QUANTIFY PERFORMANCE
Annual accounts 2025
micro format, filed on 18-06-2026, 43 days before the deadlineTurnover and EBIT margin are not published. The micro format does not require them.
Money flows
no detail for 2025Balance sheet
balance sheet total €191,731 on 31-12-2025in euro
in euro
Position in the sector
99.5%
Higher than 95% of 21,217 companies in 2025.
-
Higher than 95% of 19,921 companies in 2024.
-15.2%
Higher than 9% of 20,756 companies in 2025.
Net result: bottom quarter · Equity: top quarter · Balance sheet total: middle half · Working capital: top quarter
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||||||||
20/58 |
191,731 | 222,489 | 214,321 | 198,549 | 188,005 | 202,453 | 175,169 | 147,382 | 163,472 | 166,064 | 168,226 | 168,331 | 141,574 | 120,034 | 83,918 | 83,228 | 79,455 | 56,393 | |
20 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
21/28 |
- | - | - | - | - | - | - | 6,665 | 13,330 | 20,076 | 26,822 | 242 | 322 | 733 | 1,336 | 1,940 | 2,608 | 2,146 | |
21 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
22/27 |
- | - | - | - | - | - | - | 6,665 | 13,330 | 20,076 | 26,822 | 242 | 322 | 733 | 1,336 | 1,940 | 2,608 | 2,146 | |
22 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
23 |
- | - | - | - | - | - | - | - | - | 80 | 161 | 242 | 322 | 733 | 1,144 | 1,555 | 2,608 | 2,146 | |
24 |
- | - | - | - | - | - | - | 6,665 | 13,330 | 19,995 | 26,661 | - | - | - | 192 | 385 | 0 | 0 | |
26 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
27 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
28 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
29/58 |
191,731 | 222,489 | 214,321 | 198,549 | 188,005 | 202,453 | 175,169 | 140,717 | 150,142 | 145,988 | 141,404 | 168,089 | 141,252 | 119,300 | 82,582 | 81,289 | 76,847 | 54,247 | |
290 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
291 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
3 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
30/36 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
37 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
40/41 |
1,024 | 1,404 | 889 | 10,666 | 14,550 | 13,515 | 19,324 | 8,018 | 17,489 | 22,659 | 17,052 | 10,015 | 12,259 | 12,375 | 24,331 | 10,310 | 14,565 | 21,443 | |
40 |
532 | 332 | - | 10,116 | 13,500 | 11,915 | 14,527 | - | 10,134 | 18,459 | 13,183 | 9,752 | 9,811 | 9,676 | 24,249 | 10,294 | 13,036 | 18,443 | |
41 |
492 | 1,072 | 889 | 550 | 1,050 | 1,600 | 4,797 | 8,018 | 7,355 | 4,200 | 3,870 | 263 | 2,448 | 2,698 | 81 | 17 | 1,529 | 3,000 | |
50/53 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
54/58 |
189,697 | 220,582 | 200,781 | 186,190 | 173,355 | 188,379 | 155,188 | 132,436 | 132,390 | 122,925 | 121,757 | 157,912 | 128,831 | 106,767 | 58,107 | 70,978 | 62,282 | 31,931 | |
490/1 |
1,009 | 503 | 12,651 | 1,693 | 100 | 558 | 657 | 264 | 264 | 404 | 2,595 | 162 | 162 | 159 | 145 | - | 0 | 872 | |
| Balance sheet: equity and liabilities | |||||||||||||||||||
10/49 |
191,731 | 222,489 | 214,321 | 198,549 | 188,005 | 202,453 | 175,169 | 147,382 | 163,472 | 166,064 | 168,226 | 168,331 | 141,574 | 120,034 | 83,918 | 83,228 | 79,455 | 56,393 | |
10/15 |
190,725 | 219,886 | 208,855 | 187,859 | 177,523 | 168,261 | 153,828 | 138,952 | 148,722 | 143,248 | 159,903 | 136,493 | 134,298 | 110,320 | 76,734 | 45,911 | 17,899 | 50,883 | |
10/11 |
12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | |
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 | |
101 |
- | - | - | - | - | - | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | |
11 |
- | - | - | - | 12,400 | 12,400 | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
1100/10 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
1109/19 |
- | - | - | - | 12,400 | 12,400 | - | - | - | - | - | - | - | - | - | - | - | - | |
12 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
13 |
170,934 | 193,314 | 182,283 | 161,286 | 150,951 | 141,688 | 127,256 | 112,379 | 112,379 | 112,379 | 112,379 | 112,379 | 112,379 | 82,379 | 52,379 | 2,379 | 2,379 | 2,379 | |
130/1 |
- | - | - | 2,379 | 2,379 | 2,379 | - | - | - | - | - | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 2,379 | 2,379 | 2,379 | 2,379 | 2,379 | 2,379 | 2,379 | 2,379 | 2,379 | 2,379 | 2,379 | 2,379 | |
1311 |
- | - | - | 2,379 | 2,379 | 2,379 | - | - | - | - | - | - | - | - | - | - | - | - | |
1312 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
1319 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
132 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
133 |
170,934 | 193,314 | 182,283 | 158,907 | 148,572 | 139,309 | 124,877 | 110,000 | 110,000 | 110,000 | 110,000 | 110,000 | 110,000 | 80,000 | 50,000 | - | 0 | 0 | |
14 |
7,391 | 14,172 | 14,172 | 14,172 | 14,172 | 14,172 | 14,172 | 14,172 | 23,942 | 18,469 | 35,124 | 11,714 | 9,518 | 15,540 | 11,955 | 31,132 | 3,120 | 36,103 | |
15 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
19 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
160/5 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
168 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
17/49 |
1,006 | 2,603 | 5,466 | 10,690 | 10,482 | 34,192 | 21,341 | 8,431 | 14,750 | 22,816 | 8,323 | 31,838 | 7,276 | 9,714 | 7,184 | 37,317 | 61,556 | 5,510 | |
175 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
176 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
178/9 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
42/48 |
1,006 | 2,603 | 5,466 | 10,690 | 10,482 | 34,192 | 21,341 | 8,431 | 14,750 | 22,816 | 6,949 | 27,283 | 4,432 | 9,714 | 7,184 | 37,317 | 61,556 | 5,510 | |
42 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
430/8 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
439 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
44 |
1,006 | 864 | 1,552 | 2,136 | 1,265 | 1,870 | 2,137 | 758 | 1,536 | 1,610 | - | 311 | 1,556 | 854 | 437 | 49 | 751 | 551 | |
440/4 |
1,006 | 864 | 1,552 | 2,136 | 1,265 | 1,870 | 2,137 | 758 | 1,536 | 1,610 | - | 311 | 1,556 | 854 | 437 | 49 | 751 | 551 | |
441 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
46 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
45 |
- | 1,739 | 3,914 | 8,513 | 9,191 | 32,296 | 19,204 | 7,643 | 11,155 | 3,789 | 4,680 | 2,106 | 2,026 | 8,093 | 6,124 | 2,136 | 805 | 4,534 | |
450/3 |
- | - | 2,131 | 6,150 | 6,920 | 2,191 | 1,023 | 4,283 | 4,032 | - | - | - | - | 2,743 | 3,324 | 2,136 | 805 | 2,465 | |
454/9 |
- | 1,739 | 1,783 | 2,363 | 2,270 | 30,104 | 18,181 | 3,360 | 7,123 | 3,789 | 4,680 | 2,106 | 2,026 | 5,350 | 2,800 | - | 0 | 2,070 | |
47/48 |
- | - | - | 42 | 26 | 26 | - | 30 | 2,059 | 17,417 | 2,269 | 24,866 | 850 | 767 | 624 | 35,132 | 60,000 | 425 | |
492/3 |
- | - | - | - | - | - | - | - | - | - | 1,374 | 4,554 | 2,845 | - | - | - | 0 | 0 | |
| Income statement | |||||||||||||||||||
70 |
- | - | - | - | - | - | - | - | - | - | - | 105,319 | 109,871 | 109,891 | 110,994 | 101,406 | 102,960 | 101,239 | |
76A |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
9900 |
-29,663 | 15,507 | 42,641 | 31,156 | 28,938 | 35,988 | 40,734 | 10,594 | 29,304 | 29,104 | 52,165 | 45,711 | 46,175 | 51,434 | 45,752 | 41,728 | 42,608 | 43,168 | |
60/61 |
- | - | - | - | - | - | - | - | - | - | - | 59,608 | 63,697 | 58,457 | 65,243 | 59,678 | 60,352 | 58,071 | |
62 |
- | - | 13,032 | 15,612 | 14,965 | 14,906 | 14,622 | 14,806 | 14,643 | 14,228 | 14,179 | 11,064 | 10,531 | 6,991 | - | - | 0 | 0 | |
630 |
- | - | - | - | - | - | 6,665 | 6,665 | 6,746 | 6,746 | 6,746 | 81 | 411 | 603 | 603 | 1,245 | 1,190 | 1,195 | |
631/4 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
635/8 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
640/8 |
868 | 890 | 839 | 831 | 729 | 738 | 810 | 766 | 769 | 724 | 1,024 | 753 | 819 | 616 | 615 | 532 | 850 | 649 | |
649 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
66A |
- | - | - | - | 100 | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
9901 |
-30,531 | 14,617 | 28,770 | 14,712 | 13,145 | 20,345 | 18,636 | -11,643 | 7,146 | 7,406 | 30,216 | 33,813 | 34,414 | 43,224 | 44,534 | 39,951 | 40,567 | 41,325 | |
75/76B |
1,705 | 1,145 | 638 | 5 | 24 | 107 | 107 | 106 | 555 | 199 | 1,405 | 1,733 | 1,738 | 1,876 | 974 | 393 | 1,097 | 31 | |
75 |
1,705 | 1,145 | 638 | 5 | 24 | 107 | 107 | 106 | 555 | 199 | 1,405 | 1,733 | 1,738 | 1,876 | 974 | 393 | 1,097 | 31 | |
65/66B |
167 | 87 | 109 | 94 | 96 | 32 | 65 | 12 | 0 | 92 | 102 | 91 | 193 | 116 | 1,253 | 1,127 | 226 | 110 | |
65 |
167 | 87 | 109 | 94 | 96 | 32 | 65 | 12 | 0 | 92 | 102 | 91 | 193 | 116 | 1,253 | 1,127 | 226 | 110 | |
9903 |
-28,993 | 15,674 | 29,299 | 14,624 | 13,073 | 20,420 | 18,678 | -11,549 | 7,701 | 7,513 | 31,519 | 35,455 | 35,958 | 44,984 | 44,255 | 39,216 | 41,439 | 41,246 | |
67/77 |
168 | 4,644 | 8,302 | 4,288 | 3,811 | 5,988 | 3,802 | -1,779 | 2,227 | 3,168 | 8,109 | 9,259 | 11,980 | 11,399 | 13,432 | 11,204 | 14,422 | 14,504 | |
9904 |
-29,161 | 11,031 | 20,996 | 10,335 | 9,263 | 14,432 | 14,877 | -9,770 | 5,474 | 4,345 | 23,410 | 26,195 | 23,978 | 33,585 | 30,823 | 28,012 | 27,016 | 26,742 | |
789 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
689 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
9905 |
-29,161 | 11,031 | 20,996 | 10,335 | 9,263 | 14,432 | 14,877 | -9,770 | 5,474 | 4,345 | 23,410 | 26,195 | 23,978 | 33,585 | 30,823 | 28,012 | 27,016 | 26,742 | |
| Appropriation of the result | |||||||||||||||||||
9906 |
-14,989 | 25,203 | 35,169 | 24,508 | 23,435 | 28,605 | 29,049 | 14,172 | 23,942 | 39,469 | 35,124 | 35,714 | 39,518 | 45,540 | 61,955 | 31,132 | 63,120 | 36,103 | |
14P |
14,172 | 14,172 | 14,172 | 14,172 | 14,172 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
791/2 |
22,379 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
691/2 |
- | 11,031 | 20,996 | 10,335 | 9,263 | 14,432 | 14,877 | - | - | - | - | - | 30,000 | 30,000 | 50,000 | - | - | - | |
691 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
6920 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
6921 |
- | 11,031 | 20,996 | 10,335 | 9,263 | 14,432 | 14,877 | - | - | - | - | - | 30,000 | 30,000 | 50,000 | - | 0 | 0 | |
694/7 |
- | - | - | - | - | - | - | - | - | 21,000 | - | 24,000 | - | - | - | - | 60,000 | - | |
694 |
- | - | - | - | - | - | - | - | - | 21,000 | - | 24,000 | - | - | - | - | 60,000 | 0 | |
695 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | |
| Social balance sheet | |||||||||||||||||||
9087 |
- | - | - | - | 1 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.3 | - | - | - | - | |
Hours worked1013 |
- | - | - | - | 910 | 910 | 896 | 920 | 918 | 885 | 929 | 886 | 876 | 612 | - | - | - | - | |
| Document | |||||||||||||||||||
The accounts for 6 older financial years (2002-2007) 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 accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 18-06-2026.
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 | micro format | 18-06-2026 | 2026-00172416 | |
| 31-12-2024 | micro format | 24-06-2025 | 2025-00168437 | |
| 31-12-2023 | micro format | 26-06-2024 | 2024-00162151 | |
| 31-12-2022 | micro format | 26-06-2023 | 2023-00155618 | |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20093672 | |
| 31-12-2020 | micro format | 29-06-2021 | 2021-26700382 | |
| 31-12-2019 | micro format | 26-06-2020 | 2020-21900146 | |
| 31-12-2018 | micro format | 24-06-2019 | 2019-22500257 | |
| 31-12-2017 | micro format | 23-06-2018 | 2018-23000571 | |
| 31-12-2016 | micro format | 27-06-2017 | 2017-23200271 | |
| 31-12-2015 | abbreviated format | 24-06-2016 | 2016-23400223 | |
| 31-12-2014 | abbreviated format | 26-06-2015 | 2015-23200385 | |
| 31-12-2013 | abbreviated format | 18-06-2014 | 2014-19300380 | |
| 31-12-2012 | abbreviated format | 24-06-2013 | 2013-21400318 | |
| 31-12-2011 | abbreviated format | 25-06-2012 | 2012-23300254 | |
| 31-12-2010 | abbreviated format | 27-06-2011 | 2011-21900470 | |
| 31-12-2009 | abbreviated format | 15-06-2010 | 2010-18000218 | |
| 31-12-2008 | abbreviated format | 24-06-2009 | 2009-30100268 | |
| 31-12-2007 | abbreviated format | 24-06-2008 | 2008-25900147 | |
| 31-12-2006 | abbreviated format | 22-06-2007 | 2007-25900056 | |
| 31-12-2005 | abbreviated format | 27-06-2006 | 2006-31400239 | |
| 31-12-2004 | abbreviated format | 24-06-2005 | 2005-31400136 | |
| 31-12-2003 | abbreviated format | 28-06-2004 | 2004-31600264 | |
| 31-12-2002 | abbreviated format | 27-06-2003 | 2003-30500132 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| - | - | - | - | - | - | 25,302 | -4,978 | 13,891 | 14,151 | 36,962 | 33,894 | 34,825 | 43,827 | 45,137 | 41,196 | 41,758 | 42,520 | ||
| - | - | - | - | - | - | 21,542 | -3,105 | 12,219 | 11,091 | 30,156 | 26,276 | 24,389 | 34,189 | 31,426 | 29,257 | 28,207 | 27,937 | ||
| - | - | - | - | - | - | 0 | 0 | 0 | 0 | 33,326 | 0 | 0 | 0 | 0 | 577 | 1,652 | 1,086 | ||
| -30,885 | 19,801 | 14,591 | 12,835 | -15,024 | 33,191 | 22,752 | 46 | 9,465 | 1,168 | -36,155 | 29,081 | 22,063 | 48,661 | -12,872 | 8,696 | 30,351 | - | ||
| 190,725 | 219,886 | 208,855 | 187,859 | 177,523 | 168,261 | 153,828 | 132,287 | 135,391 | 123,172 | 134,455 | 140,806 | 136,820 | 109,587 | 75,398 | 43,972 | 15,291 | 48,736 | ||
| - | - | - | - | - | - | - | - | - | - | - | 32.1% | 31.3% | 39.3% | 40.1% | 39.4% | 39.4% | 40.8% | ||
| 99.5% | 98.8% | 97.4% | 94.6% | 94.4% | 83.1% | 87.8% | 94.3% | 91.0% | 86.3% | 95.1% | 81.1% | 94.9% | 91.9% | 91.4% | 55.2% | 22.5% | 90.2% | ||
| - | 85.48 | 39.21 | 18.57 | 17.94 | 5.92 | 8.21 | 16.69 | 10.18 | 6.40 | 20.35 | 6.16 | 31.87 | 12.28 | 11.49 | 2.18 | 1.25 | 9.84 | ||
| 0.01 | 0.01 | 0.03 | 0.06 | 0.06 | 0.20 | 0.14 | 0.06 | 0.10 | 0.16 | 0.05 | 0.23 | 0.05 | 0.09 | 0.09 | 0.81 | 3.44 | 0.11 | ||
| -15.3% | 5.0% | 10.1% | 5.5% | 5.2% | 8.6% | 9.7% | -7.0% | 3.7% | 3.0% | 14.6% | 19.2% | 17.9% | 30.4% | 40.2% | 61.0% | 150.9% | 52.6% | ||
| -15.2% | 5.0% | 9.8% | 5.2% | 4.9% | 7.1% | 8.5% | -6.6% | 3.3% | 2.6% | 13.9% | 15.6% | 16.9% | 28.0% | 36.7% | 33.7% | 34.0% | 47.4% | ||
| - | - | - | - | - | - | - | - | - | - | - | 34 days | 33 days | 32 days | 80 days | 37 days | 46 days | 66 days | ||
| - | - | - | - | - | - | - | - | - | - | - | 2 days | 9 days | 5 days | 2 days | 0 days | 5 days | 3 days |
A ratio outside any meaningful range has been withheld (balance sheet total €191,731, equity €190,725).
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 | 31-12-2021 |
|---|---|
| Employees at the balance-sheet date | 1 |
| part-time | 1 |
| in full-time equivalents | 0.5 |
| 0.5 | |
| On a permanent contract | 1 |
Source: social balance sheet in the 2021 annual accounts
Insights on QUANTIFY PERFORMANCE
The operating result for 2025 is a loss of €30,531, after a profit of €14,617 in 2024. It is the lowest result since 2008.
Debt's share of the balance-sheet total falls from 1.2% to 0.5%. Equity and debt are lower.