TECHNICONSTRUCTION
Annual accounts 2025
abbreviated format, filed on 20-08-2026, 20 days lateThe turnover shown is an estimate from the gross margin.
Turnover ≈ €250,000. Estimated: probably between €160,000 and €410,000.
Balance sheet
balance sheet total €201,602 on 31-12-2025in euro
in euro
Position in the sector
48.1%
Higher than 55% of 9,973 companies in 2025.
1.66
Higher than 47% of 9,836 companies in 2025.
6.1%
Higher than 53% of 9,905 companies in 2025.
Net result: middle half · 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 |
201,602 | 158,351 | 150,038 | 221,170 | 168,090 | 196,847 | 399,246 | 373,109 | 479,472 | 541,183 | 536,131 | 599,909 | 585,762 | 675,260 | 838,727 | 677,321 | 754,400 | 558,767 | 231,977 | 161,971 | |
21/28 |
37,980 | 19,654 | 14,711 | 20,154 | 21,294 | 10,873 | 159,407 | 161,403 | 167,733 | 172,305 | 176,340 | 223,809 | 233,863 | 281,975 | 317,879 | 348,393 | 255,828 | 183,622 | 62,317 | 56,859 | |
22/27 |
37,289 | 18,963 | 14,020 | 19,463 | 20,603 | 10,182 | 5,116 | 7,112 | 13,442 | 18,014 | 22,049 | 69,518 | 79,572 | 127,684 | 163,588 | 194,102 | 231,037 | 177,622 | 61,917 | 56,709 | |
22 |
- | - | - | - | - | - | - | - | - | - | - | 66,640 | 69,700 | 72,760 | 75,820 | 78,880 | 81,940 | - | - | - | |
23 |
6,925 | 8,397 | 7,163 | 8,773 | 8,827 | 1,302 | 901 | 1,170 | 1,731 | 3,344 | 3,569 | 2,190 | 4,674 | 8,660 | 17,601 | 24,480 | 33,262 | 20,959 | 20,260 | 25,976 | |
24 |
30,364 | 10,566 | 6,857 | 10,690 | 11,776 | 8,880 | 4,215 | 5,943 | 11,711 | 14,671 | 18,479 | 628 | 4,902 | 10,113 | 20,423 | 27,405 | 38,905 | 57,640 | 39,945 | 28,785 | |
26 |
- | - | - | - | - | - | - | - | - | - | - | 60 | 296 | 532 | 768 | 1,004 | 1,240 | 1,476 | 1,712 | 1,948 | |
27 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 8,500 | - | - | |
28 |
691 | 691 | 691 | 691 | 691 | 691 | 154,291 | 154,291 | 154,291 | 154,291 | 154,291 | 154,291 | 154,291 | 154,291 | 154,291 | 154,291 | 24,791 | 6,000 | 400 | 150 | |
29/58 |
163,622 | 138,698 | 135,327 | 201,016 | 146,795 | 185,974 | 239,839 | 211,705 | 311,739 | 368,877 | 359,791 | 376,100 | 351,899 | 393,286 | 520,848 | 328,928 | 498,572 | 375,145 | 169,660 | 105,112 | |
3 |
- | 4,061 | 8,886 | 14,564 | 19,552 | 23,981 | 41,163 | 26,509 | 24,657 | 31,542 | 36,115 | 43,550 | 45,800 | 39,046 | 33,499 | 30,953 | 20,403 | 88,535 | 8,650 | - | |
30/36 |
- | 4,061 | 8,886 | 14,564 | 19,552 | 23,981 | 41,163 | 26,509 | 24,657 | 31,542 | 36,115 | 43,550 | 45,800 | 39,046 | 33,499 | 30,953 | 20,403 | 88,535 | 8,650 | - | |
40/41 |
137,406 | 121,078 | 116,176 | 155,143 | 127,145 | 151,821 | 192,071 | 158,752 | 255,909 | 315,641 | 286,591 | 321,552 | 297,548 | 318,061 | 477,216 | 283,596 | 368,524 | 129,959 | 118,232 | 101,922 | |
40 |
137,406 | 119,625 | 116,176 | 155,143 | 125,373 | 151,821 | 181,180 | 158,587 | 255,909 | 311,893 | 286,591 | 320,409 | 292,814 | 314,877 | 452,993 | 257,737 | 315,402 | 129,781 | 115,096 | 96,186 | |
41 |
- | 1,453 | - | - | 1,772 | - | 10,891 | 165 | - | 3,749 | - | 1,143 | 4,734 | 3,184 | 24,223 | 25,859 | 53,121 | 178 | 3,137 | 5,736 | |
54/58 |
26,216 | 13,559 | 10,265 | 31,309 | 99 | 10,173 | 6,605 | 26,444 | 31,174 | 21,694 | 13,104 | 6,878 | 6,200 | 8,034 | 8,299 | 10,009 | 95,486 | 149,151 | 39,036 | 1,939 | |
490/1 |
- | - | - | - | - | - | - | - | - | - | 23,981 | 4,120 | 2,350 | 28,144 | 1,833 | 4,370 | 14,160 | 7,500 | 3,742 | 1,251 | |
| Balance sheet: equity and liabilities | |||||||||||||||||||||
10/49 |
201,602 | 158,351 | 150,038 | 221,170 | 168,090 | 196,847 | 399,246 | 373,109 | 479,472 | 541,183 | 536,131 | 599,909 | 585,762 | 675,260 | 838,727 | 677,321 | 754,400 | 558,767 | 231,977 | 161,971 | |
10/15 |
96,880 | 84,572 | 64,217 | 108,252 | 75,458 | 89,373 | 146,360 | 168,043 | 189,410 | 144,870 | 140,517 | 122,942 | 123,776 | 62,443 | 61,197 | 164,763 | 136,384 | 80,699 | 40,968 | 35,324 | |
10/11 |
123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 63,000 | 63,000 | 63,000 | 63,000 | 63,000 | 7,000 | 7,000 | |
100 |
- | - | - | - | - | - | 134,600 | 134,600 | 134,600 | 134,600 | 134,600 | 134,600 | 134,600 | 74,600 | 74,600 | 74,600 | 74,600 | 74,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | - | 11,600 | 11,600 | 11,600 | 11,600 | 11,600 | 11,600 | 11,600 | 11,600 | 11,600 | 11,600 | 11,600 | 11,600 | 11,600 | 11,600 | |
13 |
13,460 | 13,460 | 13,460 | 13,460 | 13,460 | 13,460 | 13,460 | 13,460 | 13,460 | 13,460 | 10,000 | 7,460 | 10,593 | 13,725 | 16,858 | 19,991 | 5,963 | 2,347 | 1,860 | 1,860 | |
130/1 |
13,460 | 13,460 | 13,460 | 13,460 | 13,460 | 13,460 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 13,460 | 13,460 | 13,460 | 13,460 | 10,000 | 7,460 | 7,460 | 7,460 | 7,460 | 7,460 | 5,963 | 2,347 | 1,860 | 1,860 | |
1311 |
13,460 | 13,460 | 13,460 | 13,460 | 13,460 | 13,460 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
132 |
- | - | - | - | - | - | - | - | - | - | - | - | 3,133 | 6,265 | 9,398 | 12,531 | - | - | - | - | |
14 |
-39,580 | -51,888 | -72,243 | -28,208 | -61,002 | -47,087 | 9,900 | 31,583 | 52,950 | 8,410 | 7,517 | -7,518 | -9,817 | -14,282 | -18,662 | 81,772 | 67,420 | 15,352 | 32,108 | 26,464 | |
17/49 |
104,723 | 73,779 | 85,820 | 112,918 | 92,632 | 107,474 | 252,886 | 205,066 | 290,062 | 396,312 | 395,613 | 476,967 | 461,986 | 612,817 | 777,530 | 512,558 | 618,016 | 478,068 | 191,009 | 126,647 | |
17 |
6,083 | 4,688 | - | - | - | - | 3,614 | 10,359 | 12,005 | 16,055 | 4,254 | 84,344 | 112,943 | 168,766 | 216,374 | 267,628 | 185,919 | 128,690 | 39,361 | 30,446 | |
170/4 |
6,083 | 4,688 | - | - | - | - | 3,614 | 10,359 | 12,005 | 16,055 | 4,254 | 84,344 | 112,943 | 168,766 | 216,374 | 267,628 | 185,919 | 128,690 | 39,361 | 30,446 | |
42/48 |
98,639 | 69,091 | 85,820 | 112,918 | 92,632 | 107,108 | 248,047 | 194,707 | 278,056 | 281,344 | 347,761 | 365,353 | 306,613 | 441,895 | 558,498 | 242,768 | 246,216 | 130,480 | 97,406 | 96,201 | |
42 |
8,500 | 2,250 | - | - | - | 3,614 | 6,745 | 14,146 | 4,050 | 8,210 | 24,754 | 28,599 | 27,098 | 47,607 | 51,255 | 53,205 | 46,603 | 31,923 | 15,290 | 14,364 | |
43 |
40,000 | 40,030 | 40,000 | 40,000 | 57,695 | 60,000 | 128,832 | 148,832 | 209,866 | 209,278 | 158,832 | 246,228 | 233,607 | 239,200 | 243,108 | 131,618 | 10,500 | - | - | 5,006 | |
430/8 |
40,000 | 40,030 | 40,000 | 40,000 | 57,695 | 60,000 | 128,832 | 148,832 | 209,866 | 209,278 | 158,832 | 246,228 | 233,607 | 239,200 | 243,108 | 131,618 | 10,500 | - | - | 5,006 | |
44 |
22,870 | 2,987 | 5,501 | 21,233 | 4,722 | 19,883 | 13,211 | 25,366 | 31,769 | 20,162 | 104,413 | 60,930 | 30,748 | 131,617 | 231,886 | 31,499 | 171,661 | 64,549 | 59,417 | 57,096 | |
440/4 |
22,870 | 2,987 | 5,501 | 21,233 | 4,722 | 19,883 | 13,211 | 25,366 | 31,769 | 20,162 | 104,413 | 60,930 | 30,748 | 131,617 | 231,886 | 31,499 | 171,661 | 64,549 | 59,417 | 57,096 | |
45 |
959 | 1,224 | 4,415 | 3,442 | - | 5,882 | 4,050 | 6,094 | 20,717 | 30,242 | 56,185 | 29,596 | 15,160 | 23,471 | 32,250 | 26,447 | 17,451 | 9,750 | 6,778 | 8,830 | |
450/3 |
959 | 24 | 815 | 3,442 | - | 5,882 | 4,050 | 6,094 | 13,069 | 26,243 | 51,664 | 25,038 | 11,265 | 19,768 | 30,697 | 23,087 | 14,000 | 6,767 | 6,778 | 8,830 | |
454/9 |
- | 1,200 | 3,600 | - | - | - | - | - | 7,648 | 3,999 | 4,522 | 4,558 | 3,895 | 3,703 | 1,553 | 3,360 | 3,451 | 2,983 | - | - | |
47/48 |
26,310 | 22,600 | 35,904 | 48,243 | 30,215 | 17,730 | 95,208 | 269 | 11,656 | 13,453 | 3,577 | - | - | - | - | - | - | 24,257 | 15,922 | 10,905 | |
492/3 |
- | - | - | - | - | 365 | 1,225 | - | - | 98,913 | 43,598 | 27,271 | 42,430 | 2,155 | 2,659 | 2,161 | 185,882 | 218,898 | 54,242 | - | |
| Income statement | |||||||||||||||||||||
9900 |
28,679 | 32,575 | -31,955 | 43,872 | -2,385 | 7,000 | -4,396 | 13,749 | 98,468 | 100,337 | 160,432 | 57,541 | 74,981 | 63,140 | -57,284 | 130,086 | 187,621 | 107,887 | 58,514 | 60,418 | |
62 |
- | - | - | - | - | - | 601 | 16,149 | 32,993 | 35,263 | 27,597 | 24,966 | 20,969 | 19,525 | 10,872 | 14,700 | 11,627 | 9,579 | 3,896 | - | |
630 |
11,675 | 8,211 | 5,443 | 3,856 | 3,427 | 2,333 | 8,134 | 7,355 | 7,901 | 14,719 | 12,639 | 12,055 | 13,352 | 44,288 | 51,920 | 47,948 | 72,017 | 37,716 | 25,152 | 22,592 | |
640/8 |
1,913 | 1,789 | 3,843 | 2,140 | 4,054 | 1,016 | 2,278 | 875 | 2,250 | 31,869 | 74,028 | 2,317 | 2,043 | 1,880 | 3,383 | 4,619 | 3,360 | 11,801 | 1,988 | 2,710 | |
66A |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 4,415 | 3,912 | |
9901 |
15,091 | 22,575 | -41,241 | 37,876 | -9,866 | 3,652 | -15,408 | -10,630 | 55,324 | 18,487 | 46,169 | 18,203 | 38,617 | -2,554 | -123,459 | 62,819 | 100,617 | 48,790 | 27,478 | 35,116 | |
75/76B |
507 | 67 | 270 | 57 | 24 | - | 141 | - | - | 3 | - | 0 | 1 | 36,000 | 44,984 | 43 | 46 | 17 | 1 | 9 | |
75 |
507 | 67 | 270 | 57 | 24 | - | 141 | - | - | 3 | - | 0 | 1 | 36,000 | 44,984 | 43 | 46 | 17 | 1 | 9 | |
65/66B |
3,290 | 2,287 | 3,063 | 4,380 | 4,074 | 56,810 | 4,055 | 10,738 | 7,269 | 14,137 | 24,602 | 19,037 | 31,285 | 32,199 | 24,965 | 26,570 | 17,979 | 32,734 | 11,974 | 3,682 | |
65 |
3,290 | 2,287 | 3,063 | 4,380 | 4,074 | 56,810 | 4,055 | 10,738 | 7,269 | 14,137 | 24,602 | 19,037 | 31,285 | 32,199 | 24,965 | 26,570 | 17,979 | 32,734 | 11,974 | 3,682 | |
9903 |
12,307 | 20,355 | -44,035 | 33,553 | -13,915 | -53,157 | -19,322 | -21,368 | 48,056 | 4,353 | 21,567 | -834 | 7,333 | 1,247 | -103,440 | 36,292 | 82,685 | 16,073 | 11,090 | 27,531 | |
67/77 |
- | - | - | 759 | - | 3,829 | 2,360 | - | 3,516 | - | 3,991 | 0 | 6,001 | - | 126 | 7,913 | 27,000 | 6,342 | 5,446 | 9,602 | |
9904 |
12,307 | 20,355 | -44,035 | 32,794 | -13,915 | -56,987 | -21,683 | -21,368 | 44,540 | 4,353 | 17,575 | -834 | 1,332 | 1,247 | -103,566 | 28,379 | 55,685 | 9,731 | 5,644 | 17,929 | |
789 |
- | - | - | - | - | - | - | - | - | - | - | 3,133 | 3,133 | 3,133 | 3,133 | 9,398 | - | - | - | - | |
689 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 21,929 | - | - | - | - | |
9905 |
12,307 | 20,355 | -44,035 | 32,794 | -13,915 | -56,987 | -21,683 | -21,368 | 44,540 | 4,353 | 17,575 | 2,299 | 4,465 | 4,380 | -100,434 | 15,848 | 55,685 | 9,731 | 5,644 | 17,929 | |
| Appropriation of the result | |||||||||||||||||||||
9906 |
-39,580 | -51,888 | -72,243 | -28,208 | -61,002 | -47,087 | 9,900 | 31,583 | 52,950 | 11,870 | 10,057 | -7,518 | -9,817 | -14,282 | -18,662 | 83,269 | 71,037 | 41,839 | 32,108 | 26,464 | |
14P |
-51,888 | -72,243 | -28,208 | -61,002 | -47,087 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
691/2 |
- | - | - | - | - | - | - | - | - | 3,460 | 2,540 | - | - | - | - | 1,497 | 3,617 | 26,487 | - | - | |
691 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 26,000 | - | - | |
6920 |
- | - | - | - | - | - | - | - | - | 3,460 | 2,540 | - | - | - | - | 1,497 | 3,617 | 487 | - | - | |
| Social balance sheet | |||||||||||||||||||||
9087 |
- | - | - | - | - | - | - | 0 | 2.1 | 2.1 | 2.1 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | - | - | |
Hours worked1013 |
- | - | - | - | - | - | - | - | 3,128 | 3,128 | 3,128 | 980 | 980 | 980 | 980 | 980 | 980 | 980 | - | - | |
| Document | |||||||||||||||||||||
The accounts for financial year 2005 were filed as a document without figures as data, a scan for example.
The notes to these accounts have 10 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 20-08-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank2025 annual accounts filed 20 days after the deadline. Filed on 20 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00413852.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 20-08-2026 | 2026-00413852 | |
| 31-12-2024 | full format | 22-07-2025 | 2025-00304980 | |
| 31-12-2023 | full format | 25-07-2024 | 2024-00315113 | |
| 31-12-2022 | full format | 03-07-2023 | 2023-00211616 | |
| 31-12-2021 | full format | 16-08-2022 | 2022-20295298 | |
| 31-12-2020 | full format | 27-07-2021 | 2021-40700538 | |
| 31-12-2019 | full format | 22-07-2020 | 2020-32400067 | |
| 31-12-2018 | full format | 28-06-2019 | 2019-24600490 | |
| 31-12-2017 | full format | 29-03-2018 | 2018-08300447 | |
| 31-12-2016 | full format | 11-05-2017 | 2017-11700528 | |
| 31-12-2015 | full format | 18-05-2016 | 2016-12400257 | |
| 31-12-2014 | full format | 21-07-2015 | 2015-32700149 | |
| 31-12-2013 | full format | 26-08-2014 | 2014-46800392 | |
| 31-12-2012 | full format | 25-07-2013 | 2013-34500380 | |
| 31-12-2011 | full format | 30-08-2012 | 2012-47900272 | |
| 31-12-2010 | full format | 05-07-2011 | 2011-25600315 | |
| 31-12-2009 | full format | 02-07-2010 | 2010-26200116 | |
| 31-12-2008 | full format | 14-08-2009 | 2009-57900255 | |
| 31-12-2007 | full format | 09-07-2008 | 2008-38600307 | |
| 31-12-2006 | full format | 26-07-2007 | 2007-48300327 | |
| 31-12-2005 | full format | 27-07-2006 | 2006-55002550 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 26,766 | 30,786 | -35,798 | 41,732 | -6,438 | 5,985 | -7,274 | -3,275 | 63,226 | 33,206 | 58,808 | 30,258 | 51,969 | 41,734 | -71,539 | 110,768 | 172,634 | 86,507 | 52,630 | 57,708 | ||
| 23,982 | 28,566 | -38,592 | 36,650 | -10,488 | -54,654 | -13,549 | -14,013 | 52,441 | 19,072 | 30,214 | 11,222 | 14,684 | 45,535 | -51,647 | 76,328 | 127,702 | 47,447 | 30,796 | 40,521 | ||
| 30,439 | 13,154 | -0 | 10,064 | 16,659 | 7,399 | 6,137 | 1,026 | 17,479 | 23,013 | 31,809 | 2,001 | 860 | 8,384 | 21,406 | 161,014 | 146,222 | 159,022 | 30,610 | 59,539 | ||
| 12,658 | 3,294 | -21,044 | 31,210 | -10,073 | 3,568 | -19,840 | -4,730 | 9,480 | 8,589 | 6,226 | 678 | -1,834 | -265 | -1,709 | -85,477 | -53,665 | 110,115 | 37,097 | - | ||
| 64,982 | 69,606 | 49,506 | 88,098 | 54,164 | 78,866 | -8,208 | 16,999 | 33,683 | 87,533 | 12,030 | 10,747 | 45,285 | -48,610 | -37,650 | 86,160 | 252,356 | 244,665 | 72,254 | 8,911 | ||
| 48.1% | 53.4% | 42.8% | 48.9% | 44.9% | 45.4% | 36.7% | 45.0% | 39.5% | 26.8% | 26.2% | 20.5% | 21.1% | 9.2% | 7.3% | 24.3% | 18.1% | 14.4% | 17.7% | 21.8% | ||
| 1.66 | 2.01 | 1.58 | 1.78 | 1.58 | 1.74 | 0.97 | 1.09 | 1.12 | 1.31 | 1.03 | 1.03 | 1.15 | 0.89 | 0.93 | 1.35 | 2.02 | 2.88 | 1.74 | 1.09 | ||
| 1.66 | 1.95 | 1.47 | 1.65 | 1.37 | 1.51 | 0.80 | 0.95 | 1.03 | 1.20 | 0.93 | 0.91 | 1.00 | 0.80 | 0.87 | 1.23 | 1.94 | 2.20 | 1.65 | 1.09 | ||
| 1.08 | 0.87 | 1.34 | 1.04 | 1.23 | 1.20 | 1.73 | 1.22 | 1.53 | 2.74 | 2.82 | 3.88 | 3.73 | 9.81 | 12.71 | 3.11 | 4.53 | 5.92 | 4.66 | 3.59 | ||
| 12.7% | 24.1% | -68.6% | 30.3% | -18.4% | -63.8% | -14.8% | -12.7% | 23.5% | 3.0% | 12.5% | -0.7% | 1.1% | 2.0% | -169.2% | 17.2% | 40.8% | 12.1% | 13.8% | 50.8% | ||
| 6.1% | 12.9% | -29.3% | 14.8% | -8.3% | -28.9% | -5.4% | -5.7% | 9.3% | 0.8% | 3.3% | -0.1% | 0.2% | 0.2% | -12.3% | 4.2% | 7.4% | 1.7% | 2.4% | 11.1% | ||
| 8.13 | 13.46 | -11.69 | 9.53 | -1.58 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
EBIT margin: not included in this filing.
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 | €30,439 | €13,154 | - | €10,064 | €16,659 |
| €11,675 | €8,211 | €5,443 | €3,856 | €3,427 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on TECHNICONSTRUCTION
The operating result for 2025 is 33% lower than in 2024.
Debt's share of the balance-sheet total rises from 46.6% to 51.9%. Equity and debt are higher.