JETH
Annual accounts 2025
micro format, filed on 30-09-2026, 61 days lateMoney flows
of every €100 of turnover, €14.04 was lost in 2025Balance sheet
balance sheet total €446,553 on 31-12-2025in euro
in euro
Position in the sector
8.6%
Higher than 36% of 5,746 companies in 2025.
0.28
Higher than 15% of 5,312 companies in 2025.
-6.8%
Higher than 22% of 5,356 companies in 2025.
Net result: bottom quarter · Equity: middle half · Balance sheet total: top quarter · Working capital: bottom quarter
Staff
€28,684
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 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||||||||||
20/58 |
446,553 | 93,234 | 71,104 | 59,106 | 94,913 | 97,212 | 92,959 | 63,892 | 76,150 | 42,498 | 46,990 | 86,293 | 70,567 | 95,172 | 125,115 | 115,318 | 164,265 | 190,667 | 106,516 | |
20 |
- | - | - | - | - | - | - | - | - | - | - | 54 | 276 | 497 | 719 | 941 | - | - | - | |
21/28 |
409,759 | 25,265 | 6,654 | 11,038 | 9,242 | 12,449 | 14,772 | 12,972 | 19,323 | 21,297 | 27,651 | 40,441 | 53,445 | 74,955 | 94,555 | 53,260 | 136,996 | 152,300 | 86,022 | |
22/27 |
409,359 | 24,865 | 6,254 | 10,638 | 8,842 | 12,049 | 14,372 | 12,572 | 18,923 | 20,897 | 27,251 | 39,987 | 52,769 | 74,058 | 93,436 | 52,319 | 136,996 | 152,300 | 86,022 | |
22 |
211,690 | 7,801 | 0 | 1,689 | 2,214 | 2,913 | 3,613 | 4,312 | 5,012 | 5,711 | 6,411 | 9,476 | 18,955 | 28,519 | 38,153 | 48,350 | 129,837 | 144,519 | 79,941 | |
23 |
- | 439 | 989 | 1,860 | 2,417 | 3,159 | 2,702 | - | - | 115 | 363 | 1,213 | 2,775 | 3,452 | 2,072 | 2,528 | 4,980 | 6,855 | 1,242 | |
24 |
39,165 | 13,994 | 1,604 | 2,334 | 1,240 | 2,383 | 3,598 | 3,542 | 4,427 | 738 | 1,296 | 2,412 | 999 | 7,594 | 14,266 | 1,441 | 2,179 | 926 | 4,839 | |
26 |
158,503 | 2,630 | 3,662 | 4,755 | 2,972 | 3,593 | 4,459 | 4,718 | 9,484 | 14,333 | 19,182 | 26,886 | 30,040 | 34,493 | 38,945 | - | - | - | - | |
28 |
400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | - | - | - | - | |
29/58 |
36,794 | 67,969 | 64,449 | 48,068 | 85,671 | 84,763 | 78,187 | 50,920 | 56,827 | 21,201 | 19,339 | 45,852 | 17,122 | 20,217 | 30,560 | 62,058 | 27,269 | 38,367 | 20,494 | |
29 |
- | - | - | - | - | - | - | - | - | - | - | 13,522 | 13,522 | 13,700 | - | - | - | - | - | |
291 |
- | - | - | - | - | - | - | - | - | - | - | 13,522 | 13,522 | 13,700 | - | - | - | - | - | |
3 |
7,906 | 8,130 | 8,130 | 8,130 | 8,330 | 8,015 | 8,154 | 5,638 | 5,273 | 5,490 | - | - | - | - | - | - | 7,607 | 25,196 | 12,397 | |
30/36 |
7,906 | 8,130 | 8,130 | 8,130 | 8,330 | 8,015 | 8,154 | 5,638 | 5,273 | 5,490 | - | - | - | - | - | - | 7,607 | 25,196 | 12,397 | |
40/41 |
12,858 | 38,135 | 47,790 | 36,570 | 38,789 | 60,730 | 57,867 | 32,878 | 44,829 | 10,489 | 14,402 | 28,385 | 3,316 | 5,248 | 29,426 | 61,719 | 3,809 | - | - | |
40 |
- | - | 10,716 | 9,740 | 11,980 | 18,390 | 15,166 | 28,377 | 44,829 | 10,489 | 14,402 | 27,605 | 2,937 | 2,759 | 29,426 | 57,276 | 809 | - | - | |
41 |
12,858 | 38,135 | 37,074 | 26,830 | 26,809 | 42,340 | 42,700 | 4,501 | - | - | - | 780 | 379 | 2,489 | - | 4,443 | 3,000 | - | - | |
54/58 |
16,029 | 21,426 | 8,530 | 1,867 | 37,590 | 15,179 | 11,406 | 10,863 | 6,687 | 4,765 | 4,690 | 3,848 | - | 1,160 | 1,134 | 300 | 15,853 | 13,170 | 8,097 | |
490/1 |
- | 278 | - | 1,502 | 962 | 840 | 760 | 1,541 | 38 | 457 | 247 | 97 | 284 | 109 | - | 39 | - | 1 | - | |
| Balance sheet: equity and liabilities | ||||||||||||||||||||
10/49 |
446,553 | 93,234 | 71,104 | 59,106 | 94,913 | 97,212 | 92,959 | 63,892 | 76,150 | 42,498 | 46,990 | 86,293 | 70,567 | 95,172 | 125,115 | 115,318 | 164,265 | 190,667 | 106,516 | |
10/15 |
38,271 | 68,735 | 41,823 | 36,516 | 30,326 | 13,569 | 11,272 | 9,281 | 8,870 | -8,936 | -23,037 | -54,576 | -58,133 | -58,599 | -66,352 | -97,008 | -79,643 | -25,903 | -16,553 | |
10/11 |
70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 20,000 | 20,000 | 20,000 | |
100 |
- | - | - | - | - | - | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 20,000 | 20,000 | 20,000 | |
13 |
1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | |
130/1 |
1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | |
1311 |
1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
14 |
-32,729 | -2,265 | -29,177 | -34,484 | -40,674 | -57,431 | -59,728 | -61,719 | -62,130 | -79,936 | -94,037 | -125,576 | -129,133 | -129,599 | -137,352 | -168,008 | -100,643 | -46,903 | -37,553 | |
17/49 |
408,281 | 24,499 | 29,281 | 22,591 | 64,587 | 83,644 | 81,687 | 54,611 | 67,280 | 51,434 | 70,027 | 140,869 | 128,700 | 153,771 | 191,467 | 212,326 | 243,908 | 216,570 | 123,069 | |
17 |
275,000 | - | - | - | 10,000 | 10,000 | - | 6,506 | 13,000 | 10,297 | 25,095 | 74,319 | 83,893 | 91,925 | 103,106 | 65,806 | 78,607 | 135,723 | 86,024 | |
170/4 |
275,000 | - | - | - | - | - | - | 6,506 | 13,000 | - | 6,781 | 16,239 | 25,813 | 33,845 | 45,026 | 47,656 | 78,607 | 135,723 | 86,024 | |
178/9 |
- | - | - | - | 10,000 | 10,000 | - | - | - | 10,297 | 18,314 | 58,080 | 58,080 | 58,080 | 58,080 | 18,150 | - | - | - | |
42/48 |
133,256 | 24,499 | 29,281 | 22,591 | 54,587 | 73,644 | 81,675 | 48,105 | 54,267 | 41,138 | 44,932 | 66,550 | 44,807 | 61,846 | 88,361 | 146,520 | 165,301 | 80,847 | 37,045 | |
42 |
- | - | - | - | - | - | 2,490 | 3,341 | - | 6,955 | 21,828 | 9,342 | 4,126 | 21,181 | 22,484 | 33,015 | 38,216 | - | - | |
43 |
- | - | - | - | - | - | - | - | - | - | - | - | 9,132 | 9,146 | 7,228 | 7,968 | 9,010 | - | - | |
430/8 |
- | - | - | - | - | - | - | - | - | - | - | - | 9,132 | 9,146 | 7,228 | 7,968 | 9,010 | - | - | |
44 |
60,486 | 5,307 | 15,444 | 2,835 | 10,467 | 36,840 | 57,968 | 29,306 | 39,151 | 19,274 | 14,667 | 52,531 | 31,309 | 27,783 | 30,630 | 47,846 | 40,518 | 51,716 | 11,120 | |
440/4 |
60,486 | 5,307 | 15,444 | 2,835 | 10,467 | 36,840 | 57,968 | 29,306 | 39,151 | 19,274 | 14,667 | 52,531 | 31,309 | 27,783 | 30,630 | 47,846 | 40,518 | 51,716 | 11,120 | |
46 |
- | - | - | - | 13,517 | 11,110 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
45 |
18,351 | 16,342 | 9,259 | 12,437 | 24,201 | 19,185 | 15,819 | 12,009 | 13,936 | 14,909 | 6,404 | 3,787 | 240 | 3,075 | 21,127 | 56,283 | 76,616 | 26,385 | 14,763 | |
450/3 |
2,846 | 10,823 | 7,712 | 10,559 | 6,840 | 6,320 | 1,287 | 1,580 | 1,422 | 14,909 | 6,404 | 3,787 | 240 | 3,069 | 15,737 | 26,363 | 28,597 | 3,898 | 2,554 | |
454/9 |
15,504 | 5,519 | 1,547 | 1,878 | 17,362 | 12,865 | 14,532 | 10,429 | 12,514 | - | - | - | - | 6 | 5,390 | 29,920 | 48,019 | 22,487 | 12,209 | |
47/48 |
54,420 | 2,850 | 4,578 | 7,319 | 6,402 | 6,509 | 5,398 | 3,450 | 1,180 | - | 2,033 | 890 | - | 661 | 6,892 | 1,408 | 941 | 2,746 | 11,162 | |
492/3 |
25 | - | - | - | - | - | 11 | - | 13 | - | - | - | - | - | - | - | - | - | - | |
| Income statement | ||||||||||||||||||||
70 |
217,005 | 206,323 | 165,492 | 161,312 | - | - | - | - | - | - | - | - | 90,779 | 87,417 | - | - | - | 279,126 | 224,086 | |
76A |
- | 4,364 | 1,500 | 2,832 | - | - | - | - | - | - | - | - | - | 1,798 | - | - | - | 18 | - | |
9900 |
80,635 | 105,785 | 55,815 | 75,841 | 93,852 | 60,653 | 93,909 | 83,728 | 94,442 | 34,041 | 39,557 | 23,154 | 30,745 | 33,911 | 63,276 | 74,671 | 155,247 | 147,443 | 122,569 | |
60/61 |
149,210 | 114,228 | 117,760 | 90,024 | - | - | - | - | - | - | - | - | 60,183 | 54,427 | - | - | - | 131,683 | 101,517 | |
62 |
77,447 | 63,770 | 31,169 | 53,563 | 59,396 | 52,188 | 80,907 | 71,097 | 67,134 | - | - | - | - | - | - | 103,328 | 197,429 | 126,085 | 90,856 | |
630 |
11,472 | 2,617 | 4,384 | 2,842 | 3,207 | 3,330 | 5,319 | 6,615 | 6,464 | 6,354 | 6,492 | 17,219 | 22,855 | 22,749 | 21,045 | 12,521 | 22,856 | 25,710 | 16,435 | |
640/8 |
2,243 | 1,530 | 3,946 | 3,039 | 12,934 | 1,466 | 1,227 | 2,833 | 3,009 | 9,556 | 2,430 | 1,191 | 988 | 2,593 | 1,943 | 1,221 | 6,418 | 1,601 | 1,183 | |
66A |
1,318 | - | 1,113 | 9,303 | - | - | - | - | - | - | - | - | - | - | - | 7,324 | - | - | - | |
9901 |
-11,846 | 37,867 | 15,202 | 7,094 | 18,315 | 3,669 | 6,456 | 3,184 | 17,836 | 18,130 | 30,635 | 4,744 | 6,902 | 8,569 | 40,288 | -42,399 | -71,456 | -5,953 | 14,095 | |
75/76B |
- | 0 | 680 | - | 0 | 141 | 2 | 177 | 6,331 | 10 | 3,060 | 2,876 | - | - | - | - | 3 | - | - | |
75 |
- | 0 | 680 | - | 0 | 141 | 2 | 177 | 6,331 | 10 | 3,060 | 2,876 | - | - | - | - | 3 | - | - | |
65/66B |
18,617 | 1,508 | 2,932 | 904 | 1,376 | 1,105 | 4,093 | 2,559 | 6,236 | 4,039 | 6,259 | 4,063 | 6,436 | 2,614 | 9,632 | 17,642 | 7,287 | 3,415 | 3,991 | |
65 |
18,617 | 1,508 | 2,932 | 904 | 1,376 | 1,105 | 4,093 | 2,559 | 6,236 | 4,039 | 6,259 | 4,063 | 6,436 | 2,614 | 9,632 | 17,642 | 7,287 | 3,415 | 3,991 | |
9903 |
-30,464 | 36,359 | 12,950 | 6,190 | 16,940 | 2,706 | 2,366 | 801 | 17,931 | 14,101 | 27,436 | 3,557 | 466 | 7,753 | 30,656 | -67,365 | -78,740 | -9,350 | 10,104 | |
67/77 |
- | 9,448 | 7,642 | - | 183 | 409 | 374 | 391 | 125 | - | 1 | - | - | - | - | - | - | - | 4,074 | |
9904 |
-30,464 | 26,912 | 5,308 | 6,190 | 16,757 | 2,296 | 1,992 | 411 | 17,806 | 14,101 | 27,435 | 3,557 | 466 | 7,753 | 30,656 | -67,365 | -78,740 | -9,350 | 6,030 | |
9905 |
-30,464 | 26,912 | 5,308 | 6,190 | 16,757 | 2,296 | 1,992 | 411 | 17,806 | 14,101 | 27,435 | 3,557 | 466 | 7,753 | 30,656 | -67,365 | -78,740 | -9,350 | 6,030 | |
| Appropriation of the result | ||||||||||||||||||||
9906 |
-32,729 | -2,265 | -29,177 | -34,484 | -40,674 | -57,431 | -59,728 | -61,719 | -62,130 | -79,936 | -94,037 | -125,576 | -129,133 | -129,599 | -137,352 | -168,008 | -125,643 | -46,903 | -37,553 | |
14P |
-2,265 | -29,177 | -34,484 | -40,674 | -57,431 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Social balance sheet | ||||||||||||||||||||
9087 |
2.7 | 3.1 | 2.1 | 3.2 | 3.2 | 2.9 | 2.7 | 2.7 | 2.2 | - | - | - | - | - | - | 5.3 | 10.6 | 7.4 | 4.4 | |
Hours worked1013 |
3,120 | 3,021 | 2,115 | 3,380 | 3,380 | 2,361 | 3,248 | 4,186 | 3,770 | - | - | - | - | - | - | 6,350 | 16,035 | 11,019 | 7,345 | |
| Document | ||||||||||||||||||||
The accounts for 7 older financial years (1999-2005) were filed as documents without figures as data, scans for example.
The notes to these accounts have 7 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 30-09-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank2025 annual accounts filed 61 days after the deadline. Filed on 30 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00542312.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-09-2026 | 2026-00542312 | |
| 31-12-2024 | micro format | 25-07-2025 | 2025-00305821 | |
| 31-12-2023 | micro format | 10-06-2024 | 2024-00121894 | |
| 31-12-2022 | micro format | 23-06-2023 | 2023-00151779 | |
| 31-12-2021 | micro format | 06-10-2022 | 2022-20460464 | |
| 31-12-2020 | micro format | 19-11-2021 | 2021-78200180 | |
| 31-12-2019 | micro format | 24-11-2020 | 2020-73100256 | |
| 31-12-2018 | micro format | 14-10-2019 | 2019-70400566 | |
| 31-12-2017 | micro format | 24-09-2018 | 2018-64500498 | |
| 31-12-2016 | micro format | 26-12-2017 | 2017-73500101 | |
| 31-12-2015 | full format | 29-09-2016 | 2016-63300540 | |
| 31-12-2013 | full format | 24-06-2014 | 2014-20900196 | |
| 31-12-2012 | full format | 30-08-2013 | 2013-53800260 | |
| 31-12-2011 | full format | 31-08-2012 | 2012-51100431 | |
| 31-12-2010 | full format | 31-08-2011 | 2011-50200554 | |
| 31-12-2009 | full format | 20-09-2010 | 2010-54700088 | |
| 31-12-2008 | full format | 24-12-2009 | 2009-90500043 | |
| 31-12-2007 | full format | 04-09-2008 | 2008-72100342 | |
| 31-12-2006 | full format | 03-08-2007 | 2007-53800093 | |
| 31-12-2005 | full format | 29-06-2006 | 2006-36503901 | |
| 31-12-2004 | full format | 21-06-2005 | 2005-31304325 | |
| 31-12-2003 | full format | 23-07-2004 | 2004-50201419 | |
| 31-12-2002 | full format | 20-08-2003 | 2003-62400572 | |
| 31-12-2001 | full format | 01-07-2002 | 2002-31404042 | |
| 31-12-2000 | full format | 26-11-2001 | 2001-71500016 | |
| 31-12-1999 | full format | 20-07-2000 | 2000-44704261 |
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 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -374 | 40,484 | 19,586 | 9,936 | 21,522 | 6,999 | 11,775 | 9,798 | 24,299 | 24,485 | 37,127 | 21,963 | 29,757 | 31,318 | 61,333 | -29,878 | -48,600 | 19,757 | 30,530 | ||
| -18,991 | 29,529 | 9,692 | 9,032 | 19,964 | 5,627 | 7,311 | 7,025 | 24,270 | 20,455 | 33,927 | 20,776 | 23,321 | 30,502 | 51,701 | -54,844 | -55,884 | 16,360 | 22,465 | ||
| 395,966 | 21,228 | 0 | 4,638 | 0 | 1,007 | 7,119 | 264 | 4,489 | 0 | 6,995 | 4,215 | 1,344 | 3,150 | 62,340 | -71,215 | 7,552 | 91,987 | 468 | ||
| -5,397 | 12,896 | 6,663 | -35,723 | 22,411 | 3,773 | 543 | 4,175 | 1,923 | 74 | - | - | - | 26 | 834 | -15,553 | 2,683 | 5,073 | - | ||
| -96,462 | 43,470 | 35,169 | 25,477 | 31,083 | 11,120 | -3,488 | 2,815 | 2,560 | -19,937 | -25,593 | -20,698 | -27,685 | -41,629 | -57,801 | -84,462 | -138,032 | -42,480 | -16,551 | ||
| -5.5% | 18.4% | 9.2% | 4.4% | - | - | - | - | - | - | - | - | 7.6% | 9.8% | - | - | - | -2.1% | 6.3% | ||
| 8.6% | 73.7% | 58.8% | 61.8% | 32.0% | 14.0% | 12.1% | 14.5% | 11.6% | -21.0% | -49.0% | -63.2% | -82.4% | -61.6% | -53.0% | -84.1% | -48.5% | -13.6% | -15.5% | ||
| 0.28 | 2.77 | 2.20 | 2.13 | 1.57 | 1.15 | 0.96 | 1.06 | 1.05 | 0.52 | 0.43 | 0.69 | 0.38 | 0.33 | 0.35 | 0.42 | 0.16 | 0.47 | 0.55 | ||
| 0.22 | 2.44 | 1.92 | 1.77 | 1.42 | 1.04 | 0.86 | 0.94 | 0.95 | 0.38 | 0.43 | 0.69 | 0.38 | 0.33 | 0.35 | 0.42 | 0.12 | 0.16 | 0.22 | ||
| 10.67 | 0.36 | 0.70 | 0.62 | 2.13 | 6.16 | 7.25 | 5.88 | 7.59 | - | - | - | - | - | - | - | - | - | - | ||
| -79.6% | 39.2% | 12.7% | 17.0% | 55.3% | 16.9% | 17.7% | 4.4% | 200.7% | - | - | - | - | - | - | - | - | - | - | ||
| -6.8% | 28.9% | 7.5% | 10.5% | 17.7% | 2.4% | 2.1% | 0.6% | 23.4% | 33.2% | 58.4% | 4.1% | 0.7% | 8.1% | 24.5% | -58.4% | -47.9% | -4.9% | 5.7% | ||
| -0.02 | 26.84 | 6.68 | 10.99 | 15.65 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||
| 22 days | 67 days | 24 days | 22 days | - | - | - | - | - | - | - | - | 12 days | 12 days | - | - | - | - | - | ||
| 148 days | 17 days | 48 days | 11 days | - | - | - | - | - | - | - | - | 190 days | 186 days | - | - | - | 143 days | 40 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.
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 | 3 | 4 | 2 | 4 | 4 |
| full-time | 1 | 3 | 1 | 1 | 1 |
| part-time | 2 | 1 | 1 | 3 | 3 |
| in full-time equivalents | 2.5 | 3.8 | 1.8 | 3.6 | 3.6 |
| 2.7 | 3.1 | 2.1 | 3.2 | 3.2 | |
| On a permanent contract | 3 | 2 | 1 | 3 | 3 |
| Joined | - | 2 | 1 | 2 | 2 |
| Left | - | 0 | 1 | 1 | 1 |
| Training hours | - | - | - | 983 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €395,966 | €21,228 | - | €4,638 | - |
| €11,472 | €2,617 | €4,384 | €2,842 | €3,207 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on JETH
The operating result for 2025 is a loss of €11,846, after a profit of €37,867 in 2024. It is the lowest result since 2009.
Debt's share of the balance-sheet total rises from 26.3% to 91.4%. Equity is lower and debt is higher.