On 16 June 2025 France’s Directorate General of Armaments (DGA) notified KNDS of a five-year contract worth about €150 million for 40 mm cased telescoped ammunition, the calibre used by the Army’s Jaguar armoured vehicles and the Navy’s RapidFire turrets. The ministry’s announcement gave the size of the first order, about 25,000 rounds, but not its composition. That came from the manufacturer, which stated that the first annual deliveries would include 18,000 training rounds and that an initial batch of 8,000 combat rounds would complete the order. The two figures add up to 26,000, not 25,000, and neither source explains the difference. The episode is small, but it exposes a gap that runs through Europe’s rearmament. Governments now publish framework ceilings, first orders and delivery windows for ammunition with some regularity. What they publish far less often is how the rounds they buy divide between ammunition fired in training, which is consumed and must be bought again, and ammunition held in reserve for operations. The two can be bought under the same contracts and, in some countries, from the same budget lines, yet they answer different questions: whether forces can train to the standard required, and how long they could fight. How much of what European governments are ordering is training ammunition and how much is war stock, and can the public record answer that question at all?