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"value": "1. Material accounting principlesThe consolidated financial statements have been prepared in accordance with the \u2018International Financial Reporting Standards\u2019 (IFRS), as endorsed by the European Union. The consolidated financial statements were authorised by the Board on 25 February 2025. The dividend as included in the financial statements is subject to change as this is subject to approval during the General Meeting of Deceuninck NV, which is scheduled to be held on 22 April 2025.Basis of presentationThe consolidated financial statements are presented in \u20ac thousand, unless noted otherwise. The consolidated financial statements present the financial position on 31 December 2024. They have been prepared prior to the distribution of profits proposed by the parent company at the Annual General Meeting of Shareholders.The consolidated financial statements of the Group contain comparative information with respect to the previous period. Please note that numbers in certain tables in the financial statements may not add up due to rounding.Consolidation principlesThe consolidated financial statements include the individual financial statements of Deceuninck NV and its subsidiaries (\u2018the Group\u2019).The Group controls a subsidiary if, and only if, the Group has:\u2022 Power over the subsidiary (i.e., existing rights that give it the current ability to direct the relevant activities of the subsidiary);\u2022 Exposure, or rights, to variable returns from its involvement with the subsidiary;\u2022 The ability to use its power over the subsidiary to affect its returns.Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:\u2022 The contractual arrangement(s) with the other vote holders of the investee\u2022 Rights arising from other contractual arrangements\u2022 The Group\u2019s voting rights and potential voting rightsThe acquisition of subsidiaries is accounted for under the acquisition method. The annual reporting date of subsidiaries is identical to that of the parent company, apart from Deceuninck Profiles India Private Limited. For consolidation purposes, the financials over the 12-month period ending 31 December 2024 of Deceuninck Profiles India Private Limited have been used. The same valuation principles apply to their financial statements. The Group has an interest of 14.43% in Solardec CV which is fully consolidated, as the company has two directors that are both appointed by Deceuninck NV and the Group therefore holds the majority on the Board of the company. Furthermore, the Group has an interest of 48.95 % in Asia Profile Holding Co. Ltd which is fully consolidated as the other shareholder, holding 51.05 % of the shares, has signed a proxy which allows the Group to exercise the voting rights of the remaining 51.05 % of the shares and this allows the Group to decide upon the major operational decisions for the company.The Group holds a 50% interest in So Easy Belgium BV. This has been classified as joint venture. The Group\u2019s interest in this joint venture is accounted for using the equity method in the consolidated financial statements.HyperinflationAs of April 2022, the cumulative inflation rate in T\u00fcrkiye over a three-year period exceeded 100%, thereby triggering the requirement to transition to hyperinflation accounting as prescribed by IAS 29 Financial Reporting in Hyperinflationary Economies as of 1 January 2022.The main principle in IAS 29 is that the financial statements of an entity that reports in the currency of a hyperinflationary economy must be stated in terms of the measuring unit current at the end of the reporting period. Therefore, the non-monetary assets and liabilities stated at historical cost, the equity and the income statement of subsidiaries operating in hyperinflationary economies are restated for changes in the general purchasing power of the local currency applying a general price index. Monetary items that are already stated at the measuring unit at the end of the reporting period are not restated. These remeasured accounts are used for conversion into Euro at the period closing exchange rate. Consequently, the Group has applied hyperinflation accounting for its Turkish subsidiaries in these consolidated financial statements applying the IAS 29 rules as follows:\u2022 Hyperinflation accounting was applied starting as of 1 January 2022 and was continuously applied since then;\u2022 Non-monetary assets and liabilities stated at historical cost (e.g. property plant and equipment, intangible assets, goodwill, etc.) and equity of the Turkish subsidiaries were restated using the official Consumer Price Index (\u201cCPI\u201d) published by the Turkish Statistical Institute (TURKSTAT). The hyperinflation impacts resulting from changes in the general purchasing power until 31 December 2021 were reported in other comprehensive income and the impacts of changes in the general purchasing power from 1 January 2022 are reported through the income statement as Monetary gains/(losses);\u2022 The income statement is adjusted at the end of the reporting period using the change in the CPI and is converted at the closing exchange rate of each period (rather than at monthly average exchange rates as for subsidiaries in non-hyperinflationary economies);As stated above, when applying IAS 29, the Group uses the conversion coefficient derived from the official consumer price index (CPI) in T\u00fcrkiye, published by the Turkish Statistical Institute (TURKSTAT). The CPIs and corresponding conversion coefficients for the 20-year period since the Group ceased to apply hyperinflation accounting for its Turkish subsidiaries (i.e. since 1 January 2006), can be found below:As at 31 December Index Conversion coefficient2005 100.00 21.892006 109.65 19.962007 118.85 18.422008 130.81 16.732009 139.35 15.712010 148.27 14.762011 163.76 13.372012 173.85 12.592013 186.72 11.722014 201.97 10.842015 219.76 9.962016 238.52 9.182017 266.95 8.202018 321.14 6.822019 359.15 6.092020 411.59 5.322021 560.09 3.912022 920.01 2.382023 1,516.01 1.442024 2,188.72 1.00During the 12 months period ended 31 December 2024, the CPI increased by 44.38% compared to 31 December 2023. The total devaluation of the Turkish Lira in the same period amounted to 12.51%.Total currency translation adjustments related to the translation of the Turkish subsidiaries for the 12 months period ended 31 December 2024 amounts to \u20ac 26.0 million and is included in the statement of other comprehensive income (2023: \u20ac 1.8 million, which included both (i) the impact resulting from the restatement of non-monetary assets and liabilities to the general purchasing power until 31 December 2021 and (ii) the impact of the difference in evolution between both the inflation index and the devaluation of the TRY compared to EUR of the year 2022).The application of IAS 29 had an impact on operating profit (EBIT) of \u20ac 0.2 million for the 12 months period ended 31 December 2024 (\u20ac 1.9 million for the 12 months period ended 31 December 2023).The total monetary loss amounts to \u20ac -8.6 million for the 12 months period ended 31 December 2024 (for the 12 months period ended 31 December 2023: \u20ac 25.7 million) and is the result of the loss on the net monetary position that is derived as the difference resulting from the restatement of non-monetary items of the financial positions and the offsetting of the inflation restatement of profit or loss items.The total negative impact on the net result for the 12 months period ended 31 December 2024 amounts to \u20ac 14.6 million (2023: \u20ac 19.3 million), of which \u20ac 12.7 million is attributable to shareholders of the parent company (2023: \u20ac 17.0 million) and \u20ac 1.9 million to non-controlling interests (2023: \u20ac 2.3 million).Use of estimates and assumptionsIn order to produce the annual financial statements in accordance with the IFRS standards, management has to use a number of estimates and assumptions that have an impact on the amounts disclosed in the financial statements. The estimates made on the reporting date reflect the existing conditions on this date, such as market prices, interest rates and foreign exchange rates. Even though management makes these assumptions and estimates based on its best possible knowledge of current business transactions, and of the transactions the Group may undertake, the actual results can vary in relation to these estimates.USE OF ASSUMPTIONSIn accordance with the Group\u2019s accounting principles, the following assumption has been made:Provision for early retirementThe Company considers it has a constructive obligation in Belgium in relation to the early retirement plan and the relating collective labour agreement because it will be renewed on an ongoing basis. For this reason, the Group is accounting for this plan as a post-employment defined benefit plan. Restructuring provisionsThe Group recognizes provisions for restructuring programs when the criteria for recognition under IAS 37 are met. Provision amounts are determined based on individual payroll data and assumptions of the number of employees and workers that will leave the Group.USE OF ESTIMATESThe most important estimates that are likely to have a significant influence on the net carrying value of assets and liabilities for the coming year due to the uncertainty surrounding these estimates relate to:Impairment of goodwillGoodwill relating to business combinations is assessed on an annual basis by means of an impairment test. When a publicly available market valuation is available for a certain cash generating unit, the Group will evaluate the market capitalization against the carrying amount of that cash generating unit. If additional justification is required, or no publicly available market valuation is available, the Group will estimate the value in use of cash generating units to which the goodwill is allocated. The estimation of the value in use requires an estimate of expected future cash flows of the cash-generating units and the choice of an appropriate discount rate in order to determine the present value of these cash flows. For more details on this subject, Note 7.Employee benefits \u2013 Post-employment benefit plansThe costs of the granted pension schemes and the current value of the pension obligations are determined on the basis of an actuarial calculation. The actuarial calculation uses assumptions with regard to the discount rate, future increases in compensation, mortality tables and future increases in pensions. All the assumptions are reassessed on the reporting date. Further details with regard to these assumptions are disclosed in Note 16.Employee benefits \u2013 Share-based paymentsThe Group values the cost of the stock option plans granted to employees on the basis of the fair value of the instruments, on the date they are granted. The estimation of the fair value of compensations in shares requires an adapted valuation model, which depends on the condition under which the grant is made. The valuation model also requires adapted input data, such as the expected life of the option, the volatility of the share price and the dividend yield. The assumptions and the valuation model used for the estimation of the actual value of compensations in shares are explained in Note 21.Deferred tax assetsDeferred tax assets related to tax losses carried forward are only recognized if it is probable that sufficient taxable profits will be generated in the future. Significant estimates are required from management in order to determine the amount of the deferred tax assets, based on the time period and the level of future taxable profits. More details on this subject are provided in section Income Taxes and in Note 4.Loss allowanceIn estimating the loss allowance the Group makes significant estimates by assessing the amount of the expected cash flow that it will recuperate which included, for example, credit insurance limits and guarantees received. Detailed guidance on the effective credit loss model for trade receivables is included in the accounting policies under section Financial instruments \u2014 Trade receivables.Foreign currenciesThe Group applies a monthly average exchange rate to convert the income statements of the subsidiaries outside the Eurozone, except for economies reporting under Hyperinflation, which use the closing exchange rate of the period as prescribed under IAS 29. Foreign currenciesTRANSACTIONS IN FOREIGN CURRENCIESTransactions in foreign currencies are accounted for using the end of month exchange rate (exchange rate on the last working day of the preceding month) or the exchange rate on the date the transaction occurs or a periodic monthly average exchange rate, which approximates the exchange rates applicable on the transaction date. Monetary assets and liabilities in foreign currencies are converted using the exchange rate on the balance sheet date. All profits and losses resulting from conversion of monetary assets and liabilities in foreign currencies into the local currency of the entity are recognized in the consolidated income statement as Foreign exchange gains / (losses). Non-monetary assets and liabilities are converted into the local currency of the entity using the historical exchange rate.TRANSLATION OF FOREIGN CURRENCIESThe Group\u2019s reporting currency is the euro. Assets and liabilities from subsidiaries outside the Eurozone are converted to euro on balance sheet date, using the exchange rates applicable on that date. The income statements of these subsidiaries are converted into euro at a periodic monthly average exchange rate, which approximates the exchange rates applicable on the transaction date. For the translation of entities reporting under IAS 29 hyperinflation, we refer to the section \u201chyperinflation\u201d. The components of equity are converted at their historical exchange rate.Exchange rate differences, caused by the conversion of equity into euro at the closing rate applicable on the balance sheet date, are disclosed as \u2018currency translation adjustments\u2019 under the heading \u2018Equity\u2019. Exchange rate differences resulting from the translation of foreign currency intra-group current accounts, loans or trade receivables and payables are recognized in the consolidated income statement as Foreign exchange gains / (losses). Exception to this accounting treatment is when the intra-group loans are considered as part of an entity\u2019s net investment in a foreign operation. Then the exchange difference is recognized in other comprehensive income and accumulated in a separate component of equity until the disposal of the foreign operation.EXCHANGE RATESThe following exchange rates were used when preparing the financial statements:1 EUR Closing Closing Average Average is equal raterateraterateto2023 2024 2023 2024AUD 1.6263 1.6772 1.6274 1.6400BAM 1.9558 1.9558 1.9558 1.9558BGN 1.9558 1.9558 1.9558 1.9558BRL 5.3618 6.4253 5.3993 5.8047CLP 979.4319 1,033.5917 884.3297 1,020.5210COP 4,222.9730 4,580.8520 4,615.3846 4,363.3190CZK 24.7240 25.1850 23.9954 25.1184GBP 0.8690 0.8292 0.8698 0.8465HRK 7.5345 7.5345 7.5348 7.5345INR 91.9042 88.9332 89.3019 90.5080LTL 3.4528 3.4528 3.4528 3.4528MXN 18.7231 21.5504 19.1707 19.7164PLN 4.3395 4.2750 4.5396 4.3058RON 4.9756 4.9743 4.9466 4.9746RSD 117.1742 117.0152 117.2427 117.0880RUB 99.1916 106.1030 91.3107 100.0534SEK 11.0960 11.4590 11.4670 11.4310THB 37.9730 35.6761 37.6048 38.1318TRY 32.5739 36.7362 - -UAH 42.2080 43.9267 39.6036 43.4077USD 1.1050 1.0389 1.0814 1.0817Intangible fixed assets other than goodwillPATENTS AND LICENSESExpenditure for acquired patents and licenses are capitalized at their cost price and are subsequently amortized over their estimated useful life using the straight-line method, or over the term of the contract, if this would be shorter. The useful life is usually estimated at 3 years. TRADE NAMESTrade names acquired as part of a business combination are measured at fair value at acquisition-date. The subsequent measurement depends on whether the Group assessed the useful lives of the trade names as indefinite or finite. Trade names with indefinite useful lives are not amortized but are tested for impairment annually and when there is an indication that the asset may be impaired. The Group believes that most acquired and used trade names have indefinite useful lives because they contribute directly to the Group\u2019s cash flows as a result of recognition by the customer of these trade names\u2019 characteristics in the marketplace. Furthermore, these brands serve as the base brands in T\u00fcrkiye, included in the \u2018T\u00fcrkiye & Emerging markets\u2019 segment, and this is also defined as their cash-generating unit.RESEARCH AND DEVELOPMENTResearch expenditure, incurred with the purpose of acquiring new scientific or technological knowledge, is included in the income statement. The cost of development activities, for which the results are applied in a plan or a design for the production of new or substantially improved products and processes, are capitalized if and only if all the criteria defined in IAS 38 are met. Such capitalized costs include directly attributable costs of creating, producing or making ready for use assets (such as raw materials and direct labour costs) less the accumulated amortization and impairment. The incurred and capitalized costs are allocated to the relevant asset classes by means of a transfer as from the moment that the asset is available for use. SUBSEQUENT EXPENDITURESExpenditures relating to intangible fixed assets, subsequent to their purchase or completion are only capitalized if they increase the future economic benefits specific to the asset they relate to. All other expenditures are considered as costs.Business combinations The Group applies the purchase method of accounting to account for acquisitions of businesses. The cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred and equity instruments issued. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date. The determination of the fair values of the acquired identifiable assets and assumed liabilities is based on various assumptions requiring management judgement. Acquisition-related costs are expensed as incurred. GoodwillGoodwill is the positive difference between the cost of the business combination and the share of the Group in the fair value of the acquired identifiable net assets of a subsidiary or associated company at the moment of acquisition. Goodwill is not amortized, but is subject to an annual impairment test. Goodwill is expressed in the functional currency of the acquired company and is converted into euro at the closing exchange rate on the balance sheet date except for the goodwill relating to EgePen (amount: \u20ac 9.3 million) which is denominated in EUR despite being a Turkish subsidiary. The entity was acquired in 2000. Deceuninck first adopted IFRS in 2002 when the standards allowed an option (IAS 21.33.b, IAS 21 version effective as from 1 January 1995) to consider goodwill as assets of the reporting entity and consider it as non-monetary foreign currency item which is reported using the exchange rate at the date of the transaction. Bargain Purchase If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group reassesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures set to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in the income statement. Tangible fixed assetsTangible fixed assets are measured at historical cost price, less accumulated depreciation and impairment. Historical cost is the initial purchase price plus any other directly attributable acquisition costs (such as non-recoverable taxes and transportation costs). The cost price of fixed assets produced by the company itself (such as tool sets) includes the cost price of materials, direct labour costs and a proportion of production related overhead costs. Subsequent expenditure is only capitalized, if it increases the future economic benefits of the fixed assets it relates to. Repair and maintenance costs, which do not increase future economic benefits, are expensed as incurred.The expected economic useful life is determined as follows:AssetsBuildings 40 yearsBuilding fixtures and furniture 10-20 yearsExternal infrastructure 20-40 yearsMachinery and equipment 8-20 yearsSmall equipment 5 yearsScrews and cylinders 2-6 yearsDies and calibrators (tool sets) 5 yearsInstallations 10-25 yearsOffice equipment 4-10 yearsLogistics equipment 8 yearsFurniture 10 yearsVehicles 4-5 yearsDepreciation is calculated using the straight-line method, starting from the first date of use over the entire duration of their expected useful life.Land, which is deemed to have an infinite useful life, is not depreciated.Assets classified as held for saleAssets classified as held for sale relate to assets or groups of assets that are available for immediate sale in its present condition and the sale is highly probable. These assets are valued at the lower of carrying value or fair value less costs to sell. Property, plant and equipment and intangible assets are not depreciated or amortized once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the consolidated balance sheet. The same valuation principle applies for business units held for sale.Investment in joint venturesA joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The considerations made in determining joint control are similar to those necessary to determine control over subsidiaries. The Group\u2019s investment in its joint venture is accounted for using the equity method. Under the equity method, the investment in a joint venture is initially recognized at cost, which includes acquisition related expenses. The carrying amount of the investment is adjusted to recognize changes in the Group\u2019s share of net assets of the joint venture since the acquisition date. Goodwill relating to the joint venture is included in the carrying amount of the investment and is not tested for impairment separately. For determining the goodwill, the Group elected to apply a 12-month measurement period similar to business combinations in case it is unable to finalise the process in the year of acquisition. The statement of profit or loss reflects the Group\u2019s share of the results of the joint venture. Any change in OCI of the joint ventures is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognized directly in the equity of the joint venture, the Group recognizes its share of any changes, when applicable, in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the joint venture are eliminated to the extent of the interest in the joint venture.Considering the relevant considerations that there are no contractual or constructive obligations covering for unlimited losses, the recognition of the Group\u2019s share of the results of the joint venture is limited to the extent of the original recognized amount of the investment. All subsequent Group\u2019s shares of the profits are not recognized by the Group until the historically non-recognized Group\u2019s share of the results of the joint venture are covered. The financial statements of the joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and it carrying value, and then recognizes the loss within \u2018Share of the result of a joint venture\u2019 in the consolidated income statement. Upon loss of the joint control over the joint venture, the Group measures and recognizes any retained investment at its fair value. Any difference between the carrying amount of the joint venture upon loss of joint control and the fair value of the retained investment and proceeds from disposal is recognized in profit or loss.LeasingThe Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.i) Right-of-use assets The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. The Group elected to present the right-of-use assets as a separate asset classes of the Tangible fixed assets and provide the relevant disclosures in the notes. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. ii) Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognized as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The Group presents the lease liabilities on the line items current and non-current interest-bearing loans.iii) Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low value assets are recognized as expense on a straight-line basis over the lease term.iv) General lease terms and Subleases The Group has lease contracts for various items of buildings, vehicles, machines and other equipment used in its operations. Leases of buildings and machinery generally have lease terms between 2 and 5 years and a contract with a term of 10 years, while motor vehicles and other equipment generally have lease terms between 2 and 4 years. The Group\u2019s obligations under its leases are secured by the lessor\u2019s title to the leased assets. Generally, the Group is restricted from assigning and subleasing the leased assets and some contracts require the Group to maintain certain financial ratios. v) Extension and termination options The Group has several lease contracts that include extension and termination options. These options are negotiated by management to provide flexibility in managing the leased-asset portfolio and align with the Group\u2019s business needs. Management exercises significant judgement in determining whether these extension and termination options are reasonably certain to be exercised. Most of the extension and termination options are related to lease contracts for cars and have a limited value due to the shorter lease periods, lower lease payments and due to the fact that the Group generally replaces the ending contract with a new asset.Financial instrumentsCRITERIA RELATING TO THE INITIAL RECOGNITION OR DERECOGNITION OF FINANCIAL ASSETS AND LIABILITIESFinancial instruments are recognized initially when the Group becomes party to the contractual provisions of the instrument. Purchases and sales of financial assets are recognized on the settlement date. Financial assets (or parts thereof) are derecognized, when the Group\u2019s rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset or has retained the right to receive the cash flows but assumed to pay those cash flows in a pass-through arrangement to another recipient. Financial liabilities (or parts thereof) are derecognized, if the obligation stipulated in the contract is withdrawn, cancelled or expired.CRITERIA FOR OFFSETTING FINANCIAL ASSETS AND LIABILITIESA financial asset and a financial liability are offset and the net amount is presented on the balance sheet, if there is a legally enforceable right to offset the recognized amounts, and if there is an intention to settle the liability and simultaneously realize the asset or to settle the liability on a net basis.CRITERIA FOR CLASSIFYING FINANCIAL ASSETSFinancial assets are classified, at initial recognition, as subsequently measured at amortized cost (AC), fair value through other comprehensive income (FVOCI), and fair value through profit or loss (FVPL). The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. 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 determined under IFRS 15.In order for a financial asset to be classified and measured at AC or FVOCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.Financial fixed assetsThe Group presents under this caption the equity instruments for which it has elected to present the change in fair value through other comprehensive income. The election to classify equity instruments into this category is made on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized as financial income in the statement of profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment.Financial assets valued at fair value throughthe income statementFinancial assets valued at fair value through the income statement consist of financial assets that are held for trading purposes or financial assets that are initially recognized at fair value through the income statement. Financial assets held for trading purposes are those acquired with the objective of selling them in a short-term notice. This category also contains derivative financial instruments, which do not fulfil the criteria of IFRS 9 for \u2018hedge accounting\u2019. Unrealized profits or losses, resulting from the changes in the fair value of financial assets held for trading, are directly booked in the income statement.Trade receivablesTrade receivables meet the condition of AC classification if they are carried at their nominal value and are subject to impairment. The Group recognizes an allowance for expected credit losses (ECLs). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. For trade receivables, the Group applies a simplified approach in calculating ECLs based on lifetime expected credit losses. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical observed default rates, adjusted for forward looking factors specific to the debtors and the economic environment reflecting the customers\u2019 abilities to pay (based on geographical region, type of customer, delinquency status, credit insurance, other guarantees...). In addition to this general approach, the Group includes individually managed exposures on a case by case basis if not covered by the ECL model, also reflecting additional risk factors into the ECL model if not yet included.Other receivablesChecks received from Turkish customers as advance payments which can be discounted or used for payments without any preconditions are presented as other receivables and other liabilities as from the moment they are received from a customer and can be used for other purposes.Cash and cash equivalentsCash and cash equivalents consist mainly of cash in hand, short-term deposits and short-term investments (maturing within three months after their acquisition date) which are readily convertible into cash and which are subject to a limited risk of changes in value. Within the cash flow statement, cash and cash equivalents include bank balances (current and deposit accounts). Any negative cash position is presented as short-term debts with financial institutions (\u2018bank overdrafts\u2019).Interest bearing loansInterest-bearing loans are initially valued at the fair value of the amounts received minus any costs related to the transaction. After the initial recognition interest-bearing financial debts are valued at their amortized cost. The difference between the amortized cost and the repayment value is expensed over the duration of the loan based on the effective interest rate method or until the debt is no longer held.DERIVATIVE FINANCIAL INSTRUMENTSThe Group uses derivative financial instruments (FX forward contracts and interest rate swaps) in order to limit the risks associated with exchange rate and interest fluctuations. The Group\u2019s policy prohibits the use of these instruments for speculative purposes. Derivative financial instruments are classified as either \u2018fair value\u2019 hedges, if these instruments hedge changes in the fair value of recognized assets and liabilities, or as \u2018cash flow\u2019 hedges, if they cover cash flow variations associated with a specific risk in relation to a recognized asset or liability or an expected highly probable transaction. For \u2018fair value\u2019 hedges, profits or losses resulting from the revaluation of \u2018fair value\u2019 hedging instruments are directly recorded through the income statement. Gains or losses on the hedged position lead to an adjustment of the book value of the hedged position and should be recorded through the income statement. If the adjustment is associated with the book value of an interest-bearing financial debt, it is amortized through profit or loss until it is entirely amortized upon maturity. When derivative financial instruments are identified as cash flow hedges, the effective portion of the change in fair value is recognized in other comprehensive income. The gain or loss on the ineffective portion is immediately recognized in the income statement.Financial instruments, not meeting the special requirements for recognition as a hedging transaction, are valued at their fair value, and any profit or loss resulting from a change in the fair value of the instrument is directly recognized in the income statement.InventoriesInventories are valued at the lower of cost price or netrealizable value. The net realizable value is defined as the estimated selling price under normal operating conditions net of any estimated costs for handling andselling the product. Costs incurred in bringing each product to its current location and conditions are recorded as follows:\u2022 Raw materials and consumables \u2013 purchase price, based on the FIFO principle;\u2022 Finished goods and work in process \u2013 direct material and labour costs, plus a part of the generalproduction costs, based on normal production capacity and on the FIFO principle;\u2022 Trade goods \u2013 purchase price, based on the FIFO principle.Treasury sharesThe amount paid, including any directly attributable expenses, for treasury shares acquired by the company is deducted from equity.ImpairmentsThe Group\u2019s assets, excluding inventories and deferred tax assets, are assessed for impairment indicators at each balance sheet date except for goodwill and intangible assets with indefinite useful lives for which impairment is mandatory on annual basis. If impairment indicators are present, the recoverable amount of the asset is estimated. An impairment is recognized, if the carrying value of an asset, or that of the cash-generating unit to which it belongs, is higher than its recoverable amount. Impairments are recorded in the income statement. The recoverable amount of other than financial assets is the higher of their fair value less cost to sell or its value in use of the corresponding assets. In order to determine the value in use, the net present value of expected future cash flows is calculated using a pre-tax discount rate, which reflects both current market rates and the asset\u2019s specific inherent risks. When an asset does not generate cash flows, that are largely independent of the other assets, the recoverable amount of the cash-generating unit to which this asset belongs, is determined. Impairments relating to goodwill are not reversed. Impairments of other assets are reversed, if a change takes place in the estimates used to determine the recoverable amount. An increase in the carrying value of an asset, resulting from the reversal of an impairment, cannot be higher than the carrying value (after depreciation) that would have been obtained, if no impairments had been recorded for this asset in previous years.ProvisionsProvisions are accounted for whenever the Group has to settle a legal or constructive obligation resulting from a past event, when it is probable that a cash outflow will be required to settle these obligations, and to the extent that these can be reliably estimated. When the Group expects that all or part of the expenditure, which is required to settle legal obligations, will be reimbursed by another party, the amount to be reimbursed will only be recognized as an asset if it is virtually certain that they will be effectively collected. A warranty provision is established for all products under warranty, based on historical data relating to repairs and returns of goods.Employee benefitsPENSIONSThe Group participates primarily in defined contribution plans, and has defined benefit plans in Belgium, Germany and T\u00fcrkiye. The funds of these plans consist of employer and employee contributions. The Group treats the employer and employee contributions for the defined contribution plans as expenses for the year in which they were made, except for Belgian defined contribution plans: these plans are legally subject to minimum guaranteed returns in Belgium. Due to these guaranteed minimum returns, all Belgian defined contribution plans are accounted for as defined benefit plans under IFRS. In Belgium, the Group also accounts for its early retirement plan and the provision covers the employees for which there exists a plan and expected employees to retire by an early retirement scheme the next coming four years based on the collective labour agreement. For defined benefit plans, the pension obligation is estimated by using the projected unit credit method. Remeasurements, comprising of actuarial gains and losses and the return on plan assets (excluding net interest), are recognized immediately in the consolidated balance sheet with a corresponding debit or credit through other comprehensive income (OCI) in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods. Past service costs are recognized in profit or loss on the earlier of:\u2022 the date of the plan amendment or curtailment, and\u2022 the date that the Group recognizes restructuring- related costsNet interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognizes the service costs, comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements, in the financial statement lines in the Consolidated Income Statement based on the function and activities of the related personnel. If the related personnel are no longer active within the Group, the cost is recognized in the section Other under Other operating costs.Net interest expense or income is included in the Consolidated Income Statement as financial result.Where applicable, the current service cost is considered for the inventory valuation.SHARE-BASED PAYMENTSVarious warrant programs and performance share plans enable the staff members, senior management members and members of the Executive Management to acquire company shares. The exercise price for warrants is equal to the lowest of (i) the average price of the share on the stock exchange during the 30-day period preceding the offer, and (ii) the latest closing price preceding the day of the offer. When such plans are exercised, they are exchanged for own shares or capital is increased by the amounts received or the exercise price. The cost of share-based payment transactions is valued at fair value on the grant date. The fair value is determined using a binominal tree structure. The cost of share-based payment transactions and at the same time as the corresponding increase in equity, is recognized over the vesting period. If the conditions of equity-settled share-based payment transactions are modified, the minimal cost equals the cost as if the conditions had not been changed. An additional cost is recognized for any modification which increases the fair value of share-based payment transaction or includes a benefit for the employee as of the date of modification (IFRS 2.28). When a share-based payment is cancelled, this is considered as a compensation that was granted on the date of cancellation and the relating unamortized cost is immediately recognized. However, if a new share-based payment is granted as a replacement for the cancelled compensation and if this is recorded as a replacement compensation on the grant date, then the cancelled and the new compensations are treated as a modification of the original share-based payment transaction, as described in the preceding paragraph.BONUSESContractual bonuses are granted based on planned key financial objectives and personal performances. The estimated amount of the bonus is recognized as a cost, based on an estimate as of the balance sheet date.SalesThe Group adopted IFRS 15 using the modified retrospective method of adoption. The Group is in the business of delivering window and door systems, building products and other goods to customers. As part of its commercial relationship, the Group typically grants payment terms between 15-120 days but offers under certain conditions discounts for prompt payment. The payment terms differ substantially between the regions in which the Group operates.SALE OF GOODSThe Group\u2019s contracts with customers for the sale of goods include one performance obligation. The Group has concluded that revenue from sale of goods should be recognized at the point in time when control of the asset is transferred to the customer, generally on delivery of the product.(i) Consideration paid The consideration paid or payable by the Group represents incentives given by the entity to attract the customer to purchase, or continue purchasing, its goods or services. This may include considerations paid to customers to compensate for investments made to adjust IT systems or production processes to be able to use our products in their production facilities.The consideration paid or payable is accounted for as a reduction of revenue for the amount in excess of the fair value of the distinct good or service received from the customer.The recognition of the reduction of revenue is done when (or as) the later of either of the following events occurs:\u2022 Recognition of revenue for the transfer of the related goods or services\u2022 Payment or promise to pay the consideration (even if the payment is conditional on a future event) A diversity in practice exists today in this area. The Transition Resource Group for Revenue Recognition has issued a staff paper of the FASB on this topic: Payments to Customer. No consensus has been reached by the Task Force on this issue, consequently no explicit GAAP exists for the accounting of upfront payments to customers today. Accordingly, companies should evaluate the facts and circumstances of the nature of the payment and apply professional judgement to determine the accounting method. When the contract does not include contractual committed future volumes and there are no signed sales orders at the time the payment is made, we conclude that there is no current revenue contract with the customer at the moment of the payment, consequently the entire upfront payment will be recognized in the income statement when the payment is made.ii) Cash discounts given and received The Group recognizes the cash discounts given to customers as a deduction on revenue. Similarly, the cash discounts received from the suppliers are deducted from the costs. iii) Warranty obligations The Group typically provides warranties for general repairs of defects that existed at the time of sale. These assurance-type warranties are accounted for as warranty provisions as they do not represent a separate performance obligation of the Group.Government grantsGovernment grants are recognized at their fair value, when there is reasonable assurance that they will be received and that the Group will fulfil all of the conditions attached to them. When the grant relates to an expense item, it is recognized as income over the period necessary to match the grant on a systematic basis to the costs that is intended to compensate. Where the grant relates to an asset, it is recognized as deferred income.Income taxesIncome taxes include current and deferred taxes. Taxes are recognized in the income statement, unless they are associated with items that are booked immediately to equity or other comprehensive income. In that case, the corresponding tax is recognized directly against equity or other comprehensive income. Current taxes include the expected amount payable on taxable earnings for the period, along with adjustments of fiscal liabilities for previous years. A taxable earnings calculation for the year is based on the tax rates applicable on the reporting date. Deferred taxes are calculated in accordance with the liability method, for all temporary differences between the tax base of assets and liabilities and their carrying amount for financial reporting purposes. The calculation is based on rates of taxation for which the legislative process has been considered as enacted or substantively enacted on the reporting date. Under this method, the Group also has to calculate deferred taxes on the difference between the fair value of the net assets acquired and their tax base as a result of a new acquisition. Deferred tax assets are only recognized if it is probable that sufficient (i) taxable profits will be generated in the future in order to use the tax benefit or the tax losses or (ii) taxable temporary difference will be available to use those deferred tax assets. Two elements are considered to assess the likelihood of future taxable profits: 1. the profitability in the past, at least two consecutive years of profitability is needed and 2. The expected profitability of the next five years according to the detailed budget of next year and the higher-level business plan of the following four years. The recoverability of deferred income tax assets on tax losses carried forward and other tax credits is assessed including a prudency factor reflecting forecast uncertainties. The carrying amount of a deferred tax asset is reduced, when it becomes unlikely that the relating tax benefit will be realized.Financial income/chargesInterest income includes interest earned on bank deposits or received from customers as compensation for extended payment terms, and interest charges include interest due on loans contracted by the Group. Recorded interest is based on the \u2018effective interest\u2019 method. Costs related to derecognition of accounts receivable consist of incurred factoring fees. Other financial income (costs) include recorded gains or losses due to a revaluation of the fair value of financial derivatives, which are considered as \u2018fair value\u2019 hedging instruments if the hedged risks are of a financial nature, or if financial instruments do not meet the special \u2018hedge accounting\u2019 requirements.Monetary gains/losses relate to the gain or loss on the net monetary position that is derived as the difference resulting from the restatement of non-monetary items of the financial positions and offsetting of the inflation restatement of profit or loss items after application of IAS29 Hyperinflation for the Turkish subsidiaries of the Group.Earnings per share (EPS)EPS (non-diluted) are the non-diluted earnings per share and is defined as Earnings attributable to ordinary shareholders over the weighted average number of ordinary shares. EPS (diluted) are the diluted earnings per share and is defined as Earnings attributable to ordinary shareholders over the sum of weighted average number of ordinary shares and the weighted average number of ordinary shares which would be issued upon conversion into ordinary shares of all exercisable warrants leading to dilution.Non-GAAP measuresThe following alternative performance measures (non-IFRS) have been used as management believes that they are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. The alternative performance measures may not be comparable to similarly titled measures of other companies, have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results, our performance or our liquidity under IFRS. EBITDA is defined as operating profit / (loss) adjusted for depreciations / amortizations and impairment of fixed assets. Adjusted EBITDA is defined as operating profit / (loss) adjusted for (i) depreciations / amortizations and impairment of fixed assets, (ii) integration & restructuring expenses, (iii) gains & losses on disposal of consolidated entities, (iv) gains & losses on asset disposals, (v) impairment of goodwill and impairment of assets resulting from goodwill allocation. EBIT is defined as Earnings before interest and taxes (= operational result).EBT is defined as Profit/ (Loss) before taxes and share of result of joint ventures.Net debt is defined as the sum of interest-bearing borrowings current and non-current minus cash and cash equivalents. Working capital is calculated as the sum of trade receivables and inventories minus trade payables. Capital employed (CE) is defined as the sum of non-current assets and working capital. Leverage is defined as the ratio of Net debt to Adjusted EBITDA.Changes in accounting policies and disclosuresThe entity applied the same IFRSs as those adopted in the previous years, except for the new IFRSs and interpretations the entity adopted as of 1st January 2024.New and amended standards and interpretationsThe following amendments to standards are mandatory for the first time for the financial year beginning 1 January 2024 and have been endorsed by the European Union, but do not have a significant impact on the consolidated financial statements of the Group. The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective.\u2022 Amendments to IAS 1 \u2018Presentation of Financial Statements: Classification of Liabilities as current and non-current\u2019;\u2022 Amendments to IAS 7 \u2018Statement of Cash Flows\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures: Supplier Finance Arrangements\u2019; \u2022 Amendments to IFRS 16 \u2018Leases: Lease Liability in a Sale and Leaseback\u2019.The following standard is mandatory since the financial year beginning 1 January 2016 (however not yet subjected to EU endorsement). The European Commission has decided not to launch the endorsement process of this interim standard but to wait for the final standard:\u2022 IFRS 14 \u2018Regulatory deferral accounts\u2019 (effective 1 January 2016).The following amendments have been issued, are not mandatory for the first time for the financial year beginning 1 January 2024 but have been endorsed by the European Union:\u2022 Amendments to IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability\u2019 (effective 1 January 2025).Standards issued, but not yet effectiveThe 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 are disclosed below. The Group intends to adopt these standards and interpretations, if applicable, when they become effective.\u2022 Amendments to IFRS 9 and to IFRS 7: the Classifi-cation and Measurement of Financial Instruments (effective on 1 January 2026);\u2022 IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 (effective on 1 January 2027);\u2022 IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019 (effective on 1 January 2027);\u2022 Annual improvements Volume 11 (effective 1 January 2026).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__11-1": {
"value": "1. Material accounting principlesThe consolidated financial statements have been prepared in accordance with the \u2018International Financial Reporting Standards\u2019 (IFRS), as endorsed by the European Union. The consolidated financial statements were authorised by the Board on 25 February 2025. The dividend as included in the financial statements is subject to change as this is subject to approval during the General Meeting of Deceuninck NV, which is scheduled to be held on 22 April 2025.Basis of presentationThe consolidated financial statements are presented in \u20ac thousand, unless noted otherwise. The consolidated financial statements present the financial position on 31 December 2024. They have been prepared prior to the distribution of profits proposed by the parent company at the Annual General Meeting of Shareholders.The consolidated financial statements of the Group contain comparative information with respect to the previous period. Please note that numbers in certain tables in the financial statements may not add up due to rounding.Consolidation principlesThe consolidated financial statements include the individual financial statements of Deceuninck NV and its subsidiaries (\u2018the Group\u2019).The Group controls a subsidiary if, and only if, the Group has:\u2022 Power over the subsidiary (i.e., existing rights that give it the current ability to direct the relevant activities of the subsidiary);\u2022 Exposure, or rights, to variable returns from its involvement with the subsidiary;\u2022 The ability to use its power over the subsidiary to affect its returns.Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:\u2022 The contractual arrangement(s) with the other vote holders of the investee\u2022 Rights arising from other contractual arrangements\u2022 The Group\u2019s voting rights and potential voting rightsThe acquisition of subsidiaries is accounted for under the acquisition method. The annual reporting date of subsidiaries is identical to that of the parent company, apart from Deceuninck Profiles India Private Limited. For consolidation purposes, the financials over the 12-month period ending 31 December 2024 of Deceuninck Profiles India Private Limited have been used. The same valuation principles apply to their financial statements. The Group has an interest of 14.43% in Solardec CV which is fully consolidated, as the company has two directors that are both appointed by Deceuninck NV and the Group therefore holds the majority on the Board of the company. Furthermore, the Group has an interest of 48.95 % in Asia Profile Holding Co. Ltd which is fully consolidated as the other shareholder, holding 51.05 % of the shares, has signed a proxy which allows the Group to exercise the voting rights of the remaining 51.05 % of the shares and this allows the Group to decide upon the major operational decisions for the company.The Group holds a 50% interest in So Easy Belgium BV. This has been classified as joint venture. The Group\u2019s interest in this joint venture is accounted for using the equity method in the consolidated financial statements.HyperinflationAs of April 2022, the cumulative inflation rate in T\u00fcrkiye over a three-year period exceeded 100%, thereby triggering the requirement to transition to hyperinflation accounting as prescribed by IAS 29 Financial Reporting in Hyperinflationary Economies as of 1 January 2022.The main principle in IAS 29 is that the financial statements of an entity that reports in the currency of a hyperinflationary economy must be stated in terms of the measuring unit current at the end of the reporting period. Therefore, the non-monetary assets and liabilities stated at historical cost, the equity and the income statement of subsidiaries operating in hyperinflationary economies are restated for changes in the general purchasing power of the local currency applying a general price index. Monetary items that are already stated at the measuring unit at the end of the reporting period are not restated. These remeasured accounts are used for conversion into Euro at the period closing exchange rate. Consequently, the Group has applied hyperinflation accounting for its Turkish subsidiaries in these consolidated financial statements applying the IAS 29 rules as follows:\u2022 Hyperinflation accounting was applied starting as of 1 January 2022 and was continuously applied since then;\u2022 Non-monetary assets and liabilities stated at historical cost (e.g. property plant and equipment, intangible assets, goodwill, etc.) and equity of the Turkish subsidiaries were restated using the official Consumer Price Index (\u201cCPI\u201d) published by the Turkish Statistical Institute (TURKSTAT). The hyperinflation impacts resulting from changes in the general purchasing power until 31 December 2021 were reported in other comprehensive income and the impacts of changes in the general purchasing power from 1 January 2022 are reported through the income statement as Monetary gains/(losses);\u2022 The income statement is adjusted at the end of the reporting period using the change in the CPI and is converted at the closing exchange rate of each period (rather than at monthly average exchange rates as for subsidiaries in non-hyperinflationary economies);As stated above, when applying IAS 29, the Group uses the conversion coefficient derived from the official consumer price index (CPI) in T\u00fcrkiye, published by the Turkish Statistical Institute (TURKSTAT). The CPIs and corresponding conversion coefficients for the 20-year period since the Group ceased to apply hyperinflation accounting for its Turkish subsidiaries (i.e. since 1 January 2006), can be found below:As at 31 December Index Conversion coefficient2005 100.00 21.892006 109.65 19.962007 118.85 18.422008 130.81 16.732009 139.35 15.712010 148.27 14.762011 163.76 13.372012 173.85 12.592013 186.72 11.722014 201.97 10.842015 219.76 9.962016 238.52 9.182017 266.95 8.202018 321.14 6.822019 359.15 6.092020 411.59 5.322021 560.09 3.912022 920.01 2.382023 1,516.01 1.442024 2,188.72 1.00During the 12 months period ended 31 December 2024, the CPI increased by 44.38% compared to 31 December 2023. The total devaluation of the Turkish Lira in the same period amounted to 12.51%.Total currency translation adjustments related to the translation of the Turkish subsidiaries for the 12 months period ended 31 December 2024 amounts to \u20ac 26.0 million and is included in the statement of other comprehensive income (2023: \u20ac 1.8 million, which included both (i) the impact resulting from the restatement of non-monetary assets and liabilities to the general purchasing power until 31 December 2021 and (ii) the impact of the difference in evolution between both the inflation index and the devaluation of the TRY compared to EUR of the year 2022).The application of IAS 29 had an impact on operating profit (EBIT) of \u20ac 0.2 million for the 12 months period ended 31 December 2024 (\u20ac 1.9 million for the 12 months period ended 31 December 2023).The total monetary loss amounts to \u20ac -8.6 million for the 12 months period ended 31 December 2024 (for the 12 months period ended 31 December 2023: \u20ac 25.7 million) and is the result of the loss on the net monetary position that is derived as the difference resulting from the restatement of non-monetary items of the financial positions and the offsetting of the inflation restatement of profit or loss items.The total negative impact on the net result for the 12 months period ended 31 December 2024 amounts to \u20ac 14.6 million (2023: \u20ac 19.3 million), of which \u20ac 12.7 million is attributable to shareholders of the parent company (2023: \u20ac 17.0 million) and \u20ac 1.9 million to non-controlling interests (2023: \u20ac 2.3 million).Use of estimates and assumptionsIn order to produce the annual financial statements in accordance with the IFRS standards, management has to use a number of estimates and assumptions that have an impact on the amounts disclosed in the financial statements. The estimates made on the reporting date reflect the existing conditions on this date, such as market prices, interest rates and foreign exchange rates. Even though management makes these assumptions and estimates based on its best possible knowledge of current business transactions, and of the transactions the Group may undertake, the actual results can vary in relation to these estimates.USE OF ASSUMPTIONSIn accordance with the Group\u2019s accounting principles, the following assumption has been made:Provision for early retirementThe Company considers it has a constructive obligation in Belgium in relation to the early retirement plan and the relating collective labour agreement because it will be renewed on an ongoing basis. For this reason, the Group is accounting for this plan as a post-employment defined benefit plan. Restructuring provisionsThe Group recognizes provisions for restructuring programs when the criteria for recognition under IAS 37 are met. Provision amounts are determined based on individual payroll data and assumptions of the number of employees and workers that will leave the Group.USE OF ESTIMATESThe most important estimates that are likely to have a significant influence on the net carrying value of assets and liabilities for the coming year due to the uncertainty surrounding these estimates relate to:Impairment of goodwillGoodwill relating to business combinations is assessed on an annual basis by means of an impairment test. When a publicly available market valuation is available for a certain cash generating unit, the Group will evaluate the market capitalization against the carrying amount of that cash generating unit. If additional justification is required, or no publicly available market valuation is available, the Group will estimate the value in use of cash generating units to which the goodwill is allocated. The estimation of the value in use requires an estimate of expected future cash flows of the cash-generating units and the choice of an appropriate discount rate in order to determine the present value of these cash flows. For more details on this subject, Note 7.Employee benefits \u2013 Post-employment benefit plansThe costs of the granted pension schemes and the current value of the pension obligations are determined on the basis of an actuarial calculation. The actuarial calculation uses assumptions with regard to the discount rate, future increases in compensation, mortality tables and future increases in pensions. All the assumptions are reassessed on the reporting date. Further details with regard to these assumptions are disclosed in Note 16.Employee benefits \u2013 Share-based paymentsThe Group values the cost of the stock option plans granted to employees on the basis of the fair value of the instruments, on the date they are granted. The estimation of the fair value of compensations in shares requires an adapted valuation model, which depends on the condition under which the grant is made. The valuation model also requires adapted input data, such as the expected life of the option, the volatility of the share price and the dividend yield. The assumptions and the valuation model used for the estimation of the actual value of compensations in shares are explained in Note 21.Deferred tax assetsDeferred tax assets related to tax losses carried forward are only recognized if it is probable that sufficient taxable profits will be generated in the future. Significant estimates are required from management in order to determine the amount of the deferred tax assets, based on the time period and the level of future taxable profits. More details on this subject are provided in section Income Taxes and in Note 4.Loss allowanceIn estimating the loss allowance the Group makes significant estimates by assessing the amount of the expected cash flow that it will recuperate which included, for example, credit insurance limits and guarantees received. Detailed guidance on the effective credit loss model for trade receivables is included in the accounting policies under section Financial instruments \u2014 Trade receivables.Foreign currenciesThe Group applies a monthly average exchange rate to convert the income statements of the subsidiaries outside the Eurozone, except for economies reporting under Hyperinflation, which use the closing exchange rate of the period as prescribed under IAS 29. Foreign currenciesTRANSACTIONS IN FOREIGN CURRENCIESTransactions in foreign currencies are accounted for using the end of month exchange rate (exchange rate on the last working day of the preceding month) or the exchange rate on the date the transaction occurs or a periodic monthly average exchange rate, which approximates the exchange rates applicable on the transaction date. Monetary assets and liabilities in foreign currencies are converted using the exchange rate on the balance sheet date. All profits and losses resulting from conversion of monetary assets and liabilities in foreign currencies into the local currency of the entity are recognized in the consolidated income statement as Foreign exchange gains / (losses). Non-monetary assets and liabilities are converted into the local currency of the entity using the historical exchange rate.TRANSLATION OF FOREIGN CURRENCIESThe Group\u2019s reporting currency is the euro. Assets and liabilities from subsidiaries outside the Eurozone are converted to euro on balance sheet date, using the exchange rates applicable on that date. The income statements of these subsidiaries are converted into euro at a periodic monthly average exchange rate, which approximates the exchange rates applicable on the transaction date. For the translation of entities reporting under IAS 29 hyperinflation, we refer to the section \u201chyperinflation\u201d. The components of equity are converted at their historical exchange rate.Exchange rate differences, caused by the conversion of equity into euro at the closing rate applicable on the balance sheet date, are disclosed as \u2018currency translation adjustments\u2019 under the heading \u2018Equity\u2019. Exchange rate differences resulting from the translation of foreign currency intra-group current accounts, loans or trade receivables and payables are recognized in the consolidated income statement as Foreign exchange gains / (losses). Exception to this accounting treatment is when the intra-group loans are considered as part of an entity\u2019s net investment in a foreign operation. Then the exchange difference is recognized in other comprehensive income and accumulated in a separate component of equity until the disposal of the foreign operation.EXCHANGE RATESThe following exchange rates were used when preparing the financial statements:1 EUR Closing Closing Average Average is equal raterateraterateto2023 2024 2023 2024AUD 1.6263 1.6772 1.6274 1.6400BAM 1.9558 1.9558 1.9558 1.9558BGN 1.9558 1.9558 1.9558 1.9558BRL 5.3618 6.4253 5.3993 5.8047CLP 979.4319 1,033.5917 884.3297 1,020.5210COP 4,222.9730 4,580.8520 4,615.3846 4,363.3190CZK 24.7240 25.1850 23.9954 25.1184GBP 0.8690 0.8292 0.8698 0.8465HRK 7.5345 7.5345 7.5348 7.5345INR 91.9042 88.9332 89.3019 90.5080LTL 3.4528 3.4528 3.4528 3.4528MXN 18.7231 21.5504 19.1707 19.7164PLN 4.3395 4.2750 4.5396 4.3058RON 4.9756 4.9743 4.9466 4.9746RSD 117.1742 117.0152 117.2427 117.0880RUB 99.1916 106.1030 91.3107 100.0534SEK 11.0960 11.4590 11.4670 11.4310THB 37.9730 35.6761 37.6048 38.1318TRY 32.5739 36.7362 - -UAH 42.2080 43.9267 39.6036 43.4077USD 1.1050 1.0389 1.0814 1.0817Intangible fixed assets other than goodwillPATENTS AND LICENSESExpenditure for acquired patents and licenses are capitalized at their cost price and are subsequently amortized over their estimated useful life using the straight-line method, or over the term of the contract, if this would be shorter. The useful life is usually estimated at 3 years. TRADE NAMESTrade names acquired as part of a business combination are measured at fair value at acquisition-date. The subsequent measurement depends on whether the Group assessed the useful lives of the trade names as indefinite or finite. Trade names with indefinite useful lives are not amortized but are tested for impairment annually and when there is an indication that the asset may be impaired. The Group believes that most acquired and used trade names have indefinite useful lives because they contribute directly to the Group\u2019s cash flows as a result of recognition by the customer of these trade names\u2019 characteristics in the marketplace. Furthermore, these brands serve as the base brands in T\u00fcrkiye, included in the \u2018T\u00fcrkiye & Emerging markets\u2019 segment, and this is also defined as their cash-generating unit.RESEARCH AND DEVELOPMENTResearch expenditure, incurred with the purpose of acquiring new scientific or technological knowledge, is included in the income statement. The cost of development activities, for which the results are applied in a plan or a design for the production of new or substantially improved products and processes, are capitalized if and only if all the criteria defined in IAS 38 are met. Such capitalized costs include directly attributable costs of creating, producing or making ready for use assets (such as raw materials and direct labour costs) less the accumulated amortization and impairment. The incurred and capitalized costs are allocated to the relevant asset classes by means of a transfer as from the moment that the asset is available for use. SUBSEQUENT EXPENDITURESExpenditures relating to intangible fixed assets, subsequent to their purchase or completion are only capitalized if they increase the future economic benefits specific to the asset they relate to. All other expenditures are considered as costs.Business combinations The Group applies the purchase method of accounting to account for acquisitions of businesses. The cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred and equity instruments issued. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date. The determination of the fair values of the acquired identifiable assets and assumed liabilities is based on various assumptions requiring management judgement. Acquisition-related costs are expensed as incurred. GoodwillGoodwill is the positive difference between the cost of the business combination and the share of the Group in the fair value of the acquired identifiable net assets of a subsidiary or associated company at the moment of acquisition. Goodwill is not amortized, but is subject to an annual impairment test. Goodwill is expressed in the functional currency of the acquired company and is converted into euro at the closing exchange rate on the balance sheet date except for the goodwill relating to EgePen (amount: \u20ac 9.3 million) which is denominated in EUR despite being a Turkish subsidiary. The entity was acquired in 2000. Deceuninck first adopted IFRS in 2002 when the standards allowed an option (IAS 21.33.b, IAS 21 version effective as from 1 January 1995) to consider goodwill as assets of the reporting entity and consider it as non-monetary foreign currency item which is reported using the exchange rate at the date of the transaction. Bargain Purchase If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group reassesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures set to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in the income statement. Tangible fixed assetsTangible fixed assets are measured at historical cost price, less accumulated depreciation and impairment. Historical cost is the initial purchase price plus any other directly attributable acquisition costs (such as non-recoverable taxes and transportation costs). The cost price of fixed assets produced by the company itself (such as tool sets) includes the cost price of materials, direct labour costs and a proportion of production related overhead costs. Subsequent expenditure is only capitalized, if it increases the future economic benefits of the fixed assets it relates to. Repair and maintenance costs, which do not increase future economic benefits, are expensed as incurred.The expected economic useful life is determined as follows:AssetsBuildings 40 yearsBuilding fixtures and furniture 10-20 yearsExternal infrastructure 20-40 yearsMachinery and equipment 8-20 yearsSmall equipment 5 yearsScrews and cylinders 2-6 yearsDies and calibrators (tool sets) 5 yearsInstallations 10-25 yearsOffice equipment 4-10 yearsLogistics equipment 8 yearsFurniture 10 yearsVehicles 4-5 yearsDepreciation is calculated using the straight-line method, starting from the first date of use over the entire duration of their expected useful life.Land, which is deemed to have an infinite useful life, is not depreciated.Assets classified as held for saleAssets classified as held for sale relate to assets or groups of assets that are available for immediate sale in its present condition and the sale is highly probable. These assets are valued at the lower of carrying value or fair value less costs to sell. Property, plant and equipment and intangible assets are not depreciated or amortized once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the consolidated balance sheet. The same valuation principle applies for business units held for sale.Investment in joint venturesA joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The considerations made in determining joint control are similar to those necessary to determine control over subsidiaries. The Group\u2019s investment in its joint venture is accounted for using the equity method. Under the equity method, the investment in a joint venture is initially recognized at cost, which includes acquisition related expenses. The carrying amount of the investment is adjusted to recognize changes in the Group\u2019s share of net assets of the joint venture since the acquisition date. Goodwill relating to the joint venture is included in the carrying amount of the investment and is not tested for impairment separately. For determining the goodwill, the Group elected to apply a 12-month measurement period similar to business combinations in case it is unable to finalise the process in the year of acquisition. The statement of profit or loss reflects the Group\u2019s share of the results of the joint venture. Any change in OCI of the joint ventures is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognized directly in the equity of the joint venture, the Group recognizes its share of any changes, when applicable, in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the joint venture are eliminated to the extent of the interest in the joint venture.Considering the relevant considerations that there are no contractual or constructive obligations covering for unlimited losses, the recognition of the Group\u2019s share of the results of the joint venture is limited to the extent of the original recognized amount of the investment. All subsequent Group\u2019s shares of the profits are not recognized by the Group until the historically non-recognized Group\u2019s share of the results of the joint venture are covered. The financial statements of the joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and it carrying value, and then recognizes the loss within \u2018Share of the result of a joint venture\u2019 in the consolidated income statement. Upon loss of the joint control over the joint venture, the Group measures and recognizes any retained investment at its fair value. Any difference between the carrying amount of the joint venture upon loss of joint control and the fair value of the retained investment and proceeds from disposal is recognized in profit or loss.LeasingThe Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.i) Right-of-use assets The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. The Group elected to present the right-of-use assets as a separate asset classes of the Tangible fixed assets and provide the relevant disclosures in the notes. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. ii) Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognized as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The Group presents the lease liabilities on the line items current and non-current interest-bearing loans.iii) Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low value assets are recognized as expense on a straight-line basis over the lease term.iv) General lease terms and Subleases The Group has lease contracts for various items of buildings, vehicles, machines and other equipment used in its operations. Leases of buildings and machinery generally have lease terms between 2 and 5 years and a contract with a term of 10 years, while motor vehicles and other equipment generally have lease terms between 2 and 4 years. The Group\u2019s obligations under its leases are secured by the lessor\u2019s title to the leased assets. Generally, the Group is restricted from assigning and subleasing the leased assets and some contracts require the Group to maintain certain financial ratios. v) Extension and termination options The Group has several lease contracts that include extension and termination options. These options are negotiated by management to provide flexibility in managing the leased-asset portfolio and align with the Group\u2019s business needs. Management exercises significant judgement in determining whether these extension and termination options are reasonably certain to be exercised. Most of the extension and termination options are related to lease contracts for cars and have a limited value due to the shorter lease periods, lower lease payments and due to the fact that the Group generally replaces the ending contract with a new asset.Financial instrumentsCRITERIA RELATING TO THE INITIAL RECOGNITION OR DERECOGNITION OF FINANCIAL ASSETS AND LIABILITIESFinancial instruments are recognized initially when the Group becomes party to the contractual provisions of the instrument. Purchases and sales of financial assets are recognized on the settlement date. Financial assets (or parts thereof) are derecognized, when the Group\u2019s rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset or has retained the right to receive the cash flows but assumed to pay those cash flows in a pass-through arrangement to another recipient. Financial liabilities (or parts thereof) are derecognized, if the obligation stipulated in the contract is withdrawn, cancelled or expired.CRITERIA FOR OFFSETTING FINANCIAL ASSETS AND LIABILITIESA financial asset and a financial liability are offset and the net amount is presented on the balance sheet, if there is a legally enforceable right to offset the recognized amounts, and if there is an intention to settle the liability and simultaneously realize the asset or to settle the liability on a net basis.CRITERIA FOR CLASSIFYING FINANCIAL ASSETSFinancial assets are classified, at initial recognition, as subsequently measured at amortized cost (AC), fair value through other comprehensive income (FVOCI), and fair value through profit or loss (FVPL). The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. 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 determined under IFRS 15.In order for a financial asset to be classified and measured at AC or FVOCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.Financial fixed assetsThe Group presents under this caption the equity instruments for which it has elected to present the change in fair value through other comprehensive income. The election to classify equity instruments into this category is made on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized as financial income in the statement of profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment.Financial assets valued at fair value throughthe income statementFinancial assets valued at fair value through the income statement consist of financial assets that are held for trading purposes or financial assets that are initially recognized at fair value through the income statement. Financial assets held for trading purposes are those acquired with the objective of selling them in a short-term notice. This category also contains derivative financial instruments, which do not fulfil the criteria of IFRS 9 for \u2018hedge accounting\u2019. Unrealized profits or losses, resulting from the changes in the fair value of financial assets held for trading, are directly booked in the income statement.Trade receivablesTrade receivables meet the condition of AC classification if they are carried at their nominal value and are subject to impairment. The Group recognizes an allowance for expected credit losses (ECLs). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. For trade receivables, the Group applies a simplified approach in calculating ECLs based on lifetime expected credit losses. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical observed default rates, adjusted for forward looking factors specific to the debtors and the economic environment reflecting the customers\u2019 abilities to pay (based on geographical region, type of customer, delinquency status, credit insurance, other guarantees...). In addition to this general approach, the Group includes individually managed exposures on a case by case basis if not covered by the ECL model, also reflecting additional risk factors into the ECL model if not yet included.Other receivablesChecks received from Turkish customers as advance payments which can be discounted or used for payments without any preconditions are presented as other receivables and other liabilities as from the moment they are received from a customer and can be used for other purposes.Cash and cash equivalentsCash and cash equivalents consist mainly of cash in hand, short-term deposits and short-term investments (maturing within three months after their acquisition date) which are readily convertible into cash and which are subject to a limited risk of changes in value. Within the cash flow statement, cash and cash equivalents include bank balances (current and deposit accounts). Any negative cash position is presented as short-term debts with financial institutions (\u2018bank overdrafts\u2019).Interest bearing loansInterest-bearing loans are initially valued at the fair value of the amounts received minus any costs related to the transaction. After the initial recognition interest-bearing financial debts are valued at their amortized cost. The difference between the amortized cost and the repayment value is expensed over the duration of the loan based on the effective interest rate method or until the debt is no longer held.DERIVATIVE FINANCIAL INSTRUMENTSThe Group uses derivative financial instruments (FX forward contracts and interest rate swaps) in order to limit the risks associated with exchange rate and interest fluctuations. The Group\u2019s policy prohibits the use of these instruments for speculative purposes. Derivative financial instruments are classified as either \u2018fair value\u2019 hedges, if these instruments hedge changes in the fair value of recognized assets and liabilities, or as \u2018cash flow\u2019 hedges, if they cover cash flow variations associated with a specific risk in relation to a recognized asset or liability or an expected highly probable transaction. For \u2018fair value\u2019 hedges, profits or losses resulting from the revaluation of \u2018fair value\u2019 hedging instruments are directly recorded through the income statement. Gains or losses on the hedged position lead to an adjustment of the book value of the hedged position and should be recorded through the income statement. If the adjustment is associated with the book value of an interest-bearing financial debt, it is amortized through profit or loss until it is entirely amortized upon maturity. When derivative financial instruments are identified as cash flow hedges, the effective portion of the change in fair value is recognized in other comprehensive income. The gain or loss on the ineffective portion is immediately recognized in the income statement.Financial instruments, not meeting the special requirements for recognition as a hedging transaction, are valued at their fair value, and any profit or loss resulting from a change in the fair value of the instrument is directly recognized in the income statement.InventoriesInventories are valued at the lower of cost price or netrealizable value. The net realizable value is defined as the estimated selling price under normal operating conditions net of any estimated costs for handling andselling the product. Costs incurred in bringing each product to its current location and conditions are recorded as follows:\u2022 Raw materials and consumables \u2013 purchase price, based on the FIFO principle;\u2022 Finished goods and work in process \u2013 direct material and labour costs, plus a part of the generalproduction costs, based on normal production capacity and on the FIFO principle;\u2022 Trade goods \u2013 purchase price, based on the FIFO principle.Treasury sharesThe amount paid, including any directly attributable expenses, for treasury shares acquired by the company is deducted from equity.ImpairmentsThe Group\u2019s assets, excluding inventories and deferred tax assets, are assessed for impairment indicators at each balance sheet date except for goodwill and intangible assets with indefinite useful lives for which impairment is mandatory on annual basis. If impairment indicators are present, the recoverable amount of the asset is estimated. An impairment is recognized, if the carrying value of an asset, or that of the cash-generating unit to which it belongs, is higher than its recoverable amount. Impairments are recorded in the income statement. The recoverable amount of other than financial assets is the higher of their fair value less cost to sell or its value in use of the corresponding assets. In order to determine the value in use, the net present value of expected future cash flows is calculated using a pre-tax discount rate, which reflects both current market rates and the asset\u2019s specific inherent risks. When an asset does not generate cash flows, that are largely independent of the other assets, the recoverable amount of the cash-generating unit to which this asset belongs, is determined. Impairments relating to goodwill are not reversed. Impairments of other assets are reversed, if a change takes place in the estimates used to determine the recoverable amount. An increase in the carrying value of an asset, resulting from the reversal of an impairment, cannot be higher than the carrying value (after depreciation) that would have been obtained, if no impairments had been recorded for this asset in previous years.ProvisionsProvisions are accounted for whenever the Group has to settle a legal or constructive obligation resulting from a past event, when it is probable that a cash outflow will be required to settle these obligations, and to the extent that these can be reliably estimated. When the Group expects that all or part of the expenditure, which is required to settle legal obligations, will be reimbursed by another party, the amount to be reimbursed will only be recognized as an asset if it is virtually certain that they will be effectively collected. A warranty provision is established for all products under warranty, based on historical data relating to repairs and returns of goods.Employee benefitsPENSIONSThe Group participates primarily in defined contribution plans, and has defined benefit plans in Belgium, Germany and T\u00fcrkiye. The funds of these plans consist of employer and employee contributions. The Group treats the employer and employee contributions for the defined contribution plans as expenses for the year in which they were made, except for Belgian defined contribution plans: these plans are legally subject to minimum guaranteed returns in Belgium. Due to these guaranteed minimum returns, all Belgian defined contribution plans are accounted for as defined benefit plans under IFRS. In Belgium, the Group also accounts for its early retirement plan and the provision covers the employees for which there exists a plan and expected employees to retire by an early retirement scheme the next coming four years based on the collective labour agreement. For defined benefit plans, the pension obligation is estimated by using the projected unit credit method. Remeasurements, comprising of actuarial gains and losses and the return on plan assets (excluding net interest), are recognized immediately in the consolidated balance sheet with a corresponding debit or credit through other comprehensive income (OCI) in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods. Past service costs are recognized in profit or loss on the earlier of:\u2022 the date of the plan amendment or curtailment, and\u2022 the date that the Group recognizes restructuring- related costsNet interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognizes the service costs, comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements, in the financial statement lines in the Consolidated Income Statement based on the function and activities of the related personnel. If the related personnel are no longer active within the Group, the cost is recognized in the section Other under Other operating costs.Net interest expense or income is included in the Consolidated Income Statement as financial result.Where applicable, the current service cost is considered for the inventory valuation.SHARE-BASED PAYMENTSVarious warrant programs and performance share plans enable the staff members, senior management members and members of the Executive Management to acquire company shares. The exercise price for warrants is equal to the lowest of (i) the average price of the share on the stock exchange during the 30-day period preceding the offer, and (ii) the latest closing price preceding the day of the offer. When such plans are exercised, they are exchanged for own shares or capital is increased by the amounts received or the exercise price. The cost of share-based payment transactions is valued at fair value on the grant date. The fair value is determined using a binominal tree structure. The cost of share-based payment transactions and at the same time as the corresponding increase in equity, is recognized over the vesting period. If the conditions of equity-settled share-based payment transactions are modified, the minimal cost equals the cost as if the conditions had not been changed. An additional cost is recognized for any modification which increases the fair value of share-based payment transaction or includes a benefit for the employee as of the date of modification (IFRS 2.28). When a share-based payment is cancelled, this is considered as a compensation that was granted on the date of cancellation and the relating unamortized cost is immediately recognized. However, if a new share-based payment is granted as a replacement for the cancelled compensation and if this is recorded as a replacement compensation on the grant date, then the cancelled and the new compensations are treated as a modification of the original share-based payment transaction, as described in the preceding paragraph.BONUSESContractual bonuses are granted based on planned key financial objectives and personal performances. The estimated amount of the bonus is recognized as a cost, based on an estimate as of the balance sheet date.SalesThe Group adopted IFRS 15 using the modified retrospective method of adoption. The Group is in the business of delivering window and door systems, building products and other goods to customers. As part of its commercial relationship, the Group typically grants payment terms between 15-120 days but offers under certain conditions discounts for prompt payment. The payment terms differ substantially between the regions in which the Group operates.SALE OF GOODSThe Group\u2019s contracts with customers for the sale of goods include one performance obligation. The Group has concluded that revenue from sale of goods should be recognized at the point in time when control of the asset is transferred to the customer, generally on delivery of the product.(i) Consideration paid The consideration paid or payable by the Group represents incentives given by the entity to attract the customer to purchase, or continue purchasing, its goods or services. This may include considerations paid to customers to compensate for investments made to adjust IT systems or production processes to be able to use our products in their production facilities.The consideration paid or payable is accounted for as a reduction of revenue for the amount in excess of the fair value of the distinct good or service received from the customer.The recognition of the reduction of revenue is done when (or as) the later of either of the following events occurs:\u2022 Recognition of revenue for the transfer of the related goods or services\u2022 Payment or promise to pay the consideration (even if the payment is conditional on a future event) A diversity in practice exists today in this area. The Transition Resource Group for Revenue Recognition has issued a staff paper of the FASB on this topic: Payments to Customer. No consensus has been reached by the Task Force on this issue, consequently no explicit GAAP exists for the accounting of upfront payments to customers today. Accordingly, companies should evaluate the facts and circumstances of the nature of the payment and apply professional judgement to determine the accounting method. When the contract does not include contractual committed future volumes and there are no signed sales orders at the time the payment is made, we conclude that there is no current revenue contract with the customer at the moment of the payment, consequently the entire upfront payment will be recognized in the income statement when the payment is made.ii) Cash discounts given and received The Group recognizes the cash discounts given to customers as a deduction on revenue. Similarly, the cash discounts received from the suppliers are deducted from the costs. iii) Warranty obligations The Group typically provides warranties for general repairs of defects that existed at the time of sale. These assurance-type warranties are accounted for as warranty provisions as they do not represent a separate performance obligation of the Group.Government grantsGovernment grants are recognized at their fair value, when there is reasonable assurance that they will be received and that the Group will fulfil all of the conditions attached to them. When the grant relates to an expense item, it is recognized as income over the period necessary to match the grant on a systematic basis to the costs that is intended to compensate. Where the grant relates to an asset, it is recognized as deferred income.Income taxesIncome taxes include current and deferred taxes. Taxes are recognized in the income statement, unless they are associated with items that are booked immediately to equity or other comprehensive income. In that case, the corresponding tax is recognized directly against equity or other comprehensive income. Current taxes include the expected amount payable on taxable earnings for the period, along with adjustments of fiscal liabilities for previous years. A taxable earnings calculation for the year is based on the tax rates applicable on the reporting date. Deferred taxes are calculated in accordance with the liability method, for all temporary differences between the tax base of assets and liabilities and their carrying amount for financial reporting purposes. The calculation is based on rates of taxation for which the legislative process has been considered as enacted or substantively enacted on the reporting date. Under this method, the Group also has to calculate deferred taxes on the difference between the fair value of the net assets acquired and their tax base as a result of a new acquisition. Deferred tax assets are only recognized if it is probable that sufficient (i) taxable profits will be generated in the future in order to use the tax benefit or the tax losses or (ii) taxable temporary difference will be available to use those deferred tax assets. Two elements are considered to assess the likelihood of future taxable profits: 1. the profitability in the past, at least two consecutive years of profitability is needed and 2. The expected profitability of the next five years according to the detailed budget of next year and the higher-level business plan of the following four years. The recoverability of deferred income tax assets on tax losses carried forward and other tax credits is assessed including a prudency factor reflecting forecast uncertainties. The carrying amount of a deferred tax asset is reduced, when it becomes unlikely that the relating tax benefit will be realized.Financial income/chargesInterest income includes interest earned on bank deposits or received from customers as compensation for extended payment terms, and interest charges include interest due on loans contracted by the Group. Recorded interest is based on the \u2018effective interest\u2019 method. Costs related to derecognition of accounts receivable consist of incurred factoring fees. Other financial income (costs) include recorded gains or losses due to a revaluation of the fair value of financial derivatives, which are considered as \u2018fair value\u2019 hedging instruments if the hedged risks are of a financial nature, or if financial instruments do not meet the special \u2018hedge accounting\u2019 requirements.Monetary gains/losses relate to the gain or loss on the net monetary position that is derived as the difference resulting from the restatement of non-monetary items of the financial positions and offsetting of the inflation restatement of profit or loss items after application of IAS29 Hyperinflation for the Turkish subsidiaries of the Group.Earnings per share (EPS)EPS (non-diluted) are the non-diluted earnings per share and is defined as Earnings attributable to ordinary shareholders over the weighted average number of ordinary shares. EPS (diluted) are the diluted earnings per share and is defined as Earnings attributable to ordinary shareholders over the sum of weighted average number of ordinary shares and the weighted average number of ordinary shares which would be issued upon conversion into ordinary shares of all exercisable warrants leading to dilution.Non-GAAP measuresThe following alternative performance measures (non-IFRS) have been used as management believes that they are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. The alternative performance measures may not be comparable to similarly titled measures of other companies, have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results, our performance or our liquidity under IFRS. EBITDA is defined as operating profit / (loss) adjusted for depreciations / amortizations and impairment of fixed assets. Adjusted EBITDA is defined as operating profit / (loss) adjusted for (i) depreciations / amortizations and impairment of fixed assets, (ii) integration & restructuring expenses, (iii) gains & losses on disposal of consolidated entities, (iv) gains & losses on asset disposals, (v) impairment of goodwill and impairment of assets resulting from goodwill allocation. EBIT is defined as Earnings before interest and taxes (= operational result).EBT is defined as Profit/ (Loss) before taxes and share of result of joint ventures.Net debt is defined as the sum of interest-bearing borrowings current and non-current minus cash and cash equivalents. Working capital is calculated as the sum of trade receivables and inventories minus trade payables. Capital employed (CE) is defined as the sum of non-current assets and working capital. Leverage is defined as the ratio of Net debt to Adjusted EBITDA.Changes in accounting policies and disclosuresThe entity applied the same IFRSs as those adopted in the previous years, except for the new IFRSs and interpretations the entity adopted as of 1st January 2024.New and amended standards and interpretationsThe following amendments to standards are mandatory for the first time for the financial year beginning 1 January 2024 and have been endorsed by the European Union, but do not have a significant impact on the consolidated financial statements of the Group. The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective.\u2022 Amendments to IAS 1 \u2018Presentation of Financial Statements: Classification of Liabilities as current and non-current\u2019;\u2022 Amendments to IAS 7 \u2018Statement of Cash Flows\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures: Supplier Finance Arrangements\u2019; \u2022 Amendments to IFRS 16 \u2018Leases: Lease Liability in a Sale and Leaseback\u2019.The following standard is mandatory since the financial year beginning 1 January 2016 (however not yet subjected to EU endorsement). The European Commission has decided not to launch the endorsement process of this interim standard but to wait for the final standard:\u2022 IFRS 14 \u2018Regulatory deferral accounts\u2019 (effective 1 January 2016).The following amendments have been issued, are not mandatory for the first time for the financial year beginning 1 January 2024 but have been endorsed by the European Union:\u2022 Amendments to IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability\u2019 (effective 1 January 2025).Standards issued, but not yet effectiveThe 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 are disclosed below. The Group intends to adopt these standards and interpretations, if applicable, when they become effective.\u2022 Amendments to IFRS 9 and to IFRS 7: the Classifi-cation and Measurement of Financial Instruments (effective on 1 January 2026);\u2022 IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 (effective on 1 January 2027);\u2022 IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019 (effective on 1 January 2027);\u2022 Annual improvements Volume 11 (effective 1 January 2026).2. Segment informationAn operating segment is a separate component of the Group (a) that engages in business activities from which it may earn revenues and incur expenses, (b) for which discrete financial information is available and (c) its results are regularly reviewed by the Chief Operating Decision Maker (CODM) in order to decide how to allocate resources and in assessing performance. Three segments have been defined based on the location of legal entities. They include the following entities:1. Europe: Benelux, Bosnia, Bulgaria, Croatia, Czech Republic, France, Italy, Germany, Poland, Romania, Russia, Slovakia, Spain and the United Kingdom;2. North America: Canada & United States;3. T\u00fcrkiye & Emerging Markets: Australia, Brazil, Chile, Colombia, India, Mexico, Thailand and T\u00fcrkiye.There are no segments aggregated in order to establish the above segments. Transfer prices between the operational segments are based on an \u2018at arm\u2019s length basis\u2019 equal to transactions with third parties. The accounting policies for the operational segments are equal to these of the consolidated financial statements. The Group identified the Executive Management as its Chief Operating Decision Maker (\u201cCODM\u201d). The segments have been defined based on the information provided to the Executive Management. The Executive Management monitors the performance of its operational segments based on sales and adjusted EBITDA per segment and make decisions about resource allocation on this geographical segmentation basis. Segment information provided to the CODM includes the results, assets and liabilities that can be attributed directly to those segments, as stated in tables further below.Basic earnings per share is calculated by dividing the net profit for the year, attributable to ordinary shareholders by the weighted average number of ordinary shares, excluding ordinary shares purchased by the Group and held as treasury shares. This results in a net profit per share of \u20ac 0.10.Diluted earnings per share are calculated by dividing the net profit attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year increased with the weighted average number of ordinary shares which would be issued upon conversion into ordinary shares of all exercisable warrants leading to dilution. The potential dilution arises from warrants granted to staff members, senior management members and members of the Executive Management. The diluted earnings per share amount to \u20ac 0.10 per share.",
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"value": "The consolidated financial statements have been prepared in accordance with the \u2018International Financial Reporting Standards\u2019 (IFRS), as endorsed by the European Union.Basis of presentationThe consolidated financial statements are presented in \u20ac thousand, unless noted otherwise. The consolidated financial statements present the financial position on 31 December 2024. They have been prepared prior to the distribution of profits proposed by the parent company at the Annual General Meeting of Shareholders.The consolidated financial statements of the Group contain comparative information with respect to the previous period. Please note that numbers in certain tables in the financial statements may not add up due to rounding.",
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"value": "The consolidated financial statements have been prepared in accordance with the \u2018International Financial Reporting Standards\u2019 (IFRS), as endorsed by the European Union.",
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"value": "The consolidated financial statements were authorised by the Board on 25 February 202527. Events after the balance sheetDeceuninck has completed the acquisition of the remaining 50% of the shares in the joint-venture with So Easy Holding BV on March 10, 2025, with the result that So Easy \u2013 Decalu is now 100% owned by the Group. Taking full ownership fits within the ambitions and strategy of Deceuninck to include aluminum profiles in our window solutions offering. The intention of Deceuninck with this transaction is to further accelerate the growth of its European business by fully leveraging on the existing distribution network and brand name.",
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"value": "The consolidated financial statements were authorised by the Board on 25 February 2025",
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"value": "NV",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
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"value": "Consolidation principlesThe consolidated financial statements include the individual financial statements of Deceuninck NV and its subsidiaries (\u2018the Group\u2019).The Group controls a subsidiary if, and only if, the Group has:\u2022 Power over the subsidiary (i.e., existing rights that give it the current ability to direct the relevant activities of the subsidiary);\u2022 Exposure, or rights, to variable returns from its involvement with the subsidiary;\u2022 The ability to use its power over the subsidiary to affect its returns.Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:\u2022 The contractual arrangement(s) with the other vote holders of the investee\u2022 Rights arising from other contractual arrangements\u2022 The Group\u2019s voting rights and potential voting rightsThe acquisition of subsidiaries is accounted for under the acquisition method. The annual reporting date of subsidiaries is identical to that of the parent company, apart from Deceuninck Profiles India Private Limited. For consolidation purposes, the financials over the 12-month period ending 31 December 2024 of Deceuninck Profiles India Private Limited have been used. The same valuation principles apply to their financial statements. The Group has an interest of 14.43% in Solardec CV which is fully consolidated, as the company has two directors that are both appointed by Deceuninck NV and the Group therefore holds the majority on the Board of the company. Furthermore, the Group has an interest of 48.95 % in Asia Profile Holding Co. Ltd which is fully consolidated as the other shareholder, holding 51.05 % of the shares, has signed a proxy which allows the Group to exercise the voting rights of the remaining 51.05 % of the shares and this allows the Group to decide upon the major operational decisions for the company.The Group holds a 50% interest in So Easy Belgium BV. This has been classified as joint venture. The Group\u2019s interest in this joint venture is accounted for using the equity method in the consolidated financial statements.",
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},
"f0__s9__6__20": {
"value": "Consolidation principlesThe consolidated financial statements include the individual financial statements of Deceuninck NV and its subsidiaries (\u2018the Group\u2019).The Group controls a subsidiary if, and only if, the Group has:\u2022 Power over the subsidiary (i.e., existing rights that give it the current ability to direct the relevant activities of the subsidiary);\u2022 Exposure, or rights, to variable returns from its involvement with the subsidiary;\u2022 The ability to use its power over the subsidiary to affect its returns.Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:\u2022 The contractual arrangement(s) with the other vote holders of the investee\u2022 Rights arising from other contractual arrangements\u2022 The Group\u2019s voting rights and potential voting rightsThe acquisition of subsidiaries is accounted for under the acquisition method. The annual reporting date of subsidiaries is identical to that of the parent company, apart from Deceuninck Profiles India Private Limited. For consolidation purposes, the financials over the 12-month period ending 31 December 2024 of Deceuninck Profiles India Private Limited have been used. The same valuation principles apply to their financial statements. The Group has an interest of 14.43% in Solardec CV which is fully consolidated, as the company has two directors that are both appointed by Deceuninck NV and the Group therefore holds the majority on the Board of the company. Furthermore, the Group has an interest of 48.95 % in Asia Profile Holding Co. Ltd which is fully consolidated as the other shareholder, holding 51.05 % of the shares, has signed a proxy which allows the Group to exercise the voting rights of the remaining 51.05 % of the shares and this allows the Group to decide upon the major operational decisions for the company.The Group holds a 50% interest in So Easy Belgium BV. This has been classified as joint venture. The Group\u2019s interest in this joint venture is accounted for using the equity method in the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__22-1": {
"value": "HyperinflationAs of April 2022, the cumulative inflation rate in T\u00fcrkiye over a three-year period exceeded 100%, thereby triggering the requirement to transition to hyperinflation accounting as prescribed by IAS 29 Financial Reporting in Hyperinflationary Economies as of 1 January 2022.The main principle in IAS 29 is that the financial statements of an entity that reports in the currency of a hyperinflationary economy must be stated in terms of the measuring unit current at the end of the reporting period. Therefore, the non-monetary assets and liabilities stated at historical cost, the equity and the income statement of subsidiaries operating in hyperinflationary economies are restated for changes in the general purchasing power of the local currency applying a general price index. Monetary items that are already stated at the measuring unit at the end of the reporting period are not restated. These remeasured accounts are used for conversion into Euro at the period closing exchange rate. Consequently, the Group has applied hyperinflation accounting for its Turkish subsidiaries in these consolidated financial statements applying the IAS 29 rules as follows:\u2022 Hyperinflation accounting was applied starting as of 1 January 2022 and was continuously applied since then;\u2022 Non-monetary assets and liabilities stated at historical cost (e.g. property plant and equipment, intangible assets, goodwill, etc.) and equity of the Turkish subsidiaries were restated using the official Consumer Price Index (\u201cCPI\u201d) published by the Turkish Statistical Institute (TURKSTAT). The hyperinflation impacts resulting from changes in the general purchasing power until 31 December 2021 were reported in other comprehensive income and the impacts of changes in the general purchasing power from 1 January 2022 are reported through the income statement as Monetary gains/(losses);\u2022 The income statement is adjusted at the end of the reporting period using the change in the CPI and is converted at the closing exchange rate of each period (rather than at monthly average exchange rates as for subsidiaries in non-hyperinflationary economies);As stated above, when applying IAS 29, the Group uses the conversion coefficient derived from the official consumer price index (CPI) in T\u00fcrkiye, published by the Turkish Statistical Institute (TURKSTAT). The CPIs and corresponding conversion coefficients for the 20-year period since the Group ceased to apply hyperinflation accounting for its Turkish subsidiaries (i.e. since 1 January 2006), can be found below:As at 31 December Index Conversion coefficient2005 100.00 21.892006 109.65 19.962007 118.85 18.422008 130.81 16.732009 139.35 15.712010 148.27 14.762011 163.76 13.372012 173.85 12.592013 186.72 11.722014 201.97 10.842015 219.76 9.962016 238.52 9.182017 266.95 8.202018 321.14 6.822019 359.15 6.092020 411.59 5.322021 560.09 3.912022 920.01 2.382023 1,516.01 1.442024 2,188.72 1.00During the 12 months period ended 31 December 2024, the CPI increased by 44.38% compared to 31 December 2023. The total devaluation of the Turkish Lira in the same period amounted to 12.51%.Total currency translation adjustments related to the translation of the Turkish subsidiaries for the 12 months period ended 31 December 2024 amounts to \u20ac 26.0 million and is included in the statement of other comprehensive income (2023: \u20ac 1.8 million, which included both (i) the impact resulting from the restatement of non-monetary assets and liabilities to the general purchasing power until 31 December 2021 and (ii) the impact of the difference in evolution between both the inflation index and the devaluation of the TRY compared to EUR of the year 2022).The application of IAS 29 had an impact on operating profit (EBIT) of \u20ac 0.2 million for the 12 months period ended 31 December 2024 (\u20ac 1.9 million for the 12 months period ended 31 December 2023).The total monetary loss amounts to \u20ac -8.6 million for the 12 months period ended 31 December 2024 (for the 12 months period ended 31 December 2023: \u20ac 25.7 million) and is the result of the loss on the net monetary position that is derived as the difference resulting from the restatement of non-monetary items of the financial positions and the offsetting of the inflation restatement of profit or loss items.The total negative impact on the net result for the 12 months period ended 31 December 2024 amounts to \u20ac 14.6 million (2023: \u20ac 19.3 million), of which \u20ac 12.7 million is attributable to shareholders of the parent company (2023: \u20ac 17.0 million) and \u20ac 1.9 million to non-controlling interests (2023: \u20ac 2.3 million).Monetary gains/losses relate to the gain or loss on the net monetary position that is derived as the difference resulting from the restatement of non-monetary items of the financial positions and offsetting of the inflation restatement of profit or loss items after application of IAS29 Hyperinflation for the Turkish subsidiaries of the Group.Translation adjustments also contain the IAS29 hyperinflation effects of bringing the intangible fixed assets to purchasing power of 31st of December 2024 (\u20ac 2,901 thousand in Cost and \u20ac 808 thousand in Depreciations and Impairments).Translation adjustments also contain the IAS29 hyperinflation effects of bringing the tangible fixed assets to purchasing power of 31st of December 2024.Translation adjustments also contain the IAS29 hyperinflation effects of bringing the right-of-use assets to purchasing power of 31st of December 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__24": {
"value": "Use of estimates and assumptionsIn order to produce the annual financial statements in accordance with the IFRS standards, management has to use a number of estimates and assumptions that have an impact on the amounts disclosed in the financial statements. The estimates made on the reporting date reflect the existing conditions on this date, such as market prices, interest rates and foreign exchange rates. Even though management makes these assumptions and estimates based on its best possible knowledge of current business transactions, and of the transactions the Group may undertake, the actual results can vary in relation to these estimates.USE OF ASSUMPTIONSIn accordance with the Group\u2019s accounting principles, the following assumption has been made:Provision for early retirementThe Company considers it has a constructive obligation in Belgium in relation to the early retirement plan and the relating collective labour agreement because it will be renewed on an ongoing basis. For this reason, the Group is accounting for this plan as a post-employment defined benefit plan. Restructuring provisionsThe Group recognizes provisions for restructuring programs when the criteria for recognition under IAS 37 are met. Provision amounts are determined based on individual payroll data and assumptions of the number of employees and workers that will leave the Group.USE OF ESTIMATESThe most important estimates that are likely to have a significant influence on the net carrying value of assets and liabilities for the coming year due to the uncertainty surrounding these estimates relate to:Impairment of goodwillGoodwill relating to business combinations is assessed on an annual basis by means of an impairment test. When a publicly available market valuation is available for a certain cash generating unit, the Group will evaluate the market capitalization against the carrying amount of that cash generating unit. If additional justification is required, or no publicly available market valuation is available, the Group will estimate the value in use of cash generating units to which the goodwill is allocated. The estimation of the value in use requires an estimate of expected future cash flows of the cash-generating units and the choice of an appropriate discount rate in order to determine the present value of these cash flows. For more details on this subject, Note 7.Employee benefits \u2013 Post-employment benefit plansThe costs of the granted pension schemes and the current value of the pension obligations are determined on the basis of an actuarial calculation. The actuarial calculation uses assumptions with regard to the discount rate, future increases in compensation, mortality tables and future increases in pensions. All the assumptions are reassessed on the reporting date. Further details with regard to these assumptions are disclosed in Note 16.Employee benefits \u2013 Share-based paymentsThe Group values the cost of the stock option plans granted to employees on the basis of the fair value of the instruments, on the date they are granted. The estimation of the fair value of compensations in shares requires an adapted valuation model, which depends on the condition under which the grant is made. The valuation model also requires adapted input data, such as the expected life of the option, the volatility of the share price and the dividend yield. The assumptions and the valuation model used for the estimation of the actual value of compensations in shares are explained in Note 21.Deferred tax assetsDeferred tax assets related to tax losses carried forward are only recognized if it is probable that sufficient taxable profits will be generated in the future. Significant estimates are required from management in order to determine the amount of the deferred tax assets, based on the time period and the level of future taxable profits. More details on this subject are provided in section Income Taxes and in Note 4.Loss allowanceIn estimating the loss allowance the Group makes significant estimates by assessing the amount of the expected cash flow that it will recuperate which included, for example, credit insurance limits and guarantees received. Detailed guidance on the effective credit loss model for trade receivables is included in the accounting policies under section Financial instruments \u2014 Trade receivables.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__23-1": {
"value": "Use of estimates and assumptionsIn order to produce the annual financial statements in accordance with the IFRS standards, management has to use a number of estimates and assumptions that have an impact on the amounts disclosed in the financial statements. The estimates made on the reporting date reflect the existing conditions on this date, such as market prices, interest rates and foreign exchange rates. Even though management makes these assumptions and estimates based on its best possible knowledge of current business transactions, and of the transactions the Group may undertake, the actual results can vary in relation to these estimates.USE OF ASSUMPTIONSIn accordance with the Group\u2019s accounting principles, the following assumption has been made:Provision for early retirementThe Company considers it has a constructive obligation in Belgium in relation to the early retirement plan and the relating collective labour agreement because it will be renewed on an ongoing basis. For this reason, the Group is accounting for this plan as a post-employment defined benefit plan. Restructuring provisionsThe Group recognizes provisions for restructuring programs when the criteria for recognition under IAS 37 are met. Provision amounts are determined based on individual payroll data and assumptions of the number of employees and workers that will leave the Group.USE OF ESTIMATESThe most important estimates that are likely to have a significant influence on the net carrying value of assets and liabilities for the coming year due to the uncertainty surrounding these estimates relate to:Impairment of goodwillGoodwill relating to business combinations is assessed on an annual basis by means of an impairment test. When a publicly available market valuation is available for a certain cash generating unit, the Group will evaluate the market capitalization against the carrying amount of that cash generating unit. If additional justification is required, or no publicly available market valuation is available, the Group will estimate the value in use of cash generating units to which the goodwill is allocated. The estimation of the value in use requires an estimate of expected future cash flows of the cash-generating units and the choice of an appropriate discount rate in order to determine the present value of these cash flows. For more details on this subject, Note 7.Employee benefits \u2013 Post-employment benefit plansThe costs of the granted pension schemes and the current value of the pension obligations are determined on the basis of an actuarial calculation. The actuarial calculation uses assumptions with regard to the discount rate, future increases in compensation, mortality tables and future increases in pensions. All the assumptions are reassessed on the reporting date. Further details with regard to these assumptions are disclosed in Note 16.Employee benefits \u2013 Share-based paymentsThe Group values the cost of the stock option plans granted to employees on the basis of the fair value of the instruments, on the date they are granted. The estimation of the fair value of compensations in shares requires an adapted valuation model, which depends on the condition under which the grant is made. The valuation model also requires adapted input data, such as the expected life of the option, the volatility of the share price and the dividend yield. The assumptions and the valuation model used for the estimation of the actual value of compensations in shares are explained in Note 21.Deferred tax assetsDeferred tax assets related to tax losses carried forward are only recognized if it is probable that sufficient taxable profits will be generated in the future. Significant estimates are required from management in order to determine the amount of the deferred tax assets, based on the time period and the level of future taxable profits. More details on this subject are provided in section Income Taxes and in Note 4.Loss allowanceIn estimating the loss allowance the Group makes significant estimates by assessing the amount of the expected cash flow that it will recuperate which included, for example, credit insurance limits and guarantees received. Detailed guidance on the effective credit loss model for trade receivables is included in the accounting policies under section Financial instruments \u2014 Trade receivables.Foreign currenciesThe Group applies a monthly average exchange rate to convert the income statements of the subsidiaries outside the Eurozone, except for economies reporting under Hyperinflation, which use the closing exchange rate of the period as prescribed under IAS 29.Changes in accounting policies and disclosuresThe entity applied the same IFRSs as those adopted in the previous years, except for the new IFRSs and interpretations the entity adopted as of 1st January 2024.New and amended standards and interpretationsThe following amendments to standards are mandatory for the first time for the financial year beginning 1 January 2024 and have been endorsed by the European Union, but do not have a significant impact on the consolidated financial statements of the Group. The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective.\u2022 Amendments to IAS 1 \u2018Presentation of Financial Statements: Classification of Liabilities as current and non-current\u2019;\u2022 Amendments to IAS 7 \u2018Statement of Cash Flows\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures: Supplier Finance Arrangements\u2019; \u2022 Amendments to IFRS 16 \u2018Leases: Lease Liability in a Sale and Leaseback\u2019.The following standard is mandatory since the financial year beginning 1 January 2016 (however not yet subjected to EU endorsement). The European Commission has decided not to launch the endorsement process of this interim standard but to wait for the final standard:\u2022 IFRS 14 \u2018Regulatory deferral accounts\u2019 (effective 1 January 2016).The following amendments have been issued, are not mandatory for the first time for the financial year beginning 1 January 2024 but have been endorsed by the European Union:\u2022 Amendments to IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability\u2019 (effective 1 January 2025).Standards issued, but not yet effectiveThe 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 are disclosed below. The Group intends to adopt these standards and interpretations, if applicable, when they become effective.\u2022 Amendments to IFRS 9 and to IFRS 7: the Classifi-cation and Measurement of Financial Instruments (effective on 1 January 2026);\u2022 IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 (effective on 1 January 2027);\u2022 IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019 (effective on 1 January 2027);\u2022 Annual improvements Volume 11 (effective 1 January 2026).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__25-1": {
"value": "USE OF ASSUMPTIONSIn accordance with the Group\u2019s accounting principles, the following assumption has been made:Provision for early retirementThe Company considers it has a constructive obligation in Belgium in relation to the early retirement plan and the relating collective labour agreement because it will be renewed on an ongoing basis. For this reason, the Group is accounting for this plan as a post-employment defined benefit plan. Restructuring provisionsThe Group recognizes provisions for restructuring programs when the criteria for recognition under IAS 37 are met. Provision amounts are determined based on individual payroll data and assumptions of the number of employees and workers that will leave the Group.ProvisionsProvisions are accounted for whenever the Group has to settle a legal or constructive obligation resulting from a past event, when it is probable that a cash outflow will be required to settle these obligations, and to the extent that these can be reliably estimated. When the Group expects that all or part of the expenditure, which is required to settle legal obligations, will be reimbursed by another party, the amount to be reimbursed will only be recognized as an asset if it is virtually certain that they will be effectively collected. A warranty provision is established for all products under warranty, based on historical data relating to repairs and returns of goods.Employee benefitsPENSIONSThe Group participates primarily in defined contribution plans, and has defined benefit plans in Belgium, Germany and T\u00fcrkiye. The funds of these plans consist of employer and employee contributions. The Group treats the employer and employee contributions for the defined contribution plans as expenses for the year in which they were made, except for Belgian defined contribution plans: these plans are legally subject to minimum guaranteed returns in Belgium. Due to these guaranteed minimum returns, all Belgian defined contribution plans are accounted for as defined benefit plans under IFRS. In Belgium, the Group also accounts for its early retirement plan and the provision covers the employees for which there exists a plan and expected employees to retire by an early retirement scheme the next coming four years based on the collective labour agreement. For defined benefit plans, the pension obligation is estimated by using the projected unit credit method. Remeasurements, comprising of actuarial gains and losses and the return on plan assets (excluding net interest), are recognized immediately in the consolidated balance sheet with a corresponding debit or credit through other comprehensive income (OCI) in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods. Past service costs are recognized in profit or loss on the earlier of:\u2022 the date of the plan amendment or curtailment, and\u2022 the date that the Group recognizes restructuring- related costsNet interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognizes the service costs, comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements, in the financial statement lines in the Consolidated Income Statement based on the function and activities of the related personnel. If the related personnel are no longer active within the Group, the cost is recognized in the section Other under Other operating costs.Net interest expense or income is included in the Consolidated Income Statement as financial result.Where applicable, the current service cost is considered for the inventory valuation.iii) Warranty obligations The Group typically provides warranties for general repairs of defects that existed at the time of sale. These assurance-type warranties are accounted for as warranty provisions as they do not represent a separate performance obligation of the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__29-1": {
"value": "Impairment of goodwillGoodwill relating to business combinations is assessed on an annual basis by means of an impairment test. When a publicly available market valuation is available for a certain cash generating unit, the Group will evaluate the market capitalization against the carrying amount of that cash generating unit. If additional justification is required, or no publicly available market valuation is available, the Group will estimate the value in use of cash generating units to which the goodwill is allocated. The estimation of the value in use requires an estimate of expected future cash flows of the cash-generating units and the choice of an appropriate discount rate in order to determine the present value of these cash flows. For more details on this subject, Note 7.ImpairmentsThe Group\u2019s assets, excluding inventories and deferred tax assets, are assessed for impairment indicators at each balance sheet date except for goodwill and intangible assets with indefinite useful lives for which impairment is mandatory on annual basis. If impairment indicators are present, the recoverable amount of the asset is estimated. An impairment is recognized, if the carrying value of an asset, or that of the cash-generating unit to which it belongs, is higher than its recoverable amount. Impairments are recorded in the income statement. The recoverable amount of other than financial assets is the higher of their fair value less cost to sell or its value in use of the corresponding assets. In order to determine the value in use, the net present value of expected future cash flows is calculated using a pre-tax discount rate, which reflects both current market rates and the asset\u2019s specific inherent risks. When an asset does not generate cash flows, that are largely independent of the other assets, the recoverable amount of the cash-generating unit to which this asset belongs, is determined. Impairments relating to goodwill are not reversed. Impairments of other assets are reversed, if a change takes place in the estimates used to determine the recoverable amount. An increase in the carrying value of an asset, resulting from the reversal of an impairment, cannot be higher than the carrying value (after depreciation) that would have been obtained, if no impairments had been recorded for this asset in previous years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__28-1": {
"value": "Impairment of goodwillGoodwill relating to business combinations is assessed on an annual basis by means of an impairment test. When a publicly available market valuation is available for a certain cash generating unit, the Group will evaluate the market capitalization against the carrying amount of that cash generating unit. If additional justification is required, or no publicly available market valuation is available, the Group will estimate the value in use of cash generating units to which the goodwill is allocated. The estimation of the value in use requires an estimate of expected future cash flows of the cash-generating units and the choice of an appropriate discount rate in order to determine the present value of these cash flows. For more details on this subject, Note 7.Trade receivablesTrade receivables meet the condition of AC classification if they are carried at their nominal value and are subject to impairment. The Group recognizes an allowance for expected credit losses (ECLs). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. For trade receivables, the Group applies a simplified approach in calculating ECLs based on lifetime expected credit losses. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical observed default rates, adjusted for forward looking factors specific to the debtors and the economic environment reflecting the customers\u2019 abilities to pay (based on geographical region, type of customer, delinquency status, credit insurance, other guarantees...). In addition to this general approach, the Group includes individually managed exposures on a case by case basis if not covered by the ECL model, also reflecting additional risk factors into the ECL model if not yet included.ImpairmentsThe Group\u2019s assets, excluding inventories and deferred tax assets, are assessed for impairment indicators at each balance sheet date except for goodwill and intangible assets with indefinite useful lives for which impairment is mandatory on annual basis. If impairment indicators are present, the recoverable amount of the asset is estimated. An impairment is recognized, if the carrying value of an asset, or that of the cash-generating unit to which it belongs, is higher than its recoverable amount. Impairments are recorded in the income statement. The recoverable amount of other than financial assets is the higher of their fair value less cost to sell or its value in use of the corresponding assets. In order to determine the value in use, the net present value of expected future cash flows is calculated using a pre-tax discount rate, which reflects both current market rates and the asset\u2019s specific inherent risks. When an asset does not generate cash flows, that are largely independent of the other assets, the recoverable amount of the cash-generating unit to which this asset belongs, is determined. Impairments relating to goodwill are not reversed. Impairments of other assets are reversed, if a change takes place in the estimates used to determine the recoverable amount. An increase in the carrying value of an asset, resulting from the reversal of an impairment, cannot be higher than the carrying value (after depreciation) that would have been obtained, if no impairments had been recorded for this asset in previous years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__27-1": {
"value": "Impairment of goodwillGoodwill relating to business combinations is assessed on an annual basis by means of an impairment test. When a publicly available market valuation is available for a certain cash generating unit, the Group will evaluate the market capitalization against the carrying amount of that cash generating unit. If additional justification is required, or no publicly available market valuation is available, the Group will estimate the value in use of cash generating units to which the goodwill is allocated. The estimation of the value in use requires an estimate of expected future cash flows of the cash-generating units and the choice of an appropriate discount rate in order to determine the present value of these cash flows. For more details on this subject, Note 7.Intangible fixed assets other than goodwillPATENTS AND LICENSESExpenditure for acquired patents and licenses are capitalized at their cost price and are subsequently amortized over their estimated useful life using the straight-line method, or over the term of the contract, if this would be shorter. The useful life is usually estimated at 3 years. TRADE NAMESTrade names acquired as part of a business combination are measured at fair value at acquisition-date. The subsequent measurement depends on whether the Group assessed the useful lives of the trade names as indefinite or finite. Trade names with indefinite useful lives are not amortized but are tested for impairment annually and when there is an indication that the asset may be impaired. The Group believes that most acquired and used trade names have indefinite useful lives because they contribute directly to the Group\u2019s cash flows as a result of recognition by the customer of these trade names\u2019 characteristics in the marketplace. Furthermore, these brands serve as the base brands in T\u00fcrkiye, included in the \u2018T\u00fcrkiye & Emerging markets\u2019 segment, and this is also defined as their cash-generating unit.RESEARCH AND DEVELOPMENTResearch expenditure, incurred with the purpose of acquiring new scientific or technological knowledge, is included in the income statement. The cost of development activities, for which the results are applied in a plan or a design for the production of new or substantially improved products and processes, are capitalized if and only if all the criteria defined in IAS 38 are met. Such capitalized costs include directly attributable costs of creating, producing or making ready for use assets (such as raw materials and direct labour costs) less the accumulated amortization and impairment. The incurred and capitalized costs are allocated to the relevant asset classes by means of a transfer as from the moment that the asset is available for use. SUBSEQUENT EXPENDITURESExpenditures relating to intangible fixed assets, subsequent to their purchase or completion are only capitalized if they increase the future economic benefits specific to the asset they relate to. All other expenditures are considered as costs.GoodwillGoodwill is the positive difference between the cost of the business combination and the share of the Group in the fair value of the acquired identifiable net assets of a subsidiary or associated company at the moment of acquisition. Goodwill is not amortized, but is subject to an annual impairment test. Goodwill is expressed in the functional currency of the acquired company and is converted into euro at the closing exchange rate on the balance sheet date except for the goodwill relating to EgePen (amount: \u20ac 9.3 million) which is denominated in EUR despite being a Turkish subsidiary. The entity was acquired in 2000. Deceuninck first adopted IFRS in 2002 when the standards allowed an option (IAS 21.33.b, IAS 21 version effective as from 1 January 1995) to consider goodwill as assets of the reporting entity and consider it as non-monetary foreign currency item which is reported using the exchange rate at the date of the transaction.Bargain Purchase If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group reassesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures set to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__26-1": {
"value": "Impairment of goodwillGoodwill relating to business combinations is assessed on an annual basis by means of an impairment test. When a publicly available market valuation is available for a certain cash generating unit, the Group will evaluate the market capitalization against the carrying amount of that cash generating unit. If additional justification is required, or no publicly available market valuation is available, the Group will estimate the value in use of cash generating units to which the goodwill is allocated. The estimation of the value in use requires an estimate of expected future cash flows of the cash-generating units and the choice of an appropriate discount rate in order to determine the present value of these cash flows. For more details on this subject, Note 7.GoodwillGoodwill is the positive difference between the cost of the business combination and the share of the Group in the fair value of the acquired identifiable net assets of a subsidiary or associated company at the moment of acquisition. Goodwill is not amortized, but is subject to an annual impairment test. Goodwill is expressed in the functional currency of the acquired company and is converted into euro at the closing exchange rate on the balance sheet date except for the goodwill relating to EgePen (amount: \u20ac 9.3 million) which is denominated in EUR despite being a Turkish subsidiary. The entity was acquired in 2000. Deceuninck first adopted IFRS in 2002 when the standards allowed an option (IAS 21.33.b, IAS 21 version effective as from 1 January 1995) to consider goodwill as assets of the reporting entity and consider it as non-monetary foreign currency item which is reported using the exchange rate at the date of the transaction.Bargain Purchase If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group reassesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures set to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__30-1": {
"value": "Employee benefits \u2013 Post-employment benefit plansThe costs of the granted pension schemes and the current value of the pension obligations are determined on the basis of an actuarial calculation. The actuarial calculation uses assumptions with regard to the discount rate, future increases in compensation, mortality tables and future increases in pensions. All the assumptions are reassessed on the reporting date. Further details with regard to these assumptions are disclosed in Note 16.PENSIONSThe Group participates primarily in defined contribution plans, and has defined benefit plans in Belgium, Germany and T\u00fcrkiye. The funds of these plans consist of employer and employee contributions. The Group treats the employer and employee contributions for the defined contribution plans as expenses for the year in which they were made, except for Belgian defined contribution plans: these plans are legally subject to minimum guaranteed returns in Belgium. Due to these guaranteed minimum returns, all Belgian defined contribution plans are accounted for as defined benefit plans under IFRS. In Belgium, the Group also accounts for its early retirement plan and the provision covers the employees for which there exists a plan and expected employees to retire by an early retirement scheme the next coming four years based on the collective labour agreement. For defined benefit plans, the pension obligation is estimated by using the projected unit credit method. Remeasurements, comprising of actuarial gains and losses and the return on plan assets (excluding net interest), are recognized immediately in the consolidated balance sheet with a corresponding debit or credit through other comprehensive income (OCI) in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods. Past service costs are recognized in profit or loss on the earlier of:\u2022 the date of the plan amendment or curtailment, and\u2022 the date that the Group recognizes restructuring- related costsNet interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognizes the service costs, comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements, in the financial statement lines in the Consolidated Income Statement based on the function and activities of the related personnel. If the related personnel are no longer active within the Group, the cost is recognized in the section Other under Other operating costs.Net interest expense or income is included in the Consolidated Income Statement as financial result.Where applicable, the current service cost is considered for the inventory valuation.BONUSESContractual bonuses are granted based on planned key financial objectives and personal performances. The estimated amount of the bonus is recognized as a cost, based on an estimate as of the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__31-1": {
"value": "Employee benefits \u2013 Share-based paymentsThe Group values the cost of the stock option plans granted to employees on the basis of the fair value of the instruments, on the date they are granted. The estimation of the fair value of compensations in shares requires an adapted valuation model, which depends on the condition under which the grant is made. The valuation model also requires adapted input data, such as the expected life of the option, the volatility of the share price and the dividend yield. The assumptions and the valuation model used for the estimation of the actual value of compensations in shares are explained in Note 21.SHARE-BASED PAYMENTSVarious warrant programs and performance share plans enable the staff members, senior management members and members of the Executive Management to acquire company shares. The exercise price for warrants is equal to the lowest of (i) the average price of the share on the stock exchange during the 30-day period preceding the offer, and (ii) the latest closing price preceding the day of the offer. When such plans are exercised, they are exchanged for own shares or capital is increased by the amounts received or the exercise price. The cost of share-based payment transactions is valued at fair value on the grant date. The fair value is determined using a binominal tree structure. The cost of share-based payment transactions and at the same time as the corresponding increase in equity, is recognized over the vesting period. If the conditions of equity-settled share-based payment transactions are modified, the minimal cost equals the cost as if the conditions had not been changed. An additional cost is recognized for any modification which increases the fair value of share-based payment transaction or includes a benefit for the employee as of the date of modification (IFRS 2.28). When a share-based payment is cancelled, this is considered as a compensation that was granted on the date of cancellation and the relating unamortized cost is immediately recognized. However, if a new share-based payment is granted as a replacement for the cancelled compensation and if this is recorded as a replacement compensation on the grant date, then the cancelled and the new compensations are treated as a modification of the original share-based payment transaction, as described in the preceding paragraph.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__32-1": {
"value": "Deferred tax assetsDeferred tax assets related to tax losses carried forward are only recognized if it is probable that sufficient taxable profits will be generated in the future. Significant estimates are required from management in order to determine the amount of the deferred tax assets, based on the time period and the level of future taxable profits. More details on this subject are provided in section Income Taxes and in Note 4.Income taxesIncome taxes include current and deferred taxes. Taxes are recognized in the income statement, unless they are associated with items that are booked immediately to equity or other comprehensive income. In that case, the corresponding tax is recognized directly against equity or other comprehensive income. Current taxes include the expected amount payable on taxable earnings for the period, along with adjustments of fiscal liabilities for previous years. A taxable earnings calculation for the year is based on the tax rates applicable on the reporting date. Deferred taxes are calculated in accordance with the liability method, for all temporary differences between the tax base of assets and liabilities and their carrying amount for financial reporting purposes. The calculation is based on rates of taxation for which the legislative process has been considered as enacted or substantively enacted on the reporting date. Under this method, the Group also has to calculate deferred taxes on the difference between the fair value of the net assets acquired and their tax base as a result of a new acquisition. Deferred tax assets are only recognized if it is probable that sufficient (i) taxable profits will be generated in the future in order to use the tax benefit or the tax losses or (ii) taxable temporary difference will be available to use those deferred tax assets. Two elements are considered to assess the likelihood of future taxable profits: 1. the profitability in the past, at least two consecutive years of profitability is needed and 2. The expected profitability of the next five years according to the detailed budget of next year and the higher-level business plan of the following four years. The recoverability of deferred income tax assets on tax losses carried forward and other tax credits is assessed including a prudency factor reflecting forecast uncertainties. The carrying amount of a deferred tax asset is reduced, when it becomes unlikely that the relating tax benefit will be realized.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__33-1": {
"value": "Loss allowanceIn estimating the loss allowance the Group makes significant estimates by assessing the amount of the expected cash flow that it will recuperate which included, for example, credit insurance limits and guarantees received. Detailed guidance on the effective credit loss model for trade receivables is included in the accounting policies under section Financial instruments \u2014 Trade receivables.Trade receivablesTrade receivables meet the condition of AC classification if they are carried at their nominal value and are subject to impairment. The Group recognizes an allowance for expected credit losses (ECLs). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. For trade receivables, the Group applies a simplified approach in calculating ECLs based on lifetime expected credit losses. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical observed default rates, adjusted for forward looking factors specific to the debtors and the economic environment reflecting the customers\u2019 abilities to pay (based on geographical region, type of customer, delinquency status, credit insurance, other guarantees...). In addition to this general approach, the Group includes individually managed exposures on a case by case basis if not covered by the ECL model, also reflecting additional risk factors into the ECL model if not yet included.Other receivablesChecks received from Turkish customers as advance payments which can be discounted or used for payments without any preconditions are presented as other receivables and other liabilities as from the moment they are received from a customer and can be used for other purposes.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__34-1": {
"value": "Foreign currenciesThe Group applies a monthly average exchange rate to convert the income statements of the subsidiaries outside the Eurozone, except for economies reporting under Hyperinflation, which use the closing exchange rate of the period as prescribed under IAS 29.Foreign currenciesTRANSACTIONS IN FOREIGN CURRENCIESTransactions in foreign currencies are accounted for using the end of month exchange rate (exchange rate on the last working day of the preceding month) or the exchange rate on the date the transaction occurs or a periodic monthly average exchange rate, which approximates the exchange rates applicable on the transaction date. Monetary assets and liabilities in foreign currencies are converted using the exchange rate on the balance sheet date. All profits and losses resulting from conversion of monetary assets and liabilities in foreign currencies into the local currency of the entity are recognized in the consolidated income statement as Foreign exchange gains / (losses). Non-monetary assets and liabilities are converted into the local currency of the entity using the historical exchange rate.TRANSLATION OF FOREIGN CURRENCIESThe Group\u2019s reporting currency is the euro. Assets and liabilities from subsidiaries outside the Eurozone are converted to euro on balance sheet date, using the exchange rates applicable on that date. The income statements of these subsidiaries are converted into euro at a periodic monthly average exchange rate, which approximates the exchange rates applicable on the transaction date. For the translation of entities reporting under IAS 29 hyperinflation, we refer to the section \u201chyperinflation\u201d. The components of equity are converted at their historical exchange rate.Exchange rate differences, caused by the conversion of equity into euro at the closing rate applicable on the balance sheet date, are disclosed as \u2018currency translation adjustments\u2019 under the heading \u2018Equity\u2019. Exchange rate differences resulting from the translation of foreign currency intra-group current accounts, loans or trade receivables and payables are recognized in the consolidated income statement as Foreign exchange gains / (losses). Exception to this accounting treatment is when the intra-group loans are considered as part of an entity\u2019s net investment in a foreign operation. Then the exchange difference is recognized in other comprehensive income and accumulated in a separate component of equity until the disposal of the foreign operation.EXCHANGE RATESThe following exchange rates were used when preparing the financial statements:1 EUR Closing Closing Average Average is equal raterateraterateto2023 2024 2023 2024AUD 1.6263 1.6772 1.6274 1.6400BAM 1.9558 1.9558 1.9558 1.9558BGN 1.9558 1.9558 1.9558 1.9558BRL 5.3618 6.4253 5.3993 5.8047CLP 979.4319 1,033.5917 884.3297 1,020.5210COP 4,222.9730 4,580.8520 4,615.3846 4,363.3190CZK 24.7240 25.1850 23.9954 25.1184GBP 0.8690 0.8292 0.8698 0.8465HRK 7.5345 7.5345 7.5348 7.5345INR 91.9042 88.9332 89.3019 90.5080LTL 3.4528 3.4528 3.4528 3.4528MXN 18.7231 21.5504 19.1707 19.7164PLN 4.3395 4.2750 4.5396 4.3058RON 4.9756 4.9743 4.9466 4.9746RSD 117.1742 117.0152 117.2427 117.0880RUB 99.1916 106.1030 91.3107 100.0534SEK 11.0960 11.4590 11.4670 11.4310THB 37.9730 35.6761 37.6048 38.1318TRY 32.5739 36.7362 - -UAH 42.2080 43.9267 39.6036 43.4077USD 1.1050 1.0389 1.0814 1.0817",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__40": {
"value": "RESEARCH AND DEVELOPMENTResearch expenditure, incurred with the purpose of acquiring new scientific or technological knowledge, is included in the income statement. The cost of development activities, for which the results are applied in a plan or a design for the production of new or substantially improved products and processes, are capitalized if and only if all the criteria defined in IAS 38 are met. Such capitalized costs include directly attributable costs of creating, producing or making ready for use assets (such as raw materials and direct labour costs) less the accumulated amortization and impairment. The incurred and capitalized costs are allocated to the relevant asset classes by means of a transfer as from the moment that the asset is available for use.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__39-1": {
"value": "RESEARCH AND DEVELOPMENTResearch expenditure, incurred with the purpose of acquiring new scientific or technological knowledge, is included in the income statement. The cost of development activities, for which the results are applied in a plan or a design for the production of new or substantially improved products and processes, are capitalized if and only if all the criteria defined in IAS 38 are met. Such capitalized costs include directly attributable costs of creating, producing or making ready for use assets (such as raw materials and direct labour costs) less the accumulated amortization and impairment. The incurred and capitalized costs are allocated to the relevant asset classes by means of a transfer as from the moment that the asset is available for use.Tangible fixed assetsTangible fixed assets are measured at historical cost price, less accumulated depreciation and impairment. Historical cost is the initial purchase price plus any other directly attributable acquisition costs (such as non-recoverable taxes and transportation costs). The cost price of fixed assets produced by the company itself (such as tool sets) includes the cost price of materials, direct labour costs and a proportion of production related overhead costs. Subsequent expenditure is only capitalized, if it increases the future economic benefits of the fixed assets it relates to. Repair and maintenance costs, which do not increase future economic benefits, are expensed as incurred.The expected economic useful life is determined as follows:AssetsBuildings 40 yearsBuilding fixtures and furniture 10-20 yearsExternal infrastructure 20-40 yearsMachinery and equipment 8-20 yearsSmall equipment 5 yearsScrews and cylinders 2-6 yearsDies and calibrators (tool sets) 5 yearsInstallations 10-25 yearsOffice equipment 4-10 yearsLogistics equipment 8 yearsFurniture 10 yearsVehicles 4-5 yearsDepreciation is calculated using the straight-line method, starting from the first date of use over the entire duration of their expected useful life.Land, which is deemed to have an infinite useful life, is not depreciated.iii) Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low value assets are recognized as expense on a straight-line basis over the lease term.BONUSESContractual bonuses are granted based on planned key financial objectives and personal performances. The estimated amount of the bonus is recognized as a cost, based on an estimate as of the balance sheet date.Financial income/chargesInterest income includes interest earned on bank deposits or received from customers as compensation for extended payment terms, and interest charges include interest due on loans contracted by the Group. Recorded interest is based on the \u2018effective interest\u2019 method. Costs related to derecognition of accounts receivable consist of incurred factoring fees. Other financial income (costs) include recorded gains or losses due to a revaluation of the fair value of financial derivatives, which are considered as \u2018fair value\u2019 hedging instruments if the hedged risks are of a financial nature, or if financial instruments do not meet the special \u2018hedge accounting\u2019 requirements.Monetary gains/losses relate to the gain or loss on the net monetary position that is derived as the difference resulting from the restatement of non-monetary items of the financial positions and offsetting of the inflation restatement of profit or loss items after application of IAS29 Hyperinflation for the Turkish subsidiaries of the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__36": {
"value": "Intangible fixed assets other than goodwillPATENTS AND LICENSESExpenditure for acquired patents and licenses are capitalized at their cost price and are subsequently amortized over their estimated useful life using the straight-line method, or over the term of the contract, if this would be shorter. The useful life is usually estimated at 3 years. TRADE NAMESTrade names acquired as part of a business combination are measured at fair value at acquisition-date. The subsequent measurement depends on whether the Group assessed the useful lives of the trade names as indefinite or finite. Trade names with indefinite useful lives are not amortized but are tested for impairment annually and when there is an indication that the asset may be impaired. The Group believes that most acquired and used trade names have indefinite useful lives because they contribute directly to the Group\u2019s cash flows as a result of recognition by the customer of these trade names\u2019 characteristics in the marketplace. Furthermore, these brands serve as the base brands in T\u00fcrkiye, included in the \u2018T\u00fcrkiye & Emerging markets\u2019 segment, and this is also defined as their cash-generating unit.RESEARCH AND DEVELOPMENTResearch expenditure, incurred with the purpose of acquiring new scientific or technological knowledge, is included in the income statement. The cost of development activities, for which the results are applied in a plan or a design for the production of new or substantially improved products and processes, are capitalized if and only if all the criteria defined in IAS 38 are met. Such capitalized costs include directly attributable costs of creating, producing or making ready for use assets (such as raw materials and direct labour costs) less the accumulated amortization and impairment. The incurred and capitalized costs are allocated to the relevant asset classes by means of a transfer as from the moment that the asset is available for use. SUBSEQUENT EXPENDITURESExpenditures relating to intangible fixed assets, subsequent to their purchase or completion are only capitalized if they increase the future economic benefits specific to the asset they relate to. All other expenditures are considered as costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__38-1": {
"value": "PATENTS AND LICENSESExpenditure for acquired patents and licenses are capitalized at their cost price and are subsequently amortized over their estimated useful life using the straight-line method, or over the term of the contract, if this would be shorter. The useful life is usually estimated at 3 years.AssetsBuildings 40 yearsBuilding fixtures and furniture 10-20 yearsExternal infrastructure 20-40 yearsMachinery and equipment 8-20 yearsSmall equipment 5 yearsScrews and cylinders 2-6 yearsDies and calibrators (tool sets) 5 yearsInstallations 10-25 yearsOffice equipment 4-10 yearsLogistics equipment 8 yearsFurniture 10 yearsVehicles 4-5 yearsDepreciation is calculated using the straight-line method, starting from the first date of use over the entire duration of their expected useful life.Land, which is deemed to have an infinite useful life, is not depreciated.i) Right-of-use assets The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. The Group elected to present the right-of-use assets as a separate asset classes of the Tangible fixed assets and provide the relevant disclosures in the notes. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__45": {
"value": "Tangible fixed assetsTangible fixed assets are measured at historical cost price, less accumulated depreciation and impairment. Historical cost is the initial purchase price plus any other directly attributable acquisition costs (such as non-recoverable taxes and transportation costs). The cost price of fixed assets produced by the company itself (such as tool sets) includes the cost price of materials, direct labour costs and a proportion of production related overhead costs. Subsequent expenditure is only capitalized, if it increases the future economic benefits of the fixed assets it relates to. Repair and maintenance costs, which do not increase future economic benefits, are expensed as incurred.The expected economic useful life is determined as follows:AssetsBuildings 40 yearsBuilding fixtures and furniture 10-20 yearsExternal infrastructure 20-40 yearsMachinery and equipment 8-20 yearsSmall equipment 5 yearsScrews and cylinders 2-6 yearsDies and calibrators (tool sets) 5 yearsInstallations 10-25 yearsOffice equipment 4-10 yearsLogistics equipment 8 yearsFurniture 10 yearsVehicles 4-5 yearsDepreciation is calculated using the straight-line method, starting from the first date of use over the entire duration of their expected useful life.Land, which is deemed to have an infinite useful life, is not depreciated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__47": {
"value": "The cost price of fixed assets produced by the company itself (such as tool sets) includes the cost price of materials, direct labour costs and a proportion of production related overhead costs. Subsequent expenditure is only capitalized, if it increases the future economic benefits of the fixed assets it relates to.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__48": {
"value": "Repair and maintenance costs, which do not increase future economic benefits, are expensed as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__51": {
"value": "Assets classified as held for saleAssets classified as held for sale relate to assets or groups of assets that are available for immediate sale in its present condition and the sale is highly probable. These assets are valued at the lower of carrying value or fair value less costs to sell. Property, plant and equipment and intangible assets are not depreciated or amortized once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the consolidated balance sheet. The same valuation principle applies for business units held for sale.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__50": {
"value": "Assets classified as held for saleAssets classified as held for sale relate to assets or groups of assets that are available for immediate sale in its present condition and the sale is highly probable. These assets are valued at the lower of carrying value or fair value less costs to sell. Property, plant and equipment and intangible assets are not depreciated or amortized once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the consolidated balance sheet. The same valuation principle applies for business units held for sale.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__53": {
"value": "Investment in joint venturesA joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The considerations made in determining joint control are similar to those necessary to determine control over subsidiaries. The Group\u2019s investment in its joint venture is accounted for using the equity method. Under the equity method, the investment in a joint venture is initially recognized at cost, which includes acquisition related expenses. The carrying amount of the investment is adjusted to recognize changes in the Group\u2019s share of net assets of the joint venture since the acquisition date. Goodwill relating to the joint venture is included in the carrying amount of the investment and is not tested for impairment separately. For determining the goodwill, the Group elected to apply a 12-month measurement period similar to business combinations in case it is unable to finalise the process in the year of acquisition. The statement of profit or loss reflects the Group\u2019s share of the results of the joint venture. Any change in OCI of the joint ventures is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognized directly in the equity of the joint venture, the Group recognizes its share of any changes, when applicable, in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the joint venture are eliminated to the extent of the interest in the joint venture.Considering the relevant considerations that there are no contractual or constructive obligations covering for unlimited losses, the recognition of the Group\u2019s share of the results of the joint venture is limited to the extent of the original recognized amount of the investment. All subsequent Group\u2019s shares of the profits are not recognized by the Group until the historically non-recognized Group\u2019s share of the results of the joint venture are covered. The financial statements of the joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and it carrying value, and then recognizes the loss within \u2018Share of the result of a joint venture\u2019 in the consolidated income statement. Upon loss of the joint control over the joint venture, the Group measures and recognizes any retained investment at its fair value. Any difference between the carrying amount of the joint venture upon loss of joint control and the fair value of the retained investment and proceeds from disposal is recognized in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__52": {
"value": "Investment in joint venturesA joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The considerations made in determining joint control are similar to those necessary to determine control over subsidiaries. The Group\u2019s investment in its joint venture is accounted for using the equity method. Under the equity method, the investment in a joint venture is initially recognized at cost, which includes acquisition related expenses. The carrying amount of the investment is adjusted to recognize changes in the Group\u2019s share of net assets of the joint venture since the acquisition date. Goodwill relating to the joint venture is included in the carrying amount of the investment and is not tested for impairment separately. For determining the goodwill, the Group elected to apply a 12-month measurement period similar to business combinations in case it is unable to finalise the process in the year of acquisition. The statement of profit or loss reflects the Group\u2019s share of the results of the joint venture. Any change in OCI of the joint ventures is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognized directly in the equity of the joint venture, the Group recognizes its share of any changes, when applicable, in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the joint venture are eliminated to the extent of the interest in the joint venture.Considering the relevant considerations that there are no contractual or constructive obligations covering for unlimited losses, the recognition of the Group\u2019s share of the results of the joint venture is limited to the extent of the original recognized amount of the investment. All subsequent Group\u2019s shares of the profits are not recognized by the Group until the historically non-recognized Group\u2019s share of the results of the joint venture are covered. The financial statements of the joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and it carrying value, and then recognizes the loss within \u2018Share of the result of a joint venture\u2019 in the consolidated income statement. Upon loss of the joint control over the joint venture, the Group measures and recognizes any retained investment at its fair value. Any difference between the carrying amount of the joint venture upon loss of joint control and the fair value of the retained investment and proceeds from disposal is recognized in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__19-1": {
"value": "Business combinations The Group applies the purchase method of accounting to account for acquisitions of businesses. The cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred and equity instruments issued. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date. The determination of the fair values of the acquired identifiable assets and assumed liabilities is based on various assumptions requiring management judgement. Acquisition-related costs are expensed as incurred.The application of IFRS 3 \u2018Business combinations\u2019 stipulates that all identifiable assets and liabilities should be recognized at their fair value at the moment of acquisition. All differences between the cost of the business combination and the fair value defined at the time of the acquisition should be attributed to goodwill.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__18-1": {
"value": "Business combinations The Group applies the purchase method of accounting to account for acquisitions of businesses. The cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred and equity instruments issued. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date. The determination of the fair values of the acquired identifiable assets and assumed liabilities is based on various assumptions requiring management judgement. Acquisition-related costs are expensed as incurred. GoodwillGoodwill is the positive difference between the cost of the business combination and the share of the Group in the fair value of the acquired identifiable net assets of a subsidiary or associated company at the moment of acquisition. Goodwill is not amortized, but is subject to an annual impairment test. Goodwill is expressed in the functional currency of the acquired company and is converted into euro at the closing exchange rate on the balance sheet date except for the goodwill relating to EgePen (amount: \u20ac 9.3 million) which is denominated in EUR despite being a Turkish subsidiary. The entity was acquired in 2000. Deceuninck first adopted IFRS in 2002 when the standards allowed an option (IAS 21.33.b, IAS 21 version effective as from 1 January 1995) to consider goodwill as assets of the reporting entity and consider it as non-monetary foreign currency item which is reported using the exchange rate at the date of the transaction. Bargain Purchase If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group reassesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures set to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in the income statement.The application of IFRS 3 \u2018Business combinations\u2019 stipulates that all identifiable assets and liabilities should be recognized at their fair value at the moment of acquisition. All differences between the cost of the business combination and the fair value defined at the time of the acquisition should be attributed to goodwill.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__54": {
"value": "LeasingThe Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.i) Right-of-use assets The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. The Group elected to present the right-of-use assets as a separate asset classes of the Tangible fixed assets and provide the relevant disclosures in the notes. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. ii) Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognized as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The Group presents the lease liabilities on the line items current and non-current interest-bearing loans.iii) Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low value assets are recognized as expense on a straight-line basis over the lease term.iv) General lease terms and Subleases The Group has lease contracts for various items of buildings, vehicles, machines and other equipment used in its operations. Leases of buildings and machinery generally have lease terms between 2 and 5 years and a contract with a term of 10 years, while motor vehicles and other equipment generally have lease terms between 2 and 4 years. The Group\u2019s obligations under its leases are secured by the lessor\u2019s title to the leased assets. Generally, the Group is restricted from assigning and subleasing the leased assets and some contracts require the Group to maintain certain financial ratios. v) Extension and termination options The Group has several lease contracts that include extension and termination options. These options are negotiated by management to provide flexibility in managing the leased-asset portfolio and align with the Group\u2019s business needs. Management exercises significant judgement in determining whether these extension and termination options are reasonably certain to be exercised. Most of the extension and termination options are related to lease contracts for cars and have a limited value due to the shorter lease periods, lower lease payments and due to the fact that the Group generally replaces the ending contract with a new asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__57-1": {
"value": "ii) Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognized as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The Group presents the lease liabilities on the line items current and non-current interest-bearing loans.Interest bearing loansInterest-bearing loans are initially valued at the fair value of the amounts received minus any costs related to the transaction. After the initial recognition interest-bearing financial debts are valued at their amortized cost. The difference between the amortized cost and the repayment value is expensed over the duration of the loan based on the effective interest rate method or until the debt is no longer held.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__56-1": {
"value": "ii) Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognized as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The Group presents the lease liabilities on the line items current and non-current interest-bearing loans.Financial instrumentsCRITERIA RELATING TO THE INITIAL RECOGNITION OR DERECOGNITION OF FINANCIAL ASSETS AND LIABILITIESFinancial instruments are recognized initially when the Group becomes party to the contractual provisions of the instrument. Purchases and sales of financial assets are recognized on the settlement date. Financial assets (or parts thereof) are derecognized, when the Group\u2019s rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset or has retained the right to receive the cash flows but assumed to pay those cash flows in a pass-through arrangement to another recipient. Financial liabilities (or parts thereof) are derecognized, if the obligation stipulated in the contract is withdrawn, cancelled or expired.CRITERIA FOR OFFSETTING FINANCIAL ASSETS AND LIABILITIESA financial asset and a financial liability are offset and the net amount is presented on the balance sheet, if there is a legally enforceable right to offset the recognized amounts, and if there is an intention to settle the liability and simultaneously realize the asset or to settle the liability on a net basis.Interest bearing loansInterest-bearing loans are initially valued at the fair value of the amounts received minus any costs related to the transaction. After the initial recognition interest-bearing financial debts are valued at their amortized cost. The difference between the amortized cost and the repayment value is expensed over the duration of the loan based on the effective interest rate method or until the debt is no longer held.DERIVATIVE FINANCIAL INSTRUMENTSThe Group uses derivative financial instruments (FX forward contracts and interest rate swaps) in order to limit the risks associated with exchange rate and interest fluctuations. The Group\u2019s policy prohibits the use of these instruments for speculative purposes. Derivative financial instruments are classified as either \u2018fair value\u2019 hedges, if these instruments hedge changes in the fair value of recognized assets and liabilities, or as \u2018cash flow\u2019 hedges, if they cover cash flow variations associated with a specific risk in relation to a recognized asset or liability or an expected highly probable transaction. For \u2018fair value\u2019 hedges, profits or losses resulting from the revaluation of \u2018fair value\u2019 hedging instruments are directly recorded through the income statement. Gains or losses on the hedged position lead to an adjustment of the book value of the hedged position and should be recorded through the income statement. If the adjustment is associated with the book value of an interest-bearing financial debt, it is amortized through profit or loss until it is entirely amortized upon maturity. When derivative financial instruments are identified as cash flow hedges, the effective portion of the change in fair value is recognized in other comprehensive income. The gain or loss on the ineffective portion is immediately recognized in the income statement.Financial instruments, not meeting the special requirements for recognition as a hedging transaction, are valued at their fair value, and any profit or loss resulting from a change in the fair value of the instrument is directly recognized in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__61-1": {
"value": "Financial instrumentsCRITERIA RELATING TO THE INITIAL RECOGNITION OR DERECOGNITION OF FINANCIAL ASSETS AND LIABILITIESFinancial instruments are recognized initially when the Group becomes party to the contractual provisions of the instrument. Purchases and sales of financial assets are recognized on the settlement date. Financial assets (or parts thereof) are derecognized, when the Group\u2019s rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset or has retained the right to receive the cash flows but assumed to pay those cash flows in a pass-through arrangement to another recipient. Financial liabilities (or parts thereof) are derecognized, if the obligation stipulated in the contract is withdrawn, cancelled or expired.CRITERIA FOR OFFSETTING FINANCIAL ASSETS AND LIABILITIESA financial asset and a financial liability are offset and the net amount is presented on the balance sheet, if there is a legally enforceable right to offset the recognized amounts, and if there is an intention to settle the liability and simultaneously realize the asset or to settle the liability on a net basis.CRITERIA FOR CLASSIFYING FINANCIAL ASSETSFinancial assets are classified, at initial recognition, as subsequently measured at amortized cost (AC), fair value through other comprehensive income (FVOCI), and fair value through profit or loss (FVPL). The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. 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 determined under IFRS 15.In order for a financial asset to be classified and measured at AC or FVOCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.Financial fixed assetsThe Group presents under this caption the equity instruments for which it has elected to present the change in fair value through other comprehensive income. The election to classify equity instruments into this category is made on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized as financial income in the statement of profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment.Financial assets valued at fair value throughthe income statementFinancial assets valued at fair value through the income statement consist of financial assets that are held for trading purposes or financial assets that are initially recognized at fair value through the income statement. Financial assets held for trading purposes are those acquired with the objective of selling them in a short-term notice. This category also contains derivative financial instruments, which do not fulfil the criteria of IFRS 9 for \u2018hedge accounting\u2019. Unrealized profits or losses, resulting from the changes in the fair value of financial assets held for trading, are directly booked in the income statement.Trade receivablesTrade receivables meet the condition of AC classification if they are carried at their nominal value and are subject to impairment. The Group recognizes an allowance for expected credit losses (ECLs). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. For trade receivables, the Group applies a simplified approach in calculating ECLs based on lifetime expected credit losses. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical observed default rates, adjusted for forward looking factors specific to the debtors and the economic environment reflecting the customers\u2019 abilities to pay (based on geographical region, type of customer, delinquency status, credit insurance, other guarantees...). In addition to this general approach, the Group includes individually managed exposures on a case by case basis if not covered by the ECL model, also reflecting additional risk factors into the ECL model if not yet included.Other receivablesChecks received from Turkish customers as advance payments which can be discounted or used for payments without any preconditions are presented as other receivables and other liabilities as from the moment they are received from a customer and can be used for other purposes.Cash and cash equivalentsCash and cash equivalents consist mainly of cash in hand, short-term deposits and short-term investments (maturing within three months after their acquisition date) which are readily convertible into cash and which are subject to a limited risk of changes in value. Within the cash flow statement, cash and cash equivalents include bank balances (current and deposit accounts). Any negative cash position is presented as short-term debts with financial institutions (\u2018bank overdrafts\u2019).DERIVATIVE FINANCIAL INSTRUMENTSThe Group uses derivative financial instruments (FX forward contracts and interest rate swaps) in order to limit the risks associated with exchange rate and interest fluctuations. The Group\u2019s policy prohibits the use of these instruments for speculative purposes. Derivative financial instruments are classified as either \u2018fair value\u2019 hedges, if these instruments hedge changes in the fair value of recognized assets and liabilities, or as \u2018cash flow\u2019 hedges, if they cover cash flow variations associated with a specific risk in relation to a recognized asset or liability or an expected highly probable transaction. For \u2018fair value\u2019 hedges, profits or losses resulting from the revaluation of \u2018fair value\u2019 hedging instruments are directly recorded through the income statement. Gains or losses on the hedged position lead to an adjustment of the book value of the hedged position and should be recorded through the income statement. If the adjustment is associated with the book value of an interest-bearing financial debt, it is amortized through profit or loss until it is entirely amortized upon maturity. When derivative financial instruments are identified as cash flow hedges, the effective portion of the change in fair value is recognized in other comprehensive income. The gain or loss on the ineffective portion is immediately recognized in the income statement.Financial instruments, not meeting the special requirements for recognition as a hedging transaction, are valued at their fair value, and any profit or loss resulting from a change in the fair value of the instrument is directly recognized in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__60": {
"value": "Financial instrumentsCRITERIA RELATING TO THE INITIAL RECOGNITION OR DERECOGNITION OF FINANCIAL ASSETS AND LIABILITIESFinancial instruments are recognized initially when the Group becomes party to the contractual provisions of the instrument. Purchases and sales of financial assets are recognized on the settlement date. Financial assets (or parts thereof) are derecognized, when the Group\u2019s rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset or has retained the right to receive the cash flows but assumed to pay those cash flows in a pass-through arrangement to another recipient. Financial liabilities (or parts thereof) are derecognized, if the obligation stipulated in the contract is withdrawn, cancelled or expired.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__59": {
"value": "Financial instrumentsCRITERIA RELATING TO THE INITIAL RECOGNITION OR DERECOGNITION OF FINANCIAL ASSETS AND LIABILITIESFinancial instruments are recognized initially when the Group becomes party to the contractual provisions of the instrument. Purchases and sales of financial assets are recognized on the settlement date. Financial assets (or parts thereof) are derecognized, when the Group\u2019s rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset or has retained the right to receive the cash flows but assumed to pay those cash flows in a pass-through arrangement to another recipient. Financial liabilities (or parts thereof) are derecognized, if the obligation stipulated in the contract is withdrawn, cancelled or expired.CRITERIA FOR OFFSETTING FINANCIAL ASSETS AND LIABILITIESA financial asset and a financial liability are offset and the net amount is presented on the balance sheet, if there is a legally enforceable right to offset the recognized amounts, and if there is an intention to settle the liability and simultaneously realize the asset or to settle the liability on a net basis.CRITERIA FOR CLASSIFYING FINANCIAL ASSETSFinancial assets are classified, at initial recognition, as subsequently measured at amortized cost (AC), fair value through other comprehensive income (FVOCI), and fair value through profit or loss (FVPL). The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. 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 determined under IFRS 15.In order for a financial asset to be classified and measured at AC or FVOCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.Financial fixed assetsThe Group presents under this caption the equity instruments for which it has elected to present the change in fair value through other comprehensive income. The election to classify equity instruments into this category is made on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized as financial income in the statement of profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment.Financial assets valued at fair value throughthe income statementFinancial assets valued at fair value through the income statement consist of financial assets that are held for trading purposes or financial assets that are initially recognized at fair value through the income statement. Financial assets held for trading purposes are those acquired with the objective of selling them in a short-term notice. This category also contains derivative financial instruments, which do not fulfil the criteria of IFRS 9 for \u2018hedge accounting\u2019. Unrealized profits or losses, resulting from the changes in the fair value of financial assets held for trading, are directly booked in the income statement.Trade receivablesTrade receivables meet the condition of AC classification if they are carried at their nominal value and are subject to impairment. The Group recognizes an allowance for expected credit losses (ECLs). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. For trade receivables, the Group applies a simplified approach in calculating ECLs based on lifetime expected credit losses. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical observed default rates, adjusted for forward looking factors specific to the debtors and the economic environment reflecting the customers\u2019 abilities to pay (based on geographical region, type of customer, delinquency status, credit insurance, other guarantees...). In addition to this general approach, the Group includes individually managed exposures on a case by case basis if not covered by the ECL model, also reflecting additional risk factors into the ECL model if not yet included.Other receivablesChecks received from Turkish customers as advance payments which can be discounted or used for payments without any preconditions are presented as other receivables and other liabilities as from the moment they are received from a customer and can be used for other purposes.Cash and cash equivalentsCash and cash equivalents consist mainly of cash in hand, short-term deposits and short-term investments (maturing within three months after their acquisition date) which are readily convertible into cash and which are subject to a limited risk of changes in value. Within the cash flow statement, cash and cash equivalents include bank balances (current and deposit accounts). Any negative cash position is presented as short-term debts with financial institutions (\u2018bank overdrafts\u2019).Interest bearing loansInterest-bearing loans are initially valued at the fair value of the amounts received minus any costs related to the transaction. After the initial recognition interest-bearing financial debts are valued at their amortized cost. The difference between the amortized cost and the repayment value is expensed over the duration of the loan based on the effective interest rate method or until the debt is no longer held.DERIVATIVE FINANCIAL INSTRUMENTSThe Group uses derivative financial instruments (FX forward contracts and interest rate swaps) in order to limit the risks associated with exchange rate and interest fluctuations. The Group\u2019s policy prohibits the use of these instruments for speculative purposes. Derivative financial instruments are classified as either \u2018fair value\u2019 hedges, if these instruments hedge changes in the fair value of recognized assets and liabilities, or as \u2018cash flow\u2019 hedges, if they cover cash flow variations associated with a specific risk in relation to a recognized asset or liability or an expected highly probable transaction. For \u2018fair value\u2019 hedges, profits or losses resulting from the revaluation of \u2018fair value\u2019 hedging instruments are directly recorded through the income statement. Gains or losses on the hedged position lead to an adjustment of the book value of the hedged position and should be recorded through the income statement. If the adjustment is associated with the book value of an interest-bearing financial debt, it is amortized through profit or loss until it is entirely amortized upon maturity. When derivative financial instruments are identified as cash flow hedges, the effective portion of the change in fair value is recognized in other comprehensive income. The gain or loss on the ineffective portion is immediately recognized in the income statement.Financial instruments, not meeting the special requirements for recognition as a hedging transaction, are valued at their fair value, and any profit or loss resulting from a change in the fair value of the instrument is directly recognized in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__63": {
"value": "CRITERIA FOR OFFSETTING FINANCIAL ASSETS AND LIABILITIESA financial asset and a financial liability are offset and the net amount is presented on the balance sheet, if there is a legally enforceable right to offset the recognized amounts, and if there is an intention to settle the liability and simultaneously realize the asset or to settle the liability on a net basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__64-1": {
"value": "CRITERIA FOR CLASSIFYING FINANCIAL ASSETSFinancial assets are classified, at initial recognition, as subsequently measured at amortized cost (AC), fair value through other comprehensive income (FVOCI), and fair value through profit or loss (FVPL). The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. 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 determined under IFRS 15.In order for a financial asset to be classified and measured at AC or FVOCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.Financial assets valued at fair value throughthe income statementFinancial assets valued at fair value through the income statement consist of financial assets that are held for trading purposes or financial assets that are initially recognized at fair value through the income statement. Financial assets held for trading purposes are those acquired with the objective of selling them in a short-term notice. This category also contains derivative financial instruments, which do not fulfil the criteria of IFRS 9 for \u2018hedge accounting\u2019. Unrealized profits or losses, resulting from the changes in the fair value of financial assets held for trading, are directly booked in the income statement.DERIVATIVE FINANCIAL INSTRUMENTSThe Group uses derivative financial instruments (FX forward contracts and interest rate swaps) in order to limit the risks associated with exchange rate and interest fluctuations. The Group\u2019s policy prohibits the use of these instruments for speculative purposes. Derivative financial instruments are classified as either \u2018fair value\u2019 hedges, if these instruments hedge changes in the fair value of recognized assets and liabilities, or as \u2018cash flow\u2019 hedges, if they cover cash flow variations associated with a specific risk in relation to a recognized asset or liability or an expected highly probable transaction. For \u2018fair value\u2019 hedges, profits or losses resulting from the revaluation of \u2018fair value\u2019 hedging instruments are directly recorded through the income statement. Gains or losses on the hedged position lead to an adjustment of the book value of the hedged position and should be recorded through the income statement. If the adjustment is associated with the book value of an interest-bearing financial debt, it is amortized through profit or loss until it is entirely amortized upon maturity. When derivative financial instruments are identified as cash flow hedges, the effective portion of the change in fair value is recognized in other comprehensive income. The gain or loss on the ineffective portion is immediately recognized in the income statement.Financial instruments, not meeting the special requirements for recognition as a hedging transaction, are valued at their fair value, and any profit or loss resulting from a change in the fair value of the instrument is directly recognized in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__66": {
"value": "Financial fixed assetsThe Group presents under this caption the equity instruments for which it has elected to present the change in fair value through other comprehensive income. The election to classify equity instruments into this category is made on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized as financial income in the statement of profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__67": {
"value": "Dividends are recognized as financial income in the statement of profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__69": {
"value": "Financial assets valued at fair value throughthe income statementFinancial assets valued at fair value through the income statement consist of financial assets that are held for trading purposes or financial assets that are initially recognized at fair value through the income statement. Financial assets held for trading purposes are those acquired with the objective of selling them in a short-term notice. This category also contains derivative financial instruments, which do not fulfil the criteria of IFRS 9 for \u2018hedge accounting\u2019. Unrealized profits or losses, resulting from the changes in the fair value of financial assets held for trading, are directly booked in the income statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__68-1": {
"value": "Financial assets valued at fair value throughthe income statementFinancial assets valued at fair value through the income statement consist of financial assets that are held for trading purposes or financial assets that are initially recognized at fair value through the income statement. Financial assets held for trading purposes are those acquired with the objective of selling them in a short-term notice. This category also contains derivative financial instruments, which do not fulfil the criteria of IFRS 9 for \u2018hedge accounting\u2019. Unrealized profits or losses, resulting from the changes in the fair value of financial assets held for trading, are directly booked in the income statement.DERIVATIVE FINANCIAL INSTRUMENTSThe Group uses derivative financial instruments (FX forward contracts and interest rate swaps) in order to limit the risks associated with exchange rate and interest fluctuations. The Group\u2019s policy prohibits the use of these instruments for speculative purposes. Derivative financial instruments are classified as either \u2018fair value\u2019 hedges, if these instruments hedge changes in the fair value of recognized assets and liabilities, or as \u2018cash flow\u2019 hedges, if they cover cash flow variations associated with a specific risk in relation to a recognized asset or liability or an expected highly probable transaction. For \u2018fair value\u2019 hedges, profits or losses resulting from the revaluation of \u2018fair value\u2019 hedging instruments are directly recorded through the income statement. Gains or losses on the hedged position lead to an adjustment of the book value of the hedged position and should be recorded through the income statement. If the adjustment is associated with the book value of an interest-bearing financial debt, it is amortized through profit or loss until it is entirely amortized upon maturity. When derivative financial instruments are identified as cash flow hedges, the effective portion of the change in fair value is recognized in other comprehensive income. The gain or loss on the ineffective portion is immediately recognized in the income statement.Financial instruments, not meeting the special requirements for recognition as a hedging transaction, are valued at their fair value, and any profit or loss resulting from a change in the fair value of the instrument is directly recognized in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__71-1": {
"value": "Trade receivablesTrade receivables meet the condition of AC classification if they are carried at their nominal value and are subject to impairment. The Group recognizes an allowance for expected credit losses (ECLs). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. For trade receivables, the Group applies a simplified approach in calculating ECLs based on lifetime expected credit losses. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical observed default rates, adjusted for forward looking factors specific to the debtors and the economic environment reflecting the customers\u2019 abilities to pay (based on geographical region, type of customer, delinquency status, credit insurance, other guarantees...). In addition to this general approach, the Group includes individually managed exposures on a case by case basis if not covered by the ECL model, also reflecting additional risk factors into the ECL model if not yet included.Other receivablesChecks received from Turkish customers as advance payments which can be discounted or used for payments without any preconditions are presented as other receivables and other liabilities as from the moment they are received from a customer and can be used for other purposes.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__74": {
"value": "Cash and cash equivalentsCash and cash equivalents consist mainly of cash in hand, short-term deposits and short-term investments (maturing within three months after their acquisition date) which are readily convertible into cash and which are subject to a limited risk of changes in value. Within the cash flow statement, cash and cash equivalents include bank balances (current and deposit accounts). Any negative cash position is presented as short-term debts with financial institutions (\u2018bank overdrafts\u2019).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__79": {
"value": "DERIVATIVE FINANCIAL INSTRUMENTSThe Group uses derivative financial instruments (FX forward contracts and interest rate swaps) in order to limit the risks associated with exchange rate and interest fluctuations. The Group\u2019s policy prohibits the use of these instruments for speculative purposes. Derivative financial instruments are classified as either \u2018fair value\u2019 hedges, if these instruments hedge changes in the fair value of recognized assets and liabilities, or as \u2018cash flow\u2019 hedges, if they cover cash flow variations associated with a specific risk in relation to a recognized asset or liability or an expected highly probable transaction. For \u2018fair value\u2019 hedges, profits or losses resulting from the revaluation of \u2018fair value\u2019 hedging instruments are directly recorded through the income statement. Gains or losses on the hedged position lead to an adjustment of the book value of the hedged position and should be recorded through the income statement. If the adjustment is associated with the book value of an interest-bearing financial debt, it is amortized through profit or loss until it is entirely amortized upon maturity. When derivative financial instruments are identified as cash flow hedges, the effective portion of the change in fair value is recognized in other comprehensive income. The gain or loss on the ineffective portion is immediately recognized in the income statement.Financial instruments, not meeting the special requirements for recognition as a hedging transaction, are valued at their fair value, and any profit or loss resulting from a change in the fair value of the instrument is directly recognized in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__78": {
"value": "DERIVATIVE FINANCIAL INSTRUMENTSThe Group uses derivative financial instruments (FX forward contracts and interest rate swaps) in order to limit the risks associated with exchange rate and interest fluctuations. The Group\u2019s policy prohibits the use of these instruments for speculative purposes. Derivative financial instruments are classified as either \u2018fair value\u2019 hedges, if these instruments hedge changes in the fair value of recognized assets and liabilities, or as \u2018cash flow\u2019 hedges, if they cover cash flow variations associated with a specific risk in relation to a recognized asset or liability or an expected highly probable transaction. For \u2018fair value\u2019 hedges, profits or losses resulting from the revaluation of \u2018fair value\u2019 hedging instruments are directly recorded through the income statement. Gains or losses on the hedged position lead to an adjustment of the book value of the hedged position and should be recorded through the income statement. If the adjustment is associated with the book value of an interest-bearing financial debt, it is amortized through profit or loss until it is entirely amortized upon maturity. When derivative financial instruments are identified as cash flow hedges, the effective portion of the change in fair value is recognized in other comprehensive income. The gain or loss on the ineffective portion is immediately recognized in the income statement.Financial instruments, not meeting the special requirements for recognition as a hedging transaction, are valued at their fair value, and any profit or loss resulting from a change in the fair value of the instrument is directly recognized in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__77": {
"value": "DERIVATIVE FINANCIAL INSTRUMENTSThe Group uses derivative financial instruments (FX forward contracts and interest rate swaps) in order to limit the risks associated with exchange rate and interest fluctuations. The Group\u2019s policy prohibits the use of these instruments for speculative purposes. Derivative financial instruments are classified as either \u2018fair value\u2019 hedges, if these instruments hedge changes in the fair value of recognized assets and liabilities, or as \u2018cash flow\u2019 hedges, if they cover cash flow variations associated with a specific risk in relation to a recognized asset or liability or an expected highly probable transaction. For \u2018fair value\u2019 hedges, profits or losses resulting from the revaluation of \u2018fair value\u2019 hedging instruments are directly recorded through the income statement. Gains or losses on the hedged position lead to an adjustment of the book value of the hedged position and should be recorded through the income statement. If the adjustment is associated with the book value of an interest-bearing financial debt, it is amortized through profit or loss until it is entirely amortized upon maturity. When derivative financial instruments are identified as cash flow hedges, the effective portion of the change in fair value is recognized in other comprehensive income. The gain or loss on the ineffective portion is immediately recognized in the income statement.Financial instruments, not meeting the special requirements for recognition as a hedging transaction, are valued at their fair value, and any profit or loss resulting from a change in the fair value of the instrument is directly recognized in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__84": {
"value": "InventoriesInventories are valued at the lower of cost price or netrealizable value. The net realizable value is defined as the estimated selling price under normal operating conditions net of any estimated costs for handling andselling the product. Costs incurred in bringing each product to its current location and conditions are recorded as follows:\u2022 Raw materials and consumables \u2013 purchase price, based on the FIFO principle;\u2022 Finished goods and work in process \u2013 direct material and labour costs, plus a part of the generalproduction costs, based on normal production capacity and on the FIFO principle;\u2022 Trade goods \u2013 purchase price, based on the FIFO principle.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__85": {
"value": "Treasury sharesThe amount paid, including any directly attributable expenses, for treasury shares acquired by the company is deducted from equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__87": {
"value": "ImpairmentsThe Group\u2019s assets, excluding inventories and deferred tax assets, are assessed for impairment indicators at each balance sheet date except for goodwill and intangible assets with indefinite useful lives for which impairment is mandatory on annual basis. If impairment indicators are present, the recoverable amount of the asset is estimated. An impairment is recognized, if the carrying value of an asset, or that of the cash-generating unit to which it belongs, is higher than its recoverable amount. Impairments are recorded in the income statement. The recoverable amount of other than financial assets is the higher of their fair value less cost to sell or its value in use of the corresponding assets. In order to determine the value in use, the net present value of expected future cash flows is calculated using a pre-tax discount rate, which reflects both current market rates and the asset\u2019s specific inherent risks. When an asset does not generate cash flows, that are largely independent of the other assets, the recoverable amount of the cash-generating unit to which this asset belongs, is determined. Impairments relating to goodwill are not reversed. Impairments of other assets are reversed, if a change takes place in the estimates used to determine the recoverable amount. An increase in the carrying value of an asset, resulting from the reversal of an impairment, cannot be higher than the carrying value (after depreciation) that would have been obtained, if no impairments had been recorded for this asset in previous years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__94": {
"value": "SHARE-BASED PAYMENTSVarious warrant programs and performance share plans enable the staff members, senior management members and members of the Executive Management to acquire company shares. The exercise price for warrants is equal to the lowest of (i) the average price of the share on the stock exchange during the 30-day period preceding the offer, and (ii) the latest closing price preceding the day of the offer. When such plans are exercised, they are exchanged for own shares or capital is increased by the amounts received or the exercise price. The cost of share-based payment transactions is valued at fair value on the grant date. The fair value is determined using a binominal tree structure. The cost of share-based payment transactions and at the same time as the corresponding increase in equity, is recognized over the vesting period. If the conditions of equity-settled share-based payment transactions are modified, the minimal cost equals the cost as if the conditions had not been changed. An additional cost is recognized for any modification which increases the fair value of share-based payment transaction or includes a benefit for the employee as of the date of modification (IFRS 2.28). When a share-based payment is cancelled, this is considered as a compensation that was granted on the date of cancellation and the relating unamortized cost is immediately recognized. However, if a new share-based payment is granted as a replacement for the cancelled compensation and if this is recorded as a replacement compensation on the grant date, then the cancelled and the new compensations are treated as a modification of the original share-based payment transaction, as described in the preceding paragraph.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__96": {
"value": "SalesThe Group adopted IFRS 15 using the modified retrospective method of adoption. The Group is in the business of delivering window and door systems, building products and other goods to customers. As part of its commercial relationship, the Group typically grants payment terms between 15-120 days but offers under certain conditions discounts for prompt payment. The payment terms differ substantially between the regions in which the Group operates.SALE OF GOODSThe Group\u2019s contracts with customers for the sale of goods include one performance obligation. The Group has concluded that revenue from sale of goods should be recognized at the point in time when control of the asset is transferred to the customer, generally on delivery of the product.(i) Consideration paid The consideration paid or payable by the Group represents incentives given by the entity to attract the customer to purchase, or continue purchasing, its goods or services. This may include considerations paid to customers to compensate for investments made to adjust IT systems or production processes to be able to use our products in their production facilities.The consideration paid or payable is accounted for as a reduction of revenue for the amount in excess of the fair value of the distinct good or service received from the customer.The recognition of the reduction of revenue is done when (or as) the later of either of the following events occurs:\u2022 Recognition of revenue for the transfer of the related goods or services\u2022 Payment or promise to pay the consideration (even if the payment is conditional on a future event) A diversity in practice exists today in this area. The Transition Resource Group for Revenue Recognition has issued a staff paper of the FASB on this topic: Payments to Customer. No consensus has been reached by the Task Force on this issue, consequently no explicit GAAP exists for the accounting of upfront payments to customers today. Accordingly, companies should evaluate the facts and circumstances of the nature of the payment and apply professional judgement to determine the accounting method. When the contract does not include contractual committed future volumes and there are no signed sales orders at the time the payment is made, we conclude that there is no current revenue contract with the customer at the moment of the payment, consequently the entire upfront payment will be recognized in the income statement when the payment is made.ii) Cash discounts given and received The Group recognizes the cash discounts given to customers as a deduction on revenue. Similarly, the cash discounts received from the suppliers are deducted from the costs. iii) Warranty obligations The Group typically provides warranties for general repairs of defects that existed at the time of sale. These assurance-type warranties are accounted for as warranty provisions as they do not represent a separate performance obligation of the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__97": {
"value": "The Group is in the business of delivering window and door systems, building products and other goods to customers.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__98": {
"value": "ii) Cash discounts given and received The Group recognizes the cash discounts given to customers as a deduction on revenue. Similarly, the cash discounts received from the suppliers are deducted from the costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__100": {
"value": "Government grantsGovernment grants are recognized at their fair value, when there is reasonable assurance that they will be received and that the Group will fulfil all of the conditions attached to them. When the grant relates to an expense item, it is recognized as income over the period necessary to match the grant on a systematic basis to the costs that is intended to compensate. Where the grant relates to an asset, it is recognized as deferred income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__102": {
"value": "Income taxesIncome taxes include current and deferred taxes. Taxes are recognized in the income statement, unless they are associated with items that are booked immediately to equity or other comprehensive income. In that case, the corresponding tax is recognized directly against equity or other comprehensive income. Current taxes include the expected amount payable on taxable earnings for the period, along with adjustments of fiscal liabilities for previous years. A taxable earnings calculation for the year is based on the tax rates applicable on the reporting date. Deferred taxes are calculated in accordance with the liability method, for all temporary differences between the tax base of assets and liabilities and their carrying amount for financial reporting purposes. The calculation is based on rates of taxation for which the legislative process has been considered as enacted or substantively enacted on the reporting date. Under this method, the Group also has to calculate deferred taxes on the difference between the fair value of the net assets acquired and their tax base as a result of a new acquisition. Deferred tax assets are only recognized if it is probable that sufficient (i) taxable profits will be generated in the future in order to use the tax benefit or the tax losses or (ii) taxable temporary difference will be available to use those deferred tax assets. Two elements are considered to assess the likelihood of future taxable profits: 1. the profitability in the past, at least two consecutive years of profitability is needed and 2. The expected profitability of the next five years according to the detailed budget of next year and the higher-level business plan of the following four years. The recoverability of deferred income tax assets on tax losses carried forward and other tax credits is assessed including a prudency factor reflecting forecast uncertainties. The carrying amount of a deferred tax asset is reduced, when it becomes unlikely that the relating tax benefit will be realized.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__105": {
"value": "Financial income/chargesInterest income includes interest earned on bank deposits or received from customers as compensation for extended payment terms, and interest charges include interest due on loans contracted by the Group. Recorded interest is based on the \u2018effective interest\u2019 method. Costs related to derecognition of accounts receivable consist of incurred factoring fees. Other financial income (costs) include recorded gains or losses due to a revaluation of the fair value of financial derivatives, which are considered as \u2018fair value\u2019 hedging instruments if the hedged risks are of a financial nature, or if financial instruments do not meet the special \u2018hedge accounting\u2019 requirements.Monetary gains/losses relate to the gain or loss on the net monetary position that is derived as the difference resulting from the restatement of non-monetary items of the financial positions and offsetting of the inflation restatement of profit or loss items after application of IAS29 Hyperinflation for the Turkish subsidiaries of the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__104": {
"value": "Financial income/chargesInterest income includes interest earned on bank deposits or received from customers as compensation for extended payment terms, and interest charges include interest due on loans contracted by the Group. Recorded interest is based on the \u2018effective interest\u2019 method. Costs related to derecognition of accounts receivable consist of incurred factoring fees. Other financial income (costs) include recorded gains or losses due to a revaluation of the fair value of financial derivatives, which are considered as \u2018fair value\u2019 hedging instruments if the hedged risks are of a financial nature, or if financial instruments do not meet the special \u2018hedge accounting\u2019 requirements.Monetary gains/losses relate to the gain or loss on the net monetary position that is derived as the difference resulting from the restatement of non-monetary items of the financial positions and offsetting of the inflation restatement of profit or loss items after application of IAS29 Hyperinflation for the Turkish subsidiaries of the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__103": {
"value": "Financial income/chargesInterest income includes interest earned on bank deposits or received from customers as compensation for extended payment terms, and interest charges include interest due on loans contracted by the Group. Recorded interest is based on the \u2018effective interest\u2019 method. Costs related to derecognition of accounts receivable consist of incurred factoring fees. Other financial income (costs) include recorded gains or losses due to a revaluation of the fair value of financial derivatives, which are considered as \u2018fair value\u2019 hedging instruments if the hedged risks are of a financial nature, or if financial instruments do not meet the special \u2018hedge accounting\u2019 requirements.Monetary gains/losses relate to the gain or loss on the net monetary position that is derived as the difference resulting from the restatement of non-monetary items of the financial positions and offsetting of the inflation restatement of profit or loss items after application of IAS29 Hyperinflation for the Turkish subsidiaries of the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__108-1": {
"value": "Earnings per share (EPS)EPS (non-diluted) are the non-diluted earnings per share and is defined as Earnings attributable to ordinary shareholders over the weighted average number of ordinary shares. EPS (diluted) are the diluted earnings per share and is defined as Earnings attributable to ordinary shareholders over the sum of weighted average number of ordinary shares and the weighted average number of ordinary shares which would be issued upon conversion into ordinary shares of all exercisable warrants leading to dilution.Basic earnings per share is calculated by dividing the net profit for the year, attributable to ordinary shareholders by the weighted average number of ordinary shares, excluding ordinary shares purchased by the Group and held as treasury shares. This results in a net profit per share of \u20ac 0.10.Diluted earnings per share are calculated by dividing the net profit attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year increased with the weighted average number of ordinary shares which would be issued upon conversion into ordinary shares of all exercisable warrants leading to dilution. The potential dilution arises from warrants granted to staff members, senior management members and members of the Executive Management. The diluted earnings per share amount to \u20ac 0.10 per share.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__109": {
"value": "Non-GAAP measuresThe following alternative performance measures (non-IFRS) have been used as management believes that they are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. The alternative performance measures may not be comparable to similarly titled measures of other companies, have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results, our performance or our liquidity under IFRS. EBITDA is defined as operating profit / (loss) adjusted for depreciations / amortizations and impairment of fixed assets. Adjusted EBITDA is defined as operating profit / (loss) adjusted for (i) depreciations / amortizations and impairment of fixed assets, (ii) integration & restructuring expenses, (iii) gains & losses on disposal of consolidated entities, (iv) gains & losses on asset disposals, (v) impairment of goodwill and impairment of assets resulting from goodwill allocation. EBIT is defined as Earnings before interest and taxes (= operational result).EBT is defined as Profit/ (Loss) before taxes and share of result of joint ventures.Net debt is defined as the sum of interest-bearing borrowings current and non-current minus cash and cash equivalents. Working capital is calculated as the sum of trade receivables and inventories minus trade payables. Capital employed (CE) is defined as the sum of non-current assets and working capital. Leverage is defined as the ratio of Net debt to Adjusted EBITDA.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__110": {
"value": "Changes in accounting policies and disclosuresThe entity applied the same IFRSs as those adopted in the previous years, except for the new IFRSs and interpretations the entity adopted as of 1st January 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__118": {
"value": "2. Segment informationAn operating segment is a separate component of the Group (a) that engages in business activities from which it may earn revenues and incur expenses, (b) for which discrete financial information is available and (c) its results are regularly reviewed by the Chief Operating Decision Maker (CODM) in order to decide how to allocate resources and in assessing performance. Three segments have been defined based on the location of legal entities. They include the following entities:1. Europe: Benelux, Bosnia, Bulgaria, Croatia, Czech Republic, France, Italy, Germany, Poland, Romania, Russia, Slovakia, Spain and the United Kingdom;2. North America: Canada & United States;3. T\u00fcrkiye & Emerging Markets: Australia, Brazil, Chile, Colombia, India, Mexico, Thailand and T\u00fcrkiye.There are no segments aggregated in order to establish the above segments. Transfer prices between the operational segments are based on an \u2018at arm\u2019s length basis\u2019 equal to transactions with third parties. The accounting policies for the operational segments are equal to these of the consolidated financial statements. The Group identified the Executive Management as its Chief Operating Decision Maker (\u201cCODM\u201d). The segments have been defined based on the information provided to the Executive Management. The Executive Management monitors the performance of its operational segments based on sales and adjusted EBITDA per segment and make decisions about resource allocation on this geographical segmentation basis. Segment information provided to the CODM includes the results, assets and liabilities that can be attributed directly to those segments, as stated in tables further below.USEASTUKRUUSBLXSKWESTCZFRDEPLITESHRROBIHTRBGMXINTHCOBRAUCLNORTH AMERICAEUROPET\u00dcRKIYECanada and the United StatesBenelux, Bosnia, Bulgaria, & EMERGING MARKETSCroatia, Czech Republic, France, Australia, Brazil, Chile, Colombia, Germany, Italy, Poland, Romania, India, Mexico, Thailand and Russia, Slovakia, Spain and the T\u00fcrkiyeUnited KingdomFOR THE 12 MONTH PERIOD T\u00fcrkiye & EmergingENDED 31 DECEMBER Europe North-AmericaIntersegment Eliminations ConsolidatedMarkets(IN \u20ac THOUSAND)2023 2024 2023 2024 2023 2024 2023 2024 2023 2024External Sales 410,298 369,185 166,981 163,839 288,819 293,967 - - 866,098 826,992 Intercompany Sales 956 619 80 15 13,718 11,687 (14,755) (12,321) - - Total sales* 411,254 369,804 167,061 163,854 302,537 305,654 (14,755) (12,321) 866,098 826,992 EBITDA (203) 23,945 20,604 21,926 76,160 64,794 170 (578) 96,730 110,087 Adjusted EBITDA 20,509 31,938 20,604 21,926 76,590 64,799 170 (578) 117,872 118,086 Adj EBITDA items (20,713) (7,993) - - (429) (5) - - (21,142) (7,998)Financial Result 14,862 20,927 (3,998) (3,436) (25,121) (20,399) (19,079) (25,769) (33,336) (28,676)Taxes - Current & Deferred 5,313 1,136 (193) (1,895) (9,015) (16,009) (63) (108) (3,958) (16,876)Depreciations and Impairments 22,508 22,983 12,818 12,068 10,106 12,465 (616) (354) 44,816 47,162 Capital expenditures (Capex) (25,279) (22,479) (8,731) (6,568) (23,206) (10,430) 1,135 1,024 (56,082) (38,453)* Out of which \u20ac 99.1 million relating to BelgiumThe difference between the adjusted EBITDA and EBITDA of \u20ac 8.0 million mainly includes the following non-recurring income and expenses as recognized in other operating result:\u2022 Costs related to one-off product platform migration (\u20ac 2.1 million);\u2022 One-off restructuring costs in Europe (\u20ac 5.9 million).The one-off restructuring costs in Europe are mainly related to the final agreement reached with the employee representatives on the financial terms of the social plan for the Bogen and Hunderdorf sites (Bavaria, Germany) during 2024. Due to the restructuring progressing faster than expected, some employees became inactive earlier than planned. The payroll costs for these employees have been reported as non-recurring as well as some other restructuring related expenses.Reconciliation of total segment assets and total Group assets:(IN \u20ac THOUSAND) Consolidated31 DEC 2023 31 DEC 2024Europe* 311,803 316,138North America 129,041 143,040 T\u00fcrkiye & Emerging Markets 234,138 271,558 Intersegment assets 674,982 730,736Cash and cash equivalents 46,545 34,133 Intersegment eliminations (40,627) (42,689)Total Group Assets 680,901 722,179 * Out of which \u20ac 131.5 million relating to Belgium Reconciliation of total segment liabilities and total Group liabilities: (IN \u20ac THOUSAND) Consolidated31 DEC 2023 31 DEC 2024Europe 137,688 127,536North America 25,156 24,958 T\u00fcrkiye & Emerging Markets 134,882 155,279 Intersegment liabilities 297,726 307,773 Equity including non-controlling interests 315,012 355,595 Long-term interest-bearing loans 105,097 101,314 Other long-term liabilities 80 80 Current portion of interest bearing loans 8,917 9,299 Intersegment eliminations (45,932) (51,881)Total Group liabilities 680,901 722,179External sales by product group is presented in the table below (in EUR and in %):T\u00fcrkiye & EmergingFOR THE 12 MONTH PERIOD ENDED 31 DECEMBER 2023 Europe North-AmericaConsolidatedMarkets(IN \u20ac THOUSAND)%(IN \u20ac THOUSAND)%(IN \u20ac THOUSAND)%(IN \u20ac THOUSAND)%Window & Doors 344,110 83.9% 166,981 100.0% 277,373 96.0% 788,464 91.0%Outdoor Living 30,765 7.5% - 0.0% 82 0.0% 30,847 3.6%Home protection 35,423 8.6% - 0.0% 11,364 4.0% 46,786 5.4%Total 410,298 100.0% 166,981 100.0% 288,819 100.0% 866,098 100.0%T\u00fcrkiye & EmergingFOR THE 12 MONTH PERIOD ENDED 31 DECEMBER 2024 Europe North-AmericaConsolidatedMarkets(IN \u20ac THOUSAND)%(IN \u20ac THOUSAND)%(IN \u20ac THOUSAND)%(IN \u20ac THOUSAND)%Window & Doors 313,564 84.9% 163,839 100.0% 282,402 96.1% 759,806 91.9%Outdoor Living 26,603 7.2% - 0.0% 101 0.0% 26,704 3.2%Home protection 29,018 7.9% - 0.0% 11,464 3.9% 40,482 4.9%Total 369,185 100.0% 163,839 100.0% 293,967 100.0% 826,992 100.0%There is no significant concentration of sales (>10%) with one or a limited number of customers.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s9__6__117-1": {
"value": "2. Segment informationAn operating segment is a separate component of the Group (a) that engages in business activities from which it may earn revenues and incur expenses, (b) for which discrete financial information is available and (c) its results are regularly reviewed by the Chief Operating Decision Maker (CODM) in order to decide how to allocate resources and in assessing performance. Three segments have been defined based on the location of legal entities. They include the following entities:1. Europe: Benelux, Bosnia, Bulgaria, Croatia, Czech Republic, France, Italy, Germany, Poland, Romania, Russia, Slovakia, Spain and the United Kingdom;2. North America: Canada & United States;3. T\u00fcrkiye & Emerging Markets: Australia, Brazil, Chile, Colombia, India, Mexico, Thailand and T\u00fcrkiye.There are no segments aggregated in order to establish the above segments. Transfer prices between the operational segments are based on an \u2018at arm\u2019s length basis\u2019 equal to transactions with third parties. The accounting policies for the operational segments are equal to these of the consolidated financial statements. The Group identified the Executive Management as its Chief Operating Decision Maker (\u201cCODM\u201d). The segments have been defined based on the information provided to the Executive Management. The Executive Management monitors the performance of its operational segments based on sales and adjusted EBITDA per segment and make decisions about resource allocation on this geographical segmentation basis. Segment information provided to the CODM includes the results, assets and liabilities that can be attributed directly to those segments, as stated in tables further below.USEASTUKRUUSBLXSKWESTCZFRDEPLITESHRROBIHTRBGMXINTHCOBRAUCLNORTH AMERICAEUROPET\u00dcRKIYECanada and the United StatesBenelux, Bosnia, Bulgaria, & EMERGING MARKETSCroatia, Czech Republic, France, Australia, Brazil, Chile, Colombia, Germany, Italy, Poland, Romania, India, Mexico, Thailand and Russia, Slovakia, Spain and the T\u00fcrkiyeUnited KingdomFOR THE 12 MONTH PERIOD T\u00fcrkiye & EmergingENDED 31 DECEMBER Europe North-AmericaIntersegment Eliminations ConsolidatedMarkets(IN \u20ac THOUSAND)2023 2024 2023 2024 2023 2024 2023 2024 2023 2024External Sales 410,298 369,185 166,981 163,839 288,819 293,967 - - 866,098 826,992 Intercompany Sales 956 619 80 15 13,718 11,687 (14,755) (12,321) - - Total sales* 411,254 369,804 167,061 163,854 302,537 305,654 (14,755) (12,321) 866,098 826,992 EBITDA (203) 23,945 20,604 21,926 76,160 64,794 170 (578) 96,730 110,087 Adjusted EBITDA 20,509 31,938 20,604 21,926 76,590 64,799 170 (578) 117,872 118,086 Adj EBITDA items (20,713) (7,993) - - (429) (5) - - (21,142) (7,998)Financial Result 14,862 20,927 (3,998) (3,436) (25,121) (20,399) (19,079) (25,769) (33,336) (28,676)Taxes - Current & Deferred 5,313 1,136 (193) (1,895) (9,015) (16,009) (63) (108) (3,958) (16,876)Depreciations and Impairments 22,508 22,983 12,818 12,068 10,106 12,465 (616) (354) 44,816 47,162 Capital expenditures (Capex) (25,279) (22,479) (8,731) (6,568) (23,206) (10,430) 1,135 1,024 (56,082) (38,453)* Out of which \u20ac 99.1 million relating to BelgiumThe difference between the adjusted EBITDA and EBITDA of \u20ac 8.0 million mainly includes the following non-recurring income and expenses as recognized in other operating result:\u2022 Costs related to one-off product platform migration (\u20ac 2.1 million);\u2022 One-off restructuring costs in Europe (\u20ac 5.9 million).The one-off restructuring costs in Europe are mainly related to the final agreement reached with the employee representatives on the financial terms of the social plan for the Bogen and Hunderdorf sites (Bavaria, Germany) during 2024. Due to the restructuring progressing faster than expected, some employees became inactive earlier than planned. The payroll costs for these employees have been reported as non-recurring as well as some other restructuring related expenses.3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2023 2024Sales 866,098 826,992 Material costs (398,890) (373,497)Operating costs (161,902) (140,716)Personnel costs (194,802) (202,158)Depreciation on (in)tangible fixed assets (42,260) (45,732)Other net operating result (16,329) (1,962)Operating profit (EBIT) 51,915 62,926 Interest income (expense) (4,328) (7,115)Foreign exchange gains (losses) 194 (8,659)Other financial income (expense) (3,495) (4,284)Monetary gains (losses) (25,707) (8,618)Profit / (loss) before taxes and share of result of joint ventures (EBT) 18,579 34,249 Share of the result of a joint venture (1,000) (1,500)Income taxes (3,958) (16,876)Net profit / (loss) 13,621 15,873 For a high-level analysis of revenue and costs we refer to the section \u201c2024 results\u201d at the start of these financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__116": {
"value": "2. Segment informationAn operating segment is a separate component of the Group (a) that engages in business activities from which it may earn revenues and incur expenses, (b) for which discrete financial information is available and (c) its results are regularly reviewed by the Chief Operating Decision Maker (CODM) in order to decide how to allocate resources and in assessing performance. Three segments have been defined based on the location of legal entities. They include the following entities:1. Europe: Benelux, Bosnia, Bulgaria, Croatia, Czech Republic, France, Italy, Germany, Poland, Romania, Russia, Slovakia, Spain and the United Kingdom;2. North America: Canada & United States;3. T\u00fcrkiye & Emerging Markets: Australia, Brazil, Chile, Colombia, India, Mexico, Thailand and T\u00fcrkiye.There are no segments aggregated in order to establish the above segments. Transfer prices between the operational segments are based on an \u2018at arm\u2019s length basis\u2019 equal to transactions with third parties. The accounting policies for the operational segments are equal to these of the consolidated financial statements. The Group identified the Executive Management as its Chief Operating Decision Maker (\u201cCODM\u201d). The segments have been defined based on the information provided to the Executive Management. The Executive Management monitors the performance of its operational segments based on sales and adjusted EBITDA per segment and make decisions about resource allocation on this geographical segmentation basis. Segment information provided to the CODM includes the results, assets and liabilities that can be attributed directly to those segments, as stated in tables further below.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__115": {
"value": "2. Segment informationAn operating segment is a separate component of the Group (a) that engages in business activities from which it may earn revenues and incur expenses, (b) for which discrete financial information is available and (c) its results are regularly reviewed by the Chief Operating Decision Maker (CODM) in order to decide how to allocate resources and in assessing performance. Three segments have been defined based on the location of legal entities. They include the following entities:1. Europe: Benelux, Bosnia, Bulgaria, Croatia, Czech Republic, France, Italy, Germany, Poland, Romania, Russia, Slovakia, Spain and the United Kingdom;2. North America: Canada & United States;3. T\u00fcrkiye & Emerging Markets: Australia, Brazil, Chile, Colombia, India, Mexico, Thailand and T\u00fcrkiye.There are no segments aggregated in order to establish the above segments. Transfer prices between the operational segments are based on an \u2018at arm\u2019s length basis\u2019 equal to transactions with third parties. The accounting policies for the operational segments are equal to these of the consolidated financial statements. The Group identified the Executive Management as its Chief Operating Decision Maker (\u201cCODM\u201d). The segments have been defined based on the information provided to the Executive Management. The Executive Management monitors the performance of its operational segments based on sales and adjusted EBITDA per segment and make decisions about resource allocation on this geographical segmentation basis. Segment information provided to the CODM includes the results, assets and liabilities that can be attributed directly to those segments, as stated in tables further below.USEASTUKRUUSBLXSKWESTCZFRDEPLITESHRROBIHTRBGMXINTHCOBRAUCLNORTH AMERICAEUROPET\u00dcRKIYECanada and the United StatesBenelux, Bosnia, Bulgaria, & EMERGING MARKETSCroatia, Czech Republic, France, Australia, Brazil, Chile, Colombia, Germany, Italy, Poland, Romania, India, Mexico, Thailand and Russia, Slovakia, Spain and the T\u00fcrkiyeUnited KingdomFOR THE 12 MONTH PERIOD T\u00fcrkiye & EmergingENDED 31 DECEMBER Europe North-AmericaIntersegment Eliminations ConsolidatedMarkets(IN \u20ac THOUSAND)2023 2024 2023 2024 2023 2024 2023 2024 2023 2024External Sales 410,298 369,185 166,981 163,839 288,819 293,967 - - 866,098 826,992 Intercompany Sales 956 619 80 15 13,718 11,687 (14,755) (12,321) - - Total sales* 411,254 369,804 167,061 163,854 302,537 305,654 (14,755) (12,321) 866,098 826,992 EBITDA (203) 23,945 20,604 21,926 76,160 64,794 170 (578) 96,730 110,087 Adjusted EBITDA 20,509 31,938 20,604 21,926 76,590 64,799 170 (578) 117,872 118,086 Adj EBITDA items (20,713) (7,993) - - (429) (5) - - (21,142) (7,998)Financial Result 14,862 20,927 (3,998) (3,436) (25,121) (20,399) (19,079) (25,769) (33,336) (28,676)Taxes - Current & Deferred 5,313 1,136 (193) (1,895) (9,015) (16,009) (63) (108) (3,958) (16,876)Depreciations and Impairments 22,508 22,983 12,818 12,068 10,106 12,465 (616) (354) 44,816 47,162 Capital expenditures (Capex) (25,279) (22,479) (8,731) (6,568) (23,206) (10,430) 1,135 1,024 (56,082) (38,453)* Out of which \u20ac 99.1 million relating to BelgiumThe difference between the adjusted EBITDA and EBITDA of \u20ac 8.0 million mainly includes the following non-recurring income and expenses as recognized in other operating result:\u2022 Costs related to one-off product platform migration (\u20ac 2.1 million);\u2022 One-off restructuring costs in Europe (\u20ac 5.9 million).The one-off restructuring costs in Europe are mainly related to the final agreement reached with the employee representatives on the financial terms of the social plan for the Bogen and Hunderdorf sites (Bavaria, Germany) during 2024. Due to the restructuring progressing faster than expected, some employees became inactive earlier than planned. The payroll costs for these employees have been reported as non-recurring as well as some other restructuring related expenses.Reconciliation of total segment assets and total Group assets:(IN \u20ac THOUSAND) Consolidated31 DEC 2023 31 DEC 2024Europe* 311,803 316,138North America 129,041 143,040 T\u00fcrkiye & Emerging Markets 234,138 271,558 Intersegment assets 674,982 730,736Cash and cash equivalents 46,545 34,133 Intersegment eliminations (40,627) (42,689)Total Group Assets 680,901 722,179 * Out of which \u20ac 131.5 million relating to Belgium Reconciliation of total segment liabilities and total Group liabilities: (IN \u20ac THOUSAND) Consolidated31 DEC 2023 31 DEC 2024Europe 137,688 127,536North America 25,156 24,958 T\u00fcrkiye & Emerging Markets 134,882 155,279 Intersegment liabilities 297,726 307,773 Equity including non-controlling interests 315,012 355,595 Long-term interest-bearing loans 105,097 101,314 Other long-term liabilities 80 80 Current portion of interest bearing loans 8,917 9,299 Intersegment eliminations (45,932) (51,881)Total Group liabilities 680,901 722,179External sales by product group is presented in the table below (in EUR and in %):T\u00fcrkiye & EmergingFOR THE 12 MONTH PERIOD ENDED 31 DECEMBER 2023 Europe North-AmericaConsolidatedMarkets(IN \u20ac THOUSAND)%(IN \u20ac THOUSAND)%(IN \u20ac THOUSAND)%(IN \u20ac THOUSAND)%Window & Doors 344,110 83.9% 166,981 100.0% 277,373 96.0% 788,464 91.0%Outdoor Living 30,765 7.5% - 0.0% 82 0.0% 30,847 3.6%Home protection 35,423 8.6% - 0.0% 11,364 4.0% 46,786 5.4%Total 410,298 100.0% 166,981 100.0% 288,819 100.0% 866,098 100.0%T\u00fcrkiye & EmergingFOR THE 12 MONTH PERIOD ENDED 31 DECEMBER 2024 Europe North-AmericaConsolidatedMarkets(IN \u20ac THOUSAND)%(IN \u20ac THOUSAND)%(IN \u20ac THOUSAND)%(IN \u20ac THOUSAND)%Window & Doors 313,564 84.9% 163,839 100.0% 282,402 96.1% 759,806 91.9%Outdoor Living 26,603 7.2% - 0.0% 101 0.0% 26,704 3.2%Home protection 29,018 7.9% - 0.0% 11,464 3.9% 40,482 4.9%Total 369,185 100.0% 163,839 100.0% 293,967 100.0% 826,992 100.0%There is no significant concentration of sales (>10%) with one or a limited number of customers.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__131-1": {
"value": "3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2023 2024Sales 866,098 826,992 Material costs (398,890) (373,497)Operating costs (161,902) (140,716)Personnel costs (194,802) (202,158)Depreciation on (in)tangible fixed assets (42,260) (45,732)Other net operating result (16,329) (1,962)Operating profit (EBIT) 51,915 62,926 Interest income (expense) (4,328) (7,115)Foreign exchange gains (losses) 194 (8,659)Other financial income (expense) (3,495) (4,284)Monetary gains (losses) (25,707) (8,618)Profit / (loss) before taxes and share of result of joint ventures (EBT) 18,579 34,249 Share of the result of a joint venture (1,000) (1,500)Income taxes (3,958) (16,876)Net profit / (loss) 13,621 15,873 For a high-level analysis of revenue and costs we refer to the section \u201c2024 results\u201d at the start of these financial statements.INTEREST INCOME / (EXPENSE) (IN \u20ac THOUSAND) 2023 2024Interest income 4,685 5,660 Interest expense (9,013) (12,775)Total (4,328) (7,115)Increases in interest rates in T\u00fcrkiye led to both an increase in the interest expenses and the interest income of the Group.The following are the amounts recognized in profit or loss:(IN \u20ac THOUSAND) 2023 2024Depreciation expense of right-of-use-assets (8,256) (8,256)Interest expense on lease liabilities (1,459) (2,029)Expenses relating to short-term leases and low-value assets (2,724) (1,889)Total amount recognized in profit or loss (12,439) (12,173)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__129": {
"value": "3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2023 2024Sales 866,098 826,992 Material costs (398,890) (373,497)Operating costs (161,902) (140,716)Personnel costs (194,802) (202,158)Depreciation on (in)tangible fixed assets (42,260) (45,732)Other net operating result (16,329) (1,962)Operating profit (EBIT) 51,915 62,926 Interest income (expense) (4,328) (7,115)Foreign exchange gains (losses) 194 (8,659)Other financial income (expense) (3,495) (4,284)Monetary gains (losses) (25,707) (8,618)Profit / (loss) before taxes and share of result of joint ventures (EBT) 18,579 34,249 Share of the result of a joint venture (1,000) (1,500)Income taxes (3,958) (16,876)Net profit / (loss) 13,621 15,873 For a high-level analysis of revenue and costs we refer to the section \u201c2024 results\u201d at the start of these financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__128-1": {
"value": "3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2023 2024Sales 866,098 826,992 Material costs (398,890) (373,497)Operating costs (161,902) (140,716)Personnel costs (194,802) (202,158)Depreciation on (in)tangible fixed assets (42,260) (45,732)Other net operating result (16,329) (1,962)Operating profit (EBIT) 51,915 62,926 Interest income (expense) (4,328) (7,115)Foreign exchange gains (losses) 194 (8,659)Other financial income (expense) (3,495) (4,284)Monetary gains (losses) (25,707) (8,618)Profit / (loss) before taxes and share of result of joint ventures (EBT) 18,579 34,249 Share of the result of a joint venture (1,000) (1,500)Income taxes (3,958) (16,876)Net profit / (loss) 13,621 15,873 For a high-level analysis of revenue and costs we refer to the section \u201c2024 results\u201d at the start of these financial statements.OTHER OPERATING COSTS (IN \u20ac THOUSAND) 2023 2024Increase of provisions (17,004) (3,650)Impairments (2,555) (1,429)Loss on disposal of tangible fixed assets (1) -Other (1,678) (1,497)Total (21,238) (6,576)The other operating costs in 2023 were higher due to the fact that they included the provision related to the restructuring in Europe and Emerging markets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__127-1": {
"value": "3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2023 2024Sales 866,098 826,992 Material costs (398,890) (373,497)Operating costs (161,902) (140,716)Personnel costs (194,802) (202,158)Depreciation on (in)tangible fixed assets (42,260) (45,732)Other net operating result (16,329) (1,962)Operating profit (EBIT) 51,915 62,926 Interest income (expense) (4,328) (7,115)Foreign exchange gains (losses) 194 (8,659)Other financial income (expense) (3,495) (4,284)Monetary gains (losses) (25,707) (8,618)Profit / (loss) before taxes and share of result of joint ventures (EBT) 18,579 34,249 Share of the result of a joint venture (1,000) (1,500)Income taxes (3,958) (16,876)Net profit / (loss) 13,621 15,873 For a high-level analysis of revenue and costs we refer to the section \u201c2024 results\u201d at the start of these financial statements.OTHER OPERATING INCOME (IN \u20ac THOUSAND) 2023 2024Grants received 779 834 Gains on disposal of tangible fixed assets 1,161 836 Other 2,968 2,944 Total 4,908 4,613 Other operating income remained stable compared to 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__126-1": {
"value": "3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2023 2024Sales 866,098 826,992 Material costs (398,890) (373,497)Operating costs (161,902) (140,716)Personnel costs (194,802) (202,158)Depreciation on (in)tangible fixed assets (42,260) (45,732)Other net operating result (16,329) (1,962)Operating profit (EBIT) 51,915 62,926 Interest income (expense) (4,328) (7,115)Foreign exchange gains (losses) 194 (8,659)Other financial income (expense) (3,495) (4,284)Monetary gains (losses) (25,707) (8,618)Profit / (loss) before taxes and share of result of joint ventures (EBT) 18,579 34,249 Share of the result of a joint venture (1,000) (1,500)Income taxes (3,958) (16,876)Net profit / (loss) 13,621 15,873 For a high-level analysis of revenue and costs we refer to the section \u201c2024 results\u201d at the start of these financial statements.OTHER OPERATING INCOME (IN \u20ac THOUSAND) 2023 2024Grants received 779 834 Gains on disposal of tangible fixed assets 1,161 836 Other 2,968 2,944 Total 4,908 4,613 Other operating income remained stable compared to 2023.OTHER OPERATING COSTS (IN \u20ac THOUSAND) 2023 2024Increase of provisions (17,004) (3,650)Impairments (2,555) (1,429)Loss on disposal of tangible fixed assets (1) -Other (1,678) (1,497)Total (21,238) (6,576)The other operating costs in 2023 were higher due to the fact that they included the provision related to the restructuring in Europe and Emerging markets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__125-1": {
"value": "3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2023 2024Sales 866,098 826,992 Material costs (398,890) (373,497)Operating costs (161,902) (140,716)Personnel costs (194,802) (202,158)Depreciation on (in)tangible fixed assets (42,260) (45,732)Other net operating result (16,329) (1,962)Operating profit (EBIT) 51,915 62,926 Interest income (expense) (4,328) (7,115)Foreign exchange gains (losses) 194 (8,659)Other financial income (expense) (3,495) (4,284)Monetary gains (losses) (25,707) (8,618)Profit / (loss) before taxes and share of result of joint ventures (EBT) 18,579 34,249 Share of the result of a joint venture (1,000) (1,500)Income taxes (3,958) (16,876)Net profit / (loss) 13,621 15,873 For a high-level analysis of revenue and costs we refer to the section \u201c2024 results\u201d at the start of these financial statements.INTEREST INCOME / (EXPENSE) (IN \u20ac THOUSAND) 2023 2024Interest income 4,685 5,660 Interest expense (9,013) (12,775)Total (4,328) (7,115)Increases in interest rates in T\u00fcrkiye led to both an increase in the interest expenses and the interest income of the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__124-1": {
"value": "3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2023 2024Sales 866,098 826,992 Material costs (398,890) (373,497)Operating costs (161,902) (140,716)Personnel costs (194,802) (202,158)Depreciation on (in)tangible fixed assets (42,260) (45,732)Other net operating result (16,329) (1,962)Operating profit (EBIT) 51,915 62,926 Interest income (expense) (4,328) (7,115)Foreign exchange gains (losses) 194 (8,659)Other financial income (expense) (3,495) (4,284)Monetary gains (losses) (25,707) (8,618)Profit / (loss) before taxes and share of result of joint ventures (EBT) 18,579 34,249 Share of the result of a joint venture (1,000) (1,500)Income taxes (3,958) (16,876)Net profit / (loss) 13,621 15,873 For a high-level analysis of revenue and costs we refer to the section \u201c2024 results\u201d at the start of these financial statements.INTEREST INCOME / (EXPENSE) (IN \u20ac THOUSAND) 2023 2024Interest income 4,685 5,660 Interest expense (9,013) (12,775)Total (4,328) (7,115)Increases in interest rates in T\u00fcrkiye led to both an increase in the interest expenses and the interest income of the Group.The following are the amounts recognized in profit or loss:(IN \u20ac THOUSAND) 2023 2024Depreciation expense of right-of-use-assets (8,256) (8,256)Interest expense on lease liabilities (1,459) (2,029)Expenses relating to short-term leases and low-value assets (2,724) (1,889)Total amount recognized in profit or loss (12,439) (12,173)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__123": {
"value": "3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2023 2024Sales 866,098 826,992 Material costs (398,890) (373,497)Operating costs (161,902) (140,716)Personnel costs (194,802) (202,158)Depreciation on (in)tangible fixed assets (42,260) (45,732)Other net operating result (16,329) (1,962)Operating profit (EBIT) 51,915 62,926 Interest income (expense) (4,328) (7,115)Foreign exchange gains (losses) 194 (8,659)Other financial income (expense) (3,495) (4,284)Monetary gains (losses) (25,707) (8,618)Profit / (loss) before taxes and share of result of joint ventures (EBT) 18,579 34,249 Share of the result of a joint venture (1,000) (1,500)Income taxes (3,958) (16,876)Net profit / (loss) 13,621 15,873 For a high-level analysis of revenue and costs we refer to the section \u201c2024 results\u201d at the start of these financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__122": {
"value": "3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2023 2024Sales 866,098 826,992 Material costs (398,890) (373,497)Operating costs (161,902) (140,716)Personnel costs (194,802) (202,158)Depreciation on (in)tangible fixed assets (42,260) (45,732)Other net operating result (16,329) (1,962)Operating profit (EBIT) 51,915 62,926 Interest income (expense) (4,328) (7,115)Foreign exchange gains (losses) 194 (8,659)Other financial income (expense) (3,495) (4,284)Monetary gains (losses) (25,707) (8,618)Profit / (loss) before taxes and share of result of joint ventures (EBT) 18,579 34,249 Share of the result of a joint venture (1,000) (1,500)Income taxes (3,958) (16,876)Net profit / (loss) 13,621 15,873 For a high-level analysis of revenue and costs we refer to the section \u201c2024 results\u201d at the start of these financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__120": {
"value": "3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2023 2024Sales 866,098 826,992 Material costs (398,890) (373,497)Operating costs (161,902) (140,716)Personnel costs (194,802) (202,158)Depreciation on (in)tangible fixed assets (42,260) (45,732)Other net operating result (16,329) (1,962)Operating profit (EBIT) 51,915 62,926 Interest income (expense) (4,328) (7,115)Foreign exchange gains (losses) 194 (8,659)Other financial income (expense) (3,495) (4,284)Monetary gains (losses) (25,707) (8,618)Profit / (loss) before taxes and share of result of joint ventures (EBT) 18,579 34,249 Share of the result of a joint venture (1,000) (1,500)Income taxes (3,958) (16,876)Net profit / (loss) 13,621 15,873 For a high-level analysis of revenue and costs we refer to the section \u201c2024 results\u201d at the start of these financial statements.OPERATING COSTS (IN \u20ac THOUSAND) 2023 2024Transport (40,178) (39,584)Maintenance (26,132) (27,545)Services (21,322) (19,911)Energy (33,073) (24,967)Rent (2,724) (1,889)Communication (15,506) (12,084)Local taxes and fines (5,243) (4,702)Travel (5,367) (5,108)Marketing and sales support (2,311) (1,581)Insurance (2,830) (3,350)Loss on the realization of trade debtors (79) (312)(Increase) / decrease of allowances on doubtful debtors & inventory (4,073) 3,701 Other (3,065) (3,382)Total (161,902) (140,716)Operating costs decreased compared to 2023. The decrease is mainly attributable to a decrease in energy, communication and allowances on doubtful debtors and inventory.PAYROLL COSTS AND OTHER SOCIAL BENEFITS (IN \u20ac THOUSAND) 2023 2024Wages and salaries (147,271) (151,872)Social security contributions (31,075) (32,413)Contributions to defined contribution plans (7,702) (7,325)Share based payment expenses (1,180) (1,055)Other (7,574) (9,493)Total (194,802) (202,158)The increase of the payroll costs is mainly explained by an increase in gross salaries and other social benefits due to inflation.NUMBER OF EMPLOYEES (TOTAL FULL TIME EQUIVALENTS BY CATEGORY) 2023 2024Blue-collar workers 2,680 2,626White-collar workers 1,124 1,060Total 3,804 3,686OTHER OPERATING INCOME (IN \u20ac THOUSAND) 2023 2024Grants received 779 834 Gains on disposal of tangible fixed assets 1,161 836 Other 2,968 2,944 Total 4,908 4,613 Other operating income remained stable compared to 2023.OTHER OPERATING COSTS (IN \u20ac THOUSAND) 2023 2024Increase of provisions (17,004) (3,650)Impairments (2,555) (1,429)Loss on disposal of tangible fixed assets (1) -Other (1,678) (1,497)Total (21,238) (6,576)The other operating costs in 2023 were higher due to the fact that they included the provision related to the restructuring in Europe and Emerging markets.INTEREST INCOME / (EXPENSE) (IN \u20ac THOUSAND) 2023 2024Interest income 4,685 5,660 Interest expense (9,013) (12,775)Total (4,328) (7,115)Increases in interest rates in T\u00fcrkiye led to both an increase in the interest expenses and the interest income of the Group.FOREIGN EXCHANGE GAINS / (LOSSES) (IN \u20ac THOUSAND) 2023 2024Realized foreign exchange gains 4,900 2,250 Realized foreign exchange losses (4,187) (6,398)Unrealized foreign exchange gains 3,469 788 Unrealized foreign exchange losses (3,988) (5,300)Total 194 (8,659)Foreign exchange gains and losses include the FX gains and losses on monetary balance sheet items in foreign currency as well as the FX gains and losses on hedging transactions. Also, the \u2018cost of hedging\u2019, defined as the difference between the spot and forward rate of hedging contracts, is included in the foreign exchange result.The overall foreign exchange result decreased in 2024 due to a significant increase in the cost of hedging in T\u00fcrkiye.OTHER FINANCIAL GAINS / (LOSSES) (IN \u20ac THOUSAND) 2023 2024Other financial income (expense) (3,495) (4,284)Other financial income and expenses include bank charges, the result on the share liquidity program and withholding taxes paid on intra-group dividends and interest payments. The increase is mainly due to higher withholding taxes paid following higher intra-group dividends and interests.MONETARY GAINS / LOSSES (IN \u20ac THOUSAND) 2023 2024Monetary gains (losses) (25,707) (8,618)Monetary gains/losses relate to the gain or loss on the net monetary position that is derived as the difference resulting from the restatement of non-monetary items of the financial positions and offsetting of the inflation restatement of profit or loss items after application of IAS29 Hyperinflation for the Turkish subsidiaries of the Group. The decrease in monetary losses is the result of a lower inflation compared to 2023 and a decrease of the net monetary position in T\u00fcrkiye, driven by a.o. an increase in the upstream of intra-group dividends.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__119": {
"value": "3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2023 2024Sales 866,098 826,992 Material costs (398,890) (373,497)Operating costs (161,902) (140,716)Personnel costs (194,802) (202,158)Depreciation on (in)tangible fixed assets (42,260) (45,732)Other net operating result (16,329) (1,962)Operating profit (EBIT) 51,915 62,926 Interest income (expense) (4,328) (7,115)Foreign exchange gains (losses) 194 (8,659)Other financial income (expense) (3,495) (4,284)Monetary gains (losses) (25,707) (8,618)Profit / (loss) before taxes and share of result of joint ventures (EBT) 18,579 34,249 Share of the result of a joint venture (1,000) (1,500)Income taxes (3,958) (16,876)Net profit / (loss) 13,621 15,873 For a high-level analysis of revenue and costs we refer to the section \u201c2024 results\u201d at the start of these financial statements.OPERATING COSTS (IN \u20ac THOUSAND) 2023 2024Transport (40,178) (39,584)Maintenance (26,132) (27,545)Services (21,322) (19,911)Energy (33,073) (24,967)Rent (2,724) (1,889)Communication (15,506) (12,084)Local taxes and fines (5,243) (4,702)Travel (5,367) (5,108)Marketing and sales support (2,311) (1,581)Insurance (2,830) (3,350)Loss on the realization of trade debtors (79) (312)(Increase) / decrease of allowances on doubtful debtors & inventory (4,073) 3,701 Other (3,065) (3,382)Total (161,902) (140,716)Operating costs decreased compared to 2023. The decrease is mainly attributable to a decrease in energy, communication and allowances on doubtful debtors and inventory.PAYROLL COSTS AND OTHER SOCIAL BENEFITS (IN \u20ac THOUSAND) 2023 2024Wages and salaries (147,271) (151,872)Social security contributions (31,075) (32,413)Contributions to defined contribution plans (7,702) (7,325)Share based payment expenses (1,180) (1,055)Other (7,574) (9,493)Total (194,802) (202,158)The increase of the payroll costs is mainly explained by an increase in gross salaries and other social benefits due to inflation.NUMBER OF EMPLOYEES (TOTAL FULL TIME EQUIVALENTS BY CATEGORY) 2023 2024Blue-collar workers 2,680 2,626White-collar workers 1,124 1,060Total 3,804 3,686OTHER OPERATING INCOME (IN \u20ac THOUSAND) 2023 2024Grants received 779 834 Gains on disposal of tangible fixed assets 1,161 836 Other 2,968 2,944 Total 4,908 4,613 Other operating income remained stable compared to 2023.OTHER OPERATING COSTS (IN \u20ac THOUSAND) 2023 2024Increase of provisions (17,004) (3,650)Impairments (2,555) (1,429)Loss on disposal of tangible fixed assets (1) -Other (1,678) (1,497)Total (21,238) (6,576)The other operating costs in 2023 were higher due to the fact that they included the provision related to the restructuring in Europe and Emerging markets.INTEREST INCOME / (EXPENSE) (IN \u20ac THOUSAND) 2023 2024Interest income 4,685 5,660 Interest expense (9,013) (12,775)Total (4,328) (7,115)Increases in interest rates in T\u00fcrkiye led to both an increase in the interest expenses and the interest income of the Group.FOREIGN EXCHANGE GAINS / (LOSSES) (IN \u20ac THOUSAND) 2023 2024Realized foreign exchange gains 4,900 2,250 Realized foreign exchange losses (4,187) (6,398)Unrealized foreign exchange gains 3,469 788 Unrealized foreign exchange losses (3,988) (5,300)Total 194 (8,659)Foreign exchange gains and losses include the FX gains and losses on monetary balance sheet items in foreign currency as well as the FX gains and losses on hedging transactions. Also, the \u2018cost of hedging\u2019, defined as the difference between the spot and forward rate of hedging contracts, is included in the foreign exchange result.The overall foreign exchange result decreased in 2024 due to a significant increase in the cost of hedging in T\u00fcrkiye.OTHER FINANCIAL GAINS / (LOSSES) (IN \u20ac THOUSAND) 2023 2024Other financial income (expense) (3,495) (4,284)Other financial income and expenses include bank charges, the result on the share liquidity program and withholding taxes paid on intra-group dividends and interest payments. The increase is mainly due to higher withholding taxes paid following higher intra-group dividends and interests.MONETARY GAINS / LOSSES (IN \u20ac THOUSAND) 2023 2024Monetary gains (losses) (25,707) (8,618)Monetary gains/losses relate to the gain or loss on the net monetary position that is derived as the difference resulting from the restatement of non-monetary items of the financial positions and offsetting of the inflation restatement of profit or loss items after application of IAS29 Hyperinflation for the Turkish subsidiaries of the Group. The decrease in monetary losses is the result of a lower inflation compared to 2023 and a decrease of the net monetary position in T\u00fcrkiye, driven by a.o. an increase in the upstream of intra-group dividends.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__121": {
"value": "INCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2023 2024Sales 866,098 826,992 Material costs (398,890) (373,497)Operating costs (161,902) (140,716)Personnel costs (194,802) (202,158)Depreciation on (in)tangible fixed assets (42,260) (45,732)Other net operating result (16,329) (1,962)Operating profit (EBIT) 51,915 62,926 Interest income (expense) (4,328) (7,115)Foreign exchange gains (losses) 194 (8,659)Other financial income (expense) (3,495) (4,284)Monetary gains (losses) (25,707) (8,618)Profit / (loss) before taxes and share of result of joint ventures (EBT) 18,579 34,249 Share of the result of a joint venture (1,000) (1,500)Income taxes (3,958) (16,876)Net profit / (loss) 13,621 15,873 For a high-level analysis of revenue and costs we refer to the section \u201c2024 results\u201d at the start of these financial statements.OPERATING COSTS (IN \u20ac THOUSAND) 2023 2024Transport (40,178) (39,584)Maintenance (26,132) (27,545)Services (21,322) (19,911)Energy (33,073) (24,967)Rent (2,724) (1,889)Communication (15,506) (12,084)Local taxes and fines (5,243) (4,702)Travel (5,367) (5,108)Marketing and sales support (2,311) (1,581)Insurance (2,830) (3,350)Loss on the realization of trade debtors (79) (312)(Increase) / decrease of allowances on doubtful debtors & inventory (4,073) 3,701 Other (3,065) (3,382)Total (161,902) (140,716)Operating costs decreased compared to 2023. The decrease is mainly attributable to a decrease in energy, communication and allowances on doubtful debtors and inventory.PAYROLL COSTS AND OTHER SOCIAL BENEFITS (IN \u20ac THOUSAND) 2023 2024Wages and salaries (147,271) (151,872)Social security contributions (31,075) (32,413)Contributions to defined contribution plans (7,702) (7,325)Share based payment expenses (1,180) (1,055)Other (7,574) (9,493)Total (194,802) (202,158)The increase of the payroll costs is mainly explained by an increase in gross salaries and other social benefits due to inflation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__132-1": {
"value": "PAYROLL COSTS AND OTHER SOCIAL BENEFITS (IN \u20ac THOUSAND) 2023 2024Wages and salaries (147,271) (151,872)Social security contributions (31,075) (32,413)Contributions to defined contribution plans (7,702) (7,325)Share based payment expenses (1,180) (1,055)Other (7,574) (9,493)Total (194,802) (202,158)The increase of the payroll costs is mainly explained by an increase in gross salaries and other social benefits due to inflation.16. Provisions for post-employment employee benefitsDeceuninck GermanyNET LIABILITY (ASSET) and Deceuninck NV Ege Profil ASRECONCILIATIONOther TotalProduktions (Belgium)(T\u00fcrkiye)(IN \u20ac THOUSAND)GmbH(Germany)As per 31 December 2023 10,815 376 2,732 693 14,616 Pension cost recognized in 346 916 949 2,097 4,309 income statementRemeasurements recognized (191) (227) 283 - (135)in OCIBenefits paid directly (535) (879) (1,199) (2,100) (4,713)Translation adjustments - - (309) (49) (358)As per 31 December 2024 10,436 186 2,455 642 13,718 Non-current 9,898 166 2,433 630 13,127 Current 538 20 22 12 591 Defined benefit plans and other post-employment benefits Deceuninck NV (Belgium)For Deceuninck NV, the provisions for post-employment benefits relate to the early retirement obligation and Belgian pension plans. According to IAS19, Belgian defined contribution plans that guarantee a specified return are defined benefit plans, as the employer has to cover the investment risk until the applicable legal minimum rates.The returns guaranteed by the insurance company are in most cases lower, as a result the Group has not fully hedged its risk and a provision needs to be accounted for. Deceuninck NV has a number of defined contribution plans, applicable to different categories of personnel. Those pension plans have been set up by Deceuninck NV and are thus not multi-employer plans. All plans are funded through group insurances with an insurance company. Contributions are made by the employer and employee.In Belgium, inactive members are not included as there is no material deficit. The total amount of the reserve for these members amount to \u20ac 7.6 million. The reserves are fully funded with plan assets.Deceuninck NV operates an early retirement plan under the legal framework in Belgium and allows that employees reaching the legal pre-pension age (currently 62 years with certain additional conditions linked to the length of career) can benefit from an early pension and retire before the legal pension age (currently 65 years). The elderly employees accepting such offers will receive a temporary supplement paid by Deceuninck NV until their legal retirement age on top of the unemployment allowance. The provision covers the employees for which there exists a plan and the expected employees to retire by an early retirement scheme the next coming 4 years based on the collective labor agreement. The plan is available for all employees meeting the requirements. It is unfunded and administered by Deceuninck NV.In accordance with IFRS, the actuarial present value of the defined pension benefit plans must be calculated, as that value represents the total of the amounts that can currently be allocated to each participant in the plan. The actuarial present value was calculated based on the mortality tables IA/BE (age correction -1 years) and the following actuarial assumptions:DECEUNINCK NV (BELGIUM) - PRINCIPAL ACTUARIAL ASSUMPTIONS 2023 2024Discount rate 3.20% 3.30%Increase in compensations - white collar 2.85% 2.75%Increase in compensations - blue collar 2.85% 2.75%Increases in social security 2.85% 2.75%Increases in pensions N/A N/AInflation 2.10% 2.00%The main risks for Deceuninck NV relate to future salary increases.Deceuninck Germany GmbH and Deceuninck Germany Produktions GmbH & Co KG (Germany)For Deceuninck Germany GmbH and Deceuninck Germany Produktions GmbH & Co KG, the provisions for employee benefits refer to the provision for pensions which is unfunded. The pension plan entitles the beneficiary to a lump sum amount at the start of their pension. The plan was available to all employees started to work for Deceuninck Germany GmbH before 1999. For one manager there is an individual pension plan which provides an annuity payment after retirement. The plan is based on the collective agreement of IGBCE and the respective company agreement. The actuarial present value was calculated based on the following assumptions:DECEUNINCK GERMANY AND PRODUKTIONS GMBH (GERMANY) - PRINCIPAL 2023 2024ACTUARIAL ASSUMPTIONSDiscount rate 3.20% 3.30%Increase in compensations - white collar 3.00% 3.00%Increase in compensations - blue collar 3.00% 3.00%Increases in social security 3.00% 3.00%Increases in pensions 2.00% 2.00%Inflation 2.00% 2.00%Ege Profil AS (T\u00fcrkiye)The company is required to pay a termination indemnity upon the date of retirement. This plan is legally required for all employees and is unfunded. The actuarial present value was calculated based on the following assumptions:EGE PROFIL AS (T\u00dcRKIYE) - PRINCIPAL ACTUARIAL ASSUMPTIONS 2023 2024Discount rate 26.43% 27.87%Increase in compensations - white collar 70.00% 40.00%Increase in compensations - blue collar 70.00% 40.00%Increases in social security 70.00% 40.00%Increases in pensions N/A N/AInflation N/A N/AOtherThese provisions for employee benefits refer to local pension regulations. The tables below provide an overview of the pension costs included in the consolidated income statement, and the amounts recognized in the balance sheet position for the defined pension plan of Deceuninck Germany GmbH, Deceuninck Produktions GmbH & Co. KG, Ege Profil AS and the Belgian subsidiaries of the last two years:COMPONENTS OF 2023 2024PENSION COSTDeceuninckDeceuninckGermany andGermany andEge Profil ASDeceuninckEge Profil ASDeceuninck(IN \u20ac THOUSAND)ProduktionsTotalProduktionsTotal(T\u00fcrkiye)NV (Belgium)(T\u00fcrkiye)NV (Belgium)GmbHGmbH(Germany)(Germany)Current service cost 37 873 768 1,679 9 379 931 1,318 Interest cost 369 382 (18) 733 338 571 (15) 893 Recognized in income 406 1,255 750 2,412 346 949 916 2,212 statementThe current service cost is included in the financial statement lines in the consolidated income statement based on the function and activities of the related personnel. If the related personnel are no longer active within the Group, the cost is recognized in the section Other under Other operating costs. The interest cost is included in Other financial result. Where applicable, the current service cost is considered for the inventory valuation.AMOUNTS RECOGNIZED IN THE STATEMENT OF 2023 2024FINANCIAL POSITIONDeceuninckDeceuninckGermany andGermany andEge Profil ASDeceuninckEge Profil ASDeceuninck(IN \u20ac THOUSAND)ProduktionsTotalProduktionsTotal(T\u00fcrkiye)NV (Belgium)(T\u00fcrkiye)NV (Belgium)GmbHGmbH(Germany)(Germany)Present value of defined 10,816 2,731 9,078 22,624 10,436 2,454 9,344 22,234 benefit obligationFair value of plan assets - - (8,702) (8,702) - - (9,158) (9,158)Net liability (asset) 10,816 2,731 376 13,922 10,436 2,454 186 13,076 CHANGE IN PENSION 2023 2024BENEFIT OBLIGATIONSDeceuninckDeceuninckGermany andGermany andEge Profil ASDeceuninckEge Profil ASDeceuninck(IN \u20ac THOUSAND)ProduktionsTotalProduktionsTotal(T\u00fcrkiye)NV (Belgium)(T\u00fcrkiye)NV (Belgium)GmbHGmbH(Germany)(Germany)At the beginning of 10,230 3,391 8,533 22,153 10,816 2,731 9,078 22,624 Current service cost 37 873 768 1,679 9 379 931 1,318 Interest cost 369 382 297 1,048 338 571 278 1,186 Plan participants - - 286 286 - - 262 262 contributionsActuarial (gain) / loss 697 1,003 433 2,133 (191) 283 (239) (147)Arising from changes in 676 (202) 257 (134) (7) (121)financial assumptionsExperience adjustments 21 962 176 (57) 925 (116)Arising from demographic - 242 - - (636) (2)assumptionsBenefits paid directly (517) (1,602) (1,239) (3,359) (535) (1,199) (966) (2,700)Exchange rate differences - (1,316) - (1,316) - (309) - (309)At the end of 10,816 2,731 9,078 22,624 10,436 2,454 9,344 22,234 CHANGE IN FAIR VALUE OF 2023 2024PLAN ASSETSDeceuninckDeceuninckGermany andGermany andEge Profil ASDeceuninckEge Profil ASDeceuninck(IN \u20ac THOUSAND)ProduktionsTotalProduktionsTotal(T\u00fcrkiye)NV (Belgium)(T\u00fcrkiye)NV (Belgium)GmbHGmbH(Germany)(Germany)At the beginning of - - 8,037 8,037 - - 8,702 8,702 Interest income on plan assets - - 315 315 - - 293 293 Actuarial (gain) / loss - - 331 331 - - (12) (12)Return on plan asset - - 331 - - (12)Employer contributions - - 854 854 - - 865 865 Plan participants contributions - - 286 286 - - 262 262 Benefits paid directly - - (1,121) (1,121) - - (952) (952)At the end of - - 8,702 8,702 - - 9,158 9,158 OTHER 2024DeceuninckGermany andEge Profil ASDeceuninck(IN \u20ac THOUSAND)Produktions(T\u00fcrkiye)NV (Belgium)GmbH(Germany)ContributionsExpected contribution to the plan for the next annual reporting 538 N/A 769periodMaturity profileDuration jubilee benefits N/A N/A N/ADuration prepensions N/A N/A 2.8Duration DC pension plans 13.0/18.0 N/A 12.1Duration other long term benefits N/A 11.1 N/AExpected payments from the defined benefit plan withinCashFlow Year 1 538 22 57 CashFlow Year 2 554 1,565 7 CashFlow Year 3 561 16 543 CashFlow Year 4 569 22 576 CashFlow Year 5 574 31 964 CashFlow Year 6-10 2,842 1,323 3,344 Sensitivity analysis shows the following impacts:Deceuninck GermanyAS PER 31 DECEMBER 2024and Produktions GmbHEge Profil AS (T\u00fcrkiye) Deceuninck NV (Belgium)(Germany)Change in discount rate -0.20% 0.20% -0.50% 0.50% -0.20% 0.20%Impact on present value of defined benefit obligation 270 (259) 111 (103) 121 (110)(in \u20ac thousand)Change in pension increase -0.50% 0.50% -0.50% 0.50% N/A N/ArateImpact on present value of defined benefit obligation (517) 544 (106) 114 (in \u20ac thousand)- one + one - one + one - one + one Change in longevityyear life year life year life year life year life year life expectancyexpectancyexpectancyexpectancyexpectancyexpectancyImpact on present value of defined benefit obligation (371) 385 N/A N/A 21 (22)(in \u20ac thousand)",
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"value": "NUMBER OF EMPLOYEES (TOTAL FULL TIME EQUIVALENTS BY CATEGORY) 2023 2024Blue-collar workers 2,680 2,626White-collar workers 1,124 1,060Total 3,804 3,686",
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"f0__s9__6__143": {
"value": "INTEREST INCOME / (EXPENSE) (IN \u20ac THOUSAND) 2023 2024Interest income 4,685 5,660 Interest expense (9,013) (12,775)Total (4,328) (7,115)Increases in interest rates in T\u00fcrkiye led to both an increase in the interest expenses and the interest income of the Group.FOREIGN EXCHANGE GAINS / (LOSSES) (IN \u20ac THOUSAND) 2023 2024Realized foreign exchange gains 4,900 2,250 Realized foreign exchange losses (4,187) (6,398)Unrealized foreign exchange gains 3,469 788 Unrealized foreign exchange losses (3,988) (5,300)Total 194 (8,659)Foreign exchange gains and losses include the FX gains and losses on monetary balance sheet items in foreign currency as well as the FX gains and losses on hedging transactions. Also, the \u2018cost of hedging\u2019, defined as the difference between the spot and forward rate of hedging contracts, is included in the foreign exchange result.The overall foreign exchange result decreased in 2024 due to a significant increase in the cost of hedging in T\u00fcrkiye.OTHER FINANCIAL GAINS / (LOSSES) (IN \u20ac THOUSAND) 2023 2024Other financial income (expense) (3,495) (4,284)Other financial income and expenses include bank charges, the result on the share liquidity program and withholding taxes paid on intra-group dividends and interest payments. The increase is mainly due to higher withholding taxes paid following higher intra-group dividends and interests.MONETARY GAINS / LOSSES (IN \u20ac THOUSAND) 2023 2024Monetary gains (losses) (25,707) (8,618)Monetary gains/losses relate to the gain or loss on the net monetary position that is derived as the difference resulting from the restatement of non-monetary items of the financial positions and offsetting of the inflation restatement of profit or loss items after application of IAS29 Hyperinflation for the Turkish subsidiaries of the Group. The decrease in monetary losses is the result of a lower inflation compared to 2023 and a decrease of the net monetary position in T\u00fcrkiye, driven by a.o. an increase in the upstream of intra-group dividends.",
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"f0__s9__6__144": {
"value": "INTEREST INCOME / (EXPENSE) (IN \u20ac THOUSAND) 2023 2024Interest income 4,685 5,660 Interest expense (9,013) (12,775)Total (4,328) (7,115)Increases in interest rates in T\u00fcrkiye led to both an increase in the interest expenses and the interest income of the Group.FOREIGN EXCHANGE GAINS / (LOSSES) (IN \u20ac THOUSAND) 2023 2024Realized foreign exchange gains 4,900 2,250 Realized foreign exchange losses (4,187) (6,398)Unrealized foreign exchange gains 3,469 788 Unrealized foreign exchange losses (3,988) (5,300)Total 194 (8,659)Foreign exchange gains and losses include the FX gains and losses on monetary balance sheet items in foreign currency as well as the FX gains and losses on hedging transactions. Also, the \u2018cost of hedging\u2019, defined as the difference between the spot and forward rate of hedging contracts, is included in the foreign exchange result.The overall foreign exchange result decreased in 2024 due to a significant increase in the cost of hedging in T\u00fcrkiye.OTHER FINANCIAL GAINS / (LOSSES) (IN \u20ac THOUSAND) 2023 2024Other financial income (expense) (3,495) (4,284)Other financial income and expenses include bank charges, the result on the share liquidity program and withholding taxes paid on intra-group dividends and interest payments. The increase is mainly due to higher withholding taxes paid following higher intra-group dividends and interests.MONETARY GAINS / LOSSES (IN \u20ac THOUSAND) 2023 2024Monetary gains (losses) (25,707) (8,618)Monetary gains/losses relate to the gain or loss on the net monetary position that is derived as the difference resulting from the restatement of non-monetary items of the financial positions and offsetting of the inflation restatement of profit or loss items after application of IAS29 Hyperinflation for the Turkish subsidiaries of the Group. The decrease in monetary losses is the result of a lower inflation compared to 2023 and a decrease of the net monetary position in T\u00fcrkiye, driven by a.o. an increase in the upstream of intra-group dividends.",
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"f0__s9__6__145": {
"value": "INTEREST INCOME / (EXPENSE) (IN \u20ac THOUSAND) 2023 2024Interest income 4,685 5,660 Interest expense (9,013) (12,775)Total (4,328) (7,115)Increases in interest rates in T\u00fcrkiye led to both an increase in the interest expenses and the interest income of the Group.FOREIGN EXCHANGE GAINS / (LOSSES) (IN \u20ac THOUSAND) 2023 2024Realized foreign exchange gains 4,900 2,250 Realized foreign exchange losses (4,187) (6,398)Unrealized foreign exchange gains 3,469 788 Unrealized foreign exchange losses (3,988) (5,300)Total 194 (8,659)Foreign exchange gains and losses include the FX gains and losses on monetary balance sheet items in foreign currency as well as the FX gains and losses on hedging transactions. Also, the \u2018cost of hedging\u2019, defined as the difference between the spot and forward rate of hedging contracts, is included in the foreign exchange result.The overall foreign exchange result decreased in 2024 due to a significant increase in the cost of hedging in T\u00fcrkiye.OTHER FINANCIAL GAINS / (LOSSES) (IN \u20ac THOUSAND) 2023 2024Other financial income (expense) (3,495) (4,284)Other financial income and expenses include bank charges, the result on the share liquidity program and withholding taxes paid on intra-group dividends and interest payments. The increase is mainly due to higher withholding taxes paid following higher intra-group dividends and interests.MONETARY GAINS / LOSSES (IN \u20ac THOUSAND) 2023 2024Monetary gains (losses) (25,707) (8,618)Monetary gains/losses relate to the gain or loss on the net monetary position that is derived as the difference resulting from the restatement of non-monetary items of the financial positions and offsetting of the inflation restatement of profit or loss items after application of IAS29 Hyperinflation for the Turkish subsidiaries of the Group. The decrease in monetary losses is the result of a lower inflation compared to 2023 and a decrease of the net monetary position in T\u00fcrkiye, driven by a.o. an increase in the upstream of intra-group dividends.",
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"f0__s9__6__136": {
"value": "OTHER OPERATING INCOME (IN \u20ac THOUSAND) 2023 2024Grants received 779 834 Gains on disposal of tangible fixed assets 1,161 836 Other 2,968 2,944 Total 4,908 4,613 Other operating income remained stable compared to 2023.",
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"f0__s9__6__141-1": {
"value": "FOREIGN EXCHANGE GAINS / (LOSSES) (IN \u20ac THOUSAND) 2023 2024Realized foreign exchange gains 4,900 2,250 Realized foreign exchange losses (4,187) (6,398)Unrealized foreign exchange gains 3,469 788 Unrealized foreign exchange losses (3,988) (5,300)Total 194 (8,659)Foreign exchange gains and losses include the FX gains and losses on monetary balance sheet items in foreign currency as well as the FX gains and losses on hedging transactions. Also, the \u2018cost of hedging\u2019, defined as the difference between the spot and forward rate of hedging contracts, is included in the foreign exchange result.The overall foreign exchange result decreased in 2024 due to a significant increase in the cost of hedging in T\u00fcrkiye.An overview of the currency translation adjustments by currency is given below:CURRENCY TRANSLATION ADJUSTMENTS2023 2024(IN \u20ac THOUSAND)USD (6,563) (111)TRY (76,770) (50,806)RUB (9,553) (9,823)PLN (2,962) (2,524)GBP (2,696) (1,551)CZK 700 373 Other 510 (1,792)Total (97,334) (66,234)Currency translation adjustments include all exchange rate differences resulting from the conversion of the financial statements of subsidiaries into euro. The total currency translation adjustments amount to \u20ac -66.2 million as at 31 December 2024.",
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"f0__s9__6__142-1": {
"value": "FOREIGN EXCHANGE GAINS / (LOSSES) (IN \u20ac THOUSAND) 2023 2024Realized foreign exchange gains 4,900 2,250 Realized foreign exchange losses (4,187) (6,398)Unrealized foreign exchange gains 3,469 788 Unrealized foreign exchange losses (3,988) (5,300)Total 194 (8,659)Foreign exchange gains and losses include the FX gains and losses on monetary balance sheet items in foreign currency as well as the FX gains and losses on hedging transactions. Also, the \u2018cost of hedging\u2019, defined as the difference between the spot and forward rate of hedging contracts, is included in the foreign exchange result.The overall foreign exchange result decreased in 2024 due to a significant increase in the cost of hedging in T\u00fcrkiye.10. Long-term receivables(IN \u20ac THOUSAND) 2023 2024Other receivables 399 397 Receivables from joint ventures 10,582 10,582 Total 10,981 10,97912. Trade receivables and other receivables(IN \u20ac THOUSAND) 2023 2024Gross trade receivables 95,560 124,834 Impairments allowance (13,431) (13,617)Trade receivables 82,129 111,217 VAT and other taxes 8,618 8,077 Derivative financial instruments 240 296 Prepaid charges 3,499 3,472 Short-term warranties 199 103 Advance checks received 31,329 46,367 Receivables from joint ventures 112 328 Other 653 367 Other receivables 44,650 59,009 Gross trade receivables increased by \u20ac 29.3 million. Total factoring amounted to \u20ac 0.3 million at 31 December 2024 (2023: \u20ac 18.3 million). The effect of the factoring agreement is shown as a decrease in trade receivables, as substantially all risks and rewards relating to the trade receivables are transferred to the factor company (non-recourse factoring).Days sales outstanding (DSO) increased year-on-year, to 53 days in 2024 compared to 39 days in 2023. The increase in DSO is mainly related to the fact that the Group did not request factor financing at 31 December 2024.The gross trade receivables consist of invoiced sales, an accrual for invoices to be issued, an accrual for credit notes to be received and exchange rate differences.The advance checks mainly consist of checks which have been received from customers in T\u00fcrkiye, to guarantee orders that will be executed in a later stage. This is a common practice in the local construction industry. These checks are considered as advance payments and can be discounted or used for payments without any preconditions. Before finalisation of these orders, the advance checks are presented gross as both \u2018other receivables\u2019 and as \u2018other liabilities\u2019 as disclosed in Note 19. Upon delivery and invoicing, these checks are netted. The corresponding trade receivable is presented as such and will be settled at the expiry date of the check.An analysis of the trade receivables is provided below, which shows the ageing of both gross outstanding trade receivables and impairment allowances on these trade receivables.Aging analysis of< 30 31 - 6061 - 9091 - 120> 120trade receivables Total Not duedaysdaysdaysdaysdays(IN \u20ac THOUSAND)Gross trade receivables per 124,834 89,178 14,122 5,122 2,237 3,032 11,143 31 December 2024Impairments allowance per (13,617) (1,387) (131) (84) (91) (2,372) (9,552)31 December 2024Net carrying value per 111,217 87,791 13,991 5,038 2,146 660 1,591 31 December 2024Net carrying value per 82,129 60,788 8,524 5,048 2,873 1,736 3,161 31 December 2023As per 31 December 2024 an amount of \u20ac 13.6 million (2023: \u20ac 13.4 million) is recorded as impairment allowance on trade receivables.The majority of the impairment allowance relates to specific allowances for long overdue receivables. The impact of the expected credit loss (ECL) model on the impairment allowance remains stable compared to 2023 and is mainly included in the T\u00fcrkiye & Emerging Markets segment, where loss rates between 5% and 15% are applied, in line with the 2023 ECL model. If the loss rate would be increased by 1%, the impairment allowance would increase by \u20ac 422 thousand.The movements during the last 2 financial years are presented in the following table:IMPAIRMENT ALLOWANCE (IN \u20ac THOUSAND) 2023 2024At the beginning of (12,306) (13,431)Additions (4,652) (2,472)Reversals 1,745 1,452 Utilizations 420 17 Translation adjustments 1,362 816 At the end of (13,431) (13,617)13. Cash and cash equivalents(IN \u20ac THOUSAND) 2023 2024Cash and current bank accounts 25,920 9,988 Short term deposits 20,625 24,145 Total 46,545 34,133 Cash and cash equivalents have decreased mainly due to further optimalisation of debt management in T\u00fcrkiye as a result of the high interest environment. The decrease in cash and current bank accounts is also related to the fact that the Group did not request factor financing at 31 December 2024.18. Interest-bearing debtsThe following tables provide an overview of the interest-bearing debts of the Group at year end:LONG-TERM INTEREST-BEARING DEBTS 2023 2024(IN \u20ac THOUSAND)Loans from financial institutions 89,688 82,690 Leasing 15,409 18,624 Long-term interest-bearing debts 105,097 101,314 SHORT-TERM INTEREST-BEARING DEBTS 2023 2024(IN \u20ac THOUSAND)Loans from financial institutions 4,763 10,791 Leasing 7,251 7,175 Short-term interest-bearing debts 12,013 17,966 Long-term interest-bearing loans mainly consist of straight loans drawn under the \u20ac 120 million Sustainability Linked Loan Facility Agreement maturing in 2027.The long-term leasing contracts mainly consist of agreements for the leasing of cars, equipment or buildings. Additional details are provided in Note 20. Short term interest-bearing loans mainly consist of working capital loans from Turkish banks maturing within 12 months.Non-cash changesForeign IFRS 16 INTEREST BEARING Foreign Cash Capitalized Exchange New DEBTS 2022exchange 2023FlowsInterestrevaluation in Leases / (IN \u20ac THOUSAND)translation(profit) or lossDisposalsLoans from financial 130,502 (31,555) 96 20 - (4,613) 94,450 institutionsLeasing 16,697 (7,109) - 660 13,316 (903) 22,661 Interest bearing debts 147,199 (38,664) 96 680 13,316 (5,516) 117,110 Non-cash changesForeign IFRS 16 Foreign INTEREST BEARING DEBTS Cash Capitalized Exchange New 2023exchange 2024(IN \u20ac THOUSAND)FlowsInterestrevaluation in Leases / translation(profit) or lossDisposalsLoans from financial 94,450 (335) 192 113 - (940) 93,482 institutionsLeasing 22,660 (8,138) - 276 10,801 199 25,799 Interest bearing debts 117,110 (8,472) 192 389 10,801 (741) 119,280 As of 31 December 2024, undrawn committed credit lines under the \u20ac 120 million Sustainability Linked Loan Facility Agreement and \u20ac 60 million Revolving Credit Facility amounted to \u20ac 100 million.All interest-bearing debt of Deceuninck is unsecured. Usual financial covenants (Leverage, Interest Cover, ...) are applicable to the committed credit facilities and the remaining balance (\u20ac 1 million) of the loan received in 2015 from the European Bank for Reconstruction and Development for the construction of the new plant in Menemen (T\u00fcrkiye). As per 31 December 2024 and at all preceding testing dates throughout 2024, Deceuninck Group has met all its covenants.The following table provides a summary of the outstanding debts by currency, the average interest rates and maturity profile as per 31 December 2024:TERMS AND MATURITY PROFILE Due within Due between Due after Interest %Total(IN \u20ac THOUSAND)1 year1 and 5 years5 yearsFinancial liabilities (excl leasing liabilities) 4,762 89,051 637 94,450 Leasing liabilities 7,499 18,128 485 26,112 2023 12,261 107,179 1,121 120,561 Financial liabilities (excl leasing liabilities) 10,791 82,053 637 93,482 Leasing liabilities 7,406 16,575 7,032 31,013 2024 18,197 98,629 7,668 124,495 Of whichEUR 4.27% 4,934 88,552 637 94,123 TRY 34.98% 10,303 1,819 - 12,122 USD 8.69% 1,760 6,785 7,032 15,577 Other foreign currencies 9.19% 1,201 1,473 - 2,673The Group has \u20ac 93.5 million outstanding financial liabilities (excl leasing liabilities), of which \u20ac 80.9 million are loans at a variable interest rate. In order to mitigate the risk of increasing interest rates, Deceuninck has entered into Interest Rate Swaps with a tenor of five years for a total notional amount of \u20ac 100 million, whereby it will pay a fixed interest rate and will receive the floating rate (i.e. Euribor 1 month). As at 31 December 2024, there are temporarily lower outstanding financial liabilities at variable interest rate in comparison to the hedging by means of interest rate swaps due to a temporary improvement in working capital position.19. Trade payables and other liabilities(IN \u20ac THOUSAND) 2023 2024Trade Debts 138,790 123,480 Derivative financial instruments 805 1,132 Guarantees from customers 826 729 Accrued interest 257 512 Accrued charges 1,093 307 Deferred income 629 661 Advance checks received 37,100 48,060Other 1,436 2,264Other liabilities 42,146 53,666 The conditions for the above-mentioned trade debts and other debts are as follows:\u2022 Trade debts do not bear interest and are usually paid on the basis of payment terms that can vary depending on the market. On average, these payment terms fluctuate between 45 and 65 days from the end of the month in which the debt is incurred. In T\u00fcrkiye this can be up to one year after the invoice date.\u2022 For the conditions with regard to the financial instruments, we refer to Note 25.\u2022 The guarantees from customers do not bear any interest and are immediately payable, as soon as the contrac-tual obligations of the customer have been fulfilled.Trade debts include, besides the invoiced purchases also a provision for invoices to be received, a provision for credit notes to be issued and foreign currency translation differences. The other payables mainly consist of advance checks as referred to in Note 12.Hierarchical classification of fair valueA comparison is provided below between the net carrying value and the fair value of financial instruments, which have been included in the financial statements. The fair value of the loans was calculated by defining the expected future cash flows, and by discounting these on common, accepted interest rates.The Group uses the following hierarchical classification in determining and explaining the fair value of financial instruments by valuation technique: \u2022 Level 1: quoted (not adjusted) prices in active markets for identical assets or liabilities. \u2022 Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.\u2022 Level 3: techniques that use input with a significant impact on the recorded fair value that is not based on observable market data.During the reporting period ending 31 December 2024, there were no transfers between Level 1 and Level 2 fair value measurements and no transfers into and out of Level 3 fair value measurements.The values as determined under \u2018Level 2\u2019 are based on the \u2018mark-to-market\u2019 calculations by the financial institutions providing the financial instruments. Net carrying value Fair valueFINANCIAL INSTRUMENTS (IN \u20ac THOUSAND)2023 2024 2023 2024Financial assetsCash and cash equivalents 46,545 34,133 46,545 34,133 Trade receivables 82,129 111,217 82,129 111,217 Financial fixed assets 8 8 8 8 Derivative financial instruments 240 296 240 296 Financial liabilitiesLoans with a variable interest rate 89,934 80,856 89,934 80,856 Loans with a fixed interest rate 4,516 12,625 4,058 12,293 Financial leasing liabilities 22,660 25,798 22,660 25,798 Derivative financial instruments 805 1,132 805 1,132 As per 31 December 2023 the Group had the following financial instruments. DERIVATIVE FINANCIAL INSTRUMENTS - 2023 HIERARCHICAL CLASSIFICATION OF FAIR Level 1 Level 2 Level 331 DECVALUE (IN \u20ac THOUSAND)FX forward contracts 240 - 240 - Assets at fair value 240 - 240 - Interest rate swap 46 - 46 - FX forward contracts 759 - 759 - Liabilities at fair value 805 - 805 - As per 31 December 2024 the Group has the following financial instruments.DERIVATIVE FINANCIAL INSTRUMENTS - 2024 HIERARCHICAL CLASSIFICATION OF FAIR Level 1 Level 2 Level 331 DECVALUE (IN \u20ac THOUSAND)FX forward contracts 296 - 296 - Assets at fair value 296 - 296 - Interest rate swap 823 - 823 - FX forward contracts 308 - 308 - Liabilities at fair value 1,132 - 308 -",
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"value": "4. Income taxesThe breakdown of the income tax charge for 2023 and 2024 is presented as follows:INCOME TAXES RECOGNIZED IN THE INCOME STATEMENT (IN \u20ac THOUSAND) 2023 2024 Current income taxes (15,133) (10,639)Relating to current year (17,034) (9,474)Relating to previous years 1,902 (1,165)Other (1) - Deferred income taxes 11,175 (6,238)Relating to temporary differences - current year 5,839 (9,178)Relating to temporary differences - adjustment previous years 721 (532)Recognition of deferred income tax asset on tax losses of current year 2,801 406 Utilization of deferred income tax asset on tax losses of previous years (899) (293)Impairment (-)/reversal of impairment (+) of deferred income tax asset on tax losses (1,682) 3,369 of previous yearsRecognition of deferred tax assets on tax incentives 270 - Utilization of deferred tax assets on tax incentives (31) - Other 4,156 (9)Income taxes recognized in the income statement (3,958) (16,876)The line item Other under deferred income taxes in 2023 is mainly related due to the fact that the Groups\u2019 Turkish subsidiaries are obligated to apply hyperinflation accounting on the tax ledger, resulting in a derecognition of deferred tax liabilities in 2023.The following table provides a reconciliation between the earnings before tax and the income taxes for 2023 and 2024:RECONCILIATION BETWEEN EARNINGS BEFORE TAX (EBT) - IFRS AND INCOME 2023 2024 TAXES (IN \u20ac THOUSAND)Earnings before tax - IFRS 18,579 34,249 Statutory tax rate of the parent company 25% 25%Income taxes calculated at the statutory tax rate of the parent company (4,645) (8,562)Tax effect of:Difference between local tax rate and statutory tax rate of the parent company 676 (123)Non-deductible items (1,454) (3,580)Government grants and other exempted income 1,485 1,054 Use of tax losses carried forward for which no deferred income tax asset has been 170 617 recognizedCurrent income taxes relating to previous years 1,904 (1,164)Deferred taxes on temporary differences relating to previous years - adjustments 710 - Non-recognition of deferred income taxes on current years losses and deductible (4,922) (1,041)temporary differences(De)recognition of deferred income tax assets on tax losses of previous years 2,133 3,385 (De)recognition of deferred income tax assets on tax incentives 270 - Other (285) (7,462)Income taxes recognized in the income statement (3,957) (16,876)Effective tax rate 21.30% 49.27%Other contains the impact of the application of IAS29 Hyperinflation, where temporary differences arise mainly on tangible fixed assets.The following table gives an overview of the deferred income taxes as per 31 December 2023 and 2024:DEFERRED TAX MOVEMENT Charged / Translation Charged/SCHEDULE2023credited toTransfersadjustments 2024credit to PL(IN \u20ac THOUSAND)equityTotalDEFERRED INCOME TAX ASSETS BY TYPE OF TEMPORARY DIFFERENCE:Tax losses carried forward & 21,738 6,962 - 1,792 409 30,901 tax incentivesTangible fixed assets 768 (316) - (141) 23 333 Provisions 9,153 (4,470) (39) - (172) 4,472 Inventories 2,381 62 - - 55 2,498 Interest bearing loans 102 86 - - (55) 133 Other assets & liabilities 3,921 (1,485) - - 50 2,486 Deferred income tax assets 38,063 839 (39) 1,651 310 40,823 DEFERRED INCOME TAX LIABILITIES BY TYPE OF TEMPORARY DIFFERENCE:Tangible fixed assets 22,983 3,147 - 1,651 330 28,111 Provisions 89 (3) - - 1 87 Inventories - 129 - - (77) 52 Other assets & liabilities 89 3,803 (194) - (41) 3,656 Deferred income tax liabilities 23,160 7,076 (194) 1,651 213 31,907 Net deferred income taxes 14,902 (6,237) 155 - 96 8,917 In 2024, the Group recognized deferred income tax assets for tax losses carried forward and tax incentives, for which utilization depends on future taxable profits. The total amount of this deferred income tax asset amounted to \u20ac 30.9 million at the end of 2024 (As at 31 December 2023: \u20ac 21.7 million).The outlook provides adequate assurance that the company will generate sufficient taxable profits in the near future in order to utilize the deferred income tax assets recognized.As at 31 December 2024, the Group has a total amount of tax losses carried forward and tax incentives of \u20ac 180.2 million (2023: \u20ac 171.0 million). The split per tax jurisdiction is detailed in the table on the right:(IN \u20ac THOUSAND) 2023 2024Belgium 108,532 121,250 Brazil 683 528 Chile 174 - Colombia 4,578 4,777 Germany 6,604 4,813 United Kingdom 22,940 24,439 India 3,570 4,401 Mexico 1,059 590 Russia 6,354 6,530 Poland - 2,695 Thailand 257 216 United States 16,250 9,915 Total tax losses 171,001 180,154carried forwardPillar Two legislation has been enacted or substantively enacted in certain jurisdictions the Group operates. The legislation is effective for the Group\u2019s financial year beginning 1 January 2024. The Group is in scope of the enacted or substantively enacted legislation and has performed an assessment of the Group\u2019s exposure to Pillar Two income taxes.The assessment of the exposure to Pillar Two income taxes is based on the most recent tax filings, country-by-country reporting and financial statements for the constituent entities in the Group. Based on the assessment that considers the transitional (financial years 2024 \u2013 2026) safe harbour conditions (De minimis test, Effective tax rate test and Routine profits test), In 2024 the Group is not subject to minimum top-up tax, with all subsidiaries eligible for the Transitional Safe Harbours.",
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"value": "4. Income taxesThe breakdown of the income tax charge for 2023 and 2024 is presented as follows:INCOME TAXES RECOGNIZED IN THE INCOME STATEMENT (IN \u20ac THOUSAND) 2023 2024 Current income taxes (15,133) (10,639)Relating to current year (17,034) (9,474)Relating to previous years 1,902 (1,165)Other (1) - Deferred income taxes 11,175 (6,238)Relating to temporary differences - current year 5,839 (9,178)Relating to temporary differences - adjustment previous years 721 (532)Recognition of deferred income tax asset on tax losses of current year 2,801 406 Utilization of deferred income tax asset on tax losses of previous years (899) (293)Impairment (-)/reversal of impairment (+) of deferred income tax asset on tax losses (1,682) 3,369 of previous yearsRecognition of deferred tax assets on tax incentives 270 - Utilization of deferred tax assets on tax incentives (31) - Other 4,156 (9)Income taxes recognized in the income statement (3,958) (16,876)The line item Other under deferred income taxes in 2023 is mainly related due to the fact that the Groups\u2019 Turkish subsidiaries are obligated to apply hyperinflation accounting on the tax ledger, resulting in a derecognition of deferred tax liabilities in 2023.The following table provides a reconciliation between the earnings before tax and the income taxes for 2023 and 2024:RECONCILIATION BETWEEN EARNINGS BEFORE TAX (EBT) - IFRS AND INCOME 2023 2024 TAXES (IN \u20ac THOUSAND)Earnings before tax - IFRS 18,579 34,249 Statutory tax rate of the parent company 25% 25%Income taxes calculated at the statutory tax rate of the parent company (4,645) (8,562)Tax effect of:Difference between local tax rate and statutory tax rate of the parent company 676 (123)Non-deductible items (1,454) (3,580)Government grants and other exempted income 1,485 1,054 Use of tax losses carried forward for which no deferred income tax asset has been 170 617 recognizedCurrent income taxes relating to previous years 1,904 (1,164)Deferred taxes on temporary differences relating to previous years - adjustments 710 - Non-recognition of deferred income taxes on current years losses and deductible (4,922) (1,041)temporary differences(De)recognition of deferred income tax assets on tax losses of previous years 2,133 3,385 (De)recognition of deferred income tax assets on tax incentives 270 - Other (285) (7,462)Income taxes recognized in the income statement (3,957) (16,876)Effective tax rate 21.30% 49.27%Other contains the impact of the application of IAS29 Hyperinflation, where temporary differences arise mainly on tangible fixed assets.The following table gives an overview of the deferred income taxes as per 31 December 2023 and 2024:DEFERRED TAX MOVEMENT Charged / Translation Charged/SCHEDULE2023credited toTransfersadjustments 2024credit to PL(IN \u20ac THOUSAND)equityTotalDEFERRED INCOME TAX ASSETS BY TYPE OF TEMPORARY DIFFERENCE:Tax losses carried forward & 21,738 6,962 - 1,792 409 30,901 tax incentivesTangible fixed assets 768 (316) - (141) 23 333 Provisions 9,153 (4,470) (39) - (172) 4,472 Inventories 2,381 62 - - 55 2,498 Interest bearing loans 102 86 - - (55) 133 Other assets & liabilities 3,921 (1,485) - - 50 2,486 Deferred income tax assets 38,063 839 (39) 1,651 310 40,823 DEFERRED INCOME TAX LIABILITIES BY TYPE OF TEMPORARY DIFFERENCE:Tangible fixed assets 22,983 3,147 - 1,651 330 28,111 Provisions 89 (3) - - 1 87 Inventories - 129 - - (77) 52 Other assets & liabilities 89 3,803 (194) - (41) 3,656 Deferred income tax liabilities 23,160 7,076 (194) 1,651 213 31,907 Net deferred income taxes 14,902 (6,237) 155 - 96 8,917 In 2024, the Group recognized deferred income tax assets for tax losses carried forward and tax incentives, for which utilization depends on future taxable profits. The total amount of this deferred income tax asset amounted to \u20ac 30.9 million at the end of 2024 (As at 31 December 2023: \u20ac 21.7 million).The outlook provides adequate assurance that the company will generate sufficient taxable profits in the near future in order to utilize the deferred income tax assets recognized.As at 31 December 2024, the Group has a total amount of tax losses carried forward and tax incentives of \u20ac 180.2 million (2023: \u20ac 171.0 million). The split per tax jurisdiction is detailed in the table on the right:(IN \u20ac THOUSAND) 2023 2024Belgium 108,532 121,250 Brazil 683 528 Chile 174 - Colombia 4,578 4,777 Germany 6,604 4,813 United Kingdom 22,940 24,439 India 3,570 4,401 Mexico 1,059 590 Russia 6,354 6,530 Poland - 2,695 Thailand 257 216 United States 16,250 9,915 Total tax losses 171,001 180,154carried forwardPillar Two legislation has been enacted or substantively enacted in certain jurisdictions the Group operates. The legislation is effective for the Group\u2019s financial year beginning 1 January 2024. The Group is in scope of the enacted or substantively enacted legislation and has performed an assessment of the Group\u2019s exposure to Pillar Two income taxes.The assessment of the exposure to Pillar Two income taxes is based on the most recent tax filings, country-by-country reporting and financial statements for the constituent entities in the Group. Based on the assessment that considers the transitional (financial years 2024 \u2013 2026) safe harbour conditions (De minimis test, Effective tax rate test and Routine profits test), In 2024 the Group is not subject to minimum top-up tax, with all subsidiaries eligible for the Transitional Safe Harbours.",
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"value": "The outlook provides adequate assurance that the company will generate sufficient taxable profits in the near future in order to utilize the deferred income tax assets recognized.DECEUNINCK NV (BELGIUM) - PRINCIPAL ACTUARIAL ASSUMPTIONS 2023 2024Discount rate 3.20% 3.30%Increase in compensations - white collar 2.85% 2.75%Increase in compensations - blue collar 2.85% 2.75%Increases in social security 2.85% 2.75%Increases in pensions N/A N/AInflation 2.10% 2.00%The main risks for Deceuninck NV relate to future salary increases.Deceuninck Germany GmbH and Deceuninck Germany Produktions GmbH & Co KG (Germany)For Deceuninck Germany GmbH and Deceuninck Germany Produktions GmbH & Co KG, the provisions for employee benefits refer to the provision for pensions which is unfunded. The pension plan entitles the beneficiary to a lump sum amount at the start of their pension. The plan was available to all employees started to work for Deceuninck Germany GmbH before 1999. For one manager there is an individual pension plan which provides an annuity payment after retirement. The plan is based on the collective agreement of IGBCE and the respective company agreement. The actuarial present value was calculated based on the following assumptions:DECEUNINCK GERMANY AND PRODUKTIONS GMBH (GERMANY) - PRINCIPAL 2023 2024ACTUARIAL ASSUMPTIONSDiscount rate 3.20% 3.30%Increase in compensations - white collar 3.00% 3.00%Increase in compensations - blue collar 3.00% 3.00%Increases in social security 3.00% 3.00%Increases in pensions 2.00% 2.00%Inflation 2.00% 2.00%Ege Profil AS (T\u00fcrkiye)The company is required to pay a termination indemnity upon the date of retirement. This plan is legally required for all employees and is unfunded. The actuarial present value was calculated based on the following assumptions:EGE PROFIL AS (T\u00dcRKIYE) - PRINCIPAL ACTUARIAL ASSUMPTIONS 2023 2024Discount rate 26.43% 27.87%Increase in compensations - white collar 70.00% 40.00%Increase in compensations - blue collar 70.00% 40.00%Increases in social security 70.00% 40.00%Increases in pensions N/A N/AInflation N/A N/A21. Share-based paymentsThe Group offers the possibility to staff members, senior management members and the members of the Executive Management to register for warrant agreements and share plans. The purpose for such a decision is to motivate the staff members, senior management and the members of the Executive Management, by enabling them to acquire shares in the company under relatively advantageous terms, thereby increasing and improving their commitment to the company.IFRS 2 has a total negative impact of \u20ac 1.1 million on the results of 2024 (2023: \u20ac 1.2 million) as recognized in \u2018Other payroll expenses\u2019 in Note 3. Revenue and costs are split up as below:\u2022 Warrant plan: \u20ac 0.9 million in 2024 (\u20ac 0.8 million in 2023)\u2022 Performance share plan: \u20ac 0.2 million in 2024 (\u20ac 0.4 million in 2023)Warrant plans and performance share plans are accounted for as equity settled plans. These plans were valued on the basis of the binominal tree structure. Volatility was determined on the basis of historical data.Warrant plansThe balance of the outstanding warrants at the end of December 2024 is 6,966,167 (2023: 7,853,134). One warrant entitles the holder to buy one Deceuninck NV share at a fixed exercise price. Within the scope of the warrant plans, 1,141,665 warrants were exercised in the course of 2024. The warrants expire if they have not been exercised at the last day of the last exercise period. The warrants can be exercised for the first time at the end of the third calendar year of the grant. The exercise price of a warrant will be fixed by the Remuneration Committee on the date of offer and will be equal to the lowest of (i) the average price of the share on the stock exchange during the 30-day period preceding the offer, and (ii) the latest closing prices preceding the day of the offer. WARRANTS Plan 2013 Plan 2013 Plan 2015 Plan 2015 Plan 2015 Plan 2017 Plan 2018 Plan 2018 Plan 2018 Plan 2018 Plan 2020 Plan 2021 Plan 2022 Plan 2022 Plan 2023 TotalGrant date 17/12/2013 17/12/2014 16/12/2015 21/12/2016 21/12/2016 21/12/2017 21/12/2018 21/12/2018 13/12/2019 21/12/2019 17/12/2020 16/12/2021 23/12/2022 2/03/2023 20/12/2023Acceptance date 14/02/2014 16/02/2015 15/02/2016 21/02/2017 21/02/2017 19/02/2018 19/02/2019 19/02/2019 1/02/2020 1/02/2020 16/02/2021 14/02/2022 20/02/2023 30/04/2023 18/02/2024Number of beneficiaries 59 66 73 8 66 54 45 12 43 14 54 56 87 1 69at grant dateExercise price (in \u20ac) 1.71 1.79 2.40 2.40 2.27 3.06 1.82 1.97 1.82 1.97 1.78 3.07 2.38 2.53 2.29Share price on acceptance 2.19 1.98 2.08 2.22 2.22 2.88 2.19 2.19 1.98 1.98 2.44 2.85 2.56 2.35 2.24date (in \u20ac)Granted 332,500 910,000 630,000 710,000 524,000 1,334,000 700,000 755,000 546,500 828,500 1,183,000 1,302,000 1,190,500 25,000 1,189,500 12,160,500Accepted 332,500 892,500 607,500 710,000 524,000 1,233,500 577,000 755,000 546,500 798,500 1,145,000 1,224,250 1,120,540 25,000 1,107,000 11,598,790Exercised 179,993 664,994 178,330 580,000 221,333 20,000 371,999 115,000 226,662 127,000 114,997 - - - - 2,800,308Forfeited 109,171 150,004 265,000 60,000 209,000 295,000 89,001 60,000 99,335 73,500 90,167 94,900 30,900 - 10,000 1,635,978Expired 43,336 77,502 10,000 - 8,000 20,500 11,000 - 14,666 - 8,333 3,000 - - - 196,337Outstanding 31/12/2024 - - 154,170 70,000 85,667 898,000 105,000 580,000 205,837 598,000 931,503 1,126,350 1,089,640 25,000 1,097,000 6,966,167Exercisable 31/12/2024 - - 154,170 70,000 85,667 898,000 105,000 580,000 63,331 356,333 233,831 - - - - 2,546,332Exercise periods 2017-2023 2018-2023 2019-2025 2020-2024 2020-2024 2021-2027 2022-2028 2022-2028 2023-2028 2023-2028 2024-2030 2025-2031 2026-2032 2026-2032 2027-2032AssumptionsVolatility 45.00% 45.00% 45.00% 40.00% 40.00% 30.00% 30.00% 30.00% 24.80% 24.80% 27.70% 34.74% 36.77% 36.78% 31.53%Risk-free interest 0.99% -0.03% -0.28% -0.32% -0.32% 0.13% -0.12% -0.12% 0.02% 0.02% -0.24% 0.12% 3.00% 3.30% 2.45%Dividend (in \u20ac) 0.03 0.03 0.03 0.03 0.03 0.03 0.03 3.03 1.03 0.03 0.03 0.05 0.06 0.06 0.07Early exercised 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25%- Minimum gainEarly exercised 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%- Probability to exerciseWARRANTS Weighted average Plan 2013 Plan 2013 Plan 2015 Plan 2015 Plan 2015 Plan 2017 Plan 2018 Plan 2018 Plan 2018 Plan 2018 Plan 2020 Plan 2021 Plan 2022 Plan 2023 Plan 2023 TotalMOVEMENTS IN 2023exercise priceOutstanding 2022 38,335 52,502 199,170 610,000 153,001 938,500 416,004 660,000 484,500 725,000 1,106,500 1,187,250 402,400 - - 6,973,162 2.33Accepted - - - - - - - - - - - - 718,140 25,000 611,500 1,354,640 2.34Exercised 8,334 20,834 27,500 30,000 25,000 - 92,667 50,000 71,164 40,000 - - - - - 365,499 1.97Forfeited - - 5,000 - - - 9,000 - 15,000 - 15,000 - 3,500 - - 47,500 1.91Expired 30,001 31,668 - - - - - - - - - - - - - 61,669 1.75Outstanding 2023 - - 166,670 580,000 128,001 938,500 314,337 610,000 398,336 685,000 1,091,500 1,187,250 1,117,040 25,000 611,500 7,853,134 2.36WARRANTS Weighted average Plan 2013 Plan 2013 Plan 2015 Plan 2015 Plan 2015 Plan 2017 Plan 2018 Plan 2018 Plan 2018 Plan 2018 Plan 2020 Plan 2021 Plan 2022 Plan 2023 Plan 2023 TotalMOVEMENTS IN 2024exercise priceOutstanding 2023 - - 166,670 580,000 128,001 938,500 314,337 610,000 398,336 685,000 1,091,500 1,187,250 1,117,040 25,000 611,500 7,853,134 2.36Accepted - - - - - - - - - - - - - - 495,500 495,500 2.29Exercised - - 7,500 510,000 42,334 - 194,336 30,000 155,498 87,000 114,997 - - - - 1,141,665 2.11Forfeited - - 5,000 - - 30,000 15,001 - 27,335 - 36,667 57,900 27,400 - 10,000 209,303 2.45Expired - - - - - 10,500 - - 9,666 - 8,333 3,000 - - - 31,499 2.34Outstanding 2024 - - 154,170 70,000 85,667 898,000 105,000 580,000 205,837 598,000 931,503 1,126,350 1,089,640 25,000 1,097,000 6,966,167 2.39Performance share planThe balance of the outstanding Performance Share Rights granted in the plan of 2022 to the members of the Executive Management (\u201cBeneficiaries\u201d) is 468,317 as at 31 December 2024. One Performance Share Right can be converted into \u201cmatching\u201d or Performance Shares of Deceuninck NV at the vesting date (16th August 2025), provided the Beneficiaries invested in Deceuninck Shares before 31 December 2022. The reference share price is 2.41 EUR and is equal to the average share price between 15th July 2022 and 15th August 2022.For each invested share, the Beneficiary will be entitled to one or more matching Deceuninck Shares pursuant to the fulfilment of the Performance Condition, defined as a cumulative annual average increase of the Total Shareholder Return as determined in the Plan, the realization of which determines the fraction or the multiple (if any) of Performance Shares a vested Performance Share Right effectively entitles to.PERFORMANCE SHARE PLAN PLAN 2022Grant date1/01/23Acceptance date31/12/22Number of beneficiaries at grant date10Share price at date of grant2.71Granted627,816Accepted627,816Exercised - Forfeited159,506Expired - Outstanding 31/12/2024468,310Exercisable 31/12/2024 - Exercise periods2025AssumptionsVolatility37.56%Risk-free interest3.33%PERFORMANCE SHARE PLAN MOVEMENTS 2023Outstanding 2022 627,816 Accepted - Exercised - Forfeited 29,350 Expired - Outstanding 2023 598,466 PERFORMANCE SHARE PLAN MOVEMENTS 2024Outstanding 2023 598,466Accepted - Exercised - Forfeited 130,156Expired - Outstanding 2024468,310",
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"f0__s9__6__151": {
"value": "5. Earnings per shareBasic earnings per share is calculated by dividing the net profit for the year, attributable to ordinary shareholders by the weighted average number of ordinary shares, excluding ordinary shares purchased by the Group and held as treasury shares. This results in a net profit per share of \u20ac 0.10.(IN \u20ac THOUSAND) 2023 2024Earnings attributable to ordinary shareholders 9,484 13,901 Weighted average number of ordinary shares (in thousands) 138,371 138,545 Basic earnings per share (in \u20ac) 0.07 0.10Diluted earnings per share are calculated by dividing the net profit attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year increased with the weighted average number of ordinary shares which would be issued upon conversion into ordinary shares of all exercisable warrants leading to dilution. The potential dilution arises from warrants granted to staff members, senior management members and members of the Executive Management. The diluted earnings per share amount to \u20ac 0.10 per share.(IN \u20ac THOUSAND) 2023 2024Earnings attributable to ordinary shareholders 9,484 13,901 Weighted average number of ordinary shares (in thousands) 138,371 138,545 Dilution effect of non-exercised warrants (in thousands) 7,853 6,966 Weighted average number of shares after dilution (in thousands) 146,225 145,511 Diluted earnings per share (in \u20ac) 0.06 0.10",
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"f0__s9__6__157-1": {
"value": "6. Intangible fixed assets, other than goodwillAmortization of intangible assets other than goodwill are, where applicable, allocated to the cost of inventories and subsequently recognized in cost of goods sold. Based on the use of the intangible assets, amortizations, other than described above, are allocated within the relevant financial statement line items in the consolidated income statement by function. As per 31 December 2024, the intangible assets with indefinite useful lives were tested for impairment, based on the same methodology and assumptions as described in Note 7 \u2013 Goodwill. The intangible assets with indefinite useful lives mainly relate to the trade names Winsa and Pimapen (within T\u00fcrkiye & Emerging markets segment). For this kind of assets there is no foreseeable end of the cash-generating period. The net carrying value of these assets is \u20ac 3,692 thousand. The impairment test of these assets is included in the goodwill impairment test for T\u00fcrkiye (see Note 7 \u2013 Goodwill) and did not result in the recognition of an impairment on 31 December 2024.For intangible assets with definite useful lives, no impairment triggers were identified.Licences ITCustomer Assets under 2023 (IN \u20ac THOUSAND) Developmentand similarTrade namesTotalvalueconstructionrightCOSTAt the beginning of this year 1,272 19,680 2,129 7,158 2 30,242 Additions 151 33 - - - 184 Disposals - (4) - - - (4)Transfers 30 25 - - (2) 52 Translation adjustments (10) (55) (75) (355) - (495)At the end of this year 1,443 19,679 2,055 6,803 - 29,979 DEPRECIATIONS AND IMPAIRMENTSAt the beginning of this year (1,268) (18,856) (1,892) (3,697) - (25,713)Additions to depreciations (4) (512) (4) - - (520)Additions to impairments - - (100) - - (100)Disposals - 4 - - - 4 Transfers (30) - - - - (30)Translation adjustments 10 52 (30) (9) - 22 At the end of this year (1,292) (19,312) (2,026) (3,706) - (26,336)INTANGIBLE FIXED ASSETSCost 1,443 19,679 2,055 6,803 - 29,979 Accumulated depreciations (1,292) (19,312) (2,026) (3,706) - (26,336)and impairmentsNet Carrying Value 151 366 29 3,096 - 3,6437. Goodwill(IN \u20ac THOUSAND) 2023 2024COSTAt the beginning of 64,492 63,612 Translation adjustments (880) 2,619 At the end of 63,612 66,231 IMPAIRMENTSAt the beginning of (53,933) (53,066)Translation adjustments 867 (2,621)At the end of (53,066) (55,687)GOODWILLCost 63,612 66,231 Impairments (53,066) (55,687)Net carrying value 10,546 10,544In accordance with IAS 36, goodwill is not amortized, but is subject to an annual impairment test. This test is always performed at year-end or whenever there is an indication of a possible impairment. The test consists of comparing the recoverable amount of each cash-generating unit with its carrying amount. An impairment loss is recognized whenever the recoverable amount is lower than the net book value. The Group carried out the annual impairment test at 31 December 2024, consistent with previous years. This goodwill impairment assessment also did not reveal any impairment issues. The Group monitors climate-related risks when measuring the recoverable amount of each cash-generating unit. The Group has concluded that no single climate-related assumption is a key assumption for the 2024 goodwill impairment test.Impairment test goodwill T\u00fcrkiyeFor the impairment test related to the cash generating unit Ege Profil, the Group starts by determining the fair value of the recoverable amount based on the publicly available market valuation (i.e. market capitalization of the listed company Ege Profil Ticaret ve Sanayi AS). If after this first step on the basis of a fair value approach it turns out that additional justification is required, a value in use will also be determined from the perspective of the Group based on a discounted cash flow model.The share price at 31 December 2024 for Ege Profil Ticaret ve Sanayi AS amounted to 23.92 TRY which results in a market capitalization that is well above the carrying amount of the CGU in the consolidated financial statements of the Group, so there is no need for an impairment.Impairment test goodwill EuropeCASH GENERATING UNITThe goodwill has been tested at the operating segment \u2018Europe\u2019 level because this is the lowest level at which management monitors the related goodwill as reasonable. DISCOUNT RATESThe pre-tax discount rate is based on the risk-free rate of the currency region zone where the activities are deployed and current market assessment of the risks specific to the Deceuninck Group. The pre-tax discount rate was estimated based on the weighted average cost of capital (WACC) and is 12.6% for 2024 (2023: 10.3%).ASSUMPTIONS FOR 2025-2029For EBITDA of 2025, management has worked out a target based on detailed plans and actions. For the period 2026-2029 the EBITDA estimate is based on long term plans, considering reasonable growth levels in line with country specific evolutions of the building industry. For subsequent years a terminal growth rate of 2% is assumed.SENSITIVITY ANALYSISThe Group\u2019s impairment review is sensitive to change in assumptions used, most notably the discount rate (WACC) and the terminal growth rate. A 1.0% increase in discount rate or a reduction of 0.5% in terminal growth rate would not give rise to an impairment.CONCLUSIONThe amount by which the CGU\u2019s recoverable amount exceeds its carrying value is \u20ac 85.4 million. Based on the fact that there is sufficient headroom, even in the multiple sensitivity analyses, there is no need for an impairment.Other Assets Land & Machinery & Furniture & 2024 (IN \u20ac THOUSAND)tangible fixedunder Totalbuildingsequipment 218,128 vehicles 683,769 assets 34,222 138 24,492 960,750 constructionCOST 2,962 At the beginning of this year 18,468 1,575 15,158 38,172 Additions (6,741) (66,866) (1,452) 8 - (78) (75,137)Disposals (24,441) 6,967 (202) - (25,686) (43,362)19,529 (39,859) Transfers (6,563) - (888) (27,782)Translation adjustments 209,437 602,478 27,580 147 12,999 852,641 (105,161) At the end of this year (538,737) (27,572) (111) - (671,582)DEPRECIATIONS AND IMPAIRMENTS (1,705) (10) - (37,031)At the beginning of this year (125) (1,178) (31) - - (1,334)Additions to depreciations (5,528) (29,787) 6,693 Additions to impairments 66,245 1,288 - - 74,226 19,434 12,734 Disposals 496 - - 32,663 Translation adjustments 2,900 44,894 7,332 - - 55,126 Transfers (81,788) (445,829) (20,194) (121) - (547,931)At the end of this year 209,437 602,478 27,580 147 12,999 852,641 TANGIBLE FIXED ASSETSCost (20,194) (121) - (547,931)Accumulated depreciations and Net Carrying Value 127,649 156,649 7,386 26 12,999 304,710 (81,788) (445,829) impairmentsThe transfers from assets under construction in both 2023 and 2024 are mainly related to finalized investments in machinery and equipment. In 2024, there was a large outgoing transfer from tangible fixed assets (mainly land & buildings and machinery & equipment), resulting from the reclassification of assets from Germany to assets classified as held for sale. In 2024 the Group has recognized impairments on tangible fixed assets for \u20ac 1.3 million (2023: \u20ac 2.4 million). The impairments in 2024 are mainly related to old machinery and tools.9. Tangible fixed assets Other Assets Land & Machinery & Furniture & tangible 2023 (IN \u20ac THOUSAND)under TotalbuildingsequipmentvehiclesfixedconstructionassetsCOSTAt the beginning of this year 210,665 628,055 24,954 138 20,313 884,125 Additions 6,723 20,669 5,096 - 22,991 55,480 Disposals (41) (898) (318) - (114) (1,371)Transfers 2,388 13,789 94 - (16,160) 111 Translation adjustments (1,607) 22,154 4,395 - (2,537) 22,405 At the end of this year 218,128 683,769 34,222 138 24,492 960,750 DEPRECIATIONS AND IMPAIRMENTSAt the beginning of this year (93,958) (488,217) (19,579) (101) - (601,856)Additions to depreciations (4,598) (27,350) (1,565) (10) - (33,524)Additions to impairments (65) (2,297) (2) - - (2,365)Disposals 41 854 196 - - 1,091 Transfers (79) (72) - - - (151)Translation adjustments (6,502) (21,654) (6,622) - - (34,778)At the end of this year (105,161) (538,737) (27,572) (111) - (671,582)TANGIBLE FIXED ASSETSCost 218,128 683,769 34,222 138 24,492 960,750 Accumulated depreciations and (105,161) (538,737) (27,572) (111) - (671,582)impairmentsNet Carrying Value 112,967 145,032 6,650 27 24,492 289,168During 2024 a net amount of \u20ac 5.1 million was recorded as a decrease in the allowance related to the write-down on inventory (in 2023: \u20ac 2.0 million increase). These costs are included in Marketing, sales and distribution expenses. The cost of inventories recognized as cost of goods sold during 2024 amounted to \u20ac 561.7 million (2023: \u20ac 585.0 million). No inventories were pledged as security for liabilities (2023: idem).12. Trade receivables and other receivables(IN \u20ac THOUSAND) 2023 2024Gross trade receivables 95,560 124,834 Impairments allowance (13,431) (13,617)Trade receivables 82,129 111,217 VAT and other taxes 8,618 8,077 Derivative financial instruments 240 296 Prepaid charges 3,499 3,472 Short-term warranties 199 103 Advance checks received 31,329 46,367 Receivables from joint ventures 112 328 Other 653 367 Other receivables 44,650 59,009 Gross trade receivables increased by \u20ac 29.3 million. Total factoring amounted to \u20ac 0.3 million at 31 December 2024 (2023: \u20ac 18.3 million). The effect of the factoring agreement is shown as a decrease in trade receivables, as substantially all risks and rewards relating to the trade receivables are transferred to the factor company (non-recourse factoring).Days sales outstanding (DSO) increased year-on-year, to 53 days in 2024 compared to 39 days in 2023. The increase in DSO is mainly related to the fact that the Group did not request factor financing at 31 December 2024.The gross trade receivables consist of invoiced sales, an accrual for invoices to be issued, an accrual for credit notes to be received and exchange rate differences.The advance checks mainly consist of checks which have been received from customers in T\u00fcrkiye, to guarantee orders that will be executed in a later stage. This is a common practice in the local construction industry. These checks are considered as advance payments and can be discounted or used for payments without any preconditions. Before finalisation of these orders, the advance checks are presented gross as both \u2018other receivables\u2019 and as \u2018other liabilities\u2019 as disclosed in Note 19. Upon delivery and invoicing, these checks are netted. The corresponding trade receivable is presented as such and will be settled at the expiry date of the check.An analysis of the trade receivables is provided below, which shows the ageing of both gross outstanding trade receivables and impairment allowances on these trade receivables.Aging analysis of< 30 31 - 6061 - 9091 - 120> 120trade receivables Total Not duedaysdaysdaysdaysdays(IN \u20ac THOUSAND)Gross trade receivables per 124,834 89,178 14,122 5,122 2,237 3,032 11,143 31 December 2024Impairments allowance per (13,617) (1,387) (131) (84) (91) (2,372) (9,552)31 December 2024Net carrying value per 111,217 87,791 13,991 5,038 2,146 660 1,591 31 December 2024Net carrying value per 82,129 60,788 8,524 5,048 2,873 1,736 3,161 31 December 2023As per 31 December 2024 an amount of \u20ac 13.6 million (2023: \u20ac 13.4 million) is recorded as impairment allowance on trade receivables.The majority of the impairment allowance relates to specific allowances for long overdue receivables. The impact of the expected credit loss (ECL) model on the impairment allowance remains stable compared to 2023 and is mainly included in the T\u00fcrkiye & Emerging Markets segment, where loss rates between 5% and 15% are applied, in line with the 2023 ECL model. If the loss rate would be increased by 1%, the impairment allowance would increase by \u20ac 422 thousand.The movements during the last 2 financial years are presented in the following table:IMPAIRMENT ALLOWANCE (IN \u20ac THOUSAND) 2023 2024At the beginning of (12,306) (13,431)Additions (4,652) (2,472)Reversals 1,745 1,452 Utilizations 420 17 Translation adjustments 1,362 816 At the end of (13,431) (13,617)",
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"f0__s9__6__156-1": {
"value": "6. Intangible fixed assets, other than goodwillAmortization of intangible assets other than goodwill are, where applicable, allocated to the cost of inventories and subsequently recognized in cost of goods sold. Based on the use of the intangible assets, amortizations, other than described above, are allocated within the relevant financial statement line items in the consolidated income statement by function. As per 31 December 2024, the intangible assets with indefinite useful lives were tested for impairment, based on the same methodology and assumptions as described in Note 7 \u2013 Goodwill. The intangible assets with indefinite useful lives mainly relate to the trade names Winsa and Pimapen (within T\u00fcrkiye & Emerging markets segment). For this kind of assets there is no foreseeable end of the cash-generating period. The net carrying value of these assets is \u20ac 3,692 thousand. The impairment test of these assets is included in the goodwill impairment test for T\u00fcrkiye (see Note 7 \u2013 Goodwill) and did not result in the recognition of an impairment on 31 December 2024.For intangible assets with definite useful lives, no impairment triggers were identified.Licences ITCustomer Assets under 2023 (IN \u20ac THOUSAND) Developmentand similarTrade namesTotalvalueconstructionrightCOSTAt the beginning of this year 1,272 19,680 2,129 7,158 2 30,242 Additions 151 33 - - - 184 Disposals - (4) - - - (4)Transfers 30 25 - - (2) 52 Translation adjustments (10) (55) (75) (355) - (495)At the end of this year 1,443 19,679 2,055 6,803 - 29,979 DEPRECIATIONS AND IMPAIRMENTSAt the beginning of this year (1,268) (18,856) (1,892) (3,697) - (25,713)Additions to depreciations (4) (512) (4) - - (520)Additions to impairments - - (100) - - (100)Disposals - 4 - - - 4 Transfers (30) - - - - (30)Translation adjustments 10 52 (30) (9) - 22 At the end of this year (1,292) (19,312) (2,026) (3,706) - (26,336)INTANGIBLE FIXED ASSETSCost 1,443 19,679 2,055 6,803 - 29,979 Accumulated depreciations (1,292) (19,312) (2,026) (3,706) - (26,336)and impairmentsNet Carrying Value 151 366 29 3,096 - 3,643Licences ITCustomer Assets under 2024 (IN \u20ac THOUSAND) Developmentand similarTrade namesTotalvalueconstructionrightCOSTAt the beginning of this year 1,443 19,679 2,055 6,803 - 29,979 Additions 30 152 - - 99 282 Disposals (274) (891) (412) - - (1,577)Translation adjustments (1) 436 503 1,992 - 2,929 At the end of this year 1,199 19,375 2,146 8,794 99 31,613 DEPRECIATIONS AND IMPAIRMENTSAt the beginning of this year (1,292) (19,312) (2,026) (3,706) - (26,336)Additions to depreciations (33) (337) (79) - - (449)Disposais 274 891 412 - - 1,577 Translation adjustments 1 (424) (377) (392) - (1,191)At the end of this year (1,049) (19,182) (2,069) (4,098) - (26,399) - INTANGIBLE FIXED ASSETSCost 1,199 19,375 2,146 8,794 99 31,613 Accumulated depreciations (1,049) (19,182) (2,069) (4,098) - (26,399)and impairmentsNet Carrying Value 149 193 76 4,696 99 5,214 Translation adjustments also contain the IAS29 hyperinflation effects of bringing the intangible fixed assets to purchasing power of 31st of December 2024 (\u20ac 2,901 thousand in Cost and \u20ac 808 thousand in Depreciations and Impairments).9. Tangible fixed assets Other Assets Land & Machinery & Furniture & tangible 2023 (IN \u20ac THOUSAND)under TotalbuildingsequipmentvehiclesfixedconstructionassetsCOSTAt the beginning of this year 210,665 628,055 24,954 138 20,313 884,125 Additions 6,723 20,669 5,096 - 22,991 55,480 Disposals (41) (898) (318) - (114) (1,371)Transfers 2,388 13,789 94 - (16,160) 111 Translation adjustments (1,607) 22,154 4,395 - (2,537) 22,405 At the end of this year 218,128 683,769 34,222 138 24,492 960,750 DEPRECIATIONS AND IMPAIRMENTSAt the beginning of this year (93,958) (488,217) (19,579) (101) - (601,856)Additions to depreciations (4,598) (27,350) (1,565) (10) - (33,524)Additions to impairments (65) (2,297) (2) - - (2,365)Disposals 41 854 196 - - 1,091 Transfers (79) (72) - - - (151)Translation adjustments (6,502) (21,654) (6,622) - - (34,778)At the end of this year (105,161) (538,737) (27,572) (111) - (671,582)TANGIBLE FIXED ASSETSCost 218,128 683,769 34,222 138 24,492 960,750 Accumulated depreciations and (105,161) (538,737) (27,572) (111) - (671,582)impairmentsNet Carrying Value 112,967 145,032 6,650 27 24,492 289,168Other Assets Land & Machinery & Furniture & 2024 (IN \u20ac THOUSAND)tangible fixedunder Totalbuildingsequipment 218,128 vehicles 683,769 assets 34,222 138 24,492 960,750 constructionCOST 2,962 At the beginning of this year 18,468 1,575 15,158 38,172 Additions (6,741) (66,866) (1,452) 8 - (78) (75,137)Disposals (24,441) 6,967 (202) - (25,686) (43,362)19,529 (39,859) Transfers (6,563) - (888) (27,782)Translation adjustments 209,437 602,478 27,580 147 12,999 852,641 (105,161) At the end of this year (538,737) (27,572) (111) - (671,582)DEPRECIATIONS AND IMPAIRMENTS (1,705) (10) - (37,031)At the beginning of this year (125) (1,178) (31) - - (1,334)Additions to depreciations (5,528) (29,787) 6,693 Additions to impairments 66,245 1,288 - - 74,226 19,434 12,734 Disposals 496 - - 32,663 Translation adjustments 2,900 44,894 7,332 - - 55,126 Transfers (81,788) (445,829) (20,194) (121) - (547,931)At the end of this year 209,437 602,478 27,580 147 12,999 852,641 TANGIBLE FIXED ASSETSCost (20,194) (121) - (547,931)Accumulated depreciations and Net Carrying Value 127,649 156,649 7,386 26 12,999 304,710 (81,788) (445,829) impairmentsThe transfers from assets under construction in both 2023 and 2024 are mainly related to finalized investments in machinery and equipment. In 2024, there was a large outgoing transfer from tangible fixed assets (mainly land & buildings and machinery & equipment), resulting from the reclassification of assets from Germany to assets classified as held for sale. In 2024 the Group has recognized impairments on tangible fixed assets for \u20ac 1.3 million (2023: \u20ac 2.4 million). The impairments in 2024 are mainly related to old machinery and tools. Translation adjustments also contain the IAS29 hyperinflation effects of bringing the tangible fixed assets to purchasing power of 31st of December 2024. The Group has \u20ac 6.7 million fixed asset related commitments spread over the next year which are mainly related to machinery, forklifts and buildings.Tangible fixed assets under construction are further broken down in the table below. These are mainly related to tools and machinery.(IN \u20ac THOUSAND) 2023 2024Land & Buildings 699 3,492 Machinery & equipment 20,841 7,814 Other 2,952 1,692 Total 24,492 12,999 The right-of-use assets are further detailed in Note 20.The table below shows an overview of transfers between intangible fixed assets, tangible fixed assets, assets held for sale and right-of-use assets.(IN \u20ac THOUSAND) 2023 2024 Intangible fixed assets 23 - Tangible fixed assets (39) (10,699)Assets held for sale 16 10,725Right-of-use assets - (26)Total - -20. LeasingSet out below are the carrying amounts of right-of-use assets recognized and the movements during the period:Machinery & (IN \u20ac THOUSAND) Buildings CarsTotalequipmentAs per 31 December 2022 9,421 2,826 3,267 15,515 Additions 5,700 5,681 2,345 13,726 Disposals (300) (130) (2) (432)Depreciations (3,517) (2,119) (2,620) (8,256)Impairments - (24) (27) (51)Translation adjustments (116) (31) 2,040 1,892 As per 31 December 2023 11,188 6,203 5,003 22,394 Machinery & (IN \u20ac THOUSAND) Buildings CarsTotalequipmentAs per 31 December 2023 11,188 6,203 5,003 22,394 Additions 8,240 2,492 966 11,698 Disposals (544) (227) (28) (799)Depreciations (4,048) (2,761) (1,446) (8,256)Impairments - (94) - (94)Transfers (38) 1 11 (26)Translation adjustments 332 (24) (137) 172 As per 31 December 2024 15,130 5,589 4,370 25,089 Translation adjustments also contain the IAS29 hyperinflation effects of bringing the right-of-use assets to purchasing power of 31st of December 2024.The following are the amounts recognized in profit or loss:(IN \u20ac THOUSAND) 2023 2024Depreciation expense of right-of-use-assets (8,256) (8,256)Interest expense on lease liabilities (1,459) (2,029)Expenses relating to short-term leases and low-value assets (2,724) (1,889)Total amount recognized in profit or loss (12,439) (12,173)",
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},
"f0__s9__6__155": {
"value": "6. Intangible fixed assets, other than goodwillAmortization of intangible assets other than goodwill are, where applicable, allocated to the cost of inventories and subsequently recognized in cost of goods sold. Based on the use of the intangible assets, amortizations, other than described above, are allocated within the relevant financial statement line items in the consolidated income statement by function. As per 31 December 2024, the intangible assets with indefinite useful lives were tested for impairment, based on the same methodology and assumptions as described in Note 7 \u2013 Goodwill. The intangible assets with indefinite useful lives mainly relate to the trade names Winsa and Pimapen (within T\u00fcrkiye & Emerging markets segment). For this kind of assets there is no foreseeable end of the cash-generating period. The net carrying value of these assets is \u20ac 3,692 thousand. The impairment test of these assets is included in the goodwill impairment test for T\u00fcrkiye (see Note 7 \u2013 Goodwill) and did not result in the recognition of an impairment on 31 December 2024.For intangible assets with definite useful lives, no impairment triggers were identified.Licences ITCustomer Assets under 2023 (IN \u20ac THOUSAND) Developmentand similarTrade namesTotalvalueconstructionrightCOSTAt the beginning of this year 1,272 19,680 2,129 7,158 2 30,242 Additions 151 33 - - - 184 Disposals - (4) - - - (4)Transfers 30 25 - - (2) 52 Translation adjustments (10) (55) (75) (355) - (495)At the end of this year 1,443 19,679 2,055 6,803 - 29,979 DEPRECIATIONS AND IMPAIRMENTSAt the beginning of this year (1,268) (18,856) (1,892) (3,697) - (25,713)Additions to depreciations (4) (512) (4) - - (520)Additions to impairments - - (100) - - (100)Disposals - 4 - - - 4 Transfers (30) - - - - (30)Translation adjustments 10 52 (30) (9) - 22 At the end of this year (1,292) (19,312) (2,026) (3,706) - (26,336)INTANGIBLE FIXED ASSETSCost 1,443 19,679 2,055 6,803 - 29,979 Accumulated depreciations (1,292) (19,312) (2,026) (3,706) - (26,336)and impairmentsNet Carrying Value 151 366 29 3,096 - 3,643Licences ITCustomer Assets under 2024 (IN \u20ac THOUSAND) Developmentand similarTrade namesTotalvalueconstructionrightCOSTAt the beginning of this year 1,443 19,679 2,055 6,803 - 29,979 Additions 30 152 - - 99 282 Disposals (274) (891) (412) - - (1,577)Translation adjustments (1) 436 503 1,992 - 2,929 At the end of this year 1,199 19,375 2,146 8,794 99 31,613 DEPRECIATIONS AND IMPAIRMENTSAt the beginning of this year (1,292) (19,312) (2,026) (3,706) - (26,336)Additions to depreciations (33) (337) (79) - - (449)Disposais 274 891 412 - - 1,577 Translation adjustments 1 (424) (377) (392) - (1,191)At the end of this year (1,049) (19,182) (2,069) (4,098) - (26,399) - INTANGIBLE FIXED ASSETSCost 1,199 19,375 2,146 8,794 99 31,613 Accumulated depreciations (1,049) (19,182) (2,069) (4,098) - (26,399)and impairmentsNet Carrying Value 149 193 76 4,696 99 5,214 Translation adjustments also contain the IAS29 hyperinflation effects of bringing the intangible fixed assets to purchasing power of 31st of December 2024 (\u20ac 2,901 thousand in Cost and \u20ac 808 thousand in Depreciations and Impairments).",
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"f0__s9__6__154-1": {
"value": "6. Intangible fixed assets, other than goodwillAmortization of intangible assets other than goodwill are, where applicable, allocated to the cost of inventories and subsequently recognized in cost of goods sold. Based on the use of the intangible assets, amortizations, other than described above, are allocated within the relevant financial statement line items in the consolidated income statement by function. As per 31 December 2024, the intangible assets with indefinite useful lives were tested for impairment, based on the same methodology and assumptions as described in Note 7 \u2013 Goodwill. The intangible assets with indefinite useful lives mainly relate to the trade names Winsa and Pimapen (within T\u00fcrkiye & Emerging markets segment). For this kind of assets there is no foreseeable end of the cash-generating period. The net carrying value of these assets is \u20ac 3,692 thousand. The impairment test of these assets is included in the goodwill impairment test for T\u00fcrkiye (see Note 7 \u2013 Goodwill) and did not result in the recognition of an impairment on 31 December 2024.For intangible assets with definite useful lives, no impairment triggers were identified.Licences ITCustomer Assets under 2023 (IN \u20ac THOUSAND) Developmentand similarTrade namesTotalvalueconstructionrightCOSTAt the beginning of this year 1,272 19,680 2,129 7,158 2 30,242 Additions 151 33 - - - 184 Disposals - (4) - - - (4)Transfers 30 25 - - (2) 52 Translation adjustments (10) (55) (75) (355) - (495)At the end of this year 1,443 19,679 2,055 6,803 - 29,979 DEPRECIATIONS AND IMPAIRMENTSAt the beginning of this year (1,268) (18,856) (1,892) (3,697) - (25,713)Additions to depreciations (4) (512) (4) - - (520)Additions to impairments - - (100) - - (100)Disposals - 4 - - - 4 Transfers (30) - - - - (30)Translation adjustments 10 52 (30) (9) - 22 At the end of this year (1,292) (19,312) (2,026) (3,706) - (26,336)INTANGIBLE FIXED ASSETSCost 1,443 19,679 2,055 6,803 - 29,979 Accumulated depreciations (1,292) (19,312) (2,026) (3,706) - (26,336)and impairmentsNet Carrying Value 151 366 29 3,096 - 3,643Licences ITCustomer Assets under 2024 (IN \u20ac THOUSAND) Developmentand similarTrade namesTotalvalueconstructionrightCOSTAt the beginning of this year 1,443 19,679 2,055 6,803 - 29,979 Additions 30 152 - - 99 282 Disposals (274) (891) (412) - - (1,577)Translation adjustments (1) 436 503 1,992 - 2,929 At the end of this year 1,199 19,375 2,146 8,794 99 31,613 DEPRECIATIONS AND IMPAIRMENTSAt the beginning of this year (1,292) (19,312) (2,026) (3,706) - (26,336)Additions to depreciations (33) (337) (79) - - (449)Disposais 274 891 412 - - 1,577 Translation adjustments 1 (424) (377) (392) - (1,191)At the end of this year (1,049) (19,182) (2,069) (4,098) - (26,399) - INTANGIBLE FIXED ASSETSCost 1,199 19,375 2,146 8,794 99 31,613 Accumulated depreciations (1,049) (19,182) (2,069) (4,098) - (26,399)and impairmentsNet Carrying Value 149 193 76 4,696 99 5,214 Translation adjustments also contain the IAS29 hyperinflation effects of bringing the intangible fixed assets to purchasing power of 31st of December 2024 (\u20ac 2,901 thousand in Cost and \u20ac 808 thousand in Depreciations and Impairments).7. Goodwill(IN \u20ac THOUSAND) 2023 2024COSTAt the beginning of 64,492 63,612 Translation adjustments (880) 2,619 At the end of 63,612 66,231 IMPAIRMENTSAt the beginning of (53,933) (53,066)Translation adjustments 867 (2,621)At the end of (53,066) (55,687)GOODWILLCost 63,612 66,231 Impairments (53,066) (55,687)Net carrying value 10,546 10,544The application of IFRS 3 \u2018Business combinations\u2019 stipulates that all identifiable assets and liabilities should be recognized at their fair value at the moment of acquisition. All differences between the cost of the business combination and the fair value defined at the time of the acquisition should be attributed to goodwill. The net carrying value of goodwill is allocated as follows:CASH-GENERATING UNIT (IN \u20ac THOUSAND) 2023 2024 T\u00fcrkiye 9,299 9,297 Europe 1,247 1,247 Net Carrying Value 10,546 10,544 In accordance with IAS 36, goodwill is not amortized, but is subject to an annual impairment test. This test is always performed at year-end or whenever there is an indication of a possible impairment. The test consists of comparing the recoverable amount of each cash-generating unit with its carrying amount. An impairment loss is recognized whenever the recoverable amount is lower than the net book value. The Group carried out the annual impairment test at 31 December 2024, consistent with previous years. This goodwill impairment assessment also did not reveal any impairment issues. The Group monitors climate-related risks when measuring the recoverable amount of each cash-generating unit. The Group has concluded that no single climate-related assumption is a key assumption for the 2024 goodwill impairment test.Impairment test goodwill T\u00fcrkiyeFor the impairment test related to the cash generating unit Ege Profil, the Group starts by determining the fair value of the recoverable amount based on the publicly available market valuation (i.e. market capitalization of the listed company Ege Profil Ticaret ve Sanayi AS). If after this first step on the basis of a fair value approach it turns out that additional justification is required, a value in use will also be determined from the perspective of the Group based on a discounted cash flow model.The share price at 31 December 2024 for Ege Profil Ticaret ve Sanayi AS amounted to 23.92 TRY which results in a market capitalization that is well above the carrying amount of the CGU in the consolidated financial statements of the Group, so there is no need for an impairment.Impairment test goodwill EuropeCASH GENERATING UNITThe goodwill has been tested at the operating segment \u2018Europe\u2019 level because this is the lowest level at which management monitors the related goodwill as reasonable. DISCOUNT RATESThe pre-tax discount rate is based on the risk-free rate of the currency region zone where the activities are deployed and current market assessment of the risks specific to the Deceuninck Group. The pre-tax discount rate was estimated based on the weighted average cost of capital (WACC) and is 12.6% for 2024 (2023: 10.3%).ASSUMPTIONS FOR 2025-2029For EBITDA of 2025, management has worked out a target based on detailed plans and actions. For the period 2026-2029 the EBITDA estimate is based on long term plans, considering reasonable growth levels in line with country specific evolutions of the building industry. For subsequent years a terminal growth rate of 2% is assumed.SENSITIVITY ANALYSISThe Group\u2019s impairment review is sensitive to change in assumptions used, most notably the discount rate (WACC) and the terminal growth rate. A 1.0% increase in discount rate or a reduction of 0.5% in terminal growth rate would not give rise to an impairment.CONCLUSIONThe amount by which the CGU\u2019s recoverable amount exceeds its carrying value is \u20ac 85.4 million. Based on the fact that there is sufficient headroom, even in the multiple sensitivity analyses, there is no need for an impairment.",
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"language": "en",
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"f0__s9__6__160": {
"value": "7. Goodwill(IN \u20ac THOUSAND) 2023 2024COSTAt the beginning of 64,492 63,612 Translation adjustments (880) 2,619 At the end of 63,612 66,231 IMPAIRMENTSAt the beginning of (53,933) (53,066)Translation adjustments 867 (2,621)At the end of (53,066) (55,687)GOODWILLCost 63,612 66,231 Impairments (53,066) (55,687)Net carrying value 10,546 10,544The application of IFRS 3 \u2018Business combinations\u2019 stipulates that all identifiable assets and liabilities should be recognized at their fair value at the moment of acquisition. All differences between the cost of the business combination and the fair value defined at the time of the acquisition should be attributed to goodwill. The net carrying value of goodwill is allocated as follows:CASH-GENERATING UNIT (IN \u20ac THOUSAND) 2023 2024 T\u00fcrkiye 9,299 9,297 Europe 1,247 1,247 Net Carrying Value 10,546 10,544 In accordance with IAS 36, goodwill is not amortized, but is subject to an annual impairment test. This test is always performed at year-end or whenever there is an indication of a possible impairment. The test consists of comparing the recoverable amount of each cash-generating unit with its carrying amount. An impairment loss is recognized whenever the recoverable amount is lower than the net book value. The Group carried out the annual impairment test at 31 December 2024, consistent with previous years. This goodwill impairment assessment also did not reveal any impairment issues. The Group monitors climate-related risks when measuring the recoverable amount of each cash-generating unit. The Group has concluded that no single climate-related assumption is a key assumption for the 2024 goodwill impairment test.Impairment test goodwill T\u00fcrkiyeFor the impairment test related to the cash generating unit Ege Profil, the Group starts by determining the fair value of the recoverable amount based on the publicly available market valuation (i.e. market capitalization of the listed company Ege Profil Ticaret ve Sanayi AS). If after this first step on the basis of a fair value approach it turns out that additional justification is required, a value in use will also be determined from the perspective of the Group based on a discounted cash flow model.The share price at 31 December 2024 for Ege Profil Ticaret ve Sanayi AS amounted to 23.92 TRY which results in a market capitalization that is well above the carrying amount of the CGU in the consolidated financial statements of the Group, so there is no need for an impairment.Impairment test goodwill EuropeCASH GENERATING UNITThe goodwill has been tested at the operating segment \u2018Europe\u2019 level because this is the lowest level at which management monitors the related goodwill as reasonable. DISCOUNT RATESThe pre-tax discount rate is based on the risk-free rate of the currency region zone where the activities are deployed and current market assessment of the risks specific to the Deceuninck Group. The pre-tax discount rate was estimated based on the weighted average cost of capital (WACC) and is 12.6% for 2024 (2023: 10.3%).ASSUMPTIONS FOR 2025-2029For EBITDA of 2025, management has worked out a target based on detailed plans and actions. For the period 2026-2029 the EBITDA estimate is based on long term plans, considering reasonable growth levels in line with country specific evolutions of the building industry. For subsequent years a terminal growth rate of 2% is assumed.SENSITIVITY ANALYSISThe Group\u2019s impairment review is sensitive to change in assumptions used, most notably the discount rate (WACC) and the terminal growth rate. A 1.0% increase in discount rate or a reduction of 0.5% in terminal growth rate would not give rise to an impairment.CONCLUSIONThe amount by which the CGU\u2019s recoverable amount exceeds its carrying value is \u20ac 85.4 million. Based on the fact that there is sufficient headroom, even in the multiple sensitivity analyses, there is no need for an impairment.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__167-1": {
"value": "8. Interest in a joint ventureThe Group acquired a 50% interest in So Easy Belgium BV. The investment has been classified as a joint venture and is involved in production of aluminium systems for window and doors manufacturing. The Group\u2019s interest in this joint venture is accounted for using the equity method in the consolidated financial statements. Summarized financial information of the joint venture, based on its IFRS financial statements on a 100% basis, and reconciliation with the carrying amount of the investment in the consolidated financial statements are set out below:FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER (IN \u20ac THOUSAND) 2023 2024Sales 18,616 16,169 Cost of goods sold (13,062) (11,246)Gross profit 5,553 4,923 Marketing, sales and distribution expenses (6,140) (5,311)Administrative and general expenses (2,486) (2,027)Other net operating result 571 1,014 Operating profit / (loss) after impairment on goodwill (2,502) (1,400)Financial charges (347) (3,128)Financial income 465 2,004 Profit / (loss) before taxes (EBT) (2,384) (2,521)Income taxes 10 (41)Net profit / (loss) (2,374) (2,562)Other comprehensive income (+) / loss (-) for the period after tax impact (1,008) (246)Total comprehensive income (+) / loss (-) for the period (3,382) (2,808)Group's share of profit / (loss) for the year (1,691) (1,404)FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER (IN \u20ac THOUSAND) 2023 2024Group's share of net profit / (loss) for the year (1,187) (1,281)Group's share in other comprehensive income (504) (123)Group's share in total comprehensive income / (loss) (1,691) (1,404)Recognized group's share of net profit / (loss) for the year (1,000) (1,500)Non recognized group's share of total comprehensive income / (loss) for the year* (691) 96 * The Group has taken into account the relevant considerations that there are no contractual or constructive obligations covering for unlimited losses, the recognition of the Group\u2019s share of the results of the joint venture is limited to the extent of original recognized amount of the investment. All subsequent Group\u2019s share of the profits are not recognized by the Group until the historically non recognized Group\u2019s share of the results of the joint venture are covered.(IN \u20ac THOUSAND) 2023 2024ASSETSIntangible fixed assets 403 352 Tangible fixed assets 6,015 5,828 Non-current assets 6,418 6,181 Inventories 3,157 4,017 Trade receivables 2,567 1,212 Other receivables 561 383 Cash and cash equivalents 732 906 Current assets 7,016 6,518 Total assets 13,434 12,698 EQUITY AND LIABILITIESEquity (12,611) (12,419)Interest-bearing loans 19,711 19,697 Non-current liabilities 19,711 19,697 Trade payables 3,081 2,095 Other liabilities 3,253 3,325 Current liabilities 6,334 5,420 Total equity and liabilities 13,434 12,698 (IN \u20ac THOUSAND) 2023 2024Group's share in net assets at 1 January (5,615) (6,305)Group's share in net profit / (loss) of the year (1,187) (1,281)Group's share in other comprehensive income (504) (123)Capital increase 1,000 1,500 Group's share in net assets at 31 December (6,305) (6,209)Allocated losses on recognized goodwill at acquisition date 3,214 3,214 Cummulative non-recognized total comprehensive income 3,092 2,996 Group's carrying amount of the investment at 31 December - - The Group performed a limited purchase price allocation exercise in the first year to determine the fair value of the net assets of the So Easy Group to calculate goodwill which was partly allocated to the existing customer relationships acquired. So Easy Belgium BV cannot distribute its profits without the consent from the two venture partners.28. List of subsidiariesAll financial periods close on 31 December 2024, apart from Deceuninck Profiles India Private Limited, as disclosed in Note 1.Fully consolidated subsidiaries:Ownership percentageNAME OF THE COMPANY REGISTERED OFFICE2023 2024AUSTRALIADeceuninck Pty. Ltd. Level 1 60 Toorak Road VIC 3141 South Yarra 100.00 100.00BELGIUMSolarDec CV Bruggesteenweg 3608830 Hooglede-Gits 14.43 14.43Plastics Deceuninck NV Bruggesteenweg 3608830 Hooglede-Gits 100.00 100.00Tunal NV Bruggesteenweg 3608830 Hooglede-Gits 100.00 100.00BOSNIA AND HERZEGOVINADeceuninck d.o.o Prvi mart bb75270 Zivinice 100.00 100.00BRAZILDeceuninck do Brazil Estrada Boa Vista 575 Galp\u00e3o 10CEP 06701 475Cotia \u2013 S\u00e3o Paulo 100.00 100.00BULGARIADeceuninck Bulgaria EOOD 41 Sankt Peterburg Blvd4000 Plovdiv 100.00 100.00CHILEDeceuninck Chile SpA El Oto\u00f1o 472 Lampa 9390306 Santiago 99.99 99.99CROATIADeceuninck d.o.o. Gospodarska ulica 11 10298 Donja Bistra 100.00 100.00CZECH REPUBLICDeceuninck Spol. s r.o Tu\u0159anka 1519/115a 627 00 Brno-Slatina 100.00 100.00COLOMBIADeceuninck S.A.S. Zona France Parque Central - Variante Turbaco 100.00 100.00CII 1 Cra 2-5 DUP 1 Bdg 15 Turbaco - ColombiaFRANCEDeceuninck S.A.S. Zone Industrielle \u2013 Impasse des Bleuets 100.00 100.0080700 RoyeGERMANYDeceuninck Germany GmbH* Bayerwaldstrasse 18 100.00 100.0094327 BogenDeceuninck Germany ProduktionsBayerwaldstrasse 18 100.00 100.00GmbH & Co KG*94327 BogenOwnership percentageNAME OF THE COMPANY REGISTERED OFFICE2023 2024Deceuninck Holding Germany GmbH* Bayerwaldstrasse 18 100.00 100.0094327 BogenINDIAEge Profil Tic, ve San. A.S. (branch) 9th Floor, Olympia Platina, Plot No.33-B, 88.27 86.86South Phase, Guindy Industrial Estate, Chennai \u2013 600032Deceuninck Profiles India Private Limited 9th Floor, Olympia Platina, Plot No.33-B, 88.39 86.99South Phase, Guindy Industrial Estate, Chennai \u2013 600032ITALYDeceuninck Italia S.r.l. Via Padre Eugenio Barsanti. 1 100.00 100.0056025 Pontedera (PI) LITHUANIADeceuninck Baltic UAB (in liquidation) Saltoniskiu str. 29/3 100.00 100.0008105 VilniusMEXICODeceuninck de Mexico SA de CV Bulevar Cholula Huejotzingo No. 618100.00 100.00San Pedro Cholula, San Juan Tlautla72750 Estado de PueblaPOLANDDeceuninck Poland Sp. z o.o. Jasin. Ul Poznanska 34 100.00 100.0062-020 SwarzedzROMANIADeceuninck Romania SRL Sos. De Centura nr. 13A 100.00 100.00Complex Key Logistics Center 077040 Chiajna town Jud.IlfovRUSSIADeceuninck Rus OOO Butlerova str., 17, room 5106 100.00 100.00117342 MoscowSLOVAKIADeceuninck Slovakia s.r.o. Z\u00e1mock\u00e1 30 100.00 100.00811 01 Bratislava \u2013 Star\u00e9 mestoSPAINDeceuninck NV Sucursal en Espana Avda. De la Industria 1007100.00 100.00Pol. Ind. Antonio del Rincon45222 Borox \u2013 ToledoTHAILANDDeceuninck (Thailand) Co. Ltd. 2/3 Bangna Towers A 17fl RM 1704B 74.00 74.00Bangna-Trad. Km 6.5 Bangkaew. Bangplee Samutprakarn 10540Asia Profile Holding Co. Ltd. 2/3 Bangna Towers A 17fl RM 1704B 48.95 48.95Bangna-Trad. Km 6.5 Bangkaew. Bangplee Samutprakarn 10540Ownership percentageNAME OF THE COMPANY REGISTERED OFFICE2023 2024THE NETHERLANDSDeceuninck Kunststof BV Zinkstraat 24, unit C8725 100.00 100.004823AD BredaT\u00dcRKIYEEge Profil Ticaret ve Sanayi A.\u015e Atat\u00fcrk Plastik OSB Mahallesi. Menemen Plastik 88.27 86.86\u0130htisas Organize Sanayi B\u00f6lgesi 5. Cadde No: 4 Menemen/\u0130ZM\u0130R 35660 IZMIREge Pen A.\u015e Atat\u00fcrk Plastik OSB Mahallesi. Menemen Plastik 100.00 100.00\u0130htisas Organize Sanayi B\u00f6lgesi 5. Cadde No: 4 Menemen/\u0130ZM\u0130R 35660 IZMIRUNITED KINGDOMDeceuninck Ltd. Unit 2. Stanier Road 100.00 100.00Porte Marsh Calne \u2013 Wiltshire SN11 9PXRange Valley Extrusions Ltd. Unit 2. Stanier Road 100.00 100.00Porte Marsh Calne \u2013 Wiltshire SN11 9PXDeceuninck Holdings (UK) Ltd. Unit 2. Stanier Road 100.00 100.00Porte Marsh Calne \u2013 Wiltshire SN11 9PXUNITED STATESDeceuninck North America Inc. 351 North Garver Road 100.00 100.00Monroe. 45050 OhioDeceuninck North America. LLC 351 North Garver Road 100.00 100.00Monroe. 45050 OhioEquity investees, refer to Note 8:Ownership percentageNAME OF THE COMPANY REGISTERED OFFICE2023 2024BELGIUMSo Easy Belgium BV Stokkelaar 13 50.00 50.009160 LokerenPOLANDSo Easy System Sp. Z.o.o. ul. Dunska 4 50.00 50.0005-152 CzosnowDecalu Solutions Sp. z.o.o. ul. Dunska 4 51.00 51.0005-152 CzosnowUNITED KINGDOMUnit 2. Stanier Road Porte Marsh 50.00 50.00Deceuninck Aluminium UK Ltd.Calne \u2013 Wiltshire SN11 9PX* The subsidiary Deceuninck Germany GmbH makes use of the exemptions available in \u00a7 264 (3) HGB and subsidiary Deceuninck Germany Productions GmbH & Co. KG of 264 b HGB with regard to the publication of annual financial statements and the drawing up of a management report and notes to the financial statements. The Group Financial Statements of Deceuninck NV serve as exempting consolidated financial statements for these companies.The Group guarantees the debts of these companies as at 31 December 2024 in the following fiscal year 2025.",
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},
"f0__s9__6__166": {
"value": "8. Interest in a joint ventureThe Group acquired a 50% interest in So Easy Belgium BV. The investment has been classified as a joint venture and is involved in production of aluminium systems for window and doors manufacturing. The Group\u2019s interest in this joint venture is accounted for using the equity method in the consolidated financial statements. Summarized financial information of the joint venture, based on its IFRS financial statements on a 100% basis, and reconciliation with the carrying amount of the investment in the consolidated financial statements are set out below:FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER (IN \u20ac THOUSAND) 2023 2024Sales 18,616 16,169 Cost of goods sold (13,062) (11,246)Gross profit 5,553 4,923 Marketing, sales and distribution expenses (6,140) (5,311)Administrative and general expenses (2,486) (2,027)Other net operating result 571 1,014 Operating profit / (loss) after impairment on goodwill (2,502) (1,400)Financial charges (347) (3,128)Financial income 465 2,004 Profit / (loss) before taxes (EBT) (2,384) (2,521)Income taxes 10 (41)Net profit / (loss) (2,374) (2,562)Other comprehensive income (+) / loss (-) for the period after tax impact (1,008) (246)Total comprehensive income (+) / loss (-) for the period (3,382) (2,808)Group's share of profit / (loss) for the year (1,691) (1,404)FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER (IN \u20ac THOUSAND) 2023 2024Group's share of net profit / (loss) for the year (1,187) (1,281)Group's share in other comprehensive income (504) (123)Group's share in total comprehensive income / (loss) (1,691) (1,404)Recognized group's share of net profit / (loss) for the year (1,000) (1,500)Non recognized group's share of total comprehensive income / (loss) for the year* (691) 96 * The Group has taken into account the relevant considerations that there are no contractual or constructive obligations covering for unlimited losses, the recognition of the Group\u2019s share of the results of the joint venture is limited to the extent of original recognized amount of the investment. All subsequent Group\u2019s share of the profits are not recognized by the Group until the historically non recognized Group\u2019s share of the results of the joint venture are covered.(IN \u20ac THOUSAND) 2023 2024ASSETSIntangible fixed assets 403 352 Tangible fixed assets 6,015 5,828 Non-current assets 6,418 6,181 Inventories 3,157 4,017 Trade receivables 2,567 1,212 Other receivables 561 383 Cash and cash equivalents 732 906 Current assets 7,016 6,518 Total assets 13,434 12,698 EQUITY AND LIABILITIESEquity (12,611) (12,419)Interest-bearing loans 19,711 19,697 Non-current liabilities 19,711 19,697 Trade payables 3,081 2,095 Other liabilities 3,253 3,325 Current liabilities 6,334 5,420 Total equity and liabilities 13,434 12,698 (IN \u20ac THOUSAND) 2023 2024Group's share in net assets at 1 January (5,615) (6,305)Group's share in net profit / (loss) of the year (1,187) (1,281)Group's share in other comprehensive income (504) (123)Capital increase 1,000 1,500 Group's share in net assets at 31 December (6,305) (6,209)Allocated losses on recognized goodwill at acquisition date 3,214 3,214 Cummulative non-recognized total comprehensive income 3,092 2,996 Group's carrying amount of the investment at 31 December - - The Group performed a limited purchase price allocation exercise in the first year to determine the fair value of the net assets of the So Easy Group to calculate goodwill which was partly allocated to the existing customer relationships acquired. So Easy Belgium BV cannot distribute its profits without the consent from the two venture partners.",
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},
"f0__s9__6__165": {
"value": "8. Interest in a joint ventureThe Group acquired a 50% interest in So Easy Belgium BV. The investment has been classified as a joint venture and is involved in production of aluminium systems for window and doors manufacturing. The Group\u2019s interest in this joint venture is accounted for using the equity method in the consolidated financial statements. Summarized financial information of the joint venture, based on its IFRS financial statements on a 100% basis, and reconciliation with the carrying amount of the investment in the consolidated financial statements are set out below:FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER (IN \u20ac THOUSAND) 2023 2024Sales 18,616 16,169 Cost of goods sold (13,062) (11,246)Gross profit 5,553 4,923 Marketing, sales and distribution expenses (6,140) (5,311)Administrative and general expenses (2,486) (2,027)Other net operating result 571 1,014 Operating profit / (loss) after impairment on goodwill (2,502) (1,400)Financial charges (347) (3,128)Financial income 465 2,004 Profit / (loss) before taxes (EBT) (2,384) (2,521)Income taxes 10 (41)Net profit / (loss) (2,374) (2,562)Other comprehensive income (+) / loss (-) for the period after tax impact (1,008) (246)Total comprehensive income (+) / loss (-) for the period (3,382) (2,808)Group's share of profit / (loss) for the year (1,691) (1,404)FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER (IN \u20ac THOUSAND) 2023 2024Group's share of net profit / (loss) for the year (1,187) (1,281)Group's share in other comprehensive income (504) (123)Group's share in total comprehensive income / (loss) (1,691) (1,404)Recognized group's share of net profit / (loss) for the year (1,000) (1,500)Non recognized group's share of total comprehensive income / (loss) for the year* (691) 96 * The Group has taken into account the relevant considerations that there are no contractual or constructive obligations covering for unlimited losses, the recognition of the Group\u2019s share of the results of the joint venture is limited to the extent of original recognized amount of the investment. All subsequent Group\u2019s share of the profits are not recognized by the Group until the historically non recognized Group\u2019s share of the results of the joint venture are covered.(IN \u20ac THOUSAND) 2023 2024ASSETSIntangible fixed assets 403 352 Tangible fixed assets 6,015 5,828 Non-current assets 6,418 6,181 Inventories 3,157 4,017 Trade receivables 2,567 1,212 Other receivables 561 383 Cash and cash equivalents 732 906 Current assets 7,016 6,518 Total assets 13,434 12,698 EQUITY AND LIABILITIESEquity (12,611) (12,419)Interest-bearing loans 19,711 19,697 Non-current liabilities 19,711 19,697 Trade payables 3,081 2,095 Other liabilities 3,253 3,325 Current liabilities 6,334 5,420 Total equity and liabilities 13,434 12,698 (IN \u20ac THOUSAND) 2023 2024Group's share in net assets at 1 January (5,615) (6,305)Group's share in net profit / (loss) of the year (1,187) (1,281)Group's share in other comprehensive income (504) (123)Capital increase 1,000 1,500 Group's share in net assets at 31 December (6,305) (6,209)Allocated losses on recognized goodwill at acquisition date 3,214 3,214 Cummulative non-recognized total comprehensive income 3,092 2,996 Group's carrying amount of the investment at 31 December - - The Group performed a limited purchase price allocation exercise in the first year to determine the fair value of the net assets of the So Easy Group to calculate goodwill which was partly allocated to the existing customer relationships acquired. So Easy Belgium BV cannot distribute its profits without the consent from the two venture partners.",
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"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__168": {
"value": "9. Tangible fixed assets Other Assets Land & Machinery & Furniture & tangible 2023 (IN \u20ac THOUSAND)under TotalbuildingsequipmentvehiclesfixedconstructionassetsCOSTAt the beginning of this year 210,665 628,055 24,954 138 20,313 884,125 Additions 6,723 20,669 5,096 - 22,991 55,480 Disposals (41) (898) (318) - (114) (1,371)Transfers 2,388 13,789 94 - (16,160) 111 Translation adjustments (1,607) 22,154 4,395 - (2,537) 22,405 At the end of this year 218,128 683,769 34,222 138 24,492 960,750 DEPRECIATIONS AND IMPAIRMENTSAt the beginning of this year (93,958) (488,217) (19,579) (101) - (601,856)Additions to depreciations (4,598) (27,350) (1,565) (10) - (33,524)Additions to impairments (65) (2,297) (2) - - (2,365)Disposals 41 854 196 - - 1,091 Transfers (79) (72) - - - (151)Translation adjustments (6,502) (21,654) (6,622) - - (34,778)At the end of this year (105,161) (538,737) (27,572) (111) - (671,582)TANGIBLE FIXED ASSETSCost 218,128 683,769 34,222 138 24,492 960,750 Accumulated depreciations and (105,161) (538,737) (27,572) (111) - (671,582)impairmentsNet Carrying Value 112,967 145,032 6,650 27 24,492 289,168Other Assets Land & Machinery & Furniture & 2024 (IN \u20ac THOUSAND)tangible fixedunder Totalbuildingsequipment 218,128 vehicles 683,769 assets 34,222 138 24,492 960,750 constructionCOST 2,962 At the beginning of this year 18,468 1,575 15,158 38,172 Additions (6,741) (66,866) (1,452) 8 - (78) (75,137)Disposals (24,441) 6,967 (202) - (25,686) (43,362)19,529 (39,859) Transfers (6,563) - (888) (27,782)Translation adjustments 209,437 602,478 27,580 147 12,999 852,641 (105,161) At the end of this year (538,737) (27,572) (111) - (671,582)DEPRECIATIONS AND IMPAIRMENTS (1,705) (10) - (37,031)At the beginning of this year (125) (1,178) (31) - - (1,334)Additions to depreciations (5,528) (29,787) 6,693 Additions to impairments 66,245 1,288 - - 74,226 19,434 12,734 Disposals 496 - - 32,663 Translation adjustments 2,900 44,894 7,332 - - 55,126 Transfers (81,788) (445,829) (20,194) (121) - (547,931)At the end of this year 209,437 602,478 27,580 147 12,999 852,641 TANGIBLE FIXED ASSETSCost (20,194) (121) - (547,931)Accumulated depreciations and Net Carrying Value 127,649 156,649 7,386 26 12,999 304,710 (81,788) (445,829) impairmentsThe transfers from assets under construction in both 2023 and 2024 are mainly related to finalized investments in machinery and equipment. In 2024, there was a large outgoing transfer from tangible fixed assets (mainly land & buildings and machinery & equipment), resulting from the reclassification of assets from Germany to assets classified as held for sale. In 2024 the Group has recognized impairments on tangible fixed assets for \u20ac 1.3 million (2023: \u20ac 2.4 million). The impairments in 2024 are mainly related to old machinery and tools. Translation adjustments also contain the IAS29 hyperinflation effects of bringing the tangible fixed assets to purchasing power of 31st of December 2024. The Group has \u20ac 6.7 million fixed asset related commitments spread over the next year which are mainly related to machinery, forklifts and buildings.Tangible fixed assets under construction are further broken down in the table below. These are mainly related to tools and machinery.(IN \u20ac THOUSAND) 2023 2024Land & Buildings 699 3,492 Machinery & equipment 20,841 7,814 Other 2,952 1,692 Total 24,492 12,999 The right-of-use assets are further detailed in Note 20.The table below shows an overview of transfers between intangible fixed assets, tangible fixed assets, assets held for sale and right-of-use assets.(IN \u20ac THOUSAND) 2023 2024 Intangible fixed assets 23 - Tangible fixed assets (39) (10,699)Assets held for sale 16 10,725Right-of-use assets - (26)Total - -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__174-1": {
"value": "The Group has \u20ac 6.7 million fixed asset related commitments spread over the next year which are mainly related to machinery, forklifts and buildings.26. Off-balance sheet commitmentsThe Group has the following off-balance sheet commitments as per 31 December 2024:\u2022 Capital expenditure commitments for \u20ac 6.7 million;\u2022 Purchase commitments for raw material for an equivalent of \u20ac 24.3 million for the period 2025 to 2026 to secure sourcing in the coming years;\u2022 No export commitments;\u2022 Purchase commitments resulting from derivative forward agreements: see detailed information as included in Note 25 Risk management.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__173-1": {
"value": "The Group has \u20ac 6.7 million fixed asset related commitments spread over the next year which are mainly related to machinery, forklifts and buildings.26. Off-balance sheet commitmentsThe Group has the following off-balance sheet commitments as per 31 December 2024:\u2022 Capital expenditure commitments for \u20ac 6.7 million;\u2022 Purchase commitments for raw material for an equivalent of \u20ac 24.3 million for the period 2025 to 2026 to secure sourcing in the coming years;\u2022 No export commitments;\u2022 Purchase commitments resulting from derivative forward agreements: see detailed information as included in Note 25 Risk management.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__172-1": {
"value": "The right-of-use assets are further detailed in Note 20.The table below shows an overview of transfers between intangible fixed assets, tangible fixed assets, assets held for sale and right-of-use assets.(IN \u20ac THOUSAND) 2023 2024 Intangible fixed assets 23 - Tangible fixed assets (39) (10,699)Assets held for sale 16 10,725Right-of-use assets - (26)Total - -18. Interest-bearing debtsThe following tables provide an overview of the interest-bearing debts of the Group at year end:LONG-TERM INTEREST-BEARING DEBTS 2023 2024(IN \u20ac THOUSAND)Loans from financial institutions 89,688 82,690 Leasing 15,409 18,624 Long-term interest-bearing debts 105,097 101,314 SHORT-TERM INTEREST-BEARING DEBTS 2023 2024(IN \u20ac THOUSAND)Loans from financial institutions 4,763 10,791 Leasing 7,251 7,175 Short-term interest-bearing debts 12,013 17,966 Long-term interest-bearing loans mainly consist of straight loans drawn under the \u20ac 120 million Sustainability Linked Loan Facility Agreement maturing in 2027.The long-term leasing contracts mainly consist of agreements for the leasing of cars, equipment or buildings. Additional details are provided in Note 20. Short term interest-bearing loans mainly consist of working capital loans from Turkish banks maturing within 12 months.Non-cash changesForeign IFRS 16 INTEREST BEARING Foreign Cash Capitalized Exchange New DEBTS 2022exchange 2023FlowsInterestrevaluation in Leases / (IN \u20ac THOUSAND)translation(profit) or lossDisposalsLoans from financial 130,502 (31,555) 96 20 - (4,613) 94,450 institutionsLeasing 16,697 (7,109) - 660 13,316 (903) 22,661 Interest bearing debts 147,199 (38,664) 96 680 13,316 (5,516) 117,110 Non-cash changesForeign IFRS 16 Foreign INTEREST BEARING DEBTS Cash Capitalized Exchange New 2023exchange 2024(IN \u20ac THOUSAND)FlowsInterestrevaluation in Leases / translation(profit) or lossDisposalsLoans from financial 94,450 (335) 192 113 - (940) 93,482 institutionsLeasing 22,660 (8,138) - 276 10,801 199 25,799 Interest bearing debts 117,110 (8,472) 192 389 10,801 (741) 119,280 As of 31 December 2024, undrawn committed credit lines under the \u20ac 120 million Sustainability Linked Loan Facility Agreement and \u20ac 60 million Revolving Credit Facility amounted to \u20ac 100 million.All interest-bearing debt of Deceuninck is unsecured. Usual financial covenants (Leverage, Interest Cover, ...) are applicable to the committed credit facilities and the remaining balance (\u20ac 1 million) of the loan received in 2015 from the European Bank for Reconstruction and Development for the construction of the new plant in Menemen (T\u00fcrkiye). As per 31 December 2024 and at all preceding testing dates throughout 2024, Deceuninck Group has met all its covenants.The following table provides a summary of the outstanding debts by currency, the average interest rates and maturity profile as per 31 December 2024:TERMS AND MATURITY PROFILE Due within Due between Due after Interest %Total(IN \u20ac THOUSAND)1 year1 and 5 years5 yearsFinancial liabilities (excl leasing liabilities) 4,762 89,051 637 94,450 Leasing liabilities 7,499 18,128 485 26,112 2023 12,261 107,179 1,121 120,561 Financial liabilities (excl leasing liabilities) 10,791 82,053 637 93,482 Leasing liabilities 7,406 16,575 7,032 31,013 2024 18,197 98,629 7,668 124,495 Of whichEUR 4.27% 4,934 88,552 637 94,123 TRY 34.98% 10,303 1,819 - 12,122 USD 8.69% 1,760 6,785 7,032 15,577 Other foreign currencies 9.19% 1,201 1,473 - 2,673The Group has \u20ac 93.5 million outstanding financial liabilities (excl leasing liabilities), of which \u20ac 80.9 million are loans at a variable interest rate. In order to mitigate the risk of increasing interest rates, Deceuninck has entered into Interest Rate Swaps with a tenor of five years for a total notional amount of \u20ac 100 million, whereby it will pay a fixed interest rate and will receive the floating rate (i.e. Euribor 1 month). As at 31 December 2024, there are temporarily lower outstanding financial liabilities at variable interest rate in comparison to the hedging by means of interest rate swaps due to a temporary improvement in working capital position.20. LeasingSet out below are the carrying amounts of right-of-use assets recognized and the movements during the period:Machinery & (IN \u20ac THOUSAND) Buildings CarsTotalequipmentAs per 31 December 2022 9,421 2,826 3,267 15,515 Additions 5,700 5,681 2,345 13,726 Disposals (300) (130) (2) (432)Depreciations (3,517) (2,119) (2,620) (8,256)Impairments - (24) (27) (51)Translation adjustments (116) (31) 2,040 1,892 As per 31 December 2023 11,188 6,203 5,003 22,394 Machinery & (IN \u20ac THOUSAND) Buildings CarsTotalequipmentAs per 31 December 2023 11,188 6,203 5,003 22,394 Additions 8,240 2,492 966 11,698 Disposals (544) (227) (28) (799)Depreciations (4,048) (2,761) (1,446) (8,256)Impairments - (94) - (94)Transfers (38) 1 11 (26)Translation adjustments 332 (24) (137) 172 As per 31 December 2024 15,130 5,589 4,370 25,089 Translation adjustments also contain the IAS29 hyperinflation effects of bringing the right-of-use assets to purchasing power of 31st of December 2024.Set out below are the carrying amounts of lease liabilities (included under interest-bearing loans and borrowings) and the movements during the period:LEASE LIABILITY (IN \u20ac THOUSAND) 2023 2024Opening balance 16,697 22,660 Additions 13,726 11,698 Disposals (410) (897)Accreation of interests 1,459 2,029 Payments (8,568) (10,167)Translation adjustments (244) 475 Closing balance 22,660 25,798 Current 7,251 7,175 Non-current 15,409 18,624The maturity analysis of lease liabilities is disclosed in Note 18.The following are the amounts recognized in profit or loss:(IN \u20ac THOUSAND) 2023 2024Depreciation expense of right-of-use-assets (8,256) (8,256)Interest expense on lease liabilities (1,459) (2,029)Expenses relating to short-term leases and low-value assets (2,724) (1,889)Total amount recognized in profit or loss (12,439) (12,173)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__177-1": {
"value": "10. Long-term receivables(IN \u20ac THOUSAND) 2023 2024Other receivables 399 397 Receivables from joint ventures 10,582 10,582 Total 10,981 10,97912. Trade receivables and other receivables(IN \u20ac THOUSAND) 2023 2024Gross trade receivables 95,560 124,834 Impairments allowance (13,431) (13,617)Trade receivables 82,129 111,217 VAT and other taxes 8,618 8,077 Derivative financial instruments 240 296 Prepaid charges 3,499 3,472 Short-term warranties 199 103 Advance checks received 31,329 46,367 Receivables from joint ventures 112 328 Other 653 367 Other receivables 44,650 59,009 Gross trade receivables increased by \u20ac 29.3 million. Total factoring amounted to \u20ac 0.3 million at 31 December 2024 (2023: \u20ac 18.3 million). The effect of the factoring agreement is shown as a decrease in trade receivables, as substantially all risks and rewards relating to the trade receivables are transferred to the factor company (non-recourse factoring).Days sales outstanding (DSO) increased year-on-year, to 53 days in 2024 compared to 39 days in 2023. The increase in DSO is mainly related to the fact that the Group did not request factor financing at 31 December 2024.The gross trade receivables consist of invoiced sales, an accrual for invoices to be issued, an accrual for credit notes to be received and exchange rate differences.The advance checks mainly consist of checks which have been received from customers in T\u00fcrkiye, to guarantee orders that will be executed in a later stage. This is a common practice in the local construction industry. These checks are considered as advance payments and can be discounted or used for payments without any preconditions. Before finalisation of these orders, the advance checks are presented gross as both \u2018other receivables\u2019 and as \u2018other liabilities\u2019 as disclosed in Note 19. Upon delivery and invoicing, these checks are netted. The corresponding trade receivable is presented as such and will be settled at the expiry date of the check.An analysis of the trade receivables is provided below, which shows the ageing of both gross outstanding trade receivables and impairment allowances on these trade receivables.Aging analysis of< 30 31 - 6061 - 9091 - 120> 120trade receivables Total Not duedaysdaysdaysdaysdays(IN \u20ac THOUSAND)Gross trade receivables per 124,834 89,178 14,122 5,122 2,237 3,032 11,143 31 December 2024Impairments allowance per (13,617) (1,387) (131) (84) (91) (2,372) (9,552)31 December 2024Net carrying value per 111,217 87,791 13,991 5,038 2,146 660 1,591 31 December 2024Net carrying value per 82,129 60,788 8,524 5,048 2,873 1,736 3,161 31 December 2023As per 31 December 2024 an amount of \u20ac 13.6 million (2023: \u20ac 13.4 million) is recorded as impairment allowance on trade receivables.The majority of the impairment allowance relates to specific allowances for long overdue receivables. The impact of the expected credit loss (ECL) model on the impairment allowance remains stable compared to 2023 and is mainly included in the T\u00fcrkiye & Emerging Markets segment, where loss rates between 5% and 15% are applied, in line with the 2023 ECL model. If the loss rate would be increased by 1%, the impairment allowance would increase by \u20ac 422 thousand.The movements during the last 2 financial years are presented in the following table:IMPAIRMENT ALLOWANCE (IN \u20ac THOUSAND) 2023 2024At the beginning of (12,306) (13,431)Additions (4,652) (2,472)Reversals 1,745 1,452 Utilizations 420 17 Translation adjustments 1,362 816 At the end of (13,431) (13,617)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__181": {
"value": "No inventories were pledged as security for liabilities (2023: idem).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__179": {
"value": "11. Inventories(IN \u20ac THOUSAND) 2023 2024Raw materials and consumables 43,988 33,625 Finished goods 79,367 72,338 Trade goods 14,885 10,732 Total 138,241 116,695 During 2024 a net amount of \u20ac 5.1 million was recorded as a decrease in the allowance related to the write-down on inventory (in 2023: \u20ac 2.0 million increase). These costs are included in Marketing, sales and distribution expenses. The cost of inventories recognized as cost of goods sold during 2024 amounted to \u20ac 561.7 million (2023: \u20ac 585.0 million). No inventories were pledged as security for liabilities (2023: idem).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__185": {
"value": "12. Trade receivables and other receivables(IN \u20ac THOUSAND) 2023 2024Gross trade receivables 95,560 124,834 Impairments allowance (13,431) (13,617)Trade receivables 82,129 111,217 VAT and other taxes 8,618 8,077 Derivative financial instruments 240 296 Prepaid charges 3,499 3,472 Short-term warranties 199 103 Advance checks received 31,329 46,367 Receivables from joint ventures 112 328 Other 653 367 Other receivables 44,650 59,009 Gross trade receivables increased by \u20ac 29.3 million. Total factoring amounted to \u20ac 0.3 million at 31 December 2024 (2023: \u20ac 18.3 million). The effect of the factoring agreement is shown as a decrease in trade receivables, as substantially all risks and rewards relating to the trade receivables are transferred to the factor company (non-recourse factoring).Days sales outstanding (DSO) increased year-on-year, to 53 days in 2024 compared to 39 days in 2023. The increase in DSO is mainly related to the fact that the Group did not request factor financing at 31 December 2024.The gross trade receivables consist of invoiced sales, an accrual for invoices to be issued, an accrual for credit notes to be received and exchange rate differences.The advance checks mainly consist of checks which have been received from customers in T\u00fcrkiye, to guarantee orders that will be executed in a later stage. This is a common practice in the local construction industry. These checks are considered as advance payments and can be discounted or used for payments without any preconditions. Before finalisation of these orders, the advance checks are presented gross as both \u2018other receivables\u2019 and as \u2018other liabilities\u2019 as disclosed in Note 19. Upon delivery and invoicing, these checks are netted. The corresponding trade receivable is presented as such and will be settled at the expiry date of the check.An analysis of the trade receivables is provided below, which shows the ageing of both gross outstanding trade receivables and impairment allowances on these trade receivables.Aging analysis of< 30 31 - 6061 - 9091 - 120> 120trade receivables Total Not duedaysdaysdaysdaysdays(IN \u20ac THOUSAND)Gross trade receivables per 124,834 89,178 14,122 5,122 2,237 3,032 11,143 31 December 2024Impairments allowance per (13,617) (1,387) (131) (84) (91) (2,372) (9,552)31 December 2024Net carrying value per 111,217 87,791 13,991 5,038 2,146 660 1,591 31 December 2024Net carrying value per 82,129 60,788 8,524 5,048 2,873 1,736 3,161 31 December 2023As per 31 December 2024 an amount of \u20ac 13.6 million (2023: \u20ac 13.4 million) is recorded as impairment allowance on trade receivables.The majority of the impairment allowance relates to specific allowances for long overdue receivables. The impact of the expected credit loss (ECL) model on the impairment allowance remains stable compared to 2023 and is mainly included in the T\u00fcrkiye & Emerging Markets segment, where loss rates between 5% and 15% are applied, in line with the 2023 ECL model. If the loss rate would be increased by 1%, the impairment allowance would increase by \u20ac 422 thousand.The movements during the last 2 financial years are presented in the following table:IMPAIRMENT ALLOWANCE (IN \u20ac THOUSAND) 2023 2024At the beginning of (12,306) (13,431)Additions (4,652) (2,472)Reversals 1,745 1,452 Utilizations 420 17 Translation adjustments 1,362 816 At the end of (13,431) (13,617)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__184": {
"value": "12. Trade receivables and other receivables(IN \u20ac THOUSAND) 2023 2024Gross trade receivables 95,560 124,834 Impairments allowance (13,431) (13,617)Trade receivables 82,129 111,217 VAT and other taxes 8,618 8,077 Derivative financial instruments 240 296 Prepaid charges 3,499 3,472 Short-term warranties 199 103 Advance checks received 31,329 46,367 Receivables from joint ventures 112 328 Other 653 367 Other receivables 44,650 59,009 Gross trade receivables increased by \u20ac 29.3 million. Total factoring amounted to \u20ac 0.3 million at 31 December 2024 (2023: \u20ac 18.3 million). The effect of the factoring agreement is shown as a decrease in trade receivables, as substantially all risks and rewards relating to the trade receivables are transferred to the factor company (non-recourse factoring).Days sales outstanding (DSO) increased year-on-year, to 53 days in 2024 compared to 39 days in 2023. The increase in DSO is mainly related to the fact that the Group did not request factor financing at 31 December 2024.The gross trade receivables consist of invoiced sales, an accrual for invoices to be issued, an accrual for credit notes to be received and exchange rate differences.The advance checks mainly consist of checks which have been received from customers in T\u00fcrkiye, to guarantee orders that will be executed in a later stage. This is a common practice in the local construction industry. These checks are considered as advance payments and can be discounted or used for payments without any preconditions. Before finalisation of these orders, the advance checks are presented gross as both \u2018other receivables\u2019 and as \u2018other liabilities\u2019 as disclosed in Note 19. Upon delivery and invoicing, these checks are netted. The corresponding trade receivable is presented as such and will be settled at the expiry date of the check.An analysis of the trade receivables is provided below, which shows the ageing of both gross outstanding trade receivables and impairment allowances on these trade receivables.Aging analysis of< 30 31 - 6061 - 9091 - 120> 120trade receivables Total Not duedaysdaysdaysdaysdays(IN \u20ac THOUSAND)Gross trade receivables per 124,834 89,178 14,122 5,122 2,237 3,032 11,143 31 December 2024Impairments allowance per (13,617) (1,387) (131) (84) (91) (2,372) (9,552)31 December 2024Net carrying value per 111,217 87,791 13,991 5,038 2,146 660 1,591 31 December 2024Net carrying value per 82,129 60,788 8,524 5,048 2,873 1,736 3,161 31 December 2023As per 31 December 2024 an amount of \u20ac 13.6 million (2023: \u20ac 13.4 million) is recorded as impairment allowance on trade receivables.The majority of the impairment allowance relates to specific allowances for long overdue receivables. The impact of the expected credit loss (ECL) model on the impairment allowance remains stable compared to 2023 and is mainly included in the T\u00fcrkiye & Emerging Markets segment, where loss rates between 5% and 15% are applied, in line with the 2023 ECL model. If the loss rate would be increased by 1%, the impairment allowance would increase by \u20ac 422 thousand.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__183": {
"value": "12. Trade receivables and other receivables(IN \u20ac THOUSAND) 2023 2024Gross trade receivables 95,560 124,834 Impairments allowance (13,431) (13,617)Trade receivables 82,129 111,217 VAT and other taxes 8,618 8,077 Derivative financial instruments 240 296 Prepaid charges 3,499 3,472 Short-term warranties 199 103 Advance checks received 31,329 46,367 Receivables from joint ventures 112 328 Other 653 367 Other receivables 44,650 59,009 Gross trade receivables increased by \u20ac 29.3 million. Total factoring amounted to \u20ac 0.3 million at 31 December 2024 (2023: \u20ac 18.3 million). The effect of the factoring agreement is shown as a decrease in trade receivables, as substantially all risks and rewards relating to the trade receivables are transferred to the factor company (non-recourse factoring).Days sales outstanding (DSO) increased year-on-year, to 53 days in 2024 compared to 39 days in 2023. The increase in DSO is mainly related to the fact that the Group did not request factor financing at 31 December 2024.The gross trade receivables consist of invoiced sales, an accrual for invoices to be issued, an accrual for credit notes to be received and exchange rate differences.The advance checks mainly consist of checks which have been received from customers in T\u00fcrkiye, to guarantee orders that will be executed in a later stage. This is a common practice in the local construction industry. These checks are considered as advance payments and can be discounted or used for payments without any preconditions. Before finalisation of these orders, the advance checks are presented gross as both \u2018other receivables\u2019 and as \u2018other liabilities\u2019 as disclosed in Note 19. Upon delivery and invoicing, these checks are netted. The corresponding trade receivable is presented as such and will be settled at the expiry date of the check.An analysis of the trade receivables is provided below, which shows the ageing of both gross outstanding trade receivables and impairment allowances on these trade receivables.Aging analysis of< 30 31 - 6061 - 9091 - 120> 120trade receivables Total Not duedaysdaysdaysdaysdays(IN \u20ac THOUSAND)Gross trade receivables per 124,834 89,178 14,122 5,122 2,237 3,032 11,143 31 December 2024Impairments allowance per (13,617) (1,387) (131) (84) (91) (2,372) (9,552)31 December 2024Net carrying value per 111,217 87,791 13,991 5,038 2,146 660 1,591 31 December 2024Net carrying value per 82,129 60,788 8,524 5,048 2,873 1,736 3,161 31 December 2023As per 31 December 2024 an amount of \u20ac 13.6 million (2023: \u20ac 13.4 million) is recorded as impairment allowance on trade receivables.The majority of the impairment allowance relates to specific allowances for long overdue receivables. The impact of the expected credit loss (ECL) model on the impairment allowance remains stable compared to 2023 and is mainly included in the T\u00fcrkiye & Emerging Markets segment, where loss rates between 5% and 15% are applied, in line with the 2023 ECL model. If the loss rate would be increased by 1%, the impairment allowance would increase by \u20ac 422 thousand.The movements during the last 2 financial years are presented in the following table:IMPAIRMENT ALLOWANCE (IN \u20ac THOUSAND) 2023 2024At the beginning of (12,306) (13,431)Additions (4,652) (2,472)Reversals 1,745 1,452 Utilizations 420 17 Translation adjustments 1,362 816 At the end of (13,431) (13,617)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__189-1": {
"value": "13. Cash and cash equivalents(IN \u20ac THOUSAND) 2023 2024Cash and current bank accounts 25,920 9,988 Short term deposits 20,625 24,145 Total 46,545 34,133 Cash and cash equivalents have decreased mainly due to further optimalisation of debt management in T\u00fcrkiye as a result of the high interest environment. The decrease in cash and current bank accounts is also related to the fact that the Group did not request factor financing at 31 December 2024.18. Interest-bearing debtsThe following tables provide an overview of the interest-bearing debts of the Group at year end:LONG-TERM INTEREST-BEARING DEBTS 2023 2024(IN \u20ac THOUSAND)Loans from financial institutions 89,688 82,690 Leasing 15,409 18,624 Long-term interest-bearing debts 105,097 101,314 SHORT-TERM INTEREST-BEARING DEBTS 2023 2024(IN \u20ac THOUSAND)Loans from financial institutions 4,763 10,791 Leasing 7,251 7,175 Short-term interest-bearing debts 12,013 17,966 Long-term interest-bearing loans mainly consist of straight loans drawn under the \u20ac 120 million Sustainability Linked Loan Facility Agreement maturing in 2027.The long-term leasing contracts mainly consist of agreements for the leasing of cars, equipment or buildings. Additional details are provided in Note 20. Short term interest-bearing loans mainly consist of working capital loans from Turkish banks maturing within 12 months.Non-cash changesForeign IFRS 16 INTEREST BEARING Foreign Cash Capitalized Exchange New DEBTS 2022exchange 2023FlowsInterestrevaluation in Leases / (IN \u20ac THOUSAND)translation(profit) or lossDisposalsLoans from financial 130,502 (31,555) 96 20 - (4,613) 94,450 institutionsLeasing 16,697 (7,109) - 660 13,316 (903) 22,661 Interest bearing debts 147,199 (38,664) 96 680 13,316 (5,516) 117,110 Non-cash changesForeign IFRS 16 Foreign INTEREST BEARING DEBTS Cash Capitalized Exchange New 2023exchange 2024(IN \u20ac THOUSAND)FlowsInterestrevaluation in Leases / translation(profit) or lossDisposalsLoans from financial 94,450 (335) 192 113 - (940) 93,482 institutionsLeasing 22,660 (8,138) - 276 10,801 199 25,799 Interest bearing debts 117,110 (8,472) 192 389 10,801 (741) 119,280 As of 31 December 2024, undrawn committed credit lines under the \u20ac 120 million Sustainability Linked Loan Facility Agreement and \u20ac 60 million Revolving Credit Facility amounted to \u20ac 100 million.All interest-bearing debt of Deceuninck is unsecured. Usual financial covenants (Leverage, Interest Cover, ...) are applicable to the committed credit facilities and the remaining balance (\u20ac 1 million) of the loan received in 2015 from the European Bank for Reconstruction and Development for the construction of the new plant in Menemen (T\u00fcrkiye). As per 31 December 2024 and at all preceding testing dates throughout 2024, Deceuninck Group has met all its covenants.The following table provides a summary of the outstanding debts by currency, the average interest rates and maturity profile as per 31 December 2024:TERMS AND MATURITY PROFILE Due within Due between Due after Interest %Total(IN \u20ac THOUSAND)1 year1 and 5 years5 yearsFinancial liabilities (excl leasing liabilities) 4,762 89,051 637 94,450 Leasing liabilities 7,499 18,128 485 26,112 2023 12,261 107,179 1,121 120,561 Financial liabilities (excl leasing liabilities) 10,791 82,053 637 93,482 Leasing liabilities 7,406 16,575 7,032 31,013 2024 18,197 98,629 7,668 124,495 Of whichEUR 4.27% 4,934 88,552 637 94,123 TRY 34.98% 10,303 1,819 - 12,122 USD 8.69% 1,760 6,785 7,032 15,577 Other foreign currencies 9.19% 1,201 1,473 - 2,673The Group has \u20ac 93.5 million outstanding financial liabilities (excl leasing liabilities), of which \u20ac 80.9 million are loans at a variable interest rate. In order to mitigate the risk of increasing interest rates, Deceuninck has entered into Interest Rate Swaps with a tenor of five years for a total notional amount of \u20ac 100 million, whereby it will pay a fixed interest rate and will receive the floating rate (i.e. Euribor 1 month). As at 31 December 2024, there are temporarily lower outstanding financial liabilities at variable interest rate in comparison to the hedging by means of interest rate swaps due to a temporary improvement in working capital position.",
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"value": "13. Cash and cash equivalents(IN \u20ac THOUSAND) 2023 2024Cash and current bank accounts 25,920 9,988 Short term deposits 20,625 24,145 Total 46,545 34,133 Cash and cash equivalents have decreased mainly due to further optimalisation of debt management in T\u00fcrkiye as a result of the high interest environment. The decrease in cash and current bank accounts is also related to the fact that the Group did not request factor financing at 31 December 2024.",
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"f0__s9__6__193": {
"value": "15. Issued capital and reservesIssued capitalISSUED CAPITAL 2023 2024Amount (in \u20ac thousand) 54,640 54,640 Number of shares (without nominal value) 138,545,260 138,545,260As per 31 December 2024, issued capital is set at \u20ac 54,640 thousand and is composed of 138,545 thousand shares without a nominal value.Share premiumsSHARE PREMIUMS 2023 2024Amount (in \u20ac thousand) 91,010 91,010 Treasury shares TREASURY SHARES 2023 2024Amount (in \u20ac thousand) (151) (1,215)Number of shares (without nominal value) 90,603 480,938TREASURY SHARES HELD IN SUBSIDIARIES 2023 2024Amount (in \u20ac thousand) (417) -Number of shares (without nominal value) 290,468 -As at 31 December 2024, the Group owned 480,938 own shares. These treasury shares are held to fulfil the Group's commitments arising from both share purchase plans and warrant plans. The treasury shares have been deducted from equity. As at 31 December 2023, the Group owned 90,603 treasury shares.As at 31 December 2024, the Group\u2019s subsidiary Ege Profil Ticaret ve Sanayi AS, held no own shares (as at 31 December 2023: 290,468). The subsidiary\u2019s own shares have been deducted from equity and are presented under \u201cTreasury shares held in subsidiaries\u201d.Currency translation adjustmentsAn overview of the currency translation adjustments by currency is given below:CURRENCY TRANSLATION ADJUSTMENTS2023 2024(IN \u20ac THOUSAND)USD (6,563) (111)TRY (76,770) (50,806)RUB (9,553) (9,823)PLN (2,962) (2,524)GBP (2,696) (1,551)CZK 700 373 Other 510 (1,792)Total (97,334) (66,234)Currency translation adjustments include all exchange rate differences resulting from the conversion of the financial statements of subsidiaries into euro. The total currency translation adjustments amount to \u20ac -66.2 million as at 31 December 2024.",
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"value": "14. Assets classified as held for saleASSETS CLASSIFIED AS HELD FOR SALE (IN \u20ac THOUSAND) 2023 2024Cost 12,585 55,342 Accumulated depreciations and impairments (629) (32,744)Net Carrying Value 11,956 22,598 The Assets classified as held for sale mainly relate to real estate in T\u00fcrkiye & Germany. All assets are available for immediate sale in its present condition and the sale is highly probable. Necessary actions have been taken in order to place these assets on the market and sales are expected during 2025. Following the reclassification to assets classified as held for sale, these assets are no longer depreciated.",
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"value": "14. Assets classified as held for saleASSETS CLASSIFIED AS HELD FOR SALE (IN \u20ac THOUSAND) 2023 2024Cost 12,585 55,342 Accumulated depreciations and impairments (629) (32,744)Net Carrying Value 11,956 22,598 The Assets classified as held for sale mainly relate to real estate in T\u00fcrkiye & Germany. All assets are available for immediate sale in its present condition and the sale is highly probable. Necessary actions have been taken in order to place these assets on the market and sales are expected during 2025. Following the reclassification to assets classified as held for sale, these assets are no longer depreciated.",
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"f0__s9__6__194": {
"value": "Issued capitalISSUED CAPITAL 2023 2024Amount (in \u20ac thousand) 54,640 54,640 Number of shares (without nominal value) 138,545,260 138,545,260As per 31 December 2024, issued capital is set at \u20ac 54,640 thousand and is composed of 138,545 thousand shares without a nominal value.",
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"f0__s9__6__196-1": {
"value": "Treasury shares TREASURY SHARES 2023 2024Amount (in \u20ac thousand) (151) (1,215)Number of shares (without nominal value) 90,603 480,938TREASURY SHARES HELD IN SUBSIDIARIES 2023 2024Amount (in \u20ac thousand) (417) -Number of shares (without nominal value) 290,468 -As at 31 December 2024, the Group owned 480,938 own shares. These treasury shares are held to fulfil the Group's commitments arising from both share purchase plans and warrant plans. The treasury shares have been deducted from equity. As at 31 December 2023, the Group owned 90,603 treasury shares.As at 31 December 2024, the Group\u2019s subsidiary Ege Profil Ticaret ve Sanayi AS, held no own shares (as at 31 December 2023: 290,468). The subsidiary\u2019s own shares have been deducted from equity and are presented under \u201cTreasury shares held in subsidiaries\u201d.An overview of the currency translation adjustments by currency is given below:CURRENCY TRANSLATION ADJUSTMENTS2023 2024(IN \u20ac THOUSAND)USD (6,563) (111)TRY (76,770) (50,806)RUB (9,553) (9,823)PLN (2,962) (2,524)GBP (2,696) (1,551)CZK 700 373 Other 510 (1,792)Total (97,334) (66,234)Currency translation adjustments include all exchange rate differences resulting from the conversion of the financial statements of subsidiaries into euro. The total currency translation adjustments amount to \u20ac -66.2 million as at 31 December 2024.",
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"f0__s9__6__195": {
"value": "Treasury shares TREASURY SHARES 2023 2024Amount (in \u20ac thousand) (151) (1,215)Number of shares (without nominal value) 90,603 480,938TREASURY SHARES HELD IN SUBSIDIARIES 2023 2024Amount (in \u20ac thousand) (417) -Number of shares (without nominal value) 290,468 -As at 31 December 2024, the Group owned 480,938 own shares. These treasury shares are held to fulfil the Group's commitments arising from both share purchase plans and warrant plans. The treasury shares have been deducted from equity. As at 31 December 2023, the Group owned 90,603 treasury shares.As at 31 December 2024, the Group\u2019s subsidiary Ege Profil Ticaret ve Sanayi AS, held no own shares (as at 31 December 2023: 290,468). The subsidiary\u2019s own shares have been deducted from equity and are presented under \u201cTreasury shares held in subsidiaries\u201d.",
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"f0__s9__6__200-1": {
"value": "16. Provisions for post-employment employee benefitsDeceuninck GermanyNET LIABILITY (ASSET) and Deceuninck NV Ege Profil ASRECONCILIATIONOther TotalProduktions (Belgium)(T\u00fcrkiye)(IN \u20ac THOUSAND)GmbH(Germany)As per 31 December 2023 10,815 376 2,732 693 14,616 Pension cost recognized in 346 916 949 2,097 4,309 income statementRemeasurements recognized (191) (227) 283 - (135)in OCIBenefits paid directly (535) (879) (1,199) (2,100) (4,713)Translation adjustments - - (309) (49) (358)As per 31 December 2024 10,436 186 2,455 642 13,718 Non-current 9,898 166 2,433 630 13,127 Current 538 20 22 12 591 Defined benefit plans and other post-employment benefits Deceuninck NV (Belgium)For Deceuninck NV, the provisions for post-employment benefits relate to the early retirement obligation and Belgian pension plans. According to IAS19, Belgian defined contribution plans that guarantee a specified return are defined benefit plans, as the employer has to cover the investment risk until the applicable legal minimum rates.The returns guaranteed by the insurance company are in most cases lower, as a result the Group has not fully hedged its risk and a provision needs to be accounted for. Deceuninck NV has a number of defined contribution plans, applicable to different categories of personnel. Those pension plans have been set up by Deceuninck NV and are thus not multi-employer plans. All plans are funded through group insurances with an insurance company. Contributions are made by the employer and employee.In Belgium, inactive members are not included as there is no material deficit. The total amount of the reserve for these members amount to \u20ac 7.6 million. The reserves are fully funded with plan assets.Deceuninck NV operates an early retirement plan under the legal framework in Belgium and allows that employees reaching the legal pre-pension age (currently 62 years with certain additional conditions linked to the length of career) can benefit from an early pension and retire before the legal pension age (currently 65 years). The elderly employees accepting such offers will receive a temporary supplement paid by Deceuninck NV until their legal retirement age on top of the unemployment allowance. The provision covers the employees for which there exists a plan and the expected employees to retire by an early retirement scheme the next coming 4 years based on the collective labor agreement. The plan is available for all employees meeting the requirements. It is unfunded and administered by Deceuninck NV.In accordance with IFRS, the actuarial present value of the defined pension benefit plans must be calculated, as that value represents the total of the amounts that can currently be allocated to each participant in the plan. The actuarial present value was calculated based on the mortality tables IA/BE (age correction -1 years) and the following actuarial assumptions:DECEUNINCK NV (BELGIUM) - PRINCIPAL ACTUARIAL ASSUMPTIONS 2023 2024Discount rate 3.20% 3.30%Increase in compensations - white collar 2.85% 2.75%Increase in compensations - blue collar 2.85% 2.75%Increases in social security 2.85% 2.75%Increases in pensions N/A N/AInflation 2.10% 2.00%The main risks for Deceuninck NV relate to future salary increases.Deceuninck Germany GmbH and Deceuninck Germany Produktions GmbH & Co KG (Germany)For Deceuninck Germany GmbH and Deceuninck Germany Produktions GmbH & Co KG, the provisions for employee benefits refer to the provision for pensions which is unfunded. The pension plan entitles the beneficiary to a lump sum amount at the start of their pension. The plan was available to all employees started to work for Deceuninck Germany GmbH before 1999. For one manager there is an individual pension plan which provides an annuity payment after retirement. The plan is based on the collective agreement of IGBCE and the respective company agreement. The actuarial present value was calculated based on the following assumptions:DECEUNINCK GERMANY AND PRODUKTIONS GMBH (GERMANY) - PRINCIPAL 2023 2024ACTUARIAL ASSUMPTIONSDiscount rate 3.20% 3.30%Increase in compensations - white collar 3.00% 3.00%Increase in compensations - blue collar 3.00% 3.00%Increases in social security 3.00% 3.00%Increases in pensions 2.00% 2.00%Inflation 2.00% 2.00%Ege Profil AS (T\u00fcrkiye)The company is required to pay a termination indemnity upon the date of retirement. This plan is legally required for all employees and is unfunded. The actuarial present value was calculated based on the following assumptions:EGE PROFIL AS (T\u00dcRKIYE) - PRINCIPAL ACTUARIAL ASSUMPTIONS 2023 2024Discount rate 26.43% 27.87%Increase in compensations - white collar 70.00% 40.00%Increase in compensations - blue collar 70.00% 40.00%Increases in social security 70.00% 40.00%Increases in pensions N/A N/AInflation N/A N/AOtherThese provisions for employee benefits refer to local pension regulations. The tables below provide an overview of the pension costs included in the consolidated income statement, and the amounts recognized in the balance sheet position for the defined pension plan of Deceuninck Germany GmbH, Deceuninck Produktions GmbH & Co. KG, Ege Profil AS and the Belgian subsidiaries of the last two years:COMPONENTS OF 2023 2024PENSION COSTDeceuninckDeceuninckGermany andGermany andEge Profil ASDeceuninckEge Profil ASDeceuninck(IN \u20ac THOUSAND)ProduktionsTotalProduktionsTotal(T\u00fcrkiye)NV (Belgium)(T\u00fcrkiye)NV (Belgium)GmbHGmbH(Germany)(Germany)Current service cost 37 873 768 1,679 9 379 931 1,318 Interest cost 369 382 (18) 733 338 571 (15) 893 Recognized in income 406 1,255 750 2,412 346 949 916 2,212 statementThe current service cost is included in the financial statement lines in the consolidated income statement based on the function and activities of the related personnel. If the related personnel are no longer active within the Group, the cost is recognized in the section Other under Other operating costs. The interest cost is included in Other financial result. Where applicable, the current service cost is considered for the inventory valuation.AMOUNTS RECOGNIZED IN THE STATEMENT OF 2023 2024FINANCIAL POSITIONDeceuninckDeceuninckGermany andGermany andEge Profil ASDeceuninckEge Profil ASDeceuninck(IN \u20ac THOUSAND)ProduktionsTotalProduktionsTotal(T\u00fcrkiye)NV (Belgium)(T\u00fcrkiye)NV (Belgium)GmbHGmbH(Germany)(Germany)Present value of defined 10,816 2,731 9,078 22,624 10,436 2,454 9,344 22,234 benefit obligationFair value of plan assets - - (8,702) (8,702) - - (9,158) (9,158)Net liability (asset) 10,816 2,731 376 13,922 10,436 2,454 186 13,076 CHANGE IN PENSION 2023 2024BENEFIT OBLIGATIONSDeceuninckDeceuninckGermany andGermany andEge Profil ASDeceuninckEge Profil ASDeceuninck(IN \u20ac THOUSAND)ProduktionsTotalProduktionsTotal(T\u00fcrkiye)NV (Belgium)(T\u00fcrkiye)NV (Belgium)GmbHGmbH(Germany)(Germany)At the beginning of 10,230 3,391 8,533 22,153 10,816 2,731 9,078 22,624 Current service cost 37 873 768 1,679 9 379 931 1,318 Interest cost 369 382 297 1,048 338 571 278 1,186 Plan participants - - 286 286 - - 262 262 contributionsActuarial (gain) / loss 697 1,003 433 2,133 (191) 283 (239) (147)Arising from changes in 676 (202) 257 (134) (7) (121)financial assumptionsExperience adjustments 21 962 176 (57) 925 (116)Arising from demographic - 242 - - (636) (2)assumptionsBenefits paid directly (517) (1,602) (1,239) (3,359) (535) (1,199) (966) (2,700)Exchange rate differences - (1,316) - (1,316) - (309) - (309)At the end of 10,816 2,731 9,078 22,624 10,436 2,454 9,344 22,234 CHANGE IN FAIR VALUE OF 2023 2024PLAN ASSETSDeceuninckDeceuninckGermany andGermany andEge Profil ASDeceuninckEge Profil ASDeceuninck(IN \u20ac THOUSAND)ProduktionsTotalProduktionsTotal(T\u00fcrkiye)NV (Belgium)(T\u00fcrkiye)NV (Belgium)GmbHGmbH(Germany)(Germany)At the beginning of - - 8,037 8,037 - - 8,702 8,702 Interest income on plan assets - - 315 315 - - 293 293 Actuarial (gain) / loss - - 331 331 - - (12) (12)Return on plan asset - - 331 - - (12)Employer contributions - - 854 854 - - 865 865 Plan participants contributions - - 286 286 - - 262 262 Benefits paid directly - - (1,121) (1,121) - - (952) (952)At the end of - - 8,702 8,702 - - 9,158 9,158 OTHER 2024DeceuninckGermany andEge Profil ASDeceuninck(IN \u20ac THOUSAND)Produktions(T\u00fcrkiye)NV (Belgium)GmbH(Germany)ContributionsExpected contribution to the plan for the next annual reporting 538 N/A 769periodMaturity profileDuration jubilee benefits N/A N/A N/ADuration prepensions N/A N/A 2.8Duration DC pension plans 13.0/18.0 N/A 12.1Duration other long term benefits N/A 11.1 N/AExpected payments from the defined benefit plan withinCashFlow Year 1 538 22 57 CashFlow Year 2 554 1,565 7 CashFlow Year 3 561 16 543 CashFlow Year 4 569 22 576 CashFlow Year 5 574 31 964 CashFlow Year 6-10 2,842 1,323 3,344 Sensitivity analysis shows the following impacts:Deceuninck GermanyAS PER 31 DECEMBER 2024and Produktions GmbHEge Profil AS (T\u00fcrkiye) Deceuninck NV (Belgium)(Germany)Change in discount rate -0.20% 0.20% -0.50% 0.50% -0.20% 0.20%Impact on present value of defined benefit obligation 270 (259) 111 (103) 121 (110)(in \u20ac thousand)Change in pension increase -0.50% 0.50% -0.50% 0.50% N/A N/ArateImpact on present value of defined benefit obligation (517) 544 (106) 114 (in \u20ac thousand)- one + one - one + one - one + one Change in longevityyear life year life year life year life year life year life expectancyexpectancyexpectancyexpectancyexpectancyexpectancyImpact on present value of defined benefit obligation (371) 385 N/A N/A 21 (22)(in \u20ac thousand)17. Provisions(IN \u20ac THOUSAND) Restructuring Warranties Claims Other TotalAs per 31 December 2023 12,598 2,313 2,033 4,167 21,111 Additions 4,667 137 120 698 5,622 Utilizations (4,770) (98) (429) (2,291) (7,588)Reversals - (374) (36) (586) (996)Transfers - - (8) (22) (31)Translation adjustments - (78) (11) (70) (158)As per 31 December 2024 12,495 1,900 1,668 1,896 17,960 Non-current - 1,858 1,646 1,896 5,400 Current 12,495 42 23 - 12,560 Restructuring provisions are recognized when conditions of IAS 37 are fulfilled. In 2023 a restructuring provision was recognized related to the strategic repositioning in Europe and Emerging Markets. The Group ceased its manufacturing activities in Bogen and all logistic activities in Hunderdorf in Bavaria, Germany due to the strategic repositioning in Europe. Deceuninck is optimizing its European production and logistic footprint in order to achieve sustainable growth, improve business performance and to assure a reliable supply and service. Production from the plant in Bogen has been transferred to other manufacturing plants in the Deceuninck Group, redesigning the set-up to address overcapacity and ensure long-term competitiveness. The remaining restructuring provision of \u20ac 12.5 million is mainly related to social liabilities and will be utilized during the first months of 2025.Provisions for warranties are based on historical data of the cost incurred for repairs and returns.The provisions for claims mainly relate to claims for quality issues of products sold. The other provisions include a large number of items such as provisions for legal disputes.",
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"f0__s9__6__203": {
"value": "17. Provisions(IN \u20ac THOUSAND) Restructuring Warranties Claims Other TotalAs per 31 December 2023 12,598 2,313 2,033 4,167 21,111 Additions 4,667 137 120 698 5,622 Utilizations (4,770) (98) (429) (2,291) (7,588)Reversals - (374) (36) (586) (996)Transfers - - (8) (22) (31)Translation adjustments - (78) (11) (70) (158)As per 31 December 2024 12,495 1,900 1,668 1,896 17,960 Non-current - 1,858 1,646 1,896 5,400 Current 12,495 42 23 - 12,560 Restructuring provisions are recognized when conditions of IAS 37 are fulfilled. In 2023 a restructuring provision was recognized related to the strategic repositioning in Europe and Emerging Markets. The Group ceased its manufacturing activities in Bogen and all logistic activities in Hunderdorf in Bavaria, Germany due to the strategic repositioning in Europe. Deceuninck is optimizing its European production and logistic footprint in order to achieve sustainable growth, improve business performance and to assure a reliable supply and service. Production from the plant in Bogen has been transferred to other manufacturing plants in the Deceuninck Group, redesigning the set-up to address overcapacity and ensure long-term competitiveness. The remaining restructuring provision of \u20ac 12.5 million is mainly related to social liabilities and will be utilized during the first months of 2025.Provisions for warranties are based on historical data of the cost incurred for repairs and returns.The provisions for claims mainly relate to claims for quality issues of products sold. The other provisions include a large number of items such as provisions for legal disputes.",
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"value": "18. Interest-bearing debtsThe following tables provide an overview of the interest-bearing debts of the Group at year end:LONG-TERM INTEREST-BEARING DEBTS 2023 2024(IN \u20ac THOUSAND)Loans from financial institutions 89,688 82,690 Leasing 15,409 18,624 Long-term interest-bearing debts 105,097 101,314 SHORT-TERM INTEREST-BEARING DEBTS 2023 2024(IN \u20ac THOUSAND)Loans from financial institutions 4,763 10,791 Leasing 7,251 7,175 Short-term interest-bearing debts 12,013 17,966 Long-term interest-bearing loans mainly consist of straight loans drawn under the \u20ac 120 million Sustainability Linked Loan Facility Agreement maturing in 2027.The long-term leasing contracts mainly consist of agreements for the leasing of cars, equipment or buildings. Additional details are provided in Note 20. Short term interest-bearing loans mainly consist of working capital loans from Turkish banks maturing within 12 months.Non-cash changesForeign IFRS 16 INTEREST BEARING Foreign Cash Capitalized Exchange New DEBTS 2022exchange 2023FlowsInterestrevaluation in Leases / (IN \u20ac THOUSAND)translation(profit) or lossDisposalsLoans from financial 130,502 (31,555) 96 20 - (4,613) 94,450 institutionsLeasing 16,697 (7,109) - 660 13,316 (903) 22,661 Interest bearing debts 147,199 (38,664) 96 680 13,316 (5,516) 117,110 Non-cash changesForeign IFRS 16 Foreign INTEREST BEARING DEBTS Cash Capitalized Exchange New 2023exchange 2024(IN \u20ac THOUSAND)FlowsInterestrevaluation in Leases / translation(profit) or lossDisposalsLoans from financial 94,450 (335) 192 113 - (940) 93,482 institutionsLeasing 22,660 (8,138) - 276 10,801 199 25,799 Interest bearing debts 117,110 (8,472) 192 389 10,801 (741) 119,280 As of 31 December 2024, undrawn committed credit lines under the \u20ac 120 million Sustainability Linked Loan Facility Agreement and \u20ac 60 million Revolving Credit Facility amounted to \u20ac 100 million.All interest-bearing debt of Deceuninck is unsecured. Usual financial covenants (Leverage, Interest Cover, ...) are applicable to the committed credit facilities and the remaining balance (\u20ac 1 million) of the loan received in 2015 from the European Bank for Reconstruction and Development for the construction of the new plant in Menemen (T\u00fcrkiye). As per 31 December 2024 and at all preceding testing dates throughout 2024, Deceuninck Group has met all its covenants.The following table provides a summary of the outstanding debts by currency, the average interest rates and maturity profile as per 31 December 2024:TERMS AND MATURITY PROFILE Due within Due between Due after Interest %Total(IN \u20ac THOUSAND)1 year1 and 5 years5 yearsFinancial liabilities (excl leasing liabilities) 4,762 89,051 637 94,450 Leasing liabilities 7,499 18,128 485 26,112 2023 12,261 107,179 1,121 120,561 Financial liabilities (excl leasing liabilities) 10,791 82,053 637 93,482 Leasing liabilities 7,406 16,575 7,032 31,013 2024 18,197 98,629 7,668 124,495 Of whichEUR 4.27% 4,934 88,552 637 94,123 TRY 34.98% 10,303 1,819 - 12,122 USD 8.69% 1,760 6,785 7,032 15,577 Other foreign currencies 9.19% 1,201 1,473 - 2,673The Group has \u20ac 93.5 million outstanding financial liabilities (excl leasing liabilities), of which \u20ac 80.9 million are loans at a variable interest rate. In order to mitigate the risk of increasing interest rates, Deceuninck has entered into Interest Rate Swaps with a tenor of five years for a total notional amount of \u20ac 100 million, whereby it will pay a fixed interest rate and will receive the floating rate (i.e. Euribor 1 month). As at 31 December 2024, there are temporarily lower outstanding financial liabilities at variable interest rate in comparison to the hedging by means of interest rate swaps due to a temporary improvement in working capital position.Set out below are the carrying amounts of lease liabilities (included under interest-bearing loans and borrowings) and the movements during the period:LEASE LIABILITY (IN \u20ac THOUSAND) 2023 2024Opening balance 16,697 22,660 Additions 13,726 11,698 Disposals (410) (897)Accreation of interests 1,459 2,029 Payments (8,568) (10,167)Translation adjustments (244) 475 Closing balance 22,660 25,798 Current 7,251 7,175 Non-current 15,409 18,624The maturity analysis of lease liabilities is disclosed in Note 18.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__204-1": {
"value": "18. Interest-bearing debtsThe following tables provide an overview of the interest-bearing debts of the Group at year end:LONG-TERM INTEREST-BEARING DEBTS 2023 2024(IN \u20ac THOUSAND)Loans from financial institutions 89,688 82,690 Leasing 15,409 18,624 Long-term interest-bearing debts 105,097 101,314 SHORT-TERM INTEREST-BEARING DEBTS 2023 2024(IN \u20ac THOUSAND)Loans from financial institutions 4,763 10,791 Leasing 7,251 7,175 Short-term interest-bearing debts 12,013 17,966 Long-term interest-bearing loans mainly consist of straight loans drawn under the \u20ac 120 million Sustainability Linked Loan Facility Agreement maturing in 2027.The long-term leasing contracts mainly consist of agreements for the leasing of cars, equipment or buildings. Additional details are provided in Note 20. Short term interest-bearing loans mainly consist of working capital loans from Turkish banks maturing within 12 months.Non-cash changesForeign IFRS 16 INTEREST BEARING Foreign Cash Capitalized Exchange New DEBTS 2022exchange 2023FlowsInterestrevaluation in Leases / (IN \u20ac THOUSAND)translation(profit) or lossDisposalsLoans from financial 130,502 (31,555) 96 20 - (4,613) 94,450 institutionsLeasing 16,697 (7,109) - 660 13,316 (903) 22,661 Interest bearing debts 147,199 (38,664) 96 680 13,316 (5,516) 117,110 Non-cash changesForeign IFRS 16 Foreign INTEREST BEARING DEBTS Cash Capitalized Exchange New 2023exchange 2024(IN \u20ac THOUSAND)FlowsInterestrevaluation in Leases / translation(profit) or lossDisposalsLoans from financial 94,450 (335) 192 113 - (940) 93,482 institutionsLeasing 22,660 (8,138) - 276 10,801 199 25,799 Interest bearing debts 117,110 (8,472) 192 389 10,801 (741) 119,280 As of 31 December 2024, undrawn committed credit lines under the \u20ac 120 million Sustainability Linked Loan Facility Agreement and \u20ac 60 million Revolving Credit Facility amounted to \u20ac 100 million.All interest-bearing debt of Deceuninck is unsecured. Usual financial covenants (Leverage, Interest Cover, ...) are applicable to the committed credit facilities and the remaining balance (\u20ac 1 million) of the loan received in 2015 from the European Bank for Reconstruction and Development for the construction of the new plant in Menemen (T\u00fcrkiye). As per 31 December 2024 and at all preceding testing dates throughout 2024, Deceuninck Group has met all its covenants.The following table provides a summary of the outstanding debts by currency, the average interest rates and maturity profile as per 31 December 2024:TERMS AND MATURITY PROFILE Due within Due between Due after Interest %Total(IN \u20ac THOUSAND)1 year1 and 5 years5 yearsFinancial liabilities (excl leasing liabilities) 4,762 89,051 637 94,450 Leasing liabilities 7,499 18,128 485 26,112 2023 12,261 107,179 1,121 120,561 Financial liabilities (excl leasing liabilities) 10,791 82,053 637 93,482 Leasing liabilities 7,406 16,575 7,032 31,013 2024 18,197 98,629 7,668 124,495 Of whichEUR 4.27% 4,934 88,552 637 94,123 TRY 34.98% 10,303 1,819 - 12,122 USD 8.69% 1,760 6,785 7,032 15,577 Other foreign currencies 9.19% 1,201 1,473 - 2,673The Group has \u20ac 93.5 million outstanding financial liabilities (excl leasing liabilities), of which \u20ac 80.9 million are loans at a variable interest rate. In order to mitigate the risk of increasing interest rates, Deceuninck has entered into Interest Rate Swaps with a tenor of five years for a total notional amount of \u20ac 100 million, whereby it will pay a fixed interest rate and will receive the floating rate (i.e. Euribor 1 month). As at 31 December 2024, there are temporarily lower outstanding financial liabilities at variable interest rate in comparison to the hedging by means of interest rate swaps due to a temporary improvement in working capital position.Set out below are the carrying amounts of lease liabilities (included under interest-bearing loans and borrowings) and the movements during the period:LEASE LIABILITY (IN \u20ac THOUSAND) 2023 2024Opening balance 16,697 22,660 Additions 13,726 11,698 Disposals (410) (897)Accreation of interests 1,459 2,029 Payments (8,568) (10,167)Translation adjustments (244) 475 Closing balance 22,660 25,798 Current 7,251 7,175 Non-current 15,409 18,624",
"dimensions": {
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},
"f0__s9__6__210-1": {
"value": "The following table provides a summary of the outstanding debts by currency, the average interest rates and maturity profile as per 31 December 2024:TERMS AND MATURITY PROFILE Due within Due between Due after Interest %Total(IN \u20ac THOUSAND)1 year1 and 5 years5 yearsFinancial liabilities (excl leasing liabilities) 4,762 89,051 637 94,450 Leasing liabilities 7,499 18,128 485 26,112 2023 12,261 107,179 1,121 120,561 Financial liabilities (excl leasing liabilities) 10,791 82,053 637 93,482 Leasing liabilities 7,406 16,575 7,032 31,013 2024 18,197 98,629 7,668 124,495 Of whichEUR 4.27% 4,934 88,552 637 94,123 TRY 34.98% 10,303 1,819 - 12,122 USD 8.69% 1,760 6,785 7,032 15,577 Other foreign currencies 9.19% 1,201 1,473 - 2,67325. Risk managementThe most important financial risks for the Group are exchange rate risk, interest rate risk, credit risk and liquidity risk.Exchange rate riskThe exchange rate risk of the Group can be split into two categories: translation risk and transaction risk.TRANSLATION RISKTranslation risk arises from the conversion of financial figures of foreign subsidiaries outside the Eurozone into the Group\u2019s reporting currency, the euro. The currencies most susceptible for this kind of risk are the US dollar and the Turkish lira. This kind of exchange rate risk is not hedged. TRANSACTIONAL EXCHANGE RATE RISKTransactional exchange rate risk arises when an entity of the Group enters into a transaction which will be settled in a currency which is not the functional currency of that entity. Transactional exchange rate risk within the Group can be of operational or financial nature. When this risk is associated with sales and purchases in foreign currencies as a result of the commercial activities of the Group, it is denominated as operational. The most important transactional exchange rate risks of operational nature originate from purchases of raw materials in euro and US dollar by the Turkish subsidiary Ege Profil. Sales in euro by this subsidiary mitigate to some extent this risk. When transactional exchange rate risk is associated with cash or loans in foreign currencies it is denominated as financial. The most important risks of this nature originate from loans and leases in euro and US dollar taken by the Turkish subsidiary Ege Profil. It is important to note that loans in euro and US Dollar on the balance sheet of Ege Profil are to some extent \u2018naturally hedged\u2019 by the net position of trade receivables and payables in euro and US dollar on the same local balance sheet. The remaining exposure, after the optimization of natural hedging, is hedged financially with forward contracts if the cost is considered as reasonable. See also further below. Some intercompany loans for which repayment is neither planned nor likely in the foreseeable future have been designated as \u2018Net Investment in Foreign Operations\u2019. As such, the exchange results on these intercompany loans are recognized directly in Other Comprehensive Income and accumulated in a separate component of equity until the disposal of the foreign operation.RECOGNIZED ASSETS AND LIABILITIESThe Group aims to minimize the impact of exchange rate fluctuations on the monetary assets and liabilities recognized on the balance sheet. These exchange rate risks are hedged as much as possible by offsetting monetary assets in one currency (for example trade receivables) against monetary liabilities (for example trade debts) in the same currency (\u2018natural hedging\u2019). The remaining exchange rate risk, after the optimization of natural hedging, is hedged with financial instruments (\u2018financial hedging\u2019) if the cost is considered as reasonable. The table below provides an overview of the existing FX forward contracts, grouped by currency, at the end of December 2024:The most important financial instruments used by the Group for the hedging of foreign exchange rate risks are forward contracts. It is the policy of the Group to protect its subsidiaries as much as possible from exchange rate risks. Therefore, these risks are centralized as much as possible at the parent company Deceuninck NV and are primarily managed at Group level. Exchange rate risks at the Turkish subsidiary Ege Profil are monitored closely by Corporate Treasury, but are hedged by the Turkish subsidiaries through local banks.PURCHASE OR SALE Currency Amount Maturity Date MTM 2024Forward sales BRL 18,096,016 Q1 2025 19,720 CLP 1,955,477,806 Q1 2025 (13,845) GBP 350,000 Q1 2025 794 INR 603,281,400 Q1 2025 (23,788) PLN 64,000,000 Q1 2025 14,297 MXN 6,144,000 Q1 2025 8,240 TRY 791,757,750 Q1 2025 (267,012)Forward purchases CZK 53,254,000 Q1 2025 (3,652) GBP 300,000 Q1 2025 113 RON 15,700,000 Q1 2025 3,951 USD 20,700,000 Q1 2025 248,551 FUTURE TRANSACTIONSFuture transactions imply future purchases and sales that are not recognized yet as monetary assets or liabilities on the balance sheet. Normally these transactions are not hedged, but if opportunities arise on the foreign exchange markets, a part of the future purchases in euro or US dollar in T\u00fcrkiye might be hedged. ESTIMATED SENSITIVITY FOR EXCHANGE RATE FLUCTUATIONSAs required by IFRS 7, \u2018Financial instruments: Disclosures\u2019, a sensitivity analysis was carried out on the evolution of the exchange rates. Based on the volatility of the relevant currencies, we have estimated the impact of the possible exchange rate movements on our financial result as follows:SENSITIVITY ANALYSIS ON THE POSITION IN FOREIGN CURRENCIES AS PER 31 DECEMBER 2024*Amount Possible (in foreign Closing rate volatility of Rate used for the Effect on revaluation Currencycurrency and in 31/12/2024the exchange sensitivity analysis(in \u20ac thousand)thousand)rate **AUD/TRY -13,389 21.90 4.99% 23.00 20.86 1 -1EUR/BRL -621 6.43 5.92% 6.81 6.07 5 -6EUR/CLP 4,462 1,033.57 6.01% 1,095.70 974.96 0 0EUR/CZK -3 25.19 1.87% 25.66 24.72 0 0EUR/GBP -13 0.83 2.12% 0.85 0.81 0 0EUR/INR -5,402 88.93 2.88% 91.50 86.44 2 -2EUR/PLN -4,078 4.28 2.63% 4.39 4.17 24 -25EUR/RUB 572,916 106.10 10.98% 117.75 95.61 -534 593EUR/TRY -51,745 36.74 3.98% 38.20 35.33 54 -56EUR/USD 48 1.04 3.09% 1.07 1.01 -1 1USD/COP 54,993,671 4,409.15 5.84% 4,666.55 4,165.95 -662 701USD/CLP 43,527 994.87 6.46% 1,059.10 934.53 -3 3USD/MXN 622 20.74 6.77% 22.15 19.43 -2 2USD/RUB -13,842 102.13 10.80% 113.17 92.17 13 -14USD/TRY -364,242 35.36 2.60% 36.28 34.46 251 -258Total (852) 938 * Balance sheet exposure after financial hedging (net-exposures) / ** 3 month volatilityIf currencies would have weakened/strengthened during 2024 in line with the above-mentioned possible rates, the profit of the financial year would have been about \u20ac 0.9 million lower/ \u20ac 0.9 million higher. The relatively high sensitivity is mainly due to the Group\u2019s exposure in USD and also RUB, for which no hedging options at reasonable costs are available.Interest rate risk\u20ac 80.9 million out of the \u20ac 93.5 million outstanding loans of the Group are loans at a variable interest rate. In order to mitigate the risk of increasing interest rates, Deceuninck has entered into Interest Rate Swaps with a tenor of five years for a total notional amount of \u20ac 100 million with a direct link in amount and duration of existing financing, whereby it will pay a fixed interest rate and will receive the floating rate (i.e. Euribor 1 month). Generally the Group aims to have a hedge ratio of this specific interest rate risk of approximately 80-120%. At year-end 2024 this was 80% due to a temporarily improved working capital situation.On 31 December 2024 a total amount of \u20ac 81,1 million financing (including factoring) at a variable interest rate was outstanding, of which \u20ac 100 million is hedged by these Interest Rate Swaps. An increase or decrease of the market interest rate by 1.00% would by consequence only have an impact on the unhedged part which is zero and would therefore not result into an increase or decrease of the interest cost.The group\u2019s hedging reserves relate to the following hedging instruments:CASH FLOW HEDGE RESERVE (IN \u20ac THOUSAND) Interest rate swap Total hedge reserveAs per 31 December 2022 2,226 2,226 Change in fair value of hedging instruments recognized in OCI (3,014) (3,014)Deferred tax 754 754 As per 31 December 2023 (35) (35)Change in fair value of hedging instruments recognized in OCI (777) (777)Deferred tax 194 194 As per 31 December 2024 (618) (618)There have been no reclassifications from the cash flow hedge reserve to profit or loss during the period in relation to the interest rate swaps.Credit riskThe products of the Group are used almost exclusively in the construction industry. Hence, the exposure to credit risk is highly dependent on the performance of the building industry and the general economic conditions. In order to minimize the credit risk, we are closely monitoring the payment behaviour of each debtor. The Group uses credit insurance to mitigate the credit risk related to trade receivables. The credit insurance policies have been taken out with different insurers. Commercial limits, based on financial information and on business knowledge, can deviate from the insured credit limits. In cases where the insured limit is not sufficient we tried to obtain extra guarantees from our customers (e.g. bank guarantees, promissory notes, letters of credit or pledges on customers assets (machinery, buildings, land plots, etc.)).Payment behaviour of our customers has been monitored very closely and unpaid invoices have resulted immediately in a blocking of all open orders from day one.Liquidity risk and risks linkedThe Deceuninck Group holds sufficient cash, cash equivalents and committed credit facilities for the funding of its operating activities and there are no factors that cast doubts on whether going concern assumption is appropriate. Liquidity problems could arise at Restricted Group level if an event of default would occur under one of the credit facility agreements which is not remedied within the foreseen remedy period. In that case, the outstanding amounts might become immediately due and payable, which would jeopardize the liquidity situation of the Restricted Group. For the Turkish subsidiary Ege Profil, liquidity problems could arise if loans at maturity could not be refinanced through local Turkish banks. Although the Turkish government is trying to curb credit growth in an attempt to tame inflation, Ege Profil has so far always been able to obtain financing as a result of its excellent reputation and solid financials. In the unlikely situation in which Turkish banks would be unable to grant further loans to Ege Profil, an intra-group loan from Deceuninck NV could provide Ege Profil with the required funding. In order to detect possible events of default as a consequence of non-compliance with financial covenants at an early stage and to enable the Group to take corrective measures, a mid-term financial forecast is kept up to date and resulting impact on covenants is simulated. In addition to the above-mentioned risk of non-compliance with the financial covenants, the liquidity risk is also linked to the evolution of the working capital of the Group, which is highly subject to seasonal fluctuations and the capital expenditure level of the Group. This is therefore closely monitored. Hierarchical classification of fair valueA comparison is provided below between the net carrying value and the fair value of financial instruments, which have been included in the financial statements. The fair value of the loans was calculated by defining the expected future cash flows, and by discounting these on common, accepted interest rates.The Group uses the following hierarchical classification in determining and explaining the fair value of financial instruments by valuation technique: \u2022 Level 1: quoted (not adjusted) prices in active markets for identical assets or liabilities. \u2022 Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.\u2022 Level 3: techniques that use input with a significant impact on the recorded fair value that is not based on observable market data.During the reporting period ending 31 December 2024, there were no transfers between Level 1 and Level 2 fair value measurements and no transfers into and out of Level 3 fair value measurements.The values as determined under \u2018Level 2\u2019 are based on the \u2018mark-to-market\u2019 calculations by the financial institutions providing the financial instruments. Net carrying value Fair valueFINANCIAL INSTRUMENTS (IN \u20ac THOUSAND)2023 2024 2023 2024Financial assetsCash and cash equivalents 46,545 34,133 46,545 34,133 Trade receivables 82,129 111,217 82,129 111,217 Financial fixed assets 8 8 8 8 Derivative financial instruments 240 296 240 296 Financial liabilitiesLoans with a variable interest rate 89,934 80,856 89,934 80,856 Loans with a fixed interest rate 4,516 12,625 4,058 12,293 Financial leasing liabilities 22,660 25,798 22,660 25,798 Derivative financial instruments 805 1,132 805 1,132 As per 31 December 2023 the Group had the following financial instruments. DERIVATIVE FINANCIAL INSTRUMENTS - 2023 HIERARCHICAL CLASSIFICATION OF FAIR Level 1 Level 2 Level 331 DECVALUE (IN \u20ac THOUSAND)FX forward contracts 240 - 240 - Assets at fair value 240 - 240 - Interest rate swap 46 - 46 - FX forward contracts 759 - 759 - Liabilities at fair value 805 - 805 - As per 31 December 2024 the Group has the following financial instruments.DERIVATIVE FINANCIAL INSTRUMENTS - 2024 HIERARCHICAL CLASSIFICATION OF FAIR Level 1 Level 2 Level 331 DECVALUE (IN \u20ac THOUSAND)FX forward contracts 296 - 296 - Assets at fair value 296 - 296 - Interest rate swap 823 - 823 - FX forward contracts 308 - 308 - Liabilities at fair value 1,132 - 308 -Climate-related mattersIn view of climate-related matters, the Group\u2019s business is not impacted by extreme weather conditions such as droughts or floods.Macroeconomic environmentThe ongoing uncertain global geopolitical situation results in high interest rates and a continuation of high inflation in Europe, T\u00fcrkiye and America. The Group tries to review and optimize the increased costs on a constant basis.As a result of the uncertain geopolitical situation in Russia since the conflict in Ukraine, the Group has fully impaired the Russian property, plant and equipment since the long-term operating plan cannot be guaranteed due to these uncertainties. The Group has no operations in Ukraine and its turnover in the country was not material.",
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s9__6__209-1": {
"value": "The following table provides a summary of the outstanding debts by currency, the average interest rates and maturity profile as per 31 December 2024:TERMS AND MATURITY PROFILE Due within Due between Due after Interest %Total(IN \u20ac THOUSAND)1 year1 and 5 years5 yearsFinancial liabilities (excl leasing liabilities) 4,762 89,051 637 94,450 Leasing liabilities 7,499 18,128 485 26,112 2023 12,261 107,179 1,121 120,561 Financial liabilities (excl leasing liabilities) 10,791 82,053 637 93,482 Leasing liabilities 7,406 16,575 7,032 31,013 2024 18,197 98,629 7,668 124,495 Of whichEUR 4.27% 4,934 88,552 637 94,123 TRY 34.98% 10,303 1,819 - 12,122 USD 8.69% 1,760 6,785 7,032 15,577 Other foreign currencies 9.19% 1,201 1,473 - 2,673Liquidity risk and risks linkedThe Deceuninck Group holds sufficient cash, cash equivalents and committed credit facilities for the funding of its operating activities and there are no factors that cast doubts on whether going concern assumption is appropriate. Liquidity problems could arise at Restricted Group level if an event of default would occur under one of the credit facility agreements which is not remedied within the foreseen remedy period. In that case, the outstanding amounts might become immediately due and payable, which would jeopardize the liquidity situation of the Restricted Group. For the Turkish subsidiary Ege Profil, liquidity problems could arise if loans at maturity could not be refinanced through local Turkish banks. Although the Turkish government is trying to curb credit growth in an attempt to tame inflation, Ege Profil has so far always been able to obtain financing as a result of its excellent reputation and solid financials. In the unlikely situation in which Turkish banks would be unable to grant further loans to Ege Profil, an intra-group loan from Deceuninck NV could provide Ege Profil with the required funding. In order to detect possible events of default as a consequence of non-compliance with financial covenants at an early stage and to enable the Group to take corrective measures, a mid-term financial forecast is kept up to date and resulting impact on covenants is simulated. In addition to the above-mentioned risk of non-compliance with the financial covenants, the liquidity risk is also linked to the evolution of the working capital of the Group, which is highly subject to seasonal fluctuations and the capital expenditure level of the Group. This is therefore closely monitored.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s9__6__217": {
"value": "19. Trade payables and other liabilities(IN \u20ac THOUSAND) 2023 2024Trade Debts 138,790 123,480 Derivative financial instruments 805 1,132 Guarantees from customers 826 729 Accrued interest 257 512 Accrued charges 1,093 307 Deferred income 629 661 Advance checks received 37,100 48,060Other 1,436 2,264Other liabilities 42,146 53,666 The conditions for the above-mentioned trade debts and other debts are as follows:\u2022 Trade debts do not bear interest and are usually paid on the basis of payment terms that can vary depending on the market. On average, these payment terms fluctuate between 45 and 65 days from the end of the month in which the debt is incurred. In T\u00fcrkiye this can be up to one year after the invoice date.\u2022 For the conditions with regard to the financial instruments, we refer to Note 25.\u2022 The guarantees from customers do not bear any interest and are immediately payable, as soon as the contrac-tual obligations of the customer have been fulfilled.Trade debts include, besides the invoiced purchases also a provision for invoices to be received, a provision for credit notes to be issued and foreign currency translation differences. The other payables mainly consist of advance checks as referred to in Note 12.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s9__6__216": {
"value": "19. Trade payables and other liabilities(IN \u20ac THOUSAND) 2023 2024Trade Debts 138,790 123,480 Derivative financial instruments 805 1,132 Guarantees from customers 826 729 Accrued interest 257 512 Accrued charges 1,093 307 Deferred income 629 661 Advance checks received 37,100 48,060Other 1,436 2,264Other liabilities 42,146 53,666 The conditions for the above-mentioned trade debts and other debts are as follows:\u2022 Trade debts do not bear interest and are usually paid on the basis of payment terms that can vary depending on the market. On average, these payment terms fluctuate between 45 and 65 days from the end of the month in which the debt is incurred. In T\u00fcrkiye this can be up to one year after the invoice date.\u2022 For the conditions with regard to the financial instruments, we refer to Note 25.\u2022 The guarantees from customers do not bear any interest and are immediately payable, as soon as the contrac-tual obligations of the customer have been fulfilled.Trade debts include, besides the invoiced purchases also a provision for invoices to be received, a provision for credit notes to be issued and foreign currency translation differences. The other payables mainly consist of advance checks as referred to in Note 12.",
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"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s9__6__215": {
"value": "19. Trade payables and other liabilities(IN \u20ac THOUSAND) 2023 2024Trade Debts 138,790 123,480 Derivative financial instruments 805 1,132 Guarantees from customers 826 729 Accrued interest 257 512 Accrued charges 1,093 307 Deferred income 629 661 Advance checks received 37,100 48,060Other 1,436 2,264Other liabilities 42,146 53,666 The conditions for the above-mentioned trade debts and other debts are as follows:\u2022 Trade debts do not bear interest and are usually paid on the basis of payment terms that can vary depending on the market. On average, these payment terms fluctuate between 45 and 65 days from the end of the month in which the debt is incurred. In T\u00fcrkiye this can be up to one year after the invoice date.\u2022 For the conditions with regard to the financial instruments, we refer to Note 25.\u2022 The guarantees from customers do not bear any interest and are immediately payable, as soon as the contrac-tual obligations of the customer have been fulfilled.Trade debts include, besides the invoiced purchases also a provision for invoices to be received, a provision for credit notes to be issued and foreign currency translation differences. The other payables mainly consist of advance checks as referred to in Note 12.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s9__6__214": {
"value": "19. Trade payables and other liabilities(IN \u20ac THOUSAND) 2023 2024Trade Debts 138,790 123,480 Derivative financial instruments 805 1,132 Guarantees from customers 826 729 Accrued interest 257 512 Accrued charges 1,093 307 Deferred income 629 661 Advance checks received 37,100 48,060Other 1,436 2,264Other liabilities 42,146 53,666 The conditions for the above-mentioned trade debts and other debts are as follows:\u2022 Trade debts do not bear interest and are usually paid on the basis of payment terms that can vary depending on the market. On average, these payment terms fluctuate between 45 and 65 days from the end of the month in which the debt is incurred. In T\u00fcrkiye this can be up to one year after the invoice date.\u2022 For the conditions with regard to the financial instruments, we refer to Note 25.\u2022 The guarantees from customers do not bear any interest and are immediately payable, as soon as the contrac-tual obligations of the customer have been fulfilled.Trade debts include, besides the invoiced purchases also a provision for invoices to be received, a provision for credit notes to be issued and foreign currency translation differences. The other payables mainly consist of advance checks as referred to in Note 12.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__213-1": {
"value": "19. Trade payables and other liabilities(IN \u20ac THOUSAND) 2023 2024Trade Debts 138,790 123,480 Derivative financial instruments 805 1,132 Guarantees from customers 826 729 Accrued interest 257 512 Accrued charges 1,093 307 Deferred income 629 661 Advance checks received 37,100 48,060Other 1,436 2,264Other liabilities 42,146 53,666 The conditions for the above-mentioned trade debts and other debts are as follows:\u2022 Trade debts do not bear interest and are usually paid on the basis of payment terms that can vary depending on the market. On average, these payment terms fluctuate between 45 and 65 days from the end of the month in which the debt is incurred. In T\u00fcrkiye this can be up to one year after the invoice date.\u2022 For the conditions with regard to the financial instruments, we refer to Note 25.\u2022 The guarantees from customers do not bear any interest and are immediately payable, as soon as the contrac-tual obligations of the customer have been fulfilled.Trade debts include, besides the invoiced purchases also a provision for invoices to be received, a provision for credit notes to be issued and foreign currency translation differences. The other payables mainly consist of advance checks as referred to in Note 12.Hierarchical classification of fair valueA comparison is provided below between the net carrying value and the fair value of financial instruments, which have been included in the financial statements. The fair value of the loans was calculated by defining the expected future cash flows, and by discounting these on common, accepted interest rates.The Group uses the following hierarchical classification in determining and explaining the fair value of financial instruments by valuation technique: \u2022 Level 1: quoted (not adjusted) prices in active markets for identical assets or liabilities. \u2022 Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.\u2022 Level 3: techniques that use input with a significant impact on the recorded fair value that is not based on observable market data.During the reporting period ending 31 December 2024, there were no transfers between Level 1 and Level 2 fair value measurements and no transfers into and out of Level 3 fair value measurements.The values as determined under \u2018Level 2\u2019 are based on the \u2018mark-to-market\u2019 calculations by the financial institutions providing the financial instruments. Net carrying value Fair valueFINANCIAL INSTRUMENTS (IN \u20ac THOUSAND)2023 2024 2023 2024Financial assetsCash and cash equivalents 46,545 34,133 46,545 34,133 Trade receivables 82,129 111,217 82,129 111,217 Financial fixed assets 8 8 8 8 Derivative financial instruments 240 296 240 296 Financial liabilitiesLoans with a variable interest rate 89,934 80,856 89,934 80,856 Loans with a fixed interest rate 4,516 12,625 4,058 12,293 Financial leasing liabilities 22,660 25,798 22,660 25,798 Derivative financial instruments 805 1,132 805 1,132 As per 31 December 2023 the Group had the following financial instruments. DERIVATIVE FINANCIAL INSTRUMENTS - 2023 HIERARCHICAL CLASSIFICATION OF FAIR Level 1 Level 2 Level 331 DECVALUE (IN \u20ac THOUSAND)FX forward contracts 240 - 240 - Assets at fair value 240 - 240 - Interest rate swap 46 - 46 - FX forward contracts 759 - 759 - Liabilities at fair value 805 - 805 - As per 31 December 2024 the Group has the following financial instruments.DERIVATIVE FINANCIAL INSTRUMENTS - 2024 HIERARCHICAL CLASSIFICATION OF FAIR Level 1 Level 2 Level 331 DECVALUE (IN \u20ac THOUSAND)FX forward contracts 296 - 296 - Assets at fair value 296 - 296 - Interest rate swap 823 - 823 - FX forward contracts 308 - 308 - Liabilities at fair value 1,132 - 308 -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__212": {
"value": "19. Trade payables and other liabilities(IN \u20ac THOUSAND) 2023 2024Trade Debts 138,790 123,480 Derivative financial instruments 805 1,132 Guarantees from customers 826 729 Accrued interest 257 512 Accrued charges 1,093 307 Deferred income 629 661 Advance checks received 37,100 48,060Other 1,436 2,264Other liabilities 42,146 53,666 The conditions for the above-mentioned trade debts and other debts are as follows:\u2022 Trade debts do not bear interest and are usually paid on the basis of payment terms that can vary depending on the market. On average, these payment terms fluctuate between 45 and 65 days from the end of the month in which the debt is incurred. In T\u00fcrkiye this can be up to one year after the invoice date.\u2022 For the conditions with regard to the financial instruments, we refer to Note 25.\u2022 The guarantees from customers do not bear any interest and are immediately payable, as soon as the contrac-tual obligations of the customer have been fulfilled.Trade debts include, besides the invoiced purchases also a provision for invoices to be received, a provision for credit notes to be issued and foreign currency translation differences. The other payables mainly consist of advance checks as referred to in Note 12.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__211": {
"value": "19. Trade payables and other liabilities(IN \u20ac THOUSAND) 2023 2024Trade Debts 138,790 123,480 Derivative financial instruments 805 1,132 Guarantees from customers 826 729 Accrued interest 257 512 Accrued charges 1,093 307 Deferred income 629 661 Advance checks received 37,100 48,060Other 1,436 2,264Other liabilities 42,146 53,666 The conditions for the above-mentioned trade debts and other debts are as follows:\u2022 Trade debts do not bear interest and are usually paid on the basis of payment terms that can vary depending on the market. On average, these payment terms fluctuate between 45 and 65 days from the end of the month in which the debt is incurred. In T\u00fcrkiye this can be up to one year after the invoice date.\u2022 For the conditions with regard to the financial instruments, we refer to Note 25.\u2022 The guarantees from customers do not bear any interest and are immediately payable, as soon as the contrac-tual obligations of the customer have been fulfilled.Trade debts include, besides the invoiced purchases also a provision for invoices to be received, a provision for credit notes to be issued and foreign currency translation differences. The other payables mainly consist of advance checks as referred to in Note 12.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s9__6__228": {
"value": "21. Share-based paymentsThe Group offers the possibility to staff members, senior management members and the members of the Executive Management to register for warrant agreements and share plans. The purpose for such a decision is to motivate the staff members, senior management and the members of the Executive Management, by enabling them to acquire shares in the company under relatively advantageous terms, thereby increasing and improving their commitment to the company.IFRS 2 has a total negative impact of \u20ac 1.1 million on the results of 2024 (2023: \u20ac 1.2 million) as recognized in \u2018Other payroll expenses\u2019 in Note 3. Revenue and costs are split up as below:\u2022 Warrant plan: \u20ac 0.9 million in 2024 (\u20ac 0.8 million in 2023)\u2022 Performance share plan: \u20ac 0.2 million in 2024 (\u20ac 0.4 million in 2023)Warrant plans and performance share plans are accounted for as equity settled plans. These plans were valued on the basis of the binominal tree structure. Volatility was determined on the basis of historical data.Warrant plansThe balance of the outstanding warrants at the end of December 2024 is 6,966,167 (2023: 7,853,134). One warrant entitles the holder to buy one Deceuninck NV share at a fixed exercise price. Within the scope of the warrant plans, 1,141,665 warrants were exercised in the course of 2024. The warrants expire if they have not been exercised at the last day of the last exercise period. The warrants can be exercised for the first time at the end of the third calendar year of the grant. The exercise price of a warrant will be fixed by the Remuneration Committee on the date of offer and will be equal to the lowest of (i) the average price of the share on the stock exchange during the 30-day period preceding the offer, and (ii) the latest closing prices preceding the day of the offer. WARRANTS Plan 2013 Plan 2013 Plan 2015 Plan 2015 Plan 2015 Plan 2017 Plan 2018 Plan 2018 Plan 2018 Plan 2018 Plan 2020 Plan 2021 Plan 2022 Plan 2022 Plan 2023 TotalGrant date 17/12/2013 17/12/2014 16/12/2015 21/12/2016 21/12/2016 21/12/2017 21/12/2018 21/12/2018 13/12/2019 21/12/2019 17/12/2020 16/12/2021 23/12/2022 2/03/2023 20/12/2023Acceptance date 14/02/2014 16/02/2015 15/02/2016 21/02/2017 21/02/2017 19/02/2018 19/02/2019 19/02/2019 1/02/2020 1/02/2020 16/02/2021 14/02/2022 20/02/2023 30/04/2023 18/02/2024Number of beneficiaries 59 66 73 8 66 54 45 12 43 14 54 56 87 1 69at grant dateExercise price (in \u20ac) 1.71 1.79 2.40 2.40 2.27 3.06 1.82 1.97 1.82 1.97 1.78 3.07 2.38 2.53 2.29Share price on acceptance 2.19 1.98 2.08 2.22 2.22 2.88 2.19 2.19 1.98 1.98 2.44 2.85 2.56 2.35 2.24date (in \u20ac)Granted 332,500 910,000 630,000 710,000 524,000 1,334,000 700,000 755,000 546,500 828,500 1,183,000 1,302,000 1,190,500 25,000 1,189,500 12,160,500Accepted 332,500 892,500 607,500 710,000 524,000 1,233,500 577,000 755,000 546,500 798,500 1,145,000 1,224,250 1,120,540 25,000 1,107,000 11,598,790Exercised 179,993 664,994 178,330 580,000 221,333 20,000 371,999 115,000 226,662 127,000 114,997 - - - - 2,800,308Forfeited 109,171 150,004 265,000 60,000 209,000 295,000 89,001 60,000 99,335 73,500 90,167 94,900 30,900 - 10,000 1,635,978Expired 43,336 77,502 10,000 - 8,000 20,500 11,000 - 14,666 - 8,333 3,000 - - - 196,337Outstanding 31/12/2024 - - 154,170 70,000 85,667 898,000 105,000 580,000 205,837 598,000 931,503 1,126,350 1,089,640 25,000 1,097,000 6,966,167Exercisable 31/12/2024 - - 154,170 70,000 85,667 898,000 105,000 580,000 63,331 356,333 233,831 - - - - 2,546,332Exercise periods 2017-2023 2018-2023 2019-2025 2020-2024 2020-2024 2021-2027 2022-2028 2022-2028 2023-2028 2023-2028 2024-2030 2025-2031 2026-2032 2026-2032 2027-2032AssumptionsVolatility 45.00% 45.00% 45.00% 40.00% 40.00% 30.00% 30.00% 30.00% 24.80% 24.80% 27.70% 34.74% 36.77% 36.78% 31.53%Risk-free interest 0.99% -0.03% -0.28% -0.32% -0.32% 0.13% -0.12% -0.12% 0.02% 0.02% -0.24% 0.12% 3.00% 3.30% 2.45%Dividend (in \u20ac) 0.03 0.03 0.03 0.03 0.03 0.03 0.03 3.03 1.03 0.03 0.03 0.05 0.06 0.06 0.07Early exercised 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25%- Minimum gainEarly exercised 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%- Probability to exerciseWARRANTS Weighted average Plan 2013 Plan 2013 Plan 2015 Plan 2015 Plan 2015 Plan 2017 Plan 2018 Plan 2018 Plan 2018 Plan 2018 Plan 2020 Plan 2021 Plan 2022 Plan 2023 Plan 2023 TotalMOVEMENTS IN 2023exercise priceOutstanding 2022 38,335 52,502 199,170 610,000 153,001 938,500 416,004 660,000 484,500 725,000 1,106,500 1,187,250 402,400 - - 6,973,162 2.33Accepted - - - - - - - - - - - - 718,140 25,000 611,500 1,354,640 2.34Exercised 8,334 20,834 27,500 30,000 25,000 - 92,667 50,000 71,164 40,000 - - - - - 365,499 1.97Forfeited - - 5,000 - - - 9,000 - 15,000 - 15,000 - 3,500 - - 47,500 1.91Expired 30,001 31,668 - - - - - - - - - - - - - 61,669 1.75Outstanding 2023 - - 166,670 580,000 128,001 938,500 314,337 610,000 398,336 685,000 1,091,500 1,187,250 1,117,040 25,000 611,500 7,853,134 2.36WARRANTS Weighted average Plan 2013 Plan 2013 Plan 2015 Plan 2015 Plan 2015 Plan 2017 Plan 2018 Plan 2018 Plan 2018 Plan 2018 Plan 2020 Plan 2021 Plan 2022 Plan 2023 Plan 2023 TotalMOVEMENTS IN 2024exercise priceOutstanding 2023 - - 166,670 580,000 128,001 938,500 314,337 610,000 398,336 685,000 1,091,500 1,187,250 1,117,040 25,000 611,500 7,853,134 2.36Accepted - - - - - - - - - - - - - - 495,500 495,500 2.29Exercised - - 7,500 510,000 42,334 - 194,336 30,000 155,498 87,000 114,997 - - - - 1,141,665 2.11Forfeited - - 5,000 - - 30,000 15,001 - 27,335 - 36,667 57,900 27,400 - 10,000 209,303 2.45Expired - - - - - 10,500 - - 9,666 - 8,333 3,000 - - - 31,499 2.34Outstanding 2024 - - 154,170 70,000 85,667 898,000 105,000 580,000 205,837 598,000 931,503 1,126,350 1,089,640 25,000 1,097,000 6,966,167 2.39Performance share planThe balance of the outstanding Performance Share Rights granted in the plan of 2022 to the members of the Executive Management (\u201cBeneficiaries\u201d) is 468,317 as at 31 December 2024. One Performance Share Right can be converted into \u201cmatching\u201d or Performance Shares of Deceuninck NV at the vesting date (16th August 2025), provided the Beneficiaries invested in Deceuninck Shares before 31 December 2022. The reference share price is 2.41 EUR and is equal to the average share price between 15th July 2022 and 15th August 2022.For each invested share, the Beneficiary will be entitled to one or more matching Deceuninck Shares pursuant to the fulfilment of the Performance Condition, defined as a cumulative annual average increase of the Total Shareholder Return as determined in the Plan, the realization of which determines the fraction or the multiple (if any) of Performance Shares a vested Performance Share Right effectively entitles to.PERFORMANCE SHARE PLAN PLAN 2022Grant date1/01/23Acceptance date31/12/22Number of beneficiaries at grant date10Share price at date of grant2.71Granted627,816Accepted627,816Exercised - Forfeited159,506Expired - Outstanding 31/12/2024468,310Exercisable 31/12/2024 - Exercise periods2025AssumptionsVolatility37.56%Risk-free interest3.33%PERFORMANCE SHARE PLAN MOVEMENTS 2023Outstanding 2022 627,816 Accepted - Exercised - Forfeited 29,350 Expired - Outstanding 2023 598,466 PERFORMANCE SHARE PLAN MOVEMENTS 2024Outstanding 2023 598,466Accepted - Exercised - Forfeited 130,156Expired - Outstanding 2024468,310",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s9__6__230": {
"value": "22. Related partiesDuring 2024, the Group made purchases of \u20ac 1.3 million (2023: \u20ac1.1 million) and no sales (no sales in 2023), under normal market conditions, from or to companies to which Directors of the Group, owning shares of the Group, are related to. The purchases in 2024 are related to a buyback of Deceuninck shares outside the stock exchange. The purchases in 2023 are related to an investment and installation in a solar energy plant.Furthermore, during 2024, the Group made no purchases (no purchases in 2023) and sales of \u20ac 2.0 million (\u20ac 2.1 million in 2023), under normal market conditions, from or to So Easy Belgium BV or related companies. Both the purchases and the sales mainly related to the cross-charge of incurred costs and provided services.At year-end, there is an outstanding receivable position of \u20ac 11.3 million (\u20ac 11.0 million in 2023) and an outstanding payable position of \u20ac 202 thousand (\u20ac 185 thousand in 2023) with So Easy Belgium BV or related companies. The outstanding receivable position is mainly related to working capital financing.Total remuneration of members of the Board in 2024 amounted to \u20ac 393 thousand (\u20ac 290 thousand in 2023). This amount includes additional remunerations granted to Directors for their involvement in Board Committees. These remunerations are granted by the General Meeting and are included in general expenses. Directors charged with special missions and projects can receive appropriate remuneration. The Executive Chairman received a remuneration of \u20ac 66 thousand for the specific projects aluminum and recycling business, and the Vice Chairman received a remuneration of \u20ac 40 thousand for the specific assignment in Finance. These amounts are included in the total non-executive Board remuneration mentioned above.In 2024, the former CEO, the CEO ad interim and the current CEO together received a total remuneration (fixed + variable) in the amount of \u20ac 899 thousand (in 2023 a total remuneration of \u20ac 990 thousand). The other members of Executive Management who were also daily managers in 2024 (the CFO and the former General Counsel) received total remunerations (fixed + variable) of \u20ac 835 thousand (in 2023 a total remuneration of \u20ac 1,439 thousand, including the remuneration of the Managing Director Europe who was a daily manager until then). The other members of the Executive Management, including the members of the Executive Team Extended and the former Executive Management members, received total remunerations (fixed + variable) of \u20ac 2,392 thousand (in 2023 total remunerations of \u20ac 1,373 thousand). The split of the remuneration is further disclosed in the Remuneration Report contained in the section \u201cCorporate Governance Statement\u201d of this Annual Report.For 2024, the evaluation criteria for the CEO, the other members of the Executive Team Group and the members of the Executive Team Extended were as follows: REBITDA Group (20%), Free Cash Flow Group (60%) and non-financial criteria (20%). For the members of the Executive Team Regions, the evaluation criteria were as follows: REBITDA Group (10%), REBITDA Region (10%), Adjusted Free Cash Flow Group (30%), Free Cash Flow Region (30%) and non-financial criteria (20%).In 2024, no stock options and/or subscription rights on the shares of the company were granted to members of the Executive Management, nor to the non-executive Directors. There was no issuance of a new subscription rights plan.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s9__6__231": {
"value": "Total remuneration of members of the Board in 2024 amounted to \u20ac 393 thousand (\u20ac 290 thousand in 2023). This amount includes additional remunerations granted to Directors for their involvement in Board Committees. These remunerations are granted by the General Meeting and are included in general expenses. Directors charged with special missions and projects can receive appropriate remuneration. The Executive Chairman received a remuneration of \u20ac 66 thousand for the specific projects aluminum and recycling business, and the Vice Chairman received a remuneration of \u20ac 40 thousand for the specific assignment in Finance. These amounts are included in the total non-executive Board remuneration mentioned above.In 2024, the former CEO, the CEO ad interim and the current CEO together received a total remuneration (fixed + variable) in the amount of \u20ac 899 thousand (in 2023 a total remuneration of \u20ac 990 thousand). The other members of Executive Management who were also daily managers in 2024 (the CFO and the former General Counsel) received total remunerations (fixed + variable) of \u20ac 835 thousand (in 2023 a total remuneration of \u20ac 1,439 thousand, including the remuneration of the Managing Director Europe who was a daily manager until then). The other members of the Executive Management, including the members of the Executive Team Extended and the former Executive Management members, received total remunerations (fixed + variable) of \u20ac 2,392 thousand (in 2023 total remunerations of \u20ac 1,373 thousand). The split of the remuneration is further disclosed in the Remuneration Report contained in the section \u201cCorporate Governance Statement\u201d of this Annual Report.For 2024, the evaluation criteria for the CEO, the other members of the Executive Team Group and the members of the Executive Team Extended were as follows: REBITDA Group (20%), Free Cash Flow Group (60%) and non-financial criteria (20%). For the members of the Executive Team Regions, the evaluation criteria were as follows: REBITDA Group (10%), REBITDA Region (10%), Adjusted Free Cash Flow Group (30%), Free Cash Flow Region (30%) and non-financial criteria (20%).In 2024, no stock options and/or subscription rights on the shares of the company were granted to members of the Executive Management, nor to the non-executive Directors. There was no issuance of a new subscription rights plan.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__232": {
"value": "23. Services provided by the external auditorDuring 2024 the following charges of the external auditor were included in the Group\u2019s income statement:Audit related services \u20ac 710,095Other services \u20ac 18,663",
"dimensions": {
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"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s9__6__233": {
"value": "24. Going concernThere are no indicators of circumstances that might question the continuity of the activities. We refer to the additional disclosures as included in Note 25 Risk management \u2013 Credit risk & liquidity risk.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"f0__s9__6__235": {
"value": "25. Risk managementThe most important financial risks for the Group are exchange rate risk, interest rate risk, credit risk and liquidity risk.Exchange rate riskThe exchange rate risk of the Group can be split into two categories: translation risk and transaction risk.TRANSLATION RISKTranslation risk arises from the conversion of financial figures of foreign subsidiaries outside the Eurozone into the Group\u2019s reporting currency, the euro. The currencies most susceptible for this kind of risk are the US dollar and the Turkish lira. This kind of exchange rate risk is not hedged. TRANSACTIONAL EXCHANGE RATE RISKTransactional exchange rate risk arises when an entity of the Group enters into a transaction which will be settled in a currency which is not the functional currency of that entity. Transactional exchange rate risk within the Group can be of operational or financial nature. When this risk is associated with sales and purchases in foreign currencies as a result of the commercial activities of the Group, it is denominated as operational. The most important transactional exchange rate risks of operational nature originate from purchases of raw materials in euro and US dollar by the Turkish subsidiary Ege Profil. Sales in euro by this subsidiary mitigate to some extent this risk. When transactional exchange rate risk is associated with cash or loans in foreign currencies it is denominated as financial. The most important risks of this nature originate from loans and leases in euro and US dollar taken by the Turkish subsidiary Ege Profil. It is important to note that loans in euro and US Dollar on the balance sheet of Ege Profil are to some extent \u2018naturally hedged\u2019 by the net position of trade receivables and payables in euro and US dollar on the same local balance sheet. The remaining exposure, after the optimization of natural hedging, is hedged financially with forward contracts if the cost is considered as reasonable. See also further below. Some intercompany loans for which repayment is neither planned nor likely in the foreseeable future have been designated as \u2018Net Investment in Foreign Operations\u2019. As such, the exchange results on these intercompany loans are recognized directly in Other Comprehensive Income and accumulated in a separate component of equity until the disposal of the foreign operation.RECOGNIZED ASSETS AND LIABILITIESThe Group aims to minimize the impact of exchange rate fluctuations on the monetary assets and liabilities recognized on the balance sheet. These exchange rate risks are hedged as much as possible by offsetting monetary assets in one currency (for example trade receivables) against monetary liabilities (for example trade debts) in the same currency (\u2018natural hedging\u2019). The remaining exchange rate risk, after the optimization of natural hedging, is hedged with financial instruments (\u2018financial hedging\u2019) if the cost is considered as reasonable. The table below provides an overview of the existing FX forward contracts, grouped by currency, at the end of December 2024:The most important financial instruments used by the Group for the hedging of foreign exchange rate risks are forward contracts. It is the policy of the Group to protect its subsidiaries as much as possible from exchange rate risks. Therefore, these risks are centralized as much as possible at the parent company Deceuninck NV and are primarily managed at Group level. Exchange rate risks at the Turkish subsidiary Ege Profil are monitored closely by Corporate Treasury, but are hedged by the Turkish subsidiaries through local banks.PURCHASE OR SALE Currency Amount Maturity Date MTM 2024Forward sales BRL 18,096,016 Q1 2025 19,720 CLP 1,955,477,806 Q1 2025 (13,845) GBP 350,000 Q1 2025 794 INR 603,281,400 Q1 2025 (23,788) PLN 64,000,000 Q1 2025 14,297 MXN 6,144,000 Q1 2025 8,240 TRY 791,757,750 Q1 2025 (267,012)Forward purchases CZK 53,254,000 Q1 2025 (3,652) GBP 300,000 Q1 2025 113 RON 15,700,000 Q1 2025 3,951 USD 20,700,000 Q1 2025 248,551 FUTURE TRANSACTIONSFuture transactions imply future purchases and sales that are not recognized yet as monetary assets or liabilities on the balance sheet. Normally these transactions are not hedged, but if opportunities arise on the foreign exchange markets, a part of the future purchases in euro or US dollar in T\u00fcrkiye might be hedged. ESTIMATED SENSITIVITY FOR EXCHANGE RATE FLUCTUATIONSAs required by IFRS 7, \u2018Financial instruments: Disclosures\u2019, a sensitivity analysis was carried out on the evolution of the exchange rates. Based on the volatility of the relevant currencies, we have estimated the impact of the possible exchange rate movements on our financial result as follows:SENSITIVITY ANALYSIS ON THE POSITION IN FOREIGN CURRENCIES AS PER 31 DECEMBER 2024*Amount Possible (in foreign Closing rate volatility of Rate used for the Effect on revaluation Currencycurrency and in 31/12/2024the exchange sensitivity analysis(in \u20ac thousand)thousand)rate **AUD/TRY -13,389 21.90 4.99% 23.00 20.86 1 -1EUR/BRL -621 6.43 5.92% 6.81 6.07 5 -6EUR/CLP 4,462 1,033.57 6.01% 1,095.70 974.96 0 0EUR/CZK -3 25.19 1.87% 25.66 24.72 0 0EUR/GBP -13 0.83 2.12% 0.85 0.81 0 0EUR/INR -5,402 88.93 2.88% 91.50 86.44 2 -2EUR/PLN -4,078 4.28 2.63% 4.39 4.17 24 -25EUR/RUB 572,916 106.10 10.98% 117.75 95.61 -534 593EUR/TRY -51,745 36.74 3.98% 38.20 35.33 54 -56EUR/USD 48 1.04 3.09% 1.07 1.01 -1 1USD/COP 54,993,671 4,409.15 5.84% 4,666.55 4,165.95 -662 701USD/CLP 43,527 994.87 6.46% 1,059.10 934.53 -3 3USD/MXN 622 20.74 6.77% 22.15 19.43 -2 2USD/RUB -13,842 102.13 10.80% 113.17 92.17 13 -14USD/TRY -364,242 35.36 2.60% 36.28 34.46 251 -258Total (852) 938 * Balance sheet exposure after financial hedging (net-exposures) / ** 3 month volatilityIf currencies would have weakened/strengthened during 2024 in line with the above-mentioned possible rates, the profit of the financial year would have been about \u20ac 0.9 million lower/ \u20ac 0.9 million higher. The relatively high sensitivity is mainly due to the Group\u2019s exposure in USD and also RUB, for which no hedging options at reasonable costs are available.Interest rate risk\u20ac 80.9 million out of the \u20ac 93.5 million outstanding loans of the Group are loans at a variable interest rate. In order to mitigate the risk of increasing interest rates, Deceuninck has entered into Interest Rate Swaps with a tenor of five years for a total notional amount of \u20ac 100 million with a direct link in amount and duration of existing financing, whereby it will pay a fixed interest rate and will receive the floating rate (i.e. Euribor 1 month). Generally the Group aims to have a hedge ratio of this specific interest rate risk of approximately 80-120%. At year-end 2024 this was 80% due to a temporarily improved working capital situation.On 31 December 2024 a total amount of \u20ac 81,1 million financing (including factoring) at a variable interest rate was outstanding, of which \u20ac 100 million is hedged by these Interest Rate Swaps. An increase or decrease of the market interest rate by 1.00% would by consequence only have an impact on the unhedged part which is zero and would therefore not result into an increase or decrease of the interest cost.The group\u2019s hedging reserves relate to the following hedging instruments:CASH FLOW HEDGE RESERVE (IN \u20ac THOUSAND) Interest rate swap Total hedge reserveAs per 31 December 2022 2,226 2,226 Change in fair value of hedging instruments recognized in OCI (3,014) (3,014)Deferred tax 754 754 As per 31 December 2023 (35) (35)Change in fair value of hedging instruments recognized in OCI (777) (777)Deferred tax 194 194 As per 31 December 2024 (618) (618)There have been no reclassifications from the cash flow hedge reserve to profit or loss during the period in relation to the interest rate swaps.",
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"value": "Credit riskThe products of the Group are used almost exclusively in the construction industry. Hence, the exposure to credit risk is highly dependent on the performance of the building industry and the general economic conditions. In order to minimize the credit risk, we are closely monitoring the payment behaviour of each debtor. The Group uses credit insurance to mitigate the credit risk related to trade receivables. The credit insurance policies have been taken out with different insurers. Commercial limits, based on financial information and on business knowledge, can deviate from the insured credit limits. In cases where the insured limit is not sufficient we tried to obtain extra guarantees from our customers (e.g. bank guarantees, promissory notes, letters of credit or pledges on customers assets (machinery, buildings, land plots, etc.)).Payment behaviour of our customers has been monitored very closely and unpaid invoices have resulted immediately in a blocking of all open orders from day one.",
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"value": "Hierarchical classification of fair valueA comparison is provided below between the net carrying value and the fair value of financial instruments, which have been included in the financial statements. The fair value of the loans was calculated by defining the expected future cash flows, and by discounting these on common, accepted interest rates.The Group uses the following hierarchical classification in determining and explaining the fair value of financial instruments by valuation technique: \u2022 Level 1: quoted (not adjusted) prices in active markets for identical assets or liabilities. \u2022 Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.\u2022 Level 3: techniques that use input with a significant impact on the recorded fair value that is not based on observable market data.During the reporting period ending 31 December 2024, there were no transfers between Level 1 and Level 2 fair value measurements and no transfers into and out of Level 3 fair value measurements.The values as determined under \u2018Level 2\u2019 are based on the \u2018mark-to-market\u2019 calculations by the financial institutions providing the financial instruments. Net carrying value Fair valueFINANCIAL INSTRUMENTS (IN \u20ac THOUSAND)2023 2024 2023 2024Financial assetsCash and cash equivalents 46,545 34,133 46,545 34,133 Trade receivables 82,129 111,217 82,129 111,217 Financial fixed assets 8 8 8 8 Derivative financial instruments 240 296 240 296 Financial liabilitiesLoans with a variable interest rate 89,934 80,856 89,934 80,856 Loans with a fixed interest rate 4,516 12,625 4,058 12,293 Financial leasing liabilities 22,660 25,798 22,660 25,798 Derivative financial instruments 805 1,132 805 1,132 As per 31 December 2023 the Group had the following financial instruments. DERIVATIVE FINANCIAL INSTRUMENTS - 2023 HIERARCHICAL CLASSIFICATION OF FAIR Level 1 Level 2 Level 331 DECVALUE (IN \u20ac THOUSAND)FX forward contracts 240 - 240 - Assets at fair value 240 - 240 - Interest rate swap 46 - 46 - FX forward contracts 759 - 759 - Liabilities at fair value 805 - 805 - As per 31 December 2024 the Group has the following financial instruments.DERIVATIVE FINANCIAL INSTRUMENTS - 2024 HIERARCHICAL CLASSIFICATION OF FAIR Level 1 Level 2 Level 331 DECVALUE (IN \u20ac THOUSAND)FX forward contracts 296 - 296 - Assets at fair value 296 - 296 - Interest rate swap 823 - 823 - FX forward contracts 308 - 308 - Liabilities at fair value 1,132 - 308 -",
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"value": "Hierarchical classification of fair valueA comparison is provided below between the net carrying value and the fair value of financial instruments, which have been included in the financial statements. The fair value of the loans was calculated by defining the expected future cash flows, and by discounting these on common, accepted interest rates.The Group uses the following hierarchical classification in determining and explaining the fair value of financial instruments by valuation technique: \u2022 Level 1: quoted (not adjusted) prices in active markets for identical assets or liabilities. \u2022 Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.\u2022 Level 3: techniques that use input with a significant impact on the recorded fair value that is not based on observable market data.During the reporting period ending 31 December 2024, there were no transfers between Level 1 and Level 2 fair value measurements and no transfers into and out of Level 3 fair value measurements.The values as determined under \u2018Level 2\u2019 are based on the \u2018mark-to-market\u2019 calculations by the financial institutions providing the financial instruments. Net carrying value Fair valueFINANCIAL INSTRUMENTS (IN \u20ac THOUSAND)2023 2024 2023 2024Financial assetsCash and cash equivalents 46,545 34,133 46,545 34,133 Trade receivables 82,129 111,217 82,129 111,217 Financial fixed assets 8 8 8 8 Derivative financial instruments 240 296 240 296 Financial liabilitiesLoans with a variable interest rate 89,934 80,856 89,934 80,856 Loans with a fixed interest rate 4,516 12,625 4,058 12,293 Financial leasing liabilities 22,660 25,798 22,660 25,798 Derivative financial instruments 805 1,132 805 1,132 As per 31 December 2023 the Group had the following financial instruments. DERIVATIVE FINANCIAL INSTRUMENTS - 2023 HIERARCHICAL CLASSIFICATION OF FAIR Level 1 Level 2 Level 331 DECVALUE (IN \u20ac THOUSAND)FX forward contracts 240 - 240 - Assets at fair value 240 - 240 - Interest rate swap 46 - 46 - FX forward contracts 759 - 759 - Liabilities at fair value 805 - 805 - As per 31 December 2024 the Group has the following financial instruments.DERIVATIVE FINANCIAL INSTRUMENTS - 2024 HIERARCHICAL CLASSIFICATION OF FAIR Level 1 Level 2 Level 331 DECVALUE (IN \u20ac THOUSAND)FX forward contracts 296 - 296 - Assets at fair value 296 - 296 - Interest rate swap 823 - 823 - FX forward contracts 308 - 308 - Liabilities at fair value 1,132 - 308 -",
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"value": "28. List of subsidiariesAll financial periods close on 31 December 2024, apart from Deceuninck Profiles India Private Limited, as disclosed in Note 1.Fully consolidated subsidiaries:Ownership percentageNAME OF THE COMPANY REGISTERED OFFICE2023 2024AUSTRALIADeceuninck Pty. Ltd. Level 1 60 Toorak Road VIC 3141 South Yarra 100.00 100.00BELGIUMSolarDec CV Bruggesteenweg 3608830 Hooglede-Gits 14.43 14.43Plastics Deceuninck NV Bruggesteenweg 3608830 Hooglede-Gits 100.00 100.00Tunal NV Bruggesteenweg 3608830 Hooglede-Gits 100.00 100.00BOSNIA AND HERZEGOVINADeceuninck d.o.o Prvi mart bb75270 Zivinice 100.00 100.00BRAZILDeceuninck do Brazil Estrada Boa Vista 575 Galp\u00e3o 10CEP 06701 475Cotia \u2013 S\u00e3o Paulo 100.00 100.00BULGARIADeceuninck Bulgaria EOOD 41 Sankt Peterburg Blvd4000 Plovdiv 100.00 100.00CHILEDeceuninck Chile SpA El Oto\u00f1o 472 Lampa 9390306 Santiago 99.99 99.99CROATIADeceuninck d.o.o. Gospodarska ulica 11 10298 Donja Bistra 100.00 100.00CZECH REPUBLICDeceuninck Spol. s r.o Tu\u0159anka 1519/115a 627 00 Brno-Slatina 100.00 100.00COLOMBIADeceuninck S.A.S. Zona France Parque Central - Variante Turbaco 100.00 100.00CII 1 Cra 2-5 DUP 1 Bdg 15 Turbaco - ColombiaFRANCEDeceuninck S.A.S. Zone Industrielle \u2013 Impasse des Bleuets 100.00 100.0080700 RoyeGERMANYDeceuninck Germany GmbH* Bayerwaldstrasse 18 100.00 100.0094327 BogenDeceuninck Germany ProduktionsBayerwaldstrasse 18 100.00 100.00GmbH & Co KG*94327 BogenOwnership percentageNAME OF THE COMPANY REGISTERED OFFICE2023 2024Deceuninck Holding Germany GmbH* Bayerwaldstrasse 18 100.00 100.0094327 BogenINDIAEge Profil Tic, ve San. A.S. (branch) 9th Floor, Olympia Platina, Plot No.33-B, 88.27 86.86South Phase, Guindy Industrial Estate, Chennai \u2013 600032Deceuninck Profiles India Private Limited 9th Floor, Olympia Platina, Plot No.33-B, 88.39 86.99South Phase, Guindy Industrial Estate, Chennai \u2013 600032ITALYDeceuninck Italia S.r.l. Via Padre Eugenio Barsanti. 1 100.00 100.0056025 Pontedera (PI) LITHUANIADeceuninck Baltic UAB (in liquidation) Saltoniskiu str. 29/3 100.00 100.0008105 VilniusMEXICODeceuninck de Mexico SA de CV Bulevar Cholula Huejotzingo No. 618100.00 100.00San Pedro Cholula, San Juan Tlautla72750 Estado de PueblaPOLANDDeceuninck Poland Sp. z o.o. Jasin. Ul Poznanska 34 100.00 100.0062-020 SwarzedzROMANIADeceuninck Romania SRL Sos. De Centura nr. 13A 100.00 100.00Complex Key Logistics Center 077040 Chiajna town Jud.IlfovRUSSIADeceuninck Rus OOO Butlerova str., 17, room 5106 100.00 100.00117342 MoscowSLOVAKIADeceuninck Slovakia s.r.o. Z\u00e1mock\u00e1 30 100.00 100.00811 01 Bratislava \u2013 Star\u00e9 mestoSPAINDeceuninck NV Sucursal en Espana Avda. De la Industria 1007100.00 100.00Pol. Ind. Antonio del Rincon45222 Borox \u2013 ToledoTHAILANDDeceuninck (Thailand) Co. Ltd. 2/3 Bangna Towers A 17fl RM 1704B 74.00 74.00Bangna-Trad. Km 6.5 Bangkaew. Bangplee Samutprakarn 10540Asia Profile Holding Co. Ltd. 2/3 Bangna Towers A 17fl RM 1704B 48.95 48.95Bangna-Trad. Km 6.5 Bangkaew. Bangplee Samutprakarn 10540Ownership percentageNAME OF THE COMPANY REGISTERED OFFICE2023 2024THE NETHERLANDSDeceuninck Kunststof BV Zinkstraat 24, unit C8725 100.00 100.004823AD BredaT\u00dcRKIYEEge Profil Ticaret ve Sanayi A.\u015e Atat\u00fcrk Plastik OSB Mahallesi. Menemen Plastik 88.27 86.86\u0130htisas Organize Sanayi B\u00f6lgesi 5. Cadde No: 4 Menemen/\u0130ZM\u0130R 35660 IZMIREge Pen A.\u015e Atat\u00fcrk Plastik OSB Mahallesi. Menemen Plastik 100.00 100.00\u0130htisas Organize Sanayi B\u00f6lgesi 5. Cadde No: 4 Menemen/\u0130ZM\u0130R 35660 IZMIRUNITED KINGDOMDeceuninck Ltd. Unit 2. Stanier Road 100.00 100.00Porte Marsh Calne \u2013 Wiltshire SN11 9PXRange Valley Extrusions Ltd. Unit 2. Stanier Road 100.00 100.00Porte Marsh Calne \u2013 Wiltshire SN11 9PXDeceuninck Holdings (UK) Ltd. Unit 2. Stanier Road 100.00 100.00Porte Marsh Calne \u2013 Wiltshire SN11 9PXUNITED STATESDeceuninck North America Inc. 351 North Garver Road 100.00 100.00Monroe. 45050 OhioDeceuninck North America. LLC 351 North Garver Road 100.00 100.00Monroe. 45050 OhioEquity investees, refer to Note 8:Ownership percentageNAME OF THE COMPANY REGISTERED OFFICE2023 2024BELGIUMSo Easy Belgium BV Stokkelaar 13 50.00 50.009160 LokerenPOLANDSo Easy System Sp. Z.o.o. ul. Dunska 4 50.00 50.0005-152 CzosnowDecalu Solutions Sp. z.o.o. ul. Dunska 4 51.00 51.0005-152 CzosnowUNITED KINGDOMUnit 2. Stanier Road Porte Marsh 50.00 50.00Deceuninck Aluminium UK Ltd.Calne \u2013 Wiltshire SN11 9PX* The subsidiary Deceuninck Germany GmbH makes use of the exemptions available in \u00a7 264 (3) HGB and subsidiary Deceuninck Germany Productions GmbH & Co. KG of 264 b HGB with regard to the publication of annual financial statements and the drawing up of a management report and notes to the financial statements. The Group Financial Statements of Deceuninck NV serve as exempting consolidated financial statements for these companies.The Group guarantees the debts of these companies as at 31 December 2024 in the following fiscal year 2025.",
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"value": "The following pages are extracts from the annual report and financial statements of Deceuninck NV. The complete version of the financial statements and the annual report will be available on request and via the Deceuninck website, at the times stipulated by the Belgian Code on Companies. The annual financial statements and the annual report are prepared in accordance with Belgian legal requirements, which differ considerably from the IFRS accounting principles that are applied to the consolidated financial statements. The External Auditor has issued an unqualified opinion regarding the 2024 annual financial statements of Deceuninck NV.Income statementThe income statement for 2024 is presented below:INCOME STATEMENT (IN \u20ac THOUSAND) 2023 2024Operating revenues 273,141 252,666Operating costs (301,275) (254,072)Operating Profit (28,134) (1,406)Financial income 30,827 45,067Financial costs (30,569) (16,059)Profit (+) / Loss (-) For The Financial Year Before Taxes (27,876) 27,602Income taxes (75) (229)Profit (+) / Loss (-) For The Financial Year (27,951) 27,373Profit (+) / Loss (-) For The Financial Year Available For Appropriation (27,951) 27,373The operating revenues have decreased due to lower sales volumes driven by challenging market environments with increasing interest rates. Operating costs decreased compared to prior year due to (i) the decrease in energy prices that came down from their prior year\u2019s record levels; (ii) strict cost control that rightsized the fixed costs structure to the current market conditions. The financial income mainly consists of intercompany dividends, intercompany interests received and a profit on the sale of a limited number of shares of our participation held in Ege Profil. The financial costs are related to interest costs and foreign exchange results.Balance sheetBALANCE SHEET (IN \u20ac THOUSAND) 2023 2024Intangible fixed assets 1,107 826Tangible fixed assets 43,713 47,658Financial fixed assets 206,551 205,920Other receivables 74,220 63,500Non-current assets 325,591 317,904Inventories 32,774 31,268Trade receivables 42,629 39,758Other receivables 27,603 38,846Cash and cash equivalents 15,596 13,345Other current assets 3,398 4,700Current assets 122,000 127,917TOTAL ASSETS 447,591 445,821Issued capital 54,640 54,640Share premiums 95,291 95,291Reserves 15,526 15,540Retained earnings 19,817 36,132Equity 185,274 201,603Provisions and deferred taxes 1,856 1,584Long-term debts 86,433 81,260Short-term debts 169,544 160,035Other liabilities 4,484 1,339Liabilities 260,461 242,634TOTAL EQUITY AND LIABILITIES 447,591 445,821The most important fluctuations are:\u2022 Increase in tangible fixed assets as a result of continued investments in the Diksmuide recycling and compounding plant, foiling installations and stillages. \u2022 Decrease in trade receivables because of lower sales volumes and strict credit control. \u2022 Increase in current other receivables because of new cash pooling initiatives in favour of subsidiaries. Result appropriationThe Board of Deceuninck NV will propose to the General Meeting to distribute a gross dividend of 0.08 euro per share.APPROPRIATION OF THE RESULTS OF DECEUNINCK NV (IN \u20ac THOUSAND) 2023 2024Profit / (loss) from the fiscal year for appropriation (27,951) 27,373Profit carried forward from previous year 58,845 19,817Profit to be appropriated 30,894 47,190Dividend 11,077 11,045Allocation to legal reserves - 13Profit to be carried forward 19,817 36,132TOTAL 30,894 47,190",
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"value": "Bruggesteenweg 360 \u2013 8830 Hooglede-Gits",
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