VITHE
Annual accounts 2025
micro format, filed on 10-07-2026, 21 days before the deadlineTurnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €750,000. Estimated: probably between €620,000 and €1.3m.
Balance sheet
balance sheet total €5.2m on 31-12-2025in €m
in euro
Position in the sector
68.8%
Higher than 64% of 39,360 companies in 2025.
0.59
Higher than 13% of 38,044 companies in 2025.
5.7%
Higher than 33% of 38,516 companies in 2025.
Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: bottom quarter
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 |
5.2m | 4.9m | 2.5m | 2.5m | 2.2m | 2.2m | 2.2m | 1.3m | 1.2m | 957,766 | 919,612 | 993,901 | 630,764 | 584,051 | 512,428 | 417,956 | 349,510 | 348,395 | 296,136 | 108,035 | |
21/28 |
4.2m | 4.3m | 1.9m | 2.0m | 2.0m | 2.0m | 2.0m | 1.3m | 989,345 | 760,492 | 739,763 | 751,327 | 511,874 | 520,216 | 450,161 | 302,284 | 251,462 | 248,786 | 177,508 | 26,865 | |
22/27 |
66,098 | 93,340 | 26,680 | 41,949 | 50,349 | 74,977 | 95,207 | 123,151 | 132,559 | 65,856 | 43,484 | 40,892 | 37,882 | 52,847 | 31,791 | 24,774 | 31,462 | 28,786 | 27,508 | 26,865 | |
22 |
845 | 5,868 | 12,879 | 19,889 | 26,899 | 33,910 | 40,920 | 47,931 | 54,941 | 53,502 | 17,885 | - | - | - | - | - | - | - | - | - | |
23 |
- | - | 0 | 324 | 798 | 1,542 | 608 | 1,322 | 693 | 1,155 | - | - | 77 | 320 | 873 | 1,279 | 1,298 | 580 | - | 302 | |
24 |
56,665 | 75,417 | 4,652 | 10,299 | 8,927 | 23,513 | 35,379 | 53,311 | 76,925 | 11,200 | 16,895 | 23,484 | 11,694 | 17,700 | 26,647 | 18,186 | 23,819 | 20,823 | 19,086 | 25,332 | |
26 |
8,588 | 12,055 | 9,150 | 11,438 | 13,725 | 16,013 | 18,300 | 20,588 | - | - | 826 | 1,653 | 2,479 | 3,317 | 4,271 | 5,308 | 6,346 | 7,383 | 8,423 | 1,231 | |
28 |
4.2m | 4.2m | 1.9m | 1.9m | 1.9m | 1.9m | 1.9m | 1.1m | 856,786 | 694,636 | 696,279 | 710,435 | 473,992 | 467,369 | 418,370 | 277,510 | 220,000 | 220,000 | 150,000 | - | |
29/58 |
920,132 | 631,727 | 587,075 | 550,607 | 243,826 | 226,649 | 165,381 | 70,483 | 192,069 | 197,274 | 179,849 | 242,574 | 118,890 | 63,835 | 62,267 | 115,673 | 98,048 | 99,609 | 118,628 | 81,170 | |
29 |
0 | 50,000 | 50,000 | 50,000 | 50,000 | 96,055 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
290 |
- | 0 | 50,000 | 50,000 | 50,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
291 |
0 | 50,000 | - | - | - | 96,055 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
40/41 |
345,650 | 184,700 | 91,113 | 122,022 | 51,491 | 27,208 | 22,047 | 36,633 | 45,375 | 48,025 | 90,837 | 37,239 | 15,056 | 6,898 | 5,721 | 7,165 | 15,980 | 30,622 | 65,728 | 11,557 | |
40 |
90,750 | 60,500 | 91,113 | 121,000 | 48,400 | 2,559 | 2,617 | 35,695 | 45,375 | 39,015 | 90,837 | 33,369 | 11,179 | 6,898 | 4,598 | 7,165 | 4,480 | 23,127 | 61,251 | 711 | |
41 |
254,900 | 124,200 | 0 | 1,022 | 3,091 | 24,649 | 19,430 | 938 | - | 9,010 | - | 3,870 | 3,877 | - | 1,122 | - | 11,500 | 7,495 | 4,477 | 10,846 | |
50/53 |
0 | 150,000 | 250,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | 42,528 | 38,460 | 25,000 | - | |
54/58 |
565,892 | 234,735 | 185,401 | 367,526 | 135,940 | 98,740 | 139,235 | 30,123 | 144,007 | 145,814 | 85,055 | 201,527 | 102,893 | 53,384 | 53,677 | 105,932 | 37,262 | 28,067 | 27,256 | 68,250 | |
490/1 |
8,590 | 12,292 | 10,561 | 11,060 | 6,396 | 4,646 | 4,099 | 3,727 | 2,688 | 3,434 | 3,957 | 3,809 | 940 | 3,553 | 2,870 | 2,575 | 2,278 | 2,460 | 644 | 1,363 | |
| Balance sheet: equity and liabilities | |||||||||||||||||||||
10/49 |
5.2m | 4.9m | 2.5m | 2.5m | 2.2m | 2.2m | 2.2m | 1.3m | 1.2m | 957,766 | 919,612 | 993,901 | 630,764 | 584,051 | 512,428 | 417,956 | 349,510 | 348,395 | 296,136 | 108,035 | |
10/15 |
3.5m | 3.3m | 2.0m | 2.1m | 2.0m | 2.1m | 2.0m | 1.1m | 762,972 | 596,766 | 514,855 | 436,644 | 349,511 | 260,510 | 191,918 | 114,399 | 260,494 | 229,159 | 164,500 | 98,850 | |
10/11 |
25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | |
100 |
- | - | - | - | - | - | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | |
101 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 18,800 | 18,800 | 18,800 | 18,800 | 18,800 | 18,800 | 18,800 | |
13 |
3.5m | 3.3m | 1.9m | 2.0m | 1.9m | 2.1m | 2.0m | 1.1m | 737,972 | 571,766 | 489,855 | 411,644 | 324,511 | 254,310 | 185,718 | 108,199 | 254,294 | 222,959 | 158,300 | 92,650 | |
130/1 |
- | - | - | 0 | 2,500 | 2,500 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | |
1311 |
- | - | - | 0 | 2,500 | 2,500 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
133 |
3.5m | 3.3m | 1.9m | 2.0m | 1.9m | 2.1m | 2.0m | 1.1m | 735,472 | 569,266 | 487,355 | 409,144 | 322,011 | 251,810 | 183,218 | 105,699 | 251,794 | 220,459 | 155,800 | 90,150 | |
14 |
0 | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
17/49 |
1.6m | 1.5m | 571,883 | 462,992 | 246,106 | 115,723 | 165,209 | 201,760 | 418,442 | 361,000 | 404,757 | 557,257 | 281,253 | 323,541 | 320,511 | 303,557 | 89,017 | 119,236 | 131,636 | 9,185 | |
17 |
- | - | 0 | 100,000 | 70,000 | 5,221 | 5,221 | 60,221 | 60,221 | 282,724 | 348,424 | 217,498 | 224,786 | 230,958 | 212,500 | 23,071 | 49,511 | 74,658 | 98,574 | - | |
170/4 |
- | - | 0 | 100,000 | 70,000 | - | - | - | - | - | - | 4,998 | 12,286 | 18,458 | - | 23,071 | 49,511 | 74,658 | 98,574 | - | |
178/9 |
- | - | - | - | - | 5,221 | 5,221 | 60,221 | 60,221 | 282,724 | 348,424 | 212,500 | 212,500 | 212,500 | 212,500 | - | - | - | - | - | |
42/48 |
1.6m | 1.5m | 564,251 | 356,789 | 173,531 | 110,290 | 153,784 | 136,028 | 344,316 | 77,354 | 56,309 | 314,615 | 42,418 | 77,070 | 107,808 | 278,905 | 38,583 | 44,298 | 32,967 | 8,505 | |
42 |
- | - | - | - | - | - | - | - | - | - | 4,998 | 7,288 | 7,045 | 6,742 | 23,071 | 26,441 | 25,147 | 23,916 | 22,745 | - | |
43 |
795 | 3,597 | 29 | 96 | 4,727 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
430/8 |
- | 0 | 29 | 96 | 4,727 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
439 |
795 | 3,597 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
44 |
8,332 | 3,830 | 5,405 | 62,349 | 1,520 | 9,369 | 6,032 | 13,032 | 4,825 | 27,757 | 6,335 | 31,528 | 4,837 | 660 | 3,886 | 3,931 | 1,499 | 2,875 | 2,318 | 1,902 | |
440/4 |
8,332 | 3,830 | 5,405 | 62,349 | 1,520 | 9,369 | 6,032 | 13,032 | 4,825 | 27,757 | 6,335 | 31,528 | 4,837 | 660 | 3,886 | 3,931 | 1,499 | 2,875 | 2,318 | 1,902 | |
46 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 5,000 | - | - | - | - | - | - | |
45 |
269,499 | 244,367 | 70,550 | 76,156 | 34,534 | 100,449 | 142,969 | 88,394 | 56,786 | 34,121 | 17,657 | 18,916 | 3,017 | 44,709 | 73,488 | 29,913 | 4,683 | 6,703 | 7,903 | 6,603 | |
450/3 |
266,659 | 241,527 | 66,045 | 73,316 | 31,694 | 97,609 | 140,129 | 85,554 | 53,946 | 31,281 | 17,657 | 18,916 | 3,017 | 44,709 | 73,488 | 29,913 | 4,683 | 6,703 | 7,903 | 6,603 | |
454/9 |
2,840 | 2,840 | 4,505 | 2,840 | 2,840 | 2,840 | 2,840 | 2,840 | 2,840 | 2,840 | - | - | - | - | - | - | - | - | - | - | |
47/48 |
1.3m | 1.3m | 488,267 | 218,188 | 132,750 | 472 | 4,783 | 34,603 | 282,705 | 15,476 | 27,320 | 256,884 | 27,519 | 19,957 | 7,363 | 218,620 | 7,255 | 10,805 | - | - | |
492/3 |
57,290 | 24,328 | 7,632 | 6,203 | 2,575 | 212 | 6,204 | 5,511 | 13,905 | 922 | 24 | 25,144 | 14,048 | 15,513 | 203 | 1,581 | 922 | 280 | 96 | 680 | |
| Income statement | |||||||||||||||||||||
76A |
0 | 16,000 | - | - | - | - | - | 7,185 | 11,415 | - | - | 1,970 | - | 5,324 | - | - | - | - | - | - | |
9900 |
523,704 | 383,847 | 433,824 | 396,720 | 202,418 | 175,579 | 290,088 | 233,863 | 224,239 | 181,760 | 172,822 | 173,439 | 141,944 | 138,851 | 150,296 | 174,328 | 68,058 | 119,096 | 111,748 | 62,949 | |
630 |
27,242 | 22,340 | 15,269 | 17,819 | 29,325 | 27,644 | 27,944 | 28,372 | 31,410 | 23,014 | 19,707 | 15,390 | 14,965 | 15,390 | 10,892 | 7,613 | 7,857 | 9,582 | 7,621 | 7,018 | |
640/8 |
2,824 | 3,530 | 3,287 | 2,954 | 2,960 | 3,130 | 3,045 | 3,732 | 4,043 | 2,323 | 1,811 | 1,331 | 2,320 | 2,247 | 1,913 | 1,319 | 2,162 | 1,963 | 1,538 | 572 | |
66A |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 3,152 | - | 1,883 | - | - | - | |
9901 |
493,638 | 357,976 | 415,268 | 375,947 | 170,133 | 144,805 | 259,099 | 201,760 | 188,786 | 156,423 | 151,304 | 156,718 | 124,659 | 121,215 | 137,491 | 165,396 | 58,039 | 107,551 | 102,589 | 55,359 | |
75/76B |
7,259 | 2.6m | 6,818 | 2,603 | 3,755 | 805 | 803,247 | 268,134 | 73,349 | 933 | 1,910 | 2,496 | 2,140 | 866 | 852 | 568 | 1,341 | 2,082 | 894 | 1,079 | |
75 |
7,259 | 2.6m | 6,818 | 2,603 | 3,755 | 805 | 803,247 | 268,134 | 1,545 | 933 | 1,910 | 2,496 | 2,140 | 866 | 852 | 568 | 1,341 | 2,082 | 894 | 1,079 | |
76B |
- | - | - | - | - | - | - | - | 71,804 | - | - | - | - | - | - | - | - | - | - | - | |
65/66B |
59,335 | 326,732 | 9,425 | 6,861 | 3,411 | 717 | 3,126 | 4,720 | 14,301 | 15,902 | 19,873 | 12,143 | 15,363 | 16,455 | 10,324 | 5,774 | 6,548 | 6,081 | 1,775 | 183 | |
65 |
59,335 | 26,732 | 9,425 | 6,861 | 3,411 | 717 | 3,126 | 4,720 | 14,301 | 15,902 | 19,873 | 12,143 | 15,363 | 16,455 | 10,324 | 5,774 | 6,548 | 6,081 | 1,775 | 183 | |
66B |
0 | 300,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
9903 |
441,563 | 2.6m | 412,661 | 371,689 | 170,477 | 144,894 | 1.1m | 465,174 | 247,834 | 141,453 | 133,341 | 149,041 | 111,436 | 110,950 | 124,866 | 160,190 | 50,949 | 103,552 | 101,707 | 56,255 | |
67/77 |
147,162 | 317,583 | 136,376 | 123,989 | 61,056 | 51,813 | 171,197 | 101,197 | 81,629 | 59,542 | 55,130 | 61,908 | 41,234 | 42,357 | 47,348 | 56,285 | 19,614 | 38,893 | 36,057 | 20,115 | |
9904 |
294,401 | 2.3m | 276,285 | 247,700 | 109,422 | 93,081 | 888,023 | 363,977 | 166,205 | 81,911 | 78,210 | 87,133 | 70,201 | 68,593 | 77,518 | 103,906 | 31,335 | 64,659 | 65,651 | 36,140 | |
9905 |
294,401 | 2.3m | 276,285 | 247,700 | 109,422 | 93,081 | 888,023 | 363,977 | 166,205 | 81,911 | 78,210 | 87,133 | 70,201 | 68,593 | 77,518 | 103,906 | 31,335 | 64,659 | 65,651 | 36,140 | |
| Appropriation of the result | |||||||||||||||||||||
9906 |
294,401 | 2.3m | 276,285 | 247,700 | 109,422 | 93,081 | 888,023 | 363,977 | 166,205 | 81,911 | 78,210 | 87,133 | 70,201 | 68,593 | 77,518 | 103,906 | 31,335 | 64,659 | 65,651 | 36,140 | |
791/2 |
93,081 | 888,023 | 363,977 | 166,205 | 247,255 | - | - | - | - | - | - | - | - | - | - | 250,000 | - | - | - | - | |
691/2 |
294,401 | 2.3m | 276,285 | 247,700 | 109,422 | 93,081 | 888,023 | 363,977 | 166,205 | 81,911 | 78,210 | 87,133 | 70,201 | 68,593 | 77,518 | 103,906 | 31,335 | 64,659 | 65,651 | 36,140 | |
691 |
- | - | - | - | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
6921 |
294,401 | 2.3m | 276,285 | 247,700 | 109,422 | 93,081 | 888,023 | 363,977 | 166,205 | 81,911 | 78,210 | 87,133 | 70,201 | 68,593 | 77,518 | 103,906 | 31,335 | 64,659 | 65,651 | 36,140 | |
694/7 |
93,081 | 888,023 | 363,977 | 166,205 | 247,255 | - | - | - | - | - | - | - | - | - | - | 250,000 | - | - | - | - | |
694 |
93,081 | 888,023 | 363,977 | 166,205 | 247,255 | - | - | - | - | - | - | - | - | - | - | 250,000 | - | - | - | - | |
| Document | |||||||||||||||||||||
The accounts for 2 older financial years (2004-2005) were filed as documents without figures as data, scans for example.
The notes to these accounts have 11 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 10-07-2026.
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 | 10-07-2026 | 2026-00279038 | |
| 31-12-2024 | micro format | 15-07-2025 | 2025-00269673 | |
| 31-12-2023 | micro format | 14-06-2024 | 2024-00135939 | |
| 31-12-2022 | abbreviated format | 11-07-2023 | 2023-00222896 | |
| 31-12-2021 | abbreviated format | 07-06-2022 | 2022-20047975 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-57900267 | |
| 31-12-2019 | micro format | 29-06-2020 | 2020-21500452 | |
| 31-12-2018 | micro format | 03-07-2019 | 2019-28000205 | |
| 31-12-2017 | micro format | 25-07-2018 | 2018-37000200 | |
| 31-12-2016 | micro format | 03-07-2017 | 2017-28000080 | |
| 31-12-2015 | abbreviated format | 27-07-2016 | 2016-37200167 | |
| 31-12-2014 | abbreviated format | 24-07-2015 | 2015-33500228 | |
| 31-12-2013 | abbreviated format | 22-08-2014 | 2014-44500093 | |
| 31-12-2012 | abbreviated format | 21-06-2013 | 2013-20500261 | |
| 31-12-2011 | abbreviated format | 12-07-2012 | 2012-28200365 | |
| 31-12-2010 | abbreviated format | 14-07-2011 | 2011-28900275 | |
| 31-12-2009 | abbreviated format | 28-06-2010 | 2010-25900206 | |
| 31-12-2008 | abbreviated format | 12-06-2009 | 2009-21700240 | |
| 31-12-2007 | abbreviated format | 03-11-2008 | 2008-80100377 | |
| 31-12-2006 | abbreviated format | 31-08-2007 | 2007-66300057 | |
| 31-12-2005 | abbreviated format | 27-07-2006 | 2006-53500714 | |
| 31-12-2004 | abbreviated format | 29-07-2005 | 2005-58300620 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 520,880 | 380,317 | 430,537 | 393,766 | 199,458 | 172,449 | 287,043 | 230,132 | 220,196 | 179,437 | 171,011 | 172,108 | 139,624 | 136,605 | 148,383 | 173,010 | 65,896 | 117,133 | 110,210 | 62,377 | ||
| 321,643 | 2.3m | 291,554 | 265,519 | 138,747 | 120,725 | 915,967 | 392,349 | 197,615 | 104,926 | 97,918 | 102,524 | 85,166 | 83,983 | 88,410 | 111,519 | 39,192 | 74,241 | 73,271 | 43,158 | ||
| 0 | 4.1m | 0 | 9,419 | 12,111 | 9,971 | 1.2m | 303,887 | 395,882 | 45,387 | 22,299 | 270,637 | 6,623 | 81,387 | 171,220 | 56,935 | 22,333 | 80,860 | 158,264 | 31,665 | ||
| 331,157 | 49,334 | -182,125 | 231,586 | 37,200 | -40,495 | 109,111 | -113,883 | -1,808 | 60,759 | -116,471 | 98,634 | 49,509 | -293 | -52,256 | 68,670 | 9,195 | 811 | -40,993 | - | ||
| -630,023 | -891,548 | 22,824 | 193,818 | 70,295 | 116,359 | 11,597 | -65,545 | -152,247 | 119,920 | 123,539 | -72,041 | 76,472 | -13,234 | -45,540 | -163,233 | 59,465 | 55,311 | 85,661 | 72,665 | ||
| 68.8% | 68.4% | 77.4% | 81.6% | 88.9% | 94.8% | 92.4% | 84.8% | 64.6% | 62.3% | 56.0% | 43.9% | 55.4% | 44.6% | 37.5% | 27.4% | 74.5% | 65.8% | 55.5% | 91.5% | ||
| 0.59 | 0.41 | 1.04 | 1.54 | 1.41 | 2.06 | 1.08 | 0.52 | 0.56 | 2.55 | 3.19 | 0.77 | 2.80 | 0.83 | 0.58 | 0.41 | 2.54 | 2.25 | 3.60 | 9.54 | ||
| 0.45 | 0.46 | 0.29 | 0.23 | 0.12 | 0.05 | 0.08 | 0.18 | 0.55 | 0.60 | 0.79 | 1.28 | 0.80 | 1.24 | 1.67 | 2.65 | 0.34 | 0.52 | 0.80 | 0.09 | ||
| 8.3% | 67.8% | 14.1% | 12.1% | 5.6% | 4.4% | 44.1% | 32.3% | 21.8% | 13.7% | 15.2% | 20.0% | 20.1% | 26.3% | 40.4% | 90.8% | 12.0% | 28.2% | 39.9% | 36.6% | ||
| 5.7% | 46.3% | 10.9% | 9.9% | 4.9% | 4.2% | 40.7% | 27.4% | 14.1% | 8.6% | 8.5% | 8.8% | 11.1% | 11.7% | 15.1% | 24.9% | 9.0% | 18.6% | 22.2% | 33.5% | ||
| 8.78 | 14.23 | 45.68 | 57.39 | 58.48 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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 | - | €94,897 | - | €9,419 | €12,111 |
| Financial fixed assets | - | €4.1m | - | - | - |
| €27,242 | €22,340 | €15,269 | €17,819 | €29,325 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on VITHE
The operating result for 2025 is 38% higher than in 2024 and the highest since 2006. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total falls from 31.6% to 31.2%. Equity and debt are higher.