IPRO
Annual accounts 2026
micro format, filed on 02-11-2026, 2 days lateTurnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €230,000. Estimated: probably between €180,000 and €320,000.
Balance sheet
balance sheet total €1.5m on 31-03-2026in euro
in euro
Position in the sector
58.2%
Higher than 52% of 9,695 companies in 2025.
0.30
Higher than 9% of 9,313 companies in 2025.
3.3%
Higher than 36% of 9,437 companies in 2025.
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||||||||||
20/58 |
1.5m | 1.6m | 1.6m | 1.7m | 1.8m | 1.6m | 1.7m | 1.7m | 1.0m | 1.0m | 1.0m | 997,324 | 977,584 | 1.0m | 993,344 | 1.0m | 1.0m | 1.2m | 802,073 | 813,174 | |
21/28 |
1.4m | 1.5m | 1.5m | 1.5m | 1.6m | 1.6m | 1.6m | 1.6m | 888,107 | 903,003 | 920,588 | 928,292 | 944,705 | 960,285 | 968,139 | 865,492 | 736,517 | 1.1m | 606,547 | 586,534 | |
22/27 |
784,193 | 812,508 | 850,660 | 891,791 | 940,883 | 939,843 | 969,047 | 977,547 | 237,185 | 252,081 | 269,666 | 277,370 | 294,383 | 309,963 | 317,817 | 211,432 | 82,457 | 224,663 | 212,227 | 192,214 | |
22 |
777,031 | 808,329 | 845,589 | 886,450 | 927,404 | 927,194 | 942,489 | 952,907 | 234,693 | 246,475 | 259,017 | 272,369 | 286,581 | 301,711 | 317,817 | 205,947 | 70,987 | 206,720 | 186,000 | 186,000 | |
24 |
7,162 | 4,179 | 5,072 | 5,342 | 13,479 | 12,649 | 26,558 | 24,640 | 2,492 | 5,606 | 10,649 | 5,001 | 7,802 | 8,252 | - | - | - | 490 | 2,790 | 6,214 | |
28 |
650,922 | 650,922 | 650,922 | 650,922 | 650,922 | 650,922 | 650,922 | 650,922 | 650,922 | 650,922 | 650,922 | 650,922 | 650,322 | 650,322 | 650,322 | 654,060 | 654,060 | 835,050 | 394,320 | 394,320 | |
29/58 |
101,254 | 113,623 | 87,924 | 193,966 | 160,085 | 50,840 | 46,550 | 43,072 | 149,004 | 114,864 | 83,426 | 69,032 | 32,878 | 58,217 | 25,205 | 152,871 | 293,017 | 100,615 | 195,526 | 226,640 | |
40/41 |
92,246 | 31,235 | 75,139 | 32,293 | 9,635 | 9,071 | 31,901 | 12,623 | 29,199 | 6,368 | 6,368 | 3,343 | 8,641 | 35,925 | 17,901 | 17,134 | 18,766 | 18,758 | 84,857 | 55,472 | |
40 |
67,596 | 6,585 | 58,039 | 32,293 | 9,635 | 9,071 | 31,901 | 12,623 | 29,199 | 6,368 | 6,368 | 3,343 | 2,980 | 35,925 | 17,901 | 16,938 | 12,507 | 12,507 | 14,343 | - | |
41 |
24,650 | 24,650 | 17,100 | - | - | - | - | - | - | - | - | - | 5,661 | - | - | 196 | 6,259 | 6,252 | 70,515 | 55,472 | |
50/53 |
4,155 | 4,155 | 4,155 | 4,155 | 4,155 | 4,155 | 4,155 | 4,155 | 4,155 | 4,155 | 4,155 | 4,155 | 4,155 | 4,155 | 4,155 | 4,155 | 4,155 | 72,811 | 4,155 | 4,155 | |
54/58 |
1,376 | 77,795 | 8,209 | 157,519 | 144,647 | 35,977 | 8,870 | 23,492 | 114,045 | 104,341 | 72,903 | 61,534 | 20,082 | 18,138 | 3,149 | 130,819 | 270,096 | 7,200 | 105,615 | 126,170 | |
490/1 |
3,478 | 439 | 421 | 0 | 1,648 | 1,637 | 1,626 | 2,802 | 1,605 | - | - | - | - | - | - | 764 | - | 1,846 | 899 | 40,843 | |
| Balance sheet: equity and liabilities | |||||||||||||||||||||
10/49 |
1.5m | 1.6m | 1.6m | 1.7m | 1.8m | 1.6m | 1.7m | 1.7m | 1.0m | 1.0m | 1.0m | 997,324 | 977,584 | 1.0m | 993,344 | 1.0m | 1.0m | 1.2m | 802,073 | 813,174 | |
10/15 |
893,812 | 842,888 | 774,928 | 746,205 | 687,773 | 653,158 | 598,572 | 553,416 | 575,709 | 541,470 | 485,469 | 437,223 | 387,071 | 370,145 | 300,950 | 298,442 | 284,380 | 426,827 | 117,605 | 84,534 | |
10/11 |
143,550 | 143,550 | 143,550 | 143,550 | 143,550 | 143,550 | 143,550 | 143,550 | 143,550 | 143,550 | 143,550 | 143,550 | 143,550 | 143,550 | 143,550 | 143,550 | 143,550 | 143,550 | 18,550 | 18,550 | |
100 |
- | - | - | - | - | - | 143,550 | 143,550 | 143,550 | 143,550 | 143,550 | 143,550 | 143,550 | 143,550 | 143,550 | 143,550 | 143,550 | 143,550 | 18,550 | 18,550 | |
12 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 180,990 | - | - | |
13 |
406,176 | 355,251 | 287,292 | 258,569 | 200,136 | 203,652 | 207,169 | 207,216 | 204,092 | 201,086 | 182,471 | 167,237 | 152,004 | 155,520 | 140,286 | 140,791 | 127,243 | 69,216 | 65,984 | 65,984 | |
130/1 |
14,355 | 14,355 | 14,355 | 14,355 | 14,355 | 14,355 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 14,355 | 14,355 | 14,355 | 14,355 | 14,355 | 14,355 | 14,355 | 14,355 | 14,355 | 14,355 | 5,087 | 5,087 | 1,855 | 1,855 | |
1311 |
14,355 | 14,355 | 14,355 | 14,355 | 14,355 | 14,355 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
132 |
107,586 | 111,103 | 114,619 | 118,135 | 121,652 | 125,168 | 128,685 | 128,732 | 125,608 | 122,602 | 103,987 | 88,753 | 73,520 | 77,036 | 61,802 | 62,307 | 58,027 | - | - | - | |
133 |
284,234 | 229,794 | 158,318 | 126,078 | 64,129 | 64,129 | 64,129 | 64,129 | 64,129 | 64,129 | 64,129 | 64,129 | 64,129 | 64,129 | 64,129 | 64,129 | 64,129 | 64,129 | 64,129 | 64,129 | |
14 |
344,087 | 344,087 | 344,087 | 344,087 | 344,087 | 305,956 | 247,853 | 202,650 | 228,067 | 196,835 | 159,448 | 126,436 | 91,518 | 71,075 | 17,114 | 14,102 | 13,587 | 33,071 | 33,071 | - | |
16 |
16,169 | 16,661 | 17,154 | 17,646 | 18,139 | 18,631 | 19,124 | 19,616 | 20,109 | 20,601 | 21,094 | 21,586 | 25,729 | 22,571 | 23,064 | 23,556 | 21,555 | - | - | - | |
160/5 |
15,922 | 15,922 | 15,922 | 15,922 | 15,922 | 15,922 | 15,922 | 15,922 | 15,922 | 15,922 | 15,922 | 15,922 | 19,572 | 15,922 | 15,922 | 15,922 | 13,428 | - | - | - | |
160 |
15,922 | 15,922 | 15,922 | 15,922 | 15,922 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
164/5 |
- | - | - | - | - | 15,922 | 15,922 | 15,922 | 15,922 | 15,922 | - | - | - | - | - | - | - | - | - | - | |
168 |
247 | 739 | 1,232 | 1,724 | 2,217 | 2,709 | 3,202 | 3,694 | 4,187 | 4,679 | 5,172 | 5,664 | 6,157 | 6,649 | 7,142 | 7,634 | 8,127 | - | - | - | |
17/49 |
626,388 | 717,504 | 797,424 | 972,828 | 1.0m | 969,815 | 1.0m | 1.1m | 441,293 | 455,795 | 497,451 | 538,515 | 564,784 | 625,786 | 669,330 | 696,365 | 723,599 | 733,501 | 684,468 | 728,640 | |
17 |
289,309 | 345,050 | 399,609 | 453,016 | 526,289 | 598,405 | 669,378 | 719,240 | 93,269 | 103,203 | 112,720 | 126,621 | 153,718 | 179,282 | 234,743 | 293,602 | 353,925 | 415,070 | 365,516 | 412,919 | |
170/4 |
289,309 | 345,050 | 399,609 | 453,016 | 506,289 | 558,405 | 609,378 | 659,240 | 93,269 | 103,203 | 112,720 | 126,621 | 153,718 | 179,282 | 234,743 | 293,602 | 353,925 | 415,070 | 365,516 | 412,919 | |
178/9 |
- | - | - | 0 | 20,000 | 40,000 | 60,000 | 60,000 | - | - | - | - | - | - | - | - | - | - | - | - | |
42/48 |
332,345 | 366,815 | 393,290 | 514,487 | 515,165 | 366,615 | 374,611 | 374,396 | 343,115 | 348,068 | 379,754 | 406,884 | 401,225 | 440,234 | 432,062 | 399,637 | 365,007 | 317,232 | 317,753 | 315,722 | |
42 |
54,606 | 53,467 | 54,453 | 53,272 | 52,116 | 51,893 | 50,743 | 49,599 | 10,742 | 9,517 | 14,643 | 27,808 | 26,245 | 56,080 | 58,873 | 59,606 | 60,363 | 61,493 | 45,690 | 50,336 | |
44 |
11,029 | 6,205 | 2,480 | 404 | 819 | 5,436 | 875 | 733 | 3,662 | 3,282 | 4,057 | 10,865 | 4,309 | 43,154 | 42,249 | 68,117 | 41,182 | 1,004 | 317 | 3,218 | |
440/4 |
11,029 | 6,205 | 2,480 | 404 | 819 | 5,436 | 875 | 733 | 3,662 | 3,282 | 4,057 | 10,865 | 4,309 | 43,154 | 42,249 | 68,117 | 41,182 | 1,004 | 317 | 3,218 | |
45 |
13,839 | 33,088 | 27,592 | 55,612 | 50,106 | 32,556 | 25,331 | 15,336 | 17,697 | 14,266 | 27,558 | 27,871 | 24,182 | 44,696 | 25,702 | 15,487 | 8,514 | 29,218 | 22,197 | 4,784 | |
450/3 |
10,798 | 33,088 | 27,592 | 55,612 | 50,106 | 32,556 | 25,331 | 15,336 | 17,697 | 14,266 | 27,558 | 27,871 | 24,182 | 44,696 | 25,702 | 15,487 | 8,514 | 29,218 | 22,197 | 4,784 | |
454/9 |
3,041 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
47/48 |
252,870 | 274,055 | 308,764 | 405,199 | 412,124 | 276,731 | 297,662 | 308,728 | 311,013 | 321,002 | 333,495 | 340,340 | 346,488 | 296,303 | 305,239 | 256,428 | 254,949 | 225,516 | 249,549 | 257,384 | |
492/3 |
4,735 | 5,639 | 4,525 | 5,325 | 4,525 | 4,795 | 4,835 | 4,873 | 4,909 | 4,525 | 4,978 | 5,010 | 9,841 | 6,270 | 2,525 | 3,126 | 4,667 | 1,200 | 1,200 | - | |
| Income statement | |||||||||||||||||||||
76A |
- | - | 0 | 1,326 | - | - | - | - | - | 3,439 | - | - | - | - | - | - | 66,154 | - | - | - | |
9900 |
153,366 | 180,436 | 138,718 | 197,524 | 148,093 | 168,116 | 161,243 | 86,487 | 106,930 | 130,158 | 123,227 | 124,859 | 95,500 | 162,172 | 93,231 | 97,529 | 62,215 | 66,905 | 101,941 | 115,954 | |
630 |
40,317 | 39,473 | 42,838 | 49,092 | 46,298 | 49,784 | 51,690 | 55,182 | 14,897 | 17,585 | 23,276 | 18,649 | 20,331 | 21,607 | 24,370 | 15,911 | 12,888 | 8,284 | 11,510 | 8,089 | |
635/8 |
- | - | - | - | - | - | - | - | - | - | - | -3,650 | 3,650 | - | - | 2,494 | 13,428 | - | - | - | |
640/8 |
3,347 | 3,285 | 11,530 | 17,125 | 18,514 | 10,623 | 8,557 | 9,222 | 5,403 | 3,121 | 2,758 | 2,437 | 4,760 | 3,232 | 23,734 | 26,308 | 6,179 | 1,358 | 3,545 | 3,083 | |
9901 |
109,702 | 137,677 | 84,350 | 131,307 | 83,281 | 107,709 | 100,997 | 22,082 | 86,631 | 109,452 | 97,193 | 107,424 | 66,759 | 137,333 | 45,127 | 52,816 | 29,720 | 57,263 | 86,886 | 104,782 | |
75/76B |
90 | 150 | 120 | 222 | 2,295 | 3 | 96 | 86 | 128 | 77 | 141 | 70 | 242 | 28 | 1,054 | 3,839 | 94 | 3,082 | 852 | 5,180 | |
75 |
90 | 150 | 120 | 222 | 2,295 | 3 | 96 | 86 | 128 | 77 | 141 | 70 | 242 | 28 | 1,054 | 3,839 | 94 | 3,082 | 852 | 5,180 | |
65/66B |
25,422 | 31,646 | 24,161 | 27,904 | 25,823 | 24,623 | 40,037 | 38,840 | 32,548 | 36,079 | 33,656 | 39,690 | 38,959 | 41,573 | 39,925 | 42,705 | 49,297 | 54,020 | 35,517 | 47,061 | |
65 |
25,422 | 31,646 | 24,161 | 27,904 | 25,823 | 24,623 | 40,037 | 38,840 | 32,548 | 36,079 | 33,656 | 39,690 | 38,959 | 41,573 | 39,925 | 42,705 | 49,297 | 54,020 | 35,517 | 47,061 | |
9903 |
84,370 | 106,180 | 60,309 | 103,625 | 59,753 | 83,088 | 61,055 | -16,672 | 54,210 | 73,450 | 63,679 | 67,803 | 28,042 | 95,788 | 6,256 | 13,950 | 46,670 | 6,325 | 52,221 | 62,901 | |
780 |
492 | 492 | 492 | 492 | 492 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
67/77 |
33,938 | 38,714 | 32,079 | 45,685 | 25,631 | 28,995 | 16,391 | 6,113 | 20,464 | 17,941 | 15,925 | 18,144 | 11,609 | 27,086 | 4,240 | 380 | - | 3,093 | 19,151 | 24,878 | |
9904 |
50,924 | 67,959 | 28,723 | 58,433 | 34,614 | 54,586 | 45,156 | -22,293 | 34,238 | 56,001 | 48,246 | 50,152 | 16,926 | 69,195 | 2,508 | 14,062 | 38,544 | 3,232 | 33,071 | 38,023 | |
789 |
3,516 | 3,516 | 3,516 | 3,516 | 3,516 | 3,516 | 3,516 | 3,516 | 22,266 | 5,303 | 3,516 | 3,516 | 3,516 | 3,516 | 3,516 | 3,516 | - | - | - | - | |
689 |
- | - | - | - | - | - | 3,469 | 6,641 | 25,272 | 23,919 | 18,750 | 18,750 | - | 18,750 | 3,012 | 7,796 | 58,027 | - | - | - | |
9905 |
54,441 | 71,476 | 32,240 | 61,949 | 38,131 | 58,103 | 45,203 | -25,417 | 31,232 | 37,386 | 33,012 | 34,918 | 20,443 | 53,961 | 3,012 | 9,783 | -19,483 | 3,232 | 33,071 | 38,023 | |
| Appropriation of the result | |||||||||||||||||||||
9906 |
398,527 | 415,562 | 376,326 | 406,036 | 344,087 | 305,956 | 247,853 | 202,650 | 228,067 | 196,835 | 159,448 | 126,436 | 91,518 | 71,075 | 17,114 | 23,370 | 13,587 | 36,302 | 33,071 | 38,023 | |
14P |
344,087 | 344,087 | 344,087 | 344,087 | 305,956 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
691/2 |
54,441 | 71,476 | 32,240 | 61,949 | - | - | - | - | - | - | - | - | - | - | - | 9,268 | - | 3,232 | - | 38,023 | |
6920 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 9,268 | - | 3,232 | - | - | |
6921 |
54,441 | 71,476 | 32,240 | 61,949 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 38,023 | |
| Document | |||||||||||||||||||||
The accounts for financial year 2005 were filed as a document without figures as data, a scan for example.
The notes to these accounts have 8 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 2026 at the NBB, filed on 02-11-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank2026 annual accounts filed 2 days after the deadline. Filed on 2 November 2026, deadline 31 October 2026 (7 months after the close on 31 March 2026, Companies Code art. 3:10). Source: NBB, 2026-00602810.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 02-11-2026 | 2026-00602810 | |
| 31-03-2025 | micro format | 24-11-2025 | 2025-00574484 | |
| 31-03-2024 | micro format | 30-10-2024 | 2024-00530019 | |
| 31-03-2023 | micro format | 08-01-2024 | 2024-00001905 | |
| 31-03-2022 | micro format | 29-11-2022 | 2022-20530664 | |
| 31-03-2021 | micro format | 30-11-2021 | 2021-79200203 | |
| 31-03-2020 | micro format | 30-11-2020 | 2020-72900217 | |
| 31-03-2019 | micro format | 17-12-2019 | 2019-76700343 | |
| 31-03-2018 | micro format | 27-11-2018 | 2018-73300356 | |
| 31-03-2017 | micro format | 30-10-2017 | 2017-68400099 | |
| 31-03-2016 | abbreviated format | 29-11-2016 | 2016-68900213 | |
| 31-03-2015 | abbreviated format | 23-10-2015 | 2015-65700214 | |
| 31-03-2014 | abbreviated format | 30-09-2014 | 2014-61500021 | |
| 31-03-2013 | abbreviated format | 29-11-2013 | 2013-67300366 | |
| 31-03-2012 | abbreviated format | 22-11-2012 | 2012-64400514 | |
| 31-03-2011 | abbreviated format | 08-11-2011 | 2011-60500082 | |
| 31-03-2010 | abbreviated format | 29-10-2010 | 2010-60000232 | |
| 31-03-2009 | abbreviated format | 26-11-2009 | 2009-87100143 | |
| 31-03-2008 | abbreviated format | 17-12-2008 | 2008-85600079 | |
| 28-02-2007 | abbreviated format | 25-10-2007 | 2007-77900309 | |
| 31-03-2005 | abbreviated format | 25-11-2005 | 2005-86804125 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 150,019 | 177,151 | 127,188 | 180,399 | 129,579 | 157,493 | 152,687 | 77,264 | 101,527 | 127,037 | 120,470 | 126,072 | 87,090 | 158,940 | 69,497 | 68,727 | 42,608 | 65,547 | 98,396 | 112,871 | ||
| 91,241 | 107,433 | 71,561 | 107,525 | 80,912 | 104,370 | 96,846 | 32,889 | 49,135 | 73,586 | 71,522 | 68,801 | 37,257 | 90,802 | 26,878 | 29,974 | 51,432 | 11,516 | 44,581 | 46,112 | ||
| 12,001 | 1,321 | 2,307 | 0 | 47,338 | 20,580 | 43,190 | 795,545 | 0 | 0 | 15,573 | 2,235 | 4,751 | 13,753 | 130,755 | 144,887 | 56,682 | 280,460 | 31,523 | 191,324 | ||
| -76,419 | 69,585 | -149,309 | 12,872 | 108,670 | 27,108 | -14,622 | -90,554 | 9,704 | 31,438 | 11,369 | 41,452 | 1,944 | 14,988 | -127,669 | -139,278 | 262,896 | -98,415 | -20,555 | - | ||
| -231,090 | -253,192 | -305,366 | -320,521 | -355,080 | -315,776 | -328,060 | -331,324 | -194,111 | -233,204 | -296,328 | -337,852 | -368,347 | -382,016 | -406,857 | -246,766 | -71,990 | -216,617 | -122,227 | -89,082 | ||
| 58.2% | 53.4% | 48.8% | 43.0% | 39.3% | 39.8% | 35.9% | 33.1% | 55.5% | 53.2% | 48.4% | 43.8% | 39.6% | 36.3% | 30.3% | 29.3% | 27.6% | 36.8% | 14.7% | 10.4% | ||
| 0.30 | 0.31 | 0.22 | 0.38 | 0.31 | 0.14 | 0.12 | 0.12 | 0.43 | 0.33 | 0.22 | 0.17 | 0.08 | 0.13 | 0.06 | 0.38 | 0.80 | 0.32 | 0.62 | 0.72 | ||
| 0.70 | 0.85 | 1.03 | 1.30 | 1.52 | 1.48 | 1.75 | 1.98 | 0.77 | 0.84 | 1.02 | 1.23 | 1.46 | 1.69 | 2.22 | 2.33 | 2.54 | 1.72 | 5.82 | 8.62 | ||
| 5.7% | 8.1% | 3.7% | 7.8% | 5.0% | 8.4% | 7.5% | -4.0% | 5.9% | 10.3% | 9.9% | 11.5% | 4.4% | 18.7% | 0.8% | 4.7% | 13.6% | 0.8% | 28.1% | 45.0% | ||
| 3.3% | 4.3% | 1.8% | 3.4% | 2.0% | 3.3% | 2.7% | -1.3% | 3.3% | 5.5% | 4.8% | 5.0% | 1.7% | 6.8% | 0.3% | 1.4% | 3.7% | 0.3% | 4.1% | 4.7% | ||
| 5.90 | 5.60 | 5.26 | 6.47 | 5.02 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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 | 31-03-2026 | 31-03-2025 | 31-03-2024 | 31-03-2023 | 31-03-2022 |
|---|---|---|---|---|---|
| Tangible fixed assets | €12,001 | €1,321 | €1,707 | - | €47,338 |
| Financial fixed assets | - | - | €600 | - | €0 |
| €40,317 | €39,473 | €42,838 | €49,092 | €46,298 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Insights on IPRO
The operating result for 2026 is 20% lower than in 2025.
Debt's share of the balance-sheet total falls from 45.5% to 40.8%. Equity is higher and debt is lower.