{
"documentInfo": {
"documentType": "https://xbrl.org/2021/xbrl-json",
"features": {
"xbrl:canonicalValues": true
},
"namespaces": {
"ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full",
"iso4217": "http://www.xbrl.org/2003/iso4217",
"scheme": "http://standards.iso.org/iso/17442",
"van": "http://www.vandevelde.eu/en/xbrl/2023",
"xbrl": "https://xbrl.org/2021",
"xbrli": "http://www.xbrl.org/2003/instance"
},
"linkTypes": {
"ftTyp_fact-footnote": "http://www.xbrl.org/2003/arcrole/fact-footnote"
},
"linkGroups": {
"ftGrp_default": "http://www.xbrl.org/2003/role/link"
},
"taxonomy": [
"http://www.vandevelde.eu/en/xbrl/2023/5493009LLUCOLP3YH507-2023-12-31.xsd"
]
},
"facts": {
"Tag1": {
"value": "Lageweg 49260 Wichelen",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag2": {
"value": "Belgium",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag3": {
"value": "\nStatutory auditor
\nThe General Meeting of 27 April 2022 of Van de Velde NV appointed
\nEY Bedrijfsrevisoren BV, Pauline Van Pottelsberghelaan 12, 9051 Ghent,
\nrepresented by Francis Boelens, as the statutory auditor. This appoint-
\nment runs until the Ordinary General Meeting of 2025. Since the total
\nmaximum duration of the mandate as statutory auditor is reached at
\nthe Ordinary General Meeting of 2024, the statutory auditor shall resign
\nwithin no more than two years.
\nRegular consultations are held with the statutory auditor, who is also
\ninvited to the Audit and Risk Committee for the half-year and annual
\nreporting. The statutory auditor has no relationship with Van de Velde
\nthat could impact its opinion.
\nThe annual remuneration in 2023 for auditing of the statutory financial
\nstatements of Van de Velde NV was 85,500 euro (excl. VAT). The total
\ncosts for 2023 for the auditing of the annual accounts of all companies
\nof the Van de Velde Group and the consolidated annual accounts of Van
\nde Velde NV were 185,500 euro (excl. VAT), including the aforementioned
\n85,500 euro.
\nIn accordance with Article 3:65 of the CCA, Van de Velde announces
\nthat no exceptional or special tasks by the statutory auditor and by other
\npersons with whom the statutory auditor has a professional relationship
\nwere performed in 2023.
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag16": {
"value": "76424000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag9": {
"value": "72053000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag25": {
"value": "4558000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Goodwill",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag41": {
"value": "4529000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Goodwill",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag31": {
"value": "20415000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag17": {
"value": "20575000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag46": {
"value": "29902000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PropertyPlantAndEquipment",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag57": {
"value": "23631000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PropertyPlantAndEquipment",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag12": {
"value": "9519000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RightofuseAssetsThatDoNotMeetDefinitionOfInvestmentProperty",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag44": {
"value": "8153000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RightofuseAssetsThatDoNotMeetDefinitionOfInvestmentProperty",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag67": {
"value": "10646000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag60": {
"value": "13556000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag34": {
"value": "199000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag8": {
"value": "227000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag53": {
"value": "1185000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentAssets",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag7": {
"value": "1382000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentAssets",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag42": {
"value": "126548000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag35": {
"value": "136382000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag38": {
"value": "45950000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Inventories",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag18": {
"value": "54158000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Inventories",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag28": {
"value": "13973000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentTradeReceivables",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag15": {
"value": "14347000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentTradeReceivables",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag11": {
"value": "6029000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherCurrentAssets",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag29": {
"value": "8354000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherCurrentAssets",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag56": {
"value": "60595000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag65": {
"value": "59524000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag27": {
"value": "202971000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag70": {
"value": "208435000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag10": {
"value": "165920000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag30": {
"value": "168112000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag37": {
"value": "1936000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag24": {
"value": "1936000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag43": {
"value": "6596000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TreasuryShares",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag5": {
"value": "9668000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TreasuryShares",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag61": {
"value": "743000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag36": {
"value": "743000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag39": {
"value": "-4515000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AccumulatedOtherComprehensiveIncome",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag4": {
"value": "-3580000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AccumulatedOtherComprehensiveIncome",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag71": {
"value": "174352000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RetainedEarnings",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag13": {
"value": "178681000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RetainedEarnings",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag19": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag32": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag45": {
"value": "122000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentGovernmentGrants",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag69": {
"value": "203000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentGovernmentGrants",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag54": {
"value": "9044000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag50": {
"value": "8008000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag59": {
"value": "204000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentProvisions",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag14": {
"value": "239000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentProvisions",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag52": {
"value": "734000",
"decimals": -3,
"dimensions": {
"concept": "van:NoncurrentProvisionLeaseLiability",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag55": {
"value": "572000",
"decimals": -3,
"dimensions": {
"concept": "van:NoncurrentProvisionLeaseLiability",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag62": {
"value": "1431000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag66": {
"value": "1280000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag68": {
"value": "6675000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentLeaseLiabilities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag64": {
"value": "5549000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentLeaseLiabilities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag58": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag48": {
"value": "367000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag23": {
"value": "27885000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag40": {
"value": "32112000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag47": {
"value": "21911000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayables",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag6": {
"value": "25594000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayables",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag22": {
"value": "2952000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentLeaseLiabilities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag63": {
"value": "3350000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentLeaseLiabilities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag51": {
"value": "1682000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherCurrentLiabilities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag26": {
"value": "1763000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherCurrentLiabilities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag21": {
"value": "1340000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilitiesCurrent",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag49": {
"value": "1404000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilitiesCurrent",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag20": {
"value": "202971000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag33": {
"value": "208435000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag96": {
"value": "211293000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag112": {
"value": "211745000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag82": {
"value": "6053000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:MiscellaneousOtherOperatingIncome",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag137": {
"value": "5436000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:MiscellaneousOtherOperatingIncome",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag86": {
"value": "40522000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RawMaterialsAndConsumablesUsed",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag115": {
"value": "34091000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RawMaterialsAndConsumablesUsed",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag79": {
"value": "73115000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherExpenseByNature",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag92": {
"value": "77661000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherExpenseByNature",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag85": {
"value": "47625000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EmployeeBenefitsExpense",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag134": {
"value": "47213000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EmployeeBenefitsExpense",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag88": {
"value": "10757000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
},
"links": {
"ftTyp_fact-footnote": {
"ftGrp_default": [
"footnote3"
]
}
}
},
"Tag84": {
"value": "10139000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
},
"links": {
"ftTyp_fact-footnote": {
"ftGrp_default": [
"footnote3"
]
}
}
},
"Tag123": {
"value": "45327000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag120": {
"value": "48077000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag131": {
"value": "3013000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag129": {
"value": "3200000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag119": {
"value": "3282000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag128": {
"value": "4540000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag127": {
"value": "-2328000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag91": {
"value": "-697000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag90": {
"value": "42730000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag101": {
"value": "46041000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag97": {
"value": "9102000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag109": {
"value": "9222000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag111": {
"value": "33628000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag122": {
"value": "36819000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag73": {
"value": "-654000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag76": {
"value": "-145000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag98": {
"value": "-135000",
"decimals": -3,
"dimensions": {
"concept": "van:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslationRelatedToGroupEntities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
},
"links": {
"ftTyp_fact-footnote": {
"ftGrp_default": [
"footnote4"
]
}
}
},
"Tag118": {
"value": "-984000",
"decimals": -3,
"dimensions": {
"concept": "van:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslationRelatedToGroupEntities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
},
"links": {
"ftTyp_fact-footnote": {
"ftGrp_default": [
"footnote4"
]
}
}
},
"Tag132": {
"value": "-519000",
"decimals": -3,
"dimensions": {
"concept": "van:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslationRelatedToAssociatedCompanies",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag75": {
"value": "839000",
"decimals": -3,
"dimensions": {
"concept": "van:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslationRelatedToAssociatedCompanies",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag93": {
"value": "-86000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag116": {
"value": "-438000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag95": {
"value": "-740000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag107": {
"value": "-584000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag124": {
"value": "-292000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag106": {
"value": "10000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag94": {
"value": "-73000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag108": {
"value": "2000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag100": {
"value": "-219000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag104": {
"value": "7000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag117": {
"value": "32669000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag80": {
"value": "36242000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag130": {
"value": "33628000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag126": {
"value": "36819000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag125": {
"value": "33628000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag78": {
"value": "36819000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag99": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag135": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag138": {
"value": "32669000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag72": {
"value": "36242000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag81": {
"value": "32669000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag103": {
"value": "36242000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag105": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag121": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag133": {
"value": "2.61",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"Tag139": {
"value": "2.82",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"Tag113": {
"value": "2.61",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"Tag87": {
"value": "2.81",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"Tag110": {
"value": "12873338",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:WeightedAverageShares",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "xbrli:shares"
}
},
"Tag136": {
"value": "13064354",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:WeightedAverageShares",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "xbrli:shares"
}
},
"Tag102": {
"value": "12900362",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:AdjustedWeightedAverageShares",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "xbrli:shares"
}
},
"Tag83": {
"value": "13095210",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:AdjustedWeightedAverageShares",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "xbrli:shares"
}
},
"Tag89": {
"value": "2.4",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
},
"links": {
"ftTyp_fact-footnote": {
"ftGrp_default": [
"footnote5"
]
}
}
},
"Tag77": {
"value": "2.2",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
},
"links": {
"ftTyp_fact-footnote": {
"ftGrp_default": [
"footnote5"
]
}
}
},
"Tag74": {
"value": "30751000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag114": {
"value": "29309000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag154": {
"value": "1936000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"Tag190": {
"value": "-4755000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
},
"links": {
"ftTyp_fact-footnote": {
"ftGrp_default": [
"footnote2"
]
}
}
},
"Tag169": {
"value": "743000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"Tag155": {
"value": "-156000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember",
"unit": "iso4217:EUR"
}
},
"Tag193": {
"value": "2522000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"Tag181": {
"value": "168294000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"Tag161": {
"value": "-6406000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember",
"unit": "iso4217:EUR"
},
"links": {
"ftTyp_fact-footnote": {
"ftGrp_default": [
"footnote1"
]
}
}
},
"Tag194": {
"value": "1262000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "van:ShareInRevaluationReserveTopFormMember",
"unit": "iso4217:EUR"
}
},
"Tag185": {
"value": "-319000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "van:ReserveOfExchangeDifferencesFromInvestmentsMember",
"unit": "iso4217:EUR"
}
},
"Tag159": {
"value": "163121000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag160": {
"value": "36819000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"Tag197": {
"value": "36819000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag186": {
"value": "-7000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember",
"unit": "iso4217:EUR"
}
},
"Tag152": {
"value": "-145000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"Tag146": {
"value": "-24000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"Tag178": {
"value": "107000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "van:ShareInRevaluationReserveTopFormMember",
"unit": "iso4217:EUR"
}
},
"Tag162": {
"value": "-438000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "van:ReserveOfExchangeDifferencesFromInvestmentsMember",
"unit": "iso4217:EUR"
}
},
"Tag192": {
"value": "-508000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag151": {
"value": "4913000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
},
"links": {
"ftTyp_fact-footnote": {
"ftGrp_default": [
"footnote2"
]
}
}
},
"Tag189": {
"value": "4913000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag172": {
"value": "237000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"Tag144": {
"value": "237000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag158": {
"value": "26645000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"Tag166": {
"value": "26645000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag187": {
"value": "1936000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"Tag188": {
"value": "-9668000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
},
"links": {
"ftTyp_fact-footnote": {
"ftGrp_default": [
"footnote2"
]
}
}
},
"Tag170": {
"value": "743000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"Tag179": {
"value": "-163000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember",
"unit": "iso4217:EUR"
}
},
"Tag149": {
"value": "2377000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"Tag180": {
"value": "178681000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"Tag183": {
"value": "-6406000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember",
"unit": "iso4217:EUR"
},
"links": {
"ftTyp_fact-footnote": {
"ftGrp_default": [
"footnote1"
]
}
}
},
"Tag145": {
"value": "1369000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "van:ShareInRevaluationReserveTopFormMember",
"unit": "iso4217:EUR"
}
},
"Tag167": {
"value": "-757000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "van:ReserveOfExchangeDifferencesFromInvestmentsMember",
"unit": "iso4217:EUR"
}
},
"Tag140": {
"value": "168112000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag163": {
"value": "33628000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"Tag175": {
"value": "33628000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag176": {
"value": "-219000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember",
"unit": "iso4217:EUR"
}
},
"Tag165": {
"value": "-654000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"Tag164": {
"value": "8000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"Tag156": {
"value": "24000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "van:ShareInRevaluationReserveTopFormMember",
"unit": "iso4217:EUR"
}
},
"Tag177": {
"value": "-86000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "van:ReserveOfExchangeDifferencesFromInvestmentsMember",
"unit": "iso4217:EUR"
}
},
"Tag141": {
"value": "-927000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag168": {
"value": "3072000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
},
"links": {
"ftTyp_fact-footnote": {
"ftGrp_default": [
"footnote2"
]
}
}
},
"Tag142": {
"value": "-8927000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"Tag148": {
"value": "-5855000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag171": {
"value": "272000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"Tag196": {
"value": "272000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag195": {
"value": "29309000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"Tag184": {
"value": "29309000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag174": {
"value": "1936000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"Tag191": {
"value": "-6596000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
},
"links": {
"ftTyp_fact-footnote": {
"ftGrp_default": [
"footnote2"
]
}
}
},
"Tag153": {
"value": "743000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"Tag157": {
"value": "-382000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember",
"unit": "iso4217:EUR"
}
},
"Tag182": {
"value": "1722000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"Tag147": {
"value": "174352000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"Tag198": {
"value": "-6406000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember",
"unit": "iso4217:EUR"
},
"links": {
"ftTyp_fact-footnote": {
"ftGrp_default": [
"footnote1"
]
}
}
},
"Tag173": {
"value": "1394000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "van:ShareInRevaluationReserveTopFormMember",
"unit": "iso4217:EUR"
}
},
"Tag143": {
"value": "-843000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "van:ReserveOfExchangeDifferencesFromInvestmentsMember",
"unit": "iso4217:EUR"
}
},
"Tag150": {
"value": "165920000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag209": {
"value": "42730000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag259": {
"value": "46041000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag245": {
"value": "10757000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag254": {
"value": "10139000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag264": {
"value": "-390000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag223": {
"value": "-42000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag202": {
"value": "1679000",
"decimals": -3,
"dimensions": {
"concept": "van:AdjustmentsForDecreaseIncreaseInNetValuationAllowanceCurrentAssets",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag220": {
"value": "2871000",
"decimals": -3,
"dimensions": {
"concept": "van:AdjustmentsForDecreaseIncreaseInNetValuationAllowanceCurrentAssets",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag247": {
"value": "-12000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForProvisions",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag238": {
"value": "-195000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForProvisions",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag255": {
"value": "-2328000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag246": {
"value": "-697000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag226": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "van:AdjustmentsForLossGainOnSaleOfSubsidiariesAssociatesAndAssetsHeldForSale",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag219": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "van:AdjustmentsForLossGainOnSaleOfSubsidiariesAssociatesAndAssetsHeldForSale",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag214": {
"value": "-91000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFinanceIncomeCost",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag256": {
"value": "-805000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFinanceIncomeCost",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag200": {
"value": "-20000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherAdjustmentsForNoncashItems",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag232": {
"value": "22000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherAdjustmentsForNoncashItems",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag237": {
"value": "57164000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag257": {
"value": "60337000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag233": {
"value": "6813000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag234": {
"value": "-13934000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag235": {
"value": "89000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAccountReceivable",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag216": {
"value": "-979000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAccountReceivable",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag258": {
"value": "-52000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInOtherAssets",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag210": {
"value": "-534000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInOtherAssets",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag206": {
"value": "-977000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag231": {
"value": "31000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag217": {
"value": "-1633000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInOtherLiabilities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag268": {
"value": "-466000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInOtherLiabilities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag224": {
"value": "-4239000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInWorkingCapital",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag265": {
"value": "15881000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInWorkingCapital",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag262": {
"value": "7052000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag218": {
"value": "13680000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag201": {
"value": "-91000",
"decimals": -3,
"dimensions": {
"concept": "van:InterestsReceivedPaidClassifiedAsOperatingActivities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag215": {
"value": "-805000",
"decimals": -3,
"dimensions": {
"concept": "van:InterestsReceivedPaidClassifiedAsOperatingActivities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag225": {
"value": "54260000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag212": {
"value": "29972000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag222": {
"value": "13126000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag248": {
"value": "8075000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag270": {
"value": "44000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag207": {
"value": "54000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag249": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfInterestsInAssociates",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag204": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfInterestsInAssociates",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag261": {
"value": "-13082000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag208": {
"value": "-8021000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag260": {
"value": "41178000",
"decimals": -3,
"dimensions": {
"concept": "van:NetCashFlowFromUsedInBeforeFinancingActivities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag203": {
"value": "21950000",
"decimals": -3,
"dimensions": {
"concept": "van:NetCashFlowFromUsedInBeforeFinancingActivities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag252": {
"value": "29309000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag230": {
"value": "26645000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag229": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "van:DividendsReceivedClassifiedAsFinancingActivities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag251": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "van:DividendsReceivedClassifiedAsFinancingActivities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag244": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSaleOrIssueOfTreasuryShares",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag199": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSaleOrIssueOfTreasuryShares",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag253": {
"value": "5855000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag228": {
"value": "4912000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag243": {
"value": "4996000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag211": {
"value": "4455000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag205": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInIncreaseDecreaseInCurrentBorrowings",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag221": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInIncreaseDecreaseInCurrentBorrowings",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag241": {
"value": "-40161000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag263": {
"value": "-36012000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag242": {
"value": "1017000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag266": {
"value": "-14062000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag236": {
"value": "59524000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag240": {
"value": "73546000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag269": {
"value": "54000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag239": {
"value": "40000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag267": {
"value": "60595000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag250": {
"value": "59524000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag227": {
"value": "1017000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag213": {
"value": "-14062000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag295": {
"value": "\n1. GENERAL INFORMATION
\nThe Van de Velde Group designs, develops, manufactures and markets
\nfashionable luxury lingerie together with its subsidiaries. The company
\nis a limited liability company, with its shares listed on Euronext Brussels.
\nThe company\u2019s main office is located in Wichelen, Belgium.
\nThe consolidated financial statements were authorized for issue by
\nthe Board of Directors on 28 February 2024, subject to approval of the
\nstatutory non-consolidated accounts by the shareholders at the Ordinary
\nGeneral Meeting to be held on 24 April 2024. In compliance with Belgian
\nlaw, the consolidated accounts will be presented for informational pur-
\nposes to the shareholders of Van de Velde NV at the same meeting. The
\nconsolidated financial statements are not subject to amendment, except
\nconfirming changes to reflect decisions, if any, of the shareholders with
\nrespect to the statutory non-consolidated financial statements affecting
\nthe consolidated financial statements.
\nThis annual report is in accordance with article 3:32 of Belgium\u2019s
\nCompanies Code. The various components as prescribed by article 3:32
\nare split across the various chapters in this annual report.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag290": {
"value": "Van de Velde",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag293": {
"value": "designs, develops, manufactures and marketsfashionable luxury lingerie together with its subsidiaries.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag273": {
"value": "limited liability company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag271": {
"value": "Belgium",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag305": {
"value": "The consolidated financial statements were authorized for issue bythe Board of Directors on 28 February 2024, subject to approval of thestatutory non-consolidated accounts by the shareholders at the OrdinaryGeneral Meeting to be held on 24 April 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag275": {
"value": "\n
\n
\n
\n2. SUMMARY OF SIGNIFICANT ACCOUNTING
\nPOLICIES
\n\n
\n\nThe accompanying consolidated financial statements have been prepared
\nin compliance with \u2018International Financial Reporting Standards (IFRS)\u2019,
\nas adopted for use in the European Union as of the balance sheet date.
\n
\n\n\n\n\n\n\n\n\nThe amounts in the financial statements are presented in thousands of
\neuro unless stated otherwise. The financial statements were prepared in
\naccordance with the historical cost principle, except for valuation at fair
\nvalue of derivative financial instruments.
\n
\n\n\n\n\n\n\n\n\n\n
\n
\nUse of estimates
\nThe preparation of financial statements in conformity with IFRS requires
\nthat the management makes certain estimates and assumptions that
\naffect the amounts reported in the financial statements and accompa-
\nnying notes.
\nEstimates made on each reporting date reflect the conditions that existed
\non those dates (e.g. market prices, interest rates and foreign exchange
\nrates). Although these estimates are based on management\u2019s best knowl-
\nedge of current events and actions that the Group may undertake, actual
\nresults may differ from those estimates.
\nThe most important application of estimates relates to:
\n\n
\n\nImpairment of intangible fixed assets with indefinite useful
\nlife (including goodwill)
\nIntangible fixed assets with indefinite useful life including goodwill are
\nsubject to an annual impairment test. This test requires an estimation of
\nthe value-in-use of these assets. The estimate of the value-in-use requires
\nan estimate of the expected future cash flows related to these assets
\nand the choice of an appropriate discount rate to determine the present
\nvalue of these cash flows. For the estimate of the future cash flows, the
\nmanagement must make a number of assumptions and estimates, such
\nas expectations with regard to growth in revenues, development of profit
\nmargin and operating costs, period and amount of investments, develop-
\nment of working capital, growth percentages for the long term and the
\nchoice of a discount rate that takes into account the specific risks. More
\ndetails are given in note 3.
\n
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\nInventory write-down
\nInventory held by the Group is composed of raw materials, work in pro-
\ngress, finished goods and merchandise. The provision for economic obso-
\nlescence is calculated based on the age of the stock, identification of the
\ncollection (seasonal collection or long-term collection) and an estimate
\nof future sales of the related stock items.
\n\nEmployee benefits \u2013 share-based payments
\nThe Group values the costs of the share option programmes on the basis
\nof the fair value of the instruments on the grant date. The estimate of the
\nfair value of the share-based payments requires a valuation depending on
\nthe terms and conditions of the grant. The valuation model also requires
\ninput data, such as the expected life of the option, the volatility and the
\ndividend yield. The assumptions and the model used to estimate the fair
\nvalue for share-based payments are explained in note 22.
\nEmployee benefits \u2013 pensions
\nThe costs of the defined pension plans as well as the cash value of the
\npension liability are determined by actuarial calculations. To this end,
\nvarious assumptions are used that could differ from the actual develop-
\nments in the future. As a consequence of the complexity of the actuarial
\ncalculations and the long-term character of the liabilities, the employee
\nliabilities are highly sensitive to changes in the assumptions. The main
\nactuarial assumptions and the sensitivity analysis are included in note 15.
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\nDetermination of the lease term of contracts with extension
\nand termination options
\nThe Group determines the lease term as the non-cancellable term of the
\nlease, together with any periods covered by an option to extend the lease
\nif it is reasonably certain that it will be exercised, or periods covered by an
\noption to terminate the lease if it is reasonably certain that it will not be
\nexercised. The Group has several leases with extension and termination
\noptions. The Group assesses whether or not it is reasonably certain to
\nexercise the option to extend or terminate the lease. That is, it takes into
\naccount all relevant factors that create an economic incentive to exercise
\neither the extension or the termination. Every six months, management,
\ntogether with the Executive Board, evaluates the options for granting and
\nterminating leases based on the strategic plan.
\n
\n\n\n\n\n\n\n\n\n
\n
\n
\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n\n
\n\nChange in accounting policies
\nThe accounting policies adopted are consistent with those of the previous
\nfiscal year, except for the following new or revised IFRS standards and
\nIFRIC interpretations effective as of 1 January 2023:
\n\u2022
\nAmendments to IAS 1 Presentation of Financial Statements and IFRS
\nPractice Statement 2: Disclosure of Accounting policies, effective
\n1 January 2023
\n\u2022
\nAmendments to IAS 8 Accounting policies, Changes in Accounting
\nEstimates and Errors: Definition of Accounting Estimates, effective
\n1 January 2023
\n\u2022 Amendments to IAS 12 International Tax Reform \u2013 Pillar Two Model
\nRules
\n\u2022 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets
\nand Liabilities arising from a Single Transaction, effective 1 January 2023
\n\u2022
\nAmendments to IFRS 17 Insurance contracts: Initial Application of IFRS
\n17 and IFRS 9 \u2013 Comparative Information, effective 1 January 2023
\n\u2022 IFRS 17 Insurance Contracts, effective 1 January 2023
\nThe above changes did not have any material impact on the annual con-
\nsolidated accounts of the Group.
\n
\n\n\n
\n\n\n\n
\nConsolidation principles
\n\nSubsidiaries
\nVan de Velde NV has direct or indirect control over an entity if and only
\nif it has all the following:
\n\u2022 Power over the investee;
\n\u2022 Exposure, or rights, to variable returns from its involvement with the
\ninvestee; and
\n\u2022 The ability to use its power over the investee to affect the amount of
\nthe investor\u2019s returns.
\nThe financial statements of subsidiaries are included in the consolidated
\nfinancial statements of the Group from the date that control commences
\nuntil the date that control ceases. They are prepared as of the same report-
\ning date and using the Group accounting policies. Intragroup balances,
\ntransactions, income and expenses are eliminated in full.
\n
\n\n\nAssociated companies
\nAssociated companies are companies in which Van de Velde NV directly
\nor indirectly has a significant influence. This is assumed to be the case
\nwhen the Group holds at least 20% of the voting rights attached to the
\nshares. The financial statements of these companies are prepared in
\naccordance with the same accounting policies used for the Group. The
\nconsolidated financial statements contain the share of the Group in the
\nresult of associated companies in accordance with the equity method
\nfrom the day that the significant influence is acquired until the day it ends.
\nIf the share of the Group in the losses of the associated companies is
\ngreater than the carrying amount of the participation, the carrying amount
\nis set at zero and additional losses are recognized only insofar as the
\nGroup has assumed additional obligations.
\nParticipations in associated companies are revalued if there are indica-
\ntions of possible impairment or of the disappearance of the reasons for
\nearlier impairments.
\nThe participations valued in the balance sheet in accordance with the
\nequity method also include the carrying amount of related goodwill.
\n
\n
\n\n\n\nForeign currencies
\nForeign currency transactions
\nThe reporting currency of the Group is the euro. Foreign currency transac-
\ntions are recorded at the exchange rate on the transaction date. Monetary
\nassets and liabilities denominated in foreign currencies are converted at
\nthe exchange rate on the balance sheet date. Gains and losses resulting
\nfrom the settlement of foreign currency transactions and from the con-
\nversion of monetary assets and liabilities denominated in foreign curren-
\ncies are recognized in the income statement. Non- monetary assets and
\nliabilities denominated in foreign currencies are converted at the foreign
\nexchange rate on the date of the transaction.
\nFinancial statements of foreign activities
\nVan de Velde\u2019s foreign operations outside the euro zone are considered
\nto be foreign activities. Accordingly, assets and liabilities are converted to
\neuro at foreign exchange rates on the balance sheet date. Income state-
\nments of foreign entities are converted to euro at the average exchange
\nrates of that currency over the past 12 months. The components of share-
\nholders\u2019 equity are converted at historical rates. Exchange differences
\narising from the conversion of shareholders\u2019 equity to euro at year-end
\nexchange rates are recorded in \u2018Other comprehensive income\u2019. On sale or
\ndisposal of a foreign operation, the deferred cumulative amount recog-
\nnized in equity relating to that particular foreign operation is recognized
\nin the income statement.
\nThe Group treats goodwill and intangible assets with an indefinite useful
\nlife, arising from business combinations, as a monetary item. As a result,
\nthese assets are converted based on the exchange rate in effect on the
\nbalance sheet date.
\n
\n\n\n\n
\n\n\n\nIntangible assets
\n\n(1)
\n Research and development
\nThe nature of the development costs within the Van de Velde Group,
\nprimarily product and process innovation, is such that they do not meet
\nthe criteria set out in IAS 38 for recognition as intangible assets. They are
\ntherefore expensed when incurred. Development costs within the Group
\nin relation to research and development of software are capitalized under
\nsoftware. The depreciation begins when the intangible assets are avail-
\nable for use, and this by a straight-line depreciation over a period of five
\nyears. When the activation starts, the conditions of IAS38 are fulfilled.
\n(2)
\n Acquired brands
\nBrands acquired as part of business combinations are deemed to be
\nintangible assets with an indefinite useful life. These are measured at the
\nvalue established as part of the allocation of fair value of the identifiable
\nassets, obligations and contingent obligations on the acquisition date,
\nless accumulated impairment losses. These brands are not amortized
\nbut are tested annually for impairment (for more details, see note 3). The
\ncorrectness of classification as intangible assets with indefinite useful
\nlife is also evaluated.
\n\n\n
\n\n\n
\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n\n
\n
\n\n\n\n(3)
\n Other intangible assets
\nOther intangible assets (software and online platform) acquired by Van
\nde Velde are recognized at cost (purchase price plus all directly attribut-
\nable costs) less accumulated amortization and accumulated impairment
\nlosses. Expenses for the registration of trade names and designs are
\nrecorded as brands with finite useful life to the extent that this relates
\nto new registrations in the country of registration. Other expenditures on
\ninternally generated goodwill and brands are recognized in the income
\nstatement when incurred. Amortization begins when the intangible asset
\nis available using the straight-line method. The useful life of intangible
\nassets with a finite life is generally estimated at three to five years. Other
\nintangible assets include acquired distribution rights and similar rights,
\nwhich are amortized over a period of five years. The rules of IAS 38 are
\nmet at the moment of activation of other intangible assets.
\n\n\n
\n\n\n\n
\n\nGoodwill
\nGoodwill represents the excess of the cost of an acquisition over the
\nfair value of the Group\u2019s share of the net identifiable assets of the
\nacquired subsidiary/associate at the date of acquisition. Goodwill is
\ntested annually for impairment or more frequently if events or changes
\nin circumstances indicate that the asset might be impaired. Goodwill
\nis treated by the Group as an asset of the parent and is considered as
\na monetary item. As a result, these assets are converted based on the
\nrate in force at the balance sheet date. Goodwill is recorded at cost
\nless accumulated impairment losses.
\n
\n\n\n
\n\n\n
\n\n\n\n
\nTangible fixed assets
\n(1)
\n Initial expenditure
\nTangible fixed assets are recognized at cost less accumulated deprecia-
\ntion and accumulated impairment losses. Cost is determined as being
\nthe purchase price plus other directly attributable acquisition costs, such
\nas non-refundable tax and transport.
\n(2)
\n Subsequent expenditure
\nSubsequent expenditures are capitalized only when it increases the future
\neconomic benefits embodied in the item of property, plant and equipment.
\nOtherwise, it is recognized in profit or loss when incurred.
\n\n(3)
\n Depreciation
\nThe depreciable amount equals the cost of the asset less its residual
\nvalue. Depreciation starts from the date the asset is ready for use, using
\nthe straight-line method over the estimated useful life of the asset.
\nResidual value and useful life are reviewed at least at each fiscal year end.
\nThe depreciation rates used are as follows:
\n\n
\n\n\n| Buildings | \n15-25 years | \n\n\n\n\n
\n\n| Production machinery and equipment | \n2-10 years | \n\n\n\n\n
\n\n| Electronic office equipment (1) | \n3-5 years | \n\n\n\n\n
\n\n| Furniture (1) | \n5-10 years | \n\n\n\n\n
\n\n| Vehicles (1) | \n3-5 years | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\nLand is not depreciated as it is deemed to have an indefinite life.
\n
\n
\n\n\n
\n
\n\n\n\n
\n\nImpairment of assets
\nThe carrying amount of Van de Velde\u2019s fixed assets, other than deferred
\ntax assets, financial assets and other non-current assets are reviewed on
\neach balance sheet date to determine whether there is any indication of
\nimpairment. If any such indication exists, the asset\u2019s recoverable amount
\nis estimated. An impairment test is conducted annually on intangible
\nassets that are not yet available for use, intangible assets with an indefinite
\nuseful life and goodwill, regardless of whether there is any indication of
\nimpairment. An impairment loss is recognized in profit or loss whenever
\nthe carrying amount of an asset exceeds its recoverable amount.
\n(1)
\n Calculation of recoverable amount
\nThe realizable value of an asset is the greater of its fair value less cost
\nto sell and value-in-use. In assessing value-in-use, the estimated future
\ncash flows are discounted to their present value using a discount rate
\nthat reflects current market assessments of the time value of money and
\nthe risks specific to the asset. For an asset that does not generate largely
\nindependent cash inflows, the recoverable amount is determined for the
\ncash-generating unit to which the asset belongs.
\n(2)
\n Reversal of impairment
\nImpairment losses on goodwill and intangible fixed assets with indefinite
\nuseful life are not reversed. For any other assets, an impairment loss is
\nreversed if there has been a change in the estimates used to determine
\nthe recoverable amount. An impairment loss is reversed only to the extent
\nthat the asset\u2019s carrying amount does not exceed the carrying amount
\nthat would have been determined, net of depreciation or amortization, if
\nno impairment loss had been recognized.
\n
\n\n\n
\n\n\n\nInventories
\nRaw materials, work in progress, merchandise and finished goods are
\nvalued at the lower of cost or net realizable value. Cost of inventories
\ncomprises all purchase costs, conversion costs and other costs incurred
\nin bringing the inventories to their present location and present condition.
\nThe valuation method for the stocks is the first in first out (FIFO) method.
\n(1) In note 5, this is included in plant, machinery and equipment.
\n
\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n
\n\nPurchasing costs include:
\n\u2022 Purchase price, plus
\n\u2022 Import duties and other taxes (if not recoverable), plus
\n\u2022 Transport, handling and other costs directly attributable to the acqui-
\nsition of the goods, less
\n\u2022 Trade discounts, rebates and other similar items.
\nConversion costs include:
\n\u2022 Costs directly related to the units of production, plus
\n\u2022
\nA systematic allocation of fixed and variable indirect production costs.
\nThe provision for obsolescence is calculated consistently throughout the
\nGroup based on the age and expected future sales of the items at hand.
\n
\n\n\n\n
\n\n
\nTrade and other receivables
\nTrade receivables are recognized at cost less impairment losses. If there
\nis objective evidence that an impairment loss has been incurred on trade
\nreceivables, the impairment loss recognized is the difference between the
\ncarrying amount and the present value of estimated future cash flows.
\nAll trade receivables are individually assessed for excess impairment
\naccording to the ECL model. The excess impairment is incorporated in
\nthe \u2018general administration\u2019 section under other expenses.
\n(a)
\n Classification and valuation
\nUnder IFRS 9, debt instruments are subsequently valued at fair value
\nthrough profit or loss (FVTPL), amortized cost or fair value with recogni-
\ntion of value adjustments to unrealized results (FVTOCI). The classifica-
\ntion is based on two criteria: the business model of the Group for the
\nmanagement of the assets; and whether the contractual cash flows of the
\ninstruments represent \u2018principal and interest payments only\u2019 on the out-
\nstanding principal. Trade receivables and other financial assets are held
\nto collect contractual cash flows and lead to cash flows that represent
\nonly payments of principal and interest. These are classified and valued
\nas debt instruments at amortized cost as explained in the \u2018Revenue from
\ncontracts with customers\u2019 section.
\nThe Group has not designated financial obligations as FVTPL. There are
\nno changes in the classification and valuation of the Group\u2019s financial
\nliabilities.
\n\n
\n\n(b)
\n Impairment
\nIFRS 9 requires the Group to recognize a provision for expected credit
\nlosses (ECLs) for all debt instruments that are not held at fair value
\nthrough profit or loss and contract assets. ECLs are based on the differ-
\nence between the contractual cash flow that follows from the contract
\nand all cash flows that the Group expects to receive, discounted on the
\nbasis of the effective interest rate. For trade receivables, the Group uses
\nthe simplified application for the calculation of the ECLs whereby an
\nimpairment is recognized on the basis of historical credit losses, adjusted
\nfor economic or credit conditions that are such that the actual losses are
\ngreater or less than suggested by historical trends.
\n
\n\n\n
\n\n\n
\n\n\n
\n\n\n\n
\nLeases
\nThe Group assesses at contract inception whether a contract is, or con-
\ntains, a lease. That is, if the contract conveys the right to control the use
\nof an identified asset for a period of time in exchange for consideration.
\nGroup as a lessee
\nThe Group applies a single recognition and measurement approach for
\nall leases, except for short-term leases (<12 months) and leases of low-
\nvalue assets (<\u20ac 5,000). The Group recognizes lease liabilities to make
\nlease payments and right-of-use assets representing the right to use the
\nunderlying assets.
\ni) Right-of-use assets
\n\nThe Group recognizes right-of-use assets at the commencement date
\nof the lease (i.e., the date the underlying asset is available for use).
\nRight- of-use assets are measured at cost, less any accumulated depre-
\nciation and impairment losses, and adjusted for any remeasurement of
\nlease liabilities. The cost of right-of-use assets is valued at the initial
\nvalue of the obligation. The cost increases with the lease payments
\non or before the start of the lease, decreases with the lease benefits,
\nincreases with the initial direct costs of the lessee and increases with
\nthe estimate of the costs for restoring the asset to its original condi-
\ntion. Right-of-use assets are depreciated on a straight-line basis over
\nthe shorter of the lease term and the estimated useful lives of the
\nassets, as follows:
\n\n
\n\n\n| \u2022 | \nPlant and machinery | \nmaximum 10 years | \n\n\n\n
\n\n| \u2022 | \nMotor vehicles | \nmaximum 5 years | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
If ownership of the leased asset transfers to the Group at the end of the
\nlease term or the cost reflects the exercise of a purchase option, deprecia-
\ntion is calculated using the estimated useful life of the asset.
\n
\n\n\nThe right-of-use assets are also subject to impairment. Refer to the
\naccounting policies in section(s) Impairment of non-financial assets.
\nii) Lease liabilities
\nAt the commencement date of the lease, the Group recognizes lease
\nliabilities measured at the present value of lease payments to be made
\nover the lease term. The lease payments include fixed payments less
\nany lease incentives receivable, variable lease payments that depend
\non an index or a rate, and amounts expected to be paid under residual
\nvalue guarantees.
\nThe lease payments also include the exercise price of a purchase option
\nreasonably certain to be exercised by the Group and payments of penalties
\nfor terminating the lease, if the lease term reflects the Group exercising
\nthe option to terminate. Every six months, the management, together with
\nthe Executive Board, evaluates the options for granting and terminating
\nleases based on the strategic plan. Variable lease payments that do not
\ndepend on an index or a rate are recognized as expenses in the period in
\nwhich the event that triggers the payment occurs.
\n
\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n\nTo determine the current value of the lease payments, the group will
\ndiscount future lease payments at the incremental interest rate on the
\nstart date (i.e. the interest that the lessee would pay if he took out a loan
\nwith the bank for a similar asset over a similar duration). After the com-
\nmencement date, the amount of lease liabilities is increased to reflect
\nthe accretion of interest and reduced for the lease payments made. In
\naddition, the carrying amount of lease liabilities is remeasured if there
\nis a modification, a change in the lease term, a change in the lease pay-
\nments (e.g. changes to future payments resulting from a change in an
\nindex or rate used to determine such lease payments) or a change in
\nthe assessment of an option to purchase the underlying asset.
\niii) Short-term leases and leases of low-value assets
\nThe Group applies the short-term lease recognition exemption to its
\nshort-term leases of machinery and equipment (i.e., those leases that
\nhave a lease term of 12 months or less from the commencement date
\nand do not contain a purchase option). The Group also applies the
\nexemption for leases for which the underlying assets have a low value
\n(value below \u20ac 5,000).
\n
\n\n\n\n
\n\n
\n\n
\n\n
\n\nDerivative financial instruments
\nHedges
\nVan de Velde applies derivative financial instruments only in order to
\nreduce the exposure to foreign currency risk. These financial instruments
\nare entered into in accordance with the aims and principles laid down by
\ngeneral management, which prohibits the use of such financial instru-
\nments for speculation purposes.
\nDerivative financial instruments are initially measured at fair value.
\nAlthough they provide effective economic hedges, they do not qualify
\nfor hedge accounting under the specific requirements in IAS 39 (Financial
\nInstruments: Recognition and Measurement). As a result, at reporting
\ndate all derivatives are measured at fair value with changes in fair value
\nrecognized immediately in the income statement. The fair value of deriva-
\ntives is calculated by discounting the expected future cash flows at the
\nprevailing interest rates. All spot purchases and sales of financial assets
\nare recognized on the settlement date.
\n
\n\n\n
\n\n\n
\n\n\n
\n\n\n
\n\n\n\n
\n\nCash and cash equivalents
\nCash and cash equivalents include bank balances, available cash and
\nshort-term deposits. Interest income is recognized based on the effective
\ninterest rate of the asset.
\n
\n\n\n
\n\n\n\n
\nShare capital
\n(1)
\n Change in capital
\nWhen there is an increase or decrease in Van de Velde\u2019s share capital, all
\ndirectly attributable costs relating to that event are deducted from equity
\nand not recognized in profit or loss when incurred.
\n\n(2)
\n Dividends
\nDividends are recognized as a liability in the period in which they are
\napproved by the General Meeting.
\n
\n\n\n
\n\n\n\nProvisions
\nProvisions are recognized when Van de Velde has a present legal or con-
\nstructive obligation as a result of past events, and it is probable that an
\noutflow will be required to settle the obligation and a reliable estimate of
\nthe amount of the obligation can be made. If the effect is material, provi-
\nsions are determined by discounting the expected future cash flows at a
\nrate that reflects current market assessments of the time value of money
\nand, where appropriate, the risks specific to the liability.
\n
\n\n\n\nEmployee benefits
\n(1)
\n Pension plan
\nVan de Velde has group insurance plans for its Belgian employees and
\ngroup insurance plans for its employees elsewhere. Under IAS 19 all pen-
\nsion plans are recognized as defined contribution plans or defined pension
\nplans. A defined contribution plan is a pension plan in which a company
\npays fixed contributions to a separate company and has no legal or actual
\nobligation to pay further contributions if the pension fund has inadequate
\nassets to pay the benefits related to the years of service in the current or
\nprevious periods to all employees. A defined pension plan is a pension
\nplan that is not a defined contribution plan.
\nThe pension plans in foreign countries are defined contribution plans.
\nThe costs connected with these are recognized through profit and loss
\nwhen incurred. Retirement plans in Belgium are defined retirement plans.
\nA liability was recognized in the balance sheet with regard to the Belgian
\npension schemes equal to the sum of the cash value of the gross liabili-
\nties on account of defined pension entitlements (including the tax due
\non contributions relating to pension costs) as at the balance sheet date,
\nless the market value of the fund investments. An independent actuary
\nmakes on an annual basis an actuarial calculation of this gross liability
\nusing the projected unit credit method.
\nThe interest expense is calculated by applying a discount rate to the asset
\nor the liability of the defined pension entitlements. This interest expense
\nis recognized through profit and loss. In establishing an appropriate dis-
\ncount rate, the company bases itself on the interest rates applicable to
\nhigh-grade corporate bonds in cash, which correspond to the currency in
\nwhich the liability is expected to be paid in accordance with the expected
\nduration of the defined pension liability.
\nRevaluations, including actuarial gains and losses and the return on fund
\ninvestments (excluding net interest expense), are recognized in other
\ncomprehensive income when they occur. Revaluations must not be reclas-
\nsified to profit and loss in later periods.
\nPast service pension cost is recognized through profit and loss when the
\nplan is changed or when the related restructuring or termination benefits
\nbecome payable by the company, whichever occurs first.
\n
\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n\n(2)
\n Share-based payments
\nThe fair value of the share options awarded under the Group\u2019s share
\noption plan is established on the grant date, with due consideration for
\nthe terms and conditions under which the options are granted and using
\na valuation technique corresponding to generally accepted valuation
\nmethods for establishing the price of financial instruments and with due
\nconsideration for all relevant factors and assumptions. The fair value of
\nthe share options is recognized as personnel expenses for the period
\nuntil the beneficiary acquires the option unconditionally (i.e. vesting date).
\nThis concerns equity settled option plans being incorporated into equity.
\n
\n\n\n\nIncome tax
\nIncome tax on the profit or loss for the year comprises current and
\ndeferred tax. Income tax is recognized in the income statement except
\ninsofar as it relates to items included in shareholders\u2019 equity. In that case,
\nincome tax is included in shareholders\u2019 equity.
\nCurrent tax is the expected tax payable on the taxable income for the year,
\nusing applicable tax rates on the balance sheet date, and any adjustments
\nto tax payables with respect to previous years.
\nFor financial reporting purposes, deferred income tax is calculated using
\nthe liability method based on temporary differences at the balance sheet
\ndate between the tax bases of assets and liabilities and their carrying
\namounts.
\nDeferred income tax assets are recognized only insofar as it is probable
\nthat taxable profit will be available against which the deductible tempo-
\nrary differences, the carry-forward of unused tax credits and unused tax
\nlosses can be utilized.
\nDeferred income tax assets and liabilities are measured at the tax rates
\nthat are expected to apply in the year in which the asset is realized or
\nthe liability is settled, based on tax rates (and tax laws) that have been
\nimplemented or substantively implemented at the balance sheet date.
\nDeferred tax assets and deferred tax liabilities are offset when a legally
\nenforceable right exists to set off current tax assets against current tax
\nliabilities and the deferred taxes relate to the same taxable entity and the
\nsame taxation authority.
\n
\n\n\n\n\n
\n\nTrade and other payables
\nTrade and other payables are stated at cost, trade payables are non-
\ninterest bearing and are normally settled on 30-day terms. Other paya-
\nbles are non-interest bearing and have an average term of six months.
\n
\n\n\n\n
\n\n\n\n\nRevenue from contracts with customers
\nIFRS 15 provides a five-step model for the administrative processing
\nof revenue from contracts with customers. Under IFRS 15, revenue is
\nrecognized in an amount that reflects the consideration to which the
\nentity expects to be entitled in exchange for those goods or services.
\n(1)
\n Goods sold
\nThe two biggest revenue streams of the Group are revenue from B2B and
\nrevenue from D2C. Within these revenue streams, it is usually expected
\nthat the sale of the goods represents the only performance obligation.
\nFurthermore, the revenue is recognized when the control over the article
\nis transferred to the customer, usually upon delivery of the goods.
\nAllowed discounts for cash payments are charged to the profit and loss
\naccount at the moment of the collection of the claim. This discount is
\nincluded as a reduction in turnover. Van de Velde has applied the practical
\nexpedient for allowed discounts for cash payments. That is, the promised
\namount of consideration is not adjusted for the effects of a significant
\nfinancing component if the period between the transfer of the promised
\ngood or service and the payment is one year or less.
\nSales of products in the physical and digital stores are recorded when
\nthe sale is settled. The sale is recorded in revenue excluding taxes on
\nsales and value added taxes and includes discounts and commercial
\npromotions.
\nThe necessary provisions for returns are recognized and revised every
\nsix months based on historical data.
\n(2)
\n Gift cards and store credits
\nThe Group\u2019s retail network sells gift cards and issues credits to its cus-
\ntomers when merchandise is returned. The cards and credits either do
\nnot expire or have an expiry date of up to 24 months. In line with IFRS 15,
\nthe Group recognizes sales from gift cards when they are redeemed by
\nthe customer. The unused gift cards and credits are included in the profit
\nand loss account in accordance with internally determined percentages.
\nThis recognition represents the estimate of the management of which
\nthe probability of use by the customer is estimated to be minimal. This
\nprofit is included in turnover.
\n
\n\n\n\n\n
\n\nFinancial income
\nFinancial income comprises dividend income and interest income.
\nRoyalties arising from the use by others of the company\u2019s resources are
\nrecognized when it is probable that the economic benefits associated
\nwith the transaction will flow to the company and the revenue can be
\nmeasured reliably. Dividend income is recognized in the income statement
\non the date that the dividend is approved by the General Meeting. Interest
\nincome is recognized based on the effective interest rate of the asset.
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n
\n\nGovernment grants
\nA government grant is recognized when there is reasonable assurance
\nthat it will be received and that the company will comply with the attached
\nconditions. Grants that compensate the company for expenses incurred
\nare recognized as revenue in the income statement on a systematic basis
\nin the same periods in which the expenses are incurred. Grants that com-
\npensate the company for the cost of an asset are, spread out over the
\ndepreciation period of the asset in question, included in the income state-
\nment under other operating income.
\n
\n\n\n\n\n
\n
\n\n
\n\n
\n\nExpenses
\n(1)
\n Interest expenses
\nAll interest and other costs incurred in connection with borrowings and
\nfinance lease liabilities are recognized in the income statement using the
\neffective interest rate method.
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n(2)
\n\n Research and development, advertising and promotional
\ncosts, and system development costs
\nResearch, advertising and promotional costs are expensed in the year in
\nwhich these costs are incurred. Development costs and system develop-
\nment costs are expensed in the year in which these costs are incurred if
\nthey do not meet the criteria for capitalization. If the development expendi-
\nture meets the criteria, it will be capitalized.
\n
\n\n\n\n
\n\n\n\n\nNew and amended standards and interpretations,
\neffective after year end 2023
\nThe Group has not early-adopted any standards or interpretations issued
\nbut not yet effective as at 31 December 2023.
\nStandards and interpretations issued but not yet effective up to the date
\nof issuance of the Group\u2019s financial statements are listed below. Van de
\nVelde expects no material impact on the Group consolidated financial
\nstatements:
\n\u2022
\nAmendments to IAS 1 Presentation of Financial Statements \u2013
\nClassification of Liabilities as Current or Non-current (the 2020 amend-
\nments and 2022 amendments), effective 1 January 2024
\n\u2022 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial
\nInstruments: Disclosures, effective 1 January 2024 (not yet endorsed
\nby the EU as per 20 December 2023)
\n\u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange
\nRates: Lack of Exchangeability, effective 1 January 2025 (not yet
\nendorsed by the EU as per 20 December 2023)
\n\u2022
\nAmendments to IFRS 16 Leases: Lease Liability in a Sale and
\nLeaseback, effective 1 January 2024
\n
\n\n\n\n
\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag296": {
"value": "\n
\n\nThe accompanying consolidated financial statements have been prepared
\nin compliance with \u2018International Financial Reporting Standards (IFRS)\u2019,
\nas adopted for use in the European Union as of the balance sheet date.
\n
\n\n\n\n\n\n\n\n\nThe amounts in the financial statements are presented in thousands of
\neuro unless stated otherwise. The financial statements were prepared in
\naccordance with the historical cost principle, except for valuation at fair
\nvalue of derivative financial instruments.
\n
\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag286": {
"value": "\nThe accompanying consolidated financial statements have been prepared
\nin compliance with \u2018International Financial Reporting Standards (IFRS)\u2019,
\nas adopted for use in the European Union as of the balance sheet date.
\n
\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag303": {
"value": "\n
\n
\nUse of estimates
\nThe preparation of financial statements in conformity with IFRS requires
\nthat the management makes certain estimates and assumptions that
\naffect the amounts reported in the financial statements and accompa-
\nnying notes.
\nEstimates made on each reporting date reflect the conditions that existed
\non those dates (e.g. market prices, interest rates and foreign exchange
\nrates). Although these estimates are based on management\u2019s best knowl-
\nedge of current events and actions that the Group may undertake, actual
\nresults may differ from those estimates.
\nThe most important application of estimates relates to:
\n\n
\n\nImpairment of intangible fixed assets with indefinite useful
\nlife (including goodwill)
\nIntangible fixed assets with indefinite useful life including goodwill are
\nsubject to an annual impairment test. This test requires an estimation of
\nthe value-in-use of these assets. The estimate of the value-in-use requires
\nan estimate of the expected future cash flows related to these assets
\nand the choice of an appropriate discount rate to determine the present
\nvalue of these cash flows. For the estimate of the future cash flows, the
\nmanagement must make a number of assumptions and estimates, such
\nas expectations with regard to growth in revenues, development of profit
\nmargin and operating costs, period and amount of investments, develop-
\nment of working capital, growth percentages for the long term and the
\nchoice of a discount rate that takes into account the specific risks. More
\ndetails are given in note 3.
\n
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\nInventory write-down
\nInventory held by the Group is composed of raw materials, work in pro-
\ngress, finished goods and merchandise. The provision for economic obso-
\nlescence is calculated based on the age of the stock, identification of the
\ncollection (seasonal collection or long-term collection) and an estimate
\nof future sales of the related stock items.
\n\nEmployee benefits \u2013 share-based payments
\nThe Group values the costs of the share option programmes on the basis
\nof the fair value of the instruments on the grant date. The estimate of the
\nfair value of the share-based payments requires a valuation depending on
\nthe terms and conditions of the grant. The valuation model also requires
\ninput data, such as the expected life of the option, the volatility and the
\ndividend yield. The assumptions and the model used to estimate the fair
\nvalue for share-based payments are explained in note 22.
\nEmployee benefits \u2013 pensions
\nThe costs of the defined pension plans as well as the cash value of the
\npension liability are determined by actuarial calculations. To this end,
\nvarious assumptions are used that could differ from the actual develop-
\nments in the future. As a consequence of the complexity of the actuarial
\ncalculations and the long-term character of the liabilities, the employee
\nliabilities are highly sensitive to changes in the assumptions. The main
\nactuarial assumptions and the sensitivity analysis are included in note 15.
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag315": {
"value": "\n
\n\nImpairment of intangible fixed assets with indefinite useful
\nlife (including goodwill)
\nIntangible fixed assets with indefinite useful life including goodwill are
\nsubject to an annual impairment test. This test requires an estimation of
\nthe value-in-use of these assets. The estimate of the value-in-use requires
\nan estimate of the expected future cash flows related to these assets
\nand the choice of an appropriate discount rate to determine the present
\nvalue of these cash flows. For the estimate of the future cash flows, the
\nmanagement must make a number of assumptions and estimates, such
\nas expectations with regard to growth in revenues, development of profit
\nmargin and operating costs, period and amount of investments, develop-
\nment of working capital, growth percentages for the long term and the
\nchoice of a discount rate that takes into account the specific risks. More
\ndetails are given in note 3.
\n
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n\nImpairment of assets
\nThe carrying amount of Van de Velde\u2019s fixed assets, other than deferred
\ntax assets, financial assets and other non-current assets are reviewed on
\neach balance sheet date to determine whether there is any indication of
\nimpairment. If any such indication exists, the asset\u2019s recoverable amount
\nis estimated. An impairment test is conducted annually on intangible
\nassets that are not yet available for use, intangible assets with an indefinite
\nuseful life and goodwill, regardless of whether there is any indication of
\nimpairment. An impairment loss is recognized in profit or loss whenever
\nthe carrying amount of an asset exceeds its recoverable amount.
\n(1)
\n Calculation of recoverable amount
\nThe realizable value of an asset is the greater of its fair value less cost
\nto sell and value-in-use. In assessing value-in-use, the estimated future
\ncash flows are discounted to their present value using a discount rate
\nthat reflects current market assessments of the time value of money and
\nthe risks specific to the asset. For an asset that does not generate largely
\nindependent cash inflows, the recoverable amount is determined for the
\ncash-generating unit to which the asset belongs.
\n(2)
\n Reversal of impairment
\nImpairment losses on goodwill and intangible fixed assets with indefinite
\nuseful life are not reversed. For any other assets, an impairment loss is
\nreversed if there has been a change in the estimates used to determine
\nthe recoverable amount. An impairment loss is reversed only to the extent
\nthat the asset\u2019s carrying amount does not exceed the carrying amount
\nthat would have been determined, net of depreciation or amortization, if
\nno impairment loss had been recognized.
\n
\n\n\n
\n\n\n
\n\n(b)
\n Impairment
\nIFRS 9 requires the Group to recognize a provision for expected credit
\nlosses (ECLs) for all debt instruments that are not held at fair value
\nthrough profit or loss and contract assets. ECLs are based on the differ-
\nence between the contractual cash flow that follows from the contract
\nand all cash flows that the Group expects to receive, discounted on the
\nbasis of the effective interest rate. For trade receivables, the Group uses
\nthe simplified application for the calculation of the ECLs whereby an
\nimpairment is recognized on the basis of historical credit losses, adjusted
\nfor economic or credit conditions that are such that the actual losses are
\ngreater or less than suggested by historical trends.
\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag288": {
"value": "\nImpairment of intangible fixed assets with indefinite useful
\nlife (including goodwill)
\nIntangible fixed assets with indefinite useful life including goodwill are
\nsubject to an annual impairment test. This test requires an estimation of
\nthe value-in-use of these assets. The estimate of the value-in-use requires
\nan estimate of the expected future cash flows related to these assets
\nand the choice of an appropriate discount rate to determine the present
\nvalue of these cash flows. For the estimate of the future cash flows, the
\nmanagement must make a number of assumptions and estimates, such
\nas expectations with regard to growth in revenues, development of profit
\nmargin and operating costs, period and amount of investments, develop-
\nment of working capital, growth percentages for the long term and the
\nchoice of a discount rate that takes into account the specific risks. More
\ndetails are given in note 3.
\n
\n
\n\n\n\n\n\n\n\n\nImpairment of assets
\nThe carrying amount of Van de Velde\u2019s fixed assets, other than deferred
\ntax assets, financial assets and other non-current assets are reviewed on
\neach balance sheet date to determine whether there is any indication of
\nimpairment. If any such indication exists, the asset\u2019s recoverable amount
\nis estimated. An impairment test is conducted annually on intangible
\nassets that are not yet available for use, intangible assets with an indefinite
\nuseful life and goodwill, regardless of whether there is any indication of
\nimpairment. An impairment loss is recognized in profit or loss whenever
\nthe carrying amount of an asset exceeds its recoverable amount.
\n(1)
\n Calculation of recoverable amount
\nThe realizable value of an asset is the greater of its fair value less cost
\nto sell and value-in-use. In assessing value-in-use, the estimated future
\ncash flows are discounted to their present value using a discount rate
\nthat reflects current market assessments of the time value of money and
\nthe risks specific to the asset. For an asset that does not generate largely
\nindependent cash inflows, the recoverable amount is determined for the
\ncash-generating unit to which the asset belongs.
\n(2)
\n Reversal of impairment
\nImpairment losses on goodwill and intangible fixed assets with indefinite
\nuseful life are not reversed. For any other assets, an impairment loss is
\nreversed if there has been a change in the estimates used to determine
\nthe recoverable amount. An impairment loss is reversed only to the extent
\nthat the asset\u2019s carrying amount does not exceed the carrying amount
\nthat would have been determined, net of depreciation or amortization, if
\nno impairment loss had been recognized.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag299": {
"value": "\nEmployee benefits \u2013 share-based payments
\nThe Group values the costs of the share option programmes on the basis
\nof the fair value of the instruments on the grant date. The estimate of the
\nfair value of the share-based payments requires a valuation depending on
\nthe terms and conditions of the grant. The valuation model also requires
\ninput data, such as the expected life of the option, the volatility and the
\ndividend yield. The assumptions and the model used to estimate the fair
\nvalue for share-based payments are explained in note 22.
\nEmployee benefits \u2013 pensions
\nThe costs of the defined pension plans as well as the cash value of the
\npension liability are determined by actuarial calculations. To this end,
\nvarious assumptions are used that could differ from the actual develop-
\nments in the future. As a consequence of the complexity of the actuarial
\ncalculations and the long-term character of the liabilities, the employee
\nliabilities are highly sensitive to changes in the assumptions. The main
\nactuarial assumptions and the sensitivity analysis are included in note 15.
\n
\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag274": {
"value": "\nDetermination of the lease term of contracts with extension
\nand termination options
\nThe Group determines the lease term as the non-cancellable term of the
\nlease, together with any periods covered by an option to extend the lease
\nif it is reasonably certain that it will be exercised, or periods covered by an
\noption to terminate the lease if it is reasonably certain that it will not be
\nexercised. The Group has several leases with extension and termination
\noptions. The Group assesses whether or not it is reasonably certain to
\nexercise the option to extend or terminate the lease. That is, it takes into
\naccount all relevant factors that create an economic incentive to exercise
\neither the extension or the termination. Every six months, management,
\ntogether with the Executive Board, evaluates the options for granting and
\nterminating leases based on the strategic plan.
\n
\n\n\n\n\n\n\n\n\n
\nLeases
\nThe Group assesses at contract inception whether a contract is, or con-
\ntains, a lease. That is, if the contract conveys the right to control the use
\nof an identified asset for a period of time in exchange for consideration.
\nGroup as a lessee
\nThe Group applies a single recognition and measurement approach for
\nall leases, except for short-term leases (<12 months) and leases of low-
\nvalue assets (<\u20ac 5,000). The Group recognizes lease liabilities to make
\nlease payments and right-of-use assets representing the right to use the
\nunderlying assets.
\ni) Right-of-use assets
\n\nThe Group recognizes right-of-use assets at the commencement date
\nof the lease (i.e., the date the underlying asset is available for use).
\nRight- of-use assets are measured at cost, less any accumulated depre-
\nciation and impairment losses, and adjusted for any remeasurement of
\nlease liabilities. The cost of right-of-use assets is valued at the initial
\nvalue of the obligation. The cost increases with the lease payments
\non or before the start of the lease, decreases with the lease benefits,
\nincreases with the initial direct costs of the lessee and increases with
\nthe estimate of the costs for restoring the asset to its original condi-
\ntion. Right-of-use assets are depreciated on a straight-line basis over
\nthe shorter of the lease term and the estimated useful lives of the
\nassets, as follows:
\n\n
\n\n\n| \u2022 | \nPlant and machinery | \nmaximum 10 years | \n\n\n\n
\n\n| \u2022 | \nMotor vehicles | \nmaximum 5 years | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
If ownership of the leased asset transfers to the Group at the end of the
\nlease term or the cost reflects the exercise of a purchase option, deprecia-
\ntion is calculated using the estimated useful life of the asset.
\n
\n\n\nThe right-of-use assets are also subject to impairment. Refer to the
\naccounting policies in section(s) Impairment of non-financial assets.
\nii) Lease liabilities
\nAt the commencement date of the lease, the Group recognizes lease
\nliabilities measured at the present value of lease payments to be made
\nover the lease term. The lease payments include fixed payments less
\nany lease incentives receivable, variable lease payments that depend
\non an index or a rate, and amounts expected to be paid under residual
\nvalue guarantees.
\nThe lease payments also include the exercise price of a purchase option
\nreasonably certain to be exercised by the Group and payments of penalties
\nfor terminating the lease, if the lease term reflects the Group exercising
\nthe option to terminate. Every six months, the management, together with
\nthe Executive Board, evaluates the options for granting and terminating
\nleases based on the strategic plan. Variable lease payments that do not
\ndepend on an index or a rate are recognized as expenses in the period in
\nwhich the event that triggers the payment occurs.
\n
\n\n\nTo determine the current value of the lease payments, the group will
\ndiscount future lease payments at the incremental interest rate on the
\nstart date (i.e. the interest that the lessee would pay if he took out a loan
\nwith the bank for a similar asset over a similar duration). After the com-
\nmencement date, the amount of lease liabilities is increased to reflect
\nthe accretion of interest and reduced for the lease payments made. In
\naddition, the carrying amount of lease liabilities is remeasured if there
\nis a modification, a change in the lease term, a change in the lease pay-
\nments (e.g. changes to future payments resulting from a change in an
\nindex or rate used to determine such lease payments) or a change in
\nthe assessment of an option to purchase the underlying asset.
\niii) Short-term leases and leases of low-value assets
\nThe Group applies the short-term lease recognition exemption to its
\nshort-term leases of machinery and equipment (i.e., those leases that
\nhave a lease term of 12 months or less from the commencement date
\nand do not contain a purchase option). The Group also applies the
\nexemption for leases for which the underlying assets have a low value
\n(value below \u20ac 5,000).
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag283": {
"value": "\n
\n\nChange in accounting policies
\nThe accounting policies adopted are consistent with those of the previous
\nfiscal year, except for the following new or revised IFRS standards and
\nIFRIC interpretations effective as of 1 January 2023:
\n\u2022
\nAmendments to IAS 1 Presentation of Financial Statements and IFRS
\nPractice Statement 2: Disclosure of Accounting policies, effective
\n1 January 2023
\n\u2022
\nAmendments to IAS 8 Accounting policies, Changes in Accounting
\nEstimates and Errors: Definition of Accounting Estimates, effective
\n1 January 2023
\n\u2022 Amendments to IAS 12 International Tax Reform \u2013 Pillar Two Model
\nRules
\n\u2022 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets
\nand Liabilities arising from a Single Transaction, effective 1 January 2023
\n\u2022
\nAmendments to IFRS 17 Insurance contracts: Initial Application of IFRS
\n17 and IFRS 9 \u2013 Comparative Information, effective 1 January 2023
\n\u2022 IFRS 17 Insurance Contracts, effective 1 January 2023
\nThe above changes did not have any material impact on the annual con-
\nsolidated accounts of the Group.
\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag312": {
"value": "\nChange in accounting policies
\nThe accounting policies adopted are consistent with those of the previous
\nfiscal year, except for the following new or revised IFRS standards and
\nIFRIC interpretations effective as of 1 January 2023:
\n\u2022
\nAmendments to IAS 1 Presentation of Financial Statements and IFRS
\nPractice Statement 2: Disclosure of Accounting policies, effective
\n1 January 2023
\n\u2022
\nAmendments to IAS 8 Accounting policies, Changes in Accounting
\nEstimates and Errors: Definition of Accounting Estimates, effective
\n1 January 2023
\n\u2022 Amendments to IAS 12 International Tax Reform \u2013 Pillar Two Model
\nRules
\n\u2022 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets
\nand Liabilities arising from a Single Transaction, effective 1 January 2023
\n\u2022
\nAmendments to IFRS 17 Insurance contracts: Initial Application of IFRS
\n17 and IFRS 9 \u2013 Comparative Information, effective 1 January 2023
\n\u2022 IFRS 17 Insurance Contracts, effective 1 January 2023
\nThe above changes did not have any material impact on the annual con-
\nsolidated accounts of the Group.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag294": {
"value": "\n
\nConsolidation principles
\n\nSubsidiaries
\nVan de Velde NV has direct or indirect control over an entity if and only
\nif it has all the following:
\n\u2022 Power over the investee;
\n\u2022 Exposure, or rights, to variable returns from its involvement with the
\ninvestee; and
\n\u2022 The ability to use its power over the investee to affect the amount of
\nthe investor\u2019s returns.
\nThe financial statements of subsidiaries are included in the consolidated
\nfinancial statements of the Group from the date that control commences
\nuntil the date that control ceases. They are prepared as of the same report-
\ning date and using the Group accounting policies. Intragroup balances,
\ntransactions, income and expenses are eliminated in full.
\n
\n\n\nAssociated companies
\nAssociated companies are companies in which Van de Velde NV directly
\nor indirectly has a significant influence. This is assumed to be the case
\nwhen the Group holds at least 20% of the voting rights attached to the
\nshares. The financial statements of these companies are prepared in
\naccordance with the same accounting policies used for the Group. The
\nconsolidated financial statements contain the share of the Group in the
\nresult of associated companies in accordance with the equity method
\nfrom the day that the significant influence is acquired until the day it ends.
\nIf the share of the Group in the losses of the associated companies is
\ngreater than the carrying amount of the participation, the carrying amount
\nis set at zero and additional losses are recognized only insofar as the
\nGroup has assumed additional obligations.
\nParticipations in associated companies are revalued if there are indica-
\ntions of possible impairment or of the disappearance of the reasons for
\nearlier impairments.
\nThe participations valued in the balance sheet in accordance with the
\nequity method also include the carrying amount of related goodwill.
\n
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag272": {
"value": "\nSubsidiaries
\nVan de Velde NV has direct or indirect control over an entity if and only
\nif it has all the following:
\n\u2022 Power over the investee;
\n\u2022 Exposure, or rights, to variable returns from its involvement with the
\ninvestee; and
\n\u2022 The ability to use its power over the investee to affect the amount of
\nthe investor\u2019s returns.
\nThe financial statements of subsidiaries are included in the consolidated
\nfinancial statements of the Group from the date that control commences
\nuntil the date that control ceases. They are prepared as of the same report-
\ning date and using the Group accounting policies. Intragroup balances,
\ntransactions, income and expenses are eliminated in full.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag301": {
"value": "\nForeign currencies
\nForeign currency transactions
\nThe reporting currency of the Group is the euro. Foreign currency transac-
\ntions are recorded at the exchange rate on the transaction date. Monetary
\nassets and liabilities denominated in foreign currencies are converted at
\nthe exchange rate on the balance sheet date. Gains and losses resulting
\nfrom the settlement of foreign currency transactions and from the con-
\nversion of monetary assets and liabilities denominated in foreign curren-
\ncies are recognized in the income statement. Non- monetary assets and
\nliabilities denominated in foreign currencies are converted at the foreign
\nexchange rate on the date of the transaction.
\nFinancial statements of foreign activities
\nVan de Velde\u2019s foreign operations outside the euro zone are considered
\nto be foreign activities. Accordingly, assets and liabilities are converted to
\neuro at foreign exchange rates on the balance sheet date. Income state-
\nments of foreign entities are converted to euro at the average exchange
\nrates of that currency over the past 12 months. The components of share-
\nholders\u2019 equity are converted at historical rates. Exchange differences
\narising from the conversion of shareholders\u2019 equity to euro at year-end
\nexchange rates are recorded in \u2018Other comprehensive income\u2019. On sale or
\ndisposal of a foreign operation, the deferred cumulative amount recog-
\nnized in equity relating to that particular foreign operation is recognized
\nin the income statement.
\nThe Group treats goodwill and intangible assets with an indefinite useful
\nlife, arising from business combinations, as a monetary item. As a result,
\nthese assets are converted based on the exchange rate in effect on the
\nbalance sheet date.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag317": {
"value": "\n
\n\n\n\nIntangible assets
\n\n(1)
\n Research and development
\nThe nature of the development costs within the Van de Velde Group,
\nprimarily product and process innovation, is such that they do not meet
\nthe criteria set out in IAS 38 for recognition as intangible assets. They are
\ntherefore expensed when incurred. Development costs within the Group
\nin relation to research and development of software are capitalized under
\nsoftware. The depreciation begins when the intangible assets are avail-
\nable for use, and this by a straight-line depreciation over a period of five
\nyears. When the activation starts, the conditions of IAS38 are fulfilled.
\n(2)
\n Acquired brands
\nBrands acquired as part of business combinations are deemed to be
\nintangible assets with an indefinite useful life. These are measured at the
\nvalue established as part of the allocation of fair value of the identifiable
\nassets, obligations and contingent obligations on the acquisition date,
\nless accumulated impairment losses. These brands are not amortized
\nbut are tested annually for impairment (for more details, see note 3). The
\ncorrectness of classification as intangible assets with indefinite useful
\nlife is also evaluated.
\n\n\n
\n\n\n
\n\n\n
\n
\n\n\n\n(3)
\n Other intangible assets
\nOther intangible assets (software and online platform) acquired by Van
\nde Velde are recognized at cost (purchase price plus all directly attribut-
\nable costs) less accumulated amortization and accumulated impairment
\nlosses. Expenses for the registration of trade names and designs are
\nrecorded as brands with finite useful life to the extent that this relates
\nto new registrations in the country of registration. Other expenditures on
\ninternally generated goodwill and brands are recognized in the income
\nstatement when incurred. Amortization begins when the intangible asset
\nis available using the straight-line method. The useful life of intangible
\nassets with a finite life is generally estimated at three to five years. Other
\nintangible assets include acquired distribution rights and similar rights,
\nwhich are amortized over a period of five years. The rules of IAS 38 are
\nmet at the moment of activation of other intangible assets.
\n\n\n
\n\n\n\n
\n\nGoodwill
\nGoodwill represents the excess of the cost of an acquisition over the
\nfair value of the Group\u2019s share of the net identifiable assets of the
\nacquired subsidiary/associate at the date of acquisition. Goodwill is
\ntested annually for impairment or more frequently if events or changes
\nin circumstances indicate that the asset might be impaired. Goodwill
\nis treated by the Group as an asset of the parent and is considered as
\na monetary item. As a result, these assets are converted based on the
\nrate in force at the balance sheet date. Goodwill is recorded at cost
\nless accumulated impairment losses.
\n
\n\n\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag304": {
"value": "\n\n\nIntangible assets
\n\n(1)
\n Research and development
\nThe nature of the development costs within the Van de Velde Group,
\nprimarily product and process innovation, is such that they do not meet
\nthe criteria set out in IAS 38 for recognition as intangible assets. They are
\ntherefore expensed when incurred. Development costs within the Group
\nin relation to research and development of software are capitalized under
\nsoftware. The depreciation begins when the intangible assets are avail-
\nable for use, and this by a straight-line depreciation over a period of five
\nyears. When the activation starts, the conditions of IAS38 are fulfilled.
\n(2)
\n Acquired brands
\nBrands acquired as part of business combinations are deemed to be
\nintangible assets with an indefinite useful life. These are measured at the
\nvalue established as part of the allocation of fair value of the identifiable
\nassets, obligations and contingent obligations on the acquisition date,
\nless accumulated impairment losses. These brands are not amortized
\nbut are tested annually for impairment (for more details, see note 3). The
\ncorrectness of classification as intangible assets with indefinite useful
\nlife is also evaluated.
\n\n\n
\n\n\n\n\n(3)
\n Other intangible assets
\nOther intangible assets (software and online platform) acquired by Van
\nde Velde are recognized at cost (purchase price plus all directly attribut-
\nable costs) less accumulated amortization and accumulated impairment
\nlosses. Expenses for the registration of trade names and designs are
\nrecorded as brands with finite useful life to the extent that this relates
\nto new registrations in the country of registration. Other expenditures on
\ninternally generated goodwill and brands are recognized in the income
\nstatement when incurred. Amortization begins when the intangible asset
\nis available using the straight-line method. The useful life of intangible
\nassets with a finite life is generally estimated at three to five years. Other
\nintangible assets include acquired distribution rights and similar rights,
\nwhich are amortized over a period of five years. The rules of IAS 38 are
\nmet at the moment of activation of other intangible assets.
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag292": {
"value": "\n(1)
\n Research and development
\nThe nature of the development costs within the Van de Velde Group,
\nprimarily product and process innovation, is such that they do not meet
\nthe criteria set out in IAS 38 for recognition as intangible assets. They are
\ntherefore expensed when incurred. Development costs within the Group
\nin relation to research and development of software are capitalized under
\nsoftware. The depreciation begins when the intangible assets are avail-
\nable for use, and this by a straight-line depreciation over a period of five
\nyears. When the activation starts, the conditions of IAS38 are fulfilled.
\n(2)
\n Acquired brands
\nBrands acquired as part of business combinations are deemed to be
\nintangible assets with an indefinite useful life. These are measured at the
\nvalue established as part of the allocation of fair value of the identifiable
\nassets, obligations and contingent obligations on the acquisition date,
\nless accumulated impairment losses. These brands are not amortized
\nbut are tested annually for impairment (for more details, see note 3). The
\ncorrectness of classification as intangible assets with indefinite useful
\nlife is also evaluated.
\n\n\n(3)
\n Other intangible assets
\nOther intangible assets (software and online platform) acquired by Van
\nde Velde are recognized at cost (purchase price plus all directly attribut-
\nable costs) less accumulated amortization and accumulated impairment
\nlosses. Expenses for the registration of trade names and designs are
\nrecorded as brands with finite useful life to the extent that this relates
\nto new registrations in the country of registration. Other expenditures on
\ninternally generated goodwill and brands are recognized in the income
\nstatement when incurred. Amortization begins when the intangible asset
\nis available using the straight-line method. The useful life of intangible
\nassets with a finite life is generally estimated at three to five years. Other
\nintangible assets include acquired distribution rights and similar rights,
\nwhich are amortized over a period of five years. The rules of IAS 38 are
\nmet at the moment of activation of other intangible assets.
\n\n\n(3)
\n Depreciation
\nThe depreciable amount equals the cost of the asset less its residual
\nvalue. Depreciation starts from the date the asset is ready for use, using
\nthe straight-line method over the estimated useful life of the asset.
\nResidual value and useful life are reviewed at least at each fiscal year end.
\nThe depreciation rates used are as follows:
\n\n
\n\n\n| Buildings | \n15-25 years | \n\n\n\n\n
\n\n| Production machinery and equipment | \n2-10 years | \n\n\n\n\n
\n\n| Electronic office equipment (1) | \n3-5 years | \n\n\n\n\n
\n\n| Furniture (1) | \n5-10 years | \n\n\n\n\n
\n\n| Vehicles (1) | \n3-5 years | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\nLand is not depreciated as it is deemed to have an indefinite life.
\n
\n
\n\n\nThe Group recognizes right-of-use assets at the commencement date
\nof the lease (i.e., the date the underlying asset is available for use).
\nRight- of-use assets are measured at cost, less any accumulated depre-
\nciation and impairment losses, and adjusted for any remeasurement of
\nlease liabilities. The cost of right-of-use assets is valued at the initial
\nvalue of the obligation. The cost increases with the lease payments
\non or before the start of the lease, decreases with the lease benefits,
\nincreases with the initial direct costs of the lessee and increases with
\nthe estimate of the costs for restoring the asset to its original condi-
\ntion. Right-of-use assets are depreciated on a straight-line basis over
\nthe shorter of the lease term and the estimated useful lives of the
\nassets, as follows:
\n\n
\n\n\n| \u2022 | \nPlant and machinery | \nmaximum 10 years | \n\n\n\n
\n\n| \u2022 | \nMotor vehicles | \nmaximum 5 years | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
If ownership of the leased asset transfers to the Group at the end of the
\nlease term or the cost reflects the exercise of a purchase option, deprecia-
\ntion is calculated using the estimated useful life of the asset.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag298": {
"value": "\n
\n\nGoodwill
\nGoodwill represents the excess of the cost of an acquisition over the
\nfair value of the Group\u2019s share of the net identifiable assets of the
\nacquired subsidiary/associate at the date of acquisition. Goodwill is
\ntested annually for impairment or more frequently if events or changes
\nin circumstances indicate that the asset might be impaired. Goodwill
\nis treated by the Group as an asset of the parent and is considered as
\na monetary item. As a result, these assets are converted based on the
\nrate in force at the balance sheet date. Goodwill is recorded at cost
\nless accumulated impairment losses.
\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag316": {
"value": "\nGoodwill
\nGoodwill represents the excess of the cost of an acquisition over the
\nfair value of the Group\u2019s share of the net identifiable assets of the
\nacquired subsidiary/associate at the date of acquisition. Goodwill is
\ntested annually for impairment or more frequently if events or changes
\nin circumstances indicate that the asset might be impaired. Goodwill
\nis treated by the Group as an asset of the parent and is considered as
\na monetary item. As a result, these assets are converted based on the
\nrate in force at the balance sheet date. Goodwill is recorded at cost
\nless accumulated impairment losses.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag285": {
"value": "\n
\nTangible fixed assets
\n(1)
\n Initial expenditure
\nTangible fixed assets are recognized at cost less accumulated deprecia-
\ntion and accumulated impairment losses. Cost is determined as being
\nthe purchase price plus other directly attributable acquisition costs, such
\nas non-refundable tax and transport.
\n(2)
\n Subsequent expenditure
\nSubsequent expenditures are capitalized only when it increases the future
\neconomic benefits embodied in the item of property, plant and equipment.
\nOtherwise, it is recognized in profit or loss when incurred.
\n\n(3)
\n Depreciation
\nThe depreciable amount equals the cost of the asset less its residual
\nvalue. Depreciation starts from the date the asset is ready for use, using
\nthe straight-line method over the estimated useful life of the asset.
\nResidual value and useful life are reviewed at least at each fiscal year end.
\nThe depreciation rates used are as follows:
\n\n
\n\n\n| Buildings | \n15-25 years | \n\n\n\n\n
\n\n| Production machinery and equipment | \n2-10 years | \n\n\n\n\n
\n\n| Electronic office equipment (1) | \n3-5 years | \n\n\n\n\n
\n\n| Furniture (1) | \n5-10 years | \n\n\n\n\n
\n\n| Vehicles (1) | \n3-5 years | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\nLand is not depreciated as it is deemed to have an indefinite life.
\n
\n
\n\n\n
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag280": {
"value": "\nInventories
\nRaw materials, work in progress, merchandise and finished goods are
\nvalued at the lower of cost or net realizable value. Cost of inventories
\ncomprises all purchase costs, conversion costs and other costs incurred
\nin bringing the inventories to their present location and present condition.
\nThe valuation method for the stocks is the first in first out (FIFO) method.
\n(1) In note 5, this is included in plant, machinery and equipment.
\n
\n\n\nPurchasing costs include:
\n\u2022 Purchase price, plus
\n\u2022 Import duties and other taxes (if not recoverable), plus
\n\u2022 Transport, handling and other costs directly attributable to the acqui-
\nsition of the goods, less
\n\u2022 Trade discounts, rebates and other similar items.
\nConversion costs include:
\n\u2022 Costs directly related to the units of production, plus
\n\u2022
\nA systematic allocation of fixed and variable indirect production costs.
\nThe provision for obsolescence is calculated consistently throughout the
\nGroup based on the age and expected future sales of the items at hand.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag310": {
"value": "\n
\n\n
\nTrade and other receivables
\nTrade receivables are recognized at cost less impairment losses. If there
\nis objective evidence that an impairment loss has been incurred on trade
\nreceivables, the impairment loss recognized is the difference between the
\ncarrying amount and the present value of estimated future cash flows.
\nAll trade receivables are individually assessed for excess impairment
\naccording to the ECL model. The excess impairment is incorporated in
\nthe \u2018general administration\u2019 section under other expenses.
\n(a)
\n Classification and valuation
\nUnder IFRS 9, debt instruments are subsequently valued at fair value
\nthrough profit or loss (FVTPL), amortized cost or fair value with recogni-
\ntion of value adjustments to unrealized results (FVTOCI). The classifica-
\ntion is based on two criteria: the business model of the Group for the
\nmanagement of the assets; and whether the contractual cash flows of the
\ninstruments represent \u2018principal and interest payments only\u2019 on the out-
\nstanding principal. Trade receivables and other financial assets are held
\nto collect contractual cash flows and lead to cash flows that represent
\nonly payments of principal and interest. These are classified and valued
\nas debt instruments at amortized cost as explained in the \u2018Revenue from
\ncontracts with customers\u2019 section.
\nThe Group has not designated financial obligations as FVTPL. There are
\nno changes in the classification and valuation of the Group\u2019s financial
\nliabilities.
\n\n
\n\n(b)
\n Impairment
\nIFRS 9 requires the Group to recognize a provision for expected credit
\nlosses (ECLs) for all debt instruments that are not held at fair value
\nthrough profit or loss and contract assets. ECLs are based on the differ-
\nence between the contractual cash flow that follows from the contract
\nand all cash flows that the Group expects to receive, discounted on the
\nbasis of the effective interest rate. For trade receivables, the Group uses
\nthe simplified application for the calculation of the ECLs whereby an
\nimpairment is recognized on the basis of historical credit losses, adjusted
\nfor economic or credit conditions that are such that the actual losses are
\ngreater or less than suggested by historical trends.
\n
\n\n\n
\n\n\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag291": {
"value": "\n
\nTrade and other receivables
\nTrade receivables are recognized at cost less impairment losses. If there
\nis objective evidence that an impairment loss has been incurred on trade
\nreceivables, the impairment loss recognized is the difference between the
\ncarrying amount and the present value of estimated future cash flows.
\nAll trade receivables are individually assessed for excess impairment
\naccording to the ECL model. The excess impairment is incorporated in
\nthe \u2018general administration\u2019 section under other expenses.
\n(a)
\n Classification and valuation
\nUnder IFRS 9, debt instruments are subsequently valued at fair value
\nthrough profit or loss (FVTPL), amortized cost or fair value with recogni-
\ntion of value adjustments to unrealized results (FVTOCI). The classifica-
\ntion is based on two criteria: the business model of the Group for the
\nmanagement of the assets; and whether the contractual cash flows of the
\ninstruments represent \u2018principal and interest payments only\u2019 on the out-
\nstanding principal. Trade receivables and other financial assets are held
\nto collect contractual cash flows and lead to cash flows that represent
\nonly payments of principal and interest. These are classified and valued
\nas debt instruments at amortized cost as explained in the \u2018Revenue from
\ncontracts with customers\u2019 section.
\nThe Group has not designated financial obligations as FVTPL. There are
\nno changes in the classification and valuation of the Group\u2019s financial
\nliabilities.
\n\n
\n\n(b)
\n Impairment
\nIFRS 9 requires the Group to recognize a provision for expected credit
\nlosses (ECLs) for all debt instruments that are not held at fair value
\nthrough profit or loss and contract assets. ECLs are based on the differ-
\nence between the contractual cash flow that follows from the contract
\nand all cash flows that the Group expects to receive, discounted on the
\nbasis of the effective interest rate. For trade receivables, the Group uses
\nthe simplified application for the calculation of the ECLs whereby an
\nimpairment is recognized on the basis of historical credit losses, adjusted
\nfor economic or credit conditions that are such that the actual losses are
\ngreater or less than suggested by historical trends.
\n
\n\n\n
\n\n\n
\n\n\n
\n\n
\n\n
\n\n
\n\nDerivative financial instruments
\nHedges
\nVan de Velde applies derivative financial instruments only in order to
\nreduce the exposure to foreign currency risk. These financial instruments
\nare entered into in accordance with the aims and principles laid down by
\ngeneral management, which prohibits the use of such financial instru-
\nments for speculation purposes.
\nDerivative financial instruments are initially measured at fair value.
\nAlthough they provide effective economic hedges, they do not qualify
\nfor hedge accounting under the specific requirements in IAS 39 (Financial
\nInstruments: Recognition and Measurement). As a result, at reporting
\ndate all derivatives are measured at fair value with changes in fair value
\nrecognized immediately in the income statement. The fair value of deriva-
\ntives is calculated by discounting the expected future cash flows at the
\nprevailing interest rates. All spot purchases and sales of financial assets
\nare recognized on the settlement date.
\n
\n\n\n
\n\n\n
\n\n\n
\n\n\n
\n\n\n
\n\nCash and cash equivalents
\nCash and cash equivalents include bank balances, available cash and
\nshort-term deposits. Interest income is recognized based on the effective
\ninterest rate of the asset.
\n
\n\n\n
\n\n\n
\n\nTrade and other payables
\nTrade and other payables are stated at cost, trade payables are non-
\ninterest bearing and are normally settled on 30-day terms. Other paya-
\nbles are non-interest bearing and have an average term of six months.
\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag284": {
"value": "\n(b)
\n Impairment
\nIFRS 9 requires the Group to recognize a provision for expected credit
\nlosses (ECLs) for all debt instruments that are not held at fair value
\nthrough profit or loss and contract assets. ECLs are based on the differ-
\nence between the contractual cash flow that follows from the contract
\nand all cash flows that the Group expects to receive, discounted on the
\nbasis of the effective interest rate. For trade receivables, the Group uses
\nthe simplified application for the calculation of the ECLs whereby an
\nimpairment is recognized on the basis of historical credit losses, adjusted
\nfor economic or credit conditions that are such that the actual losses are
\ngreater or less than suggested by historical trends.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag277": {
"value": "\n
\n\n
\n\n
\n\nDerivative financial instruments
\nHedges
\nVan de Velde applies derivative financial instruments only in order to
\nreduce the exposure to foreign currency risk. These financial instruments
\nare entered into in accordance with the aims and principles laid down by
\ngeneral management, which prohibits the use of such financial instru-
\nments for speculation purposes.
\nDerivative financial instruments are initially measured at fair value.
\nAlthough they provide effective economic hedges, they do not qualify
\nfor hedge accounting under the specific requirements in IAS 39 (Financial
\nInstruments: Recognition and Measurement). As a result, at reporting
\ndate all derivatives are measured at fair value with changes in fair value
\nrecognized immediately in the income statement. The fair value of deriva-
\ntives is calculated by discounting the expected future cash flows at the
\nprevailing interest rates. All spot purchases and sales of financial assets
\nare recognized on the settlement date.
\n
\n\n\n
\n\n\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag311": {
"value": "\n
\n\n
\n\nDerivative financial instruments
\nHedges
\nVan de Velde applies derivative financial instruments only in order to
\nreduce the exposure to foreign currency risk. These financial instruments
\nare entered into in accordance with the aims and principles laid down by
\ngeneral management, which prohibits the use of such financial instru-
\nments for speculation purposes.
\nDerivative financial instruments are initially measured at fair value.
\nAlthough they provide effective economic hedges, they do not qualify
\nfor hedge accounting under the specific requirements in IAS 39 (Financial
\nInstruments: Recognition and Measurement). As a result, at reporting
\ndate all derivatives are measured at fair value with changes in fair value
\nrecognized immediately in the income statement. The fair value of deriva-
\ntives is calculated by discounting the expected future cash flows at the
\nprevailing interest rates. All spot purchases and sales of financial assets
\nare recognized on the settlement date.
\n
\n\n\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag306": {
"value": "\n
\n\nDerivative financial instruments
\nHedges
\nVan de Velde applies derivative financial instruments only in order to
\nreduce the exposure to foreign currency risk. These financial instruments
\nare entered into in accordance with the aims and principles laid down by
\ngeneral management, which prohibits the use of such financial instru-
\nments for speculation purposes.
\nDerivative financial instruments are initially measured at fair value.
\nAlthough they provide effective economic hedges, they do not qualify
\nfor hedge accounting under the specific requirements in IAS 39 (Financial
\nInstruments: Recognition and Measurement). As a result, at reporting
\ndate all derivatives are measured at fair value with changes in fair value
\nrecognized immediately in the income statement. The fair value of deriva-
\ntives is calculated by discounting the expected future cash flows at the
\nprevailing interest rates. All spot purchases and sales of financial assets
\nare recognized on the settlement date.
\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag313": {
"value": "\nDerivative financial instruments
\nHedges
\nVan de Velde applies derivative financial instruments only in order to
\nreduce the exposure to foreign currency risk. These financial instruments
\nare entered into in accordance with the aims and principles laid down by
\ngeneral management, which prohibits the use of such financial instru-
\nments for speculation purposes.
\nDerivative financial instruments are initially measured at fair value.
\nAlthough they provide effective economic hedges, they do not qualify
\nfor hedge accounting under the specific requirements in IAS 39 (Financial
\nInstruments: Recognition and Measurement). As a result, at reporting
\ndate all derivatives are measured at fair value with changes in fair value
\nrecognized immediately in the income statement. The fair value of deriva-
\ntives is calculated by discounting the expected future cash flows at the
\nprevailing interest rates. All spot purchases and sales of financial assets
\nare recognized on the settlement date.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag281": {
"value": "\nCash and cash equivalents
\nCash and cash equivalents include bank balances, available cash and
\nshort-term deposits. Interest income is recognized based on the effective
\ninterest rate of the asset.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag309": {
"value": "\n
\nShare capital
\n(1)
\n Change in capital
\nWhen there is an increase or decrease in Van de Velde\u2019s share capital, all
\ndirectly attributable costs relating to that event are deducted from equity
\nand not recognized in profit or loss when incurred.
\n\n(2)
\n Dividends
\nDividends are recognized as a liability in the period in which they are
\napproved by the General Meeting.
\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag276": {
"value": "\n(2)
\n Dividends
\nDividends are recognized as a liability in the period in which they are
\napproved by the General Meeting.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag314": {
"value": "\nProvisions
\nProvisions are recognized when Van de Velde has a present legal or con-
\nstructive obligation as a result of past events, and it is probable that an
\noutflow will be required to settle the obligation and a reliable estimate of
\nthe amount of the obligation can be made. If the effect is material, provi-
\nsions are determined by discounting the expected future cash flows at a
\nrate that reflects current market assessments of the time value of money
\nand, where appropriate, the risks specific to the liability.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag297": {
"value": "\nEmployee benefits
\n(1)
\n Pension plan
\nVan de Velde has group insurance plans for its Belgian employees and
\ngroup insurance plans for its employees elsewhere. Under IAS 19 all pen-
\nsion plans are recognized as defined contribution plans or defined pension
\nplans. A defined contribution plan is a pension plan in which a company
\npays fixed contributions to a separate company and has no legal or actual
\nobligation to pay further contributions if the pension fund has inadequate
\nassets to pay the benefits related to the years of service in the current or
\nprevious periods to all employees. A defined pension plan is a pension
\nplan that is not a defined contribution plan.
\nThe pension plans in foreign countries are defined contribution plans.
\nThe costs connected with these are recognized through profit and loss
\nwhen incurred. Retirement plans in Belgium are defined retirement plans.
\nA liability was recognized in the balance sheet with regard to the Belgian
\npension schemes equal to the sum of the cash value of the gross liabili-
\nties on account of defined pension entitlements (including the tax due
\non contributions relating to pension costs) as at the balance sheet date,
\nless the market value of the fund investments. An independent actuary
\nmakes on an annual basis an actuarial calculation of this gross liability
\nusing the projected unit credit method.
\nThe interest expense is calculated by applying a discount rate to the asset
\nor the liability of the defined pension entitlements. This interest expense
\nis recognized through profit and loss. In establishing an appropriate dis-
\ncount rate, the company bases itself on the interest rates applicable to
\nhigh-grade corporate bonds in cash, which correspond to the currency in
\nwhich the liability is expected to be paid in accordance with the expected
\nduration of the defined pension liability.
\nRevaluations, including actuarial gains and losses and the return on fund
\ninvestments (excluding net interest expense), are recognized in other
\ncomprehensive income when they occur. Revaluations must not be reclas-
\nsified to profit and loss in later periods.
\nPast service pension cost is recognized through profit and loss when the
\nplan is changed or when the related restructuring or termination benefits
\nbecome payable by the company, whichever occurs first.
\n
\n\n\n(2)
\n Share-based payments
\nThe fair value of the share options awarded under the Group\u2019s share
\noption plan is established on the grant date, with due consideration for
\nthe terms and conditions under which the options are granted and using
\na valuation technique corresponding to generally accepted valuation
\nmethods for establishing the price of financial instruments and with due
\nconsideration for all relevant factors and assumptions. The fair value of
\nthe share options is recognized as personnel expenses for the period
\nuntil the beneficiary acquires the option unconditionally (i.e. vesting date).
\nThis concerns equity settled option plans being incorporated into equity.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag279": {
"value": "\nIncome tax
\nIncome tax on the profit or loss for the year comprises current and
\ndeferred tax. Income tax is recognized in the income statement except
\ninsofar as it relates to items included in shareholders\u2019 equity. In that case,
\nincome tax is included in shareholders\u2019 equity.
\nCurrent tax is the expected tax payable on the taxable income for the year,
\nusing applicable tax rates on the balance sheet date, and any adjustments
\nto tax payables with respect to previous years.
\nFor financial reporting purposes, deferred income tax is calculated using
\nthe liability method based on temporary differences at the balance sheet
\ndate between the tax bases of assets and liabilities and their carrying
\namounts.
\nDeferred income tax assets are recognized only insofar as it is probable
\nthat taxable profit will be available against which the deductible tempo-
\nrary differences, the carry-forward of unused tax credits and unused tax
\nlosses can be utilized.
\nDeferred income tax assets and liabilities are measured at the tax rates
\nthat are expected to apply in the year in which the asset is realized or
\nthe liability is settled, based on tax rates (and tax laws) that have been
\nimplemented or substantively implemented at the balance sheet date.
\nDeferred tax assets and deferred tax liabilities are offset when a legally
\nenforceable right exists to set off current tax assets against current tax
\nliabilities and the deferred taxes relate to the same taxable entity and the
\nsame taxation authority.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag318": {
"value": "\nTrade and other payables
\nTrade and other payables are stated at cost, trade payables are non-
\ninterest bearing and are normally settled on 30-day terms. Other paya-
\nbles are non-interest bearing and have an average term of six months.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag308": {
"value": "\nRevenue from contracts with customers
\nIFRS 15 provides a five-step model for the administrative processing
\nof revenue from contracts with customers. Under IFRS 15, revenue is
\nrecognized in an amount that reflects the consideration to which the
\nentity expects to be entitled in exchange for those goods or services.
\n(1)
\n Goods sold
\nThe two biggest revenue streams of the Group are revenue from B2B and
\nrevenue from D2C. Within these revenue streams, it is usually expected
\nthat the sale of the goods represents the only performance obligation.
\nFurthermore, the revenue is recognized when the control over the article
\nis transferred to the customer, usually upon delivery of the goods.
\nAllowed discounts for cash payments are charged to the profit and loss
\naccount at the moment of the collection of the claim. This discount is
\nincluded as a reduction in turnover. Van de Velde has applied the practical
\nexpedient for allowed discounts for cash payments. That is, the promised
\namount of consideration is not adjusted for the effects of a significant
\nfinancing component if the period between the transfer of the promised
\ngood or service and the payment is one year or less.
\nSales of products in the physical and digital stores are recorded when
\nthe sale is settled. The sale is recorded in revenue excluding taxes on
\nsales and value added taxes and includes discounts and commercial
\npromotions.
\nThe necessary provisions for returns are recognized and revised every
\nsix months based on historical data.
\n(2)
\n Gift cards and store credits
\nThe Group\u2019s retail network sells gift cards and issues credits to its cus-
\ntomers when merchandise is returned. The cards and credits either do
\nnot expire or have an expiry date of up to 24 months. In line with IFRS 15,
\nthe Group recognizes sales from gift cards when they are redeemed by
\nthe customer. The unused gift cards and credits are included in the profit
\nand loss account in accordance with internally determined percentages.
\nThis recognition represents the estimate of the management of which
\nthe probability of use by the customer is estimated to be minimal. This
\nprofit is included in turnover.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag302": {
"value": "\n
\n\nFinancial income
\nFinancial income comprises dividend income and interest income.
\nRoyalties arising from the use by others of the company\u2019s resources are
\nrecognized when it is probable that the economic benefits associated
\nwith the transaction will flow to the company and the revenue can be
\nmeasured reliably. Dividend income is recognized in the income statement
\non the date that the dividend is approved by the General Meeting. Interest
\nincome is recognized based on the effective interest rate of the asset.
\n
\n\n\n\n
\n\n\n\n
\n\n
\n\nExpenses
\n(1)
\n Interest expenses
\nAll interest and other costs incurred in connection with borrowings and
\nfinance lease liabilities are recognized in the income statement using the
\neffective interest rate method.
\n
\n\n\n\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag289": {
"value": "\nFinancial income
\nFinancial income comprises dividend income and interest income.
\nRoyalties arising from the use by others of the company\u2019s resources are
\nrecognized when it is probable that the economic benefits associated
\nwith the transaction will flow to the company and the revenue can be
\nmeasured reliably. Dividend income is recognized in the income statement
\non the date that the dividend is approved by the General Meeting. Interest
\nincome is recognized based on the effective interest rate of the asset.
\n
\n\n\n\n
\n\nExpenses
\n(1)
\n Interest expenses
\nAll interest and other costs incurred in connection with borrowings and
\nfinance lease liabilities are recognized in the income statement using the
\neffective interest rate method.
\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag287": {
"value": "\nGovernment grants
\nA government grant is recognized when there is reasonable assurance
\nthat it will be received and that the company will comply with the attached
\nconditions. Grants that compensate the company for expenses incurred
\nare recognized as revenue in the income statement on a systematic basis
\nin the same periods in which the expenses are incurred. Grants that com-
\npensate the company for the cost of an asset are, spread out over the
\ndepreciation period of the asset in question, included in the income state-
\nment under other operating income.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag282": {
"value": "\n
\n
\n\n
\n\n
\n\nExpenses
\n(1)
\n Interest expenses
\nAll interest and other costs incurred in connection with borrowings and
\nfinance lease liabilities are recognized in the income statement using the
\neffective interest rate method.
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n(2)
\n\n Research and development, advertising and promotional
\ncosts, and system development costs
\nResearch, advertising and promotional costs are expensed in the year in
\nwhich these costs are incurred. Development costs and system develop-
\nment costs are expensed in the year in which these costs are incurred if
\nthey do not meet the criteria for capitalization. If the development expendi-
\nture meets the criteria, it will be capitalized.
\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag278": {
"value": "\nExpenses
\n(1)
\n Interest expenses
\nAll interest and other costs incurred in connection with borrowings and
\nfinance lease liabilities are recognized in the income statement using the
\neffective interest rate method.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag307": {
"value": "\n Research and development, advertising and promotional
\ncosts, and system development costs
\nResearch, advertising and promotional costs are expensed in the year in
\nwhich these costs are incurred. Development costs and system develop-
\nment costs are expensed in the year in which these costs are incurred if
\nthey do not meet the criteria for capitalization. If the development expendi-
\nture meets the criteria, it will be capitalized.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag300": {
"value": "\nNew and amended standards and interpretations,
\neffective after year end 2023
\nThe Group has not early-adopted any standards or interpretations issued
\nbut not yet effective as at 31 December 2023.
\nStandards and interpretations issued but not yet effective up to the date
\nof issuance of the Group\u2019s financial statements are listed below. Van de
\nVelde expects no material impact on the Group consolidated financial
\nstatements:
\n\u2022
\nAmendments to IAS 1 Presentation of Financial Statements \u2013
\nClassification of Liabilities as Current or Non-current (the 2020 amend-
\nments and 2022 amendments), effective 1 January 2024
\n\u2022 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial
\nInstruments: Disclosures, effective 1 January 2024 (not yet endorsed
\nby the EU as per 20 December 2023)
\n\u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange
\nRates: Lack of Exchangeability, effective 1 January 2025 (not yet
\nendorsed by the EU as per 20 December 2023)
\n\u2022
\nAmendments to IFRS 16 Leases: Lease Liability in a Sale and
\nLeaseback, effective 1 January 2024
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag341": {
"value": "\n3. GOODWILL AND INTANGIBLE ASSETS WITH INDEFINITE USEFUL LIFE
\n\n(a) Goodwill
\nGoodwill is allocated and tested for impairment at the cash-generating unit level that is expected to benefit from synergies of the combination the
\ngoodwill resulted from. Cash-generating units are determined based on revenue generated (digital and owned retail) in the markets in which they operate.
\nThe carrying value of goodwill (after impairment and other adjustments) was allocated to each of the cash-generating units (in thousand euro) as follows:
\n\n
\n\n\n| 000 euro | \nAndres Sarda | \nIntimacy | \nRigby & Peller | \nRe-tail (1) | \nTotal | \n\n\n
\n\n| Carrying value, gross | \n | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2023 | \n6,357 | \n26,189 | \n1,732 | \n2,797 | \n37,075 | \n\n\n
\n\n| Acquisition through business combinations | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Exchange differences | \n0 | \n0 | \n29 | \n0 | \n29 | \n\n\n
\n\n| At 31/12/2023 | \n6,357 | \n26,189 | \n1,761 | \n2,797 | \n37,104 | \n\n\n
\n\n| Impairment and other adjustments (revaluation) | \n | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2023 | \n6,357 | \n26,189 | \n0 | \n0 | \n32,546 | \n\n\n
\n\n| Adjustments | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| At 31/12/2023 | \n6,357 | \n26,189 | \n0 | \n0 | \n32,546 | \n\n\n
\n\n| At 31/12/2023 | \n | \n | \n | \n | \n | \n\n\n
\n\n| Accumulated acquisitions | \n6,357 | \n26,189 | \n1,761 | \n2,797 | \n37,104 | \n\n\n
\n\n| Accumulated adjustments | \n6,357 | \n26,189 | \n0 | \n0 | \n32,546 | \n\n\n
\n\n| Goodwill, net 31/12/2023 | \n0 | \n0 | \n1,761 | \n2,797 | \n4,558 | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) Re-tail refers to the former Donker stores and online store in the Netherlands, which subsequently became Lincherie stores under our own management.
\n
\n\n\n\n\n
\n\n(b) Brand names with indefinite useful life
\nThe carrying value of brands with indefinite useful life (after impairment and other adjustments) was allocated to each of the cash-generating units
\n(in thousand euro) as follows:
\n\n
\n\n\n| 000 euro | \nAndres Sarda | \nIntimacy | \nRigby & Peller | \nRe-tail (1) | \nTotal | \n\n\n
\n\n| Carrying value, gross | \n | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2023 | \n11,000 | \n7,784 | \n6,670 | \n0 | \n25,454 | \n\n\n
\n\n| Acquisition through business combinations | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Exchange differences | \n0 | \n0 | \n113 | \n0 | \n113 | \n\n\n
\n\n| At 31/12/2023 | \n11,000 | \n7,784 | \n6,783 | \n0 | \n25,567 | \n\n\n
\n\n| Impairment and other adjustments (revaluation) | \n | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2023 | \n5,531 | \n7,784 | \n0 | \n0 | \n13,315 | \n\n\n
\n\n| Adjustments | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| At 31/12/2023 | \n5,531 | \n7,784 | \n0 | \n0 | \n13,315 | \n\n\n
\n\n| At 31/12/2023 | \n | \n | \n | \n | \n | \n\n\n
\n\n| Accumulated acquisitions | \n11,000 | \n7,784 | \n6,783 | \n0 | \n25,567 | \n\n\n
\n\n| Accumulated adjustments | \n5,531 | \n7,784 | \n0 | \n0 | \n13,315 | \n\n\n
\n\n| Brand names with indefinite useful life, net 31/12/2023 | \n5,469 | \n0 | \n6,783 | \n0 | \n12,252 | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) Re-tail refers to the former Donker stores and online store in the Netherlands, which subsequently became Lincherie stores under our own management.
\n
\n\n\n\n\n
\n\n\n\n\n
\n
\n
\n\nBrands with indefinite useful life are:
\n\u2022 The Andres Sarda brand acquired in 2008. In 2012 an impairment charge of 5,531 thousand euro was recognized on this brand.
\n\u2022 The Intimacy brand and concept acquired in 2010. This brand and concept is fully impaired in 2014 (7,784 thousand euro).
\n\u2022 The Rigby & Peller brand and concept acquired in 2011, the fair value of which was determined as part of a business combination.
\nThese brands are considered to have an indefinite useful life because the Group sees them as a fully fledged extension of its existing brand portfolio.
\n
\n\n\n\n\n\n\nImpairment test
\nIn the fourth quarter of every year, the Group conducts its annual impairment test for each cash-generating unit. The following intangible assets
\nallocated to each of the cash-generating units were subject to an impairment test in 2023:
\n\n
\n\n\n| 000 euro | \nAndres Sarda | \nIntimacy | \nRigby & Peller | \nRe-tail | \nTotal | \n\n\n
\n\n| Goodwill | \n0 | \n0 | \n1,761 | \n2,797 | \n4,558 | \n\n\n
\n\n| Brands with indefinite useful life | \n5,469 | \n0 | \n6,783 | \n0 | \n12,252 | \n\n\n
\n\n| Total intangible assets | \n5,469 | \n0 | \n8,544 | \n2,797 | \n16,810 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\nResult of the impairment test
\nIn 2023 the impairment test showed that the realizable value for all cash-generating units (Andres Sarda, Rigby & Peller and Re-tail) exceeded the
\ncarrying value and hence no impairment was required.
\n
\n\n\n\n\n
\n\n\n\n\n\nMethodology applied to the impairment test
\nThis test aims to compare the realizable value and the carrying value of
\neach cash-generating unit:
\n\u2022
\nA model-based approach determines the realizable value based on the
\ncalculated value-in-use, being the present value of the future expected
\ncash flows from these cash-generating units:
\n \u2606 For the first year in the forecast period (2024), the growth plan as
\napproved by the Board of Directors is used as the basis.
\n \u2606
\nFor the subsequent years (2025-2027), a cash flow projection is
\ndrawn up based on realistic assumptions.
\n\u2022
\nFor Andres Sarda, this was based on the 2024-2028 strategic plan,
\nwhich was approved by the Board of Directors on 12 June 2023.
\n\u2022
\nThe discount rate used to calculate the present value of the future
\nexpected cash flows is based on the market assessments and is
\nexplained below.
\nThe calculation of the value-in-use for all cash-generating units is most
\nsensitive to the following assumptions:
\n\u2022 Turnover assumptions for the forecast period;
\n\u2022 EBITDA
\n(1)
\n development and EBITDA margins applied to the turnover
\nforecast;
\n\u2022
\nGrowth rate used to extrapolate cash flows beyond the forecast period;
\n\u2022 Discount rate.
\nThe assumptions related to turnover and EBITDA developments are based
\non available internal data as well as historical percentages on the basis of
\nexperience, which are determined for each of the cash-generating units
\nseparately. The growth rate and discount rates are checked against exter-
\nnal sources insofar as possible and relevant.
\nTurnover assumptions for the forecast period
\nFor the three cash-generating units, the growth plan as approved by the
\nBoard of Directors is the starting point in the forecast period (2024).
\nFor Andres Sarda we expect turnover growth during the period 2026-2028.
\nFor the planning period (2024-2027) moderate turnover growth on a like-
\nfor-like basis has been applied to the cash-generating units Rigby & Peller
\nand Re-tail.
\nFully aligned with the segment reporting, the turnover estimates for the
\ncash-generating units Rigby & Peller and Re-tail include the D2C turnover
\nrealized by the stores as well as the B2B turnover for the Van de Velde
\nproducts sold by these retail channels. Furthermore, the estimate for Rigby
\n& Peller also takes into account the digital sales generated in Germany
\nand the United States of America under the Rigby & Peller brand name.
\nB2B sales to franchise shops are included in Re-tail.
\n(1) Operating profit before depreciation and amortization.
\nEBITDA development and EBITDA margins applied to the
\nturnover forecast
\nIn 2024 we reposition the Andres Sarda brand after a detailed and inten-
\nsive preparation period that began in 2022. Since its launch in 1962, the
\nAndres Sarda brand has been seen as visionary and lauded for its ground-
\nbreaking designs. The new, stronger strategy allows us to express the
\nbrand\u2019s DNA even more. The target group is looking for easy-to-wear
\nlingerie that makes a fashion statement. To reinforce the repositioning,
\nwe will change the name Andres Sarda to Sarda. Pre-sales started in
\nJanuary, with the official launch scheduled for the second half of 2024.
\nA gradual increase in the EBITDA percentage towards the target EBITDA
\npercentage for a (partially) integrated retail chain is assumed for the cash-
\ngenerating units Rigby & Peller and Re-tail. This is achieved by means
\nof a high gross margin, limited cost increases and the target market
\nshare of Van de Velde products. The contributions to EBITDA of digital
\nsales under the Rigby & Peller brand in Germany and the United States
\nof America were also included in the valuation. B2B sales to franchise
\nshops are included in Re-tail.
\nGrowth rate used to extrapolate cash flows beyond the
\nforecast period
\nThe long-term percentage applied to extrapolate cash flows beyond the
\nforecast period is assessed in line with the expected long-term inflation
\nfor all cash-generating units (2%).
\nDiscount rate
\nThe discount rates represent the current market assessment of the risks
\nspecific to the Van de Velde Group on the one hand and the cash- generat-
\ning units on the other. The discount rates are estimated on the basis of
\nthe weighted average cost of capital after tax and are for the three cash-
\ngenerating units in a range between 8.5% and 9.5%. This corresponds to
\na cost of capital before tax of between 10.6% and 11.9%.
\nSensitivity to changes in assumptions
\nWith regard to the assessment of the value of the cash-generating unit
\nAndres Sarda, Rigby & Peller and Re-tail, management is of the opinion,
\nbased on the sensitivity analysis, that a change to the basic assump-
\ntions would not currently lead to the book value of the unit exceeding the
\nrealizable value. The tested sensitivities related to the following aspects:
\n\u2022 Lower than planned turnover growth (of -4% or -5%) during the plan-
\nning period (2025-2027);
\n\u2022
\nA reduction in the long-term percentage (from 2% to 1%) used to extra
\n-
\npolate the expected turnover;
\n\u2022
\nAn increase in the weighted average cost of capital of 8% or 9% to
\n12% on average.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n
\n\n
\n4. INTANGIBLE ASSETS
\n\n\n
\n\n\n | \n | \nBrands | \nBrands | \n | \n | \n | \n\n\n
\n\n | \n | \nwith finite | \nwith indefinite | \nDistribution rights | \n | \n | \n\n\n
\n\n| 000 euro | \nTotal | \nuseful life | \nuseful life | \nand similar rights | \nSoftware | \nKey money | \n\n\n
\n\n| Intangible assets, gross | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2022 | \n61,666 | \n4,743 | \n25,798 | \n3,734 | \n27,074 | \n317 | \n\n\n
\n\n| Investments | \n3,918 | \n58 | \n0 | \n0 | \n3,860 | \n0 | \n\n\n
\n\n| Disposals | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Other adjustments | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Exchange adjustments | \n-340 | \n0 | \n-344 | \n0 | \n4 | \n0 | \n\n\n
\n\n| At 31/12/2022 | \n65,244 | \n4,801 | \n25,454 | \n3,734 | \n30,938 | \n317 | \n\n\n
\n\n| Amortization and impairment | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2022 | \n41,390 | \n4,387 | \n13,315 | \n3,734 | \n19,656 | \n298 | \n\n\n
\n\n| Amortization | \n3,279 | \n173 | \n0 | \n0 | \n3,099 | \n7 | \n\n\n
\n\n| Impairment | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Disposals | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Exchange adjustments | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| At 31/12/2022 | \n44,669 | \n4,560 | \n13,315 | \n3,734 | \n22,755 | \n305 | \n\n\n
\n\n| Intangible assets, net 31/12/2022 | \n20,575 | \n241 | \n12,139 | \n0 | \n8,183 | \n12 | \n\n\n
\n\n| Intangible assets, gross | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2023 | \n65,244 | \n4,801 | \n25,454 | \n3,734 | \n30,938 | \n317 | \n\n\n
\n\n| Investments | \n3,568 | \n35 | \n0 | \n0 | \n3,533 | \n0 | \n\n\n
\n\n| Disposals | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Other adjustments | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Exchange adjustments | \n113 | \n0 | \n113 | \n0 | \n0 | \n0 | \n\n\n
\n\n| At 31/12/2023 | \n68,925 | \n4,836 | \n25,567 | \n3,734 | \n34,471 | \n317 | \n\n\n
\n\n| Amortization and impairment | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2023 | \n44,669 | \n4,560 | \n13,315 | \n3,734 | \n22,755 | \n305 | \n\n\n
\n\n| Amortization | \n3,841 | \n157 | \n0 | \n0 | \n3,676 | \n8 | \n\n\n
\n\n| Impairment | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Disposals | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Exchange adjustments | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| At 31/12/2023 | \n48,510 | \n4,717 | \n13,315 | \n3,734 | \n26,431 | \n313 | \n\n\n
\n\n| Intangible assets, net 31/12/2023 | \n20,415 | \n119 | \n12,252 | \n0 | \n8,040 | \n4 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\nThe expenses of brands with a finite useful life relate among other things to registration costs of developed in-house brands.
\nThe investments in software in 2023 concern the further development of the digital platforms as well as the implementation of our new warehouse
\nmanagement system. There were also additional investments in the further expansion of the Customer Data Platform.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\n
\n\nKey money relates to stores in Germany, Spain and the Netherlands. Key
\nmoney refers to the \u2018droit au bail\u2019 or the right to rent the shops in Germany,
\nthe Netherlands and Spain and is recognized at cost.
\nExpenditure on research activities (789 thousand euro in 2023) undertaken
\nto acquire new scientific or technical knowledge and understanding, is
\nrecognized as expense when incurred.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag323": {
"value": "\n(a) Goodwill
\nGoodwill is allocated and tested for impairment at the cash-generating unit level that is expected to benefit from synergies of the combination the
\ngoodwill resulted from. Cash-generating units are determined based on revenue generated (digital and owned retail) in the markets in which they operate.
\nThe carrying value of goodwill (after impairment and other adjustments) was allocated to each of the cash-generating units (in thousand euro) as follows:
\n\n
\n\n\n| 000 euro | \nAndres Sarda | \nIntimacy | \nRigby & Peller | \nRe-tail (1) | \nTotal | \n\n\n
\n\n| Carrying value, gross | \n | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2023 | \n6,357 | \n26,189 | \n1,732 | \n2,797 | \n37,075 | \n\n\n
\n\n| Acquisition through business combinations | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Exchange differences | \n0 | \n0 | \n29 | \n0 | \n29 | \n\n\n
\n\n| At 31/12/2023 | \n6,357 | \n26,189 | \n1,761 | \n2,797 | \n37,104 | \n\n\n
\n\n| Impairment and other adjustments (revaluation) | \n | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2023 | \n6,357 | \n26,189 | \n0 | \n0 | \n32,546 | \n\n\n
\n\n| Adjustments | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| At 31/12/2023 | \n6,357 | \n26,189 | \n0 | \n0 | \n32,546 | \n\n\n
\n\n| At 31/12/2023 | \n | \n | \n | \n | \n | \n\n\n
\n\n| Accumulated acquisitions | \n6,357 | \n26,189 | \n1,761 | \n2,797 | \n37,104 | \n\n\n
\n\n| Accumulated adjustments | \n6,357 | \n26,189 | \n0 | \n0 | \n32,546 | \n\n\n
\n\n| Goodwill, net 31/12/2023 | \n0 | \n0 | \n1,761 | \n2,797 | \n4,558 | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) Re-tail refers to the former Donker stores and online store in the Netherlands, which subsequently became Lincherie stores under our own management.
\n
\n\n\n\n\nImpairment test
\nIn the fourth quarter of every year, the Group conducts its annual impairment test for each cash-generating unit. The following intangible assets
\nallocated to each of the cash-generating units were subject to an impairment test in 2023:
\n\n
\n\n\n| 000 euro | \nAndres Sarda | \nIntimacy | \nRigby & Peller | \nRe-tail | \nTotal | \n\n\n
\n\n| Goodwill | \n0 | \n0 | \n1,761 | \n2,797 | \n4,558 | \n\n\n
\n\n| Brands with indefinite useful life | \n5,469 | \n0 | \n6,783 | \n0 | \n12,252 | \n\n\n
\n\n| Total intangible assets | \n5,469 | \n0 | \n8,544 | \n2,797 | \n16,810 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag321": {
"value": "\n(b) Brand names with indefinite useful life
\nThe carrying value of brands with indefinite useful life (after impairment and other adjustments) was allocated to each of the cash-generating units
\n(in thousand euro) as follows:
\n\n
\n\n\n| 000 euro | \nAndres Sarda | \nIntimacy | \nRigby & Peller | \nRe-tail (1) | \nTotal | \n\n\n
\n\n| Carrying value, gross | \n | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2023 | \n11,000 | \n7,784 | \n6,670 | \n0 | \n25,454 | \n\n\n
\n\n| Acquisition through business combinations | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Exchange differences | \n0 | \n0 | \n113 | \n0 | \n113 | \n\n\n
\n\n| At 31/12/2023 | \n11,000 | \n7,784 | \n6,783 | \n0 | \n25,567 | \n\n\n
\n\n| Impairment and other adjustments (revaluation) | \n | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2023 | \n5,531 | \n7,784 | \n0 | \n0 | \n13,315 | \n\n\n
\n\n| Adjustments | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| At 31/12/2023 | \n5,531 | \n7,784 | \n0 | \n0 | \n13,315 | \n\n\n
\n\n| At 31/12/2023 | \n | \n | \n | \n | \n | \n\n\n
\n\n| Accumulated acquisitions | \n11,000 | \n7,784 | \n6,783 | \n0 | \n25,567 | \n\n\n
\n\n| Accumulated adjustments | \n5,531 | \n7,784 | \n0 | \n0 | \n13,315 | \n\n\n
\n\n| Brand names with indefinite useful life, net 31/12/2023 | \n5,469 | \n0 | \n6,783 | \n0 | \n12,252 | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) Re-tail refers to the former Donker stores and online store in the Netherlands, which subsequently became Lincherie stores under our own management.
\n
\n\n\n\n\nBrands with indefinite useful life are:
\n\u2022 The Andres Sarda brand acquired in 2008. In 2012 an impairment charge of 5,531 thousand euro was recognized on this brand.
\n\u2022 The Intimacy brand and concept acquired in 2010. This brand and concept is fully impaired in 2014 (7,784 thousand euro).
\n\u2022 The Rigby & Peller brand and concept acquired in 2011, the fair value of which was determined as part of a business combination.
\nThese brands are considered to have an indefinite useful life because the Group sees them as a fully fledged extension of its existing brand portfolio.
\n
\n\n\n\n\n
\n\n
\n4. INTANGIBLE ASSETS
\n\n\n
\n\n\n | \n | \nBrands | \nBrands | \n | \n | \n | \n\n\n
\n\n | \n | \nwith finite | \nwith indefinite | \nDistribution rights | \n | \n | \n\n\n
\n\n| 000 euro | \nTotal | \nuseful life | \nuseful life | \nand similar rights | \nSoftware | \nKey money | \n\n\n
\n\n| Intangible assets, gross | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2022 | \n61,666 | \n4,743 | \n25,798 | \n3,734 | \n27,074 | \n317 | \n\n\n
\n\n| Investments | \n3,918 | \n58 | \n0 | \n0 | \n3,860 | \n0 | \n\n\n
\n\n| Disposals | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Other adjustments | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Exchange adjustments | \n-340 | \n0 | \n-344 | \n0 | \n4 | \n0 | \n\n\n
\n\n| At 31/12/2022 | \n65,244 | \n4,801 | \n25,454 | \n3,734 | \n30,938 | \n317 | \n\n\n
\n\n| Amortization and impairment | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2022 | \n41,390 | \n4,387 | \n13,315 | \n3,734 | \n19,656 | \n298 | \n\n\n
\n\n| Amortization | \n3,279 | \n173 | \n0 | \n0 | \n3,099 | \n7 | \n\n\n
\n\n| Impairment | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Disposals | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Exchange adjustments | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| At 31/12/2022 | \n44,669 | \n4,560 | \n13,315 | \n3,734 | \n22,755 | \n305 | \n\n\n
\n\n| Intangible assets, net 31/12/2022 | \n20,575 | \n241 | \n12,139 | \n0 | \n8,183 | \n12 | \n\n\n
\n\n| Intangible assets, gross | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2023 | \n65,244 | \n4,801 | \n25,454 | \n3,734 | \n30,938 | \n317 | \n\n\n
\n\n| Investments | \n3,568 | \n35 | \n0 | \n0 | \n3,533 | \n0 | \n\n\n
\n\n| Disposals | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Other adjustments | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Exchange adjustments | \n113 | \n0 | \n113 | \n0 | \n0 | \n0 | \n\n\n
\n\n| At 31/12/2023 | \n68,925 | \n4,836 | \n25,567 | \n3,734 | \n34,471 | \n317 | \n\n\n
\n\n| Amortization and impairment | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2023 | \n44,669 | \n4,560 | \n13,315 | \n3,734 | \n22,755 | \n305 | \n\n\n
\n\n| Amortization | \n3,841 | \n157 | \n0 | \n0 | \n3,676 | \n8 | \n\n\n
\n\n| Impairment | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Disposals | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Exchange adjustments | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| At 31/12/2023 | \n48,510 | \n4,717 | \n13,315 | \n3,734 | \n26,431 | \n313 | \n\n\n
\n\n| Intangible assets, net 31/12/2023 | \n20,415 | \n119 | \n12,252 | \n0 | \n8,040 | \n4 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\nThe expenses of brands with a finite useful life relate among other things to registration costs of developed in-house brands.
\nThe investments in software in 2023 concern the further development of the digital platforms as well as the implementation of our new warehouse
\nmanagement system. There were also additional investments in the further expansion of the Customer Data Platform.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\nKey money relates to stores in Germany, Spain and the Netherlands. Key
\nmoney refers to the \u2018droit au bail\u2019 or the right to rent the shops in Germany,
\nthe Netherlands and Spain and is recognized at cost.
\nExpenditure on research activities (789 thousand euro in 2023) undertaken
\nto acquire new scientific or technical knowledge and understanding, is
\nrecognized as expense when incurred.
\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag332": {
"value": "\n\nImpairment test
\nIn the fourth quarter of every year, the Group conducts its annual impairment test for each cash-generating unit. The following intangible assets
\nallocated to each of the cash-generating units were subject to an impairment test in 2023:
\n\n
\n\n\n| 000 euro | \nAndres Sarda | \nIntimacy | \nRigby & Peller | \nRe-tail | \nTotal | \n\n\n
\n\n| Goodwill | \n0 | \n0 | \n1,761 | \n2,797 | \n4,558 | \n\n\n
\n\n| Brands with indefinite useful life | \n5,469 | \n0 | \n6,783 | \n0 | \n12,252 | \n\n\n
\n\n| Total intangible assets | \n5,469 | \n0 | \n8,544 | \n2,797 | \n16,810 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\nResult of the impairment test
\nIn 2023 the impairment test showed that the realizable value for all cash-generating units (Andres Sarda, Rigby & Peller and Re-tail) exceeded the
\ncarrying value and hence no impairment was required.
\n
\n\n\n\n\nMethodology applied to the impairment test
\nThis test aims to compare the realizable value and the carrying value of
\neach cash-generating unit:
\n\u2022
\nA model-based approach determines the realizable value based on the
\ncalculated value-in-use, being the present value of the future expected
\ncash flows from these cash-generating units:
\n \u2606 For the first year in the forecast period (2024), the growth plan as
\napproved by the Board of Directors is used as the basis.
\n \u2606
\nFor the subsequent years (2025-2027), a cash flow projection is
\ndrawn up based on realistic assumptions.
\n\u2022
\nFor Andres Sarda, this was based on the 2024-2028 strategic plan,
\nwhich was approved by the Board of Directors on 12 June 2023.
\n\u2022
\nThe discount rate used to calculate the present value of the future
\nexpected cash flows is based on the market assessments and is
\nexplained below.
\nThe calculation of the value-in-use for all cash-generating units is most
\nsensitive to the following assumptions:
\n\u2022 Turnover assumptions for the forecast period;
\n\u2022 EBITDA
\n(1)
\n development and EBITDA margins applied to the turnover
\nforecast;
\n\u2022
\nGrowth rate used to extrapolate cash flows beyond the forecast period;
\n\u2022 Discount rate.
\nThe assumptions related to turnover and EBITDA developments are based
\non available internal data as well as historical percentages on the basis of
\nexperience, which are determined for each of the cash-generating units
\nseparately. The growth rate and discount rates are checked against exter-
\nnal sources insofar as possible and relevant.
\nTurnover assumptions for the forecast period
\nFor the three cash-generating units, the growth plan as approved by the
\nBoard of Directors is the starting point in the forecast period (2024).
\nFor Andres Sarda we expect turnover growth during the period 2026-2028.
\nFor the planning period (2024-2027) moderate turnover growth on a like-
\nfor-like basis has been applied to the cash-generating units Rigby & Peller
\nand Re-tail.
\nFully aligned with the segment reporting, the turnover estimates for the
\ncash-generating units Rigby & Peller and Re-tail include the D2C turnover
\nrealized by the stores as well as the B2B turnover for the Van de Velde
\nproducts sold by these retail channels. Furthermore, the estimate for Rigby
\n& Peller also takes into account the digital sales generated in Germany
\nand the United States of America under the Rigby & Peller brand name.
\nB2B sales to franchise shops are included in Re-tail.
\n(1) Operating profit before depreciation and amortization.
\nEBITDA development and EBITDA margins applied to the
\nturnover forecast
\nIn 2024 we reposition the Andres Sarda brand after a detailed and inten-
\nsive preparation period that began in 2022. Since its launch in 1962, the
\nAndres Sarda brand has been seen as visionary and lauded for its ground-
\nbreaking designs. The new, stronger strategy allows us to express the
\nbrand\u2019s DNA even more. The target group is looking for easy-to-wear
\nlingerie that makes a fashion statement. To reinforce the repositioning,
\nwe will change the name Andres Sarda to Sarda. Pre-sales started in
\nJanuary, with the official launch scheduled for the second half of 2024.
\nA gradual increase in the EBITDA percentage towards the target EBITDA
\npercentage for a (partially) integrated retail chain is assumed for the cash-
\ngenerating units Rigby & Peller and Re-tail. This is achieved by means
\nof a high gross margin, limited cost increases and the target market
\nshare of Van de Velde products. The contributions to EBITDA of digital
\nsales under the Rigby & Peller brand in Germany and the United States
\nof America were also included in the valuation. B2B sales to franchise
\nshops are included in Re-tail.
\nGrowth rate used to extrapolate cash flows beyond the
\nforecast period
\nThe long-term percentage applied to extrapolate cash flows beyond the
\nforecast period is assessed in line with the expected long-term inflation
\nfor all cash-generating units (2%).
\nDiscount rate
\nThe discount rates represent the current market assessment of the risks
\nspecific to the Van de Velde Group on the one hand and the cash- generat-
\ning units on the other. The discount rates are estimated on the basis of
\nthe weighted average cost of capital after tax and are for the three cash-
\ngenerating units in a range between 8.5% and 9.5%. This corresponds to
\na cost of capital before tax of between 10.6% and 11.9%.
\nSensitivity to changes in assumptions
\nWith regard to the assessment of the value of the cash-generating unit
\nAndres Sarda, Rigby & Peller and Re-tail, management is of the opinion,
\nbased on the sensitivity analysis, that a change to the basic assump-
\ntions would not currently lead to the book value of the unit exceeding the
\nrealizable value. The tested sensitivities related to the following aspects:
\n\u2022 Lower than planned turnover growth (of -4% or -5%) during the plan-
\nning period (2025-2027);
\n\u2022
\nA reduction in the long-term percentage (from 2% to 1%) used to extra
\n-
\npolate the expected turnover;
\n\u2022
\nAn increase in the weighted average cost of capital of 8% or 9% to
\n12% on average.
\n
\n\n\n\n\nImpairment test
\nA test was also performed on the value of the participation in Top Form
\nat the same time as the impairment test on goodwill and brand names
\nwith indefinite useful life.
\nMethodology for impairment tests
\nThis test compares the value according to the equity method as included
\non the balance sheet with the Van de Velde share (25.66%) in the underly-
\ning recoverable amount of Top Form, with the recoverable amount deter-
\nmined on the basis of the present value of the future expected cash flows
\nfrom the activities of Top Form.
\nBudget and business plans prepared by Top Forms management for the
\nyears 2024-2027, as also approved by Top Forms board of directors and
\naudit committee, were used for this test. These budgets include planned
\ninvestments and changes in working capital.
\nIn accordance with the requirements of IFRS, confirmation was also
\nreceived that these budgets were prepared in accordance with the cur-
\nrent financial and operational structure of the group, without taking into
\naccount any future reorganization or improvements or adjustments of
\nthe asset.
\nThe main assumptions used in the calculation, which are also the most
\nsensitive for determining the recoverable amount are:
\n\u2022 A discounting rate of 10% was used;
\n\u2022 Turnover estimates used a growth between 5% and 7%;
\n\u2022 Growth percentage used to extrapolate cash flows beyond the plan-
\nning period was set at 2.5%.
\nThe headroom in the base case scenario is 4,168 thousand euro. The
\nabovementioned sensitivities were subjected to various sensitivity tests.
\nThe following changes were made to the calculation models:
\n\u2022 The turnover estimates used during the period to which the expecta-
\ntions relate were reduced by 5%. The headroom in this test is positive
\nat 3,225 thousand euro.
\n\u2022
\nThe growth percentage used to extrapolate cash flows beyond the
\nplanning period was reduced to 1%. The headroom in this case is
\n2,684 thousand euro.
\n\u2022 The discounting rate was increased to 12%. The headroom is 1,598
\nthousand euro in this case.
\nThe sensitivity tests described above show there is sufficient headroom.
\nAs a result, the recoverable amount of Van de Velde\u2019s participation in Top
\nForm, based on the calculations and tests, is higher than the carrying
\namount included in the balance sheet as per 31 December 2023.
\nBased on the various valuation models used, there is currently no need
\nto recognize an impairment on the financial assets as included on the
\nbalance sheet of Van de Velde NV.
\nThe abovementioned test is conducted annually to check for indications
\nof an impairment on the asset, or more frequently if additional indicators
\nof impairment should emerge.
\n
\n
\n\n\n\n\nConcerning the trade receivables, there are no indications that the debtors
\nwill not fulfil their payment obligations. Neither are there any customers
\nthat account for more than 10% of the consolidated turnover. Under IFRS
\n9 Van de Velde has an obligation to recognize expected losses on trade
\nreceivables. The application of this IFRS standard was included in the
\nrecognized impairment at an amount equal to 405 thousand euro (86
\nthousand euro in 2022). The total increase of impairment losses on trade
\nreceivables, 284 thousand euro, is recognized in the income statement
\nunder \u2018Other expenses\u2019.
\nThe table below summarizes a global view of the allowances for impair-
\nment losses on trade receivables:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| At 1 January | \n-385 | \n-495 | \n\n\n
\n\n| Applied losses | \n250 | \n145 | \n\n\n
\n\n| Additions | \n-535 | \n-35 | \n\n\n
\n\n| At 31 December | \n-669 | \n-385 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\nThe aging analysis of the trade receivables at year end is as follows:
\n\n
\n\n\n| 000 euro | \nTotal | \nNot past due | \nPast due 1- 60 days | \nPast due 60 - 90 days | \nPast due >90 days | \n\n\n
\n\n| 2023 | \n14,642 | \n10,875 | \n2,213 | \n780 | \n774 | \n\n\n
\n\n| 2022 | \n14,732 | \n11,242 | \n2,237 | \n777 | \n476 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\nThe evolution in the components of the working capital was explained
\nin the activity report.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag330": {
"value": "\n
\n4. INTANGIBLE ASSETS
\n\n\n
\n\n\n | \n | \nBrands | \nBrands | \n | \n | \n | \n\n\n
\n\n | \n | \nwith finite | \nwith indefinite | \nDistribution rights | \n | \n | \n\n\n
\n\n| 000 euro | \nTotal | \nuseful life | \nuseful life | \nand similar rights | \nSoftware | \nKey money | \n\n\n
\n\n| Intangible assets, gross | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2022 | \n61,666 | \n4,743 | \n25,798 | \n3,734 | \n27,074 | \n317 | \n\n\n
\n\n| Investments | \n3,918 | \n58 | \n0 | \n0 | \n3,860 | \n0 | \n\n\n
\n\n| Disposals | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Other adjustments | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Exchange adjustments | \n-340 | \n0 | \n-344 | \n0 | \n4 | \n0 | \n\n\n
\n\n| At 31/12/2022 | \n65,244 | \n4,801 | \n25,454 | \n3,734 | \n30,938 | \n317 | \n\n\n
\n\n| Amortization and impairment | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2022 | \n41,390 | \n4,387 | \n13,315 | \n3,734 | \n19,656 | \n298 | \n\n\n
\n\n| Amortization | \n3,279 | \n173 | \n0 | \n0 | \n3,099 | \n7 | \n\n\n
\n\n| Impairment | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Disposals | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Exchange adjustments | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| At 31/12/2022 | \n44,669 | \n4,560 | \n13,315 | \n3,734 | \n22,755 | \n305 | \n\n\n
\n\n| Intangible assets, net 31/12/2022 | \n20,575 | \n241 | \n12,139 | \n0 | \n8,183 | \n12 | \n\n\n
\n\n| Intangible assets, gross | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2023 | \n65,244 | \n4,801 | \n25,454 | \n3,734 | \n30,938 | \n317 | \n\n\n
\n\n| Investments | \n3,568 | \n35 | \n0 | \n0 | \n3,533 | \n0 | \n\n\n
\n\n| Disposals | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Other adjustments | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Exchange adjustments | \n113 | \n0 | \n113 | \n0 | \n0 | \n0 | \n\n\n
\n\n| At 31/12/2023 | \n68,925 | \n4,836 | \n25,567 | \n3,734 | \n34,471 | \n317 | \n\n\n
\n\n| Amortization and impairment | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2023 | \n44,669 | \n4,560 | \n13,315 | \n3,734 | \n22,755 | \n305 | \n\n\n
\n\n| Amortization | \n3,841 | \n157 | \n0 | \n0 | \n3,676 | \n8 | \n\n\n
\n\n| Impairment | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Disposals | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Exchange adjustments | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| At 31/12/2023 | \n48,510 | \n4,717 | \n13,315 | \n3,734 | \n26,431 | \n313 | \n\n\n
\n\n| Intangible assets, net 31/12/2023 | \n20,415 | \n119 | \n12,252 | \n0 | \n8,040 | \n4 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\nThe expenses of brands with a finite useful life relate among other things to registration costs of developed in-house brands.
\nThe investments in software in 2023 concern the further development of the digital platforms as well as the implementation of our new warehouse
\nmanagement system. There were also additional investments in the further expansion of the Customer Data Platform.
\n
\n\n\n\n\nKey money relates to stores in Germany, Spain and the Netherlands. Key
\nmoney refers to the \u2018droit au bail\u2019 or the right to rent the shops in Germany,
\nthe Netherlands and Spain and is recognized at cost.
\nExpenditure on research activities (789 thousand euro in 2023) undertaken
\nto acquire new scientific or technical knowledge and understanding, is
\nrecognized as expense when incurred.
\n
\n\n\n\n\n
\n5.TANGIBLE FIXED ASSETS
\n\n\n
\n\n\n | \n | \nLand and | \nInstallations, machinery | \nAssets under | \n\n\n
\n\n| 000 euro | \nTotal | \nbuildings | \nand equipment | \nconstruction | \n\n\n
\n\n| Tangible fixed assets, gross | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2022 | \n93,097 | \n43,605 | \n49,463 | \n29 | \n\n\n
\n\n| Investments | \n4,156 | \n526 | \n904 | \n2,726 | \n\n\n
\n\n| Transfer | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Disposals | \n-1,000 | \n-450 | \n-550 | \n0 | \n\n\n
\n\n| Exchange adjustments | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| At 31/12/2022 | \n96,253 | \n43,681 | \n49,817 | \n2,755 | \n\n\n
\n\n| Depreciation and impairment | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2022 | \n70,100 | \n26,814 | \n43,286 | \n0 | \n\n\n
\n\n| Depreciation | \n3,506 | \n1,717 | \n1,789 | \n0 | \n\n\n
\n\n| Disposals | \n-984 | \n-446 | \n-538 | \n0 | \n\n\n
\n\n| Exchange adjustments | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| At 31/12/2022 | \n72,622 | \n28,085 | \n44,537 | \n0 | \n\n\n
\n\n| Tangible fixed assets, net 31/12/2022 | \n23,631 | \n15,596 | \n5,280 | \n2,755 | \n\n\n
\n\n| Tangible fixed assets, gross | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2023 | \n96,253 | \n43,681 | \n49,817 | \n2,755 | \n\n\n
\n\n| Investments | \n9,558 | \n3,457 | \n4,940 | \n1,161 | \n\n\n
\n\n| Transfer | \n0 | \n2,564 | \n107 | \n-2,671 | \n\n\n
\n\n| Disposals | \n-257 | \n0 | \n-257 | \n0 | \n\n\n
\n\n| Exchange adjustments | \n14 | \n0 | \n14 | \n0 | \n\n\n
\n\n| At 31/12/2023 | \n105,568 | \n49,702 | \n54,621 | \n1,245 | \n\n\n
\n\n| Depreciation and impairment | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2023 | \n72,622 | \n28,085 | \n44,537 | \n0 | \n\n\n
\n\n| Depreciation | \n3,287 | \n1,456 | \n1,831 | \n0 | \n\n\n
\n\n| Disposals | \n-243 | \n0 | \n-243 | \n0 | \n\n\n
\n\n| Exchange adjustments | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| At 31/12/2023 | \n75,666 | \n29,541 | \n46,125 | \n0 | \n\n\n
\n\n| Tangible fixed assets, net 31/12/2023 | \n29,902 | \n20,161 | \n8,496 | \n1,245 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\nThe investments in tangible fixed assets mainly concern various investments in the improvement and maintenance of buildings and materials. The
\ninvestments in machines mostly involve investments in our distribution centre. We also initiated the expansion of our production plant in Tunisia. In
\n2023, 3.18% of the investments contributed to climate-change mitigation. We refer to chapter 9 of the annual brochure for the full sustainability report.
\n
\n\n\n\n\nSet out below are the carrying amounts of right-of-use assets recognized and the movements during the period:
\n\n
\n\n\n| 000 euro | \nTotal | \nRight-of-use on | \nRight-of-use on rental agree- | \n\n\n
\n\n | \n | \nrental agreements for buildings | \nments for passenger vehicles | \n\n\n
\n\n| Right-of-use assets, gross | \n | \n | \n | \n\n\n
\n\n| At 01/01/2022 | \n22,090 | \n18,075 | \n4,015 | \n\n\n
\n\n| Additions | \n695 | \n64 | \n631 | \n\n\n
\n\n| Remeasurement | \n463 | \n463 | \n0 | \n\n\n
\n\n| Other adjustments | \n0 | \n0 | \n0 | \n\n\n
\n\n| Disposal | \n-1,711 | \n-1,270 | \n-441 | \n\n\n
\n\n| Exchange rate effects | \n83 | \n87 | \n-4 | \n\n\n
\n\n| At 31/12/2022 | \n21,619 | \n17,418 | \n4,201 | \n\n\n
\n\n| Depreciation and impairment | \n | \n | \n | \n\n\n
\n\n| At 01/01/2022 | \n11,850 | \n10,019 | \n1,831 | \n\n\n
\n\n| Depreciations recorded | \n3,855 | \n2,730 | \n1,125 | \n\n\n
\n\n| Impairment | \n-502 | \n-502 | \n0 | \n\n\n
\n\n| Other adjustments | \n0 | \n0 | \n0 | \n\n\n
\n\n| Disposal | \n-1,711 | \n-1,270 | \n-441 | \n\n\n
\n\n| Exchange rate effects | \n-25 | \n-24 | \n-1 | \n\n\n
\n\n| At 31/12/2022 | \n13,467 | \n10,953 | \n2,514 | \n\n\n
\n\n| Right-of-use assets, net at 31/12/2022 | \n8,152 | \n6,466 | \n1,686 | \n\n\n
\n\n| Right-of-use assets, gross | \n | \n | \n | \n\n\n
\n\n| At 01/01/2023 | \n21,619 | \n17,418 | \n4,201 | \n\n\n
\n\n| Additions | \n4,576 | \n2,732 | \n1,845 | \n\n\n
\n\n| Remeasurement | \n-985 | \n-1,030 | \n45 | \n\n\n
\n\n| Other adjustments | \n0 | \n0 | \n0 | \n\n\n
\n\n| Disposal | \n-1,518 | \n-674 | \n-844 | \n\n\n
\n\n| Exchange rate effects | \n-98 | \n-99 | \n1 | \n\n\n
\n\n| At 31/12/2023 | \n23,594 | \n18,347 | \n5,247 | \n\n\n
\n\n| Depreciation and impairment | \n | \n | \n | \n\n\n
\n\n| At 01/01/2023 | \n13,467 | \n10,953 | \n2,514 | \n\n\n
\n\n| Depreciations recorded | \n3,629 | \n2,335 | \n1,294 | \n\n\n
\n\n| Impairment | \n0 | \n0 | \n0 | \n\n\n
\n\n| Remeasurement | \n-1,454 | \n-1,356 | \n-98 | \n\n\n
\n\n| Disposal | \n-1,500 | \n-674 | \n-826 | \n\n\n
\n\n| Exchange rate effects | \n-65 | \n-66 | \n1 | \n\n\n
\n\n| At 31/12/2023 | \n14,077 | \n11,191 | \n2,885 | \n\n\n
\n\n| Right-of-use assets, net at 31/12/2023 | \n9,518 | \n7,156 | \n2,362 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag327": {
"value": "\n\n
\n\n\n | \n | \nBrands | \nBrands | \n | \n | \n | \n\n\n
\n\n | \n | \nwith finite | \nwith indefinite | \nDistribution rights | \n | \n | \n\n\n
\n\n| 000 euro | \nTotal | \nuseful life | \nuseful life | \nand similar rights | \nSoftware | \nKey money | \n\n\n
\n\n| Intangible assets, gross | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2022 | \n61,666 | \n4,743 | \n25,798 | \n3,734 | \n27,074 | \n317 | \n\n\n
\n\n| Investments | \n3,918 | \n58 | \n0 | \n0 | \n3,860 | \n0 | \n\n\n
\n\n| Disposals | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Other adjustments | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Exchange adjustments | \n-340 | \n0 | \n-344 | \n0 | \n4 | \n0 | \n\n\n
\n\n| At 31/12/2022 | \n65,244 | \n4,801 | \n25,454 | \n3,734 | \n30,938 | \n317 | \n\n\n
\n\n| Amortization and impairment | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2022 | \n41,390 | \n4,387 | \n13,315 | \n3,734 | \n19,656 | \n298 | \n\n\n
\n\n| Amortization | \n3,279 | \n173 | \n0 | \n0 | \n3,099 | \n7 | \n\n\n
\n\n| Impairment | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Disposals | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Exchange adjustments | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| At 31/12/2022 | \n44,669 | \n4,560 | \n13,315 | \n3,734 | \n22,755 | \n305 | \n\n\n
\n\n| Intangible assets, net 31/12/2022 | \n20,575 | \n241 | \n12,139 | \n0 | \n8,183 | \n12 | \n\n\n
\n\n| Intangible assets, gross | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2023 | \n65,244 | \n4,801 | \n25,454 | \n3,734 | \n30,938 | \n317 | \n\n\n
\n\n| Investments | \n3,568 | \n35 | \n0 | \n0 | \n3,533 | \n0 | \n\n\n
\n\n| Disposals | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Other adjustments | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Exchange adjustments | \n113 | \n0 | \n113 | \n0 | \n0 | \n0 | \n\n\n
\n\n| At 31/12/2023 | \n68,925 | \n4,836 | \n25,567 | \n3,734 | \n34,471 | \n317 | \n\n\n
\n\n| Amortization and impairment | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2023 | \n44,669 | \n4,560 | \n13,315 | \n3,734 | \n22,755 | \n305 | \n\n\n
\n\n| Amortization | \n3,841 | \n157 | \n0 | \n0 | \n3,676 | \n8 | \n\n\n
\n\n| Impairment | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Disposals | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Exchange adjustments | \n0 | \n0 | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| At 31/12/2023 | \n48,510 | \n4,717 | \n13,315 | \n3,734 | \n26,431 | \n313 | \n\n\n
\n\n| Intangible assets, net 31/12/2023 | \n20,415 | \n119 | \n12,252 | \n0 | \n8,040 | \n4 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n
\n\n\n | \n | \nLand and | \nInstallations, machinery | \nAssets under | \n\n\n
\n\n| 000 euro | \nTotal | \nbuildings | \nand equipment | \nconstruction | \n\n\n
\n\n| Tangible fixed assets, gross | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2022 | \n93,097 | \n43,605 | \n49,463 | \n29 | \n\n\n
\n\n| Investments | \n4,156 | \n526 | \n904 | \n2,726 | \n\n\n
\n\n| Transfer | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Disposals | \n-1,000 | \n-450 | \n-550 | \n0 | \n\n\n
\n\n| Exchange adjustments | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| At 31/12/2022 | \n96,253 | \n43,681 | \n49,817 | \n2,755 | \n\n\n
\n\n| Depreciation and impairment | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2022 | \n70,100 | \n26,814 | \n43,286 | \n0 | \n\n\n
\n\n| Depreciation | \n3,506 | \n1,717 | \n1,789 | \n0 | \n\n\n
\n\n| Disposals | \n-984 | \n-446 | \n-538 | \n0 | \n\n\n
\n\n| Exchange adjustments | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| At 31/12/2022 | \n72,622 | \n28,085 | \n44,537 | \n0 | \n\n\n
\n\n| Tangible fixed assets, net 31/12/2022 | \n23,631 | \n15,596 | \n5,280 | \n2,755 | \n\n\n
\n\n| Tangible fixed assets, gross | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2023 | \n96,253 | \n43,681 | \n49,817 | \n2,755 | \n\n\n
\n\n| Investments | \n9,558 | \n3,457 | \n4,940 | \n1,161 | \n\n\n
\n\n| Transfer | \n0 | \n2,564 | \n107 | \n-2,671 | \n\n\n
\n\n| Disposals | \n-257 | \n0 | \n-257 | \n0 | \n\n\n
\n\n| Exchange adjustments | \n14 | \n0 | \n14 | \n0 | \n\n\n
\n\n| At 31/12/2023 | \n105,568 | \n49,702 | \n54,621 | \n1,245 | \n\n\n
\n\n| Depreciation and impairment | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2023 | \n72,622 | \n28,085 | \n44,537 | \n0 | \n\n\n
\n\n| Depreciation | \n3,287 | \n1,456 | \n1,831 | \n0 | \n\n\n
\n\n| Disposals | \n-243 | \n0 | \n-243 | \n0 | \n\n\n
\n\n| Exchange adjustments | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| At 31/12/2023 | \n75,666 | \n29,541 | \n46,125 | \n0 | \n\n\n
\n\n| Tangible fixed assets, net 31/12/2023 | \n29,902 | \n20,161 | \n8,496 | \n1,245 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\nThe cost of materials is as follows:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Purchase of raw materials | \n32,314 | \n45,044 | \n\n\n
\n\n| Change in inventories | \n6,823 | \n-13,946 | \n\n\n
\n\n| Change in allowance for obsolescence | \n1,385 | \n2,993 | \n\n\n
\n\n| Cost of materials | \n40,522 | \n34,091 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\nOther operating income and other expenses consist of the following:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Income from passed on costs | \n3,500 | \n3,883 | \n\n\n
\n\n| Income from recovered costs | \n1,735 | \n1,167 | \n\n\n
\n\n| Other income | \n818 | \n386 | \n\n\n
\n\n| Total other operating income | \n6,053 | \n5,436 | \n\n\n
\n\n| Subcontracting costs | \n19,195 | \n27,083 | \n\n\n
\n\n| Distribution costs | \n11,242 | \n10,786 | \n\n\n
\n\n| Sales and marketing costs | \n23,717 | \n21,556 | \n\n\n
\n\n| General administration costs | \n18,961 | \n18,236 | \n\n\n
\n\n| Total other expenses | \n73,115 | \n77,661 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n\nThe financial result breaks down as follows:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Interest income | \n843 | \n47 | \n\n\n
\n\n| Interest costs | \n-24 | \n-107 | \n\n\n
\n\n| Interest result, net | \n819 | \n-60 | \n\n\n
\n\n| Exchange gains(1) | \n2,082 | \n3,153 | \n\n\n
\n\n| Exchange losses(1) | \n-2,311 | \n-3,687 | \n\n\n
\n\n| Exchange result, net | \n-229 | \n-535 | \n\n\n
\n\n| Other financial income | \n88 | \n0 | \n\n\n
\n\n| Other financial costs | \n-524 | \n-427 | \n\n\n
\n\n| Other financial costs due to IFRS 16 | \n-423 | \n-318 | \n\n\n
\n\n| Financial result | \n-269 | \n-1,340 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n\nPersonnel expenses are as follows:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Wages | \n8,755 | \n9,108 | \n\n\n
\n\n| Salaries | \n29,233 | \n28,988 | \n\n\n
\n\n| Social security contributions | \n8,645 | \n8,275 | \n\n\n
\n\n| Other personnel expenses | \n992 | \n841 | \n\n\n
\n\n| Personnel expenses | \n47,625 | \n47,213 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n\n
\n\nSet out below are the carrying amounts of right-of-use assets recognized and the movements during the period:
\n\n
\n\n\n| 000 euro | \nTotal | \nRight-of-use on | \nRight-of-use on rental agree- | \n\n\n
\n\n | \n | \nrental agreements for buildings | \nments for passenger vehicles | \n\n\n
\n\n| Right-of-use assets, gross | \n | \n | \n | \n\n\n
\n\n| At 01/01/2022 | \n22,090 | \n18,075 | \n4,015 | \n\n\n
\n\n| Additions | \n695 | \n64 | \n631 | \n\n\n
\n\n| Remeasurement | \n463 | \n463 | \n0 | \n\n\n
\n\n| Other adjustments | \n0 | \n0 | \n0 | \n\n\n
\n\n| Disposal | \n-1,711 | \n-1,270 | \n-441 | \n\n\n
\n\n| Exchange rate effects | \n83 | \n87 | \n-4 | \n\n\n
\n\n| At 31/12/2022 | \n21,619 | \n17,418 | \n4,201 | \n\n\n
\n\n| Depreciation and impairment | \n | \n | \n | \n\n\n
\n\n| At 01/01/2022 | \n11,850 | \n10,019 | \n1,831 | \n\n\n
\n\n| Depreciations recorded | \n3,855 | \n2,730 | \n1,125 | \n\n\n
\n\n| Impairment | \n-502 | \n-502 | \n0 | \n\n\n
\n\n| Other adjustments | \n0 | \n0 | \n0 | \n\n\n
\n\n| Disposal | \n-1,711 | \n-1,270 | \n-441 | \n\n\n
\n\n| Exchange rate effects | \n-25 | \n-24 | \n-1 | \n\n\n
\n\n| At 31/12/2022 | \n13,467 | \n10,953 | \n2,514 | \n\n\n
\n\n| Right-of-use assets, net at 31/12/2022 | \n8,152 | \n6,466 | \n1,686 | \n\n\n
\n\n| Right-of-use assets, gross | \n | \n | \n | \n\n\n
\n\n| At 01/01/2023 | \n21,619 | \n17,418 | \n4,201 | \n\n\n
\n\n| Additions | \n4,576 | \n2,732 | \n1,845 | \n\n\n
\n\n| Remeasurement | \n-985 | \n-1,030 | \n45 | \n\n\n
\n\n| Other adjustments | \n0 | \n0 | \n0 | \n\n\n
\n\n| Disposal | \n-1,518 | \n-674 | \n-844 | \n\n\n
\n\n| Exchange rate effects | \n-98 | \n-99 | \n1 | \n\n\n
\n\n| At 31/12/2023 | \n23,594 | \n18,347 | \n5,247 | \n\n\n
\n\n| Depreciation and impairment | \n | \n | \n | \n\n\n
\n\n| At 01/01/2023 | \n13,467 | \n10,953 | \n2,514 | \n\n\n
\n\n| Depreciations recorded | \n3,629 | \n2,335 | \n1,294 | \n\n\n
\n\n| Impairment | \n0 | \n0 | \n0 | \n\n\n
\n\n| Remeasurement | \n-1,454 | \n-1,356 | \n-98 | \n\n\n
\n\n| Disposal | \n-1,500 | \n-674 | \n-826 | \n\n\n
\n\n| Exchange rate effects | \n-65 | \n-66 | \n1 | \n\n\n
\n\n| At 31/12/2023 | \n14,077 | \n11,191 | \n2,885 | \n\n\n
\n\n| Right-of-use assets, net at 31/12/2023 | \n9,518 | \n7,156 | \n2,362 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag339": {
"value": "\n
\n\n
\n5.TANGIBLE FIXED ASSETS
\n\n\n
\n\n\n | \n | \nLand and | \nInstallations, machinery | \nAssets under | \n\n\n
\n\n| 000 euro | \nTotal | \nbuildings | \nand equipment | \nconstruction | \n\n\n
\n\n| Tangible fixed assets, gross | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2022 | \n93,097 | \n43,605 | \n49,463 | \n29 | \n\n\n
\n\n| Investments | \n4,156 | \n526 | \n904 | \n2,726 | \n\n\n
\n\n| Transfer | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| Disposals | \n-1,000 | \n-450 | \n-550 | \n0 | \n\n\n
\n\n| Exchange adjustments | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| At 31/12/2022 | \n96,253 | \n43,681 | \n49,817 | \n2,755 | \n\n\n
\n\n| Depreciation and impairment | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2022 | \n70,100 | \n26,814 | \n43,286 | \n0 | \n\n\n
\n\n| Depreciation | \n3,506 | \n1,717 | \n1,789 | \n0 | \n\n\n
\n\n| Disposals | \n-984 | \n-446 | \n-538 | \n0 | \n\n\n
\n\n| Exchange adjustments | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| At 31/12/2022 | \n72,622 | \n28,085 | \n44,537 | \n0 | \n\n\n
\n\n| Tangible fixed assets, net 31/12/2022 | \n23,631 | \n15,596 | \n5,280 | \n2,755 | \n\n\n
\n\n| Tangible fixed assets, gross | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2023 | \n96,253 | \n43,681 | \n49,817 | \n2,755 | \n\n\n
\n\n| Investments | \n9,558 | \n3,457 | \n4,940 | \n1,161 | \n\n\n
\n\n| Transfer | \n0 | \n2,564 | \n107 | \n-2,671 | \n\n\n
\n\n| Disposals | \n-257 | \n0 | \n-257 | \n0 | \n\n\n
\n\n| Exchange adjustments | \n14 | \n0 | \n14 | \n0 | \n\n\n
\n\n| At 31/12/2023 | \n105,568 | \n49,702 | \n54,621 | \n1,245 | \n\n\n
\n\n| Depreciation and impairment | \n | \n | \n | \n | \n\n\n
\n\n| At 01/01/2023 | \n72,622 | \n28,085 | \n44,537 | \n0 | \n\n\n
\n\n| Depreciation | \n3,287 | \n1,456 | \n1,831 | \n0 | \n\n\n
\n\n| Disposals | \n-243 | \n0 | \n-243 | \n0 | \n\n\n
\n\n| Exchange adjustments | \n0 | \n0 | \n0 | \n0 | \n\n\n
\n\n| At 31/12/2023 | \n75,666 | \n29,541 | \n46,125 | \n0 | \n\n\n
\n\n| Tangible fixed assets, net 31/12/2023 | \n29,902 | \n20,161 | \n8,496 | \n1,245 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\nThe investments in tangible fixed assets mainly concern various investments in the improvement and maintenance of buildings and materials. The
\ninvestments in machines mostly involve investments in our distribution centre. We also initiated the expansion of our production plant in Tunisia. In
\n2023, 3.18% of the investments contributed to climate-change mitigation. We refer to chapter 9 of the annual brochure for the full sustainability report.
\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag334": {
"value": "\n
\n\n
\n\n
\n\n6. INVESTMENTS IN ASSOCIATES
\nInvestments in associates consist of the following Group interests:
\n\u2022 25,7\ueee2% in Top Form International Ltd.
\nTop Form is a company based in Hong Kong with operations in several
\nAsian countries. The main activity is the production of lingerie, predo-
\nminantly for major European and American fashion brands. The com-
\npany is listed on the Hong Kong Stock Exchange. Van de Velde invested
\nin Top Form in 2007 and has held 25.66% of shares since 2011.
\nThe participation in the associated company Top Form International Ltd.
\nis 2.9 million euro lower than at the end of 2022.
\n\n
\n\n\n| Net carrying amount | \nTop Form Ltd. | \n\n\n
\n\n| 000 euro | \n | \n\n\n
\n\n| At 01/01/2022 | \n13,745 | \n\n\n
\n\n| Results of the fiscal year | \n-697 | \n\n\n
\n\n| Capital increase | \n0 | \n\n\n
\n\n| Dividend received | \n0 | \n\n\n
\n\n| Share in the revaluation reserve | \n107 | \n\n\n
\n\n| Share in other comprehensive income (con- | \n | \n\n\n
\n\n| version impact) | \n-438 | \n\n\n
\n\n| Conversion profit and losses | \n839 | \n\n\n
\n\n| At 31/12/2022 | \n13,556 | \n\n\n
\n\n| At 01/01/2023 | \n13,556 | \n\n\n
\n\n| Results of the fiscal year | \n-2,328 | \n\n\n
\n\n| Capital increase | \n0 | \n\n\n
\n\n| Dividend received | \n0 | \n\n\n
\n\n| Share in the revaluation reserve | \n24 | \n\n\n
\n\n| Share in other comprehensive income (con- | \n | \n\n\n
\n\n| version impact) | \n-86 | \n\n\n
\n\n| Conversion profit and losses | \n-519 | \n\n\n
\n\n| At 31/12/2023 | \n10,646 | \n\n\n
\n\n\n\n\n\n
\n\n\n
Key figures per participation are as follows:
\n\n
\n\n\n| Key figures | \nTop Form Ltd. | \nTop Form Ltd. | \n\n\n
\n\n| 000 euro | \n(31/12/2023) | \n(31/12/2022) | \n\n\n
\n\n| Tangible fixed assets | \n17,963 | \n19,804 | \n\n\n
\n\n| Other fixed assets | \n22,560 | \n23,708 | \n\n\n
\n\n| Right of use asset | \n3,306 | \n3,075 | \n\n\n
\n\n| Current assets | \n53,987 | \n50,888 | \n\n\n
\n\n| Non current liabilities | \n4,778 | \n6,210 | \n\n\n
\n\n| Current liabilities | \n41,927 | \n31,603 | \n\n\n
\n\n| Lease liabilities | \n3,382 | \n1,168 | \n\n\n
\n\n| Total net assets | \n47,723 | \n58,494 | \n\n\n
\n\n| Unrealized result in equity | \n9,883 | \n10,529 | \n\n\n
\n\n| Turnover | \n123,902 | \n149,355 | \n\n\n
\n\n| Profit/(Loss) attributable to | \n-8,586 | \n-1,255 | \n\n\n
\n\n| owners of the company | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
The figures for Top Form International Ltd. refer to the closing situation
\non 31 December 2023 (first half of fiscal year 2023-2024). Turnover and
\nnet result refer to the result over a period of 12 months.
\nReconciliation with the net book value:
\n\n
\n\n\n| Reconciliation net book value | \nTop Form Ltd. | \n\n\n
\n\n | \n(31/12/2023) | \n\n\n
\n\n| Participation percentage | \n25.66% | \n\n\n
\n\n| Total equity (in 000 HKD) | \n358,079 | \n\n\n
\n\n| Participation in equity (in 000 HKD) | \n91,883 | \n\n\n
\n\n| Cumulative exchange differences (in 000 euro) | \n3,293 | \n\n\n
\n\n| Investment in association (book value) (in 000 euro) | \n10,646 | \n\n\n
\n\n\n\n\n\n
\n\n\n
The book value of the 25.66% participation in Top Form was 10,646 thou-
\nsand euro at 31 December 2023 and the value of this participation based
\non the share price on that date was 3,132 thousand euro. Van de Velde
\nmaintains the book value of the participation in Top Form based on the
\nshare in the underlying equity of Top Form rather than on the share price.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\n
\n\n
\n\n
\nFalling sales volumes in the United States have had a negative impact on
\nTop Form\u2019s results. Taking into account the implemented realignments
\nand growth expectations, we believe in the 2.5% predetermined growth.
\nA combination of these events, together with a very low share trade
\nvolume and significant fluctuations in the share price, due to a limited
\nnumber of transactions, had an impact on the share price. Often, several
\nconsecutive days went by without any trading in the share in 2023, and
\nno share transactions were noted on the vast majority of trading days on
\nthe Hong Kong Stock Exchange in 2023.
\nThe first half of Top Form\u2019s fiscal year 2023-2024 ended on 31 December
\n2023 with a loss of \u20ac 1.4m, reflecting declining sales in the United States.
\nCustomers in the United States are currently struggling with high inven-
\ntories and declining consumer demand. In the meantime, TopForm has
\nadjusted its capacity such that the current cost structure was adjusted to
\ncurrent demand, but also accommodates the planned increase in demand
\nfrom the second half of fiscal year 2023-2024. Based on all available input
\nat the close of the year, Van de Velde remains confident that the share in
\nthe underlying equity most accurately reflects the value of the participation
\nin Top Form. Neither was it necessary to recognize any impairment on 31
\nDecember 2023 based on the impairment indicators in paragraph 41 of
\nIAS 28. This was confirmed by an additional impairment test.
\n\nImpairment test
\nA test was also performed on the value of the participation in Top Form
\nat the same time as the impairment test on goodwill and brand names
\nwith indefinite useful life.
\nMethodology for impairment tests
\nThis test compares the value according to the equity method as included
\non the balance sheet with the Van de Velde share (25.66%) in the underly-
\ning recoverable amount of Top Form, with the recoverable amount deter-
\nmined on the basis of the present value of the future expected cash flows
\nfrom the activities of Top Form.
\nBudget and business plans prepared by Top Forms management for the
\nyears 2024-2027, as also approved by Top Forms board of directors and
\naudit committee, were used for this test. These budgets include planned
\ninvestments and changes in working capital.
\nIn accordance with the requirements of IFRS, confirmation was also
\nreceived that these budgets were prepared in accordance with the cur-
\nrent financial and operational structure of the group, without taking into
\naccount any future reorganization or improvements or adjustments of
\nthe asset.
\nThe main assumptions used in the calculation, which are also the most
\nsensitive for determining the recoverable amount are:
\n\u2022 A discounting rate of 10% was used;
\n\u2022 Turnover estimates used a growth between 5% and 7%;
\n\u2022 Growth percentage used to extrapolate cash flows beyond the plan-
\nning period was set at 2.5%.
\nThe headroom in the base case scenario is 4,168 thousand euro. The
\nabovementioned sensitivities were subjected to various sensitivity tests.
\nThe following changes were made to the calculation models:
\n\u2022 The turnover estimates used during the period to which the expecta-
\ntions relate were reduced by 5%. The headroom in this test is positive
\nat 3,225 thousand euro.
\n\u2022
\nThe growth percentage used to extrapolate cash flows beyond the
\nplanning period was reduced to 1%. The headroom in this case is
\n2,684 thousand euro.
\n\u2022 The discounting rate was increased to 12%. The headroom is 1,598
\nthousand euro in this case.
\nThe sensitivity tests described above show there is sufficient headroom.
\nAs a result, the recoverable amount of Van de Velde\u2019s participation in Top
\nForm, based on the calculations and tests, is higher than the carrying
\namount included in the balance sheet as per 31 December 2023.
\nBased on the various valuation models used, there is currently no need
\nto recognize an impairment on the financial assets as included on the
\nbalance sheet of Van de Velde NV.
\nThe abovementioned test is conducted annually to check for indications
\nof an impairment on the asset, or more frequently if additional indicators
\nof impairment should emerge.
\n
\n
\n\n\n\n\n
\n
\n\n\n\n\n
\n
\n\n\n\n\n
\n
\n\n\n\n\n
\n
\n\n\n\n\n
\n\n
\n27. RELATED PARTY DISCLOSURES
\n\nFull consolidation
\nThe consolidated financial statements include the financial statements of Van de Velde NV and the subsidiaries listed in the following table.
\n\n
\n\n\n | \n | \n | \nChange on | \n\n\n
\n\n| Name | \nAddress | \n(%) Equity interest 2023 | \nprevious year | \n\n\n
\n\n| VAN DE VELDE NV | \nLageweg 4 | \nParent company | \n | \n\n\n
\n\n | \n9260 SCHELLEBELLE, Belgium | \n | \n | \n\n\n
\n\n | \nBtw-nr. BE 0448.746.744 | \n | \n | \n\n\n
\n\n| VAN DE VELDE GMBH & Co KG | \nGrabenstra\u00dfe 3 | \n100 | \n0 | \n\n\n
\n\n | \n40213 DUSSELDORF, Germany | \n | \n | \n\n\n
\n\n| VAN DE VELDE | \nGrabenstra\u00dfe 3 | \n100 | \n0 | \n\n\n
\n\n| VERWALTUNGS GMBH | \n40213 DUSSELDORF, Germany | \n | \n | \n\n\n
\n\n| VAN DE VELDE TERMELO | \nSelyem U.4 | \n100 | \n0 | \n\n\n
\n\n| ES KERESKEDELMI KFT | \n7100 SZEKSZARD, Hungary | \n | \n | \n\n\n
\n\n| VAN DE VELDE UK LTD (1) | \nGround Floor 22/22a Conduit Street | \n100 | \n0 | \n\n\n
\n\n | \nW1S 2XT, LONDON | \n | \n | \n\n\n
\n\n | \nUnited Kingdom | \n | \n | \n\n\n
\n\n| MARIE JO GMBH | \nGrabenstra\u00dfe 3 | \n100 | \n0 | \n\n\n
\n\n | \n40213 DUSSELDORF, Germany | \n | \n | \n\n\n
\n\n| VAN DE VELDE IBERICA SL | \nCalle Santa Eulalia, 5 | \n100 | \n0 | \n\n\n
\n\n | \n08012 BARCELONA, Spain | \n | \n | \n\n\n
\n\n| VAN DE VELDE CONFECTION SARL | \nRoute De Sousse BP 25 | \n100 | \n0 | \n\n\n
\n\n | \n4020 KONDAR, Tunisia | \n | \n | \n\n\n
\n\n| VAN DE VELDE FINLAND OY | \n1 C7-8, Fashion Center, H\u00e4rk\u00e4haankuja 14 | \n100 | \n0 | \n\n\n
\n\n | \n01730 Vantaa, Finland | \n | \n | \n\n\n
\n\n| VAN DE VELDE NORTH AMERICA INC | \n1252 Madison Avenue | \n100 | \n0 | \n\n\n
\n\n | \nNY 10128, NEW YORK, | \n | \n | \n\n\n
\n\n | \nUnited States of America | \n | \n | \n\n\n
\n\n| VAN DE VELDE DENMARK APS | \nC/O Revisionscentret M\u00f8llegade 2B, st. | \n100 | \n0 | \n\n\n
\n\n | \n6330 PADBORG, Denmark | \n | \n | \n\n\n
\n\n| VAN DE VELDE RETAIL INC | \n1252 Madison Avenue | \n100 | \n0 | \n\n\n
\n\n | \nNY 10128, NEW YORK, | \n | \n | \n\n\n
\n\n | \nUnited States of America | \n | \n | \n\n\n
\n\n| INTIMACY MANAGEMENT | \n1252 Madison Avenue | \n100 | \n0 | \n\n\n
\n\n| COMPANY LLC | \nNY 10128, NEW YORK, | \n | \n | \n\n\n
\n\n | \nUnited States of America | \n | \n | \n\n\n
\n\n| RIGBY & PELLER LTD | \nGround Floor 22/22a Conduit Street | \n100 | \n0 | \n\n\n
\n\n | \nW1S 2XT, LONDEN | \n | \n | \n\n\n
\n\n | \nUnited Kingdom | \n | \n | \n\n\n
\n\n| VAN DE VELDE NEDERLAND BV | \nBeethovenstraat 28 | \n100 | \n0 | \n\n\n
\n\n | \n1077 JH AMSTERDAM, the Netherlands | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) Under liquidation.
\nSales of goods and services are at arm\u2019s length between Group companies..
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\nCompanies to which the equity method is applied
\nThe equity method is applied to the following companies:
\n\n
\n\n\n| Name | \nAddress | \n(%) Equity interest 2023 | \nChange on previous year | \n\n\n
\n\n| TOP FORM INTERNATIONAL LTD | \n7/F., Port 33, 33 Tseuk Luk Street, | \n25.7 | \n0 | \n\n\n
\n\n | \nSan Po Kong, Kowloon, Hong Kong | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
\nTop Form International Ltd. (\u201cTFI\u201d)
\nIn 2023 transactions between the Group and TFI totalled 12,481 thousand US dollar. On 31 December 2023 the Group had trade payables to TFI in
\nthe amount of 572 thousand US dollar. In 2022 transactions between the Group and TFI totalled 16,797 thousand US dollar. On 31 December 2022
\nthe Group had trade payables to TFI in the amount of 1,503 thousand US dollar.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n
\nRelationships with shareholders
\n42.61% of the shares of Van de Velde NV are held by the general public.
\nThese shares are traded on Euronext Brussels. Van de Velde Holding
\nNV, which groups the interests of the Laureys and Van de Velde families,
\nholds the remainder of the shares.
\n\nRelationship with key management personnel
\nSee the remuneration report in chapter 3.
\nDirector Remuneration
\nHerman Van de Velde NV received an annual gross remuneration of
\n47,500 euro for his chairmanship of the Board of Dirctors, the Nomination
\nand Remuneration Committee and for his membership of the Strategic
\nCommittee. The other non-executive members (excluding the managing
\ndirector) receive an annual remuneration of 20,000 euro for their mem-
\nbership of the Board of Directors. All members of the Board of Directors
\n(excluding the managing director) receive 5,000 euro for their membership
\nof the Nomination and Remuneration Committee and the Audit and Risk
\nCommittee respectively, while the chairman receives a remuneration of
\n7,500 euro. The total remuneration for the directors (excluding the manag-
\ning director) was 255.0 thousand euro in 2023 and 230.0 thousand euro in
\n2022. The directors have not received any loan or advance from the Group.
\nManagement Team Remuneration
\nFor the year ended 31 December 2023, a total amount of 1,864 thousand
\neuro (2,918 thousand euro in 2022) was awarded to the members of the
\nManagement Team, including the managing director. See the remunera-
\ntion report in chapter 3 for more details.
\nThese total amounts include the following components:
\n\u2022 Basic remuneration: base salary earned in their position during the year
\nunder review;
\n\u2022 Variable remuneration: bonus acquired in the year under review. There
\nare various pay-out forms, including cash, a warrant plan and a share
\noption plan;
\n\u2022 Group insurance premiums: insurance premium (invalidity, death, pen-
\nsion plan) paid by the Group;
\n\u2022 Other benefits are the private use of a company car and hospitalization
\ninsurance;
\n\u2022
\nExceptional remuneration concerns a retention bonus or a severance
\npayment.
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Basic remuneration | \n1,590 | \n1,918 | \n\n\n
\n\n| Variable remuneration | \n151 | \n727 | \n\n\n
\n\n| Group insurance premiums | \n37 | \n47 | \n\n\n
\n\n| Other benefits | \n85 | \n106 | \n\n\n
\n\n| Exceptional remuneration | \n0 | \n120 | \n\n\n
\n\n| Total | \n1,864 | \n2,918 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\nIn addition to these cash benefits, share-based benefits were granted to
\nthe members of the Management Team through the share option plan.
\nIn 2023 the members of the Management Team had the opportunity to
\nparticipate in a share option plan by which they were granted 5,000 options
\n(same in 2022). No calculated costs are linked to the options accepted
\nby the members of the Management Team in 2023.
\n
\n
\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag335": {
"value": "\n
\n\n
\n\n6. INVESTMENTS IN ASSOCIATES
\nInvestments in associates consist of the following Group interests:
\n\u2022 25,7\ueee2% in Top Form International Ltd.
\nTop Form is a company based in Hong Kong with operations in several
\nAsian countries. The main activity is the production of lingerie, predo-
\nminantly for major European and American fashion brands. The com-
\npany is listed on the Hong Kong Stock Exchange. Van de Velde invested
\nin Top Form in 2007 and has held 25.66% of shares since 2011.
\nThe participation in the associated company Top Form International Ltd.
\nis 2.9 million euro lower than at the end of 2022.
\n\n
\n\n\n| Net carrying amount | \nTop Form Ltd. | \n\n\n
\n\n| 000 euro | \n | \n\n\n
\n\n| At 01/01/2022 | \n13,745 | \n\n\n
\n\n| Results of the fiscal year | \n-697 | \n\n\n
\n\n| Capital increase | \n0 | \n\n\n
\n\n| Dividend received | \n0 | \n\n\n
\n\n| Share in the revaluation reserve | \n107 | \n\n\n
\n\n| Share in other comprehensive income (con- | \n | \n\n\n
\n\n| version impact) | \n-438 | \n\n\n
\n\n| Conversion profit and losses | \n839 | \n\n\n
\n\n| At 31/12/2022 | \n13,556 | \n\n\n
\n\n| At 01/01/2023 | \n13,556 | \n\n\n
\n\n| Results of the fiscal year | \n-2,328 | \n\n\n
\n\n| Capital increase | \n0 | \n\n\n
\n\n| Dividend received | \n0 | \n\n\n
\n\n| Share in the revaluation reserve | \n24 | \n\n\n
\n\n| Share in other comprehensive income (con- | \n | \n\n\n
\n\n| version impact) | \n-86 | \n\n\n
\n\n| Conversion profit and losses | \n-519 | \n\n\n
\n\n| At 31/12/2023 | \n10,646 | \n\n\n
\n\n\n\n\n\n
\n\n\n
Key figures per participation are as follows:
\n\n
\n\n\n| Key figures | \nTop Form Ltd. | \nTop Form Ltd. | \n\n\n
\n\n| 000 euro | \n(31/12/2023) | \n(31/12/2022) | \n\n\n
\n\n| Tangible fixed assets | \n17,963 | \n19,804 | \n\n\n
\n\n| Other fixed assets | \n22,560 | \n23,708 | \n\n\n
\n\n| Right of use asset | \n3,306 | \n3,075 | \n\n\n
\n\n| Current assets | \n53,987 | \n50,888 | \n\n\n
\n\n| Non current liabilities | \n4,778 | \n6,210 | \n\n\n
\n\n| Current liabilities | \n41,927 | \n31,603 | \n\n\n
\n\n| Lease liabilities | \n3,382 | \n1,168 | \n\n\n
\n\n| Total net assets | \n47,723 | \n58,494 | \n\n\n
\n\n| Unrealized result in equity | \n9,883 | \n10,529 | \n\n\n
\n\n| Turnover | \n123,902 | \n149,355 | \n\n\n
\n\n| Profit/(Loss) attributable to | \n-8,586 | \n-1,255 | \n\n\n
\n\n| owners of the company | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
The figures for Top Form International Ltd. refer to the closing situation
\non 31 December 2023 (first half of fiscal year 2023-2024). Turnover and
\nnet result refer to the result over a period of 12 months.
\nReconciliation with the net book value:
\n\n
\n\n\n| Reconciliation net book value | \nTop Form Ltd. | \n\n\n
\n\n | \n(31/12/2023) | \n\n\n
\n\n| Participation percentage | \n25.66% | \n\n\n
\n\n| Total equity (in 000 HKD) | \n358,079 | \n\n\n
\n\n| Participation in equity (in 000 HKD) | \n91,883 | \n\n\n
\n\n| Cumulative exchange differences (in 000 euro) | \n3,293 | \n\n\n
\n\n| Investment in association (book value) (in 000 euro) | \n10,646 | \n\n\n
\n\n\n\n\n\n
\n\n\n
The book value of the 25.66% participation in Top Form was 10,646 thou-
\nsand euro at 31 December 2023 and the value of this participation based
\non the share price on that date was 3,132 thousand euro. Van de Velde
\nmaintains the book value of the participation in Top Form based on the
\nshare in the underlying equity of Top Form rather than on the share price.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\n
\n\n
\nFalling sales volumes in the United States have had a negative impact on
\nTop Form\u2019s results. Taking into account the implemented realignments
\nand growth expectations, we believe in the 2.5% predetermined growth.
\nA combination of these events, together with a very low share trade
\nvolume and significant fluctuations in the share price, due to a limited
\nnumber of transactions, had an impact on the share price. Often, several
\nconsecutive days went by without any trading in the share in 2023, and
\nno share transactions were noted on the vast majority of trading days on
\nthe Hong Kong Stock Exchange in 2023.
\nThe first half of Top Form\u2019s fiscal year 2023-2024 ended on 31 December
\n2023 with a loss of \u20ac 1.4m, reflecting declining sales in the United States.
\nCustomers in the United States are currently struggling with high inven-
\ntories and declining consumer demand. In the meantime, TopForm has
\nadjusted its capacity such that the current cost structure was adjusted to
\ncurrent demand, but also accommodates the planned increase in demand
\nfrom the second half of fiscal year 2023-2024. Based on all available input
\nat the close of the year, Van de Velde remains confident that the share in
\nthe underlying equity most accurately reflects the value of the participation
\nin Top Form. Neither was it necessary to recognize any impairment on 31
\nDecember 2023 based on the impairment indicators in paragraph 41 of
\nIAS 28. This was confirmed by an additional impairment test.
\n\nImpairment test
\nA test was also performed on the value of the participation in Top Form
\nat the same time as the impairment test on goodwill and brand names
\nwith indefinite useful life.
\nMethodology for impairment tests
\nThis test compares the value according to the equity method as included
\non the balance sheet with the Van de Velde share (25.66%) in the underly-
\ning recoverable amount of Top Form, with the recoverable amount deter-
\nmined on the basis of the present value of the future expected cash flows
\nfrom the activities of Top Form.
\nBudget and business plans prepared by Top Forms management for the
\nyears 2024-2027, as also approved by Top Forms board of directors and
\naudit committee, were used for this test. These budgets include planned
\ninvestments and changes in working capital.
\nIn accordance with the requirements of IFRS, confirmation was also
\nreceived that these budgets were prepared in accordance with the cur-
\nrent financial and operational structure of the group, without taking into
\naccount any future reorganization or improvements or adjustments of
\nthe asset.
\nThe main assumptions used in the calculation, which are also the most
\nsensitive for determining the recoverable amount are:
\n\u2022 A discounting rate of 10% was used;
\n\u2022 Turnover estimates used a growth between 5% and 7%;
\n\u2022 Growth percentage used to extrapolate cash flows beyond the plan-
\nning period was set at 2.5%.
\nThe headroom in the base case scenario is 4,168 thousand euro. The
\nabovementioned sensitivities were subjected to various sensitivity tests.
\nThe following changes were made to the calculation models:
\n\u2022 The turnover estimates used during the period to which the expecta-
\ntions relate were reduced by 5%. The headroom in this test is positive
\nat 3,225 thousand euro.
\n\u2022
\nThe growth percentage used to extrapolate cash flows beyond the
\nplanning period was reduced to 1%. The headroom in this case is
\n2,684 thousand euro.
\n\u2022 The discounting rate was increased to 12%. The headroom is 1,598
\nthousand euro in this case.
\nThe sensitivity tests described above show there is sufficient headroom.
\nAs a result, the recoverable amount of Van de Velde\u2019s participation in Top
\nForm, based on the calculations and tests, is higher than the carrying
\namount included in the balance sheet as per 31 December 2023.
\nBased on the various valuation models used, there is currently no need
\nto recognize an impairment on the financial assets as included on the
\nbalance sheet of Van de Velde NV.
\nThe abovementioned test is conducted annually to check for indications
\nof an impairment on the asset, or more frequently if additional indicators
\nof impairment should emerge.
\n
\n
\n\n\n\n\n
\n
\n\n\n\n\n
\n
\n\n\n\n\n
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag338": {
"value": "\n
\n\n6. INVESTMENTS IN ASSOCIATES
\nInvestments in associates consist of the following Group interests:
\n\u2022 25,7\ueee2% in Top Form International Ltd.
\nTop Form is a company based in Hong Kong with operations in several
\nAsian countries. The main activity is the production of lingerie, predo-
\nminantly for major European and American fashion brands. The com-
\npany is listed on the Hong Kong Stock Exchange. Van de Velde invested
\nin Top Form in 2007 and has held 25.66% of shares since 2011.
\nThe participation in the associated company Top Form International Ltd.
\nis 2.9 million euro lower than at the end of 2022.
\n\n
\n\n\n| Net carrying amount | \nTop Form Ltd. | \n\n\n
\n\n| 000 euro | \n | \n\n\n
\n\n| At 01/01/2022 | \n13,745 | \n\n\n
\n\n| Results of the fiscal year | \n-697 | \n\n\n
\n\n| Capital increase | \n0 | \n\n\n
\n\n| Dividend received | \n0 | \n\n\n
\n\n| Share in the revaluation reserve | \n107 | \n\n\n
\n\n| Share in other comprehensive income (con- | \n | \n\n\n
\n\n| version impact) | \n-438 | \n\n\n
\n\n| Conversion profit and losses | \n839 | \n\n\n
\n\n| At 31/12/2022 | \n13,556 | \n\n\n
\n\n| At 01/01/2023 | \n13,556 | \n\n\n
\n\n| Results of the fiscal year | \n-2,328 | \n\n\n
\n\n| Capital increase | \n0 | \n\n\n
\n\n| Dividend received | \n0 | \n\n\n
\n\n| Share in the revaluation reserve | \n24 | \n\n\n
\n\n| Share in other comprehensive income (con- | \n | \n\n\n
\n\n| version impact) | \n-86 | \n\n\n
\n\n| Conversion profit and losses | \n-519 | \n\n\n
\n\n| At 31/12/2023 | \n10,646 | \n\n\n
\n\n\n\n\n\n
\n\n\n
Key figures per participation are as follows:
\n\n
\n\n\n| Key figures | \nTop Form Ltd. | \nTop Form Ltd. | \n\n\n
\n\n| 000 euro | \n(31/12/2023) | \n(31/12/2022) | \n\n\n
\n\n| Tangible fixed assets | \n17,963 | \n19,804 | \n\n\n
\n\n| Other fixed assets | \n22,560 | \n23,708 | \n\n\n
\n\n| Right of use asset | \n3,306 | \n3,075 | \n\n\n
\n\n| Current assets | \n53,987 | \n50,888 | \n\n\n
\n\n| Non current liabilities | \n4,778 | \n6,210 | \n\n\n
\n\n| Current liabilities | \n41,927 | \n31,603 | \n\n\n
\n\n| Lease liabilities | \n3,382 | \n1,168 | \n\n\n
\n\n| Total net assets | \n47,723 | \n58,494 | \n\n\n
\n\n| Unrealized result in equity | \n9,883 | \n10,529 | \n\n\n
\n\n| Turnover | \n123,902 | \n149,355 | \n\n\n
\n\n| Profit/(Loss) attributable to | \n-8,586 | \n-1,255 | \n\n\n
\n\n| owners of the company | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
The figures for Top Form International Ltd. refer to the closing situation
\non 31 December 2023 (first half of fiscal year 2023-2024). Turnover and
\nnet result refer to the result over a period of 12 months.
\nReconciliation with the net book value:
\n\n
\n\n\n| Reconciliation net book value | \nTop Form Ltd. | \n\n\n
\n\n | \n(31/12/2023) | \n\n\n
\n\n| Participation percentage | \n25.66% | \n\n\n
\n\n| Total equity (in 000 HKD) | \n358,079 | \n\n\n
\n\n| Participation in equity (in 000 HKD) | \n91,883 | \n\n\n
\n\n| Cumulative exchange differences (in 000 euro) | \n3,293 | \n\n\n
\n\n| Investment in association (book value) (in 000 euro) | \n10,646 | \n\n\n
\n\n\n\n\n\n
\n\n\n
The book value of the 25.66% participation in Top Form was 10,646 thou-
\nsand euro at 31 December 2023 and the value of this participation based
\non the share price on that date was 3,132 thousand euro. Van de Velde
\nmaintains the book value of the participation in Top Form based on the
\nshare in the underlying equity of Top Form rather than on the share price.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n
\nFalling sales volumes in the United States have had a negative impact on
\nTop Form\u2019s results. Taking into account the implemented realignments
\nand growth expectations, we believe in the 2.5% predetermined growth.
\nA combination of these events, together with a very low share trade
\nvolume and significant fluctuations in the share price, due to a limited
\nnumber of transactions, had an impact on the share price. Often, several
\nconsecutive days went by without any trading in the share in 2023, and
\nno share transactions were noted on the vast majority of trading days on
\nthe Hong Kong Stock Exchange in 2023.
\nThe first half of Top Form\u2019s fiscal year 2023-2024 ended on 31 December
\n2023 with a loss of \u20ac 1.4m, reflecting declining sales in the United States.
\nCustomers in the United States are currently struggling with high inven-
\ntories and declining consumer demand. In the meantime, TopForm has
\nadjusted its capacity such that the current cost structure was adjusted to
\ncurrent demand, but also accommodates the planned increase in demand
\nfrom the second half of fiscal year 2023-2024. Based on all available input
\nat the close of the year, Van de Velde remains confident that the share in
\nthe underlying equity most accurately reflects the value of the participation
\nin Top Form. Neither was it necessary to recognize any impairment on 31
\nDecember 2023 based on the impairment indicators in paragraph 41 of
\nIAS 28. This was confirmed by an additional impairment test.
\n\nImpairment test
\nA test was also performed on the value of the participation in Top Form
\nat the same time as the impairment test on goodwill and brand names
\nwith indefinite useful life.
\nMethodology for impairment tests
\nThis test compares the value according to the equity method as included
\non the balance sheet with the Van de Velde share (25.66%) in the underly-
\ning recoverable amount of Top Form, with the recoverable amount deter-
\nmined on the basis of the present value of the future expected cash flows
\nfrom the activities of Top Form.
\nBudget and business plans prepared by Top Forms management for the
\nyears 2024-2027, as also approved by Top Forms board of directors and
\naudit committee, were used for this test. These budgets include planned
\ninvestments and changes in working capital.
\nIn accordance with the requirements of IFRS, confirmation was also
\nreceived that these budgets were prepared in accordance with the cur-
\nrent financial and operational structure of the group, without taking into
\naccount any future reorganization or improvements or adjustments of
\nthe asset.
\nThe main assumptions used in the calculation, which are also the most
\nsensitive for determining the recoverable amount are:
\n\u2022 A discounting rate of 10% was used;
\n\u2022 Turnover estimates used a growth between 5% and 7%;
\n\u2022 Growth percentage used to extrapolate cash flows beyond the plan-
\nning period was set at 2.5%.
\nThe headroom in the base case scenario is 4,168 thousand euro. The
\nabovementioned sensitivities were subjected to various sensitivity tests.
\nThe following changes were made to the calculation models:
\n\u2022 The turnover estimates used during the period to which the expecta-
\ntions relate were reduced by 5%. The headroom in this test is positive
\nat 3,225 thousand euro.
\n\u2022
\nThe growth percentage used to extrapolate cash flows beyond the
\nplanning period was reduced to 1%. The headroom in this case is
\n2,684 thousand euro.
\n\u2022 The discounting rate was increased to 12%. The headroom is 1,598
\nthousand euro in this case.
\nThe sensitivity tests described above show there is sufficient headroom.
\nAs a result, the recoverable amount of Van de Velde\u2019s participation in Top
\nForm, based on the calculations and tests, is higher than the carrying
\namount included in the balance sheet as per 31 December 2023.
\nBased on the various valuation models used, there is currently no need
\nto recognize an impairment on the financial assets as included on the
\nbalance sheet of Van de Velde NV.
\nThe abovementioned test is conducted annually to check for indications
\nof an impairment on the asset, or more frequently if additional indicators
\nof impairment should emerge.
\n
\n
\n\n\n\n\n
\n
\n\n\n\n\n
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag319": {
"value": "\n6. INVESTMENTS IN ASSOCIATES
\nInvestments in associates consist of the following Group interests:
\n\u2022 25,7\ueee2% in Top Form International Ltd.
\nTop Form is a company based in Hong Kong with operations in several
\nAsian countries. The main activity is the production of lingerie, predo-
\nminantly for major European and American fashion brands. The com-
\npany is listed on the Hong Kong Stock Exchange. Van de Velde invested
\nin Top Form in 2007 and has held 25.66% of shares since 2011.
\nThe participation in the associated company Top Form International Ltd.
\nis 2.9 million euro lower than at the end of 2022.
\n\n
\n\n\n| Net carrying amount | \nTop Form Ltd. | \n\n\n
\n\n| 000 euro | \n | \n\n\n
\n\n| At 01/01/2022 | \n13,745 | \n\n\n
\n\n| Results of the fiscal year | \n-697 | \n\n\n
\n\n| Capital increase | \n0 | \n\n\n
\n\n| Dividend received | \n0 | \n\n\n
\n\n| Share in the revaluation reserve | \n107 | \n\n\n
\n\n| Share in other comprehensive income (con- | \n | \n\n\n
\n\n| version impact) | \n-438 | \n\n\n
\n\n| Conversion profit and losses | \n839 | \n\n\n
\n\n| At 31/12/2022 | \n13,556 | \n\n\n
\n\n| At 01/01/2023 | \n13,556 | \n\n\n
\n\n| Results of the fiscal year | \n-2,328 | \n\n\n
\n\n| Capital increase | \n0 | \n\n\n
\n\n| Dividend received | \n0 | \n\n\n
\n\n| Share in the revaluation reserve | \n24 | \n\n\n
\n\n| Share in other comprehensive income (con- | \n | \n\n\n
\n\n| version impact) | \n-86 | \n\n\n
\n\n| Conversion profit and losses | \n-519 | \n\n\n
\n\n| At 31/12/2023 | \n10,646 | \n\n\n
\n\n\n\n\n\n
\n\n\n
Key figures per participation are as follows:
\n\n
\n\n\n| Key figures | \nTop Form Ltd. | \nTop Form Ltd. | \n\n\n
\n\n| 000 euro | \n(31/12/2023) | \n(31/12/2022) | \n\n\n
\n\n| Tangible fixed assets | \n17,963 | \n19,804 | \n\n\n
\n\n| Other fixed assets | \n22,560 | \n23,708 | \n\n\n
\n\n| Right of use asset | \n3,306 | \n3,075 | \n\n\n
\n\n| Current assets | \n53,987 | \n50,888 | \n\n\n
\n\n| Non current liabilities | \n4,778 | \n6,210 | \n\n\n
\n\n| Current liabilities | \n41,927 | \n31,603 | \n\n\n
\n\n| Lease liabilities | \n3,382 | \n1,168 | \n\n\n
\n\n| Total net assets | \n47,723 | \n58,494 | \n\n\n
\n\n| Unrealized result in equity | \n9,883 | \n10,529 | \n\n\n
\n\n| Turnover | \n123,902 | \n149,355 | \n\n\n
\n\n| Profit/(Loss) attributable to | \n-8,586 | \n-1,255 | \n\n\n
\n\n| owners of the company | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
The figures for Top Form International Ltd. refer to the closing situation
\non 31 December 2023 (first half of fiscal year 2023-2024). Turnover and
\nnet result refer to the result over a period of 12 months.
\nReconciliation with the net book value:
\n\n
\n\n\n| Reconciliation net book value | \nTop Form Ltd. | \n\n\n
\n\n | \n(31/12/2023) | \n\n\n
\n\n| Participation percentage | \n25.66% | \n\n\n
\n\n| Total equity (in 000 HKD) | \n358,079 | \n\n\n
\n\n| Participation in equity (in 000 HKD) | \n91,883 | \n\n\n
\n\n| Cumulative exchange differences (in 000 euro) | \n3,293 | \n\n\n
\n\n| Investment in association (book value) (in 000 euro) | \n10,646 | \n\n\n
\n\n\n\n\n\n
\n\n\n
The book value of the 25.66% participation in Top Form was 10,646 thou-
\nsand euro at 31 December 2023 and the value of this participation based
\non the share price on that date was 3,132 thousand euro. Van de Velde
\nmaintains the book value of the participation in Top Form based on the
\nshare in the underlying equity of Top Form rather than on the share price.
\n
\n\n\n\n\n
\nFalling sales volumes in the United States have had a negative impact on
\nTop Form\u2019s results. Taking into account the implemented realignments
\nand growth expectations, we believe in the 2.5% predetermined growth.
\nA combination of these events, together with a very low share trade
\nvolume and significant fluctuations in the share price, due to a limited
\nnumber of transactions, had an impact on the share price. Often, several
\nconsecutive days went by without any trading in the share in 2023, and
\nno share transactions were noted on the vast majority of trading days on
\nthe Hong Kong Stock Exchange in 2023.
\nThe first half of Top Form\u2019s fiscal year 2023-2024 ended on 31 December
\n2023 with a loss of \u20ac 1.4m, reflecting declining sales in the United States.
\nCustomers in the United States are currently struggling with high inven-
\ntories and declining consumer demand. In the meantime, TopForm has
\nadjusted its capacity such that the current cost structure was adjusted to
\ncurrent demand, but also accommodates the planned increase in demand
\nfrom the second half of fiscal year 2023-2024. Based on all available input
\nat the close of the year, Van de Velde remains confident that the share in
\nthe underlying equity most accurately reflects the value of the participation
\nin Top Form. Neither was it necessary to recognize any impairment on 31
\nDecember 2023 based on the impairment indicators in paragraph 41 of
\nIAS 28. This was confirmed by an additional impairment test.
\n\nImpairment test
\nA test was also performed on the value of the participation in Top Form
\nat the same time as the impairment test on goodwill and brand names
\nwith indefinite useful life.
\nMethodology for impairment tests
\nThis test compares the value according to the equity method as included
\non the balance sheet with the Van de Velde share (25.66%) in the underly-
\ning recoverable amount of Top Form, with the recoverable amount deter-
\nmined on the basis of the present value of the future expected cash flows
\nfrom the activities of Top Form.
\nBudget and business plans prepared by Top Forms management for the
\nyears 2024-2027, as also approved by Top Forms board of directors and
\naudit committee, were used for this test. These budgets include planned
\ninvestments and changes in working capital.
\nIn accordance with the requirements of IFRS, confirmation was also
\nreceived that these budgets were prepared in accordance with the cur-
\nrent financial and operational structure of the group, without taking into
\naccount any future reorganization or improvements or adjustments of
\nthe asset.
\nThe main assumptions used in the calculation, which are also the most
\nsensitive for determining the recoverable amount are:
\n\u2022 A discounting rate of 10% was used;
\n\u2022 Turnover estimates used a growth between 5% and 7%;
\n\u2022 Growth percentage used to extrapolate cash flows beyond the plan-
\nning period was set at 2.5%.
\nThe headroom in the base case scenario is 4,168 thousand euro. The
\nabovementioned sensitivities were subjected to various sensitivity tests.
\nThe following changes were made to the calculation models:
\n\u2022 The turnover estimates used during the period to which the expecta-
\ntions relate were reduced by 5%. The headroom in this test is positive
\nat 3,225 thousand euro.
\n\u2022
\nThe growth percentage used to extrapolate cash flows beyond the
\nplanning period was reduced to 1%. The headroom in this case is
\n2,684 thousand euro.
\n\u2022 The discounting rate was increased to 12%. The headroom is 1,598
\nthousand euro in this case.
\nThe sensitivity tests described above show there is sufficient headroom.
\nAs a result, the recoverable amount of Van de Velde\u2019s participation in Top
\nForm, based on the calculations and tests, is higher than the carrying
\namount included in the balance sheet as per 31 December 2023.
\nBased on the various valuation models used, there is currently no need
\nto recognize an impairment on the financial assets as included on the
\nbalance sheet of Van de Velde NV.
\nThe abovementioned test is conducted annually to check for indications
\nof an impairment on the asset, or more frequently if additional indicators
\nof impairment should emerge.
\n
\n
\n\n\n\n\n
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag325": {
"value": "\n
\n\n7. OTHER FIXED ASSETS
\nOther fixed assets consist of the following:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Security deposits for VAT | \n218 | \n218 | \n\n\n
\n\n| Other security deposits | \n814 | \n945 | \n\n\n
\n\n| Other participating interests | \n38 | \n75 | \n\n\n
\n\n| Borrowings | \n115 | \n144 | \n\n\n
\n\n| Other fixed assets, net | \n1,185 | \n1,382 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag337": {
"value": "\n7. OTHER FIXED ASSETS
\nOther fixed assets consist of the following:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Security deposits for VAT | \n218 | \n218 | \n\n\n
\n\n| Other security deposits | \n814 | \n945 | \n\n\n
\n\n| Other participating interests | \n38 | \n75 | \n\n\n
\n\n| Borrowings | \n115 | \n144 | \n\n\n
\n\n| Other fixed assets, net | \n1,185 | \n1,382 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n11. OTHER CURRENT ASSETS
\nOther current assets consist of the following:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Prepaid expenses (1) | \n2,253 | \n2,006 | \n\n\n
\n\n| Tax receivables (VAT and corporate | \n | \n | \n\n\n
\n\n| income tax) | \n3,755 | \n6,170 | \n\n\n
\n\n| FX forward contracts (note 20) | \n21 | \n178 | \n\n\n
\n\n| Overige vlottende activa, netto | \n6,029 | \n8,354 | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) Pre-paid expenses mainly concern pre-paid maintenance costs.
\nTax receivables relate to corporate income tax to be recovered for the
\nyears 2022 and 2023. This has decreased because less tax has been
\noverpaid in the installments.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag333": {
"value": "\n8. GRANTS
\nA grant of 407 thousand euro was received in 2020, 2019, 2018 and
\n2017 in tranches from VLAIO (the Flemish Agency for Innovation and
\nEntrepreneurship) in relation to an ongoing research and development
\nproject. The grant is recognized in the income statement pro rata the
\ndepreciation of the underlying asset for which the grant was received. In
\nboth 2022 and 2023, 81 thousand euro of the grant was recognized in
\nthe income statement.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag328": {
"value": "\n
\n9. INVENTORIES
\nInventories by major components are as follows:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Finished and merchandise goods | \n34,495 | \n30,009 | \n\n\n
\n\n| Work in progress | \n9,041 | \n18,530 | \n\n\n
\n\n| Raw materials | \n12,451 | \n14,271 | \n\n\n
\n\n| Inventories, gross | \n55,987 | \n62,810 | \n\n\n
\n\n| Less: Allowance for obsolescence | \n-10,037 | \n-8,652 | \n\n\n
\n\n| Inventories, net | \n45,950 | \n54,158 | \n\n\n
\n\n\n\n\n\n
\n\n\n
The allowance for obsolescence in 2023 concerns finished prod-
\nucts (5,447 thousand euro) and raw materials (4,591 thousand euro).
\nThe allowance for obsolescence in 2022 concerns finished products
\n(5,274 thousand euro) and raw materials (3,379 thousand euro). The
\nhigher depreciation comes as a result of a review on the classification
\nof our permanent collection.
\nThe allowance for obsolescence and the additional write-downs is
\nrecorded in the income statement under \u2018Cost of materials\u2019.
\n\nThe cost of materials is as follows:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Purchase of raw materials | \n32,314 | \n45,044 | \n\n\n
\n\n| Change in inventories | \n6,823 | \n-13,946 | \n\n\n
\n\n| Change in allowance for obsolescence | \n1,385 | \n2,993 | \n\n\n
\n\n| Cost of materials | \n40,522 | \n34,091 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\nThe evolution in the components of the working capital was explained
\nin the activity report.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag343": {
"value": "\n
\n\n
\n10. TRADE AND OTHER RECEIVABLES
\nAccounts receivable are as follows:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Trade receivables, gross | \n14,642 | \n14,732 | \n\n\n
\n\n| Less: allowance for impairment losses on | \n | \n | \n\n\n
\n\n| trade receivables | \n-669 | \n-385 | \n\n\n
\n\n| Trade receivables, net | \n13,973 | \n14,347 | \n\n\n
\n\n\n\n\n\n
\n\n\n
Trade and other receivables are non-interest bearing. Standard payment
\nterms are country-defined. In addition to payment terms, Van de Velde also
\napplies customer-defined credit limits in order to assure proper follow-
\nup. In the event of overdue invoices, a reminder procedure is initiated.
\nIn 2023 there was a loss of 250 thousand euro with respect to trade
\nreceivables (145 thousand euro in 2022). This loss is recognized in the
\nincome statement under \u2018Turnover\u2019.
\n\n
\n\nConcerning the trade receivables, there are no indications that the debtors
\nwill not fulfil their payment obligations. Neither are there any customers
\nthat account for more than 10% of the consolidated turnover. Under IFRS
\n9 Van de Velde has an obligation to recognize expected losses on trade
\nreceivables. The application of this IFRS standard was included in the
\nrecognized impairment at an amount equal to 405 thousand euro (86
\nthousand euro in 2022). The total increase of impairment losses on trade
\nreceivables, 284 thousand euro, is recognized in the income statement
\nunder \u2018Other expenses\u2019.
\nThe table below summarizes a global view of the allowances for impair-
\nment losses on trade receivables:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| At 1 January | \n-385 | \n-495 | \n\n\n
\n\n| Applied losses | \n250 | \n145 | \n\n\n
\n\n| Additions | \n-535 | \n-35 | \n\n\n
\n\n| At 31 December | \n-669 | \n-385 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\nThe aging analysis of the trade receivables at year end is as follows:
\n\n
\n\n\n| 000 euro | \nTotal | \nNot past due | \nPast due 1- 60 days | \nPast due 60 - 90 days | \nPast due >90 days | \n\n\n
\n\n| 2023 | \n14,642 | \n10,875 | \n2,213 | \n780 | \n774 | \n\n\n
\n\n| 2022 | \n14,732 | \n11,242 | \n2,237 | \n777 | \n476 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\nThe evolution in the components of the working capital was explained
\nin the activity report.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag340": {
"value": "\n
\n10. TRADE AND OTHER RECEIVABLES
\nAccounts receivable are as follows:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Trade receivables, gross | \n14,642 | \n14,732 | \n\n\n
\n\n| Less: allowance for impairment losses on | \n | \n | \n\n\n
\n\n| trade receivables | \n-669 | \n-385 | \n\n\n
\n\n| Trade receivables, net | \n13,973 | \n14,347 | \n\n\n
\n\n\n\n\n\n
\n\n\n
Trade and other receivables are non-interest bearing. Standard payment
\nterms are country-defined. In addition to payment terms, Van de Velde also
\napplies customer-defined credit limits in order to assure proper follow-
\nup. In the event of overdue invoices, a reminder procedure is initiated.
\nIn 2023 there was a loss of 250 thousand euro with respect to trade
\nreceivables (145 thousand euro in 2022). This loss is recognized in the
\nincome statement under \u2018Turnover\u2019.
\n\n
\n\nConcerning the trade receivables, there are no indications that the debtors
\nwill not fulfil their payment obligations. Neither are there any customers
\nthat account for more than 10% of the consolidated turnover. Under IFRS
\n9 Van de Velde has an obligation to recognize expected losses on trade
\nreceivables. The application of this IFRS standard was included in the
\nrecognized impairment at an amount equal to 405 thousand euro (86
\nthousand euro in 2022). The total increase of impairment losses on trade
\nreceivables, 284 thousand euro, is recognized in the income statement
\nunder \u2018Other expenses\u2019.
\nThe table below summarizes a global view of the allowances for impair-
\nment losses on trade receivables:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| At 1 January | \n-385 | \n-495 | \n\n\n
\n\n| Applied losses | \n250 | \n145 | \n\n\n
\n\n| Additions | \n-535 | \n-35 | \n\n\n
\n\n| At 31 December | \n-669 | \n-385 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\nThe aging analysis of the trade receivables at year end is as follows:
\n\n
\n\n\n| 000 euro | \nTotal | \nNot past due | \nPast due 1- 60 days | \nPast due 60 - 90 days | \nPast due >90 days | \n\n\n
\n\n| 2023 | \n14,642 | \n10,875 | \n2,213 | \n780 | \n774 | \n\n\n
\n\n| 2022 | \n14,732 | \n11,242 | \n2,237 | \n777 | \n476 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\nThe evolution in the components of the working capital was explained
\nin the activity report.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n12. CASH AND CASH EQUIVALENTS
\nCash and cash equivalents consist of the following:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Cash at banks and in hand | \n19,836 | \n39,524 | \n\n\n
\n\n| Marketable securities | \n40,759 | \n20,000 | \n\n\n
\n\n| Cash and cash equivalents | \n60,595 | \n59,524 | \n\n\n
\n\n\n\n\n\n
\n\n\n
Marketable securities predominantly consist of saving accounts at finan-
\ncial institutions. A small part refers to a financial investment.
\nCash and cash equivalents recognized in the cash flow statement com-
\nprise the same elements as presented above.
\n
\n\n\n\n\n18. TRADE AND OTHER PAYABLES
\nTrade and other payables consist of the following:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Trade payables | \n10,281 | \n11,258 | \n\n\n
\n\n| Payroll, social charges | \n5,512 | \n5,005 | \n\n\n
\n\n| Gift cards and credits issued | \n204 | \n190 | \n\n\n
\n\n| Accrued charges(1) | \n5,733 | \n7,800 | \n\n\n
\n\n| Deferred income | \n94 | \n622 | \n\n\n
\n\n| FX forward contracts (note 20) | \n88 | \n719 | \n\n\n
\n\n| Trade and other payables | \n21,911 | \n25,594 | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) In addition to the accrued bonuses to employees and directors as well as discounts to
\ncustomers, accrued charges also include the cost of external employees.
\nThe evolution in the components of the working capital was explained
\nin the activity report.
\n
\n\n\n\n\n\n\n\n20. FINANCIAL INSTRUMENTS
\nThe fair value of the financial assets and liabilities (including cash, trade
\nreceivables and trade liabilities) is essentially equal to the book value, with
\nthe exception of the derivatives, which are valued at fair value.
\nThe Group applies derivative financial instruments to limit the risks of
\nunfavourable exchange rate fluctuations originating from operations and
\ninvestments.
\nDerivatives that do not qualify for hedge accounting
\nThe company concluded FX forward contracts to manage transaction
\nrisks with a maturity date between 03/01/2024 and 03/06/2024 (maturity
\nfor 2022 : between 03/01/2023 and 01/06/2023). As these contracts
\ndo not meet the hedging criteria of IAS 39, they are, if applicable, valued
\nat fair value and recognized as trading contracts through profit or loss.
\nOn 31 December 2023, the fair value of these FX forward contracts was
\n-68 thousand euro, comprising an unrealized income of 21 thousand euro
\nand an unrealized loss of 88 thousand euro.
\nIn summary, the various fair values are set out in the following table:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Derivatives that do not qualify for hedge accounting: | \n | \n | \n\n\n
\n\n| Other current assets | \n21 | \n178 | \n\n\n
\n\n| Other current liabilities | \n-88 | \n-719 | \n\n\n
\n\n| Real value | \n-68 | \n-541 | \n\n\n
\n\n\n\n\n\n
\n\n\n
The valuation technique used to determine the fair value is level 2-com-
\npliant, with the various levels and related valuation techniques defined
\nas follows:
\n\u2022
\nLevel 1: quoted (and not adjusted) prices on active markets for identical
\nassets and liabilities;
\n\u2022
\nLevel 2: other techniques, in which all inputs that have a major impact
\non the recognized fair value are observable (directly or indirectly);
\n\u2022
\nLevel 3: techniques, using inputs with a major impact on the fair value
\nand for which no observable market data is available.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag336": {
"value": "\n
\n\nConcerning the trade receivables, there are no indications that the debtors
\nwill not fulfil their payment obligations. Neither are there any customers
\nthat account for more than 10% of the consolidated turnover. Under IFRS
\n9 Van de Velde has an obligation to recognize expected losses on trade
\nreceivables. The application of this IFRS standard was included in the
\nrecognized impairment at an amount equal to 405 thousand euro (86
\nthousand euro in 2022). The total increase of impairment losses on trade
\nreceivables, 284 thousand euro, is recognized in the income statement
\nunder \u2018Other expenses\u2019.
\nThe table below summarizes a global view of the allowances for impair-
\nment losses on trade receivables:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| At 1 January | \n-385 | \n-495 | \n\n\n
\n\n| Applied losses | \n250 | \n145 | \n\n\n
\n\n| Additions | \n-535 | \n-35 | \n\n\n
\n\n| At 31 December | \n-669 | \n-385 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\nThe aging analysis of the trade receivables at year end is as follows:
\n\n
\n\n\n| 000 euro | \nTotal | \nNot past due | \nPast due 1- 60 days | \nPast due 60 - 90 days | \nPast due >90 days | \n\n\n
\n\n| 2023 | \n14,642 | \n10,875 | \n2,213 | \n780 | \n774 | \n\n\n
\n\n| 2022 | \n14,732 | \n11,242 | \n2,237 | \n777 | \n476 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\nThe evolution in the components of the working capital was explained
\nin the activity report.
\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag326": {
"value": "\n
\n\n
\n\n
\n\n11. OTHER CURRENT ASSETS
\nOther current assets consist of the following:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Prepaid expenses (1) | \n2,253 | \n2,006 | \n\n\n
\n\n| Tax receivables (VAT and corporate | \n | \n | \n\n\n
\n\n| income tax) | \n3,755 | \n6,170 | \n\n\n
\n\n| FX forward contracts (note 20) | \n21 | \n178 | \n\n\n
\n\n| Overige vlottende activa, netto | \n6,029 | \n8,354 | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) Pre-paid expenses mainly concern pre-paid maintenance costs.
\nTax receivables relate to corporate income tax to be recovered for the
\nyears 2022 and 2023. This has decreased because less tax has been
\noverpaid in the installments.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\n19. OTHER CURRENT LIABILITIES AND
\nTAXES PAYABLE
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Other current liabilities: taxes (VAT payable, | \n | \n | \n\n\n
\n\n| local taxes, withholding taxes) | \n1,682 | \n1,763 | \n\n\n
\n\n| Taxes payable: corporate income taxes | \n1,340 | \n1,404 | \n\n\n
\n\n\n\n\n\n
\n\n\n
Current liabilities and tax liabilities are in line with 2022. There is a limited
\ndecrease in outstanding VAT debt and estimated tax liabilities in 2023.
\nThe effective tax rate in 2023 is similar to the effective tax rate in 2022
\n(note 23).
\n
\n
\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag324": {
"value": "\n
\n\n
\n\n11. OTHER CURRENT ASSETS
\nOther current assets consist of the following:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Prepaid expenses (1) | \n2,253 | \n2,006 | \n\n\n
\n\n| Tax receivables (VAT and corporate | \n | \n | \n\n\n
\n\n| income tax) | \n3,755 | \n6,170 | \n\n\n
\n\n| FX forward contracts (note 20) | \n21 | \n178 | \n\n\n
\n\n| Overige vlottende activa, netto | \n6,029 | \n8,354 | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) Pre-paid expenses mainly concern pre-paid maintenance costs.
\nTax receivables relate to corporate income tax to be recovered for the
\nyears 2022 and 2023. This has decreased because less tax has been
\noverpaid in the installments.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag322": {
"value": "\n
\n\n11. OTHER CURRENT ASSETS
\nOther current assets consist of the following:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Prepaid expenses (1) | \n2,253 | \n2,006 | \n\n\n
\n\n| Tax receivables (VAT and corporate | \n | \n | \n\n\n
\n\n| income tax) | \n3,755 | \n6,170 | \n\n\n
\n\n| FX forward contracts (note 20) | \n21 | \n178 | \n\n\n
\n\n| Overige vlottende activa, netto | \n6,029 | \n8,354 | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) Pre-paid expenses mainly concern pre-paid maintenance costs.
\nTax receivables relate to corporate income tax to be recovered for the
\nyears 2022 and 2023. This has decreased because less tax has been
\noverpaid in the installments.
\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag329": {
"value": "\n
\n\n12. CASH AND CASH EQUIVALENTS
\nCash and cash equivalents consist of the following:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Cash at banks and in hand | \n19,836 | \n39,524 | \n\n\n
\n\n| Marketable securities | \n40,759 | \n20,000 | \n\n\n
\n\n| Cash and cash equivalents | \n60,595 | \n59,524 | \n\n\n
\n\n\n\n\n\n
\n\n\n
Marketable securities predominantly consist of saving accounts at finan-
\ncial institutions. A small part refers to a financial investment.
\nCash and cash equivalents recognized in the cash flow statement com-
\nprise the same elements as presented above.
\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag320": {
"value": "\n
\n\n
\n13. SHARE CAPITAL
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Nominative shares | \n7,563,892 | \n7,562,672 | \n\n\n
\n\n| Dematerialized shares | \n5,498,525 | \n5,759,808 | \n\n\n
\n\n| Total number of shares | \n13,062,417 | \n13,322,480 | \n\n\n
\n\n\n\n\n\n
\n\n\n
On 31 December 2023 Van de Velde NV\u2019s share capital was 1,936 thou-
\nsand euro (fully paid), represented by 13,062,417 shares with no nominal
\nvalue and all with the same rights insofar as they are not treasury shares,
\nwhose rights have been suspended or cancelled. The Board of Directors
\nof Van de Velde NV is authorized to raise the subscribed capital one or
\nmore times by a total amount of 1,936 thousand euro under the conditions
\nstated in the Articles of Association. This authorization is valid for five
\nyears after publication in the annexes to Belgisch Staatsblad/ Moniteur
\nbelge (10 May 2022).
\nThe distributions from retained earnings of Van de Velde NV, the parent
\ncompany, is limited to a legal reserve, which was built up in previous
\nyears, in accordance with Belgium\u2019s Companies Code, to 10% of the sub-
\nscribed capital.
\n\nTreasury shares
\nOn 27 April 2022, the Extraordinary General Meeting of Shareholders
\nauthorized the Board of Directors to buy or sell its own shares. This
\nauthorization is valid for a period of (i) three years as from 10 May 2022
\nif the acquisition is necessary to avoid a serious threatened disadvan-
\ntage and (ii) five years as from 10 May 2022 if the Board of Directors, in
\naccordance with Article 7:215 of the CCA, acquires the legally permitted
\nnumber of its own shares at a price equal to the price at which they are
\nlisted on Euronext Brussels.
\nThe Board of Directors approved a share buy-back programme of up to
\n15 million euro on 1 March 2023. The buy-back programme started on
\n2 March 2023 and has an anticipated duration of one year.
\nAt the end of 2022 Van de Velde NV held 335,889 treasury shares.
\nIn 2023, 173,575 of its own shares were acquired (worth 5,855 thousand
\neuro) and 260,063 destroyed (worth 8,927 thousand euro) by Van de
\nVelde NV. During 2023 no options were exercised under the option plan.
\nAt the end of 2023 Van de Velde NV held 249,401 treasury shares with
\na total value of 6,596 thousand euro. The treasury shares held by Van
\nde Velde NV will, on the one hand, be offered to management under an
\noption programme that has been running since 2010 and, on the other
\nhand, be used to reduce accumulated cash no longer needed for busi-
\nness operations.
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Share capital | \n1,936 | \n1,936 | \n\n\n
\n\n| Treasury shares | \n-6,596 | \n-9,668 | \n\n\n
\n\n| Share premium | \n743 | \n743 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n
\n
\n\n\n\n\n
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag342": {
"value": "\n
\n13. SHARE CAPITAL
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Nominative shares | \n7,563,892 | \n7,562,672 | \n\n\n
\n\n| Dematerialized shares | \n5,498,525 | \n5,759,808 | \n\n\n
\n\n| Total number of shares | \n13,062,417 | \n13,322,480 | \n\n\n
\n\n\n\n\n\n
\n\n\n
On 31 December 2023 Van de Velde NV\u2019s share capital was 1,936 thou-
\nsand euro (fully paid), represented by 13,062,417 shares with no nominal
\nvalue and all with the same rights insofar as they are not treasury shares,
\nwhose rights have been suspended or cancelled. The Board of Directors
\nof Van de Velde NV is authorized to raise the subscribed capital one or
\nmore times by a total amount of 1,936 thousand euro under the conditions
\nstated in the Articles of Association. This authorization is valid for five
\nyears after publication in the annexes to Belgisch Staatsblad/ Moniteur
\nbelge (10 May 2022).
\nThe distributions from retained earnings of Van de Velde NV, the parent
\ncompany, is limited to a legal reserve, which was built up in previous
\nyears, in accordance with Belgium\u2019s Companies Code, to 10% of the sub-
\nscribed capital.
\n\nTreasury shares
\nOn 27 April 2022, the Extraordinary General Meeting of Shareholders
\nauthorized the Board of Directors to buy or sell its own shares. This
\nauthorization is valid for a period of (i) three years as from 10 May 2022
\nif the acquisition is necessary to avoid a serious threatened disadvan-
\ntage and (ii) five years as from 10 May 2022 if the Board of Directors, in
\naccordance with Article 7:215 of the CCA, acquires the legally permitted
\nnumber of its own shares at a price equal to the price at which they are
\nlisted on Euronext Brussels.
\nThe Board of Directors approved a share buy-back programme of up to
\n15 million euro on 1 March 2023. The buy-back programme started on
\n2 March 2023 and has an anticipated duration of one year.
\nAt the end of 2022 Van de Velde NV held 335,889 treasury shares.
\nIn 2023, 173,575 of its own shares were acquired (worth 5,855 thousand
\neuro) and 260,063 destroyed (worth 8,927 thousand euro) by Van de
\nVelde NV. During 2023 no options were exercised under the option plan.
\nAt the end of 2023 Van de Velde NV held 249,401 treasury shares with
\na total value of 6,596 thousand euro. The treasury shares held by Van
\nde Velde NV will, on the one hand, be offered to management under an
\noption programme that has been running since 2010 and, on the other
\nhand, be used to reduce accumulated cash no longer needed for busi-
\nness operations.
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Share capital | \n1,936 | \n1,936 | \n\n\n
\n\n| Treasury shares | \n-6,596 | \n-9,668 | \n\n\n
\n\n| Share premium | \n743 | \n743 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag331": {
"value": "\nTreasury shares
\nOn 27 April 2022, the Extraordinary General Meeting of Shareholders
\nauthorized the Board of Directors to buy or sell its own shares. This
\nauthorization is valid for a period of (i) three years as from 10 May 2022
\nif the acquisition is necessary to avoid a serious threatened disadvan-
\ntage and (ii) five years as from 10 May 2022 if the Board of Directors, in
\naccordance with Article 7:215 of the CCA, acquires the legally permitted
\nnumber of its own shares at a price equal to the price at which they are
\nlisted on Euronext Brussels.
\nThe Board of Directors approved a share buy-back programme of up to
\n15 million euro on 1 March 2023. The buy-back programme started on
\n2 March 2023 and has an anticipated duration of one year.
\nAt the end of 2022 Van de Velde NV held 335,889 treasury shares.
\nIn 2023, 173,575 of its own shares were acquired (worth 5,855 thousand
\neuro) and 260,063 destroyed (worth 8,927 thousand euro) by Van de
\nVelde NV. During 2023 no options were exercised under the option plan.
\nAt the end of 2023 Van de Velde NV held 249,401 treasury shares with
\na total value of 6,596 thousand euro. The treasury shares held by Van
\nde Velde NV will, on the one hand, be offered to management under an
\noption programme that has been running since 2010 and, on the other
\nhand, be used to reduce accumulated cash no longer needed for busi-
\nness operations.
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Share capital | \n1,936 | \n1,936 | \n\n\n
\n\n| Treasury shares | \n-6,596 | \n-9,668 | \n\n\n
\n\n| Share premium | \n743 | \n743 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag370": {
"value": "\n14. PROVISIONS
\n\n
\n\n\n| 000 euro | \nProvisions | \n\n\n
\n\n| At 01/01/2022 | \n463 | \n\n\n
\n\n| Arising during the year | \n16 | \n\n\n
\n\n| Utilized | \n0 | \n\n\n
\n\n| Reversal | \n-240 | \n\n\n
\n\n| Provisions 31/12/2022 | \n239 | \n\n\n
\n\n| At 01/01/2023 | \n239 | \n\n\n
\n\n| Arising during the year | \n0 | \n\n\n
\n\n| Utilized | \n0 | \n\n\n
\n\n| Reversal | \n-35 | \n\n\n
\n\n| Provisions 31/12/2023 | \n204 | \n\n\n
\n\n\n\n\n\n
\n\n\n
In 2023, there was an decrease of 35 thousand euro on the existing provi-
\nsion for sales agents.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag369": {
"value": "\n
\n\n15. PENSIONS
\nVan de Velde has seven defined pension plans in Belgium. These plans
\nare clarified on a cumulative basis, as they are situated in the same geo-
\ngraphical location and have the same attributes and risk characteristics,
\ni.e. defined retirement plans.
\nAs well as the Belgian pension plans, the company also has pension
\nplans for its staff in foreign countries. These pension plans are defined
\ncontribution plans. In 2023, the pension provision on the balance sheet
\nwas 24 thousand euro (24 thousand euro in 2022).
\nThe pension plan in Belgium is subject to Belgian legislation and is a group
\ninsurance plan with guaranteed return (Tak 21). Since 2016, an annual
\nactuarial valuation occurred on 31 December by an independent actuary.
\nThe pension plan in Belgium is financed. If the fund investments are
\nlower than the minimum guarantee set by law, the insurer will notify the
\nemployer. The latter can then pay an additional contribution into the plan.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\nThe adjusted actuarial calculation on 31 December 2022 and 31 December 2023 shows the following results:
\n
\n\n
\n\n\n | \n | \n | \n(1) | \n(2) | \n | \n | \n | \n\n\n
\n\n | \nAt 01/01/2022 | \nPension cost allocated to realized income | \nReturn | \nGain/(loss) as a consequence of changes to calculation method allocated to other comprehensive income | \nEmployer contribution | \nBenefits paid | \nAt 31/12/2022 | \n\n\n
\n\n| Defined pension entitlement liability | \n-11,082 | \n-749 | \n-110 | \n4,395 | \n0 | \n189 | \n-7,356 | \n\n\n
\n\n| Market value of the fund investments | \n9,846 | \n0 | \n101 | \n-4,405 | \n747 | \n-189 | \n6,100 | \n\n\n
\n\n| Net liability in the balance sheet | \n-1,236 | \n-749 | \n-9 | \n-10 | \n747 | \n0 | \n-1,256 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n
\n\n\n | \n | \n | \n(1) | \n(2) | \n | \n | \n | \n\n\n
\n\n | \nAt 01/01/2023 | \nPension cost allocated to realized income | \nReturn | \nGain/(loss) as a consequence of changes to calculation method allocated to other comprehensive income | \nEmployer contribution | \nBenefits paid | \nAt 31/12/2023 | \n\n\n
\n\n| Defined pension entitlement liability | \n-7,356 | \n-618 | \n-291 | \n-1,124 | \n0 | \n116 | \n-9,274 | \n\n\n
\n\n| Market value of the fund investments | \n6,100 | \n0 | \n258 | \n832 | \n793 | \n-116 | \n7,867 | \n\n\n
\n\n| Net liability in the balance sheet | \n-1,256 | \n-618 | \n-33 | \n-292 | \n793 | \n0 | \n-1,407 | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) The \u2018Return\u2019 column includes the interest cost to the defined pension rights and the expected return on the asset.
\n(2) For the 2023 financial year, the change in calculation method allocated to other comprehensive income consists of 257 thousand euro in experience adjustments and -1,381 thousand euro in
\nfinancial adjustments and there are no changes in demographic adjustments. For the 2022 financial year, the change in calculation method allocated to other comprehensive income consists
\nof -53 thousand euro in experience adjustments, 4,448 thousand euro in financial adjustments and there are no changes in demographic adjustments.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\nThe investments primarily relate to qualifying insurance policies (99.9%
\nof all investments). The expected contribution by the employer for the
\nyear ending 31 December 2023 is 793 thousand euro.
\nThe main actuarial assumptions used in the valuation of the pension
\nplans are shown in the table below:
\n\n
\n\n\n | \n2023 | \n2022 | \n\n\n
\n\n| Annual pay rises (excluding inflation) | \n | \n | \n\n\n
\n\n| age 20-24: | \n6.00% | \n6.60% | \n\n\n
\n\n| age 25-29: | \n5.10% | \n5.10% | \n\n\n
\n\n| age 30-34: | \n2.60% | \n2.60% | \n\n\n
\n\n| age 35-39: | \n2.10% | \n2.10% | \n\n\n
\n\n| age 40-44: | \n3.10% | \n3.10% | \n\n\n
\n\n| from age 45: | \n1.60% | \n1.60% | \n\n\n
\n\n| Annual inflation | \n2.30% | \n2.30% | \n\n\n
\n\n| Annual discount rate | \n3.20% | \n4.00% | \n\n\n
\n\n| Pension age in years | \n65 | \n65 | \n\n\n
\n\n| Total number of members | \n1,025 | \n1,015 | \n\n\n
\n\n| Average age in years | \n44.9 | \n44.7 | \n\n\n
\n\n| Estimated duration in years | \n16.00 | \n16.82 | \n\n\n
\n\n\n\n\n\n
\n\n\n
The expected duration of the non-discounted pension payments is broken
\ndown in the table below:
\n\n
\n\n\n | \nExpected benefits | \n\n\n
\n\n| Within 12 months | \n | \n\n\n
\n\n| (fiscal year ending 31 December 2024) | \n84 | \n\n\n
\n\n| Between 2 and 5 years | \n1,335 | \n\n\n
\n\n| Between 5 and 10 years | \n2,977 | \n\n\n
\n\n| Total expected benefits | \n4,396 | \n\n\n
\n\n\n\n\n\n
\n\n\n
The cash value of pension liabilities depends on a number of factors that
\nare determined actuarially on the basis of a number of assumptions.
\nThe assumptions used when calculating the net pension costs (income)
\ninclude the discount rate. Changes in the assumptions impact the carrying
\nvalue of the pension liabilities.
\nVan de Velde determines the appropriate discount rate at the end of
\neach year. This is the interest rate that must be applied to determine
\nthe cash value of the estimated future cash flows required to meet the
\npension liabilities. When determining the appropriate discount rate, Van
\nde Velde uses the interest rate of high-value corporate bonds expressed
\nin the currency in which the pensions will be paid out and with a dura-
\ntion comparable to the duration of the corresponding pension liabilities.
\nOther important assumptions for pension liabilities, such as the expected
\nannual growth rate of salaries and expected withdrawals, are based partly
\non current market conditions and partly on proprietary parameters.
\nThe table below shows the effect of the discount rate on the defined pension entitlement liability:
\n\n
\n\n\n | \nValuation trend -0,5\ueee2% | \nOriginal | \nValuation trend +0,5\ueee2% | \n\n\n
\n\n| Discount rate | \n2.70% | \n3.20% | \n3.70% | \n\n\n
\n\n| Defined pension entitlement liability | \n9,746 | \n9,274 | \n8,525 | \n\n\n
\n\n| Market value of the investment funds | \n8,377 | \n7,867 | \n7,394 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\nThe table below shows the effect of the withdrawals from the plan on the defined pension entitlement liability:
\n\n
\n\n\n | \nOriginal | \nSensitivity | \n\n\n
\n\n| Withdrawals from the plan | \nEmployer table | \n0.00% | \n\n\n
\n\n| Defined pension entitlement | \n9,274 | \n10,674 | \n\n\n
\n\n\n\n\n\n
\n\n\n
The sensitivity analysis in the above tables is determined on the basis of a method that shows the impact on the liability due to the defined pension
\nentitlements as a consequence of reasonable changes to significant assumptions occurring at the end of the period. This analysis is based on a
\nchange to a significant assumption that keeps all other assumptions constant. The sensitivity analysis may not be representative of actual changes
\nin the defined pension entitlement liability because it is unlikely that changes to the assumptions could occur in isolation.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n22. PERSONNEL EXPENSES
\n\nPersonnel expenses are as follows:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Wages | \n8,755 | \n9,108 | \n\n\n
\n\n| Salaries | \n29,233 | \n28,988 | \n\n\n
\n\n| Social security contributions | \n8,645 | \n8,275 | \n\n\n
\n\n| Other personnel expenses | \n992 | \n841 | \n\n\n
\n\n| Personnel expenses | \n47,625 | \n47,213 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n
\n\n\n| Workforce at balance sheet date | \n2023 | \n2022 | \n\n\n
\n\n| White collars | \n556 | \n528 | \n\n\n
\n\n| Blue collars | \n1,002 | \n982 | \n\n\n
\n\n| Total | \n1,558 | \n1,510 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag358": {
"value": "\n15. PENSIONS
\nVan de Velde has seven defined pension plans in Belgium. These plans
\nare clarified on a cumulative basis, as they are situated in the same geo-
\ngraphical location and have the same attributes and risk characteristics,
\ni.e. defined retirement plans.
\nAs well as the Belgian pension plans, the company also has pension
\nplans for its staff in foreign countries. These pension plans are defined
\ncontribution plans. In 2023, the pension provision on the balance sheet
\nwas 24 thousand euro (24 thousand euro in 2022).
\nThe pension plan in Belgium is subject to Belgian legislation and is a group
\ninsurance plan with guaranteed return (Tak 21). Since 2016, an annual
\nactuarial valuation occurred on 31 December by an independent actuary.
\nThe pension plan in Belgium is financed. If the fund investments are
\nlower than the minimum guarantee set by law, the insurer will notify the
\nemployer. The latter can then pay an additional contribution into the plan.
\n
\n\n\n\n\n\n\n\nThe adjusted actuarial calculation on 31 December 2022 and 31 December 2023 shows the following results:
\n
\n\n
\n\n\n | \n | \n | \n(1) | \n(2) | \n | \n | \n | \n\n\n
\n\n | \nAt 01/01/2022 | \nPension cost allocated to realized income | \nReturn | \nGain/(loss) as a consequence of changes to calculation method allocated to other comprehensive income | \nEmployer contribution | \nBenefits paid | \nAt 31/12/2022 | \n\n\n
\n\n| Defined pension entitlement liability | \n-11,082 | \n-749 | \n-110 | \n4,395 | \n0 | \n189 | \n-7,356 | \n\n\n
\n\n| Market value of the fund investments | \n9,846 | \n0 | \n101 | \n-4,405 | \n747 | \n-189 | \n6,100 | \n\n\n
\n\n| Net liability in the balance sheet | \n-1,236 | \n-749 | \n-9 | \n-10 | \n747 | \n0 | \n-1,256 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n
\n\n\n | \n | \n | \n(1) | \n(2) | \n | \n | \n | \n\n\n
\n\n | \nAt 01/01/2023 | \nPension cost allocated to realized income | \nReturn | \nGain/(loss) as a consequence of changes to calculation method allocated to other comprehensive income | \nEmployer contribution | \nBenefits paid | \nAt 31/12/2023 | \n\n\n
\n\n| Defined pension entitlement liability | \n-7,356 | \n-618 | \n-291 | \n-1,124 | \n0 | \n116 | \n-9,274 | \n\n\n
\n\n| Market value of the fund investments | \n6,100 | \n0 | \n258 | \n832 | \n793 | \n-116 | \n7,867 | \n\n\n
\n\n| Net liability in the balance sheet | \n-1,256 | \n-618 | \n-33 | \n-292 | \n793 | \n0 | \n-1,407 | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) The \u2018Return\u2019 column includes the interest cost to the defined pension rights and the expected return on the asset.
\n(2) For the 2023 financial year, the change in calculation method allocated to other comprehensive income consists of 257 thousand euro in experience adjustments and -1,381 thousand euro in
\nfinancial adjustments and there are no changes in demographic adjustments. For the 2022 financial year, the change in calculation method allocated to other comprehensive income consists
\nof -53 thousand euro in experience adjustments, 4,448 thousand euro in financial adjustments and there are no changes in demographic adjustments.
\n
\n\n\n\n\n\n\n\nThe investments primarily relate to qualifying insurance policies (99.9%
\nof all investments). The expected contribution by the employer for the
\nyear ending 31 December 2023 is 793 thousand euro.
\nThe main actuarial assumptions used in the valuation of the pension
\nplans are shown in the table below:
\n\n
\n\n\n | \n2023 | \n2022 | \n\n\n
\n\n| Annual pay rises (excluding inflation) | \n | \n | \n\n\n
\n\n| age 20-24: | \n6.00% | \n6.60% | \n\n\n
\n\n| age 25-29: | \n5.10% | \n5.10% | \n\n\n
\n\n| age 30-34: | \n2.60% | \n2.60% | \n\n\n
\n\n| age 35-39: | \n2.10% | \n2.10% | \n\n\n
\n\n| age 40-44: | \n3.10% | \n3.10% | \n\n\n
\n\n| from age 45: | \n1.60% | \n1.60% | \n\n\n
\n\n| Annual inflation | \n2.30% | \n2.30% | \n\n\n
\n\n| Annual discount rate | \n3.20% | \n4.00% | \n\n\n
\n\n| Pension age in years | \n65 | \n65 | \n\n\n
\n\n| Total number of members | \n1,025 | \n1,015 | \n\n\n
\n\n| Average age in years | \n44.9 | \n44.7 | \n\n\n
\n\n| Estimated duration in years | \n16.00 | \n16.82 | \n\n\n
\n\n\n\n\n\n
\n\n\n
The expected duration of the non-discounted pension payments is broken
\ndown in the table below:
\n\n
\n\n\n | \nExpected benefits | \n\n\n
\n\n| Within 12 months | \n | \n\n\n
\n\n| (fiscal year ending 31 December 2024) | \n84 | \n\n\n
\n\n| Between 2 and 5 years | \n1,335 | \n\n\n
\n\n| Between 5 and 10 years | \n2,977 | \n\n\n
\n\n| Total expected benefits | \n4,396 | \n\n\n
\n\n\n\n\n\n
\n\n\n
The cash value of pension liabilities depends on a number of factors that
\nare determined actuarially on the basis of a number of assumptions.
\nThe assumptions used when calculating the net pension costs (income)
\ninclude the discount rate. Changes in the assumptions impact the carrying
\nvalue of the pension liabilities.
\nVan de Velde determines the appropriate discount rate at the end of
\neach year. This is the interest rate that must be applied to determine
\nthe cash value of the estimated future cash flows required to meet the
\npension liabilities. When determining the appropriate discount rate, Van
\nde Velde uses the interest rate of high-value corporate bonds expressed
\nin the currency in which the pensions will be paid out and with a dura-
\ntion comparable to the duration of the corresponding pension liabilities.
\nOther important assumptions for pension liabilities, such as the expected
\nannual growth rate of salaries and expected withdrawals, are based partly
\non current market conditions and partly on proprietary parameters.
\nThe table below shows the effect of the discount rate on the defined pension entitlement liability:
\n\n
\n\n\n | \nValuation trend -0,5\ueee2% | \nOriginal | \nValuation trend +0,5\ueee2% | \n\n\n
\n\n| Discount rate | \n2.70% | \n3.20% | \n3.70% | \n\n\n
\n\n| Defined pension entitlement liability | \n9,746 | \n9,274 | \n8,525 | \n\n\n
\n\n| Market value of the investment funds | \n8,377 | \n7,867 | \n7,394 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\nThe table below shows the effect of the withdrawals from the plan on the defined pension entitlement liability:
\n\n
\n\n\n | \nOriginal | \nSensitivity | \n\n\n
\n\n| Withdrawals from the plan | \nEmployer table | \n0.00% | \n\n\n
\n\n| Defined pension entitlement | \n9,274 | \n10,674 | \n\n\n
\n\n\n\n\n\n
\n\n\n
The sensitivity analysis in the above tables is determined on the basis of a method that shows the impact on the liability due to the defined pension
\nentitlements as a consequence of reasonable changes to significant assumptions occurring at the end of the period. This analysis is based on a
\nchange to a significant assumption that keeps all other assumptions constant. The sensitivity analysis may not be representative of actual changes
\nin the defined pension entitlement liability because it is unlikely that changes to the assumptions could occur in isolation.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag348": {
"value": "\n
\n\n
\n\n
\n16. OTHER OPERATING INCOME AND OTHER
\nEXPENSES
\n\nOther operating income and other expenses consist of the following:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Income from passed on costs | \n3,500 | \n3,883 | \n\n\n
\n\n| Income from recovered costs | \n1,735 | \n1,167 | \n\n\n
\n\n| Other income | \n818 | \n386 | \n\n\n
\n\n| Total other operating income | \n6,053 | \n5,436 | \n\n\n
\n\n| Subcontracting costs | \n19,195 | \n27,083 | \n\n\n
\n\n| Distribution costs | \n11,242 | \n10,786 | \n\n\n
\n\n| Sales and marketing costs | \n23,717 | \n21,556 | \n\n\n
\n\n| General administration costs | \n18,961 | \n18,236 | \n\n\n
\n\n| Total other expenses | \n73,115 | \n77,661 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n\nOther operating income consists mainly of charged costs (import duties
\nand transport costs) and recovered costs (personnel costs and insur-
\nance). The decrease in revenue from recharged costs is a result of lower
\nvolumes. The increase in revenues from recovered costs is due to the
\nexceptional Covid premium received in Germany. The increase in other
\nincome relates to re-evaluation of contracts under IFRS16.
\nThe decrease in expenses, consisting primarily of subcontracting, distribu-
\ntion, sales and marketing expenses, is mainly due to the lower inventory
\nposition at the end of 2023. The decrease in subcontracting is partially
\noffset by higher marketing expenses.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag356": {
"value": "\n
\n\n
\n16. OTHER OPERATING INCOME AND OTHER
\nEXPENSES
\n\nOther operating income and other expenses consist of the following:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Income from passed on costs | \n3,500 | \n3,883 | \n\n\n
\n\n| Income from recovered costs | \n1,735 | \n1,167 | \n\n\n
\n\n| Other income | \n818 | \n386 | \n\n\n
\n\n| Total other operating income | \n6,053 | \n5,436 | \n\n\n
\n\n| Subcontracting costs | \n19,195 | \n27,083 | \n\n\n
\n\n| Distribution costs | \n11,242 | \n10,786 | \n\n\n
\n\n| Sales and marketing costs | \n23,717 | \n21,556 | \n\n\n
\n\n| General administration costs | \n18,961 | \n18,236 | \n\n\n
\n\n| Total other expenses | \n73,115 | \n77,661 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n\nOther operating income consists mainly of charged costs (import duties
\nand transport costs) and recovered costs (personnel costs and insur-
\nance). The decrease in revenue from recharged costs is a result of lower
\nvolumes. The increase in revenues from recovered costs is due to the
\nexceptional Covid premium received in Germany. The increase in other
\nincome relates to re-evaluation of contracts under IFRS16.
\nThe decrease in expenses, consisting primarily of subcontracting, distribu-
\ntion, sales and marketing expenses, is mainly due to the lower inventory
\nposition at the end of 2023. The decrease in subcontracting is partially
\noffset by higher marketing expenses.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag344": {
"value": "\n
\n16. OTHER OPERATING INCOME AND OTHER
\nEXPENSES
\n\nOther operating income and other expenses consist of the following:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Income from passed on costs | \n3,500 | \n3,883 | \n\n\n
\n\n| Income from recovered costs | \n1,735 | \n1,167 | \n\n\n
\n\n| Other income | \n818 | \n386 | \n\n\n
\n\n| Total other operating income | \n6,053 | \n5,436 | \n\n\n
\n\n| Subcontracting costs | \n19,195 | \n27,083 | \n\n\n
\n\n| Distribution costs | \n11,242 | \n10,786 | \n\n\n
\n\n| Sales and marketing costs | \n23,717 | \n21,556 | \n\n\n
\n\n| General administration costs | \n18,961 | \n18,236 | \n\n\n
\n\n| Total other expenses | \n73,115 | \n77,661 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n\nOther operating income consists mainly of charged costs (import duties
\nand transport costs) and recovered costs (personnel costs and insur-
\nance). The decrease in revenue from recharged costs is a result of lower
\nvolumes. The increase in revenues from recovered costs is due to the
\nexceptional Covid premium received in Germany. The increase in other
\nincome relates to re-evaluation of contracts under IFRS16.
\nThe decrease in expenses, consisting primarily of subcontracting, distribu-
\ntion, sales and marketing expenses, is mainly due to the lower inventory
\nposition at the end of 2023. The decrease in subcontracting is partially
\noffset by higher marketing expenses.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag364": {
"value": "\n
\n\n17. DEFERRED TAXES ASSETS AND LIABILITIES
\nThe deferred taxes, valued at the theoretical tax rate of 25%, consist of the following:
\n\n
\n\n\n| 000 euro | \nDeferred tax liabilities | \nDeferred tax assets | \nDeferred tax assets | \nTotal | \n\n\n
\n\n | \non fixed assets | \non assets/liabilities | \non transferrable losses | \n | \n\n\n
\n\n| At 01/01/2022 | \n4,518 | \n-3,811 | \n-227 | \n480 | \n\n\n
\n\n| Changes | \n-611 | \n271 | \n0 | \n-340 | \n\n\n
\n\n| At 31/12/2022 | \n3,907 | \n-3,540 | \n-227 | \n140 | \n\n\n
\n\n| At 01/01/2023 | \n3,907 | \n-3,540 | \n-227 | \n140 | \n\n\n
\n\n| Changes | \n283 | \n-772 | \n150 | \n-339 | \n\n\n
\n\n| At 31/12/2023 | \n4,190 | \n-4,312 | \n-77 | \n-199 | \n\n\n
\n\n\n\n\n\n
\n\n\n
The net deferred tax asset of 199 thousand euro mainly concerns the following:
\n\u2022 With regard to the deferred tax liability on fixed assets, the depreciation amount of a tangible fixed asset must be spread over its life in a syste-
\nmatic way. In the statutory financial statements we use the double declining depreciation method on assets purchased until 31 December 2019,
\nwhich is restated in the consolidation. The deferred tax on this at the end of 2023 was 1,810 thousand euro. Finally, a deferred tax liability was
\ndetermined on user fees in the amount of 2,380 thousand euro.
\n\u2022
\nThe deferred taxes of 1,557 thousand euro were recorded on a revaluation of stock. Deferred taxes of 295 thousand euro are also recognized under
\nIFRS 9 with regard to the pension liability at Van de Velde. In addition, deferred taxes related to write-downs on trade receivables for 79 thousand
\neuro were recognized under IFRS 9. Finally, a deferred tax asset was determined on lease obligations in the amount of 2,380 thousand euro.
\n\u2022
\nThe deferred tax assets of 77 thousand euro on transferrable losses concern our German retail division. For our division in the United States,
\nIntimacy Management Company LLC, it was decided not to provide for a deferred tax asset as there is no certainty that we will be able to use this
\nin the future against future profits. The current estimated unrecognized latency is 1,600 thousand euro.
\n\u2022 The decrease of 339 thousand euro was recognized in the profit and loss account at -337 thousand euro, while -2 thousand euro was recognized
\nin equity (see note 23).
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n23. INCOME TAXES
\nThe major components of income tax expense for the years ending
\n31 December 2023 and 2022 are:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Current income tax | \n9,439 | \n9,560 | \n\n\n
\n\n| Current income tax charge | \n9,366 | \n9,349 | \n\n\n
\n\n| Adjustments in respect of current income | \n | \n | \n\n\n
\n\n| tax of previous years | \n73 | \n210 | \n\n\n
\n\n| Deferred income tax | \n-337 | \n-337 | \n\n\n
\n\n| Relating to the origination and reversal of | \n | \n | \n\n\n
\n\n| temporary differences | \n-337 | \n-337 | \n\n\n
\n\n| Income tax expense reported in the | \n | \n | \n\n\n
\n\n| consolidated income statement | \n9,102 | \n9,222 | \n\n\n
\n\n| Taxes reported in the other comprehensive | \n-2 | \n2 | \n\n\n
\n\n| income | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
The reconciliation of income tax expense applicable to income before
\ntaxes at the statutory income tax rate and income tax expense at the
\nGroup\u2019s effective income tax rate for each of the past two years ending
\n31 December is as follows:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Profit before taxes (1) | \n45,058 | \n46,738 | \n\n\n
\n\n| Parent's statutory tax rate of 25% | \n11,265 | \n11,684 | \n\n\n
\n\n| Higher income tax rates in other countries | \n0 | \n0 | \n\n\n
\n\n| Lower income tax rates in other countries | \n-546 | \n-911 | \n\n\n
\n\n| Utilization tax losses and unrecognized losses | \n-128 | \n-202 | \n\n\n
\n\n| Disallowed expenses | \n261 | \n237 | \n\n\n
\n\n| Tax credits | \n-1,750 | \n-1,586 | \n\n\n
\n\n| Total income taxes | \n9,102 | \n9,222 | \n\n\n
\n\n| Effective income tax rate | \n20.20% | \n19.73% | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) Profit before taxes excluding the share in the result of associates and impairment charges
\non financial fixed assets.
\nThe effective tax rate in 2023 is 20.20 % compared to 19.73 % in 2022.
\n
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag359": {
"value": "\n17. DEFERRED TAXES ASSETS AND LIABILITIES
\nThe deferred taxes, valued at the theoretical tax rate of 25%, consist of the following:
\n\n
\n\n\n| 000 euro | \nDeferred tax liabilities | \nDeferred tax assets | \nDeferred tax assets | \nTotal | \n\n\n
\n\n | \non fixed assets | \non assets/liabilities | \non transferrable losses | \n | \n\n\n
\n\n| At 01/01/2022 | \n4,518 | \n-3,811 | \n-227 | \n480 | \n\n\n
\n\n| Changes | \n-611 | \n271 | \n0 | \n-340 | \n\n\n
\n\n| At 31/12/2022 | \n3,907 | \n-3,540 | \n-227 | \n140 | \n\n\n
\n\n| At 01/01/2023 | \n3,907 | \n-3,540 | \n-227 | \n140 | \n\n\n
\n\n| Changes | \n283 | \n-772 | \n150 | \n-339 | \n\n\n
\n\n| At 31/12/2023 | \n4,190 | \n-4,312 | \n-77 | \n-199 | \n\n\n
\n\n\n\n\n\n
\n\n\n
The net deferred tax asset of 199 thousand euro mainly concerns the following:
\n\u2022 With regard to the deferred tax liability on fixed assets, the depreciation amount of a tangible fixed asset must be spread over its life in a syste-
\nmatic way. In the statutory financial statements we use the double declining depreciation method on assets purchased until 31 December 2019,
\nwhich is restated in the consolidation. The deferred tax on this at the end of 2023 was 1,810 thousand euro. Finally, a deferred tax liability was
\ndetermined on user fees in the amount of 2,380 thousand euro.
\n\u2022
\nThe deferred taxes of 1,557 thousand euro were recorded on a revaluation of stock. Deferred taxes of 295 thousand euro are also recognized under
\nIFRS 9 with regard to the pension liability at Van de Velde. In addition, deferred taxes related to write-downs on trade receivables for 79 thousand
\neuro were recognized under IFRS 9. Finally, a deferred tax asset was determined on lease obligations in the amount of 2,380 thousand euro.
\n\u2022
\nThe deferred tax assets of 77 thousand euro on transferrable losses concern our German retail division. For our division in the United States,
\nIntimacy Management Company LLC, it was decided not to provide for a deferred tax asset as there is no certainty that we will be able to use this
\nin the future against future profits. The current estimated unrecognized latency is 1,600 thousand euro.
\n\u2022 The decrease of 339 thousand euro was recognized in the profit and loss account at -337 thousand euro, while -2 thousand euro was recognized
\nin equity (see note 23).
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag347": {
"value": "\n
\n\n
\n\n18. TRADE AND OTHER PAYABLES
\nTrade and other payables consist of the following:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Trade payables | \n10,281 | \n11,258 | \n\n\n
\n\n| Payroll, social charges | \n5,512 | \n5,005 | \n\n\n
\n\n| Gift cards and credits issued | \n204 | \n190 | \n\n\n
\n\n| Accrued charges(1) | \n5,733 | \n7,800 | \n\n\n
\n\n| Deferred income | \n94 | \n622 | \n\n\n
\n\n| FX forward contracts (note 20) | \n88 | \n719 | \n\n\n
\n\n| Trade and other payables | \n21,911 | \n25,594 | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) In addition to the accrued bonuses to employees and directors as well as discounts to
\ncustomers, accrued charges also include the cost of external employees.
\nThe evolution in the components of the working capital was explained
\nin the activity report.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag363": {
"value": "\n
\n\n18. TRADE AND OTHER PAYABLES
\nTrade and other payables consist of the following:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Trade payables | \n10,281 | \n11,258 | \n\n\n
\n\n| Payroll, social charges | \n5,512 | \n5,005 | \n\n\n
\n\n| Gift cards and credits issued | \n204 | \n190 | \n\n\n
\n\n| Accrued charges(1) | \n5,733 | \n7,800 | \n\n\n
\n\n| Deferred income | \n94 | \n622 | \n\n\n
\n\n| FX forward contracts (note 20) | \n88 | \n719 | \n\n\n
\n\n| Trade and other payables | \n21,911 | \n25,594 | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) In addition to the accrued bonuses to employees and directors as well as discounts to
\ncustomers, accrued charges also include the cost of external employees.
\nThe evolution in the components of the working capital was explained
\nin the activity report.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag360": {
"value": "\n
\n\n
\n\n19. OTHER CURRENT LIABILITIES AND
\nTAXES PAYABLE
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Other current liabilities: taxes (VAT payable, | \n | \n | \n\n\n
\n\n| local taxes, withholding taxes) | \n1,682 | \n1,763 | \n\n\n
\n\n| Taxes payable: corporate income taxes | \n1,340 | \n1,404 | \n\n\n
\n\n\n\n\n\n
\n\n\n
Current liabilities and tax liabilities are in line with 2022. There is a limited
\ndecrease in outstanding VAT debt and estimated tax liabilities in 2023.
\nThe effective tax rate in 2023 is similar to the effective tax rate in 2022
\n(note 23).
\n
\n
\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag367": {
"value": "\n19. OTHER CURRENT LIABILITIES AND
\nTAXES PAYABLE
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Other current liabilities: taxes (VAT payable, | \n | \n | \n\n\n
\n\n| local taxes, withholding taxes) | \n1,682 | \n1,763 | \n\n\n
\n\n| Taxes payable: corporate income taxes | \n1,340 | \n1,404 | \n\n\n
\n\n\n\n\n\n
\n\n\n
Current liabilities and tax liabilities are in line with 2022. There is a limited
\ndecrease in outstanding VAT debt and estimated tax liabilities in 2023.
\nThe effective tax rate in 2023 is similar to the effective tax rate in 2022
\n(note 23).
\n
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag345": {
"value": "\n
\n\n
\n\n
\n\n
\n\n20. FINANCIAL INSTRUMENTS
\nThe fair value of the financial assets and liabilities (including cash, trade
\nreceivables and trade liabilities) is essentially equal to the book value, with
\nthe exception of the derivatives, which are valued at fair value.
\nThe Group applies derivative financial instruments to limit the risks of
\nunfavourable exchange rate fluctuations originating from operations and
\ninvestments.
\nDerivatives that do not qualify for hedge accounting
\nThe company concluded FX forward contracts to manage transaction
\nrisks with a maturity date between 03/01/2024 and 03/06/2024 (maturity
\nfor 2022 : between 03/01/2023 and 01/06/2023). As these contracts
\ndo not meet the hedging criteria of IAS 39, they are, if applicable, valued
\nat fair value and recognized as trading contracts through profit or loss.
\nOn 31 December 2023, the fair value of these FX forward contracts was
\n-68 thousand euro, comprising an unrealized income of 21 thousand euro
\nand an unrealized loss of 88 thousand euro.
\nIn summary, the various fair values are set out in the following table:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Derivatives that do not qualify for hedge accounting: | \n | \n | \n\n\n
\n\n| Other current assets | \n21 | \n178 | \n\n\n
\n\n| Other current liabilities | \n-88 | \n-719 | \n\n\n
\n\n| Real value | \n-68 | \n-541 | \n\n\n
\n\n\n\n\n\n
\n\n\n
The valuation technique used to determine the fair value is level 2-com-
\npliant, with the various levels and related valuation techniques defined
\nas follows:
\n\u2022
\nLevel 1: quoted (and not adjusted) prices on active markets for identical
\nassets and liabilities;
\n\u2022
\nLevel 2: other techniques, in which all inputs that have a major impact
\non the recognized fair value are observable (directly or indirectly);
\n\u2022
\nLevel 3: techniques, using inputs with a major impact on the fair value
\nand for which no observable market data is available.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag354": {
"value": "\n
\n\n
\n\n
\n\n20. FINANCIAL INSTRUMENTS
\nThe fair value of the financial assets and liabilities (including cash, trade
\nreceivables and trade liabilities) is essentially equal to the book value, with
\nthe exception of the derivatives, which are valued at fair value.
\nThe Group applies derivative financial instruments to limit the risks of
\nunfavourable exchange rate fluctuations originating from operations and
\ninvestments.
\nDerivatives that do not qualify for hedge accounting
\nThe company concluded FX forward contracts to manage transaction
\nrisks with a maturity date between 03/01/2024 and 03/06/2024 (maturity
\nfor 2022 : between 03/01/2023 and 01/06/2023). As these contracts
\ndo not meet the hedging criteria of IAS 39, they are, if applicable, valued
\nat fair value and recognized as trading contracts through profit or loss.
\nOn 31 December 2023, the fair value of these FX forward contracts was
\n-68 thousand euro, comprising an unrealized income of 21 thousand euro
\nand an unrealized loss of 88 thousand euro.
\nIn summary, the various fair values are set out in the following table:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Derivatives that do not qualify for hedge accounting: | \n | \n | \n\n\n
\n\n| Other current assets | \n21 | \n178 | \n\n\n
\n\n| Other current liabilities | \n-88 | \n-719 | \n\n\n
\n\n| Real value | \n-68 | \n-541 | \n\n\n
\n\n\n\n\n\n
\n\n\n
The valuation technique used to determine the fair value is level 2-com-
\npliant, with the various levels and related valuation techniques defined
\nas follows:
\n\u2022
\nLevel 1: quoted (and not adjusted) prices on active markets for identical
\nassets and liabilities;
\n\u2022
\nLevel 2: other techniques, in which all inputs that have a major impact
\non the recognized fair value are observable (directly or indirectly);
\n\u2022
\nLevel 3: techniques, using inputs with a major impact on the fair value
\nand for which no observable market data is available.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag362": {
"value": "\n
\n\n
\n\n20. FINANCIAL INSTRUMENTS
\nThe fair value of the financial assets and liabilities (including cash, trade
\nreceivables and trade liabilities) is essentially equal to the book value, with
\nthe exception of the derivatives, which are valued at fair value.
\nThe Group applies derivative financial instruments to limit the risks of
\nunfavourable exchange rate fluctuations originating from operations and
\ninvestments.
\nDerivatives that do not qualify for hedge accounting
\nThe company concluded FX forward contracts to manage transaction
\nrisks with a maturity date between 03/01/2024 and 03/06/2024 (maturity
\nfor 2022 : between 03/01/2023 and 01/06/2023). As these contracts
\ndo not meet the hedging criteria of IAS 39, they are, if applicable, valued
\nat fair value and recognized as trading contracts through profit or loss.
\nOn 31 December 2023, the fair value of these FX forward contracts was
\n-68 thousand euro, comprising an unrealized income of 21 thousand euro
\nand an unrealized loss of 88 thousand euro.
\nIn summary, the various fair values are set out in the following table:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Derivatives that do not qualify for hedge accounting: | \n | \n | \n\n\n
\n\n| Other current assets | \n21 | \n178 | \n\n\n
\n\n| Other current liabilities | \n-88 | \n-719 | \n\n\n
\n\n| Real value | \n-68 | \n-541 | \n\n\n
\n\n\n\n\n\n
\n\n\n
The valuation technique used to determine the fair value is level 2-com-
\npliant, with the various levels and related valuation techniques defined
\nas follows:
\n\u2022
\nLevel 1: quoted (and not adjusted) prices on active markets for identical
\nassets and liabilities;
\n\u2022
\nLevel 2: other techniques, in which all inputs that have a major impact
\non the recognized fair value are observable (directly or indirectly);
\n\u2022
\nLevel 3: techniques, using inputs with a major impact on the fair value
\nand for which no observable market data is available.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag352": {
"value": "\n
\n\n20. FINANCIAL INSTRUMENTS
\nThe fair value of the financial assets and liabilities (including cash, trade
\nreceivables and trade liabilities) is essentially equal to the book value, with
\nthe exception of the derivatives, which are valued at fair value.
\nThe Group applies derivative financial instruments to limit the risks of
\nunfavourable exchange rate fluctuations originating from operations and
\ninvestments.
\nDerivatives that do not qualify for hedge accounting
\nThe company concluded FX forward contracts to manage transaction
\nrisks with a maturity date between 03/01/2024 and 03/06/2024 (maturity
\nfor 2022 : between 03/01/2023 and 01/06/2023). As these contracts
\ndo not meet the hedging criteria of IAS 39, they are, if applicable, valued
\nat fair value and recognized as trading contracts through profit or loss.
\nOn 31 December 2023, the fair value of these FX forward contracts was
\n-68 thousand euro, comprising an unrealized income of 21 thousand euro
\nand an unrealized loss of 88 thousand euro.
\nIn summary, the various fair values are set out in the following table:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Derivatives that do not qualify for hedge accounting: | \n | \n | \n\n\n
\n\n| Other current assets | \n21 | \n178 | \n\n\n
\n\n| Other current liabilities | \n-88 | \n-719 | \n\n\n
\n\n| Real value | \n-68 | \n-541 | \n\n\n
\n\n\n\n\n\n
\n\n\n
The valuation technique used to determine the fair value is level 2-com-
\npliant, with the various levels and related valuation techniques defined
\nas follows:
\n\u2022
\nLevel 1: quoted (and not adjusted) prices on active markets for identical
\nassets and liabilities;
\n\u2022
\nLevel 2: other techniques, in which all inputs that have a major impact
\non the recognized fair value are observable (directly or indirectly);
\n\u2022
\nLevel 3: techniques, using inputs with a major impact on the fair value
\nand for which no observable market data is available.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag366": {
"value": "\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n21. FINANCIAL RESULT
\n\nThe financial result breaks down as follows:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Interest income | \n843 | \n47 | \n\n\n
\n\n| Interest costs | \n-24 | \n-107 | \n\n\n
\n\n| Interest result, net | \n819 | \n-60 | \n\n\n
\n\n| Exchange gains(1) | \n2,082 | \n3,153 | \n\n\n
\n\n| Exchange losses(1) | \n-2,311 | \n-3,687 | \n\n\n
\n\n| Exchange result, net | \n-229 | \n-535 | \n\n\n
\n\n| Other financial income | \n88 | \n0 | \n\n\n
\n\n| Other financial costs | \n-524 | \n-427 | \n\n\n
\n\n| Other financial costs due to IFRS 16 | \n-423 | \n-318 | \n\n\n
\n\n| Financial result | \n-269 | \n-1,340 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n\n(1) Exchange rate differences (gains and losses) mainly relate to USD, CHF, NOK and GBP.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag353": {
"value": "\n
\n\n
\n\n
\n\n
\n\n
\n21. FINANCIAL RESULT
\n\nThe financial result breaks down as follows:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Interest income | \n843 | \n47 | \n\n\n
\n\n| Interest costs | \n-24 | \n-107 | \n\n\n
\n\n| Interest result, net | \n819 | \n-60 | \n\n\n
\n\n| Exchange gains(1) | \n2,082 | \n3,153 | \n\n\n
\n\n| Exchange losses(1) | \n-2,311 | \n-3,687 | \n\n\n
\n\n| Exchange result, net | \n-229 | \n-535 | \n\n\n
\n\n| Other financial income | \n88 | \n0 | \n\n\n
\n\n| Other financial costs | \n-524 | \n-427 | \n\n\n
\n\n| Other financial costs due to IFRS 16 | \n-423 | \n-318 | \n\n\n
\n\n| Financial result | \n-269 | \n-1,340 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n\n(1) Exchange rate differences (gains and losses) mainly relate to USD, CHF, NOK and GBP.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag365": {
"value": "\n
\n\n
\n\n
\n\n
\n21. FINANCIAL RESULT
\n\nThe financial result breaks down as follows:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Interest income | \n843 | \n47 | \n\n\n
\n\n| Interest costs | \n-24 | \n-107 | \n\n\n
\n\n| Interest result, net | \n819 | \n-60 | \n\n\n
\n\n| Exchange gains(1) | \n2,082 | \n3,153 | \n\n\n
\n\n| Exchange losses(1) | \n-2,311 | \n-3,687 | \n\n\n
\n\n| Exchange result, net | \n-229 | \n-535 | \n\n\n
\n\n| Other financial income | \n88 | \n0 | \n\n\n
\n\n| Other financial costs | \n-524 | \n-427 | \n\n\n
\n\n| Other financial costs due to IFRS 16 | \n-423 | \n-318 | \n\n\n
\n\n| Financial result | \n-269 | \n-1,340 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n\n(1) Exchange rate differences (gains and losses) mainly relate to USD, CHF, NOK and GBP.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag361": {
"value": "\n
\n\n
\n\n
\n21. FINANCIAL RESULT
\n\nThe financial result breaks down as follows:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Interest income | \n843 | \n47 | \n\n\n
\n\n| Interest costs | \n-24 | \n-107 | \n\n\n
\n\n| Interest result, net | \n819 | \n-60 | \n\n\n
\n\n| Exchange gains(1) | \n2,082 | \n3,153 | \n\n\n
\n\n| Exchange losses(1) | \n-2,311 | \n-3,687 | \n\n\n
\n\n| Exchange result, net | \n-229 | \n-535 | \n\n\n
\n\n| Other financial income | \n88 | \n0 | \n\n\n
\n\n| Other financial costs | \n-524 | \n-427 | \n\n\n
\n\n| Other financial costs due to IFRS 16 | \n-423 | \n-318 | \n\n\n
\n\n| Financial result | \n-269 | \n-1,340 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n\n(1) Exchange rate differences (gains and losses) mainly relate to USD, CHF, NOK and GBP.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag350": {
"value": "\n
\n\n
\n21. FINANCIAL RESULT
\n\nThe financial result breaks down as follows:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Interest income | \n843 | \n47 | \n\n\n
\n\n| Interest costs | \n-24 | \n-107 | \n\n\n
\n\n| Interest result, net | \n819 | \n-60 | \n\n\n
\n\n| Exchange gains(1) | \n2,082 | \n3,153 | \n\n\n
\n\n| Exchange losses(1) | \n-2,311 | \n-3,687 | \n\n\n
\n\n| Exchange result, net | \n-229 | \n-535 | \n\n\n
\n\n| Other financial income | \n88 | \n0 | \n\n\n
\n\n| Other financial costs | \n-524 | \n-427 | \n\n\n
\n\n| Other financial costs due to IFRS 16 | \n-423 | \n-318 | \n\n\n
\n\n| Financial result | \n-269 | \n-1,340 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n\n(1) Exchange rate differences (gains and losses) mainly relate to USD, CHF, NOK and GBP.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag357": {
"value": "\n
\n21. FINANCIAL RESULT
\n\nThe financial result breaks down as follows:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Interest income | \n843 | \n47 | \n\n\n
\n\n| Interest costs | \n-24 | \n-107 | \n\n\n
\n\n| Interest result, net | \n819 | \n-60 | \n\n\n
\n\n| Exchange gains(1) | \n2,082 | \n3,153 | \n\n\n
\n\n| Exchange losses(1) | \n-2,311 | \n-3,687 | \n\n\n
\n\n| Exchange result, net | \n-229 | \n-535 | \n\n\n
\n\n| Other financial income | \n88 | \n0 | \n\n\n
\n\n| Other financial costs | \n-524 | \n-427 | \n\n\n
\n\n| Other financial costs due to IFRS 16 | \n-423 | \n-318 | \n\n\n
\n\n| Financial result | \n-269 | \n-1,340 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n\n(1) Exchange rate differences (gains and losses) mainly relate to USD, CHF, NOK and GBP.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag349": {
"value": "\n\n
\n\n\n| Workforce at balance sheet date | \n2023 | \n2022 | \n\n\n
\n\n| White collars | \n556 | \n528 | \n\n\n
\n\n| Blue collars | \n1,002 | \n982 | \n\n\n
\n\n| Total | \n1,558 | \n1,510 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag351": {
"value": "\nShare-based payments
\nThe fair value of the options on the grant date is recognized for the period until the beneficiary acquires the option unconditionally in accordance
\nwith the gradual acquisition method.
\nThe impact of IFRS 2 on the result of the year 2023 was 272 thousand euro versus 237 thousand euro in 2022. The option plans were valued using
\nthe Black-Scholes-Merton model for call options. The following assumptions were used to determine the weighted average fair value at grant date:
\n\n
\n\n\n | \nPLAN | \nPLAN | \nPLAN | \nPLAN | \nPLAN | \nPLAN | \nPLAN | \nPLAN | \n\n\n
\n\n | \n2015 | \n2015 | \n2015 | \n2020 | \n2020 | \n2020 | \n2020 | \n2020 | \n\n\n
\n\n| Award date (1) | \n29/09/16 | \n03/10/17 | \n15/10/19 | \n09/10/20 | \n01/10/21 | \n08/03/22 | \n04/10/22 | \n04/10/23 | \n\n\n
\n\n| Dividend right as of the grant date | \nno | \nno | \nno | \nno | \nno | \nno | \nno | \nno | \n\n\n
\n\n| Contractual term of the options | \n5-10 | \n5-10 | \n7-10 | \n5-10 | \n5-10 | \n10 | \n5-10 | \n5-10 | \n\n\n
\n\n| Exercise price | \n63.02 | \n45.13 | \n23.36 | \n22.60 | \n28.75 | \n32.40 | \n32.40 | \n32.25 | \n\n\n
\n\n| Expected volatility | \n35.00% | \n35.00% | \n35.00% | \n35.00% | \n35.00% | \n35.00% | \n35.00% | \n35.00% | \n\n\n
\n\n| Risk-free interest rate | \n-0.269% | \n-0.143% | \n-0.234% | \n-0.580% | \n-0.322% | \n1.141% | \n1.917% | \n2.389% | \n\n\n
\n\n | \n-0.242% | \n-0.398% | \n-0.415% | \n-0.785% | \n-0.580% | \n | \n1.888% | \n2.245% | \n\n\n
\n\n| Fair value of the share in options (in euro) | \n16.40 | \n11.23 | \n7.67 | \n5.32 | \n8.25 | \n10.03 | \n9.09 | \n9.83 | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) The exchange of property will take place on the 60th day after the award date and is called the grant date.
\n
\n\n\n\n\n\n\n\nThe share option plan has changed as follows:
\n\n
\n\n\n| Number of shares and options | \nOption plan 2010 - 2020 | \n\n\n
\n\n| Outstanding at 01/01/2022 | \n121,000 | \n\n\n
\n\n| Exercisable at 01/01/2022 | \n36,000 | \n\n\n
\n\n| Movements during the year | \n | \n\n\n
\n\n| Accepted | \n67,000 | \n\n\n
\n\n| Forfeited | \n30,000 | \n\n\n
\n\n| Exercised | \n0 | \n\n\n
\n\n| Expired | \n1,000 | \n\n\n
\n\n| Outstanding at 31/12/2022 | \n157,000 | \n\n\n
\n\n| Exercisable at 31/12/2022 | \n35,000 | \n\n\n
\n\n| Movements during the year | \n | \n\n\n
\n\n| Accepted | \n25,000 | \n\n\n
\n\n| Forfeited | \n0 | \n\n\n
\n\n| Exercised | \n0 | \n\n\n
\n\n| Expired | \n5,000 | \n\n\n
\n\n| Outstanding at 31/12/2023 | \n177,000 | \n\n\n
\n\n| Exercisable at 31/12/2023 | \n50,000 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag355": {
"value": "\n24. EARNINGS PER SHARE
\nBasic earnings per share are calculated by dividing the net income for
\nthe year attributable to ordinary shareholders by the weighted average
\nnumber of ordinary shares outstanding during the year, excluding the
\nshares purchased by the Group and held as treasury shares (note 13).
\nDiluted earnings per share are calculated by dividing the net income for
\nthe year attributable to ordinary shareholders by the weighted average
\nnumber of ordinary shares outstanding during the year, both adjusted for
\nthe effects of dilutive potential ordinary shares (stock options).
\n\n
\n\n\n | \n2023 | \n2022 | \n\n\n
\n\n| Profit attributable to shareholders (in 000 | \n | \n | \n\n\n
\n\n| euro) | \n33,628 | \n36,819 | \n\n\n
\n\n| Weighted average number of ordinary | \n | \n | \n\n\n
\n\n| shares | \n12,873,338 | \n13,064,354 | \n\n\n
\n\n| Dilutive effect of stock options | \n27,024 | \n30,856 | \n\n\n
\n\n| Weighted average number of shares after | \n | \n | \n\n\n
\n\n| impact of dilution | \n12,900,362 | \n13,095,210 | \n\n\n
\n\n| Basic earnings per share (euro) | \n2.61 | \n2.82 | \n\n\n
\n\n| Diluted earnings per share (euro) | \n2.61 | \n2.81 | \n\n\n
\n\n\n\n\n\n
\n\n\n
In 2023, the options awarded over the period 2019 - 2023 had a dilutive
\neffect. In 2022, the options awarded over the period 2019 - 2022 had a
\ndilutive effect.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag368": {
"value": "\n25. DIVIDENDS PAID AND PROPOSED
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Dividend paid | \n29,309 | \n26,645 | \n\n\n
\n\n| - in 2023: | \n | \n | \n\n\n
\n\n| \u2002-2.20 euro per share for fiscal year 2022. | \n | \n | \n\n\n
\n\n| - in 2022: | \n | \n | \n\n\n
\n\n| \u2002-2.00 euro per share for fiscal year 2021 | \n | \n | \n\n\n
\n\n| Dividend proposed | \n30,751 | \n29,309 | \n\n\n
\n\n| - 2.40 euro per dividend entitled share for fiscal year 2023. | \n | \n | \n\n\n
\n\n| - No dividend rights are attached to treasury shares. | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag346": {
"value": "\n26. LEASES
\nThe Group has lease contracts for various assets such as vehicles and buildings used in its activities. The Group depreciates these assets on a
\nstraight-line basis over the shorter of the following periods: lease term in the contract or estimated useful life of the assets, with a maximum of 5
\nyears for cars and a maximum of 10 years for buildings.
\nThere are several lease contracts that include extension and termination options and variable lease payments. The contracts with variable lease
\npayments are revenue-based. One variable lease payment of 26 thousand euro was applicable in 2023 compared to 184 thousand euro in 2022.
\nWe estimate the future outflow for this contract at 118 thousand euro, spread over a period of six years. The other contracts with variable lease pay-
\nments are currently expected to generate no additional outflow. There are currently no known future obligations under the extension and termination
\noptions that are not included in the current liabilities on the balance sheet.
\nThe Group also has certain leases of assets with short lease terms and leases of assets with low value. The Group applies the \u2018short-term lease\u2019 and
\n\u2018lease of low-value assets\u2019 recognition exemptions for these leases. Contracts that do not relate to an identifiable asset also fall outside the scope
\nas well as the variable rental obligations according to turnover.
\nA number of renewal options exist on the current leases for which it is uncertain at present whether they would be exercised. If these renewal options
\nwere to be exercised, this would lead to an increase in the lease liability of 3,948 thousand euro. We do not expect to exercise options to terminate
\nleases early.
\n
\n\n\n\n\n\n\n\n
\n\n
\n\nSet out below are the carrying amounts of right-of-use assets recognized and the movements during the period:
\n\n
\n\n\n| 000 euro | \nTotal | \nRight-of-use on | \nRight-of-use on rental agree- | \n\n\n
\n\n | \n | \nrental agreements for buildings | \nments for passenger vehicles | \n\n\n
\n\n| Right-of-use assets, gross | \n | \n | \n | \n\n\n
\n\n| At 01/01/2022 | \n22,090 | \n18,075 | \n4,015 | \n\n\n
\n\n| Additions | \n695 | \n64 | \n631 | \n\n\n
\n\n| Remeasurement | \n463 | \n463 | \n0 | \n\n\n
\n\n| Other adjustments | \n0 | \n0 | \n0 | \n\n\n
\n\n| Disposal | \n-1,711 | \n-1,270 | \n-441 | \n\n\n
\n\n| Exchange rate effects | \n83 | \n87 | \n-4 | \n\n\n
\n\n| At 31/12/2022 | \n21,619 | \n17,418 | \n4,201 | \n\n\n
\n\n| Depreciation and impairment | \n | \n | \n | \n\n\n
\n\n| At 01/01/2022 | \n11,850 | \n10,019 | \n1,831 | \n\n\n
\n\n| Depreciations recorded | \n3,855 | \n2,730 | \n1,125 | \n\n\n
\n\n| Impairment | \n-502 | \n-502 | \n0 | \n\n\n
\n\n| Other adjustments | \n0 | \n0 | \n0 | \n\n\n
\n\n| Disposal | \n-1,711 | \n-1,270 | \n-441 | \n\n\n
\n\n| Exchange rate effects | \n-25 | \n-24 | \n-1 | \n\n\n
\n\n| At 31/12/2022 | \n13,467 | \n10,953 | \n2,514 | \n\n\n
\n\n| Right-of-use assets, net at 31/12/2022 | \n8,152 | \n6,466 | \n1,686 | \n\n\n
\n\n| Right-of-use assets, gross | \n | \n | \n | \n\n\n
\n\n| At 01/01/2023 | \n21,619 | \n17,418 | \n4,201 | \n\n\n
\n\n| Additions | \n4,576 | \n2,732 | \n1,845 | \n\n\n
\n\n| Remeasurement | \n-985 | \n-1,030 | \n45 | \n\n\n
\n\n| Other adjustments | \n0 | \n0 | \n0 | \n\n\n
\n\n| Disposal | \n-1,518 | \n-674 | \n-844 | \n\n\n
\n\n| Exchange rate effects | \n-98 | \n-99 | \n1 | \n\n\n
\n\n| At 31/12/2023 | \n23,594 | \n18,347 | \n5,247 | \n\n\n
\n\n| Depreciation and impairment | \n | \n | \n | \n\n\n
\n\n| At 01/01/2023 | \n13,467 | \n10,953 | \n2,514 | \n\n\n
\n\n| Depreciations recorded | \n3,629 | \n2,335 | \n1,294 | \n\n\n
\n\n| Impairment | \n0 | \n0 | \n0 | \n\n\n
\n\n| Remeasurement | \n-1,454 | \n-1,356 | \n-98 | \n\n\n
\n\n| Disposal | \n-1,500 | \n-674 | \n-826 | \n\n\n
\n\n| Exchange rate effects | \n-65 | \n-66 | \n1 | \n\n\n
\n\n| At 31/12/2023 | \n14,077 | \n11,191 | \n2,885 | \n\n\n
\n\n| Right-of-use assets, net at 31/12/2023 | \n9,518 | \n7,156 | \n2,362 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\nThe investments in 2023 concern newly negotiated contracts in the United Kingdom and the Netherlands, the opening of a new store in the Netherlands,
\nthe relocation of own stores in the Netherlands and Germany and new car lease contracts. The reassessments concern the impact of the adjustment
\nof the estimated end date of leases compared to 2022.
\nThe provision for lease liabilities relates to a provision for costs necessary to restore the leased assets to their original condition upon termination
\nof the contract.
\nThe table below summarizes the maturity profile of the Group\u2019s financial liabilities:
\n\n
\n\n\n| 000 euro | \n3 to 12 months | \n1 to 5 years | \nMore than 5 years | \nTotal | \n\n\n
\n\n| 2023 | \n3,374 | \n6,453 | \n1,028 | \n10,855 | \n\n\n
\n\n| 2022 | \n3,773 | \n5,123 | \n1,296 | \n10,192 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\nSet out below are the carrying amounts of long- and short-term lease liabilities and the movements during the period:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| At 01/01 | \n8,900 | \n12,201 | \n\n\n
\n\n| Additions | \n4,415 | \n528 | \n\n\n
\n\n| Other changes (revaluations and exchange rate effect) | \n68 | \n579 | \n\n\n
\n\n| Payments | \n-3,755 | \n-4,409 | \n\n\n
\n\n| At 31/12 | \n9,628 | \n8,900 | \n\n\n
\n\n| Current | \n2,952 | \n3,350 | \n\n\n
\n\n| Non-current | \n6,675 | \n5,549 | \n\n\n
\n\n\n\n\n\n
\n\n\n
The following are the amounts of IFRS16 in profit and loss:
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Depreciation expense of right-of-use assets | \n3,629 | \n3,855 | \n\n\n
\n\n| Impairment lease liabilities | \n0 | \n-502 | \n\n\n
\n\n| Interest expense on lease liabilities | \n-423 | \n-318 | \n\n\n
\n\n| Expense relating to short-term leases (included in 'other expenses') | \n9 | \n8 | \n\n\n
\n\n| Expense relating to leases of low-value assets (included in 'other expenses') | \n54 | \n26 | \n\n\n
\n\n| Rent costs related to termination fees minus realized rent reductions (included in 'other expenses') | \n0 | \n753 | \n\n\n
\n\n| Rent costs related to reassessments (included in 'other operating income') | \n-346 | \n0 | \n\n\n
\n\n| Variable rent costs based on turnover | \n26 | \n184 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag373": {
"value": "\n
\n27. RELATED PARTY DISCLOSURES
\n\nFull consolidation
\nThe consolidated financial statements include the financial statements of Van de Velde NV and the subsidiaries listed in the following table.
\n\n
\n\n\n | \n | \n | \nChange on | \n\n\n
\n\n| Name | \nAddress | \n(%) Equity interest 2023 | \nprevious year | \n\n\n
\n\n| VAN DE VELDE NV | \nLageweg 4 | \nParent company | \n | \n\n\n
\n\n | \n9260 SCHELLEBELLE, Belgium | \n | \n | \n\n\n
\n\n | \nBtw-nr. BE 0448.746.744 | \n | \n | \n\n\n
\n\n| VAN DE VELDE GMBH & Co KG | \nGrabenstra\u00dfe 3 | \n100 | \n0 | \n\n\n
\n\n | \n40213 DUSSELDORF, Germany | \n | \n | \n\n\n
\n\n| VAN DE VELDE | \nGrabenstra\u00dfe 3 | \n100 | \n0 | \n\n\n
\n\n| VERWALTUNGS GMBH | \n40213 DUSSELDORF, Germany | \n | \n | \n\n\n
\n\n| VAN DE VELDE TERMELO | \nSelyem U.4 | \n100 | \n0 | \n\n\n
\n\n| ES KERESKEDELMI KFT | \n7100 SZEKSZARD, Hungary | \n | \n | \n\n\n
\n\n| VAN DE VELDE UK LTD (1) | \nGround Floor 22/22a Conduit Street | \n100 | \n0 | \n\n\n
\n\n | \nW1S 2XT, LONDON | \n | \n | \n\n\n
\n\n | \nUnited Kingdom | \n | \n | \n\n\n
\n\n| MARIE JO GMBH | \nGrabenstra\u00dfe 3 | \n100 | \n0 | \n\n\n
\n\n | \n40213 DUSSELDORF, Germany | \n | \n | \n\n\n
\n\n| VAN DE VELDE IBERICA SL | \nCalle Santa Eulalia, 5 | \n100 | \n0 | \n\n\n
\n\n | \n08012 BARCELONA, Spain | \n | \n | \n\n\n
\n\n| VAN DE VELDE CONFECTION SARL | \nRoute De Sousse BP 25 | \n100 | \n0 | \n\n\n
\n\n | \n4020 KONDAR, Tunisia | \n | \n | \n\n\n
\n\n| VAN DE VELDE FINLAND OY | \n1 C7-8, Fashion Center, H\u00e4rk\u00e4haankuja 14 | \n100 | \n0 | \n\n\n
\n\n | \n01730 Vantaa, Finland | \n | \n | \n\n\n
\n\n| VAN DE VELDE NORTH AMERICA INC | \n1252 Madison Avenue | \n100 | \n0 | \n\n\n
\n\n | \nNY 10128, NEW YORK, | \n | \n | \n\n\n
\n\n | \nUnited States of America | \n | \n | \n\n\n
\n\n| VAN DE VELDE DENMARK APS | \nC/O Revisionscentret M\u00f8llegade 2B, st. | \n100 | \n0 | \n\n\n
\n\n | \n6330 PADBORG, Denmark | \n | \n | \n\n\n
\n\n| VAN DE VELDE RETAIL INC | \n1252 Madison Avenue | \n100 | \n0 | \n\n\n
\n\n | \nNY 10128, NEW YORK, | \n | \n | \n\n\n
\n\n | \nUnited States of America | \n | \n | \n\n\n
\n\n| INTIMACY MANAGEMENT | \n1252 Madison Avenue | \n100 | \n0 | \n\n\n
\n\n| COMPANY LLC | \nNY 10128, NEW YORK, | \n | \n | \n\n\n
\n\n | \nUnited States of America | \n | \n | \n\n\n
\n\n| RIGBY & PELLER LTD | \nGround Floor 22/22a Conduit Street | \n100 | \n0 | \n\n\n
\n\n | \nW1S 2XT, LONDEN | \n | \n | \n\n\n
\n\n | \nUnited Kingdom | \n | \n | \n\n\n
\n\n| VAN DE VELDE NEDERLAND BV | \nBeethovenstraat 28 | \n100 | \n0 | \n\n\n
\n\n | \n1077 JH AMSTERDAM, the Netherlands | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) Under liquidation.
\nSales of goods and services are at arm\u2019s length between Group companies..
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\nCompanies to which the equity method is applied
\nThe equity method is applied to the following companies:
\n\n
\n\n\n| Name | \nAddress | \n(%) Equity interest 2023 | \nChange on previous year | \n\n\n
\n\n| TOP FORM INTERNATIONAL LTD | \n7/F., Port 33, 33 Tseuk Luk Street, | \n25.7 | \n0 | \n\n\n
\n\n | \nSan Po Kong, Kowloon, Hong Kong | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
\nTop Form International Ltd. (\u201cTFI\u201d)
\nIn 2023 transactions between the Group and TFI totalled 12,481 thousand US dollar. On 31 December 2023 the Group had trade payables to TFI in
\nthe amount of 572 thousand US dollar. In 2022 transactions between the Group and TFI totalled 16,797 thousand US dollar. On 31 December 2022
\nthe Group had trade payables to TFI in the amount of 1,503 thousand US dollar.
\n
\n\n\n\n\n\n\n\n\n\n
\nRelationships with shareholders
\n42.61% of the shares of Van de Velde NV are held by the general public.
\nThese shares are traded on Euronext Brussels. Van de Velde Holding
\nNV, which groups the interests of the Laureys and Van de Velde families,
\nholds the remainder of the shares.
\n\nRelationship with key management personnel
\nSee the remuneration report in chapter 3.
\nDirector Remuneration
\nHerman Van de Velde NV received an annual gross remuneration of
\n47,500 euro for his chairmanship of the Board of Dirctors, the Nomination
\nand Remuneration Committee and for his membership of the Strategic
\nCommittee. The other non-executive members (excluding the managing
\ndirector) receive an annual remuneration of 20,000 euro for their mem-
\nbership of the Board of Directors. All members of the Board of Directors
\n(excluding the managing director) receive 5,000 euro for their membership
\nof the Nomination and Remuneration Committee and the Audit and Risk
\nCommittee respectively, while the chairman receives a remuneration of
\n7,500 euro. The total remuneration for the directors (excluding the manag-
\ning director) was 255.0 thousand euro in 2023 and 230.0 thousand euro in
\n2022. The directors have not received any loan or advance from the Group.
\nManagement Team Remuneration
\nFor the year ended 31 December 2023, a total amount of 1,864 thousand
\neuro (2,918 thousand euro in 2022) was awarded to the members of the
\nManagement Team, including the managing director. See the remunera-
\ntion report in chapter 3 for more details.
\nThese total amounts include the following components:
\n\u2022 Basic remuneration: base salary earned in their position during the year
\nunder review;
\n\u2022 Variable remuneration: bonus acquired in the year under review. There
\nare various pay-out forms, including cash, a warrant plan and a share
\noption plan;
\n\u2022 Group insurance premiums: insurance premium (invalidity, death, pen-
\nsion plan) paid by the Group;
\n\u2022 Other benefits are the private use of a company car and hospitalization
\ninsurance;
\n\u2022
\nExceptional remuneration concerns a retention bonus or a severance
\npayment.
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Basic remuneration | \n1,590 | \n1,918 | \n\n\n
\n\n| Variable remuneration | \n151 | \n727 | \n\n\n
\n\n| Group insurance premiums | \n37 | \n47 | \n\n\n
\n\n| Other benefits | \n85 | \n106 | \n\n\n
\n\n| Exceptional remuneration | \n0 | \n120 | \n\n\n
\n\n| Total | \n1,864 | \n2,918 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\nIn addition to these cash benefits, share-based benefits were granted to
\nthe members of the Management Team through the share option plan.
\nIn 2023 the members of the Management Team had the opportunity to
\nparticipate in a share option plan by which they were granted 5,000 options
\n(same in 2022). No calculated costs are linked to the options accepted
\nby the members of the Management Team in 2023.
\n
\n
\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag371": {
"value": "\nFull consolidation
\nThe consolidated financial statements include the financial statements of Van de Velde NV and the subsidiaries listed in the following table.
\n\n
\n\n\n | \n | \n | \nChange on | \n\n\n
\n\n| Name | \nAddress | \n(%) Equity interest 2023 | \nprevious year | \n\n\n
\n\n| VAN DE VELDE NV | \nLageweg 4 | \nParent company | \n | \n\n\n
\n\n | \n9260 SCHELLEBELLE, Belgium | \n | \n | \n\n\n
\n\n | \nBtw-nr. BE 0448.746.744 | \n | \n | \n\n\n
\n\n| VAN DE VELDE GMBH & Co KG | \nGrabenstra\u00dfe 3 | \n100 | \n0 | \n\n\n
\n\n | \n40213 DUSSELDORF, Germany | \n | \n | \n\n\n
\n\n| VAN DE VELDE | \nGrabenstra\u00dfe 3 | \n100 | \n0 | \n\n\n
\n\n| VERWALTUNGS GMBH | \n40213 DUSSELDORF, Germany | \n | \n | \n\n\n
\n\n| VAN DE VELDE TERMELO | \nSelyem U.4 | \n100 | \n0 | \n\n\n
\n\n| ES KERESKEDELMI KFT | \n7100 SZEKSZARD, Hungary | \n | \n | \n\n\n
\n\n| VAN DE VELDE UK LTD (1) | \nGround Floor 22/22a Conduit Street | \n100 | \n0 | \n\n\n
\n\n | \nW1S 2XT, LONDON | \n | \n | \n\n\n
\n\n | \nUnited Kingdom | \n | \n | \n\n\n
\n\n| MARIE JO GMBH | \nGrabenstra\u00dfe 3 | \n100 | \n0 | \n\n\n
\n\n | \n40213 DUSSELDORF, Germany | \n | \n | \n\n\n
\n\n| VAN DE VELDE IBERICA SL | \nCalle Santa Eulalia, 5 | \n100 | \n0 | \n\n\n
\n\n | \n08012 BARCELONA, Spain | \n | \n | \n\n\n
\n\n| VAN DE VELDE CONFECTION SARL | \nRoute De Sousse BP 25 | \n100 | \n0 | \n\n\n
\n\n | \n4020 KONDAR, Tunisia | \n | \n | \n\n\n
\n\n| VAN DE VELDE FINLAND OY | \n1 C7-8, Fashion Center, H\u00e4rk\u00e4haankuja 14 | \n100 | \n0 | \n\n\n
\n\n | \n01730 Vantaa, Finland | \n | \n | \n\n\n
\n\n| VAN DE VELDE NORTH AMERICA INC | \n1252 Madison Avenue | \n100 | \n0 | \n\n\n
\n\n | \nNY 10128, NEW YORK, | \n | \n | \n\n\n
\n\n | \nUnited States of America | \n | \n | \n\n\n
\n\n| VAN DE VELDE DENMARK APS | \nC/O Revisionscentret M\u00f8llegade 2B, st. | \n100 | \n0 | \n\n\n
\n\n | \n6330 PADBORG, Denmark | \n | \n | \n\n\n
\n\n| VAN DE VELDE RETAIL INC | \n1252 Madison Avenue | \n100 | \n0 | \n\n\n
\n\n | \nNY 10128, NEW YORK, | \n | \n | \n\n\n
\n\n | \nUnited States of America | \n | \n | \n\n\n
\n\n| INTIMACY MANAGEMENT | \n1252 Madison Avenue | \n100 | \n0 | \n\n\n
\n\n| COMPANY LLC | \nNY 10128, NEW YORK, | \n | \n | \n\n\n
\n\n | \nUnited States of America | \n | \n | \n\n\n
\n\n| RIGBY & PELLER LTD | \nGround Floor 22/22a Conduit Street | \n100 | \n0 | \n\n\n
\n\n | \nW1S 2XT, LONDEN | \n | \n | \n\n\n
\n\n | \nUnited Kingdom | \n | \n | \n\n\n
\n\n| VAN DE VELDE NEDERLAND BV | \nBeethovenstraat 28 | \n100 | \n0 | \n\n\n
\n\n | \n1077 JH AMSTERDAM, the Netherlands | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) Under liquidation.
\nSales of goods and services are at arm\u2019s length between Group companies..
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag382": {
"value": "VAN DE VELDE NV",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag381": {
"value": "Lageweg 49260 SCHELLEBELLE, Belgium",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag374": {
"value": "Van de Velde HoldingNV",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag377": {
"value": "\nRelationship with key management personnel
\nSee the remuneration report in chapter 3.
\nDirector Remuneration
\nHerman Van de Velde NV received an annual gross remuneration of
\n47,500 euro for his chairmanship of the Board of Dirctors, the Nomination
\nand Remuneration Committee and for his membership of the Strategic
\nCommittee. The other non-executive members (excluding the managing
\ndirector) receive an annual remuneration of 20,000 euro for their mem-
\nbership of the Board of Directors. All members of the Board of Directors
\n(excluding the managing director) receive 5,000 euro for their membership
\nof the Nomination and Remuneration Committee and the Audit and Risk
\nCommittee respectively, while the chairman receives a remuneration of
\n7,500 euro. The total remuneration for the directors (excluding the manag-
\ning director) was 255.0 thousand euro in 2023 and 230.0 thousand euro in
\n2022. The directors have not received any loan or advance from the Group.
\nManagement Team Remuneration
\nFor the year ended 31 December 2023, a total amount of 1,864 thousand
\neuro (2,918 thousand euro in 2022) was awarded to the members of the
\nManagement Team, including the managing director. See the remunera-
\ntion report in chapter 3 for more details.
\nThese total amounts include the following components:
\n\u2022 Basic remuneration: base salary earned in their position during the year
\nunder review;
\n\u2022 Variable remuneration: bonus acquired in the year under review. There
\nare various pay-out forms, including cash, a warrant plan and a share
\noption plan;
\n\u2022 Group insurance premiums: insurance premium (invalidity, death, pen-
\nsion plan) paid by the Group;
\n\u2022 Other benefits are the private use of a company car and hospitalization
\ninsurance;
\n\u2022
\nExceptional remuneration concerns a retention bonus or a severance
\npayment.
\n\n
\n\n\n| 000 euro | \n2023 | \n2022 | \n\n\n
\n\n| Basic remuneration | \n1,590 | \n1,918 | \n\n\n
\n\n| Variable remuneration | \n151 | \n727 | \n\n\n
\n\n| Group insurance premiums | \n37 | \n47 | \n\n\n
\n\n| Other benefits | \n85 | \n106 | \n\n\n
\n\n| Exceptional remuneration | \n0 | \n120 | \n\n\n
\n\n| Total | \n1,864 | \n2,918 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\nIn addition to these cash benefits, share-based benefits were granted to
\nthe members of the Management Team through the share option plan.
\nIn 2023 the members of the Management Team had the opportunity to
\nparticipate in a share option plan by which they were granted 5,000 options
\n(same in 2022). No calculated costs are linked to the options accepted
\nby the members of the Management Team in 2023.
\n
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag378": {
"value": "\n28. SEGMENT INFORMATION
\nVan de Velde distinguishes two operational segments based on the \u201cman-
\nagement approach\u201d: the B2B (business to business) and the D2C (direct to
\nconsumer) distribution channel. This \u201cmanagement approach\u201d stipulates
\nthat external segment reporting is based, among other things, on internal
\norganization, management structure and internal financial reporting. The
\nmanagement evaluates the performance of both segments at EBITDA-
\nlevel to make decisions on the allocation of resources and the evaluation
\nof the achievements.
\nThe result of a segment includes the costs and revenues directly gener-
\nated by the segment. Non direct costs or revenues are reasonably attrib-
\nuted to a segment, based on activities or volumes.
\n
\n\n\n\n\n\n\n\n\n\n
\nAssets and liabilities that can be reasonably attributed to segments
\n(goodwill and other fixed assets as well as stock and trade receivables)
\nare attributed. An important part of the assets and liabilities cannot be
\nattributed to segments and is managed at Group level. The valuation prin-
\nciples of the operational segments are the same as the most important
\npolicies of the Group.
\nVan de Velde does not have any transactions with a single customer
\nworth more than 10% of total turnover.
\nThe selling price determines whether sales are attributed to the B2B or
\nD2C segment.
\nThe B2B segment refers to sales realized at wholesale price. Today this
\nconcerns the business with independent retail partners, e-tail partners,
\nfranchisees, marketplaces and department stores.
\nThe D2C segment refers to sales realized at retail price. Today this con-
\ncerns the business from our own store network, our own websites and
\nthe concession sales in department stores.
\n\n\n
\n\n\n| Segment Income | \n | \n | \n2023 | \n | \n | \n | \n2022 | \n | \n\n\n
\n\n| Statement | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| 000 euro | \nB2B | \nD2C | \nUnallocated | \nTotal | \nB2B | \nD2C | \nUnallocated | \nTotal | \n\n\n
\n\n| Segment revenues | \n163,244 | \n48,049 | \n0 | \n211,293 | \n168,657 | \n43,088 | \n0 | \n211,745 | \n\n\n
\n\n| Segment costs | \n-115,672 | \n-39,537 | \n0 | \n-155,209 | \n-117,806 | \n-35,723 | \n0 | \n-153,529 | \n\n\n
\n\n| Depreciation | \n0 | \n0 | \n-10,757 | \n-10,757 | \n0 | \n0 | \n-10,139 | \n-10,139 | \n\n\n
\n\n| Segment results | \n47,572 | \n8,512 | \n-10,757 | \n45,327 | \n50,851 | \n7,365 | \n-10,139 | \n48,077 | \n\n\n
\n\n| Net finance profit | \n | \n | \n | \n-269 | \n | \n | \n | \n-1,340 | \n\n\n
\n\n| Result from associates | \n | \n | \n | \n-2,328 | \n | \n | \n | \n-697 | \n\n\n
\n\n| Income taxes | \n | \n | \n | \n-9,102 | \n | \n | \n | \n-9,222 | \n\n\n
\n\n| Net income | \n | \n | \n | \n33,628 | \n | \n | \n | \n36,819 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n| Segment Balance Sheet | \n | \n2023 | \n | \n | \n2022 | \n | \n\n\n
\n\n| 000 euro | \nB2B | \nD2C | \nTotal | \nB2B | \nD2C | \nTotal | \n\n\n
\n\n| Segment assets | \n52,702 | \n21,403 | \n74,105 | \n62,568 | \n18,805 | \n81,373 | \n\n\n
\n\n| Unallocated assets | \n | \n | \n128,866 | \n | \n | \n127,062 | \n\n\n
\n\n| Consolidated total assets | \n52,702 | \n21,403 | \n202,971 | \n62,568 | \n18,805 | \n208,435 | \n\n\n
\n\n| Segment liabilities | \n20,815 | \n14,201 | \n35,016 | \n23,925 | \n14,256 | \n38,181 | \n\n\n
\n\n| Unallocated liabilities | \n | \n | \n167,955 | \n | \n | \n170,254 | \n\n\n
\n\n| Consolidated total liabilities | \n20,815 | \n14,201 | \n202,971 | \n23,925 | \n14,256 | \n208,435 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n| Breakdown by region - turnover | \n | \n2023 | \n | \n | \n2022 | \n | \n\n
\n\n| 000 euro | \nEurozone | \nElsewhere | \nTotal | \nEurozone | \nElsewhere | \nTotal | \n\n
\n\n| Turnover | \n153,456 | \n57,837 | \n211,293 | \n151,333 | \n60,412 | \n211,745 | \n\n
\n\n\n\n
\n\n
The most important markets accounting for more than 10% of turnover are stated below in descending order of turnover:
\n\u2022 Germany, Belgium and the Netherlands for the Eurozone;
\n\u2022 United States, United Kingdom and Switzerland for Elsewhere.
\n\n
\n\n\n| Further information about the assets of the company - location (000 euro) | \nBelgium | \nElsewhere | \nTotal | \n\n
\n\n| Tangible fixed assets | \n23,232 | \n6,670 | \n29,902 | \n\n
\n\n| Intangible assets | \n14,320 | \n10,653 | \n24,973 | \n\n
\n\n| Right-of-use assets | \n1,970 | \n7,548 | \n9,519 | \n\n
\n\n| Inventories | \n42,785 | \n3,165 | \n45,950 | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag380": {
"value": "\n\n
\n\n\n| Segment Income | \n | \n | \n2023 | \n | \n | \n | \n2022 | \n | \n\n\n
\n\n| Statement | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| 000 euro | \nB2B | \nD2C | \nUnallocated | \nTotal | \nB2B | \nD2C | \nUnallocated | \nTotal | \n\n\n
\n\n| Segment revenues | \n163,244 | \n48,049 | \n0 | \n211,293 | \n168,657 | \n43,088 | \n0 | \n211,745 | \n\n\n
\n\n| Segment costs | \n-115,672 | \n-39,537 | \n0 | \n-155,209 | \n-117,806 | \n-35,723 | \n0 | \n-153,529 | \n\n\n
\n\n| Depreciation | \n0 | \n0 | \n-10,757 | \n-10,757 | \n0 | \n0 | \n-10,139 | \n-10,139 | \n\n\n
\n\n| Segment results | \n47,572 | \n8,512 | \n-10,757 | \n45,327 | \n50,851 | \n7,365 | \n-10,139 | \n48,077 | \n\n\n
\n\n| Net finance profit | \n | \n | \n | \n-269 | \n | \n | \n | \n-1,340 | \n\n\n
\n\n| Result from associates | \n | \n | \n | \n-2,328 | \n | \n | \n | \n-697 | \n\n\n
\n\n| Income taxes | \n | \n | \n | \n-9,102 | \n | \n | \n | \n-9,222 | \n\n\n
\n\n| Net income | \n | \n | \n | \n33,628 | \n | \n | \n | \n36,819 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag375": {
"value": "\n29. EVENTS AFTER BALANCE SHEET
\nNo events after the balance sheet date had a major impact on the situation of the company.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag379": {
"value": "\n
\n
\n30. BUSINESS RISKS WITH RESPECT TO IFRS7
\nBesides the general strategic risks, Van de Velde has identified the fol-
\nlowing risks with respect to IFRS 7:
\nCurrency risk
\nDue to its international character, the Group is confronted with various
\nexchange rate risks on sale and purchase transactions.
\nIn terms of currency risk, between 25% and 30% of Group turnover is
\ngenerated in currencies other than the euro. In addition, a significant
\nproportion of purchases and expenses are traded in foreign currency
\n(e.g. purchases of raw materials and subcontractors, as well as local
\nexpenses within the retail network).
\nWhere possible, currency risks are managed by offsetting transactions in
\nthe same currency or by fixing exchange rates through forward contracts.
\nThese risks are managed at the level of the parent company. The Group
\nis aware that exchange risks cannot always be fully hedged.
\nForeign operations increase the currency risk of the Group. Financial
\ninstruments are not used to hedge this risk.
\n\n
\n\n\n | \nClosing rate | \nAverage rate | \n\n
\n\n| CAD | \n1.4578 | \n1.4460 | \n\n
\n\n| CHF | \n0.9416 | \n0.9707 | \n\n
\n\n| NOK | \n0.8680 | \n0.8682 | \n\n
\n\n| GBP | \n1.1042 | \n1.0817 | \n\n
\n\n| USD | \n3.4069 | \n3.3560 | \n\n
\n\n\n\n
\n\n
\nThe Group performed a sensitivity analysis in 2023 on the outstanding
\ntrade receivables and trade payables of the Group, at the balance sheet
\ndate converted with a sensitivity of 10%.
\n\n
\n\n\n| 000 euro | \n10% | \n-10% | \n\n
\n\n| CAD | \n84 | \n-84 | \n\n
\n\n| CHF | \n88 | \n-88 | \n\n
\n\n| AUD | \n53 | \n-53 | \n\n
\n\n| GBP | \n38 | \n-38 | \n\n
\n\n | \n263 | \n-263 | \n\n
\n\n\n\n
\n\n
The Group performed a sensitivity analysis in 2023 on the equity com-
\nponents in the foreign currency of the Group, at the balance sheet date
\nconverted with a sensitivity of 10%.
\n\n
\n\n\n| 000 euro | \n10% | \n-10% | \n\n
\n\n| GBP | \n312 | \n-312 | \n\n
\n\n| USD | \n1,541 | \n-1,541 | \n\n
\n\n| TND | \n1,597 | \n-1,597 | \n\n
\n\n | \n3,450 | \n-3,450 | \n\n
\n\n\n\n
\n\n
Credit risk
\nAs a consequence of the large diversified customer portfolio, the Group
\ndoes not have a significant concentration of credit risks. The Group has
\ndeveloped strategies and additional procedures to monitor and limit credit
\nrisk at its customers. B2B sales are generated through around 3,900
\nindependent retailers and a small number of luxury department stores.
\nNo single customer accounts for more than 3.1% of the annual turnover
\nof the Group.
\nFurthermore, the insolvency risk is covered by credit insurance. In accord-
\nance with IFRS 9, the Group applies the ECL model to its trade receivables.
\nFor further explanation in this regard, we refer to note 10.
\nWith respect to eCommerce activities, the credit risk is limited by using
\ncountry-specific payment methods, and there is collaboration with an
\nexternal partner who monitors the creditworthiness of potential eCom-
\nmerce customers.
\n
\n\n\n\n\n\n\n\n\n\nMacro-economic risk
\nThe impact of the macro-economic environment is monitored by
\nManagement and action is taken as needed.
\nThe inflation in 2023 affects supply through costs and demand through
\npurchasing power. Pricing takes into account both rising costs and declin-
\ning purchasing power.
\nThe macro-economic factors impact the impairment tests on goodwill,
\nbrand names with indefinite useful lives and participations in associ-
\nated companies, as well as on the calculation of the pension provision,
\nin particular :
\n\u2022
\nincreased interest rates and uncertainties in the market impact the
\ndiscount rates to be applied;
\n\u2022 current market conditions are reflected in the WACC & discount rates
\napplied in the impairment analyses and in the assumptions applied to
\nthe actuarial calculation of the pension provision;
\n\u2022 the impact of inflation & increased interest costs was included in the
\nbudgets used for the impairment tests and the sensitivity analyses.
\n
\n\n\n\n\n\n\n\n\n\n
\n\nLiquidity and cash flow risk
\nThe liquidity and cash flow risk is rather limited thanks to the large opera-
\ntional cash flow and the net cash position (60.6 million euro). Credit lines
\nworth more than 10 million euro are also available. The Group has no
\nborrowings with fixed repayments.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag383": {
"value": "\nCredit risk
\nAs a consequence of the large diversified customer portfolio, the Group
\ndoes not have a significant concentration of credit risks. The Group has
\ndeveloped strategies and additional procedures to monitor and limit credit
\nrisk at its customers. B2B sales are generated through around 3,900
\nindependent retailers and a small number of luxury department stores.
\nNo single customer accounts for more than 3.1% of the annual turnover
\nof the Group.
\nFurthermore, the insolvency risk is covered by credit insurance. In accord-
\nance with IFRS 9, the Group applies the ECL model to its trade receivables.
\nFor further explanation in this regard, we refer to note 10.
\nWith respect to eCommerce activities, the credit risk is limited by using
\ncountry-specific payment methods, and there is collaboration with an
\nexternal partner who monitors the creditworthiness of potential eCom-
\nmerce customers.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag376": {
"value": "\nLiquidity and cash flow risk
\nThe liquidity and cash flow risk is rather limited thanks to the large opera-
\ntional cash flow and the net cash position (60.6 million euro). Credit lines
\nworth more than 10 million euro are also available. The Group has no
\nborrowings with fixed repayments.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag372": {
"value": "\nRisk of interruptions in the supply chain
\nAdequate measures have been taken in several areas to minimize inter-
\nruptions in the supply chain and deal with any such interruptions that do
\noccur. Examples of such measures are:
\n\u2022
\nThe IT department has designed a disaster recovery plan to minimize
\nthe risk of damage from the failure of the computer infrastructure.
\nAdditionally, investments are made to limit the risk of failure of the
\ncomputer infrastructure itself.
\n\u2022
\nThe risks of interruption in deliveries by a supplier and the possible
\nalternatives (if available) have been identified and are regularly moni-
\ntored. The creditworthiness of suppliers is also monitored.
\n\u2022 As far as possible, the concentration risk at suppliers is managed by
\nsufficient diversification. The ten leading material suppliers account for
\napproximately 60% of purchase costs of material. The largest supplier
\naccounts for approximately 27% of purchase costs, the second for
\napproximately 10% and the third for 5%, whereas all other suppliers
\naccount for no more than 4%.
\n\u2022
\nAssembly capacity is mainly spread over Tunisia, China and Thailand.
\n\u2022 The raw materials warehouse and the distribution centre are located
\nat the same site. These warehouses are in separate buildings and both
\ncomply with high safety standards.
\n\u2022 Transparent chain management has been set up in which provisions
\nand/or any interruptions are proactively identified so that action can
\nbe taken.
\nMoreover, business risks as a consequence of a potential interruption
\nare covered by insurance. Adequate measures have been taken in con-
\nsultation with insurers who also regularly inspect the various locations.
\nRisk of overvalued stock
\nVan de Velde\u2019s business model entails risks with regard to raw materi-
\nals and finished products. Raw materials are ordered and production is
\nlaunched before we have full insight into the orders. As far as possible,
\nVan de Velde attempts to concentrate this risk at the level of raw materials
\nrather than finished products.
\nVan de Velde also applies a strict policy regarding write-downs on
\ninventories:
\n\u2022 The value of finished products for which sales are declining is written
\ndown at the end of the season or during the following season. These
\nfinished products are fully written off in the subsequent year.
\n\u2022
\nIf there is no further need for additional production, the related raw
\nmaterials are written off completely.
\nProduct risk
\nSales are spread over about 44,000 stock references, more than 13,000
\nof which are changed every season. Therefore, sales do not depend on
\nthe success of any one model.
\nCompliance and regulatory risks
\nVan de Velde Group is subject to federal, regional and local laws and
\nregulations in each country in which it operates. Such laws and regulations
\nrelate to a wide variety of matters, such as data security, privacy, product
\nliability, health and safety, import and export, occupational accidents,
\nemployment practices and the relationship with associates (regarding
\novertime and workplace safety among other things), tax matters, unfair
\ncompetitive practices and similar regulations.
\nCompliance with, or changes in, these laws could reduce the revenues and
\nprofitability of the Group and could affect its business, financial conditions
\nor the results of operations.
\nVan de Velde Group has been subject to and may in the future be subject
\nto allegations of violating certain laws and/or regulations. Such allegations
\nor investigations or proceedings may require the Group to devote signifi-
\ncant management resources to defending itself. In the event that such
\nallegations are proven, Van de Velde may be subject to significant fines,
\ndamages awards and other expenses, and its reputation may be harmed.
\nVan de Velde Group actively strives to ensure compliance with all laws
\nand regulations to which it is subject. A degree of insurance has been
\ntaken out to cover some of the above-mentioned risks.
\nOther operational risks
\nThe Group is also faced with other operational risks which (if possible)
\nare monitored and for which (if available) correcting actions are taken.
\n
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"footnote2": {
"value": "In 2023, the transaction on treasury shares involves both purchase and cancellation of treasury shares.",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote2",
"language": "en"
}
},
"footnote4": {
"value": "The result from currency translation differences relates mainly to GBP and TND.",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote4",
"language": "en"
}
},
"footnote5": {
"value": "For 2023 this is \u201cProposed dividend per dividend entitled share\u201d and for 2022 this is \u201cProposed dividend per share\u201d.",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote5",
"language": "en"
}
},
"footnote3": {
"value": "This includes depreciation and write-downs on fixed assets. Write-downs on current assets, however, are included in other expenses.",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote3",
"language": "en"
}
},
"footnote1": {
"value": "The revaluation reserve of shares relates to a not realized revaluation reserve of Top Form International Ltd shares, when the interest in Top Form International Ltd. was not yet included in
\naccordance with the equity method, but as available-for-sale financial assets. This not realized reserve remains unchanged until the sale of the interest in Top Form International Ltd.
",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote1",
"language": "en"
}
}
}
}