MINDSHIFT
Annual accounts 2025
abbreviated format, filed on 13-07-2026, 18 days before the deadlineTurnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €210,000. Estimated: probably between €160,000 and €290,000.
Balance sheet
balance sheet total €982,167 on 31-12-2025in euro
in euro
Position in the sector
91.3%
Higher than 90% of 2,824 companies in 2025.
16.08
Higher than 93% of 2,713 companies in 2025.
8.5%
Higher than 65% of 2,771 companies in 2025.
Net result: middle half · Equity: top quarter · Balance sheet total: middle half · Working capital: top quarter
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 |
982,167 | 910,711 | 899,089 | 763,412 | 677,141 | 670,846 | 427,546 | 391,332 | 190,400 | 219,128 | 180,776 | 162,299 | 144,361 | 189,121 | 198,560 | 189,725 | 206,625 | 235,979 | 238,064 | 224,165 | |
21/28 |
409,664 | 391,078 | 402,761 | 417,691 | 414,795 | 404,997 | 242,469 | 135,085 | 17,530 | 21,645 | 21,144 | 10,973 | 19,744 | 120,574 | 138,228 | 101,299 | 110,201 | 117,732 | 124,798 | 136,969 | |
22/27 |
409,664 | 391,078 | 402,761 | 417,691 | 414,795 | 404,997 | 242,469 | 135,085 | 17,530 | 21,645 | 21,144 | 10,973 | 19,744 | 120,574 | 138,228 | 101,299 | 110,201 | 117,732 | 124,798 | 136,969 | |
22 |
369,735 | 380,121 | 390,507 | 401,892 | 394,697 | 404,372 | 239,783 | 125,118 | - | - | - | - | - | - | - | - | - | - | - | - | |
24 |
36,559 | 10,957 | 12,254 | 15,799 | 20,098 | - | - | 5,220 | 10,722 | 15,465 | 20,273 | 9,256 | 17,181 | 26,007 | 34,479 | 1,392 | 864 | - | - | - | |
26 |
3,370 | - | - | - | 0 | 625 | 2,686 | 4,747 | 6,808 | 6,181 | 871 | 1,717 | 2,563 | 94,567 | 103,749 | 99,907 | 109,337 | 117,732 | 124,798 | 131,886 | |
29/58 |
572,503 | 519,633 | 496,328 | 345,721 | 262,346 | 265,849 | 185,077 | 256,247 | 172,871 | 197,483 | 159,632 | 151,326 | 124,618 | 68,547 | 60,332 | 88,425 | 96,425 | 118,247 | 113,266 | 87,195 | |
29 |
130,000 | 130,000 | 180,000 | 180,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
291 |
130,000 | 130,000 | 180,000 | 180,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
40/41 |
82,120 | 41,516 | 28,959 | 31,750 | 20,531 | 13,941 | 15,956 | 25,578 | 28,035 | 16,240 | 9,630 | 8,326 | 9,835 | 8,795 | 8,871 | 32,638 | 57,794 | 93,004 | 60,496 | 18,802 | |
40 |
19,689 | 2,000 | 788 | 0 | 3,626 | - | - | - | - | - | - | - | - | - | - | 25,599 | 52,384 | 93,004 | 53,492 | 11,890 | |
41 |
62,432 | 39,516 | 28,170 | 31,750 | 16,904 | 13,941 | 15,956 | 25,578 | 28,035 | 16,240 | 9,630 | 8,326 | 9,835 | 8,795 | 8,871 | 7,039 | 5,410 | - | 7,004 | 6,912 | |
50/53 |
330,058 | 293,925 | 251,187 | 111,943 | 174,944 | 204,894 | 154,747 | 213,550 | 116,425 | 163,771 | 132,639 | 125,339 | 91,705 | 46,695 | 40,545 | 40,032 | 24,604 | 20,429 | 52,010 | 54,992 | |
54/58 |
26,659 | 50,928 | 34,010 | 19,213 | 65,254 | 45,299 | 12,373 | 15,145 | 26,470 | 16,611 | 16,032 | 17,123 | 22,638 | 10,976 | 8,591 | 15,390 | 13,888 | 4,059 | 310 | 13,401 | |
490/1 |
3,665 | 3,264 | 2,173 | 2,815 | 1,618 | 1,716 | 2,001 | 1,974 | 1,941 | 862 | 1,330 | 537 | 440 | 2,081 | 2,325 | 365 | 139 | 754 | 450 | - | |
| Balance sheet: equity and liabilities | |||||||||||||||||||||
10/49 |
982,167 | 910,711 | 899,089 | 763,412 | 677,141 | 670,846 | 427,546 | 391,332 | 190,400 | 219,128 | 180,776 | 162,299 | 144,361 | 189,121 | 198,560 | 189,725 | 206,625 | 235,979 | 238,064 | 224,165 | |
10/15 |
896,872 | 813,092 | 782,099 | 629,637 | 531,558 | 510,505 | 264,740 | 223,530 | 152,306 | 154,193 | 125,321 | 91,665 | 60,195 | 34,067 | 54,072 | 74,745 | 84,331 | 96,942 | 95,960 | 65,105 | |
10/11 |
186,667 | 186,667 | 186,667 | 186,667 | 186,667 | 186,667 | 12,667 | 12,667 | 12,667 | 12,667 | 12,667 | 12,667 | 12,667 | 12,667 | 12,667 | 12,667 | 12,667 | 12,667 | 12,667 | 12,667 | |
100 |
- | - | - | - | - | - | 19,000 | 19,000 | 19,000 | 19,000 | 19,000 | 19,000 | 19,000 | 19,000 | 19,000 | 19,000 | 19,000 | 19,000 | 19,000 | 19,000 | |
101 |
- | - | - | - | - | - | 6,333 | 6,333 | 6,333 | 6,333 | 6,333 | 6,333 | 6,333 | 6,333 | 6,333 | 6,333 | 6,333 | 6,333 | 6,333 | 6,333 | |
13 |
710,205 | 626,425 | 595,432 | 442,971 | 344,891 | 323,839 | 252,073 | 210,864 | 139,640 | 141,526 | 112,654 | 78,999 | 47,529 | 21,400 | 41,405 | 62,079 | 71,665 | 84,275 | 83,293 | 52,438 | |
130 |
- | - | - | - | - | - | 1,900 | 1,900 | 1,900 | 1,900 | 1,900 | 1,900 | 1,900 | 1,900 | 1,900 | 1,900 | 1,900 | 1,900 | 1,900 | 1,900 | |
133 |
710,205 | 626,425 | 595,432 | 442,971 | 344,891 | 323,839 | 250,173 | 208,964 | 137,740 | 139,626 | 110,754 | 77,099 | 45,629 | 19,500 | 39,505 | 60,179 | 69,765 | 82,375 | 81,393 | 50,538 | |
14 |
0 | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
16 |
30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 28,500 | 27,000 | 25,500 | 24,000 | 22,500 | |
160/5 |
30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 28,500 | 27,000 | 25,500 | 24,000 | 22,500 | |
160 |
30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | - | - | - | - | - | - | - | - | - | - | |
17/49 |
55,295 | 67,619 | 86,990 | 103,775 | 115,584 | 130,340 | 132,806 | 137,802 | 8,094 | 34,935 | 25,455 | 40,634 | 54,166 | 125,054 | 114,488 | 86,480 | 95,294 | 113,537 | 118,105 | 136,560 | |
17 |
19,681 | 33,312 | 46,731 | 59,940 | 72,944 | 85,745 | 98,347 | 110,752 | - | - | - | - | 5,873 | 41,970 | 63,690 | 54,576 | 68,220 | 81,864 | 95,508 | 109,152 | |
170/4 |
19,681 | 33,312 | 46,731 | 59,940 | 72,944 | 85,745 | 98,347 | 110,752 | - | - | - | - | 5,873 | 41,970 | 63,690 | 54,576 | 68,220 | 81,864 | 95,508 | 109,152 | |
42/48 |
35,614 | 34,307 | 40,260 | 43,834 | 42,639 | 44,570 | 34,434 | 26,862 | 8,069 | 34,590 | 25,430 | 40,634 | 48,258 | 83,058 | 50,798 | 30,793 | 26,933 | 31,090 | 22,597 | 27,408 | |
42 |
13,631 | 13,419 | 13,210 | 13,004 | 12,801 | 12,602 | 12,405 | 13,221 | - | - | - | 5,873 | 8,809 | 22,453 | 23,188 | 13,644 | 13,644 | 13,644 | 13,644 | 18,952 | |
43 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2,571 | |
430/8 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2,571 | |
44 |
3,094 | 4,595 | 6,007 | 4,700 | 4,506 | 3,339 | 5,127 | 2,444 | 1,769 | 8,704 | 1,839 | 2,476 | 797 | 903 | 895 | 2,435 | 776 | 3,580 | 4,313 | 875 | |
440/4 |
3,094 | 4,595 | 6,007 | 4,700 | 4,506 | 3,339 | 5,127 | 2,444 | 1,769 | 8,704 | 1,839 | 2,476 | 797 | 903 | 895 | 2,435 | 776 | 3,580 | 4,313 | 875 | |
45 |
18,889 | 16,293 | 21,043 | 26,130 | 25,029 | 28,629 | 16,902 | 11,197 | 6,300 | 9,886 | 10,091 | 12,285 | 11,652 | 9,702 | 6,716 | 5,715 | 5,513 | 5,631 | 3,000 | 3,370 | |
450/3 |
18,889 | 16,293 | 21,043 | 26,130 | 25,029 | 28,629 | 16,902 | 11,197 | 6,300 | 9,886 | 10,091 | 12,285 | 11,652 | 9,702 | 6,716 | 5,715 | 5,513 | 5,631 | 3,000 | 3,370 | |
47/48 |
- | - | - | 0 | 302 | - | - | - | - | 16,000 | 13,500 | 20,000 | 27,000 | 50,000 | 20,000 | 9,000 | 7,000 | 8,235 | 1,640 | 1,640 | |
492/3 |
- | - | - | - | 0 | 25 | 25 | 188 | 25 | 345 | 25 | - | 34 | 25 | - | 1,110 | 141 | 583 | - | - | |
| Income statement | |||||||||||||||||||||
9900 |
137,565 | 196,382 | 238,274 | 202,130 | 129,682 | 130,312 | 128,466 | 171,052 | 13,468 | 71,915 | 88,113 | 89,943 | 96,672 | 68,125 | 52,131 | 43,957 | 41,587 | 22,656 | 64,817 | 81,409 | |
630 |
17,377 | 15,401 | 15,712 | 14,206 | 11,198 | 11,472 | 38,043 | 27,665 | 7,998 | 7,523 | 6,216 | 9,980 | 9,756 | 18,330 | 20,050 | 10,144 | 9,766 | 9,223 | 8,791 | 14,943 | |
631/4 |
- | - | 0 | -24,649 | - | - | - | -55,470 | - | - | - | - | - | - | 24,649 | 27,735 | 27,735 | - | - | - | |
635/8 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,500 | 1,500 | 1,500 | 1,500 | 1,500 | 1,500 | |
640/8 |
4,131 | 3,370 | 3,990 | 28,478 | 3,296 | 5,345 | 2,154 | 57,022 | 760 | 700 | 950 | 973 | 3,297 | 2,612 | 4,070 | 2,090 | 2,960 | 2,888 | 3,402 | 2,513 | |
66A |
- | - | - | - | - | - | - | - | 5,000 | - | - | - | - | - | - | - | - | - | - | - | |
9901 |
116,057 | 177,611 | 218,572 | 184,095 | 115,188 | 113,494 | 88,269 | 141,836 | -290 | 63,691 | 80,947 | 78,991 | 83,619 | 47,183 | 1,862 | 2,488 | -375 | 9,045 | 51,123 | 62,454 | |
75/76B |
5,625 | 7,616 | 3,851 | 2,385 | 878 | 1,017 | 898 | 1,287 | 1,288 | 1,116 | 1,083 | 1,345 | 1,295 | 1,159 | 1,010 | 874 | 435 | 829 | 2,276 | 1,250 | |
75 |
5,625 | 7,616 | 3,851 | 2,385 | 878 | 1,017 | 898 | 1,287 | 1,288 | 1,116 | 1,083 | 1,345 | 1,295 | 1,159 | 1,010 | 874 | 435 | 829 | 2,276 | 1,250 | |
65/66B |
2,347 | 2,323 | 2,668 | 2,999 | 2,730 | 2,679 | 3,149 | 2,832 | 1,408 | 1,346 | 891 | 651 | 3,053 | 3,207 | 3,546 | 3,947 | 5,716 | 7,016 | 7,535 | 6,279 | |
65 |
2,347 | 2,323 | 2,668 | 2,999 | 2,730 | 2,679 | 3,149 | 2,832 | 1,408 | 1,346 | 891 | 651 | 3,053 | 3,207 | 3,546 | 3,947 | 5,716 | 7,016 | 7,535 | 6,279 | |
9903 |
119,334 | 182,904 | 219,755 | 183,482 | 113,336 | 111,832 | 86,018 | 140,290 | -410 | 63,461 | 81,139 | 79,684 | 81,862 | 45,135 | -674 | -586 | -5,655 | 2,858 | 45,864 | 57,425 | |
67/77 |
35,554 | 55,686 | 67,293 | 56,531 | 32,500 | 40,066 | 20,725 | 44,066 | 1,477 | 18,589 | 33,984 | 28,214 | 28,733 | 15,139 | - | - | -45 | 236 | 13,370 | 16,869 | |
9904 |
83,780 | 127,217 | 152,461 | 126,952 | 80,836 | 71,766 | 65,293 | 96,224 | -1,886 | 44,872 | 47,155 | 51,470 | 53,128 | 29,995 | -674 | -586 | -5,611 | 2,622 | 32,495 | 40,556 | |
9905 |
83,780 | 127,217 | 152,461 | 126,952 | 80,836 | 71,766 | 65,293 | 96,224 | -1,886 | 44,872 | 47,155 | 51,470 | 53,128 | 29,995 | -674 | -586 | -5,611 | 2,622 | 32,495 | 40,556 | |
| Appropriation of the result | |||||||||||||||||||||
9906 |
83,780 | 127,217 | 152,461 | 126,952 | 80,836 | 71,766 | 65,293 | 96,224 | -1,886 | 44,872 | 47,155 | 51,470 | 53,128 | 29,995 | -674 | -586 | -5,611 | 2,622 | 32,495 | 40,556 | |
791/2 |
0 | 96,224 | 0 | 28,872 | 59,784 | - | 24,084 | 25,000 | 1,886 | - | - | - | - | 20,005 | 20,674 | 9,586 | 12,611 | - | - | - | |
691/2 |
83,780 | 127,217 | 152,461 | 126,952 | 80,836 | 71,766 | 65,293 | 96,224 | - | 28,872 | 33,655 | 31,470 | 26,128 | - | - | - | - | 982 | 30,855 | 38,916 | |
6921 |
83,780 | 127,217 | 152,461 | 126,952 | 80,836 | 71,766 | 65,293 | 96,224 | - | 28,872 | 33,655 | 31,470 | 26,128 | - | - | - | - | 982 | 30,855 | 38,916 | |
694/7 |
0 | 96,224 | 0 | 28,872 | 59,784 | - | 24,084 | 25,000 | - | 16,000 | 13,500 | 20,000 | 27,000 | 50,000 | 20,000 | 9,000 | 7,000 | 1,640 | 1,640 | 1,640 | |
694 |
0 | 96,224 | 0 | 28,872 | 59,784 | - | 24,084 | 25,000 | - | - | 13,500 | 20,000 | 27,000 | 50,000 | 20,000 | 9,000 | 7,000 | 1,640 | 1,640 | 1,640 | |
695 |
- | - | - | - | - | - | - | - | - | 16,000 | - | - | - | - | - | - | - | - | - | - | |
| Document | |||||||||||||||||||||
The accounts for 5 older financial years (2001-2005) were filed as documents without figures as data, scans for example.
The notes to these accounts have 14 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 13-07-2026.
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 | abbreviated format | 13-07-2026 | 2026-00288314 | |
| 31-12-2024 | abbreviated format | 15-07-2025 | 2025-00269771 | |
| 31-12-2023 | abbreviated format | 25-07-2024 | 2024-00306547 | |
| 31-12-2022 | abbreviated format | 10-07-2023 | 2023-00223629 | |
| 31-12-2021 | abbreviated format | 26-07-2022 | 2022-20224340 | |
| 31-12-2020 | abbreviated format | 16-06-2021 | 2021-20900566 | |
| 31-12-2019 | abbreviated format | 02-06-2020 | 2020-14100042 | |
| 31-12-2018 | abbreviated format | 05-06-2019 | 2019-16300198 | |
| 31-12-2017 | abbreviated format | 26-06-2018 | 2018-24100428 | |
| 31-12-2016 | abbreviated format | 10-07-2017 | 2017-30000391 | |
| 31-12-2015 | abbreviated format | 24-05-2016 | 2016-13500556 | |
| 31-12-2014 | abbreviated format | 19-05-2015 | 2015-12600057 | |
| 31-12-2013 | abbreviated format | 26-05-2014 | 2014-14000596 | |
| 31-12-2012 | abbreviated format | 05-06-2013 | 2013-15800411 | |
| 31-12-2011 | abbreviated format | 05-06-2012 | 2012-15000270 | |
| 31-12-2010 | abbreviated format | 23-05-2011 | 2011-12200397 | |
| 31-12-2009 | abbreviated format | 17-05-2010 | 2010-12000090 | |
| 31-12-2008 | abbreviated format | 18-05-2009 | 2009-15200176 | |
| 31-12-2007 | abbreviated format | 19-05-2008 | 2008-14800131 | |
| 31-12-2006 | abbreviated format | 21-05-2007 | 2007-14900358 | |
| 31-12-2005 | abbreviated format | 23-05-2006 | 2006-16303164 | |
| 31-12-2004 | abbreviated format | 24-05-2005 | 2005-16604606 | |
| 31-12-2003 | abbreviated format | 10-06-2004 | 2004-22805000 | |
| 31-12-2002 | abbreviated format | 04-06-2003 | 2003-19503475 | |
| 31-12-2001 | abbreviated format | 17-06-2002 | 2002-23301861 |
Subsidies and aid
Flemish government 2025, 1 entry, €1,737 awarded, €1,730 paid
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 133,434 | 193,012 | 234,284 | 198,301 | 126,386 | 124,966 | 126,312 | 169,501 | 7,708 | 71,214 | 87,163 | 88,970 | 93,375 | 65,513 | 21,912 | 12,631 | 9,391 | 18,268 | 59,915 | 77,397 | ||
| 101,157 | 142,619 | 168,174 | 141,158 | 92,034 | 83,238 | 103,336 | 123,889 | 6,111 | 52,395 | 53,372 | 61,449 | 62,884 | 48,326 | 19,376 | 9,558 | 4,156 | 11,845 | 41,286 | 55,499 | ||
| 35,963 | 3,719 | 782 | 17,102 | 20,996 | 174,000 | 145,427 | 145,220 | 3,882 | 8,024 | 24,838 | 1,209 | 2,177 | 677 | 56,978 | 1,242 | 2,235 | 2,157 | 1,703 | - | ||
| -24,270 | 16,918 | 14,797 | -46,041 | 19,955 | 32,926 | -2,773 | -11,324 | 9,859 | 578 | -1,091 | -5,515 | 11,662 | 2,384 | -6,798 | 1,502 | 9,829 | 3,749 | -13,091 | - | ||
| 536,889 | 485,326 | 456,069 | 301,887 | 219,707 | 221,279 | 150,643 | 229,385 | 164,802 | 162,893 | 134,202 | 110,692 | 76,359 | -14,512 | 9,533 | 57,632 | 69,492 | 87,157 | 90,670 | 59,788 | ||
| 91.3% | 89.3% | 87.0% | 82.5% | 78.5% | 76.1% | 61.9% | 57.1% | 80.0% | 70.4% | 69.3% | 56.5% | 41.7% | 18.0% | 27.2% | 39.4% | 40.8% | 41.1% | 40.3% | 29.0% | ||
| 16.08 | 15.15 | 12.33 | 7.89 | 6.15 | 5.96 | 5.37 | 9.54 | 21.42 | 5.71 | 6.28 | 3.72 | 2.58 | 0.83 | 1.19 | 2.87 | 3.58 | 3.80 | 5.01 | 3.18 | ||
| 0.06 | 0.08 | 0.11 | 0.16 | 0.22 | 0.26 | 0.50 | 0.62 | 0.05 | 0.23 | 0.20 | 0.44 | 0.90 | 3.67 | 2.12 | 1.16 | 1.13 | 1.17 | 1.23 | 2.10 | ||
| 9.3% | 15.6% | 19.5% | 20.2% | 15.2% | 14.1% | 24.7% | 43.0% | -1.2% | 29.1% | 37.6% | 56.1% | 88.3% | 88.0% | -1.2% | -0.8% | -6.7% | 2.7% | 33.9% | 62.3% | ||
| 8.5% | 14.0% | 17.0% | 16.6% | 11.9% | 10.7% | 15.3% | 24.6% | -1.0% | 20.5% | 26.1% | 31.7% | 36.8% | 15.9% | -0.3% | -0.3% | -2.7% | 1.1% | 13.6% | 18.1% | ||
| 56.85 | 83.07 | 87.80 | 66.13 | 46.29 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Securities and guarantees
on own assets and for others| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €33,312 | €46,731 | €59,940 | €72,944 | €85,745 |
| €130,000 | €130,000 | €130,000 | - | - | |
| Carrying value of the mortgaged assets | €214,865 | €222,018 | €229,172 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €35,963 | €3,719 | €782 | €17,102 | €20,996 |
| €17,377 | €15,401 | €15,712 | €14,206 | €11,198 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on MINDSHIFT
The operating result for 2025 is 35% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Debt's share of the balance-sheet total falls from 7.4% to 5.6%. Equity is higher and debt is lower.