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Going concern

\n

As required by Capital\nMarkets Rule 5.62 issued by MFSA, upon due consideration of the\ngroup\u2019s state-of-affairs, capital adequacy and solvency, the\ndirectors confirm the group\u2019s ability to continue in\noperational existence for the foreseeable future.\u00a0 For this\nreason, in preparing the financial statements, they continue to\nadopt the going concern basis. Refer to Note 2.1, for the\nDirectors\u2019 assessment of the going concern\nassumption.

2.1\u00a0\u00a0\u00a0\u00a0\u00a0 Going concern

\n

\u00a0

\n

As at 31 December\n2025, the group\u2019s net current assets amounted to\n\u20ac68,940,177 (2024: net current liabilities of \u20ac3,058,581)\nwhile the company\u2019s net current assets amounted to\n\u20ac6,061,725 (2024: \u20ac 5,067,092).\u00a0 Included in current\nassets is inventory amounting to \u20ac63,282,931.\u00a0 This\nrepresents projects developed by In-Nahal Property Limited, BBT\nNigret Properties Limited and TFL Property Development\nLimited.\u00a0 Some of these properties are already under promises\nof sale and will be liquidated in the near future.

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"scheme:391200AARLHFDIZ6BB11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "i3ZF.KoFAY": { "value": "2587131.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "kSI9v.Sm2d": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "H8ZcO5sWz2": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "rS-g-pPAKz": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "vR8Rswv1Ja": { "value": "-1042910.0", "decimals": 0, "dimensions": { "concept": "TUM:AdvancePaymentToPurchasePropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "NMf7IVi7K2": { "value": "1558943.0", "decimals": 0, "dimensions": { "concept": "TUM:AdvancePaymentToPurchasePropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "LeRxCZoC2u": { "value": "325000.0", "decimals": 0, "dimensions": { "concept": "TUM:CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToRelatedPartiesClassifiedAsInvestingActivities", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "GSZNk6QnHU": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "TUM:CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToRelatedPartiesClassifiedAsInvestingActivities", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "Ur2p7KHBXE": { "value": "-12418552.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "jP2BW1UgLV": { "value": "-45696079.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "MdUKTK7SeC": { "value": "15863723.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAdvancesAndLoansFromRelatedParties", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "_QyIiTjNP8": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAdvancesAndLoansFromRelatedParties", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "iDrdIdfsyX": { "value": "4246657.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "I0EzQ1wk7f": { "value": "18781413.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "Qf38sGC5UF": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "HGF_d0MZID": { "value": "11636188.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "xfXZPsRUKo": { "value": "179950.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "bW08twbJQf": { "value": "10565.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "y--3ANoYgJ": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToRelatedParties", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "tmDtaHYzFQ": { "value": "750000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashRepaymentsOfAdvancesAndLoansFromRelatedParties", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "CF1fFvtgLz": { "value": "1417407.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "HfTWDI.kBc": { "value": "894228.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "i7AHnQvbYw": { "value": "18513023.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "Jk8qnrcTFa": { "value": "28762808.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "u5z5jti74p": { "value": "-7054159.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "_cWhJ30S9N": { "value": "7228601.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "kxwf8IzIj0": { "value": "-444495.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "VEjBAc6OJD": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "g60NWP.0BR": { "value": "8074322.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "e2dg8YCC26": { "value": "845721.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "KlAZVAHBii": { "value": "575668.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "S7n6BQmV5E": { "value": "8074322.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "yzulpEN89F": { "value": "1\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Nature of\noperations\n\u00a0\nThe company is 99.9%\nowned subsidiary by TUM Invest Limited. The company acts as an\ninvestment and holding company, whilst the group is engaged in\ninvestment, principally in property for leasing and in associated\ncompanies operating in the retail sector as well as in developing\nproperty for resale in Qormi, Malta.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "EHYRaG_ekM": { "value": "TUM Invest Limited", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "nfwi7_gdzu": { "value": "Qormi, Malta", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "RCVMfYnXBt": { "value": "

2\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 General\ninformation and statement of compliance with International\nFinancial Reporting Standards (IFRS)

\n

\u00a0

\n

TUM Finance plc is a\npublic limited company registered in Malta under the Companies Act,\nCap. 386 with registration number C 91228. The registered office of\nthe company is TUM Invest Head Office, Zentrum Business Centre,\nMdina Road, Qormi, QRM 9010, Malta.

\n

\u00a0

\n

The financial\nstatements of the group and the company have been prepared in\naccordance with IFRS as issued by the International Accounting\nStandards Board (IASB) and as adopted by the European Union, and in\naccordance with the Companies Act, Cap. 386.

\n

\u00a0

\n

The financial\nstatements are presented in euro (\u20ac), which is also the\nfunctional currency of the group and the company.

", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "KtABsTU17x": { "value": "TUM Finance plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "n-eWhKE7Ci": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "xboH8ILwDV": { "value": "Malta", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "uw7_FVMnFW": { "value": "TUM Invest Head Office, Zentrum Business Centre,\nMdina Road, Qormi, QRM 9010, Malta.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "GwS2.AfPEf": { "value": "The financial\nstatements of the group and the company have been prepared in\naccordance with IFRS as issued by the International Accounting\nStandards Board (IASB) and as adopted by the European Union, and in\naccordance with the Companies Act, Cap. 386.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "FAF-Qp8U6i": { "value": "The financial\nstatements of the group and the company have been prepared in\naccordance with IFRS as issued by the International Accounting\nStandards Board (IASB) and as adopted by the European Union, and in\naccordance with the Companies Act, Cap. 386.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "i-D6sVAVAk": { "value": "The financial\nstatements are presented in euro (\u20ac), which is also the\nfunctional currency of the group and the company.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "KbX6sBDGuc": { "value": "The financial\nstatements are presented in euro (\u20ac), which is also the\nfunctional currency of the group and the company.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "IUCGnMvh7m": { "value": "

3 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 New or revised\nStandards or Interpretations

\n

\u00a0

\n

3.1\u00a0\u00a0\u00a0\u00a0\u00a0 New standards adopted as\nat 1 January 2025

\n

\u00a0

\n

Some accounting\npronouncements which have become effective from 1 January 2025 and\nhave therefore been adopted do not have a significant impact on the\ngroup and company\u2019s financial results or position:

\n

\u00a0

\n

Amendments that are\neffective for the first time in 2025 and could be applicable to the\ncompany are:

\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

Lack of Exchangeability\n(Amendments to IAS 21).

\n
\n

\u00a0

\n

These amendments do\nnot have a significant impact on these financial statements and\ntherefore the disclosures have not been made.

\n

\u00a0

\n

3.2\u00a0\u00a0\u00a0\u00a0\u00a0 Standards, amendments and\nInterpretations to existing Standards that are not yet effective\nand have not been adopted early by the group and company

\n

\u00a0

\n

At the date of\nauthorisation of these financial statements, several new, but not\nyet effective, Standards and amendments to existing Standards, and\nInterpretations have been published by the IASB or International\nFinancial Reporting Interpretation Committee (IFRIC). None of these\nStandards or amendments to existing Standards have been adopted\nearly by the group and the company and no Interpretations have been\nissued that are applicable and need to be taken into consideration\nby the group and the company at either reporting date.

\n

Standards and amendments\nthat are not yet effective and have not been adopted early by the\ngroup and the company include:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

Amendments to the\nClassification and Measurement of Financial Instruments (Amendments\nto IFRS 9 and IFRS 7)

\n
\n

\u2022

\n		\n

Contracts Referencing\nNature-dependent Electricity (Amendments to IFRS 9 and IFRS\n7)

\n
\n

\u2022

\n		\n

Annual Improvements to\nIFRS Accounting Standards\u2014Volume 11

\n
\n

\u2022

\n		\n

IFRS 19\n\u2018Subsidiaries without Public Accountability:\nDisclosures\u2019

\n
\n

\u2022

\n		\n

Amendments to IFRS 19\n\u2018Subsidiaries without Public Accountability:\nDisclosures\u2019

\n
\n

\u00a0

\n

These Standards and\namendments are not expected to have a significant impact on the\nfinancial statements in the period of initial application and\ntherefore no disclosures have been made.

\n

\u00a0

\n

Management\u00a0anticipates\u00a0that all relevant\npronouncements will be adopted for the first period\u00a0beginning\non or after the effective date of the pronouncement.

\n

\u00a0

\n

In April 2024, the IASB\nissued IFRS 18, which replaces IAS 1 \u2018Presentation of\nFinancial Statements\u2019. The adoption of IFRS 18\n\u2018Presentation and Disclosure in financial statements\u2019,\neffective for periods commencing on or after 1 January 2027, is\nexpected to have a material impact on the presentation of the\nfinancial statements, and therefore relevant disclosures are\nincluded below.

\n

\u00a0

\n

Although IFRS 18\nincludes many of the requirements of IAS 1, it introduces new\nrequirements\u00a0

\n

to better structure\nfinancial statements and to provide more detailed and useful\ninformation to

\n

investors,\nincluding:\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

two new subtotals\ndefined in the statement of profit or loss, namely (1) operating\nprofit and (2)\u00a0 profit or loss before financing and income\ntaxes\u00a0

\n
\n

\u2022

\n		\n

the classification of\nall income and expenses within the statement of profit or loss in\none of five\u00a0categories\u00a0

\n
\n

\u2022

\n		\n

a new requirement\nto\u00a0disclose\u00a0performance measures defined by management,\nand\u00a0

\n
\n

\u2022

\n		\n

an improvement in the\nprinciples related to the aggregation and disaggregation of\ninformation in\u00a0the\u00a0financial statements and accompanying\nnotes.

\n
\n

\u00a0

\n

IFRS 18 will be applied\nretrospectively with specific transitional\nprovisions.\u00a0

\n

\u00a0

\n

The\u00a0group and the\ncompany\u00a0are currently working to\u00a0identify\u00a0all\nof\u00a0the impacts that IFRS 18 will have on the\nprimary\u00a0financial statements and notes to\u00a0the\nfinancial\u00a0statements. \u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "bVXrAeaa.m": { "value": "

3 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 New or revised\nStandards or Interpretations

\n

\u00a0

\n

3.1\u00a0\u00a0\u00a0\u00a0\u00a0 New standards adopted as\nat 1 January 2025

\n

\u00a0

\n

Some accounting\npronouncements which have become effective from 1 January 2025 and\nhave therefore been adopted do not have a significant impact on the\ngroup and company\u2019s financial results or position:

\n

\u00a0

\n

Amendments that are\neffective for the first time in 2025 and could be applicable to the\ncompany are:

\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

Lack of Exchangeability\n(Amendments to IAS 21).

\n
\n

\u00a0

\n

These amendments do\nnot have a significant impact on these financial statements and\ntherefore the disclosures have not been made.

\n

\u00a0

\n

3.2\u00a0\u00a0\u00a0\u00a0\u00a0 Standards, amendments and\nInterpretations to existing Standards that are not yet effective\nand have not been adopted early by the group and company

\n

\u00a0

\n

At the date of\nauthorisation of these financial statements, several new, but not\nyet effective, Standards and amendments to existing Standards, and\nInterpretations have been published by the IASB or International\nFinancial Reporting Interpretation Committee (IFRIC). None of these\nStandards or amendments to existing Standards have been adopted\nearly by the group and the company and no Interpretations have been\nissued that are applicable and need to be taken into consideration\nby the group and the company at either reporting date.

\n

Standards and amendments\nthat are not yet effective and have not been adopted early by the\ngroup and the company include:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

Amendments to the\nClassification and Measurement of Financial Instruments (Amendments\nto IFRS 9 and IFRS 7)

\n
\n

\u2022

\n		\n

Contracts Referencing\nNature-dependent Electricity (Amendments to IFRS 9 and IFRS\n7)

\n
\n

\u2022

\n		\n

Annual Improvements to\nIFRS Accounting Standards\u2014Volume 11

\n
\n

\u2022

\n		\n

IFRS 19\n\u2018Subsidiaries without Public Accountability:\nDisclosures\u2019

\n
\n

\u2022

\n		\n

Amendments to IFRS 19\n\u2018Subsidiaries without Public Accountability:\nDisclosures\u2019

\n
\n

\u00a0

\n

These Standards and\namendments are not expected to have a significant impact on the\nfinancial statements in the period of initial application and\ntherefore no disclosures have been made.

\n

\u00a0

\n

Management\u00a0anticipates\u00a0that all relevant\npronouncements will be adopted for the first period\u00a0beginning\non or after the effective date of the pronouncement.

\n

\u00a0

\n

In April 2024, the IASB\nissued IFRS 18, which replaces IAS 1 \u2018Presentation of\nFinancial Statements\u2019. The adoption of IFRS 18\n\u2018Presentation and Disclosure in financial statements\u2019,\neffective for periods commencing on or after 1 January 2027, is\nexpected to have a material impact on the presentation of the\nfinancial statements, and therefore relevant disclosures are\nincluded below.

\n

\u00a0

\n

Although IFRS 18\nincludes many of the requirements of IAS 1, it introduces new\nrequirements\u00a0

\n

to better structure\nfinancial statements and to provide more detailed and useful\ninformation to

\n

investors,\nincluding:\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

two new subtotals\ndefined in the statement of profit or loss, namely (1) operating\nprofit and (2)\u00a0 profit or loss before financing and income\ntaxes\u00a0

\n
\n

\u2022

\n		\n

the classification of\nall income and expenses within the statement of profit or loss in\none of five\u00a0categories\u00a0

\n
\n

\u2022

\n		\n

a new requirement\nto\u00a0disclose\u00a0performance measures defined by management,\nand\u00a0

\n
\n

\u2022

\n		\n

an improvement in the\nprinciples related to the aggregation and disaggregation of\ninformation in\u00a0the\u00a0financial statements and accompanying\nnotes.

\n
\n

\u00a0

\n

IFRS 18 will be applied\nretrospectively with specific transitional\nprovisions.\u00a0

\n

\u00a0

\n

The\u00a0group and the\ncompany\u00a0are currently working to\u00a0identify\u00a0all\nof\u00a0the impacts that IFRS 18 will have on the\nprimary\u00a0financial statements and notes to\u00a0the\nfinancial\u00a0statements. \u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "WKtg7pO9B8": { "value": "

4 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Material\naccounting policies

\n

\u00a0

\n

An entity should\ndisclose its material accounting policies. Accounting policies are\nmaterial and must be disclosed if they can be reasonably expected\nto influence the decisions of users of the financial\nstatements.

\n

\u00a0

\n

Management has\nconcluded that the disclosure of the group and company\u2019s\nmaterial accounting policies below are appropriate.

\n

\u00a0

\n

4.1\u00a0\u00a0\u00a0\u00a0\u00a0 Overall\nconsiderations

\n

\u00a0

\n

The material\naccounting policies that have been used in the preparation of these\nfinancial statements are summarised below.

\n

\u00a0

\n

The financial\nstatements have been prepared using the measurement bases specified\nby IFRS for each type of asset, liability, income, and expense. The\nmeasurement bases are more fully described in the accounting\npolicies below.

\n

\u00a0

\n

The material\naccounting policies applied by the group and company are consistent\nwith those used in previous years.

\n

\u00a0

\n

4.2\u00a0\u00a0\u00a0\u00a0\u00a0 Presentation of financial\nstatements

\n

\u00a0

\n

The financial\nstatements are presented in accordance with IAS\u00a01\n\u2018Presentation of Financial Statements\u2019 (Revised 2007).\nThe group and company have elected to present the 'statement of\nprofit or loss and other comprehensive income' in one\nstatement.

\n

\u00a0

\n

4.3\u00a0\u00a0\u00a0\u00a0\u00a0 Basis of\nconsolidation

\n

\u00a0

\n

The financial\nstatements consolidate those of the parent company and all of its\nsubsidiaries controlled by the company drawn up to 31 December\n2025. Control exists when the company has power over the investee,\nis exposed or has rights to variable returns from its involvement\nwith the investee and has the ability to use its power over the\ninvestee to affect the amount of its returns.\u00a0 In assessing\ncontrol, potential voting rights that give the company the current\nability to direct the investee\u2019s relevant activities are\ntaken into account.\u00a0 All subsidiaries have a reporting date of\n31 December 2025.

\n

\u00a0

\n

The group re-assesses\nwhether or not it controls an investee if facts and circumstances\nindicate that there are changes to one or more of the three\nelements of control. Consolidation of a subsidiary begins when the\ngroup obtains control over the subsidiary and ceases when the group\nloses control of the subsidiary. Assets, liabilities, income and\nexpenses of a subsidiary acquired or disposed of during the year\nare included in the consolidated financial statements from the date\nthe group gains control until the date the group ceases to control\nthe subsidiary.

\n

\u00a0

\n

Profit or loss and\neach component of other comprehensive income (OCI) are attributed\nto the equity holders of the parent of the group and to the\nnon-controlling interests, even if this results in the\nnon-controlling interests having a deficit balance. When necessary,\nadjustments are made to the financial statements of subsidiaries to\nbring their accounting policies in line with the group\u2019s\naccounting policies. All intra-group assets and liabilities,\nequity, income, expenses and cash flows relating to transactions\nbetween members of the group are eliminated in full on\nconsolidation.

\n

\u00a0

\n

A change in the\nownership interest of a subsidiary, without a loss of control, is\naccounted for as an equity transaction. If the group loses control\nover a subsidiary, it derecognises the related assets (including\ngoodwill), liabilities, non-controlling interest and other\ncomponents of equity, while any resultant gain or loss is\nrecognised in profit or loss. Any investment retained is recognised\nat fair value.

\n

\u00a0

\n

Intra-group balances,\ntransactions and unrealised gains and losses on transactions\nbetween the group companies are eliminated on consolidation. Where\nunrealised losses on intra-group asset sales are reversed on\nconsolidation, the underlying asset is also tested for impairment\nfrom the group perspective. Amounts reported in the financial\nstatements of subsidiaries have been adjusted where necessary to\nensure consistency with the accounting policies adopted by the\ngroup.

\n

\u00a0

\n

Profit or loss and\nother comprehensive income of subsidiaries acquired or disposed of\nduring the year are recognised from the effective date of\nacquisition, or up to the effective date of disposal, as\napplicable.

\n

\u00a0

\n

The separate and\nconsolidated financial statements reflect the financial position\nand operation of the company and its subsidiaries as listed below\n(together the \u2018group\u2019).

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Entities

\n		\n

Principal\nactivities

\n		\n

Country of\nincorporation

\n		\n

Ownership\ninterest

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Subsidiaries

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

TUM Operations\nLimited

\n		\n

Investment and holding\ncompany

\n		\n

Malta

\n		\n

100%

\n
\n

\u00a0

\n

Easysell Limited\n(indirectly through TUM Operations Limited)

\n		\n

Holding and management\nof immovable property

\n		\n

Malta

\n		\n

100%

\n
\n

\u00a0

\n

TUM\nDevelopments Limited (indirectly through TUM Operations Limited)

\n		\n

Buying and renting of\nimmovable property

\n		\n

Malta

\n		\n

100%

\n
\n

\u00a0

\n

TFL Property\nDevelopment Limited (indirectly through\nTUM Operations Limited)

\n		\n

Buying and management\nof immovable property

\n		\n

Malta

\n		\n

100%

\n
\n

\u00a0

\n

TUM Tal-Pajpaj\nProperties Ltd. (indirectly through\nTUM Operations Limited)

\n		\n

Buying and management\nof immovable property

\n		\n

Malta

\n		\n

100%

\n
\n

\u00a0

\n

In-Nahal Property\nLimited (indirectly through TUM\nOperations Limited)

\n		\n

Buying and management\nof immovable property

\n		\n

Malta

\n		\n

100%

\n
\n

\u00a0

\n

BBT Nigret Properties\nLtd. (indirectly through TUM Operations Limited)

\n		\n

Buying and management\nof immovable property

\n		\n

Malta

\n		\n

50%

\n
\n

\u00a0

\n

4.4\u00a0\u00a0\u00a0\u00a0\u00a0 Revenue\nrecognition

\n

\u00a0

\n

Revenue is measured at\nthe fair value of the consideration received or receivable for\nservices provided in the normal course of business, net of value\nadded tax and discounts, where applicable. Revenue is recognised to\nthe extent that it is probable that future economic benefits will\nflow to the group and company, and these can be measured\nreliably.

\n

\u00a0

\n

To determine whether to recognise\nrevenue, the group and company follow a 5-step process:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

1

\n		\n

Identifying the\ncontract with a customer

\n
\n

2

\n		\n

Identifying the\nperformance obligation(s)

\n
\n

3

\n		\n

Determining the\ntransaction price

\n
\n

4

\n		\n

Allocating the\ntransaction price to the performance obligation(s)

\n
\n

5

\n		\n

Recognising revenue\nwhen/as performance obligation(s) is/are satisfied

\n
\n

\u00a0

\n

The following specific\nrecognition criteria must also be met before revenue is\nrecognised:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

rental income from\ninvestment property is recognised in profit or loss on a\nstraight-line basis over the lease term;

\n
\n

\u2022

\n		\n

expenses and costs\nincurred to properties are recharged to tenants in the period in\nwhich they are incurred; and

\n
\n

\u2022

\n		\n

dividend income is\nrecognised on the date when the company\u2019s right to receive\nthe payment is established.

\n
\n

\u00a0

\n

Revenue is recognised\neither at a point in time or over time, when (or as) the group or\ncompany satisfy performance obligations by providing the promised\nservices to the customers.

\n

\u00a0

\n

The group and company recognise\ncontract liabilities for consideration received in respect of\nunsatisfied performance obligations and report these amounts as\nother liabilities in the statement of financial position.\nSimilarly, if the group and company satisfy a performance\nobligation before they receive the consideration, the group and\ncompany recognise either a contract asset or a receivable in the\nstatement of financial position, depending on whether something\nother than the passage of time is required before the consideration\nis due.

\n

Revenue from the\nprovision of services is recognised when or as the group and\ncompany transfer control of the assets to the customer. Control is\ntransferred at a point in time and occurs when the customer takes\nundisputed delivery of the goods.

\n

\u00a0

\n

Dividend income, other\nthan those from investments in associates, is recognised at the\ntime the right to receive payment is established.

\n

\u00a0

\n

4.5\u00a0\u00a0\u00a0\u00a0\u00a0 Borrowing costs

\n

\u00a0

\n

Borrowing costs\ndirectly attributable to the acquisition, construction or\nproduction of qualifying assets, which are assets that necessarily\ntake a substantial period of time to get ready for their intended\nuse or sale, are capitalised from the time that expenditure for\nthese assets and borrowing costs are being incurred and activities\nthat are necessary to prepare these assets for their intended use\nor sale are in progress. Borrowing costs are capitalised until such\ntime as the assets are substantially ready for their intended use\nor sale. Borrowing costs are suspended during extended periods in\nwhich active development is interrupted. All other borrowing costs\nare recognised as an expense in profit or loss in the period in\nwhich they are incurred.

\n

\u00a0

\n

4.6\u00a0\u00a0\u00a0\u00a0\u00a0 Property, plant and\nequipment

\n

\u00a0

\n

Items of property,\nplant and equipment are initially recognised at acquisition cost.\nSubsequently, they are carried at acquisition cost less accumulated\ndepreciation and impairment losses.

\n

\u00a0

\n

Depreciation is\ncalculated, using the straight-line method, to write off the cost\nof assets over their estimated useful lives on the following\nbases:\u00a0

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

-

\n		\n

Plant and\nmachinery

\n		\n

6.67-25%

\n
\n

-

\n		\n

Office furniture,\nfittings and equipment

\n		\n

10%

\n
\n

\u00a0

\n

Material residual\nvalue estimates and estimates of useful lives are updated as\nrequired, but at least annually, whether or not the asset is\nrevalued. Gains or losses arising on the disposal of property,\nplant and equipment are determined as the difference between the\ndisposal proceeds and the carrying amount of the assets and are\nrecognised in profit or loss within \u2018other income\u2019 or\n\u2018administrative and other operating\nexpenses\u2019.

\n

\u00a0

\n

Subsequent costs are\nincluded in the carrying amount of the asset or recognised as\nseparate asset, as appropriate, only when it is probable that\nfuture economic benefits associated with the item will flow to the\ncompany and group and the cost of the item can be measured\nreliably.\u00a0 All other repairs and maintenance are recognised in\nstatement of profit or loss and other comprehensive\nincome.

\n

\u00a0

\n

4.7\u00a0\u00a0\u00a0\u00a0\u00a0 Leases

\n

\u00a0

\n

The group as a\nlessee

\n

\u00a0

\n

The group considers\nwhether a contract is or contains a lease at inception of a\ncontract. A lease is defined as \u2018a contract, or part of a\ncontract, that conveys the right to use an asset (underlying asset)\nfor a period of time in exchange for a consideration\u2019. To\napply this definition, the group assesses whether the contract\nmeets three key evaluations, which are whether:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

the contract contains\nan identified asset, which is either explicitly identified in the\ncontract or implicitly specified by being identified at the time\nthe asset is made available to the group;

\n
\n

\u2022

\n		\n

the group has the right\nto obtain substantially all of the economic benefits from use of\nthe identified asset throughout the period of use, considering its\nrights within the defined scope of the contract; and;

\n
\n

\u2022

\n		\n

the group has the right\nto direct the use of the identified asset throughout the period of\nuse. The group assesses whether it has the right to direct\n\u2018how and for what purpose\u2019 the asset is used throughout\nthe period of use.

\n
\n

\u00a0

\n

For leases of land and\nbuildings, the minimum lease payments are first allocated to each\ncomponent based on the relative fair values of the respective lease\ninterests. Each component is then evaluated separately for possible\ntreatment as a finance lease, taking into consideration the fact\nthat land normally has an indefinite economic life.

\n

\u00a0

\n

Measurement and\nrecognition of lease

\n

\u00a0

\n

At lease commencement\ndate, the group recognises a right-of-use asset and a lease\nliability on the statement of financial position. The right-of-use\nasset is measured at cost, which is made up of the initial\nmeasurement of the lease liability, any initial direct costs\nincurred by the group, an estimate of any costs to dismantle and\nremove the asset at the end of the lease, and any lease payments\nmade in advance of the commencement date (net of any incentives\nreceived).

\n

\u00a0

\n

The group depreciates\nthe right-of-use assets on a straight-line basis from the lease\ncommencement date to the earlier of the end of the useful life of\nthe right-of-use asset or the end of the lease term. The group also\nassesses the right-of-use asset for impairment when such indicators\nexist.

\n

\u00a0

\n

At lease commencement\ndate, the group measures the lease liability at the present value\nof the lease payments unpaid at that date, discounted using the\ninterest rate implicit in the lease if that rate is readily\navailable or the group\u2019s incremental borrowing\nrate.

\n

\u00a0

\n

Lease payments\nincluded in the measurement of the lease liability are made up of\nfixed payments (including in substance fixed), variable payments\nbased on an index or rate, amounts expected to be payable under a\nresidual value guarantee and payments arising from options\nreasonably certain to be exercised.

\n

\u00a0

\n

Subsequent to initial\nmeasurement, the liability will be reduced for payments made and\nincreased for interest. It is remeasured to reflect any\nreassessment or modification, or if there are changes in\nin-substance fixed payments.

\n

\u00a0

\n

When the lease\nliability is remeasured, the corresponding adjustment is reflected\nin the right-of-use asset, or profit and loss if the right-of-use\nasset is already reduced to zero.

\n

\u00a0

\n

The group has elected\nto account for short-term leases and leases of low-value assets\nusing the practical expedients. Instead of recognising a\nright-of-use asset and lease liability, the payments in relation to\nthese are recognised as an expense in profit or loss on a\nstraight-line basis over the lease term.

\n

\u00a0

\n

On the statement of\nfinancial position, right-of-use asset has been disclosed with\ninvestment property (see note 11) and lease liabilities have been\ndisclosed separately (see note 26).

\n

\u00a0

\n

The group as a\nlessor

\n

\u00a0

\n

Leases for which the\ngroup is a lessor continue to be classified as finance or operating\nleases. Leases are classified as finance leases whenever the terms\nof the lease transfer substantially all the risks and rewards\nincidental to ownership to the lessee. All other leases are\nclassified as operating leases. Lease classification is made at the\ninception of the lease, which is the earlier of the date of the\nlease agreement and the date of commitment by the parties to the\nprincipal provisions of the lease.

\n

\u00a0

\n

When the group is an\nintermediate lessor, it accounts for the head lease and the\nsublease as two separate contracts. The sublease is classified as a\nfinance or operating lease by reference to the right-of-use asset\narising from the head lease.

\n

\u00a0

\n

Leased assets are\npresented in the statement of financial position according to their\nnature and are tested for impairment in accordance with the\ngroup\u2019s accounting policy on impairment. Depreciable leased\nassets are depreciated in accordance with the group\u2019s\naccounting policy on depreciation. Rental income from operating\nleases is recognised on a straight-line basis over the term of the\nrelevant lease unless another systematic basis is more\nrepresentative of the pattern in which benefit from the use of the\nunderlying asset is diminished. Initial direct costs incurred in\nobtaining an operating lease are added to the carrying amount of\nthe leased asset.

\n

\u00a0

\n

Amounts due from\nlessees under a finance lease are presented in the statement of\nfinancial position as receivables at the amount of the\ngroup\u2019s net investment in the lease and include initial\ndirect costs (unless the finance lease involves manufacturer or\ndealer lessors). Finance lease income is allocated to accounting\nperiods so as to reflect a constant periodic rate of return on the\ngroup and the company\u2019s net investment in the finance\nlease.

\n

\u00a0

\n

When a contract\nincludes lease and non-lease components, the group applies IFRS 15\nto allocate the consideration under the contract to each\ncomponent.

\n

\u00a0

\n

4.8\u00a0\u00a0\u00a0\u00a0\u00a0 Investment\nproperty

\n

\u00a0

\n

Investment property is\nproperty held to earn rentals and/or for capital appreciation.\nInvestment property is recognised as an asset when it is probable\nthat the future economic benefits that are associated with the\ninvestment property will flow to the entity and the cost can be\nmeasured reliably.\u00a0

\n

Investment property is\ninitially measured at cost, including transaction costs. Subsequent\nto initial recognition, investment property is stated at fair value\nat the end of the reporting period. Gains or losses arising from\nchanges in the fair value of investment property are recognised in\nstatement of profit or loss and other comprehensive income in the\nperiod in which they arise, including the corresponding tax effect.\nFair values are determined by a professionally qualified\narchitect/surveyor on the basis of market values.

\n

\u00a0

\n

Investment property is\nderecognised on disposal or when it is permanently withdrawn from\nuse and no future economic benefits are expected from its disposal.\nGains or losses on derecognition represent the difference between\nthe net disposal proceeds, if any, and the carrying amount and are\nrecognised in statement of profit or loss and other comprehensive\nincome in the period of derecognition. The amount of consideration\nto be included in the gain or loss arising from the derecognition\nof investment property is determined in accordance with the\nrequirements for determining the transaction price in IFRS\n15.

\n

\u00a0

\n

Rental income and\noperating expenses from investment property are reported within\n\u2018revenue\u2019 and \u2018administrative and other operating\nexpenses\u2019.

\n

\u00a0

\n

4.9\u00a0\u00a0\u00a0\u00a0\u00a0 Investments in\nsubsidiaries

\n

\u00a0

\n

Investments in\nsubsidiaries are included in the company\u2019s statement of\nfinancial position at cost less any impairment loss that may have\narisen. Income from investments is recognised only to the extent of\ndistributions received by the company.

\n

\u00a0

\n

At the end of each\nreporting period, the company reviews the carrying amount of its\ninvestments in subsidiaries to determine whether there is any\nindication of impairment and, if any such indication exists, the\nrecoverable amount of the investment is estimated. An impairment\nloss is the amount by which the carrying amount of an investment\nexceeds its recoverable amount. The recoverable amount is the\nhigher of fair value less costs to sell and value in use. An\nimpairment loss that has been previously recognised is reversed if\nthe carrying amount of the investment exceeds its recoverable\namount. An impairment loss is reversed only to the extent that the\ncarrying amount of the investment does not exceed the carrying\namount that would have been determined if no impairment loss had\nbeen previously recognised. Impairment losses and reversals are\nrecognised immediately in statement of\nprofit or loss and other comprehensive income .

\n

\u00a0

\n

4.10\u00a0\u00a0\u00a0\nInvestment in associates

\n

\u00a0

\n

In the consolidated\nfinancial statements of the group, subsequent to initial\nrecognition, investment in associates is accounted for using the\nequity method. Under the equity method, the carrying amount of the\ninvestment in associate is adjusted for the share in net income or\nloss of the associate, dividends received, and other equity\nmovements of the associate. Where the group\u2019s share of losses\nin an associate exceeds its interest in the associate, including\nany unsecured receivable, the group does not recognise further\nlosses, unless it has incurred obligations or made payments on\nbehalf of the associate.

\n

\u00a0

\n

The use of the equity\nmethod ceases from the date that significant influence\nceases.

\n

\u00a0

\n

An associate is an\nentity over which the group has significant influence but not\ncontrol, generally accompanying a shareholding of between 20% and\n50% of the voting rights. The considerations made in determining\nsignificant influence or joint control are similar to those\nnecessary to determine control over subsidiaries.

\n

\u00a0

\n

Investment in\nassociates is initially recognised at cost, being the fair value of\nthe consideration given, including acquisition charges associated\nwith the investment.

\n

\u00a0

\n

4.11\u00a0\u00a0\u00a0\nBusiness combinations under common control

\n

\u00a0

\n

A business combination\nunder common control is a transaction when the group acquires a\ncompany, or brings into the group for consolidation, for which the\nlatter is already under common control by the same ultimate\ncontrolling party of the group.

\n

\u00a0

\n

4.12\u00a0\u00a0\u00a0\nFinancial instruments

\n

\u00a0

\n

Recognition and\nderecognition

\n

\u00a0

\n

Financial assets and\nfinancial liabilities are recognised when the group and company\nbecome a party to the contractual provisions of the financial\ninstrument.

\n

\u00a0

\n

Financial assets are\nderecognised when the contractual rights to the cash flows from the\nfinancial asset expire, or when the financial asset and all\nsubstantial risks and rewards are transferred. A financial\nliability is derecognised when it is extinguished, discharged,\ncancelled or expires.

\n

\u00a0

\n

Classification and\ninitial measurement of financial assets

\n

\u00a0

\n

Except for those trade\nreceivables that do not contain a significant financing component\nand are measured at the transaction price in accordance with IFRS\n15, all financial assets are initially measured at fair value\nadjusted for transaction costs (where applicable).

\n

\u00a0

\n

Financial assets are\nclassified into the following categories:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

amortised\ncost;

\n
\n

\u2022

\n		\n

fair value through\nprofit or loss (FVTPL); and

\n
\n

\u2022

\n		\n

fair value through other\ncomprehensive income (FVOCI).

\n
\n

\u00a0

\n

The group and company\ndo not have any financial assets categorised as FVTPL and FVOCI in\nthe periods presented.

\n

\u00a0

\n

The classification is\ndetermined by both:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

the entity\u2019s\nbusiness model for managing the financial asset; and

\n
\n

\u2022

\n		\n

the contractual cash\nflow characteristics of the financial asset.

\n
\n

\u00a0

\n

All income and\nexpenses relating to financial assets that are recognised in the\nstatement of profit or loss and other comprehensive income are\npresented within \u2018finance costs\u2019 and \u2018finance\nincome\u2019.

\n

\u00a0

\n

Subsequent\nmeasurement of financial assets

\n

\u00a0

\n

Financial assets at amortised cost

\n

\u00a0

\n

Financial assets are\nmeasured at amortised cost if the assets meet the following\nconditions (and are not designated as FVTPL):

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

they are held within a\nbusiness model whose objective is to hold the financial assets and\ncollect its contractual cash flows; and

\n
\n

\u2022

\n		\n

the contractual terms of\nthe financial assets give rise to cash flows that are solely\npayments of principal and interest on the principal amount\noutstanding.

\n
\n

\u00a0

\n

After initial\nrecognition, these are measured at amortised cost using the\neffective interest method. Discounting is omitted where the effect\nof discounting is immaterial.\u00a0 The group and company\u2019s\nloans due from related parties, trade and other receivables, and\ncash and cash equivalents fall into this category of financial\ninstruments.

\n

\u00a0

\n

Impairment of\nfinancial assets

\n

\u00a0

\n

IFRS 9\u2019s\nimpairment requirements use forward-looking information to\nrecognise expected credit losses \u2013 the \u2018expected credit\nloss (ECL) model\u2019. Instruments within the scope of the\nrequirements included loans and other debt-type financial assets\nmeasured at amortised cost and FVOCI, trade receivables, contract\nassets recognised and measured under IFRS 15 and loan commitments\nand some financial guarantee contracts (for the issuer) that are\nnot measured at FVTPL.

\n

\u00a0

\n

The group and company\nconsider a broad range of information when assessing credit risk\nand measuring expected credit losses, including past events,\ncurrent conditions, reasonable and supportable forecasts that\naffect the expected collectability of the future cash flows of the\ninstrument.

\n

\u00a0

\n

In applying this\nforward-looking approach, a distinction is made between:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

financial instruments\nthat have not deteriorated significantly in credit quality since\ninitial recognition or that have low credit risk (\u2018Stage\n1\u2019); and

\n
\n

\u2022

\n		\n

financial instruments\nthat have deteriorated significantly in credit quality since\ninitial recognition

\n

and whose credit risk\nis not low (\u2018Stage 2\u2019).

\n
\n

\u00a0

\n

Stage 3\u2019 would\ncover financial assets that have objective evidence of impairment\nat the reporting date.

\n

\u00a0

\n

\u201812-month\nexpected credit losses\u2019 are recognised for the first category\nwhile \u2018lifetime expected credit losses\u2019 are recognised\nfor the second category.

\n

\u00a0

\n

Measurement of the\nexpected credit losses is determined by a probability-weighted\nestimate of credit losses over the expected life of the financial\ninstrument.

\n

\u00a0

\n

Classification and\nmeasurement of financial liabilities

\n

\u00a0

\n

The group\u2019s\nfinancial liabilities include debt securities in issue, lease\nliabilities, loans and amounts due to related parties, and trade\nand other payables.

\n

\u00a0

\n

The company\u2019s\nfinancial liabilities include debt securities in issue, amounts due\nto related parties, and trade and other payables.

\n

\u00a0

\n

Financial liabilities\nare initially measured at fair value and, where applicable,\nadjusted for transaction costs unless the group and company\ndesignate a financial liability at FVTPL.

\n

\u00a0

\n

Subsequently,\nfinancial liabilities are measured at amortised cost using the\neffective interest method except for derivatives and financial\nliabilities designated at FVTPL, which are carried subsequently at\nfair value with gains or losses recognised in profit or loss (other\nthan derivative financial instruments that are designated and\neffective as hedging instruments).

\n

\u00a0

\n

All interest-related\ncharges and, if applicable, changes in an instrument\u2019s fair\nvalue that are reported in the statement\nof profit or loss and other comprehensive income\nare included within \u2018finance costs\u2019\nor \u2018finance income\u2019.

\n

\u00a0

\n

4.13\u00a0\u00a0\u00a0\nFair value of financial assets and liabilities

\n

\u00a0

\n

Fair value is the\nprice that would be received to sell an asset or paid to transfer a\nliability in an orderly transaction between market participants at\nthe measurement date.

\n

\u00a0

\n

For financial\nreporting purposes, fair value measurements are categorised into\nlevel 1, 2 or 3 based on the degree to which the inputs to the fair\nvalue measurements are observable and the significance of the\ninputs to the fair value measurement in its entirety, which are\ndescribed as follows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

Level 1 inputs are quoted\nprices (unadjusted) in active markets for identical assets or\nliabilities that the entity can access at the measurement\ndate;

\n
\n

\u2022

\n		\n

Level 2 inputs, other\nthan quoted prices included within level 1, that are observable for\nthe asset or liability, either directly or indirectly;\nand

\n
\n

\u2022

\n		\n

Level 3 inputs are\nunobservable inputs for the asset or liability.

\n
\n

\u00a0

\n

For assets and\nliabilities that are recognised in the financial statements at fair\nvalue on a recurring basis, the group and the company determines\nwhen transfers are deemed to have occurred between levels in the\nhierarchy at the end of each reporting period.

\n

\u00a0

\n

4.14\u00a0\u00a0\u00a0\nImpairment of non-financial assets

\n

\u00a0

\n

For the purposes of\nassessing impairment, assets are grouped at the lowest levels for\nwhich there are largely independent cash inflows (cash generating\nunits). As a result, some assets are tested individually for\nimpairment, and some are tested at cash-generating unit\nlevel.\u00a0

\n

\u00a0

\n

All individual assets\nor cash-generating units are tested for impairment whenever events\nor changes in circumstances indicate that the carrying amount may\nnot be recoverable. An impairment loss is recognised for the amount\nby which the asset's or cash-generating unit\u2019s carrying\namount exceeds its recoverable amount. The recoverable amount is\nthe greater of its fair value less costs to sell and its value in\nuse. To determine the value in use, the group\u2019s and the\ncompany\u2019s management estimates expected future cashflows from\neach cash-generating unit and determines a suitable interest rate\nin order to calculate the present value of those cashflows.\nDiscount factors are determined individually for each\ncash-generating unit and reflect their respective risk profiles as\nassessed by the group\u2019s and the company\u2019s\nmanagement.

\n

\u00a0

\n

Impairment losses are\nrecognised immediately in the statement of profit or loss and other\ncomprehensive income. Impairment losses for cash-generating units\nare charged pro-rata to the assets in the cash-generating unit. All\nassets are subsequently reassessed for indications that an\nimpairment loss previously recognised may no longer\nexist.

\n

\u00a0

\n

An impairment loss is\nreversed only to the extent that the asset\u2019s carrying amount\ndoes not exceed the carrying amount that would have been\ndetermined, net of depreciation or amortisation, if no impairment\nloss had been recognised.

\n

\u00a0

\n

4.15\u00a0\u00a0\u00a0\nInventories

\n

\u00a0

\n

Inventories comprise\nproperties held for sale and properties under development for sale\nand are stated at the lower of cost and net realisable value. Cost\nincludes land acquisition costs, development and construction\nexpenditures, professional fees, borrowing costs capitalised in\naccordance with IAS 23 Borrowing Costs, and other costs directly\nattributable to bringing the inventories to their present location\nand condition. Costs are determined on a specific identification\nbasis.

\n

\u00a0

\n

Net realisable value\nis the estimated selling price in the ordinary course of business,\nbased on market conditions prevailing at the reporting date, less\nthe estimated costs of completion and costs necessary to make the\nsale .

\n

\u00a0

\n

4.16\u00a0\u00a0\u00a0\nIncome taxes

\n

\u00a0

\n

Tax expense recognised\nin statement of profit or loss and other\ncomprehensive income comprises the sum of\ndeferred tax and current tax not recognised directly in other\ncomprehensive income or equity.

\n

\u00a0

\n

Current income tax\nassets and/or liabilities comprise those obligations to, or claims\nfrom, fiscal authorities relating to the current or prior reporting\nperiods, that are unpaid at the reporting date. Current tax is\npayable on taxable profit, which differs from profit or loss in the\nfinancial statements. Calculation of current tax is based on tax\nrates and tax laws that have been enacted or substantively enacted\nby the end of the reporting period and any adjustment to tax\npayable in respect of previous years.

\n

\u00a0

\n

Deferred income taxes\nare calculated using the liability method on temporary differences\nbetween the carrying amounts of assets and liabilities and their\ntax bases. However, deferred tax is not provided on the initial\nrecognition of goodwill, or on the initial recognition of an asset\nor liability unless the related transaction is a business\ncombination or affects tax or accounting profit. Deferred tax on\ntemporary differences associated with shares in subsidiaries and\njoint ventures is not provided if reversal of these temporary\ndifferences can be controlled by the group and company and it is\nprobable that reversal will not occur in the foreseeable\nfuture.

\n

\u00a0

\n

Deferred tax assets\nand liabilities are calculated, without discounting, at tax rates\nthat are expected to apply to their respective period of\nrealisation, provided they are enacted or substantively enacted by\nthe end of the reporting period. Deferred tax liabilities are\nalways provided for in full.

\n

\u00a0

\n

Deferred tax assets\nare recognised to the extent that it is probable that they will be\nable to be utilised against future taxable income. Deferred tax\nassets are reviewed at each reporting date and are reduced to the\nextent that it is no longer probable that the related tax benefit\nwill be realised.

\n

\u00a0

\n

Changes in deferred\ntax assets or liabilities are recognised as a component of tax\nincome or expense in profit or loss, except where they relate to\nitems that are recognised in the separate and consolidated\nstatement of profit or loss and other comprehensive income or\nequity (such as the revaluation of land) in which case the related\ndeferred tax is also recognised in other comprehensive income or\nequity respectively.

\n

\u00a0

\n

4.17\u00a0\u00a0\u00a0\nSignificant management judgement in applying accounting policies\nand estimation uncertainty

\n

\u00a0

\n

The preparation of the\nconsolidated financial statements in conformity with IFRS requires\nmanagement to make judgements, estimates and assumptions that\naffect the application of policies and reported amounts of assets,\nliabilities, income and expenses. Use of available information and\napplication of judgement are inherent in making estimates.\u00a0\nActual results in future could differ from such estimates and the\ndifferences may be material to the financial statements.\u00a0 The\nestimates and underlying assumptions are reviewed on an ongoing\nbasis. Revisions to accounting estimates are recognised in the\nperiod in which the estimate is revised if the revision affects\nonly that period, or in the period of revision and future periods\nif the revision affects both current and future periods.

\n

\u00a0

\n

Except as disclosed\nbelow, in the opinion of the directors, the accounting estimates\nand judgements made in the course of preparing these financial\nstatements are not difficult, subjective or complex to a degree\nwhich would warrant their description as critical in terms of the\nrequirements of IAS 1 (revised).

\n

\u00a0

\n

Significant\nmanagement judgement

\n

\u00a0

\n

The following is the\nsignificant management judgement in applying the accounting\npolicies of the group that has the most significant effect on the\nfinancial statements.

\n

\u00a0

\n

Determining whether\nan arrangement contains a lease

\n

\u00a0

\n

The group and the\ncompany use their judgment in determining whether an arrangement\ncontains a lease, based on the substance of the arrangement and\nmake assessment of whether it is dependent on the use of a specific\nasset or assets, conveys a right to use the asset and transfers\nsubstantially all the risks and rewards incidental to ownership\nto/from the group and the company.

\n

\u00a0

\n

Estimation\nuncertainty

\n

\u00a0

\n

Information about\nestimates and assumptions that have the most significant effect on\nrecognition and measurement of assets, liabilities, income and\nexpense is provided below. Actual results may be substantially\ndifferent.

\n

\u00a0

\n

Impairment of\nnon-financial assets

\n

\u00a0

\n

In assessing\nimpairment, management estimates the recoverable amount of each\nasset or cash-generating unit based on expected future cash flows\nand uses an interest rate to discount them. Estimation uncertainty\nrelates to assumptions about future operating results and the\ndetermination of a suitable discount rate.

\n

\u00a0

\n

Useful lives of\ndepreciable assets

\n

\u00a0

\n

Management reviews the\nuseful lives of depreciable assets at each reporting date, based on\nthe expected utility of the assets to the group and the\ncompany.\u00a0 The carrying amounts are analysed in notes 11 and\n12. Actual results, however, may vary due to technical\nobsolescence, particularly relating to software and IT\nequipment.

\n

\u00a0

\n

Investment\nproperty

\n

\u00a0

\n

The group and the\ncompany uses the services of professional valuers to revalue the\ninvestment properties. The professional valuers consider market\nparticipant\u2019s ability to generate economic benefits by using\nthe asset in its highest and best use or by selling it to another\nmarket participant that would use the asset in its highest and best\nuse.

\n

\u00a0

\n

The highest and best\nuse of a non-financial asset takes into account the use of the\nasset that is physically possible, legally permissible and\nfinancially feasible, as follows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n
\n

-

\n		\n

A use that is\nphysically possible, takes into account the physical\ncharacteristics of the asset that market participants would take\ninto account when pricing the asset (e.g., the location or size of\na property).

\n
\n

-

\n		\n

A use that is legally\npermissible takes into account any legal restrictions on the use of\nthe asset that market participants would take into account when\npricing the asset (e.g., the zoning regulations applicable to a\nproperty).

\n
\n

\u00a0

\n

A use that is\nfinancially feasible takes into account whether a use of the asset\nthat is physically possible and legally permissible generates\nadequate income or cash flows (taking into account the costs of\nconverting the asset to that use) to produce an investment return\nthat market participants would require from an investment in that\nasset put to that use.

", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "eQ7rEKHAa_": { "value": "

4.3\u00a0\u00a0\u00a0\u00a0\u00a0 Basis of\nconsolidation

\n

\u00a0

\n

The financial\nstatements consolidate those of the parent company and all of its\nsubsidiaries controlled by the company drawn up to 31 December\n2025. Control exists when the company has power over the investee,\nis exposed or has rights to variable returns from its involvement\nwith the investee and has the ability to use its power over the\ninvestee to affect the amount of its returns.\u00a0 In assessing\ncontrol, potential voting rights that give the company the current\nability to direct the investee\u2019s relevant activities are\ntaken into account.\u00a0 All subsidiaries have a reporting date of\n31 December 2025.

\n

\u00a0

\n

The group re-assesses\nwhether or not it controls an investee if facts and circumstances\nindicate that there are changes to one or more of the three\nelements of control. Consolidation of a subsidiary begins when the\ngroup obtains control over the subsidiary and ceases when the group\nloses control of the subsidiary. Assets, liabilities, income and\nexpenses of a subsidiary acquired or disposed of during the year\nare included in the consolidated financial statements from the date\nthe group gains control until the date the group ceases to control\nthe subsidiary.

\n

\u00a0

\n

Profit or loss and\neach component of other comprehensive income (OCI) are attributed\nto the equity holders of the parent of the group and to the\nnon-controlling interests, even if this results in the\nnon-controlling interests having a deficit balance. When necessary,\nadjustments are made to the financial statements of subsidiaries to\nbring their accounting policies in line with the group\u2019s\naccounting policies. All intra-group assets and liabilities,\nequity, income, expenses and cash flows relating to transactions\nbetween members of the group are eliminated in full on\nconsolidation.

\n

\u00a0

\n

A change in the\nownership interest of a subsidiary, without a loss of control, is\naccounted for as an equity transaction. If the group loses control\nover a subsidiary, it derecognises the related assets (including\ngoodwill), liabilities, non-controlling interest and other\ncomponents of equity, while any resultant gain or loss is\nrecognised in profit or loss. Any investment retained is recognised\nat fair value.

\n

\u00a0

\n

Intra-group balances,\ntransactions and unrealised gains and losses on transactions\nbetween the group companies are eliminated on consolidation. Where\nunrealised losses on intra-group asset sales are reversed on\nconsolidation, the underlying asset is also tested for impairment\nfrom the group perspective. Amounts reported in the financial\nstatements of subsidiaries have been adjusted where necessary to\nensure consistency with the accounting policies adopted by the\ngroup.

\n

\u00a0

\n

Profit or loss and\nother comprehensive income of subsidiaries acquired or disposed of\nduring the year are recognised from the effective date of\nacquisition, or up to the effective date of disposal, as\napplicable.

\n

\u00a0

\n

The separate and\nconsolidated financial statements reflect the financial position\nand operation of the company and its subsidiaries as listed below\n(together the \u2018group\u2019).

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Entities

\n		\n

Principal\nactivities

\n		\n

Country of\nincorporation

\n		\n

Ownership\ninterest

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Subsidiaries

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

TUM Operations\nLimited

\n		\n

Investment and holding\ncompany

\n		\n

Malta

\n		\n

100%

\n
\n

\u00a0

\n

Easysell Limited\n(indirectly through TUM Operations Limited)

\n		\n

Holding and management\nof immovable property

\n		\n

Malta

\n		\n

100%

\n
\n

\u00a0

\n

TUM\nDevelopments Limited (indirectly through TUM Operations Limited)

\n		\n

Buying and renting of\nimmovable property

\n		\n

Malta

\n		\n

100%

\n
\n

\u00a0

\n

TFL Property\nDevelopment Limited (indirectly through\nTUM Operations Limited)

\n		\n

Buying and management\nof immovable property

\n		\n

Malta

\n		\n

100%

\n
\n

\u00a0

\n

TUM Tal-Pajpaj\nProperties Ltd. (indirectly through\nTUM Operations Limited)

\n		\n

Buying and management\nof immovable property

\n		\n

Malta

\n		\n

100%

\n
\n

\u00a0

\n

In-Nahal Property\nLimited (indirectly through TUM\nOperations Limited)

\n		\n

Buying and management\nof immovable property

\n		\n

Malta

\n		\n

100%

\n
\n

\u00a0

\n

BBT Nigret Properties\nLtd. (indirectly through TUM Operations Limited)

\n		\n

Buying and management\nof immovable property

\n		\n

Malta

\n		\n

50%

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "s_g1_lmrZl": { "value": "

4.3\u00a0\u00a0\u00a0\u00a0\u00a0 Basis of\nconsolidation

\n

\u00a0

\n

The financial\nstatements consolidate those of the parent company and all of its\nsubsidiaries controlled by the company drawn up to 31 December\n2025. Control exists when the company has power over the investee,\nis exposed or has rights to variable returns from its involvement\nwith the investee and has the ability to use its power over the\ninvestee to affect the amount of its returns.\u00a0 In assessing\ncontrol, potential voting rights that give the company the current\nability to direct the investee\u2019s relevant activities are\ntaken into account.\u00a0 All subsidiaries have a reporting date of\n31 December 2025.

\n

\u00a0

\n

The group re-assesses\nwhether or not it controls an investee if facts and circumstances\nindicate that there are changes to one or more of the three\nelements of control. Consolidation of a subsidiary begins when the\ngroup obtains control over the subsidiary and ceases when the group\nloses control of the subsidiary. Assets, liabilities, income and\nexpenses of a subsidiary acquired or disposed of during the year\nare included in the consolidated financial statements from the date\nthe group gains control until the date the group ceases to control\nthe subsidiary.

\n

\u00a0

\n

Profit or loss and\neach component of other comprehensive income (OCI) are attributed\nto the equity holders of the parent of the group and to the\nnon-controlling interests, even if this results in the\nnon-controlling interests having a deficit balance. When necessary,\nadjustments are made to the financial statements of subsidiaries to\nbring their accounting policies in line with the group\u2019s\naccounting policies. All intra-group assets and liabilities,\nequity, income, expenses and cash flows relating to transactions\nbetween members of the group are eliminated in full on\nconsolidation.

\n

\u00a0

\n

A change in the\nownership interest of a subsidiary, without a loss of control, is\naccounted for as an equity transaction. If the group loses control\nover a subsidiary, it derecognises the related assets (including\ngoodwill), liabilities, non-controlling interest and other\ncomponents of equity, while any resultant gain or loss is\nrecognised in profit or loss. Any investment retained is recognised\nat fair value.

\n

\u00a0

\n

Intra-group balances,\ntransactions and unrealised gains and losses on transactions\nbetween the group companies are eliminated on consolidation. Where\nunrealised losses on intra-group asset sales are reversed on\nconsolidation, the underlying asset is also tested for impairment\nfrom the group perspective. Amounts reported in the financial\nstatements of subsidiaries have been adjusted where necessary to\nensure consistency with the accounting policies adopted by the\ngroup.

\n

\u00a0

\n

Profit or loss and\nother comprehensive income of subsidiaries acquired or disposed of\nduring the year are recognised from the effective date of\nacquisition, or up to the effective date of disposal, as\napplicable.

4.9\u00a0\u00a0\u00a0\u00a0\u00a0 Investments in\nsubsidiaries

\n

\u00a0

\n

Investments in\nsubsidiaries are included in the company\u2019s statement of\nfinancial position at cost less any impairment loss that may have\narisen. Income from investments is recognised only to the extent of\ndistributions received by the company.

\n

\u00a0

\n

At the end of each\nreporting period, the company reviews the carrying amount of its\ninvestments in subsidiaries to determine whether there is any\nindication of impairment and, if any such indication exists, the\nrecoverable amount of the investment is estimated. An impairment\nloss is the amount by which the carrying amount of an investment\nexceeds its recoverable amount. The recoverable amount is the\nhigher of fair value less costs to sell and value in use. An\nimpairment loss that has been previously recognised is reversed if\nthe carrying amount of the investment exceeds its recoverable\namount. An impairment loss is reversed only to the extent that the\ncarrying amount of the investment does not exceed the carrying\namount that would have been determined if no impairment loss had\nbeen previously recognised. Impairment losses and reversals are\nrecognised immediately in statement of\nprofit or loss and other comprehensive income .

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "W2mherxX0Y": { "value": "

The separate and\nconsolidated financial statements reflect the financial position\nand operation of the company and its subsidiaries as listed below\n(together the \u2018group\u2019).

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Entities

\n		\n

Principal\nactivities

\n		\n

Country of\nincorporation

\n		\n

Ownership\ninterest

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Subsidiaries

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

TUM Operations\nLimited

\n		\n

Investment and holding\ncompany

\n		\n

Malta

\n		\n

100%

\n
\n

\u00a0

\n

Easysell Limited\n(indirectly through TUM Operations Limited)

\n		\n

Holding and management\nof immovable property

\n		\n

Malta

\n		\n

100%

\n
\n

\u00a0

\n

TUM\nDevelopments Limited (indirectly through TUM Operations Limited)

\n		\n

Buying and renting of\nimmovable property

\n		\n

Malta

\n		\n

100%

\n
\n

\u00a0

\n

TFL Property\nDevelopment Limited (indirectly through\nTUM Operations Limited)

\n		\n

Buying and management\nof immovable property

\n		\n

Malta

\n		\n

100%

\n
\n

\u00a0

\n

TUM Tal-Pajpaj\nProperties Ltd. (indirectly through\nTUM Operations Limited)

\n		\n

Buying and management\nof immovable property

\n		\n

Malta

\n		\n

100%

\n
\n

\u00a0

\n

In-Nahal Property\nLimited (indirectly through TUM\nOperations Limited)

\n		\n

Buying and management\nof immovable property

\n		\n

Malta

\n		\n

100%

\n
\n

\u00a0

\n

BBT Nigret Properties\nLtd. (indirectly through TUM Operations Limited)

\n		\n

Buying and management\nof immovable property

\n		\n

Malta

\n		\n

50%

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "N5FJpNc-Mu": { "value": "

4.4\u00a0\u00a0\u00a0\u00a0\u00a0 Revenue\nrecognition

\n

\u00a0

\n

Revenue is measured at\nthe fair value of the consideration received or receivable for\nservices provided in the normal course of business, net of value\nadded tax and discounts, where applicable. Revenue is recognised to\nthe extent that it is probable that future economic benefits will\nflow to the group and company, and these can be measured\nreliably.

\n

\u00a0

\n

To determine whether to recognise\nrevenue, the group and company follow a 5-step process:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

1

\n		\n

Identifying the\ncontract with a customer

\n
\n

2

\n		\n

Identifying the\nperformance obligation(s)

\n
\n

3

\n		\n

Determining the\ntransaction price

\n
\n

4

\n		\n

Allocating the\ntransaction price to the performance obligation(s)

\n
\n

5

\n		\n

Recognising revenue\nwhen/as performance obligation(s) is/are satisfied

\n
\n

\u00a0

\n

The following specific\nrecognition criteria must also be met before revenue is\nrecognised:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

rental income from\ninvestment property is recognised in profit or loss on a\nstraight-line basis over the lease term;

\n
\n

\u2022

\n		\n

expenses and costs\nincurred to properties are recharged to tenants in the period in\nwhich they are incurred; and

\n
\n

\u2022

\n		\n

dividend income is\nrecognised on the date when the company\u2019s right to receive\nthe payment is established.

\n
\n

\u00a0

\n

Revenue is recognised\neither at a point in time or over time, when (or as) the group or\ncompany satisfy performance obligations by providing the promised\nservices to the customers.

\n

\u00a0

\n

The group and company recognise\ncontract liabilities for consideration received in respect of\nunsatisfied performance obligations and report these amounts as\nother liabilities in the statement of financial position.\nSimilarly, if the group and company satisfy a performance\nobligation before they receive the consideration, the group and\ncompany recognise either a contract asset or a receivable in the\nstatement of financial position, depending on whether something\nother than the passage of time is required before the consideration\nis due.

\n

Revenue from the\nprovision of services is recognised when or as the group and\ncompany transfer control of the assets to the customer. Control is\ntransferred at a point in time and occurs when the customer takes\nundisputed delivery of the goods.

\n

\u00a0

\n

Dividend income, other\nthan those from investments in associates, is recognised at the\ntime the right to receive payment is established.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "dZt32IG32i": { "value": "

4.5\u00a0\u00a0\u00a0\u00a0\u00a0 Borrowing costs

\n

\u00a0

\n

Borrowing costs\ndirectly attributable to the acquisition, construction or\nproduction of qualifying assets, which are assets that necessarily\ntake a substantial period of time to get ready for their intended\nuse or sale, are capitalised from the time that expenditure for\nthese assets and borrowing costs are being incurred and activities\nthat are necessary to prepare these assets for their intended use\nor sale are in progress. Borrowing costs are capitalised until such\ntime as the assets are substantially ready for their intended use\nor sale. Borrowing costs are suspended during extended periods in\nwhich active development is interrupted. All other borrowing costs\nare recognised as an expense in profit or loss in the period in\nwhich they are incurred.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "pgKcShfpWO": { "value": "

4.5\u00a0\u00a0\u00a0\u00a0\u00a0 Borrowing costs

\n

\u00a0

\n

Borrowing costs\ndirectly attributable to the acquisition, construction or\nproduction of qualifying assets, which are assets that necessarily\ntake a substantial period of time to get ready for their intended\nuse or sale, are capitalised from the time that expenditure for\nthese assets and borrowing costs are being incurred and activities\nthat are necessary to prepare these assets for their intended use\nor sale are in progress. Borrowing costs are capitalised until such\ntime as the assets are substantially ready for their intended use\nor sale. Borrowing costs are suspended during extended periods in\nwhich active development is interrupted. All other borrowing costs\nare recognised as an expense in profit or loss in the period in\nwhich they are incurred.

The group depreciates\nthe right-of-use assets on a straight-line basis from the lease\ncommencement date to the earlier of the end of the useful life of\nthe right-of-use asset or the end of the lease term. The group also\nassesses the right-of-use asset for impairment when such indicators\nexist. The group has elected\nto account for short-term leases and leases of low-value assets\nusing the practical expedients. Instead of recognising a\nright-of-use asset and lease liability, the payments in relation to\nthese are recognised as an expense in profit or loss on a\nstraight-line basis over the lease term. Leased assets are\npresented in the statement of financial position according to their\nnature and are tested for impairment in accordance with the\ngroup\u2019s accounting policy on impairment. Depreciable leased\nassets are depreciated in accordance with the group\u2019s\naccounting policy on depreciation. Rental income from operating\nleases is recognised on a straight-line basis over the term of the\nrelevant lease unless another systematic basis is more\nrepresentative of the pattern in which benefit from the use of the\nunderlying asset is diminished. Initial direct costs incurred in\nobtaining an operating lease are added to the carrying amount of\nthe leased asset. Rental income and\noperating expenses from investment property are reported within\n\u2018revenue\u2019 and \u2018administrative and other operating\nexpenses\u2019.

Impairment of\nfinancial assets

\n

\u00a0

\n

IFRS 9\u2019s\nimpairment requirements use forward-looking information to\nrecognise expected credit losses \u2013 the \u2018expected credit\nloss (ECL) model\u2019. Instruments within the scope of the\nrequirements included loans and other debt-type financial assets\nmeasured at amortised cost and FVOCI, trade receivables, contract\nassets recognised and measured under IFRS 15 and loan commitments\nand some financial guarantee contracts (for the issuer) that are\nnot measured at FVTPL.

\n

\u00a0

\n

The group and company\nconsider a broad range of information when assessing credit risk\nand measuring expected credit losses, including past events,\ncurrent conditions, reasonable and supportable forecasts that\naffect the expected collectability of the future cash flows of the\ninstrument.

\n

\u00a0

\n

In applying this\nforward-looking approach, a distinction is made between:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

financial instruments\nthat have not deteriorated significantly in credit quality since\ninitial recognition or that have low credit risk (\u2018Stage\n1\u2019); and

\n
\n

\u2022

\n		\n

financial instruments\nthat have deteriorated significantly in credit quality since\ninitial recognition

\n

and whose credit risk\nis not low (\u2018Stage 2\u2019).

\n
\n

\u00a0

\n

Stage 3\u2019 would\ncover financial assets that have objective evidence of impairment\nat the reporting date.

\n

\u00a0

\n

\u201812-month\nexpected credit losses\u2019 are recognised for the first category\nwhile \u2018lifetime expected credit losses\u2019 are recognised\nfor the second category.

\n

\u00a0

\n

Measurement of the\nexpected credit losses is determined by a probability-weighted\nestimate of credit losses over the expected life of the financial\ninstrument.

4.14\u00a0\u00a0\u00a0\nImpairment of non-financial assets

\n

\u00a0

\n

For the purposes of\nassessing impairment, assets are grouped at the lowest levels for\nwhich there are largely independent cash inflows (cash generating\nunits). As a result, some assets are tested individually for\nimpairment, and some are tested at cash-generating unit\nlevel.\u00a0

\n

\u00a0

\n

All individual assets\nor cash-generating units are tested for impairment whenever events\nor changes in circumstances indicate that the carrying amount may\nnot be recoverable. An impairment loss is recognised for the amount\nby which the asset's or cash-generating unit\u2019s carrying\namount exceeds its recoverable amount. The recoverable amount is\nthe greater of its fair value less costs to sell and its value in\nuse. To determine the value in use, the group\u2019s and the\ncompany\u2019s management estimates expected future cashflows from\neach cash-generating unit and determines a suitable interest rate\nin order to calculate the present value of those cashflows.\nDiscount factors are determined individually for each\ncash-generating unit and reflect their respective risk profiles as\nassessed by the group\u2019s and the company\u2019s\nmanagement.

\n

\u00a0

\n

Impairment losses are\nrecognised immediately in the statement of profit or loss and other\ncomprehensive income. Impairment losses for cash-generating units\nare charged pro-rata to the assets in the cash-generating unit. All\nassets are subsequently reassessed for indications that an\nimpairment loss previously recognised may no longer\nexist.

\n

\u00a0

\n

An impairment loss is\nreversed only to the extent that the asset\u2019s carrying amount\ndoes not exceed the carrying amount that would have been\ndetermined, net of depreciation or amortisation, if no impairment\nloss had been recognised.

4.16\u00a0\u00a0\u00a0\nIncome taxes

\n

\u00a0

\n

Tax expense recognised\nin statement of profit or loss and other\ncomprehensive income comprises the sum of\ndeferred tax and current tax not recognised directly in other\ncomprehensive income or equity.

\n

\u00a0

\n

Current income tax\nassets and/or liabilities comprise those obligations to, or claims\nfrom, fiscal authorities relating to the current or prior reporting\nperiods, that are unpaid at the reporting date. Current tax is\npayable on taxable profit, which differs from profit or loss in the\nfinancial statements. Calculation of current tax is based on tax\nrates and tax laws that have been enacted or substantively enacted\nby the end of the reporting period and any adjustment to tax\npayable in respect of previous years.

\n

\u00a0

\n

Deferred income taxes\nare calculated using the liability method on temporary differences\nbetween the carrying amounts of assets and liabilities and their\ntax bases. However, deferred tax is not provided on the initial\nrecognition of goodwill, or on the initial recognition of an asset\nor liability unless the related transaction is a business\ncombination or affects tax or accounting profit. Deferred tax on\ntemporary differences associated with shares in subsidiaries and\njoint ventures is not provided if reversal of these temporary\ndifferences can be controlled by the group and company and it is\nprobable that reversal will not occur in the foreseeable\nfuture.

\n

\u00a0

\n

Deferred tax assets\nand liabilities are calculated, without discounting, at tax rates\nthat are expected to apply to their respective period of\nrealisation, provided they are enacted or substantively enacted by\nthe end of the reporting period. Deferred tax liabilities are\nalways provided for in full.

\n

\u00a0

\n

Deferred tax assets\nare recognised to the extent that it is probable that they will be\nable to be utilised against future taxable income. Deferred tax\nassets are reviewed at each reporting date and are reduced to the\nextent that it is no longer probable that the related tax benefit\nwill be realised.

\n

\u00a0

\n

Changes in deferred\ntax assets or liabilities are recognised as a component of tax\nincome or expense in profit or loss, except where they relate to\nitems that are recognised in the separate and consolidated\nstatement of profit or loss and other comprehensive income or\nequity (such as the revaluation of land) in which case the related\ndeferred tax is also recognised in other comprehensive income or\nequity respectively.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "QdwD7YTkkh": { "value": "

4.5\u00a0\u00a0\u00a0\u00a0\u00a0 Borrowing costs

\n

\u00a0

\n

Borrowing costs\ndirectly attributable to the acquisition, construction or\nproduction of qualifying assets, which are assets that necessarily\ntake a substantial period of time to get ready for their intended\nuse or sale, are capitalised from the time that expenditure for\nthese assets and borrowing costs are being incurred and activities\nthat are necessary to prepare these assets for their intended use\nor sale are in progress. Borrowing costs are capitalised until such\ntime as the assets are substantially ready for their intended use\nor sale. Borrowing costs are suspended during extended periods in\nwhich active development is interrupted. All other borrowing costs\nare recognised as an expense in profit or loss in the period in\nwhich they are incurred.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "RvndDfV-aQ": { "value": "

4.5\u00a0\u00a0\u00a0\u00a0\u00a0 Borrowing costs

\n

\u00a0

\n

Borrowing costs\ndirectly attributable to the acquisition, construction or\nproduction of qualifying assets, which are assets that necessarily\ntake a substantial period of time to get ready for their intended\nuse or sale, are capitalised from the time that expenditure for\nthese assets and borrowing costs are being incurred and activities\nthat are necessary to prepare these assets for their intended use\nor sale are in progress. Borrowing costs are capitalised until such\ntime as the assets are substantially ready for their intended use\nor sale. Borrowing costs are suspended during extended periods in\nwhich active development is interrupted. All other borrowing costs\nare recognised as an expense in profit or loss in the period in\nwhich they are incurred.

At lease commencement\ndate, the group measures the lease liability at the present value\nof the lease payments unpaid at that date, discounted using the\ninterest rate implicit in the lease if that rate is readily\navailable or the group\u2019s incremental borrowing\nrate. Subsequent to initial\nmeasurement, the liability will be reduced for payments made and\nincreased for interest. It is remeasured to reflect any\nreassessment or modification, or if there are changes in\nin-substance fixed payments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "dwEVmseawj": { "value": "

4.5\u00a0\u00a0\u00a0\u00a0\u00a0 Borrowing costs

\n

\u00a0

\n

Borrowing costs\ndirectly attributable to the acquisition, construction or\nproduction of qualifying assets, which are assets that necessarily\ntake a substantial period of time to get ready for their intended\nuse or sale, are capitalised from the time that expenditure for\nthese assets and borrowing costs are being incurred and activities\nthat are necessary to prepare these assets for their intended use\nor sale are in progress. Borrowing costs are capitalised until such\ntime as the assets are substantially ready for their intended use\nor sale. Borrowing costs are suspended during extended periods in\nwhich active development is interrupted. All other borrowing costs\nare recognised as an expense in profit or loss in the period in\nwhich they are incurred.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "x7tBFFL6dG": { "value": "

4.6\u00a0\u00a0\u00a0\u00a0\u00a0 Property, plant and\nequipment

\n

\u00a0

\n

Items of property,\nplant and equipment are initially recognised at acquisition cost.\nSubsequently, they are carried at acquisition cost less accumulated\ndepreciation and impairment losses.

\n

\u00a0

\n

Depreciation is\ncalculated, using the straight-line method, to write off the cost\nof assets over their estimated useful lives on the following\nbases:\u00a0

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

-

\n		\n

Plant and\nmachinery

\n		\n

6.67-25%

\n
\n

-

\n		\n

Office furniture,\nfittings and equipment

\n		\n

10%

\n
\n

\u00a0

\n

Material residual\nvalue estimates and estimates of useful lives are updated as\nrequired, but at least annually, whether or not the asset is\nrevalued. Gains or losses arising on the disposal of property,\nplant and equipment are determined as the difference between the\ndisposal proceeds and the carrying amount of the assets and are\nrecognised in profit or loss within \u2018other income\u2019 or\n\u2018administrative and other operating\nexpenses\u2019.

\n

\u00a0

\n

Subsequent costs are\nincluded in the carrying amount of the asset or recognised as\nseparate asset, as appropriate, only when it is probable that\nfuture economic benefits associated with the item will flow to the\ncompany and group and the cost of the item can be measured\nreliably.\u00a0 All other repairs and maintenance are recognised in\nstatement of profit or loss and other comprehensive\nincome.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "DCbrtOLRgt": { "value": "

4.6\u00a0\u00a0\u00a0\u00a0\u00a0 Property, plant and\nequipment

\n

\u00a0

\n

Items of property,\nplant and equipment are initially recognised at acquisition cost.\nSubsequently, they are carried at acquisition cost less accumulated\ndepreciation and impairment losses.

\n

\u00a0

\n

Depreciation is\ncalculated, using the straight-line method, to write off the cost\nof assets over their estimated useful lives on the following\nbases:\u00a0

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

-

\n		\n

Plant and\nmachinery

\n		\n

6.67-25%

\n
\n

-

\n		\n

Office furniture,\nfittings and equipment

\n		\n

10%

\n
\n

\u00a0

\n

Material residual\nvalue estimates and estimates of useful lives are updated as\nrequired, but at least annually, whether or not the asset is\nrevalued. Gains or losses arising on the disposal of property,\nplant and equipment are determined as the difference between the\ndisposal proceeds and the carrying amount of the assets and are\nrecognised in profit or loss within \u2018other income\u2019 or\n\u2018administrative and other operating\nexpenses\u2019.

The group depreciates\nthe right-of-use assets on a straight-line basis from the lease\ncommencement date to the earlier of the end of the useful life of\nthe right-of-use asset or the end of the lease term. The group also\nassesses the right-of-use asset for impairment when such indicators\nexist. Leased assets are\npresented in the statement of financial position according to their\nnature and are tested for impairment in accordance with the\ngroup\u2019s accounting policy on impairment. Depreciable leased\nassets are depreciated in accordance with the group\u2019s\naccounting policy on depreciation. Rental income from operating\nleases is recognised on a straight-line basis over the term of the\nrelevant lease unless another systematic basis is more\nrepresentative of the pattern in which benefit from the use of the\nunderlying asset is diminished. Initial direct costs incurred in\nobtaining an operating lease are added to the carrying amount of\nthe leased asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "ZyDw56SUMe": { "value": "

4.7\u00a0\u00a0\u00a0\u00a0\u00a0 Leases

\n

\u00a0

\n

The group as a\nlessee

\n

\u00a0

\n

The group considers\nwhether a contract is or contains a lease at inception of a\ncontract. A lease is defined as \u2018a contract, or part of a\ncontract, that conveys the right to use an asset (underlying asset)\nfor a period of time in exchange for a consideration\u2019. To\napply this definition, the group assesses whether the contract\nmeets three key evaluations, which are whether:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

the contract contains\nan identified asset, which is either explicitly identified in the\ncontract or implicitly specified by being identified at the time\nthe asset is made available to the group;

\n
\n

\u2022

\n		\n

the group has the right\nto obtain substantially all of the economic benefits from use of\nthe identified asset throughout the period of use, considering its\nrights within the defined scope of the contract; and;

\n
\n

\u2022

\n		\n

the group has the right\nto direct the use of the identified asset throughout the period of\nuse. The group assesses whether it has the right to direct\n\u2018how and for what purpose\u2019 the asset is used throughout\nthe period of use.

\n
\n

\u00a0

\n

For leases of land and\nbuildings, the minimum lease payments are first allocated to each\ncomponent based on the relative fair values of the respective lease\ninterests. Each component is then evaluated separately for possible\ntreatment as a finance lease, taking into consideration the fact\nthat land normally has an indefinite economic life.

\n

\u00a0

\n

Measurement and\nrecognition of lease

\n

\u00a0

\n

At lease commencement\ndate, the group recognises a right-of-use asset and a lease\nliability on the statement of financial position. The right-of-use\nasset is measured at cost, which is made up of the initial\nmeasurement of the lease liability, any initial direct costs\nincurred by the group, an estimate of any costs to dismantle and\nremove the asset at the end of the lease, and any lease payments\nmade in advance of the commencement date (net of any incentives\nreceived).

\n

\u00a0

\n

The group depreciates\nthe right-of-use assets on a straight-line basis from the lease\ncommencement date to the earlier of the end of the useful life of\nthe right-of-use asset or the end of the lease term. The group also\nassesses the right-of-use asset for impairment when such indicators\nexist.

\n

\u00a0

\n

At lease commencement\ndate, the group measures the lease liability at the present value\nof the lease payments unpaid at that date, discounted using the\ninterest rate implicit in the lease if that rate is readily\navailable or the group\u2019s incremental borrowing\nrate.

\n

\u00a0

\n

Lease payments\nincluded in the measurement of the lease liability are made up of\nfixed payments (including in substance fixed), variable payments\nbased on an index or rate, amounts expected to be payable under a\nresidual value guarantee and payments arising from options\nreasonably certain to be exercised.

\n

\u00a0

\n

Subsequent to initial\nmeasurement, the liability will be reduced for payments made and\nincreased for interest. It is remeasured to reflect any\nreassessment or modification, or if there are changes in\nin-substance fixed payments.

\n

\u00a0

\n

When the lease\nliability is remeasured, the corresponding adjustment is reflected\nin the right-of-use asset, or profit and loss if the right-of-use\nasset is already reduced to zero.

\n

\u00a0

\n

The group has elected\nto account for short-term leases and leases of low-value assets\nusing the practical expedients. Instead of recognising a\nright-of-use asset and lease liability, the payments in relation to\nthese are recognised as an expense in profit or loss on a\nstraight-line basis over the lease term.

\n

\u00a0

\n

On the statement of\nfinancial position, right-of-use asset has been disclosed with\ninvestment property (see note 11) and lease liabilities have been\ndisclosed separately (see note 26).

\n

\u00a0

\n

The group as a\nlessor

\n

\u00a0

\n

Leases for which the\ngroup is a lessor continue to be classified as finance or operating\nleases. Leases are classified as finance leases whenever the terms\nof the lease transfer substantially all the risks and rewards\nincidental to ownership to the lessee. All other leases are\nclassified as operating leases. Lease classification is made at the\ninception of the lease, which is the earlier of the date of the\nlease agreement and the date of commitment by the parties to the\nprincipal provisions of the lease.

\n

\u00a0

\n

When the group is an\nintermediate lessor, it accounts for the head lease and the\nsublease as two separate contracts. The sublease is classified as a\nfinance or operating lease by reference to the right-of-use asset\narising from the head lease.

\n

\u00a0

\n

Leased assets are\npresented in the statement of financial position according to their\nnature and are tested for impairment in accordance with the\ngroup\u2019s accounting policy on impairment. Depreciable leased\nassets are depreciated in accordance with the group\u2019s\naccounting policy on depreciation. Rental income from operating\nleases is recognised on a straight-line basis over the term of the\nrelevant lease unless another systematic basis is more\nrepresentative of the pattern in which benefit from the use of the\nunderlying asset is diminished. Initial direct costs incurred in\nobtaining an operating lease are added to the carrying amount of\nthe leased asset.

\n

\u00a0

\n

Amounts due from\nlessees under a finance lease are presented in the statement of\nfinancial position as receivables at the amount of the\ngroup\u2019s net investment in the lease and include initial\ndirect costs (unless the finance lease involves manufacturer or\ndealer lessors). Finance lease income is allocated to accounting\nperiods so as to reflect a constant periodic rate of return on the\ngroup and the company\u2019s net investment in the finance\nlease.

\n

\u00a0

\n

When a contract\nincludes lease and non-lease components, the group applies IFRS 15\nto allocate the consideration under the contract to each\ncomponent.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "Z5GcFdD4H7": { "value": "

4.8\u00a0\u00a0\u00a0\u00a0\u00a0 Investment\nproperty

\n

\u00a0

\n

Investment property is\nproperty held to earn rentals and/or for capital appreciation.\nInvestment property is recognised as an asset when it is probable\nthat the future economic benefits that are associated with the\ninvestment property will flow to the entity and the cost can be\nmeasured reliably.\u00a0

\n

Investment property is\ninitially measured at cost, including transaction costs. Subsequent\nto initial recognition, investment property is stated at fair value\nat the end of the reporting period. Gains or losses arising from\nchanges in the fair value of investment property are recognised in\nstatement of profit or loss and other comprehensive income in the\nperiod in which they arise, including the corresponding tax effect.\nFair values are determined by a professionally qualified\narchitect/surveyor on the basis of market values.

\n

\u00a0

\n

Investment property is\nderecognised on disposal or when it is permanently withdrawn from\nuse and no future economic benefits are expected from its disposal.\nGains or losses on derecognition represent the difference between\nthe net disposal proceeds, if any, and the carrying amount and are\nrecognised in statement of profit or loss and other comprehensive\nincome in the period of derecognition. The amount of consideration\nto be included in the gain or loss arising from the derecognition\nof investment property is determined in accordance with the\nrequirements for determining the transaction price in IFRS\n15.

\n

\u00a0

\n

Rental income and\noperating expenses from investment property are reported within\n\u2018revenue\u2019 and \u2018administrative and other operating\nexpenses\u2019.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "hnb4JF43E7": { "value": "

4.9\u00a0\u00a0\u00a0\u00a0\u00a0 Investments in\nsubsidiaries

\n

\u00a0

\n

Investments in\nsubsidiaries are included in the company\u2019s statement of\nfinancial position at cost less any impairment loss that may have\narisen. Income from investments is recognised only to the extent of\ndistributions received by the company.

\n

\u00a0

\n

At the end of each\nreporting period, the company reviews the carrying amount of its\ninvestments in subsidiaries to determine whether there is any\nindication of impairment and, if any such indication exists, the\nrecoverable amount of the investment is estimated. An impairment\nloss is the amount by which the carrying amount of an investment\nexceeds its recoverable amount. The recoverable amount is the\nhigher of fair value less costs to sell and value in use. An\nimpairment loss that has been previously recognised is reversed if\nthe carrying amount of the investment exceeds its recoverable\namount. An impairment loss is reversed only to the extent that the\ncarrying amount of the investment does not exceed the carrying\namount that would have been determined if no impairment loss had\nbeen previously recognised. Impairment losses and reversals are\nrecognised immediately in statement of\nprofit or loss and other comprehensive income .

4.12\u00a0\u00a0\u00a0\nFinancial instruments

\n

\u00a0

\n

Recognition and\nderecognition

\n

\u00a0

\n

Financial assets and\nfinancial liabilities are recognised when the group and company\nbecome a party to the contractual provisions of the financial\ninstrument.

\n

\u00a0

\n

Financial assets are\nderecognised when the contractual rights to the cash flows from the\nfinancial asset expire, or when the financial asset and all\nsubstantial risks and rewards are transferred. A financial\nliability is derecognised when it is extinguished, discharged,\ncancelled or expires.

\n

\u00a0

\n

Classification and\ninitial measurement of financial assets

\n

\u00a0

\n

Except for those trade\nreceivables that do not contain a significant financing component\nand are measured at the transaction price in accordance with IFRS\n15, all financial assets are initially measured at fair value\nadjusted for transaction costs (where applicable).

\n

\u00a0

\n

Financial assets are\nclassified into the following categories:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

amortised\ncost;

\n
\n

\u2022

\n		\n

fair value through\nprofit or loss (FVTPL); and

\n
\n

\u2022

\n		\n

fair value through other\ncomprehensive income (FVOCI).

\n
\n

\u00a0

\n

The group and company\ndo not have any financial assets categorised as FVTPL and FVOCI in\nthe periods presented.

\n

\u00a0

\n

The classification is\ndetermined by both:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

the entity\u2019s\nbusiness model for managing the financial asset; and

\n
\n

\u2022

\n		\n

the contractual cash\nflow characteristics of the financial asset.

\n
\n

\u00a0

\n

All income and\nexpenses relating to financial assets that are recognised in the\nstatement of profit or loss and other comprehensive income are\npresented within \u2018finance costs\u2019 and \u2018finance\nincome\u2019.

\n

\u00a0

\n

Subsequent\nmeasurement of financial assets

\n

\u00a0

\n

Financial assets at amortised cost

\n

\u00a0

\n

Financial assets are\nmeasured at amortised cost if the assets meet the following\nconditions (and are not designated as FVTPL):

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

they are held within a\nbusiness model whose objective is to hold the financial assets and\ncollect its contractual cash flows; and

\n
\n

\u2022

\n		\n

the contractual terms of\nthe financial assets give rise to cash flows that are solely\npayments of principal and interest on the principal amount\noutstanding.

\n
\n

\u00a0

\n

After initial\nrecognition, these are measured at amortised cost using the\neffective interest method. Discounting is omitted where the effect\nof discounting is immaterial.\u00a0 The group and company\u2019s\nloans due from related parties, trade and other receivables, and\ncash and cash equivalents fall into this category of financial\ninstruments.

\n

\u00a0

\n

Impairment of\nfinancial assets

\n

\u00a0

\n

IFRS 9\u2019s\nimpairment requirements use forward-looking information to\nrecognise expected credit losses \u2013 the \u2018expected credit\nloss (ECL) model\u2019. Instruments within the scope of the\nrequirements included loans and other debt-type financial assets\nmeasured at amortised cost and FVOCI, trade receivables, contract\nassets recognised and measured under IFRS 15 and loan commitments\nand some financial guarantee contracts (for the issuer) that are\nnot measured at FVTPL.

\n

\u00a0

\n

The group and company\nconsider a broad range of information when assessing credit risk\nand measuring expected credit losses, including past events,\ncurrent conditions, reasonable and supportable forecasts that\naffect the expected collectability of the future cash flows of the\ninstrument.

\n

\u00a0

\n

In applying this\nforward-looking approach, a distinction is made between:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

financial instruments\nthat have not deteriorated significantly in credit quality since\ninitial recognition or that have low credit risk (\u2018Stage\n1\u2019); and

\n
\n

\u2022

\n		\n

financial instruments\nthat have deteriorated significantly in credit quality since\ninitial recognition

\n

and whose credit risk\nis not low (\u2018Stage 2\u2019).

\n
\n

\u00a0

\n

Stage 3\u2019 would\ncover financial assets that have objective evidence of impairment\nat the reporting date.

\n

\u00a0

\n

\u201812-month\nexpected credit losses\u2019 are recognised for the first category\nwhile \u2018lifetime expected credit losses\u2019 are recognised\nfor the second category.

\n

\u00a0

\n

Measurement of the\nexpected credit losses is determined by a probability-weighted\nestimate of credit losses over the expected life of the financial\ninstrument.

\n

\u00a0

\n

Classification and\nmeasurement of financial liabilities

\n

\u00a0

\n

The group\u2019s\nfinancial liabilities include debt securities in issue, lease\nliabilities, loans and amounts due to related parties, and trade\nand other payables.

\n

\u00a0

\n

The company\u2019s\nfinancial liabilities include debt securities in issue, amounts due\nto related parties, and trade and other payables.

\n

\u00a0

\n

Financial liabilities\nare initially measured at fair value and, where applicable,\nadjusted for transaction costs unless the group and company\ndesignate a financial liability at FVTPL.

\n

\u00a0

\n

Subsequently,\nfinancial liabilities are measured at amortised cost using the\neffective interest method except for derivatives and financial\nliabilities designated at FVTPL, which are carried subsequently at\nfair value with gains or losses recognised in profit or loss (other\nthan derivative financial instruments that are designated and\neffective as hedging instruments).

\n

\u00a0

\n

All interest-related\ncharges and, if applicable, changes in an instrument\u2019s fair\nvalue that are reported in the statement\nof profit or loss and other comprehensive income\nare included within \u2018finance costs\u2019\nor \u2018finance income\u2019.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "M8IcGCgvvM": { "value": "

4.10\u00a0\u00a0\u00a0\nInvestment in associates

\n

\u00a0

\n

In the consolidated\nfinancial statements of the group, subsequent to initial\nrecognition, investment in associates is accounted for using the\nequity method. Under the equity method, the carrying amount of the\ninvestment in associate is adjusted for the share in net income or\nloss of the associate, dividends received, and other equity\nmovements of the associate. Where the group\u2019s share of losses\nin an associate exceeds its interest in the associate, including\nany unsecured receivable, the group does not recognise further\nlosses, unless it has incurred obligations or made payments on\nbehalf of the associate.

\n

\u00a0

\n

The use of the equity\nmethod ceases from the date that significant influence\nceases.

\n

\u00a0

\n

An associate is an\nentity over which the group has significant influence but not\ncontrol, generally accompanying a shareholding of between 20% and\n50% of the voting rights. The considerations made in determining\nsignificant influence or joint control are similar to those\nnecessary to determine control over subsidiaries.

\n

\u00a0

\n

Investment in\nassociates is initially recognised at cost, being the fair value of\nthe consideration given, including acquisition charges associated\nwith the investment.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "BVEGG2wqh7": { "value": "

4.10\u00a0\u00a0\u00a0\nInvestment in associates

\n

\u00a0

\n

In the consolidated\nfinancial statements of the group, subsequent to initial\nrecognition, investment in associates is accounted for using the\nequity method. Under the equity method, the carrying amount of the\ninvestment in associate is adjusted for the share in net income or\nloss of the associate, dividends received, and other equity\nmovements of the associate. Where the group\u2019s share of losses\nin an associate exceeds its interest in the associate, including\nany unsecured receivable, the group does not recognise further\nlosses, unless it has incurred obligations or made payments on\nbehalf of the associate.

\n

\u00a0

\n

The use of the equity\nmethod ceases from the date that significant influence\nceases.

\n

\u00a0

\n

An associate is an\nentity over which the group has significant influence but not\ncontrol, generally accompanying a shareholding of between 20% and\n50% of the voting rights. The considerations made in determining\nsignificant influence or joint control are similar to those\nnecessary to determine control over subsidiaries.

\n

\u00a0

\n

Investment in\nassociates is initially recognised at cost, being the fair value of\nthe consideration given, including acquisition charges associated\nwith the investment.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "Tanpr-O7wd": { "value": "

4.11\u00a0\u00a0\u00a0\nBusiness combinations under common control

\n

\u00a0

\n

A business combination\nunder common control is a transaction when the group acquires a\ncompany, or brings into the group for consolidation, for which the\nlatter is already under common control by the same ultimate\ncontrolling party of the group.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "urvYWL2Sc3": { "value": "

4.11\u00a0\u00a0\u00a0\nBusiness combinations under common control

\n

\u00a0

\n

A business combination\nunder common control is a transaction when the group acquires a\ncompany, or brings into the group for consolidation, for which the\nlatter is already under common control by the same ultimate\ncontrolling party of the group.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "VrzW6XzsDv": { "value": "

4.12\u00a0\u00a0\u00a0\nFinancial instruments

\n

\u00a0

\n

Recognition and\nderecognition

\n

\u00a0

\n

Financial assets and\nfinancial liabilities are recognised when the group and company\nbecome a party to the contractual provisions of the financial\ninstrument.

\n

\u00a0

\n

Financial assets are\nderecognised when the contractual rights to the cash flows from the\nfinancial asset expire, or when the financial asset and all\nsubstantial risks and rewards are transferred. A financial\nliability is derecognised when it is extinguished, discharged,\ncancelled or expires.

\n

\u00a0

\n

Classification and\ninitial measurement of financial assets

\n

\u00a0

\n

Except for those trade\nreceivables that do not contain a significant financing component\nand are measured at the transaction price in accordance with IFRS\n15, all financial assets are initially measured at fair value\nadjusted for transaction costs (where applicable).

\n

\u00a0

\n

Financial assets are\nclassified into the following categories:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

amortised\ncost;

\n
\n

\u2022

\n		\n

fair value through\nprofit or loss (FVTPL); and

\n
\n

\u2022

\n		\n

fair value through other\ncomprehensive income (FVOCI).

\n
\n

\u00a0

\n

The group and company\ndo not have any financial assets categorised as FVTPL and FVOCI in\nthe periods presented.

\n

\u00a0

\n

The classification is\ndetermined by both:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

the entity\u2019s\nbusiness model for managing the financial asset; and

\n
\n

\u2022

\n		\n

the contractual cash\nflow characteristics of the financial asset.

\n
\n

\u00a0

\n

All income and\nexpenses relating to financial assets that are recognised in the\nstatement of profit or loss and other comprehensive income are\npresented within \u2018finance costs\u2019 and \u2018finance\nincome\u2019.

\n

\u00a0

\n

Subsequent\nmeasurement of financial assets

\n

\u00a0

\n

Financial assets at amortised cost

\n

\u00a0

\n

Financial assets are\nmeasured at amortised cost if the assets meet the following\nconditions (and are not designated as FVTPL):

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

they are held within a\nbusiness model whose objective is to hold the financial assets and\ncollect its contractual cash flows; and

\n
\n

\u2022

\n		\n

the contractual terms of\nthe financial assets give rise to cash flows that are solely\npayments of principal and interest on the principal amount\noutstanding.

\n
\n

\u00a0

\n

After initial\nrecognition, these are measured at amortised cost using the\neffective interest method. Discounting is omitted where the effect\nof discounting is immaterial.\u00a0 The group and company\u2019s\nloans due from related parties, trade and other receivables, and\ncash and cash equivalents fall into this category of financial\ninstruments.

\n

\u00a0

\n

Impairment of\nfinancial assets

\n

\u00a0

\n

IFRS 9\u2019s\nimpairment requirements use forward-looking information to\nrecognise expected credit losses \u2013 the \u2018expected credit\nloss (ECL) model\u2019. Instruments within the scope of the\nrequirements included loans and other debt-type financial assets\nmeasured at amortised cost and FVOCI, trade receivables, contract\nassets recognised and measured under IFRS 15 and loan commitments\nand some financial guarantee contracts (for the issuer) that are\nnot measured at FVTPL.

\n

\u00a0

\n

The group and company\nconsider a broad range of information when assessing credit risk\nand measuring expected credit losses, including past events,\ncurrent conditions, reasonable and supportable forecasts that\naffect the expected collectability of the future cash flows of the\ninstrument.

\n

\u00a0

\n

In applying this\nforward-looking approach, a distinction is made between:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

financial instruments\nthat have not deteriorated significantly in credit quality since\ninitial recognition or that have low credit risk (\u2018Stage\n1\u2019); and

\n
\n

\u2022

\n		\n

financial instruments\nthat have deteriorated significantly in credit quality since\ninitial recognition

\n

and whose credit risk\nis not low (\u2018Stage 2\u2019).

\n
\n

\u00a0

\n

Stage 3\u2019 would\ncover financial assets that have objective evidence of impairment\nat the reporting date.

\n

\u00a0

\n

\u201812-month\nexpected credit losses\u2019 are recognised for the first category\nwhile \u2018lifetime expected credit losses\u2019 are recognised\nfor the second category.

\n

\u00a0

\n

Measurement of the\nexpected credit losses is determined by a probability-weighted\nestimate of credit losses over the expected life of the financial\ninstrument.

\n

\u00a0

\n

Classification and\nmeasurement of financial liabilities

\n

\u00a0

\n

The group\u2019s\nfinancial liabilities include debt securities in issue, lease\nliabilities, loans and amounts due to related parties, and trade\nand other payables.

\n

\u00a0

\n

The company\u2019s\nfinancial liabilities include debt securities in issue, amounts due\nto related parties, and trade and other payables.

\n

\u00a0

\n

Financial liabilities\nare initially measured at fair value and, where applicable,\nadjusted for transaction costs unless the group and company\ndesignate a financial liability at FVTPL.

\n

\u00a0

\n

Subsequently,\nfinancial liabilities are measured at amortised cost using the\neffective interest method except for derivatives and financial\nliabilities designated at FVTPL, which are carried subsequently at\nfair value with gains or losses recognised in profit or loss (other\nthan derivative financial instruments that are designated and\neffective as hedging instruments).

\n

\u00a0

\n

All interest-related\ncharges and, if applicable, changes in an instrument\u2019s fair\nvalue that are reported in the statement\nof profit or loss and other comprehensive income\nare included within \u2018finance costs\u2019\nor \u2018finance income\u2019.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "BDiFI7oNpN": { "value": "

4.12\u00a0\u00a0\u00a0\nFinancial instruments

\n

\u00a0

\n

Recognition and\nderecognition

\n

\u00a0

\n

Financial assets and\nfinancial liabilities are recognised when the group and company\nbecome a party to the contractual provisions of the financial\ninstrument.

\n

\u00a0

\n

Financial assets are\nderecognised when the contractual rights to the cash flows from the\nfinancial asset expire, or when the financial asset and all\nsubstantial risks and rewards are transferred. A financial\nliability is derecognised when it is extinguished, discharged,\ncancelled or expires.

\n

\u00a0

\n

Classification and\ninitial measurement of financial assets

\n

\u00a0

\n

Except for those trade\nreceivables that do not contain a significant financing component\nand are measured at the transaction price in accordance with IFRS\n15, all financial assets are initially measured at fair value\nadjusted for transaction costs (where applicable).

\n

\u00a0

\n

Financial assets are\nclassified into the following categories:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

amortised\ncost;

\n
\n

\u2022

\n		\n

fair value through\nprofit or loss (FVTPL); and

\n
\n

\u2022

\n		\n

fair value through other\ncomprehensive income (FVOCI).

\n
\n

\u00a0

\n

The group and company\ndo not have any financial assets categorised as FVTPL and FVOCI in\nthe periods presented.

\n

\u00a0

\n

The classification is\ndetermined by both:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

the entity\u2019s\nbusiness model for managing the financial asset; and

\n
\n

\u2022

\n		\n

the contractual cash\nflow characteristics of the financial asset.

\n
\n

\u00a0

\n

All income and\nexpenses relating to financial assets that are recognised in the\nstatement of profit or loss and other comprehensive income are\npresented within \u2018finance costs\u2019 and \u2018finance\nincome\u2019.

\n

\u00a0

\n

Subsequent\nmeasurement of financial assets

\n

\u00a0

\n

Financial assets at amortised cost

\n

\u00a0

\n

Financial assets are\nmeasured at amortised cost if the assets meet the following\nconditions (and are not designated as FVTPL):

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

they are held within a\nbusiness model whose objective is to hold the financial assets and\ncollect its contractual cash flows; and

\n
\n

\u2022

\n		\n

the contractual terms of\nthe financial assets give rise to cash flows that are solely\npayments of principal and interest on the principal amount\noutstanding.

\n
\n

\u00a0

\n

After initial\nrecognition, these are measured at amortised cost using the\neffective interest method. Discounting is omitted where the effect\nof discounting is immaterial.\u00a0 The group and company\u2019s\nloans due from related parties, trade and other receivables, and\ncash and cash equivalents fall into this category of financial\ninstruments.

\n

\u00a0

\n

Impairment of\nfinancial assets

\n

\u00a0

\n

IFRS 9\u2019s\nimpairment requirements use forward-looking information to\nrecognise expected credit losses \u2013 the \u2018expected credit\nloss (ECL) model\u2019. Instruments within the scope of the\nrequirements included loans and other debt-type financial assets\nmeasured at amortised cost and FVOCI, trade receivables, contract\nassets recognised and measured under IFRS 15 and loan commitments\nand some financial guarantee contracts (for the issuer) that are\nnot measured at FVTPL.

\n

\u00a0

\n

The group and company\nconsider a broad range of information when assessing credit risk\nand measuring expected credit losses, including past events,\ncurrent conditions, reasonable and supportable forecasts that\naffect the expected collectability of the future cash flows of the\ninstrument.

\n

\u00a0

\n

In applying this\nforward-looking approach, a distinction is made between:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

financial instruments\nthat have not deteriorated significantly in credit quality since\ninitial recognition or that have low credit risk (\u2018Stage\n1\u2019); and

\n
\n

\u2022

\n		\n

financial instruments\nthat have deteriorated significantly in credit quality since\ninitial recognition

\n

and whose credit risk\nis not low (\u2018Stage 2\u2019).

\n
\n

\u00a0

\n

Stage 3\u2019 would\ncover financial assets that have objective evidence of impairment\nat the reporting date.

\n

\u00a0

\n

\u201812-month\nexpected credit losses\u2019 are recognised for the first category\nwhile \u2018lifetime expected credit losses\u2019 are recognised\nfor the second category.

\n

\u00a0

\n

Measurement of the\nexpected credit losses is determined by a probability-weighted\nestimate of credit losses over the expected life of the financial\ninstrument.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "xACuvp9WVu": { "value": "

4.12\u00a0\u00a0\u00a0\nFinancial instruments

\n

\u00a0

\n

Recognition and\nderecognition

\n

\u00a0

\n

Financial assets and\nfinancial liabilities are recognised when the group and company\nbecome a party to the contractual provisions of the financial\ninstrument.

\n

\u00a0

\n

Financial assets are\nderecognised when the contractual rights to the cash flows from the\nfinancial asset expire, or when the financial asset and all\nsubstantial risks and rewards are transferred. A financial\nliability is derecognised when it is extinguished, discharged,\ncancelled or expires.

\n

\u00a0

\n

Classification and\ninitial measurement of financial assets

\n

\u00a0

\n

Except for those trade\nreceivables that do not contain a significant financing component\nand are measured at the transaction price in accordance with IFRS\n15, all financial assets are initially measured at fair value\nadjusted for transaction costs (where applicable).

\n

\u00a0

\n

Financial assets are\nclassified into the following categories:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

amortised\ncost;

\n
\n

\u2022

\n		\n

fair value through\nprofit or loss (FVTPL); and

\n
\n

\u2022

\n		\n

fair value through other\ncomprehensive income (FVOCI).

\n
\n

\u00a0

\n

The group and company\ndo not have any financial assets categorised as FVTPL and FVOCI in\nthe periods presented.

\n

\u00a0

\n

The classification is\ndetermined by both:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

the entity\u2019s\nbusiness model for managing the financial asset; and

\n
\n

\u2022

\n		\n

the contractual cash\nflow characteristics of the financial asset.

\n
\n

\u00a0

\n

All income and\nexpenses relating to financial assets that are recognised in the\nstatement of profit or loss and other comprehensive income are\npresented within \u2018finance costs\u2019 and \u2018finance\nincome\u2019.

\n

\u00a0

\n

Subsequent\nmeasurement of financial assets

\n

\u00a0

\n

Financial assets at amortised cost

\n

\u00a0

\n

Financial assets are\nmeasured at amortised cost if the assets meet the following\nconditions (and are not designated as FVTPL):

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

they are held within a\nbusiness model whose objective is to hold the financial assets and\ncollect its contractual cash flows; and

\n
\n

\u2022

\n		\n

the contractual terms of\nthe financial assets give rise to cash flows that are solely\npayments of principal and interest on the principal amount\noutstanding.

\n
\n

\u00a0

\n

After initial\nrecognition, these are measured at amortised cost using the\neffective interest method. Discounting is omitted where the effect\nof discounting is immaterial.\u00a0 The group and company\u2019s\nloans due from related parties, trade and other receivables, and\ncash and cash equivalents fall into this category of financial\ninstruments.

\n

\u00a0

\n

Impairment of\nfinancial assets

\n

\u00a0

\n

IFRS 9\u2019s\nimpairment requirements use forward-looking information to\nrecognise expected credit losses \u2013 the \u2018expected credit\nloss (ECL) model\u2019. Instruments within the scope of the\nrequirements included loans and other debt-type financial assets\nmeasured at amortised cost and FVOCI, trade receivables, contract\nassets recognised and measured under IFRS 15 and loan commitments\nand some financial guarantee contracts (for the issuer) that are\nnot measured at FVTPL.

\n

\u00a0

\n

The group and company\nconsider a broad range of information when assessing credit risk\nand measuring expected credit losses, including past events,\ncurrent conditions, reasonable and supportable forecasts that\naffect the expected collectability of the future cash flows of the\ninstrument.

\n

\u00a0

\n

In applying this\nforward-looking approach, a distinction is made between:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

financial instruments\nthat have not deteriorated significantly in credit quality since\ninitial recognition or that have low credit risk (\u2018Stage\n1\u2019); and

\n
\n

\u2022

\n		\n

financial instruments\nthat have deteriorated significantly in credit quality since\ninitial recognition

\n

and whose credit risk\nis not low (\u2018Stage 2\u2019).

\n
\n

\u00a0

\n

Stage 3\u2019 would\ncover financial assets that have objective evidence of impairment\nat the reporting date.

\n

\u00a0

\n

\u201812-month\nexpected credit losses\u2019 are recognised for the first category\nwhile \u2018lifetime expected credit losses\u2019 are recognised\nfor the second category.

\n

\u00a0

\n

Measurement of the\nexpected credit losses is determined by a probability-weighted\nestimate of credit losses over the expected life of the financial\ninstrument.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "uBQW5Apzyz": { "value": "

4.12\u00a0\u00a0\u00a0\nFinancial instruments

\n

\u00a0

\n

Recognition and\nderecognition

\n

\u00a0

\n

Financial assets and\nfinancial liabilities are recognised when the group and company\nbecome a party to the contractual provisions of the financial\ninstrument.

\n

\u00a0

\n

Financial assets are\nderecognised when the contractual rights to the cash flows from the\nfinancial asset expire, or when the financial asset and all\nsubstantial risks and rewards are transferred. A financial\nliability is derecognised when it is extinguished, discharged,\ncancelled or expires.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "LteTF4C1d9": { "value": "

Impairment of\nfinancial assets

\n

\u00a0

\n

IFRS 9\u2019s\nimpairment requirements use forward-looking information to\nrecognise expected credit losses \u2013 the \u2018expected credit\nloss (ECL) model\u2019. Instruments within the scope of the\nrequirements included loans and other debt-type financial assets\nmeasured at amortised cost and FVOCI, trade receivables, contract\nassets recognised and measured under IFRS 15 and loan commitments\nand some financial guarantee contracts (for the issuer) that are\nnot measured at FVTPL.

\n

\u00a0

\n

The group and company\nconsider a broad range of information when assessing credit risk\nand measuring expected credit losses, including past events,\ncurrent conditions, reasonable and supportable forecasts that\naffect the expected collectability of the future cash flows of the\ninstrument.

\n

\u00a0

\n

In applying this\nforward-looking approach, a distinction is made between:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

financial instruments\nthat have not deteriorated significantly in credit quality since\ninitial recognition or that have low credit risk (\u2018Stage\n1\u2019); and

\n
\n

\u2022

\n		\n

financial instruments\nthat have deteriorated significantly in credit quality since\ninitial recognition

\n

and whose credit risk\nis not low (\u2018Stage 2\u2019).

\n
\n

\u00a0

\n

Stage 3\u2019 would\ncover financial assets that have objective evidence of impairment\nat the reporting date.

\n

\u00a0

\n

\u201812-month\nexpected credit losses\u2019 are recognised for the first category\nwhile \u2018lifetime expected credit losses\u2019 are recognised\nfor the second category.

\n

\u00a0

\n

Measurement of the\nexpected credit losses is determined by a probability-weighted\nestimate of credit losses over the expected life of the financial\ninstrument.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "tIj-47DMLK": { "value": "

Impairment of\nfinancial assets

\n

\u00a0

\n

IFRS 9\u2019s\nimpairment requirements use forward-looking information to\nrecognise expected credit losses \u2013 the \u2018expected credit\nloss (ECL) model\u2019. Instruments within the scope of the\nrequirements included loans and other debt-type financial assets\nmeasured at amortised cost and FVOCI, trade receivables, contract\nassets recognised and measured under IFRS 15 and loan commitments\nand some financial guarantee contracts (for the issuer) that are\nnot measured at FVTPL.

\n

\u00a0

\n

The group and company\nconsider a broad range of information when assessing credit risk\nand measuring expected credit losses, including past events,\ncurrent conditions, reasonable and supportable forecasts that\naffect the expected collectability of the future cash flows of the\ninstrument.

\n

\u00a0

\n

In applying this\nforward-looking approach, a distinction is made between:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

financial instruments\nthat have not deteriorated significantly in credit quality since\ninitial recognition or that have low credit risk (\u2018Stage\n1\u2019); and

\n
\n

\u2022

\n		\n

financial instruments\nthat have deteriorated significantly in credit quality since\ninitial recognition

\n

and whose credit risk\nis not low (\u2018Stage 2\u2019).

\n
\n

\u00a0

\n

Stage 3\u2019 would\ncover financial assets that have objective evidence of impairment\nat the reporting date.

\n

\u00a0

\n

\u201812-month\nexpected credit losses\u2019 are recognised for the first category\nwhile \u2018lifetime expected credit losses\u2019 are recognised\nfor the second category.

\n

\u00a0

\n

Measurement of the\nexpected credit losses is determined by a probability-weighted\nestimate of credit losses over the expected life of the financial\ninstrument.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "FvAnomyZI4": { "value": "

Classification and\nmeasurement of financial liabilities

\n

\u00a0

\n

The group\u2019s\nfinancial liabilities include debt securities in issue, lease\nliabilities, loans and amounts due to related parties, and trade\nand other payables.

\n

\u00a0

\n

The company\u2019s\nfinancial liabilities include debt securities in issue, amounts due\nto related parties, and trade and other payables.

\n

\u00a0

\n

Financial liabilities\nare initially measured at fair value and, where applicable,\nadjusted for transaction costs unless the group and company\ndesignate a financial liability at FVTPL.

\n

\u00a0

\n

Subsequently,\nfinancial liabilities are measured at amortised cost using the\neffective interest method except for derivatives and financial\nliabilities designated at FVTPL, which are carried subsequently at\nfair value with gains or losses recognised in profit or loss (other\nthan derivative financial instruments that are designated and\neffective as hedging instruments).

\n

\u00a0

\n

All interest-related\ncharges and, if applicable, changes in an instrument\u2019s fair\nvalue that are reported in the statement\nof profit or loss and other comprehensive income\nare included within \u2018finance costs\u2019\nor \u2018finance income\u2019.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "WaKo_SmKhS": { "value": "

Classification and\nmeasurement of financial liabilities

\n

\u00a0

\n

The group\u2019s\nfinancial liabilities include debt securities in issue, lease\nliabilities, loans and amounts due to related parties, and trade\nand other payables.

\n

\u00a0

\n

The company\u2019s\nfinancial liabilities include debt securities in issue, amounts due\nto related parties, and trade and other payables.

\n

\u00a0

\n

Financial liabilities\nare initially measured at fair value and, where applicable,\nadjusted for transaction costs unless the group and company\ndesignate a financial liability at FVTPL.

\n

\u00a0

\n

Subsequently,\nfinancial liabilities are measured at amortised cost using the\neffective interest method except for derivatives and financial\nliabilities designated at FVTPL, which are carried subsequently at\nfair value with gains or losses recognised in profit or loss (other\nthan derivative financial instruments that are designated and\neffective as hedging instruments).

\n

\u00a0

\n

All interest-related\ncharges and, if applicable, changes in an instrument\u2019s fair\nvalue that are reported in the statement\nof profit or loss and other comprehensive income\nare included within \u2018finance costs\u2019\nor \u2018finance income\u2019.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "RFUM7tRvjs": { "value": "

Classification and\nmeasurement of financial liabilities

\n

\u00a0

\n

The group\u2019s\nfinancial liabilities include debt securities in issue, lease\nliabilities, loans and amounts due to related parties, and trade\nand other payables.

\n

\u00a0

\n

The company\u2019s\nfinancial liabilities include debt securities in issue, amounts due\nto related parties, and trade and other payables.

\n

\u00a0

\n

Financial liabilities\nare initially measured at fair value and, where applicable,\nadjusted for transaction costs unless the group and company\ndesignate a financial liability at FVTPL.

\n

\u00a0

\n

Subsequently,\nfinancial liabilities are measured at amortised cost using the\neffective interest method except for derivatives and financial\nliabilities designated at FVTPL, which are carried subsequently at\nfair value with gains or losses recognised in profit or loss (other\nthan derivative financial instruments that are designated and\neffective as hedging instruments).

\n

\u00a0

\n

All interest-related\ncharges and, if applicable, changes in an instrument\u2019s fair\nvalue that are reported in the statement\nof profit or loss and other comprehensive income\nare included within \u2018finance costs\u2019\nor \u2018finance income\u2019.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "QRU3LS45su": { "value": "

4.13\u00a0\u00a0\u00a0\nFair value of financial assets and liabilities

\n

\u00a0

\n

Fair value is the\nprice that would be received to sell an asset or paid to transfer a\nliability in an orderly transaction between market participants at\nthe measurement date.

\n

\u00a0

\n

For financial\nreporting purposes, fair value measurements are categorised into\nlevel 1, 2 or 3 based on the degree to which the inputs to the fair\nvalue measurements are observable and the significance of the\ninputs to the fair value measurement in its entirety, which are\ndescribed as follows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u2022

\n		\n

Level 1 inputs are quoted\nprices (unadjusted) in active markets for identical assets or\nliabilities that the entity can access at the measurement\ndate;

\n
\n

\u2022

\n		\n

Level 2 inputs, other\nthan quoted prices included within level 1, that are observable for\nthe asset or liability, either directly or indirectly;\nand

\n
\n

\u2022

\n		\n

Level 3 inputs are\nunobservable inputs for the asset or liability.

\n
\n

\u00a0

\n

For assets and\nliabilities that are recognised in the financial statements at fair\nvalue on a recurring basis, the group and the company determines\nwhen transfers are deemed to have occurred between levels in the\nhierarchy at the end of each reporting period.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "SJ3r8dhiUC": { "value": "

4.14\u00a0\u00a0\u00a0\nImpairment of non-financial assets

\n

\u00a0

\n

For the purposes of\nassessing impairment, assets are grouped at the lowest levels for\nwhich there are largely independent cash inflows (cash generating\nunits). As a result, some assets are tested individually for\nimpairment, and some are tested at cash-generating unit\nlevel.\u00a0

\n

\u00a0

\n

All individual assets\nor cash-generating units are tested for impairment whenever events\nor changes in circumstances indicate that the carrying amount may\nnot be recoverable. An impairment loss is recognised for the amount\nby which the asset's or cash-generating unit\u2019s carrying\namount exceeds its recoverable amount. The recoverable amount is\nthe greater of its fair value less costs to sell and its value in\nuse. To determine the value in use, the group\u2019s and the\ncompany\u2019s management estimates expected future cashflows from\neach cash-generating unit and determines a suitable interest rate\nin order to calculate the present value of those cashflows.\nDiscount factors are determined individually for each\ncash-generating unit and reflect their respective risk profiles as\nassessed by the group\u2019s and the company\u2019s\nmanagement.

\n

\u00a0

\n

Impairment losses are\nrecognised immediately in the statement of profit or loss and other\ncomprehensive income. Impairment losses for cash-generating units\nare charged pro-rata to the assets in the cash-generating unit. All\nassets are subsequently reassessed for indications that an\nimpairment loss previously recognised may no longer\nexist.

\n

\u00a0

\n

An impairment loss is\nreversed only to the extent that the asset\u2019s carrying amount\ndoes not exceed the carrying amount that would have been\ndetermined, net of depreciation or amortisation, if no impairment\nloss had been recognised.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "EXtZijqqN5": { "value": "

4.15\u00a0\u00a0\u00a0\nInventories

\n

\u00a0

\n

Inventories comprise\nproperties held for sale and properties under development for sale\nand are stated at the lower of cost and net realisable value. Cost\nincludes land acquisition costs, development and construction\nexpenditures, professional fees, borrowing costs capitalised in\naccordance with IAS 23 Borrowing Costs, and other costs directly\nattributable to bringing the inventories to their present location\nand condition. Costs are determined on a specific identification\nbasis.

\n

\u00a0

\n

Net realisable value\nis the estimated selling price in the ordinary course of business,\nbased on market conditions prevailing at the reporting date, less\nthe estimated costs of completion and costs necessary to make the\nsale .

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "lPDxp8ILjP": { "value": "

4.16\u00a0\u00a0\u00a0\nIncome taxes

\n

\u00a0

\n

Tax expense recognised\nin statement of profit or loss and other\ncomprehensive income comprises the sum of\ndeferred tax and current tax not recognised directly in other\ncomprehensive income or equity.

\n

\u00a0

\n

Current income tax\nassets and/or liabilities comprise those obligations to, or claims\nfrom, fiscal authorities relating to the current or prior reporting\nperiods, that are unpaid at the reporting date. Current tax is\npayable on taxable profit, which differs from profit or loss in the\nfinancial statements. Calculation of current tax is based on tax\nrates and tax laws that have been enacted or substantively enacted\nby the end of the reporting period and any adjustment to tax\npayable in respect of previous years.

\n

\u00a0

\n

Deferred income taxes\nare calculated using the liability method on temporary differences\nbetween the carrying amounts of assets and liabilities and their\ntax bases. However, deferred tax is not provided on the initial\nrecognition of goodwill, or on the initial recognition of an asset\nor liability unless the related transaction is a business\ncombination or affects tax or accounting profit. Deferred tax on\ntemporary differences associated with shares in subsidiaries and\njoint ventures is not provided if reversal of these temporary\ndifferences can be controlled by the group and company and it is\nprobable that reversal will not occur in the foreseeable\nfuture.

\n

\u00a0

\n

Deferred tax assets\nand liabilities are calculated, without discounting, at tax rates\nthat are expected to apply to their respective period of\nrealisation, provided they are enacted or substantively enacted by\nthe end of the reporting period. Deferred tax liabilities are\nalways provided for in full.

\n

\u00a0

\n

Deferred tax assets\nare recognised to the extent that it is probable that they will be\nable to be utilised against future taxable income. Deferred tax\nassets are reviewed at each reporting date and are reduced to the\nextent that it is no longer probable that the related tax benefit\nwill be realised.

\n

\u00a0

\n

Changes in deferred\ntax assets or liabilities are recognised as a component of tax\nincome or expense in profit or loss, except where they relate to\nitems that are recognised in the separate and consolidated\nstatement of profit or loss and other comprehensive income or\nequity (such as the revaluation of land) in which case the related\ndeferred tax is also recognised in other comprehensive income or\nequity respectively.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "lK9MG6iS6A": { "value": "

4.16\u00a0\u00a0\u00a0\nIncome taxes

\n

\u00a0

\n

Tax expense recognised\nin statement of profit or loss and other\ncomprehensive income comprises the sum of\ndeferred tax and current tax not recognised directly in other\ncomprehensive income or equity.

\n

\u00a0

\n

Current income tax\nassets and/or liabilities comprise those obligations to, or claims\nfrom, fiscal authorities relating to the current or prior reporting\nperiods, that are unpaid at the reporting date. Current tax is\npayable on taxable profit, which differs from profit or loss in the\nfinancial statements. Calculation of current tax is based on tax\nrates and tax laws that have been enacted or substantively enacted\nby the end of the reporting period and any adjustment to tax\npayable in respect of previous years.

\n

\u00a0

\n

Deferred income taxes\nare calculated using the liability method on temporary differences\nbetween the carrying amounts of assets and liabilities and their\ntax bases. However, deferred tax is not provided on the initial\nrecognition of goodwill, or on the initial recognition of an asset\nor liability unless the related transaction is a business\ncombination or affects tax or accounting profit. Deferred tax on\ntemporary differences associated with shares in subsidiaries and\njoint ventures is not provided if reversal of these temporary\ndifferences can be controlled by the group and company and it is\nprobable that reversal will not occur in the foreseeable\nfuture.

\n

\u00a0

\n

Deferred tax assets\nand liabilities are calculated, without discounting, at tax rates\nthat are expected to apply to their respective period of\nrealisation, provided they are enacted or substantively enacted by\nthe end of the reporting period. Deferred tax liabilities are\nalways provided for in full.

\n

\u00a0

\n

Deferred tax assets\nare recognised to the extent that it is probable that they will be\nable to be utilised against future taxable income. Deferred tax\nassets are reviewed at each reporting date and are reduced to the\nextent that it is no longer probable that the related tax benefit\nwill be realised.

\n

\u00a0

\n

Changes in deferred\ntax assets or liabilities are recognised as a component of tax\nincome or expense in profit or loss, except where they relate to\nitems that are recognised in the separate and consolidated\nstatement of profit or loss and other comprehensive income or\nequity (such as the revaluation of land) in which case the related\ndeferred tax is also recognised in other comprehensive income or\nequity respectively.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "LLq6dSSC4h": { "value": "

4.17\u00a0\u00a0\u00a0\nSignificant management judgement in applying accounting policies\nand estimation uncertainty

\n

\u00a0

\n

The preparation of the\nconsolidated financial statements in conformity with IFRS requires\nmanagement to make judgements, estimates and assumptions that\naffect the application of policies and reported amounts of assets,\nliabilities, income and expenses. Use of available information and\napplication of judgement are inherent in making estimates.\u00a0\nActual results in future could differ from such estimates and the\ndifferences may be material to the financial statements.\u00a0 The\nestimates and underlying assumptions are reviewed on an ongoing\nbasis. Revisions to accounting estimates are recognised in the\nperiod in which the estimate is revised if the revision affects\nonly that period, or in the period of revision and future periods\nif the revision affects both current and future periods.

\n

\u00a0

\n

Except as disclosed\nbelow, in the opinion of the directors, the accounting estimates\nand judgements made in the course of preparing these financial\nstatements are not difficult, subjective or complex to a degree\nwhich would warrant their description as critical in terms of the\nrequirements of IAS 1 (revised).

\n

\u00a0

\n

Significant\nmanagement judgement

\n

\u00a0

\n

The following is the\nsignificant management judgement in applying the accounting\npolicies of the group that has the most significant effect on the\nfinancial statements.

\n

\u00a0

\n

Determining whether\nan arrangement contains a lease

\n

\u00a0

\n

The group and the\ncompany use their judgment in determining whether an arrangement\ncontains a lease, based on the substance of the arrangement and\nmake assessment of whether it is dependent on the use of a specific\nasset or assets, conveys a right to use the asset and transfers\nsubstantially all the risks and rewards incidental to ownership\nto/from the group and the company.

\n

\u00a0

\n

Estimation\nuncertainty

\n

\u00a0

\n

Information about\nestimates and assumptions that have the most significant effect on\nrecognition and measurement of assets, liabilities, income and\nexpense is provided below. Actual results may be substantially\ndifferent.

\n

\u00a0

\n

Impairment of\nnon-financial assets

\n

\u00a0

\n

In assessing\nimpairment, management estimates the recoverable amount of each\nasset or cash-generating unit based on expected future cash flows\nand uses an interest rate to discount them. Estimation uncertainty\nrelates to assumptions about future operating results and the\ndetermination of a suitable discount rate.

\n

\u00a0

\n

Useful lives of\ndepreciable assets

\n

\u00a0

\n

Management reviews the\nuseful lives of depreciable assets at each reporting date, based on\nthe expected utility of the assets to the group and the\ncompany.\u00a0 The carrying amounts are analysed in notes 11 and\n12. Actual results, however, may vary due to technical\nobsolescence, particularly relating to software and IT\nequipment.

\n

\u00a0

\n

Investment\nproperty

\n

\u00a0

\n

The group and the\ncompany uses the services of professional valuers to revalue the\ninvestment properties. The professional valuers consider market\nparticipant\u2019s ability to generate economic benefits by using\nthe asset in its highest and best use or by selling it to another\nmarket participant that would use the asset in its highest and best\nuse.

\n

\u00a0

\n

The highest and best\nuse of a non-financial asset takes into account the use of the\nasset that is physically possible, legally permissible and\nfinancially feasible, as follows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n
\n

-

\n		\n

A use that is\nphysically possible, takes into account the physical\ncharacteristics of the asset that market participants would take\ninto account when pricing the asset (e.g., the location or size of\na property).

\n
\n

-

\n		\n

A use that is legally\npermissible takes into account any legal restrictions on the use of\nthe asset that market participants would take into account when\npricing the asset (e.g., the zoning regulations applicable to a\nproperty).

\n
\n

\u00a0

\n

A use that is\nfinancially feasible takes into account whether a use of the asset\nthat is physically possible and legally permissible generates\nadequate income or cash flows (taking into account the costs of\nconverting the asset to that use) to produce an investment return\nthat market participants would require from an investment in that\nasset put to that use.

", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "w68Ke5E-zQ": { "value": "

4.17\u00a0\u00a0\u00a0\nSignificant management judgement in applying accounting policies\nand estimation uncertainty

\n

\u00a0

\n

The preparation of the\nconsolidated financial statements in conformity with IFRS requires\nmanagement to make judgements, estimates and assumptions that\naffect the application of policies and reported amounts of assets,\nliabilities, income and expenses. Use of available information and\napplication of judgement are inherent in making estimates.\u00a0\nActual results in future could differ from such estimates and the\ndifferences may be material to the financial statements.\u00a0 The\nestimates and underlying assumptions are reviewed on an ongoing\nbasis. Revisions to accounting estimates are recognised in the\nperiod in which the estimate is revised if the revision affects\nonly that period, or in the period of revision and future periods\nif the revision affects both current and future periods.

\n

\u00a0

\n

Except as disclosed\nbelow, in the opinion of the directors, the accounting estimates\nand judgements made in the course of preparing these financial\nstatements are not difficult, subjective or complex to a degree\nwhich would warrant their description as critical in terms of the\nrequirements of IAS 1 (revised).

\n

\u00a0

\n

Significant\nmanagement judgement

\n

\u00a0

\n

The following is the\nsignificant management judgement in applying the accounting\npolicies of the group that has the most significant effect on the\nfinancial statements.

\n

\u00a0

\n

Determining whether\nan arrangement contains a lease

\n

\u00a0

\n

The group and the\ncompany use their judgment in determining whether an arrangement\ncontains a lease, based on the substance of the arrangement and\nmake assessment of whether it is dependent on the use of a specific\nasset or assets, conveys a right to use the asset and transfers\nsubstantially all the risks and rewards incidental to ownership\nto/from the group and the company.

\n

\u00a0

\n

Estimation\nuncertainty

\n

\u00a0

\n

Information about\nestimates and assumptions that have the most significant effect on\nrecognition and measurement of assets, liabilities, income and\nexpense is provided below. Actual results may be substantially\ndifferent.

\n

\u00a0

\n

Impairment of\nnon-financial assets

\n

\u00a0

\n

In assessing\nimpairment, management estimates the recoverable amount of each\nasset or cash-generating unit based on expected future cash flows\nand uses an interest rate to discount them. Estimation uncertainty\nrelates to assumptions about future operating results and the\ndetermination of a suitable discount rate.

\n

\u00a0

\n

Useful lives of\ndepreciable assets

\n

\u00a0

\n

Management reviews the\nuseful lives of depreciable assets at each reporting date, based on\nthe expected utility of the assets to the group and the\ncompany.\u00a0 The carrying amounts are analysed in notes 11 and\n12. Actual results, however, may vary due to technical\nobsolescence, particularly relating to software and IT\nequipment.

\n

\u00a0

\n

Investment\nproperty

\n

\u00a0

\n

The group and the\ncompany uses the services of professional valuers to revalue the\ninvestment properties. The professional valuers consider market\nparticipant\u2019s ability to generate economic benefits by using\nthe asset in its highest and best use or by selling it to another\nmarket participant that would use the asset in its highest and best\nuse.

\n

\u00a0

\n

The highest and best\nuse of a non-financial asset takes into account the use of the\nasset that is physically possible, legally permissible and\nfinancially feasible, as follows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n
\n

-

\n		\n

A use that is\nphysically possible, takes into account the physical\ncharacteristics of the asset that market participants would take\ninto account when pricing the asset (e.g., the location or size of\na property).

\n
\n

-

\n		\n

A use that is legally\npermissible takes into account any legal restrictions on the use of\nthe asset that market participants would take into account when\npricing the asset (e.g., the zoning regulations applicable to a\nproperty).

\n
\n

\u00a0

\n

A use that is\nfinancially feasible takes into account whether a use of the asset\nthat is physically possible and legally permissible generates\nadequate income or cash flows (taking into account the costs of\nconverting the asset to that use) to produce an investment return\nthat market participants would require from an investment in that\nasset put to that use.

", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "rnUclxsN8e": { "value": "4.17\u00a0\u00a0\u00a0\nSignificant management judgement in applying accounting policies\nand estimation uncertainty\n\u00a0\nThe preparation of the\nconsolidated financial statements in conformity with IFRS requires\nmanagement to make judgements, estimates and assumptions that\naffect the application of policies and reported amounts of assets,\nliabilities, income and expenses. Use of available information and\napplication of judgement are inherent in making estimates.\u00a0\nActual results in future could differ from such estimates and the\ndifferences may be material to the financial statements.\u00a0 The\nestimates and underlying assumptions are reviewed on an ongoing\nbasis. Revisions to accounting estimates are recognised in the\nperiod in which the estimate is revised if the revision affects\nonly that period, or in the period of revision and future periods\nif the revision affects both current and future periods.\n\u00a0\nExcept as disclosed\nbelow, in the opinion of the directors, the accounting estimates\nand judgements made in the course of preparing these financial\nstatements are not difficult, subjective or complex to a degree\nwhich would warrant their description as critical in terms of the\nrequirements of IAS 1 (revised).\n\u00a0\nSignificant\nmanagement judgement\n\u00a0\nThe following is the\nsignificant management judgement in applying the accounting\npolicies of the group that has the most significant effect on the\nfinancial statements. Estimation\nuncertainty\n\u00a0\nInformation about\nestimates and assumptions that have the most significant effect on\nrecognition and measurement of assets, liabilities, income and\nexpense is provided below. Actual results may be substantially\ndifferent.\n\u00a0\nImpairment of\nnon-financial assets\n\u00a0\nIn assessing\nimpairment, management estimates the recoverable amount of each\nasset or cash-generating unit based on expected future cash flows\nand uses an interest rate to discount them. Estimation uncertainty\nrelates to assumptions about future operating results and the\ndetermination of a suitable discount rate.\n\u00a0\nUseful lives of\ndepreciable assets\n\u00a0\nManagement reviews the\nuseful lives of depreciable assets at each reporting date, based on\nthe expected utility of the assets to the group and the\ncompany.\u00a0 The carrying amounts are analysed in notes 11 and\n12. Actual results, however, may vary due to technical\nobsolescence, particularly relating to software and IT\nequipment.\n\u00a0\n Investment\nproperty\n\u00a0\nThe group and the\ncompany uses the services of professional valuers to revalue the\ninvestment properties. The professional valuers consider market\nparticipant\u2019s ability to generate economic benefits by using\nthe asset in its highest and best use or by selling it to another\nmarket participant that would use the asset in its highest and best\nuse.\n\u00a0\nThe highest and best\nuse of a non-financial asset takes into account the use of the\nasset that is physically possible, legally permissible and\nfinancially feasible, as follows:\n\u00a0\n\n\n\n\n-\n\n\nA use that is\nphysically possible, takes into account the physical\ncharacteristics of the asset that market participants would take\ninto account when pricing the asset (e.g., the location or size of\na property).\n\n\n\n\n-\n\n\nA use that is legally\npermissible takes into account any legal restrictions on the use of\nthe asset that market participants would take into account when\npricing the asset (e.g., the zoning regulations applicable to a\nproperty).\n\n\n\n\n\u00a0\nA use that is\nfinancially feasible takes into account whether a use of the asset\nthat is physically possible and legally permissible generates\nadequate income or cash flows (taking into account the costs of\nconverting the asset to that use) to produce an investment return\nthat market participants would require from an investment in that\nasset put to that use.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "GLtQm5J3I-": { "value": "Significant management judgement in applying accounting policies\nand estimation uncertainty

Investment\nproperty

\n

\u00a0

\n

The group and the\ncompany uses the services of professional valuers to revalue the\ninvestment properties. The professional valuers consider market\nparticipant\u2019s ability to generate economic benefits by using\nthe asset in its highest and best use or by selling it to another\nmarket participant that would use the asset in its highest and best\nuse.

\n

\u00a0

\n

The highest and best\nuse of a non-financial asset takes into account the use of the\nasset that is physically possible, legally permissible and\nfinancially feasible, as follows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n
\n

-

\n		\n

A use that is\nphysically possible, takes into account the physical\ncharacteristics of the asset that market participants would take\ninto account when pricing the asset (e.g., the location or size of\na property).

\n
\n

-

\n		\n

A use that is legally\npermissible takes into account any legal restrictions on the use of\nthe asset that market participants would take into account when\npricing the asset (e.g., the zoning regulations applicable to a\nproperty).

\n
\n

\u00a0

\n

A use that is\nfinancially feasible takes into account whether a use of the asset\nthat is physically possible and legally permissible generates\nadequate income or cash flows (taking into account the costs of\nconverting the asset to that use) to produce an investment return\nthat market participants would require from an investment in that\nasset put to that use.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "FVJvTbAVgH": { "value": "

Useful lives of\ndepreciable assets

\n

\u00a0

\n

Management reviews the\nuseful lives of depreciable assets at each reporting date, based on\nthe expected utility of the assets to the group and the\ncompany.\u00a0 The carrying amounts are analysed in notes 11 and\n12. Actual results, however, may vary due to technical\nobsolescence, particularly relating to software and IT\nequipment.

12\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Property, plant\nand equipment

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n
\n

\u00a0

\n

Plant and machinery\nequipment

\n		\n

Office furniture,\nfittings and equipment

\n		\n

\u00a0

\n

\u00a0

\n

Asset under\nconstruction

\n		\n

\u00a0

\n

\u00a0

\n

\u00a0

\n

Total

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Cost

\n
\n

At 1 January\n2025

\n		\n

334,770

\n		\n

149,034

\n		\n

14,373,654

\n		\n

14,857,458

\n
\n

Additions

\n		\n

23,871

\n		\n

52,012

\n		\n

4,770,942

\n		\n

4,846,825

\n
\n

Disposed on discontinued\noperation

\n		\n

-

\n		\n

-

\n		\n

(19,144,596)

\n		\n

(19,144,596)

\n
\n

At 31 December\n2025

\n		\n

358,641

\n		\n

201,046

\n		\n

-

\n		\n

559,687

\n
\n

At 1 January\n2024

\n		\n

319,159

\n		\n

84,903

\n		\n

8,251,055

\n		\n

8,655,117

\n
\n

Additions

\n		\n

15,611

\n		\n

35,335

\n		\n

6,122,599

\n		\n

6,173,545

\n
\n

Additions through\nbusiness combination

\n		\n

-

\n		\n

28,796

\n		\n

-

\n		\n

28,796

\n
\n

At 31 December\n2024

\n		\n

\u00a0334,770

\n		\n

\u00a0149,034

\n		\n

\u00a014,373,654

\n		\n

\u00a014,857,458

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Accumulated\ndepreciation

\n
\n

At 1 January\n2025

\n		\n

109,252

\n		\n

38,634

\n		\n

-

\n		\n

147,886

\n
\n

Depreciation

\n		\n

30,625

\n		\n

30,226

\n		\n

-

\n		\n

60,851

\n
\n

At 31 December\n2025

\n		\n

139,877

\n		\n

68,860

\n		\n

-

\n		\n

208,737

\n
\n

At 1 January\n2024

\n		\n

73,972

\n		\n

14,106

\n		\n

-

\n		\n

88,078

\n
\n

Depreciation

\n		\n

35,280

\n		\n

24,528

\n		\n

-

\n		\n

59,808

\n
\n

At 31 December\n2024

\n		\n

109,252

\n		\n

38,634

\n		\n

-

\n		\n

147,886

\n
\n

Carrying\namount

\n
\n

At 31 December\n2025

\n		\n

218,764

\n		\n

132,186

\n		\n

-

\n		\n

350,950

\n
\n

At 31 December\n2024

\n		\n

225,518

\n		\n

110,400

\n		\n

14,373,654

\n		\n

14,709,572

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "g6FVfev9cs": { "value": "

5 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nRevenue

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Rent income

\n		\n

2,450,992

\n		\n

1,869,397

\n		\n

-

\n		\n

-

\n
\n

Ordinary shares\u2019\ndividend

\n		\n

-

\n		\n

-

\n		\n

615,384

\n		\n

420,000

\n
\n

2,450,992

\n		\n

\u00a01,869,397

\n		\n

615,384

\n		\n

\u00a0420,000

\n
\n

\u00a0

\n

Management assesses\nthe operations of the group as one reporting segment on the basis\nthat the group has one line of activity based in one jurisdiction,\nbeing Malta. Accordingly, no segment disclosures are being\npresented.

", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "TDkTLUg06Y": { "value": "

5 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nRevenue

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Rent income

\n		\n

2,450,992

\n		\n

1,869,397

\n		\n

-

\n		\n

-

\n
\n

Ordinary shares\u2019\ndividend

\n		\n

-

\n		\n

-

\n		\n

615,384

\n		\n

420,000

\n
\n

2,450,992

\n		\n

\u00a01,869,397

\n		\n

615,384

\n		\n

\u00a0420,000

\n
\n

\u00a0

\n

Management assesses\nthe operations of the group as one reporting segment on the basis\nthat the group has one line of activity based in one jurisdiction,\nbeing Malta. Accordingly, no segment disclosures are being\npresented.

", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "dkVHJ8cvlC": { "value": "Management assesses\nthe operations of the group as one reporting segment on the basis\nthat the group has one line of activity based in one jurisdiction,\nbeing Malta. Accordingly, no segment disclosures are being\npresented.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "zYCn8uqBEk": { "value": "

6 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nAdministrative and other operating expenses

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Auditor's remuneration\n(refer to note below)

\n		\n

46,280

\n		\n

41,450

\n		\n

18,085

\n		\n

19,753

\n
\n

General and other\nexpenses

\n		\n

905,030

\n		\n

288,898

\n		\n

14,459

\n		\n

2,286

\n
\n

Advertising and\nmarketing

\n		\n

29,664

\n		\n

20,012

\n		\n

419

\n		\n

1,151

\n
\n

Licenses and\nfees

\n		\n

27,025

\n		\n

40,387

\n		\n

26,357

\n		\n

35,167

\n
\n

Legal and professional\nfees

\n		\n

80,482

\n		\n

142,690

\n		\n

43,892

\n		\n

72,168

\n
\n

Directors\u2019\nfees

\n		\n

48,000

\n		\n

48,000

\n		\n

48,000

\n		\n

48,000

\n
\n

Depreciation

\n		\n

191,256

\n		\n

61,418

\n		\n

-

\n		\n

-

\n
\n

Salaries and\nwages

\n		\n

245,215

\n		\n

233,963

\n		\n

-

\n		\n

-

\n
\n

Fines and\npenalties

\n		\n

-

\n		\n

966

\n		\n

-

\n		\n

-

\n
\n

Insurance

\n		\n

13,542

\n		\n

29,114

\n		\n

-

\n		\n

-

\n
\n

Provision for bad\ndebts

\n		\n

-

\n		\n

1,275

\n		\n

-

\n		\n

-

\n
\n

1,586,494

\n		\n

908,173

\n		\n

151,212

\n		\n

178,525

\n
\n

\u00a0

\n

The group had an\naverage of 5 (2024: 6) employees during the year under\nreview.

\n

\u00a0

\n

Remuneration paid to\nthe auditors includes fees paid by the group amounting to\n\u20ac4,850 (company: \u20ac1,180) for tax compliance\nservices.

21 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Trade and other\nreceivables

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Trade\nreceivables

\n		\n

305,240

\n		\n

96,537

\n		\n

-

\n		\n

-

\n
\n

Other\nreceivables

\n		\n

425,704

\n		\n

153,377

\n		\n

-

\n		\n

-

\n
\n

Accrued\nincome

\n		\n

87,827

\n		\n

17,576

\n		\n

-

\n		\n

-

\n
\n

Financial\nassets

\n		\n

818,771

\n		\n

267,490

\n		\n

-

\n		\n

-

\n
\n

Prepayments

\n		\n

26,440

\n		\n

12,241

\n		\n

17,485

\n		\n

12,241

\n
\n

Deferred\nexpenditures

\n		\n

270,522

\n		\n

13,174

\n		\n

-

\n		\n

-

\n
\n

1,115,733

\n		\n

292,905

\n		\n

17,485

\n		\n

12,241

\n
\n

\u00a0

\n

Trade receivables are\nnon-interest bearing and generally have credit terms of 30 days. As\nat 31 December, no receivable balance was past due. No allowance\nfor expected credit losses was provided for the during 2024 and\n2025.

The group and company\nhave bank accounts with local institutions. At 31 December 2025,\nthe group and company held cash and cash equivalents amounting to\n\u20ac575,668 and \u20ac3,444 (2024: \u20ac8,074,322 and\n\u20ac22,408) respectively with local counterparties with credit\nratings of A-1, A-2 and BBB- (2024: A-1, A-2 and BBB-) and are\ncallable on demand. Management considers the probability of default\nto be close to zero as the counterparties have a strong capacity to\nmeet their contractual obligations in the near term.\u00a0 As a\nresult, no loss allowance has been recognised based on 12 month\nexpected credit losses as any such impairment would be\ninsignificant to the group and company.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "FqGmqvrq4k": { "value": "

6 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nAdministrative and other operating expenses

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Auditor's remuneration\n(refer to note below)

\n		\n

46,280

\n		\n

41,450

\n		\n

18,085

\n		\n

19,753

\n
\n

General and other\nexpenses

\n		\n

905,030

\n		\n

288,898

\n		\n

14,459

\n		\n

2,286

\n
\n

Advertising and\nmarketing

\n		\n

29,664

\n		\n

20,012

\n		\n

419

\n		\n

1,151

\n
\n

Licenses and\nfees

\n		\n

27,025

\n		\n

40,387

\n		\n

26,357

\n		\n

35,167

\n
\n

Legal and professional\nfees

\n		\n

80,482

\n		\n

142,690

\n		\n

43,892

\n		\n

72,168

\n
\n

Directors\u2019\nfees

\n		\n

48,000

\n		\n

48,000

\n		\n

48,000

\n		\n

48,000

\n
\n

Depreciation

\n		\n

191,256

\n		\n

61,418

\n		\n

-

\n		\n

-

\n
\n

Salaries and\nwages

\n		\n

245,215

\n		\n

233,963

\n		\n

-

\n		\n

-

\n
\n

Fines and\npenalties

\n		\n

-

\n		\n

966

\n		\n

-

\n		\n

-

\n
\n

Insurance

\n		\n

13,542

\n		\n

29,114

\n		\n

-

\n		\n

-

\n
\n

Provision for bad\ndebts

\n		\n

-

\n		\n

1,275

\n		\n

-

\n		\n

-

\n
\n

1,586,494

\n		\n

908,173

\n		\n

151,212

\n		\n

178,525

\n
\n

\u00a0

\n

The group had an\naverage of 5 (2024: 6) employees during the year under\nreview.

\n

\u00a0

\n

Remuneration paid to\nthe auditors includes fees paid by the group amounting to\n\u20ac4,850 (company: \u20ac1,180) for tax compliance\nservices.

", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "UfPb_ssBNZ": { "value": "

6 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nAdministrative and other operating expenses

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Auditor's remuneration\n(refer to note below)

\n		\n

46,280

\n		\n

41,450

\n		\n

18,085

\n		\n

19,753

\n
\n

General and other\nexpenses

\n		\n

905,030

\n		\n

288,898

\n		\n

14,459

\n		\n

2,286

\n
\n

Advertising and\nmarketing

\n		\n

29,664

\n		\n

20,012

\n		\n

419

\n		\n

1,151

\n
\n

Licenses and\nfees

\n		\n

27,025

\n		\n

40,387

\n		\n

26,357

\n		\n

35,167

\n
\n

Legal and professional\nfees

\n		\n

80,482

\n		\n

142,690

\n		\n

43,892

\n		\n

72,168

\n
\n

Directors\u2019\nfees

\n		\n

48,000

\n		\n

48,000

\n		\n

48,000

\n		\n

48,000

\n
\n

Depreciation

\n		\n

191,256

\n		\n

61,418

\n		\n

-

\n		\n

-

\n
\n

Salaries and\nwages

\n		\n

245,215

\n		\n

233,963

\n		\n

-

\n		\n

-

\n
\n

Fines and\npenalties

\n		\n

-

\n		\n

966

\n		\n

-

\n		\n

-

\n
\n

Insurance

\n		\n

13,542

\n		\n

29,114

\n		\n

-

\n		\n

-

\n
\n

Provision for bad\ndebts

\n		\n

-

\n		\n

1,275

\n		\n

-

\n		\n

-

\n
\n

1,586,494

\n		\n

908,173

\n		\n

151,212

\n		\n

178,525

\n
\n

\u00a0

\n

The group had an\naverage of 5 (2024: 6) employees during the year under\nreview.

\n

\u00a0

\n

Remuneration paid to\nthe auditors includes fees paid by the group amounting to\n\u20ac4,850 (company: \u20ac1,180) for tax compliance\nservices.

", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "b-72SPmJQ_": { "value": "

6 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nAdministrative and other operating expenses

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Auditor's remuneration\n(refer to note below)

\n		\n

46,280

\n		\n

41,450

\n		\n

18,085

\n		\n

19,753

\n
\n

General and other\nexpenses

\n		\n

905,030

\n		\n

288,898

\n		\n

14,459

\n		\n

2,286

\n
\n

Advertising and\nmarketing

\n		\n

29,664

\n		\n

20,012

\n		\n

419

\n		\n

1,151

\n
\n

Licenses and\nfees

\n		\n

27,025

\n		\n

40,387

\n		\n

26,357

\n		\n

35,167

\n
\n

Legal and professional\nfees

\n		\n

80,482

\n		\n

142,690

\n		\n

43,892

\n		\n

72,168

\n
\n

Directors\u2019\nfees

\n		\n

48,000

\n		\n

48,000

\n		\n

48,000

\n		\n

48,000

\n
\n

Depreciation

\n		\n

191,256

\n		\n

61,418

\n		\n

-

\n		\n

-

\n
\n

Salaries and\nwages

\n		\n

245,215

\n		\n

233,963

\n		\n

-

\n		\n

-

\n
\n

Fines and\npenalties

\n		\n

-

\n		\n

966

\n		\n

-

\n		\n

-

\n
\n

Insurance

\n		\n

13,542

\n		\n

29,114

\n		\n

-

\n		\n

-

\n
\n

Provision for bad\ndebts

\n		\n

-

\n		\n

1,275

\n		\n

-

\n		\n

-

\n
\n

1,586,494

\n		\n

908,173

\n		\n

151,212

\n		\n

178,525

\n
\n

\u00a0

\n

The group had an\naverage of 5 (2024: 6) employees during the year under\nreview.

\n

\u00a0

\n

Remuneration paid to\nthe auditors includes fees paid by the group amounting to\n\u20ac4,850 (company: \u20ac1,180) for tax compliance\nservices.

8 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Finance\ncosts

\n

\u00a0

\n

The following amounts\nare analysed as follows for the reporting periods\npresented:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Bank charges

\n		\n

97,041

\n		\n

44,468

\n		\n

556

\n		\n

271

\n
\n

Interest on bank\nloans

\n		\n

43,406

\n		\n

44,941

\n		\n

-

\n		\n

-

\n
\n

Interest on debt\nsecurities in issue

\n		\n

1,450,483

\n		\n

849,287

\n		\n

1,450,483

\n		\n

849,287

\n
\n

Interest on lease\nliabilities

\n		\n

79,875

\n		\n

10,566

\n		\n

-

\n		\n

-

\n
\n

Others

\n		\n

935

\n		\n

4,583

\n		\n

-

\n		\n

-

\n
\n

1,671,740

\n		\n

953,845

\n		\n

1,451,039

\n		\n

849,558

\n

9 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Tax expense

\n

\u00a0

\n

The relationship\nbetween the expected tax expense (income) based on the effective\ntax rate of the group and the company at 35% (2024: 35%) and the\nactual tax expense recognised in the statement of profit or loss\nand other comprehensive income can be reconciled as\nfollows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Profit (loss) before\ntax

\n		\n

8,909,239

\n		\n

(178,881)

\n		\n

327,978

\n		\n

134,498

\n
\n

Tax rate

\n		\n

35%

\n		\n

35%

\n		\n

35%

\n		\n

35%

\n
\n

Expected tax expense\n(income)

\n		\n

3,118,233

\n		\n

(62,608)

\n		\n

114,792

\n		\n

47,074

\n
\n

\u00a0

\n		\n

\u00a0

\n
\n

Adjustments\nfor:

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Non-deductible\nexpenses

\n		\n

1,036,169

\n		\n

1,223,308

\n		\n

399,928

\n		\n

196,288

\n
\n

Non-taxable\nincome

\n		\n

(232,406)

\n		\n

(254,383)

\n		\n

(299,336)

\n		\n

(243,362)

\n
\n

Refund under full\nimputation system

\n		\n

-

\n		\n

(23,773)

\n		\n

-

\n		\n

-

\n
\n

Income taxed on\ndifferent basis at different rates

\n		\n

(192,219)

\n		\n

\u00a0

\n

414,677

\n		\n

-

\n		\n

\u00a0

\n

-

\n
\n

Revaluation of\ninvestment property

\n		\n

(783,869)

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Share of profits of\nassociates

\n		\n

(1,991,500)

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Other permanent\ndifferences

\n		\n

278,080

\n		\n

-

\n		\n

-

\n		\n

\u00a0

\n

\u00a0-

\n
\n

Actual tax expense,\nnet

\n		\n

1,232,488

\n		\n

1,297,221\u00a0

\n		\n

215,384

\n		\n

\u00a0-

\n
\n

\u00a0

\n		\n

\u00a0

\n
\n

Composed\nof:

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Current tax\nexpense

\n		\n

556,234

\n		\n

1,010,846

\n		\n

215,384

\n		\n

-

\n
\n

Deferred tax\nexpense

\n		\n

676,254

\n		\n

\u00a0\n286,375

\n		\n

-

\n		\n

\u00a0\n-

\n
\n

1,232,488

\n		\n

\u00a01,297,221

\n		\n

215,384

\n		\n

\u00a0-

\n

12\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Property, plant\nand equipment

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n
\n

\u00a0

\n

Plant and machinery\nequipment

\n		\n

Office furniture,\nfittings and equipment

\n		\n

\u00a0

\n

\u00a0

\n

Asset under\nconstruction

\n		\n

\u00a0

\n

\u00a0

\n

\u00a0

\n

Total

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Cost

\n
\n

At 1 January\n2025

\n		\n

334,770

\n		\n

149,034

\n		\n

14,373,654

\n		\n

14,857,458

\n
\n

Additions

\n		\n

23,871

\n		\n

52,012

\n		\n

4,770,942

\n		\n

4,846,825

\n
\n

Disposed on discontinued\noperation

\n		\n

-

\n		\n

-

\n		\n

(19,144,596)

\n		\n

(19,144,596)

\n
\n

At 31 December\n2025

\n		\n

358,641

\n		\n

201,046

\n		\n

-

\n		\n

559,687

\n
\n

At 1 January\n2024

\n		\n

319,159

\n		\n

84,903

\n		\n

8,251,055

\n		\n

8,655,117

\n
\n

Additions

\n		\n

15,611

\n		\n

35,335

\n		\n

6,122,599

\n		\n

6,173,545

\n
\n

Additions through\nbusiness combination

\n		\n

-

\n		\n

28,796

\n		\n

-

\n		\n

28,796

\n
\n

At 31 December\n2024

\n		\n

\u00a0334,770

\n		\n

\u00a0149,034

\n		\n

\u00a014,373,654

\n		\n

\u00a014,857,458

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Accumulated\ndepreciation

\n
\n

At 1 January\n2025

\n		\n

109,252

\n		\n

38,634

\n		\n

-

\n		\n

147,886

\n
\n

Depreciation

\n		\n

30,625

\n		\n

30,226

\n		\n

-

\n		\n

60,851

\n
\n

At 31 December\n2025

\n		\n

139,877

\n		\n

68,860

\n		\n

-

\n		\n

208,737

\n
\n

At 1 January\n2024

\n		\n

73,972

\n		\n

14,106

\n		\n

-

\n		\n

88,078

\n
\n

Depreciation

\n		\n

35,280

\n		\n

24,528

\n		\n

-

\n		\n

59,808

\n
\n

At 31 December\n2024

\n		\n

109,252

\n		\n

38,634

\n		\n

-

\n		\n

147,886

\n
\n

Carrying\namount

\n
\n

At 31 December\n2025

\n		\n

218,764

\n		\n

132,186

\n		\n

-

\n		\n

350,950

\n
\n

At 31 December\n2024

\n		\n

225,518

\n		\n

110,400

\n		\n

14,373,654

\n		\n

14,709,572

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "meeC_gphxD": { "value": "

6 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nAdministrative and other operating expenses

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Auditor's remuneration\n(refer to note below)

\n		\n

46,280

\n		\n

41,450

\n		\n

18,085

\n		\n

19,753

\n
\n

General and other\nexpenses

\n		\n

905,030

\n		\n

288,898

\n		\n

14,459

\n		\n

2,286

\n
\n

Advertising and\nmarketing

\n		\n

29,664

\n		\n

20,012

\n		\n

419

\n		\n

1,151

\n
\n

Licenses and\nfees

\n		\n

27,025

\n		\n

40,387

\n		\n

26,357

\n		\n

35,167

\n
\n

Legal and professional\nfees

\n		\n

80,482

\n		\n

142,690

\n		\n

43,892

\n		\n

72,168

\n
\n

Directors\u2019\nfees

\n		\n

48,000

\n		\n

48,000

\n		\n

48,000

\n		\n

48,000

\n
\n

Depreciation

\n		\n

191,256

\n		\n

61,418

\n		\n

-

\n		\n

-

\n
\n

Salaries and\nwages

\n		\n

245,215

\n		\n

233,963

\n		\n

-

\n		\n

-

\n
\n

Fines and\npenalties

\n		\n

-

\n		\n

966

\n		\n

-

\n		\n

-

\n
\n

Insurance

\n		\n

13,542

\n		\n

29,114

\n		\n

-

\n		\n

-

\n
\n

Provision for bad\ndebts

\n		\n

-

\n		\n

1,275

\n		\n

-

\n		\n

-

\n
\n

1,586,494

\n		\n

908,173

\n		\n

151,212

\n		\n

178,525

\n
\n

\u00a0

\n

The group had an\naverage of 5 (2024: 6) employees during the year under\nreview.

\n

\u00a0

\n

Remuneration paid to\nthe auditors includes fees paid by the group amounting to\n\u20ac4,850 (company: \u20ac1,180) for tax compliance\nservices.

8 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Finance\ncosts

\n

\u00a0

\n

The following amounts\nare analysed as follows for the reporting periods\npresented:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Bank charges

\n		\n

97,041

\n		\n

44,468

\n		\n

556

\n		\n

271

\n
\n

Interest on bank\nloans

\n		\n

43,406

\n		\n

44,941

\n		\n

-

\n		\n

-

\n
\n

Interest on debt\nsecurities in issue

\n		\n

1,450,483

\n		\n

849,287

\n		\n

1,450,483

\n		\n

849,287

\n
\n

Interest on lease\nliabilities

\n		\n

79,875

\n		\n

10,566

\n		\n

-

\n		\n

-

\n
\n

Others

\n		\n

935

\n		\n

4,583

\n		\n

-

\n		\n

-

\n
\n

1,671,740

\n		\n

953,845

\n		\n

1,451,039

\n		\n

849,558

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "jcOJILJs6T": { "value": "

6 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nAdministrative and other operating expenses

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Auditor's remuneration\n(refer to note below)

\n		\n

46,280

\n		\n

41,450

\n		\n

18,085

\n		\n

19,753

\n
\n

General and other\nexpenses

\n		\n

905,030

\n		\n

288,898

\n		\n

14,459

\n		\n

2,286

\n
\n

Advertising and\nmarketing

\n		\n

29,664

\n		\n

20,012

\n		\n

419

\n		\n

1,151

\n
\n

Licenses and\nfees

\n		\n

27,025

\n		\n

40,387

\n		\n

26,357

\n		\n

35,167

\n
\n

Legal and professional\nfees

\n		\n

80,482

\n		\n

142,690

\n		\n

43,892

\n		\n

72,168

\n
\n

Directors\u2019\nfees

\n		\n

48,000

\n		\n

48,000

\n		\n

48,000

\n		\n

48,000

\n
\n

Depreciation

\n		\n

191,256

\n		\n

61,418

\n		\n

-

\n		\n

-

\n
\n

Salaries and\nwages

\n		\n

245,215

\n		\n

233,963

\n		\n

-

\n		\n

-

\n
\n

Fines and\npenalties

\n		\n

-

\n		\n

966

\n		\n

-

\n		\n

-

\n
\n

Insurance

\n		\n

13,542

\n		\n

29,114

\n		\n

-

\n		\n

-

\n
\n

Provision for bad\ndebts

\n		\n

-

\n		\n

1,275

\n		\n

-

\n		\n

-

\n
\n

1,586,494

\n		\n

908,173

\n		\n

151,212

\n		\n

178,525

\n
\n

\u00a0

\n

The group had an\naverage of 5 (2024: 6) employees during the year under\nreview.

\n

\u00a0

\n

Remuneration paid to\nthe auditors includes fees paid by the group amounting to\n\u20ac4,850 (company: \u20ac1,180) for tax compliance\nservices.

", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "mUmcQ0R38G": { "value": "

6 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nAdministrative and other operating expenses

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Auditor's remuneration\n(refer to note below)

\n		\n

46,280

\n		\n

41,450

\n		\n

18,085

\n		\n

19,753

\n
\n

General and other\nexpenses

\n		\n

905,030

\n		\n

288,898

\n		\n

14,459

\n		\n

2,286

\n
\n

Advertising and\nmarketing

\n		\n

29,664

\n		\n

20,012

\n		\n

419

\n		\n

1,151

\n
\n

Licenses and\nfees

\n		\n

27,025

\n		\n

40,387

\n		\n

26,357

\n		\n

35,167

\n
\n

Legal and professional\nfees

\n		\n

80,482

\n		\n

142,690

\n		\n

43,892

\n		\n

72,168

\n
\n

Directors\u2019\nfees

\n		\n

48,000

\n		\n

48,000

\n		\n

48,000

\n		\n

48,000

\n
\n

Depreciation

\n		\n

191,256

\n		\n

61,418

\n		\n

-

\n		\n

-

\n
\n

Salaries and\nwages

\n		\n

245,215

\n		\n

233,963

\n		\n

-

\n		\n

-

\n
\n

Fines and\npenalties

\n		\n

-

\n		\n

966

\n		\n

-

\n		\n

-

\n
\n

Insurance

\n		\n

13,542

\n		\n

29,114

\n		\n

-

\n		\n

-

\n
\n

Provision for bad\ndebts

\n		\n

-

\n		\n

1,275

\n		\n

-

\n		\n

-

\n
\n

1,586,494

\n		\n

908,173

\n		\n

151,212

\n		\n

178,525

\n
\n

\u00a0

\n

The group had an\naverage of 5 (2024: 6) employees during the year under\nreview.

\n

\u00a0

\n

Remuneration paid to\nthe auditors includes fees paid by the group amounting to\n\u20ac4,850 (company: \u20ac1,180) for tax compliance\nservices.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "TDVkBvaFts": { "value": "The group had an\naverage of 5 (2024: 6) employees during the year under\nreview.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "mLjtp-9Sje": { "value": "

7 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Finance\nincome

\n

\u00a0

\n

The following amounts\nmay be analysed as follows for the reporting periods\npresented:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Interest\nincome

\n		\n

222,137

\n		\n

50,643

\n		\n

459,600

\n		\n

467,260

\n
\n

Dividend\nincome

\n		\n

-

\n		\n

-

\n		\n

855,245

\n		\n

275,321

\n
\n

Finance\nincome

\n		\n

222,137

\n		\n

50,643

\n		\n

1,314,845

\n		\n

742,581

\n
\n

\u00a0

\n

8 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Finance\ncosts

\n

\u00a0

\n

The following amounts\nare analysed as follows for the reporting periods\npresented:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Bank charges

\n		\n

97,041

\n		\n

44,468

\n		\n

556

\n		\n

271

\n
\n

Interest on bank\nloans

\n		\n

43,406

\n		\n

44,941

\n		\n

-

\n		\n

-

\n
\n

Interest on debt\nsecurities in issue

\n		\n

1,450,483

\n		\n

849,287

\n		\n

1,450,483

\n		\n

849,287

\n
\n

Interest on lease\nliabilities

\n		\n

79,875

\n		\n

10,566

\n		\n

-

\n		\n

-

\n
\n

Others

\n		\n

935

\n		\n

4,583

\n		\n

-

\n		\n

-

\n
\n

1,671,740

\n		\n

953,845

\n		\n

1,451,039

\n		\n

849,558

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "xeIhVNMFoF": { "value": "

7 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Finance\nincome

\n

\u00a0

\n

The following amounts\nmay be analysed as follows for the reporting periods\npresented:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Interest\nincome

\n		\n

222,137

\n		\n

50,643

\n		\n

459,600

\n		\n

467,260

\n
\n

Dividend\nincome

\n		\n

-

\n		\n

-

\n		\n

855,245

\n		\n

275,321

\n
\n

Finance\nincome

\n		\n

222,137

\n		\n

50,643

\n		\n

1,314,845

\n		\n

742,581

\n
\n

\u00a0

\n

8 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Finance\ncosts

\n

\u00a0

\n

The following amounts\nare analysed as follows for the reporting periods\npresented:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Bank charges

\n		\n

97,041

\n		\n

44,468

\n		\n

556

\n		\n

271

\n
\n

Interest on bank\nloans

\n		\n

43,406

\n		\n

44,941

\n		\n

-

\n		\n

-

\n
\n

Interest on debt\nsecurities in issue

\n		\n

1,450,483

\n		\n

849,287

\n		\n

1,450,483

\n		\n

849,287

\n
\n

Interest on lease\nliabilities

\n		\n

79,875

\n		\n

10,566

\n		\n

-

\n		\n

-

\n
\n

Others

\n		\n

935

\n		\n

4,583

\n		\n

-

\n		\n

-

\n
\n

1,671,740

\n		\n

953,845

\n		\n

1,451,039

\n		\n

849,558

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "MkOfRchagI": { "value": "

7 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Finance\nincome

\n

\u00a0

\n

The following amounts\nmay be analysed as follows for the reporting periods\npresented:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Interest\nincome

\n		\n

222,137

\n		\n

50,643

\n		\n

459,600

\n		\n

467,260

\n
\n

Dividend\nincome

\n		\n

-

\n		\n

-

\n		\n

855,245

\n		\n

275,321

\n
\n

Finance\nincome

\n		\n

222,137

\n		\n

50,643

\n		\n

1,314,845

\n		\n

742,581

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "w00neZdxzc": { "value": "

7 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Finance\nincome

\n

\u00a0

\n

The following amounts\nmay be analysed as follows for the reporting periods\npresented:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Interest\nincome

\n		\n

222,137

\n		\n

50,643

\n		\n

459,600

\n		\n

467,260

\n
\n

Dividend\nincome

\n		\n

-

\n		\n

-

\n		\n

855,245

\n		\n

275,321

\n
\n

Finance\nincome

\n		\n

222,137

\n		\n

50,643

\n		\n

1,314,845

\n		\n

742,581

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "qb_9TqyLu1": { "value": "

8 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Finance\ncosts

\n

\u00a0

\n

The following amounts\nare analysed as follows for the reporting periods\npresented:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Bank charges

\n		\n

97,041

\n		\n

44,468

\n		\n

556

\n		\n

271

\n
\n

Interest on bank\nloans

\n		\n

43,406

\n		\n

44,941

\n		\n

-

\n		\n

-

\n
\n

Interest on debt\nsecurities in issue

\n		\n

1,450,483

\n		\n

849,287

\n		\n

1,450,483

\n		\n

849,287

\n
\n

Interest on lease\nliabilities

\n		\n

79,875

\n		\n

10,566

\n		\n

-

\n		\n

-

\n
\n

Others

\n		\n

935

\n		\n

4,583

\n		\n

-

\n		\n

-

\n
\n

1,671,740

\n		\n

953,845

\n		\n

1,451,039

\n		\n

849,558

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "yss9fDeDR6": { "value": "

8 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Finance\ncosts

\n

\u00a0

\n

The following amounts\nare analysed as follows for the reporting periods\npresented:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Bank charges

\n		\n

97,041

\n		\n

44,468

\n		\n

556

\n		\n

271

\n
\n

Interest on bank\nloans

\n		\n

43,406

\n		\n

44,941

\n		\n

-

\n		\n

-

\n
\n

Interest on debt\nsecurities in issue

\n		\n

1,450,483

\n		\n

849,287

\n		\n

1,450,483

\n		\n

849,287

\n
\n

Interest on lease\nliabilities

\n		\n

79,875

\n		\n

10,566

\n		\n

-

\n		\n

-

\n
\n

Others

\n		\n

935

\n		\n

4,583

\n		\n

-

\n		\n

-

\n
\n

1,671,740

\n		\n

953,845

\n		\n

1,451,039

\n		\n

849,558

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "_l_qGGItEc": { "value": "

8 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Finance\ncosts

\n

\u00a0

\n

The following amounts\nare analysed as follows for the reporting periods\npresented:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Bank charges

\n		\n

97,041

\n		\n

44,468

\n		\n

556

\n		\n

271

\n
\n

Interest on bank\nloans

\n		\n

43,406

\n		\n

44,941

\n		\n

-

\n		\n

-

\n
\n

Interest on debt\nsecurities in issue

\n		\n

1,450,483

\n		\n

849,287

\n		\n

1,450,483

\n		\n

849,287

\n
\n

Interest on lease\nliabilities

\n		\n

79,875

\n		\n

10,566

\n		\n

-

\n		\n

-

\n
\n

Others

\n		\n

935

\n		\n

4,583

\n		\n

-

\n		\n

-

\n
\n

1,671,740

\n		\n

953,845

\n		\n

1,451,039

\n		\n

849,558

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "stCKk1S6zF": { "value": "

9 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Tax expense

\n

\u00a0

\n

The relationship\nbetween the expected tax expense (income) based on the effective\ntax rate of the group and the company at 35% (2024: 35%) and the\nactual tax expense recognised in the statement of profit or loss\nand other comprehensive income can be reconciled as\nfollows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Profit (loss) before\ntax

\n		\n

8,909,239

\n		\n

(178,881)

\n		\n

327,978

\n		\n

134,498

\n
\n

Tax rate

\n		\n

35%

\n		\n

35%

\n		\n

35%

\n		\n

35%

\n
\n

Expected tax expense\n(income)

\n		\n

3,118,233

\n		\n

(62,608)

\n		\n

114,792

\n		\n

47,074

\n
\n

\u00a0

\n		\n

\u00a0

\n
\n

Adjustments\nfor:

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Non-deductible\nexpenses

\n		\n

1,036,169

\n		\n

1,223,308

\n		\n

399,928

\n		\n

196,288

\n
\n

Non-taxable\nincome

\n		\n

(232,406)

\n		\n

(254,383)

\n		\n

(299,336)

\n		\n

(243,362)

\n
\n

Refund under full\nimputation system

\n		\n

-

\n		\n

(23,773)

\n		\n

-

\n		\n

-

\n
\n

Income taxed on\ndifferent basis at different rates

\n		\n

(192,219)

\n		\n

\u00a0

\n

414,677

\n		\n

-

\n		\n

\u00a0

\n

-

\n
\n

Revaluation of\ninvestment property

\n		\n

(783,869)

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Share of profits of\nassociates

\n		\n

(1,991,500)

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Other permanent\ndifferences

\n		\n

278,080

\n		\n

-

\n		\n

-

\n		\n

\u00a0

\n

\u00a0-

\n
\n

Actual tax expense,\nnet

\n		\n

1,232,488

\n		\n

1,297,221\u00a0

\n		\n

215,384

\n		\n

\u00a0-

\n
\n

\u00a0

\n		\n

\u00a0

\n
\n

Composed\nof:

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Current tax\nexpense

\n		\n

556,234

\n		\n

1,010,846

\n		\n

215,384

\n		\n

-

\n
\n

Deferred tax\nexpense

\n		\n

676,254

\n		\n

\u00a0\n286,375

\n		\n

-

\n		\n

\u00a0\n-

\n
\n

1,232,488

\n		\n

\u00a01,297,221

\n		\n

215,384

\n		\n

\u00a0-

\n

25 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Deferred tax\nliability

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Opening\nbalance

\n		\n

3,317,678

\n		\n

3,031,303

\n		\n

-

\n		\n

-

\n
\n

Recognised in\nP&L

\n		\n

676,255

\n		\n

286,375

\n		\n

-

\n		\n

-

\n
\n

Closing\nbalance

\n		\n

3,993,933

\n		\n

3,317,678

\n		\n

-

\n		\n

-

\n
\n

\u00a0

\n

The deferred tax\nliability arose mainly upon the revaluation of investment\nproperty.

", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "e5dUvK0bx_": { "value": "

9 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Tax expense

\n

\u00a0

\n

The relationship\nbetween the expected tax expense (income) based on the effective\ntax rate of the group and the company at 35% (2024: 35%) and the\nactual tax expense recognised in the statement of profit or loss\nand other comprehensive income can be reconciled as\nfollows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Profit (loss) before\ntax

\n		\n

8,909,239

\n		\n

(178,881)

\n		\n

327,978

\n		\n

134,498

\n
\n

Tax rate

\n		\n

35%

\n		\n

35%

\n		\n

35%

\n		\n

35%

\n
\n

Expected tax expense\n(income)

\n		\n

3,118,233

\n		\n

(62,608)

\n		\n

114,792

\n		\n

47,074

\n
\n

\u00a0

\n		\n

\u00a0

\n
\n

Adjustments\nfor:

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Non-deductible\nexpenses

\n		\n

1,036,169

\n		\n

1,223,308

\n		\n

399,928

\n		\n

196,288

\n
\n

Non-taxable\nincome

\n		\n

(232,406)

\n		\n

(254,383)

\n		\n

(299,336)

\n		\n

(243,362)

\n
\n

Refund under full\nimputation system

\n		\n

-

\n		\n

(23,773)

\n		\n

-

\n		\n

-

\n
\n

Income taxed on\ndifferent basis at different rates

\n		\n

(192,219)

\n		\n

\u00a0

\n

414,677

\n		\n

-

\n		\n

\u00a0

\n

-

\n
\n

Revaluation of\ninvestment property

\n		\n

(783,869)

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Share of profits of\nassociates

\n		\n

(1,991,500)

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Other permanent\ndifferences

\n		\n

278,080

\n		\n

-

\n		\n

-

\n		\n

\u00a0

\n

\u00a0-

\n
\n

Actual tax expense,\nnet

\n		\n

1,232,488

\n		\n

1,297,221\u00a0

\n		\n

215,384

\n		\n

\u00a0-

\n
\n

\u00a0

\n		\n

\u00a0

\n
\n

Composed\nof:

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Current tax\nexpense

\n		\n

556,234

\n		\n

1,010,846

\n		\n

215,384

\n		\n

-

\n
\n

Deferred tax\nexpense

\n		\n

676,254

\n		\n

\u00a0\n286,375

\n		\n

-

\n		\n

\u00a0\n-

\n
\n

1,232,488

\n		\n

\u00a01,297,221

\n		\n

215,384

\n		\n

\u00a0-

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "iPo4DI_u.g": { "value": "

10 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Profits from\ndiscontinued operations

\n

\u00a0

\n

On 30 December 2025,\nTum Operations Limited sold its entire 75% equity interest in San\nGwakkin Limited to BBT p.l.c. The disposal represents a\ndiscontinued operation in accordance with IFRS 5 as San Gwakkin\nLimited constituted a separate major line of\nbusiness.\u00a0

\n

\u00a0

\n

The net consideration\nrepresents the gross consideration of \u20ac7,960,000 less loan\nwhich was due from San Gwakkin to Tum Operations amounting to\n\u20ac2,989,440 which was subsequently capitalized and less the 900\nordinary shares of nominal value of \u20ac1 each which the company\nheld in San Gwakkin.

\n

\u00a0

\n

Accordingly, the\nresults of San Gwakkin Limited, together with the gain on disposal,\nhave been presented as a single line item in the consolidated\nstatement of profit or loss and other comprehensive income, net of\ntax, and have been excluded from the results of continuing\noperations.

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u00a0

\n		\n

2025

\n
\n

\u00a0

\n		\n

\u20ac

\n
\n

\u00a0

\n		\n

\u00a0

\n
\n

Administrative\nexpenses

\n		\n

\u00a0

\n		\n

(27,188)

\n
\n

Finance\nincome

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

7,201

\n
\n

Finance\ncosts

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

(438)

\n
\n

Operating\nloss

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

(20,425)

\n
\n

Tax expense

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

(1,143)

\n
\n

Loss of the\nyear

\n		\n

\u00a0

\n		\n

(21,568)

\n
\n

\u00a0

\n

At the date of\ndisposal, the carrying amounts of San Gwakkin\u2019s net\nliabilities were as follows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u00a0

\n		\n

2025

\n
\n

\u00a0

\n		\n

\u20ac

\n
\n

\u00a0

\n		\n

\u00a0

\n
\n

Opening accumulated\nlosses

\n		\n

\u00a0

\n		\n

69,161

\n
\n

Loss for the\nyear

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

21,568

\n
\n

Net liabilities at\ndate of disposal

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

90,729

\n
\n

\u00a0

\n

Net\nconsideration

\n		\n

\u00a0

\n		\n

4,969,660

\n
\n

Total profits from\ndiscontinued operations

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

5,060,389

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "nFImO_Dsa6": { "value": "

11 \u00a0\u00a0\u00a0\u00a0\u00a0 Investment\nproperty

\n

\u00a0

\n

Details of the\ngroup\u2019s investment property and their carrying amounts are as\nfollows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Right-of-use

\n
\n

Building

\n		\n

asset

\n		\n

Total

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Cost

\n
\n

At 1 January\n2025

\n		\n

\u00a079,440,134

\n		\n

\u00a0195,452

\n		\n

\u00a079,635,586

\n
\n

Additions resulting\nfrom subsequent expenditure

\n		\n

6,574,643

\n		\n

14,513,554

\n		\n

21,088,197

\n
\n

Fair value\nadjustment

\n		\n

3,155,163

\n		\n

-

\n		\n

3,155,163

\n
\n

Transfer to\ninventory

\n		\n

(46,258,897)

\n		\n

-

\n		\n

(46,258,897)

\n
\n

At 31 December\n2025

\n		\n

42,911,043

\n		\n

14,709,006

\n		\n

57,620,049

\n
\n

At 1 January\n2024

\n		\n

30,313,033

\n		\n

195,452

\n		\n

30,508,485

\n
\n

Additions resulting\nfrom subsequent expenditure

\n		\n

49,127,101

\n		\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n-

\n		\n

49,127,101

\n
\n

At 31 December\n2024

\n		\n

\u00a079,440,134

\n		\n

\u00a0195,452

\n		\n

\u00a079,635,586

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Accumulated\nDepreciation

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

At 1 January\n2025

\n		\n

-

\n		\n

9,645

\n		\n

9,645

\n
\n

Depreciation for the\nyear

\n		\n

-

\n		\n

130,403

\n		\n

130,403

\n
\n

At 31 December\n2025

\n		\n

-

\n		\n

140,048

\n		\n

140,048

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

At 1 January\n2024

\n		\n

-

\n		\n

8,034

\n		\n

8,034

\n
\n

Depreciation for the\nyear

\n		\n

-

\n		\n

1,611

\n		\n

1,611

\n
\n

At 31 December\n2024

\n		\n

-

\n		\n

9,645

\n		\n

9,645

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Carrying\namount

\n
\n

At 31 December\n2025

\n		\n

42,911,043

\n		\n

14,568,958

\n		\n

57,480,001

\n
\n

At 31 December\n2024

\n		\n

79,440,134

\n		\n

185,807

\n		\n

79,625,941

\n
\n

\u00a0

\n

Additions to\ninvestment property for the year consisted of new properties\nacquired and modifications to current properties held. Included in\nthe fair value of investment property is a right-of-use asset in\nrespect of ground rents payable on the land over which the property\nis constructed. The remaining term of the lease is until 30 April\n2138.

\n

\u00a0

\n

Investment property is\nrevalued by professionally qualified architects or surveyors on the\nbasis of an assessment of the fair value of the property in\naccordance with international valuations standards and professional\npractice.

\n

\u00a0

\n

An independent\nvaluation of the investment property owned by Easysell Limited was\ncarried out during the year ended 31 December 2025. Based on the\nvaluation, the increase in fair value of the investment property as\nat 31 December 2025 amounts to \u20ac3,155,163, and this has been\nappropriately reflected in the financial statements.

\n

\u00a0

\n

For property held, the\ncurrent use equates to the highest and best use. Rental income\nderived from the investment property amounted to \u20ac 1,969,426\n(2024: \u20ac1,748,436). Direct operating expenses were incurred in\nthe generation of this rental income amounted to \u20ac 206,403\n(2024: \u20ac270,753).

\n

\u00a0

\n

The group has no\nrestrictions on the realisability of its investment properties and\nno contractual obligations to purchase, construct or develop\ninvestment properties or for repairs, maintenance, and\nenhancements.

\n

The group\u2019s\ninvestment property has been determined to fall within Level 3 of\nthe fair valuation hierarchy. The different levels in the fair\nvalue hierarchy are defined in note 4.13.

\n

\u00a0

\n

The group\u2019s\npolicy is to recognise transfers into and out of fair value\nhierarchy levels as of the date of the event or change in\ncircumstances that caused the transfer. There was no transfer\nbetween levels during the year.

\n

\u00a0

\n

Description of\nvaluation techniques used and key inputs to valuation of investment\nproperties

\n

\u00a0

\n

The valuation was\ndetermined based on the income approach (discounted projected cash\nflows). Using the DCF method, fair value is estimated using\nassumptions regarding the benefits and liabilities of ownership\nover the asset\u2019s life including a terminal value. This method\ninvolves the projection of cash flows to which a market-derived\ndiscount rate is applied to establish the present value of the\nincome stream associated with the asset. Rental values and rent\ngrowth rates have been determined based on contractual agreements\ncurrently in place used as a benchmark for the calculation of the\nterminal value.

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u00a0

\n		\n

\u00a0

\n

Valuation\ntechnique

\n		\n

Significant\nunobservable inputs

\n		\n

\u00a0

\n

Range

\n		\n

\u00a0

\n

Narrative\nsensitivity

\n
\n

Investment\nproperty

\n		\n

Income\napproach

\n		\n

Discount rate

\n		\n

5-6.9%

\n		\n

The higher the discount\nrate, the lower the fair value

\n
\n

Rental value per square\nmeter

\n		\n

\u20ac73-\u20ac200

\n		\n

The higher the price per\nsquare meter, the higher the fair value

\n
\n

Rent growth per\nannum

\n		\n

3-5 %

\n		\n

The higher the rent\ngrowth, the higher the fair value

\n
\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u00a0

\n

Sensitivity\nanalysis

\n		\n

\u00a0

\n

Change in\nrate

\n		\n

Change in value
\nEUR\u2019million

\n
\n

Discount rate\nsensitivity

\n		\n

1%/(1%)

\n		\n

(1.9)/2.8

\n
\n

Rental value per square\nmeter sensitivity

\n		\n

+5%/(5%)

\n		\n

0.6/(0.6)

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "ZK1tyTVU0k": { "value": "

11 \u00a0\u00a0\u00a0\u00a0\u00a0 Investment\nproperty

\n

\u00a0

\n

Details of the\ngroup\u2019s investment property and their carrying amounts are as\nfollows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Right-of-use

\n
\n

Building

\n		\n

asset

\n		\n

Total

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Cost

\n
\n

At 1 January\n2025

\n		\n

\u00a079,440,134

\n		\n

\u00a0195,452

\n		\n

\u00a079,635,586

\n
\n

Additions resulting\nfrom subsequent expenditure

\n		\n

6,574,643

\n		\n

14,513,554

\n		\n

21,088,197

\n
\n

Fair value\nadjustment

\n		\n

3,155,163

\n		\n

-

\n		\n

3,155,163

\n
\n

Transfer to\ninventory

\n		\n

(46,258,897)

\n		\n

-

\n		\n

(46,258,897)

\n
\n

At 31 December\n2025

\n		\n

42,911,043

\n		\n

14,709,006

\n		\n

57,620,049

\n
\n

At 1 January\n2024

\n		\n

30,313,033

\n		\n

195,452

\n		\n

30,508,485

\n
\n

Additions resulting\nfrom subsequent expenditure

\n		\n

49,127,101

\n		\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n-

\n		\n

49,127,101

\n
\n

At 31 December\n2024

\n		\n

\u00a079,440,134

\n		\n

\u00a0195,452

\n		\n

\u00a079,635,586

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Accumulated\nDepreciation

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

At 1 January\n2025

\n		\n

-

\n		\n

9,645

\n		\n

9,645

\n
\n

Depreciation for the\nyear

\n		\n

-

\n		\n

130,403

\n		\n

130,403

\n
\n

At 31 December\n2025

\n		\n

-

\n		\n

140,048

\n		\n

140,048

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

At 1 January\n2024

\n		\n

-

\n		\n

8,034

\n		\n

8,034

\n
\n

Depreciation for the\nyear

\n		\n

-

\n		\n

1,611

\n		\n

1,611

\n
\n

At 31 December\n2024

\n		\n

-

\n		\n

9,645

\n		\n

9,645

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Carrying\namount

\n
\n

At 31 December\n2025

\n		\n

42,911,043

\n		\n

14,568,958

\n		\n

57,480,001

\n
\n

At 31 December\n2024

\n		\n

79,440,134

\n		\n

185,807

\n		\n

79,625,941

\n

12\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Property, plant\nand equipment

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n
\n

\u00a0

\n

Plant and machinery\nequipment

\n		\n

Office furniture,\nfittings and equipment

\n		\n

\u00a0

\n

\u00a0

\n

Asset under\nconstruction

\n		\n

\u00a0

\n

\u00a0

\n

\u00a0

\n

Total

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Cost

\n
\n

At 1 January\n2025

\n		\n

334,770

\n		\n

149,034

\n		\n

14,373,654

\n		\n

14,857,458

\n
\n

Additions

\n		\n

23,871

\n		\n

52,012

\n		\n

4,770,942

\n		\n

4,846,825

\n
\n

Disposed on discontinued\noperation

\n		\n

-

\n		\n

-

\n		\n

(19,144,596)

\n		\n

(19,144,596)

\n
\n

At 31 December\n2025

\n		\n

358,641

\n		\n

201,046

\n		\n

-

\n		\n

559,687

\n
\n

At 1 January\n2024

\n		\n

319,159

\n		\n

84,903

\n		\n

8,251,055

\n		\n

8,655,117

\n
\n

Additions

\n		\n

15,611

\n		\n

35,335

\n		\n

6,122,599

\n		\n

6,173,545

\n
\n

Additions through\nbusiness combination

\n		\n

-

\n		\n

28,796

\n		\n

-

\n		\n

28,796

\n
\n

At 31 December\n2024

\n		\n

\u00a0334,770

\n		\n

\u00a0149,034

\n		\n

\u00a014,373,654

\n		\n

\u00a014,857,458

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Accumulated\ndepreciation

\n
\n

At 1 January\n2025

\n		\n

109,252

\n		\n

38,634

\n		\n

-

\n		\n

147,886

\n
\n

Depreciation

\n		\n

30,625

\n		\n

30,226

\n		\n

-

\n		\n

60,851

\n
\n

At 31 December\n2025

\n		\n

139,877

\n		\n

68,860

\n		\n

-

\n		\n

208,737

\n
\n

At 1 January\n2024

\n		\n

73,972

\n		\n

14,106

\n		\n

-

\n		\n

88,078

\n
\n

Depreciation

\n		\n

35,280

\n		\n

24,528

\n		\n

-

\n		\n

59,808

\n
\n

At 31 December\n2024

\n		\n

109,252

\n		\n

38,634

\n		\n

-

\n		\n

147,886

\n
\n

Carrying\namount

\n
\n

At 31 December\n2025

\n		\n

218,764

\n		\n

132,186

\n		\n

-

\n		\n

350,950

\n
\n

At 31 December\n2024

\n		\n

225,518

\n		\n

110,400

\n		\n

14,373,654

\n		\n

14,709,572

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "LZfZtBq8hP": { "value": "

13 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Investment in\nsubsidiary

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n
\n

Cost

\n
\n

Investment in\nsubsidiary

\n		\n

20,074,623

\n		\n

20,074,623

\n
\n

Carrying amount as\nat 31 December

\n		\n

20,074,623

\n		\n

20,074,623

\n
\n

\u00a0

\n

The registered office\nof the subsidiary is TUM Invest Head Office, Zentrum Business\nCentre, Mdina Road, Qormi, QRM 9010, Malta. The principal place of\nbusiness is Malta. The aggregate amount of capital and reserves and\nthe results of the subsidiary for the year 2025 are as\nfollows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Capital and\nreserves

\n		\n

Profit for the\nyear

\n
\n

\u20ac

\n		\n

\u20ac

\n
\n

TUM Operations Limited\n(audited)

\n		\n

29,726,920

\n		\n

4,870,938

\n
\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Proportion of\nownership of interest

\n
\n

2025

\n		\n

2024

\n
\n

%

\n		\n

%

\n
\n

\u00a0

\n
\n

TUM Operations\nLimited

\n		\n

100%

\n		\n

100%

\n
\n

\u00a0

\n

The group indirectly\nholds the following investments through its shareholding in Tum\nOperations Limited and Tum Developments Limited.

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u00a0

\n		\n

2025

\n		\n

2024

\n
\n

Capital and\nreserves

\n		\n

Profit for the\nyear

\n		\n

Capital and\nreserves

\n		\n

Profit for the\nyear

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Tum Operations\nLimited

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

San Gwakkin\nLimited

\n		\n

-

\n		\n

(21,568)

\n		\n

(91,015)

\n		\n

(52,771)

\n
\n

Easysell\nLimited

\n		\n

28,043,703

\n		\n

4,336,846

\n		\n

24,106,857

\n		\n

786,127

\n
\n

Tum Developments\nLimited

\n		\n

(350,755)

\n		\n

(302,111)

\n		\n

(48,644)

\n		\n

(246,347)

\n
\n

In-nahal Property\nLimited

\n		\n

(2,867)

\n		\n

(2,913)

\n		\n

46

\n		\n

(1,154)

\n
\n

Tum tal-Pajpaj\nProperties Limited

\n		\n

(355,849)

\n		\n

(357,049)

\n		\n

-

\n		\n

-

\n
\n

TFL Property\nDevelopment Limited

\n		\n

36,998

\n		\n

44,885

\n		\n

(7,887)

\n		\n

(9,087)

\n
\n

BBT Nigret Properties\nLimited

\n		\n

24,856,258

\n		\n

(22,827)

\n		\n

-

\n		\n

-

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Tum Developments\nLimited

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Risparmio Casa Malta\nLtd

\n		\n

143,707

\n		\n

142,508

\n		\n

-

\n		\n

-

\n
\n

\u00a0

\n

\u00a0

\n

The financial statements\nof San Gwakkin Limited, TUM Developments Limited, TFL Property\nLimited, In-Nahal Property Limited, BBT Nigret Properties Ltd. and\nTUM Tal-Pajpaj Properties Ltd have been prepared in accordance with\nthe accountancy profession (General Accounting Principles for Small\nand Medium-sized entities) Regulation, 2015.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "hXvRcarZ42": { "value": "

13 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Investment in\nsubsidiary

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n
\n

Cost

\n
\n

Investment in\nsubsidiary

\n		\n

20,074,623

\n		\n

20,074,623

\n
\n

Carrying amount as\nat 31 December

\n		\n

20,074,623

\n		\n

20,074,623

\n
\n

\u00a0

\n

The registered office\nof the subsidiary is TUM Invest Head Office, Zentrum Business\nCentre, Mdina Road, Qormi, QRM 9010, Malta. The principal place of\nbusiness is Malta. The aggregate amount of capital and reserves and\nthe results of the subsidiary for the year 2025 are as\nfollows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Capital and\nreserves

\n		\n

Profit for the\nyear

\n
\n

\u20ac

\n		\n

\u20ac

\n
\n

TUM Operations Limited\n(audited)

\n		\n

29,726,920

\n		\n

4,870,938

\n
\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Proportion of\nownership of interest

\n
\n

2025

\n		\n

2024

\n
\n

%

\n		\n

%

\n
\n

\u00a0

\n
\n

TUM Operations\nLimited

\n		\n

100%

\n		\n

100%

\n
\n

\u00a0

\n

The group indirectly\nholds the following investments through its shareholding in Tum\nOperations Limited and Tum Developments Limited.

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u00a0

\n		\n

2025

\n		\n

2024

\n
\n

Capital and\nreserves

\n		\n

Profit for the\nyear

\n		\n

Capital and\nreserves

\n		\n

Profit for the\nyear

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Tum Operations\nLimited

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

San Gwakkin\nLimited

\n		\n

-

\n		\n

(21,568)

\n		\n

(91,015)

\n		\n

(52,771)

\n
\n

Easysell\nLimited

\n		\n

28,043,703

\n		\n

4,336,846

\n		\n

24,106,857

\n		\n

786,127

\n
\n

Tum Developments\nLimited

\n		\n

(350,755)

\n		\n

(302,111)

\n		\n

(48,644)

\n		\n

(246,347)

\n
\n

In-nahal Property\nLimited

\n		\n

(2,867)

\n		\n

(2,913)

\n		\n

46

\n		\n

(1,154)

\n
\n

Tum tal-Pajpaj\nProperties Limited

\n		\n

(355,849)

\n		\n

(357,049)

\n		\n

-

\n		\n

-

\n
\n

TFL Property\nDevelopment Limited

\n		\n

36,998

\n		\n

44,885

\n		\n

(7,887)

\n		\n

(9,087)

\n
\n

BBT Nigret Properties\nLimited

\n		\n

24,856,258

\n		\n

(22,827)

\n		\n

-

\n		\n

-

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Tum Developments\nLimited

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Risparmio Casa Malta\nLtd

\n		\n

143,707

\n		\n

142,508

\n		\n

-

\n		\n

-

\n
\n

\u00a0

\n

\u00a0

\n

The financial statements\nof San Gwakkin Limited, TUM Developments Limited, TFL Property\nLimited, In-Nahal Property Limited, BBT Nigret Properties Ltd. and\nTUM Tal-Pajpaj Properties Ltd have been prepared in accordance with\nthe accountancy profession (General Accounting Principles for Small\nand Medium-sized entities) Regulation, 2015.

", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "S3_.yU8mL9": { "value": "

13 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Investment in\nsubsidiary

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n
\n

Cost

\n
\n

Investment in\nsubsidiary

\n		\n

20,074,623

\n		\n

20,074,623

\n
\n

Carrying amount as\nat 31 December

\n		\n

20,074,623

\n		\n

20,074,623

\n
\n

\u00a0

\n

The registered office\nof the subsidiary is TUM Invest Head Office, Zentrum Business\nCentre, Mdina Road, Qormi, QRM 9010, Malta. The principal place of\nbusiness is Malta. The aggregate amount of capital and reserves and\nthe results of the subsidiary for the year 2025 are as\nfollows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Capital and\nreserves

\n		\n

Profit for the\nyear

\n
\n

\u20ac

\n		\n

\u20ac

\n
\n

TUM Operations Limited\n(audited)

\n		\n

29,726,920

\n		\n

4,870,938

\n
\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Proportion of\nownership of interest

\n
\n

2025

\n		\n

2024

\n
\n

%

\n		\n

%

\n
\n

\u00a0

\n
\n

TUM Operations\nLimited

\n		\n

100%

\n		\n

100%

\n
\n

\u00a0

\n

The group indirectly\nholds the following investments through its shareholding in Tum\nOperations Limited and Tum Developments Limited.

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u00a0

\n		\n

2025

\n		\n

2024

\n
\n

Capital and\nreserves

\n		\n

Profit for the\nyear

\n		\n

Capital and\nreserves

\n		\n

Profit for the\nyear

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Tum Operations\nLimited

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

San Gwakkin\nLimited

\n		\n

-

\n		\n

(21,568)

\n		\n

(91,015)

\n		\n

(52,771)

\n
\n

Easysell\nLimited

\n		\n

28,043,703

\n		\n

4,336,846

\n		\n

24,106,857

\n		\n

786,127

\n
\n

Tum Developments\nLimited

\n		\n

(350,755)

\n		\n

(302,111)

\n		\n

(48,644)

\n		\n

(246,347)

\n
\n

In-nahal Property\nLimited

\n		\n

(2,867)

\n		\n

(2,913)

\n		\n

46

\n		\n

(1,154)

\n
\n

Tum tal-Pajpaj\nProperties Limited

\n		\n

(355,849)

\n		\n

(357,049)

\n		\n

-

\n		\n

-

\n
\n

TFL Property\nDevelopment Limited

\n		\n

36,998

\n		\n

44,885

\n		\n

(7,887)

\n		\n

(9,087)

\n
\n

BBT Nigret Properties\nLimited

\n		\n

24,856,258

\n		\n

(22,827)

\n		\n

-

\n		\n

-

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Tum Developments\nLimited

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Risparmio Casa Malta\nLtd

\n		\n

143,707

\n		\n

142,508

\n		\n

-

\n		\n

-

\n
\n

\u00a0

\n

\u00a0

\n

The financial statements\nof San Gwakkin Limited, TUM Developments Limited, TFL Property\nLimited, In-Nahal Property Limited, BBT Nigret Properties Ltd. and\nTUM Tal-Pajpaj Properties Ltd have been prepared in accordance with\nthe accountancy profession (General Accounting Principles for Small\nand Medium-sized entities) Regulation, 2015.

14 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Investment in\nassociates

\n

\u00a0

\n

Details of each of the\ngroup\u2019s associates as at 31 December 2025 are as\nfollows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Name

\n		\n

Principal\nactivities

\n		\n

Registered\naddress

\n		\n

Equity\ninterest
\n(%)

\n		\n

Associates\ncontributed on/ acquired

\n
\n

BBT Logistics Limited\n(C100580)

\n		\n

Property\ndeveloper

\n		\n

The Watercourse, Zone 2,\nCentral Business District, Mdina Road, Birkirkara, CBD\n2010

\n		\n

50.00%

\n		\n

15-Jun-22

\n
\n

BBT plc\n(C101666)

\n		\n

Financing\ncompany

\n		\n

The Watercourse, Zone 2,\nCentral Business District, Mdina Road, Birkirkara, CBD\n2010

\n		\n

43.18% (2024:\n36.23%)

\n		\n

07-Apr-22

\n
\n

BBTF Holdings Limited\n(C103180)

\n		\n

Financing\ncompany

\n		\n

The Watercourse, Zone 2,\nCentral Business District, Mdina Road, Birkirkara, CBD\n2010

\n		\n

32.38%

\n		\n

06-Sep-22

\n
\n

\u00a0

\n

The carrying value of\nthe investment in associates are as follows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n
\n

Opening balance of\ninvestment in associate

\n		\n

28,387,666

\n		\n

28,332,866

\n
\n

Increase in investment\nin BBT plc

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

10,399,000

\n		\n

-

\n
\n

Investment in Risparmio\nCasa Malta Ltd

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

300\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

\n		\n

300

\n
\n

Share of\nprofits

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

5,690,000

\n		\n

-

\n
\n

Receivables

\n		\n

516,000

\n		\n

\u00a054,500

\n
\n

44,992,966

\n		\n

\u00a028,387,666

\n
\n

\u00a0

\n

The following table\nillustrates the summarised financial information of the\ngroup\u2019s investment in its associates.

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

BBT Logistics\nLimited

\n		\n

BBTF Holdings\nLimited

\n		\n

\u00a0

\n

\u00a0

\n

Total

\n
\n

BBT\nplc

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

At 31 December\n2025

\n
\n

Current\nassets

\n		\n

703,708

\n		\n

21,315,382

\n		\n

266,277

\n		\n

22,285,367

\n
\n

Non-current\nassets

\n		\n

13,794,171

\n		\n

168,043,708

\n		\n

6,670,609

\n		\n

188,508,488

\n
\n

Current\nliabilities

\n		\n

(15,089,341)

\n		\n

(21,403,706)

\n		\n

(1,361,563)

\n		\n

(37,854,610)

\n
\n

Non-current\nliabilities

\n		\n

-

\n		\n

(75,231,923)

\n		\n

(6,274,124)

\n		\n

(81,506,047)

\n
\n

Equity

\n		\n

(591,462)

\n		\n

92,723,461

\n		\n

(698,801)

\n		\n

91,433,198

\n
\n

Group\u2019s share in\nequity*

\n		\n

(295,731)

\n		\n

26,470,142

\n		\n

(226,272)

\n		\n

25,948,139

\n
\n

Cumulative unrecognised\nshare of losses in associates

\n		\n

-

\n		\n

-

\n		\n

226,272

\n		\n

226,272

\n
\n

Recognised share of\nprofits**

\n		\n

-

\n		\n

4,706,600

\n		\n

-

\n		\n

4,706,600

\n
\n

Acquisition of\nadditional shares

\n		\n

-

\n		\n

7,960,000

\n		\n

-

\n		\n

7,960,000

\n
\n

Increase in\ninvestment

\n		\n

-

\n		\n

2,439,000

\n		\n

-

\n		\n

2,439,000

\n
\n

Prior year adjustment on\ncarrying amount of investment

\n		\n

2,155,400

\n		\n

1,041,254

\n		\n

-

\n		\n

3,196,654

\n
\n

Company\u2019s\ncarrying amount of the investment

\n		\n

1,859,669

\n		\n

42,616,996

\n		\n

-

\n		\n

44,476,665

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Revenue

\n		\n

1,784

\n		\n

5,607,399

\n		\n

-

\n		\n

\u00a0

\n
\n

Profit (loss) for the\nyear

\n		\n

(65,779)

\n		\n

10,899,955

\n		\n

(209,899)

\n		\n

\u00a0

\n
\n

Total comprehensive\nloss

\n		\n

(65,779)

\n		\n

10,899,955

\n		\n

(67,965)

\n		\n

\u00a0

\n
\n

Group\u2019s share of\nprofit (loss) for the year

\n		\n

(32,890)

\n		\n

4,706,600

\n		\n

(67,965)

\n		\n

\u00a0

\n
\n

Effect of changes in\nprior year balances of associates***

\n		\n

(24,964)

\n		\n

1,041,254

\n		\n

(62,442)

\n		\n

\u00a0

\n
\n

Cumulative prior year\nunrecognised losses

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

\u00a0

\n
\n

Recognised share of\n(losses) profits

\n		\n

(57,854)

\n		\n

5,747,854

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Unrecognised share of\nlosses in the associate for the year

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

(130,407)

\n		\n

\u00a0

\n
\n

\u00a0

\n

*Where the\ngroup\u2019s share of losses in associate equals or exceeds its\ninterest in the associate, including any unsecured receivable, the\ncompany does not recognise further losses, unless it has incurred\nobligations or made payments on behalf of the\nassociate.

\n

\u00a0

\n

** The\nGroup\u2019s equity interest in BBT p.l.c. was 43.18% as at 31\nDecember 2025, compared to 36.23% in 2024.

\n

\u00a0

\n

*** The\nassociates\u2019 financial information were unaudited as at report\ndate, hence, there were adjustments made subsequent to the\ngroup\u2019s report date.

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

BBT Logistics\nLimited

\n		\n

BBTF Holdings\nLimited

\n		\n

\u00a0

\n

\u00a0

\n

Total

\n
\n

BBT\nplc

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

At 31 December\n2024

\n
\n

Current\nassets

\n		\n

611,472

\n		\n

8,879,694

\n		\n

6,200

\n		\n

9,497,366

\n
\n

Non-current\nassets

\n		\n

11,554,086

\n		\n

99,354,872

\n		\n

6,261,704

\n		\n

117,170,662

\n
\n

Current\nliabilities

\n		\n

(8,397,079)

\n		\n

(3,567,817)

\n		\n

(1,563,965)

\n		\n

(13,528,861)

\n
\n

Non-current\nliabilities

\n		\n

(4,244,232)

\n		\n

(30,609,012)

\n		\n

(5,000,000)

\n		\n

(39,853,244)

\n
\n

Equity

\n		\n

(475,753)

\n		\n

74,057,737

\n		\n

(296,061)

\n		\n

73,285,923

\n
\n

Group\u2019s share in\nequity*

\n		\n

(237,876)

\n		\n

26,830,438

\n		\n

(95,864)

\n		\n

26,496,698

\n
\n

Cumulative unrecognised\nshare of losses in associates

\n		\n

-

\n		\n

-

\n		\n

95,864

\n		\n

95,864

\n
\n

Prior year adjustment on\ncarrying amount of investment

\n		\n

2,100,600

\n		\n

-

\n		\n

-

\n		\n

2,100,600

\n
\n

Unrecognised share in\nmovement of associate\u2019s equity**

\n		\n

-

\n		\n

(360,296)

\n		\n

-

\n		\n

(360,296)

\n
\n

Company\u2019s\ncarrying amount of the investment

\n		\n

1,862,724

\n		\n

26,470,142

\n		\n

-

\n		\n

28,332,866

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Revenue

\n		\n

-

\n		\n

2,827,913

\n		\n

-

\n		\n

\u00a0

\n
\n

Profit (loss) for the\nyear

\n		\n

(54,148)

\n		\n

756,504

\n		\n

(295,120)

\n		\n

\u00a0

\n
\n

Total comprehensive\nloss

\n		\n

(54,148)

\n		\n

756,504

\n		\n

(295,120)

\n		\n

\u00a0

\n
\n

group\u2019s share of\nprofit (loss) for the year

\n		\n

(27,074)

\n		\n

274,074

\n		\n

(95,560)

\n		\n

\u00a0

\n
\n

Effect of changes in\nprior year balances of associates***

\n		\n

3,034

\n		\n

-

\n		\n

77,755

\n		\n

\u00a0

\n
\n

Cumulative prior year\nunrecognised losses

\n		\n

(213,836)

\n		\n

-

\n		\n

-

\n		\n

\u00a0

\n
\n

Recognised share of\nlosses

\n		\n

(237,876)

\n		\n

-

\n		\n

-

\n		\n

\u00a0

\n
\n

Unrecognised share of\nprofit (losses) in the associate for the year

\n		\n

-

\n		\n

274,074

\n		\n

(17,805)

\n		\n

\u00a0

\n
\n

\u00a0

\n

*Where the\ngroup\u2019s share of losses in associate equals or exceeds its\ninterest in the associate, including any unsecured receivable, the\ncompany does not recognise further losses, unless it has incurred\nobligations or made payments on behalf of the\nassociate.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "JUqEmbQ2BM": { "value": "

14 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Investment in\nassociates

\n

\u00a0

\n

Details of each of the\ngroup\u2019s associates as at 31 December 2025 are as\nfollows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Name

\n		\n

Principal\nactivities

\n		\n

Registered\naddress

\n		\n

Equity\ninterest
\n(%)

\n		\n

Associates\ncontributed on/ acquired

\n
\n

BBT Logistics Limited\n(C100580)

\n		\n

Property\ndeveloper

\n		\n

The Watercourse, Zone 2,\nCentral Business District, Mdina Road, Birkirkara, CBD\n2010

\n		\n

50.00%

\n		\n

15-Jun-22

\n
\n

BBT plc\n(C101666)

\n		\n

Financing\ncompany

\n		\n

The Watercourse, Zone 2,\nCentral Business District, Mdina Road, Birkirkara, CBD\n2010

\n		\n

43.18% (2024:\n36.23%)

\n		\n

07-Apr-22

\n
\n

BBTF Holdings Limited\n(C103180)

\n		\n

Financing\ncompany

\n		\n

The Watercourse, Zone 2,\nCentral Business District, Mdina Road, Birkirkara, CBD\n2010

\n		\n

32.38%

\n		\n

06-Sep-22

\n
\n

\u00a0

\n

The carrying value of\nthe investment in associates are as follows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n
\n

Opening balance of\ninvestment in associate

\n		\n

28,387,666

\n		\n

28,332,866

\n
\n

Increase in investment\nin BBT plc

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

10,399,000

\n		\n

-

\n
\n

Investment in Risparmio\nCasa Malta Ltd

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

300\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

\n		\n

300

\n
\n

Share of\nprofits

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

5,690,000

\n		\n

-

\n
\n

Receivables

\n		\n

516,000

\n		\n

\u00a054,500

\n
\n

44,992,966

\n		\n

\u00a028,387,666

\n
\n

\u00a0

\n

The following table\nillustrates the summarised financial information of the\ngroup\u2019s investment in its associates.

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

BBT Logistics\nLimited

\n		\n

BBTF Holdings\nLimited

\n		\n

\u00a0

\n

\u00a0

\n

Total

\n
\n

BBT\nplc

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

At 31 December\n2025

\n
\n

Current\nassets

\n		\n

703,708

\n		\n

21,315,382

\n		\n

266,277

\n		\n

22,285,367

\n
\n

Non-current\nassets

\n		\n

13,794,171

\n		\n

168,043,708

\n		\n

6,670,609

\n		\n

188,508,488

\n
\n

Current\nliabilities

\n		\n

(15,089,341)

\n		\n

(21,403,706)

\n		\n

(1,361,563)

\n		\n

(37,854,610)

\n
\n

Non-current\nliabilities

\n		\n

-

\n		\n

(75,231,923)

\n		\n

(6,274,124)

\n		\n

(81,506,047)

\n
\n

Equity

\n		\n

(591,462)

\n		\n

92,723,461

\n		\n

(698,801)

\n		\n

91,433,198

\n
\n

Group\u2019s share in\nequity*

\n		\n

(295,731)

\n		\n

26,470,142

\n		\n

(226,272)

\n		\n

25,948,139

\n
\n

Cumulative unrecognised\nshare of losses in associates

\n		\n

-

\n		\n

-

\n		\n

226,272

\n		\n

226,272

\n
\n

Recognised share of\nprofits**

\n		\n

-

\n		\n

4,706,600

\n		\n

-

\n		\n

4,706,600

\n
\n

Acquisition of\nadditional shares

\n		\n

-

\n		\n

7,960,000

\n		\n

-

\n		\n

7,960,000

\n
\n

Increase in\ninvestment

\n		\n

-

\n		\n

2,439,000

\n		\n

-

\n		\n

2,439,000

\n
\n

Prior year adjustment on\ncarrying amount of investment

\n		\n

2,155,400

\n		\n

1,041,254

\n		\n

-

\n		\n

3,196,654

\n
\n

Company\u2019s\ncarrying amount of the investment

\n		\n

1,859,669

\n		\n

42,616,996

\n		\n

-

\n		\n

44,476,665

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Revenue

\n		\n

1,784

\n		\n

5,607,399

\n		\n

-

\n		\n

\u00a0

\n
\n

Profit (loss) for the\nyear

\n		\n

(65,779)

\n		\n

10,899,955

\n		\n

(209,899)

\n		\n

\u00a0

\n
\n

Total comprehensive\nloss

\n		\n

(65,779)

\n		\n

10,899,955

\n		\n

(67,965)

\n		\n

\u00a0

\n
\n

Group\u2019s share of\nprofit (loss) for the year

\n		\n

(32,890)

\n		\n

4,706,600

\n		\n

(67,965)

\n		\n

\u00a0

\n
\n

Effect of changes in\nprior year balances of associates***

\n		\n

(24,964)

\n		\n

1,041,254

\n		\n

(62,442)

\n		\n

\u00a0

\n
\n

Cumulative prior year\nunrecognised losses

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

\u00a0

\n
\n

Recognised share of\n(losses) profits

\n		\n

(57,854)

\n		\n

5,747,854

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Unrecognised share of\nlosses in the associate for the year

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

(130,407)

\n		\n

\u00a0

\n
\n

\u00a0

\n

*Where the\ngroup\u2019s share of losses in associate equals or exceeds its\ninterest in the associate, including any unsecured receivable, the\ncompany does not recognise further losses, unless it has incurred\nobligations or made payments on behalf of the\nassociate.

\n

\u00a0

\n

** The\nGroup\u2019s equity interest in BBT p.l.c. was 43.18% as at 31\nDecember 2025, compared to 36.23% in 2024.

\n

\u00a0

\n

*** The\nassociates\u2019 financial information were unaudited as at report\ndate, hence, there were adjustments made subsequent to the\ngroup\u2019s report date.

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

BBT Logistics\nLimited

\n		\n

BBTF Holdings\nLimited

\n		\n

\u00a0

\n

\u00a0

\n

Total

\n
\n

BBT\nplc

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

At 31 December\n2024

\n
\n

Current\nassets

\n		\n

611,472

\n		\n

8,879,694

\n		\n

6,200

\n		\n

9,497,366

\n
\n

Non-current\nassets

\n		\n

11,554,086

\n		\n

99,354,872

\n		\n

6,261,704

\n		\n

117,170,662

\n
\n

Current\nliabilities

\n		\n

(8,397,079)

\n		\n

(3,567,817)

\n		\n

(1,563,965)

\n		\n

(13,528,861)

\n
\n

Non-current\nliabilities

\n		\n

(4,244,232)

\n		\n

(30,609,012)

\n		\n

(5,000,000)

\n		\n

(39,853,244)

\n
\n

Equity

\n		\n

(475,753)

\n		\n

74,057,737

\n		\n

(296,061)

\n		\n

73,285,923

\n
\n

Group\u2019s share in\nequity*

\n		\n

(237,876)

\n		\n

26,830,438

\n		\n

(95,864)

\n		\n

26,496,698

\n
\n

Cumulative unrecognised\nshare of losses in associates

\n		\n

-

\n		\n

-

\n		\n

95,864

\n		\n

95,864

\n
\n

Prior year adjustment on\ncarrying amount of investment

\n		\n

2,100,600

\n		\n

-

\n		\n

-

\n		\n

2,100,600

\n
\n

Unrecognised share in\nmovement of associate\u2019s equity**

\n		\n

-

\n		\n

(360,296)

\n		\n

-

\n		\n

(360,296)

\n
\n

Company\u2019s\ncarrying amount of the investment

\n		\n

1,862,724

\n		\n

26,470,142

\n		\n

-

\n		\n

28,332,866

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Revenue

\n		\n

-

\n		\n

2,827,913

\n		\n

-

\n		\n

\u00a0

\n
\n

Profit (loss) for the\nyear

\n		\n

(54,148)

\n		\n

756,504

\n		\n

(295,120)

\n		\n

\u00a0

\n
\n

Total comprehensive\nloss

\n		\n

(54,148)

\n		\n

756,504

\n		\n

(295,120)

\n		\n

\u00a0

\n
\n

group\u2019s share of\nprofit (loss) for the year

\n		\n

(27,074)

\n		\n

274,074

\n		\n

(95,560)

\n		\n

\u00a0

\n
\n

Effect of changes in\nprior year balances of associates***

\n		\n

3,034

\n		\n

-

\n		\n

77,755

\n		\n

\u00a0

\n
\n

Cumulative prior year\nunrecognised losses

\n		\n

(213,836)

\n		\n

-

\n		\n

-

\n		\n

\u00a0

\n
\n

Recognised share of\nlosses

\n		\n

(237,876)

\n		\n

-

\n		\n

-

\n		\n

\u00a0

\n
\n

Unrecognised share of\nprofit (losses) in the associate for the year

\n		\n

-

\n		\n

274,074

\n		\n

(17,805)

\n		\n

\u00a0

\n
\n

\u00a0

\n

*Where the\ngroup\u2019s share of losses in associate equals or exceeds its\ninterest in the associate, including any unsecured receivable, the\ncompany does not recognise further losses, unless it has incurred\nobligations or made payments on behalf of the\nassociate.

", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "MTB2JzOUj4": { "value": "

14 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Investment in\nassociates

\n

\u00a0

\n

Details of each of the\ngroup\u2019s associates as at 31 December 2025 are as\nfollows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Name

\n		\n

Principal\nactivities

\n		\n

Registered\naddress

\n		\n

Equity\ninterest
\n(%)

\n		\n

Associates\ncontributed on/ acquired

\n
\n

BBT Logistics Limited\n(C100580)

\n		\n

Property\ndeveloper

\n		\n

The Watercourse, Zone 2,\nCentral Business District, Mdina Road, Birkirkara, CBD\n2010

\n		\n

50.00%

\n		\n

15-Jun-22

\n
\n

BBT plc\n(C101666)

\n		\n

Financing\ncompany

\n		\n

The Watercourse, Zone 2,\nCentral Business District, Mdina Road, Birkirkara, CBD\n2010

\n		\n

43.18% (2024:\n36.23%)

\n		\n

07-Apr-22

\n
\n

BBTF Holdings Limited\n(C103180)

\n		\n

Financing\ncompany

\n		\n

The Watercourse, Zone 2,\nCentral Business District, Mdina Road, Birkirkara, CBD\n2010

\n		\n

32.38%

\n		\n

06-Sep-22

\n
\n

\u00a0

\n

The carrying value of\nthe investment in associates are as follows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n
\n

Opening balance of\ninvestment in associate

\n		\n

28,387,666

\n		\n

28,332,866

\n
\n

Increase in investment\nin BBT plc

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

10,399,000

\n		\n

-

\n
\n

Investment in Risparmio\nCasa Malta Ltd

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

300\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

\n		\n

300

\n
\n

Share of\nprofits

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

5,690,000

\n		\n

-

\n
\n

Receivables

\n		\n

516,000

\n		\n

\u00a054,500

\n
\n

44,992,966

\n		\n

\u00a028,387,666

\n
\n

\u00a0

\n

The following table\nillustrates the summarised financial information of the\ngroup\u2019s investment in its associates.

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

BBT Logistics\nLimited

\n		\n

BBTF Holdings\nLimited

\n		\n

\u00a0

\n

\u00a0

\n

Total

\n
\n

BBT\nplc

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

At 31 December\n2025

\n
\n

Current\nassets

\n		\n

703,708

\n		\n

21,315,382

\n		\n

266,277

\n		\n

22,285,367

\n
\n

Non-current\nassets

\n		\n

13,794,171

\n		\n

168,043,708

\n		\n

6,670,609

\n		\n

188,508,488

\n
\n

Current\nliabilities

\n		\n

(15,089,341)

\n		\n

(21,403,706)

\n		\n

(1,361,563)

\n		\n

(37,854,610)

\n
\n

Non-current\nliabilities

\n		\n

-

\n		\n

(75,231,923)

\n		\n

(6,274,124)

\n		\n

(81,506,047)

\n
\n

Equity

\n		\n

(591,462)

\n		\n

92,723,461

\n		\n

(698,801)

\n		\n

91,433,198

\n
\n

Group\u2019s share in\nequity*

\n		\n

(295,731)

\n		\n

26,470,142

\n		\n

(226,272)

\n		\n

25,948,139

\n
\n

Cumulative unrecognised\nshare of losses in associates

\n		\n

-

\n		\n

-

\n		\n

226,272

\n		\n

226,272

\n
\n

Recognised share of\nprofits**

\n		\n

-

\n		\n

4,706,600

\n		\n

-

\n		\n

4,706,600

\n
\n

Acquisition of\nadditional shares

\n		\n

-

\n		\n

7,960,000

\n		\n

-

\n		\n

7,960,000

\n
\n

Increase in\ninvestment

\n		\n

-

\n		\n

2,439,000

\n		\n

-

\n		\n

2,439,000

\n
\n

Prior year adjustment on\ncarrying amount of investment

\n		\n

2,155,400

\n		\n

1,041,254

\n		\n

-

\n		\n

3,196,654

\n
\n

Company\u2019s\ncarrying amount of the investment

\n		\n

1,859,669

\n		\n

42,616,996

\n		\n

-

\n		\n

44,476,665

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Revenue

\n		\n

1,784

\n		\n

5,607,399

\n		\n

-

\n		\n

\u00a0

\n
\n

Profit (loss) for the\nyear

\n		\n

(65,779)

\n		\n

10,899,955

\n		\n

(209,899)

\n		\n

\u00a0

\n
\n

Total comprehensive\nloss

\n		\n

(65,779)

\n		\n

10,899,955

\n		\n

(67,965)

\n		\n

\u00a0

\n
\n

Group\u2019s share of\nprofit (loss) for the year

\n		\n

(32,890)

\n		\n

4,706,600

\n		\n

(67,965)

\n		\n

\u00a0

\n
\n

Effect of changes in\nprior year balances of associates***

\n		\n

(24,964)

\n		\n

1,041,254

\n		\n

(62,442)

\n		\n

\u00a0

\n
\n

Cumulative prior year\nunrecognised losses

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

\u00a0

\n
\n

Recognised share of\n(losses) profits

\n		\n

(57,854)

\n		\n

5,747,854

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Unrecognised share of\nlosses in the associate for the year

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

(130,407)

\n		\n

\u00a0

\n
\n

\u00a0

\n

*Where the\ngroup\u2019s share of losses in associate equals or exceeds its\ninterest in the associate, including any unsecured receivable, the\ncompany does not recognise further losses, unless it has incurred\nobligations or made payments on behalf of the\nassociate.

\n

\u00a0

\n

** The\nGroup\u2019s equity interest in BBT p.l.c. was 43.18% as at 31\nDecember 2025, compared to 36.23% in 2024.

\n

\u00a0

\n

*** The\nassociates\u2019 financial information were unaudited as at report\ndate, hence, there were adjustments made subsequent to the\ngroup\u2019s report date.

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

BBT Logistics\nLimited

\n		\n

BBTF Holdings\nLimited

\n		\n

\u00a0

\n

\u00a0

\n

Total

\n
\n

BBT\nplc

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

At 31 December\n2024

\n
\n

Current\nassets

\n		\n

611,472

\n		\n

8,879,694

\n		\n

6,200

\n		\n

9,497,366

\n
\n

Non-current\nassets

\n		\n

11,554,086

\n		\n

99,354,872

\n		\n

6,261,704

\n		\n

117,170,662

\n
\n

Current\nliabilities

\n		\n

(8,397,079)

\n		\n

(3,567,817)

\n		\n

(1,563,965)

\n		\n

(13,528,861)

\n
\n

Non-current\nliabilities

\n		\n

(4,244,232)

\n		\n

(30,609,012)

\n		\n

(5,000,000)

\n		\n

(39,853,244)

\n
\n

Equity

\n		\n

(475,753)

\n		\n

74,057,737

\n		\n

(296,061)

\n		\n

73,285,923

\n
\n

Group\u2019s share in\nequity*

\n		\n

(237,876)

\n		\n

26,830,438

\n		\n

(95,864)

\n		\n

26,496,698

\n
\n

Cumulative unrecognised\nshare of losses in associates

\n		\n

-

\n		\n

-

\n		\n

95,864

\n		\n

95,864

\n
\n

Prior year adjustment on\ncarrying amount of investment

\n		\n

2,100,600

\n		\n

-

\n		\n

-

\n		\n

2,100,600

\n
\n

Unrecognised share in\nmovement of associate\u2019s equity**

\n		\n

-

\n		\n

(360,296)

\n		\n

-

\n		\n

(360,296)

\n
\n

Company\u2019s\ncarrying amount of the investment

\n		\n

1,862,724

\n		\n

26,470,142

\n		\n

-

\n		\n

28,332,866

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Revenue

\n		\n

-

\n		\n

2,827,913

\n		\n

-

\n		\n

\u00a0

\n
\n

Profit (loss) for the\nyear

\n		\n

(54,148)

\n		\n

756,504

\n		\n

(295,120)

\n		\n

\u00a0

\n
\n

Total comprehensive\nloss

\n		\n

(54,148)

\n		\n

756,504

\n		\n

(295,120)

\n		\n

\u00a0

\n
\n

group\u2019s share of\nprofit (loss) for the year

\n		\n

(27,074)

\n		\n

274,074

\n		\n

(95,560)

\n		\n

\u00a0

\n
\n

Effect of changes in\nprior year balances of associates***

\n		\n

3,034

\n		\n

-

\n		\n

77,755

\n		\n

\u00a0

\n
\n

Cumulative prior year\nunrecognised losses

\n		\n

(213,836)

\n		\n

-

\n		\n

-

\n		\n

\u00a0

\n
\n

Recognised share of\nlosses

\n		\n

(237,876)

\n		\n

-

\n		\n

-

\n		\n

\u00a0

\n
\n

Unrecognised share of\nprofit (losses) in the associate for the year

\n		\n

-

\n		\n

274,074

\n		\n

(17,805)

\n		\n

\u00a0

\n
\n

\u00a0

\n

*Where the\ngroup\u2019s share of losses in associate equals or exceeds its\ninterest in the associate, including any unsecured receivable, the\ncompany does not recognise further losses, unless it has incurred\nobligations or made payments on behalf of the\nassociate.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "MTglPNPbV-": { "value": "

15 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Loans due from related\nparties

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Non-current:

\n
\n

Loan receivable from\nsubsidiary

\n		\n

-

\n		\n

-

\n		\n

30,131,667

\n		\n

9,222,222

\n
\n

Cumulative redeemable\npreference shares

\n		\n

-

\n		\n

-

\n		\n

17,950,000

\n		\n

17,950,000

\n
\n

Loan receivable from\nother related party

\n		\n

-

\n		\n

325,000

\n		\n

-

\n		\n

-

\n
\n

-

\n		\n

325,000

\n		\n

48,081,667

\n		\n

27,172,222

\n
\n

\u00a0

\n		\n

\u00a0

\n
\n

Current:

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Loan receivable from\nsubsidiary

\n		\n

-

\n		\n

-

\n		\n

5,504,326

\n		\n

4,239,170

\n
\n

-

\n		\n

-

\n		\n

5,504,326

\n		\n

4,239,170

\n
\n

\u00a0

\n

The loan receivable\nfrom subsidiary is unsecured and subject to interest rate of 3.75%\nper annum.

\n

\u00a0

\n

An amount of\n\u20ac7,250,000 is repayable in nine equal instalments paid\nannually on the 20 June with the first instalment paid on 20 June\n2021. The remaining portion is payable by 20 June 2029.

\n

\u00a0

\n

The preference shares\nof \u20ac6,350,000 are entitled to a fixed cumulative preferential\ndividend of 3.75%. The company may redeem any or the whole amount\nof the outstanding preference shares at any time, but not later\nthan 30 June 2029.

\n

\u00a0

\n

The preference shares\nof \u20ac11,600,000 are entitled to a fixed cumulative preferential\ndividend of 5.32%. The company may redeem any or the whole amount\nof the outstanding preference shares at any time, but not later\nthan 22 November 2034.

\n

\u00a0

\n

Loan receivable from\nother related party, bears interest at 3.75% are unsecured, and is\nrepayable in June 2029.

21 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Trade and other\nreceivables

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Trade\nreceivables

\n		\n

305,240

\n		\n

96,537

\n		\n

-

\n		\n

-

\n
\n

Other\nreceivables

\n		\n

425,704

\n		\n

153,377

\n		\n

-

\n		\n

-

\n
\n

Accrued\nincome

\n		\n

87,827

\n		\n

17,576

\n		\n

-

\n		\n

-

\n
\n

Financial\nassets

\n		\n

818,771

\n		\n

267,490

\n		\n

-

\n		\n

-

\n
\n

Prepayments

\n		\n

26,440

\n		\n

12,241

\n		\n

17,485

\n		\n

12,241

\n
\n

Deferred\nexpenditures

\n		\n

270,522

\n		\n

13,174

\n		\n

-

\n		\n

-

\n
\n

1,115,733

\n		\n

292,905

\n		\n

17,485

\n		\n

12,241

\n
\n

\u00a0

\n

Trade receivables are\nnon-interest bearing and generally have credit terms of 30 days. As\nat 31 December, no receivable balance was past due. No allowance\nfor expected credit losses was provided for the during 2024 and\n2025.

Cash and cash\nequivalents include the following components:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Cash on hand

\n		\n

610

\n		\n

1,947

\n		\n

-

\n		\n

-

\n
\n

Cash in bank

\n		\n

575,058

\n		\n

8,072,375

\n		\n

3,444

\n		\n

22,408

\n
\n

Cash and cash\nequivalents

\n		\n

575,668

\n		\n

8,074,322

\n		\n

3,444

\n		\n

22,408

\n
\n

\u00a0

\n

The group and the\ncompany did not have restrictions on cash at bank at\nyear-end.

26 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Lease\nliabilities

\n

\u00a0

\n

Group as a\nlessee

\n

\u00a0

\n

Lease liabilities are\nincluded in the statement of financial position as\nfollows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Current

\n		\n

312,129

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Non-current

\n		\n

14,293,086

\n		\n

191,736

\n		\n

-

\n		\n

-

\n
\n

\u00a0

\n		\n

14,605,215

\n		\n

191,736

\n		\n

-

\n		\n

-

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

\u00a0

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u00a0

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

As at 1\nJanuary

\n		\n

191,736

\n		\n

191,737\u00a0

\n		\n

-

\n		\n

-\u00a0

\n
\n

Additions during the\nyear

\n		\n

14,513,554

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Accretion of\ninterest

\n		\n

79,875

\n		\n

10,566\u00a0

\n		\n

-

\n		\n

-\u00a0

\n
\n

Payments

\n		\n

(179,950)

\n		\n

(10,567)

\n		\n

-

\n		\n

-

\n
\n

As at 31\nDecember

\n		\n

14,605,215

\n		\n

\u00a0191,736

\n		\n

-

\n		\n

-

\n
\n

\u00a0

\n

The total cash outflow\nfor leases amounted to \u20ac179,950 for the year 2025 (2024:\n\u20ac10,567). The amounts recognised in the statement of profit or\nloss and other comprehensive income as depreciation and interest\nexpense are disclosed in notes 6 and 8 respectively. No other\ncharges in relation to leases were recorded in the statement of\nprofit or loss and other comprehensive income.

\n

\u00a0

\n

The maturity analysis\nof undiscounted lease liabilities is presented below:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n
\n

Within one\nyear

\n		\n

1,063,935

\n		\n

10,567

\n
\n

Between two to five\nyears

\n		\n

5,017,285

\n		\n

42,262

\n
\n

After five\nyears

\n		\n

20,682,054

\n		\n

1,141,058

\n
\n

26,763,274

\n		\n

1,193,887

\n
\n

\u00a0

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Right-of-use\nassets

\n		\n

No of right-of-use\nassets leased

\n		\n

Range of remaining\nterm

\n		\n

Average remaining\nlease term

\n		\n

No of leases with\nextension options

\n		\n

No of leases with\ntermination options

\n
\n

Leased\nproperty

\n		\n

1

\n		\n

112 years

\n		\n

112 years

\n		\n

-

\n		\n

1

\n
\n

Leased\nproperty

\n		\n

1

\n		\n

23 years

\n		\n

23 years

\n		\n

-

\n		\n

1

\n
\n

Leased\nproperty

\n		\n

1

\n		\n

3 years

\n		\n

3 years

\n		\n

-

\n		\n

1

\n
\n

\u00a0

\n

The lease liabilities\nare secured by the related underlying assets. Future minimum lease\npayments at
\n31 December 2025 for the group are as follows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Minimum lease\npayments

\n
\n

Later than\none

\n
\n

Not later than one\nyear

\n		\n

Later than one year\nbut not later than five years

\n		\n

Later than five\nyears

\n		\n

Total

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

31-December\n2025

\n
\n

Lease\npayments

\n		\n

1,063,935

\n		\n

5,017,285

\n		\n

20,682,054

\n		\n

26,763,274

\n
\n

Finance\ncharges

\n		\n

(751,806)

\n		\n

(3,427,896)

\n		\n

(7,978,357)

\n		\n

(12,158,059)

\n
\n

Net present\nvalues

\n		\n

312,129

\n		\n

1,589,389

\n		\n

12,703,697

\n		\n

14,605,215

\n
\n

Minimum lease\npayments

\n
\n

Later than\none

\n
\n

Not later than one\nyear

\n		\n

Later than one year\nbut not later than five years

\n		\n

Later than five\nyears

\n		\n

Total

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

31-December\n2024

\n
\n

Lease\npayments

\n		\n

10,567

\n		\n

42,262

\n		\n

1,141,058

\n		\n

1,193,887

\n
\n

Finance\ncharges

\n		\n

(10,536)

\n		\n

(42,159)

\n		\n

(949,456)

\n		\n

(1,002,151)

\n
\n

Net present\nvalues

\n		\n

31

\n		\n

103

\n		\n

191,602

\n		\n

191,736

\n
\n

\u00a0

\n

Group as a\nlessor

\n

\u00a0

\n

The group has entered\ninto operating leases on its investment properties consisting of\noffices and warehouses and retail complex. These leases have terms\nof between 5 and 20 years. Future minimum rentals receivable under\nnon-cancellable operating leases as at 31 December are as\nfollows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n
\n

Within one\nyear

\n		\n

1,602,879

\n		\n

1,373,234

\n
\n

Between one and two\nyears

\n		\n

1,539,450

\n		\n

1,427,970

\n
\n

Between two and three\nyears

\n		\n

1,478,232

\n		\n

1,427,970

\n
\n

Between three and four\nyears

\n		\n

1,532,819

\n		\n

1,363,474

\n
\n

Between four and five\nyears

\n		\n

1,048,062

\n		\n

1,417,723

\n
\n

More than five\nyears

\n		\n

2,276,124

\n		\n

3,172,931

\n
\n

9,477,566

\n		\n

10,183,302

\n

28 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Loans due to related\nparties

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Non-current

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Loan due to related\nparties

\n		\n

4,500,000

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Loan payable to ultimate\nparent company

\n		\n

26,140,030

\n		\n

23,471,007

\n		\n

21,715,000

\n		\n

-

\n
\n

30,640,030

\n		\n

23,471,007

\n		\n

21,715,000\u00a0

\n		\n

-

\n
\n

\u00a0

\n

Loan payable to\nultimate parent company will not be repaid in the next twelve\nmonths.

\n

\u00a0

\n

On 7 October 2024, a\nsubsidiary within the group entered into a deed of sale of\n\u20ac21,715,000 with TUM Invest Limited, the ultimate parent, to\npurchase a property.

\n

\u00a0

\n

On 10 July 2025, a\nsubsidiary within the group acquired property known as Scotts\nsupermarket, situated in Triq Hal Tarxien, Santa Lucija, for an\namount of \u20ac4,116,000.

31 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Trade and other\npayables

\n

\u00a0

\n

Trade and other\npayables recognised in the statements of financial position can be\nanalysed as follows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Trade\npayables

\n		\n

814,645

\n		\n

1,785,372

\n		\n

81,508

\n		\n

153,033

\n
\n

Other\npayables

\n		\n

1,517,162

\n		\n

289,667

\n		\n

56,707

\n		\n

46,992

\n
\n

Accruals

\n		\n

281,636

\n		\n

278,239

\n		\n

40,623

\n		\n

49,485

\n
\n

Financial\nliabilities

\n		\n

2,613,443

\n		\n

2,353,278

\n		\n

178,838

\n		\n

249,510

\n
\n

Deferred\nincome

\n		\n

104,956

\n		\n

4,667

\n		\n

-

\n		\n

-

\n
\n

VAT control

\n		\n

623,305

\n		\n

71,436

\n		\n

-

\n		\n

-

\n
\n

3,341,704

\n		\n

2,429,381

\n		\n

178,838

\n		\n

249,510

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "s5pXrw-98K": { "value": "

15 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Loans due from related\nparties

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Non-current:

\n
\n

Loan receivable from\nsubsidiary

\n		\n

-

\n		\n

-

\n		\n

30,131,667

\n		\n

9,222,222

\n
\n

Cumulative redeemable\npreference shares

\n		\n

-

\n		\n

-

\n		\n

17,950,000

\n		\n

17,950,000

\n
\n

Loan receivable from\nother related party

\n		\n

-

\n		\n

325,000

\n		\n

-

\n		\n

-

\n
\n

-

\n		\n

325,000

\n		\n

48,081,667

\n		\n

27,172,222

\n
\n

\u00a0

\n		\n

\u00a0

\n
\n

Current:

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Loan receivable from\nsubsidiary

\n		\n

-

\n		\n

-

\n		\n

5,504,326

\n		\n

4,239,170

\n
\n

-

\n		\n

-

\n		\n

5,504,326

\n		\n

4,239,170

\n
\n

\u00a0

\n

The loan receivable\nfrom subsidiary is unsecured and subject to interest rate of 3.75%\nper annum.

\n

\u00a0

\n

An amount of\n\u20ac7,250,000 is repayable in nine equal instalments paid\nannually on the 20 June with the first instalment paid on 20 June\n2021. The remaining portion is payable by 20 June 2029.

\n

\u00a0

\n

The preference shares\nof \u20ac6,350,000 are entitled to a fixed cumulative preferential\ndividend of 3.75%. The company may redeem any or the whole amount\nof the outstanding preference shares at any time, but not later\nthan 30 June 2029.

\n

\u00a0

\n

The preference shares\nof \u20ac11,600,000 are entitled to a fixed cumulative preferential\ndividend of 5.32%. The company may redeem any or the whole amount\nof the outstanding preference shares at any time, but not later\nthan 22 November 2034.

\n

\u00a0

\n

Loan receivable from\nother related party, bears interest at 3.75% are unsecured, and is\nrepayable in June 2029.

20 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Amounts due from\nrelated parties

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Amounts due from\nultimate parent company

\n		\n

32,500

\n		\n

659,242

\n		\n

-

\n		\n

-

\n
\n

Amounts due from group\ncompanies

\n		\n

1,342,635

\n		\n

605,200

\n		\n

2,732,406

\n		\n

1,570,799

\n
\n

Amount due from other\nrelated companies

\n		\n

11,263,426

\n		\n

3,221,795

\n		\n

-

\n		\n

-

\n
\n

12,638,561

\n		\n

4,486,237

\n		\n

2,732,406

\n		\n

1,570,799

\n
\n

\u00a0

\n

The amounts due from\nultimate parent, group and other related parties are unsecured,\ninterest free, and repayable on demand.

", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "IMY-mzz7xO": { "value": "

16 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Loans\nreceivable

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Non-current:

\n
\n

Loan\nreceivable

\n		\n

1,712,460

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Current:

\n
\n

Loan\nreceivable

\n		\n

874,671

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

\u00a0

\n

On 31 December 2025,\nTum Developments Limited advanced a loan of \u20ac2,587,131 to a\nthird party. The loan bears interest at a fixed annual rate of 7%\nand is repayable by monthly instalments of \u20ac79,588 inclusive\nof interest.\u00a0 The loan will be fully repaid by 30 November\n2028.

", "dimensions": { "concept": "TUM:DisclosureOfLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "LLV1Gu1Qav": { "value": "

17 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Other assets

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Non-current:

\n
\n

Deposits on\nproperty

\n		\n

516,033

\n		\n

1,558,943

\n		\n

-

\n		\n

-

\n
\n

\u00a0

\n

Deposits are advances\nmade by the group to property sellers to secure the sale of the\nproperties. These deposits will form part of the total contract\nprice of the sale of the properties.

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "CMI5veK5.5": { "value": "

18 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Goodwill

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Acquired\nthrough:

\n
\n

Business\ncombination

\n		\n

346,295

\n		\n

346,295

\n		\n

-

\n		\n

-

\n
\n

\u00a0

\n		\n

346,295

\n		\n

346,295

\n		\n

-

\n		\n

-

\n
\n

\u00a0

\n

The group acquired a\nsubsidiary with a net liability of \u20ac345,095. The fair value of\nthe consideration received amounted to \u20ac1,200, resulting in a\ngoodwill of \u20ac346,295.

", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "RsE9S17KV_": { "value": "

19 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Inventories

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Inventories

\n		\n

63,282,931

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

\u00a0

\n

During the year,\nproperties held by In-Nahal Properties Limited, TFL Property\nDevelopment Limited and BBT Nigret Properties Ltd. were\nreclassified as inventories. These properties are intended for sale\nin the ordinary course of the business.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "asMZl_Qgus": { "value": "

20 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Amounts due from\nrelated parties

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Amounts due from\nultimate parent company

\n		\n

32,500

\n		\n

659,242

\n		\n

-

\n		\n

-

\n
\n

Amounts due from group\ncompanies

\n		\n

1,342,635

\n		\n

605,200

\n		\n

2,732,406

\n		\n

1,570,799

\n
\n

Amount due from other\nrelated companies

\n		\n

11,263,426

\n		\n

3,221,795

\n		\n

-

\n		\n

-

\n
\n

12,638,561

\n		\n

4,486,237

\n		\n

2,732,406

\n		\n

1,570,799

\n
\n

\u00a0

\n

The amounts due from\nultimate parent, group and other related parties are unsecured,\ninterest free, and repayable on demand.

\n

\u00a0

\n

21 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Trade and other\nreceivables

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Trade\nreceivables

\n		\n

305,240

\n		\n

96,537

\n		\n

-

\n		\n

-

\n
\n

Other\nreceivables

\n		\n

425,704

\n		\n

153,377

\n		\n

-

\n		\n

-

\n
\n

Accrued\nincome

\n		\n

87,827

\n		\n

17,576

\n		\n

-

\n		\n

-

\n
\n

Financial\nassets

\n		\n

818,771

\n		\n

267,490

\n		\n

-

\n		\n

-

\n
\n

Prepayments

\n		\n

26,440

\n		\n

12,241

\n		\n

17,485

\n		\n

12,241

\n
\n

Deferred\nexpenditures

\n		\n

270,522

\n		\n

13,174

\n		\n

-

\n		\n

-

\n
\n

1,115,733

\n		\n

292,905

\n		\n

17,485

\n		\n

12,241

\n
\n

\u00a0

\n

Trade receivables are\nnon-interest bearing and generally have credit terms of 30 days. As\nat 31 December, no receivable balance was past due. No allowance\nfor expected credit losses was provided for the during 2024 and\n2025.

", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "WXU2VnLef4": { "value": "

20 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Amounts due from\nrelated parties

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Amounts due from\nultimate parent company

\n		\n

32,500

\n		\n

659,242

\n		\n

-

\n		\n

-

\n
\n

Amounts due from group\ncompanies

\n		\n

1,342,635

\n		\n

605,200

\n		\n

2,732,406

\n		\n

1,570,799

\n
\n

Amount due from other\nrelated companies

\n		\n

11,263,426

\n		\n

3,221,795

\n		\n

-

\n		\n

-

\n
\n

12,638,561

\n		\n

4,486,237

\n		\n

2,732,406

\n		\n

1,570,799

\n
\n

\u00a0

\n

The amounts due from\nultimate parent, group and other related parties are unsecured,\ninterest free, and repayable on demand.

32 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Amounts due to related\nparties

\n

\u00a0

\n

Amounts due to related\nparties recognised in the statements of financial position can be\nanalysed as follows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Amounts due to ultimate\nparent company

\n		\n

783,450

\n		\n

1,070,452

\n		\n

783,450

\n		\n

7,658

\n
\n

Amounts due to other\nrelated companies

\n		\n

3,236,774

\n		\n

10,829,832

\n		\n

832,227

\n		\n

122,247

\n
\n

Amounts due to ultimate\nshareholder

\n		\n

165,740

\n		\n

167,240

\n		\n

-

\n		\n

-

\n
\n

4,185,964

\n		\n

\u00a012,067,524

\n		\n

1,615,677

\n		\n

\u00a0129,905

\n
\n

\u00a0

\n

The amounts owed to\nultimate parent company, ultimate shareholder and other related\ncompanies are unsecured, interest-free and repayable on\ndemand.

34 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Related party\ntransactions

\n

\u00a0

\n

TUM Finance plc forms\npart of a larger group, Tum Invest Limited.\u00a0 The directors\nconsider the ultimate parent company, fellow subsidiaries,\nassociates, companies under common control, directors and key\nmanagement personnel to be related parties. The ultimate\ncontrolling party is Anthony Fenech.

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n
\n

Group

\n
\n

Rental\nincome

\n		\n

1,170,378

\n		\n

1,051,144\u00a0

\n
\n

\u00a0

\n
\n

Company

\n		\n

\u00a0

\n
\n

Finance\nincome

\n		\n

459,600

\n		\n

467,260

\n
\n

Dividend\nincome

\n		\n

1,470,629

\n		\n

695,321

\n
\n

\u00a0

\n

Amounts due to or from\nrelated parties are disclosed in notes 15, 16, 20, 28, 30 and 32.\nThe terms and conditions in respect of these balances do not\nspecify the nature of the consideration to be provided in\nsettlement.\u00a0 No guarantees have been given or received in\n2025.

\n

\u00a0

\n

Directors\u2019 fees\nare disclosed in note 6.

", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "kaaQkk1Kl9": { "value": "

21 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Trade and other\nreceivables

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Trade\nreceivables

\n		\n

305,240

\n		\n

96,537

\n		\n

-

\n		\n

-

\n
\n

Other\nreceivables

\n		\n

425,704

\n		\n

153,377

\n		\n

-

\n		\n

-

\n
\n

Accrued\nincome

\n		\n

87,827

\n		\n

17,576

\n		\n

-

\n		\n

-

\n
\n

Financial\nassets

\n		\n

818,771

\n		\n

267,490

\n		\n

-

\n		\n

-

\n
\n

Prepayments

\n		\n

26,440

\n		\n

12,241

\n		\n

17,485

\n		\n

12,241

\n
\n

Deferred\nexpenditures

\n		\n

270,522

\n		\n

13,174

\n		\n

-

\n		\n

-

\n
\n

1,115,733

\n		\n

292,905

\n		\n

17,485

\n		\n

12,241

\n
\n

\u00a0

\n

Trade receivables are\nnon-interest bearing and generally have credit terms of 30 days. As\nat 31 December, no receivable balance was past due. No allowance\nfor expected credit losses was provided for the during 2024 and\n2025.

", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "kDKU7jAP4O": { "value": "

Cash and cash\nequivalents include the following components:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Cash on hand

\n		\n

610

\n		\n

1,947

\n		\n

-

\n		\n

-

\n
\n

Cash in bank

\n		\n

575,058

\n		\n

8,072,375

\n		\n

3,444

\n		\n

22,408

\n
\n

Cash and cash\nequivalents

\n		\n

575,668

\n		\n

8,074,322

\n		\n

3,444

\n		\n

22,408

\n
\n

\u00a0

\n

The group and the\ncompany did not have restrictions on cash at bank at\nyear-end.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "P4-s1DFsg1": { "value": "

Cash and cash\nequivalents include the following components:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Cash on hand

\n		\n

610

\n		\n

1,947

\n		\n

-

\n		\n

-

\n
\n

Cash in bank

\n		\n

575,058

\n		\n

8,072,375

\n		\n

3,444

\n		\n

22,408

\n
\n

Cash and cash\nequivalents

\n		\n

575,668

\n		\n

8,074,322

\n		\n

3,444

\n		\n

22,408

\n
\n

\u00a0

\n

The group and the\ncompany did not have restrictions on cash at bank at\nyear-end.

33 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Cash flow adjustments\nand changes in working capital

\n

\u00a0

\n

The following cash\nflow adjustments and changes in working capital have been made to\nprofit (loss) before tax to arrive at operating cash\nflow:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Adjustments:

\n
\n

Depreciation

\n		\n

191,254

\n		\n

61,419

\n		\n

-

\n		\n

-

\n
\n

Finance\ncosts

\n		\n

1,574,699

\n		\n

858,762

\n		\n

1,450,483

\n		\n

848,198

\n
\n

Finance\nincome

\n		\n

(222,137)

\n		\n

(50,643)

\n		\n

(1,314,845)

\n		\n

(467,260)

\n
\n

Dividend\nincome

\n		\n

-

\n		\n

-

\n		\n

(615,384)

\n		\n

(695,321)

\n
\n

Goodwill

\n		\n

-

\n		\n

(346,295)

\n		\n

-

\n		\n

-

\n
\n

Recognised cumulative\nshare of (profits) losses in associates

\n		\n

(352,841)

\n		\n

210,803

\n		\n

-

\n		\n

-

\n
\n

Share of (profit) loss\nin associates

\n		\n

(5,337,159)

\n		\n

27,074

\n		\n

-

\n		\n

-

\n
\n

Fair value gain on\nrevaluation of investment property

\n		\n

(3,155,163)

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Adjustments to\nnon-controlling interests

\n		\n

12,450,642

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Other

\n		\n

19,182

\n		\n

49,709

\n		\n

-

\n		\n

-

\n
\n

5,168,477

\n		\n

810,829

\n		\n

(479,746)

\n		\n

(314,383)

\n
\n

\u00a0

\n		\n

\u00a0

\n
\n

Net changes in\nworking capital:

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Inventories

\n		\n

(17,024,035)

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Trade and other\nreceivables

\n		\n

(8,869,883)

\n		\n

19,408

\n		\n

303,778

\n		\n

536,470

\n
\n

Trade and other\npayables

\n		\n

(994,038)

\n		\n

23,364,460

\n		\n

1,415,100

\n		\n

278,325

\n
\n

(26,887,956)

\n		\n

23,383,868

\n		\n

1,718,878

\n		\n

814,795

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "noIBJ1JT_O": { "value": "

Cash and cash\nequivalents include the following components:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Cash on hand

\n		\n

610

\n		\n

1,947

\n		\n

-

\n		\n

-

\n
\n

Cash in bank

\n		\n

575,058

\n		\n

8,072,375

\n		\n

3,444

\n		\n

22,408

\n
\n

Cash and cash\nequivalents

\n		\n

575,668

\n		\n

8,074,322

\n		\n

3,444

\n		\n

22,408

\n
\n

\u00a0

\n

The group and the\ncompany did not have restrictions on cash at bank at\nyear-end.

", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "yCOBXvtABJ": { "value": "

23 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Equity

\n

\u00a0

\n

23.1\n\u00a0\u00a0\u00a0 Share capital

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n
\n

Authorised share\ncapital

\n
\n

20,000,000 ordinary\nshares of \u20ac1.00 each

\n		\n

20,000,000

\n		\n

20,000,000

\n
\n

Issued and paid-up\ncapital

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

17,693,000 ordinary\nshares of \u20ac1.00 each

\n		\n

17,693,000

\n		\n

17,693,000

\n
\n

\u00a0

\n

23.2\n\u00a0\u00a0\u00a0 Retained earnings

\n

\u00a0

\n

The reserve represents\naccumulated retained profits.

\n

\u00a0

\n

23.3\n\u00a0\u00a0\u00a0 Capital\ncontributions

\n

\u00a0

\n

\u20ac2,456,016 (2024:\n\u20ac2,456,016) are amounts due to the parent which are repayable\nexclusively at the option of the borrower. These amounts are\nunsecured and interest free.

\n

\u00a0

\n

\u20ac1,459,795 (2024:\n\u20ac1,459,795) relates to capital contribution as at acquisition\nof the associates during 2023.

\n

\u00a0

\n

23.4\n\u00a0\u00a0\u00a0 Other reserves

\n

\u00a0

\n

Reserve emerging on\nthe common control acquisition of Easysell Limited on 25 April\n2019.

", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "rCFlt7SzNm": { "value": "

23 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Equity

\n

\u00a0

\n

23.1\n\u00a0\u00a0\u00a0 Share capital

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n
\n

Authorised share\ncapital

\n
\n

20,000,000 ordinary\nshares of \u20ac1.00 each

\n		\n

20,000,000

\n		\n

20,000,000

\n
\n

Issued and paid-up\ncapital

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

17,693,000 ordinary\nshares of \u20ac1.00 each

\n		\n

17,693,000

\n		\n

17,693,000

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "bcIGFd3nG1": { "value": "

23.2\n\u00a0\u00a0\u00a0 Retained earnings

\n

\u00a0

\n

The reserve represents\naccumulated retained profits.

\n

\u00a0

\n

23.3\n\u00a0\u00a0\u00a0 Capital\ncontributions

\n

\u00a0

\n

\u20ac2,456,016 (2024:\n\u20ac2,456,016) are amounts due to the parent which are repayable\nexclusively at the option of the borrower. These amounts are\nunsecured and interest free.

\n

\u00a0

\n

\u20ac1,459,795 (2024:\n\u20ac1,459,795) relates to capital contribution as at acquisition\nof the associates during 2023.

\n

\u00a0

\n

23.4\n\u00a0\u00a0\u00a0 Other reserves

\n

\u00a0

\n

Reserve emerging on\nthe common control acquisition of Easysell Limited on 25 April\n2019.

", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "wm13lliRzo": { "value": "

24 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Debt securities in\nissue

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n
\n

Non-current

\n
\n

Bonds in\nissue

\n		\n

31,508,663

\n		\n

31,432,179

\n
\n

\u00a0

\n
\n

Current

\n		\n

\u00a0

\n
\n

Bonds in\nissue

\n		\n

401,421

\n		\n

398,111

\n
\n

\u00a0

\n

In 2019, the group and\nthe company issued an aggregate principal amount of \u20ac20\nmillion bonds (2019-2029), having a nominal value of \u20ac100\neach, bearing interest at the rate of 3.75% per annum. These bonds\nare secured by Easysell Limited (hereinafter the\n\u201cGuarantor\u201d), a subsidiary of the company. They are\nsubject to the terms and conditions in the prospectus dated 3 June\n2019. The quoted market price as at 31 December 2025 for the 3.75%\nBonds (2019-2029) was \u20ac97.70 (2024: \u20ac98.20).

\n

\u00a0

\n

The guarantor provided\na corporate guarantee in favour of the company\u2019s bondholders\nto effect the due and punctual performance of all payment\nobligations undertaken by the company under the bonds if it fails\nto do so.

\n

\u00a0

\n

In 2024, the company\nissued an aggregate principal amount of \u20ac12 million bonds\n(2024 - 2034), having a nominal value of \u20ac100 each and bearing\ninterest of 5.20% per annum. The bond is subject to the terms and\nconditions in prospectus dated 1 November 2024. The quoted market\nprice as at 31 December 2025 for the bond was \u20ac100\n(2024: \u20ac103) .

\n

\u00a0

\n

At year end, bonds\nwith a face value of \u20ac64,100 were held by two of the\ndirectors.

\n

\u00a0

\n

The carrying amount of\nthe bonds is net of issue costs which are being amortised over the\nlife of the bonds.

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

2025

\n		\n

2024

\n
\n

The Group and\nCompany

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Proceeds

\n		\n

32,000,000

\n		\n

32,000,000

\n
\n

Less:

\n		\n

\u00a0

\n
\n

Issue costs

\n		\n

(830,759)

\n		\n

(830,759)

\n
\n

Accumulated\namortisation

\n		\n

339,422

\n		\n

262,938

\n
\n

31,508,663

\n		\n

31,432,179

\n
\n

Accrued\ninterest

\n		\n

401,421

\n		\n

398,111

\n
\n

31,910,084

\n		\n

31,830,290

\n

27 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Bank loan and\noverdraft

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Non-current

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Bank loan

\n		\n

16,886,332

\n		\n

23,464,593

\n		\n

-

\n		\n

-

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Current

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Bank\noverdraft

\n		\n

-

\n		\n

456,874

\n		\n

-

\n		\n

-

\n
\n

Bank loan

\n		\n

559,105

\n		\n

30,932

\n		\n

-

\n		\n

-

\n
\n

\u00a0

\n		\n

559,105

\n		\n

487,806

\n		\n

-

\n		\n

-

\n
\n

\u00a0

\n

On 4 September 2024, the\ngroup entered into a loan agreement with a bank for a credit\nfacility of \u20ac18,300,000 to finance the purchase of the divided\nportion of land known as Tan-Nigret or Tal-Harruba in Zurrieq and\nto assist with the development of part of the site, which is to be\ndeveloped into 3 blocks comprising residential units and garages.\nThe loan bears interest at 4.75% and repayable in full by 8 October\n2029.

\n

\u00a0

\n

On 15 October 2024, the\ngroup entered into a business loan with a bank for a credit\nfacility of \u20ac1,250,000 to finance the purchase and\ninstallation of furniture, fittings and equipment for Risparmio\nCasa Malta Limited, indirectly through TUM Developments Limited.\nThe loan is payable within 8 years from the first date of drawdown\nand shall have a moratorium period of 12 months. Interest on the\nfacility shall be determined by the bank from time to time at its\nsole discretion.

\n

\u00a0

\n

On 15 October 2024, the\ngroup entered into a business overdraft agreement with a bank for a\nfacility of \u20ac1,800,000. The facility will be used for working\ncapital requirements. The facility bears interest at 4.95% per\nannum and the term is for an indefinite period of time.

\n

\u00a0

\n

On 4 December 2025, the\ngroup entered into business loan with a bank for a credit facility\nof \u20ac1,300,000 to finance the acquisition of a site in Triq il-\nHelsien c/w Triq in-Nahal, Qormi for future development. The loan\nis repayable within 4 years from first disbursement. The facility\nbears an interest rate at 4.95% per annum.

30 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Other long term\npayables

\n

\u00a0

\n

Other long term\npayables recognised in the statements of financial position can be\nanalysed as follows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Other financial\nliabilities

\n		\n

11,650,000

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

\u00a0

\n

The long\n term payables relate\nto an amount of \u20ac8,500,000, repayable within four years and\nbearing interest at 3% over three \u2011 month Euribor, subject to a cap\nof 6% per annum. The amounts are payable to Easysell Properties\nLimited and A&A Properties Limited.

\n

\u00a0

\n

During the year, the\nGroup entered into a deed for the acquisition of property for a\nfixed consideration of \u20ac3,150,000. The obligation is expected\nto be settled through the execution of demolition, construction and\nfinishing works over periods extending beyond one year, as\ncontractually agreed in the deed, with settlement occurring upon\ncompletion of the respective works.

", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "molB5u28PU": { "value": "

24 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Debt securities in\nissue

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n
\n

Non-current

\n
\n

Bonds in\nissue

\n		\n

31,508,663

\n		\n

31,432,179

\n
\n

\u00a0

\n
\n

Current

\n		\n

\u00a0

\n
\n

Bonds in\nissue

\n		\n

401,421

\n		\n

398,111

\n
\n

\u00a0

\n

In 2019, the group and\nthe company issued an aggregate principal amount of \u20ac20\nmillion bonds (2019-2029), having a nominal value of \u20ac100\neach, bearing interest at the rate of 3.75% per annum. These bonds\nare secured by Easysell Limited (hereinafter the\n\u201cGuarantor\u201d), a subsidiary of the company. They are\nsubject to the terms and conditions in the prospectus dated 3 June\n2019. The quoted market price as at 31 December 2025 for the 3.75%\nBonds (2019-2029) was \u20ac97.70 (2024: \u20ac98.20).

\n

\u00a0

\n

The guarantor provided\na corporate guarantee in favour of the company\u2019s bondholders\nto effect the due and punctual performance of all payment\nobligations undertaken by the company under the bonds if it fails\nto do so.

\n

\u00a0

\n

In 2024, the company\nissued an aggregate principal amount of \u20ac12 million bonds\n(2024 - 2034), having a nominal value of \u20ac100 each and bearing\ninterest of 5.20% per annum. The bond is subject to the terms and\nconditions in prospectus dated 1 November 2024. The quoted market\nprice as at 31 December 2025 for the bond was \u20ac100\n(2024: \u20ac103) .

\n

\u00a0

\n

At year end, bonds\nwith a face value of \u20ac64,100 were held by two of the\ndirectors.

\n

\u00a0

\n

The carrying amount of\nthe bonds is net of issue costs which are being amortised over the\nlife of the bonds.

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

2025

\n		\n

2024

\n
\n

The Group and\nCompany

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Proceeds

\n		\n

32,000,000

\n		\n

32,000,000

\n
\n

Less:

\n		\n

\u00a0

\n
\n

Issue costs

\n		\n

(830,759)

\n		\n

(830,759)

\n
\n

Accumulated\namortisation

\n		\n

339,422

\n		\n

262,938

\n
\n

31,508,663

\n		\n

31,432,179

\n
\n

Accrued\ninterest

\n		\n

401,421

\n		\n

398,111

\n
\n

31,910,084

\n		\n

31,830,290

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "Ah6F4can9L": { "value": "

26 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Lease\nliabilities

\n

\u00a0

\n

Group as a\nlessee

\n

\u00a0

\n

Lease liabilities are\nincluded in the statement of financial position as\nfollows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Current

\n		\n

312,129

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Non-current

\n		\n

14,293,086

\n		\n

191,736

\n		\n

-

\n		\n

-

\n
\n

\u00a0

\n		\n

14,605,215

\n		\n

191,736

\n		\n

-

\n		\n

-

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

\u00a0

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u00a0

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

As at 1\nJanuary

\n		\n

191,736

\n		\n

191,737\u00a0

\n		\n

-

\n		\n

-\u00a0

\n
\n

Additions during the\nyear

\n		\n

14,513,554

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Accretion of\ninterest

\n		\n

79,875

\n		\n

10,566\u00a0

\n		\n

-

\n		\n

-\u00a0

\n
\n

Payments

\n		\n

(179,950)

\n		\n

(10,567)

\n		\n

-

\n		\n

-

\n
\n

As at 31\nDecember

\n		\n

14,605,215

\n		\n

\u00a0191,736

\n		\n

-

\n		\n

-

\n
\n

\u00a0

\n

The total cash outflow\nfor leases amounted to \u20ac179,950 for the year 2025 (2024:\n\u20ac10,567). The amounts recognised in the statement of profit or\nloss and other comprehensive income as depreciation and interest\nexpense are disclosed in notes 6 and 8 respectively. No other\ncharges in relation to leases were recorded in the statement of\nprofit or loss and other comprehensive income.

\n

\u00a0

\n

The maturity analysis\nof undiscounted lease liabilities is presented below:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n
\n

Within one\nyear

\n		\n

1,063,935

\n		\n

10,567

\n
\n

Between two to five\nyears

\n		\n

5,017,285

\n		\n

42,262

\n
\n

After five\nyears

\n		\n

20,682,054

\n		\n

1,141,058

\n
\n

26,763,274

\n		\n

1,193,887

\n
\n

\u00a0

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Right-of-use\nassets

\n		\n

No of right-of-use\nassets leased

\n		\n

Range of remaining\nterm

\n		\n

Average remaining\nlease term

\n		\n

No of leases with\nextension options

\n		\n

No of leases with\ntermination options

\n
\n

Leased\nproperty

\n		\n

1

\n		\n

112 years

\n		\n

112 years

\n		\n

-

\n		\n

1

\n
\n

Leased\nproperty

\n		\n

1

\n		\n

23 years

\n		\n

23 years

\n		\n

-

\n		\n

1

\n
\n

Leased\nproperty

\n		\n

1

\n		\n

3 years

\n		\n

3 years

\n		\n

-

\n		\n

1

\n
\n

\u00a0

\n

The lease liabilities\nare secured by the related underlying assets. Future minimum lease\npayments at
\n31 December 2025 for the group are as follows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Minimum lease\npayments

\n
\n

Later than\none

\n
\n

Not later than one\nyear

\n		\n

Later than one year\nbut not later than five years

\n		\n

Later than five\nyears

\n		\n

Total

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

31-December\n2025

\n
\n

Lease\npayments

\n		\n

1,063,935

\n		\n

5,017,285

\n		\n

20,682,054

\n		\n

26,763,274

\n
\n

Finance\ncharges

\n		\n

(751,806)

\n		\n

(3,427,896)

\n		\n

(7,978,357)

\n		\n

(12,158,059)

\n
\n

Net present\nvalues

\n		\n

312,129

\n		\n

1,589,389

\n		\n

12,703,697

\n		\n

14,605,215

\n
\n

Minimum lease\npayments

\n
\n

Later than\none

\n
\n

Not later than one\nyear

\n		\n

Later than one year\nbut not later than five years

\n		\n

Later than five\nyears

\n		\n

Total

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

31-December\n2024

\n
\n

Lease\npayments

\n		\n

10,567

\n		\n

42,262

\n		\n

1,141,058

\n		\n

1,193,887

\n
\n

Finance\ncharges

\n		\n

(10,536)

\n		\n

(42,159)

\n		\n

(949,456)

\n		\n

(1,002,151)

\n
\n

Net present\nvalues

\n		\n

31

\n		\n

103

\n		\n

191,602

\n		\n

191,736

\n
\n

\u00a0

\n

Group as a\nlessor

\n

\u00a0

\n

The group has entered\ninto operating leases on its investment properties consisting of\noffices and warehouses and retail complex. These leases have terms\nof between 5 and 20 years. Future minimum rentals receivable under\nnon-cancellable operating leases as at 31 December are as\nfollows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n
\n

Within one\nyear

\n		\n

1,602,879

\n		\n

1,373,234

\n
\n

Between one and two\nyears

\n		\n

1,539,450

\n		\n

1,427,970

\n
\n

Between two and three\nyears

\n		\n

1,478,232

\n		\n

1,427,970

\n
\n

Between three and four\nyears

\n		\n

1,532,819

\n		\n

1,363,474

\n
\n

Between four and five\nyears

\n		\n

1,048,062

\n		\n

1,417,723

\n
\n

More than five\nyears

\n		\n

2,276,124

\n		\n

3,172,931

\n
\n

9,477,566

\n		\n

10,183,302

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "JQcNpZ-5HH": { "value": "

27 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Bank loan and\noverdraft

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Non-current

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Bank loan

\n		\n

16,886,332

\n		\n

23,464,593

\n		\n

-

\n		\n

-

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Current

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Bank\noverdraft

\n		\n

-

\n		\n

456,874

\n		\n

-

\n		\n

-

\n
\n

Bank loan

\n		\n

559,105

\n		\n

30,932

\n		\n

-

\n		\n

-

\n
\n

\u00a0

\n		\n

559,105

\n		\n

487,806

\n		\n

-

\n		\n

-

\n
\n

\u00a0

\n

On 4 September 2024, the\ngroup entered into a loan agreement with a bank for a credit\nfacility of \u20ac18,300,000 to finance the purchase of the divided\nportion of land known as Tan-Nigret or Tal-Harruba in Zurrieq and\nto assist with the development of part of the site, which is to be\ndeveloped into 3 blocks comprising residential units and garages.\nThe loan bears interest at 4.75% and repayable in full by 8 October\n2029.

\n

\u00a0

\n

On 15 October 2024, the\ngroup entered into a business loan with a bank for a credit\nfacility of \u20ac1,250,000 to finance the purchase and\ninstallation of furniture, fittings and equipment for Risparmio\nCasa Malta Limited, indirectly through TUM Developments Limited.\nThe loan is payable within 8 years from the first date of drawdown\nand shall have a moratorium period of 12 months. Interest on the\nfacility shall be determined by the bank from time to time at its\nsole discretion.

\n

\u00a0

\n

On 15 October 2024, the\ngroup entered into a business overdraft agreement with a bank for a\nfacility of \u20ac1,800,000. The facility will be used for working\ncapital requirements. The facility bears interest at 4.95% per\nannum and the term is for an indefinite period of time.

\n

\u00a0

\n

On 4 December 2025, the\ngroup entered into business loan with a bank for a credit facility\nof \u20ac1,300,000 to finance the acquisition of a site in Triq il-\nHelsien c/w Triq in-Nahal, Qormi for future development. The loan\nis repayable within 4 years from first disbursement. The facility\nbears an interest rate at 4.95% per annum.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "Iu9j4xju.B": { "value": "

28 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Loans due to related\nparties

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Non-current

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Loan due to related\nparties

\n		\n

4,500,000

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Loan payable to ultimate\nparent company

\n		\n

26,140,030

\n		\n

23,471,007

\n		\n

21,715,000

\n		\n

-

\n
\n

30,640,030

\n		\n

23,471,007

\n		\n

21,715,000\u00a0

\n		\n

-

\n
\n

\u00a0

\n

Loan payable to\nultimate parent company will not be repaid in the next twelve\nmonths.

\n

\u00a0

\n

On 7 October 2024, a\nsubsidiary within the group entered into a deed of sale of\n\u20ac21,715,000 with TUM Invest Limited, the ultimate parent, to\npurchase a property.

\n

\u00a0

\n

On 10 July 2025, a\nsubsidiary within the group acquired property known as Scotts\nsupermarket, situated in Triq Hal Tarxien, Santa Lucija, for an\namount of \u20ac4,116,000.

", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "JR_dPf7-uT": { "value": "

29 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Other financial\nliabilities

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Other financial\nliabilities

\n		\n

150,000

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

\u00a0

\n

The non\n\u2011 current financial\nliabilities include a security deposit is contractually required to\nbe retained for the duration of the lease.

\n

\u00a0

\n

30 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Other long term\npayables

\n

\u00a0

\n

Other long term\npayables recognised in the statements of financial position can be\nanalysed as follows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Other financial\nliabilities

\n		\n

11,650,000

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

\u00a0

\n

The long\n term payables relate\nto an amount of \u20ac8,500,000, repayable within four years and\nbearing interest at 3% over three \u2011 month Euribor, subject to a cap\nof 6% per annum. The amounts are payable to Easysell Properties\nLimited and A&A Properties Limited.

\n

\u00a0

\n

During the year, the\nGroup entered into a deed for the acquisition of property for a\nfixed consideration of \u20ac3,150,000. The obligation is expected\nto be settled through the execution of demolition, construction and\nfinishing works over periods extending beyond one year, as\ncontractually agreed in the deed, with settlement occurring upon\ncompletion of the respective works.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "Ue5OZlIOW1": { "value": "

29 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Other financial\nliabilities

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Other financial\nliabilities

\n		\n

150,000

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

\u00a0

\n

The non\n\u2011 current financial\nliabilities include a security deposit is contractually required to\nbe retained for the duration of the lease.

", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "N_Ln6bpK01": { "value": "

31 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Trade and other\npayables

\n

\u00a0

\n

Trade and other\npayables recognised in the statements of financial position can be\nanalysed as follows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Trade\npayables

\n		\n

814,645

\n		\n

1,785,372

\n		\n

81,508

\n		\n

153,033

\n
\n

Other\npayables

\n		\n

1,517,162

\n		\n

289,667

\n		\n

56,707

\n		\n

46,992

\n
\n

Accruals

\n		\n

281,636

\n		\n

278,239

\n		\n

40,623

\n		\n

49,485

\n
\n

Financial\nliabilities

\n		\n

2,613,443

\n		\n

2,353,278

\n		\n

178,838

\n		\n

249,510

\n
\n

Deferred\nincome

\n		\n

104,956

\n		\n

4,667

\n		\n

-

\n		\n

-

\n
\n

VAT control

\n		\n

623,305

\n		\n

71,436

\n		\n

-

\n		\n

-

\n
\n

3,341,704

\n		\n

2,429,381

\n		\n

178,838

\n		\n

249,510

\n
\n

\u00a0

\n

Short term financial\nliabilities are carried at their nominal value which is considered\na reasonable approximation of fair value.

\n

\u00a0

\n

32 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Amounts due to related\nparties

\n

\u00a0

\n

Amounts due to related\nparties recognised in the statements of financial position can be\nanalysed as follows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Amounts due to ultimate\nparent company

\n		\n

783,450

\n		\n

1,070,452

\n		\n

783,450

\n		\n

7,658

\n
\n

Amounts due to other\nrelated companies

\n		\n

3,236,774

\n		\n

10,829,832

\n		\n

832,227

\n		\n

122,247

\n
\n

Amounts due to ultimate\nshareholder

\n		\n

165,740

\n		\n

167,240

\n		\n

-

\n		\n

-

\n
\n

4,185,964

\n		\n

\u00a012,067,524

\n		\n

1,615,677

\n		\n

\u00a0129,905

\n
\n

\u00a0

\n

The amounts owed to\nultimate parent company, ultimate shareholder and other related\ncompanies are unsecured, interest-free and repayable on\ndemand.

", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "WlbXMsn0UT": { "value": "

31 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Trade and other\npayables

\n

\u00a0

\n

Trade and other\npayables recognised in the statements of financial position can be\nanalysed as follows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Trade\npayables

\n		\n

814,645

\n		\n

1,785,372

\n		\n

81,508

\n		\n

153,033

\n
\n

Other\npayables

\n		\n

1,517,162

\n		\n

289,667

\n		\n

56,707

\n		\n

46,992

\n
\n

Accruals

\n		\n

281,636

\n		\n

278,239

\n		\n

40,623

\n		\n

49,485

\n
\n

Financial\nliabilities

\n		\n

2,613,443

\n		\n

2,353,278

\n		\n

178,838

\n		\n

249,510

\n
\n

Deferred\nincome

\n		\n

104,956

\n		\n

4,667

\n		\n

-

\n		\n

-

\n
\n

VAT control

\n		\n

623,305

\n		\n

71,436

\n		\n

-

\n		\n

-

\n
\n

3,341,704

\n		\n

2,429,381

\n		\n

178,838

\n		\n

249,510

\n
\n

\u00a0

\n

Short term financial\nliabilities are carried at their nominal value which is considered\na reasonable approximation of fair value.

", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "jHIpBAWCQC": { "value": "

31 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Trade and other\npayables

\n

\u00a0

\n

Trade and other\npayables recognised in the statements of financial position can be\nanalysed as follows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Trade\npayables

\n		\n

814,645

\n		\n

1,785,372

\n		\n

81,508

\n		\n

153,033

\n
\n

Other\npayables

\n		\n

1,517,162

\n		\n

289,667

\n		\n

56,707

\n		\n

46,992

\n
\n

Accruals

\n		\n

281,636

\n		\n

278,239

\n		\n

40,623

\n		\n

49,485

\n
\n

Financial\nliabilities

\n		\n

2,613,443

\n		\n

2,353,278

\n		\n

178,838

\n		\n

249,510

\n
\n

Deferred\nincome

\n		\n

104,956

\n		\n

4,667

\n		\n

-

\n		\n

-

\n
\n

VAT control

\n		\n

623,305

\n		\n

71,436

\n		\n

-

\n		\n

-

\n
\n

3,341,704

\n		\n

2,429,381

\n		\n

178,838

\n		\n

249,510

\n
\n

\u00a0

\n

Short term financial\nliabilities are carried at their nominal value which is considered\na reasonable approximation of fair value.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "sCb0e8V_5c": { "value": "

31 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Trade and other\npayables

\n

\u00a0

\n

Trade and other\npayables recognised in the statements of financial position can be\nanalysed as follows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Trade\npayables

\n		\n

814,645

\n		\n

1,785,372

\n		\n

81,508

\n		\n

153,033

\n
\n

Other\npayables

\n		\n

1,517,162

\n		\n

289,667

\n		\n

56,707

\n		\n

46,992

\n
\n

Accruals

\n		\n

281,636

\n		\n

278,239

\n		\n

40,623

\n		\n

49,485

\n
\n

Financial\nliabilities

\n		\n

2,613,443

\n		\n

2,353,278

\n		\n

178,838

\n		\n

249,510

\n
\n

Deferred\nincome

\n		\n

104,956

\n		\n

4,667

\n		\n

-

\n		\n

-

\n
\n

VAT control

\n		\n

623,305

\n		\n

71,436

\n		\n

-

\n		\n

-

\n
\n

3,341,704

\n		\n

2,429,381

\n		\n

178,838

\n		\n

249,510

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "LwydYzALVi": { "value": "Anthony Fenech", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "fyBF6046fW": { "value": "

35 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Financial instrument\nrisk

\n

\u00a0

\n

Risk management\nobjectives and policies

\n

\u00a0

\n

The exposures to risk\nand the way risks arise, together with the group and\ncompany\u2019s objectives, policies and processes for managing and\nmeasuring these risks are disclosed in more detail\nbelow.

\n

\u00a0

\n

The objectives,\npolicies, and processes for managing financial risks and the\nmethods used to measure such risks are subject to continuous\nimprovement and development.

\n

\u00a0

\n

Where applicable, any\nsignificant changes in the group and company\u2019s exposure to\nfinancial risks or the manner in which the group and company manage\nand measure these risks are disclosed below.

\n

\u00a0

\n

Where possible, the\ngroup and company aim to reduce and control risk concentrations.\nConcentrations of financial risk arise when financial instruments\nwith similar characteristics are influenced in the same way by\nchanges in economic or other factors. The amount of the risk\nexposure associated with financial instruments sharing similar\ncharacteristics is disclosed in more detail in the notes to the\nfinancial statements.

\n

\u00a0

\n

The most significant\nfinancial risks to which the group and the company are exposed are\ndescribed below.\u00a0 See also note 35.4 for a summary of the\ngroup and the company\u2019s financial assets and liabilities by\ncategory.

\n

\u00a0

\n

35.1\n\u00a0\u00a0\u00a0 Credit risk

\n

\u00a0

\n

Credit risk refers to\nthe risk that a counterparty will cause a financial loss for the\ngroup and company by failing to discharge an obligation. Financial\nassets which potentially subject the group and company to\nconcentrations of credit risk consist principally of amounts due\nfrom related parties, trade and other receivables and cash at\nbank.

\n

\u00a0

\n

The group and\ncompany\u2019s exposure to credit risk is limited to the carrying\namount of financial assets recognised at the end of the reporting\nperiod, as summarised below:

\n

\u00a0

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

Notes

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Classes of financial\nassets - carrying amounts

\n
\n

Non-current\nassets

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Loans due from related\nparties

\n		\n

15

\n		\n

-

\n		\n

325,000

\n		\n

48,081,667

\n		\n

27,172,222

\n
\n

Loans\nreceivable

\n		\n

16

\n		\n

1,712,460

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Other assets

\n		\n

17

\n		\n

516,033

\n		\n

1,558,943

\n		\n

-

\n		\n

-

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

2,228,493

\n		\n

1,883,943

\n		\n

48,081,667

\n		\n

27,172,222

\n
\n

\u00a0

\n		\n

\u00a0

\n
\n

Current\nassets

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Loans due from related\nparties

\n		\n

15

\n		\n

-

\n		\n

-

\n		\n

\u00a0\u00a0\u00a0\u00a0\u00a0 5,504,326

\n		\n

4,239,170

\n
\n

Loans\nreceivable

\n		\n

16

\n		\n

874,671

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Amounts due from related\nparties

\n		\n

20

\n		\n

12,638,561

\n		\n

4,486,237

\n		\n

2,732,406

\n		\n

1,570,799

\n
\n

Trade and other\nreceivables

\n		\n

21

\n		\n

818,771

\n		\n

267,490

\n		\n

-

\n		\n

-

\n
\n

Cash and cash\nequivalents

\n		\n

22

\n		\n

575,668

\n		\n

8,074,322

\n		\n

3,444

\n		\n

\u00a022,408

\n
\n

14,907,671

\n		\n

12,828,049

\n		\n

8,240,176

\n		\n

5,832,377

\n
\n

\u00a0

\n

The exposure to credit\nrisk is influenced mainly by the individual characteristics of each\ncustomer. Credit risk with respect to receivables is limited due to\ncredit control procedures and the minimal balance outstanding at\nyear-end. An impairment analysis is performed at each reporting\ndate using a provision matrix to measure expected credit losses.\nThe provision rates are based on days past due for customers with\nsimilar loss patterns (i.e., by customer type). The analysis did\nnot result in material amounts and the group did not recognise any\nimpairment allowance on trade receivables.

\n

\u00a0

\n

In measuring credit\nlosses, the loans and amounts due from related parties have been\nassessed on a collective basis as they possess shared credit risk\ncharacteristics. They have been grouped based on the days past due.\nThe group and company assess the credit quality of these related\nparties by taking into account financial position, performance and\nother factors. Management takes cognisance of the related party\nrelationship with these entities and settlement arrangements in\nplace and does not expect any losses from non-performance or\ndefault.

\n

\u00a0

\n

The group and company\nhave bank accounts with local institutions. At 31 December 2025,\nthe group and company held cash and cash equivalents amounting to\n\u20ac575,668 and \u20ac3,444 (2024: \u20ac8,074,322 and\n\u20ac22,408) respectively with local counterparties with credit\nratings of A-1, A-2 and BBB- (2024: A-1, A-2 and BBB-) and are\ncallable on demand. Management considers the probability of default\nto be close to zero as the counterparties have a strong capacity to\nmeet their contractual obligations in the near term.\u00a0 As a\nresult, no loss allowance has been recognised based on 12 month\nexpected credit losses as any such impairment would be\ninsignificant to the group and company.

\n

\u00a0

\n

Carrying amount of\nfinancial assets recorded in the financial statements represents\nthe group and company\u2019s maximum exposure to credit risk, as\ndetailed below.

\n

\u00a0

\n

None of the group and\ncompany\u2019s financial assets are secured by collateral or other\ncredit enhancements.

\n

\u00a0

\n

35.2\n\u00a0\u00a0\u00a0 Liquidity risk

\n

\u00a0

\n

The group and the\ncompany\u2019s exposure to liquidity risk arises from their\nobligations to meet their financial liabilities, which comprise,\ndebt securities in issue, lease liabilities, bank loan, loans due\nto related parties, trade and other payables, and amounts due to\nother related parties (see notes 24, 26, 27, 28, 30, 31 and 32).\nPrudent liquidity risk management includes maintaining sufficient\ncash and committed credit facilities to ensure the availability of\nan adequate amount of funding to meet the group and company\u2019s\nobligations when they become due.

\n

\u00a0

\n

Management monitors\nliquidity risk by means of cash flow forecasts on the basis of\nexpected cash outflows over a twelve-month period and over a\nlong-term period in relation to the development and completion of\nthe group\u2019s investment property. This approach ensures that\nthe project is adequately financed and that no additional financing\nfacilities are expected to be required over the coming\nyear.

\n

\u00a0

\n

At 31 December 2025,\nthe group and the company\u2019s financial liabilities have\ncontractual maturities which are summarised below:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31 December 2025\n\u2013 Group

\n		\n

Current

\n		\n

Non-current

\n
\n

Within

\n		\n

2 to\n5

\n		\n

Later\nthan

\n
\n

1\nyear

\n		\n

years

\n		\n

5\nyears

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Debt securities in\nissue

\n		\n

401,421

\n		\n

-

\n		\n

31,508,663

\n
\n

Bank loan

\n		\n

559,105

\n		\n

16,886,332

\n		\n

-

\n
\n

Loans due to related\nparties

\n		\n

-

\n		\n

-

\n		\n

30,640,030

\n
\n

Lease\nliabilities

\n		\n

312,129

\n		\n

1,589,389

\n		\n

12,703,697

\n
\n

Amounts due to related\nparties

\n		\n

4,185,964

\n		\n

-

\n		\n

-

\n
\n

Other long-term\npayables

\n		\n

\u00a0

\n		\n

-

\n		\n

11,650,000

\n		\n

-

\n
\n

Other financial\nliabilities

\n		\n

\u00a0

\n		\n

-

\n		\n

150,000

\n		\n

-

\n
\n

Trade and other\npayables

\n		\n

2,613,443

\n		\n

-

\n		\n

-

\n
\n

8,072,062

\n		\n

30,275,721

\n		\n

74,852,390

\n
\n

31 December 2025\n\u2013 Company

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Debt securities in\nissue

\n		\n

401,421

\n		\n

-

\n		\n

31,508,663

\n
\n

Loans due to related\nparties

\n		\n

\u00a0

\n		\n

-

\n		\n

-

\n		\n

21,715,000

\n
\n

Amounts due to related\nparties

\n		\n

1,615,677

\n		\n

-

\n		\n

-

\n
\n

Trade and other\npayables

\n		\n

178,838

\n		\n

-

\n		\n

-

\n
\n

2,195,936

\n		\n

-

\n		\n

53,223,663

\n
\n

\u00a0

\n

This compares the\nmaturity of the group and company\u2019s financial liabilities in\nthe previous reporting period as follows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31 December 2024\n\u2013 Group

\n		\n

Current

\n		\n

Non-current

\n
\n

Within

\n		\n

2 to\n5

\n		\n

Later\nthan

\n
\n

1\nyear

\n		\n

years

\n		\n

5\nyears

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Debt securities in\nissue

\n		\n

398,111

\n		\n

-

\n		\n

31,432,179

\n
\n

Bank loan

\n		\n

\u00a0

\n		\n

487,806

\n		\n

512,968

\n		\n

22,951,625

\n
\n

Loans due to related\nparties

\n		\n

-

\n		\n

-

\n		\n

23,471,007

\n
\n

Lease\nliabilities

\n		\n

-

\n		\n

-

\n		\n

191,736

\n
\n

Amounts due to related\nparties

\n		\n

12,067,524

\n		\n

-

\n		\n

-

\n
\n

Trade and other\npayables

\n		\n

2,353,278

\n		\n

-

\n		\n

-

\n
\n

\u00a015,306,719

\n		\n

512,968

\n		\n

78,046,547

\n
\n

31 December 2024\n\u2013 Company

\n
\n

Current

\n		\n

Non-current

\n
\n

within

\n		\n

2 to\n5

\n		\n

later\nthan

\n
\n

1\nyear

\n		\n

years

\n		\n

5\nyears

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Debt securities in\nissue

\n		\n

398,111

\n		\n

-

\n		\n

31,432,179

\n
\n

Amounts due to related\nparties

\n		\n

129,905

\n		\n

-

\n		\n

-

\n
\n

Trade and other\npayables

\n		\n

\u00a0249,510

\n		\n

\u00a0-

\n		\n

-

\n
\n

\u00a0777,526

\n		\n

\u00a0-

\n		\n

\u00a031,432,179\u00a0

\n
\n

\u00a0

\n

The above amounts\nreflect the contractual undiscounted cash flows which may differ\nfrom the carrying amounts of liabilities at the reporting\ndate.

\n

\u00a0

\n

35.3\n\u00a0\u00a0\u00a0 Market risk

\n

\u00a0

\n

Foreign currency\nrisk

\n

\u00a0

\n

The group and company\nare not exposed to foreign currency risk. Exposure to currency\nexchange rates mainly arises from the group and company\u2019s\npurchases from foreign suppliers.

\n

\u00a0

\n

Due to the fact that\nmost foreign currency transactions are denominated in Euro, the\ngroup and company\u2019s exposure to currency fluctuations are\nminimal.

\n

\u00a0

\n

Interest rate\nrisk

\n

\u00a0

\n

The group has taken\nout bank facilities directly from a bank to finance the\nconstruction and development of its investment property (see note\n27). The group and the company have issued bonds and the terms of\nbonds and interest rate is disclosed in note 24. In addition, the\ngroup and the company have also taken loans from shareholders and\nrelated companies, which are interest-free and repayable on\ndemand.

\n

\u00a0

\n

35.4\n\u00a0\u00a0\u00a0 Summary of financial assets\nand liabilities by category

\n

\u00a0

\n

The carrying amounts\nof the group and the company\u2019s financial assets and\nliabilities as recognised at the end of the reporting periods under\nreview may also be categorised as follows.\u00a0 See note 4.12 for\nexplanations about how the category of financial instruments\naffects their subsequent measurement.

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Financial assets\nmeasured at amortised cost

\n
\n

Non-current\nasset

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Loans due from related\nparties

\n		\n

-

\n		\n

325,000\u00a0

\n		\n

48,081,667

\n		\n

27,172,222

\n
\n

Loan\nreceivables

\n		\n

1,712,460

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Other assets

\n		\n

516,033

\n		\n

1,558,943

\n		\n

-

\n		\n

-

\n
\n

\u00a0

\n		\n

2,228,493

\n		\n

1,883,943

\n		\n

48,081,667

\n		\n

27,172,222

\n
\n

\u00a0

\n		\n

\u00a0

\n
\n

Current\nassets

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Loans due from related\nparties

\n		\n

-

\n		\n

-\u00a0

\n		\n

5,504,326

\n		\n

4,239,170

\n
\n

Loan\nreceivables

\n		\n

874,671

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Amounts due from related\nparties

\n		\n

12,638,561

\n		\n

4,486,237\u00a0

\n		\n

2,732,406

\n		\n

1,570,799

\n
\n

Trade and other\nreceivables

\n		\n

818,771

\n		\n

267,490\u00a0

\n		\n

-

\n		\n

-

\n
\n

Cash and cash\nequivalents

\n		\n

575,668

\n		\n

8,074,322\u00a0

\n		\n

3,444

\n		\n

\u00a022,408

\n
\n

14,907,671

\n		\n

12,828,049

\n		\n

8,240,176

\n		\n

5,832,377

\n
\n

Financial liabilities\nmeasured at amortised cost

\n
\n

Non-current\nliabilities

\n
\n

Debt securities in\nissue

\n		\n

31,508,663

\n		\n

31,432,179

\n		\n

31,508,663

\n		\n

31,432,179

\n
\n

Bank loan

\n		\n

16,886,332

\n		\n

23,464,593

\n		\n

-

\n		\n

-

\n
\n

Lease\nliabilities

\n		\n

14,293,086

\n		\n

191,736

\n		\n

-

\n		\n

-

\n
\n

Loans due to related\nparties

\n		\n

30,640,030\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

\n		\n

23,471,007

\n		\n

21,715,000

\n		\n

-

\n
\n

Other long-term\npayables

\n		\n

11,650,000

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Other financial\nliabilities

\n		\n

150,000

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

105,128,111

\n		\n

\u00a078,559,515

\n		\n

53,223,663

\n		\n

31,432,179\u00a0

\n
\n

\u00a0

\n		\n

\u00a0

\n
\n

Financial liabilities\nmeasured at amortised cost

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Current\nliabilities

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Debt securities in\nissue

\n		\n

401,421

\n		\n

398,111

\n		\n

401,421

\n		\n

398,111

\n
\n

Bank loan

\n		\n

559,105

\n		\n

487,806

\n		\n

-

\n		\n

-

\n
\n

Amounts due to related\nparties

\n		\n

4,185,964

\n		\n

12,067,524

\n		\n

1,615,677

\n		\n

129,905

\n
\n

Lease\nliabilities

\n		\n

312,129

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Trade and other\npayables

\n		\n

2,613,443

\n		\n

\u00a02,353,278

\n		\n

178,838

\n		\n

\u00a0249,510

\n
\n

8,072,062

\n		\n

\u00a015,306,719

\n		\n

2,195,936

\n		\n

777,526\u00a0

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "OaIwpJ4q7K": { "value": "

35.1\n\u00a0\u00a0\u00a0 Credit risk

\n

\u00a0

\n

Credit risk refers to\nthe risk that a counterparty will cause a financial loss for the\ngroup and company by failing to discharge an obligation. Financial\nassets which potentially subject the group and company to\nconcentrations of credit risk consist principally of amounts due\nfrom related parties, trade and other receivables and cash at\nbank.

\n

\u00a0

\n

The group and\ncompany\u2019s exposure to credit risk is limited to the carrying\namount of financial assets recognised at the end of the reporting\nperiod, as summarised below:

\n

\u00a0

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Group

\n		\n

Company

\n
\n

Notes

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Classes of financial\nassets - carrying amounts

\n
\n

Non-current\nassets

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Loans due from related\nparties

\n		\n

15

\n		\n

-

\n		\n

325,000

\n		\n

48,081,667

\n		\n

27,172,222

\n
\n

Loans\nreceivable

\n		\n

16

\n		\n

1,712,460

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Other assets

\n		\n

17

\n		\n

516,033

\n		\n

1,558,943

\n		\n

-

\n		\n

-

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

2,228,493

\n		\n

1,883,943

\n		\n

48,081,667

\n		\n

27,172,222

\n
\n

\u00a0

\n		\n

\u00a0

\n
\n

Current\nassets

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Loans due from related\nparties

\n		\n

15

\n		\n

-

\n		\n

-

\n		\n

\u00a0\u00a0\u00a0\u00a0\u00a0 5,504,326

\n		\n

4,239,170

\n
\n

Loans\nreceivable

\n		\n

16

\n		\n

874,671

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Amounts due from related\nparties

\n		\n

20

\n		\n

12,638,561

\n		\n

4,486,237

\n		\n

2,732,406

\n		\n

1,570,799

\n
\n

Trade and other\nreceivables

\n		\n

21

\n		\n

818,771

\n		\n

267,490

\n		\n

-

\n		\n

-

\n
\n

Cash and cash\nequivalents

\n		\n

22

\n		\n

575,668

\n		\n

8,074,322

\n		\n

3,444

\n		\n

\u00a022,408

\n
\n

14,907,671

\n		\n

12,828,049

\n		\n

8,240,176

\n		\n

5,832,377

\n
\n

\u00a0

\n

The exposure to credit\nrisk is influenced mainly by the individual characteristics of each\ncustomer. Credit risk with respect to receivables is limited due to\ncredit control procedures and the minimal balance outstanding at\nyear-end. An impairment analysis is performed at each reporting\ndate using a provision matrix to measure expected credit losses.\nThe provision rates are based on days past due for customers with\nsimilar loss patterns (i.e., by customer type). The analysis did\nnot result in material amounts and the group did not recognise any\nimpairment allowance on trade receivables.

\n

\u00a0

\n

In measuring credit\nlosses, the loans and amounts due from related parties have been\nassessed on a collective basis as they possess shared credit risk\ncharacteristics. They have been grouped based on the days past due.\nThe group and company assess the credit quality of these related\nparties by taking into account financial position, performance and\nother factors. Management takes cognisance of the related party\nrelationship with these entities and settlement arrangements in\nplace and does not expect any losses from non-performance or\ndefault.

\n

\u00a0

\n

The group and company\nhave bank accounts with local institutions. At 31 December 2025,\nthe group and company held cash and cash equivalents amounting to\n\u20ac575,668 and \u20ac3,444 (2024: \u20ac8,074,322 and\n\u20ac22,408) respectively with local counterparties with credit\nratings of A-1, A-2 and BBB- (2024: A-1, A-2 and BBB-) and are\ncallable on demand. Management considers the probability of default\nto be close to zero as the counterparties have a strong capacity to\nmeet their contractual obligations in the near term.\u00a0 As a\nresult, no loss allowance has been recognised based on 12 month\nexpected credit losses as any such impairment would be\ninsignificant to the group and company.

\n

\u00a0

\n

Carrying amount of\nfinancial assets recorded in the financial statements represents\nthe group and company\u2019s maximum exposure to credit risk, as\ndetailed below.

\n

\u00a0

\n

None of the group and\ncompany\u2019s financial assets are secured by collateral or other\ncredit enhancements.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "DoM7smpx-D": { "value": "

35.2\n\u00a0\u00a0\u00a0 Liquidity risk

\n

\u00a0

\n

The group and the\ncompany\u2019s exposure to liquidity risk arises from their\nobligations to meet their financial liabilities, which comprise,\ndebt securities in issue, lease liabilities, bank loan, loans due\nto related parties, trade and other payables, and amounts due to\nother related parties (see notes 24, 26, 27, 28, 30, 31 and 32).\nPrudent liquidity risk management includes maintaining sufficient\ncash and committed credit facilities to ensure the availability of\nan adequate amount of funding to meet the group and company\u2019s\nobligations when they become due.

\n

\u00a0

\n

Management monitors\nliquidity risk by means of cash flow forecasts on the basis of\nexpected cash outflows over a twelve-month period and over a\nlong-term period in relation to the development and completion of\nthe group\u2019s investment property. This approach ensures that\nthe project is adequately financed and that no additional financing\nfacilities are expected to be required over the coming\nyear.

\n

\u00a0

\n

At 31 December 2025,\nthe group and the company\u2019s financial liabilities have\ncontractual maturities which are summarised below:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31 December 2025\n\u2013 Group

\n		\n

Current

\n		\n

Non-current

\n
\n

Within

\n		\n

2 to\n5

\n		\n

Later\nthan

\n
\n

1\nyear

\n		\n

years

\n		\n

5\nyears

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Debt securities in\nissue

\n		\n

401,421

\n		\n

-

\n		\n

31,508,663

\n
\n

Bank loan

\n		\n

559,105

\n		\n

16,886,332

\n		\n

-

\n
\n

Loans due to related\nparties

\n		\n

-

\n		\n

-

\n		\n

30,640,030

\n
\n

Lease\nliabilities

\n		\n

312,129

\n		\n

1,589,389

\n		\n

12,703,697

\n
\n

Amounts due to related\nparties

\n		\n

4,185,964

\n		\n

-

\n		\n

-

\n
\n

Other long-term\npayables

\n		\n

\u00a0

\n		\n

-

\n		\n

11,650,000

\n		\n

-

\n
\n

Other financial\nliabilities

\n		\n

\u00a0

\n		\n

-

\n		\n

150,000

\n		\n

-

\n
\n

Trade and other\npayables

\n		\n

2,613,443

\n		\n

-

\n		\n

-

\n
\n

8,072,062

\n		\n

30,275,721

\n		\n

74,852,390

\n
\n

31 December 2025\n\u2013 Company

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Debt securities in\nissue

\n		\n

401,421

\n		\n

-

\n		\n

31,508,663

\n
\n

Loans due to related\nparties

\n		\n

\u00a0

\n		\n

-

\n		\n

-

\n		\n

21,715,000

\n
\n

Amounts due to related\nparties

\n		\n

1,615,677

\n		\n

-

\n		\n

-

\n
\n

Trade and other\npayables

\n		\n

178,838

\n		\n

-

\n		\n

-

\n
\n

2,195,936

\n		\n

-

\n		\n

53,223,663

\n
\n

\u00a0

\n

This compares the\nmaturity of the group and company\u2019s financial liabilities in\nthe previous reporting period as follows:

\n

\u00a0

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

31 December 2024\n\u2013 Group

\n		\n

Current

\n		\n

Non-current

\n
\n

Within

\n		\n

2 to\n5

\n		\n

Later\nthan

\n
\n

1\nyear

\n		\n

years

\n		\n

5\nyears

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

Debt securities in\nissue

\n		\n

398,111

\n		\n

-

\n		\n

31,432,179

\n
\n

Bank loan

\n		\n

\u00a0

\n		\n

487,806

\n		\n

512,968

\n		\n

22,951,625

\n
\n

Loans due to related\nparties

\n		\n

-

\n		\n

-

\n		\n

23,471,007

\n
\n

Lease\nliabilities

\n		\n

-

\n		\n

-

\n		\n

191,736

\n
\n

Amounts due to related\nparties

\n		\n

12,067,524

\n		\n

-

\n		\n

-

\n
\n

Trade and other\npayables

\n		\n

2,353,278

\n		\n

-

\n		\n

-

\n
\n

\u00a015,306,719

\n		\n

512,968

\n		\n

78,046,547

\n
\n

31 December 2024\n\u2013 Company

\n
\n

Current

\n		\n

Non-current

\n
\n

within

\n		\n

2 to\n5

\n		\n

later\nthan

\n
\n

1\nyear

\n		\n

years

\n		\n

5\nyears

\n
\n

\u20ac

\n		\n

\u20ac

\n		\n

\u20ac

\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Debt securities in\nissue

\n		\n

398,111

\n		\n

-

\n		\n

31,432,179

\n
\n

Amounts due to related\nparties

\n		\n

129,905

\n		\n

-

\n		\n

-

\n
\n

Trade and other\npayables

\n		\n

\u00a0249,510

\n		\n

\u00a0-

\n		\n

-

\n
\n

\u00a0777,526

\n		\n

\u00a0-

\n		\n

\u00a031,432,179\u00a0

\n
\n

\u00a0

\n

The above amounts\nreflect the contractual undiscounted cash flows which may differ\nfrom the carrying amounts of liabilities at the reporting\ndate.

", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "DWz5Eh2P2.": { "value": "

35.3\n\u00a0\u00a0\u00a0 Market risk

\n

\u00a0

\n

Foreign currency\nrisk

\n

\u00a0

\n

The group and company\nare not exposed to foreign currency risk. Exposure to currency\nexchange rates mainly arises from the group and company\u2019s\npurchases from foreign suppliers.

\n

\u00a0

\n

Due to the fact that\nmost foreign currency transactions are denominated in Euro, the\ngroup and company\u2019s exposure to currency fluctuations are\nminimal.

\n

\u00a0

\n

Interest rate\nrisk

\n

\u00a0

\n

The group has taken\nout bank facilities directly from a bank to finance the\nconstruction and development of its investment property (see note\n27). The group and the company have issued bonds and the terms of\nbonds and interest rate is disclosed in note 24. In addition, the\ngroup and the company have also taken loans from shareholders and\nrelated companies, which are interest-free and repayable on\ndemand.

", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "ZOvSD-FkJl": { "value": "

36 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Capital management\npolicies and procedures

\n

\u00a0

\n

The group and\ncompany\u2019s objective when managing capital is to safeguard\ntheir ability to continue as a going concern and to maximise the\nreturn to stakeholders through the optimisation of the debt and\nequity balance.

\n

\u00a0

\n

The capital structure\nof the group and company consist of shareholders\u2019 loans\ndisclosed in note 20 and the items presented within equity in the\nstatement of financial position.\u00a0

\n

\u00a0

\n

The company\u2019s\ndirectors manage the company\u2019s capital structure and make\nadjustments to it, in light of changes in economic conditions. The\ncapital structure is reviewed on an ongoing basis. Based on\nrecommendations of the directors, the company balances its overall\ncapital structure through the new share issues as well as the issue\nof new debt.

", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "N7xnVV3W..": { "value": "

37 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nReclassification

\n

\u00a0

\n

Comparative figures\nhave been reclassified to conform with the current year\u2019s\npresentation of the financial statements.

", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } }, "TB_hJnVOVY": { "value": "

38 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Post - reporting date\nevents

\n

\u00a0

\n

The directors are\nmonitoring recent developments internationally, in particular to\nhow markets are reacting to rising geopolitical tensions and\nwhether conflicts in the Middle East might have an impact on\nbusiness in Malta. While remaining cautiously optimistic, the\ncompany and management will continue to observe the situation\nabroad and the related impact it may have locally to be able to\nmitigate timely against such risks.

", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:391200AARLHFDIZ6BB11", "period": "2025-01-01T00:00:00/2025-12-02T00:00:00" } } } }