PRODUSOFT
Annual accounts 2025
abbreviated format, filed on 30-01-2026, 1 day 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 ≈ €1.8m. Estimated: probably between €1.2m and €2.9m.
Balance sheet
balance sheet total €692,015 on 30-06-2025in euro
in euro
Position in the sector
28.2%
Higher than 35% of 3,405 companies in 2025.
1.41
Higher than 39% of 3,266 companies in 2025.
2.1%
Higher than 35% of 3,314 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: middle half · Staff: middle half
Staff
€88,881
Staff costs divided by the average number of full-time equivalents.
-1 person
In 2025, nobody joined and 1 person left.
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 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||||||||
20/58 |
692,015 | 650,529 | 554,299 | 842,294 | 690,129 | 680,633 | 706,535 | 750,636 | 613,338 | 470,083 | 302,097 | 405,423 | 482,101 | 400,430 | 457,879 | 503,899 | 370,611 | 360,702 | |
21/28 |
16,147 | 26,104 | 39,227 | 51,506 | 47,908 | 69,289 | 80,921 | 86,854 | 69,058 | 98,772 | 39,452 | 80,821 | 121,576 | 160,407 | 176,638 | 134,584 | 80,586 | 37,814 | |
21 |
- | 2,667 | 6,667 | 10,667 | 14,667 | 18,667 | - | - | 4,450 | 13,350 | 35,400 | 71,220 | 99,842 | 124,014 | 100,236 | 60,208 | - | - | |
22/27 |
16,047 | 23,338 | 32,460 | 40,739 | 33,141 | 50,522 | 80,821 | 86,754 | 64,508 | 85,422 | 4,052 | 9,601 | 21,734 | 36,393 | 74,120 | 72,094 | 78,305 | 35,532 | |
22 |
- | - | - | - | - | - | - | - | - | - | 10 | 52 | 93 | 135 | 176 | 218 | 274 | 439 | |
23 |
15,901 | 23,155 | 32,219 | 33,261 | 10,190 | 12,728 | 7,826 | 13,508 | 4,308 | 4,731 | 103 | 1,496 | 3,215 | 6,375 | 8,506 | 7,663 | 13,625 | 12,654 | |
24 |
146 | 183 | 241 | 7,478 | 22,951 | 37,794 | 72,996 | 73,246 | 60,200 | 80,691 | 3,938 | 3,126 | 8,571 | 3,268 | 16,674 | 7,833 | 13,419 | 13,344 | |
28 |
100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | - | - | - | - | - | 2,282 | 2,282 | 2,282 | 2,282 | |
29/58 |
675,868 | 624,424 | 515,072 | 790,788 | 642,221 | 611,344 | 625,613 | 663,782 | 544,280 | 371,311 | 262,646 | 324,602 | 360,525 | 240,022 | 281,241 | 369,315 | 290,024 | 322,888 | |
3 |
1,425 | 3,920 | 4,545 | 3,944 | 4,352 | 5,437 | 5,665 | 6,239 | 7,135 | 11,239 | 23,135 | 24,157 | 26,571 | 24,037 | 20,823 | 24,957 | 16,364 | 95,951 | |
30/36 |
1,425 | 3,920 | 4,545 | 3,944 | 4,352 | 5,437 | 5,665 | 6,239 | 7,135 | 11,239 | 23,135 | 24,157 | 26,571 | 24,037 | 20,823 | 24,957 | 16,364 | 15,951 | |
37 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 80,000 | |
40/41 |
552,233 | 554,951 | 485,677 | 630,605 | 467,935 | 535,172 | 483,684 | 573,805 | 499,705 | 300,167 | 208,189 | 280,317 | 322,843 | 197,823 | 239,094 | 326,202 | 259,745 | 192,155 | |
40 |
394,243 | 519,046 | 421,719 | 588,277 | 445,679 | 525,105 | 461,721 | 526,900 | 499,705 | 300,167 | 208,189 | 280,317 | 322,843 | 197,823 | 239,094 | 326,202 | 258,816 | 183,836 | |
41 |
157,990 | 35,905 | 63,958 | 42,328 | 22,256 | 10,067 | 21,963 | 46,906 | - | - | - | - | - | - | - | - | 929 | 8,319 | |
54/58 |
75,200 | 65,554 | 15,114 | 156,239 | 169,934 | 70,735 | 136,265 | 83,738 | 37,440 | 59,905 | 31,322 | 20,127 | 11,110 | 18,162 | 4,825 | 18,156 | 13,915 | 34,782 | |
490/1 |
47,010 | - | 9,736 | - | - | - | - | - | - | - | - | - | - | - | 16,500 | - | - | - | |
| Balance sheet: equity and liabilities | |||||||||||||||||||
10/49 |
692,015 | 650,529 | 554,299 | 842,294 | 690,129 | 680,633 | 706,535 | 750,636 | 613,338 | 470,083 | 302,097 | 405,423 | 482,101 | 400,430 | 457,879 | 503,899 | 370,611 | 360,702 | |
10/15 |
195,244 | 180,575 | 138,541 | 136,449 | 129,144 | 117,874 | 125,870 | 145,455 | 158,442 | 95,226 | 62,688 | 55,970 | 51,663 | 44,467 | 50,290 | 36,936 | 57,421 | 51,703 | |
10/11 |
20,460 | 20,460 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
10 |
- | - | 18,600 | 18,600 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
100 |
- | - | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
11 |
20,460 | 20,460 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
1109/19 |
20,460 | 20,460 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
13 |
- | - | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | |
130/1 |
- | - | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
130 |
- | - | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | |
14 |
174,784 | 160,115 | 118,081 | 115,989 | 108,684 | 97,414 | 105,410 | 124,995 | 137,982 | 74,766 | 42,228 | 35,510 | 31,203 | 24,007 | 29,830 | 16,476 | 36,961 | 31,243 | |
17/49 |
496,771 | 469,954 | 415,758 | 705,846 | 560,985 | 562,758 | 580,664 | 605,181 | 454,896 | 374,857 | 239,409 | 349,452 | 430,438 | 355,962 | 407,589 | 466,962 | 313,190 | 309,000 | |
17 |
- | - | 6,675 | 13,553 | 43,141 | 21,722 | 37,964 | 37,442 | 39,118 | 61,058 | - | - | 4,932 | 14,304 | 35,942 | 41,689 | 48,639 | 3,326 | |
170/4 |
- | - | 6,675 | 13,553 | 43,141 | 21,722 | 37,964 | 37,442 | 39,118 | 61,058 | - | - | 4,932 | 14,304 | 35,942 | 41,689 | 48,639 | 3,326 | |
42/48 |
480,271 | 453,454 | 392,583 | 675,793 | 501,344 | 524,536 | 526,201 | 551,239 | 399,278 | 297,299 | 222,909 | 332,952 | 409,006 | 325,158 | 371,647 | 425,274 | 264,551 | 305,674 | |
42 |
- | 6,675 | 6,857 | 55,840 | 67,614 | 23,009 | 34,974 | 31,427 | 21,940 | 21,644 | - | 4,932 | 9,737 | 21,637 | 29,303 | 27,467 | 20,464 | 5,832 | |
43 |
125,000 | 163,941 | 163,984 | 163,896 | 163,896 | 162,789 | 161,806 | 162,534 | 137,460 | 162,560 | 162,500 | 137,100 | 164,211 | 138,510 | 137,595 | 125,000 | 16,734 | 146,119 | |
430/8 |
125,000 | 163,941 | 163,984 | 163,896 | 163,896 | 162,789 | 161,806 | 162,534 | 137,460 | 162,560 | 162,500 | 137,100 | 164,211 | 138,510 | 137,595 | 125,000 | 16,734 | 146,119 | |
44 |
340,057 | 252,180 | 221,742 | 421,990 | 269,834 | 300,792 | 279,305 | 279,784 | 195,554 | 87,526 | 34,263 | 168,755 | 199,570 | 141,575 | 190,119 | 236,849 | 70,475 | 105,571 | |
440/4 |
340,057 | 252,180 | 221,742 | 421,990 | 269,834 | 300,792 | 279,305 | 279,784 | 195,554 | 87,526 | 34,263 | 168,755 | 199,570 | 141,575 | 190,119 | 236,849 | 70,475 | 105,571 | |
45 |
15,214 | 30,657 | - | 34,067 | - | 29,019 | 38,025 | 65,539 | 44,324 | 25,569 | 26,147 | 22,166 | 35,488 | 23,436 | 7,130 | 28,458 | 46,877 | 48,152 | |
450/3 |
15,214 | 30,657 | - | - | - | 29,019 | 38,025 | 65,539 | 44,324 | 6,911 | 26,147 | 22,166 | 14,301 | 23,436 | 7,130 | 13,375 | 4,654 | 3,289 | |
454/9 |
- | - | - | 34,067 | - | - | - | - | - | 18,658 | - | - | 21,187 | - | - | 15,083 | 42,224 | 44,864 | |
47/48 |
- | - | - | - | - | 8,927 | 12,090 | 11,955 | - | - | - | - | - | - | 7,500 | 7,500 | 110,000 | - | |
492/3 |
16,500 | 16,500 | 16,500 | 16,500 | 16,500 | 16,500 | 16,500 | 16,500 | 16,500 | 16,500 | 16,500 | 16,500 | 16,500 | 16,500 | - | - | - | - | |
| Income statement | |||||||||||||||||||
76A |
- | - | 11,818 | - | - | 11,487 | - | 4,808 | - | - | - | - | 4,642 | - | 11,895 | - | - | - | |
9900 |
685,300 | 761,014 | 681,022 | 653,401 | 623,805 | 585,006 | 588,680 | 650,826 | 521,812 | 490,874 | 424,396 | 425,284 | 430,939 | 408,317 | 467,117 | 411,042 | 759,217 | 265,062 | |
62 |
631,058 | 645,841 | 635,360 | 600,403 | 568,557 | 529,709 | 527,480 | 591,385 | 406,831 | 400,755 | 338,058 | 348,510 | 355,693 | 319,063 | 391,727 | 363,233 | 558,612 | 220,253 | |
630 |
9,957 | 13,123 | 15,846 | 23,621 | 25,099 | 42,815 | 41,429 | 38,263 | 31,352 | 44,302 | 42,677 | 63,805 | 62,659 | 68,708 | 61,067 | 47,614 | 60,339 | 20,297 | |
631/4 |
- | - | 5,400 | - | - | - | - | - | - | - | 28,435 | - | - | 3,310 | 5,082 | 4,920 | - | - | |
640/8 |
1,978 | 5,854 | 4,964 | 3,591 | 4,055 | 4,773 | 8,477 | 6,989 | 5,800 | 7,242 | 3,187 | 3,071 | 4,348 | 4,377 | - | 5,785 | 10,701 | 4,979 | |
66A |
- | - | - | - | - | - | - | - | - | - | - | - | - | 9,650 | - | - | - | - | |
9901 |
42,307 | 96,196 | 19,452 | 25,786 | 26,094 | 7,709 | 11,294 | 14,188 | 77,830 | 38,575 | 12,039 | 9,898 | 8,239 | 12,860 | 9,240 | -10,510 | 129,565 | 19,533 | |
75/76B |
1,162 | 110 | 1,439 | 767 | 1,103 | - | 196 | 317 | 304 | 131 | 223 | 23 | 512 | 448 | 627 | 454 | 10,551 | 2,713 | |
75 |
1,162 | 110 | 1,439 | 767 | 1,103 | - | 196 | 317 | 304 | 131 | 223 | 23 | 512 | 448 | 627 | 454 | 10,551 | 2,713 | |
65/66B |
5,915 | 11,445 | 5,767 | 6,070 | 6,666 | 9,586 | 7,924 | 6,175 | 8,302 | 5,692 | 5,195 | 5,281 | 6,196 | 9,482 | 8,828 | 10,428 | 18,722 | 13,724 | |
65 |
5,915 | 11,445 | 5,767 | 6,070 | 6,666 | 9,586 | 7,924 | 6,175 | 8,302 | 5,692 | 5,195 | 5,281 | 6,196 | 9,482 | 8,828 | 10,428 | 18,722 | 13,724 | |
9903 |
37,554 | 84,861 | 15,124 | 20,483 | 20,531 | -1,878 | 3,566 | 8,331 | 69,832 | 33,014 | 7,067 | 4,640 | 7,196 | -5,823 | 12,933 | -20,485 | 121,394 | 8,522 | |
67/77 |
22,885 | 42,826 | 13,032 | 13,179 | 9,262 | 6,118 | 5,150 | 3,318 | 6,616 | 476 | 349 | 332 | - | - | -421 | - | 5,676 | 3,921 | |
9904 |
14,670 | 42,034 | 2,092 | 7,305 | 11,270 | -7,996 | -1,585 | 5,013 | 63,216 | 32,538 | 6,718 | 4,307 | 7,196 | -5,823 | 13,354 | -20,485 | 115,718 | 4,602 | |
9905 |
14,670 | 42,034 | 2,092 | 7,305 | 11,270 | -7,996 | -1,585 | 5,013 | 63,216 | 32,538 | 6,718 | 4,307 | 7,196 | -5,823 | 13,354 | -20,485 | 115,718 | 4,602 | |
| Appropriation of the result | |||||||||||||||||||
9906 |
174,784 | 160,115 | 118,081 | 115,989 | 108,684 | 97,414 | 123,410 | 142,995 | 137,982 | 74,766 | 42,228 | 35,510 | 31,203 | 24,007 | 29,830 | 16,476 | 146,961 | 31,243 | |
14P |
160,115 | 118,081 | 115,989 | 108,684 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
694/7 |
- | - | - | - | - | - | 18,000 | 18,000 | - | - | - | - | - | - | - | - | 110,000 | - | |
695 |
- | - | - | - | - | - | 18,000 | 18,000 | - | - | - | - | - | - | - | - | 110,000 | - | |
| Social balance sheet | |||||||||||||||||||
9087 |
7.1 | 7.7 | 7.9 | 8.4 | 8 | 7.3 | 7.2 | 8 | 6.1 | 5 | 4.2 | 4.6 | 5.1 | 5.1 | 7 | 7.1 | 6.6 | 4.4 | |
Hours worked1013 |
10,026 | 10,980 | 11,740 | 11,485 | 12,166 | 11,321 | 11,668 | 13,942 | 10,332 | 8,808 | 7,348 | 7,951 | 8,717 | 8,057 | 11,715 | 12,580 | 18,351 | 6,318 | |
| Document | |||||||||||||||||||
The accounts for 8 older financial years (1998-2006) 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 filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 30-01-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 30-01-2026 | 2026-00031266 | |
| 30-06-2024 | abbreviated format | 03-02-2025 | 2025-00029022 | |
| 30-06-2023 | abbreviated format | 10-02-2024 | 2024-00029813 | |
| 30-06-2022 | abbreviated format | 01-02-2023 | 2023-00019537 | |
| 30-06-2021 | abbreviated format | 31-01-2022 | 2022-03500502 | |
| 30-06-2020 | abbreviated format | 29-01-2021 | 2021-03700071 | |
| 30-06-2019 | abbreviated format | 29-01-2020 | 2020-02900136 | |
| 30-06-2018 | abbreviated format | 30-01-2019 | 2019-03700116 | |
| 30-06-2017 | abbreviated format | 31-01-2018 | 2018-03800089 | |
| 30-06-2016 | abbreviated format | 23-01-2017 | 2017-01800395 | |
| 30-06-2015 | abbreviated format | 04-01-2016 | 2016-00100207 | |
| 30-06-2014 | abbreviated format | 15-01-2015 | 2015-01500568 | |
| 30-06-2013 | abbreviated format | 26-05-2014 | 2014-13500388 | |
| 30-06-2012 | abbreviated format | 25-02-2013 | 2013-04700307 | |
| 30-06-2011 | abbreviated format | 16-02-2012 | 2012-03700208 | |
| 30-06-2010 | abbreviated format | 16-02-2011 | 2011-03500396 | |
| 30-06-2009 | abbreviated format | 15-02-2010 | 2010-04600378 | |
| 30-09-2007 | abbreviated format | 30-04-2008 | 2008-13000065 | |
| 30-09-2006 | abbreviated format | 30-03-2007 | 2007-11104508 | |
| 30-09-2005 | abbreviated format | 27-04-2006 | 2006-12501491 | |
| 30-09-2004 | abbreviated format | 28-04-2005 | 2005-13403842 | |
| 30-09-2003 | abbreviated format | 30-04-2004 | 2004-13003503 | |
| 31-12-2001 | abbreviated format | 24-09-2002 | 2002-58602131 | |
| 31-12-2000 | abbreviated format | 03-08-2001 | 2001-48004830 | |
| 31-12-1999 | abbreviated format | 04-08-2000 | 2000-49604915 | |
| 31-12-1998 | abbreviated format | 17-09-1999 | 1999-47501926 |
Subsidies and aid
Flemish government 2024 to 2025, 3 entries, €52,505 awarded, €42,000 paid
| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €0 | €21,000 |
| 2024 | 1 | €52,505 | €21,000 |
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 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 52,264 | 109,319 | 35,298 | 49,407 | 51,193 | 50,524 | 52,723 | 52,451 | 109,182 | 82,877 | 54,716 | 73,703 | 70,898 | 81,568 | 70,307 | 37,104 | 189,903 | 39,830 | ||
| 24,626 | 55,157 | 17,938 | 30,925 | 36,369 | 34,820 | 39,844 | 43,276 | 94,568 | 76,840 | 49,395 | 68,112 | 69,855 | 62,885 | 74,422 | 27,129 | 176,057 | 24,899 | ||
| 0 | 0 | 3,567 | 27,219 | 3,718 | 31,183 | 35,496 | 56,060 | 1,638 | 103,622 | 1,308 | 23,050 | 23,828 | 66,475 | 114,977 | 101,611 | 103,111 | 13,070 | ||
| 9,646 | 50,440 | -141,125 | -13,695 | 99,198 | -65,529 | 52,527 | 46,298 | -22,465 | 28,583 | 11,195 | 9,016 | -7,052 | 13,337 | -13,332 | 4,241 | - | - | ||
| 195,597 | 170,971 | 122,489 | 114,996 | 140,877 | 86,808 | 99,413 | 112,543 | 145,003 | 74,013 | 39,736 | -8,351 | -48,482 | -85,136 | -90,406 | -55,958 | 25,473 | 17,214 | ||
| 28.2% | 27.8% | 25.0% | 16.2% | 18.7% | 17.3% | 17.8% | 19.4% | 25.8% | 20.3% | 20.8% | 13.8% | 10.7% | 11.1% | 11.0% | 7.3% | 15.5% | 14.3% | ||
| 1.41 | 1.38 | 1.31 | 1.17 | 1.28 | 1.17 | 1.19 | 1.20 | 1.36 | 1.25 | 1.18 | 0.97 | 0.88 | 0.74 | 0.76 | 0.87 | 1.10 | 1.06 | ||
| 1.40 | 1.37 | 1.30 | 1.16 | 1.27 | 1.16 | 1.18 | 1.19 | 1.35 | 1.21 | 1.07 | 0.90 | 0.82 | 0.66 | 0.70 | 0.81 | 1.03 | 0.74 | ||
| 2.54 | 2.60 | 3.00 | 5.17 | 4.34 | 4.77 | 4.61 | 4.16 | 2.87 | 3.94 | 3.82 | 6.24 | 8.33 | 8.01 | 8.10 | 12.64 | 5.45 | 5.98 | ||
| 7.5% | 23.3% | 1.5% | 5.4% | 8.7% | -6.8% | -1.3% | 3.4% | 39.9% | 34.2% | 10.7% | 7.7% | 13.9% | -13.1% | 26.6% | -55.5% | 201.5% | 8.9% | ||
| 2.1% | 6.5% | 0.4% | 0.9% | 1.6% | -1.2% | -0.2% | 0.7% | 10.3% | 6.9% | 2.2% | 1.1% | 1.5% | -1.5% | 2.9% | -4.1% | 31.2% | 1.3% | ||
| 8.84 | 9.55 | 6.12 | 8.14 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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 | 30-06-2025 | 30-06-2024 | 30-06-2023 | 30-06-2022 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 7 | 8 | 8 | 9 |
| full-time | 7 | 7 | 7 | 7 |
| part-time | - | 1 | 1 | 2 |
| in full-time equivalents | 7 | 7.6 | 7.6 | 8.4 |
| 7.1 | 7.7 | 7.9 | 8.4 | |
| On a permanent contract | 7 | 8 | 8 | 9 |
| Joined | 0 | - | 0 | 1 |
| Left | 1 | - | 1 | 0 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
on own assets and for others| Item | 30-06-2025 | 30-06-2024 | 30-06-2023 | 30-06-2022 |
|---|---|---|---|---|
| Debts secured on the company's own assets | - | €6,675 | €13,532 | €69,393 |
| Carrying value of the other pledged assets | - | €19,174 | €24,617 | €33,077 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
fixed assets acquired| Item | 30-06-2025 | 30-06-2024 | 30-06-2023 | 30-06-2022 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | €3,567 | €27,219 |
| €9,957 | €13,123 | €15,846 | €23,621 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Insights on PRODUSOFT
The operating result for 2025 is 56% lower than in 2024.
Debt's share of the balance-sheet total falls from 72.2% to 71.8%. Equity and debt are higher.