Equity
Equity fell by 42% in 5 years.
In July 2024, 31,356 companies had the same profile as Shiftⁿ has now. Each dot stands for 79 companies, two years later.
Another 0.1% stopped without a precise date, possibly only after those two years.
The method was tested on the 497,331 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 2.9% | 3.1% |
| 10 | 5.6% | 6.1% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 31,356 companies, not a prediction for Shiftⁿ. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
| Company | ||||
|---|---|---|---|---|
| Shiftⁿ Huldenberg | €119,122 | €27,406 | 50.5% | - |
| APOTHEOSE + Holsbeek | €105,416 | €24,976 | 88.7% | - |
| MAGIQUE Zemst | €134,977 | €27,734 | 71.2% | - |
| HI DESIGN Zaventem | €96,335 | €28,066 | 86.7% | 0.9 |
| SEVIM PROJECT Machelen (Brab.) | €122,062 | €26,211 | 61.3% | - |
| TIME IS MONEY Ternat | €146,220 | €24,141 | 5.6% | - |
| CVO Overijse | €97,875 | €31,770 | 87.0% | - |
These companies have the same main activity as Shiftⁿ: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €96,300 and €146,000, founded between 1998 and 2005.
Shiftⁿ files the micro format. That format states no turnover. The gross margin rose from €4,167 in 2007 to €27,406 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €80,000. Estimated: probably between €48,000 and €110,000.
Higher than 45% of 41,211 companies in 2025.
Higher than 48% of 39,782 companies in 2025.
Higher than 47% of 40,303 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: middle half
Staff costs divided by the average number of full-time equivalents.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||||||||||
20/58 |
119,122 | 152,272 | 85,522 | 202,929 | 126,935 | 123,955 | 111,227 | 163,764 | 205,657 | 125,159 | 143,961 | 150,239 | 108,407 | 67,776 | 45,909 | 275,078 | 141,852 | 76,605 | 64,321 | |
21/28 |
5,724 | 9,560 | 17,613 | 20,244 | 15,195 | 19,721 | 22,429 | 29,255 | 30,006 | 36,623 | 38,518 | 13,110 | 14,906 | 2,481 | - | 405 | 809 | - | - | |
21 |
2,593 | 3,891 | 5,189 | 6,487 | - | - | - | 531 | 1,842 | 1,560 | 1,113 | 2,225 | 1,109 | 2,217 | - | - | - | - | - | |
22/27 |
2,981 | 4,253 | 6,718 | 8,051 | 9,489 | 11,615 | 14,578 | 23,910 | 23,106 | 34,819 | 33,876 | 856 | 682 | 264 | - | 405 | 809 | - | - | |
24 |
2,981 | 3,917 | 5,180 | 5,311 | 5,546 | 6,471 | 8,232 | 16,362 | 23,106 | 24,867 | 20,062 | 856 | 682 | 264 | - | 405 | 809 | - | - | |
26 |
- | 336 | 1,538 | 2,740 | 3,942 | 5,144 | 6,346 | 7,548 | - | 9,952 | 13,814 | - | - | - | - | - | - | - | - | |
28 |
150 | 1,416 | 5,706 | 5,706 | 5,706 | 8,106 | 7,851 | 4,814 | 5,058 | 244 | 3,529 | 10,029 | 13,115 | - | - | - | - | - | - | |
29/58 |
113,398 | 142,712 | 67,909 | 182,685 | 111,741 | 104,235 | 88,798 | 134,509 | 175,651 | 88,535 | 105,442 | 137,129 | 93,501 | 65,295 | 45,909 | 274,674 | 141,043 | 76,605 | 64,321 | |
40/41 |
90,880 | 131,704 | 58,271 | 31,791 | 61,875 | 65,789 | 49,480 | 57,861 | 162,528 | 27,655 | 33,279 | 115,059 | 61,305 | 35,697 | 14,126 | 217,487 | 49,309 | 57,206 | 43,136 | |
40 |
78,882 | 111,959 | 45,674 | 14,957 | 24,745 | 21,752 | 13,000 | 36,339 | 142,238 | 7,763 | 26,864 | 95,081 | 53,180 | 34,192 | 11,979 | 213,760 | 23,465 | 38,067 | 41,582 | |
41 |
11,999 | 19,745 | 12,597 | 16,834 | 37,130 | 44,037 | 36,480 | 21,522 | 20,291 | 19,892 | 6,416 | 19,979 | 8,125 | 1,505 | 2,147 | 3,727 | 25,844 | 19,139 | 1,554 | |
54/58 |
22,451 | 10,541 | 9,118 | 129,066 | 49,179 | 17,253 | 38,852 | 76,647 | 12,184 | 58,010 | 69,308 | 15,759 | 31,026 | 28,650 | 31,245 | 55,400 | 91,651 | 19,399 | 21,184 | |
490/1 |
67 | 468 | 520 | 21,828 | 687 | 21,192 | 467 | - | 939 | 2,870 | 2,855 | 6,310 | 1,170 | 948 | 539 | 1,787 | 83 | - | - | |
| Balance sheet: equity and liabilities | ||||||||||||||||||||
10/49 |
119,122 | 152,272 | 85,522 | 202,929 | 126,935 | 123,955 | 111,227 | 163,764 | 205,657 | 125,159 | 143,961 | 150,239 | 108,407 | 67,776 | 45,909 | 275,078 | 141,852 | 76,605 | 64,321 | |
10/15 |
60,121 | 45,832 | 74,299 | 71,666 | 83,228 | 103,065 | 99,385 | 96,856 | 93,898 | 80,439 | 54,862 | 46,824 | 35,248 | 31,218 | 25,238 | 17,187 | 12,168 | 8,026 | 6,522 | |
10/11 |
6,300 | 6,300 | 6,300 | 6,300 | 6,300 | 6,300 | 6,300 | 6,300 | 6,300 | 6,300 | 6,300 | 6,300 | 6,300 | 6,300 | 6,300 | 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 | 18,600 | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | 12,300 | 12,300 | 12,300 | 12,300 | 12,300 | 12,300 | 12,300 | 12,300 | 12,300 | 12,300 | 12,300 | 12,300 | 12,300 | 12,300 | 12,300 | |
13 |
53,821 | 39,532 | 67,999 | 65,366 | 76,226 | 96,063 | 92,383 | 89,854 | 86,896 | 73,437 | 47,860 | 40,360 | 28,360 | 24,360 | 18,360 | 10,360 | 3,360 | 1,669 | 89 | |
130/1 |
- | - | 0 | 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 | 169 | 89 | |
1311 |
- | - | 0 | 1,860 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
133 |
53,821 | 39,532 | 67,999 | 63,506 | 74,366 | 94,203 | 90,523 | 87,994 | 85,036 | 71,577 | 46,000 | 38,500 | 26,500 | 22,500 | 16,500 | 8,500 | 1,500 | 1,500 | - | |
14 |
- | - | 0 | 0 | 702 | 702 | 702 | 702 | 702 | 702 | 702 | 164 | 588 | 558 | 578 | 527 | 2,508 | 56 | 133 | |
17/49 |
59,001 | 106,440 | 11,223 | 131,263 | 43,707 | 20,891 | 11,843 | 66,908 | 111,760 | 44,720 | 89,099 | 103,414 | 73,159 | 36,558 | 20,671 | 257,892 | 129,684 | 68,580 | 57,799 | |
17 |
- | - | - | - | - | - | - | 2,995 | 6,557 | 10,084 | - | - | - | - | - | - | - | - | - | |
170/4 |
- | - | - | - | - | - | - | 2,995 | 6,557 | 10,084 | - | - | - | - | - | - | - | - | - | |
42/48 |
58,787 | 106,440 | 11,223 | 131,263 | 43,466 | 20,891 | 11,843 | 63,913 | 105,203 | 34,635 | 52,215 | 62,056 | 29,189 | 36,558 | 19,613 | 63,851 | 129,684 | 68,580 | 57,799 | |
42 |
6,500 | - | - | - | - | - | 2,995 | 3,562 | 3,527 | 3,493 | - | - | - | - | - | - | - | - | - | |
44 |
39,081 | 100,500 | 3,075 | 111,460 | 14,173 | 13,781 | 5,089 | 45,245 | 81,095 | 12,476 | 47,258 | 54,784 | 29,189 | 21,053 | 14,159 | 59,043 | 129,684 | 67,720 | 55,949 | |
440/4 |
39,081 | 100,500 | 3,075 | 111,460 | 14,173 | 13,781 | 5,089 | 45,245 | 81,095 | 12,476 | 47,258 | 54,784 | 29,189 | 21,053 | 14,159 | 59,043 | 129,684 | 67,720 | 55,949 | |
45 |
10,834 | 1,138 | 1,170 | 2,073 | 4,995 | 6,698 | 3,347 | 15,105 | 20,581 | 18,667 | 4,957 | 7,272 | - | 14,510 | 5,454 | 3,750 | - | 860 | 1,850 | |
450/3 |
10,834 | 1,138 | 1,170 | 2,073 | 4,995 | 6,698 | 3,347 | 15,105 | 20,581 | 18,667 | 4,957 | 7,272 | - | 11,187 | 4,600 | 3,750 | - | 860 | 1,850 | |
454/9 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 3,324 | 854 | - | - | - | - | |
47/48 |
2,372 | 4,801 | 6,979 | 17,730 | 24,299 | 411 | 411 | - | - | - | - | - | - | 995 | - | 1,058 | - | - | - | |
492/3 |
214 | - | - | - | 241 | - | - | - | - | - | 36,884 | 41,359 | 43,969 | - | 1,058 | 194,041 | - | - | - | |
| Income statement | ||||||||||||||||||||
76A |
- | - | - | - | - | - | - | - | - | 2,315 | - | - | - | - | - | - | - | - | - | |
9900 |
27,406 | -14,937 | 18,971 | 7,369 | 9,479 | 7,791 | 15,935 | 22,277 | 45,201 | 63,336 | 25,311 | 27,361 | 5,946 | 35,599 | 30,887 | 12,968 | 3,925 | 10,405 | 4,167 | |
62 |
- | - | - | - | - | - | 1,751 | - | - | - | - | - | - | 17,034 | 13,279 | - | - | - | - | |
630 |
2,570 | 3,763 | 3,763 | 2,457 | 2,126 | 2,126 | 9,863 | 12,261 | 19,695 | 18,891 | 13,097 | 2,918 | 1,515 | 1,240 | 405 | 405 | 405 | - | - | |
640/8 |
4,425 | 4,489 | 798 | 1,024 | 299 | 407 | 600 | 5,717 | 348 | 398 | 1,074 | 348 | 348 | 348 | 348 | 348 | 348 | 700 | 89 | |
9901 |
20,410 | -23,189 | 14,410 | 3,888 | 7,054 | 5,257 | 3,722 | 4,299 | 25,159 | 44,047 | 11,140 | 24,095 | 4,083 | 16,977 | 16,856 | 12,216 | 3,172 | 9,705 | 4,078 | |
75/76B |
265 | 305 | 6 | 520 | 2,550 | 1,927 | 2,456 | 1,835 | 3 | 736 | 3,006 | 29 | 3,656 | 34 | 558 | 209 | 1,240 | 44 | 176 | |
75 |
265 | 305 | 6 | 520 | 2,550 | 1,927 | 2,456 | 1,835 | 3 | 736 | 3,006 | 29 | 3,656 | 34 | 558 | 209 | 1,240 | 44 | 176 | |
65/66B |
4,781 | 5,444 | 2,558 | 781 | 147 | 154 | 302 | 190 | 1,732 | 4,271 | 1,828 | 2,788 | 3,643 | 7,417 | 4,732 | 1,670 | 386 | 7,704 | 351 | |
65 |
4,781 | 5,444 | 2,558 | 781 | 147 | 154 | 302 | 190 | 1,732 | 4,271 | 1,828 | 2,788 | 3,643 | 7,417 | 4,732 | 1,670 | 386 | 7,704 | 351 | |
9903 |
15,894 | -28,328 | 11,858 | 3,627 | 9,457 | 7,031 | 5,876 | 5,944 | 23,430 | 42,828 | 12,319 | 21,336 | 4,096 | 9,594 | 12,682 | 10,754 | 4,027 | 2,045 | 3,904 | |
67/77 |
1,606 | 138 | 4,667 | 1,730 | 3,716 | 3,351 | 3,347 | 2,986 | 9,972 | 17,251 | 4,281 | 9,760 | 66 | 3,615 | 4,580 | 5,735 | -115 | 542 | 39 | |
9904 |
14,289 | -28,466 | 7,191 | 1,897 | 5,741 | 3,680 | 2,529 | 2,958 | 13,458 | 25,577 | 8,037 | 11,576 | 4,030 | 5,980 | 8,102 | 5,019 | 4,142 | 1,504 | 3,865 | |
9905 |
14,289 | -28,466 | 7,191 | 1,897 | 5,741 | 3,680 | 2,529 | 2,958 | 13,458 | 25,577 | 8,037 | 11,576 | 4,030 | 5,980 | 8,102 | 5,019 | 4,142 | 1,504 | 3,865 | |
| Appropriation of the result | ||||||||||||||||||||
9906 |
14,289 | -28,466 | 7,191 | 2,599 | 6,442 | 4,382 | 3,230 | 3,660 | 14,160 | 26,279 | 8,202 | 12,164 | 4,588 | 6,558 | 8,578 | 7,527 | 4,199 | 1,636 | 140 | |
14P |
- | - | 0 | 702 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
791/2 |
- | 28,466 | 4,558 | 13,458 | 25,577 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
691/2 |
14,289 | - | 7,191 | 2,599 | 5,741 | 3,680 | 2,529 | 2,958 | 13,458 | 25,577 | 7,500 | 12,000 | 4,000 | 6,000 | 8,000 | 7,000 | 1,691 | 1,580 | 7 | |
6920 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,691 | 80 | 7 | |
6921 |
14,289 | - | 7,191 | 2,599 | 5,741 | 3,680 | 2,529 | 2,958 | 13,458 | 25,577 | 7,500 | 12,000 | 4,000 | 6,000 | 8,000 | 7,000 | - | 1,500 | - | |
694/7 |
- | - | 4,558 | 13,458 | 25,577 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
694 |
- | - | 4,558 | 13,458 | 25,577 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Social balance sheet | ||||||||||||||||||||
9087 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.4 | - | - | - | - | |
Hours worked1013 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 776 | - | - | - | - | |
| 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 9 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 17-12-2025.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 17-12-2025 | 2025-00583254 | |
| 30-06-2024 | micro format | 13-01-2025 | 2025-00003756 | |
| 30-06-2023 | micro format | 31-01-2024 | 2024-00015818 | |
| 30-06-2022 | micro format | 27-01-2023 | 2023-00007386 | |
| 30-06-2021 | micro format | 25-01-2022 | 2022-01900136 | |
| 30-06-2020 | micro format | 22-01-2021 | 2021-01500360 | |
| 30-06-2019 | micro format | 31-01-2020 | 2020-04000243 | |
| 30-06-2018 | micro format | 10-12-2018 | 2018-74200142 | |
| 30-06-2017 | abbreviated format | 19-01-2018 | 2018-01900474 | |
| 30-06-2016 | abbreviated format | 28-02-2017 | 2017-05500536 | |
| 30-06-2015 | abbreviated format | 29-01-2016 | 2016-03600193 | |
| 30-06-2014 | abbreviated format | 12-02-2015 | 2015-04100235 | |
| 30-06-2013 | abbreviated format | 28-02-2014 | 2014-05200097 | |
| 30-06-2012 | abbreviated format | 25-02-2013 | 2013-04500155 | |
| 30-06-2011 | abbreviated format | 29-02-2012 | 2012-04800014 | |
| 30-06-2010 | abbreviated format | 15-02-2011 | 2011-03100285 | |
| 30-06-2009 | abbreviated format | 16-02-2010 | 2010-04300446 | |
| 30-06-2008 | abbreviated format | 27-03-2009 | 2009-08800236 | |
| 30-06-2007 | abbreviated format | 19-02-2008 | 2008-04700152 | |
| 30-06-2006 | abbreviated format | 22-02-2007 | 2007-05500411 | |
| 30-06-2005 | abbreviated format | 31-01-2006 | 2006-03303736 | |
| 30-06-2004 | abbreviated format | 28-01-2005 | 2005-03400305 | |
| 30-06-2003 | abbreviated format | 05-02-2004 | 2004-03801567 | |
| 30-06-2002 | abbreviated format | 27-05-2003 | 2003-16804878 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 22,981 | -19,426 | 18,173 | 6,345 | 9,180 | 7,384 | 13,585 | 16,561 | 44,853 | 62,939 | 24,238 | 27,013 | 5,598 | 18,218 | 17,260 | 12,620 | 3,577 | - | - | ||
| 16,859 | -24,703 | 10,954 | 4,354 | 7,867 | 5,807 | 12,391 | 15,220 | 33,153 | 44,469 | 21,135 | 14,494 | 5,546 | 7,220 | 8,506 | 5,423 | 4,547 | - | - | ||
| -1,266 | -4,290 | 1,132 | 7,507 | -2,400 | 255 | 3,037 | 11,754 | 13,077 | 27,138 | 45,006 | 4,208 | 13,941 | 3,721 | 0 | 0 | 1,214 | - | - | ||
| 11,910 | 1,423 | -119,948 | 79,887 | 31,926 | -21,598 | -37,796 | 64,463 | -45,826 | -11,298 | 53,548 | -15,267 | 2,376 | -2,595 | -24,155 | -36,251 | 72,252 | -1,785 | - | ||
| 54,611 | 36,273 | 56,685 | 51,422 | 68,275 | 83,344 | 76,956 | 70,596 | 70,448 | 53,900 | 53,227 | 75,073 | 64,312 | 28,737 | 26,296 | 210,823 | 11,359 | 8,026 | 6,522 | ||
| 50.5% | 30.1% | 86.9% | 35.3% | 65.6% | 83.1% | 89.4% | 59.1% | 45.7% | 64.3% | 38.1% | 31.2% | 32.5% | 46.1% | 55.0% | 6.2% | 8.6% | 10.5% | 10.1% | ||
| 1.93 | 1.34 | 6.05 | 1.39 | 2.57 | 4.99 | 7.50 | 2.10 | 1.67 | 2.56 | 2.02 | 2.21 | 3.20 | 1.79 | 2.34 | 4.30 | 1.09 | 1.12 | 1.11 | ||
| 0.98 | 2.32 | 0.15 | 1.83 | 0.53 | 0.20 | 0.12 | 0.69 | 1.19 | 0.56 | 1.62 | 2.21 | 2.08 | 1.17 | 0.82 | 15.01 | 10.66 | 8.55 | 8.86 | ||
| 23.8% | -62.1% | 9.7% | 2.6% | 6.9% | 3.6% | 2.5% | 3.1% | 14.3% | 31.8% | 14.7% | 24.7% | 11.4% | 19.2% | 32.1% | 29.2% | 34.0% | 18.7% | 59.3% | ||
| 12.0% | -18.7% | 8.4% | 0.9% | 4.5% | 3.0% | 2.3% | 1.8% | 6.5% | 20.4% | 5.6% | 7.7% | 3.7% | 8.8% | 17.6% | 1.8% | 2.9% | 2.0% | 6.0% | ||
| 4.81 | -3.57 | 7.10 | 8.13 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
| Item | 30-06-2025 | 30-06-2024 | 30-06-2023 | 30-06-2022 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | €1,132 | €1,016 |
| Intangible fixed assets | - | - | - | €6,491 |
| €2,570 | €3,763 | €3,763 | €2,457 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
The operating result for 2025 is a profit of €20,410, after a loss of €23,189 in 2024. It is the highest result since 2017.
Debt's share of the balance-sheet total falls from 69.9% to 49.5%. Equity is higher and debt is lower.
Shiftⁿ has no parent and no holdings in its annual accounts. is the only director.
via , no longer at · Permanent representative · deed of 11-04-2022 No longer active |
The network starts from the earlier ties.
Deadline for the 2026 accounts: 31-01-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Florivalstraat 53 registered office 3040 Huldenberg 73200 Market research and public opinion polling | 26-10-2001 | 2.116.644.027 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 24085B0212/00B002 | 1,407 m² | 1 · 159 m² | 8.9 m · 1 |
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