IRIS
Annual accounts 2022
micro format, filed on 31-05-2023, 61 days before the deadlineMoney flows
of every €100 of turnover, €2.50 remains as profit in 2022Balance sheet
balance sheet total €29,314 on 31-12-2022in euro
in euro
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 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||||||||
20/58 |
29,314 | 34,681 | 17,891 | 22,667 | 15,980 | 32,613 | 58,133 | 110,660 | 103,328 | 46,776 | 73,171 | 112,908 | 174,225 | 99,378 | 58,443 | 17,002 | 21,434 | |
20 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
21/28 |
3,558 | 7,535 | 7,041 | 5,281 | 7,604 | 21,800 | 36,450 | 87,786 | 57,286 | 25,959 | 41,200 | 59,173 | 75,295 | 19,102 | 16,123 | 12,691 | 16,662 | |
21 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
22/27 |
3,558 | 7,535 | 7,041 | 5,281 | 6,908 | 20,621 | 35,135 | 86,351 | 56,257 | 24,896 | 40,195 | 58,269 | 74,410 | 18,963 | 15,429 | 12,680 | 16,662 | |
22 |
1,905 | 5,371 | 7,041 | 5,186 | 6,528 | 8,550 | 11,107 | 13,664 | 8,571 | 10,023 | 12,764 | 14,830 | 15,693 | 10,718 | 10,565 | 7,158 | 8,567 | |
23 |
1,653 | 2,164 | - | 95 | 380 | 1,298 | 2,481 | 3,663 | 3,009 | 2,404 | 2,496 | 7,042 | 9,752 | 5,268 | 1,222 | 286 | 470 | |
24 |
- | - | - | - | - | 10,774 | 21,548 | 69,024 | 44,676 | 1,084 | 2,165 | 2,243 | 3,425 | 2,977 | 3,642 | 5,236 | 7,625 | |
26 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
27 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
28 |
- | - | - | - | 696 | 1,178 | 1,315 | 1,435 | 1,030 | 1,063 | 1,004 | 904 | 885 | 139 | 693 | 12 | 0 | |
29/58 |
25,756 | 27,146 | 10,850 | 17,386 | 8,377 | 10,813 | 21,683 | 22,873 | 46,042 | 20,817 | 31,972 | 53,735 | 98,930 | 80,276 | 42,320 | 4,310 | 4,772 | |
290 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
291 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
3 |
4,829 | 5,820 | 2,331 | 2,082 | 1,386 | 2,019 | 2,306 | 2,465 | 3,037 | 1,944 | 1,943 | 2,440 | 2,546 | 3,113 | 1,645 | 3,008 | 3,321 | |
30/36 |
4,829 | 5,820 | 2,331 | 2,082 | 1,386 | 2,019 | 2,306 | 2,465 | 3,037 | 1,944 | 1,943 | 2,440 | 2,546 | 3,113 | 1,645 | 3,008 | 3,321 | |
37 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
40/41 |
- | - | 242 | - | - | 6,469 | 11,424 | 8,912 | 3,528 | 5,724 | 2,364 | 5,345 | - | - | - | 67 | 33 | |
40 |
- | - | 242 | - | - | - | - | - | - | - | 2,364 | 5,345 | - | 0 | 0 | 0 | 0 | |
41 |
- | - | - | - | - | 6,469 | 11,424 | 8,912 | 3,528 | 5,724 | - | - | - | 0 | 0 | 67 | 33 | |
50/53 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
54/58 |
20,927 | 21,326 | 8,277 | 15,305 | 5,217 | 2,325 | 7,953 | 11,496 | 39,477 | 13,149 | 27,665 | 45,951 | 96,384 | 77,162 | 40,675 | 1,235 | 1,418 | |
490/1 |
- | - | - | - | 1,774 | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
| Balance sheet: equity and liabilities | ||||||||||||||||||
10/49 |
29,314 | 34,681 | 17,891 | 22,667 | 15,980 | 32,613 | 58,133 | 110,660 | 103,328 | 46,776 | 73,171 | 112,908 | 174,225 | 99,378 | 58,443 | 17,002 | 21,434 | |
10/15 |
22,000 | 18,809 | 9,586 | 7,979 | 11,674 | 15,674 | 10,283 | 30,746 | 13,354 | 10,001 | 24,542 | 14,987 | 20,292 | -28,988 | -101,458 | -101,806 | -74,046 | |
10/11 |
20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | |
10 |
20,000 | 20,000 | 20,000 | 20,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
100 |
20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | |
101 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
11 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
1100/10 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
12 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
13 |
2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 10,746 | 2,000 | 2,000 | 2,000 | 292 | 292 | - | - | - | - | |
130/1 |
2,000 | 2,000 | 2,000 | 2,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
130 |
2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 292 | 292 | 0 | 0 | 0 | 0 | |
1312 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
1319 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
132 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
133 |
- | - | - | - | - | - | - | 8,746 | - | - | - | - | - | 0 | 0 | 0 | 0 | |
14 |
- | -3,191 | -12,414 | -14,021 | -10,326 | -6,326 | -11,717 | - | -8,646 | -11,999 | 2,542 | -5,305 | - | -48,988 | -121,458 | -121,806 | -94,046 | |
15 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
19 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
160/5 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
168 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
17/49 |
7,314 | 15,872 | 8,305 | 14,688 | 4,306 | 16,938 | 47,850 | 79,913 | 89,974 | 36,774 | 48,629 | 97,921 | 153,933 | 128,366 | 159,901 | 118,808 | 95,480 | |
17 |
- | - | - | - | - | - | 9,785 | 34,943 | 34,943 | 9,700 | 9,700 | 52,473 | 140,508 | 114,415 | 140,327 | 96,572 | 71,840 | |
170/4 |
- | - | - | - | - | - | 9,785 | 34,943 | 34,943 | - | - | 13,860 | 56,926 | - | - | - | - | |
175 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
176 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
178/9 |
- | - | - | - | - | - | - | - | - | 9,700 | 9,700 | 38,613 | 83,582 | 114,415 | 140,327 | 96,572 | 71,840 | |
42/48 |
7,314 | 15,872 | 8,305 | 7,688 | 4,306 | 16,938 | 38,065 | 44,970 | 55,030 | 27,074 | 38,929 | 45,448 | 13,425 | 13,951 | 19,574 | 22,236 | 23,640 | |
42 |
- | - | - | - | - | 9,785 | 12,747 | - | 12,085 | - | 13,860 | 13,860 | - | 0 | 0 | 0 | 0 | |
43 |
1,481 | 282 | 2,515 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
430/8 |
1,481 | 282 | 2,515 | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
439 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
44 |
3,620 | 6,684 | 2,200 | - | 670 | 799 | 7,991 | 19,220 | 30,740 | 16,056 | 3,538 | 5,666 | 157 | 4,701 | 15,824 | 22,236 | 23,640 | |
440/4 |
3,620 | 6,684 | 2,200 | - | 670 | 799 | 7,991 | 19,220 | 30,740 | 16,056 | 3,538 | 5,666 | 157 | 4,701 | 15,824 | 22,236 | 23,640 | |
441 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
46 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
45 |
2,213 | 2,656 | 3,590 | 7,688 | 3,577 | 6,354 | 17,327 | 25,751 | 12,206 | 11,018 | 20,982 | 25,922 | 13,268 | 9,250 | 3,751 | - | - | |
450/3 |
2,213 | 2,656 | 3,590 | 6,258 | 2,959 | 4,195 | 15,932 | 22,051 | 9,421 | 8,461 | 18,397 | 22,603 | 12,765 | 7,866 | 3,751 | 0 | 0 | |
454/9 |
- | - | - | 1,431 | 618 | 2,159 | 1,396 | 3,699 | 2,785 | 2,558 | 2,586 | 3,319 | 503 | 1,384 | 0 | 0 | 0 | |
47/48 |
- | 6,250 | - | - | 59 | - | - | - | - | - | 548 | - | - | 0 | 0 | 0 | 0 | |
492/3 |
- | - | - | 7,000 | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
| Income statement | ||||||||||||||||||
70 |
169,546 | 116,790 | 70,151 | 113,353 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
76A |
- | - | - | - | - | - | - | - | - | - | - | - | - | 579 | 0 | 0 | 0 | |
9900 |
21,758 | 14,071 | 13,085 | 19,081 | 15,506 | 50,341 | 35,588 | 115,198 | 70,584 | 43,400 | 70,043 | 62,408 | 88,740 | 94,122 | 17,402 | 3,200 | 47,061 | |
60/61 |
147,788 | 102,719 | 57,066 | 94,271 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
62 |
9,558 | 1,055 | 7,981 | 19,723 | 16,995 | 25,189 | 29,873 | 45,140 | 31,402 | 25,143 | 26,311 | 25,800 | 6,939 | 8,502 | 10,379 | 25,352 | 47,779 | |
630 |
3,977 | 2,063 | 2,587 | 1,627 | 2,940 | 14,513 | 14,751 | 27,021 | 15,731 | 17,517 | 20,518 | 20,726 | 20,153 | 7,025 | 4,997 | 3,983 | 3,983 | |
631/4 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
635/8 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
640/8 |
3,693 | 1,335 | 448 | 748 | 2,027 | 2,937 | 3,727 | 3,991 | 5,367 | 4,524 | 4,371 | 11,738 | 2,601 | 6,182 | 1,372 | 1,463 | 1,555 | |
649 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
66A |
- | - | - | - | - | - | - | 5,200 | 7,367 | - | - | - | - | 0 | 0 | 0 | 0 | |
9901 |
4,530 | 9,618 | 2,069 | -3,016 | -6,456 | 7,702 | -12,763 | 39,046 | 18,083 | -3,784 | 18,844 | 4,143 | 59,048 | 72,412 | 654 | -27,598 | -6,256 | |
75/76B |
- | - | - | 32 | 3,746 | 457 | 9 | 391 | 27 | 39 | 67 | 83 | 36 | 14 | 3 | 31 | 35 | |
75 |
- | - | - | 32 | 41 | 457 | 9 | 391 | 27 | 39 | 67 | 83 | 36 | 14 | 3 | 31 | 35 | |
76B |
- | - | - | - | 3,706 | - | - | - | - | - | - | - | - | - | - | - | - | |
65/66B |
284 | 395 | 462 | 710 | 1,271 | 2,223 | 7,425 | 1,760 | 1,374 | 3,431 | 2,067 | 1,780 | 799 | 533 | 310 | 192 | 184 | |
65 |
284 | 395 | 462 | 710 | 1,271 | 2,223 | 1,460 | 1,760 | 1,374 | 3,431 | 2,067 | 1,780 | 799 | 533 | 310 | 192 | 184 | |
66B |
- | - | - | - | - | - | 5,965 | - | - | - | - | - | - | - | - | - | - | |
9903 |
4,246 | 9,223 | 1,607 | -3,695 | -3,980 | 5,936 | -20,179 | 32,477 | 9,370 | -7,176 | 16,843 | 2,446 | 58,285 | 72,471 | 347 | -27,760 | -6,405 | |
67/77 |
- | - | - | - | 20 | 545 | 284 | 15,085 | 6,017 | 7,365 | 7,288 | 7,751 | 9,005 | 1 | 0 | 0 | 0 | |
9904 |
4,246 | 9,223 | 1,607 | -3,695 | -4,000 | 5,391 | -20,463 | 17,392 | 3,353 | -14,541 | 9,556 | -5,305 | 49,279 | 72,471 | 347 | -27,760 | -6,405 | |
789 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
689 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
9905 |
4,246 | 9,223 | 1,607 | -3,695 | -4,000 | 5,391 | -20,463 | 17,392 | 3,353 | -14,541 | 9,556 | -5,305 | 49,279 | 72,471 | 347 | -27,760 | -6,405 | |
| Appropriation of the result | ||||||||||||||||||
9906 |
1,055 | -3,191 | -12,414 | -14,021 | -10,326 | -6,326 | -20,463 | 8,746 | -8,646 | -11,999 | 4,251 | -5,305 | 292 | -48,988 | -121,458 | -121,806 | -94,046 | |
14P |
-3,191 | -12,414 | -14,021 | -10,326 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
791/2 |
- | - | - | - | - | - | 8,746 | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
691/2 |
- | - | - | - | - | - | - | 8,746 | - | - | 1,708 | - | 292 | - | - | - | - | |
691 |
- | - | - | - | - | - | - | - | - | - | - | - | 292 | 0 | 0 | 0 | 0 | |
6920 |
- | - | - | - | - | - | - | - | - | - | 1,708 | - | - | 0 | 0 | 0 | 0 | |
6921 |
- | - | - | - | - | - | - | 8,746 | - | - | - | - | - | 0 | 0 | 0 | 0 | |
694/7 |
1,055 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
694 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
695 |
1,055 | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | |
| Social balance sheet | ||||||||||||||||||
9087 |
- | - | - | - | 0.3 | 0.7 | 0.8 | 0.8 | 0.6 | 0.5 | 0.5 | 0.6 | 0.2 | 0.2 | 0.3 | 1 | 1.6 | |
Hours worked1013 |
- | - | - | - | 939 | 1,384 | 1,946 | 2,769 | 485 | 1,408 | 1,467 | 1,512 | 442 | 543 | 530 | 1,474 | 3,028 | |
| Document | ||||||||||||||||||
The accounts for 4 older financial years (2002-2005) 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 filed accounts (PDF).
Source: Annual accounts 2022 (PDF), filed on 31-05-2023.
Filings
each dot is a set of accounts, on the day it reached the National Bank| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2022 | micro format | 31-05-2023 | 2023-00102821 | |
| 31-12-2021 | micro format | 03-07-2022 | 2022-20131283 | |
| 31-12-2020 | micro format | 03-07-2022 | 2022-20129385 | |
| 31-12-2019 | micro format | 04-07-2022 | 2022-20125063 | |
| 31-12-2018 | micro format | 28-06-2019 | 2019-28700523 | |
| 31-12-2017 | micro format | 04-07-2018 | 2018-30600069 | |
| 31-12-2016 | micro format | 28-07-2017 | 2017-39000385 | |
| 31-12-2015 | abbreviated format | 05-07-2016 | 2016-28900190 | |
| 31-12-2014 | abbreviated format | 29-06-2015 | 2015-24300044 | |
| 31-12-2013 | abbreviated format | 02-07-2014 | 2014-27500480 | |
| 31-12-2012 | abbreviated format | 30-07-2013 | 2013-38000098 | |
| 31-12-2011 | abbreviated format | 03-07-2012 | 2012-26300061 | |
| 31-12-2010 | abbreviated format | 11-08-2011 | 2011-40600593 | |
| 31-12-2009 | abbreviated format | 28-06-2010 | 2010-23200555 | |
| 31-12-2008 | abbreviated format | 07-08-2009 | 2009-55300369 | |
| 31-12-2007 | abbreviated format | 29-07-2008 | 2008-51600133 | |
| 31-12-2006 | abbreviated format | 27-07-2007 | 2007-49400290 | |
| 31-12-2005 | abbreviated format | 04-07-2006 | 2006-41602533 | |
| 31-12-2004 | abbreviated format | 22-07-2005 | 2005-53804674 | |
| 31-12-2003 | abbreviated format | 24-09-2004 | 2004-66600071 | |
| 31-12-2002 | abbreviated format | 29-09-2003 | 2003-70000473 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 8,507 | 11,682 | 4,656 | -1,390 | -3,516 | 22,215 | 1,989 | 66,066 | 33,815 | 13,733 | 39,362 | 24,869 | 79,200 | 79,437 | 5,651 | -23,615 | -2,273 | ||
| 8,223 | 11,286 | 4,194 | -2,068 | -1,060 | 19,905 | -5,712 | 44,412 | 19,084 | 2,976 | 30,073 | 15,421 | 69,432 | 79,496 | 5,345 | -23,776 | -2,422 | ||
| 0 | 2,557 | 4,347 | -696 | -11,256 | -137 | -36,585 | 101,721 | 55,250 | 2,276 | 2,545 | 4,604 | 76,345 | 10,559 | 8,429 | 12 | 2,792 | ||
| -399 | 13,049 | -7,028 | 10,088 | 2,892 | -5,629 | -3,543 | -27,981 | 26,327 | -14,516 | -18,285 | -50,433 | 19,222 | 36,487 | 39,440 | -183 | - | ||
| 18,442 | 11,274 | 2,545 | 9,698 | 4,071 | -6,125 | -16,382 | -22,097 | -8,989 | -6,257 | -6,957 | 8,287 | 85,505 | 66,325 | 22,745 | -17,926 | -18,868 | ||
| 2.7% | 8.2% | 2.9% | -2.7% | - | - | - | - | - | - | - | - | - | - | - | - | - | ||
| 75.0% | 54.2% | 53.6% | 35.2% | 73.1% | 48.1% | 17.7% | 27.8% | 12.9% | 21.4% | 33.5% | 13.3% | 11.6% | -29.2% | -173.6% | -598.8% | -345.5% | ||
| 3.52 | 1.71 | 1.31 | 2.26 | 1.95 | 0.64 | 0.57 | 0.51 | 0.84 | 0.77 | 0.82 | 1.18 | 7.37 | 5.75 | 2.16 | 0.19 | 0.20 | ||
| 2.86 | 1.34 | 1.03 | 1.99 | 1.62 | 0.52 | 0.51 | 0.45 | 0.78 | 0.70 | 0.77 | 1.13 | 7.18 | 5.53 | 2.08 | 0.06 | 0.06 | ||
| 0.33 | 0.84 | 0.87 | 1.84 | 0.37 | 1.08 | 4.65 | 2.60 | 6.74 | 3.68 | 1.98 | 6.53 | 7.59 | - | - | - | - | ||
| 19.3% | 49.0% | 16.8% | -46.3% | -34.3% | 34.4% | -199.0% | 56.6% | 25.1% | -145.4% | 38.9% | -35.4% | 242.9% | - | - | - | - | ||
| 14.5% | 26.6% | 9.0% | -16.3% | -25.0% | 16.5% | -35.2% | 15.7% | 3.2% | -31.1% | 13.1% | -4.7% | 28.3% | 72.9% | 0.6% | -163.3% | -29.9% | ||
| 29.95 | 29.54 | 10.07 | -1.96 | - | - | - | - | - | - | - | - | - | - | - | - | - | ||
| - | - | 1 day | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||
| 9 days | 24 days | 14 days | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|
| Tangible fixed assets | - | €2,557 | €4,347 | - |
| €3,977 | €2,063 | €2,587 | €1,627 |
Source: notes to the 2019 to 2022 annual accounts (statement of fixed assets)
Insights on IRIS
The operating result for 2022 is 53% lower than in 2021.
Debt's share of the balance-sheet total falls from 45.8% to 25.0%. Equity is higher and debt is lower.