SEDATECH
Annual accounts 2026
micro format, filed on 23-09-2026, 38 days before the deadlineTurnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €130,000. Estimated: probably between €83,000 and €270,000.
Money flows
no detail for 2026Balance sheet
balance sheet total €87,855 on 31-03-2026in euro
in euro
Position in the sector
80.2%
Higher than 81% of 35,136 companies in 2025.
4.66
Higher than 86% of 34,510 companies in 2025.
1.7%
Higher than 66% of 34,711 companies in 2025.
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 | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2012 | 2011 | 2010 | 2009 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||||||||
20/58 |
87,855 | 91,057 | 96,622 | 85,561 | 86,590 | 118,064 | 119,656 | 269,642 | 360,740 | 383,559 | 334,238 | 349,083 | 305,185 | 363,604 | 453,996 | 425,015 | 417,455 | 447,219 | |
20 |
- | - | - | - | 5,500 | 11,500 | 17,500 | 23,500 | 29,500 | - | - | - | - | - | - | - | - | - | |
21/28 |
25,603 | 36,572 | 47,789 | 10,684 | 12,700 | 17,719 | 23,543 | 77,917 | 84,012 | 73,264 | 93,861 | 115,767 | 144,666 | - | - | - | - | 250,526 | |
21 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 131,235 | 145,817 | 160,398 | 174,980 | 204,143 | |
22/27 |
25,603 | 36,572 | 47,789 | 10,684 | 12,700 | 17,719 | 23,543 | 77,917 | 84,012 | 73,264 | 93,861 | 115,767 | 144,560 | 82,201 | 92,014 | 77,395 | 63,473 | 46,320 | |
22 |
- | - | - | - | - | - | - | 64,761 | 66,126 | 69,646 | 88,843 | 108,041 | 127,238 | 36,268 | 41,782 | 47,366 | 52,949 | 30,168 | |
23 |
47 | 237 | 426 | 616 | 806 | - | - | - | 408 | 816 | 1,479 | 3,389 | 4,079 | 13,079 | 10,815 | 9,008 | 9,600 | 11,455 | |
24 |
25,556 | 36,336 | 47,363 | 10,068 | 11,895 | 17,719 | 23,543 | 13,156 | 17,478 | 2,802 | 3,539 | 838 | 6,247 | 32,854 | 39,417 | 21,021 | 924 | 4,697 | |
28 |
- | - | - | - | - | - | - | - | - | - | - | - | 106 | 106 | 106 | 106 | 106 | 63 | |
29/58 |
62,253 | 54,484 | 48,833 | 74,877 | 68,389 | 88,846 | 78,614 | 168,225 | 247,228 | 310,295 | 240,377 | 233,317 | 160,519 | 150,062 | 216,059 | 187,116 | 178,896 | 196,693 | |
3 |
12,519 | 16,018 | 19,809 | 15,408 | 23,473 | 27,733 | 31,250 | 84,905 | 140,986 | 123,743 | 132,145 | 89,822 | 69,467 | 23,655 | 76,358 | 72,882 | 78,783 | 51,547 | |
30/36 |
10,519 | 12,891 | 14,518 | 15,408 | 16,109 | 14,830 | 31,250 | 65,067 | 89,591 | 123,743 | 68,484 | 58,765 | 35,223 | 23,655 | 76,358 | 72,882 | 78,783 | 51,547 | |
37 |
2,000 | 3,127 | 5,291 | - | 7,364 | 12,904 | - | 19,838 | 51,395 | - | 63,661 | 31,057 | 34,244 | - | - | - | - | - | |
40/41 |
33,187 | 20,596 | 12,379 | 41,201 | 22,899 | 30,271 | 40,192 | 82,528 | 95,550 | 166,908 | 108,178 | 143,380 | 70,416 | 119,468 | 112,345 | 105,979 | 91,014 | 128,248 | |
40 |
19,400 | 9,741 | 7,141 | 33,021 | 17,989 | 15,474 | 34,514 | 57,343 | 88,986 | 128,906 | 70,664 | 115,365 | 62,830 | 100,902 | 66,656 | 75,851 | 42,831 | 76,036 | |
41 |
13,787 | 10,855 | 5,238 | 8,180 | 4,910 | 14,797 | 5,678 | 25,184 | 6,564 | 38,002 | 37,514 | 28,014 | 7,586 | 18,566 | 45,689 | 30,128 | 48,183 | 52,212 | |
54/58 |
16,325 | 17,870 | 16,536 | 18,268 | 21,117 | 30,841 | 7,172 | 668 | 10,691 | 15,119 | 53 | 115 | 20,637 | 4,134 | 24,657 | 8,255 | 6,575 | 16,898 | |
490/1 |
222 | - | 109 | - | 900 | - | - | 125 | - | 4,525 | - | - | - | 2,805 | 2,699 | - | 2,524 | - | |
| Balance sheet: equity and liabilities | |||||||||||||||||||
10/49 |
87,855 | 91,057 | 96,622 | 85,561 | 86,590 | 118,064 | 119,656 | 269,642 | 360,740 | 383,559 | 334,238 | 349,083 | 305,185 | 363,604 | 453,996 | 425,015 | 417,455 | 447,219 | |
10/15 |
70,495 | 69,020 | 57,001 | 16,234 | 7,369 | -55,614 | -91,048 | -30,570 | 79,950 | 87,604 | 56,189 | 105,315 | 89,070 | 74,567 | 127,549 | 118,983 | 152,068 | 111,396 | |
10/11 |
10,300 | 10,300 | 10,300 | 10,300 | 10,300 | 10,300 | - | 10,300 | 10,300 | 6,300 | 6,300 | 6,300 | 6,300 | - | - | - | - | 6,300 | |
10 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 6,300 | 6,300 | 6,300 | 6,300 | - | |
100 |
- | - | - | - | - | - | - | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | - | - | 8,300 | 8,300 | 12,300 | 12,300 | 12,300 | 12,300 | 12,300 | 12,300 | 12,300 | 12,300 | 12,300 | |
11 |
- | - | - | - | - | - | 10,300 | - | - | - | - | - | - | - | - | - | - | - | |
1100/10 |
- | - | - | - | - | - | 10,300 | - | - | - | - | - | - | - | - | - | - | - | |
13 |
60,195 | 58,720 | 56,642 | 56,642 | 56,642 | 56,720 | 56,720 | 56,720 | 69,650 | 81,304 | 49,889 | 99,015 | 82,770 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | |
130/1 |
- | - | - | 1,860 | 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 | |
1311 |
- | - | - | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | - | - | - | - | - | |
1319 |
- | - | - | - | - | - | 1,860 | - | - | - | - | - | - | - | - | - | - | - | |
132 |
- | - | - | - | - | 77 | 77 | 77 | 77 | 77 | 77 | 77 | 77 | - | - | - | - | - | |
133 |
60,195 | 58,720 | 56,642 | 54,782 | 54,782 | 54,782 | 54,782 | 54,782 | 67,712 | 79,367 | 47,951 | 97,077 | 80,833 | - | - | - | - | - | |
14 |
- | - | -9,941 | -50,708 | -59,573 | -122,634 | -158,068 | -97,589 | - | - | - | - | - | 66,407 | 119,389 | 110,823 | 143,908 | 103,236 | |
16 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 7,643 | 6,769 | 6,769 | 6,769 | 6,769 | |
160/5 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 7,643 | 6,769 | 6,769 | 6,769 | 6,769 | |
17/49 |
17,361 | 22,037 | 39,621 | 69,326 | 79,220 | 173,678 | 210,705 | 300,212 | 280,790 | 295,955 | 278,049 | 243,769 | 216,114 | 281,394 | 319,678 | 299,263 | 258,618 | 329,054 | |
17 |
4,011 | 11,802 | 19,294 | - | 877 | 6,057 | 11,100 | 28,478 | 45,047 | 59,296 | 75,817 | 91,590 | 109,234 | 152,356 | 165,832 | 171,451 | 179,277 | 215,388 | |
170/4 |
4,011 | 11,802 | 19,294 | - | 877 | 6,057 | 11,100 | 28,478 | 45,047 | 59,296 | 75,817 | 91,590 | 109,234 | 152,356 | 165,832 | 171,451 | 179,277 | 215,388 | |
42/48 |
13,349 | 10,235 | 20,328 | 69,326 | 78,343 | 167,621 | 199,605 | 271,734 | 235,742 | 236,659 | 202,232 | 152,179 | 106,880 | 129,038 | 153,846 | 127,612 | 79,341 | 113,666 | |
42 |
8,215 | 7,492 | 7,204 | 2,485 | 5,180 | 6,306 | 6,159 | 18,812 | 32,231 | 21,192 | 17,923 | 20,127 | 25,032 | 28,573 | 25,396 | 30,765 | 22,517 | 22,553 | |
43 |
- | - | - | - | - | - | - | 31,521 | 28,108 | 17,332 | 23,129 | 2,967 | - | - | - | - | - | - | |
430/8 |
- | - | - | - | - | - | - | 31,521 | 28,108 | 17,332 | 23,129 | 2,967 | - | - | - | - | - | - | |
44 |
5,092 | 2,364 | 1,466 | 10,250 | 6,611 | 24,395 | 24,694 | 213,396 | 163,587 | 191,160 | 151,385 | 110,187 | 55,310 | 61,342 | 90,564 | 60,110 | 37,191 | 77,309 | |
440/4 |
5,092 | 2,364 | 1,466 | 10,250 | 6,611 | 24,395 | 24,694 | 213,396 | 163,587 | 191,160 | 151,385 | 110,187 | 55,310 | 61,342 | 90,564 | 60,110 | 37,191 | 77,309 | |
45 |
43 | 379 | 365 | 6 | 17 | 17 | 3,223 | 4,309 | 7,750 | 6,975 | 9,795 | 18,431 | 17,266 | 34,306 | 21,092 | 20,387 | 15,334 | 13,804 | |
450/3 |
43 | 379 | 365 | 6 | 17 | 17 | 328 | 336 | - | 336 | 59 | 4,629 | 6,223 | 519 | 12,085 | 10,853 | 5,043 | 5,168 | |
454/9 |
- | - | - | - | - | - | 2,895 | 3,973 | 7,750 | 6,639 | 9,736 | 13,802 | 11,043 | 33,787 | 9,007 | 9,534 | 10,291 | 8,636 | |
47/48 |
- | - | 11,292 | 56,586 | 66,535 | 136,903 | 165,529 | 3,697 | 4,066 | - | - | 467 | 9,272 | 4,817 | 16,794 | 16,350 | 4,299 | - | |
492/3 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 200 | - | - | |
| Income statement | |||||||||||||||||||
70 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 788,734 | 591,190 | 595,444 | - | |
76A |
- | - | - | - | - | - | - | - | - | - | - | - | 14,246 | - | - | - | - | 2,975 | |
9900 |
15,422 | 24,124 | 49,671 | 22,502 | 81,723 | 54,402 | 86,066 | 67,822 | 179,851 | 329,506 | 226,154 | 326,897 | 271,168 | 147,265 | 155,056 | 106,320 | 147,654 | 179,987 | |
60/61 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 664,086 | 513,497 | 483,371 | - | |
62 |
- | - | - | - | - | 1,792 | 105,399 | 139,315 | 164,452 | 237,915 | 224,856 | 234,861 | 198,998 | 156,807 | 107,080 | 71,451 | 74,529 | 98,742 | |
630 |
10,970 | 11,217 | 6,949 | 11,787 | 11,967 | 11,824 | 12,099 | 12,095 | 8,750 | 20,597 | 25,752 | 30,870 | 38,619 | 43,400 | 39,700 | 31,862 | 27,913 | 27,983 | |
631/4 |
- | - | - | -6,690 | 4,181 | - | - | - | - | 12,571 | - | 5,715 | - | - | - | - | - | - | |
640/8 |
525 | 543 | 781 | 7,317 | 705 | 3,350 | 14,182 | 16,948 | 7,368 | 6,089 | 6,413 | 12,827 | 10,845 | 10,213 | 5,868 | 4,501 | 4,304 | 2,866 | |
66A |
- | - | - | - | - | - | - | - | - | - | - | 6,327 | 7,183 | - | - | - | - | - | |
9901 |
3,927 | 12,365 | 41,941 | 10,088 | 64,870 | 37,435 | -45,614 | -100,536 | -720 | 52,335 | -30,867 | 42,625 | 22,707 | -63,155 | 2,408 | -1,494 | 40,908 | 50,396 | |
75/76B |
642 | 1,347 | 283 | 0 | 9 | 157 | 6 | 602 | 107 | 1,269 | 613 | 60 | 108 | - | - | - | - | 76 | |
75 |
642 | 1,347 | 283 | 0 | 9 | 157 | 6 | 602 | 107 | 1,269 | 613 | 60 | 108 | 261 | 1,247 | 499 | 7,217 | 76 | |
65/66B |
1,281 | 1,305 | 1,102 | 643 | 1,595 | 2,158 | 13,785 | 10,585 | 11,041 | 17,814 | 16,593 | 16,171 | 9,215 | - | - | - | - | 12,611 | |
65 |
1,281 | 1,305 | 1,102 | 643 | 1,595 | 2,158 | 13,785 | 10,585 | 11,041 | 17,814 | 16,593 | 16,171 | 9,215 | 18,316 | 14,390 | 16,313 | 19,005 | 12,611 | |
9903 |
3,288 | 12,407 | 41,122 | 9,446 | 63,284 | 35,434 | -59,393 | -110,519 | -11,654 | 35,789 | -46,846 | 20,188 | 20,663 | -62,973 | -6,603 | -17,308 | 29,120 | 40,836 | |
67/77 |
1,813 | 387 | 356 | 580 | 301 | - | 1,086 | 0 | 0 | 4,374 | 2,280 | 3,943 | -2,953 | -9,991 | -15,169 | 15,777 | 11,231 | 10,768 | |
9904 |
1,475 | 12,019 | 40,766 | 8,865 | 62,983 | 35,434 | -60,479 | -110,519 | -11,654 | 31,415 | -49,126 | 16,244 | 23,615 | -52,982 | 8,566 | -33,085 | 17,889 | 30,068 | |
789 |
- | - | - | - | 77 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
689 |
- | - | - | - | - | - | - | - | - | - | - | - | 77 | - | - | - | - | - | |
9905 |
1,475 | 12,019 | 40,766 | 8,865 | 63,061 | 35,434 | -60,479 | -110,519 | -11,654 | 31,415 | -49,126 | 16,244 | 23,538 | -52,982 | 8,566 | -33,085 | 17,889 | 30,068 | |
| Appropriation of the result | |||||||||||||||||||
9906 |
1,475 | 2,078 | -9,941 | -50,708 | -59,573 | -122,634 | -158,068 | -110,519 | -11,654 | 31,415 | -49,126 | 16,244 | 80,833 | 66,407 | 119,389 | 110,823 | 149,211 | 103,236 | |
14P |
- | -9,941 | -50,708 | -59,573 | -122,634 | - | - | - | - | - | - | - | - | 119,389 | 110,823 | 143,908 | 131,322 | - | |
791/2 |
- | - | - | - | - | - | - | 12,930 | 11,654 | - | 49,126 | - | - | - | - | - | - | - | |
691/2 |
1,475 | 2,078 | - | - | - | - | - | - | - | 31,415 | - | 16,244 | 80,833 | - | - | - | - | - | |
6921 |
1,475 | 2,078 | - | - | - | - | - | - | - | 31,415 | - | 16,244 | 80,833 | - | - | - | - | - | |
695 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 5,303 | - | |
| Social balance sheet | |||||||||||||||||||
9087 |
- | - | - | - | - | - | 2.3 | 2.9 | 4.8 | 5 | 5.2 | 5.9 | 5.7 | 4.2 | 2.7 | 2 | 2 | 2.4 | |
Hours worked1013 |
- | - | - | - | - | - | 3,722 | 4,528 | 7,616 | 8,732 | 8,927 | 9,769 | 9,422 | - | - | - | - | 5,064 | |
| Document | |||||||||||||||||||
The accounts for 5 older financial years (2002-2006) 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 2026 at the NBB, filed on 23-09-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 23-09-2026 | 2026-00520492 | |
| 31-03-2025 | micro format | 01-10-2025 | 2025-00521515 | |
| 31-03-2024 | micro format | 08-10-2024 | 2024-00501025 | |
| 31-03-2023 | micro format | 27-09-2023 | 2023-00455119 | |
| 31-03-2022 | micro format | 26-09-2022 | 2022-20437243 | |
| 31-03-2021 | micro format | 21-10-2021 | 2021-72700355 | |
| 31-03-2020 | micro format | 02-10-2020 | 2020-59000072 | |
| 31-03-2019 | micro format | 29-10-2019 | 2019-71700538 | |
| 31-03-2018 | micro format | 31-10-2018 | 2018-71500096 | |
| 31-03-2017 | micro format | 03-11-2017 | 2017-69100150 | |
| 31-03-2016 | abbreviated format | 29-09-2016 | 2016-62800310 | |
| 31-03-2015 | abbreviated format | 30-09-2015 | 2015-62100256 | |
| 31-03-2014 | abbreviated format | 14-08-2014 | 2014-43000033 | |
| 31-03-2013 | abbreviated format | 29-04-2014 | 2014-10400216 | |
| 31-03-2012 | abbreviated format | 25-06-2013 | 2013-20500103 | |
| 31-03-2011 | abbreviated format | 25-06-2013 | 2013-20500102 | |
| 31-03-2010 | abbreviated format | 23-10-2010 | 2010-58500380 | |
| 31-03-2009 | abbreviated format | 23-10-2010 | 2010-58500379 | |
| 31-03-2008 | abbreviated format | 19-10-2010 | 2010-58500378 | |
| 31-03-2007 | abbreviated format | 28-07-2008 | 2008-46500218 | |
| 31-03-2006 | abbreviated format | 17-10-2006 | 2006-84200218 | |
| 31-03-2005 | abbreviated format | 30-09-2005 | 2005-77700576 | |
| 31-03-2004 | abbreviated format | 31-12-2004 | 2004-89300068 | |
| 31-03-2003 | abbreviated format | 10-09-2004 | 2004-63300265 | |
| 31-03-2002 | abbreviated format | 11-02-2004 | 2004-04200009 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2012 | 2011 | 2010 | 2009 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 14,897 | 23,581 | 48,890 | 21,875 | 76,837 | 49,259 | -33,515 | -88,442 | 8,030 | 72,931 | -5,114 | 73,494 | 61,326 | -19,755 | 42,108 | 30,368 | 68,821 | 78,379 | ||
| 12,444 | 23,236 | 47,715 | 20,652 | 74,950 | 47,258 | -48,380 | -98,425 | -2,904 | 52,012 | -23,374 | 47,114 | 62,234 | -9,582 | 48,266 | -1,223 | 45,802 | 58,051 | ||
| 0 | 0 | 49,631 | 4,270 | 949 | 6,000 | 27,884 | 6,000 | 18,998 | 0 | 3,847 | 2,684 | 2,356 | 14,459 | 39,738 | 31,202 | 27,238 | 221,777 | ||
| -1,545 | 1,334 | -1,732 | -2,849 | -9,724 | 23,670 | 6,504 | -10,023 | -4,428 | 15,066 | -62 | -20,522 | - | -20,523 | 16,402 | 1,680 | - | - | ||
| 48,903 | 44,249 | 28,505 | 5,551 | -9,954 | -78,776 | -120,991 | -103,509 | 11,485 | 73,636 | 38,144 | 81,138 | 53,639 | 21,024 | 62,213 | 59,504 | 99,555 | 83,027 | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.3% | -0.3% | 6.9% | - | ||
| 80.2% | 75.8% | 59.0% | 19.0% | 8.5% | -47.1% | -76.1% | -11.3% | 22.2% | 22.8% | 16.8% | 30.2% | 29.2% | 20.5% | 28.1% | 28.0% | 36.4% | 24.9% | ||
| 4.66 | 5.32 | 2.40 | 1.08 | 0.87 | 0.53 | 0.39 | 0.62 | 1.05 | 1.31 | 1.19 | 1.53 | 1.50 | 1.16 | 1.40 | 1.47 | 2.25 | 1.73 | ||
| 3.73 | 3.76 | 1.43 | 0.86 | 0.57 | 0.36 | 0.24 | 0.31 | 0.45 | 0.79 | 0.54 | 0.94 | 0.85 | 0.98 | 0.91 | 0.90 | 1.26 | 1.28 | ||
| 0.25 | 0.32 | 0.70 | 4.27 | 10.75 | - | - | - | 3.51 | 3.38 | 4.95 | 2.31 | 2.43 | 3.77 | 2.51 | 2.52 | 1.70 | 2.95 | ||
| 2.1% | 17.4% | 71.5% | 54.6% | 854.7% | - | - | - | -14.6% | 35.9% | -87.4% | 15.4% | 26.5% | -71.1% | 6.7% | -27.8% | 11.8% | 27.0% | ||
| 1.7% | 13.2% | 42.2% | 10.4% | 72.7% | 30.0% | -50.5% | -41.0% | -3.2% | 8.2% | -14.7% | 4.7% | 7.7% | -14.6% | 1.9% | -7.8% | 4.3% | 6.7% | ||
| 11.63 | 18.07 | 44.36 | 34.03 | 48.18 | - | - | - | - | - | - | - | - | -1.08 | 2.93 | 1.86 | 3.62 | - | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | - | 31 days | 47 days | 26 days | - | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | - | 50 days | 43 days | 28 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 | 31-03-2026 | 31-03-2025 | 31-03-2024 | 31-03-2023 | 31-03-2022 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €49,631 | €4,270 | €949 |
| €10,970 | €11,217 | €6,949 | €11,787 | €11,967 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Insights on SEDATECH
The operating result for 2026 is 68% lower than in 2025 and the lowest since 2020. It is the second fall in a row.
Debt's share of the balance-sheet total falls from 24.2% to 19.8%. Equity is higher and debt is lower.