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"value": "1. INFORMATION ABOUT THE COMPANY 1.1. Identification EVS Broadcast Equipment SA Liege Science Park Rue Bois Saint-Jean, 13 B-4102 Seraing VAT: BE 0452.080.178 National Registered Number: BE0452.080.178 www.evs.com EVS Broadcast Equipment SA was incorporated for an unlimited period on February 17, 1994, in the form of a public limited company governed by Belgian law. EVS Broadcast Equipment SA is a company whose shares are publicly traded. It has its head office in Belgium, Li\u00e8ge. The consolidated financial statements of EVS Broadcast Equipment SA on December 31, 2024, were established by the Board of Directors of April 14, 2025. The Board of Directors is authorized to amend the consolidated financial statements up until the Annual General Meeting of Shareholders, scheduled to be held on May 20, 2025. The financial year starts on January 1 and ends on December 31 of each year. The consolidated financial statements are reported in euros (EUR). 1.2. Public information The company\u2019s financial statements are filed with the \u201cBanque Nationale de Belgique\u201d. Corporate by-laws and special reports required by the Belgian Company and Association Code can be obtained from the Commercial Court Registry in Li\u00e8ge and from the Belgian Official Bulletin \u201cMoniteur Belge\u201d and its related website (\u201chttp://www.ejustice.just.fgov.be/tsv/tsvf.htm\u201d). These documents, as well as annual statements and any written information to shareholders, are also available at the company\u2019s registered office. Financial information is available on the Internet at www.evs.com. 1.3. Corporate purpose of the company The corporate purpose of the company is the \u201cdevelopment, marketing, and exploitation of audiovisual equipment as well as, more generally, any operations of a general, commercial, industrial, financial, fixed or movable property nature, in Belgium or elsewhere, directly or indirectly relating to the processing of pictures and sound, in whatever possible form. The company may have interests in any manner in any kind of businesses, firms, or companies with identical, analogous, similar or connected aims or which could further the development of its activities, supply it with raw materials or facilitate outlets for the company\u2019s services\u201d.",
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"value": "1. INFORMATION ABOUT THE COMPANY 1.1. Identification EVS Broadcast Equipment SA Liege Science Park Rue Bois Saint-Jean, 13 B-4102 Seraing VAT: BE 0452.080.178 National Registered Number: BE0452.080.178 www.evs.com EVS Broadcast Equipment SA was incorporated for an unlimited period on February 17, 1994, in the form of a public limited company governed by Belgian law. EVS Broadcast Equipment SA is a company whose shares are publicly traded. It has its head office in Belgium, Li\u00e8ge. The consolidated financial statements of EVS Broadcast Equipment SA on December 31, 2024, were established by the Board of Directors of April 14, 2025. The Board of Directors is authorized to amend the consolidated financial statements up until the Annual General Meeting of Shareholders, scheduled to be held on May 20, 2025. The financial year starts on January 1 and ends on December 31 of each year. The consolidated financial statements are reported in euros (EUR). 1.2. Public information The company\u2019s financial statements are filed with the \u201cBanque Nationale de Belgique\u201d. Corporate by-laws and special reports required by the Belgian Company and Association Code can be obtained from the Commercial Court Registry in Li\u00e8ge and from the Belgian Official Bulletin \u201cMoniteur Belge\u201d and its related website (\u201chttp://www.ejustice.just.fgov.be/tsv/tsvf.htm\u201d). These documents, as well as annual statements and any written information to shareholders, are also available at the company\u2019s registered office. Financial information is available on the Internet at www.evs.com. 1.3. Corporate purpose of the company The corporate purpose of the company is the \u201cdevelopment, marketing, and exploitation of audiovisual equipment as well as, more generally, any operations of a general, commercial, industrial, financial, fixed or movable property nature, in Belgium or elsewhere, directly or indirectly relating to the processing of pictures and sound, in whatever possible form. The company may have interests in any manner in any kind of businesses, firms, or companies with identical, analogous, similar or connected aims or which could further the development of its activities, supply it with raw materials or facilitate outlets for the company\u2019s services\u201d. 2. SUMMARY OF THE IFRS MATERIAL ACCOUNTING PRINCIPLES 2.1. Statement of compliance and basis of presentation The consolidated financial statements of EVS Broadcast Equipment SA and of its subsidiaries have been prepared in accordance with the IFRS accounting standards adopted by the European Union. All standards and interpretations issued by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) effective year-end 2024 and adopted by the European Union are applied by the Company. The consolidated financial statements have been prepared on a historical cost basis, except for the share-based payments (at the grant date), derivative financial instruments and contingent considerations, which are measured at their fair value. The consolidated financial statements are presented in thousands of euros. All values are rounded figures to the nearest thousand unless otherwise indicated. The consolidated financial statements were authorized for issue by the Board of Directors on April 14, 2025. 2.2. Summary of changes in accounting policies The Company consistently used the same accounting policies throughout all periods presented in its IFRS financial statements, except for the determination of the percentage of completion for projects (see section 2.21) and the presentation of materials produced for internal purposes (change in presentation only - see section 2.10). The Company does not anticipate a change in the application of standards and interpretations. There is no other impeding change in accounting policy, at the exception of the first implementation of new or revised IFRS standards and interpretations as adopted by the European Union that became mandatory on January 1, 2024 and that are detailed as follows: \u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement: Classification of Liabilities as current or non-current, effective January 1, 2024 \u2022 Amendments to IAS 7 \u2018Statement of Cash Flows\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019: Supplier Finance Arrangements, effective January 1, 2024 \u2022 Amendments to IFRS 16 \u2018Leases\u2019: Lease Liability in a Sale and Leaseback, effective January 1, 2024 The adoption of these new and amended standards has no impact on the financial statements of the Group. The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements, with a material impact on the Group\u2019s consolidated financial statements, are disclosed below. The Group intends to adopt these standards and interpretations when they become effective. \u2022 IFRS 18 \u2013 presentation and disclosures in financial statements. 2.3. Alternative performance measures The group uses so called \u201cAlternative performance measures\u201d (\u201cAPM\u201d) in the financial statements and notes. An APM is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined in the applicable financial reporting framework (IFRS). A glossary describing these alternative performance measures is included at the end of this annual report. These measures are consistently used over time and when a change is needed, comparable information is restated and reported. 2.4. Consolidation principles The consolidated financial statements include the financial statements of EVS Broadcast Equipment SA and of its subsidiaries prepared on December 31 of each year. The financial statements of the subsidiaries are prepared on the same date and in accordance with identical accounting principles. All the intra-group balances, intra-group transactions as well as the income, the expenses and the latent results included in the carrying amount of assets, generated by internal transactions, are eliminated in full. 2.5. Subsidiaries Subsidiaries are those entities controlled by EVS. Control exists when the following criteria are met: a) EVS has the power (legally or de facto) over the investee. b) EVS is exposed or entitled to variable returns from its involvement with the investee; and c) EVS has the ability to use its power over the investee to affect the amount of returns it gets. When EVS has less than a majority of the voting or similar rights of an investee, EVS considers all relevant facts and circumstances in assessing whether it has power over an investee, including: a) The contractual arrangement(s) with the other vote holders of the investee, b) Rights arising from other contractual arrangements, c) EVS\u2019s voting rights and potential voting rights. The subsidiaries are consolidated as from the acquisition date, which corresponds to the date on which the group took over control and up until such date as the exercise of this control ceases. All companies over which control is exercised directly or indirectly are fully consolidated. 2.6. Interests in associates and joint ventures Associated and joint ventures companies are companies in which the group has a significant influence, defined as an investee in which the group has the power to participate in its financial and operating policy decisions (but not to control the investee). Associates and joint ventures are recognized according to the equity accounting method. These investments are carried in the balance sheet at the lowest value between that obtained by the equity method and the recoverable value. The group\u2019s share in the profit and loss of the associates and joint ventures is entered into the profit and loss account, in a distinct line \u201cShare in the result of the enterprise accounted for using the equity method\u201d. The financial statements of the associates and joint ventures are used by the group to apply the equity accounting method. The financial statements of the associates and joint ventures are prepared on the same reporting date as the parent company, based on similar accounting principles. 2.7. Summary of significant judgements, assumptions, and estimates In preparing the consolidated financial statements, management is required to make judgments and estimates that affect amounts included in the financial statements. The estimates carried out on each reporting date reflect the conditions in force on these dates (for example: market price, interest rates and exchange rates). Although these estimates are based on the best knowledge of management of the existing events and of the actions that the group could undertake, the real results may differ from these estimates. The use of estimates is particularly applicable when performing goodwill impairment tests and evaluating any additions to the purchase price of past business combinations, the determination of the contingent consideration, determining the fair value of share-based payments, the evaluation of the deferred tax position and the determination of the percentage of completion of construction works. The following are critical judgements and estimations that management has made in the process of applying the group\u2019s accounting policies and that have the most significant effect on the amounts recognized in the financial statements. 2.7.1. Revenue recognition Under IFRS15, the transaction price is allocated to the identified performance obligations in the contract based on their relative standalone selling price. Judgement is required in determining the stand-alone price and the transaction price considering the contract duration. \u2022 Determination of the contract duration To define the duration of its contracts the group considers the contractual period in which the parties to the contract have present enforceable rights and obligations. \u2022 Determination of stand-alone selling price In situations where the stand-alone selling price is not directly observable, the group assess it using all information (including market conditions, EVS specific information or relevant customer information) that is reasonably available to the company. Discounts granted because a customer entered into a contract are allocated to all performance obligations triggering the granting of the discount. \u2022 Identification of performance obligations Identifying the performance obligation requires judgement and a thorough understanding of the contract promises and how they interact with each other. 2.7.2. Fair-value of share-based payments The Group\u2019s employees and management may receive a remuneration in the form of a share-based payment, such as stock options or warrants. The stock options are measured at grant date based on the share price at grant date, exercise price, expected volatility, dividend estimates, and interest rates. 2.7.3. Deferred Tax position Deferred tax assets are recognized for the carry-forward of unused tax losses and unused tax credits to the extent that it is probable that future taxable profit will be available against which the unused tax losses and unused tax credits can be utilized. In making its judgment, management considers elements such as long-term business strategy, including tax planning opportunities and local tax laws enacted at the reporting date. Deferred tax details are presented in note 7.3. 2.7.4. Current expected credit loss The Company assesses on a forward-looking basis the expected credit loss associated with its financial assets carried at amortized cost. For trade receivables, EVS applies the simplified approach permitted by IFRS 9 Financial instruments, which requires expected lifetime losses to be recognized from initial recognition of the receivables. The ability of the Company to collect its accounts receivable balances is dependent on the viability and solvency of its customers, who may experience financial difficulties that could cause them to be unable to fulfil their payment obligations to the Company. The Company develops its estimate of credit losses by number of days overdue and historical loss rates which are then adjusted for specific receivables that are judged to have a higher-than-normal risk profile after considering management\u2019s internal credit assessment, as well as macro-economic and industry risk factors. 2.7.5. Lease term under IFRS 16 When the Company acts as lessee, the lease term consists of the non-cancellable period of a lease, together with periods covered by options to extend the lease if the Company is reasonably certain to exercise these options, and periods covered by options to terminate the lease if the Company is reasonably certain not to exercise these options. Judgment is required in assessing whether these options will be exercised or not, considering all facts and circumstances that create an economic incentive to exercise an extension or termination option. The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment. 2.7.6. Valuation of inventory and associated write-offs Inventories are stated at the lower of cost or net realizable value. The calculation of the allowance for slow-moving inventory is based on consistently applied write-off rules, which depend on both historical and future demand, of which the latter is subject to uncertainty due to rapid technological changes. On top of the minimum rules, more severe rules are applied in case of for example the decision to stop a business unit or product line. The remaining inventory on hand is in that case analyzed and reserved as appropriate. Inventory allowances are only reversed in case the above rules no longer apply or the written off inventory is sold or scrapped (see note 14 inventory). 2.7.7. Functional currency of the group entities The individual financial statements of each subsidiary are prepared in the currency of the primary economic environment in which the entity operates. When the factors set out by IAS 21 to determine the functional currency are mixed and the functional currency is not obvious, management judgment is used to determine which functional currency most faithfully represents the economic effects of its underlying transactions, events and conditions. The functional currency of the EVS Group entities is EUR except for the US entity EVS Inc. for which US Dollar is assessed by management to be the functional currency. 2.7.8. Claims and contingent liabilities Related to claims and contingencies, judgement is necessary in assessing the existence of an obligation resulting from a past event, in assessing the probability of an economic outflow, and in quantifying the probable outcome of economic resources. This judgment is reviewed when new information becomes available and often with the support of internal and external expert advice. 2.7.9. Recoverable amount of cash generating units including goodwill The Company tests the goodwill for impairment annually or more frequently if there are indications that goodwill might be impaired. The outcome of the goodwill impairment test performed in the last quarter of 2024 did not result in an impairment loss. The key assumptions that are used for estimating the recoverable amounts of cash generating units to which goodwill is allocated are discussed in note 10 (goodwill). 2.7.10. Actuarial assumptions related to the measurement of employee benefit obligations and plan assets The cost of the defined benefit pension plan and the present value of the pension obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the complexities involved in the valuation, and its long-term nature, a defined obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed on the reporting date and are discussed in note 6.4 (post-employment benefit). 2.7.11. Estimation of useful life Property, Plant and Equipment are depreciated using a straight-line method to allocate their depreciable amount on a systematic basis over their useful life. For the headquarters building in Li\u00e8ge, the depreciable amount is the cost less its estimated residual value. The useful life of an asset is estimated on a realistic basis based on the experience of the group with similar assets and reviewed at least annually. The effect of changes in useful life are recognized progressively. The residual value exercise is reviewed at each financial year-end and, if expectations differ from previous estimates, any change is accounted for prospectively as a change in estimate under IAS 8. 2.7.12. Impact of the war in Ukraine on our activities Further to the long-lasting conflict in Ukraine, EVS continues to monitor and comply with the international sanctions on Russia and Belarus within the framework of its business in those regions. EVS does not anticipate that the compliance of those sanctions might impact its business results as the revenue for those regions is not material. EVS does not have local offices in the impacted region. The impact of the war, even if immaterial, is limited to signed orders, not being executed, or delivered and potentially missed new opportunities that may arise in that area. 2.8. Foreign currency translation The individual financial statements of each subsidiary are prepared in the currency of the primary economic environment in which the entity operates. The functional currency reflects the underlying transactions, events and conditions that are relevant to the entity, as assessed by Management. The functional currency of the EVS Group entities is EUR except for the US entity EVS Inc. for which US Dollar is assessed by management to be the functional currency. The presentation currency of the financial statements of EVS Broadcast Equipment SA is the euro. 2.8.1. Financial statements of foreign companies For all the subsidiaries, transactions in foreign currencies are initially recorded in the functional currency at the exchange rate in force on the transaction date. On the reporting date, the monetary assets and liabilities denominated in foreign currencies are converted into the functional currency at the exchange rate in force on the reporting date. The non-monetary items in foreign currency that are measured at the historical cost are converted at the exchange rates in force on the initial transaction dates. All exchange differences are recognized in the consolidated income statement. For the EVS Inc. subsidiary that operates in USD, assets and liabilities are converted at the reporting date in euros (EUR), which is the functional currency of the parent company, at the exchange rate in force on the reporting date. Equity is converted at a historical exchange rate and income statement is converted at the average exchange rate of the period. Any exchange differences resulting from this conversion are recognized in other comprehensive income and shown under a separate heading of the shareholders\u2019 equity. 2.8.2. Transactions in foreign currencies Transactions in foreign currencies are recognized at the exchange rate in force on the transaction date. The monetary assets and liabilities denominated in foreign currencies are converted at the exchange rate in force on the reporting date. The exchange gains or losses resulting from monetary transactions and the conversion of monetary assets or liabilities are recognized in the income statement. Non-monetary assets and liabilities are converted at the exchange rate of the foreign currency in force on the transaction date. 2.8.3. Exchange rates used USD / EUR exchange rate Twelve months average At December 31 (closing rate) 2024 1.0821 1.0389 2023 1.0815 1.1050 Variation 0.1% -6.0% GBP / EUR exchange rate Twelve months average At December 31 (closing rate) 2024 0.8466 0.8292 20230.8698 0.8690 Variation -2.7% -4.6%2.9. Intangible Assets 2.9.1. Intangible assets acquired separately Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortization and accumulated impairment losses. The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses. 2.9.2. Internally-generated intangible assets \u2013 research and development expenditure Expenditure on research activities is recognized as an expense in the period in which it is incurred. An internally generated intangible asset arising from development (or from the development phase of an internal project) is recognized if, and only if, all the following conditions have been demonstrated: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale. \u2022 The intention to complete the intangible asset and use or sell it. \u2022 The ability to use or sell intangible assets. \u2022 How the intangible asset will generate probable future economic benefits. \u2022 The availability of adequate technical, financial, and other resources to complete the development and to use or sell the intangible asset. \u2022 The ability to measure reliably the expenditure attributable to the intangible asset during its development. Where it is not possible to reliably distinguish between research or development costs, the costs are considered as being research and therefore, these costs do not qualify as an internally generated intangible asset. The amount initially recognized for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognized, development expenditure is recognized in profit or loss in the period in which it is incurred. After initial recognition, internally generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. We also refer to note 2.25 for specifics on the treatment of research and development costs. 2.9.3. Intangible assets acquired in a business combination Intangible assets acquired in a business combination and recognized separately from goodwill are recognized initially at their fair value at the acquisition date (which is regarded as their cost). After initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Intangible assets with a finite useful life are depreciated on a straight-line basis over the duration of their economic useful life (3 years for software acquired for internal use and between 3 and 7 years for the other intangible assets) and reviewed for impairment testing each time there is a sign of impairment in the intangible asset. An intangible asset is derecognized at disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in profit or loss when the asset is derecognized. 2.10. Tangible assets The buildings are recorded at cost. Their value is reduced with depreciation and is not subject to fair value revaluation. The cost includes fees and costs. Subsidies that have been collected to finance the construction of the buildings are deducted from the cost of acquisition. Since the commissioning of the headquarter building in Li\u00e8ge in 2015, the cost of the building, less estimated residual value, is depreciated over the estimated useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period of the financial information. The other tangible assets are recognized in the balance sheet at cost, less accumulated depreciation, and impairment losses. The estimated useful lives of the tangible assets are as follows: - Buildings: between 10 and 30 years - Vehicles: between 3 and 5 years - IT equipment: between 3 and 4 years - Office furniture and equipment: between 3 and 10 years - Plant and equipment: between 3 and 10 years - Other tangible assets: between 3 and 4 years The depreciation is calculated from such time as the asset is available for use. A tangible asset is no longer recognized in the accounts from such time as it is sold, or no future economic benefit is expected from the asset. Any gain or loss generated at the time of the sale (calculated as the difference between the sale price and the net carrying amount of the element) is recognized during the period during which it was sold. During the current period, the Group has changed the presentation of materials produced for internal purposes in the financial statements. Previously, these products were presented as Inventories. As of January 1, 2024, the Group has adopted a new presentation method whereby these items are now classified as Other tangible assets/fixed assets. The change in presentation was made to enhance the clarity and comparability of the financial statements. The new presentation method provides more relevant information and better reflects the nature of the Group's financial assets and costs, aligning with industry\u2019s best practices. The effect of this change on the 2023 financial statements would have resulted in a transfer of EUR 1.9 million from Inventories to Other tangible assets, reflecting the net value of these products. Additionally, it would have led to a reclassification of EUR 0.6 million of depreciation from the Cost of sales to Research and development expenses. 2.11. Impairment of non-financial assets The Group assesses on each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an assets or CGU\u2019s fair value, less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are considered. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. The Group bases its impairment calculation on most recent budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. When appropriate, a long-term growth rate is calculated and applied to project future cash flows after the fifth year. Impairment losses of continuing operations are recognized in the statement of profit or loss in expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such an indication exists, the Group estimates the assets or CGU\u2019s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such a reversal is recognized in the statement of profit or loss. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods. 2.12. Inventories Inventories are valued at the lower of cost and net realizable value. Costs incurred in bringing stocks to the right place in the appropriate conditions are recognized as follows for both the current and previous year: - the cost of the raw materials is determined using the weighted average price method. - the cost of the finished goods and work-in-progress is the full cost, which covers all the direct costs (materials and labor) and a portion of the indirect production costs necessary to take the stock to completion on the reporting date, excluding the borrowing costs. The net realizable value is the estimated sale price at the normal rate of the activity, less the estimated costs for the completion of the goods and the estimated costs necessary to realize the sale. Write offs on inventories are applied on slow-moving inventory. The calculation of the allowance is based on write-off rules that are applied consistently, which depend on both historical and future demand, of which the latter is subject to uncertainty due to rapid technological changes. During the current period, the Group has changed the presentation of materials produced for internal purposes in the financial statements. Previously, these products were presented as Inventories. As of January 1, 2024, the Group has adopted a new presentation method whereby these items are now classified as Other tangible assets/fixed assets. The change in presentation was made to enhance the clarity and comparability of the financial statements. The new presentation method provides more relevant information and better reflects the nature of the Group's financial assets and costs, aligning with industry\u2019s best practices. The effect of this change on the 2023 financial statements would have resulted in a transfer of EUR 1.9 million from Inventories to Other tangible assets, reflecting the net value of these products. Additionally, it would have led to a reclassification of EUR 0.6 million of depreciation from the Cost of sales to Research and development expenses. 2.13. Trade and other receivables Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price less an allowance for doubtful debts and less an amount for expected credit losses. The allowance for doubtful debts is recorded in operating income when it is probable that the company will not be able to collect all amounts due. Allowances are calculated on an individual basis, based on an aging analysis of the trade debtors. For the determination of the expected credit loss, EVS has applied the simplified approach and records lifetime expected losses on all trade receivables. This amount is determined on a portfolio basis, based on a provision matrix that considers historical credit loss experience. 2.14. Other non-current assets Other non-current assets include long-term interest-bearing receivables and cash guarantees. Such long-term receivables are accounted for as receivables originated by the Company and are carried at amortized cost. An impairment loss is recorded when the carrying amount exceeds the estimated recoverable amount. 2.15. Cash and cash equivalents The cash and cash equivalents include cash at bank and in hand and short-term deposits with an original maturity date or notice period of three months or less. All the investments are recognized at their nominal value in the financial statements. 2.16. Treasury shares Sums paid or received during the acquisition or sale of the company\u2019s treasury shares are recognized directly in the equity. No profit or expense is included in the income statement during the purchase, sale, issuance, or cancellation of treasury shares. The treasury shares are classified under the \u201ctreasury shares\u201d heading and are deducted from the total shareholders\u2019 equity. 2.17. Interest-bearing loans and borrowings All loans and borrowings are initially recognized at the fair value of the amount received, less the transaction costs to be allocated directly if they are significant. After the initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost, using the effective interest rate method. The profits and losses are recognized in the results when the liabilities are derecognized and via the effective interest rate method. Interest revenue is recognized as interest accrues. 2.18. Provisions Provisions are recognized when the group has a present obligation (legal or implicit) as a result of a past event, if it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the obligation value. 2.19. Pensions and other post-employment benefits The post-employment benefits include pensions. The group operates defined contribution pension schemes. The minimum legal contribution is partially warranted by the insurance company. However, according to IAS19, Belgian-defined contribution plans that guarantee a specified return on contributions are considered as defined benefit plans, as the employer is not responsible for the contribution payments but has to cover the investment risk until the legal minimum rates applicable. IAS 19 requires an entity to recognize a liability when an employee has provided service in exchange for employee benefits to be paid in the future. Therefore, pension provisions are set up. The obligations are measured on a discounted basis since they are settled several years after the employees render the related service. 2.20. Share-based payment The Group\u2019s employees and management may receive remuneration in the form of a share-based payment, such as a non-transferable stock option plan (warrants), which allows them to acquire or receive group shares (equity-settled transactions), or such as payments determined on the value of the share (cash-settled transactions). The cost of the stock option plans (warrants) is determined by reference to the fair value of the equity instruments granted, measured on the grant date. The fair value is determined using the Black & Scholes model, taking into account the characteristics and conditions governing the granting of the instruments. The cost of equity-settled transactions is recognized as an expense and is offset by a corresponding increase in shareholder\u2019s equity over a period that ends on the date on which the beneficiary becomes creditor of the grant. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of \u201cfully diluted\u201d earnings per share but only when they have a dilutive effect when the exercise price is below the average share price of EVS ordinary shares during the fiscal year. 2.21. Revenue from contracts with customers Revenue is recognized based on the identification of the performance obligations in a contract and when such obligations are satisfied. As far as sale of equipment is concerned, this type of contract usually includes a single performance obligation for which the revenue recognition occurs at a point in time when the transfer of ownership happens, usually at the delivery of the equipment. EVS also provides contracts that include licenses, cloud services or rentals that are only activated during a certain period determined in the contract. According to paragraph 31-38 of IFRS 15, the Group determines that the performance obligation is satisfied over time and, therefore, recognizes the revenue from these contracts accordingly. Additionally, EVS provides contracts that are considered as projects including both installation, implementation services coupled with the delivery of products or licenses. When these contracts have a value of more than EUR 500K and are spread over a period of more than 3 months, these contracts are therefore booked as service obligation completed gradually. The contractual arrangements being linked to the creation of an asset for the customer, the revenue should be recognized over time. This revenue is determined based on a percentage of completion of the contract. During the current period, the Group has changed its accounting policy regarding the determination of the percentage of completion for projects. Previously, the percentage of completion was determined in proportion to the total time expected to complete this type of projects at the end of the reporting period. As from January 1, 2024, the Group has adopted a new method for determining the percentage of completion based on fixed milestones. The change in policy is implemented to better reflect the progress of completion and improve the reliability of revenue recognition. The new method provides a more accurate measure of the project\u2019s completion, aligns with industry practices and remains appropriate to estimate the revenue to recognize according to IFRS 15. This change does not materially affect the financial results for prior periods. The impact on FY 2023 financial statements would have been neutral (EUR 0 million). Other services, sold separately or in combination with other equipment sale, are considered as a distinct performance obligation and when the services are sold in combination with the sale of the equipment, the transaction price is allocated based on the relative stand-alone selling price which is in general the separate price determined in the contract. In most cases, revenue recognition occurs over time as the customer simultaneously receives and consumes the benefits provided by the group. Warranties are mostly assurance-type warranties and will continue to be recognized in accordance with IAS 37. 2.22. Government grants 2.22.1. European Union grants Subsidies from the European Union are recognized at their fair value where there is reasonable assurance that they will be received and that all the conditions will be satisfied. When the grant relates to an expense item, it is recognized as other income over the years necessary to match the grant on a systematic basis to the costs that it is intended to compensate. When the grant relates to an asset, the fair value is deducted from the carrying value of the related assets. 2.22.2. Investment grants Investment grants are recognized when there is reasonable assurance that they will be received and that all the conditions attached will be satisfied. Investment grants are recognized after deduction from the assets concerned and they are automatically deducted in the income statement from the depreciations of these assets. 2.23. Leases (EVS as lessee) A contract is or contains a lease if it conveys a right to control the use of an identified asset for a period in exchange for a consideration. To determine whether a lease confers the right to control use of a determined asset for a determined period of time, the Group must evaluate whether, throughout the period of use, it has the right to: - obtain substantially all the economic benefits from the use of the asset; and - direct the use of the asset. To determine the duration of the lease, any options for renewal or termination are considered as required under IFRS 16, taking into account the probability of exercising the option as well as whether it is under the control of the lessee. At the start of the lease, the Group recognizes a right-of-use asset and a lease liability. Right-of-use assets (RoU assets) The group recognizes right-of-use assets on the date of the start of the contract, i.e. the date on which the asset becomes available for use. These assets are valued at the initial cost of the lease liability minus amortization and any depreciation, adjusted to consider any revaluations of the lease liability. The initial cost of the right-of-use assets includes the present value of the lease liability, the initial costs incurred by the lessee, rent payments made on the start date or before that date, minus any incentives obtained by the lessee. These assets are depreciated over the estimated lifetime of the underlying asset or over the duration of the contract if this period is shorter, unless the group is sufficiently certain of obtaining ownership of the asset at the end of the contract. Lease Liabilities The lease liability is valued at the present value of the rent payments that have not yet been paid. The present value of the rent payments is calculated using the interest rate implicit in the lease if it is possible to determine that rate. If not, the incremental borrowing rate is used, which represents the interest rate that the lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment. Over the duration of the contract, the Company values the lease liability as follows: - by increasing the book value to reflect the interest on the lease liability; - by reducing the book value to reflect the rent payments made; - by revaluing the book value to reflect the new appreciation of the lease liability or amendments to the lease. Short term leases (duration of 12 months or less) and low-value leases (leases of assets with a value below EUR 5,000) are expensed when incurred. 2.24. Leases (EVS as lessor) The existence of a lease within an agreement is reported based on the substance of the agreement. Lease agreements are classified depending on which party carries the risks and rewards associated with owning the asset. 2.24.1. Finance leases A lease agreement is classified as a financial lease if it transfers substantially to the lessee the risks and rewards inherent to ownership of the asset. When assets are leased out under a finance lease, these assets are derecognized, and the present value of the future lease payments is recognized as an earned product. The difference between the gross total receivable (lease and financing) and the value of the receivable is recognized as unearned finance income. 2.24.2. Operating leases A lease agreement is classified as an operating lease if it doesn\u2019t transfer substantially to the lessee the risks and rewards inherent to ownership of the asset. When assets are leased out under an operating lease, the asset is included in the balance sheet based on the nature of the asset. Lease income is recognized over the term of the lease on a straight-line basis. 2.25. Research and development costs Research and development costs are expensed when incurred except for the research and developments costs related to new products or new technologies which are capitalized if those assets are subject to generate future economic benefits and if the recognition criteria of IAS 38 are met. We also refer to note 2.9.2. The fact that EVS operates in a market that is characterized by a rapid evolution of technologies implies that most of the R&D costs are linked to the development of very specific features on existing solutions. This is to ensure our solutions are consistently best in class and evolve with our customers\u2019 needs. In such a context, it is generally difficult to evaluate and predict the future economic benefit of a specific feature. In addition, for such granular developments, EVS cannot dissociate the research phase from the development phase. As such, most of the development costs incurred in 2024 are considered as operational costs and cannot be capitalized (criteria of IAS38 are not met). In 2024, EVS has however identified a major development that does meet the IAS38 criteria. This development is very distinct and will allow EVS to broaden its addressable market. Based on the following criteria, IAS38 is applicable: - Research and development phase can be distinguished, - An intangible asset is created following the development, - Future economic benefit is demonstrated (return on investment analysis is done), - Reliable cost tracking is present. Consequently, the related costs have been recognized as intangible assets with depreciation over a period of 5 years starting from the end of the development phase. 2.26. Income taxes Income taxes for the period include both current and deferred taxes. They are recognized in the income statement except where they relate to items recognized directly in equity. EVS benefits from the following tax incentives related to innovation and research & development: - Innovation income deduction - Deduction for investments in R&D - Exemption from withholding tax for R&D employees Innovation income deduction and deduction for investments in R&D are deducted from the taxable base of EVS in Belgium and consequently reduce the corporate tax paid by the Company. Exemption from withholding tax for R&D employees represents a payment exemption of part of the withholding tax paid on salaries, which results in a reduction of the R&D payroll costs incurred by the Company. 2.26.1. Current taxes Taxes due for the period are calculated on the income statement of the group\u2019s companies and are calculated according to the rules laid down by the local tax authorities. 2.26.2. Deferred taxes Deferred tax assets and liabilities are determined, using the liability method, for all temporary differences on the reporting date between the tax base of the assets and liabilities and their carrying amount on the balance sheet. Deferred tax liabilities are recognized for all temporary differences: - except when the deferred tax liability arises from the initial recognition of a goodwill or the initial recognition of an asset or a liability in a transaction that is not a business combination and that, on the transaction date, does not affect either the accounting profit or the taxable profit or loss; and - for the taxable temporary differences linked to interest in subsidiaries, in associates and in joint ventures, except if the date on which the temporary difference is inversed can be checked and it is probable that the temporary difference will not be inversed in the foreseeable future. Deferred income tax assets are recognized for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry-forward of unused tax assets and unused tax losses can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced if it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset the tax assets and liabilities due and if these deferred taxes concern the same taxable entity and the same tax authority. 2.27. Derivative financial instruments EVS uses derivative financial instruments such as forward exchange rate contracts, options, or interest rate swaps to hedge its risks of foreign currency fluctuations on its foreign currency transactions and its risks of interest rate fluctuations. Derivative financial instruments that are either hedging instruments that are not designated or do not qualify as hedges are carried at fair value with changes in value included in the income statement. The fair value of forward exchange contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. The fair value of the interest rate swaps is subject to a valuation by the counterparty. The method of determining the fair value of these instruments is therefore of \"level 2\" type according to IFRS 13 \"Evaluation of fair value\". Financial assets and liabilities are offset, and the net amount is reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. 2.28. Dividends The dividends proposed by the Board of Directors are not recognized in the financial statements if they have not been approved by the shareholders during the Ordinary Annual General Meeting. In case of interim dividends, they are deducted from the reserves. The dividends that are received from subsidiaries are recognized when the Group has a right to receive that payment. 2.29. Commitments relating to technical guarantee for sales or services already provided EVS grants a 2-year technical guarantee on products sold subject to the general conditions of sale. The Company has recorded a provision on the balance sheet to cover the probable costs relating to these technical guarantees. 2.30. Earnings per share The group calculates both the basic earnings per share and the diluted earnings per share in accordance with IAS 33. The basic earnings per share are calculated based on the weighted average number of ordinary shares in circulation during the period. The diluted earnings per share are calculated based on the average number of ordinary shares in circulation during the period plus the potential dilutive effect of the warrants and stock options in circulation during the period. 3. SEGMENT INFORMATION 3.1. General information From an operational point of view, the company is vertically integrated with the majority of its staff located in the headquarters in Belgium, including the R&D, production, marketing and administration departments. Therefore, the majority of investments and costs are located at the level of the Belgian parent company. Resources securing the customer facing interactions such as sales, operations and support profiles are primarily hired within the respective regions. The foreign subsidiaries are primarily sales and representative offices. The Chief Operating Decision Maker, being the Executive Committee, reviews the operating results, operating plans, and makes resource allocation decisions on a company-wide basis. Revenue related to products of the same nature (digital broadcast production equipment) are realized by commercial polyvalent teams. The company\u2019s internal reporting is the reflection of the above-mentioned operational organization and is characterized by the strong integration of the activities of the company. By consequence, the company is composed of one segment according to the IFRS 8 definition, and the consolidated income statement of the Group reflects this unique segment. All long-term assets are in the parent company EVS Broadcast Equipment SA in Belgium. The company provides one class of business defined as solutions based on tapeless workflows with a consistent modular architecture. There are no other significant classes of business, either singularly or in aggregate. Identical modules can meet the needs of different markets, and our customers themselves are often multi-markets. Providing information for each module is therefore not relevant for EVS. At the geographical level, our activities are divided into the following regions: Asia-Pacific (\u201cAPAC\u201d), Europe, Middle East and Africa (\u201cEMEA\u201d), and America (\u201cNALA\u201d). This division follows the organization of the commercial and support services within the Group, which operates worldwide. A fourth region is dedicated to the worldwide events (\u201cbig event rentals\u201d). The company provides additional information with a presentation of the revenue by market pillar: \u201cLive Service provider\u201d, \u201cLive Audience Business\u201d and \u201cBig Event Rentals\u201d for rental contracts relating to the big sporting events. Finally, sales are presented by nature: sale of equipment and other services. 3.2. Additional information 3.2.1. Information on revenue by destination Revenue can be presented by Market Pillar: \u201cLive Service provider\u201d, \u201cLive Audience Business\u201d and \u201cBig Event Rentals\u201d. Maintenance and after-sales service are included in the complete solution proposed to the customers. Revenue (EUR thousands) 2024 2023 % 2024/2023 Live Audience Business 104,204 90,050 15.7% Live Service Provider 78,011 83,278 -6.3% Big Event Rentals 15,779 -0,137 11,617.5% Total Revenue 197,994 173,191 14.3% The growth of LAB business is one of the strategic pillars of EVS and demonstrates our ability to expand our footprint with generic broadcasters. The increase in Big Event Rentals revenue in 2024 is mainly related to the live production of the main sporting events that took place in Europe in the period. 3.2.2. Information on revenue by geographical area Activities are divided into three regions: Asia-Pacific (\u201cAPAC\u201d), Europe, Middle East and Africa (\u201cEMEA\u201d), and \u201cAmericas\u201d. Aside from them, we make separate distinction for the category \u201cBig Event Rentals\u201d which is not attributed to specific region. Revenue (EUR thousands) APAC EMEA Americas Big event TOTAL excl. events excl. events excl. events Rentals 2024 revenue 30,734 88,451 63,030 15,779 197,994 Evolution versus 2023 (%) 1.6% 2.0% 11.9% 11,617.5% 14.3% Variation versus 2023 (%) at constant currency 1.6% 2.0% 11.9% 11,617.5% 14.3% 2023 revenue 30,260 86,721 56,347 -0,137 173,191 Revenue realized in Belgium (the country of origin of the company) with external customers represents less than 5% of the total revenue for the period. In the last 12 months, the group realized significant revenue with external customers (according to the definition of IFRS 8) in the United States for an amount of EUR 53.6 million (EUR 51.0 million in 2023). As outlined in the PlayForward strategic roadmap launched in early 2020, the Live Audience Business (LAB) market pillar and the NALA region continue to experience steady year-over-year revenue and order intake growth. This sustained momentum underscores the success of past investments in innovative solutions that address the evolving needs of our customers. 3.2.3. Information on revenue by nature Revenue can be presented by nature: sale of equipment and other services. Revenue (EUR thousands) 2024 2023 % 2024/2023 Sale of equipment 169,709 149,795 13.3% Other services 28,285 23,396 20.9% Total Revenue 197,994 173,191 14.3% Other services include advice, installations, project management, rentals, training, maintenance, and distant support. Work in progress (\u201cWIP\u201d) contracts are included in both categories. The sales of equipment are recognized at a point in time while other services are recognized over time. 3.2.4. Information on important customers Over the last 12 months, no external customer of the company represented more than 10% of the revenue (similar in 2023). 3.2.5. Maturity analysis of the order book We start the year 2025 with the highest order book in the history of EVS at EUR 163.5 million, breaking a new record (+6.7% YoY), of which: - EUR 107.0 million to be recognized in revenue in 2025 (+15.2% YoY and excl Big Event Rentals) - No revenue to be recognized for Big Events Rental in 2025 (compared to EUR 7.4 million to be recognized in 2024 for Big Events Rental) - EUR 56.5 million to be recognized in revenue in 2026 and beyond (+7.0% YoY) 4. CONSOLIDATED COMPANIES, JOINT VENTURES, ASSOCIATES AND REPRESENTATIVE OFFICES NAME AND ADDRESS Year of Staff as Incorporation Part of Part of Change in % foundation of method capital held capital held of capital or 31.12.24 used (1) as of as of held acquisition 31.12.24 31.12.23 (in %) (2) (in %) (2) EVS Broadcast Equipment Inc. 700 US 46 East Fllor 3 1996 44 F 100.00 100.00 0.00 NJ 07004 Fairfield, USA EVS Broadcast M\u00e9xico, SA de CV World Trade Center, Cd. De M\u00e9xico, Montecito N\u00b0 38, Piso 23, Oficina 38, Col. N\u00e1poles, Delegaci\u00f3n Benito 2011 2 F 100.00 100.00 0.00 Ju\u00e1rez, D.F. 03810 M\u00e9xico, MEXIQUE RFC: EBM 1106152TA EVS France SAS 6 rue Brindejonc des Moulinais B\u00e2t. A, 2010 42 F 100.00 100.00 0.00 F-31500 Toulouse Cedex 5, FRANCE TVA: FR-83449601749 EVS Italia S.R.L. Via Milano 2, 1998 3 F 100.00 100.00 0.00 IT-25126 Brescia, ITALIE TVA: IT-03482350174 EVS Broadcast Equipment Iberica SL Avda de Europa 12-2C, Edificio Monaco, 2007 5 F 100.00 100.00 0.00 Parque Empresarial la Moraleja 28109 Alcobendas, Madrid, ESPAGNE CIF: B85200236 EVS Nederland BV Parnassungsweg 819 2008 0 F 100.00 100.00 0.00 1082 LZ Amsterdam PAYS-BAS EVS International (Swiss) SARL Rue des Arsenaux 9, 2009 0 F 100.00 100.00 0.00 1700 Fribourg, SUISSE TVA: CH-21735425482 EVS Broadcast Equipment Ltd. Room A, @Convoy, 35/F 2002 13 F 100.00 100.00 0.00 169 Electric Road, North Point, HONG-KONG EVS Broadcast Equipment Singapore PTE. Ltd. Level 8-9, The Metropolis Tower 2 2015 4 F 100.00 100.00 0.00 11 North Buona Vista Drive 138589 SINGAPORE EVS Australia Pty Ltd. Level 8, 261 George Street 2007 4 F 100.00 100.00 0.00 Sydney NSW 2000, AUSTRALIE EVS Deutschland GmbH Hilpertstrasse 27, 2013 17 F 100.00 100.00 0.00 64295 Darmstadt, ALLEMAGNE VAT: DE-289 460 223 EVS P\u00e9kin - Bureau de Repr\u00e9sentation 2805 Building One, Wanda Plaza, 2005 8 F N/A N/A N/A N\u00b093 Jianguo Road 100026 Beijing, CHINE EVS Broadcast Equipment Middle East Ltd \u2013 Representative office ndShatha Tower, Office 09, 32 Floor, 2006 7 F N/A N/A N/A Dubai Media City, Duba\u00ef, EMIRATS ARABES UNIS EVS Americas Los Angeles \u2013 Representative office 2006 9 F N/A N/A N/A 101 South First Street, Suite #404 Burbank, CA 91504, USA EVS Broadcast UK LTD Registered address: C/O Tmf Group 13th Floor, One Angel Court, London, EC2R 7HJ, UNITED KINGDOM 1998 33 F 100.00 100.00 0.00 Business address: Part of Ground Floor, Building B, Crowthorne House, Nine Mile Ride, Wokingham, Berkshire RG40 3GA EVS Netherlands BV Hercules 28, 1994 56 F 100.00 100.00 0.00 5126RK Gilze, NETHERLANDS NL802646748B01 MECALEC SMD SA Rue Nicolas Fossoul 54, 1999 28 E 49.50 49.50 0.00 B-4100 Seraing, BELGIQUE N\u00b0 d\u2019entreprise: BE0467 121 712 MOG Technologies Lda. Rua Engenheiro Frederico Ulrich 3110 2024 42 F 100.0 0.0 100.0 4470-605 Maia, PORTUGAL PT508225258 MOG Technologies LLC 1030 Salem Road, Union, 2024 0 F 100.0 0.0 100.0 07083 New Jersey \u2013 USA LLC / EIN: 45-3803453 MOG Technologies Ltda. Av. Yojiro Takaoka 4384, sala 701, CEP 06541-038, Alphaville/Santana 2024 0 F 100.0 0.0 100.0 De Parnaiba, BRASIL CNPJ 37.422.669/0001-81 TinkerList.TV BV De Hoorn, Sluisstraat 79 003, 2024 33 E 21.7 0.0 21.7 3000 Leuven, BELGIUM BE0564886527 SportsTech Belgium ASBL Rue du Bois St-Jean 13, 2024 0 E 50.0 0.0 50.0 4102 Seraing, BELGIUM BE1010075549 (1) F: Full Consolidation, E: Equity method.(2) Proportion of capital of those companies held by the companies included in the consolidated accounts.5. INVESTMENT IN JOINT VENTURES AND ASSOCIATES (EUR thousands) 2024 2023 Investment in joint ventures and associates Opening balance as at January 1 1,938 1,922 - Disposals during the year - - - Acquisitions during the year 1,038 - - Results 133 185 - Dividends received and others 162 -168 Closing balance as at December 31 3,271 1,9385.1. Investments in associates 5.1.1. MECALEC SMD SA MECALEC SMD SA was founded on October 21, 1999, by SA MECALEC (50.5%, not directly or indirectly linked to EVS) and EVS (49.5%). Its subscribed capital is EUR 200,000 with EVS share amounting to EUR 99,000. MECALEC SMD\u2019s main activity is the manufacturing and assembly of electronic boards using SMD technology. The registered office is based in Boncelles, close to Li\u00e8ge (Belgium), 5 km from EVS headquarter. EVS acquired this interest to benefit from shorter delivery times on orders for the assembly of electronic boards, and for potential synergies in R&D and reworking of the production process. The net profit of MECALEC SMD in 2024 amounted to EUR 0.5 million. EVS represented 26.2% of MECALEC SMD\u2019s turnover in 2024. The share of EVS in the 2024 results of MECALEC SMD amounts to EUR 0.3 million and the share of EVS in MECALEC SMD equity amounts to EUR 2.3 million. (EUR thousands) Dec. 31, 2024 Dec. 31, 2023 Current assets 4,190 3,467 Non-current assets 917 914 Current liabilities -363 -465 Non-current liabilities - - Net assets 4,744 3,916 Share of associate\u2019s balance sheet (49.5%) 2,348 1,938 Turnover 3,403 3,056 Net result 515 373 Share of associate\u2019s net result (49.5%) 255 185 Dividends received -64 -64 (1)Other 219 -104 Carrying amount of investment 2,348 1,938 (1) Adjustment for final MECALEC 2023 financial statements received after publication 5.1.2. TINKERLIST.TV BV In August 2024, EVS completed the acquisition of a minority stake position in the Belgian Company TinkerList.TV BV, a leading innovator in the media production industry registered in Leuven, having developed Cuez \u2013 the World\u2019s First Cloud-Based Rundown Management System \u2013 as a cutting-edge web application and automation system designed to connect seamlessly with a wide variety of production devices. TinkerList products will be enhancing the EVS Flexible Control Room and MediaCeption solutions through a strategic partnership in addition to the acquisition of a minority stake. TinkerList was founded on October 6, 2014. Its subscribed capital is EUR 1,655,173 with EVS share representing 21.7%. The net loss of TinkerList in 2024 amounted to EUR -1.3 million. EVS represented 0.0% of TinkerList\u2019s turnover in 2024. The share of EVS in the 2024 results of Tinkerlist amounts to EUR -0.1 million and the share of EVS in TinkerList equity amounts to EUR 0.9 million. (EUR thousands) Dec. 31, 2024 Dec. 31, 2023 Current assets 897 - Non-current assets 5,017 - Current liabilities -1,403 - Non-current liabilities -298 - Net assets 4,213 - Share of associate\u2019s balance sheet (21.7%) 916 - Turnover 1,622 - Net result -1,273 - Share of associate\u2019s net result after acquisition (21.7%) -120 - Dividends received - - Carrying amount of investment 916 -5.2. Investments in Joint Ventures 5.2.1. SPORTSTECH BELGIUM ASBL In June 2024, EVS and Groove ASBL jointly established a new ASBL named SportsTech Belgium. Each organization contributed EUR 2,500 to the newly formed ASBL. Headquartered in Seraing, the ASBL's mission is to promote the development of technological innovation in the sports sector in Belgium. Its subscribed capital is EUR 5,000 with EVS share representing 50%. The net loss of SportsTech Belgium in 2024 amounted to EUR -0.04 million. EVS represented 0.0% of SportsTech Belgium\u2019s turnover in 2024. The share of EVS in the 2024 results of SportsTech Belgium amounts to EUR -0.02 million and the share of EVS in SportsTech Belgium equity amounts to EUR 0.0 million. (EUR thousands) Dec. 31, 2024 Dec. 31, 2023 Current assets 24 - Non-current assets - - Current liabilities -61 - Non-current liabilities - - Net assets -37 - Adjustment to avoid negative balance 37 - Share of associate\u2019s balance sheet (50.0%) 0 - Turnover 18 - Net result -42 - Share of associate\u2019s net result after acquisition (50.0%) -21 - Dividends received - - Carrying amount of investment 0 -6. INCOME AND EXPENSES 6.1. Gross margin (EUR thousands) 2024 2023 Revenue 197,994 173,191 Cost of sales -54,919 -52,548 Gross profit 143,075 120,643 Gross margin % 72.3% 69.7% Consolidated gross margin was 72.3% for FY24, compared to 69.7% in FY23 (+2.6Pts). The improvement is primarily driven by sales price increases and a higher proportion of software compared to hardware in certain solutions. Additionally, the growth in service-related revenue contributed to the overall gross margin increase, resulting in improved margins across most of our solutions. The margin is positively influenced as well by a reclassification of internal assets previously presented under inventory to other tangible assets (see also section 2.10 above), explaining approx. 1.7Pts of the increase. From an EBIT point of view, this change in accounting has no impact. 6.2. Research and development expenses Research and development expenses amounted to EUR 42.0 million in 2024 versus EUR 31.8 million in 2023. The intangible capitalized costs in 2024 include mainly the internal personnel costs and external consultants\u2019 costs related to the development phase of an important project that should secure future growth for EVS. This project consists in software and hardware that will be commercialized at the end of the development. The projected spend is of EUR 5.9 million over a period of 3 years, with planned return on investment as of 2027. The progress of these internal developments is monitored frequently as to ensure the future economic benefit remains assured . Other research and development costs remain in our operational spend, as IAS38 does not specifically apply for these developments. The detail of the total R&D spend is as follows: (EUR thousands) 2024 2023 Gross R&D expenses 43,731 38,695 R&D capitalized as intangible assets -0,938 -4,177 Depreciation of intangible assets 2,251 563 Benefits relating to R&D expenses -2,962 -3,245 R&D expenses, net 42,033 31,836 Since 2010, EVS considers a withholding tax exemption provided by the Belgian government to companies paying or allocating compensation to individual researchers who are engaged in collaborative R&D programs according to some criteria defined under section 273 of the Code of income tax in Belgium. In the presentation of the accounts, this amount comes as a deduction of R&D expenses. Since 2015, EVS also benefits from tax credits relating to R&D in France. This amount also comes in deduction of the R&D expenses. In 2024, it amounted to EUR 0.3 million (EUR 0.3 million in 2023). Starting from 2021, Axon NL benefits from tax credits relating to R&D in The Netherlands. This amount also comes in deduction of the R&D expenses. In 2024, it amounted to EUR 0.4 million (EUR 0.4 million in 2023). 6.3. Complementary information about operating charges by nature (EUR thousands) 2024 2023 Raw materials and consumables used -36,683 -29,351 Increase (+) / decrease (-) in stocks of finished goods, work and contracts in progress 13,556 1,627 Personnel expenses -74,757 -64,183 Depreciations -12,779 -8,061 Increase (-) / decrease (+) in amounts written off on stocks 223 -100 Increase (-) / decrease (+) in amounts written off on trade debtors -281 254 Other Professional Fees -14,214 -12,095 Marketing & Communication -2,967 -2,264 (1)Other -18,195 -16,778 Total cost of sales, selling, administrative and research and development expenses -150,575 -130,951 (1) Includes various other operational expenses such as maintenance, utilities, small equipment, transportation costs and T&E Increase in personnel expenses is mainly driven by salary indexation coupled with higher average FTE in the period and higher performance-related bonuses. As of January 1, 2024, the Group has adopted a new presentation method whereby materials produced for internal purposes are now classified as Other tangible assets/fixed assets (see also note 2.10). It resulted in a reversal of the amounts written off on stocks, compensated by a decrease in finished products, with a net neutral impact on the P&L. 6.4. Post-employment benefit Since April 1, 2002, EVS has implemented a defined contribution pension plan in accordance with the sectoral pension plan regulations for employees in the metallic manufacturing sector (\u201ccommission paritaire 209\u201d). It foresees the payment of an annual premium equal to a percentage of the gross salary (submitted to the national office of social security) for each employee. This premium is exclusively paid by the employer. The premium rate is set by the sector's collective agreements. Premiums have evolved as follows: In % Contribution rate 2008 to 2010 1.10% 2011 1.77% 2012 1.87% 2013 to 2019 1.97% 2020 to 2024 2.29% The plan is managed by \u201cMonument\u201d (previously \u201cIntegrale\u201d). The financing policy is outlined in its annual report. In addition, since, January 1, 2012, employees of EVS in Belgium are automatically affiliated to a second pension plan subscribed with AG Insurance. EVS contributes to this plan (including management fee, life insurance, disability, and risk waiver insurance premiums) at a rate of 3% of gross annual salary. Until 2015 included, both pension plans were treated as defined contribution plans, and the contributions to these pension schemes were recognized as an expense in the income statement as incurred. However, on December 18, 2015, the Belgian legislation has been updated and clarification was provided on the minimum guaranteed rate of return. Before December 31, 2015, the minimum guaranteed rate of return on employer and participant contributions were 3.25% and 3.75% respectively. From 2016 onwards, the rate decreased to 1.75% and is annually recalculated based on a risk-free rate of 10-year government bonds. According to IAS19, Belgian-defined contribution plans that guarantee a specified return on contributions should be assimilated to defined benefit plans, as the employer is not only responsible for the contribution payments but also must cover the investment risk until the legal minimum rates applicable. The returns guaranteed by the insurance companies are in most cases lower than or equal to the minimum return guaranteed by law. As a result, the Group has not fully hedged its return risk through an insurance contract and a provision needs to be accounted for. The plans at EVS are financed through group insurance contracts. The contracts benefit from a contractual interest rate granted by the insurance company. When there is underfunding, it is covered by the financing fund and, in case insufficient, additional employer contribution is requested. IAS 19 requires an entity to recognize liability when an employee has provided service in exchange for employee benefits to be paid in the future. Therefore, pension provisions are set up. Obligations are measured on a discounted basis because they are settled several years after the employees render the related service. A qualified actuary has determined the present value of the defined benefit obligations and the fair value of the plan assets except for the multi-employer plan. These assets are held by an insurance company. The projected unit credit method was used to measure the obligations and costs. Assumptions were included on demographic and financial variables. The result of this calculation has then been extrapolated to the multi-employer plan based on the contributions paid. Changes booked in 2024 in the Belgian defined benefit obligation and fair value of plan assets were as follows: 2024 2023 In thousands of EUR Defined Fair value Net Defined Fair Net benefit of plan defined benefit value of defined obligation assets benefit obligation plan benefit liability assets liability As of January 1 11,486 -11,347 139 10,203 -10,089 114 Service cost 1,299 - 1,299 762 - 762 Administrative costs 22 22 28 28 Net interest expenses 381 -398 -17 383 -401 -18 Sub-total included in profit or loss 1,680 -376 1,304 1,145 -373 772 Benefits paid -246 246 - -196 196 - Actuarial changes (assumptions) of which: Arising from changes in demographic assumptions - - - - - - Arising from changes in financial assumptions - - - - - - Arising from experience adjustments - 37 37 334 170 504 Sub-total included in OCI 0 37 37 334 170 504 Contributions by employer - -1,325 -1,325 - -1,251 -1,251 As of December 31 12,920 -12,765 155 11,486 -11,347 139 The fair value of plan assets is allocated to the following categories of assets: sovereign bonds & assimilated (52%), corporate bonds (32%), real estate (8%), shares (4%) and cash (3%). The principal assumptions used in determining pension obligations for the Group\u2019s plans are shown below: In % 2024 2023 Discount rate 3.50% 3.35% Future salary increases (incl. consumer price increases) 2.20% 2.40% A sensitivity analysis was performed for significant assumptions at December 31. The analysis is based on a method that extrapolates the impact on the defined benefit obligation as a result of reasonable changes in one key assumption occurring at the end of the reporting period, keeping all other assumptions constant. These may not be representative for an actual change in the defined benefit obligation, as it is unlikely that changes in assumptions would occur in isolation of one another. The result of the analysis indicate that changes in discount rate and future salary evolution do not impact the defined benefit obligation. The defined benefit obligation is based on either the minimum guarantee provided by the insurance company, or the mathematical reserves on members\u2019 contracts, considering that the minimum guarantee projected at retirement age taking into account the probabilities of death and turnover is lower for all plans. As the defined benefit obligation falls below this minimum guarantee provided, a change in the discount rate would not impact the defined benefit obligation. Furthermore, the method used to determine the defined benefit obligation is the Projected Unit Credit without future premiums. As a result, a change in the salary increase assumptions do not impact the defined benefit obligation. The expected contributions to the plan for the next annual reporting period amount to EUR 1,361 thousand (EUR 1,322 thousand in 2023). The average duration of the defined benefit plan obligation is 16 years (17 years in 2023). The following payments are the expected benefit payments from the plan assets for the upcoming ten years: (EUR thousand) 2024 2023 Within the next 12 months 125 54 Between 2 and 5 years 686 513 Between 5 and 10 years 2,461 2,199 Total expected payments 3,272 2,766 No other post-employment benefit is provided to the personnel. 6.5. Financial revenues/(costs) (EUR thousand) 2024 2023 Interest income on deposit 908 230 Interest charges -1,124 -920 Exchange result 2,100 -966 Other financial results -1,214 985 Net Financial revenues / (costs) 670 -672 To limit its exposure to the US dollar, EVS Group has an active policy to cover the foreign exchange risk, as explained in notes 26 and 27. The functional currency of EVS Broadcast Equipment S.A. as well as all the subsidiaries is the euro, except for the American EVS Inc. subsidiary, whose functional currency is the US dollar. The presentation currency of the consolidated financial statements of EVS Group is the euro. The net exchange result is mainly explained by the appreciation of the USD compared to EUR in the period (see also note 2.8.3 Exchange rates used), coupled with the net realized FX gains on hedging instruments that matured in the period. Interest charges mainly relate to interest expense on building and vehicle leases (IFRS16) as well as interest on the loan set-up in 2020 to partially finance the acquisition of Axon. Other financial results mainly represent negative fair value of open foreign exchange contracts, partially offset by interest revenue on short-term investments and interest income on financial leases provided to customers. 6.6. Other income and expenses Other expenses mainly represent impairment of intangible assets created since 2022 for EUR 1.1 million. For one of the projects, a write off of the development costs was booked as some recent events have led to a change in the go-to-market strategy. This changing strategy no longer fulfills the criteria of IAS38, as the product will no longer be launched as a stand-alone product, but rather as an option in the VIA MAP ecosystem. Other expenses also include losses on trade debtors amounting to EUR 0.2 million (EUR 0.4 million in 2023) and loss on demo assets disposals of EUR 0.3 million (EUR 0.0 million in 2023). 7. INCOME TAXES 7.1. Tax charge on results The tax charge for 2024 and 2023 is mainly made of: (EUR thousands) 2024 2023 Current tax charge Effective tax charge -6,276 -4,355 Adjustments of current tax related to prior years 239 295 Deferred taxes Tax effects of temporary differences 2,894 455 - Fixed assets depreciation -243 -243 - Intangibles (R&D investment deductions) * 1,670 1,027 - Other intangibles -2 -25 - Adjustments for IFRS 16 10 14 - Adjustments for IAS 19 -18 -120 - Adjustments for the carry-over taxation for gains on building disposals 46 75 - Adjustments for IFRS 9 -36 -25 - Reported tax losses 1,097 -1,763 - Reversal statutory gain on intangible transfer within the group - 1,114 - Others 370 401 Income taxes included in the income statement -3,143 -3,605 * see also note 6.2 for deductions relating to R&D investments. Income tax expense amounts to EUR 3.1 million for the full year 2024, compared to EUR 3.6 million in 2023. The decrease is primarily attributed to a rise in deferred tax assets reflecting (i) existing tax latencies in the newly acquired company MOG Technologies Portugal of EUR 1.8 million, combined with (ii) an increase in deferred tax assets on the reversal of the hidden reserve determined under Belgian tax law of EUR 1.6 million. This reserve is related to capitalized R&D costs, which are fully amortized in accounting but are only tax-deductible over three years for corporate tax purposes. This impact is partially offset by higher current income taxes (EUR + 2.0 million) resulting from increased pre-tax earnings at the EVS Group level. 7.2. Reconciliation of the tax charge: The reconciliation of the effective tax charge of the Group (obtained by applying the effective tax rate to the pre-tax profit) with the theoretical tax charge (obtained by applying the theoretical tax rate) is as follows: (EUR thousands) 2024 2023 Reconciliation between the effective tax rate and the theoretical tax rate Profit before taxes and share in the result of the enterprise accounted for using the equity method 45,552 40,469 Effective tax charge based on the effective tax rate -3,143 -3,605 Effective tax rate 6.90% 8.91% Reconciliation items for the theoretical tax charge Tax effect on R&D investment deductions -1,760 -1,261 Tax effect on R&D investment deductions (catch-up from previous years) -358 -1,071 Tax effect of non-deductible expenditures 533 132 Tax effect on innovation deduction -5,845 -5,243 Tax effect on temporary differences (change in deferred tax) -2,894 -304 Tax effect of previous years adjustments (incl. subsidiaries) -239 -295 Others 690 328 Total tax charge of the group entities computed on the basis of the respective local nominal rates -13,016 -11,319 Theoretical tax rate 28.6% 28.0% Theoretical tax charge computed on the basis of the respective local nominal rates remains stable compared to last year. The amendments to IAS 12 International Tax Reform \u2013 Pillar Two Model Rules had no impact on the Group\u2019s consolidated financial statements as the Group is not in scope of the Pillar Two model rules as its revenue is less that EUR 750 million per year. 7.3. Deferred taxes on the balance sheet The sources of deferred taxes are as follows: (EUR thousands) December 31, 2024 December 31, 2023 Assets Liabilities Assets Liabilities Buildings depreciation 2,569 2,322 R&D investments 6,997 5,329 Other intangible assets 42 146 Leases (IFRS 16) 168 11 158 11 Defined benefit plan provision 4 13 Accounts receivable impairment 21 57 Carry-over taxation for gains 529 575 Recoverable tax loss 3,000 1,865 Other tangible assets 9 12 Corrections on inventory 966 544 Deferred income / Accrued charges 31 Total 11,157 3,191 8,112 2,920 Net booked value 8,007 42 5,203 11 Deferred taxes are booked \u201cnet\u201d in accordance with the Group accounting policies because they relate to income taxes levied by the same taxation authority and the authority allows the compensation. No valuation allowance is recorded in relation to tax losses carried forward since it is probable that taxable profit will be available in the near future against which the tax assets can be utilized. The increase in deferred tax assets linked to R&D investments is a result of an increase in R&D costs in 2024. The R&D costs are expensed in full, and as a result trigger a temporary difference as the impact of these R&D expenses are depreciated over 3 years for local tax purposes. The increase in recoverable tax loss is attributed to tax latencies from the newly acquired company, MOG technologies Portugal, amounting to EUR 1.8 million, partially offset by the utilization of recoverable tax latencies resulting from a taxable profit in 2024 across the other Group entities. 8. EARNINGS PER SHARE The basic earnings per share are calculated by dividing the net profit and loss of the period attributable to the ordinary shares, less the treasury shares, by the weighted average number of ordinary shares in circulation during the year. The diluted earnings per share are calculated by dividing the net result of the period attributable to the ordinary shareholders by the weighted average number of ordinary shares in circulation at the rate of the period, adjusted by the diluting effects of the share options (warrants). (EUR thousands) 2024 2023 Net profit 42,882 36,946 - attributable to non-controlling interests - - - attributable to equity holders of the parent company 42,882 36,946 2024 2023 Weighted average number of issued shares, excluding treasury shares 13,528,730 13,427,915 Dilution effect of the weighted average number of the share options in circulation 648,925 522,836 Weighted average number of fully diluted number of shares 14,177,655 13,950,751 Basic earnings per share (EUR) 3.17 2.75 Diluted earnings per share (EUR) 3.02 2.65 The diluted earnings per share does include (a) 187,000 warrants attributed in October 2020, of which 33,451 are outstanding with an exercise price below the share price and with maturity in October 2026, (b)158,600 warrants attributed in June 2021, of which 149,850 are outstanding with an exercise price below the share price and with maturity in June 2027, (c) 183,375 warrants attributed in September 2022, of which 182,625 are outstanding with an exercise price below the share price and with a maturity in September 2028, (d) 198,900 warrants attributed in October 2023, all outstanding with an exercise price below the share price and with a maturity in October 2029 and (e) 210,650 warrants attributed in September 2024, all outstanding with an exercise price below the share price and with a maturity in September 2030. 9. DIVIDENDS PAID AND PROPOSED Dividends are paid for issued shares less treasury shares at the payment date. The Ordinary General Meeting of May 21, 2024, approved the payment of a total gross dividend of EUR 1.10 per share for the year 2023. For the year 2024, an interim dividend of EUR 0.50 per share was paid in November 2024. Full year dividend of EUR 1.10 per share will be proposed to the Ordinary General Meeting of shareholders. (EUR thousands, gross amount) Coupon # Declaration date 2024 2023 Paid during the year: - Final dividend for 2022 (incl. exceptional dividend) 34 May 2023 14,780 (EUR 1.10 per share excl. treasury shares) - Interim dividend for 2023 35 Nov. 2023 6,717 (EUR 0.50 per share excl. treasury shares) - Final dividend for 2023 36 May 2024 8,128 (EUR 0.60 per share excl. treasury shares) - Interim dividend for 2024 37 Nov. 2024 6,775 (EUR 0.50 per share excl. treasury shares) Total paid dividends 14,903 21,497 The latest dividend guidance issued in 2022 foresees total annual dividend distribution of EUR 1.10 per share for 2024, subject to market conditions and to the approval of the Ordinary General Meeting of Shareholders. As part of a new capital allocation framework, EVS proposes a new dividend policy for the years 2025-2027, fixing the annual dividend at EUR 1.20 per share for the next 3 years. This renewed base dividend policy foresees a growth of EUR 0.10 per share (or 9.1%) compared to the previous policy 2022-2024. In accordance with the defined capital allocation strategy, and in case of any residual excess cash, the company may consider launching ad-hoc initiatives such as, for example, special share buyback program or special dividend payout. This proposal is subject to approval by the general assembly, as well as to any changes in market conditions or company dynamics. In EUR per share per fiscal year 2022 2023 2024 2025 2026 2027 Base dividend 1.10 1.10 1.10 1.20 1.20 1.20 Exceptional additional dividend 0.50 0.00 0.00 TBC TBC TBC Total dividend 1.60 1.10 1.10 1.20 1.20 1.2010. GOODWILL (EUR thousands) CGUs TOTAL OpenCube SVS Axon MOG Techn. Acquisition cost As of December 31, 2023 820 1,125 2,832 - 4,777 - Acquisitions - - - 1,643 1,643 - Sales and disposals - - - - - As of December 31, 2024 820 1,125 2,832 1,643 6,420 Accumulated impairment As of December 31, 2023 820 1,125 - - 1.945 - Impairment - - - - - - Sales and disposals - - - - - As of December 31, 2024 820 1,125 - - 1,945 Net carrying amount As of December 31, 2023 - - 2,832 - 2,832 As of December 31, 2024 - - 2,832 1,643 4,475 Goodwill is measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests over the net identifiable assets acquired and liabilities assumed. Goodwill is not amortized but is reviewed for impairment, annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. The value in use of the Cash Generating Unit (CGU) is calculated from the present value of the cash flows included in the business plans, in accordance with IAS 36. When performing goodwill impairment analysis, considerations such as component shortages and their impact on price, margin and delivery terms due to changing market dynamics, or other sustainability impacts related to climate change are taken into account when relevant and predictable. 10.1. Axon Group By the end of 2024, management conducted an impairment test exercise on Axon Group as a CGU. The recoverable amount (value in use) of Axon Group CGU was calculated by using following key assumptions: - Cash flow projections (discounted cash flow method) based on financial budget approved by the directors covering a five-year period. - Annual growth in revenue for the next five-year period based on the 5-year business plan, supported by the recent actual revenue increases since the takeover, as well as expected continued integration of Axon product portfolio into EVS offerings in future years. - Stable cost of goods sold (COGS) percentage, in line with historical data and with the 5-year business plan. - Discount rate of 14.0% (Weighted Average Cost of Capital), corresponding to pre-tax discount rate of 18.0% derived from the post-tax weighted average cost of capital via an iterative method. - Perpetual cash-flows for the period beyond the forecast period (five years). - No growth for the terminal value. The result of the calculations confirmed that no impairment needs to be booked at 2024 year-end. The amount by which the unit\u2019s recoverable amount exceeds the carrying amount is EUR 103 million. The calculation of the value in use of Axon Group CGU is sensitive to (a) revenue and (b) discount rate. In this context, management conducted sensitivity test by increasing and decreasing the sensitive factors by +/-20%. The outcome of the sensitivity analysis does not influence the conclusion that no impairment needs to be booked at 2024 year-end. 10.2. MOG Technologies On October 1st, 2024, EVS completed the acquisition of 100% of the shares of MOG Technologies, a Portugal based company with around 50 highly skilled team members, renowned for its cloud and SW digital media and video production tools. MOG Technologies' renowned expertise in cloud technology reinforces EVS's Balanced Computing strategy, particularly enhancing its content management and distribution solutions, respectively MediaCeption and MediaHub. The acquisition grants EVS access to a pool of highly skilled talent, bringing expertise in digital media and video technology, beyond traditional broadcasting. It also provides a broader and more integrated range of solutions to streamline media workflows from ingest to distribution, enhanced capability of investment in research and development to drive technological advancements and deliver cutting-edge solutions, as well as improved customer support and professional services to ensure seamless implementation and optimal use of the combined product portfolio. This transaction qualifies as a business combination in accordance with IFRS 3 and is thus accounted for by applying the acquisition method. The consideration transferred by the Company to acquire MOG Technologies includes: \u2022 A cash amount of EUR 1.0 million paid at closing date. \u2022 A contingent consideration ranging between EUR 0 million and maximum EUR 2.6 million (earn-out to be paid by the Company) depending on several factors including: o the achievement of pre-defined revenue levels in fiscal years 2025 to 2029; o the collection of whole or part of specifically identified existing doubtful receivables; o the final resolution of ongoing judicial proceedings; o the effective recoverability of existing tax credits; o the continuation of identified key employees in the Company in the next four years. The fair value of the contingent consideration, included under line item \u201cOther amounts payable, advances received, accrued charges and deferred income\u201d, amounts to EUR 0.9 million at acquisition date and has not changed at the reporting date. The fair value categorized as level 3 has been estimated on the basis of a model in which the possible outcomes are probability weighted. The unobservable inputs to which this fair value measurement is most sensitive are the estimated amount of MOG Technologies\u2019 revenue over the reference period, the continuation of key employees in the Company and the effective recovery of existing tax credits. Depending on the actual realization of these inputs, the Company is exposed to a future income statement impact ranging between a loss of EUR 1.7 million (in case the maximum earn-out is reached) and a gain of EUR 0.9 million (in case of minimum earn-out). The amounts recognized with respect to identifiable assets acquired and liabilities assumed, as well as the consideration transferred and the resulting amount of goodwill and net cash flow effect at acquisition date are as set in the table below: (EUR thousands) Intangible asset \u2013 Technology 442 Intangible asset \u2013 Customer- related 445 Other intangible assets 1 Property, plant & equipment 380 Other non-current assets 26 Deferred tax assets 32 Accounts receivable 1,382 Inventories 210 Cash and cash equivalents 770 Total assets 3,688 Deferred tax liabilities -210 Financial liabilities -1,679 Accounts payable -619 Deferred income -932 Total liabilities -3,439 Net assets acquired 248 Consideration paid in cash 1,020 Final net debt adjustment - Fair value of contingent consideration (earn-out) 871 Total consideration 1,891 Goodwill 1,643 Cash outflow net of cash and cash equivalents 250 The goodwill, amounting to EUR 1.6 million, consists of expected market synergies from the combination of MOG Technologies and EVS as well as the skilled workforce of MOG Technologies, which both do not qualify for separate recognition as intangible assets. Goodwill is not expected to be deductible for tax purposes. The method used for the valuation of the technology consists in the royalty relief method (potential savings for owning the technology after the acquisition) supported by a benchmark analysis. The customer-related intangible asset was valued based on the Multi\u2010period Excess earnings method (by estimating revenues and cash flows derived from the intangible asset). The fair value of accounts receivable of EUR 1.4 million corresponds to the gross contractual amounts receivable. Since the acquisition date on 1 October 2024, MOG Technologies contributed EUR 0.5 million to revenue and EUR -0.5 million to net result in the consolidated income statement for the 3 month-period ended 31 December 2024. If the acquisition of MOG Technologies had been completed on 1 January 2024, the consolidated Group\u2019s revenue and net result for the 12 month-period ended 31 December 2024 would have been EUR 2.3 million and EUR -5.3 million respectively. The acquisition-related costs amounting to EUR 0.2 million have been immediately expensed as incurred and are presented under the caption \u201cSelling and administrative expenses\u201d in the income statement. Since MOG Technologies was acquired in October 2024 and Purchase Price Allocation exercise (including fair value of goodwill) was finalized in January 2025 using latest business plan and projections available at that time, no formal additional goodwill impairment test was performed at year-end 2024. The assumptions taken for the Purchase Price Allocation would have been identical for any impairment exercise performed at that moment, resulting in identical fair value of the goodwill. 11. OTHER INTANGIBLE ASSETS Technology (DWESAB, Customer related & Software (EUR thousands) TOTAL OpenCube and Other Intangibles licenses Axon) Acquisition cost As of December 31, 2022 5,070 12,943 3,837 21,850 - Intangible assets in progress - 4,148 377 4,525 As of December 31, 2023 5,070 17,091 4,214 26,375 Accumulated amortization As of December 31, 2022 -3,530 -1,950 -3,155 -8,635 - Amortization -356 -1,294 -70 -1,720 As of December 31, 2023 -3,886 -3,244 -3,225 -10,355 Net carrying amount As of December 31, 2022 1,540 10,993 682 13,215 As of December 31, 2023 1,184 13,847 989 16,020 Technology (DWESAB, Customer related & Software (EUR thousands) TOTAL OpenCube, Axon, Other Intangibles licenses MOG) Acquisition cost As of December 31, 2023 5,070 17,091 4,214 26,375 - Intangible assets in progress 1,318 5 1,323 - Purchase Price Allocation in the period 442 445 - 887 As of December 31, 2024 5,512 18,854 4,219 28,585 Accumulated amortization As of December 31, 2023 -3,886 -3,244 -3,225 -10,355 - Amortization -371 -2,977 - -3,348 - Write-off - -1,466 - -1,466 As of December 31, 2024 -4,257 -7,687 -3,225 -15,169 Net carrying amount As of December 31, 2023 1,184 13,847 989 16,020 As of December 31, 2024 1,255 11,167 994 13,416 Intangible assets decreased by EUR 2.6 million during the period, reflecting the depreciation expenses of EUR 3.5 million coupled with the write-off of certain investments amounting to EUR 1.1 million, partially offset by the capitalization of internal development costs of EUR 1.3 million and intangibles acquired as part of business combination of EUR 0.8 million. For one of the projects, launched in 2022, a write off of the development costs was booked in 4Q24, as some recent events have led to a change in our go-to-market strategy. This changing strategy no longer fulfills the criteria of IAS38, as the product will no longer be launched as a stand-alone product, but rather as an option in the VIA MAP ecosystem. See also details in note 6.6 above. The intangible capitalized costs in 2024 include mainly the internal personnel costs and external consultants\u2019 costs related to the development phase of an important project that should secure future growth for EVS. This project consists in software and hardware that will be commercialized at the end of the development. The projected spend is EUR 5.9 million over a period of 3 years, with planned return on investment as of 2027. The progress of these internal developments is monitored frequently to ensure the future economic benefit remains assured. 12. TANGIBLE ASSETS (LANDS AND BUILDINGS, AND OTHER TANGIBLE ASSETS) (EUR thousands) Land and Plant, Other Assets TOTAL buildings machinery and tangible under (1) equipmentassets construction Acquisition cost As of December 31, 2022 64,023 8,667 19,888 1,243 93,821 - Acquisition 370 2,851 2,899 90 6,210 - Sales and disposals - -1,364 - - -1,364 - Transfers -12 14 - -20 -18 - Other -108 1,816 -14 - 1,694 As of December 31, 2023 64,273 11,984 22,773 1,313 100,343 Accumulated depreciation As of December 31, 2022 -14,723 -6,606 -17,258 - -38,587 - Depreciations -3,357 -1,608 -1,357 - -6,322 - Sales and disposals - 1,327 - - 1,327 - Other 128 90 4 - 222 As of December 31, 2023 -17,952 -6,797 -18,611 - -43,360 Net carrying amount As of December 31, 2022 49,300 2,061 2,630 1,243 55,234 As of December 31, 2023 (a) 46,321 (b) 5,187 (b) 4,162 (a) 1,313 56,983 (a) Sub-total Lands & Buildings 47,634 (b) Sub-total Other Tangible Assets 9,349 Mortgages and other guarantees Net carrying amount of fixed assets 38,343 - - - 38,343 given as real guarantees (1) Includes 2023 retrospective adjustment in row \u201cOther\u201d related to the change in accounting policy on the presentation of materials produced for internal purposes from inventory to other tangible assets/fixed assets, to allow comparability with 2024. See details in Note 2.10. (EUR thousands) Land and Plant, Other Assets TOTAL buildings machinery and tangible under (1) equipmentassets construction Acquisition cost As of December 31, 2023 64,273 11,984 22,773 1,313 100,343 - Acquisition 147 2,361 2,943 87 5,538 - Sales and disposals - -25 - - -25 - Transfers 201 1,032 - -1,233 - - Other 196 5,524 23 -148 5,595 As of December 31, 2024 64,817 20,876 25,739 19 111,451 Accumulated depreciation As of December 31, 2023 -17,952 -6,797 -18,611 - -43,360 - Depreciations -3,260 -4,379 -1,663 - -9,302 - Sales and disposals - - - - - - Other -241 -2,121 -10 - -2,372 As of December 31, 2024 -21,453 -13,297 -20,284 - -55,034 Net carrying amount As of December 31, 2023 46,321 5,187 4,162 1,313 56,983 As of December 31, 2024 (a) 43,364 (b) 7,579 (b) 5,455 (a) 19 56,417 (a) Sub-total Lands & Buildings 43,383 (b) Sub-total Other Tangible Assets 13,034 Mortgages and other guarantees Net carrying amount of fixed assets 36,731 - - - 36,731 given as real guarantees (1) Includes a 2024 reclassification adjustment in row \"Other\" related to the change in the presentation of materials produced for internal purposes from inventory to other tangible assets/fixed assets. See details in Note 2.10. The acquisition value of the building was analyzed by component, with specific useful lives and residual values applied to each component. Depreciation by component is provided for lifetimes ranging between 3 and 30 years with a total residual value for the building of about 36% of the gross value excluding subsidies. Production of the equipment manufactured and marketed by EVS does not require important tangible investment, considering the assembly is partially subcontracted, notably to MECALEC SMD SA. Whenever possible, specialized work is outsourced (i.e., sheet metalwork and manufacturing of integrated circuits). The group policy is to finance its buildings through equity and through long term loans (see also note 19). As of January 1, 2024, the Group has adopted a new presentation method whereby materials produced for internal purposes are now classified as Other tangible assets/fixed assets (see also note 2.10). Tangible assets remain relatively stable with the acquisitions of the period (primarily IT equipment and vehicles under machinery and equipment, as well as lease contracts mainly for company cars) being offset by the depreciation of the period. The carrying amounts of right-of-use assets, lease liabilities and the movements for the twelve months ended 31 December 2024 and 31 December 2023 is as follows: (EUR thousands) Land and Plant, Other Total Lease buildings machinery tangible liabilities and assets equipment As of December 31, 2022 9,654 - 2,171 11,825 12,498 Additions 400 - 2,873 3,273 3,310 Disposals - - - - - Depreciation expenses -1,831 - -1,247 -3,078 - Interest expenses - - - - 535 Conversion differences & Other -81 - - -81 -89 Payments - - - - -3,589 As of December 31, 2023 8,142 - 3,797 11,939 12,665 (EUR thousands) Land and Plant, Other Total Lease buildings machinery tangible liabilities and assets equipment As of December 31, 2023 8,142 - 3,797 11,939 12,665 Additions - - 2,801 2,801 3,333 Disposals -232 - - -232 -232 Depreciation expenses -1,720 - -1,598 -3,318 - Interest expenses - - - - -539 Conversion differences & Other 121 - - 121 305 Payments - - - - -3,223 As of December 31, 2024 6,311 - 5,000 11,311 12,30913. LONG TERM FINANCIAL ASSETS (EUR thousands) Subordinated Other financial TOTAL loans assets Net carrying amount as of Dec. 31, 2022 - 512 512 - Refunded/converted during the year - -19 -19 - Acquired during the year - 7 7 - Conversion differences & Other - -5 -5 Net carrying amount on Dec. 31, 2023 - 495 495 Net carrying amount as of Dec. 31, 2023 - 495 495 - Refunded/converted during the year - -128 -128 - Acquired during the year - 10 10 - Conversion differences & Other - 35 35 Net carrying amount on Dec. 31, 2024 - 412 412 The other financial assets mainly consist of cash guarantees. 14. INVENTORIES (1)(EUR thousands) December 31, 2024 December 31, 2023Raw materials 25,246 24,161 Finished goods 25,743 34,569 Goods purchased for resale 2,969 5,268 Total at cost 53,957 63,998 Cumulated amounts written off at the beginning of the period -30,997 -30,852 Additions/Reversal/use of the amounts written off, net 104 -312 Reversal of amount written off due to reclass to fixed assets 1,355 242 Disposal of fully written off inventory 9,962 - Exchange rate difference 131 -75 Cumulated amounts written off at the end of the period -19,445 -30,997 Total net carrying amount 34,512 33,001 (1) Includes retrospective adjustment related to the change in accounting policy on the presentation of materials produced for internal purposes from inventory to other tangible assets, to allow comparability with 2024. See details in Note 2.10 The net increase of inventories during 2024 is primarily explained by the increase in the topline performance. EVS continues the pro-active management of components to ensure a limited impact of our inventory on the working capital needs. A careful balance is made to ensure customer delivery terms remain respected and to ensure the best possible component prices. The year 2024 was marked by the Big Events, and some of the finished goods are still present in the inventory. This equipment will be sold throughout 2025. As of January 1, 2024, the Group has adopted a new presentation method whereby materials produced for internal purposes are now classified as Other Tangible Assets (see also note 2.10). This resulted in a reclassification of inventory to fixed assets with a gross book value of EUR 5.5 million and net book value of EUR 3.6 million. In addition, a similar reclassification has been made for materials produced for internal purposes, for which the net book value was 0, resulting in the disposal of fully written-off inventory (EUR 10.0 million) along with the removal of the gross book value for the same amount. Inventories recognized as an expense during the period amounted to EUR 25.1 million (EUR 29.4 million in 2023). These were included in the cost of sales. Write-off movements on inventories, which amount to EUR 2.3 million in 2024 (EUR 0.8 million in 2023), are accounted for as charges in the costs of sales. These write-offs concern mainly products rented as part of the Big events rental and technologically obsolete stock items. 15. TRADE AND OTHER RECEIVABLES (EUR thousands) December 31, 2024 December 31, 2023 Trade receivables 71,820 70,032 Write offs on receivables -4,542 -2,789 - of which ECL -418 -816 - of which other provisions -4,124 -1,973 Net trade receivables 67,278 67,243 Finance lease receivables 3,642 3,275 Deferred charges and accrued income 4,610 6,947 Other amounts receivable 4,639 4,900 Total other receivable, deferred charges and accrued income 12,891 15,122 Total 80,169 82,365 Trade receivables are non-interest bearing and are generally on 30-day terms. According to the group terms and conditions, the unpaid invoices at their term could result in a 1.50% monthly interest rate. Despite the increase in activities, trade receivables remained stable compared to last year-end. This is mainly the result of continuous improvement in the collection and in the aging structure of the receivables throughout the year. The majority of our trade receivables (i.e. 76%) is not due at year-end. For the determination of the expected credit loss, EVS has applied the simplified approach and records lifetime expected losses on all trade receivables. This amount is determined on a portfolio basis, based on a provision matrix that considers historical credit loss experience. Additionally, particular receivables with higher probability of default are identified and reflected as complementary adjustment to the provision matrix. These allowances are booked in the \"Selling and Administrative expense\" line. As of December 31, 2024, an amount of EUR 8.7 million (EUR 20.6 million on December 31, 2023) within trade receivables was overdue with more than 90 days from which EUR 4.5 million are subject of write-downs following credit quality of trade receivables. Movements of write-offs in 2024 and 2023 are as follows: (EUR thousands) 2024 2023 Write-offs on trade receivables Value as of January 1 2,789 3,064 - Write-offs during the year 1,339 1,606 - of which Expected Credit Loss matrix -398 142 - of which other provisions 1,737 1,464 - Releases of write-offs during the year -1,342 -1,881 - Other \u2013 MOG Acquisition 1,756 - Value as of December 31 4,542 2,789 The provision matrix that considers historical credit loss experience for the calculation of the expected credit loss is as follows: (EUR thousands) Trade receivables <31 31-60 61-90 >91 Expected credit loss Current Total days days days days Expected credit loss rate 0.40% 0.94% 1.72% 2.00% 2.59% Total gross carrying amount 40,088 5,605 1,985 1,725 20,629 70,032 Expected credit loss as of Dec 31 2023 160.4 52.7 34.1 34.5 534.3 816 (EUR thousands) Trade receivables <31 31-60 61-90 >91 Expected credit loss Current Total days days days days Expected credit loss rate 0.27% 0.33% 0.72% 1.17% 1.64% Total gross carrying amount 50,051 3,482 2,553 1,154 14,580 71,820 Expected credit loss as of Dec 31 2024 135.1 11.5 18.4 13.5 239.1 41815.1. Finance lease receivables (EUR thousands) 2024 2023 Finance lease receivables Within one year (current finance lease) 3,642 3,275 After one year but no longer than five years (non-current finance lease) 3,295 3,458 Total 6,937 6,733 (EUR thousands) 2025 2026 2027 After Future undiscounted lease payments 3,946 2,669 767 0 The group enters finance leasing arrangements for some of its equipment. The term of finance leases entered is maximum four years. To cover risks related to ownership of the underlying asset, EVS requests customers to keep the equipment insured against all risks of loss or damage for the full replacement value, and to assume full responsibility for any loss or damage to the equipment during the lease period. EVS always retains title to the equipment during the lease period, unless and until acquired by the customer. The carrying amount of the conditional purchase options of the assets leased under finance leases amounts to EUR 0.0 million (EUR 0.2 million in 2023). The interest rate inherent in the finance leases is fixed at the contract date for all the lease term. The weighted average interest rate on finance lease receivables on December 31, 2024 is 7.0% (8.0% in 2023). The financial revenues generated by the finance leases amount to EUR 0.2 million in the period (EUR 0.3 million in 2023) and are booked in other financial income. 15.2. Contract balances (EUR thousands) December 31, 2024 December 31, 2023 Contract assets 4,610 6,861 Contract liabilities 23,808 18,058 Invoiced advances and deferred income amounted to EUR 23.8 million at December 31, 2024, compared to EUR 18.1 million at the end of 2023. Liabilities related to advances received and deferred income are recorded on the balance sheet under section other amounts payable, advances received, accrued charges and deferred income. The increase is mainly explained by the overall growth of the business, resulting in a higher level of advance payments and deferred revenue from customers. Most of the revenue included in the contract liability balance at the beginning of the period has been recognized in the current reporting period. Revenues relating to work in progress amounted to EUR 4.6 million at December 31, 2024 (EUR 6.9 million in 2023). Receivables related to work in progress are recorded on the balance sheet under other receivable, deferred charges and accrued income. 16. OTHER CURRENT FINANCIAL ASSETS Other current financial assets relate to options contracted to hedge commitments to staff under the Fund Option Plan proposed by ING. These options have an average maturity of one year and are valued at fair value in the income statement. 17. CASH AND CASH EQUIVALENTS (EUR thousands) December 31, 2024 December 31, 2023 Cash at bank and in hand 54,316 32,765 Short-term deposits and remunerated cash accounts 33,451 18,181 Total 87,766 50,947 On December 31, 2024, cash and cash equivalents total an all-time high EUR 87.8 million, compared to EUR 50.9 million at the end of 2023. The increase is mainly driven by the higher cash from operating activities of EUR 63.9 million resulting from higher net profit and favorable variance in working capital requirements compared to the previous year, mainly on trade receivables following the continuous improvement in the collection of customers invoices. The increase in operating cash flow is partially offset by the net cash used in investing activities of EUR -6.6 million linked to the investments in intangible and tangible assets as well as business acquisitions of MOG and Tinkerlist, together with the net cash used in financing activities of EUR -21.4 million which results mainly from total dividend payment of EUR -14.9 million and reimbursement of lease liabilities and borrowings of EUR -5.7 million. Short-term deposits represent investments with an original maturity date or notice period of three months or less. At the end of 2024, short-term deposits are mainly composed of investments in bonds floating rate notes fund and bank deposits. 18. OWNER\u2019S EQUITY 18.1. Movements in issued capital The company was founded on February 17, 1994, with a capital of EUR 30,987 consisting of 1,000 shares and has developed as follows: Date Description Number of Capital (EUR) shares 17.02.1994 Constitution 1,000 30,987 25.04.1996 Incorporation of reserves - 90,481 25.04.1996 Issuing of 100 shares at EUR 892 per share, 100 12,147 including a share premium of EUR 771 included in capital 77,095 1,100 210,710 06.06.1997 Incorporation of reserves - 242,440 06.06.1997 Issuing of 172 shares, at EUR 4,338 per share, 172 70,855 including a share premium of EUR 3,926 675,304 1,272 1,199,309 25.09.1998 Stock split by 2,000:1 2,544,000 1,199,309 14.10.1998 Initial Public Offering + 200,000 94,284 Incorporation of share premium 7,342,522 2,744,000 8,636,115 Issuance of 119,952 shares for exchange with NETIA 07.09.1999 119,952 7,197,120 shareholders Incorporation of reserves 166,765 2,863,952 16,000,000 25.05.2003 Treasury shares cancellation -63,952 - 2,800,000 16,000,000 24.02.2004 Capital reimbursement - -8,137,521 15.03.2004 Issuance of 15,000 shares after the exercise of warrants 15,000 480,000 2,815,000 8,342,479 09.05.2005 Stock split by 5:1 14,075,000 8,342,479 19.06.2006 Treasury shares cancellation -200,000 - 12.06.2009 Treasury shares cancellation -250,000 - 26.12.2018 Issuance of 702,024 shares 702,024 429,844 Capital on December 31, 2024 14,327,024 8,772,323 18.2. Issued capital and treasury shares As of December 31, 2024, the issued capital of EVS amounts to EUR 8,772,323 and is represented by 14,327,024 fully paid-up shares without designation of nominal value. EVS complies with the legal requirements relating to the capital (articles 7:177 to 7:229 of the Belgian Companies and Association Code). As of December 31, 2024, 775,476 issued warrants with an average exercise price of EUR 22.95 per share are exercisable until September 2030. From time to time, the company uses a portion of the capital for staff retention and motivation through a plan of warrants. The management estimates that the level of capital of EVS is sufficient, as shareholders\u2019 equity represents 75.6% of the total balance sheet at the end of 2024. Compared to 2023, shareholders\u2019 equity increased by EUR 29.3 million. The Group strives to maintain a strong liquidity position and not to rely excessively on external financing. In addition, the Group has a dividend distribution policy allowing its shareholders to be remunerated in a significant manner, without compromising the cash position and financial independence of the Group. In its decisions to finance or decide on the distribution of dividends, EVS considers the overall level of its shareholders\u2018 equity. 18.3. Authorized capital Pursuant to a decision of the Extraordinary General Meeting of June 5, 2023, the Board of Directors is authorized to increase the capital on one or more occasions by a maximum amount of one million and six hundred thousand euro (1,600,000 EUR), excluding the share premium. These capital increases may be carried out by subscriptions in cash, contributions in kind, or incorporation of reserves or issue premiums, with or without the creation of shares. Within the limits of this authorization, the Board of Directors may issue bonds convertible into shares or subscription rights, in compliance with the provisions of articles 7:198 et seq. of the Companies and Associations Code. In the case of a share capital increase with share premium, such premium must be entered and maintained in one or more separate accounts under shareholders' equity on the liabilities side of the balance sheet. Similarly, in the event of an issue of subscription rights, their issue price must be entered and maintained in one or more separate accounts under shareholders' equity on the liabilities side of the balance sheet. On the occasion of any issue of shares, convertible bonds or subscription rights, the Board of Directors may limit or cancel the preferential subscription rights of the shareholders, including in favour of one or more specific persons other than staff members, in accordance with the terms and conditions to be determined by the Board of Directors and subject to compliance with the provisions of articles 7:198 et seq. of the Belgian Companies and Associations Code. This general authorization is valid for a period of five (5) years from the publication of the resolution of June 5, 2023 and is renewable. The Board of Directors shall be entitled to amend the Articles of Association to the extent required to reflect the use of the authorization granted by this article (article 7 of the articles of associations). 18.4. Staff incentive program 18.4.1. Warrants scheme Since December 1999, the company has set up a stock options/warrants scheme for the group\u2019s employees and managers. In accordance with the fiscal legislation in force, the scheme has a minimum scope of 3 to 4 years between the granting and effective exercise of a warrant. This warrant distribution policy has been set up to gain the loyalty of the members of personnel and to allow them to participate in the results of the company. EVS hedges this program through the buy-back of its treasury shares on the stock market. The Board has the authorization from the Extraordinary General Meeting to proceed with these buybacks. In view of the 775,476 warrants outstanding at the end of 2024 (680,875 at the end of 2023), the dilution effect represents 5.4% of the share capital, this being covered by the 839,544 treasury shares, which represent 5.9% of the number of diluted shares. The voting right and the right to the dividend are suspended during such time as the shares are held by the company. The warrants are granted at an underlying share value corresponding to the average share price of the last 30 days preceding the grant. When the warrants are exercised, the Board of Directors may choose to either issue new shares or to grant treasury shares previously acquired by the company (for this reason, warrants are qualified as \u201csui generis\u201d). During 2024, 210,650 warrants were distributed (198,900 in 2023), 113,299 warrants were exercised (0 in 2023), and 2,750 warrants were cancelled following the departure of personnel or expired (11,000 in 2023). The following table illustrates the number and the weighted average price of the period (WAPP) of the warrants in the scheme: 2024 2023 WAPP WAPP Number Number (EUR) (EUR) In circulation at the beginning of the period 680,875 19.58 492,975 16.95 Granted during the period 210,650 28.80 198,900 25.85 Exercised during the period -113,299 13.69 - - Cancelled during the period -2,750 18.21 -11,000 15.16 In circulation at the end of period 775,476 22.95 680,875 19.58 The warrants in circulation as of December 31, 2024, and exercisable over the next years are as follows: Expiry date First exercise date Exercise prices (EUR) Number on Number on December 31, 2024 December 31, 2023 2026 2024 13.69 33,451 146,750 2027 2025 18.21 149,850 152,600 2028 2026 18.62 182,625 182,625 2029 2027 25.85 198,900 198,900 2030 2028 28.80 210,650 - Total Between 13.69 and 28.80 775,476 680,875 In accordance with IFRS 2, the warrants are valued on the grant date and expensed through profit & loss over their useful life (vesting period of usually 3 years). The Black & Scholes model is used consistently for this valuation, based on the share price at grant date, exercise price, expected volatility, dividend estimates, and interest rates. The key parameters for the warrants in circulation as of December 31, 2024, and exercisable over the next years are as follows: Black & Scholes key parameters Plan 2024 Plan 2023 Plan 2022 Volatility 23.1% 25.6% 31.5% Risk free interest rate 2.51% 3.27% 2.26% Dividend return 3.8% 4.3% 5.3% Economical value of the option vs. underlying share 15.3% 17.3% 20.5% During 2024, the Group recognized EUR 0.7 million as expense in the income statement in relation with the warrant schemes (EUR 0.5 million in 2023). As of December 31, 2024, the total fair value of the warrants amounts to EUR 3.1 million (EUR 2.4 million as of December 31, 2023). 18.4.2. Profit-sharing plan To recognize achievements, develop loyalty and encourage the teams, a profit-sharing scheme can be initiated from time to time by the Company. The Ordinary General Meeting of May 21, 2024, approved a profit-sharing scheme in the form of a grant of EVS Broadcast Equipment SA shares relating to the appropriation of the year 2023. Considering tax implications for the company, this grant consisted of 36 shares (net of taxes) for all employees hired by the group before January 1, 2024, proportionally to the effective time performance (or assimilated) in 2023. This represented 12,962 shares for an amount of EUR 0.4 million (EUR 0.3 million in 2023). A proposal will be presented for approval to the Ordinary General Meeting of May 20, 2025, relating to the appropriation of the year 2024, representing approximately 2% of EBIT as in prior years. This proposal is subject to approval by the Board of Directors. 18.5. Treasury shares During the Extraordinary General Meeting of June 7, 2022, the authorization to buy back own shares has been modified in Article 10, Paragraphs 2 to 4 of the statutes as follows: \u201c 2. For a period of five (5) years from the publication in the Annexes to the Belgian Official Gazette of the decision of the extraordinary general meeting of shareholders of May 17, 2022 (or, if applicable, in case of postponement of June 7, 2022), the Board of Directors shall be authorized to acquire on the stock exchange or otherwise, shares in the Company up to a maximum of 20 % of the issued shares, fully paid up, at a unit price which may not be more than 20% lower than the lowest price during the last 12 months preceding the transaction and which may not be more than 20% higher than the highest closing price during the last 20 days of trading of the Company's shares on Euronext Brussels preceding the acquisition. This authorization shall be renewable. 3. Furthermore, in accordance with article 7:218, \u00a7 1, 4\u00b0 of the Belgian Companies and Associations Code, the Board of Directors is explicitly authorized to dispose of the own shares acquired by the Company to one or more specific persons other than members of staff of the Company or its subsidiaries. 4. The powers and authorizations referred to in this Article shall be extended to the acquisition and disposal of shares of the Company by one or more subsidiaries directly controlled by the Company within the meaning of the Companies and Associations Code\u201d On November 25, 2024, the Group announced the decision of its Board of Directors to start a share buyback program of its outstanding shares for a maximum amount of EUR 10 million and up to 355,000 shares. The share buyback program is implemented in accordance with the authorization set forth in article 10 of the Articles of Association of the company. It started on December 1, 2024, for a period of maximum 2 years. The buyback program is mandated to a third party, with revocation clause allowing either party to terminate the mandate with immediate effect without compensation. In 2024, the Group repurchased 71,985 own shares. During 2024, 113,299 treasury shares were used to fulfil the exercise of warrants by employees related to the 2020 stock option plan. At December 31, 2024, the total number of own shares amounts to 839,544 shares (at an average historical price of EUR 20.15) compared to 893,820 as of December 31, 2023 (at an average historical price of EUR 19.21). The variance in number of treasury shares in the period is as follows : 2024 2023 Number WAP (EUR) Number WAP (EUR) At the beginning of the period 893,820 19.21 908,014 19.21 Acquisition of own shares on the market 71,985 30.25 - - Allocation to Employees Profit Sharing Plans -12,962 19.21 -14,194 19.21 Sale related to Employee Stock Option Plan (ESOP) -113,299 19.28 - - At the end of the period 839,544 20.15 893,820 19.2118.6. Reserves (EUR thousands) December 31, 2024 December 31, 2023 Legal reserves 999 999 Reserves available for distribution 226,357 197,898 Reserves for treasury shares -16,917 -17,174 Reserves 210,439 181,723 18.6.1. Reserves for treasury shares In accordance with the Group\u2019s accounting policy, the sums paid or obtained during the acquisition or sale of the Company\u2019s treasury shares are recognized directly in the shareholders\u2019 equity attributable to the company\u2019s shareholders. No profit or expense is included in the income statement for the purchase, sale, issue, or cancellation of treasury shares. 18.7. Translation differences For Group\u2019s entities whose functional currency is not EUR (i.e. US affiliate EVS Inc. which operates in USD), assets and liabilities are converted into the Group\u2019s reporting currency (EUR) at the exchange rate in force on the reporting date, capital and reserves are converted at historical exchange rate, and the income statement is converted at the average exchange rate of the period. The translation differences resulting from this conversion are directly recognized under a distinct heading of equity. 19. LOANS (EUR thousands) December 31, 2024 December 31, 2023 Long term financial debts Bank loans - 561 Long term lease liabilities 9,072 9,883 Amount due within 12 months (shown under current liabilities) Bank loans 561 1,114 Short term lease liabilities 3,236 2,782 Total financial debt (short and long-term) 12,869 14,340 The total financial debt is repayable as follows: - within one year 3,797 3,896 - after one year but no more than five 9,072 10,444 - more than five years - - 19.1. Credit lines In June 2020, a loan of EUR 5.5 million and 0.84% interest rate was put in place with BNP Paribas Fortis to partially finance the acquisition of Axon. The repayment schedule foresees in a first repayment of EUR 0.6 million in 2020 and annual installments of EUR 1.1 million between 2021 and 2024, with final repayment of EUR 0.6 million in 2025 at loan maturity. In June 2020, a rollover credit line of EUR 5.0 million was put in place with Belfius bank to partially finance the acquisition of Axon. This amortized credit line will end at the latest on June 30, 2025. As of this date, EVS has not used this credit facility. There have been no breaches of the financial covenants of any interest-bearing loans and borrowing in the current period. 19.2. Lease liabilities Lease liabilities remain stable when compared to the end of 2023 as repayment of existing lease contracts for offices and company cars are broadly offset by new lease contracts or reassessment and extension of existing ones. Depending on the countries and the leased assets, the Group used incremental borrowing rates ranging from 2% to 8% for the lease liabilities (and right of use assets) calculation. The table below shows the maturity analysis (undiscounted cash flows) for the lease liability: December 31, 2023 (EUR thousands) Within 1 year Between 2 and 5 years Over 5 years Total Lease liabilities 3,263 8,965 1,932 14,160 December 31, 2024 (EUR thousands) Within 1 year Between 2 and 5 years Over 5 years Total Lease liabilities 3,671 8,604 1,092 13,36719.3. Liabilities from financing activities Non-cash changes In thousands of Euro 1 January Cash flows Foreign Other 31 December 2023 exchange 2023 movements Long-term borrowings 1,675 - - -1,114 561 Short-term borrowings 1,105 -1,105 - 1,114 1,114 Lease liabilities 12,498 -3,055 -89 3,311 12,665 Total liabilities from financing activities 15,278 -4,159 -89 3,310 14,340 Non-cash changes In thousands of Euro 1 January Cash flows Foreign Other 31 December 2024 exchange 2024 movements Long-term borrowings 561 - - -561 - Short-term borrowings 1,114 -2,450 - 1,897 561 Lease liabilities 12,665 -3,762 137 3,268 12,308 Total liabilities from financing activities 14,340 -6,212 137 4,604 12,86920. PROVISIONS (EUR thousands) Other provisions Technical warranty Total Provisions As of January 1, 2024 9 1,729 1,738 Arising during the year - 1,601 1,601 Utilized - -1,208 -1,208 Reversed - - - As of December 31, 2024 9 2,122 2,131 Current 2023 - - - Non-current 2023 9 1,729 1,738 Current 2024 - - - Non-current 2024 9 2,122 2,131 The litigation provisions are registered in the consolidated accounts and correspond to disputes mainly in relation with commercial or people related matters, whose outcome is still unknown. The amounts allocated to the provisions are measured according to the best knowledge of the management regarding these disputes and their reasonability is discussed with the Group\u2019s lawyers. A provision is booked to cover two-year technical standard warranties on the equipment sold as from the delivery, as stated in our general terms and conditions. This provision, with an undefined term, is reevaluated quarterly, based on a historical analysis of the costs incurred over the years to cover two years of costs associated with these warranties. The estimate at December 31, 2024 represents an amount of EUR 2.1 million (EUR 1.7 million at the end of 2023). 21. TRADE AND OTHER PAYABLES (EUR thousands) December 31, 2024 December 31, 2023 Trade payables 10,320 10,681 Other payables 10,337 8,735 Accrued charges 3,347 1,415 Deferred income 14,826 9,339 Total 38,830 30,170 Trade payables are non-interest bearing and are normally settled on 45-day terms. Other payables mainly consist of advances received from customers on work in progress. It also includes the contingent consideration linked to MOG acquisition of EUR 0.8 million (see details in note 10.2). The increase in accrued charges relates mainly to higher unrealized exchange losses linked to FX hedges, coupled with increased provision for dealers\u2019 commissions mainly in Asia. Additional details on advances received and deferred income are provided in note 15.2. 22. AMOUNTS PAYABLE REGARDING REMUNERATION AND SOCIAL SECURITY (EUR thousands) December 31, 2024 December 31, 2023 Amounts payable regarding social security 352 694 Amounts payable regarding wages and bonuses 12,583 11,787 Total 12,935 12,481 The slight increase in the amounts payable regarding wages and bonuses on December 31, 2024 is mainly linked to the increase in headcount compared to the same period in 2023. An incentive scheme linked to sustainability objectives was implemented in 2023. A percentage of the Leadership Team\u2019s long-term incentive is linked to ESG results. This part has been designed to gradually increase from 5% in 2023, to 15% in 2024, and to 25% in 2025. As of 2025, the achievement of the long-term incentive will be related to the achievement of SBTI targets. Additional details on the Leadership Team incentives and remuneration are provided in the remuneration report section of the Management Report above. 23. COMMITMENTS AND CONTINGENCIES 23.1. Lease commitments Except for leases already reported under IFRS 16 (see notes 12 and 19), the Group has no material lease commitments to disclose. 23.2. Commitments relating to technical guarantee in respect of sales Generally, EVS Group grants a 2-year technical guarantee on products sold subject to the general conditions of sale. At the end of 2024, a provision of EUR 2.1 million (EUR 1.7 million in 2023) is booked in relation with this warranty, as explained in the note 20. 23.3. Bank guarantees Bank guarantees amounted to EUR 0.4 million as of December 31, 2024 (EUR 0.9 million in 2023) mainly requested as part of international public tenders, or as security deposit. 23.4. Contractual guarantees There are no specific contractual guarantees in place at December 31, 2024. 23.5. Guarantees on asset Mandates for mortgages with banks were granted for EUR 12 million (EUR 12 million in 2023) to guarantee our obligations with those banks. 23.6. Other guarantees and contingencies Following application of the rule 403 in the Netherlands, EVS Broadcasting SA has provided a comfort letter to its dutch affiliate EVS Netherlands BV. This comfort letter exempts both companies of the issuance and filing of statutory financial statements in the Netherlands and carry indefinite financial liability of EVS Broadcasting SA on behalf of EVS Netherlands BV. 24. RELATED PARTY DISCLOSURES 24.1. Affiliates The consolidated financial statements include the financial statement of EVS Broadcast Equipment SA and the subsidiaries consolidated according to the full consolidation method listed in note 4. They are representation and distribution subsidiaries for the products developed by EVS. The table hereunder provides the total number of transactions which have been entered into with related parties that are not fully consolidated. Sales to and purchases from related parties are made at normal market prices and under usual commercial conditions. Outstanding balances at year end are unsecured and settlement occurs in cash. (EUR thousands) Sales to related Purchases from Amounts due by Amounts owed to parties related parties related parties related parties Related parties Associates : MECALEC SA 2024 - -870 - - 2023 - -632 - - TINKERLIST.TV BV 2024 - - - - 2023 - - - - SPORTSTECH 2024 - - 30 - BELGIUM ASBL 2023 - - - - Total 2024 - -870 30 - 2023 - -632 - - 24.2. Executives Amounts recognized as an expense during the reporting period related to key management personnel are as follows: (EUR thousands) 2024 2023 Short-term employee benefits 2,636 2,953 Post-employment pension and medical benefits - - Termination benefits - - Share-based payment transactions 287 209 Total 2,923 3,162 Amounts payable at the reporting date related to key management personnel are as follows: (EUR thousands) December 31, 2024 December 31, 2023 Short-term employee benefits 985 945 Post-employment pension and medical benefits - - Termination benefits - - Total 985 945 Share options held by key management personnel to purchase ordinary shares have the following expiry dates and exercise prices: Expiry First exercise date Exercise prices (EUR) Number on Number on date December 31, 2024 December 31, 2023 2026 2023 13.69 12,500 47,000 2027 2025 18.21 58,000 68,000 2028 2026 18.62 80,500 80,500 2029 2027 25.85 87,050 87,050 2030 2028 28.80 86,825 - Total Between 13.69 and 28.80 324,875 282,55025. AUDITOR Since the Ordinary General Meeting of May 17, 2016, the audit of the statutory and consolidated accounts of EVS Broadcast Equipment SA to EY Reviseurs d\u2019Entreprises SRL (B-00160), represented by Carlo-S\u00e9bastien D\u2019Addario (A02506), Belgian R\u00e9viseur d\u2019Entreprise. The mandate of the Auditor is for three years (ending in May 2025). In 2024, all fees related to the Auditor of the parent company, EY R\u00e9viseurs d\u2019Entreprises SRL (B-00160), represented by Carlo-S\u00e9bastien D\u2019ADDARIO and its associates, amounted to EUR 266,931 in aggregate for their duties as Auditor. Other audit services amounted to EUR 95,126. Non-audit services (tax-related) were carried out by the Commissioner in 2024 for total fees of EUR 14,852. 26. FINANCIAL RISK MANAGEMENT POLICIES The Group enters into derivative transactions, principally forward and option currency contracts, with the purpose of securing its sales and purchases in foreign currencies against negative variations of these currencies. The Group has transactional currency exposure arising from sales or purchases by operating entities in currencies other than the Group\u2019s functional currency. Foreign currency risk is described in note 27.2. The Group\u2019s main financial instruments, other than derivatives, comprise bank loans, finance leases, cash, and short-term deposits. The purpose of these financial instruments is to raise finance for the Group\u2019s operations. The Group has other financial instruments such as trade debtors and trade creditors, which arise directly from its operations. The Group\u2019s policy is, and has always been, that no trading in financial instruments shall be undertaken. Credit risk is described in note 27.3. 27. FINANCIAL INSTRUMENTS 27.1. Fair values of the financial instruments The fair value of the financial assets and liabilities is defined as the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values: - Cash and cash equivalents and short-term investments, trade receivables, trade payables, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments; - Long term fixed rate and variable rate other assets are evaluated by the Group based on parameters such as interest rates, specific country risk factors, individual creditworthiness of the customer and the risk characteristics of the financed project. Based on this evaluation, allowances are made to account for the expected losses of these receivables. As at December 31, 2024, the carrying amounts of such receivables, net of allowances, are assumed not to be materially different from their calculated fair values; - The fair value of unquoted instruments, loans from banks and other financial liabilities, obligations under finance leases as well as other non-current financial liabilities is estimated by discounting future cash flows using the effective interest rates currently available for debt on similar terms, credit risk and remaining maturities. As of December 31, 2024, the effective interest rate is not materially different from the nominal interest rate of the financial obligation; - The Group enters into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. Derivatives valued using valuation techniques with market observable inputs are mainly foreign exchange forward and option contracts. The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations. The models incorporate various inputs including foreign exchange spot and forward rates and interest rate curves. As at December 31, 2024, the Group held the following financial instruments measured at fair value: (EUR thousands) December 31, 2024 December 31, 2023 Liabilities (-) / Assets (+) measured at fair value Financial liabilities (-) / assets (+) at fair value through profit or loss Foreign exchange contracts \u2013 no hedge accounting -2,244 206 Contingent consideration \u2013 MOG acquisition -871 - Total 3,115 206 The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities; Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; Level 3: techniques that use inputs having a significant effect on the recorded fair value that are not based on observable market data Fair values linked to foreign exchange contracts relate to Level 2, whereas fair value for contingent consideration relate to Level 3. There were no transfers between Level 1, Level 2 and level 3 fair value measurements during the reporting period. 27.2. Foreign currency risk EVS measures the Group\u2019s anticipated exposure to transactional exchange risk over six months to two years. In its current structure, the group\u2019s exposure is mainly linked to the EUR/USD risk. The group invoices all customers in Euro, except the United States where customers are invoiced in USD. Considering that most operational and fiscal expenses of the Group are in EUR, this results in a \u201clong\u201d position in USD, i.e. all of the Group\u2019s activities generate globally a positive net cash flow in USD. Additionally, the Group has a recurring \u201cshort\u201d position in GBP derived from the operational expenses of its UK subsidiary. EVS hedges future USD net inflows and GBP outflows through forward or option foreign exchange contracts. The change in the fair value of the foreign exchange contracts is recorded directly to the income statement under \u201cOther net financial income / (expenses)\u201d, since the Group does not apply hedge accounting on these transactions. The valuation techniques used are mainly based on spot rates, forward rates and interest rate curves. On December 31, 2024, the Group holds EUR/USD and GBP/EUR FX forward and option contracts for a total notional amount of EUR 44.8 million equivalent with monthly maturities between January 2025 and December 2026. The fair value of those financial instruments on December 31, 2024, amounts to EUR -2.2 million (0.2 million on December 31, 2023). 27.3. Credit risk Credit exposure is controlled and reviewed regularly by the management. Trade receivables consist of many customers, spread across many geographical areas. Significant new customers are screened through a credit analysis tool prior to initiating sales transactions. If the credit rating is low or if the customer is part of a risky area, we ask for prepayment before sending material. Once the relationship has started, a follow-up of any late payments is carried out by the accounting team, which issues reminders if necessary. In certain specific cases, a payment schedule may be set up by mutual agreement with certain customers. For EVS, the credit risk is also limited by the fact that the license to use the equipment can be stopped at any time in the event of non-payment by the customer. To assess default, the Company compares the risk that a default occurs on the receivables at the closing date with the risk that a default occurs for these same receivables at the date of initial recognition, considering reasonable and justifiable information that would indicate significant increases in credit risk since recognition, such as amounts of receivables disputed by customers or declarations of bankruptcy. As of December 31, 2024, it is assumed that the carrying amounts of trade receivables are the most appropriate estimate to the fair value of those assets. The credit risk on financial instruments is contained as it is spread over a selection of different counterparties which are financial institutions with high credit ratings assigned by international credit rating agencies. 28. EVENTS AFTER THE BALANCE SHEET CLOSING DATE In the context of the announcement by the US administration regarding new import tariffs on European-manufactured products, we had proactively launched a dedicated workgroup involving finance, shipping, production, sales and product management teams. The objective of the workgroup is to explore various scenarios and implement the most suitable solution aimed at minimizing the impact of the new tariffs on our US customers while safeguarding our profitability and growth ambitions in the American market. While final details are still being worked out, it is likely that we will shift from shipping fully assembled products to instead sending components for assembly within the US. Early assessments suggest that this approach could reduce the effective impact of the tariffs from 20% to a potential price increase of approximately 5 to 6%. In addition, it is important to note that these import tariffs apply solely to physical goods and do not affect services such as SLAs, support, or installation. Finally, most of our competitors are also non-US companies and will face similar tariffs, putting us all on a relatively level playing field. ",
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"value": "The consolidated financial statements of EVS Broadcast Equipment SA on December 31, 2024, were established by the Board of Directors of April 14, 2025. The Board of Directors is authorized to amend the consolidated financial statements up until the Annual General Meeting of Shareholders, scheduled to be held on May 20, 2025.",
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"value": "1.3. Corporate purpose of the company The corporate purpose of the company is the \u201cdevelopment, marketing, and exploitation of audiovisual equipment as well as, more generally, any operations of a general, commercial, industrial, financial, fixed or movable property nature, in Belgium or elsewhere, directly or indirectly relating to the processing of pictures and sound, in whatever possible form. The company may have interests in any manner in any kind of businesses, firms, or companies with identical, analogous, similar or connected aims or which could further the development of its activities, supply it with raw materials or facilitate outlets for the company\u2019s services\u201d.",
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"value": "2. SUMMARY OF THE IFRS MATERIAL ACCOUNTING PRINCIPLES 2.1. Statement of compliance and basis of presentation The consolidated financial statements of EVS Broadcast Equipment SA and of its subsidiaries have been prepared in accordance with the IFRS accounting standards adopted by the European Union. All standards and interpretations issued by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) effective year-end 2024 and adopted by the European Union are applied by the Company. The consolidated financial statements have been prepared on a historical cost basis, except for the share-based payments (at the grant date), derivative financial instruments and contingent considerations, which are measured at their fair value. The consolidated financial statements are presented in thousands of euros. All values are rounded figures to the nearest thousand unless otherwise indicated. The consolidated financial statements were authorized for issue by the Board of Directors on April 14, 2025. ",
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"value": "2. SUMMARY OF THE IFRS MATERIAL ACCOUNTING PRINCIPLES 2.1. Statement of compliance and basis of presentation The consolidated financial statements of EVS Broadcast Equipment SA and of its subsidiaries have been prepared in accordance with the IFRS accounting standards adopted by the European Union. All standards and interpretations issued by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) effective year-end 2024 and adopted by the European Union are applied by the Company. The consolidated financial statements have been prepared on a historical cost basis, except for the share-based payments (at the grant date), derivative financial instruments and contingent considerations, which are measured at their fair value. The consolidated financial statements are presented in thousands of euros. All values are rounded figures to the nearest thousand unless otherwise indicated. The consolidated financial statements were authorized for issue by the Board of Directors on April 14, 2025. 2.3. Alternative performance measures The group uses so called \u201cAlternative performance measures\u201d (\u201cAPM\u201d) in the financial statements and notes. An APM is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined in the applicable financial reporting framework (IFRS). A glossary describing these alternative performance measures is included at the end of this annual report. These measures are consistently used over time and when a change is needed, comparable information is restated and reported.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__18": {
"value": "2.2. Summary of changes in accounting policies The Company consistently used the same accounting policies throughout all periods presented in its IFRS financial statements, except for the determination of the percentage of completion for projects (see section 2.21) and the presentation of materials produced for internal purposes (change in presentation only - see section 2.10). The Company does not anticipate a change in the application of standards and interpretations. There is no other impeding change in accounting policy, at the exception of the first implementation of new or revised IFRS standards and interpretations as adopted by the European Union that became mandatory on January 1, 2024 and that are detailed as follows: \u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement: Classification of Liabilities as current or non-current, effective January 1, 2024 \u2022 Amendments to IAS 7 \u2018Statement of Cash Flows\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019: Supplier Finance Arrangements, effective January 1, 2024 \u2022 Amendments to IFRS 16 \u2018Leases\u2019: Lease Liability in a Sale and Leaseback, effective January 1, 2024 The adoption of these new and amended standards has no impact on the financial statements of the Group. The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements, with a material impact on the Group\u2019s consolidated financial statements, are disclosed below. The Group intends to adopt these standards and interpretations when they become effective. \u2022 IFRS 18 \u2013 presentation and disclosures in financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__17": {
"value": "2.2. Summary of changes in accounting policies The Company consistently used the same accounting policies throughout all periods presented in its IFRS financial statements, except for the determination of the percentage of completion for projects (see section 2.21) and the presentation of materials produced for internal purposes (change in presentation only - see section 2.10). The Company does not anticipate a change in the application of standards and interpretations. There is no other impeding change in accounting policy, at the exception of the first implementation of new or revised IFRS standards and interpretations as adopted by the European Union that became mandatory on January 1, 2024 and that are detailed as follows: \u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement: Classification of Liabilities as current or non-current, effective January 1, 2024 \u2022 Amendments to IAS 7 \u2018Statement of Cash Flows\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019: Supplier Finance Arrangements, effective January 1, 2024 \u2022 Amendments to IFRS 16 \u2018Leases\u2019: Lease Liability in a Sale and Leaseback, effective January 1, 2024 The adoption of these new and amended standards has no impact on the financial statements of the Group. The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements, with a material impact on the Group\u2019s consolidated financial statements, are disclosed below. The Group intends to adopt these standards and interpretations when they become effective. \u2022 IFRS 18 \u2013 presentation and disclosures in financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__20": {
"value": "2.4. Consolidation principles The consolidated financial statements include the financial statements of EVS Broadcast Equipment SA and of its subsidiaries prepared on December 31 of each year. The financial statements of the subsidiaries are prepared on the same date and in accordance with identical accounting principles. All the intra-group balances, intra-group transactions as well as the income, the expenses and the latent results included in the carrying amount of assets, generated by internal transactions, are eliminated in full.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__22": {
"value": "2.5. Subsidiaries Subsidiaries are those entities controlled by EVS. Control exists when the following criteria are met: a) EVS has the power (legally or de facto) over the investee. b) EVS is exposed or entitled to variable returns from its involvement with the investee; and c) EVS has the ability to use its power over the investee to affect the amount of returns it gets. When EVS has less than a majority of the voting or similar rights of an investee, EVS considers all relevant facts and circumstances in assessing whether it has power over an investee, including: a) The contractual arrangement(s) with the other vote holders of the investee, b) Rights arising from other contractual arrangements, c) EVS\u2019s voting rights and potential voting rights. The subsidiaries are consolidated as from the acquisition date, which corresponds to the date on which the group took over control and up until such date as the exercise of this control ceases. All companies over which control is exercised directly or indirectly are fully consolidated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__21-1": {
"value": "2.5. Subsidiaries Subsidiaries are those entities controlled by EVS. Control exists when the following criteria are met: a) EVS has the power (legally or de facto) over the investee. b) EVS is exposed or entitled to variable returns from its involvement with the investee; and c) EVS has the ability to use its power over the investee to affect the amount of returns it gets. When EVS has less than a majority of the voting or similar rights of an investee, EVS considers all relevant facts and circumstances in assessing whether it has power over an investee, including: a) The contractual arrangement(s) with the other vote holders of the investee, b) Rights arising from other contractual arrangements, c) EVS\u2019s voting rights and potential voting rights. The subsidiaries are consolidated as from the acquisition date, which corresponds to the date on which the group took over control and up until such date as the exercise of this control ceases. All companies over which control is exercised directly or indirectly are fully consolidated.2.6. Interests in associates and joint ventures Associated and joint ventures companies are companies in which the group has a significant influence, defined as an investee in which the group has the power to participate in its financial and operating policy decisions (but not to control the investee). Associates and joint ventures are recognized according to the equity accounting method. These investments are carried in the balance sheet at the lowest value between that obtained by the equity method and the recoverable value. The group\u2019s share in the profit and loss of the associates and joint ventures is entered into the profit and loss account, in a distinct line \u201cShare in the result of the enterprise accounted for using the equity method\u201d. The financial statements of the associates and joint ventures are used by the group to apply the equity accounting method. The financial statements of the associates and joint ventures are prepared on the same reporting date as the parent company, based on similar accounting principles.2.8. Foreign currency translation The individual financial statements of each subsidiary are prepared in the currency of the primary economic environment in which the entity operates. The functional currency reflects the underlying transactions, events and conditions that are relevant to the entity, as assessed by Management. The functional currency of the EVS Group entities is EUR except for the US entity EVS Inc. for which US Dollar is assessed by management to be the functional currency. The presentation currency of the financial statements of EVS Broadcast Equipment SA is the euro. 2.8.1. Financial statements of foreign companies For all the subsidiaries, transactions in foreign currencies are initially recorded in the functional currency at the exchange rate in force on the transaction date. On the reporting date, the monetary assets and liabilities denominated in foreign currencies are converted into the functional currency at the exchange rate in force on the reporting date. The non-monetary items in foreign currency that are measured at the historical cost are converted at the exchange rates in force on the initial transaction dates. All exchange differences are recognized in the consolidated income statement. For the EVS Inc. subsidiary that operates in USD, assets and liabilities are converted at the reporting date in euros (EUR), which is the functional currency of the parent company, at the exchange rate in force on the reporting date. Equity is converted at a historical exchange rate and income statement is converted at the average exchange rate of the period. Any exchange differences resulting from this conversion are recognized in other comprehensive income and shown under a separate heading of the shareholders\u2019 equity. 2.8.2. Transactions in foreign currencies Transactions in foreign currencies are recognized at the exchange rate in force on the transaction date. The monetary assets and liabilities denominated in foreign currencies are converted at the exchange rate in force on the reporting date. The exchange gains or losses resulting from monetary transactions and the conversion of monetary assets or liabilities are recognized in the income statement. Non-monetary assets and liabilities are converted at the exchange rate of the foreign currency in force on the transaction date. 2.8.3. Exchange rates used USD / EUR exchange rate Twelve months average At December 31 (closing rate) 2024 1.0821 1.0389 2023 1.0815 1.1050 Variation 0.1% -6.0% GBP / EUR exchange rate Twelve months average At December 31 (closing rate) 2024 0.8466 0.8292 20230.8698 0.8690 Variation -2.7% -4.6%2.9. Intangible Assets 2.9.1. Intangible assets acquired separately Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortization and accumulated impairment losses. The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses. 2.9.2. Internally-generated intangible assets \u2013 research and development expenditure Expenditure on research activities is recognized as an expense in the period in which it is incurred. An internally generated intangible asset arising from development (or from the development phase of an internal project) is recognized if, and only if, all the following conditions have been demonstrated: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale. \u2022 The intention to complete the intangible asset and use or sell it. \u2022 The ability to use or sell intangible assets. \u2022 How the intangible asset will generate probable future economic benefits. \u2022 The availability of adequate technical, financial, and other resources to complete the development and to use or sell the intangible asset. \u2022 The ability to measure reliably the expenditure attributable to the intangible asset during its development. Where it is not possible to reliably distinguish between research or development costs, the costs are considered as being research and therefore, these costs do not qualify as an internally generated intangible asset. The amount initially recognized for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognized, development expenditure is recognized in profit or loss in the period in which it is incurred. After initial recognition, internally generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. We also refer to note 2.25 for specifics on the treatment of research and development costs. 2.9.3. Intangible assets acquired in a business combination Intangible assets acquired in a business combination and recognized separately from goodwill are recognized initially at their fair value at the acquisition date (which is regarded as their cost). After initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Intangible assets with a finite useful life are depreciated on a straight-line basis over the duration of their economic useful life (3 years for software acquired for internal use and between 3 and 7 years for the other intangible assets) and reviewed for impairment testing each time there is a sign of impairment in the intangible asset. An intangible asset is derecognized at disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in profit or loss when the asset is derecognized. 2.10. Tangible assets The buildings are recorded at cost. Their value is reduced with depreciation and is not subject to fair value revaluation. The cost includes fees and costs. Subsidies that have been collected to finance the construction of the buildings are deducted from the cost of acquisition. Since the commissioning of the headquarter building in Li\u00e8ge in 2015, the cost of the building, less estimated residual value, is depreciated over the estimated useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period of the financial information. The other tangible assets are recognized in the balance sheet at cost, less accumulated depreciation, and impairment losses. The estimated useful lives of the tangible assets are as follows: - Buildings: between 10 and 30 years - Vehicles: between 3 and 5 years - IT equipment: between 3 and 4 years - Office furniture and equipment: between 3 and 10 years - Plant and equipment: between 3 and 10 years - Other tangible assets: between 3 and 4 years The depreciation is calculated from such time as the asset is available for use. A tangible asset is no longer recognized in the accounts from such time as it is sold, or no future economic benefit is expected from the asset. Any gain or loss generated at the time of the sale (calculated as the difference between the sale price and the net carrying amount of the element) is recognized during the period during which it was sold. During the current period, the Group has changed the presentation of materials produced for internal purposes in the financial statements. Previously, these products were presented as Inventories. As of January 1, 2024, the Group has adopted a new presentation method whereby these items are now classified as Other tangible assets/fixed assets. The change in presentation was made to enhance the clarity and comparability of the financial statements. The new presentation method provides more relevant information and better reflects the nature of the Group's financial assets and costs, aligning with industry\u2019s best practices. The effect of this change on the 2023 financial statements would have resulted in a transfer of EUR 1.9 million from Inventories to Other tangible assets, reflecting the net value of these products. Additionally, it would have led to a reclassification of EUR 0.6 million of depreciation from the Cost of sales to Research and development expenses. 2.11. Impairment of non-financial assets The Group assesses on each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an assets or CGU\u2019s fair value, less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are considered. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. The Group bases its impairment calculation on most recent budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. When appropriate, a long-term growth rate is calculated and applied to project future cash flows after the fifth year. Impairment losses of continuing operations are recognized in the statement of profit or loss in expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such an indication exists, the Group estimates the assets or CGU\u2019s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such a reversal is recognized in the statement of profit or loss. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods. 2.12. Inventories Inventories are valued at the lower of cost and net realizable value. Costs incurred in bringing stocks to the right place in the appropriate conditions are recognized as follows for both the current and previous year: - the cost of the raw materials is determined using the weighted average price method. - the cost of the finished goods and work-in-progress is the full cost, which covers all the direct costs (materials and labor) and a portion of the indirect production costs necessary to take the stock to completion on the reporting date, excluding the borrowing costs. The net realizable value is the estimated sale price at the normal rate of the activity, less the estimated costs for the completion of the goods and the estimated costs necessary to realize the sale. Write offs on inventories are applied on slow-moving inventory. The calculation of the allowance is based on write-off rules that are applied consistently, which depend on both historical and future demand, of which the latter is subject to uncertainty due to rapid technological changes. During the current period, the Group has changed the presentation of materials produced for internal purposes in the financial statements. Previously, these products were presented as Inventories. As of January 1, 2024, the Group has adopted a new presentation method whereby these items are now classified as Other tangible assets/fixed assets. The change in presentation was made to enhance the clarity and comparability of the financial statements. The new presentation method provides more relevant information and better reflects the nature of the Group's financial assets and costs, aligning with industry\u2019s best practices. The effect of this change on the 2023 financial statements would have resulted in a transfer of EUR 1.9 million from Inventories to Other tangible assets, reflecting the net value of these products. Additionally, it would have led to a reclassification of EUR 0.6 million of depreciation from the Cost of sales to Research and development expenses. 2.13. Trade and other receivables Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price less an allowance for doubtful debts and less an amount for expected credit losses. The allowance for doubtful debts is recorded in operating income when it is probable that the company will not be able to collect all amounts due. Allowances are calculated on an individual basis, based on an aging analysis of the trade debtors. For the determination of the expected credit loss, EVS has applied the simplified approach and records lifetime expected losses on all trade receivables. This amount is determined on a portfolio basis, based on a provision matrix that considers historical credit loss experience.2.14. Other non-current assets Other non-current assets include long-term interest-bearing receivables and cash guarantees. Such long-term receivables are accounted for as receivables originated by the Company and are carried at amortized cost. An impairment loss is recorded when the carrying amount exceeds the estimated recoverable amount. 2.15. Cash and cash equivalents The cash and cash equivalents include cash at bank and in hand and short-term deposits with an original maturity date or notice period of three months or less. All the investments are recognized at their nominal value in the financial statements. 2.16. Treasury shares Sums paid or received during the acquisition or sale of the company\u2019s treasury shares are recognized directly in the equity. No profit or expense is included in the income statement during the purchase, sale, issuance, or cancellation of treasury shares. The treasury shares are classified under the \u201ctreasury shares\u201d heading and are deducted from the total shareholders\u2019 equity.2.17. Interest-bearing loans and borrowings All loans and borrowings are initially recognized at the fair value of the amount received, less the transaction costs to be allocated directly if they are significant. After the initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost, using the effective interest rate method. The profits and losses are recognized in the results when the liabilities are derecognized and via the effective interest rate method. Interest revenue is recognized as interest accrues. 2.18. Provisions Provisions are recognized when the group has a present obligation (legal or implicit) as a result of a past event, if it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the obligation value.2.19. Pensions and other post-employment benefits The post-employment benefits include pensions. The group operates defined contribution pension schemes. The minimum legal contribution is partially warranted by the insurance company. However, according to IAS19, Belgian-defined contribution plans that guarantee a specified return on contributions are considered as defined benefit plans, as the employer is not responsible for the contribution payments but has to cover the investment risk until the legal minimum rates applicable. IAS 19 requires an entity to recognize a liability when an employee has provided service in exchange for employee benefits to be paid in the future. Therefore, pension provisions are set up. The obligations are measured on a discounted basis since they are settled several years after the employees render the related service. 2.20. Share-based payment The Group\u2019s employees and management may receive remuneration in the form of a share-based payment, such as a non-transferable stock option plan (warrants), which allows them to acquire or receive group shares (equity-settled transactions), or such as payments determined on the value of the share (cash-settled transactions). The cost of the stock option plans (warrants) is determined by reference to the fair value of the equity instruments granted, measured on the grant date. The fair value is determined using the Black & Scholes model, taking into account the characteristics and conditions governing the granting of the instruments. The cost of equity-settled transactions is recognized as an expense and is offset by a corresponding increase in shareholder\u2019s equity over a period that ends on the date on which the beneficiary becomes creditor of the grant. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of \u201cfully diluted\u201d earnings per share but only when they have a dilutive effect when the exercise price is below the average share price of EVS ordinary shares during the fiscal year.2.21. Revenue from contracts with customers Revenue is recognized based on the identification of the performance obligations in a contract and when such obligations are satisfied. As far as sale of equipment is concerned, this type of contract usually includes a single performance obligation for which the revenue recognition occurs at a point in time when the transfer of ownership happens, usually at the delivery of the equipment. EVS also provides contracts that include licenses, cloud services or rentals that are only activated during a certain period determined in the contract. According to paragraph 31-38 of IFRS 15, the Group determines that the performance obligation is satisfied over time and, therefore, recognizes the revenue from these contracts accordingly. Additionally, EVS provides contracts that are considered as projects including both installation, implementation services coupled with the delivery of products or licenses. When these contracts have a value of more than EUR 500K and are spread over a period of more than 3 months, these contracts are therefore booked as service obligation completed gradually. The contractual arrangements being linked to the creation of an asset for the customer, the revenue should be recognized over time. This revenue is determined based on a percentage of completion of the contract. During the current period, the Group has changed its accounting policy regarding the determination of the percentage of completion for projects. Previously, the percentage of completion was determined in proportion to the total time expected to complete this type of projects at the end of the reporting period. As from January 1, 2024, the Group has adopted a new method for determining the percentage of completion based on fixed milestones. The change in policy is implemented to better reflect the progress of completion and improve the reliability of revenue recognition. The new method provides a more accurate measure of the project\u2019s completion, aligns with industry practices and remains appropriate to estimate the revenue to recognize according to IFRS 15. This change does not materially affect the financial results for prior periods. The impact on FY 2023 financial statements would have been neutral (EUR 0 million). Other services, sold separately or in combination with other equipment sale, are considered as a distinct performance obligation and when the services are sold in combination with the sale of the equipment, the transaction price is allocated based on the relative stand-alone selling price which is in general the separate price determined in the contract. In most cases, revenue recognition occurs over time as the customer simultaneously receives and consumes the benefits provided by the group. Warranties are mostly assurance-type warranties and will continue to be recognized in accordance with IAS 37.2.22. Government grants 2.22.1. European Union grants Subsidies from the European Union are recognized at their fair value where there is reasonable assurance that they will be received and that all the conditions will be satisfied. When the grant relates to an expense item, it is recognized as other income over the years necessary to match the grant on a systematic basis to the costs that it is intended to compensate. When the grant relates to an asset, the fair value is deducted from the carrying value of the related assets. 2.22.2. Investment grants Investment grants are recognized when there is reasonable assurance that they will be received and that all the conditions attached will be satisfied. Investment grants are recognized after deduction from the assets concerned and they are automatically deducted in the income statement from the depreciations of these assets. 2.23. Leases (EVS as lessee) A contract is or contains a lease if it conveys a right to control the use of an identified asset for a period in exchange for a consideration. To determine whether a lease confers the right to control use of a determined asset for a determined period of time, the Group must evaluate whether, throughout the period of use, it has the right to: - obtain substantially all the economic benefits from the use of the asset; and - direct the use of the asset. To determine the duration of the lease, any options for renewal or termination are considered as required under IFRS 16, taking into account the probability of exercising the option as well as whether it is under the control of the lessee. At the start of the lease, the Group recognizes a right-of-use asset and a lease liability. Right-of-use assets (RoU assets) The group recognizes right-of-use assets on the date of the start of the contract, i.e. the date on which the asset becomes available for use. These assets are valued at the initial cost of the lease liability minus amortization and any depreciation, adjusted to consider any revaluations of the lease liability. The initial cost of the right-of-use assets includes the present value of the lease liability, the initial costs incurred by the lessee, rent payments made on the start date or before that date, minus any incentives obtained by the lessee. These assets are depreciated over the estimated lifetime of the underlying asset or over the duration of the contract if this period is shorter, unless the group is sufficiently certain of obtaining ownership of the asset at the end of the contract. Lease Liabilities The lease liability is valued at the present value of the rent payments that have not yet been paid. The present value of the rent payments is calculated using the interest rate implicit in the lease if it is possible to determine that rate. If not, the incremental borrowing rate is used, which represents the interest rate that the lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment. Over the duration of the contract, the Company values the lease liability as follows: - by increasing the book value to reflect the interest on the lease liability; - by reducing the book value to reflect the rent payments made; - by revaluing the book value to reflect the new appreciation of the lease liability or amendments to the lease. Short term leases (duration of 12 months or less) and low-value leases (leases of assets with a value below EUR 5,000) are expensed when incurred.2.24. Leases (EVS as lessor) The existence of a lease within an agreement is reported based on the substance of the agreement. Lease agreements are classified depending on which party carries the risks and rewards associated with owning the asset. 2.24.1. Finance leases A lease agreement is classified as a financial lease if it transfers substantially to the lessee the risks and rewards inherent to ownership of the asset. When assets are leased out under a finance lease, these assets are derecognized, and the present value of the future lease payments is recognized as an earned product. The difference between the gross total receivable (lease and financing) and the value of the receivable is recognized as unearned finance income. 2.24.2. Operating leases A lease agreement is classified as an operating lease if it doesn\u2019t transfer substantially to the lessee the risks and rewards inherent to ownership of the asset. When assets are leased out under an operating lease, the asset is included in the balance sheet based on the nature of the asset. Lease income is recognized over the term of the lease on a straight-line basis.2.25. Research and development costs Research and development costs are expensed when incurred except for the research and developments costs related to new products or new technologies which are capitalized if those assets are subject to generate future economic benefits and if the recognition criteria of IAS 38 are met. We also refer to note 2.9.2. The fact that EVS operates in a market that is characterized by a rapid evolution of technologies implies that most of the R&D costs are linked to the development of very specific features on existing solutions. This is to ensure our solutions are consistently best in class and evolve with our customers\u2019 needs. In such a context, it is generally difficult to evaluate and predict the future economic benefit of a specific feature. In addition, for such granular developments, EVS cannot dissociate the research phase from the development phase. As such, most of the development costs incurred in 2024 are considered as operational costs and cannot be capitalized (criteria of IAS38 are not met). In 2024, EVS has however identified a major development that does meet the IAS38 criteria. This development is very distinct and will allow EVS to broaden its addressable market. Based on the following criteria, IAS38 is applicable: - Research and development phase can be distinguished, - An intangible asset is created following the development, - Future economic benefit is demonstrated (return on investment analysis is done), - Reliable cost tracking is present. Consequently, the related costs have been recognized as intangible assets with depreciation over a period of 5 years starting from the end of the development phase. 2.26. Income taxes Income taxes for the period include both current and deferred taxes. They are recognized in the income statement except where they relate to items recognized directly in equity. EVS benefits from the following tax incentives related to innovation and research & development: - Innovation income deduction - Deduction for investments in R&D - Exemption from withholding tax for R&D employees Innovation income deduction and deduction for investments in R&D are deducted from the taxable base of EVS in Belgium and consequently reduce the corporate tax paid by the Company. Exemption from withholding tax for R&D employees represents a payment exemption of part of the withholding tax paid on salaries, which results in a reduction of the R&D payroll costs incurred by the Company. 2.26.1. Current taxes Taxes due for the period are calculated on the income statement of the group\u2019s companies and are calculated according to the rules laid down by the local tax authorities. 2.26.2. Deferred taxes Deferred tax assets and liabilities are determined, using the liability method, for all temporary differences on the reporting date between the tax base of the assets and liabilities and their carrying amount on the balance sheet. Deferred tax liabilities are recognized for all temporary differences: - except when the deferred tax liability arises from the initial recognition of a goodwill or the initial recognition of an asset or a liability in a transaction that is not a business combination and that, on the transaction date, does not affect either the accounting profit or the taxable profit or loss; and - for the taxable temporary differences linked to interest in subsidiaries, in associates and in joint ventures, except if the date on which the temporary difference is inversed can be checked and it is probable that the temporary difference will not be inversed in the foreseeable future. Deferred income tax assets are recognized for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry-forward of unused tax assets and unused tax losses can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced if it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset the tax assets and liabilities due and if these deferred taxes concern the same taxable entity and the same tax authority.2.27. Derivative financial instruments EVS uses derivative financial instruments such as forward exchange rate contracts, options, or interest rate swaps to hedge its risks of foreign currency fluctuations on its foreign currency transactions and its risks of interest rate fluctuations. Derivative financial instruments that are either hedging instruments that are not designated or do not qualify as hedges are carried at fair value with changes in value included in the income statement. The fair value of forward exchange contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. The fair value of the interest rate swaps is subject to a valuation by the counterparty. The method of determining the fair value of these instruments is therefore of \"level 2\" type according to IFRS 13 \"Evaluation of fair value\". Financial assets and liabilities are offset, and the net amount is reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.2.28. Dividends The dividends proposed by the Board of Directors are not recognized in the financial statements if they have not been approved by the shareholders during the Ordinary Annual General Meeting. In case of interim dividends, they are deducted from the reserves. The dividends that are received from subsidiaries are recognized when the Group has a right to receive that payment. 2.29. Commitments relating to technical guarantee for sales or services already provided EVS grants a 2-year technical guarantee on products sold subject to the general conditions of sale. The Company has recorded a provision on the balance sheet to cover the probable costs relating to these technical guarantees. 2.30. Earnings per share The group calculates both the basic earnings per share and the diluted earnings per share in accordance with IAS 33. The basic earnings per share are calculated based on the weighted average number of ordinary shares in circulation during the period. The diluted earnings per share are calculated based on the average number of ordinary shares in circulation during the period plus the potential dilutive effect of the warrants and stock options in circulation during the period.",
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"value": "2.6. Interests in associates and joint ventures Associated and joint ventures companies are companies in which the group has a significant influence, defined as an investee in which the group has the power to participate in its financial and operating policy decisions (but not to control the investee). Associates and joint ventures are recognized according to the equity accounting method. These investments are carried in the balance sheet at the lowest value between that obtained by the equity method and the recoverable value. The group\u2019s share in the profit and loss of the associates and joint ventures is entered into the profit and loss account, in a distinct line \u201cShare in the result of the enterprise accounted for using the equity method\u201d. The financial statements of the associates and joint ventures are used by the group to apply the equity accounting method. The financial statements of the associates and joint ventures are prepared on the same reporting date as the parent company, based on similar accounting principles.",
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"f1__s8__6__24": {
"value": "2.6. Interests in associates and joint ventures Associated and joint ventures companies are companies in which the group has a significant influence, defined as an investee in which the group has the power to participate in its financial and operating policy decisions (but not to control the investee). Associates and joint ventures are recognized according to the equity accounting method. These investments are carried in the balance sheet at the lowest value between that obtained by the equity method and the recoverable value. The group\u2019s share in the profit and loss of the associates and joint ventures is entered into the profit and loss account, in a distinct line \u201cShare in the result of the enterprise accounted for using the equity method\u201d. The financial statements of the associates and joint ventures are used by the group to apply the equity accounting method. The financial statements of the associates and joint ventures are prepared on the same reporting date as the parent company, based on similar accounting principles.",
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"f1__s8__6__23": {
"value": "2.6. Interests in associates and joint ventures Associated and joint ventures companies are companies in which the group has a significant influence, defined as an investee in which the group has the power to participate in its financial and operating policy decisions (but not to control the investee). Associates and joint ventures are recognized according to the equity accounting method. These investments are carried in the balance sheet at the lowest value between that obtained by the equity method and the recoverable value. The group\u2019s share in the profit and loss of the associates and joint ventures is entered into the profit and loss account, in a distinct line \u201cShare in the result of the enterprise accounted for using the equity method\u201d. The financial statements of the associates and joint ventures are used by the group to apply the equity accounting method. The financial statements of the associates and joint ventures are prepared on the same reporting date as the parent company, based on similar accounting principles.",
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"f1__s8__6__26": {
"value": "2.7. Summary of significant judgements, assumptions, and estimates In preparing the consolidated financial statements, management is required to make judgments and estimates that affect amounts included in the financial statements. The estimates carried out on each reporting date reflect the conditions in force on these dates (for example: market price, interest rates and exchange rates). Although these estimates are based on the best knowledge of management of the existing events and of the actions that the group could undertake, the real results may differ from these estimates. The use of estimates is particularly applicable when performing goodwill impairment tests and evaluating any additions to the purchase price of past business combinations, the determination of the contingent consideration, determining the fair value of share-based payments, the evaluation of the deferred tax position and the determination of the percentage of completion of construction works. The following are critical judgements and estimations that management has made in the process of applying the group\u2019s accounting policies and that have the most significant effect on the amounts recognized in the financial statements. 2.7.1. Revenue recognition Under IFRS15, the transaction price is allocated to the identified performance obligations in the contract based on their relative standalone selling price. Judgement is required in determining the stand-alone price and the transaction price considering the contract duration. \u2022 Determination of the contract duration To define the duration of its contracts the group considers the contractual period in which the parties to the contract have present enforceable rights and obligations. \u2022 Determination of stand-alone selling price In situations where the stand-alone selling price is not directly observable, the group assess it using all information (including market conditions, EVS specific information or relevant customer information) that is reasonably available to the company. Discounts granted because a customer entered into a contract are allocated to all performance obligations triggering the granting of the discount. \u2022 Identification of performance obligations Identifying the performance obligation requires judgement and a thorough understanding of the contract promises and how they interact with each other. 2.7.2. Fair-value of share-based payments The Group\u2019s employees and management may receive a remuneration in the form of a share-based payment, such as stock options or warrants. The stock options are measured at grant date based on the share price at grant date, exercise price, expected volatility, dividend estimates, and interest rates. 2.7.3. Deferred Tax position Deferred tax assets are recognized for the carry-forward of unused tax losses and unused tax credits to the extent that it is probable that future taxable profit will be available against which the unused tax losses and unused tax credits can be utilized. In making its judgment, management considers elements such as long-term business strategy, including tax planning opportunities and local tax laws enacted at the reporting date. Deferred tax details are presented in note 7.3. 2.7.4. Current expected credit loss The Company assesses on a forward-looking basis the expected credit loss associated with its financial assets carried at amortized cost. For trade receivables, EVS applies the simplified approach permitted by IFRS 9 Financial instruments, which requires expected lifetime losses to be recognized from initial recognition of the receivables. The ability of the Company to collect its accounts receivable balances is dependent on the viability and solvency of its customers, who may experience financial difficulties that could cause them to be unable to fulfil their payment obligations to the Company. The Company develops its estimate of credit losses by number of days overdue and historical loss rates which are then adjusted for specific receivables that are judged to have a higher-than-normal risk profile after considering management\u2019s internal credit assessment, as well as macro-economic and industry risk factors. 2.7.5. Lease term under IFRS 16 When the Company acts as lessee, the lease term consists of the non-cancellable period of a lease, together with periods covered by options to extend the lease if the Company is reasonably certain to exercise these options, and periods covered by options to terminate the lease if the Company is reasonably certain not to exercise these options. Judgment is required in assessing whether these options will be exercised or not, considering all facts and circumstances that create an economic incentive to exercise an extension or termination option. The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment. 2.7.6. Valuation of inventory and associated write-offs Inventories are stated at the lower of cost or net realizable value. The calculation of the allowance for slow-moving inventory is based on consistently applied write-off rules, which depend on both historical and future demand, of which the latter is subject to uncertainty due to rapid technological changes. On top of the minimum rules, more severe rules are applied in case of for example the decision to stop a business unit or product line. The remaining inventory on hand is in that case analyzed and reserved as appropriate. Inventory allowances are only reversed in case the above rules no longer apply or the written off inventory is sold or scrapped (see note 14 inventory). 2.7.7. Functional currency of the group entities The individual financial statements of each subsidiary are prepared in the currency of the primary economic environment in which the entity operates. When the factors set out by IAS 21 to determine the functional currency are mixed and the functional currency is not obvious, management judgment is used to determine which functional currency most faithfully represents the economic effects of its underlying transactions, events and conditions. The functional currency of the EVS Group entities is EUR except for the US entity EVS Inc. for which US Dollar is assessed by management to be the functional currency. 2.7.8. Claims and contingent liabilities Related to claims and contingencies, judgement is necessary in assessing the existence of an obligation resulting from a past event, in assessing the probability of an economic outflow, and in quantifying the probable outcome of economic resources. This judgment is reviewed when new information becomes available and often with the support of internal and external expert advice. 2.7.9. Recoverable amount of cash generating units including goodwill The Company tests the goodwill for impairment annually or more frequently if there are indications that goodwill might be impaired. The outcome of the goodwill impairment test performed in the last quarter of 2024 did not result in an impairment loss. The key assumptions that are used for estimating the recoverable amounts of cash generating units to which goodwill is allocated are discussed in note 10 (goodwill). 2.7.10. Actuarial assumptions related to the measurement of employee benefit obligations and plan assets The cost of the defined benefit pension plan and the present value of the pension obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the complexities involved in the valuation, and its long-term nature, a defined obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed on the reporting date and are discussed in note 6.4 (post-employment benefit). 2.7.11. Estimation of useful life Property, Plant and Equipment are depreciated using a straight-line method to allocate their depreciable amount on a systematic basis over their useful life. For the headquarters building in Li\u00e8ge, the depreciable amount is the cost less its estimated residual value. The useful life of an asset is estimated on a realistic basis based on the experience of the group with similar assets and reviewed at least annually. The effect of changes in useful life are recognized progressively. The residual value exercise is reviewed at each financial year-end and, if expectations differ from previous estimates, any change is accounted for prospectively as a change in estimate under IAS 8. 2.7.12. Impact of the war in Ukraine on our activities Further to the long-lasting conflict in Ukraine, EVS continues to monitor and comply with the international sanctions on Russia and Belarus within the framework of its business in those regions. EVS does not anticipate that the compliance of those sanctions might impact its business results as the revenue for those regions is not material. EVS does not have local offices in the impacted region. The impact of the war, even if immaterial, is limited to signed orders, not being executed, or delivered and potentially missed new opportunities that may arise in that area.",
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"value": "2.8. Foreign currency translation The individual financial statements of each subsidiary are prepared in the currency of the primary economic environment in which the entity operates. The functional currency reflects the underlying transactions, events and conditions that are relevant to the entity, as assessed by Management. The functional currency of the EVS Group entities is EUR except for the US entity EVS Inc. for which US Dollar is assessed by management to be the functional currency. The presentation currency of the financial statements of EVS Broadcast Equipment SA is the euro. 2.8.1. Financial statements of foreign companies For all the subsidiaries, transactions in foreign currencies are initially recorded in the functional currency at the exchange rate in force on the transaction date. On the reporting date, the monetary assets and liabilities denominated in foreign currencies are converted into the functional currency at the exchange rate in force on the reporting date. The non-monetary items in foreign currency that are measured at the historical cost are converted at the exchange rates in force on the initial transaction dates. All exchange differences are recognized in the consolidated income statement. For the EVS Inc. subsidiary that operates in USD, assets and liabilities are converted at the reporting date in euros (EUR), which is the functional currency of the parent company, at the exchange rate in force on the reporting date. Equity is converted at a historical exchange rate and income statement is converted at the average exchange rate of the period. Any exchange differences resulting from this conversion are recognized in other comprehensive income and shown under a separate heading of the shareholders\u2019 equity. 2.8.2. Transactions in foreign currencies Transactions in foreign currencies are recognized at the exchange rate in force on the transaction date. The monetary assets and liabilities denominated in foreign currencies are converted at the exchange rate in force on the reporting date. The exchange gains or losses resulting from monetary transactions and the conversion of monetary assets or liabilities are recognized in the income statement. Non-monetary assets and liabilities are converted at the exchange rate of the foreign currency in force on the transaction date. 2.8.3. Exchange rates used USD / EUR exchange rate Twelve months average At December 31 (closing rate) 2024 1.0821 1.0389 2023 1.0815 1.1050 Variation 0.1% -6.0% GBP / EUR exchange rate Twelve months average At December 31 (closing rate) 2024 0.8466 0.8292 20230.8698 0.8690 Variation -2.7% -4.6%",
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"value": "2.8. Foreign currency translation The individual financial statements of each subsidiary are prepared in the currency of the primary economic environment in which the entity operates. The functional currency reflects the underlying transactions, events and conditions that are relevant to the entity, as assessed by Management. The functional currency of the EVS Group entities is EUR except for the US entity EVS Inc. for which US Dollar is assessed by management to be the functional currency. The presentation currency of the financial statements of EVS Broadcast Equipment SA is the euro. 2.8.1. Financial statements of foreign companies For all the subsidiaries, transactions in foreign currencies are initially recorded in the functional currency at the exchange rate in force on the transaction date. On the reporting date, the monetary assets and liabilities denominated in foreign currencies are converted into the functional currency at the exchange rate in force on the reporting date. The non-monetary items in foreign currency that are measured at the historical cost are converted at the exchange rates in force on the initial transaction dates. All exchange differences are recognized in the consolidated income statement. For the EVS Inc. subsidiary that operates in USD, assets and liabilities are converted at the reporting date in euros (EUR), which is the functional currency of the parent company, at the exchange rate in force on the reporting date. Equity is converted at a historical exchange rate and income statement is converted at the average exchange rate of the period. Any exchange differences resulting from this conversion are recognized in other comprehensive income and shown under a separate heading of the shareholders\u2019 equity. 2.8.2. Transactions in foreign currencies Transactions in foreign currencies are recognized at the exchange rate in force on the transaction date. The monetary assets and liabilities denominated in foreign currencies are converted at the exchange rate in force on the reporting date. The exchange gains or losses resulting from monetary transactions and the conversion of monetary assets or liabilities are recognized in the income statement. Non-monetary assets and liabilities are converted at the exchange rate of the foreign currency in force on the transaction date. 2.8.3. Exchange rates used USD / EUR exchange rate Twelve months average At December 31 (closing rate) 2024 1.0821 1.0389 2023 1.0815 1.1050 Variation 0.1% -6.0% GBP / EUR exchange rate Twelve months average At December 31 (closing rate) 2024 0.8466 0.8292 20230.8698 0.8690 Variation -2.7% -4.6%",
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"f1__s8__6__32-1": {
"value": "2.9. Intangible Assets 2.9.1. Intangible assets acquired separately Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortization and accumulated impairment losses. The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses. 2.9.2. Internally-generated intangible assets \u2013 research and development expenditure Expenditure on research activities is recognized as an expense in the period in which it is incurred. An internally generated intangible asset arising from development (or from the development phase of an internal project) is recognized if, and only if, all the following conditions have been demonstrated: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale. \u2022 The intention to complete the intangible asset and use or sell it. \u2022 The ability to use or sell intangible assets. \u2022 How the intangible asset will generate probable future economic benefits. \u2022 The availability of adequate technical, financial, and other resources to complete the development and to use or sell the intangible asset. \u2022 The ability to measure reliably the expenditure attributable to the intangible asset during its development. Where it is not possible to reliably distinguish between research or development costs, the costs are considered as being research and therefore, these costs do not qualify as an internally generated intangible asset. The amount initially recognized for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognized, development expenditure is recognized in profit or loss in the period in which it is incurred. After initial recognition, internally generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. We also refer to note 2.25 for specifics on the treatment of research and development costs. 2.9.3. Intangible assets acquired in a business combination Intangible assets acquired in a business combination and recognized separately from goodwill are recognized initially at their fair value at the acquisition date (which is regarded as their cost). After initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Intangible assets with a finite useful life are depreciated on a straight-line basis over the duration of their economic useful life (3 years for software acquired for internal use and between 3 and 7 years for the other intangible assets) and reviewed for impairment testing each time there is a sign of impairment in the intangible asset. An intangible asset is derecognized at disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in profit or loss when the asset is derecognized. 2.10. Tangible assets The buildings are recorded at cost. Their value is reduced with depreciation and is not subject to fair value revaluation. The cost includes fees and costs. Subsidies that have been collected to finance the construction of the buildings are deducted from the cost of acquisition. Since the commissioning of the headquarter building in Li\u00e8ge in 2015, the cost of the building, less estimated residual value, is depreciated over the estimated useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period of the financial information. The other tangible assets are recognized in the balance sheet at cost, less accumulated depreciation, and impairment losses. The estimated useful lives of the tangible assets are as follows: - Buildings: between 10 and 30 years - Vehicles: between 3 and 5 years - IT equipment: between 3 and 4 years - Office furniture and equipment: between 3 and 10 years - Plant and equipment: between 3 and 10 years - Other tangible assets: between 3 and 4 years The depreciation is calculated from such time as the asset is available for use. A tangible asset is no longer recognized in the accounts from such time as it is sold, or no future economic benefit is expected from the asset. Any gain or loss generated at the time of the sale (calculated as the difference between the sale price and the net carrying amount of the element) is recognized during the period during which it was sold. During the current period, the Group has changed the presentation of materials produced for internal purposes in the financial statements. Previously, these products were presented as Inventories. As of January 1, 2024, the Group has adopted a new presentation method whereby these items are now classified as Other tangible assets/fixed assets. The change in presentation was made to enhance the clarity and comparability of the financial statements. The new presentation method provides more relevant information and better reflects the nature of the Group's financial assets and costs, aligning with industry\u2019s best practices. The effect of this change on the 2023 financial statements would have resulted in a transfer of EUR 1.9 million from Inventories to Other tangible assets, reflecting the net value of these products. Additionally, it would have led to a reclassification of EUR 0.6 million of depreciation from the Cost of sales to Research and development expenses. ",
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"value": "2.9. Intangible Assets 2.9.1. Intangible assets acquired separately Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortization and accumulated impairment losses. The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses. 2.9.2. Internally-generated intangible assets \u2013 research and development expenditure Expenditure on research activities is recognized as an expense in the period in which it is incurred. An internally generated intangible asset arising from development (or from the development phase of an internal project) is recognized if, and only if, all the following conditions have been demonstrated: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale. \u2022 The intention to complete the intangible asset and use or sell it. \u2022 The ability to use or sell intangible assets. \u2022 How the intangible asset will generate probable future economic benefits. \u2022 The availability of adequate technical, financial, and other resources to complete the development and to use or sell the intangible asset. \u2022 The ability to measure reliably the expenditure attributable to the intangible asset during its development. Where it is not possible to reliably distinguish between research or development costs, the costs are considered as being research and therefore, these costs do not qualify as an internally generated intangible asset. The amount initially recognized for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognized, development expenditure is recognized in profit or loss in the period in which it is incurred. After initial recognition, internally generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. We also refer to note 2.25 for specifics on the treatment of research and development costs. 2.9.3. Intangible assets acquired in a business combination Intangible assets acquired in a business combination and recognized separately from goodwill are recognized initially at their fair value at the acquisition date (which is regarded as their cost). After initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Intangible assets with a finite useful life are depreciated on a straight-line basis over the duration of their economic useful life (3 years for software acquired for internal use and between 3 and 7 years for the other intangible assets) and reviewed for impairment testing each time there is a sign of impairment in the intangible asset. An intangible asset is derecognized at disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in profit or loss when the asset is derecognized. 2.10. Tangible assets The buildings are recorded at cost. Their value is reduced with depreciation and is not subject to fair value revaluation. The cost includes fees and costs. Subsidies that have been collected to finance the construction of the buildings are deducted from the cost of acquisition. Since the commissioning of the headquarter building in Li\u00e8ge in 2015, the cost of the building, less estimated residual value, is depreciated over the estimated useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period of the financial information. The other tangible assets are recognized in the balance sheet at cost, less accumulated depreciation, and impairment losses. The estimated useful lives of the tangible assets are as follows: - Buildings: between 10 and 30 years - Vehicles: between 3 and 5 years - IT equipment: between 3 and 4 years - Office furniture and equipment: between 3 and 10 years - Plant and equipment: between 3 and 10 years - Other tangible assets: between 3 and 4 years The depreciation is calculated from such time as the asset is available for use. A tangible asset is no longer recognized in the accounts from such time as it is sold, or no future economic benefit is expected from the asset. Any gain or loss generated at the time of the sale (calculated as the difference between the sale price and the net carrying amount of the element) is recognized during the period during which it was sold. During the current period, the Group has changed the presentation of materials produced for internal purposes in the financial statements. Previously, these products were presented as Inventories. As of January 1, 2024, the Group has adopted a new presentation method whereby these items are now classified as Other tangible assets/fixed assets. The change in presentation was made to enhance the clarity and comparability of the financial statements. The new presentation method provides more relevant information and better reflects the nature of the Group's financial assets and costs, aligning with industry\u2019s best practices. The effect of this change on the 2023 financial statements would have resulted in a transfer of EUR 1.9 million from Inventories to Other tangible assets, reflecting the net value of these products. Additionally, it would have led to a reclassification of EUR 0.6 million of depreciation from the Cost of sales to Research and development expenses. 2.11. Impairment of non-financial assets The Group assesses on each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an assets or CGU\u2019s fair value, less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are considered. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. The Group bases its impairment calculation on most recent budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. When appropriate, a long-term growth rate is calculated and applied to project future cash flows after the fifth year. Impairment losses of continuing operations are recognized in the statement of profit or loss in expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such an indication exists, the Group estimates the assets or CGU\u2019s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such a reversal is recognized in the statement of profit or loss. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods. 2.25. Research and development costs Research and development costs are expensed when incurred except for the research and developments costs related to new products or new technologies which are capitalized if those assets are subject to generate future economic benefits and if the recognition criteria of IAS 38 are met. We also refer to note 2.9.2. The fact that EVS operates in a market that is characterized by a rapid evolution of technologies implies that most of the R&D costs are linked to the development of very specific features on existing solutions. This is to ensure our solutions are consistently best in class and evolve with our customers\u2019 needs. In such a context, it is generally difficult to evaluate and predict the future economic benefit of a specific feature. In addition, for such granular developments, EVS cannot dissociate the research phase from the development phase. As such, most of the development costs incurred in 2024 are considered as operational costs and cannot be capitalized (criteria of IAS38 are not met). In 2024, EVS has however identified a major development that does meet the IAS38 criteria. This development is very distinct and will allow EVS to broaden its addressable market. Based on the following criteria, IAS38 is applicable: - Research and development phase can be distinguished, - An intangible asset is created following the development, - Future economic benefit is demonstrated (return on investment analysis is done), - Reliable cost tracking is present. Consequently, the related costs have been recognized as intangible assets with depreciation over a period of 5 years starting from the end of the development phase. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__30": {
"value": "2.9. Intangible Assets 2.9.1. Intangible assets acquired separately Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortization and accumulated impairment losses. The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses. 2.9.2. Internally-generated intangible assets \u2013 research and development expenditure Expenditure on research activities is recognized as an expense in the period in which it is incurred. An internally generated intangible asset arising from development (or from the development phase of an internal project) is recognized if, and only if, all the following conditions have been demonstrated: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale. \u2022 The intention to complete the intangible asset and use or sell it. \u2022 The ability to use or sell intangible assets. \u2022 How the intangible asset will generate probable future economic benefits. \u2022 The availability of adequate technical, financial, and other resources to complete the development and to use or sell the intangible asset. \u2022 The ability to measure reliably the expenditure attributable to the intangible asset during its development. Where it is not possible to reliably distinguish between research or development costs, the costs are considered as being research and therefore, these costs do not qualify as an internally generated intangible asset. The amount initially recognized for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognized, development expenditure is recognized in profit or loss in the period in which it is incurred. After initial recognition, internally generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. We also refer to note 2.25 for specifics on the treatment of research and development costs. 2.9.3. Intangible assets acquired in a business combination Intangible assets acquired in a business combination and recognized separately from goodwill are recognized initially at their fair value at the acquisition date (which is regarded as their cost). After initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Intangible assets with a finite useful life are depreciated on a straight-line basis over the duration of their economic useful life (3 years for software acquired for internal use and between 3 and 7 years for the other intangible assets) and reviewed for impairment testing each time there is a sign of impairment in the intangible asset. An intangible asset is derecognized at disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in profit or loss when the asset is derecognized. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__29": {
"value": "2.9. Intangible Assets 2.9.1. Intangible assets acquired separately Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortization and accumulated impairment losses. The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses. 2.9.2. Internally-generated intangible assets \u2013 research and development expenditure Expenditure on research activities is recognized as an expense in the period in which it is incurred. An internally generated intangible asset arising from development (or from the development phase of an internal project) is recognized if, and only if, all the following conditions have been demonstrated: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale. \u2022 The intention to complete the intangible asset and use or sell it. \u2022 The ability to use or sell intangible assets. \u2022 How the intangible asset will generate probable future economic benefits. \u2022 The availability of adequate technical, financial, and other resources to complete the development and to use or sell the intangible asset. \u2022 The ability to measure reliably the expenditure attributable to the intangible asset during its development. Where it is not possible to reliably distinguish between research or development costs, the costs are considered as being research and therefore, these costs do not qualify as an internally generated intangible asset. The amount initially recognized for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognized, development expenditure is recognized in profit or loss in the period in which it is incurred. After initial recognition, internally generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. We also refer to note 2.25 for specifics on the treatment of research and development costs. 2.9.3. Intangible assets acquired in a business combination Intangible assets acquired in a business combination and recognized separately from goodwill are recognized initially at their fair value at the acquisition date (which is regarded as their cost). After initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Intangible assets with a finite useful life are depreciated on a straight-line basis over the duration of their economic useful life (3 years for software acquired for internal use and between 3 and 7 years for the other intangible assets) and reviewed for impairment testing each time there is a sign of impairment in the intangible asset. An intangible asset is derecognized at disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in profit or loss when the asset is derecognized. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__34": {
"value": "2.10. Tangible assets The buildings are recorded at cost. Their value is reduced with depreciation and is not subject to fair value revaluation. The cost includes fees and costs. Subsidies that have been collected to finance the construction of the buildings are deducted from the cost of acquisition. Since the commissioning of the headquarter building in Li\u00e8ge in 2015, the cost of the building, less estimated residual value, is depreciated over the estimated useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period of the financial information. The other tangible assets are recognized in the balance sheet at cost, less accumulated depreciation, and impairment losses. The estimated useful lives of the tangible assets are as follows: - Buildings: between 10 and 30 years - Vehicles: between 3 and 5 years - IT equipment: between 3 and 4 years - Office furniture and equipment: between 3 and 10 years - Plant and equipment: between 3 and 10 years - Other tangible assets: between 3 and 4 years The depreciation is calculated from such time as the asset is available for use. A tangible asset is no longer recognized in the accounts from such time as it is sold, or no future economic benefit is expected from the asset. Any gain or loss generated at the time of the sale (calculated as the difference between the sale price and the net carrying amount of the element) is recognized during the period during which it was sold. During the current period, the Group has changed the presentation of materials produced for internal purposes in the financial statements. Previously, these products were presented as Inventories. As of January 1, 2024, the Group has adopted a new presentation method whereby these items are now classified as Other tangible assets/fixed assets. The change in presentation was made to enhance the clarity and comparability of the financial statements. The new presentation method provides more relevant information and better reflects the nature of the Group's financial assets and costs, aligning with industry\u2019s best practices. The effect of this change on the 2023 financial statements would have resulted in a transfer of EUR 1.9 million from Inventories to Other tangible assets, reflecting the net value of these products. Additionally, it would have led to a reclassification of EUR 0.6 million of depreciation from the Cost of sales to Research and development expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__38": {
"value": "2.11. Impairment of non-financial assets The Group assesses on each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an assets or CGU\u2019s fair value, less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are considered. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. The Group bases its impairment calculation on most recent budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. When appropriate, a long-term growth rate is calculated and applied to project future cash flows after the fifth year. Impairment losses of continuing operations are recognized in the statement of profit or loss in expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such an indication exists, the Group estimates the assets or CGU\u2019s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such a reversal is recognized in the statement of profit or loss. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__37-1": {
"value": "2.11. Impairment of non-financial assets The Group assesses on each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an assets or CGU\u2019s fair value, less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are considered. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. The Group bases its impairment calculation on most recent budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. When appropriate, a long-term growth rate is calculated and applied to project future cash flows after the fifth year. Impairment losses of continuing operations are recognized in the statement of profit or loss in expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such an indication exists, the Group estimates the assets or CGU\u2019s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such a reversal is recognized in the statement of profit or loss. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods. 2.13. Trade and other receivables Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price less an allowance for doubtful debts and less an amount for expected credit losses. The allowance for doubtful debts is recorded in operating income when it is probable that the company will not be able to collect all amounts due. Allowances are calculated on an individual basis, based on an aging analysis of the trade debtors. For the determination of the expected credit loss, EVS has applied the simplified approach and records lifetime expected losses on all trade receivables. This amount is determined on a portfolio basis, based on a provision matrix that considers historical credit loss experience.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__41": {
"value": "2.12. Inventories Inventories are valued at the lower of cost and net realizable value. Costs incurred in bringing stocks to the right place in the appropriate conditions are recognized as follows for both the current and previous year: - the cost of the raw materials is determined using the weighted average price method. - the cost of the finished goods and work-in-progress is the full cost, which covers all the direct costs (materials and labor) and a portion of the indirect production costs necessary to take the stock to completion on the reporting date, excluding the borrowing costs. The net realizable value is the estimated sale price at the normal rate of the activity, less the estimated costs for the completion of the goods and the estimated costs necessary to realize the sale. Write offs on inventories are applied on slow-moving inventory. The calculation of the allowance is based on write-off rules that are applied consistently, which depend on both historical and future demand, of which the latter is subject to uncertainty due to rapid technological changes. During the current period, the Group has changed the presentation of materials produced for internal purposes in the financial statements. Previously, these products were presented as Inventories. As of January 1, 2024, the Group has adopted a new presentation method whereby these items are now classified as Other tangible assets/fixed assets. The change in presentation was made to enhance the clarity and comparability of the financial statements. The new presentation method provides more relevant information and better reflects the nature of the Group's financial assets and costs, aligning with industry\u2019s best practices. The effect of this change on the 2023 financial statements would have resulted in a transfer of EUR 1.9 million from Inventories to Other tangible assets, reflecting the net value of these products. Additionally, it would have led to a reclassification of EUR 0.6 million of depreciation from the Cost of sales to Research and development expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__46-1": {
"value": "2.13. Trade and other receivables Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price less an allowance for doubtful debts and less an amount for expected credit losses. The allowance for doubtful debts is recorded in operating income when it is probable that the company will not be able to collect all amounts due. Allowances are calculated on an individual basis, based on an aging analysis of the trade debtors. For the determination of the expected credit loss, EVS has applied the simplified approach and records lifetime expected losses on all trade receivables. This amount is determined on a portfolio basis, based on a provision matrix that considers historical credit loss experience.2.14. Other non-current assets Other non-current assets include long-term interest-bearing receivables and cash guarantees. Such long-term receivables are accounted for as receivables originated by the Company and are carried at amortized cost. An impairment loss is recorded when the carrying amount exceeds the estimated recoverable amount. 2.15. Cash and cash equivalents The cash and cash equivalents include cash at bank and in hand and short-term deposits with an original maturity date or notice period of three months or less. All the investments are recognized at their nominal value in the financial statements. 2.27. Derivative financial instruments EVS uses derivative financial instruments such as forward exchange rate contracts, options, or interest rate swaps to hedge its risks of foreign currency fluctuations on its foreign currency transactions and its risks of interest rate fluctuations. Derivative financial instruments that are either hedging instruments that are not designated or do not qualify as hedges are carried at fair value with changes in value included in the income statement. The fair value of forward exchange contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. The fair value of the interest rate swaps is subject to a valuation by the counterparty. The method of determining the fair value of these instruments is therefore of \"level 2\" type according to IFRS 13 \"Evaluation of fair value\". Financial assets and liabilities are offset, and the net amount is reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__45": {
"value": "2.13. Trade and other receivables Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price less an allowance for doubtful debts and less an amount for expected credit losses. The allowance for doubtful debts is recorded in operating income when it is probable that the company will not be able to collect all amounts due. Allowances are calculated on an individual basis, based on an aging analysis of the trade debtors. For the determination of the expected credit loss, EVS has applied the simplified approach and records lifetime expected losses on all trade receivables. This amount is determined on a portfolio basis, based on a provision matrix that considers historical credit loss experience.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__42-1": {
"value": "2.13. Trade and other receivables Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price less an allowance for doubtful debts and less an amount for expected credit losses. The allowance for doubtful debts is recorded in operating income when it is probable that the company will not be able to collect all amounts due. Allowances are calculated on an individual basis, based on an aging analysis of the trade debtors. For the determination of the expected credit loss, EVS has applied the simplified approach and records lifetime expected losses on all trade receivables. This amount is determined on a portfolio basis, based on a provision matrix that considers historical credit loss experience.2.14. Other non-current assets Other non-current assets include long-term interest-bearing receivables and cash guarantees. Such long-term receivables are accounted for as receivables originated by the Company and are carried at amortized cost. An impairment loss is recorded when the carrying amount exceeds the estimated recoverable amount. 2.15. Cash and cash equivalents The cash and cash equivalents include cash at bank and in hand and short-term deposits with an original maturity date or notice period of three months or less. All the investments are recognized at their nominal value in the financial statements. 2.17. Interest-bearing loans and borrowings All loans and borrowings are initially recognized at the fair value of the amount received, less the transaction costs to be allocated directly if they are significant. After the initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost, using the effective interest rate method. The profits and losses are recognized in the results when the liabilities are derecognized and via the effective interest rate method. Interest revenue is recognized as interest accrues. Lease Liabilities The lease liability is valued at the present value of the rent payments that have not yet been paid. The present value of the rent payments is calculated using the interest rate implicit in the lease if it is possible to determine that rate. If not, the incremental borrowing rate is used, which represents the interest rate that the lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment. Over the duration of the contract, the Company values the lease liability as follows: - by increasing the book value to reflect the interest on the lease liability; - by reducing the book value to reflect the rent payments made; - by revaluing the book value to reflect the new appreciation of the lease liability or amendments to the lease. Short term leases (duration of 12 months or less) and low-value leases (leases of assets with a value below EUR 5,000) are expensed when incurred.2.27. Derivative financial instruments EVS uses derivative financial instruments such as forward exchange rate contracts, options, or interest rate swaps to hedge its risks of foreign currency fluctuations on its foreign currency transactions and its risks of interest rate fluctuations. Derivative financial instruments that are either hedging instruments that are not designated or do not qualify as hedges are carried at fair value with changes in value included in the income statement. The fair value of forward exchange contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. The fair value of the interest rate swaps is subject to a valuation by the counterparty. The method of determining the fair value of these instruments is therefore of \"level 2\" type according to IFRS 13 \"Evaluation of fair value\". Financial assets and liabilities are offset, and the net amount is reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__39": {
"value": "2.13. Trade and other receivables Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price less an allowance for doubtful debts and less an amount for expected credit losses. The allowance for doubtful debts is recorded in operating income when it is probable that the company will not be able to collect all amounts due. Allowances are calculated on an individual basis, based on an aging analysis of the trade debtors. For the determination of the expected credit loss, EVS has applied the simplified approach and records lifetime expected losses on all trade receivables. This amount is determined on a portfolio basis, based on a provision matrix that considers historical credit loss experience.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__54": {
"value": "2.15. Cash and cash equivalents The cash and cash equivalents include cash at bank and in hand and short-term deposits with an original maturity date or notice period of three months or less. All the investments are recognized at their nominal value in the financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__55": {
"value": "2.16. Treasury shares Sums paid or received during the acquisition or sale of the company\u2019s treasury shares are recognized directly in the equity. No profit or expense is included in the income statement during the purchase, sale, issuance, or cancellation of treasury shares. The treasury shares are classified under the \u201ctreasury shares\u201d heading and are deducted from the total shareholders\u2019 equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__76-1": {
"value": "2.17. Interest-bearing loans and borrowings All loans and borrowings are initially recognized at the fair value of the amount received, less the transaction costs to be allocated directly if they are significant. After the initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost, using the effective interest rate method. The profits and losses are recognized in the results when the liabilities are derecognized and via the effective interest rate method. Interest revenue is recognized as interest accrues. Lease Liabilities The lease liability is valued at the present value of the rent payments that have not yet been paid. The present value of the rent payments is calculated using the interest rate implicit in the lease if it is possible to determine that rate. If not, the incremental borrowing rate is used, which represents the interest rate that the lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment. Over the duration of the contract, the Company values the lease liability as follows: - by increasing the book value to reflect the interest on the lease liability; - by reducing the book value to reflect the rent payments made; - by revaluing the book value to reflect the new appreciation of the lease liability or amendments to the lease. Short term leases (duration of 12 months or less) and low-value leases (leases of assets with a value below EUR 5,000) are expensed when incurred.2.27. Derivative financial instruments EVS uses derivative financial instruments such as forward exchange rate contracts, options, or interest rate swaps to hedge its risks of foreign currency fluctuations on its foreign currency transactions and its risks of interest rate fluctuations. Derivative financial instruments that are either hedging instruments that are not designated or do not qualify as hedges are carried at fair value with changes in value included in the income statement. The fair value of forward exchange contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. The fair value of the interest rate swaps is subject to a valuation by the counterparty. The method of determining the fair value of these instruments is therefore of \"level 2\" type according to IFRS 13 \"Evaluation of fair value\". Financial assets and liabilities are offset, and the net amount is reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__56": {
"value": "2.17. Interest-bearing loans and borrowings All loans and borrowings are initially recognized at the fair value of the amount received, less the transaction costs to be allocated directly if they are significant. After the initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost, using the effective interest rate method. The profits and losses are recognized in the results when the liabilities are derecognized and via the effective interest rate method. Interest revenue is recognized as interest accrues. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__57-1": {
"value": "2.18. Provisions Provisions are recognized when the group has a present obligation (legal or implicit) as a result of a past event, if it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the obligation value.2.29. Commitments relating to technical guarantee for sales or services already provided EVS grants a 2-year technical guarantee on products sold subject to the general conditions of sale. The Company has recorded a provision on the balance sheet to cover the probable costs relating to these technical guarantees. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__58": {
"value": "2.19. Pensions and other post-employment benefits The post-employment benefits include pensions. The group operates defined contribution pension schemes. The minimum legal contribution is partially warranted by the insurance company. However, according to IAS19, Belgian-defined contribution plans that guarantee a specified return on contributions are considered as defined benefit plans, as the employer is not responsible for the contribution payments but has to cover the investment risk until the legal minimum rates applicable. IAS 19 requires an entity to recognize a liability when an employee has provided service in exchange for employee benefits to be paid in the future. Therefore, pension provisions are set up. The obligations are measured on a discounted basis since they are settled several years after the employees render the related service. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__60": {
"value": "2.20. Share-based payment The Group\u2019s employees and management may receive remuneration in the form of a share-based payment, such as a non-transferable stock option plan (warrants), which allows them to acquire or receive group shares (equity-settled transactions), or such as payments determined on the value of the share (cash-settled transactions). The cost of the stock option plans (warrants) is determined by reference to the fair value of the equity instruments granted, measured on the grant date. The fair value is determined using the Black & Scholes model, taking into account the characteristics and conditions governing the granting of the instruments. The cost of equity-settled transactions is recognized as an expense and is offset by a corresponding increase in shareholder\u2019s equity over a period that ends on the date on which the beneficiary becomes creditor of the grant. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of \u201cfully diluted\u201d earnings per share but only when they have a dilutive effect when the exercise price is below the average share price of EVS ordinary shares during the fiscal year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__59": {
"value": "2.20. Share-based payment The Group\u2019s employees and management may receive remuneration in the form of a share-based payment, such as a non-transferable stock option plan (warrants), which allows them to acquire or receive group shares (equity-settled transactions), or such as payments determined on the value of the share (cash-settled transactions). The cost of the stock option plans (warrants) is determined by reference to the fair value of the equity instruments granted, measured on the grant date. The fair value is determined using the Black & Scholes model, taking into account the characteristics and conditions governing the granting of the instruments. The cost of equity-settled transactions is recognized as an expense and is offset by a corresponding increase in shareholder\u2019s equity over a period that ends on the date on which the beneficiary becomes creditor of the grant. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of \u201cfully diluted\u201d earnings per share but only when they have a dilutive effect when the exercise price is below the average share price of EVS ordinary shares during the fiscal year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__61": {
"value": "2.21. Revenue from contracts with customers Revenue is recognized based on the identification of the performance obligations in a contract and when such obligations are satisfied. As far as sale of equipment is concerned, this type of contract usually includes a single performance obligation for which the revenue recognition occurs at a point in time when the transfer of ownership happens, usually at the delivery of the equipment. EVS also provides contracts that include licenses, cloud services or rentals that are only activated during a certain period determined in the contract. According to paragraph 31-38 of IFRS 15, the Group determines that the performance obligation is satisfied over time and, therefore, recognizes the revenue from these contracts accordingly. Additionally, EVS provides contracts that are considered as projects including both installation, implementation services coupled with the delivery of products or licenses. When these contracts have a value of more than EUR 500K and are spread over a period of more than 3 months, these contracts are therefore booked as service obligation completed gradually. The contractual arrangements being linked to the creation of an asset for the customer, the revenue should be recognized over time. This revenue is determined based on a percentage of completion of the contract. During the current period, the Group has changed its accounting policy regarding the determination of the percentage of completion for projects. Previously, the percentage of completion was determined in proportion to the total time expected to complete this type of projects at the end of the reporting period. As from January 1, 2024, the Group has adopted a new method for determining the percentage of completion based on fixed milestones. The change in policy is implemented to better reflect the progress of completion and improve the reliability of revenue recognition. The new method provides a more accurate measure of the project\u2019s completion, aligns with industry practices and remains appropriate to estimate the revenue to recognize according to IFRS 15. This change does not materially affect the financial results for prior periods. The impact on FY 2023 financial statements would have been neutral (EUR 0 million). Other services, sold separately or in combination with other equipment sale, are considered as a distinct performance obligation and when the services are sold in combination with the sale of the equipment, the transaction price is allocated based on the relative stand-alone selling price which is in general the separate price determined in the contract. In most cases, revenue recognition occurs over time as the customer simultaneously receives and consumes the benefits provided by the group. Warranties are mostly assurance-type warranties and will continue to be recognized in accordance with IAS 37.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__62": {
"value": "2.22. Government grants 2.22.1. European Union grants Subsidies from the European Union are recognized at their fair value where there is reasonable assurance that they will be received and that all the conditions will be satisfied. When the grant relates to an expense item, it is recognized as other income over the years necessary to match the grant on a systematic basis to the costs that it is intended to compensate. When the grant relates to an asset, the fair value is deducted from the carrying value of the related assets. 2.22.2. Investment grants Investment grants are recognized when there is reasonable assurance that they will be received and that all the conditions attached will be satisfied. Investment grants are recognized after deduction from the assets concerned and they are automatically deducted in the income statement from the depreciations of these assets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__63-1": {
"value": "2.23. Leases (EVS as lessee) A contract is or contains a lease if it conveys a right to control the use of an identified asset for a period in exchange for a consideration. To determine whether a lease confers the right to control use of a determined asset for a determined period of time, the Group must evaluate whether, throughout the period of use, it has the right to: - obtain substantially all the economic benefits from the use of the asset; and - direct the use of the asset. To determine the duration of the lease, any options for renewal or termination are considered as required under IFRS 16, taking into account the probability of exercising the option as well as whether it is under the control of the lessee. At the start of the lease, the Group recognizes a right-of-use asset and a lease liability. Right-of-use assets (RoU assets) The group recognizes right-of-use assets on the date of the start of the contract, i.e. the date on which the asset becomes available for use. These assets are valued at the initial cost of the lease liability minus amortization and any depreciation, adjusted to consider any revaluations of the lease liability. The initial cost of the right-of-use assets includes the present value of the lease liability, the initial costs incurred by the lessee, rent payments made on the start date or before that date, minus any incentives obtained by the lessee. These assets are depreciated over the estimated lifetime of the underlying asset or over the duration of the contract if this period is shorter, unless the group is sufficiently certain of obtaining ownership of the asset at the end of the contract. Lease Liabilities The lease liability is valued at the present value of the rent payments that have not yet been paid. The present value of the rent payments is calculated using the interest rate implicit in the lease if it is possible to determine that rate. If not, the incremental borrowing rate is used, which represents the interest rate that the lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment. Over the duration of the contract, the Company values the lease liability as follows: - by increasing the book value to reflect the interest on the lease liability; - by reducing the book value to reflect the rent payments made; - by revaluing the book value to reflect the new appreciation of the lease liability or amendments to the lease. Short term leases (duration of 12 months or less) and low-value leases (leases of assets with a value below EUR 5,000) are expensed when incurred.2.24. Leases (EVS as lessor) The existence of a lease within an agreement is reported based on the substance of the agreement. Lease agreements are classified depending on which party carries the risks and rewards associated with owning the asset. 2.24.1. Finance leases A lease agreement is classified as a financial lease if it transfers substantially to the lessee the risks and rewards inherent to ownership of the asset. When assets are leased out under a finance lease, these assets are derecognized, and the present value of the future lease payments is recognized as an earned product. The difference between the gross total receivable (lease and financing) and the value of the receivable is recognized as unearned finance income. 2.24.2. Operating leases A lease agreement is classified as an operating lease if it doesn\u2019t transfer substantially to the lessee the risks and rewards inherent to ownership of the asset. When assets are leased out under an operating lease, the asset is included in the balance sheet based on the nature of the asset. Lease income is recognized over the term of the lease on a straight-line basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__33": {
"value": "2.25. Research and development costs Research and development costs are expensed when incurred except for the research and developments costs related to new products or new technologies which are capitalized if those assets are subject to generate future economic benefits and if the recognition criteria of IAS 38 are met. We also refer to note 2.9.2. The fact that EVS operates in a market that is characterized by a rapid evolution of technologies implies that most of the R&D costs are linked to the development of very specific features on existing solutions. This is to ensure our solutions are consistently best in class and evolve with our customers\u2019 needs. In such a context, it is generally difficult to evaluate and predict the future economic benefit of a specific feature. In addition, for such granular developments, EVS cannot dissociate the research phase from the development phase. As such, most of the development costs incurred in 2024 are considered as operational costs and cannot be capitalized (criteria of IAS38 are not met). In 2024, EVS has however identified a major development that does meet the IAS38 criteria. This development is very distinct and will allow EVS to broaden its addressable market. Based on the following criteria, IAS38 is applicable: - Research and development phase can be distinguished, - An intangible asset is created following the development, - Future economic benefit is demonstrated (return on investment analysis is done), - Reliable cost tracking is present. Consequently, the related costs have been recognized as intangible assets with depreciation over a period of 5 years starting from the end of the development phase. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__66": {
"value": "2.26. Income taxes Income taxes for the period include both current and deferred taxes. They are recognized in the income statement except where they relate to items recognized directly in equity. EVS benefits from the following tax incentives related to innovation and research & development: - Innovation income deduction - Deduction for investments in R&D - Exemption from withholding tax for R&D employees Innovation income deduction and deduction for investments in R&D are deducted from the taxable base of EVS in Belgium and consequently reduce the corporate tax paid by the Company. Exemption from withholding tax for R&D employees represents a payment exemption of part of the withholding tax paid on salaries, which results in a reduction of the R&D payroll costs incurred by the Company. 2.26.1. Current taxes Taxes due for the period are calculated on the income statement of the group\u2019s companies and are calculated according to the rules laid down by the local tax authorities. 2.26.2. Deferred taxes Deferred tax assets and liabilities are determined, using the liability method, for all temporary differences on the reporting date between the tax base of the assets and liabilities and their carrying amount on the balance sheet. Deferred tax liabilities are recognized for all temporary differences: - except when the deferred tax liability arises from the initial recognition of a goodwill or the initial recognition of an asset or a liability in a transaction that is not a business combination and that, on the transaction date, does not affect either the accounting profit or the taxable profit or loss; and - for the taxable temporary differences linked to interest in subsidiaries, in associates and in joint ventures, except if the date on which the temporary difference is inversed can be checked and it is probable that the temporary difference will not be inversed in the foreseeable future. Deferred income tax assets are recognized for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry-forward of unused tax assets and unused tax losses can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced if it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset the tax assets and liabilities due and if these deferred taxes concern the same taxable entity and the same tax authority.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__67": {
"value": "2.26.2. Deferred taxes Deferred tax assets and liabilities are determined, using the liability method, for all temporary differences on the reporting date between the tax base of the assets and liabilities and their carrying amount on the balance sheet. Deferred tax liabilities are recognized for all temporary differences: - except when the deferred tax liability arises from the initial recognition of a goodwill or the initial recognition of an asset or a liability in a transaction that is not a business combination and that, on the transaction date, does not affect either the accounting profit or the taxable profit or loss; and - for the taxable temporary differences linked to interest in subsidiaries, in associates and in joint ventures, except if the date on which the temporary difference is inversed can be checked and it is probable that the temporary difference will not be inversed in the foreseeable future. Deferred income tax assets are recognized for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry-forward of unused tax assets and unused tax losses can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced if it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset the tax assets and liabilities due and if these deferred taxes concern the same taxable entity and the same tax authority.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__70": {
"value": "2.27. Derivative financial instruments EVS uses derivative financial instruments such as forward exchange rate contracts, options, or interest rate swaps to hedge its risks of foreign currency fluctuations on its foreign currency transactions and its risks of interest rate fluctuations. Derivative financial instruments that are either hedging instruments that are not designated or do not qualify as hedges are carried at fair value with changes in value included in the income statement. The fair value of forward exchange contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. The fair value of the interest rate swaps is subject to a valuation by the counterparty. The method of determining the fair value of these instruments is therefore of \"level 2\" type according to IFRS 13 \"Evaluation of fair value\". Financial assets and liabilities are offset, and the net amount is reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__69": {
"value": "2.27. Derivative financial instruments EVS uses derivative financial instruments such as forward exchange rate contracts, options, or interest rate swaps to hedge its risks of foreign currency fluctuations on its foreign currency transactions and its risks of interest rate fluctuations. Derivative financial instruments that are either hedging instruments that are not designated or do not qualify as hedges are carried at fair value with changes in value included in the income statement. The fair value of forward exchange contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. The fair value of the interest rate swaps is subject to a valuation by the counterparty. The method of determining the fair value of these instruments is therefore of \"level 2\" type according to IFRS 13 \"Evaluation of fair value\". Financial assets and liabilities are offset, and the net amount is reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__68": {
"value": "2.27. Derivative financial instruments EVS uses derivative financial instruments such as forward exchange rate contracts, options, or interest rate swaps to hedge its risks of foreign currency fluctuations on its foreign currency transactions and its risks of interest rate fluctuations. Derivative financial instruments that are either hedging instruments that are not designated or do not qualify as hedges are carried at fair value with changes in value included in the income statement. The fair value of forward exchange contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. The fair value of the interest rate swaps is subject to a valuation by the counterparty. The method of determining the fair value of these instruments is therefore of \"level 2\" type according to IFRS 13 \"Evaluation of fair value\". Financial assets and liabilities are offset, and the net amount is reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__43": {
"value": "2.27. Derivative financial instruments EVS uses derivative financial instruments such as forward exchange rate contracts, options, or interest rate swaps to hedge its risks of foreign currency fluctuations on its foreign currency transactions and its risks of interest rate fluctuations. Derivative financial instruments that are either hedging instruments that are not designated or do not qualify as hedges are carried at fair value with changes in value included in the income statement. The fair value of forward exchange contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. The fair value of the interest rate swaps is subject to a valuation by the counterparty. The method of determining the fair value of these instruments is therefore of \"level 2\" type according to IFRS 13 \"Evaluation of fair value\". Financial assets and liabilities are offset, and the net amount is reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__72": {
"value": "Financial assets and liabilities are offset, and the net amount is reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__73": {
"value": "2.28. Dividends The dividends proposed by the Board of Directors are not recognized in the financial statements if they have not been approved by the shareholders during the Ordinary Annual General Meeting. In case of interim dividends, they are deducted from the reserves. The dividends that are received from subsidiaries are recognized when the Group has a right to receive that payment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__75": {
"value": "2.30. Earnings per share The group calculates both the basic earnings per share and the diluted earnings per share in accordance with IAS 33. The basic earnings per share are calculated based on the weighted average number of ordinary shares in circulation during the period. The diluted earnings per share are calculated based on the average number of ordinary shares in circulation during the period plus the potential dilutive effect of the warrants and stock options in circulation during the period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__106": {
"value": "3. SEGMENT INFORMATION 3.1. General information From an operational point of view, the company is vertically integrated with the majority of its staff located in the headquarters in Belgium, including the R&D, production, marketing and administration departments. Therefore, the majority of investments and costs are located at the level of the Belgian parent company. Resources securing the customer facing interactions such as sales, operations and support profiles are primarily hired within the respective regions. The foreign subsidiaries are primarily sales and representative offices. The Chief Operating Decision Maker, being the Executive Committee, reviews the operating results, operating plans, and makes resource allocation decisions on a company-wide basis. Revenue related to products of the same nature (digital broadcast production equipment) are realized by commercial polyvalent teams. The company\u2019s internal reporting is the reflection of the above-mentioned operational organization and is characterized by the strong integration of the activities of the company. By consequence, the company is composed of one segment according to the IFRS 8 definition, and the consolidated income statement of the Group reflects this unique segment. All long-term assets are in the parent company EVS Broadcast Equipment SA in Belgium. The company provides one class of business defined as solutions based on tapeless workflows with a consistent modular architecture. There are no other significant classes of business, either singularly or in aggregate. Identical modules can meet the needs of different markets, and our customers themselves are often multi-markets. Providing information for each module is therefore not relevant for EVS. At the geographical level, our activities are divided into the following regions: Asia-Pacific (\u201cAPAC\u201d), Europe, Middle East and Africa (\u201cEMEA\u201d), and America (\u201cNALA\u201d). This division follows the organization of the commercial and support services within the Group, which operates worldwide. A fourth region is dedicated to the worldwide events (\u201cbig event rentals\u201d). The company provides additional information with a presentation of the revenue by market pillar: \u201cLive Service provider\u201d, \u201cLive Audience Business\u201d and \u201cBig Event Rentals\u201d for rental contracts relating to the big sporting events. Finally, sales are presented by nature: sale of equipment and other services. 3.2. Additional information 3.2.1. Information on revenue by destination Revenue can be presented by Market Pillar: \u201cLive Service provider\u201d, \u201cLive Audience Business\u201d and \u201cBig Event Rentals\u201d. Maintenance and after-sales service are included in the complete solution proposed to the customers. Revenue (EUR thousands) 2024 2023 % 2024/2023 Live Audience Business 104,204 90,050 15.7% Live Service Provider 78,011 83,278 -6.3% Big Event Rentals 15,779 -0,137 11,617.5% Total Revenue 197,994 173,191 14.3% The growth of LAB business is one of the strategic pillars of EVS and demonstrates our ability to expand our footprint with generic broadcasters. The increase in Big Event Rentals revenue in 2024 is mainly related to the live production of the main sporting events that took place in Europe in the period. 3.2.2. Information on revenue by geographical area Activities are divided into three regions: Asia-Pacific (\u201cAPAC\u201d), Europe, Middle East and Africa (\u201cEMEA\u201d), and \u201cAmericas\u201d. Aside from them, we make separate distinction for the category \u201cBig Event Rentals\u201d which is not attributed to specific region. Revenue (EUR thousands) APAC EMEA Americas Big event TOTAL excl. events excl. events excl. events Rentals 2024 revenue 30,734 88,451 63,030 15,779 197,994 Evolution versus 2023 (%) 1.6% 2.0% 11.9% 11,617.5% 14.3% Variation versus 2023 (%) at constant currency 1.6% 2.0% 11.9% 11,617.5% 14.3% 2023 revenue 30,260 86,721 56,347 -0,137 173,191 Revenue realized in Belgium (the country of origin of the company) with external customers represents less than 5% of the total revenue for the period. In the last 12 months, the group realized significant revenue with external customers (according to the definition of IFRS 8) in the United States for an amount of EUR 53.6 million (EUR 51.0 million in 2023). As outlined in the PlayForward strategic roadmap launched in early 2020, the Live Audience Business (LAB) market pillar and the NALA region continue to experience steady year-over-year revenue and order intake growth. This sustained momentum underscores the success of past investments in innovative solutions that address the evolving needs of our customers. 3.2.3. Information on revenue by nature Revenue can be presented by nature: sale of equipment and other services. Revenue (EUR thousands) 2024 2023 % 2024/2023 Sale of equipment 169,709 149,795 13.3% Other services 28,285 23,396 20.9% Total Revenue 197,994 173,191 14.3% Other services include advice, installations, project management, rentals, training, maintenance, and distant support. Work in progress (\u201cWIP\u201d) contracts are included in both categories. The sales of equipment are recognized at a point in time while other services are recognized over time. 3.2.4. Information on important customers Over the last 12 months, no external customer of the company represented more than 10% of the revenue (similar in 2023). 3.2.5. Maturity analysis of the order book We start the year 2025 with the highest order book in the history of EVS at EUR 163.5 million, breaking a new record (+6.7% YoY), of which: - EUR 107.0 million to be recognized in revenue in 2025 (+15.2% YoY and excl Big Event Rentals) - No revenue to be recognized for Big Events Rental in 2025 (compared to EUR 7.4 million to be recognized in 2024 for Big Events Rental) - EUR 56.5 million to be recognized in revenue in 2026 and beyond (+7.0% YoY)",
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"f1__s8__6__104": {
"value": "3. SEGMENT INFORMATION 3.1. General information From an operational point of view, the company is vertically integrated with the majority of its staff located in the headquarters in Belgium, including the R&D, production, marketing and administration departments. Therefore, the majority of investments and costs are located at the level of the Belgian parent company. Resources securing the customer facing interactions such as sales, operations and support profiles are primarily hired within the respective regions. The foreign subsidiaries are primarily sales and representative offices. The Chief Operating Decision Maker, being the Executive Committee, reviews the operating results, operating plans, and makes resource allocation decisions on a company-wide basis. Revenue related to products of the same nature (digital broadcast production equipment) are realized by commercial polyvalent teams. The company\u2019s internal reporting is the reflection of the above-mentioned operational organization and is characterized by the strong integration of the activities of the company. By consequence, the company is composed of one segment according to the IFRS 8 definition, and the consolidated income statement of the Group reflects this unique segment. All long-term assets are in the parent company EVS Broadcast Equipment SA in Belgium. The company provides one class of business defined as solutions based on tapeless workflows with a consistent modular architecture. There are no other significant classes of business, either singularly or in aggregate. Identical modules can meet the needs of different markets, and our customers themselves are often multi-markets. Providing information for each module is therefore not relevant for EVS. At the geographical level, our activities are divided into the following regions: Asia-Pacific (\u201cAPAC\u201d), Europe, Middle East and Africa (\u201cEMEA\u201d), and America (\u201cNALA\u201d). This division follows the organization of the commercial and support services within the Group, which operates worldwide. A fourth region is dedicated to the worldwide events (\u201cbig event rentals\u201d). The company provides additional information with a presentation of the revenue by market pillar: \u201cLive Service provider\u201d, \u201cLive Audience Business\u201d and \u201cBig Event Rentals\u201d for rental contracts relating to the big sporting events. Finally, sales are presented by nature: sale of equipment and other services. 3.2. Additional information 3.2.1. Information on revenue by destination Revenue can be presented by Market Pillar: \u201cLive Service provider\u201d, \u201cLive Audience Business\u201d and \u201cBig Event Rentals\u201d. Maintenance and after-sales service are included in the complete solution proposed to the customers. Revenue (EUR thousands) 2024 2023 % 2024/2023 Live Audience Business 104,204 90,050 15.7% Live Service Provider 78,011 83,278 -6.3% Big Event Rentals 15,779 -0,137 11,617.5% Total Revenue 197,994 173,191 14.3% The growth of LAB business is one of the strategic pillars of EVS and demonstrates our ability to expand our footprint with generic broadcasters. The increase in Big Event Rentals revenue in 2024 is mainly related to the live production of the main sporting events that took place in Europe in the period. 3.2.2. Information on revenue by geographical area Activities are divided into three regions: Asia-Pacific (\u201cAPAC\u201d), Europe, Middle East and Africa (\u201cEMEA\u201d), and \u201cAmericas\u201d. Aside from them, we make separate distinction for the category \u201cBig Event Rentals\u201d which is not attributed to specific region. Revenue (EUR thousands) APAC EMEA Americas Big event TOTAL excl. events excl. events excl. events Rentals 2024 revenue 30,734 88,451 63,030 15,779 197,994 Evolution versus 2023 (%) 1.6% 2.0% 11.9% 11,617.5% 14.3% Variation versus 2023 (%) at constant currency 1.6% 2.0% 11.9% 11,617.5% 14.3% 2023 revenue 30,260 86,721 56,347 -0,137 173,191 Revenue realized in Belgium (the country of origin of the company) with external customers represents less than 5% of the total revenue for the period. In the last 12 months, the group realized significant revenue with external customers (according to the definition of IFRS 8) in the United States for an amount of EUR 53.6 million (EUR 51.0 million in 2023). As outlined in the PlayForward strategic roadmap launched in early 2020, the Live Audience Business (LAB) market pillar and the NALA region continue to experience steady year-over-year revenue and order intake growth. This sustained momentum underscores the success of past investments in innovative solutions that address the evolving needs of our customers. 3.2.3. Information on revenue by nature Revenue can be presented by nature: sale of equipment and other services. Revenue (EUR thousands) 2024 2023 % 2024/2023 Sale of equipment 169,709 149,795 13.3% Other services 28,285 23,396 20.9% Total Revenue 197,994 173,191 14.3% Other services include advice, installations, project management, rentals, training, maintenance, and distant support. Work in progress (\u201cWIP\u201d) contracts are included in both categories. The sales of equipment are recognized at a point in time while other services are recognized over time. 3.2.4. Information on important customers Over the last 12 months, no external customer of the company represented more than 10% of the revenue (similar in 2023). 3.2.5. Maturity analysis of the order book We start the year 2025 with the highest order book in the history of EVS at EUR 163.5 million, breaking a new record (+6.7% YoY), of which: - EUR 107.0 million to be recognized in revenue in 2025 (+15.2% YoY and excl Big Event Rentals) - No revenue to be recognized for Big Events Rental in 2025 (compared to EUR 7.4 million to be recognized in 2024 for Big Events Rental) - EUR 56.5 million to be recognized in revenue in 2026 and beyond (+7.0% YoY)",
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},
"f1__s8__6__103-1": {
"value": "3. SEGMENT INFORMATION 3.1. General information From an operational point of view, the company is vertically integrated with the majority of its staff located in the headquarters in Belgium, including the R&D, production, marketing and administration departments. Therefore, the majority of investments and costs are located at the level of the Belgian parent company. Resources securing the customer facing interactions such as sales, operations and support profiles are primarily hired within the respective regions. The foreign subsidiaries are primarily sales and representative offices. The Chief Operating Decision Maker, being the Executive Committee, reviews the operating results, operating plans, and makes resource allocation decisions on a company-wide basis. Revenue related to products of the same nature (digital broadcast production equipment) are realized by commercial polyvalent teams. The company\u2019s internal reporting is the reflection of the above-mentioned operational organization and is characterized by the strong integration of the activities of the company. By consequence, the company is composed of one segment according to the IFRS 8 definition, and the consolidated income statement of the Group reflects this unique segment. All long-term assets are in the parent company EVS Broadcast Equipment SA in Belgium. The company provides one class of business defined as solutions based on tapeless workflows with a consistent modular architecture. There are no other significant classes of business, either singularly or in aggregate. Identical modules can meet the needs of different markets, and our customers themselves are often multi-markets. Providing information for each module is therefore not relevant for EVS. At the geographical level, our activities are divided into the following regions: Asia-Pacific (\u201cAPAC\u201d), Europe, Middle East and Africa (\u201cEMEA\u201d), and America (\u201cNALA\u201d). This division follows the organization of the commercial and support services within the Group, which operates worldwide. A fourth region is dedicated to the worldwide events (\u201cbig event rentals\u201d). The company provides additional information with a presentation of the revenue by market pillar: \u201cLive Service provider\u201d, \u201cLive Audience Business\u201d and \u201cBig Event Rentals\u201d for rental contracts relating to the big sporting events. Finally, sales are presented by nature: sale of equipment and other services. 3.2. Additional information 3.2.1. Information on revenue by destination Revenue can be presented by Market Pillar: \u201cLive Service provider\u201d, \u201cLive Audience Business\u201d and \u201cBig Event Rentals\u201d. Maintenance and after-sales service are included in the complete solution proposed to the customers. Revenue (EUR thousands) 2024 2023 % 2024/2023 Live Audience Business 104,204 90,050 15.7% Live Service Provider 78,011 83,278 -6.3% Big Event Rentals 15,779 -0,137 11,617.5% Total Revenue 197,994 173,191 14.3% The growth of LAB business is one of the strategic pillars of EVS and demonstrates our ability to expand our footprint with generic broadcasters. The increase in Big Event Rentals revenue in 2024 is mainly related to the live production of the main sporting events that took place in Europe in the period. 3.2.2. Information on revenue by geographical area Activities are divided into three regions: Asia-Pacific (\u201cAPAC\u201d), Europe, Middle East and Africa (\u201cEMEA\u201d), and \u201cAmericas\u201d. Aside from them, we make separate distinction for the category \u201cBig Event Rentals\u201d which is not attributed to specific region. Revenue (EUR thousands) APAC EMEA Americas Big event TOTAL excl. events excl. events excl. events Rentals 2024 revenue 30,734 88,451 63,030 15,779 197,994 Evolution versus 2023 (%) 1.6% 2.0% 11.9% 11,617.5% 14.3% Variation versus 2023 (%) at constant currency 1.6% 2.0% 11.9% 11,617.5% 14.3% 2023 revenue 30,260 86,721 56,347 -0,137 173,191 Revenue realized in Belgium (the country of origin of the company) with external customers represents less than 5% of the total revenue for the period. In the last 12 months, the group realized significant revenue with external customers (according to the definition of IFRS 8) in the United States for an amount of EUR 53.6 million (EUR 51.0 million in 2023). As outlined in the PlayForward strategic roadmap launched in early 2020, the Live Audience Business (LAB) market pillar and the NALA region continue to experience steady year-over-year revenue and order intake growth. This sustained momentum underscores the success of past investments in innovative solutions that address the evolving needs of our customers. 3.2.3. Information on revenue by nature Revenue can be presented by nature: sale of equipment and other services. Revenue (EUR thousands) 2024 2023 % 2024/2023 Sale of equipment 169,709 149,795 13.3% Other services 28,285 23,396 20.9% Total Revenue 197,994 173,191 14.3% Other services include advice, installations, project management, rentals, training, maintenance, and distant support. Work in progress (\u201cWIP\u201d) contracts are included in both categories. The sales of equipment are recognized at a point in time while other services are recognized over time. 3.2.4. Information on important customers Over the last 12 months, no external customer of the company represented more than 10% of the revenue (similar in 2023). 3.2.5. Maturity analysis of the order book We start the year 2025 with the highest order book in the history of EVS at EUR 163.5 million, breaking a new record (+6.7% YoY), of which: - EUR 107.0 million to be recognized in revenue in 2025 (+15.2% YoY and excl Big Event Rentals) - No revenue to be recognized for Big Events Rental in 2025 (compared to EUR 7.4 million to be recognized in 2024 for Big Events Rental) - EUR 56.5 million to be recognized in revenue in 2026 and beyond (+7.0% YoY)6.1. Gross margin (EUR thousands) 2024 2023 Revenue 197,994 173,191 Cost of sales -54,919 -52,548 Gross profit 143,075 120,643 Gross margin % 72.3% 69.7% Consolidated gross margin was 72.3% for FY24, compared to 69.7% in FY23 (+2.6Pts). The improvement is primarily driven by sales price increases and a higher proportion of software compared to hardware in certain solutions. Additionally, the growth in service-related revenue contributed to the overall gross margin increase, resulting in improved margins across most of our solutions. The margin is positively influenced as well by a reclassification of internal assets previously presented under inventory to other tangible assets (see also section 2.10 above), explaining approx. 1.7Pts of the increase. From an EBIT point of view, this change in accounting has no impact.",
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},
"f1__s8__6__107": {
"value": "3.1. General information From an operational point of view, the company is vertically integrated with the majority of its staff located in the headquarters in Belgium, including the R&D, production, marketing and administration departments. Therefore, the majority of investments and costs are located at the level of the Belgian parent company. Resources securing the customer facing interactions such as sales, operations and support profiles are primarily hired within the respective regions. The foreign subsidiaries are primarily sales and representative offices. The Chief Operating Decision Maker, being the Executive Committee, reviews the operating results, operating plans, and makes resource allocation decisions on a company-wide basis. Revenue related to products of the same nature (digital broadcast production equipment) are realized by commercial polyvalent teams. The company\u2019s internal reporting is the reflection of the above-mentioned operational organization and is characterized by the strong integration of the activities of the company. By consequence, the company is composed of one segment according to the IFRS 8 definition, and the consolidated income statement of the Group reflects this unique segment. All long-term assets are in the parent company EVS Broadcast Equipment SA in Belgium. The company provides one class of business defined as solutions based on tapeless workflows with a consistent modular architecture. There are no other significant classes of business, either singularly or in aggregate. Identical modules can meet the needs of different markets, and our customers themselves are often multi-markets. Providing information for each module is therefore not relevant for EVS. At the geographical level, our activities are divided into the following regions: Asia-Pacific (\u201cAPAC\u201d), Europe, Middle East and Africa (\u201cEMEA\u201d), and America (\u201cNALA\u201d). This division follows the organization of the commercial and support services within the Group, which operates worldwide. A fourth region is dedicated to the worldwide events (\u201cbig event rentals\u201d). The company provides additional information with a presentation of the revenue by market pillar: \u201cLive Service provider\u201d, \u201cLive Audience Business\u201d and \u201cBig Event Rentals\u201d for rental contracts relating to the big sporting events. Finally, sales are presented by nature: sale of equipment and other services. ",
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"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__112-1": {
"value": "4. CONSOLIDATED COMPANIES, JOINT VENTURES, ASSOCIATES AND REPRESENTATIVE OFFICES NAME AND ADDRESS Year of Staff as Incorporation Part of Part of Change in % foundation of method capital held capital held of capital or 31.12.24 used (1) as of as of held acquisition 31.12.24 31.12.23 (in %) (2) (in %) (2) EVS Broadcast Equipment Inc. 700 US 46 East Fllor 3 1996 44 F 100.00 100.00 0.00 NJ 07004 Fairfield, USA EVS Broadcast M\u00e9xico, SA de CV World Trade Center, Cd. De M\u00e9xico, Montecito N\u00b0 38, Piso 23, Oficina 38, Col. N\u00e1poles, Delegaci\u00f3n Benito 2011 2 F 100.00 100.00 0.00 Ju\u00e1rez, D.F. 03810 M\u00e9xico, MEXIQUE RFC: EBM 1106152TA EVS France SAS 6 rue Brindejonc des Moulinais B\u00e2t. A, 2010 42 F 100.00 100.00 0.00 F-31500 Toulouse Cedex 5, FRANCE TVA: FR-83449601749 EVS Italia S.R.L. Via Milano 2, 1998 3 F 100.00 100.00 0.00 IT-25126 Brescia, ITALIE TVA: IT-03482350174 EVS Broadcast Equipment Iberica SL Avda de Europa 12-2C, Edificio Monaco, 2007 5 F 100.00 100.00 0.00 Parque Empresarial la Moraleja 28109 Alcobendas, Madrid, ESPAGNE CIF: B85200236 EVS Nederland BV Parnassungsweg 819 2008 0 F 100.00 100.00 0.00 1082 LZ Amsterdam PAYS-BAS EVS International (Swiss) SARL Rue des Arsenaux 9, 2009 0 F 100.00 100.00 0.00 1700 Fribourg, SUISSE TVA: CH-21735425482 EVS Broadcast Equipment Ltd. Room A, @Convoy, 35/F 2002 13 F 100.00 100.00 0.00 169 Electric Road, North Point, HONG-KONG EVS Broadcast Equipment Singapore PTE. Ltd. Level 8-9, The Metropolis Tower 2 2015 4 F 100.00 100.00 0.00 11 North Buona Vista Drive 138589 SINGAPORE EVS Australia Pty Ltd. Level 8, 261 George Street 2007 4 F 100.00 100.00 0.00 Sydney NSW 2000, AUSTRALIE EVS Deutschland GmbH Hilpertstrasse 27, 2013 17 F 100.00 100.00 0.00 64295 Darmstadt, ALLEMAGNE VAT: DE-289 460 223 EVS P\u00e9kin - Bureau de Repr\u00e9sentation 2805 Building One, Wanda Plaza, 2005 8 F N/A N/A N/A N\u00b093 Jianguo Road 100026 Beijing, CHINE EVS Broadcast Equipment Middle East Ltd \u2013 Representative office ndShatha Tower, Office 09, 32 Floor, 2006 7 F N/A N/A N/A Dubai Media City, Duba\u00ef, EMIRATS ARABES UNIS EVS Americas Los Angeles \u2013 Representative office 2006 9 F N/A N/A N/A 101 South First Street, Suite #404 Burbank, CA 91504, USA EVS Broadcast UK LTD Registered address: C/O Tmf Group 13th Floor, One Angel Court, London, EC2R 7HJ, UNITED KINGDOM 1998 33 F 100.00 100.00 0.00 Business address: Part of Ground Floor, Building B, Crowthorne House, Nine Mile Ride, Wokingham, Berkshire RG40 3GA EVS Netherlands BV Hercules 28, 1994 56 F 100.00 100.00 0.00 5126RK Gilze, NETHERLANDS NL802646748B01 MECALEC SMD SA Rue Nicolas Fossoul 54, 1999 28 E 49.50 49.50 0.00 B-4100 Seraing, BELGIQUE N\u00b0 d\u2019entreprise: BE0467 121 712 MOG Technologies Lda. Rua Engenheiro Frederico Ulrich 3110 2024 42 F 100.0 0.0 100.0 4470-605 Maia, PORTUGAL PT508225258 MOG Technologies LLC 1030 Salem Road, Union, 2024 0 F 100.0 0.0 100.0 07083 New Jersey \u2013 USA LLC / EIN: 45-3803453 MOG Technologies Ltda. Av. Yojiro Takaoka 4384, sala 701, CEP 06541-038, Alphaville/Santana 2024 0 F 100.0 0.0 100.0 De Parnaiba, BRASIL CNPJ 37.422.669/0001-81 TinkerList.TV BV De Hoorn, Sluisstraat 79 003, 2024 33 E 21.7 0.0 21.7 3000 Leuven, BELGIUM BE0564886527 SportsTech Belgium ASBL Rue du Bois St-Jean 13, 2024 0 E 50.0 0.0 50.0 4102 Seraing, BELGIUM BE1010075549 (1) F: Full Consolidation, E: Equity method.(2) Proportion of capital of those companies held by the companies included in the consolidated accounts.5. INVESTMENT IN JOINT VENTURES AND ASSOCIATES (EUR thousands) 2024 2023 Investment in joint ventures and associates Opening balance as at January 1 1,938 1,922 - Disposals during the year - - - Acquisitions during the year 1,038 - - Results 133 185 - Dividends received and others 162 -168 Closing balance as at December 31 3,271 1,9385.2. Investments in Joint Ventures 5.2.1. SPORTSTECH BELGIUM ASBL In June 2024, EVS and Groove ASBL jointly established a new ASBL named SportsTech Belgium. Each organization contributed EUR 2,500 to the newly formed ASBL. Headquartered in Seraing, the ASBL's mission is to promote the development of technological innovation in the sports sector in Belgium. Its subscribed capital is EUR 5,000 with EVS share representing 50%. The net loss of SportsTech Belgium in 2024 amounted to EUR -0.04 million. EVS represented 0.0% of SportsTech Belgium\u2019s turnover in 2024. The share of EVS in the 2024 results of SportsTech Belgium amounts to EUR -0.02 million and the share of EVS in SportsTech Belgium equity amounts to EUR 0.0 million. (EUR thousands) Dec. 31, 2024 Dec. 31, 2023 Current assets 24 - Non-current assets - - Current liabilities -61 - Non-current liabilities - - Net assets -37 - Adjustment to avoid negative balance 37 - Share of associate\u2019s balance sheet (50.0%) 0 - Turnover 18 - Net result -42 - Share of associate\u2019s net result after acquisition (50.0%) -21 - Dividends received - - Carrying amount of investment 0 -",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s8__6__111-1": {
"value": "4. CONSOLIDATED COMPANIES, JOINT VENTURES, ASSOCIATES AND REPRESENTATIVE OFFICES NAME AND ADDRESS Year of Staff as Incorporation Part of Part of Change in % foundation of method capital held capital held of capital or 31.12.24 used (1) as of as of held acquisition 31.12.24 31.12.23 (in %) (2) (in %) (2) EVS Broadcast Equipment Inc. 700 US 46 East Fllor 3 1996 44 F 100.00 100.00 0.00 NJ 07004 Fairfield, USA EVS Broadcast M\u00e9xico, SA de CV World Trade Center, Cd. De M\u00e9xico, Montecito N\u00b0 38, Piso 23, Oficina 38, Col. N\u00e1poles, Delegaci\u00f3n Benito 2011 2 F 100.00 100.00 0.00 Ju\u00e1rez, D.F. 03810 M\u00e9xico, MEXIQUE RFC: EBM 1106152TA EVS France SAS 6 rue Brindejonc des Moulinais B\u00e2t. A, 2010 42 F 100.00 100.00 0.00 F-31500 Toulouse Cedex 5, FRANCE TVA: FR-83449601749 EVS Italia S.R.L. Via Milano 2, 1998 3 F 100.00 100.00 0.00 IT-25126 Brescia, ITALIE TVA: IT-03482350174 EVS Broadcast Equipment Iberica SL Avda de Europa 12-2C, Edificio Monaco, 2007 5 F 100.00 100.00 0.00 Parque Empresarial la Moraleja 28109 Alcobendas, Madrid, ESPAGNE CIF: B85200236 EVS Nederland BV Parnassungsweg 819 2008 0 F 100.00 100.00 0.00 1082 LZ Amsterdam PAYS-BAS EVS International (Swiss) SARL Rue des Arsenaux 9, 2009 0 F 100.00 100.00 0.00 1700 Fribourg, SUISSE TVA: CH-21735425482 EVS Broadcast Equipment Ltd. Room A, @Convoy, 35/F 2002 13 F 100.00 100.00 0.00 169 Electric Road, North Point, HONG-KONG EVS Broadcast Equipment Singapore PTE. Ltd. Level 8-9, The Metropolis Tower 2 2015 4 F 100.00 100.00 0.00 11 North Buona Vista Drive 138589 SINGAPORE EVS Australia Pty Ltd. Level 8, 261 George Street 2007 4 F 100.00 100.00 0.00 Sydney NSW 2000, AUSTRALIE EVS Deutschland GmbH Hilpertstrasse 27, 2013 17 F 100.00 100.00 0.00 64295 Darmstadt, ALLEMAGNE VAT: DE-289 460 223 EVS P\u00e9kin - Bureau de Repr\u00e9sentation 2805 Building One, Wanda Plaza, 2005 8 F N/A N/A N/A N\u00b093 Jianguo Road 100026 Beijing, CHINE EVS Broadcast Equipment Middle East Ltd \u2013 Representative office ndShatha Tower, Office 09, 32 Floor, 2006 7 F N/A N/A N/A Dubai Media City, Duba\u00ef, EMIRATS ARABES UNIS EVS Americas Los Angeles \u2013 Representative office 2006 9 F N/A N/A N/A 101 South First Street, Suite #404 Burbank, CA 91504, USA EVS Broadcast UK LTD Registered address: C/O Tmf Group 13th Floor, One Angel Court, London, EC2R 7HJ, UNITED KINGDOM 1998 33 F 100.00 100.00 0.00 Business address: Part of Ground Floor, Building B, Crowthorne House, Nine Mile Ride, Wokingham, Berkshire RG40 3GA EVS Netherlands BV Hercules 28, 1994 56 F 100.00 100.00 0.00 5126RK Gilze, NETHERLANDS NL802646748B01 MECALEC SMD SA Rue Nicolas Fossoul 54, 1999 28 E 49.50 49.50 0.00 B-4100 Seraing, BELGIQUE N\u00b0 d\u2019entreprise: BE0467 121 712 MOG Technologies Lda. Rua Engenheiro Frederico Ulrich 3110 2024 42 F 100.0 0.0 100.0 4470-605 Maia, PORTUGAL PT508225258 MOG Technologies LLC 1030 Salem Road, Union, 2024 0 F 100.0 0.0 100.0 07083 New Jersey \u2013 USA LLC / EIN: 45-3803453 MOG Technologies Ltda. Av. Yojiro Takaoka 4384, sala 701, CEP 06541-038, Alphaville/Santana 2024 0 F 100.0 0.0 100.0 De Parnaiba, BRASIL CNPJ 37.422.669/0001-81 TinkerList.TV BV De Hoorn, Sluisstraat 79 003, 2024 33 E 21.7 0.0 21.7 3000 Leuven, BELGIUM BE0564886527 SportsTech Belgium ASBL Rue du Bois St-Jean 13, 2024 0 E 50.0 0.0 50.0 4102 Seraing, BELGIUM BE1010075549 (1) F: Full Consolidation, E: Equity method.(2) Proportion of capital of those companies held by the companies included in the consolidated accounts.5. INVESTMENT IN JOINT VENTURES AND ASSOCIATES (EUR thousands) 2024 2023 Investment in joint ventures and associates Opening balance as at January 1 1,938 1,922 - Disposals during the year - - - Acquisitions during the year 1,038 - - Results 133 185 - Dividends received and others 162 -168 Closing balance as at December 31 3,271 1,9385.1. Investments in associates 5.1.1. MECALEC SMD SA MECALEC SMD SA was founded on October 21, 1999, by SA MECALEC (50.5%, not directly or indirectly linked to EVS) and EVS (49.5%). Its subscribed capital is EUR 200,000 with EVS share amounting to EUR 99,000. MECALEC SMD\u2019s main activity is the manufacturing and assembly of electronic boards using SMD technology. The registered office is based in Boncelles, close to Li\u00e8ge (Belgium), 5 km from EVS headquarter. EVS acquired this interest to benefit from shorter delivery times on orders for the assembly of electronic boards, and for potential synergies in R&D and reworking of the production process. The net profit of MECALEC SMD in 2024 amounted to EUR 0.5 million. EVS represented 26.2% of MECALEC SMD\u2019s turnover in 2024. The share of EVS in the 2024 results of MECALEC SMD amounts to EUR 0.3 million and the share of EVS in MECALEC SMD equity amounts to EUR 2.3 million. (EUR thousands) Dec. 31, 2024 Dec. 31, 2023 Current assets 4,190 3,467 Non-current assets 917 914 Current liabilities -363 -465 Non-current liabilities - - Net assets 4,744 3,916 Share of associate\u2019s balance sheet (49.5%) 2,348 1,938 Turnover 3,403 3,056 Net result 515 373 Share of associate\u2019s net result (49.5%) 255 185 Dividends received -64 -64 (1)Other 219 -104 Carrying amount of investment 2,348 1,938 (1) Adjustment for final MECALEC 2023 financial statements received after publication 5.1.2. TINKERLIST.TV BV In August 2024, EVS completed the acquisition of a minority stake position in the Belgian Company TinkerList.TV BV, a leading innovator in the media production industry registered in Leuven, having developed Cuez \u2013 the World\u2019s First Cloud-Based Rundown Management System \u2013 as a cutting-edge web application and automation system designed to connect seamlessly with a wide variety of production devices. TinkerList products will be enhancing the EVS Flexible Control Room and MediaCeption solutions through a strategic partnership in addition to the acquisition of a minority stake. TinkerList was founded on October 6, 2014. Its subscribed capital is EUR 1,655,173 with EVS share representing 21.7%. The net loss of TinkerList in 2024 amounted to EUR -1.3 million. EVS represented 0.0% of TinkerList\u2019s turnover in 2024. The share of EVS in the 2024 results of Tinkerlist amounts to EUR -0.1 million and the share of EVS in TinkerList equity amounts to EUR 0.9 million. (EUR thousands) Dec. 31, 2024 Dec. 31, 2023 Current assets 897 - Non-current assets 5,017 - Current liabilities -1,403 - Non-current liabilities -298 - Net assets 4,213 - Share of associate\u2019s balance sheet (21.7%) 916 - Turnover 1,622 - Net result -1,273 - Share of associate\u2019s net result after acquisition (21.7%) -120 - Dividends received - - Carrying amount of investment 916 -5.2. Investments in Joint Ventures 5.2.1. SPORTSTECH BELGIUM ASBL In June 2024, EVS and Groove ASBL jointly established a new ASBL named SportsTech Belgium. Each organization contributed EUR 2,500 to the newly formed ASBL. Headquartered in Seraing, the ASBL's mission is to promote the development of technological innovation in the sports sector in Belgium. Its subscribed capital is EUR 5,000 with EVS share representing 50%. The net loss of SportsTech Belgium in 2024 amounted to EUR -0.04 million. EVS represented 0.0% of SportsTech Belgium\u2019s turnover in 2024. The share of EVS in the 2024 results of SportsTech Belgium amounts to EUR -0.02 million and the share of EVS in SportsTech Belgium equity amounts to EUR 0.0 million. (EUR thousands) Dec. 31, 2024 Dec. 31, 2023 Current assets 24 - Non-current assets - - Current liabilities -61 - Non-current liabilities - - Net assets -37 - Adjustment to avoid negative balance 37 - Share of associate\u2019s balance sheet (50.0%) 0 - Turnover 18 - Net result -42 - Share of associate\u2019s net result after acquisition (50.0%) -21 - Dividends received - - Carrying amount of investment 0 -",
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"value": "4. CONSOLIDATED COMPANIES, JOINT VENTURES, ASSOCIATES AND REPRESENTATIVE OFFICES NAME AND ADDRESS Year of Staff as Incorporation Part of Part of Change in % foundation of method capital held capital held of capital or 31.12.24 used (1) as of as of held acquisition 31.12.24 31.12.23 (in %) (2) (in %) (2) EVS Broadcast Equipment Inc. 700 US 46 East Fllor 3 1996 44 F 100.00 100.00 0.00 NJ 07004 Fairfield, USA EVS Broadcast M\u00e9xico, SA de CV World Trade Center, Cd. De M\u00e9xico, Montecito N\u00b0 38, Piso 23, Oficina 38, Col. N\u00e1poles, Delegaci\u00f3n Benito 2011 2 F 100.00 100.00 0.00 Ju\u00e1rez, D.F. 03810 M\u00e9xico, MEXIQUE RFC: EBM 1106152TA EVS France SAS 6 rue Brindejonc des Moulinais B\u00e2t. A, 2010 42 F 100.00 100.00 0.00 F-31500 Toulouse Cedex 5, FRANCE TVA: FR-83449601749 EVS Italia S.R.L. Via Milano 2, 1998 3 F 100.00 100.00 0.00 IT-25126 Brescia, ITALIE TVA: IT-03482350174 EVS Broadcast Equipment Iberica SL Avda de Europa 12-2C, Edificio Monaco, 2007 5 F 100.00 100.00 0.00 Parque Empresarial la Moraleja 28109 Alcobendas, Madrid, ESPAGNE CIF: B85200236 EVS Nederland BV Parnassungsweg 819 2008 0 F 100.00 100.00 0.00 1082 LZ Amsterdam PAYS-BAS EVS International (Swiss) SARL Rue des Arsenaux 9, 2009 0 F 100.00 100.00 0.00 1700 Fribourg, SUISSE TVA: CH-21735425482 EVS Broadcast Equipment Ltd. Room A, @Convoy, 35/F 2002 13 F 100.00 100.00 0.00 169 Electric Road, North Point, HONG-KONG EVS Broadcast Equipment Singapore PTE. Ltd. Level 8-9, The Metropolis Tower 2 2015 4 F 100.00 100.00 0.00 11 North Buona Vista Drive 138589 SINGAPORE EVS Australia Pty Ltd. Level 8, 261 George Street 2007 4 F 100.00 100.00 0.00 Sydney NSW 2000, AUSTRALIE EVS Deutschland GmbH Hilpertstrasse 27, 2013 17 F 100.00 100.00 0.00 64295 Darmstadt, ALLEMAGNE VAT: DE-289 460 223 EVS P\u00e9kin - Bureau de Repr\u00e9sentation 2805 Building One, Wanda Plaza, 2005 8 F N/A N/A N/A N\u00b093 Jianguo Road 100026 Beijing, CHINE EVS Broadcast Equipment Middle East Ltd \u2013 Representative office ndShatha Tower, Office 09, 32 Floor, 2006 7 F N/A N/A N/A Dubai Media City, Duba\u00ef, EMIRATS ARABES UNIS EVS Americas Los Angeles \u2013 Representative office 2006 9 F N/A N/A N/A 101 South First Street, Suite #404 Burbank, CA 91504, USA EVS Broadcast UK LTD Registered address: C/O Tmf Group 13th Floor, One Angel Court, London, EC2R 7HJ, UNITED KINGDOM 1998 33 F 100.00 100.00 0.00 Business address: Part of Ground Floor, Building B, Crowthorne House, Nine Mile Ride, Wokingham, Berkshire RG40 3GA EVS Netherlands BV Hercules 28, 1994 56 F 100.00 100.00 0.00 5126RK Gilze, NETHERLANDS NL802646748B01 MECALEC SMD SA Rue Nicolas Fossoul 54, 1999 28 E 49.50 49.50 0.00 B-4100 Seraing, BELGIQUE N\u00b0 d\u2019entreprise: BE0467 121 712 MOG Technologies Lda. Rua Engenheiro Frederico Ulrich 3110 2024 42 F 100.0 0.0 100.0 4470-605 Maia, PORTUGAL PT508225258 MOG Technologies LLC 1030 Salem Road, Union, 2024 0 F 100.0 0.0 100.0 07083 New Jersey \u2013 USA LLC / EIN: 45-3803453 MOG Technologies Ltda. Av. Yojiro Takaoka 4384, sala 701, CEP 06541-038, Alphaville/Santana 2024 0 F 100.0 0.0 100.0 De Parnaiba, BRASIL CNPJ 37.422.669/0001-81 TinkerList.TV BV De Hoorn, Sluisstraat 79 003, 2024 33 E 21.7 0.0 21.7 3000 Leuven, BELGIUM BE0564886527 SportsTech Belgium ASBL Rue du Bois St-Jean 13, 2024 0 E 50.0 0.0 50.0 4102 Seraing, BELGIUM BE1010075549 (1) F: Full Consolidation, E: Equity method.(2) Proportion of capital of those companies held by the companies included in the consolidated accounts.5. INVESTMENT IN JOINT VENTURES AND ASSOCIATES (EUR thousands) 2024 2023 Investment in joint ventures and associates Opening balance as at January 1 1,938 1,922 - Disposals during the year - - - Acquisitions during the year 1,038 - - Results 133 185 - Dividends received and others 162 -168 Closing balance as at December 31 3,271 1,9385.1. Investments in associates 5.1.1. MECALEC SMD SA MECALEC SMD SA was founded on October 21, 1999, by SA MECALEC (50.5%, not directly or indirectly linked to EVS) and EVS (49.5%). Its subscribed capital is EUR 200,000 with EVS share amounting to EUR 99,000. MECALEC SMD\u2019s main activity is the manufacturing and assembly of electronic boards using SMD technology. The registered office is based in Boncelles, close to Li\u00e8ge (Belgium), 5 km from EVS headquarter. EVS acquired this interest to benefit from shorter delivery times on orders for the assembly of electronic boards, and for potential synergies in R&D and reworking of the production process. The net profit of MECALEC SMD in 2024 amounted to EUR 0.5 million. EVS represented 26.2% of MECALEC SMD\u2019s turnover in 2024. The share of EVS in the 2024 results of MECALEC SMD amounts to EUR 0.3 million and the share of EVS in MECALEC SMD equity amounts to EUR 2.3 million. (EUR thousands) Dec. 31, 2024 Dec. 31, 2023 Current assets 4,190 3,467 Non-current assets 917 914 Current liabilities -363 -465 Non-current liabilities - - Net assets 4,744 3,916 Share of associate\u2019s balance sheet (49.5%) 2,348 1,938 Turnover 3,403 3,056 Net result 515 373 Share of associate\u2019s net result (49.5%) 255 185 Dividends received -64 -64 (1)Other 219 -104 Carrying amount of investment 2,348 1,938 (1) Adjustment for final MECALEC 2023 financial statements received after publication 5.1.2. TINKERLIST.TV BV In August 2024, EVS completed the acquisition of a minority stake position in the Belgian Company TinkerList.TV BV, a leading innovator in the media production industry registered in Leuven, having developed Cuez \u2013 the World\u2019s First Cloud-Based Rundown Management System \u2013 as a cutting-edge web application and automation system designed to connect seamlessly with a wide variety of production devices. TinkerList products will be enhancing the EVS Flexible Control Room and MediaCeption solutions through a strategic partnership in addition to the acquisition of a minority stake. TinkerList was founded on October 6, 2014. Its subscribed capital is EUR 1,655,173 with EVS share representing 21.7%. The net loss of TinkerList in 2024 amounted to EUR -1.3 million. EVS represented 0.0% of TinkerList\u2019s turnover in 2024. The share of EVS in the 2024 results of Tinkerlist amounts to EUR -0.1 million and the share of EVS in TinkerList equity amounts to EUR 0.9 million. (EUR thousands) Dec. 31, 2024 Dec. 31, 2023 Current assets 897 - Non-current assets 5,017 - Current liabilities -1,403 - Non-current liabilities -298 - Net assets 4,213 - Share of associate\u2019s balance sheet (21.7%) 916 - Turnover 1,622 - Net result -1,273 - Share of associate\u2019s net result after acquisition (21.7%) -120 - Dividends received - - Carrying amount of investment 916 -5.2. Investments in Joint Ventures 5.2.1. SPORTSTECH BELGIUM ASBL In June 2024, EVS and Groove ASBL jointly established a new ASBL named SportsTech Belgium. Each organization contributed EUR 2,500 to the newly formed ASBL. Headquartered in Seraing, the ASBL's mission is to promote the development of technological innovation in the sports sector in Belgium. Its subscribed capital is EUR 5,000 with EVS share representing 50%. The net loss of SportsTech Belgium in 2024 amounted to EUR -0.04 million. EVS represented 0.0% of SportsTech Belgium\u2019s turnover in 2024. The share of EVS in the 2024 results of SportsTech Belgium amounts to EUR -0.02 million and the share of EVS in SportsTech Belgium equity amounts to EUR 0.0 million. (EUR thousands) Dec. 31, 2024 Dec. 31, 2023 Current assets 24 - Non-current assets - - Current liabilities -61 - Non-current liabilities - - Net assets -37 - Adjustment to avoid negative balance 37 - Share of associate\u2019s balance sheet (50.0%) 0 - Turnover 18 - Net result -42 - Share of associate\u2019s net result after acquisition (50.0%) -21 - Dividends received - - Carrying amount of investment 0 -",
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"value": "4. CONSOLIDATED COMPANIES, JOINT VENTURES, ASSOCIATES AND REPRESENTATIVE OFFICES NAME AND ADDRESS Year of Staff as Incorporation Part of Part of Change in % foundation of method capital held capital held of capital or 31.12.24 used (1) as of as of held acquisition 31.12.24 31.12.23 (in %) (2) (in %) (2) EVS Broadcast Equipment Inc. 700 US 46 East Fllor 3 1996 44 F 100.00 100.00 0.00 NJ 07004 Fairfield, USA EVS Broadcast M\u00e9xico, SA de CV World Trade Center, Cd. De M\u00e9xico, Montecito N\u00b0 38, Piso 23, Oficina 38, Col. N\u00e1poles, Delegaci\u00f3n Benito 2011 2 F 100.00 100.00 0.00 Ju\u00e1rez, D.F. 03810 M\u00e9xico, MEXIQUE RFC: EBM 1106152TA EVS France SAS 6 rue Brindejonc des Moulinais B\u00e2t. A, 2010 42 F 100.00 100.00 0.00 F-31500 Toulouse Cedex 5, FRANCE TVA: FR-83449601749 EVS Italia S.R.L. Via Milano 2, 1998 3 F 100.00 100.00 0.00 IT-25126 Brescia, ITALIE TVA: IT-03482350174 EVS Broadcast Equipment Iberica SL Avda de Europa 12-2C, Edificio Monaco, 2007 5 F 100.00 100.00 0.00 Parque Empresarial la Moraleja 28109 Alcobendas, Madrid, ESPAGNE CIF: B85200236 EVS Nederland BV Parnassungsweg 819 2008 0 F 100.00 100.00 0.00 1082 LZ Amsterdam PAYS-BAS EVS International (Swiss) SARL Rue des Arsenaux 9, 2009 0 F 100.00 100.00 0.00 1700 Fribourg, SUISSE TVA: CH-21735425482 EVS Broadcast Equipment Ltd. Room A, @Convoy, 35/F 2002 13 F 100.00 100.00 0.00 169 Electric Road, North Point, HONG-KONG EVS Broadcast Equipment Singapore PTE. Ltd. Level 8-9, The Metropolis Tower 2 2015 4 F 100.00 100.00 0.00 11 North Buona Vista Drive 138589 SINGAPORE EVS Australia Pty Ltd. Level 8, 261 George Street 2007 4 F 100.00 100.00 0.00 Sydney NSW 2000, AUSTRALIE EVS Deutschland GmbH Hilpertstrasse 27, 2013 17 F 100.00 100.00 0.00 64295 Darmstadt, ALLEMAGNE VAT: DE-289 460 223 EVS P\u00e9kin - Bureau de Repr\u00e9sentation 2805 Building One, Wanda Plaza, 2005 8 F N/A N/A N/A N\u00b093 Jianguo Road 100026 Beijing, CHINE EVS Broadcast Equipment Middle East Ltd \u2013 Representative office ndShatha Tower, Office 09, 32 Floor, 2006 7 F N/A N/A N/A Dubai Media City, Duba\u00ef, EMIRATS ARABES UNIS EVS Americas Los Angeles \u2013 Representative office 2006 9 F N/A N/A N/A 101 South First Street, Suite #404 Burbank, CA 91504, USA EVS Broadcast UK LTD Registered address: C/O Tmf Group 13th Floor, One Angel Court, London, EC2R 7HJ, UNITED KINGDOM 1998 33 F 100.00 100.00 0.00 Business address: Part of Ground Floor, Building B, Crowthorne House, Nine Mile Ride, Wokingham, Berkshire RG40 3GA EVS Netherlands BV Hercules 28, 1994 56 F 100.00 100.00 0.00 5126RK Gilze, NETHERLANDS NL802646748B01 MECALEC SMD SA Rue Nicolas Fossoul 54, 1999 28 E 49.50 49.50 0.00 B-4100 Seraing, BELGIQUE N\u00b0 d\u2019entreprise: BE0467 121 712 MOG Technologies Lda. Rua Engenheiro Frederico Ulrich 3110 2024 42 F 100.0 0.0 100.0 4470-605 Maia, PORTUGAL PT508225258 MOG Technologies LLC 1030 Salem Road, Union, 2024 0 F 100.0 0.0 100.0 07083 New Jersey \u2013 USA LLC / EIN: 45-3803453 MOG Technologies Ltda. Av. Yojiro Takaoka 4384, sala 701, CEP 06541-038, Alphaville/Santana 2024 0 F 100.0 0.0 100.0 De Parnaiba, BRASIL CNPJ 37.422.669/0001-81 TinkerList.TV BV De Hoorn, Sluisstraat 79 003, 2024 33 E 21.7 0.0 21.7 3000 Leuven, BELGIUM BE0564886527 SportsTech Belgium ASBL Rue du Bois St-Jean 13, 2024 0 E 50.0 0.0 50.0 4102 Seraing, BELGIUM BE1010075549 (1) F: Full Consolidation, E: Equity method.(2) Proportion of capital of those companies held by the companies included in the consolidated accounts.5. INVESTMENT IN JOINT VENTURES AND ASSOCIATES (EUR thousands) 2024 2023 Investment in joint ventures and associates Opening balance as at January 1 1,938 1,922 - Disposals during the year - - - Acquisitions during the year 1,038 - - Results 133 185 - Dividends received and others 162 -168 Closing balance as at December 31 3,271 1,9385.1. Investments in associates 5.1.1. MECALEC SMD SA MECALEC SMD SA was founded on October 21, 1999, by SA MECALEC (50.5%, not directly or indirectly linked to EVS) and EVS (49.5%). Its subscribed capital is EUR 200,000 with EVS share amounting to EUR 99,000. MECALEC SMD\u2019s main activity is the manufacturing and assembly of electronic boards using SMD technology. The registered office is based in Boncelles, close to Li\u00e8ge (Belgium), 5 km from EVS headquarter. EVS acquired this interest to benefit from shorter delivery times on orders for the assembly of electronic boards, and for potential synergies in R&D and reworking of the production process. The net profit of MECALEC SMD in 2024 amounted to EUR 0.5 million. EVS represented 26.2% of MECALEC SMD\u2019s turnover in 2024. The share of EVS in the 2024 results of MECALEC SMD amounts to EUR 0.3 million and the share of EVS in MECALEC SMD equity amounts to EUR 2.3 million. (EUR thousands) Dec. 31, 2024 Dec. 31, 2023 Current assets 4,190 3,467 Non-current assets 917 914 Current liabilities -363 -465 Non-current liabilities - - Net assets 4,744 3,916 Share of associate\u2019s balance sheet (49.5%) 2,348 1,938 Turnover 3,403 3,056 Net result 515 373 Share of associate\u2019s net result (49.5%) 255 185 Dividends received -64 -64 (1)Other 219 -104 Carrying amount of investment 2,348 1,938 (1) Adjustment for final MECALEC 2023 financial statements received after publication 5.1.2. TINKERLIST.TV BV In August 2024, EVS completed the acquisition of a minority stake position in the Belgian Company TinkerList.TV BV, a leading innovator in the media production industry registered in Leuven, having developed Cuez \u2013 the World\u2019s First Cloud-Based Rundown Management System \u2013 as a cutting-edge web application and automation system designed to connect seamlessly with a wide variety of production devices. TinkerList products will be enhancing the EVS Flexible Control Room and MediaCeption solutions through a strategic partnership in addition to the acquisition of a minority stake. TinkerList was founded on October 6, 2014. Its subscribed capital is EUR 1,655,173 with EVS share representing 21.7%. The net loss of TinkerList in 2024 amounted to EUR -1.3 million. EVS represented 0.0% of TinkerList\u2019s turnover in 2024. The share of EVS in the 2024 results of Tinkerlist amounts to EUR -0.1 million and the share of EVS in TinkerList equity amounts to EUR 0.9 million. (EUR thousands) Dec. 31, 2024 Dec. 31, 2023 Current assets 897 - Non-current assets 5,017 - Current liabilities -1,403 - Non-current liabilities -298 - Net assets 4,213 - Share of associate\u2019s balance sheet (21.7%) 916 - Turnover 1,622 - Net result -1,273 - Share of associate\u2019s net result after acquisition (21.7%) -120 - Dividends received - - Carrying amount of investment 916 -",
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"value": "4. CONSOLIDATED COMPANIES, JOINT VENTURES, ASSOCIATES AND REPRESENTATIVE OFFICES NAME AND ADDRESS Year of Staff as Incorporation Part of Part of Change in % foundation of method capital held capital held of capital or 31.12.24 used (1) as of as of held acquisition 31.12.24 31.12.23 (in %) (2) (in %) (2) EVS Broadcast Equipment Inc. 700 US 46 East Fllor 3 1996 44 F 100.00 100.00 0.00 NJ 07004 Fairfield, USA EVS Broadcast M\u00e9xico, SA de CV World Trade Center, Cd. De M\u00e9xico, Montecito N\u00b0 38, Piso 23, Oficina 38, Col. N\u00e1poles, Delegaci\u00f3n Benito 2011 2 F 100.00 100.00 0.00 Ju\u00e1rez, D.F. 03810 M\u00e9xico, MEXIQUE RFC: EBM 1106152TA EVS France SAS 6 rue Brindejonc des Moulinais B\u00e2t. A, 2010 42 F 100.00 100.00 0.00 F-31500 Toulouse Cedex 5, FRANCE TVA: FR-83449601749 EVS Italia S.R.L. Via Milano 2, 1998 3 F 100.00 100.00 0.00 IT-25126 Brescia, ITALIE TVA: IT-03482350174 EVS Broadcast Equipment Iberica SL Avda de Europa 12-2C, Edificio Monaco, 2007 5 F 100.00 100.00 0.00 Parque Empresarial la Moraleja 28109 Alcobendas, Madrid, ESPAGNE CIF: B85200236 EVS Nederland BV Parnassungsweg 819 2008 0 F 100.00 100.00 0.00 1082 LZ Amsterdam PAYS-BAS EVS International (Swiss) SARL Rue des Arsenaux 9, 2009 0 F 100.00 100.00 0.00 1700 Fribourg, SUISSE TVA: CH-21735425482 EVS Broadcast Equipment Ltd. Room A, @Convoy, 35/F 2002 13 F 100.00 100.00 0.00 169 Electric Road, North Point, HONG-KONG EVS Broadcast Equipment Singapore PTE. Ltd. Level 8-9, The Metropolis Tower 2 2015 4 F 100.00 100.00 0.00 11 North Buona Vista Drive 138589 SINGAPORE EVS Australia Pty Ltd. Level 8, 261 George Street 2007 4 F 100.00 100.00 0.00 Sydney NSW 2000, AUSTRALIE EVS Deutschland GmbH Hilpertstrasse 27, 2013 17 F 100.00 100.00 0.00 64295 Darmstadt, ALLEMAGNE VAT: DE-289 460 223 EVS P\u00e9kin - Bureau de Repr\u00e9sentation 2805 Building One, Wanda Plaza, 2005 8 F N/A N/A N/A N\u00b093 Jianguo Road 100026 Beijing, CHINE EVS Broadcast Equipment Middle East Ltd \u2013 Representative office ndShatha Tower, Office 09, 32 Floor, 2006 7 F N/A N/A N/A Dubai Media City, Duba\u00ef, EMIRATS ARABES UNIS EVS Americas Los Angeles \u2013 Representative office 2006 9 F N/A N/A N/A 101 South First Street, Suite #404 Burbank, CA 91504, USA EVS Broadcast UK LTD Registered address: C/O Tmf Group 13th Floor, One Angel Court, London, EC2R 7HJ, UNITED KINGDOM 1998 33 F 100.00 100.00 0.00 Business address: Part of Ground Floor, Building B, Crowthorne House, Nine Mile Ride, Wokingham, Berkshire RG40 3GA EVS Netherlands BV Hercules 28, 1994 56 F 100.00 100.00 0.00 5126RK Gilze, NETHERLANDS NL802646748B01 MECALEC SMD SA Rue Nicolas Fossoul 54, 1999 28 E 49.50 49.50 0.00 B-4100 Seraing, BELGIQUE N\u00b0 d\u2019entreprise: BE0467 121 712 MOG Technologies Lda. Rua Engenheiro Frederico Ulrich 3110 2024 42 F 100.0 0.0 100.0 4470-605 Maia, PORTUGAL PT508225258 MOG Technologies LLC 1030 Salem Road, Union, 2024 0 F 100.0 0.0 100.0 07083 New Jersey \u2013 USA LLC / EIN: 45-3803453 MOG Technologies Ltda. Av. Yojiro Takaoka 4384, sala 701, CEP 06541-038, Alphaville/Santana 2024 0 F 100.0 0.0 100.0 De Parnaiba, BRASIL CNPJ 37.422.669/0001-81 TinkerList.TV BV De Hoorn, Sluisstraat 79 003, 2024 33 E 21.7 0.0 21.7 3000 Leuven, BELGIUM BE0564886527 SportsTech Belgium ASBL Rue du Bois St-Jean 13, 2024 0 E 50.0 0.0 50.0 4102 Seraing, BELGIUM BE1010075549 (1) F: Full Consolidation, E: Equity method.(2) Proportion of capital of those companies held by the companies included in the consolidated accounts.",
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"value": "6.1. Gross margin (EUR thousands) 2024 2023 Revenue 197,994 173,191 Cost of sales -54,919 -52,548 Gross profit 143,075 120,643 Gross margin % 72.3% 69.7% Consolidated gross margin was 72.3% for FY24, compared to 69.7% in FY23 (+2.6Pts). The improvement is primarily driven by sales price increases and a higher proportion of software compared to hardware in certain solutions. Additionally, the growth in service-related revenue contributed to the overall gross margin increase, resulting in improved margins across most of our solutions. The margin is positively influenced as well by a reclassification of internal assets previously presented under inventory to other tangible assets (see also section 2.10 above), explaining approx. 1.7Pts of the increase. From an EBIT point of view, this change in accounting has no impact.",
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"value": "6.1. Gross margin (EUR thousands) 2024 2023 Revenue 197,994 173,191 Cost of sales -54,919 -52,548 Gross profit 143,075 120,643 Gross margin % 72.3% 69.7% Consolidated gross margin was 72.3% for FY24, compared to 69.7% in FY23 (+2.6Pts). The improvement is primarily driven by sales price increases and a higher proportion of software compared to hardware in certain solutions. Additionally, the growth in service-related revenue contributed to the overall gross margin increase, resulting in improved margins across most of our solutions. The margin is positively influenced as well by a reclassification of internal assets previously presented under inventory to other tangible assets (see also section 2.10 above), explaining approx. 1.7Pts of the increase. From an EBIT point of view, this change in accounting has no impact.",
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"value": "6.2. Research and development expenses Research and development expenses amounted to EUR 42.0 million in 2024 versus EUR 31.8 million in 2023. The intangible capitalized costs in 2024 include mainly the internal personnel costs and external consultants\u2019 costs related to the development phase of an important project that should secure future growth for EVS. This project consists in software and hardware that will be commercialized at the end of the development. The projected spend is of EUR 5.9 million over a period of 3 years, with planned return on investment as of 2027. The progress of these internal developments is monitored frequently as to ensure the future economic benefit remains assured . Other research and development costs remain in our operational spend, as IAS38 does not specifically apply for these developments. The detail of the total R&D spend is as follows: (EUR thousands) 2024 2023 Gross R&D expenses 43,731 38,695 R&D capitalized as intangible assets -0,938 -4,177 Depreciation of intangible assets 2,251 563 Benefits relating to R&D expenses -2,962 -3,245 R&D expenses, net 42,033 31,836 Since 2010, EVS considers a withholding tax exemption provided by the Belgian government to companies paying or allocating compensation to individual researchers who are engaged in collaborative R&D programs according to some criteria defined under section 273 of the Code of income tax in Belgium. In the presentation of the accounts, this amount comes as a deduction of R&D expenses. Since 2015, EVS also benefits from tax credits relating to R&D in France. This amount also comes in deduction of the R&D expenses. In 2024, it amounted to EUR 0.3 million (EUR 0.3 million in 2023). Starting from 2021, Axon NL benefits from tax credits relating to R&D in The Netherlands. This amount also comes in deduction of the R&D expenses. In 2024, it amounted to EUR 0.4 million (EUR 0.4 million in 2023). ",
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"f1__s8__6__121-1": {
"value": "6.2. Research and development expenses Research and development expenses amounted to EUR 42.0 million in 2024 versus EUR 31.8 million in 2023. The intangible capitalized costs in 2024 include mainly the internal personnel costs and external consultants\u2019 costs related to the development phase of an important project that should secure future growth for EVS. This project consists in software and hardware that will be commercialized at the end of the development. The projected spend is of EUR 5.9 million over a period of 3 years, with planned return on investment as of 2027. The progress of these internal developments is monitored frequently as to ensure the future economic benefit remains assured . Other research and development costs remain in our operational spend, as IAS38 does not specifically apply for these developments. The detail of the total R&D spend is as follows: (EUR thousands) 2024 2023 Gross R&D expenses 43,731 38,695 R&D capitalized as intangible assets -0,938 -4,177 Depreciation of intangible assets 2,251 563 Benefits relating to R&D expenses -2,962 -3,245 R&D expenses, net 42,033 31,836 Since 2010, EVS considers a withholding tax exemption provided by the Belgian government to companies paying or allocating compensation to individual researchers who are engaged in collaborative R&D programs according to some criteria defined under section 273 of the Code of income tax in Belgium. In the presentation of the accounts, this amount comes as a deduction of R&D expenses. Since 2015, EVS also benefits from tax credits relating to R&D in France. This amount also comes in deduction of the R&D expenses. In 2024, it amounted to EUR 0.3 million (EUR 0.3 million in 2023). Starting from 2021, Axon NL benefits from tax credits relating to R&D in The Netherlands. This amount also comes in deduction of the R&D expenses. In 2024, it amounted to EUR 0.4 million (EUR 0.4 million in 2023). 6.3. Complementary information about operating charges by nature (EUR thousands) 2024 2023 Raw materials and consumables used -36,683 -29,351 Increase (+) / decrease (-) in stocks of finished goods, work and contracts in progress 13,556 1,627 Personnel expenses -74,757 -64,183 Depreciations -12,779 -8,061 Increase (-) / decrease (+) in amounts written off on stocks 223 -100 Increase (-) / decrease (+) in amounts written off on trade debtors -281 254 Other Professional Fees -14,214 -12,095 Marketing & Communication -2,967 -2,264 (1)Other -18,195 -16,778 Total cost of sales, selling, administrative and research and development expenses -150,575 -130,951 (1) Includes various other operational expenses such as maintenance, utilities, small equipment, transportation costs and T&E Increase in personnel expenses is mainly driven by salary indexation coupled with higher average FTE in the period and higher performance-related bonuses. As of January 1, 2024, the Group has adopted a new presentation method whereby materials produced for internal purposes are now classified as Other tangible assets/fixed assets (see also note 2.10). It resulted in a reversal of the amounts written off on stocks, compensated by a decrease in finished products, with a net neutral impact on the P&L.6.6. Other income and expenses Other expenses mainly represent impairment of intangible assets created since 2022 for EUR 1.1 million. For one of the projects, a write off of the development costs was booked as some recent events have led to a change in the go-to-market strategy. This changing strategy no longer fulfills the criteria of IAS38, as the product will no longer be launched as a stand-alone product, but rather as an option in the VIA MAP ecosystem. Other expenses also include losses on trade debtors amounting to EUR 0.2 million (EUR 0.4 million in 2023) and loss on demo assets disposals of EUR 0.3 million (EUR 0.0 million in 2023). ",
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"f1__s8__6__120": {
"value": "Since 2010, EVS considers a withholding tax exemption provided by the Belgian government to companies paying or allocating compensation to individual researchers who are engaged in collaborative R&D programs according to some criteria defined under section 273 of the Code of income tax in Belgium. In the presentation of the accounts, this amount comes as a deduction of R&D expenses. Since 2015, EVS also benefits from tax credits relating to R&D in France. This amount also comes in deduction of the R&D expenses. In 2024, it amounted to EUR 0.3 million (EUR 0.3 million in 2023). Starting from 2021, Axon NL benefits from tax credits relating to R&D in The Netherlands. This amount also comes in deduction of the R&D expenses. In 2024, it amounted to EUR 0.4 million (EUR 0.4 million in 2023).",
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"f1__s8__6__127-1": {
"value": "6.3. Complementary information about operating charges by nature (EUR thousands) 2024 2023 Raw materials and consumables used -36,683 -29,351 Increase (+) / decrease (-) in stocks of finished goods, work and contracts in progress 13,556 1,627 Personnel expenses -74,757 -64,183 Depreciations -12,779 -8,061 Increase (-) / decrease (+) in amounts written off on stocks 223 -100 Increase (-) / decrease (+) in amounts written off on trade debtors -281 254 Other Professional Fees -14,214 -12,095 Marketing & Communication -2,967 -2,264 (1)Other -18,195 -16,778 Total cost of sales, selling, administrative and research and development expenses -150,575 -130,951 (1) Includes various other operational expenses such as maintenance, utilities, small equipment, transportation costs and T&E Increase in personnel expenses is mainly driven by salary indexation coupled with higher average FTE in the period and higher performance-related bonuses. As of January 1, 2024, the Group has adopted a new presentation method whereby materials produced for internal purposes are now classified as Other tangible assets/fixed assets (see also note 2.10). It resulted in a reversal of the amounts written off on stocks, compensated by a decrease in finished products, with a net neutral impact on the P&L.6.4. Post-employment benefit Since April 1, 2002, EVS has implemented a defined contribution pension plan in accordance with the sectoral pension plan regulations for employees in the metallic manufacturing sector (\u201ccommission paritaire 209\u201d). It foresees the payment of an annual premium equal to a percentage of the gross salary (submitted to the national office of social security) for each employee. This premium is exclusively paid by the employer. The premium rate is set by the sector's collective agreements. Premiums have evolved as follows: In % Contribution rate 2008 to 2010 1.10% 2011 1.77% 2012 1.87% 2013 to 2019 1.97% 2020 to 2024 2.29% The plan is managed by \u201cMonument\u201d (previously \u201cIntegrale\u201d). The financing policy is outlined in its annual report. In addition, since, January 1, 2012, employees of EVS in Belgium are automatically affiliated to a second pension plan subscribed with AG Insurance. EVS contributes to this plan (including management fee, life insurance, disability, and risk waiver insurance premiums) at a rate of 3% of gross annual salary. Until 2015 included, both pension plans were treated as defined contribution plans, and the contributions to these pension schemes were recognized as an expense in the income statement as incurred. However, on December 18, 2015, the Belgian legislation has been updated and clarification was provided on the minimum guaranteed rate of return. Before December 31, 2015, the minimum guaranteed rate of return on employer and participant contributions were 3.25% and 3.75% respectively. From 2016 onwards, the rate decreased to 1.75% and is annually recalculated based on a risk-free rate of 10-year government bonds. According to IAS19, Belgian-defined contribution plans that guarantee a specified return on contributions should be assimilated to defined benefit plans, as the employer is not only responsible for the contribution payments but also must cover the investment risk until the legal minimum rates applicable. The returns guaranteed by the insurance companies are in most cases lower than or equal to the minimum return guaranteed by law. As a result, the Group has not fully hedged its return risk through an insurance contract and a provision needs to be accounted for. The plans at EVS are financed through group insurance contracts. The contracts benefit from a contractual interest rate granted by the insurance company. When there is underfunding, it is covered by the financing fund and, in case insufficient, additional employer contribution is requested. IAS 19 requires an entity to recognize liability when an employee has provided service in exchange for employee benefits to be paid in the future. Therefore, pension provisions are set up. Obligations are measured on a discounted basis because they are settled several years after the employees render the related service. A qualified actuary has determined the present value of the defined benefit obligations and the fair value of the plan assets except for the multi-employer plan. These assets are held by an insurance company. The projected unit credit method was used to measure the obligations and costs. Assumptions were included on demographic and financial variables. The result of this calculation has then been extrapolated to the multi-employer plan based on the contributions paid. Changes booked in 2024 in the Belgian defined benefit obligation and fair value of plan assets were as follows: 2024 2023 In thousands of EUR Defined Fair value Net Defined Fair Net benefit of plan defined benefit value of defined obligation assets benefit obligation plan benefit liability assets liability As of January 1 11,486 -11,347 139 10,203 -10,089 114 Service cost 1,299 - 1,299 762 - 762 Administrative costs 22 22 28 28 Net interest expenses 381 -398 -17 383 -401 -18 Sub-total included in profit or loss 1,680 -376 1,304 1,145 -373 772 Benefits paid -246 246 - -196 196 - Actuarial changes (assumptions) of which: Arising from changes in demographic assumptions - - - - - - Arising from changes in financial assumptions - - - - - - Arising from experience adjustments - 37 37 334 170 504 Sub-total included in OCI 0 37 37 334 170 504 Contributions by employer - -1,325 -1,325 - -1,251 -1,251 As of December 31 12,920 -12,765 155 11,486 -11,347 139 The fair value of plan assets is allocated to the following categories of assets: sovereign bonds & assimilated (52%), corporate bonds (32%), real estate (8%), shares (4%) and cash (3%). The principal assumptions used in determining pension obligations for the Group\u2019s plans are shown below: In % 2024 2023 Discount rate 3.50% 3.35% Future salary increases (incl. consumer price increases) 2.20% 2.40% A sensitivity analysis was performed for significant assumptions at December 31. The analysis is based on a method that extrapolates the impact on the defined benefit obligation as a result of reasonable changes in one key assumption occurring at the end of the reporting period, keeping all other assumptions constant. These may not be representative for an actual change in the defined benefit obligation, as it is unlikely that changes in assumptions would occur in isolation of one another. The result of the analysis indicate that changes in discount rate and future salary evolution do not impact the defined benefit obligation. The defined benefit obligation is based on either the minimum guarantee provided by the insurance company, or the mathematical reserves on members\u2019 contracts, considering that the minimum guarantee projected at retirement age taking into account the probabilities of death and turnover is lower for all plans. As the defined benefit obligation falls below this minimum guarantee provided, a change in the discount rate would not impact the defined benefit obligation. Furthermore, the method used to determine the defined benefit obligation is the Projected Unit Credit without future premiums. As a result, a change in the salary increase assumptions do not impact the defined benefit obligation. The expected contributions to the plan for the next annual reporting period amount to EUR 1,361 thousand (EUR 1,322 thousand in 2023). The average duration of the defined benefit plan obligation is 16 years (17 years in 2023). The following payments are the expected benefit payments from the plan assets for the upcoming ten years: (EUR thousand) 2024 2023 Within the next 12 months 125 54 Between 2 and 5 years 686 513 Between 5 and 10 years 2,461 2,199 Total expected payments 3,272 2,766 No other post-employment benefit is provided to the personnel. ",
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"f1__s8__6__125": {
"value": "6.3. Complementary information about operating charges by nature (EUR thousands) 2024 2023 Raw materials and consumables used -36,683 -29,351 Increase (+) / decrease (-) in stocks of finished goods, work and contracts in progress 13,556 1,627 Personnel expenses -74,757 -64,183 Depreciations -12,779 -8,061 Increase (-) / decrease (+) in amounts written off on stocks 223 -100 Increase (-) / decrease (+) in amounts written off on trade debtors -281 254 Other Professional Fees -14,214 -12,095 Marketing & Communication -2,967 -2,264 (1)Other -18,195 -16,778 Total cost of sales, selling, administrative and research and development expenses -150,575 -130,951 (1) Includes various other operational expenses such as maintenance, utilities, small equipment, transportation costs and T&E Increase in personnel expenses is mainly driven by salary indexation coupled with higher average FTE in the period and higher performance-related bonuses. As of January 1, 2024, the Group has adopted a new presentation method whereby materials produced for internal purposes are now classified as Other tangible assets/fixed assets (see also note 2.10). It resulted in a reversal of the amounts written off on stocks, compensated by a decrease in finished products, with a net neutral impact on the P&L.",
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"f1__s8__6__124-1": {
"value": "6.3. Complementary information about operating charges by nature (EUR thousands) 2024 2023 Raw materials and consumables used -36,683 -29,351 Increase (+) / decrease (-) in stocks of finished goods, work and contracts in progress 13,556 1,627 Personnel expenses -74,757 -64,183 Depreciations -12,779 -8,061 Increase (-) / decrease (+) in amounts written off on stocks 223 -100 Increase (-) / decrease (+) in amounts written off on trade debtors -281 254 Other Professional Fees -14,214 -12,095 Marketing & Communication -2,967 -2,264 (1)Other -18,195 -16,778 Total cost of sales, selling, administrative and research and development expenses -150,575 -130,951 (1) Includes various other operational expenses such as maintenance, utilities, small equipment, transportation costs and T&E Increase in personnel expenses is mainly driven by salary indexation coupled with higher average FTE in the period and higher performance-related bonuses. As of January 1, 2024, the Group has adopted a new presentation method whereby materials produced for internal purposes are now classified as Other tangible assets/fixed assets (see also note 2.10). It resulted in a reversal of the amounts written off on stocks, compensated by a decrease in finished products, with a net neutral impact on the P&L.11. OTHER INTANGIBLE ASSETS Technology (DWESAB, Customer related & Software (EUR thousands) TOTAL OpenCube and Other Intangibles licenses Axon) Acquisition cost As of December 31, 2022 5,070 12,943 3,837 21,850 - Intangible assets in progress - 4,148 377 4,525 As of December 31, 2023 5,070 17,091 4,214 26,375 Accumulated amortization As of December 31, 2022 -3,530 -1,950 -3,155 -8,635 - Amortization -356 -1,294 -70 -1,720 As of December 31, 2023 -3,886 -3,244 -3,225 -10,355 Net carrying amount As of December 31, 2022 1,540 10,993 682 13,215 As of December 31, 2023 1,184 13,847 989 16,020 Technology (DWESAB, Customer related & Software (EUR thousands) TOTAL OpenCube, Axon, Other Intangibles licenses MOG) Acquisition cost As of December 31, 2023 5,070 17,091 4,214 26,375 - Intangible assets in progress 1,318 5 1,323 - Purchase Price Allocation in the period 442 445 - 887 As of December 31, 2024 5,512 18,854 4,219 28,585 Accumulated amortization As of December 31, 2023 -3,886 -3,244 -3,225 -10,355 - Amortization -371 -2,977 - -3,348 - Write-off - -1,466 - -1,466 As of December 31, 2024 -4,257 -7,687 -3,225 -15,169 Net carrying amount As of December 31, 2023 1,184 13,847 989 16,020 As of December 31, 2024 1,255 11,167 994 13,416 Intangible assets decreased by EUR 2.6 million during the period, reflecting the depreciation expenses of EUR 3.5 million coupled with the write-off of certain investments amounting to EUR 1.1 million, partially offset by the capitalization of internal development costs of EUR 1.3 million and intangibles acquired as part of business combination of EUR 0.8 million. For one of the projects, launched in 2022, a write off of the development costs was booked in 4Q24, as some recent events have led to a change in our go-to-market strategy. This changing strategy no longer fulfills the criteria of IAS38, as the product will no longer be launched as a stand-alone product, but rather as an option in the VIA MAP ecosystem. See also details in note 6.6 above. The intangible capitalized costs in 2024 include mainly the internal personnel costs and external consultants\u2019 costs related to the development phase of an important project that should secure future growth for EVS. This project consists in software and hardware that will be commercialized at the end of the development. The projected spend is EUR 5.9 million over a period of 3 years, with planned return on investment as of 2027. The progress of these internal developments is monitored frequently to ensure the future economic benefit remains assured. 12. TANGIBLE ASSETS (LANDS AND BUILDINGS, AND OTHER TANGIBLE ASSETS) (EUR thousands) Land and Plant, Other Assets TOTAL buildings machinery and tangible under (1) equipmentassets construction Acquisition cost As of December 31, 2022 64,023 8,667 19,888 1,243 93,821 - Acquisition 370 2,851 2,899 90 6,210 - Sales and disposals - -1,364 - - -1,364 - Transfers -12 14 - -20 -18 - Other -108 1,816 -14 - 1,694 As of December 31, 2023 64,273 11,984 22,773 1,313 100,343 Accumulated depreciation As of December 31, 2022 -14,723 -6,606 -17,258 - -38,587 - Depreciations -3,357 -1,608 -1,357 - -6,322 - Sales and disposals - 1,327 - - 1,327 - Other 128 90 4 - 222 As of December 31, 2023 -17,952 -6,797 -18,611 - -43,360 Net carrying amount As of December 31, 2022 49,300 2,061 2,630 1,243 55,234 As of December 31, 2023 (a) 46,321 (b) 5,187 (b) 4,162 (a) 1,313 56,983 (a) Sub-total Lands & Buildings 47,634 (b) Sub-total Other Tangible Assets 9,349 Mortgages and other guarantees Net carrying amount of fixed assets 38,343 - - - 38,343 given as real guarantees (1) Includes 2023 retrospective adjustment in row \u201cOther\u201d related to the change in accounting policy on the presentation of materials produced for internal purposes from inventory to other tangible assets/fixed assets, to allow comparability with 2024. See details in Note 2.10. (EUR thousands) Land and Plant, Other Assets TOTAL buildings machinery and tangible under (1) equipmentassets construction Acquisition cost As of December 31, 2023 64,273 11,984 22,773 1,313 100,343 - Acquisition 147 2,361 2,943 87 5,538 - Sales and disposals - -25 - - -25 - Transfers 201 1,032 - -1,233 - - Other 196 5,524 23 -148 5,595 As of December 31, 2024 64,817 20,876 25,739 19 111,451 Accumulated depreciation As of December 31, 2023 -17,952 -6,797 -18,611 - -43,360 - Depreciations -3,260 -4,379 -1,663 - -9,302 - Sales and disposals - - - - - - Other -241 -2,121 -10 - -2,372 As of December 31, 2024 -21,453 -13,297 -20,284 - -55,034 Net carrying amount As of December 31, 2023 46,321 5,187 4,162 1,313 56,983 As of December 31, 2024 (a) 43,364 (b) 7,579 (b) 5,455 (a) 19 56,417 (a) Sub-total Lands & Buildings 43,383 (b) Sub-total Other Tangible Assets 13,034 Mortgages and other guarantees Net carrying amount of fixed assets 36,731 - - - 36,731 given as real guarantees (1) Includes a 2024 reclassification adjustment in row \"Other\" related to the change in the presentation of materials produced for internal purposes from inventory to other tangible assets/fixed assets. See details in Note 2.10. The acquisition value of the building was analyzed by component, with specific useful lives and residual values applied to each component. Depreciation by component is provided for lifetimes ranging between 3 and 30 years with a total residual value for the building of about 36% of the gross value excluding subsidies. Production of the equipment manufactured and marketed by EVS does not require important tangible investment, considering the assembly is partially subcontracted, notably to MECALEC SMD SA. Whenever possible, specialized work is outsourced (i.e., sheet metalwork and manufacturing of integrated circuits). The group policy is to finance its buildings through equity and through long term loans (see also note 19). As of January 1, 2024, the Group has adopted a new presentation method whereby materials produced for internal purposes are now classified as Other tangible assets/fixed assets (see also note 2.10). Tangible assets remain relatively stable with the acquisitions of the period (primarily IT equipment and vehicles under machinery and equipment, as well as lease contracts mainly for company cars) being offset by the depreciation of the period. The carrying amounts of right-of-use assets, lease liabilities and the movements for the twelve months ended 31 December 2024 and 31 December 2023 is as follows: (EUR thousands) Land and Plant, Other Total Lease buildings machinery tangible liabilities and assets equipment As of December 31, 2022 9,654 - 2,171 11,825 12,498 Additions 400 - 2,873 3,273 3,310 Disposals - - - - - Depreciation expenses -1,831 - -1,247 -3,078 - Interest expenses - - - - 535 Conversion differences & Other -81 - - -81 -89 Payments - - - - -3,589 As of December 31, 2023 8,142 - 3,797 11,939 12,665 (EUR thousands) Land and Plant, Other Total Lease buildings machinery tangible liabilities and assets equipment As of December 31, 2023 8,142 - 3,797 11,939 12,665 Additions - - 2,801 2,801 3,333 Disposals -232 - - -232 -232 Depreciation expenses -1,720 - -1,598 -3,318 - Interest expenses - - - - -539 Conversion differences & Other 121 - - 121 305 Payments - - - - -3,223 As of December 31, 2024 6,311 - 5,000 11,311 12,309",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__123": {
"value": "6.3. Complementary information about operating charges by nature (EUR thousands) 2024 2023 Raw materials and consumables used -36,683 -29,351 Increase (+) / decrease (-) in stocks of finished goods, work and contracts in progress 13,556 1,627 Personnel expenses -74,757 -64,183 Depreciations -12,779 -8,061 Increase (-) / decrease (+) in amounts written off on stocks 223 -100 Increase (-) / decrease (+) in amounts written off on trade debtors -281 254 Other Professional Fees -14,214 -12,095 Marketing & Communication -2,967 -2,264 (1)Other -18,195 -16,778 Total cost of sales, selling, administrative and research and development expenses -150,575 -130,951 (1) Includes various other operational expenses such as maintenance, utilities, small equipment, transportation costs and T&E Increase in personnel expenses is mainly driven by salary indexation coupled with higher average FTE in the period and higher performance-related bonuses. As of January 1, 2024, the Group has adopted a new presentation method whereby materials produced for internal purposes are now classified as Other tangible assets/fixed assets (see also note 2.10). It resulted in a reversal of the amounts written off on stocks, compensated by a decrease in finished products, with a net neutral impact on the P&L.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__134": {
"value": "6.5. Financial revenues/(costs) (EUR thousand) 2024 2023 Interest income on deposit 908 230 Interest charges -1,124 -920 Exchange result 2,100 -966 Other financial results -1,214 985 Net Financial revenues / (costs) 670 -672 To limit its exposure to the US dollar, EVS Group has an active policy to cover the foreign exchange risk, as explained in notes 26 and 27. The functional currency of EVS Broadcast Equipment S.A. as well as all the subsidiaries is the euro, except for the American EVS Inc. subsidiary, whose functional currency is the US dollar. The presentation currency of the consolidated financial statements of EVS Group is the euro. The net exchange result is mainly explained by the appreciation of the USD compared to EUR in the period (see also note 2.8.3 Exchange rates used), coupled with the net realized FX gains on hedging instruments that matured in the period. Interest charges mainly relate to interest expense on building and vehicle leases (IFRS16) as well as interest on the loan set-up in 2020 to partially finance the acquisition of Axon. Other financial results mainly represent negative fair value of open foreign exchange contracts, partially offset by interest revenue on short-term investments and interest income on financial leases provided to customers. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__133": {
"value": "6.5. Financial revenues/(costs) (EUR thousand) 2024 2023 Interest income on deposit 908 230 Interest charges -1,124 -920 Exchange result 2,100 -966 Other financial results -1,214 985 Net Financial revenues / (costs) 670 -672 To limit its exposure to the US dollar, EVS Group has an active policy to cover the foreign exchange risk, as explained in notes 26 and 27. The functional currency of EVS Broadcast Equipment S.A. as well as all the subsidiaries is the euro, except for the American EVS Inc. subsidiary, whose functional currency is the US dollar. The presentation currency of the consolidated financial statements of EVS Group is the euro. The net exchange result is mainly explained by the appreciation of the USD compared to EUR in the period (see also note 2.8.3 Exchange rates used), coupled with the net realized FX gains on hedging instruments that matured in the period. Interest charges mainly relate to interest expense on building and vehicle leases (IFRS16) as well as interest on the loan set-up in 2020 to partially finance the acquisition of Axon. Other financial results mainly represent negative fair value of open foreign exchange contracts, partially offset by interest revenue on short-term investments and interest income on financial leases provided to customers. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__132": {
"value": "6.5. Financial revenues/(costs) (EUR thousand) 2024 2023 Interest income on deposit 908 230 Interest charges -1,124 -920 Exchange result 2,100 -966 Other financial results -1,214 985 Net Financial revenues / (costs) 670 -672 To limit its exposure to the US dollar, EVS Group has an active policy to cover the foreign exchange risk, as explained in notes 26 and 27. The functional currency of EVS Broadcast Equipment S.A. as well as all the subsidiaries is the euro, except for the American EVS Inc. subsidiary, whose functional currency is the US dollar. The presentation currency of the consolidated financial statements of EVS Group is the euro. The net exchange result is mainly explained by the appreciation of the USD compared to EUR in the period (see also note 2.8.3 Exchange rates used), coupled with the net realized FX gains on hedging instruments that matured in the period. Interest charges mainly relate to interest expense on building and vehicle leases (IFRS16) as well as interest on the loan set-up in 2020 to partially finance the acquisition of Axon. Other financial results mainly represent negative fair value of open foreign exchange contracts, partially offset by interest revenue on short-term investments and interest income on financial leases provided to customers. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__131": {
"value": "6.5. Financial revenues/(costs) (EUR thousand) 2024 2023 Interest income on deposit 908 230 Interest charges -1,124 -920 Exchange result 2,100 -966 Other financial results -1,214 985 Net Financial revenues / (costs) 670 -672 To limit its exposure to the US dollar, EVS Group has an active policy to cover the foreign exchange risk, as explained in notes 26 and 27. The functional currency of EVS Broadcast Equipment S.A. as well as all the subsidiaries is the euro, except for the American EVS Inc. subsidiary, whose functional currency is the US dollar. The presentation currency of the consolidated financial statements of EVS Group is the euro. The net exchange result is mainly explained by the appreciation of the USD compared to EUR in the period (see also note 2.8.3 Exchange rates used), coupled with the net realized FX gains on hedging instruments that matured in the period. Interest charges mainly relate to interest expense on building and vehicle leases (IFRS16) as well as interest on the loan set-up in 2020 to partially finance the acquisition of Axon. Other financial results mainly represent negative fair value of open foreign exchange contracts, partially offset by interest revenue on short-term investments and interest income on financial leases provided to customers. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__130": {
"value": "6.5. Financial revenues/(costs) (EUR thousand) 2024 2023 Interest income on deposit 908 230 Interest charges -1,124 -920 Exchange result 2,100 -966 Other financial results -1,214 985 Net Financial revenues / (costs) 670 -672 To limit its exposure to the US dollar, EVS Group has an active policy to cover the foreign exchange risk, as explained in notes 26 and 27. The functional currency of EVS Broadcast Equipment S.A. as well as all the subsidiaries is the euro, except for the American EVS Inc. subsidiary, whose functional currency is the US dollar. The presentation currency of the consolidated financial statements of EVS Group is the euro. The net exchange result is mainly explained by the appreciation of the USD compared to EUR in the period (see also note 2.8.3 Exchange rates used), coupled with the net realized FX gains on hedging instruments that matured in the period. Interest charges mainly relate to interest expense on building and vehicle leases (IFRS16) as well as interest on the loan set-up in 2020 to partially finance the acquisition of Axon. Other financial results mainly represent negative fair value of open foreign exchange contracts, partially offset by interest revenue on short-term investments and interest income on financial leases provided to customers. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__129": {
"value": "6.5. Financial revenues/(costs) (EUR thousand) 2024 2023 Interest income on deposit 908 230 Interest charges -1,124 -920 Exchange result 2,100 -966 Other financial results -1,214 985 Net Financial revenues / (costs) 670 -672 To limit its exposure to the US dollar, EVS Group has an active policy to cover the foreign exchange risk, as explained in notes 26 and 27. The functional currency of EVS Broadcast Equipment S.A. as well as all the subsidiaries is the euro, except for the American EVS Inc. subsidiary, whose functional currency is the US dollar. The presentation currency of the consolidated financial statements of EVS Group is the euro. The net exchange result is mainly explained by the appreciation of the USD compared to EUR in the period (see also note 2.8.3 Exchange rates used), coupled with the net realized FX gains on hedging instruments that matured in the period. Interest charges mainly relate to interest expense on building and vehicle leases (IFRS16) as well as interest on the loan set-up in 2020 to partially finance the acquisition of Axon. Other financial results mainly represent negative fair value of open foreign exchange contracts, partially offset by interest revenue on short-term investments and interest income on financial leases provided to customers. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__137": {
"value": "6.6. Other income and expenses Other expenses mainly represent impairment of intangible assets created since 2022 for EUR 1.1 million. For one of the projects, a write off of the development costs was booked as some recent events have led to a change in the go-to-market strategy. This changing strategy no longer fulfills the criteria of IAS38, as the product will no longer be launched as a stand-alone product, but rather as an option in the VIA MAP ecosystem. Other expenses also include losses on trade debtors amounting to EUR 0.2 million (EUR 0.4 million in 2023) and loss on demo assets disposals of EUR 0.3 million (EUR 0.0 million in 2023). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__136": {
"value": "6.6. Other income and expenses Other expenses mainly represent impairment of intangible assets created since 2022 for EUR 1.1 million. For one of the projects, a write off of the development costs was booked as some recent events have led to a change in the go-to-market strategy. This changing strategy no longer fulfills the criteria of IAS38, as the product will no longer be launched as a stand-alone product, but rather as an option in the VIA MAP ecosystem. Other expenses also include losses on trade debtors amounting to EUR 0.2 million (EUR 0.4 million in 2023) and loss on demo assets disposals of EUR 0.3 million (EUR 0.0 million in 2023). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__135": {
"value": "6.6. Other income and expenses Other expenses mainly represent impairment of intangible assets created since 2022 for EUR 1.1 million. For one of the projects, a write off of the development costs was booked as some recent events have led to a change in the go-to-market strategy. This changing strategy no longer fulfills the criteria of IAS38, as the product will no longer be launched as a stand-alone product, but rather as an option in the VIA MAP ecosystem. Other expenses also include losses on trade debtors amounting to EUR 0.2 million (EUR 0.4 million in 2023) and loss on demo assets disposals of EUR 0.3 million (EUR 0.0 million in 2023). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__139": {
"value": "7. INCOME TAXES 7.1. Tax charge on results The tax charge for 2024 and 2023 is mainly made of: (EUR thousands) 2024 2023 Current tax charge Effective tax charge -6,276 -4,355 Adjustments of current tax related to prior years 239 295 Deferred taxes Tax effects of temporary differences 2,894 455 - Fixed assets depreciation -243 -243 - Intangibles (R&D investment deductions) * 1,670 1,027 - Other intangibles -2 -25 - Adjustments for IFRS 16 10 14 - Adjustments for IAS 19 -18 -120 - Adjustments for the carry-over taxation for gains on building disposals 46 75 - Adjustments for IFRS 9 -36 -25 - Reported tax losses 1,097 -1,763 - Reversal statutory gain on intangible transfer within the group - 1,114 - Others 370 401 Income taxes included in the income statement -3,143 -3,605 * see also note 6.2 for deductions relating to R&D investments. Income tax expense amounts to EUR 3.1 million for the full year 2024, compared to EUR 3.6 million in 2023. The decrease is primarily attributed to a rise in deferred tax assets reflecting (i) existing tax latencies in the newly acquired company MOG Technologies Portugal of EUR 1.8 million, combined with (ii) an increase in deferred tax assets on the reversal of the hidden reserve determined under Belgian tax law of EUR 1.6 million. This reserve is related to capitalized R&D costs, which are fully amortized in accounting but are only tax-deductible over three years for corporate tax purposes. This impact is partially offset by higher current income taxes (EUR + 2.0 million) resulting from increased pre-tax earnings at the EVS Group level. 7.2. Reconciliation of the tax charge: The reconciliation of the effective tax charge of the Group (obtained by applying the effective tax rate to the pre-tax profit) with the theoretical tax charge (obtained by applying the theoretical tax rate) is as follows: (EUR thousands) 2024 2023 Reconciliation between the effective tax rate and the theoretical tax rate Profit before taxes and share in the result of the enterprise accounted for using the equity method 45,552 40,469 Effective tax charge based on the effective tax rate -3,143 -3,605 Effective tax rate 6.90% 8.91% Reconciliation items for the theoretical tax charge Tax effect on R&D investment deductions -1,760 -1,261 Tax effect on R&D investment deductions (catch-up from previous years) -358 -1,071 Tax effect of non-deductible expenditures 533 132 Tax effect on innovation deduction -5,845 -5,243 Tax effect on temporary differences (change in deferred tax) -2,894 -304 Tax effect of previous years adjustments (incl. subsidiaries) -239 -295 Others 690 328 Total tax charge of the group entities computed on the basis of the respective local nominal rates -13,016 -11,319 Theoretical tax rate 28.6% 28.0% Theoretical tax charge computed on the basis of the respective local nominal rates remains stable compared to last year. The amendments to IAS 12 International Tax Reform \u2013 Pillar Two Model Rules had no impact on the Group\u2019s consolidated financial statements as the Group is not in scope of the Pillar Two model rules as its revenue is less that EUR 750 million per year. 7.3. Deferred taxes on the balance sheet The sources of deferred taxes are as follows: (EUR thousands) December 31, 2024 December 31, 2023 Assets Liabilities Assets Liabilities Buildings depreciation 2,569 2,322 R&D investments 6,997 5,329 Other intangible assets 42 146 Leases (IFRS 16) 168 11 158 11 Defined benefit plan provision 4 13 Accounts receivable impairment 21 57 Carry-over taxation for gains 529 575 Recoverable tax loss 3,000 1,865 Other tangible assets 9 12 Corrections on inventory 966 544 Deferred income / Accrued charges 31 Total 11,157 3,191 8,112 2,920 Net booked value 8,007 42 5,203 11 Deferred taxes are booked \u201cnet\u201d in accordance with the Group accounting policies because they relate to income taxes levied by the same taxation authority and the authority allows the compensation. No valuation allowance is recorded in relation to tax losses carried forward since it is probable that taxable profit will be available in the near future against which the tax assets can be utilized. The increase in deferred tax assets linked to R&D investments is a result of an increase in R&D costs in 2024. The R&D costs are expensed in full, and as a result trigger a temporary difference as the impact of these R&D expenses are depreciated over 3 years for local tax purposes. The increase in recoverable tax loss is attributed to tax latencies from the newly acquired company, MOG technologies Portugal, amounting to EUR 1.8 million, partially offset by the utilization of recoverable tax latencies resulting from a taxable profit in 2024 across the other Group entities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__140-1": {
"value": "7.1. Tax charge on results The tax charge for 2024 and 2023 is mainly made of: (EUR thousands) 2024 2023 Current tax charge Effective tax charge -6,276 -4,355 Adjustments of current tax related to prior years 239 295 Deferred taxes Tax effects of temporary differences 2,894 455 - Fixed assets depreciation -243 -243 - Intangibles (R&D investment deductions) * 1,670 1,027 - Other intangibles -2 -25 - Adjustments for IFRS 16 10 14 - Adjustments for IAS 19 -18 -120 - Adjustments for the carry-over taxation for gains on building disposals 46 75 - Adjustments for IFRS 9 -36 -25 - Reported tax losses 1,097 -1,763 - Reversal statutory gain on intangible transfer within the group - 1,114 - Others 370 401 Income taxes included in the income statement -3,143 -3,605 * see also note 6.2 for deductions relating to R&D investments. Income tax expense amounts to EUR 3.1 million for the full year 2024, compared to EUR 3.6 million in 2023. The decrease is primarily attributed to a rise in deferred tax assets reflecting (i) existing tax latencies in the newly acquired company MOG Technologies Portugal of EUR 1.8 million, combined with (ii) an increase in deferred tax assets on the reversal of the hidden reserve determined under Belgian tax law of EUR 1.6 million. This reserve is related to capitalized R&D costs, which are fully amortized in accounting but are only tax-deductible over three years for corporate tax purposes. This impact is partially offset by higher current income taxes (EUR + 2.0 million) resulting from increased pre-tax earnings at the EVS Group level. 7.3. Deferred taxes on the balance sheet The sources of deferred taxes are as follows: (EUR thousands) December 31, 2024 December 31, 2023 Assets Liabilities Assets Liabilities Buildings depreciation 2,569 2,322 R&D investments 6,997 5,329 Other intangible assets 42 146 Leases (IFRS 16) 168 11 158 11 Defined benefit plan provision 4 13 Accounts receivable impairment 21 57 Carry-over taxation for gains 529 575 Recoverable tax loss 3,000 1,865 Other tangible assets 9 12 Corrections on inventory 966 544 Deferred income / Accrued charges 31 Total 11,157 3,191 8,112 2,920 Net booked value 8,007 42 5,203 11 Deferred taxes are booked \u201cnet\u201d in accordance with the Group accounting policies because they relate to income taxes levied by the same taxation authority and the authority allows the compensation. No valuation allowance is recorded in relation to tax losses carried forward since it is probable that taxable profit will be available in the near future against which the tax assets can be utilized. The increase in deferred tax assets linked to R&D investments is a result of an increase in R&D costs in 2024. The R&D costs are expensed in full, and as a result trigger a temporary difference as the impact of these R&D expenses are depreciated over 3 years for local tax purposes. The increase in recoverable tax loss is attributed to tax latencies from the newly acquired company, MOG technologies Portugal, amounting to EUR 1.8 million, partially offset by the utilization of recoverable tax latencies resulting from a taxable profit in 2024 across the other Group entities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__142": {
"value": "8. EARNINGS PER SHARE The basic earnings per share are calculated by dividing the net profit and loss of the period attributable to the ordinary shares, less the treasury shares, by the weighted average number of ordinary shares in circulation during the year. The diluted earnings per share are calculated by dividing the net result of the period attributable to the ordinary shareholders by the weighted average number of ordinary shares in circulation at the rate of the period, adjusted by the diluting effects of the share options (warrants). (EUR thousands) 2024 2023 Net profit 42,882 36,946 - attributable to non-controlling interests - - - attributable to equity holders of the parent company 42,882 36,946 2024 2023 Weighted average number of issued shares, excluding treasury shares 13,528,730 13,427,915 Dilution effect of the weighted average number of the share options in circulation 648,925 522,836 Weighted average number of fully diluted number of shares 14,177,655 13,950,751 Basic earnings per share (EUR) 3.17 2.75 Diluted earnings per share (EUR) 3.02 2.65 The diluted earnings per share does include (a) 187,000 warrants attributed in October 2020, of which 33,451 are outstanding with an exercise price below the share price and with maturity in October 2026, (b)158,600 warrants attributed in June 2021, of which 149,850 are outstanding with an exercise price below the share price and with maturity in June 2027, (c) 183,375 warrants attributed in September 2022, of which 182,625 are outstanding with an exercise price below the share price and with a maturity in September 2028, (d) 198,900 warrants attributed in October 2023, all outstanding with an exercise price below the share price and with a maturity in October 2029 and (e) 210,650 warrants attributed in September 2024, all outstanding with an exercise price below the share price and with a maturity in September 2030. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__143": {
"value": "9. DIVIDENDS PAID AND PROPOSED Dividends are paid for issued shares less treasury shares at the payment date. The Ordinary General Meeting of May 21, 2024, approved the payment of a total gross dividend of EUR 1.10 per share for the year 2023. For the year 2024, an interim dividend of EUR 0.50 per share was paid in November 2024. Full year dividend of EUR 1.10 per share will be proposed to the Ordinary General Meeting of shareholders. (EUR thousands, gross amount) Coupon # Declaration date 2024 2023 Paid during the year: - Final dividend for 2022 (incl. exceptional dividend) 34 May 2023 14,780 (EUR 1.10 per share excl. treasury shares) - Interim dividend for 2023 35 Nov. 2023 6,717 (EUR 0.50 per share excl. treasury shares) - Final dividend for 2023 36 May 2024 8,128 (EUR 0.60 per share excl. treasury shares) - Interim dividend for 2024 37 Nov. 2024 6,775 (EUR 0.50 per share excl. treasury shares) Total paid dividends 14,903 21,497 The latest dividend guidance issued in 2022 foresees total annual dividend distribution of EUR 1.10 per share for 2024, subject to market conditions and to the approval of the Ordinary General Meeting of Shareholders. As part of a new capital allocation framework, EVS proposes a new dividend policy for the years 2025-2027, fixing the annual dividend at EUR 1.20 per share for the next 3 years. This renewed base dividend policy foresees a growth of EUR 0.10 per share (or 9.1%) compared to the previous policy 2022-2024. In accordance with the defined capital allocation strategy, and in case of any residual excess cash, the company may consider launching ad-hoc initiatives such as, for example, special share buyback program or special dividend payout. This proposal is subject to approval by the general assembly, as well as to any changes in market conditions or company dynamics. In EUR per share per fiscal year 2022 2023 2024 2025 2026 2027 Base dividend 1.10 1.10 1.10 1.20 1.20 1.20 Exceptional additional dividend 0.50 0.00 0.00 TBC TBC TBC Total dividend 1.60 1.10 1.10 1.20 1.20 1.20",
"dimensions": {
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"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__144": {
"value": "1.1",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f1__s8__6__148-1": {
"value": "10. GOODWILL (EUR thousands) CGUs TOTAL OpenCube SVS Axon MOG Techn. Acquisition cost As of December 31, 2023 820 1,125 2,832 - 4,777 - Acquisitions - - - 1,643 1,643 - Sales and disposals - - - - - As of December 31, 2024 820 1,125 2,832 1,643 6,420 Accumulated impairment As of December 31, 2023 820 1,125 - - 1.945 - Impairment - - - - - - Sales and disposals - - - - - As of December 31, 2024 820 1,125 - - 1,945 Net carrying amount As of December 31, 2023 - - 2,832 - 2,832 As of December 31, 2024 - - 2,832 1,643 4,475 Goodwill is measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests over the net identifiable assets acquired and liabilities assumed. Goodwill is not amortized but is reviewed for impairment, annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. The value in use of the Cash Generating Unit (CGU) is calculated from the present value of the cash flows included in the business plans, in accordance with IAS 36. When performing goodwill impairment analysis, considerations such as component shortages and their impact on price, margin and delivery terms due to changing market dynamics, or other sustainability impacts related to climate change are taken into account when relevant and predictable. 10.1. Axon Group By the end of 2024, management conducted an impairment test exercise on Axon Group as a CGU. The recoverable amount (value in use) of Axon Group CGU was calculated by using following key assumptions: - Cash flow projections (discounted cash flow method) based on financial budget approved by the directors covering a five-year period. - Annual growth in revenue for the next five-year period based on the 5-year business plan, supported by the recent actual revenue increases since the takeover, as well as expected continued integration of Axon product portfolio into EVS offerings in future years. - Stable cost of goods sold (COGS) percentage, in line with historical data and with the 5-year business plan. - Discount rate of 14.0% (Weighted Average Cost of Capital), corresponding to pre-tax discount rate of 18.0% derived from the post-tax weighted average cost of capital via an iterative method. - Perpetual cash-flows for the period beyond the forecast period (five years). - No growth for the terminal value. The result of the calculations confirmed that no impairment needs to be booked at 2024 year-end. The amount by which the unit\u2019s recoverable amount exceeds the carrying amount is EUR 103 million. The calculation of the value in use of Axon Group CGU is sensitive to (a) revenue and (b) discount rate. In this context, management conducted sensitivity test by increasing and decreasing the sensitive factors by +/-20%. The outcome of the sensitivity analysis does not influence the conclusion that no impairment needs to be booked at 2024 year-end. 10.2. MOG Technologies On October 1st, 2024, EVS completed the acquisition of 100% of the shares of MOG Technologies, a Portugal based company with around 50 highly skilled team members, renowned for its cloud and SW digital media and video production tools. MOG Technologies' renowned expertise in cloud technology reinforces EVS's Balanced Computing strategy, particularly enhancing its content management and distribution solutions, respectively MediaCeption and MediaHub. The acquisition grants EVS access to a pool of highly skilled talent, bringing expertise in digital media and video technology, beyond traditional broadcasting. It also provides a broader and more integrated range of solutions to streamline media workflows from ingest to distribution, enhanced capability of investment in research and development to drive technological advancements and deliver cutting-edge solutions, as well as improved customer support and professional services to ensure seamless implementation and optimal use of the combined product portfolio. This transaction qualifies as a business combination in accordance with IFRS 3 and is thus accounted for by applying the acquisition method. The consideration transferred by the Company to acquire MOG Technologies includes: \u2022 A cash amount of EUR 1.0 million paid at closing date. \u2022 A contingent consideration ranging between EUR 0 million and maximum EUR 2.6 million (earn-out to be paid by the Company) depending on several factors including: o the achievement of pre-defined revenue levels in fiscal years 2025 to 2029; o the collection of whole or part of specifically identified existing doubtful receivables; o the final resolution of ongoing judicial proceedings; o the effective recoverability of existing tax credits; o the continuation of identified key employees in the Company in the next four years. The fair value of the contingent consideration, included under line item \u201cOther amounts payable, advances received, accrued charges and deferred income\u201d, amounts to EUR 0.9 million at acquisition date and has not changed at the reporting date. The fair value categorized as level 3 has been estimated on the basis of a model in which the possible outcomes are probability weighted. The unobservable inputs to which this fair value measurement is most sensitive are the estimated amount of MOG Technologies\u2019 revenue over the reference period, the continuation of key employees in the Company and the effective recovery of existing tax credits. Depending on the actual realization of these inputs, the Company is exposed to a future income statement impact ranging between a loss of EUR 1.7 million (in case the maximum earn-out is reached) and a gain of EUR 0.9 million (in case of minimum earn-out). The amounts recognized with respect to identifiable assets acquired and liabilities assumed, as well as the consideration transferred and the resulting amount of goodwill and net cash flow effect at acquisition date are as set in the table below: (EUR thousands) Intangible asset \u2013 Technology 442 Intangible asset \u2013 Customer- related 445 Other intangible assets 1 Property, plant & equipment 380 Other non-current assets 26 Deferred tax assets 32 Accounts receivable 1,382 Inventories 210 Cash and cash equivalents 770 Total assets 3,688 Deferred tax liabilities -210 Financial liabilities -1,679 Accounts payable -619 Deferred income -932 Total liabilities -3,439 Net assets acquired 248 Consideration paid in cash 1,020 Final net debt adjustment - Fair value of contingent consideration (earn-out) 871 Total consideration 1,891 Goodwill 1,643 Cash outflow net of cash and cash equivalents 250 The goodwill, amounting to EUR 1.6 million, consists of expected market synergies from the combination of MOG Technologies and EVS as well as the skilled workforce of MOG Technologies, which both do not qualify for separate recognition as intangible assets. Goodwill is not expected to be deductible for tax purposes. The method used for the valuation of the technology consists in the royalty relief method (potential savings for owning the technology after the acquisition) supported by a benchmark analysis. The customer-related intangible asset was valued based on the Multi\u2010period Excess earnings method (by estimating revenues and cash flows derived from the intangible asset). The fair value of accounts receivable of EUR 1.4 million corresponds to the gross contractual amounts receivable. Since the acquisition date on 1 October 2024, MOG Technologies contributed EUR 0.5 million to revenue and EUR -0.5 million to net result in the consolidated income statement for the 3 month-period ended 31 December 2024. If the acquisition of MOG Technologies had been completed on 1 January 2024, the consolidated Group\u2019s revenue and net result for the 12 month-period ended 31 December 2024 would have been EUR 2.3 million and EUR -5.3 million respectively. The acquisition-related costs amounting to EUR 0.2 million have been immediately expensed as incurred and are presented under the caption \u201cSelling and administrative expenses\u201d in the income statement. Since MOG Technologies was acquired in October 2024 and Purchase Price Allocation exercise (including fair value of goodwill) was finalized in January 2025 using latest business plan and projections available at that time, no formal additional goodwill impairment test was performed at year-end 2024. The assumptions taken for the Purchase Price Allocation would have been identical for any impairment exercise performed at that moment, resulting in identical fair value of the goodwill. 14. INVENTORIES (1)(EUR thousands) December 31, 2024 December 31, 2023Raw materials 25,246 24,161 Finished goods 25,743 34,569 Goods purchased for resale 2,969 5,268 Total at cost 53,957 63,998 Cumulated amounts written off at the beginning of the period -30,997 -30,852 Additions/Reversal/use of the amounts written off, net 104 -312 Reversal of amount written off due to reclass to fixed assets 1,355 242 Disposal of fully written off inventory 9,962 - Exchange rate difference 131 -75 Cumulated amounts written off at the end of the period -19,445 -30,997 Total net carrying amount 34,512 33,001 (1) Includes retrospective adjustment related to the change in accounting policy on the presentation of materials produced for internal purposes from inventory to other tangible assets, to allow comparability with 2024. See details in Note 2.10 The net increase of inventories during 2024 is primarily explained by the increase in the topline performance. EVS continues the pro-active management of components to ensure a limited impact of our inventory on the working capital needs. A careful balance is made to ensure customer delivery terms remain respected and to ensure the best possible component prices. The year 2024 was marked by the Big Events, and some of the finished goods are still present in the inventory. This equipment will be sold throughout 2025. As of January 1, 2024, the Group has adopted a new presentation method whereby materials produced for internal purposes are now classified as Other Tangible Assets (see also note 2.10). This resulted in a reclassification of inventory to fixed assets with a gross book value of EUR 5.5 million and net book value of EUR 3.6 million. In addition, a similar reclassification has been made for materials produced for internal purposes, for which the net book value was 0, resulting in the disposal of fully written-off inventory (EUR 10.0 million) along with the removal of the gross book value for the same amount. Inventories recognized as an expense during the period amounted to EUR 25.1 million (EUR 29.4 million in 2023). These were included in the cost of sales. Write-off movements on inventories, which amount to EUR 2.3 million in 2024 (EUR 0.8 million in 2023), are accounted for as charges in the costs of sales. These write-offs concern mainly products rented as part of the Big events rental and technologically obsolete stock items. 15. TRADE AND OTHER RECEIVABLES (EUR thousands) December 31, 2024 December 31, 2023 Trade receivables 71,820 70,032 Write offs on receivables -4,542 -2,789 - of which ECL -418 -816 - of which other provisions -4,124 -1,973 Net trade receivables 67,278 67,243 Finance lease receivables 3,642 3,275 Deferred charges and accrued income 4,610 6,947 Other amounts receivable 4,639 4,900 Total other receivable, deferred charges and accrued income 12,891 15,122 Total 80,169 82,365 Trade receivables are non-interest bearing and are generally on 30-day terms. According to the group terms and conditions, the unpaid invoices at their term could result in a 1.50% monthly interest rate. Despite the increase in activities, trade receivables remained stable compared to last year-end. This is mainly the result of continuous improvement in the collection and in the aging structure of the receivables throughout the year. The majority of our trade receivables (i.e. 76%) is not due at year-end. For the determination of the expected credit loss, EVS has applied the simplified approach and records lifetime expected losses on all trade receivables. This amount is determined on a portfolio basis, based on a provision matrix that considers historical credit loss experience. Additionally, particular receivables with higher probability of default are identified and reflected as complementary adjustment to the provision matrix. These allowances are booked in the \"Selling and Administrative expense\" line. As of December 31, 2024, an amount of EUR 8.7 million (EUR 20.6 million on December 31, 2023) within trade receivables was overdue with more than 90 days from which EUR 4.5 million are subject of write-downs following credit quality of trade receivables. Movements of write-offs in 2024 and 2023 are as follows: (EUR thousands) 2024 2023 Write-offs on trade receivables Value as of January 1 2,789 3,064 - Write-offs during the year 1,339 1,606 - of which Expected Credit Loss matrix -398 142 - of which other provisions 1,737 1,464 - Releases of write-offs during the year -1,342 -1,881 - Other \u2013 MOG Acquisition 1,756 - Value as of December 31 4,542 2,789 The provision matrix that considers historical credit loss experience for the calculation of the expected credit loss is as follows: (EUR thousands) Trade receivables <31 31-60 61-90 >91 Expected credit loss Current Total days days days days Expected credit loss rate 0.40% 0.94% 1.72% 2.00% 2.59% Total gross carrying amount 40,088 5,605 1,985 1,725 20,629 70,032 Expected credit loss as of Dec 31 2023 160.4 52.7 34.1 34.5 534.3 816 (EUR thousands) Trade receivables <31 31-60 61-90 >91 Expected credit loss Current Total days days days days Expected credit loss rate 0.27% 0.33% 0.72% 1.17% 1.64% Total gross carrying amount 50,051 3,482 2,553 1,154 14,580 71,820 Expected credit loss as of Dec 31 2024 135.1 11.5 18.4 13.5 239.1 418",
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"value": "10. GOODWILL (EUR thousands) CGUs TOTAL OpenCube SVS Axon MOG Techn. Acquisition cost As of December 31, 2023 820 1,125 2,832 - 4,777 - Acquisitions - - - 1,643 1,643 - Sales and disposals - - - - - As of December 31, 2024 820 1,125 2,832 1,643 6,420 Accumulated impairment As of December 31, 2023 820 1,125 - - 1.945 - Impairment - - - - - - Sales and disposals - - - - - As of December 31, 2024 820 1,125 - - 1,945 Net carrying amount As of December 31, 2023 - - 2,832 - 2,832 As of December 31, 2024 - - 2,832 1,643 4,475 Goodwill is measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests over the net identifiable assets acquired and liabilities assumed. Goodwill is not amortized but is reviewed for impairment, annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. The value in use of the Cash Generating Unit (CGU) is calculated from the present value of the cash flows included in the business plans, in accordance with IAS 36. When performing goodwill impairment analysis, considerations such as component shortages and their impact on price, margin and delivery terms due to changing market dynamics, or other sustainability impacts related to climate change are taken into account when relevant and predictable. 10.1. Axon Group By the end of 2024, management conducted an impairment test exercise on Axon Group as a CGU. The recoverable amount (value in use) of Axon Group CGU was calculated by using following key assumptions: - Cash flow projections (discounted cash flow method) based on financial budget approved by the directors covering a five-year period. - Annual growth in revenue for the next five-year period based on the 5-year business plan, supported by the recent actual revenue increases since the takeover, as well as expected continued integration of Axon product portfolio into EVS offerings in future years. - Stable cost of goods sold (COGS) percentage, in line with historical data and with the 5-year business plan. - Discount rate of 14.0% (Weighted Average Cost of Capital), corresponding to pre-tax discount rate of 18.0% derived from the post-tax weighted average cost of capital via an iterative method. - Perpetual cash-flows for the period beyond the forecast period (five years). - No growth for the terminal value. The result of the calculations confirmed that no impairment needs to be booked at 2024 year-end. The amount by which the unit\u2019s recoverable amount exceeds the carrying amount is EUR 103 million. The calculation of the value in use of Axon Group CGU is sensitive to (a) revenue and (b) discount rate. In this context, management conducted sensitivity test by increasing and decreasing the sensitive factors by +/-20%. The outcome of the sensitivity analysis does not influence the conclusion that no impairment needs to be booked at 2024 year-end. 10.2. MOG Technologies On October 1st, 2024, EVS completed the acquisition of 100% of the shares of MOG Technologies, a Portugal based company with around 50 highly skilled team members, renowned for its cloud and SW digital media and video production tools. MOG Technologies' renowned expertise in cloud technology reinforces EVS's Balanced Computing strategy, particularly enhancing its content management and distribution solutions, respectively MediaCeption and MediaHub. The acquisition grants EVS access to a pool of highly skilled talent, bringing expertise in digital media and video technology, beyond traditional broadcasting. It also provides a broader and more integrated range of solutions to streamline media workflows from ingest to distribution, enhanced capability of investment in research and development to drive technological advancements and deliver cutting-edge solutions, as well as improved customer support and professional services to ensure seamless implementation and optimal use of the combined product portfolio. This transaction qualifies as a business combination in accordance with IFRS 3 and is thus accounted for by applying the acquisition method. The consideration transferred by the Company to acquire MOG Technologies includes: \u2022 A cash amount of EUR 1.0 million paid at closing date. \u2022 A contingent consideration ranging between EUR 0 million and maximum EUR 2.6 million (earn-out to be paid by the Company) depending on several factors including: o the achievement of pre-defined revenue levels in fiscal years 2025 to 2029; o the collection of whole or part of specifically identified existing doubtful receivables; o the final resolution of ongoing judicial proceedings; o the effective recoverability of existing tax credits; o the continuation of identified key employees in the Company in the next four years. The fair value of the contingent consideration, included under line item \u201cOther amounts payable, advances received, accrued charges and deferred income\u201d, amounts to EUR 0.9 million at acquisition date and has not changed at the reporting date. The fair value categorized as level 3 has been estimated on the basis of a model in which the possible outcomes are probability weighted. The unobservable inputs to which this fair value measurement is most sensitive are the estimated amount of MOG Technologies\u2019 revenue over the reference period, the continuation of key employees in the Company and the effective recovery of existing tax credits. Depending on the actual realization of these inputs, the Company is exposed to a future income statement impact ranging between a loss of EUR 1.7 million (in case the maximum earn-out is reached) and a gain of EUR 0.9 million (in case of minimum earn-out). The amounts recognized with respect to identifiable assets acquired and liabilities assumed, as well as the consideration transferred and the resulting amount of goodwill and net cash flow effect at acquisition date are as set in the table below: (EUR thousands) Intangible asset \u2013 Technology 442 Intangible asset \u2013 Customer- related 445 Other intangible assets 1 Property, plant & equipment 380 Other non-current assets 26 Deferred tax assets 32 Accounts receivable 1,382 Inventories 210 Cash and cash equivalents 770 Total assets 3,688 Deferred tax liabilities -210 Financial liabilities -1,679 Accounts payable -619 Deferred income -932 Total liabilities -3,439 Net assets acquired 248 Consideration paid in cash 1,020 Final net debt adjustment - Fair value of contingent consideration (earn-out) 871 Total consideration 1,891 Goodwill 1,643 Cash outflow net of cash and cash equivalents 250 The goodwill, amounting to EUR 1.6 million, consists of expected market synergies from the combination of MOG Technologies and EVS as well as the skilled workforce of MOG Technologies, which both do not qualify for separate recognition as intangible assets. Goodwill is not expected to be deductible for tax purposes. The method used for the valuation of the technology consists in the royalty relief method (potential savings for owning the technology after the acquisition) supported by a benchmark analysis. The customer-related intangible asset was valued based on the Multi\u2010period Excess earnings method (by estimating revenues and cash flows derived from the intangible asset). The fair value of accounts receivable of EUR 1.4 million corresponds to the gross contractual amounts receivable. Since the acquisition date on 1 October 2024, MOG Technologies contributed EUR 0.5 million to revenue and EUR -0.5 million to net result in the consolidated income statement for the 3 month-period ended 31 December 2024. If the acquisition of MOG Technologies had been completed on 1 January 2024, the consolidated Group\u2019s revenue and net result for the 12 month-period ended 31 December 2024 would have been EUR 2.3 million and EUR -5.3 million respectively. The acquisition-related costs amounting to EUR 0.2 million have been immediately expensed as incurred and are presented under the caption \u201cSelling and administrative expenses\u201d in the income statement. Since MOG Technologies was acquired in October 2024 and Purchase Price Allocation exercise (including fair value of goodwill) was finalized in January 2025 using latest business plan and projections available at that time, no formal additional goodwill impairment test was performed at year-end 2024. The assumptions taken for the Purchase Price Allocation would have been identical for any impairment exercise performed at that moment, resulting in identical fair value of the goodwill. ",
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"value": "10. GOODWILL (EUR thousands) CGUs TOTAL OpenCube SVS Axon MOG Techn. Acquisition cost As of December 31, 2023 820 1,125 2,832 - 4,777 - Acquisitions - - - 1,643 1,643 - Sales and disposals - - - - - As of December 31, 2024 820 1,125 2,832 1,643 6,420 Accumulated impairment As of December 31, 2023 820 1,125 - - 1.945 - Impairment - - - - - - Sales and disposals - - - - - As of December 31, 2024 820 1,125 - - 1,945 Net carrying amount As of December 31, 2023 - - 2,832 - 2,832 As of December 31, 2024 - - 2,832 1,643 4,475 Goodwill is measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests over the net identifiable assets acquired and liabilities assumed. Goodwill is not amortized but is reviewed for impairment, annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. The value in use of the Cash Generating Unit (CGU) is calculated from the present value of the cash flows included in the business plans, in accordance with IAS 36. When performing goodwill impairment analysis, considerations such as component shortages and their impact on price, margin and delivery terms due to changing market dynamics, or other sustainability impacts related to climate change are taken into account when relevant and predictable. 10.1. Axon Group By the end of 2024, management conducted an impairment test exercise on Axon Group as a CGU. The recoverable amount (value in use) of Axon Group CGU was calculated by using following key assumptions: - Cash flow projections (discounted cash flow method) based on financial budget approved by the directors covering a five-year period. - Annual growth in revenue for the next five-year period based on the 5-year business plan, supported by the recent actual revenue increases since the takeover, as well as expected continued integration of Axon product portfolio into EVS offerings in future years. - Stable cost of goods sold (COGS) percentage, in line with historical data and with the 5-year business plan. - Discount rate of 14.0% (Weighted Average Cost of Capital), corresponding to pre-tax discount rate of 18.0% derived from the post-tax weighted average cost of capital via an iterative method. - Perpetual cash-flows for the period beyond the forecast period (five years). - No growth for the terminal value. The result of the calculations confirmed that no impairment needs to be booked at 2024 year-end. The amount by which the unit\u2019s recoverable amount exceeds the carrying amount is EUR 103 million. The calculation of the value in use of Axon Group CGU is sensitive to (a) revenue and (b) discount rate. In this context, management conducted sensitivity test by increasing and decreasing the sensitive factors by +/-20%. The outcome of the sensitivity analysis does not influence the conclusion that no impairment needs to be booked at 2024 year-end. 10.2. MOG Technologies On October 1st, 2024, EVS completed the acquisition of 100% of the shares of MOG Technologies, a Portugal based company with around 50 highly skilled team members, renowned for its cloud and SW digital media and video production tools. MOG Technologies' renowned expertise in cloud technology reinforces EVS's Balanced Computing strategy, particularly enhancing its content management and distribution solutions, respectively MediaCeption and MediaHub. The acquisition grants EVS access to a pool of highly skilled talent, bringing expertise in digital media and video technology, beyond traditional broadcasting. It also provides a broader and more integrated range of solutions to streamline media workflows from ingest to distribution, enhanced capability of investment in research and development to drive technological advancements and deliver cutting-edge solutions, as well as improved customer support and professional services to ensure seamless implementation and optimal use of the combined product portfolio. This transaction qualifies as a business combination in accordance with IFRS 3 and is thus accounted for by applying the acquisition method. The consideration transferred by the Company to acquire MOG Technologies includes: \u2022 A cash amount of EUR 1.0 million paid at closing date. \u2022 A contingent consideration ranging between EUR 0 million and maximum EUR 2.6 million (earn-out to be paid by the Company) depending on several factors including: o the achievement of pre-defined revenue levels in fiscal years 2025 to 2029; o the collection of whole or part of specifically identified existing doubtful receivables; o the final resolution of ongoing judicial proceedings; o the effective recoverability of existing tax credits; o the continuation of identified key employees in the Company in the next four years. The fair value of the contingent consideration, included under line item \u201cOther amounts payable, advances received, accrued charges and deferred income\u201d, amounts to EUR 0.9 million at acquisition date and has not changed at the reporting date. The fair value categorized as level 3 has been estimated on the basis of a model in which the possible outcomes are probability weighted. The unobservable inputs to which this fair value measurement is most sensitive are the estimated amount of MOG Technologies\u2019 revenue over the reference period, the continuation of key employees in the Company and the effective recovery of existing tax credits. Depending on the actual realization of these inputs, the Company is exposed to a future income statement impact ranging between a loss of EUR 1.7 million (in case the maximum earn-out is reached) and a gain of EUR 0.9 million (in case of minimum earn-out). The amounts recognized with respect to identifiable assets acquired and liabilities assumed, as well as the consideration transferred and the resulting amount of goodwill and net cash flow effect at acquisition date are as set in the table below: (EUR thousands) Intangible asset \u2013 Technology 442 Intangible asset \u2013 Customer- related 445 Other intangible assets 1 Property, plant & equipment 380 Other non-current assets 26 Deferred tax assets 32 Accounts receivable 1,382 Inventories 210 Cash and cash equivalents 770 Total assets 3,688 Deferred tax liabilities -210 Financial liabilities -1,679 Accounts payable -619 Deferred income -932 Total liabilities -3,439 Net assets acquired 248 Consideration paid in cash 1,020 Final net debt adjustment - Fair value of contingent consideration (earn-out) 871 Total consideration 1,891 Goodwill 1,643 Cash outflow net of cash and cash equivalents 250 The goodwill, amounting to EUR 1.6 million, consists of expected market synergies from the combination of MOG Technologies and EVS as well as the skilled workforce of MOG Technologies, which both do not qualify for separate recognition as intangible assets. Goodwill is not expected to be deductible for tax purposes. The method used for the valuation of the technology consists in the royalty relief method (potential savings for owning the technology after the acquisition) supported by a benchmark analysis. The customer-related intangible asset was valued based on the Multi\u2010period Excess earnings method (by estimating revenues and cash flows derived from the intangible asset). The fair value of accounts receivable of EUR 1.4 million corresponds to the gross contractual amounts receivable. Since the acquisition date on 1 October 2024, MOG Technologies contributed EUR 0.5 million to revenue and EUR -0.5 million to net result in the consolidated income statement for the 3 month-period ended 31 December 2024. If the acquisition of MOG Technologies had been completed on 1 January 2024, the consolidated Group\u2019s revenue and net result for the 12 month-period ended 31 December 2024 would have been EUR 2.3 million and EUR -5.3 million respectively. The acquisition-related costs amounting to EUR 0.2 million have been immediately expensed as incurred and are presented under the caption \u201cSelling and administrative expenses\u201d in the income statement. Since MOG Technologies was acquired in October 2024 and Purchase Price Allocation exercise (including fair value of goodwill) was finalized in January 2025 using latest business plan and projections available at that time, no formal additional goodwill impairment test was performed at year-end 2024. The assumptions taken for the Purchase Price Allocation would have been identical for any impairment exercise performed at that moment, resulting in identical fair value of the goodwill. 11. OTHER INTANGIBLE ASSETS Technology (DWESAB, Customer related & Software (EUR thousands) TOTAL OpenCube and Other Intangibles licenses Axon) Acquisition cost As of December 31, 2022 5,070 12,943 3,837 21,850 - Intangible assets in progress - 4,148 377 4,525 As of December 31, 2023 5,070 17,091 4,214 26,375 Accumulated amortization As of December 31, 2022 -3,530 -1,950 -3,155 -8,635 - Amortization -356 -1,294 -70 -1,720 As of December 31, 2023 -3,886 -3,244 -3,225 -10,355 Net carrying amount As of December 31, 2022 1,540 10,993 682 13,215 As of December 31, 2023 1,184 13,847 989 16,020 Technology (DWESAB, Customer related & Software (EUR thousands) TOTAL OpenCube, Axon, Other Intangibles licenses MOG) Acquisition cost As of December 31, 2023 5,070 17,091 4,214 26,375 - Intangible assets in progress 1,318 5 1,323 - Purchase Price Allocation in the period 442 445 - 887 As of December 31, 2024 5,512 18,854 4,219 28,585 Accumulated amortization As of December 31, 2023 -3,886 -3,244 -3,225 -10,355 - Amortization -371 -2,977 - -3,348 - Write-off - -1,466 - -1,466 As of December 31, 2024 -4,257 -7,687 -3,225 -15,169 Net carrying amount As of December 31, 2023 1,184 13,847 989 16,020 As of December 31, 2024 1,255 11,167 994 13,416 Intangible assets decreased by EUR 2.6 million during the period, reflecting the depreciation expenses of EUR 3.5 million coupled with the write-off of certain investments amounting to EUR 1.1 million, partially offset by the capitalization of internal development costs of EUR 1.3 million and intangibles acquired as part of business combination of EUR 0.8 million. For one of the projects, launched in 2022, a write off of the development costs was booked in 4Q24, as some recent events have led to a change in our go-to-market strategy. This changing strategy no longer fulfills the criteria of IAS38, as the product will no longer be launched as a stand-alone product, but rather as an option in the VIA MAP ecosystem. See also details in note 6.6 above. The intangible capitalized costs in 2024 include mainly the internal personnel costs and external consultants\u2019 costs related to the development phase of an important project that should secure future growth for EVS. This project consists in software and hardware that will be commercialized at the end of the development. The projected spend is EUR 5.9 million over a period of 3 years, with planned return on investment as of 2027. The progress of these internal developments is monitored frequently to ensure the future economic benefit remains assured. ",
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"value": "11. OTHER INTANGIBLE ASSETS Technology (DWESAB, Customer related & Software (EUR thousands) TOTAL OpenCube and Other Intangibles licenses Axon) Acquisition cost As of December 31, 2022 5,070 12,943 3,837 21,850 - Intangible assets in progress - 4,148 377 4,525 As of December 31, 2023 5,070 17,091 4,214 26,375 Accumulated amortization As of December 31, 2022 -3,530 -1,950 -3,155 -8,635 - Amortization -356 -1,294 -70 -1,720 As of December 31, 2023 -3,886 -3,244 -3,225 -10,355 Net carrying amount As of December 31, 2022 1,540 10,993 682 13,215 As of December 31, 2023 1,184 13,847 989 16,020 Technology (DWESAB, Customer related & Software (EUR thousands) TOTAL OpenCube, Axon, Other Intangibles licenses MOG) Acquisition cost As of December 31, 2023 5,070 17,091 4,214 26,375 - Intangible assets in progress 1,318 5 1,323 - Purchase Price Allocation in the period 442 445 - 887 As of December 31, 2024 5,512 18,854 4,219 28,585 Accumulated amortization As of December 31, 2023 -3,886 -3,244 -3,225 -10,355 - Amortization -371 -2,977 - -3,348 - Write-off - -1,466 - -1,466 As of December 31, 2024 -4,257 -7,687 -3,225 -15,169 Net carrying amount As of December 31, 2023 1,184 13,847 989 16,020 As of December 31, 2024 1,255 11,167 994 13,416 Intangible assets decreased by EUR 2.6 million during the period, reflecting the depreciation expenses of EUR 3.5 million coupled with the write-off of certain investments amounting to EUR 1.1 million, partially offset by the capitalization of internal development costs of EUR 1.3 million and intangibles acquired as part of business combination of EUR 0.8 million. For one of the projects, launched in 2022, a write off of the development costs was booked in 4Q24, as some recent events have led to a change in our go-to-market strategy. This changing strategy no longer fulfills the criteria of IAS38, as the product will no longer be launched as a stand-alone product, but rather as an option in the VIA MAP ecosystem. See also details in note 6.6 above. The intangible capitalized costs in 2024 include mainly the internal personnel costs and external consultants\u2019 costs related to the development phase of an important project that should secure future growth for EVS. This project consists in software and hardware that will be commercialized at the end of the development. The projected spend is EUR 5.9 million over a period of 3 years, with planned return on investment as of 2027. The progress of these internal developments is monitored frequently to ensure the future economic benefit remains assured. ",
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"f1__s8__6__153-1": {
"value": "12. TANGIBLE ASSETS (LANDS AND BUILDINGS, AND OTHER TANGIBLE ASSETS) (EUR thousands) Land and Plant, Other Assets TOTAL buildings machinery and tangible under (1) equipmentassets construction Acquisition cost As of December 31, 2022 64,023 8,667 19,888 1,243 93,821 - Acquisition 370 2,851 2,899 90 6,210 - Sales and disposals - -1,364 - - -1,364 - Transfers -12 14 - -20 -18 - Other -108 1,816 -14 - 1,694 As of December 31, 2023 64,273 11,984 22,773 1,313 100,343 Accumulated depreciation As of December 31, 2022 -14,723 -6,606 -17,258 - -38,587 - Depreciations -3,357 -1,608 -1,357 - -6,322 - Sales and disposals - 1,327 - - 1,327 - Other 128 90 4 - 222 As of December 31, 2023 -17,952 -6,797 -18,611 - -43,360 Net carrying amount As of December 31, 2022 49,300 2,061 2,630 1,243 55,234 As of December 31, 2023 (a) 46,321 (b) 5,187 (b) 4,162 (a) 1,313 56,983 (a) Sub-total Lands & Buildings 47,634 (b) Sub-total Other Tangible Assets 9,349 Mortgages and other guarantees Net carrying amount of fixed assets 38,343 - - - 38,343 given as real guarantees (1) Includes 2023 retrospective adjustment in row \u201cOther\u201d related to the change in accounting policy on the presentation of materials produced for internal purposes from inventory to other tangible assets/fixed assets, to allow comparability with 2024. See details in Note 2.10. (EUR thousands) Land and Plant, Other Assets TOTAL buildings machinery and tangible under (1) equipmentassets construction Acquisition cost As of December 31, 2023 64,273 11,984 22,773 1,313 100,343 - Acquisition 147 2,361 2,943 87 5,538 - Sales and disposals - -25 - - -25 - Transfers 201 1,032 - -1,233 - - Other 196 5,524 23 -148 5,595 As of December 31, 2024 64,817 20,876 25,739 19 111,451 Accumulated depreciation As of December 31, 2023 -17,952 -6,797 -18,611 - -43,360 - Depreciations -3,260 -4,379 -1,663 - -9,302 - Sales and disposals - - - - - - Other -241 -2,121 -10 - -2,372 As of December 31, 2024 -21,453 -13,297 -20,284 - -55,034 Net carrying amount As of December 31, 2023 46,321 5,187 4,162 1,313 56,983 As of December 31, 2024 (a) 43,364 (b) 7,579 (b) 5,455 (a) 19 56,417 (a) Sub-total Lands & Buildings 43,383 (b) Sub-total Other Tangible Assets 13,034 Mortgages and other guarantees Net carrying amount of fixed assets 36,731 - - - 36,731 given as real guarantees (1) Includes a 2024 reclassification adjustment in row \"Other\" related to the change in the presentation of materials produced for internal purposes from inventory to other tangible assets/fixed assets. See details in Note 2.10. The acquisition value of the building was analyzed by component, with specific useful lives and residual values applied to each component. Depreciation by component is provided for lifetimes ranging between 3 and 30 years with a total residual value for the building of about 36% of the gross value excluding subsidies. Production of the equipment manufactured and marketed by EVS does not require important tangible investment, considering the assembly is partially subcontracted, notably to MECALEC SMD SA. Whenever possible, specialized work is outsourced (i.e., sheet metalwork and manufacturing of integrated circuits). The group policy is to finance its buildings through equity and through long term loans (see also note 19). As of January 1, 2024, the Group has adopted a new presentation method whereby materials produced for internal purposes are now classified as Other tangible assets/fixed assets (see also note 2.10). Tangible assets remain relatively stable with the acquisitions of the period (primarily IT equipment and vehicles under machinery and equipment, as well as lease contracts mainly for company cars) being offset by the depreciation of the period. The carrying amounts of right-of-use assets, lease liabilities and the movements for the twelve months ended 31 December 2024 and 31 December 2023 is as follows: (EUR thousands) Land and Plant, Other Total Lease buildings machinery tangible liabilities and assets equipment As of December 31, 2022 9,654 - 2,171 11,825 12,498 Additions 400 - 2,873 3,273 3,310 Disposals - - - - - Depreciation expenses -1,831 - -1,247 -3,078 - Interest expenses - - - - 535 Conversion differences & Other -81 - - -81 -89 Payments - - - - -3,589 As of December 31, 2023 8,142 - 3,797 11,939 12,665 (EUR thousands) Land and Plant, Other Total Lease buildings machinery tangible liabilities and assets equipment As of December 31, 2023 8,142 - 3,797 11,939 12,665 Additions - - 2,801 2,801 3,333 Disposals -232 - - -232 -232 Depreciation expenses -1,720 - -1,598 -3,318 - Interest expenses - - - - -539 Conversion differences & Other 121 - - 121 305 Payments - - - - -3,223 As of December 31, 2024 6,311 - 5,000 11,311 12,30915.1. Finance lease receivables (EUR thousands) 2024 2023 Finance lease receivables Within one year (current finance lease) 3,642 3,275 After one year but no longer than five years (non-current finance lease) 3,295 3,458 Total 6,937 6,733 (EUR thousands) 2025 2026 2027 After Future undiscounted lease payments 3,946 2,669 767 0 The group enters finance leasing arrangements for some of its equipment. The term of finance leases entered is maximum four years. To cover risks related to ownership of the underlying asset, EVS requests customers to keep the equipment insured against all risks of loss or damage for the full replacement value, and to assume full responsibility for any loss or damage to the equipment during the lease period. EVS always retains title to the equipment during the lease period, unless and until acquired by the customer. The carrying amount of the conditional purchase options of the assets leased under finance leases amounts to EUR 0.0 million (EUR 0.2 million in 2023). The interest rate inherent in the finance leases is fixed at the contract date for all the lease term. The weighted average interest rate on finance lease receivables on December 31, 2024 is 7.0% (8.0% in 2023). The financial revenues generated by the finance leases amount to EUR 0.2 million in the period (EUR 0.3 million in 2023) and are booked in other financial income. 19.2. Lease liabilities Lease liabilities remain stable when compared to the end of 2023 as repayment of existing lease contracts for offices and company cars are broadly offset by new lease contracts or reassessment and extension of existing ones. Depending on the countries and the leased assets, the Group used incremental borrowing rates ranging from 2% to 8% for the lease liabilities (and right of use assets) calculation. The table below shows the maturity analysis (undiscounted cash flows) for the lease liability: December 31, 2023 (EUR thousands) Within 1 year Between 2 and 5 years Over 5 years Total Lease liabilities 3,263 8,965 1,932 14,160 December 31, 2024 (EUR thousands) Within 1 year Between 2 and 5 years Over 5 years Total Lease liabilities 3,671 8,604 1,092 13,36719.3. Liabilities from financing activities Non-cash changes In thousands of Euro 1 January Cash flows Foreign Other 31 December 2023 exchange 2023 movements Long-term borrowings 1,675 - - -1,114 561 Short-term borrowings 1,105 -1,105 - 1,114 1,114 Lease liabilities 12,498 -3,055 -89 3,311 12,665 Total liabilities from financing activities 15,278 -4,159 -89 3,310 14,340 Non-cash changes In thousands of Euro 1 January Cash flows Foreign Other 31 December 2024 exchange 2024 movements Long-term borrowings 561 - - -561 - Short-term borrowings 1,114 -2,450 - 1,897 561 Lease liabilities 12,665 -3,762 137 3,268 12,308 Total liabilities from financing activities 14,340 -6,212 137 4,604 12,869",
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"f1__s8__6__151": {
"value": "12. TANGIBLE ASSETS (LANDS AND BUILDINGS, AND OTHER TANGIBLE ASSETS) (EUR thousands) Land and Plant, Other Assets TOTAL buildings machinery and tangible under (1) equipmentassets construction Acquisition cost As of December 31, 2022 64,023 8,667 19,888 1,243 93,821 - Acquisition 370 2,851 2,899 90 6,210 - Sales and disposals - -1,364 - - -1,364 - Transfers -12 14 - -20 -18 - Other -108 1,816 -14 - 1,694 As of December 31, 2023 64,273 11,984 22,773 1,313 100,343 Accumulated depreciation As of December 31, 2022 -14,723 -6,606 -17,258 - -38,587 - Depreciations -3,357 -1,608 -1,357 - -6,322 - Sales and disposals - 1,327 - - 1,327 - Other 128 90 4 - 222 As of December 31, 2023 -17,952 -6,797 -18,611 - -43,360 Net carrying amount As of December 31, 2022 49,300 2,061 2,630 1,243 55,234 As of December 31, 2023 (a) 46,321 (b) 5,187 (b) 4,162 (a) 1,313 56,983 (a) Sub-total Lands & Buildings 47,634 (b) Sub-total Other Tangible Assets 9,349 Mortgages and other guarantees Net carrying amount of fixed assets 38,343 - - - 38,343 given as real guarantees (1) Includes 2023 retrospective adjustment in row \u201cOther\u201d related to the change in accounting policy on the presentation of materials produced for internal purposes from inventory to other tangible assets/fixed assets, to allow comparability with 2024. See details in Note 2.10. (EUR thousands) Land and Plant, Other Assets TOTAL buildings machinery and tangible under (1) equipmentassets construction Acquisition cost As of December 31, 2023 64,273 11,984 22,773 1,313 100,343 - Acquisition 147 2,361 2,943 87 5,538 - Sales and disposals - -25 - - -25 - Transfers 201 1,032 - -1,233 - - Other 196 5,524 23 -148 5,595 As of December 31, 2024 64,817 20,876 25,739 19 111,451 Accumulated depreciation As of December 31, 2023 -17,952 -6,797 -18,611 - -43,360 - Depreciations -3,260 -4,379 -1,663 - -9,302 - Sales and disposals - - - - - - Other -241 -2,121 -10 - -2,372 As of December 31, 2024 -21,453 -13,297 -20,284 - -55,034 Net carrying amount As of December 31, 2023 46,321 5,187 4,162 1,313 56,983 As of December 31, 2024 (a) 43,364 (b) 7,579 (b) 5,455 (a) 19 56,417 (a) Sub-total Lands & Buildings 43,383 (b) Sub-total Other Tangible Assets 13,034 Mortgages and other guarantees Net carrying amount of fixed assets 36,731 - - - 36,731 given as real guarantees (1) Includes a 2024 reclassification adjustment in row \"Other\" related to the change in the presentation of materials produced for internal purposes from inventory to other tangible assets/fixed assets. See details in Note 2.10. The acquisition value of the building was analyzed by component, with specific useful lives and residual values applied to each component. Depreciation by component is provided for lifetimes ranging between 3 and 30 years with a total residual value for the building of about 36% of the gross value excluding subsidies. Production of the equipment manufactured and marketed by EVS does not require important tangible investment, considering the assembly is partially subcontracted, notably to MECALEC SMD SA. Whenever possible, specialized work is outsourced (i.e., sheet metalwork and manufacturing of integrated circuits). The group policy is to finance its buildings through equity and through long term loans (see also note 19). As of January 1, 2024, the Group has adopted a new presentation method whereby materials produced for internal purposes are now classified as Other tangible assets/fixed assets (see also note 2.10). Tangible assets remain relatively stable with the acquisitions of the period (primarily IT equipment and vehicles under machinery and equipment, as well as lease contracts mainly for company cars) being offset by the depreciation of the period. The carrying amounts of right-of-use assets, lease liabilities and the movements for the twelve months ended 31 December 2024 and 31 December 2023 is as follows: (EUR thousands) Land and Plant, Other Total Lease buildings machinery tangible liabilities and assets equipment As of December 31, 2022 9,654 - 2,171 11,825 12,498 Additions 400 - 2,873 3,273 3,310 Disposals - - - - - Depreciation expenses -1,831 - -1,247 -3,078 - Interest expenses - - - - 535 Conversion differences & Other -81 - - -81 -89 Payments - - - - -3,589 As of December 31, 2023 8,142 - 3,797 11,939 12,665 (EUR thousands) Land and Plant, Other Total Lease buildings machinery tangible liabilities and assets equipment As of December 31, 2023 8,142 - 3,797 11,939 12,665 Additions - - 2,801 2,801 3,333 Disposals -232 - - -232 -232 Depreciation expenses -1,720 - -1,598 -3,318 - Interest expenses - - - - -539 Conversion differences & Other 121 - - 121 305 Payments - - - - -3,223 As of December 31, 2024 6,311 - 5,000 11,311 12,309",
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"f1__s8__6__157": {
"value": "13. LONG TERM FINANCIAL ASSETS (EUR thousands) Subordinated Other financial TOTAL loans assets Net carrying amount as of Dec. 31, 2022 - 512 512 - Refunded/converted during the year - -19 -19 - Acquired during the year - 7 7 - Conversion differences & Other - -5 -5 Net carrying amount on Dec. 31, 2023 - 495 495 Net carrying amount as of Dec. 31, 2023 - 495 495 - Refunded/converted during the year - -128 -128 - Acquired during the year - 10 10 - Conversion differences & Other - 35 35 Net carrying amount on Dec. 31, 2024 - 412 412 The other financial assets mainly consist of cash guarantees. ",
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"f1__s8__6__156-1": {
"value": "13. LONG TERM FINANCIAL ASSETS (EUR thousands) Subordinated Other financial TOTAL loans assets Net carrying amount as of Dec. 31, 2022 - 512 512 - Refunded/converted during the year - -19 -19 - Acquired during the year - 7 7 - Conversion differences & Other - -5 -5 Net carrying amount on Dec. 31, 2023 - 495 495 Net carrying amount as of Dec. 31, 2023 - 495 495 - Refunded/converted during the year - -128 -128 - Acquired during the year - 10 10 - Conversion differences & Other - 35 35 Net carrying amount on Dec. 31, 2024 - 412 412 The other financial assets mainly consist of cash guarantees. 15. TRADE AND OTHER RECEIVABLES (EUR thousands) December 31, 2024 December 31, 2023 Trade receivables 71,820 70,032 Write offs on receivables -4,542 -2,789 - of which ECL -418 -816 - of which other provisions -4,124 -1,973 Net trade receivables 67,278 67,243 Finance lease receivables 3,642 3,275 Deferred charges and accrued income 4,610 6,947 Other amounts receivable 4,639 4,900 Total other receivable, deferred charges and accrued income 12,891 15,122 Total 80,169 82,365 Trade receivables are non-interest bearing and are generally on 30-day terms. According to the group terms and conditions, the unpaid invoices at their term could result in a 1.50% monthly interest rate. Despite the increase in activities, trade receivables remained stable compared to last year-end. This is mainly the result of continuous improvement in the collection and in the aging structure of the receivables throughout the year. The majority of our trade receivables (i.e. 76%) is not due at year-end. For the determination of the expected credit loss, EVS has applied the simplified approach and records lifetime expected losses on all trade receivables. This amount is determined on a portfolio basis, based on a provision matrix that considers historical credit loss experience. Additionally, particular receivables with higher probability of default are identified and reflected as complementary adjustment to the provision matrix. These allowances are booked in the \"Selling and Administrative expense\" line. As of December 31, 2024, an amount of EUR 8.7 million (EUR 20.6 million on December 31, 2023) within trade receivables was overdue with more than 90 days from which EUR 4.5 million are subject of write-downs following credit quality of trade receivables. Movements of write-offs in 2024 and 2023 are as follows: (EUR thousands) 2024 2023 Write-offs on trade receivables Value as of January 1 2,789 3,064 - Write-offs during the year 1,339 1,606 - of which Expected Credit Loss matrix -398 142 - of which other provisions 1,737 1,464 - Releases of write-offs during the year -1,342 -1,881 - Other \u2013 MOG Acquisition 1,756 - Value as of December 31 4,542 2,789 The provision matrix that considers historical credit loss experience for the calculation of the expected credit loss is as follows: (EUR thousands) Trade receivables <31 31-60 61-90 >91 Expected credit loss Current Total days days days days Expected credit loss rate 0.40% 0.94% 1.72% 2.00% 2.59% Total gross carrying amount 40,088 5,605 1,985 1,725 20,629 70,032 Expected credit loss as of Dec 31 2023 160.4 52.7 34.1 34.5 534.3 816 (EUR thousands) Trade receivables <31 31-60 61-90 >91 Expected credit loss Current Total days days days days Expected credit loss rate 0.27% 0.33% 0.72% 1.17% 1.64% Total gross carrying amount 50,051 3,482 2,553 1,154 14,580 71,820 Expected credit loss as of Dec 31 2024 135.1 11.5 18.4 13.5 239.1 41815.1. Finance lease receivables (EUR thousands) 2024 2023 Finance lease receivables Within one year (current finance lease) 3,642 3,275 After one year but no longer than five years (non-current finance lease) 3,295 3,458 Total 6,937 6,733 (EUR thousands) 2025 2026 2027 After Future undiscounted lease payments 3,946 2,669 767 0 The group enters finance leasing arrangements for some of its equipment. The term of finance leases entered is maximum four years. To cover risks related to ownership of the underlying asset, EVS requests customers to keep the equipment insured against all risks of loss or damage for the full replacement value, and to assume full responsibility for any loss or damage to the equipment during the lease period. EVS always retains title to the equipment during the lease period, unless and until acquired by the customer. The carrying amount of the conditional purchase options of the assets leased under finance leases amounts to EUR 0.0 million (EUR 0.2 million in 2023). The interest rate inherent in the finance leases is fixed at the contract date for all the lease term. The weighted average interest rate on finance lease receivables on December 31, 2024 is 7.0% (8.0% in 2023). The financial revenues generated by the finance leases amount to EUR 0.2 million in the period (EUR 0.3 million in 2023) and are booked in other financial income. 15.2. Contract balances (EUR thousands) December 31, 2024 December 31, 2023 Contract assets 4,610 6,861 Contract liabilities 23,808 18,058 Invoiced advances and deferred income amounted to EUR 23.8 million at December 31, 2024, compared to EUR 18.1 million at the end of 2023. Liabilities related to advances received and deferred income are recorded on the balance sheet under section other amounts payable, advances received, accrued charges and deferred income. The increase is mainly explained by the overall growth of the business, resulting in a higher level of advance payments and deferred revenue from customers. Most of the revenue included in the contract liability balance at the beginning of the period has been recognized in the current reporting period. Revenues relating to work in progress amounted to EUR 4.6 million at December 31, 2024 (EUR 6.9 million in 2023). Receivables related to work in progress are recorded on the balance sheet under other receivable, deferred charges and accrued income. 16. OTHER CURRENT FINANCIAL ASSETS Other current financial assets relate to options contracted to hedge commitments to staff under the Fund Option Plan proposed by ING. These options have an average maturity of one year and are valued at fair value in the income statement. 17. CASH AND CASH EQUIVALENTS (EUR thousands) December 31, 2024 December 31, 2023 Cash at bank and in hand 54,316 32,765 Short-term deposits and remunerated cash accounts 33,451 18,181 Total 87,766 50,947 On December 31, 2024, cash and cash equivalents total an all-time high EUR 87.8 million, compared to EUR 50.9 million at the end of 2023. The increase is mainly driven by the higher cash from operating activities of EUR 63.9 million resulting from higher net profit and favorable variance in working capital requirements compared to the previous year, mainly on trade receivables following the continuous improvement in the collection of customers invoices. The increase in operating cash flow is partially offset by the net cash used in investing activities of EUR -6.6 million linked to the investments in intangible and tangible assets as well as business acquisitions of MOG and Tinkerlist, together with the net cash used in financing activities of EUR -21.4 million which results mainly from total dividend payment of EUR -14.9 million and reimbursement of lease liabilities and borrowings of EUR -5.7 million. Short-term deposits represent investments with an original maturity date or notice period of three months or less. At the end of 2024, short-term deposits are mainly composed of investments in bonds floating rate notes fund and bank deposits. 19. LOANS (EUR thousands) December 31, 2024 December 31, 2023 Long term financial debts Bank loans - 561 Long term lease liabilities 9,072 9,883 Amount due within 12 months (shown under current liabilities) Bank loans 561 1,114 Short term lease liabilities 3,236 2,782 Total financial debt (short and long-term) 12,869 14,340 The total financial debt is repayable as follows: - within one year 3,797 3,896 - after one year but no more than five 9,072 10,444 - more than five years - - 19.1. Credit lines In June 2020, a loan of EUR 5.5 million and 0.84% interest rate was put in place with BNP Paribas Fortis to partially finance the acquisition of Axon. The repayment schedule foresees in a first repayment of EUR 0.6 million in 2020 and annual installments of EUR 1.1 million between 2021 and 2024, with final repayment of EUR 0.6 million in 2025 at loan maturity. In June 2020, a rollover credit line of EUR 5.0 million was put in place with Belfius bank to partially finance the acquisition of Axon. This amortized credit line will end at the latest on June 30, 2025. As of this date, EVS has not used this credit facility. There have been no breaches of the financial covenants of any interest-bearing loans and borrowing in the current period. 19.2. Lease liabilities Lease liabilities remain stable when compared to the end of 2023 as repayment of existing lease contracts for offices and company cars are broadly offset by new lease contracts or reassessment and extension of existing ones. Depending on the countries and the leased assets, the Group used incremental borrowing rates ranging from 2% to 8% for the lease liabilities (and right of use assets) calculation. The table below shows the maturity analysis (undiscounted cash flows) for the lease liability: December 31, 2023 (EUR thousands) Within 1 year Between 2 and 5 years Over 5 years Total Lease liabilities 3,263 8,965 1,932 14,160 December 31, 2024 (EUR thousands) Within 1 year Between 2 and 5 years Over 5 years Total Lease liabilities 3,671 8,604 1,092 13,36719.3. Liabilities from financing activities Non-cash changes In thousands of Euro 1 January Cash flows Foreign Other 31 December 2023 exchange 2023 movements Long-term borrowings 1,675 - - -1,114 561 Short-term borrowings 1,105 -1,105 - 1,114 1,114 Lease liabilities 12,498 -3,055 -89 3,311 12,665 Total liabilities from financing activities 15,278 -4,159 -89 3,310 14,340 Non-cash changes In thousands of Euro 1 January Cash flows Foreign Other 31 December 2024 exchange 2024 movements Long-term borrowings 561 - - -561 - Short-term borrowings 1,114 -2,450 - 1,897 561 Lease liabilities 12,665 -3,762 137 3,268 12,308 Total liabilities from financing activities 14,340 -6,212 137 4,604 12,86921. TRADE AND OTHER PAYABLES (EUR thousands) December 31, 2024 December 31, 2023 Trade payables 10,320 10,681 Other payables 10,337 8,735 Accrued charges 3,347 1,415 Deferred income 14,826 9,339 Total 38,830 30,170 Trade payables are non-interest bearing and are normally settled on 45-day terms. Other payables mainly consist of advances received from customers on work in progress. It also includes the contingent consideration linked to MOG acquisition of EUR 0.8 million (see details in note 10.2). The increase in accrued charges relates mainly to higher unrealized exchange losses linked to FX hedges, coupled with increased provision for dealers\u2019 commissions mainly in Asia. Additional details on advances received and deferred income are provided in note 15.2. 27. FINANCIAL INSTRUMENTS 27.1. Fair values of the financial instruments The fair value of the financial assets and liabilities is defined as the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values: - Cash and cash equivalents and short-term investments, trade receivables, trade payables, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments; - Long term fixed rate and variable rate other assets are evaluated by the Group based on parameters such as interest rates, specific country risk factors, individual creditworthiness of the customer and the risk characteristics of the financed project. Based on this evaluation, allowances are made to account for the expected losses of these receivables. As at December 31, 2024, the carrying amounts of such receivables, net of allowances, are assumed not to be materially different from their calculated fair values; - The fair value of unquoted instruments, loans from banks and other financial liabilities, obligations under finance leases as well as other non-current financial liabilities is estimated by discounting future cash flows using the effective interest rates currently available for debt on similar terms, credit risk and remaining maturities. As of December 31, 2024, the effective interest rate is not materially different from the nominal interest rate of the financial obligation; - The Group enters into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. Derivatives valued using valuation techniques with market observable inputs are mainly foreign exchange forward and option contracts. The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations. The models incorporate various inputs including foreign exchange spot and forward rates and interest rate curves. As at December 31, 2024, the Group held the following financial instruments measured at fair value: (EUR thousands) December 31, 2024 December 31, 2023 Liabilities (-) / Assets (+) measured at fair value Financial liabilities (-) / assets (+) at fair value through profit or loss Foreign exchange contracts \u2013 no hedge accounting -2,244 206 Contingent consideration \u2013 MOG acquisition -871 - Total 3,115 206 The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities; Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; Level 3: techniques that use inputs having a significant effect on the recorded fair value that are not based on observable market data Fair values linked to foreign exchange contracts relate to Level 2, whereas fair value for contingent consideration relate to Level 3. There were no transfers between Level 1, Level 2 and level 3 fair value measurements during the reporting period. 27.2. Foreign currency risk EVS measures the Group\u2019s anticipated exposure to transactional exchange risk over six months to two years. In its current structure, the group\u2019s exposure is mainly linked to the EUR/USD risk. The group invoices all customers in Euro, except the United States where customers are invoiced in USD. Considering that most operational and fiscal expenses of the Group are in EUR, this results in a \u201clong\u201d position in USD, i.e. all of the Group\u2019s activities generate globally a positive net cash flow in USD. Additionally, the Group has a recurring \u201cshort\u201d position in GBP derived from the operational expenses of its UK subsidiary. EVS hedges future USD net inflows and GBP outflows through forward or option foreign exchange contracts. The change in the fair value of the foreign exchange contracts is recorded directly to the income statement under \u201cOther net financial income / (expenses)\u201d, since the Group does not apply hedge accounting on these transactions. The valuation techniques used are mainly based on spot rates, forward rates and interest rate curves. On December 31, 2024, the Group holds EUR/USD and GBP/EUR FX forward and option contracts for a total notional amount of EUR 44.8 million equivalent with monthly maturities between January 2025 and December 2026. The fair value of those financial instruments on December 31, 2024, amounts to EUR -2.2 million (0.2 million on December 31, 2023). 27.3. Credit risk Credit exposure is controlled and reviewed regularly by the management. Trade receivables consist of many customers, spread across many geographical areas. Significant new customers are screened through a credit analysis tool prior to initiating sales transactions. If the credit rating is low or if the customer is part of a risky area, we ask for prepayment before sending material. Once the relationship has started, a follow-up of any late payments is carried out by the accounting team, which issues reminders if necessary. In certain specific cases, a payment schedule may be set up by mutual agreement with certain customers. For EVS, the credit risk is also limited by the fact that the license to use the equipment can be stopped at any time in the event of non-payment by the customer. To assess default, the Company compares the risk that a default occurs on the receivables at the closing date with the risk that a default occurs for these same receivables at the date of initial recognition, considering reasonable and justifiable information that would indicate significant increases in credit risk since recognition, such as amounts of receivables disputed by customers or declarations of bankruptcy. As of December 31, 2024, it is assumed that the carrying amounts of trade receivables are the most appropriate estimate to the fair value of those assets. The credit risk on financial instruments is contained as it is spread over a selection of different counterparties which are financial institutions with high credit ratings assigned by international credit rating agencies.",
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"f1__s8__6__155": {
"value": "13. LONG TERM FINANCIAL ASSETS (EUR thousands) Subordinated Other financial TOTAL loans assets Net carrying amount as of Dec. 31, 2022 - 512 512 - Refunded/converted during the year - -19 -19 - Acquired during the year - 7 7 - Conversion differences & Other - -5 -5 Net carrying amount on Dec. 31, 2023 - 495 495 Net carrying amount as of Dec. 31, 2023 - 495 495 - Refunded/converted during the year - -128 -128 - Acquired during the year - 10 10 - Conversion differences & Other - 35 35 Net carrying amount on Dec. 31, 2024 - 412 412 The other financial assets mainly consist of cash guarantees. ",
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"f1__s8__6__154-1": {
"value": "13. LONG TERM FINANCIAL ASSETS (EUR thousands) Subordinated Other financial TOTAL loans assets Net carrying amount as of Dec. 31, 2022 - 512 512 - Refunded/converted during the year - -19 -19 - Acquired during the year - 7 7 - Conversion differences & Other - -5 -5 Net carrying amount on Dec. 31, 2023 - 495 495 Net carrying amount as of Dec. 31, 2023 - 495 495 - Refunded/converted during the year - -128 -128 - Acquired during the year - 10 10 - Conversion differences & Other - 35 35 Net carrying amount on Dec. 31, 2024 - 412 412 The other financial assets mainly consist of cash guarantees. 16. OTHER CURRENT FINANCIAL ASSETS Other current financial assets relate to options contracted to hedge commitments to staff under the Fund Option Plan proposed by ING. These options have an average maturity of one year and are valued at fair value in the income statement. ",
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"f1__s8__6__158": {
"value": "14. INVENTORIES (1)(EUR thousands) December 31, 2024 December 31, 2023Raw materials 25,246 24,161 Finished goods 25,743 34,569 Goods purchased for resale 2,969 5,268 Total at cost 53,957 63,998 Cumulated amounts written off at the beginning of the period -30,997 -30,852 Additions/Reversal/use of the amounts written off, net 104 -312 Reversal of amount written off due to reclass to fixed assets 1,355 242 Disposal of fully written off inventory 9,962 - Exchange rate difference 131 -75 Cumulated amounts written off at the end of the period -19,445 -30,997 Total net carrying amount 34,512 33,001 (1) Includes retrospective adjustment related to the change in accounting policy on the presentation of materials produced for internal purposes from inventory to other tangible assets, to allow comparability with 2024. See details in Note 2.10 The net increase of inventories during 2024 is primarily explained by the increase in the topline performance. EVS continues the pro-active management of components to ensure a limited impact of our inventory on the working capital needs. A careful balance is made to ensure customer delivery terms remain respected and to ensure the best possible component prices. The year 2024 was marked by the Big Events, and some of the finished goods are still present in the inventory. This equipment will be sold throughout 2025. As of January 1, 2024, the Group has adopted a new presentation method whereby materials produced for internal purposes are now classified as Other Tangible Assets (see also note 2.10). This resulted in a reclassification of inventory to fixed assets with a gross book value of EUR 5.5 million and net book value of EUR 3.6 million. In addition, a similar reclassification has been made for materials produced for internal purposes, for which the net book value was 0, resulting in the disposal of fully written-off inventory (EUR 10.0 million) along with the removal of the gross book value for the same amount. Inventories recognized as an expense during the period amounted to EUR 25.1 million (EUR 29.4 million in 2023). These were included in the cost of sales. Write-off movements on inventories, which amount to EUR 2.3 million in 2024 (EUR 0.8 million in 2023), are accounted for as charges in the costs of sales. These write-offs concern mainly products rented as part of the Big events rental and technologically obsolete stock items. ",
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"f1__s8__6__163": {
"value": "15. TRADE AND OTHER RECEIVABLES (EUR thousands) December 31, 2024 December 31, 2023 Trade receivables 71,820 70,032 Write offs on receivables -4,542 -2,789 - of which ECL -418 -816 - of which other provisions -4,124 -1,973 Net trade receivables 67,278 67,243 Finance lease receivables 3,642 3,275 Deferred charges and accrued income 4,610 6,947 Other amounts receivable 4,639 4,900 Total other receivable, deferred charges and accrued income 12,891 15,122 Total 80,169 82,365 Trade receivables are non-interest bearing and are generally on 30-day terms. According to the group terms and conditions, the unpaid invoices at their term could result in a 1.50% monthly interest rate. Despite the increase in activities, trade receivables remained stable compared to last year-end. This is mainly the result of continuous improvement in the collection and in the aging structure of the receivables throughout the year. The majority of our trade receivables (i.e. 76%) is not due at year-end. For the determination of the expected credit loss, EVS has applied the simplified approach and records lifetime expected losses on all trade receivables. This amount is determined on a portfolio basis, based on a provision matrix that considers historical credit loss experience. Additionally, particular receivables with higher probability of default are identified and reflected as complementary adjustment to the provision matrix. These allowances are booked in the \"Selling and Administrative expense\" line. As of December 31, 2024, an amount of EUR 8.7 million (EUR 20.6 million on December 31, 2023) within trade receivables was overdue with more than 90 days from which EUR 4.5 million are subject of write-downs following credit quality of trade receivables. Movements of write-offs in 2024 and 2023 are as follows: (EUR thousands) 2024 2023 Write-offs on trade receivables Value as of January 1 2,789 3,064 - Write-offs during the year 1,339 1,606 - of which Expected Credit Loss matrix -398 142 - of which other provisions 1,737 1,464 - Releases of write-offs during the year -1,342 -1,881 - Other \u2013 MOG Acquisition 1,756 - Value as of December 31 4,542 2,789 The provision matrix that considers historical credit loss experience for the calculation of the expected credit loss is as follows: (EUR thousands) Trade receivables <31 31-60 61-90 >91 Expected credit loss Current Total days days days days Expected credit loss rate 0.40% 0.94% 1.72% 2.00% 2.59% Total gross carrying amount 40,088 5,605 1,985 1,725 20,629 70,032 Expected credit loss as of Dec 31 2023 160.4 52.7 34.1 34.5 534.3 816 (EUR thousands) Trade receivables <31 31-60 61-90 >91 Expected credit loss Current Total days days days days Expected credit loss rate 0.27% 0.33% 0.72% 1.17% 1.64% Total gross carrying amount 50,051 3,482 2,553 1,154 14,580 71,820 Expected credit loss as of Dec 31 2024 135.1 11.5 18.4 13.5 239.1 41815.1. Finance lease receivables (EUR thousands) 2024 2023 Finance lease receivables Within one year (current finance lease) 3,642 3,275 After one year but no longer than five years (non-current finance lease) 3,295 3,458 Total 6,937 6,733 (EUR thousands) 2025 2026 2027 After Future undiscounted lease payments 3,946 2,669 767 0 The group enters finance leasing arrangements for some of its equipment. The term of finance leases entered is maximum four years. To cover risks related to ownership of the underlying asset, EVS requests customers to keep the equipment insured against all risks of loss or damage for the full replacement value, and to assume full responsibility for any loss or damage to the equipment during the lease period. EVS always retains title to the equipment during the lease period, unless and until acquired by the customer. The carrying amount of the conditional purchase options of the assets leased under finance leases amounts to EUR 0.0 million (EUR 0.2 million in 2023). The interest rate inherent in the finance leases is fixed at the contract date for all the lease term. The weighted average interest rate on finance lease receivables on December 31, 2024 is 7.0% (8.0% in 2023). The financial revenues generated by the finance leases amount to EUR 0.2 million in the period (EUR 0.3 million in 2023) and are booked in other financial income. 15.2. Contract balances (EUR thousands) December 31, 2024 December 31, 2023 Contract assets 4,610 6,861 Contract liabilities 23,808 18,058 Invoiced advances and deferred income amounted to EUR 23.8 million at December 31, 2024, compared to EUR 18.1 million at the end of 2023. Liabilities related to advances received and deferred income are recorded on the balance sheet under section other amounts payable, advances received, accrued charges and deferred income. The increase is mainly explained by the overall growth of the business, resulting in a higher level of advance payments and deferred revenue from customers. Most of the revenue included in the contract liability balance at the beginning of the period has been recognized in the current reporting period. Revenues relating to work in progress amounted to EUR 4.6 million at December 31, 2024 (EUR 6.9 million in 2023). Receivables related to work in progress are recorded on the balance sheet under other receivable, deferred charges and accrued income. ",
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"f1__s8__6__162": {
"value": "15. TRADE AND OTHER RECEIVABLES (EUR thousands) December 31, 2024 December 31, 2023 Trade receivables 71,820 70,032 Write offs on receivables -4,542 -2,789 - of which ECL -418 -816 - of which other provisions -4,124 -1,973 Net trade receivables 67,278 67,243 Finance lease receivables 3,642 3,275 Deferred charges and accrued income 4,610 6,947 Other amounts receivable 4,639 4,900 Total other receivable, deferred charges and accrued income 12,891 15,122 Total 80,169 82,365 Trade receivables are non-interest bearing and are generally on 30-day terms. According to the group terms and conditions, the unpaid invoices at their term could result in a 1.50% monthly interest rate. Despite the increase in activities, trade receivables remained stable compared to last year-end. This is mainly the result of continuous improvement in the collection and in the aging structure of the receivables throughout the year. The majority of our trade receivables (i.e. 76%) is not due at year-end. For the determination of the expected credit loss, EVS has applied the simplified approach and records lifetime expected losses on all trade receivables. This amount is determined on a portfolio basis, based on a provision matrix that considers historical credit loss experience. Additionally, particular receivables with higher probability of default are identified and reflected as complementary adjustment to the provision matrix. These allowances are booked in the \"Selling and Administrative expense\" line. As of December 31, 2024, an amount of EUR 8.7 million (EUR 20.6 million on December 31, 2023) within trade receivables was overdue with more than 90 days from which EUR 4.5 million are subject of write-downs following credit quality of trade receivables. Movements of write-offs in 2024 and 2023 are as follows: (EUR thousands) 2024 2023 Write-offs on trade receivables Value as of January 1 2,789 3,064 - Write-offs during the year 1,339 1,606 - of which Expected Credit Loss matrix -398 142 - of which other provisions 1,737 1,464 - Releases of write-offs during the year -1,342 -1,881 - Other \u2013 MOG Acquisition 1,756 - Value as of December 31 4,542 2,789 The provision matrix that considers historical credit loss experience for the calculation of the expected credit loss is as follows: (EUR thousands) Trade receivables <31 31-60 61-90 >91 Expected credit loss Current Total days days days days Expected credit loss rate 0.40% 0.94% 1.72% 2.00% 2.59% Total gross carrying amount 40,088 5,605 1,985 1,725 20,629 70,032 Expected credit loss as of Dec 31 2023 160.4 52.7 34.1 34.5 534.3 816 (EUR thousands) Trade receivables <31 31-60 61-90 >91 Expected credit loss Current Total days days days days Expected credit loss rate 0.27% 0.33% 0.72% 1.17% 1.64% Total gross carrying amount 50,051 3,482 2,553 1,154 14,580 71,820 Expected credit loss as of Dec 31 2024 135.1 11.5 18.4 13.5 239.1 418",
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"f1__s8__6__166": {
"value": "16. OTHER CURRENT FINANCIAL ASSETS Other current financial assets relate to options contracted to hedge commitments to staff under the Fund Option Plan proposed by ING. These options have an average maturity of one year and are valued at fair value in the income statement. ",
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"f1__s8__6__168": {
"value": "17. CASH AND CASH EQUIVALENTS (EUR thousands) December 31, 2024 December 31, 2023 Cash at bank and in hand 54,316 32,765 Short-term deposits and remunerated cash accounts 33,451 18,181 Total 87,766 50,947 On December 31, 2024, cash and cash equivalents total an all-time high EUR 87.8 million, compared to EUR 50.9 million at the end of 2023. The increase is mainly driven by the higher cash from operating activities of EUR 63.9 million resulting from higher net profit and favorable variance in working capital requirements compared to the previous year, mainly on trade receivables following the continuous improvement in the collection of customers invoices. The increase in operating cash flow is partially offset by the net cash used in investing activities of EUR -6.6 million linked to the investments in intangible and tangible assets as well as business acquisitions of MOG and Tinkerlist, together with the net cash used in financing activities of EUR -21.4 million which results mainly from total dividend payment of EUR -14.9 million and reimbursement of lease liabilities and borrowings of EUR -5.7 million. Short-term deposits represent investments with an original maturity date or notice period of three months or less. At the end of 2024, short-term deposits are mainly composed of investments in bonds floating rate notes fund and bank deposits. ",
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"f1__s8__6__171": {
"value": "18. OWNER\u2019S EQUITY 18.1. Movements in issued capital The company was founded on February 17, 1994, with a capital of EUR 30,987 consisting of 1,000 shares and has developed as follows: Date Description Number of Capital (EUR) shares 17.02.1994 Constitution 1,000 30,987 25.04.1996 Incorporation of reserves - 90,481 25.04.1996 Issuing of 100 shares at EUR 892 per share, 100 12,147 including a share premium of EUR 771 included in capital 77,095 1,100 210,710 06.06.1997 Incorporation of reserves - 242,440 06.06.1997 Issuing of 172 shares, at EUR 4,338 per share, 172 70,855 including a share premium of EUR 3,926 675,304 1,272 1,199,309 25.09.1998 Stock split by 2,000:1 2,544,000 1,199,309 14.10.1998 Initial Public Offering + 200,000 94,284 Incorporation of share premium 7,342,522 2,744,000 8,636,115 Issuance of 119,952 shares for exchange with NETIA 07.09.1999 119,952 7,197,120 shareholders Incorporation of reserves 166,765 2,863,952 16,000,000 25.05.2003 Treasury shares cancellation -63,952 - 2,800,000 16,000,000 24.02.2004 Capital reimbursement - -8,137,521 15.03.2004 Issuance of 15,000 shares after the exercise of warrants 15,000 480,000 2,815,000 8,342,479 09.05.2005 Stock split by 5:1 14,075,000 8,342,479 19.06.2006 Treasury shares cancellation -200,000 - 12.06.2009 Treasury shares cancellation -250,000 - 26.12.2018 Issuance of 702,024 shares 702,024 429,844 Capital on December 31, 2024 14,327,024 8,772,323 18.2. Issued capital and treasury shares As of December 31, 2024, the issued capital of EVS amounts to EUR 8,772,323 and is represented by 14,327,024 fully paid-up shares without designation of nominal value. EVS complies with the legal requirements relating to the capital (articles 7:177 to 7:229 of the Belgian Companies and Association Code). As of December 31, 2024, 775,476 issued warrants with an average exercise price of EUR 22.95 per share are exercisable until September 2030. From time to time, the company uses a portion of the capital for staff retention and motivation through a plan of warrants. The management estimates that the level of capital of EVS is sufficient, as shareholders\u2019 equity represents 75.6% of the total balance sheet at the end of 2024. Compared to 2023, shareholders\u2019 equity increased by EUR 29.3 million. The Group strives to maintain a strong liquidity position and not to rely excessively on external financing. In addition, the Group has a dividend distribution policy allowing its shareholders to be remunerated in a significant manner, without compromising the cash position and financial independence of the Group. In its decisions to finance or decide on the distribution of dividends, EVS considers the overall level of its shareholders\u2018 equity. 18.3. Authorized capital Pursuant to a decision of the Extraordinary General Meeting of June 5, 2023, the Board of Directors is authorized to increase the capital on one or more occasions by a maximum amount of one million and six hundred thousand euro (1,600,000 EUR), excluding the share premium. These capital increases may be carried out by subscriptions in cash, contributions in kind, or incorporation of reserves or issue premiums, with or without the creation of shares. Within the limits of this authorization, the Board of Directors may issue bonds convertible into shares or subscription rights, in compliance with the provisions of articles 7:198 et seq. of the Companies and Associations Code. In the case of a share capital increase with share premium, such premium must be entered and maintained in one or more separate accounts under shareholders' equity on the liabilities side of the balance sheet. Similarly, in the event of an issue of subscription rights, their issue price must be entered and maintained in one or more separate accounts under shareholders' equity on the liabilities side of the balance sheet. On the occasion of any issue of shares, convertible bonds or subscription rights, the Board of Directors may limit or cancel the preferential subscription rights of the shareholders, including in favour of one or more specific persons other than staff members, in accordance with the terms and conditions to be determined by the Board of Directors and subject to compliance with the provisions of articles 7:198 et seq. of the Belgian Companies and Associations Code. This general authorization is valid for a period of five (5) years from the publication of the resolution of June 5, 2023 and is renewable. The Board of Directors shall be entitled to amend the Articles of Association to the extent required to reflect the use of the authorization granted by this article (article 7 of the articles of associations). 18.4. Staff incentive program 18.4.1. Warrants scheme Since December 1999, the company has set up a stock options/warrants scheme for the group\u2019s employees and managers. In accordance with the fiscal legislation in force, the scheme has a minimum scope of 3 to 4 years between the granting and effective exercise of a warrant. This warrant distribution policy has been set up to gain the loyalty of the members of personnel and to allow them to participate in the results of the company. EVS hedges this program through the buy-back of its treasury shares on the stock market. The Board has the authorization from the Extraordinary General Meeting to proceed with these buybacks. In view of the 775,476 warrants outstanding at the end of 2024 (680,875 at the end of 2023), the dilution effect represents 5.4% of the share capital, this being covered by the 839,544 treasury shares, which represent 5.9% of the number of diluted shares. The voting right and the right to the dividend are suspended during such time as the shares are held by the company. The warrants are granted at an underlying share value corresponding to the average share price of the last 30 days preceding the grant. When the warrants are exercised, the Board of Directors may choose to either issue new shares or to grant treasury shares previously acquired by the company (for this reason, warrants are qualified as \u201csui generis\u201d). During 2024, 210,650 warrants were distributed (198,900 in 2023), 113,299 warrants were exercised (0 in 2023), and 2,750 warrants were cancelled following the departure of personnel or expired (11,000 in 2023). The following table illustrates the number and the weighted average price of the period (WAPP) of the warrants in the scheme: 2024 2023 WAPP WAPP Number Number (EUR) (EUR) In circulation at the beginning of the period 680,875 19.58 492,975 16.95 Granted during the period 210,650 28.80 198,900 25.85 Exercised during the period -113,299 13.69 - - Cancelled during the period -2,750 18.21 -11,000 15.16 In circulation at the end of period 775,476 22.95 680,875 19.58 The warrants in circulation as of December 31, 2024, and exercisable over the next years are as follows: Expiry date First exercise date Exercise prices (EUR) Number on Number on December 31, 2024 December 31, 2023 2026 2024 13.69 33,451 146,750 2027 2025 18.21 149,850 152,600 2028 2026 18.62 182,625 182,625 2029 2027 25.85 198,900 198,900 2030 2028 28.80 210,650 - Total Between 13.69 and 28.80 775,476 680,875 In accordance with IFRS 2, the warrants are valued on the grant date and expensed through profit & loss over their useful life (vesting period of usually 3 years). The Black & Scholes model is used consistently for this valuation, based on the share price at grant date, exercise price, expected volatility, dividend estimates, and interest rates. The key parameters for the warrants in circulation as of December 31, 2024, and exercisable over the next years are as follows: Black & Scholes key parameters Plan 2024 Plan 2023 Plan 2022 Volatility 23.1% 25.6% 31.5% Risk free interest rate 2.51% 3.27% 2.26% Dividend return 3.8% 4.3% 5.3% Economical value of the option vs. underlying share 15.3% 17.3% 20.5% During 2024, the Group recognized EUR 0.7 million as expense in the income statement in relation with the warrant schemes (EUR 0.5 million in 2023). As of December 31, 2024, the total fair value of the warrants amounts to EUR 3.1 million (EUR 2.4 million as of December 31, 2023). 18.4.2. Profit-sharing plan To recognize achievements, develop loyalty and encourage the teams, a profit-sharing scheme can be initiated from time to time by the Company. The Ordinary General Meeting of May 21, 2024, approved a profit-sharing scheme in the form of a grant of EVS Broadcast Equipment SA shares relating to the appropriation of the year 2023. Considering tax implications for the company, this grant consisted of 36 shares (net of taxes) for all employees hired by the group before January 1, 2024, proportionally to the effective time performance (or assimilated) in 2023. This represented 12,962 shares for an amount of EUR 0.4 million (EUR 0.3 million in 2023). A proposal will be presented for approval to the Ordinary General Meeting of May 20, 2025, relating to the appropriation of the year 2024, representing approximately 2% of EBIT as in prior years. This proposal is subject to approval by the Board of Directors. 18.5. Treasury shares During the Extraordinary General Meeting of June 7, 2022, the authorization to buy back own shares has been modified in Article 10, Paragraphs 2 to 4 of the statutes as follows: \u201c 2. For a period of five (5) years from the publication in the Annexes to the Belgian Official Gazette of the decision of the extraordinary general meeting of shareholders of May 17, 2022 (or, if applicable, in case of postponement of June 7, 2022), the Board of Directors shall be authorized to acquire on the stock exchange or otherwise, shares in the Company up to a maximum of 20 % of the issued shares, fully paid up, at a unit price which may not be more than 20% lower than the lowest price during the last 12 months preceding the transaction and which may not be more than 20% higher than the highest closing price during the last 20 days of trading of the Company's shares on Euronext Brussels preceding the acquisition. This authorization shall be renewable. 3. Furthermore, in accordance with article 7:218, \u00a7 1, 4\u00b0 of the Belgian Companies and Associations Code, the Board of Directors is explicitly authorized to dispose of the own shares acquired by the Company to one or more specific persons other than members of staff of the Company or its subsidiaries. 4. The powers and authorizations referred to in this Article shall be extended to the acquisition and disposal of shares of the Company by one or more subsidiaries directly controlled by the Company within the meaning of the Companies and Associations Code\u201d On November 25, 2024, the Group announced the decision of its Board of Directors to start a share buyback program of its outstanding shares for a maximum amount of EUR 10 million and up to 355,000 shares. The share buyback program is implemented in accordance with the authorization set forth in article 10 of the Articles of Association of the company. It started on December 1, 2024, for a period of maximum 2 years. The buyback program is mandated to a third party, with revocation clause allowing either party to terminate the mandate with immediate effect without compensation. In 2024, the Group repurchased 71,985 own shares. During 2024, 113,299 treasury shares were used to fulfil the exercise of warrants by employees related to the 2020 stock option plan. At December 31, 2024, the total number of own shares amounts to 839,544 shares (at an average historical price of EUR 20.15) compared to 893,820 as of December 31, 2023 (at an average historical price of EUR 19.21). The variance in number of treasury shares in the period is as follows : 2024 2023 Number WAP (EUR) Number WAP (EUR) At the beginning of the period 893,820 19.21 908,014 19.21 Acquisition of own shares on the market 71,985 30.25 - - Allocation to Employees Profit Sharing Plans -12,962 19.21 -14,194 19.21 Sale related to Employee Stock Option Plan (ESOP) -113,299 19.28 - - At the end of the period 839,544 20.15 893,820 19.2118.6. Reserves (EUR thousands) December 31, 2024 December 31, 2023 Legal reserves 999 999 Reserves available for distribution 226,357 197,898 Reserves for treasury shares -16,917 -17,174 Reserves 210,439 181,723 18.6.1. Reserves for treasury shares In accordance with the Group\u2019s accounting policy, the sums paid or obtained during the acquisition or sale of the Company\u2019s treasury shares are recognized directly in the shareholders\u2019 equity attributable to the company\u2019s shareholders. No profit or expense is included in the income statement for the purchase, sale, issue, or cancellation of treasury shares. 18.7. Translation differences For Group\u2019s entities whose functional currency is not EUR (i.e. US affiliate EVS Inc. which operates in USD), assets and liabilities are converted into the Group\u2019s reporting currency (EUR) at the exchange rate in force on the reporting date, capital and reserves are converted at historical exchange rate, and the income statement is converted at the average exchange rate of the period. The translation differences resulting from this conversion are directly recognized under a distinct heading of equity.",
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"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__170": {
"value": "18. OWNER\u2019S EQUITY 18.1. Movements in issued capital The company was founded on February 17, 1994, with a capital of EUR 30,987 consisting of 1,000 shares and has developed as follows: Date Description Number of Capital (EUR) shares 17.02.1994 Constitution 1,000 30,987 25.04.1996 Incorporation of reserves - 90,481 25.04.1996 Issuing of 100 shares at EUR 892 per share, 100 12,147 including a share premium of EUR 771 included in capital 77,095 1,100 210,710 06.06.1997 Incorporation of reserves - 242,440 06.06.1997 Issuing of 172 shares, at EUR 4,338 per share, 172 70,855 including a share premium of EUR 3,926 675,304 1,272 1,199,309 25.09.1998 Stock split by 2,000:1 2,544,000 1,199,309 14.10.1998 Initial Public Offering + 200,000 94,284 Incorporation of share premium 7,342,522 2,744,000 8,636,115 Issuance of 119,952 shares for exchange with NETIA 07.09.1999 119,952 7,197,120 shareholders Incorporation of reserves 166,765 2,863,952 16,000,000 25.05.2003 Treasury shares cancellation -63,952 - 2,800,000 16,000,000 24.02.2004 Capital reimbursement - -8,137,521 15.03.2004 Issuance of 15,000 shares after the exercise of warrants 15,000 480,000 2,815,000 8,342,479 09.05.2005 Stock split by 5:1 14,075,000 8,342,479 19.06.2006 Treasury shares cancellation -200,000 - 12.06.2009 Treasury shares cancellation -250,000 - 26.12.2018 Issuance of 702,024 shares 702,024 429,844 Capital on December 31, 2024 14,327,024 8,772,323 18.2. Issued capital and treasury shares As of December 31, 2024, the issued capital of EVS amounts to EUR 8,772,323 and is represented by 14,327,024 fully paid-up shares without designation of nominal value. EVS complies with the legal requirements relating to the capital (articles 7:177 to 7:229 of the Belgian Companies and Association Code). As of December 31, 2024, 775,476 issued warrants with an average exercise price of EUR 22.95 per share are exercisable until September 2030. From time to time, the company uses a portion of the capital for staff retention and motivation through a plan of warrants. The management estimates that the level of capital of EVS is sufficient, as shareholders\u2019 equity represents 75.6% of the total balance sheet at the end of 2024. Compared to 2023, shareholders\u2019 equity increased by EUR 29.3 million. The Group strives to maintain a strong liquidity position and not to rely excessively on external financing. In addition, the Group has a dividend distribution policy allowing its shareholders to be remunerated in a significant manner, without compromising the cash position and financial independence of the Group. In its decisions to finance or decide on the distribution of dividends, EVS considers the overall level of its shareholders\u2018 equity.",
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"value": "18.2. Issued capital and treasury shares As of December 31, 2024, the issued capital of EVS amounts to EUR 8,772,323 and is represented by 14,327,024 fully paid-up shares without designation of nominal value. EVS complies with the legal requirements relating to the capital (articles 7:177 to 7:229 of the Belgian Companies and Association Code). As of December 31, 2024, 775,476 issued warrants with an average exercise price of EUR 22.95 per share are exercisable until September 2030. From time to time, the company uses a portion of the capital for staff retention and motivation through a plan of warrants. The management estimates that the level of capital of EVS is sufficient, as shareholders\u2019 equity represents 75.6% of the total balance sheet at the end of 2024. Compared to 2023, shareholders\u2019 equity increased by EUR 29.3 million. The Group strives to maintain a strong liquidity position and not to rely excessively on external financing. In addition, the Group has a dividend distribution policy allowing its shareholders to be remunerated in a significant manner, without compromising the cash position and financial independence of the Group. In its decisions to finance or decide on the distribution of dividends, EVS considers the overall level of its shareholders\u2018 equity.",
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"f1__s8__6__173": {
"value": "18.4. Staff incentive program 18.4.1. Warrants scheme Since December 1999, the company has set up a stock options/warrants scheme for the group\u2019s employees and managers. In accordance with the fiscal legislation in force, the scheme has a minimum scope of 3 to 4 years between the granting and effective exercise of a warrant. This warrant distribution policy has been set up to gain the loyalty of the members of personnel and to allow them to participate in the results of the company. EVS hedges this program through the buy-back of its treasury shares on the stock market. The Board has the authorization from the Extraordinary General Meeting to proceed with these buybacks. In view of the 775,476 warrants outstanding at the end of 2024 (680,875 at the end of 2023), the dilution effect represents 5.4% of the share capital, this being covered by the 839,544 treasury shares, which represent 5.9% of the number of diluted shares. The voting right and the right to the dividend are suspended during such time as the shares are held by the company. The warrants are granted at an underlying share value corresponding to the average share price of the last 30 days preceding the grant. When the warrants are exercised, the Board of Directors may choose to either issue new shares or to grant treasury shares previously acquired by the company (for this reason, warrants are qualified as \u201csui generis\u201d). During 2024, 210,650 warrants were distributed (198,900 in 2023), 113,299 warrants were exercised (0 in 2023), and 2,750 warrants were cancelled following the departure of personnel or expired (11,000 in 2023). The following table illustrates the number and the weighted average price of the period (WAPP) of the warrants in the scheme: 2024 2023 WAPP WAPP Number Number (EUR) (EUR) In circulation at the beginning of the period 680,875 19.58 492,975 16.95 Granted during the period 210,650 28.80 198,900 25.85 Exercised during the period -113,299 13.69 - - Cancelled during the period -2,750 18.21 -11,000 15.16 In circulation at the end of period 775,476 22.95 680,875 19.58 The warrants in circulation as of December 31, 2024, and exercisable over the next years are as follows: Expiry date First exercise date Exercise prices (EUR) Number on Number on December 31, 2024 December 31, 2023 2026 2024 13.69 33,451 146,750 2027 2025 18.21 149,850 152,600 2028 2026 18.62 182,625 182,625 2029 2027 25.85 198,900 198,900 2030 2028 28.80 210,650 - Total Between 13.69 and 28.80 775,476 680,875 In accordance with IFRS 2, the warrants are valued on the grant date and expensed through profit & loss over their useful life (vesting period of usually 3 years). The Black & Scholes model is used consistently for this valuation, based on the share price at grant date, exercise price, expected volatility, dividend estimates, and interest rates. The key parameters for the warrants in circulation as of December 31, 2024, and exercisable over the next years are as follows: Black & Scholes key parameters Plan 2024 Plan 2023 Plan 2022 Volatility 23.1% 25.6% 31.5% Risk free interest rate 2.51% 3.27% 2.26% Dividend return 3.8% 4.3% 5.3% Economical value of the option vs. underlying share 15.3% 17.3% 20.5% During 2024, the Group recognized EUR 0.7 million as expense in the income statement in relation with the warrant schemes (EUR 0.5 million in 2023). As of December 31, 2024, the total fair value of the warrants amounts to EUR 3.1 million (EUR 2.4 million as of December 31, 2023). 18.4.2. Profit-sharing plan To recognize achievements, develop loyalty and encourage the teams, a profit-sharing scheme can be initiated from time to time by the Company. The Ordinary General Meeting of May 21, 2024, approved a profit-sharing scheme in the form of a grant of EVS Broadcast Equipment SA shares relating to the appropriation of the year 2023. Considering tax implications for the company, this grant consisted of 36 shares (net of taxes) for all employees hired by the group before January 1, 2024, proportionally to the effective time performance (or assimilated) in 2023. This represented 12,962 shares for an amount of EUR 0.4 million (EUR 0.3 million in 2023). A proposal will be presented for approval to the Ordinary General Meeting of May 20, 2025, relating to the appropriation of the year 2024, representing approximately 2% of EBIT as in prior years. This proposal is subject to approval by the Board of Directors. ",
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"f1__s8__6__174": {
"value": "18.5. Treasury shares During the Extraordinary General Meeting of June 7, 2022, the authorization to buy back own shares has been modified in Article 10, Paragraphs 2 to 4 of the statutes as follows: \u201c 2. For a period of five (5) years from the publication in the Annexes to the Belgian Official Gazette of the decision of the extraordinary general meeting of shareholders of May 17, 2022 (or, if applicable, in case of postponement of June 7, 2022), the Board of Directors shall be authorized to acquire on the stock exchange or otherwise, shares in the Company up to a maximum of 20 % of the issued shares, fully paid up, at a unit price which may not be more than 20% lower than the lowest price during the last 12 months preceding the transaction and which may not be more than 20% higher than the highest closing price during the last 20 days of trading of the Company's shares on Euronext Brussels preceding the acquisition. This authorization shall be renewable. 3. Furthermore, in accordance with article 7:218, \u00a7 1, 4\u00b0 of the Belgian Companies and Associations Code, the Board of Directors is explicitly authorized to dispose of the own shares acquired by the Company to one or more specific persons other than members of staff of the Company or its subsidiaries. 4. The powers and authorizations referred to in this Article shall be extended to the acquisition and disposal of shares of the Company by one or more subsidiaries directly controlled by the Company within the meaning of the Companies and Associations Code\u201d On November 25, 2024, the Group announced the decision of its Board of Directors to start a share buyback program of its outstanding shares for a maximum amount of EUR 10 million and up to 355,000 shares. The share buyback program is implemented in accordance with the authorization set forth in article 10 of the Articles of Association of the company. It started on December 1, 2024, for a period of maximum 2 years. The buyback program is mandated to a third party, with revocation clause allowing either party to terminate the mandate with immediate effect without compensation. In 2024, the Group repurchased 71,985 own shares. During 2024, 113,299 treasury shares were used to fulfil the exercise of warrants by employees related to the 2020 stock option plan. At December 31, 2024, the total number of own shares amounts to 839,544 shares (at an average historical price of EUR 20.15) compared to 893,820 as of December 31, 2023 (at an average historical price of EUR 19.21). The variance in number of treasury shares in the period is as follows : 2024 2023 Number WAP (EUR) Number WAP (EUR) At the beginning of the period 893,820 19.21 908,014 19.21 Acquisition of own shares on the market 71,985 30.25 - - Allocation to Employees Profit Sharing Plans -12,962 19.21 -14,194 19.21 Sale related to Employee Stock Option Plan (ESOP) -113,299 19.28 - - At the end of the period 839,544 20.15 893,820 19.21",
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"f1__s8__6__175": {
"value": "18.6. Reserves (EUR thousands) December 31, 2024 December 31, 2023 Legal reserves 999 999 Reserves available for distribution 226,357 197,898 Reserves for treasury shares -16,917 -17,174 Reserves 210,439 181,723 18.6.1. Reserves for treasury shares In accordance with the Group\u2019s accounting policy, the sums paid or obtained during the acquisition or sale of the Company\u2019s treasury shares are recognized directly in the shareholders\u2019 equity attributable to the company\u2019s shareholders. No profit or expense is included in the income statement for the purchase, sale, issue, or cancellation of treasury shares.",
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"f1__s8__6__177-1": {
"value": "19. LOANS (EUR thousands) December 31, 2024 December 31, 2023 Long term financial debts Bank loans - 561 Long term lease liabilities 9,072 9,883 Amount due within 12 months (shown under current liabilities) Bank loans 561 1,114 Short term lease liabilities 3,236 2,782 Total financial debt (short and long-term) 12,869 14,340 The total financial debt is repayable as follows: - within one year 3,797 3,896 - after one year but no more than five 9,072 10,444 - more than five years - - 19.1. Credit lines In June 2020, a loan of EUR 5.5 million and 0.84% interest rate was put in place with BNP Paribas Fortis to partially finance the acquisition of Axon. The repayment schedule foresees in a first repayment of EUR 0.6 million in 2020 and annual installments of EUR 1.1 million between 2021 and 2024, with final repayment of EUR 0.6 million in 2025 at loan maturity. In June 2020, a rollover credit line of EUR 5.0 million was put in place with Belfius bank to partially finance the acquisition of Axon. This amortized credit line will end at the latest on June 30, 2025. As of this date, EVS has not used this credit facility. There have been no breaches of the financial covenants of any interest-bearing loans and borrowing in the current period. 19.3. Liabilities from financing activities Non-cash changes In thousands of Euro 1 January Cash flows Foreign Other 31 December 2023 exchange 2023 movements Long-term borrowings 1,675 - - -1,114 561 Short-term borrowings 1,105 -1,105 - 1,114 1,114 Lease liabilities 12,498 -3,055 -89 3,311 12,665 Total liabilities from financing activities 15,278 -4,159 -89 3,310 14,340 Non-cash changes In thousands of Euro 1 January Cash flows Foreign Other 31 December 2024 exchange 2024 movements Long-term borrowings 561 - - -561 - Short-term borrowings 1,114 -2,450 - 1,897 561 Lease liabilities 12,665 -3,762 137 3,268 12,308 Total liabilities from financing activities 14,340 -6,212 137 4,604 12,869",
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"f1__s8__6__182": {
"value": "20. PROVISIONS (EUR thousands) Other provisions Technical warranty Total Provisions As of January 1, 2024 9 1,729 1,738 Arising during the year - 1,601 1,601 Utilized - -1,208 -1,208 Reversed - - - As of December 31, 2024 9 2,122 2,131 Current 2023 - - - Non-current 2023 9 1,729 1,738 Current 2024 - - - Non-current 2024 9 2,122 2,131 The litigation provisions are registered in the consolidated accounts and correspond to disputes mainly in relation with commercial or people related matters, whose outcome is still unknown. The amounts allocated to the provisions are measured according to the best knowledge of the management regarding these disputes and their reasonability is discussed with the Group\u2019s lawyers. A provision is booked to cover two-year technical standard warranties on the equipment sold as from the delivery, as stated in our general terms and conditions. This provision, with an undefined term, is reevaluated quarterly, based on a historical analysis of the costs incurred over the years to cover two years of costs associated with these warranties. The estimate at December 31, 2024 represents an amount of EUR 2.1 million (EUR 1.7 million at the end of 2023). ",
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"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__181-1": {
"value": "20. PROVISIONS (EUR thousands) Other provisions Technical warranty Total Provisions As of January 1, 2024 9 1,729 1,738 Arising during the year - 1,601 1,601 Utilized - -1,208 -1,208 Reversed - - - As of December 31, 2024 9 2,122 2,131 Current 2023 - - - Non-current 2023 9 1,729 1,738 Current 2024 - - - Non-current 2024 9 2,122 2,131 The litigation provisions are registered in the consolidated accounts and correspond to disputes mainly in relation with commercial or people related matters, whose outcome is still unknown. The amounts allocated to the provisions are measured according to the best knowledge of the management regarding these disputes and their reasonability is discussed with the Group\u2019s lawyers. A provision is booked to cover two-year technical standard warranties on the equipment sold as from the delivery, as stated in our general terms and conditions. This provision, with an undefined term, is reevaluated quarterly, based on a historical analysis of the costs incurred over the years to cover two years of costs associated with these warranties. The estimate at December 31, 2024 represents an amount of EUR 2.1 million (EUR 1.7 million at the end of 2023). 23. COMMITMENTS AND CONTINGENCIES 23.1. Lease commitments Except for leases already reported under IFRS 16 (see notes 12 and 19), the Group has no material lease commitments to disclose. 23.2. Commitments relating to technical guarantee in respect of sales Generally, EVS Group grants a 2-year technical guarantee on products sold subject to the general conditions of sale. At the end of 2024, a provision of EUR 2.1 million (EUR 1.7 million in 2023) is booked in relation with this warranty, as explained in the note 20. 23.3. Bank guarantees Bank guarantees amounted to EUR 0.4 million as of December 31, 2024 (EUR 0.9 million in 2023) mainly requested as part of international public tenders, or as security deposit. 23.4. Contractual guarantees There are no specific contractual guarantees in place at December 31, 2024. 23.5. Guarantees on asset Mandates for mortgages with banks were granted for EUR 12 million (EUR 12 million in 2023) to guarantee our obligations with those banks. 23.6. Other guarantees and contingencies Following application of the rule 403 in the Netherlands, EVS Broadcasting SA has provided a comfort letter to its dutch affiliate EVS Netherlands BV. This comfort letter exempts both companies of the issuance and filing of statutory financial statements in the Netherlands and carry indefinite financial liability of EVS Broadcasting SA on behalf of EVS Netherlands BV. ",
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"f1__s8__6__187": {
"value": "21. TRADE AND OTHER PAYABLES (EUR thousands) December 31, 2024 December 31, 2023 Trade payables 10,320 10,681 Other payables 10,337 8,735 Accrued charges 3,347 1,415 Deferred income 14,826 9,339 Total 38,830 30,170 Trade payables are non-interest bearing and are normally settled on 45-day terms. Other payables mainly consist of advances received from customers on work in progress. It also includes the contingent consideration linked to MOG acquisition of EUR 0.8 million (see details in note 10.2). The increase in accrued charges relates mainly to higher unrealized exchange losses linked to FX hedges, coupled with increased provision for dealers\u2019 commissions mainly in Asia. Additional details on advances received and deferred income are provided in note 15.2. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__186-1": {
"value": "21. TRADE AND OTHER PAYABLES (EUR thousands) December 31, 2024 December 31, 2023 Trade payables 10,320 10,681 Other payables 10,337 8,735 Accrued charges 3,347 1,415 Deferred income 14,826 9,339 Total 38,830 30,170 Trade payables are non-interest bearing and are normally settled on 45-day terms. Other payables mainly consist of advances received from customers on work in progress. It also includes the contingent consideration linked to MOG acquisition of EUR 0.8 million (see details in note 10.2). The increase in accrued charges relates mainly to higher unrealized exchange losses linked to FX hedges, coupled with increased provision for dealers\u2019 commissions mainly in Asia. Additional details on advances received and deferred income are provided in note 15.2. 22. AMOUNTS PAYABLE REGARDING REMUNERATION AND SOCIAL SECURITY (EUR thousands) December 31, 2024 December 31, 2023 Amounts payable regarding social security 352 694 Amounts payable regarding wages and bonuses 12,583 11,787 Total 12,935 12,481 The slight increase in the amounts payable regarding wages and bonuses on December 31, 2024 is mainly linked to the increase in headcount compared to the same period in 2023. An incentive scheme linked to sustainability objectives was implemented in 2023. A percentage of the Leadership Team\u2019s long-term incentive is linked to ESG results. This part has been designed to gradually increase from 5% in 2023, to 15% in 2024, and to 25% in 2025. As of 2025, the achievement of the long-term incentive will be related to the achievement of SBTI targets. Additional details on the Leadership Team incentives and remuneration are provided in the remuneration report section of the Management Report above.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
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"f1__s8__6__185-1": {
"value": "21. TRADE AND OTHER PAYABLES (EUR thousands) December 31, 2024 December 31, 2023 Trade payables 10,320 10,681 Other payables 10,337 8,735 Accrued charges 3,347 1,415 Deferred income 14,826 9,339 Total 38,830 30,170 Trade payables are non-interest bearing and are normally settled on 45-day terms. Other payables mainly consist of advances received from customers on work in progress. It also includes the contingent consideration linked to MOG acquisition of EUR 0.8 million (see details in note 10.2). The increase in accrued charges relates mainly to higher unrealized exchange losses linked to FX hedges, coupled with increased provision for dealers\u2019 commissions mainly in Asia. Additional details on advances received and deferred income are provided in note 15.2. 22. AMOUNTS PAYABLE REGARDING REMUNERATION AND SOCIAL SECURITY (EUR thousands) December 31, 2024 December 31, 2023 Amounts payable regarding social security 352 694 Amounts payable regarding wages and bonuses 12,583 11,787 Total 12,935 12,481 The slight increase in the amounts payable regarding wages and bonuses on December 31, 2024 is mainly linked to the increase in headcount compared to the same period in 2023. An incentive scheme linked to sustainability objectives was implemented in 2023. A percentage of the Leadership Team\u2019s long-term incentive is linked to ESG results. This part has been designed to gradually increase from 5% in 2023, to 15% in 2024, and to 25% in 2025. As of 2025, the achievement of the long-term incentive will be related to the achievement of SBTI targets. Additional details on the Leadership Team incentives and remuneration are provided in the remuneration report section of the Management Report above.",
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"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__184-1": {
"value": "21. TRADE AND OTHER PAYABLES (EUR thousands) December 31, 2024 December 31, 2023 Trade payables 10,320 10,681 Other payables 10,337 8,735 Accrued charges 3,347 1,415 Deferred income 14,826 9,339 Total 38,830 30,170 Trade payables are non-interest bearing and are normally settled on 45-day terms. Other payables mainly consist of advances received from customers on work in progress. It also includes the contingent consideration linked to MOG acquisition of EUR 0.8 million (see details in note 10.2). The increase in accrued charges relates mainly to higher unrealized exchange losses linked to FX hedges, coupled with increased provision for dealers\u2019 commissions mainly in Asia. Additional details on advances received and deferred income are provided in note 15.2. 22. AMOUNTS PAYABLE REGARDING REMUNERATION AND SOCIAL SECURITY (EUR thousands) December 31, 2024 December 31, 2023 Amounts payable regarding social security 352 694 Amounts payable regarding wages and bonuses 12,583 11,787 Total 12,935 12,481 The slight increase in the amounts payable regarding wages and bonuses on December 31, 2024 is mainly linked to the increase in headcount compared to the same period in 2023. An incentive scheme linked to sustainability objectives was implemented in 2023. A percentage of the Leadership Team\u2019s long-term incentive is linked to ESG results. This part has been designed to gradually increase from 5% in 2023, to 15% in 2024, and to 25% in 2025. As of 2025, the achievement of the long-term incentive will be related to the achievement of SBTI targets. Additional details on the Leadership Team incentives and remuneration are provided in the remuneration report section of the Management Report above.",
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"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__183-1": {
"value": "21. TRADE AND OTHER PAYABLES (EUR thousands) December 31, 2024 December 31, 2023 Trade payables 10,320 10,681 Other payables 10,337 8,735 Accrued charges 3,347 1,415 Deferred income 14,826 9,339 Total 38,830 30,170 Trade payables are non-interest bearing and are normally settled on 45-day terms. Other payables mainly consist of advances received from customers on work in progress. It also includes the contingent consideration linked to MOG acquisition of EUR 0.8 million (see details in note 10.2). The increase in accrued charges relates mainly to higher unrealized exchange losses linked to FX hedges, coupled with increased provision for dealers\u2019 commissions mainly in Asia. Additional details on advances received and deferred income are provided in note 15.2. 22. AMOUNTS PAYABLE REGARDING REMUNERATION AND SOCIAL SECURITY (EUR thousands) December 31, 2024 December 31, 2023 Amounts payable regarding social security 352 694 Amounts payable regarding wages and bonuses 12,583 11,787 Total 12,935 12,481 The slight increase in the amounts payable regarding wages and bonuses on December 31, 2024 is mainly linked to the increase in headcount compared to the same period in 2023. An incentive scheme linked to sustainability objectives was implemented in 2023. A percentage of the Leadership Team\u2019s long-term incentive is linked to ESG results. This part has been designed to gradually increase from 5% in 2023, to 15% in 2024, and to 25% in 2025. As of 2025, the achievement of the long-term incentive will be related to the achievement of SBTI targets. Additional details on the Leadership Team incentives and remuneration are provided in the remuneration report section of the Management Report above.",
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"entity": "scheme:549300J0AJACIPKLTD62",
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}
},
"f1__s8__6__195": {
"value": "23. COMMITMENTS AND CONTINGENCIES 23.1. Lease commitments Except for leases already reported under IFRS 16 (see notes 12 and 19), the Group has no material lease commitments to disclose. 23.2. Commitments relating to technical guarantee in respect of sales Generally, EVS Group grants a 2-year technical guarantee on products sold subject to the general conditions of sale. At the end of 2024, a provision of EUR 2.1 million (EUR 1.7 million in 2023) is booked in relation with this warranty, as explained in the note 20. 23.3. Bank guarantees Bank guarantees amounted to EUR 0.4 million as of December 31, 2024 (EUR 0.9 million in 2023) mainly requested as part of international public tenders, or as security deposit. 23.4. Contractual guarantees There are no specific contractual guarantees in place at December 31, 2024. 23.5. Guarantees on asset Mandates for mortgages with banks were granted for EUR 12 million (EUR 12 million in 2023) to guarantee our obligations with those banks. 23.6. Other guarantees and contingencies Following application of the rule 403 in the Netherlands, EVS Broadcasting SA has provided a comfort letter to its dutch affiliate EVS Netherlands BV. This comfort letter exempts both companies of the issuance and filing of statutory financial statements in the Netherlands and carry indefinite financial liability of EVS Broadcasting SA on behalf of EVS Netherlands BV. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__194": {
"value": "23. COMMITMENTS AND CONTINGENCIES 23.1. Lease commitments Except for leases already reported under IFRS 16 (see notes 12 and 19), the Group has no material lease commitments to disclose. 23.2. Commitments relating to technical guarantee in respect of sales Generally, EVS Group grants a 2-year technical guarantee on products sold subject to the general conditions of sale. At the end of 2024, a provision of EUR 2.1 million (EUR 1.7 million in 2023) is booked in relation with this warranty, as explained in the note 20. 23.3. Bank guarantees Bank guarantees amounted to EUR 0.4 million as of December 31, 2024 (EUR 0.9 million in 2023) mainly requested as part of international public tenders, or as security deposit. 23.4. Contractual guarantees There are no specific contractual guarantees in place at December 31, 2024. 23.5. Guarantees on asset Mandates for mortgages with banks were granted for EUR 12 million (EUR 12 million in 2023) to guarantee our obligations with those banks. 23.6. Other guarantees and contingencies Following application of the rule 403 in the Netherlands, EVS Broadcasting SA has provided a comfort letter to its dutch affiliate EVS Netherlands BV. This comfort letter exempts both companies of the issuance and filing of statutory financial statements in the Netherlands and carry indefinite financial liability of EVS Broadcasting SA on behalf of EVS Netherlands BV. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__196": {
"value": "23.3. Bank guarantees Bank guarantees amounted to EUR 0.4 million as of December 31, 2024 (EUR 0.9 million in 2023) mainly requested as part of international public tenders, or as security deposit. 23.4. Contractual guarantees There are no specific contractual guarantees in place at December 31, 2024. 23.5. Guarantees on asset Mandates for mortgages with banks were granted for EUR 12 million (EUR 12 million in 2023) to guarantee our obligations with those banks. 23.6. Other guarantees and contingencies Following application of the rule 403 in the Netherlands, EVS Broadcasting SA has provided a comfort letter to its dutch affiliate EVS Netherlands BV. This comfort letter exempts both companies of the issuance and filing of statutory financial statements in the Netherlands and carry indefinite financial liability of EVS Broadcasting SA on behalf of EVS Netherlands BV.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__197": {
"value": "24. RELATED PARTY DISCLOSURES 24.1. Affiliates The consolidated financial statements include the financial statement of EVS Broadcast Equipment SA and the subsidiaries consolidated according to the full consolidation method listed in note 4. They are representation and distribution subsidiaries for the products developed by EVS. The table hereunder provides the total number of transactions which have been entered into with related parties that are not fully consolidated. Sales to and purchases from related parties are made at normal market prices and under usual commercial conditions. Outstanding balances at year end are unsecured and settlement occurs in cash. (EUR thousands) Sales to related Purchases from Amounts due by Amounts owed to parties related parties related parties related parties Related parties Associates : MECALEC SA 2024 - -870 - - 2023 - -632 - - TINKERLIST.TV BV 2024 - - - - 2023 - - - - SPORTSTECH 2024 - - 30 - BELGIUM ASBL 2023 - - - - Total 2024 - -870 30 - 2023 - -632 - - 24.2. Executives Amounts recognized as an expense during the reporting period related to key management personnel are as follows: (EUR thousands) 2024 2023 Short-term employee benefits 2,636 2,953 Post-employment pension and medical benefits - - Termination benefits - - Share-based payment transactions 287 209 Total 2,923 3,162 Amounts payable at the reporting date related to key management personnel are as follows: (EUR thousands) December 31, 2024 December 31, 2023 Short-term employee benefits 985 945 Post-employment pension and medical benefits - - Termination benefits - - Total 985 945 Share options held by key management personnel to purchase ordinary shares have the following expiry dates and exercise prices: Expiry First exercise date Exercise prices (EUR) Number on Number on date December 31, 2024 December 31, 2023 2026 2023 13.69 12,500 47,000 2027 2025 18.21 58,000 68,000 2028 2026 18.62 80,500 80,500 2029 2027 25.85 87,050 87,050 2030 2028 28.80 86,825 - Total Between 13.69 and 28.80 324,875 282,550",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__198": {
"value": "24.2. Executives Amounts recognized as an expense during the reporting period related to key management personnel are as follows: (EUR thousands) 2024 2023 Short-term employee benefits 2,636 2,953 Post-employment pension and medical benefits - - Termination benefits - - Share-based payment transactions 287 209 Total 2,923 3,162 Amounts payable at the reporting date related to key management personnel are as follows: (EUR thousands) December 31, 2024 December 31, 2023 Short-term employee benefits 985 945 Post-employment pension and medical benefits - - Termination benefits - - Total 985 945 Share options held by key management personnel to purchase ordinary shares have the following expiry dates and exercise prices: Expiry First exercise date Exercise prices (EUR) Number on Number on date December 31, 2024 December 31, 2023 2026 2023 13.69 12,500 47,000 2027 2025 18.21 58,000 68,000 2028 2026 18.62 80,500 80,500 2029 2027 25.85 87,050 87,050 2030 2028 28.80 86,825 - Total Between 13.69 and 28.80 324,875 282,550",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__199": {
"value": "25. AUDITOR Since the Ordinary General Meeting of May 17, 2016, the audit of the statutory and consolidated accounts of EVS Broadcast Equipment SA to EY Reviseurs d\u2019Entreprises SRL (B-00160), represented by Carlo-S\u00e9bastien D\u2019Addario (A02506), Belgian R\u00e9viseur d\u2019Entreprise. The mandate of the Auditor is for three years (ending in May 2025). In 2024, all fees related to the Auditor of the parent company, EY R\u00e9viseurs d\u2019Entreprises SRL (B-00160), represented by Carlo-S\u00e9bastien D\u2019ADDARIO and its associates, amounted to EUR 266,931 in aggregate for their duties as Auditor. Other audit services amounted to EUR 95,126. Non-audit services (tax-related) were carried out by the Commissioner in 2024 for total fees of EUR 14,852. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__201-1": {
"value": "26. FINANCIAL RISK MANAGEMENT POLICIES The Group enters into derivative transactions, principally forward and option currency contracts, with the purpose of securing its sales and purchases in foreign currencies against negative variations of these currencies. The Group has transactional currency exposure arising from sales or purchases by operating entities in currencies other than the Group\u2019s functional currency. Foreign currency risk is described in note 27.2. The Group\u2019s main financial instruments, other than derivatives, comprise bank loans, finance leases, cash, and short-term deposits. The purpose of these financial instruments is to raise finance for the Group\u2019s operations. The Group has other financial instruments such as trade debtors and trade creditors, which arise directly from its operations. The Group\u2019s policy is, and has always been, that no trading in financial instruments shall be undertaken. Credit risk is described in note 27.3. 27.2. Foreign currency risk EVS measures the Group\u2019s anticipated exposure to transactional exchange risk over six months to two years. In its current structure, the group\u2019s exposure is mainly linked to the EUR/USD risk. The group invoices all customers in Euro, except the United States where customers are invoiced in USD. Considering that most operational and fiscal expenses of the Group are in EUR, this results in a \u201clong\u201d position in USD, i.e. all of the Group\u2019s activities generate globally a positive net cash flow in USD. Additionally, the Group has a recurring \u201cshort\u201d position in GBP derived from the operational expenses of its UK subsidiary. EVS hedges future USD net inflows and GBP outflows through forward or option foreign exchange contracts. The change in the fair value of the foreign exchange contracts is recorded directly to the income statement under \u201cOther net financial income / (expenses)\u201d, since the Group does not apply hedge accounting on these transactions. The valuation techniques used are mainly based on spot rates, forward rates and interest rate curves. On December 31, 2024, the Group holds EUR/USD and GBP/EUR FX forward and option contracts for a total notional amount of EUR 44.8 million equivalent with monthly maturities between January 2025 and December 2026. The fair value of those financial instruments on December 31, 2024, amounts to EUR -2.2 million (0.2 million on December 31, 2023). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__200-1": {
"value": "26. FINANCIAL RISK MANAGEMENT POLICIES The Group enters into derivative transactions, principally forward and option currency contracts, with the purpose of securing its sales and purchases in foreign currencies against negative variations of these currencies. The Group has transactional currency exposure arising from sales or purchases by operating entities in currencies other than the Group\u2019s functional currency. Foreign currency risk is described in note 27.2. The Group\u2019s main financial instruments, other than derivatives, comprise bank loans, finance leases, cash, and short-term deposits. The purpose of these financial instruments is to raise finance for the Group\u2019s operations. The Group has other financial instruments such as trade debtors and trade creditors, which arise directly from its operations. The Group\u2019s policy is, and has always been, that no trading in financial instruments shall be undertaken. Credit risk is described in note 27.3. 27.2. Foreign currency risk EVS measures the Group\u2019s anticipated exposure to transactional exchange risk over six months to two years. In its current structure, the group\u2019s exposure is mainly linked to the EUR/USD risk. The group invoices all customers in Euro, except the United States where customers are invoiced in USD. Considering that most operational and fiscal expenses of the Group are in EUR, this results in a \u201clong\u201d position in USD, i.e. all of the Group\u2019s activities generate globally a positive net cash flow in USD. Additionally, the Group has a recurring \u201cshort\u201d position in GBP derived from the operational expenses of its UK subsidiary. EVS hedges future USD net inflows and GBP outflows through forward or option foreign exchange contracts. The change in the fair value of the foreign exchange contracts is recorded directly to the income statement under \u201cOther net financial income / (expenses)\u201d, since the Group does not apply hedge accounting on these transactions. The valuation techniques used are mainly based on spot rates, forward rates and interest rate curves. On December 31, 2024, the Group holds EUR/USD and GBP/EUR FX forward and option contracts for a total notional amount of EUR 44.8 million equivalent with monthly maturities between January 2025 and December 2026. The fair value of those financial instruments on December 31, 2024, amounts to EUR -2.2 million (0.2 million on December 31, 2023). 27.3. Credit risk Credit exposure is controlled and reviewed regularly by the management. Trade receivables consist of many customers, spread across many geographical areas. Significant new customers are screened through a credit analysis tool prior to initiating sales transactions. If the credit rating is low or if the customer is part of a risky area, we ask for prepayment before sending material. Once the relationship has started, a follow-up of any late payments is carried out by the accounting team, which issues reminders if necessary. In certain specific cases, a payment schedule may be set up by mutual agreement with certain customers. For EVS, the credit risk is also limited by the fact that the license to use the equipment can be stopped at any time in the event of non-payment by the customer. To assess default, the Company compares the risk that a default occurs on the receivables at the closing date with the risk that a default occurs for these same receivables at the date of initial recognition, considering reasonable and justifiable information that would indicate significant increases in credit risk since recognition, such as amounts of receivables disputed by customers or declarations of bankruptcy. As of December 31, 2024, it is assumed that the carrying amounts of trade receivables are the most appropriate estimate to the fair value of those assets. The credit risk on financial instruments is contained as it is spread over a selection of different counterparties which are financial institutions with high credit ratings assigned by international credit rating agencies.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__205": {
"value": "27. FINANCIAL INSTRUMENTS 27.1. Fair values of the financial instruments The fair value of the financial assets and liabilities is defined as the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values: - Cash and cash equivalents and short-term investments, trade receivables, trade payables, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments; - Long term fixed rate and variable rate other assets are evaluated by the Group based on parameters such as interest rates, specific country risk factors, individual creditworthiness of the customer and the risk characteristics of the financed project. Based on this evaluation, allowances are made to account for the expected losses of these receivables. As at December 31, 2024, the carrying amounts of such receivables, net of allowances, are assumed not to be materially different from their calculated fair values; - The fair value of unquoted instruments, loans from banks and other financial liabilities, obligations under finance leases as well as other non-current financial liabilities is estimated by discounting future cash flows using the effective interest rates currently available for debt on similar terms, credit risk and remaining maturities. As of December 31, 2024, the effective interest rate is not materially different from the nominal interest rate of the financial obligation; - The Group enters into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. Derivatives valued using valuation techniques with market observable inputs are mainly foreign exchange forward and option contracts. The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations. The models incorporate various inputs including foreign exchange spot and forward rates and interest rate curves. As at December 31, 2024, the Group held the following financial instruments measured at fair value: (EUR thousands) December 31, 2024 December 31, 2023 Liabilities (-) / Assets (+) measured at fair value Financial liabilities (-) / assets (+) at fair value through profit or loss Foreign exchange contracts \u2013 no hedge accounting -2,244 206 Contingent consideration \u2013 MOG acquisition -871 - Total 3,115 206 The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities; Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; Level 3: techniques that use inputs having a significant effect on the recorded fair value that are not based on observable market data Fair values linked to foreign exchange contracts relate to Level 2, whereas fair value for contingent consideration relate to Level 3. There were no transfers between Level 1, Level 2 and level 3 fair value measurements during the reporting period. 27.2. Foreign currency risk EVS measures the Group\u2019s anticipated exposure to transactional exchange risk over six months to two years. In its current structure, the group\u2019s exposure is mainly linked to the EUR/USD risk. The group invoices all customers in Euro, except the United States where customers are invoiced in USD. Considering that most operational and fiscal expenses of the Group are in EUR, this results in a \u201clong\u201d position in USD, i.e. all of the Group\u2019s activities generate globally a positive net cash flow in USD. Additionally, the Group has a recurring \u201cshort\u201d position in GBP derived from the operational expenses of its UK subsidiary. EVS hedges future USD net inflows and GBP outflows through forward or option foreign exchange contracts. The change in the fair value of the foreign exchange contracts is recorded directly to the income statement under \u201cOther net financial income / (expenses)\u201d, since the Group does not apply hedge accounting on these transactions. The valuation techniques used are mainly based on spot rates, forward rates and interest rate curves. On December 31, 2024, the Group holds EUR/USD and GBP/EUR FX forward and option contracts for a total notional amount of EUR 44.8 million equivalent with monthly maturities between January 2025 and December 2026. The fair value of those financial instruments on December 31, 2024, amounts to EUR -2.2 million (0.2 million on December 31, 2023). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__204": {
"value": "27.1. Fair values of the financial instruments The fair value of the financial assets and liabilities is defined as the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values: - Cash and cash equivalents and short-term investments, trade receivables, trade payables, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments; - Long term fixed rate and variable rate other assets are evaluated by the Group based on parameters such as interest rates, specific country risk factors, individual creditworthiness of the customer and the risk characteristics of the financed project. Based on this evaluation, allowances are made to account for the expected losses of these receivables. As at December 31, 2024, the carrying amounts of such receivables, net of allowances, are assumed not to be materially different from their calculated fair values; - The fair value of unquoted instruments, loans from banks and other financial liabilities, obligations under finance leases as well as other non-current financial liabilities is estimated by discounting future cash flows using the effective interest rates currently available for debt on similar terms, credit risk and remaining maturities. As of December 31, 2024, the effective interest rate is not materially different from the nominal interest rate of the financial obligation; - The Group enters into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. Derivatives valued using valuation techniques with market observable inputs are mainly foreign exchange forward and option contracts. The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations. The models incorporate various inputs including foreign exchange spot and forward rates and interest rate curves. As at December 31, 2024, the Group held the following financial instruments measured at fair value: (EUR thousands) December 31, 2024 December 31, 2023 Liabilities (-) / Assets (+) measured at fair value Financial liabilities (-) / assets (+) at fair value through profit or loss Foreign exchange contracts \u2013 no hedge accounting -2,244 206 Contingent consideration \u2013 MOG acquisition -871 - Total 3,115 206 The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities; Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; Level 3: techniques that use inputs having a significant effect on the recorded fair value that are not based on observable market data Fair values linked to foreign exchange contracts relate to Level 2, whereas fair value for contingent consideration relate to Level 3. There were no transfers between Level 1, Level 2 and level 3 fair value measurements during the reporting period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__203": {
"value": "27.1. Fair values of the financial instruments The fair value of the financial assets and liabilities is defined as the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values: - Cash and cash equivalents and short-term investments, trade receivables, trade payables, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments; - Long term fixed rate and variable rate other assets are evaluated by the Group based on parameters such as interest rates, specific country risk factors, individual creditworthiness of the customer and the risk characteristics of the financed project. Based on this evaluation, allowances are made to account for the expected losses of these receivables. As at December 31, 2024, the carrying amounts of such receivables, net of allowances, are assumed not to be materially different from their calculated fair values; - The fair value of unquoted instruments, loans from banks and other financial liabilities, obligations under finance leases as well as other non-current financial liabilities is estimated by discounting future cash flows using the effective interest rates currently available for debt on similar terms, credit risk and remaining maturities. As of December 31, 2024, the effective interest rate is not materially different from the nominal interest rate of the financial obligation; - The Group enters into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. Derivatives valued using valuation techniques with market observable inputs are mainly foreign exchange forward and option contracts. The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations. The models incorporate various inputs including foreign exchange spot and forward rates and interest rate curves. As at December 31, 2024, the Group held the following financial instruments measured at fair value: (EUR thousands) December 31, 2024 December 31, 2023 Liabilities (-) / Assets (+) measured at fair value Financial liabilities (-) / assets (+) at fair value through profit or loss Foreign exchange contracts \u2013 no hedge accounting -2,244 206 Contingent consideration \u2013 MOG acquisition -871 - Total 3,115 206 The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities; Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; Level 3: techniques that use inputs having a significant effect on the recorded fair value that are not based on observable market data Fair values linked to foreign exchange contracts relate to Level 2, whereas fair value for contingent consideration relate to Level 3. There were no transfers between Level 1, Level 2 and level 3 fair value measurements during the reporting period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__209": {
"value": "27.3. Credit risk Credit exposure is controlled and reviewed regularly by the management. Trade receivables consist of many customers, spread across many geographical areas. Significant new customers are screened through a credit analysis tool prior to initiating sales transactions. If the credit rating is low or if the customer is part of a risky area, we ask for prepayment before sending material. Once the relationship has started, a follow-up of any late payments is carried out by the accounting team, which issues reminders if necessary. In certain specific cases, a payment schedule may be set up by mutual agreement with certain customers. For EVS, the credit risk is also limited by the fact that the license to use the equipment can be stopped at any time in the event of non-payment by the customer. To assess default, the Company compares the risk that a default occurs on the receivables at the closing date with the risk that a default occurs for these same receivables at the date of initial recognition, considering reasonable and justifiable information that would indicate significant increases in credit risk since recognition, such as amounts of receivables disputed by customers or declarations of bankruptcy. As of December 31, 2024, it is assumed that the carrying amounts of trade receivables are the most appropriate estimate to the fair value of those assets. The credit risk on financial instruments is contained as it is spread over a selection of different counterparties which are financial institutions with high credit ratings assigned by international credit rating agencies.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__210": {
"value": "28. EVENTS AFTER THE BALANCE SHEET CLOSING DATE In the context of the announcement by the US administration regarding new import tariffs on European-manufactured products, we had proactively launched a dedicated workgroup involving finance, shipping, production, sales and product management teams. The objective of the workgroup is to explore various scenarios and implement the most suitable solution aimed at minimizing the impact of the new tariffs on our US customers while safeguarding our profitability and growth ambitions in the American market. While final details are still being worked out, it is likely that we will shift from shipping fully assembled products to instead sending components for assembly within the US. Early assessments suggest that this approach could reduce the effective impact of the tariffs from 20% to a potential price increase of approximately 5 to 6%. In addition, it is important to note that these import tariffs apply solely to physical goods and do not affect services such as SLAs, support, or installation. Finally, most of our competitors are also non-US companies and will face similar tariffs, putting us all on a relatively level playing field. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300J0AJACIPKLTD62",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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}
}