
- | - | - | - | - | 45,000 | 75,000 | 94,000 | 40,000 | 65,000 | - | - | - | - | - | - | - | - | - | - | |
694/7 |
- | - | - | - | - | - | - | - | - | - | 18,000 | 20,000 | 88,000 | 30,000 | 32,500 | - | 300,000 | 400,000 | - | - | |
694 |
- | - | - | - | - | - | - | - | - | - | 18,000 | 20,000 | 88,000 | 30,000 | 32,500 | - | 300,000 | 400,000 | - | - | |
| Social balance sheet | |||||||||||||||||||||
9087 |
- | - | 0.6 | 1 | 1 | 0.6 | - | 1.2 | 1.1 | 1.1 | - | - | - | - | - | - | - | - | - | - | |
Hours worked1013 |
- | - | 1,160 | 1,856 | 2,032 | 839 | - | 2,297 | 1,903 | 1,920 | - | - | - | - | - | - | - | - | - | - | |
| Document | |||||||||||||||||||||
The accounts for 11 older financial years (1995-2005) were filed as documents without figures as data, scans for example.
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 31-08-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank2025 annual accounts filed 31 days after the deadline. Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00472055.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-08-2026 | 2026-00472055 | |
| 31-12-2024 | full format | 10-07-2025 | 2025-00260291 | |
| 31-12-2023 | full format | 27-08-2024 | 2024-00385087 | |
| 31-12-2022 | full format | 29-08-2023 | 2023-00401663 | |
| 31-12-2021 | full format | 30-08-2022 | 2022-20387932 | |
| 31-12-2020 | full format | 27-07-2021 | 2021-41100529 | |
| 31-12-2019 | micro format | 03-09-2020 | 2020-51200256 | |
| 31-12-2018 | micro format | 26-06-2019 | 2019-23500577 | |
| 31-12-2017 | micro format | 28-08-2018 | 2018-53600541 | |
| 31-12-2016 | micro format | 14-07-2017 | 2017-32100172 | |
| 31-12-2015 | full format | 26-08-2016 | 2016-48800488 | |
| 31-12-2014 | full format | 22-07-2015 | 2015-34200363 | |
| 31-12-2013 | full format | 06-08-2014 | 2014-40200029 | |
| 31-12-2012 | full format | 13-08-2013 | 2013-42100398 | |
| 31-12-2011 | full format | 22-05-2012 | 2012-12300100 | |
| 31-12-2010 | full format | 23-06-2011 | 2011-19500150 | |
| 31-12-2009 | full format | 09-06-2010 | 2010-16300022 | |
| 31-12-2008 | full format | 06-04-2009 | 2009-10400355 | |
| 31-12-2007 | full format | 10-06-2008 | 2008-20500155 | |
| 31-12-2006 | full format | 07-06-2007 | 2007-20700087 | |
| 31-12-2005 | full format | 14-06-2006 | 2006-24201162 | |
| 31-12-2004 | full format | 21-06-2005 | 2005-28600261 | |
| 31-12-2003 | full format | 11-06-2004 | 2004-23104480 | |
| 31-12-2002 | full format | 16-06-2003 | 2003-24000449 | |
| 31-12-2001 | full format | 30-05-2002 | 2002-15402470 | |
| 31-12-2000 | full format | 06-06-2001 | 2001-17702274 | |
| 31-12-1999 | full format | 14-07-2000 | 2000-42301529 | |
| 31-12-1998 | full format | 24-06-1999 | 1999-22701825 | |
| 31-12-1997 | full format | 05-06-1998 | 1998-14002724 | |
| 31-12-1996 | full format | 02-07-1997 | 1997-24403002 | |
| 31-12-1995 | full format | 20-06-1996 | 1996-19504096 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,822 | 0 | 106,378 | 25,000 | 110,341 | 0 | 147,340 | 150,000 | 150,000 | 0 | 0 | 31,500 | 0 | 24,050 | 1,573 | -133,360 | 35,236 | -75,001 | 208,360 | - | ||
| 23,255 | -3,695 | -43,857 | -14,095 | 44,176 | 4,674 | -88,563 | 19,773 | 76,600 | 5,632 | -56,549 | 49,621 | 4,887 | -5,599 | 3,402 | -25,041 | 5,013 | 17,789 | 4,780 | - | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | - | 30.4% | 30.5% | 43.9% | 93.6% | 55.7% | 87.2% | ||
| 65.1% | 60.1% | 56.2% | 48.8% | 46.7% | 64.3% | 61.1% | 56.4% | 57.0% | 78.6% | 57.0% | 48.5% | 67.7% | 77.8% | 76.6% | 84.5% | 79.7% | 55.9% | 89.0% | 95.0% | ||
| -0.5% | 0.7% | 17.0% | 12.4% | -124.0% | 11.2% | 25.0% | 33.7% | 23.3% | 51.7% | 27.8% | 51.1% | 20.1% | 18.1% | 30.0% | -27.2% | 51.6% | 82.3% | 22.1% | -81.2% | ||
| -0.3% | 0.4% | 9.6% | 6.0% | -57.9% | 7.2% | 15.3% | 19.0% | 13.3% | 40.7% | 15.8% | 24.7% | 13.6% | 14.1% | 23.0% | -23.0% | 41.1% | 46.0% | 19.7% | -77.1% |
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 | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|
| Employees at the balance-sheet date | - | 1 | 1 |
| full-time | - | 1 | 1 |
| in full-time equivalents | - | 1 | 1 |
| 0.6 | 1 | 1 | |
| On a permanent contract | - | 1 | 1 |
| Joined | 0 | - | - |
| Left | 1 | - | - |
Source: social balance sheet in the 2021 to 2023 annual accounts
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,822 | - | €43,378 | - | €8,341 |
| Financial fixed assets | - | - | €63,000 | €25,000 | €102,000 |
| €232 | €8,676 | €6,625 | €3,816 | €3,626 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on HOSTI
The operating result for 2025 is a loss of €9,746, larger than the loss of €4,603 in 2024. It is the lowest result since 2021.
Debt's share of the balance-sheet total falls from 39.9% to 34.9%. Equity and debt are lower.