PARTNER CONSTRUCT
Annual accounts 2025
abbreviated format, filed on 23-07-2026, 8 days before the deadlineTurnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €17,000. Estimated: probably between €8,200 and €34,000.
Money flows
no detail for 2025Balance sheet
balance sheet total €147,586 on 31-12-2025in euro
Position in the sector
33.5%
Higher than 44% of 2,818 companies in 2025.
1.71
Higher than 54% of 2,746 companies in 2025.
-10.0%
Higher than 10% of 2,782 companies in 2025.
Net result: bottom quarter · Equity: middle half · Balance sheet total: bottom quarter · Working capital: middle half
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 |
147,586 | 199,649 | 250,597 | 145,032 | 70,246 | 47,000 | 45,861 | 76,621 | 164,101 | 122,485 | 204,748 | 257,687 | 184,971 | 128,545 | 214,687 | 232,970 | 165,418 | 269,197 | 243,101 | 178,047 | |
21/28 |
70,554 | 82,419 | 94,284 | 4,905 | 5,586 | 9,391 | 16,234 | 23,077 | 48,013 | 73,486 | 99,220 | 125,872 | 74,689 | 65,404 | 54,287 | 7,139 | 7,098 | 21,551 | 34,052 | 47,538 | |
22/27 |
70,309 | 82,174 | 94,040 | 4,661 | 5,586 | 9,391 | 16,234 | 23,077 | 48,013 | 73,486 | 99,220 | 125,872 | 74,689 | 65,404 | 54,287 | 7,139 | 7,098 | 21,551 | 34,052 | 47,538 | |
22 |
- | - | - | - | 963 | 1,926 | 2,889 | 3,852 | 4,815 | 5,778 | 6,741 | 7,704 | 8,667 | - | - | - | - | - | - | - | |
23 |
716 | 1,474 | 2,232 | 2,398 | 4,623 | 7,465 | 13,345 | 19,225 | 28,446 | 38,203 | 48,782 | 59,468 | 65,610 | 65,404 | 51,287 | 1,139 | 2,431 | 2,778 | 1,162 | 531 | |
24 |
69,593 | 80,700 | 91,808 | 2,262 | - | - | - | - | 14,753 | 29,506 | 43,697 | 58,701 | 413 | - | 3,000 | 6,000 | 4,667 | 18,773 | 32,890 | 47,007 | |
28 |
245 | 245 | 245 | 245 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
29/58 |
77,032 | 117,230 | 156,313 | 140,127 | 64,660 | 37,609 | 29,627 | 53,544 | 116,087 | 48,999 | 105,528 | 131,815 | 110,282 | 63,141 | 160,400 | 225,831 | 158,320 | 247,646 | 209,049 | 130,509 | |
3 |
5,000 | 5,000 | 5,000 | 5,000 | 9,000 | 9,000 | 9,000 | 6,172 | 6,172 | 6,172 | 1,235 | 1,235 | 1,355 | 1,355 | 834 | 1,300 | 8,303 | 9,804 | 22,805 | 17,899 | |
30/36 |
5,000 | 5,000 | 5,000 | 5,000 | 9,000 | 9,000 | 9,000 | 6,172 | 6,172 | 6,172 | 1,235 | 1,235 | 1,355 | 1,355 | 834 | 1,300 | 8,303 | 9,804 | 22,805 | 17,899 | |
40/41 |
72,032 | 93,535 | 134,922 | 81,529 | 20,852 | 21,174 | 20,568 | 47,277 | 109,364 | 41,452 | 98,818 | 125,264 | 94,829 | 52,573 | 142,669 | 190,895 | 135,803 | 146,956 | 143,295 | 86,024 | |
40 |
57,990 | 85,217 | 124,789 | 72,500 | 20,554 | 20,068 | 18,372 | 45,687 | 105,294 | 40,611 | 96,596 | 96,451 | 79,962 | 51,529 | 129,365 | 186,024 | 135,803 | 137,039 | 104,857 | 79,684 | |
41 |
14,042 | 8,318 | 10,133 | 9,029 | 298 | 1,106 | 2,197 | 1,590 | 4,070 | 840 | 2,221 | 28,813 | 14,868 | 1,044 | 13,304 | 4,871 | - | 9,917 | 38,438 | 6,340 | |
54/58 |
- | 18,696 | 16,390 | 51,483 | 34,808 | 7,436 | - | - | - | 0 | 2,918 | 1,228 | 14,098 | 9,213 | 16,897 | 33,636 | 14,214 | 90,886 | 42,949 | 26,586 | |
490/1 |
- | - | - | 2,115 | - | - | 59 | 95 | 551 | 1,375 | 2,557 | 4,089 | - | - | - | - | - | - | - | - | |
| Balance sheet: equity and liabilities | |||||||||||||||||||||
10/49 |
147,586 | 199,649 | 250,597 | 145,032 | 70,246 | 47,000 | 45,861 | 76,621 | 164,101 | 122,485 | 204,748 | 257,687 | 184,971 | 128,545 | 214,687 | 232,970 | 165,418 | 269,197 | 243,101 | 178,047 | |
10/15 |
49,423 | 64,153 | 74,049 | 83,278 | 27,898 | 3,802 | -9,873 | -8,320 | 32,759 | 16,952 | 61,308 | 67,588 | 56,605 | 27,107 | 28,093 | 12,474 | 14,229 | 137,416 | 51,347 | 17,290 | |
10/11 |
62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | |
10 |
62,000 | 62,000 | 62,000 | 62,000 | 62,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
100 |
62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | |
13 |
21,278 | 21,278 | 21,278 | 21,278 | - | - | 13,924 | 13,924 | 13,924 | 13,924 | 13,924 | 13,924 | 13,924 | 13,924 | 13,924 | 13,924 | 13,924 | 13,924 | - | - | |
133 |
21,278 | 21,278 | 21,278 | 21,278 | - | - | 13,924 | 13,924 | 13,924 | 13,924 | 13,924 | 13,924 | 13,924 | 13,924 | 13,924 | 13,924 | 13,924 | 13,924 | - | - | |
14 |
-33,856 | -19,126 | -9,229 | - | -34,102 | -58,198 | -85,797 | -84,244 | -43,166 | -58,973 | -14,616 | -8,337 | -19,319 | -48,817 | -47,831 | -63,450 | -61,695 | 61,492 | -10,653 | -44,710 | |
17/49 |
98,163 | 135,497 | 176,547 | 61,754 | 42,348 | 43,199 | 55,733 | 84,941 | 131,342 | 105,533 | 143,440 | 190,099 | 128,366 | 101,438 | 186,594 | 220,496 | 151,189 | 131,781 | 191,754 | 160,757 | |
17 |
53,114 | 76,892 | 101,319 | 39,176 | 39,176 | 39,176 | 44,976 | 44,976 | 55,233 | 70,618 | 80,876 | 96,261 | 59,849 | 59,849 | 56,454 | 59,138 | 71,399 | 46,399 | 87,000 | 87,000 | |
170/4 |
53,114 | 76,892 | 101,319 | 39,176 | 39,176 | 39,176 | 44,976 | 44,976 | 55,233 | 70,618 | 80,876 | 96,261 | 59,849 | 59,849 | 56,454 | 59,138 | 71,399 | 46,399 | 87,000 | 87,000 | |
42/48 |
45,049 | 58,604 | 75,229 | 22,578 | 3,172 | 4,023 | 10,757 | 39,964 | 76,109 | 34,915 | 61,699 | 93,839 | 68,517 | 41,589 | 130,140 | 161,358 | 79,790 | 85,382 | 104,754 | 73,757 | |
42 |
18,494 | 17,708 | 16,956 | - | - | - | - | 10,257 | 15,385 | 15,385 | 15,385 | 15,385 | - | - | - | - | - | - | - | - | |
43 |
701 | - | - | - | - | - | - | 1,115 | 782 | 1,743 | - | - | - | - | - | - | - | - | - | - | |
430/8 |
701 | - | - | - | - | - | - | 1,115 | 782 | 1,743 | - | - | - | - | - | - | - | - | - | - | |
44 |
25,854 | 40,790 | 53,528 | 7,616 | 1,988 | 3,860 | 8,590 | 27,131 | 57,689 | 12,844 | 26,905 | 49,691 | 46,477 | 29,417 | 123,321 | 154,946 | 73,620 | 66,630 | 48,855 | 16,070 | |
440/4 |
25,854 | 40,790 | 53,528 | 7,616 | 1,988 | 3,860 | 8,590 | 27,131 | 57,689 | 12,844 | 26,905 | 49,691 | 46,477 | 29,417 | 123,321 | 154,946 | 73,620 | 66,630 | 48,855 | 16,070 | |
45 |
- | 106 | 1,524 | 5,836 | 1,184 | 163 | 1,093 | - | 252 | 1,167 | 8,822 | 3,761 | 6,028 | 2,506 | 3,088 | 6,412 | 3,374 | - | 39,892 | 1,844 | |
450/3 |
- | 106 | 1,524 | 5,836 | 1,184 | 163 | 1,093 | - | 252 | 212 | 5,182 | 3,761 | 6,028 | 687 | - | 2,547 | 3,374 | - | 35,890 | - | |
454/9 |
- | - | - | - | - | - | - | - | - | 955 | 3,640 | - | - | 1,819 | 3,088 | 3,865 | - | - | 4,002 | 1,844 | |
47/48 |
- | - | 3,221 | 9,126 | - | - | 1,074 | 1,462 | 2,001 | 3,776 | 10,587 | 25,002 | 16,013 | 9,666 | 3,731 | - | 2,796 | 18,752 | 16,007 | 55,843 | |
492/3 |
- | - | - | - | - | - | - | - | - | - | 865 | - | - | - | - | - | - | - | - | - | |
| Income statement | |||||||||||||||||||||
70 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 485,651 | 556,182 | 446,611 | |
76A |
- | - | 15,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
9900 |
1,395 | 7,096 | 11,671 | 72,151 | 36,990 | -2,553 | 7,581 | -13,555 | 74,509 | -1,737 | 111,200 | 166,931 | 152,517 | 88,204 | 137,693 | 136,983 | 122,126 | 172,929 | 142,653 | 166,309 | |
60/61 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 318,079 | 427,946 | 285,234 | |
62 |
180 | 165 | 160 | 145 | - | - | - | 227 | 30,802 | 13,267 | 86,964 | 121,756 | 103,952 | 75,187 | 108,986 | 133,198 | 100,280 | 82,940 | 90,965 | 105,678 | |
630 |
11,865 | 11,865 | 17,163 | 3,487 | 7,003 | 6,843 | 6,843 | 24,937 | 25,472 | 26,642 | 26,652 | 26,652 | 10,946 | 11,747 | 9,635 | 8,958 | 15,397 | 15,172 | 15,036 | 14,649 | |
640/8 |
1,718 | 1,638 | 919 | 1,575 | 5,607 | 1,456 | 1,218 | 1,663 | 1,508 | 1,400 | 2,459 | 3,647 | 2,122 | 2,275 | 3,401 | 1,532 | 5,338 | 2,240 | 2,250 | 2,372 | |
9901 |
-12,368 | -6,572 | -6,570 | 66,945 | 24,380 | -10,851 | -480 | -40,382 | 16,726 | -43,046 | -4,875 | 14,876 | 35,496 | -1,005 | 15,671 | -6,705 | 1,111 | 72,577 | 34,402 | 43,610 | |
75/76B |
322 | 9 | 13 | 1,012 | 61 | 60 | 63 | 2 | 209 | 113 | 258 | 649 | 214 | 186 | 102 | 157 | 179 | 100 | 147 | 91 | |
75 |
322 | 9 | 13 | 1,012 | 61 | 60 | 63 | 2 | 209 | 113 | 258 | 649 | 214 | 186 | 102 | 157 | 179 | 100 | 147 | 91 | |
65/66B |
2,683 | 3,334 | 2,672 | 240 | 345 | 534 | 1,136 | 698 | 1,129 | 1,423 | 1,662 | 1,039 | 480 | 167 | 174 | 188 | 152 | 149 | 489 | 390 | |
65 |
2,683 | 3,334 | 2,672 | 240 | 345 | 534 | 1,136 | 698 | 1,129 | 1,423 | 1,662 | 1,039 | 480 | 167 | 174 | 188 | 152 | 149 | 489 | 390 | |
9903 |
-14,730 | -9,897 | -9,229 | 67,717 | 24,096 | -11,326 | -1,553 | -41,078 | 15,807 | -44,357 | -6,279 | 14,486 | 35,230 | -986 | 15,599 | -6,736 | 1,138 | 72,528 | 34,060 | 43,311 | |
67/77 |
- | - | - | 9,336 | - | - | - | - | - | - | - | 3,504 | 5,733 | - | -20 | -4,981 | 8,825 | 383 | 3 | -2 | |
9904 |
-14,730 | -9,897 | -9,229 | 58,381 | 24,096 | -11,326 | -1,553 | -41,078 | 15,807 | -44,357 | -6,279 | 10,983 | 29,498 | -986 | 15,619 | -1,755 | -7,687 | 72,145 | 34,057 | 43,313 | |
9905 |
-14,730 | -9,897 | -9,229 | 58,381 | 24,096 | -11,326 | -1,553 | -41,078 | 15,807 | -44,357 | -6,279 | 10,983 | 29,498 | -986 | 15,619 | -1,755 | -7,687 | 72,145 | 34,057 | 43,313 | |
| Appropriation of the result | |||||||||||||||||||||
9906 |
-33,856 | -19,126 | -9,229 | 24,278 | -34,102 | -97,123 | -85,797 | -84,244 | -43,166 | -58,973 | -14,616 | -8,337 | -19,319 | -48,817 | -47,831 | -63,450 | -61,695 | 61,492 | -10,653 | -44,710 | |
14P |
-19,126 | -9,229 | - | -34,102 | -58,198 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
791/2 |
- | - | - | - | - | 13,924 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
691/2 |
- | - | - | 21,278 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
6921 |
- | - | - | 21,278 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
694/7 |
- | - | - | 3,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
695 |
- | - | - | 3,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Social balance sheet | |||||||||||||||||||||
9087 |
- | - | - | - | - | - | - | - | 1 | 1 | 2.1 | 2.5 | 2.3 | 2 | 2 | 3 | 2.1 | 1.8 | 2.1 | 2.4 | |
Hours worked1013 |
- | - | - | - | - | - | - | - | 948 | 288 | 2,808 | 4,264 | 3,656 | 2,548 | 3,376 | - | 3,816 | 2,904 | 3,200 | 3,984 | |
| Document | |||||||||||||||||||||
The accounts for 14 older financial years (1990-2005) were filed as documents without figures as data, scans for example.
The notes to these accounts have 6 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 23-07-2026.
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 | 23-07-2026 | 2026-00321594 | |
| 31-12-2024 | micro format | 30-08-2025 | 2025-00459069 | |
| 31-12-2023 | micro format | 26-07-2024 | 2024-00287312 | |
| 31-12-2022 | micro format | 26-06-2023 | 2023-00196934 | |
| 31-12-2021 | micro format | 13-06-2022 | 2022-20059495 | |
| 31-12-2020 | micro format | 30-06-2021 | 2021-27800252 | |
| 31-12-2019 | micro format | 14-07-2020 | 2020-29300273 | |
| 31-12-2018 | micro format | 09-07-2019 | 2019-29500017 | |
| 31-12-2017 | micro format | 09-07-2018 | 2018-29800458 | |
| 31-12-2016 | micro format | 27-06-2017 | 2017-20600071 | |
| 31-12-2015 | abbreviated format | 12-07-2016 | 2016-29300510 | |
| 31-12-2014 | abbreviated format | 17-06-2015 | 2015-17300567 | |
| 31-12-2013 | abbreviated format | 09-06-2014 | 2014-15800353 | |
| 31-12-2012 | abbreviated format | 03-07-2013 | 2013-25200510 | |
| 31-12-2011 | abbreviated format | 20-07-2012 | 2012-32700076 | |
| 31-12-2010 | abbreviated format | 22-07-2011 | 2011-32800157 | |
| 31-12-2009 | abbreviated format | 22-07-2010 | 2010-32100265 | |
| 31-12-2008 | abbreviated format | 18-06-2009 | 2009-24100325 | |
| 31-12-2007 | abbreviated format | 20-08-2008 | 2008-58300332 | |
| 31-12-2006 | abbreviated format | 17-07-2007 | 2007-44000304 | |
| 31-12-2005 | abbreviated format | 24-07-2006 | 2006-51303772 | |
| 31-12-2004 | abbreviated format | 29-07-2005 | 2005-59801560 | |
| 31-12-2003 | abbreviated format | 30-07-2004 | 2004-55400578 | |
| 31-12-2002 | abbreviated format | 31-07-2003 | 2003-57401307 | |
| 31-12-2001 | abbreviated format | 30-09-2002 | 2002-60303634 | |
| 31-12-2000 | abbreviated format | 06-07-2001 | 2001-35100180 | |
| 31-12-1999 | abbreviated format | 02-08-2000 | 2000-48801097 | |
| 31-12-1998 | abbreviated format | 23-06-1999 | 1999-22404188 | |
| 31-12-1997 | abbreviated format | 01-09-1998 | 1998-44202157 | |
| 31-12-1996 | abbreviated format | 04-07-1997 | 1997-27803870 | |
| 31-12-1995 | abbreviated format | 09-07-1996 | 1996-32804522 | |
| 31-12-1992 | abbreviated format | 04-06-1993 | 1993-10600347 | |
| 31-12-1991 | abbreviated format | 11-06-1992 | 1992-10001660 | |
| 31-12-1990 | abbreviated format | 17-07-1991 | 1991-18402605 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -503 | 5,293 | 10,593 | 70,431 | 31,383 | -4,008 | 6,362 | -15,446 | 42,198 | -16,404 | 21,777 | 41,528 | 46,443 | 10,742 | 25,306 | 2,253 | 16,508 | 87,749 | 49,438 | 58,259 | ||
| -2,865 | 1,968 | 7,934 | 61,868 | 31,099 | -4,483 | 5,290 | -16,142 | 41,279 | -17,714 | 20,373 | 37,635 | 40,444 | 10,761 | 25,254 | 7,203 | 7,710 | 87,317 | 49,093 | 57,962 | ||
| 0 | 0 | 106,542 | 2,806 | 3,198 | 0 | 0 | 0 | 0 | 908 | 0 | 77,836 | 20,232 | 22,864 | 63,060 | 9,000 | 944 | 2,671 | 1,549 | 23,500 | ||
| - | 2,305 | -35,093 | 16,675 | 27,372 | - | - | - | - | -2,918 | 1,691 | -12,871 | 4,885 | -7,684 | -16,739 | 19,422 | -76,672 | 47,937 | 16,363 | - | ||
| 31,983 | 58,626 | 81,084 | 117,549 | 61,487 | 33,587 | 18,870 | 13,580 | 39,978 | 14,084 | 43,829 | 37,976 | 41,765 | 21,552 | 30,260 | 64,473 | 78,530 | 162,264 | 104,295 | 56,752 | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 14.9% | 6.2% | 9.8% | ||
| 33.5% | 32.1% | 29.5% | 57.4% | 39.7% | 8.1% | -21.5% | -10.9% | 20.0% | 13.8% | 29.9% | 26.2% | 30.6% | 21.1% | 13.1% | 5.4% | 8.6% | 51.0% | 21.1% | 9.7% | ||
| 1.71 | 2.00 | 2.08 | 6.21 | 20.38 | 9.35 | 2.75 | 1.34 | 1.53 | 1.40 | 1.71 | 1.40 | 1.61 | 1.52 | 1.23 | 1.40 | 1.98 | 2.90 | 2.00 | 1.77 | ||
| 1.60 | 1.92 | 2.01 | 5.98 | 17.55 | 7.11 | 1.92 | 1.19 | 1.44 | 1.23 | 1.69 | 1.39 | 1.59 | 1.49 | 1.23 | 1.39 | 1.88 | 2.79 | 1.78 | 1.53 | ||
| 1.99 | 2.11 | 2.38 | 0.74 | 1.52 | 11.36 | - | - | 4.01 | 6.23 | 2.34 | 2.81 | 2.27 | 3.74 | 6.64 | 17.68 | 10.63 | 0.96 | 3.73 | 9.30 | ||
| -29.8% | -15.4% | -12.5% | 70.1% | 86.4% | -297.9% | - | - | 48.3% | -261.7% | -10.2% | 16.2% | 52.1% | -3.6% | 55.6% | -14.1% | -54.0% | 52.5% | 66.3% | 250.5% | ||
| -10.0% | -5.0% | -3.7% | 40.3% | 34.3% | -24.1% | -3.4% | -53.6% | 9.6% | -36.2% | -3.1% | 4.3% | 15.9% | -0.8% | 7.3% | -0.8% | -4.6% | 26.8% | 14.0% | 24.3% | ||
| -0.19 | 1.59 | 3.96 | over 100 | 90.91 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 103 days | 69 days | 65 days | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 76 days | 42 days | 21 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 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €106,542 | €2,561 | €3,198 |
| Financial fixed assets | - | - | - | €245 | - |
| €11,865 | €11,865 | €17,163 | €3,487 | €7,003 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on PARTNER CONSTRUCT
The operating result for 2025 is a loss of €12,368, larger than the loss of €6,572 in 2024. It is the lowest result since 2018.
Debt's share of the balance-sheet total falls from 67.9% to 66.5%. Equity and debt are lower.