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"2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-318": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cab:ProceedsFromSaleAndLeaseBackClassifiedAsFinancingActivities", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-319": { "value": "1372000.0", "decimals": -3, "dimensions": { "concept": "cab:PaymentsOfRepaymentOfSaleAndLeaseBackClassifiedAsFinancingActivities", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-320": { "value": "1472000.0", "decimals": -3, "dimensions": { "concept": "cab:PaymentsOfRepaymentOfSaleAndLeaseBackClassifiedAsFinancingActivities", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-321": { "value": "4845000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-322": { "value": "4723000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-323": { "value": "-15872000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-324": { "value": "380000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-325": { "value": "-2445000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-326": { "value": "-2755000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-327": { "value": "4388000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-328": { "value": "7252000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-329": { "value": "1205000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-330": { "value": "-109000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-331": { "value": "3147000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-332": { "value": "4388000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-333": { "value": "
1.\u00a0 \u00a0 Corporate Information
Cabka N.V. is a company, registered with the Chamber of Commerce
Amsterdam under number 80504493. As of March 1, 2024, the Company
has its registered office at John M. Keynesplein 10, 1066 EP, Amsterdam,
The Netherlands.
Cabka N.V is listed on Euronext Amsterdam. It has subsidiaries in the USA,
Spain, Germany and Belgium. Throughout this report, the name \u201cCabka\u201d,
\u201cCabka Group\u201c, \u201cthe Group\u201d or \u2018\u2019the Company\u2019\u2019 will be used
interchangeably to refer to Cabka N.V. including its consolidated
subsidiaries.
Cabka is in the business of recycling plastics from post-consumer and post-
industrial waste into innovative reusable pallets and large container
solutions enhancing logistics chain sustainability (the \u201cRTP-Business\u201d) and
producing sustainable products made from 100% recycled post-consumer
plastic waste ( the \u201cEco-Products-Business\u201d) .
These products are used, for example, in construction, road and traffic
safety, as well as in gardening and landscaping. With products made
approximately 85-90% of recycled plastics, Cabka is leading the industry in
its integrated approach closing the loop from waste to recycling, to
manufacturing.
The consolidated financial statements of Cabka N.V. and its subsidiaries for
the year ending December 31, 2025 are presented in thousands of Euros,
unless indicated otherwise.", "dimensions": { "concept": "cab:DisclosureOfInformationAboutReportingEntity", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-334": { "value": "Cabka N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-335": { "value": "N.V.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-336": { "value": "Amsterdam", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-337": { "value": "John M. Keynesplein 10, 1066 EP, Amsterdam, The Netherlands.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-338": { "value": "The Netherlands.", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-339": { "value": "The Netherlands.", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-340": { "value": "Cabka is in the business of recycling plastics from post-consumer and post-industrial waste into innovative reusable pallets and large container solutions enhancing logistics chain sustainability (the \u201cRTP-Business\u201d) and producing sustainable products made from 100% recycled post-consumer plastic waste ( the \u201cEco-Products-Business\u201d) . These products are used, for example, in construction, road and traffic safety, as well as in gardening and landscaping. With products made approximately 85-90% of recycled plastics, Cabka is leading the industry in its integrated approach closing the loop from waste to recycling, to manufacturing.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-341": { "value": "
Statement of compliance
The consolidated financial statements as of December 31, 2025 have been
prepared in accordance with International Financial Reporting Standards
(IFRS) and IFRS IC interpretations (IFRIC), published by the International
Accounting Standards Board (IASB) as adopted by the European Union
(hereinafter referred to as EU-IFRS) and in accordance with the legal
requirements of Part 9, Book 2 of the Dutch Civil Code.
The Company financial statements are an integrated part of the 2025
financial statements of Cabka N.V. The financial statements were authorized
for issue by the Management Board and Supervisory Board on 28 April 2025.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-342": { "value": "The financial statements were authorized
for issue by the Management Board and Supervisory Board on 28 April 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-344": { "value": "
2.\u00a0 \u00a0 Basis of Preparation
These consolidated financial statements of the Group have been prepared
in accordance with International Financial Reporting Standards as adopted
by the European Union (EU-IFRS) and also comply with financial reporting
requirements included in Part 9 of Book 2 of the Dutch Civil Code, as far as
applicable.
The annual report has been prepared in ESEF and is in accordance with the
requirements as set out in the Delegated Regulation (EU) 2019/815 with
regard to the regulatory technical standards on the specification of a single
electronic reporting format (hereinafter: the RTS on ESEF).
2.1\u00a0 Basis of Preparation: Going concern
The accompanying consolidated financial statements of the Group have
been prepared assuming Cabka N.V. will continue as a going concern.
The going concern basis of presentation assumes that the company will
continue to operate for at least a period of 12 months after the date these
financial statements are issued and contemplates the realization of assets
and the satisfaction of liabilities in the normal course of business.
In preparing the annual financial statements, management has assessed
the Group\u2019s ability to continue as a going concern and has considered the
principal risks and uncertainties that could impact its financial position and
the company\u2019s future performance. As part of this assessment,
management has taken into account the Group\u2019s current financial position,
projected cash flows, available funding, and potential mitigating actions.
Based on this review, management recognizes no significant doubts to
continue as a going concern.
This improved confidence can be determined by the following factors:
\u2022 Bank covenant adjustments concluded: In September 2025, the Group
successfully negotiated with the banks to waive and adjust certain
financial covenants. By the end of Q4 2025 the companies\u2019 numbers
showed a significant improvement in the leverage covenant, bringing the
ratio below even the initial covenant maximum. The forecast does show
limited margin in exceeding the interest cover covenant Q1 2027,
therefore additional actions will need to be taken throughout 2026 to
ensure that we have sufficient headroom above the target to prevent it
from becoming an issue for the loan renewal at the end of 2027.
\u2022 Net debt: The Group\u2019s net debt was reduced by nine million Euros year-
over-year. The company will continue to work on improving the balance
sheet. This will help improve the capital ratio\u2019s and will support growth in
ebitda.
\u2022 Sufficient available funds: Cabka has sufficient room to draw down
additional funds from its current debt facility, if needed. However, the
company\u2019s aim for 2026 is to have a positive balance in the net cash
inflow minus outflow and to further reduce our net debt.
\u2022 Cost optimization initiative: The Company has implemented a cash-
saving and operational excellence program, \u201cSHIFT\u201d, which is designed to
stabilize the company\u2019s net debt via balancing the cash inflow and
outflow. The program focuses on reducing our cost base and improving
our operational excellence and profitability. The SHIFT plan cost control
and reduction measures have resulted in three million Euros lower
personnel and operating costs. This lower cost-base will help the
Company achieve better results in the coming years. The company is also
strictly managing its capital expenditures in 2026, with the expectation
that this will be below the level of 2025 and will mainly focus on next-
generation solutions that will further enhance our profitability.
\u2022 Efforts to strengthen our balance sheet: Strengthening the balance
sheet is actively considered and assessed. Regular review of working
capital and cash generation will help strengthen the balance sheet further
and will put an early brake on capital and other expenditures when results
are below expectations.
The financial statements have been prepared on a going concern basis as
management believes that the Company will be successful in staying within
the adjusted covenant boundaries and the Company has sufficient available
funds.
In light of all of the above, management has assessed the going concern
assumption, which is the basis on which Cabka's consolidated financial
statements for the period ended on December 31, 2025 have been
prepared.
2.2\u00a0 Measurement Basis
The consolidated financial statements have been prepared on a historical
cost basis, except for financial instruments such as derivatives, Special
Shares liabilities, share-based payments and warrants, which are measured
at fair value. Refer to Note 3.4 and 7 for fair value measurement.
2.3\u00a0 Accounting Judgements and Sources of Estimation Uncertainty
The preparation of the financial statements necessitates the use of
estimates, assumptions and judgments by management. These estimates
and assumptions affect the reported amounts of assets, liabilities, and
contingent assets and liabilities at the statement of financial position date
as well as the reported income and expenses for the year. Although
estimates are based on management\u2019s best knowledge and judgment of
current facts as at the statement of financial position date, the actual
outcome may differ from these estimates.
As a result, there is a significant risk that the aforementioned causes a
potential material adjustment to the carrying amounts of assets and
liabilities within the next financial year, see notes:
\u2022 Note 14 \u2013 utilization of tax losses
\u2022 Note 17 \u2013 impairments of property, plant and equipment
\u2022 Note 18 \u2013 lease liabilities
\u2022 Note 27 \u2013 accounting for share-based payments
Where relevant, the group has provided sensitivity analyses demonstrating
the impact of changes in key estimates and assumptions on reported
results.
2.4\u00a0 Presentation of Cash Flow Statement
The consolidated statement of cash flows is prepared using the indirect
method. The cash flow statement distinguishes between operating,
investing and financing activities. Cash flows in foreign currencies are
converted at the exchange rate at the dates of the transactions.
Currency exchange differences on cash held are shown separately.
Payments and receipts of corporate taxes are included as cash flow from
operating activities and interest paid is shown as cash flow from financing
activities. Cash flows resulting from acquisition/divestment of financial
interest in subsidiaries and associates are included as cash flow from
investing activities, taking into account the available cash in these interests.
Dividends paid are part of the cash flow from financing activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-343": { "value": "
2.\u00a0 \u00a0 Basis of Preparation
These consolidated financial statements of the Group have been prepared
in accordance with International Financial Reporting Standards as adopted
by the European Union (EU-IFRS) and also comply with financial reporting
requirements included in Part 9 of Book 2 of the Dutch Civil Code, as far as
applicable.
The annual report has been prepared in ESEF and is in accordance with the
requirements as set out in the Delegated Regulation (EU) 2019/815 with
regard to the regulatory technical standards on the specification of a single
electronic reporting format (hereinafter: the RTS on ESEF).
4.\u00a0 \u00a0 Significant Events and Transactions
As of the publication of this report, the markets we operate in remain
volatile and uncertain. The tensions between Israel and the US with Iran
have escalated into a fully-blown regional war that is already affecting
global markets. It is not yet clear what the longer-term effects of this
conflict will be, but oil and energy prices have already increased
significantly and plastics commodity prices as well. More specific to the
company, the following significant events and transactions occurred during
the year:
\u2022 May 21, 2025 Mrs Tova Posner Henkin stepped down as Supervisory
Director from Cabka.
\u2022 May 30, 2025 Mrs Anja Siegesmund was elected Interim Supervisory
Director of Cabka, this appointment is subject to approval of the Annual
General Meeting of Shareholders in 2026.
\u2022 As of May 30, 2025, Oliver Seidl was appointed as Supervisory Director of
Cabka after starting as Interim Supervisory Director since November 11
2024.
\u2022 As of September 1, 2025 Mark Letterie joined Cabka as Interim CFO, this
appointment is subject to approval of the Annual General Meeting of
Shareholders in 2026.
\u2022 On September 22, 2025 Cabka secured debt covenant adjustment valid
through 2027. The new agreement ensures continued access to
committed financing and provides Cabka with flexibility to execute its
strategy.
\u2022 As of September 30, 2025, Frank Roerink stepped down as CFO of Cabka.
\u2022 On March 4, 2026 Cabka announced that it had identified a cyber security
incident affecting certain IT systems. The following forensic investigation
showed that certain personal data could have potentially been accessed
or exfiltrated. The Company\u2019s IT security controls proved to have worked
and security was further tightened. Not all servers could be accessed due
to quarantine during the investigation, but any real economic impact was
successfully prevented.
The (financial) impact of the above events is also described in more detail in
the company statement preceding the financial section.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-346": { "value": "
2.1\u00a0 Basis of Preparation: Going concern
The accompanying consolidated financial statements of the Group have
been prepared assuming Cabka N.V. will continue as a going concern.
The going concern basis of presentation assumes that the company will
continue to operate for at least a period of 12 months after the date these
financial statements are issued and contemplates the realization of assets
and the satisfaction of liabilities in the normal course of business.
In preparing the annual financial statements, management has assessed
the Group\u2019s ability to continue as a going concern and has considered the
principal risks and uncertainties that could impact its financial position and
the company\u2019s future performance. As part of this assessment,
management has taken into account the Group\u2019s current financial position,
projected cash flows, available funding, and potential mitigating actions.
Based on this review, management recognizes no significant doubts to
continue as a going concern.
This improved confidence can be determined by the following factors:
\u2022 Bank covenant adjustments concluded: In September 2025, the Group
successfully negotiated with the banks to waive and adjust certain
financial covenants. By the end of Q4 2025 the companies\u2019 numbers
showed a significant improvement in the leverage covenant, bringing the
ratio below even the initial covenant maximum. The forecast does show
limited margin in exceeding the interest cover covenant Q1 2027,
therefore additional actions will need to be taken throughout 2026 to
ensure that we have sufficient headroom above the target to prevent it
from becoming an issue for the loan renewal at the end of 2027.
\u2022 Net debt: The Group\u2019s net debt was reduced by nine million Euros year-
over-year. The company will continue to work on improving the balance
sheet. This will help improve the capital ratio\u2019s and will support growth in
ebitda.
\u2022 Sufficient available funds: Cabka has sufficient room to draw down
additional funds from its current debt facility, if needed. However, the
company\u2019s aim for 2026 is to have a positive balance in the net cash
inflow minus outflow and to further reduce our net debt.
\u2022 Cost optimization initiative: The Company has implemented a cash-
saving and operational excellence program, \u201cSHIFT\u201d, which is designed to
stabilize the company\u2019s net debt via balancing the cash inflow and
outflow. The program focuses on reducing our cost base and improving
our operational excellence and profitability. The SHIFT plan cost control
and reduction measures have resulted in three million Euros lower
personnel and operating costs. This lower cost-base will help the
Company achieve better results in the coming years. The company is also
strictly managing its capital expenditures in 2026, with the expectation
that this will be below the level of 2025 and will mainly focus on next-
generation solutions that will further enhance our profitability.
\u2022 Efforts to strengthen our balance sheet: Strengthening the balance
sheet is actively considered and assessed. Regular review of working
capital and cash generation will help strengthen the balance sheet further
and will put an early brake on capital and other expenditures when results
are below expectations.
The financial statements have been prepared on a going concern basis as
management believes that the Company will be successful in staying within
the adjusted covenant boundaries and the Company has sufficient available
funds.
In light of all of the above, management has assessed the going concern
assumption, which is the basis on which Cabka's consolidated financial
statements for the period ended on December 31, 2025 have been
prepared.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-345": { "value": "
2.1\u00a0 Basis of Preparation: Going concern
The accompanying consolidated financial statements of the Group have
been prepared assuming Cabka N.V. will continue as a going concern.
The going concern basis of presentation assumes that the company will
continue to operate for at least a period of 12 months after the date these
financial statements are issued and contemplates the realization of assets
and the satisfaction of liabilities in the normal course of business.
In preparing the annual financial statements, management has assessed
the Group\u2019s ability to continue as a going concern and has considered the
principal risks and uncertainties that could impact its financial position and
the company\u2019s future performance. As part of this assessment,
management has taken into account the Group\u2019s current financial position,
projected cash flows, available funding, and potential mitigating actions.
Based on this review, management recognizes no significant doubts to
continue as a going concern.
This improved confidence can be determined by the following factors:
\u2022 Bank covenant adjustments concluded: In September 2025, the Group
successfully negotiated with the banks to waive and adjust certain
financial covenants. By the end of Q4 2025 the companies\u2019 numbers
showed a significant improvement in the leverage covenant, bringing the
ratio below even the initial covenant maximum. The forecast does show
limited margin in exceeding the interest cover covenant Q1 2027,
therefore additional actions will need to be taken throughout 2026 to
ensure that we have sufficient headroom above the target to prevent it
from becoming an issue for the loan renewal at the end of 2027.
\u2022 Net debt: The Group\u2019s net debt was reduced by nine million Euros year-
over-year. The company will continue to work on improving the balance
sheet. This will help improve the capital ratio\u2019s and will support growth in
ebitda.
\u2022 Sufficient available funds: Cabka has sufficient room to draw down
additional funds from its current debt facility, if needed. However, the
company\u2019s aim for 2026 is to have a positive balance in the net cash
inflow minus outflow and to further reduce our net debt.
\u2022 Cost optimization initiative: The Company has implemented a cash-
saving and operational excellence program, \u201cSHIFT\u201d, which is designed to
stabilize the company\u2019s net debt via balancing the cash inflow and
outflow. The program focuses on reducing our cost base and improving
our operational excellence and profitability. The SHIFT plan cost control
and reduction measures have resulted in three million Euros lower
personnel and operating costs. This lower cost-base will help the
Company achieve better results in the coming years. The company is also
strictly managing its capital expenditures in 2026, with the expectation
that this will be below the level of 2025 and will mainly focus on next-
generation solutions that will further enhance our profitability.
\u2022 Efforts to strengthen our balance sheet: Strengthening the balance
sheet is actively considered and assessed. Regular review of working
capital and cash generation will help strengthen the balance sheet further
and will put an early brake on capital and other expenditures when results
are below expectations.
The financial statements have been prepared on a going concern basis as
management believes that the Company will be successful in staying within
the adjusted covenant boundaries and the Company has sufficient available
funds.
In light of all of the above, management has assessed the going concern
assumption, which is the basis on which Cabka's consolidated financial
statements for the period ended on December 31, 2025 have been
prepared.
2.3\u00a0 Accounting Judgements and Sources of Estimation Uncertainty
The preparation of the financial statements necessitates the use of
estimates, assumptions and judgments by management. These estimates
and assumptions affect the reported amounts of assets, liabilities, and
contingent assets and liabilities at the statement of financial position date
as well as the reported income and expenses for the year. Although
estimates are based on management\u2019s best knowledge and judgment of
current facts as at the statement of financial position date, the actual
outcome may differ from these estimates.
As a result, there is a significant risk that the aforementioned causes a
potential material adjustment to the carrying amounts of assets and
liabilities within the next financial year, see notes:
\u2022 Note 14 \u2013 utilization of tax losses
\u2022 Note 17 \u2013 impairments of property, plant and equipment
\u2022 Note 18 \u2013 lease liabilities
\u2022 Note 27 \u2013 accounting for share-based payments
Where relevant, the group has provided sensitivity analyses demonstrating
the impact of changes in key estimates and assumptions on reported
results.
2.4\u00a0 Presentation of Cash Flow Statement
The consolidated statement of cash flows is prepared using the indirect
method. The cash flow statement distinguishes between operating,
investing and financing activities. Cash flows in foreign currencies are
converted at the exchange rate at the dates of the transactions.
Currency exchange differences on cash held are shown separately.
Payments and receipts of corporate taxes are included as cash flow from
operating activities and interest paid is shown as cash flow from financing
activities. Cash flows resulting from acquisition/divestment of financial
interest in subsidiaries and associates are included as cash flow from
investing activities, taking into account the available cash in these interests.
Dividends paid are part of the cash flow from financing activities.
3.\u00a0 \u00a0 Summary of Significant Accounting Policies
Cabka N.V. has consistently applied the following accounting policies to all
years presented in these consolidated financial statements.
3.1\u00a0 Basis of Consolidation
3.1.1\u00a0 Subsidiaries
The consolidated financial statements comprise the financial figures of
the Company and its subsidiaries as of December 31, 2025. Control is
achieved when the Group is exposed, or has rights, to variable returns from
its involvement with the investee and has the ability to affect those returns
through its power over the investee. Subsidiaries are fully consolidated,
from the date on which control is transferred to the Group. They are
deconsolidated from the date that control ceases.
Profit or loss and each component of Other Comprehensive Income (OCI)
are attributed to the equity holders of the parent of the Group and to the
non-controlling interests, even if this results in the non-controlling interests
having a deficit balance. When necessary, adjustments are made to the
financial statements of subsidiaries to bring their accounting policies in line
with the Group\u2019s accounting policies.
3.1.2\u00a0 Transactions Eliminated on Consolidation
All intragroup assets and liabilities, equity, income, expenses, and cash flows
relating to transactions between members of the Group are eliminated in
full on consolidation.
3.1.3\u00a0 Changes in Ownership Structure
A change in the ownership interest of a subsidiary, without a loss of control,
is accounted for as an equity transaction.
3.2\u00a0 Foreign Currencies
The Group\u2019s consolidated financial statements are presented in Euros,
which is also the parent company\u2019s functional currency. For each entity,
the Group determines the functional currency and items included in the
financial statements of each entity are measured using that functional
currency. The Group uses the direct method of consolidation and, on
disposal of a foreign operation, the gain or loss that is reclassified to profit
or loss reflects the amount that arises from using this method.
Transactions in foreign currencies are initially recorded by the Group\u2019s
entities at their respective functional currency spot rates at the date the
transaction first qualifies for recognition.
Monetary assets and liabilities denominated in foreign currencies are
translated at the functional currency spot rates of exchange at the
reporting date. Differences arising on settlement or translation of monetary
items are recognized in profit or loss.
Non-monetary items that are measured in terms of historical cost in a
foreign currency are translated using the exchange rates at the dates of the
initial transactions. Non-monetary items measured at fair value in a foreign
currency are translated using the exchange rates at the date when the fair
value is determined. The gain or loss arising on translation of non-monetary
items measured at fair value is treated in line with the recognition of the
gain or loss on the change in fair value of the item (i.e., translation
differences on items whose fair value gain or loss is recognized in OCI or
profit or loss are also recognized in OCI or profit or loss, respectively).
In determining the spot exchange rate to use on initial recognition of the
related asset, expense or income (or part of it) on the derecognition of a
non-monetary asset or non-monetary liability relating to advance
consideration, the date of the transaction is the date on which the Group
initially recognizes the non-monetary asset or non-monetary liability arising
from the advance consideration. If there are multiple payments or receipts
in advance, the Group determines the transaction date for each payment or
receipt of advance consideration.
On consolidation, the assets and liabilities of foreign operations are
translated into Euro at the rate of exchange prevailing at the reporting date
and their statements of profit or loss are translated at exchange rates
prevailing at the dates of the transactions. The exchange differences arising
on translation for consolidation are recognized in OCI. On disposal of a
foreign operation, the component of OCI relating to that particular foreign
operation is reclassified to profit or loss.
3.3\u00a0 Current and Non-Current Classification
The Group presents assets and liabilities in the statement of financial
position based on current/non-current classification. An asset is current
when it is:
\u2022 Expected to be realized or intended to be sold or consumed in the
normal operating cycle;
\u2022 Held primarily for the purpose of trading;
\u2022 Expected to be realized within twelve months after the reporting period;
or
\u2022 Cash or cash equivalent unless restricted from being exchanged or used
to settle a liability for at least twelve months after the reporting period.
All other assets are classified as non-current.
A liability is current when:
\u2022 It is expected to be settled in the normal operating cycle;
\u2022 It is held primarily for the purpose of trading;
\u2022 It is due to be settled within twelve months after the reporting period; or
\u2022 It does not have the right at the end of the reporting period to defer
settlement of the liability for at least twelve months after the reporting
period.
The Group classifies all other liabilities as non-current. Deferred tax assets
and liabilities are classified as non-current assets and liabilities.
3.4\u00a0 Fair Value Measurement
The Group measures financial instruments such as derivatives at fair value
through profit and loss.
Fair value is the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at
the measurement date. The fair value measurement is based on the
presumption that the transaction to sell the asset or transfer the liability
takes place either:
\u2022 In the principal market for the asset or liability; or
\u2022 In the absence of a principal market, in the most advantageous market for
the asset or liability.
The principal or the most advantageous market must be accessible by the
Group.
The fair value of an asset or a liability is measured using the assumptions
that market participants would use when pricing the asset or liability,
assuming that market participants act in their economic best interest.
A fair value measurement of a non-financial asset takes into account a
market participant's ability to generate economic benefits by using the
asset in its highest and best use or by selling it to another market
participant that would use the asset in its highest and best use.
The Group uses valuation techniques that are appropriate in the
circumstances and for which sufficient data are available to measure fair
value, maximizing the use of relevant observable inputs and minimizing the
use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in
the financial statements are categorized within the fair value hierarchy,
described as follows, based on the lowest level input that is significant to
the fair value measurement as a whole:
\u2022 Level 1 \u2014 Quoted (unadjusted) market prices in active markets for
identical assets or liabilities.
\u2022 Level 2 \u2014 Valuation techniques for which the lowest level input that is
significant to the fair value measurement is directly or indirectly
observable.
\u2022 Level 3 \u2014 Valuation techniques for which the lowest level input that is
significant to the fair value measurement is unobservable.
For assets and liabilities that are recognized in the financial statements at
fair value on a recurring basis, the Group determines whether transfers
have occurred between levels in the hierarchy by reassessing
categorization (based on the lowest level input that is significant to the fair
value measurement as a whole) at the end of each reporting period.
For the purpose of fair value disclosures, the Group has determined classes
of assets and liabilities on the basis of the nature, characteristics and risks
of the asset or liability and the level of the fair value hierarchy, as explained
above.
Fair value related disclosures for financial instruments and non-financial
assets that are measured at fair value or where fair values are disclosed,
are summarized in the following notes below. For a summary of the
categories specific to Cabka, refer to fair value measurement (Note 7).
3.5\u00a0 Property Plant and Equipment
3.5.1\u00a0 Owned Assets
Plant and equipment are stated at cost, net of accumulated depreciation
and accumulated impairment losses, if any. The costs include the purchase
price and any directly attributable transaction costs. Supplier discounts
have been deducted.
Self-developed assets are stated at cost, net of depreciation and
accumulated impairment losses, if any. The costs include directly
attributable transaction costs, such as for material and personnel.
Prepayments at the stage of assets under construction are stated at cash
value.
Depreciation is calculated on a straight-line basis over the estimated useful
lives of the assets, as follows:
\u2022 Buildings 20 to 25 years;
\u2022 Technical equipment and machines 3 to 15 years;
\u2022 Other equipment, factory and office equipment, vehicles 3 to 15 years.
The Group reviews the estimated residual values and expected useful lives
of assets at least annually. In particular, the Group considers the impact of
health, safety, and environmental legislation in its assessment of expected
useful lives and estimated residual values.
The residual values, useful lives and methods of depreciation of property,
plant and equipment are reviewed at each financial year end and adjusted
prospectively, if appropriate.
3.5.2\u00a0 Leases
At inception of a contract, the Group assesses whether a contract is, or
contains, a lease. A contract is, or contains, a lease if the contract conveys
the right to control the use of an identified assets for a period of time in
exchange for a consideration. To assess whether a contract conveys the
right to control the use of an identified asset, the Group uses the definition
of a lease in IFRS 16.
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.
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, as follows:
\u2022 Land and buildings, plant, and machinery 3 to 15 years
\u2022 Motor vehicles and other equipment 3 to 5 years
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.
In calculating the present value of lease payments, the Group applies the
interest rate of the contract if applicable. In case of contracts, where the
interest rate implicit in the lease cannot readily be determined, it uses its
incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the
rate of interest that the Group would have to pay to borrow over a similar
term, and with a similar security, the funds necessary to obtain an asset of a
similar value to the right-of-use asset in a similar economic environment.
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 right-of-use assets in \u201cRight-of-Use assets\u201d and lease
liabilities in \u201cFinancial liabilities\u201d in the statement of financial position.
Interest on lease liabilities is included in \u201cInterest expense\u201d in the income
statement and included in the cash flows from financing activities in the
statement of cash flows. The group\u2019s leasing arrangements relate primarily
to office buildings, warehouse space, equipment and motor vehicles.
Lease expenses \u2013 short-term leases and leases of low-value assets
The Group has elected not to recognize right-of-use assets and lease
liabilities for short-term leases of machinery that have a lease term of
12 months or less and leases of low-value assets. Individual lease assets with
a new value of \u20ac5,000 or less (or any other foreign exchange equivalent) are
considered to be low value assets. The Group recognizes the lease
payments associated with these leases as an expense on a straight-line
basis over the lease term.
3.6\u00a0 Intangible Assets
Research expenditures are recognized as expenses as incurred.
Development costs that are directly attributable to the design and testing
of identifiable and unique products controlled by the group are recognized
as intangible assets if, and only if:
\u2022 it is probable that the expected future economic benefits that are
attributable to the asset will flow to the entity; and
\u2022 the cost of the asset can be measured reliably.
An intangible asset arising from development (or from the development
phase of an internal project) shall be recognized if, and only if, an entity
can demonstrate all of the following:
(a) the technical feasibility of completing the intangible asset so that it
will be available for use or sale.
(b) its intention to complete the intangible asset and use or sell it.
(c) its ability to use or sell the intangible asset.
(d) how the intangible asset will generate probable future economic
benefits. Among other things, the entity can demonstrate the
existence of a market for the output of the intangible asset or the
intangible asset itself or, if it is to be used internally, the usefulness
of the intangible asset.
(e) the availability of adequate technical, financial and other resources
to complete the development and to use or sell the intangible asset.
(f) its ability to measure reliably the expenditure attributable to the
intangible asset during its development.
Other development expenditures that do not meet these criteria are
recognized as an expense as incurred.
Self-developed intangible assets are stated at cost, net of amortization
and accumulated impairment losses, if any. The costs include directly
attributable transaction costs, such as for material and personnel.
The Group capitalizes and recognizes, as internally generated assets,
the automation and development costs arising from the design and
development of new assets in order to ensure maximum customization
of final products.
Intangible assets acquired separately are measured on initial recognition
at cost.
Following initial recognition, intangible assets are carried at cost less any
accumulated amortization and accumulated impairment losses.
There are only intangible assets with finite useful lives at the Group.
Intangible assets with finite lives are amortized over the useful economic
life and assessed for impairment whenever there is an indication that the
intangible asset may be impaired. The amortization period and the
amortization method for an intangible asset with a finite useful life are
reviewed at least at the end of each reporting period. Changes in the
expected useful life or the expected pattern of consumption of future
economic benefits embodied in the asset are considered to modify the
amortization period or method, as appropriate, and are treated as changes
in accounting estimates. The amortization expense on intangible assets with
finite lives is recognized in the statement of profit or loss. Intangible assets
at the Group are split into customer relationships, internally developed
intangible assets, purchased intangible assets and advance payments
charged.
All categories of intangible assets are considered long-term intangible
assets and are amortized on a straight-line basis over their useful economic
lives, between 3 and 5 years.
3.7\u00a0 Financial Instruments and other Investments
Financial instruments are contracts which result in a financial asset with
one company and a financial liability or an equity instrument with another.
Financial instruments comprise primary financing instruments such as
receivables and trade payables or also financial receivables and financial
liabilities.
Financial Instruments of the Group include derivative financial instruments
such as forward exchange contracts as well as interest rate derivatives and
currency swaps. Financial assets and liabilities are categorized as follows:
1. Assets and liabilities measured at amortized cost
2. Assets and liabilities measured at fair value through profit or loss
3. Assets measured at fair value through other comprehensive income
A financial asset or a financial liability is initially measured at fair value plus,
in the case of the first and third category, transaction costs.
The subsequent measurement of financial assets and liabilities of the first
category is made at amortized cost or by using the effective interest
method.
Financial assets and liabilities of the second category are measured at fair
value on the balance sheet date. Market fluctuations are recognized in the
income statement.
The Company enter into derivative financial instruments (derivatives) in
order to manage interest and currency fluctuation. Hedge accounting
allows derivatives to be designated as a hedge of another (non-derivative)
financial instrument, to mitigate the impact of potential volatility in the
income statement of changes in the fair value of the derivative instruments.
To qualify for hedge accounting, documentation is prepared specifying the
hedging strategy, the component transactions and methodology used for
effectiveness measurement. Cabka uses the following hedge
accounting method only for interest rate derivatives:
Changes in the carrying value of financial instruments that are designated
and effective as hedges of future cash flows (cash flow hedges) are
recognized directly in equity and any ineffective portion of the hedge is
recognized immediately in the income statement. Amounts deferred in
equity in respect of cash flow hedges are subsequently recognized in the
income statement in the same period in which the hedged item affects net
profit or loss.
Changes in the fair value of derivatives that do not qualify for hedge
accounting are recognized in the income statement as they arise.
Hedge accounting is discontinued when the hedging instrument expires or
is sold, terminated, exercised or no longer qualifies for hedge accounting.
At that time, any cumulative gains or losses relating to cash flow hedges
recognized in equity are initially retained in equity and subsequently
recognized in the income statement in the same periods in which the
previously hedged item affects net profit or loss.
3.7.1\u00a0 Cash and Cash Equivalents
Cash and cash equivalents in the statement of financial position comprise
cash at banks and on hand and are carried at amortized cost.
For the purpose of the consolidated statement of cash flows, cash and cash
equivalents consist of cash and short-term deposits.
3.7.2\u00a0 Trade and Other Receivables
Trade and other receivables represent the Group\u2019s right to a consideration
that is unconditional. Initial recognition of trade and other receivables takes
place at transaction price and then at amortized cost, and are subsequently
carried less impairment losses or expected credit losses (see Note 22). The
Group uses non-recourse factoring, accounts receivable are removed from
the balance sheet once sold to the factor. The cash received is recognized,
and factoring fees or discounts are recorded in the income statement. A
retention amount and/or deferred purchase price is recognized as
receivable against the factor.
3.7.3\u00a0 Trade and Other Payables
Trade and other payables are initially recorded at fair value and then
carried at amortized cost.
3.8\u00a0 Inventories
Raw materials and supplies, spare parts and trading goods are valued at
acquisition costs on an average price basis. Finished and work in progress
goods are valued at the lower of cost or net realizable value.
The production costs include material costs, manufacturing costs, and
special costs of production as well as adequate parts of the necessary
material costs, manufacturing costs, and the value consumption of the fixed
assets. Reasonable costs of the administration costs are also included in
those costs.
3.9\u00a0 Impairments
3.9.1\u00a0 Financial Assets
The Group recognizes impairments for financial assets based on the
\u2018expected credit loss\u2019 model. The Group measures loss allowances at an
amount equal to the lifetime expected credit losses.
Expected credit losses are a probability-weighted estimate of credit losses.
Credit losses are measured as the present value of all cash shortfalls,
being the difference between the cash flows due to the entity in
accordance with the contract and the cash flows that the Group expects
to receive. The Group makes use of the simplified method for trade
receivables and contracts assets as set out in IFRS 9. The expected credit
losses for significant financial assets are determined on an individual basis.
The remaining financial assets are assessed collectively in groups of assets
that have similar credit risk characteristics.
All impairment losses are recognized in the consolidated statement of profit
and loss.
An impairment loss is reversed if the reversal can be related objectively to
an event occurring after the impairment loss was recognized. For financial
assets measured at amortized cost, the reversal is recognized in profit or
loss.
3.9.2\u00a0 Non-financial Assets
The carrying amounts of the Group\u2019s non-financial assets, other than
inventories and deferred tax assets, are reviewed at each reporting date to
determine whether there is any indication of impairment. If any such
indication exists, then the asset\u2019s recoverable amount is estimated.
For intangible assets that have indefinite lives or that are not yet available
for use, the recoverable amount is estimated at each reporting date.
The recoverable amount of an asset or cash-generating unit is the greater
of its value in use and its fair value less costs to sell. In assessing value in
use, the estimated future cash flows are discounted to their present value
using a pre-tax discount rate that reflects current market assessments of
the time value of money and the risks specific to the asset. For the purpose
of impairment testing, assets are grouped together into the smallest group
of assets that generates cash inflows from continuing use that are largely
independent of the cash inflows of other assets or groups of assets (the
\u2018cash generating unit\u2019).
\u00a0
An impairment loss is recognized if the carrying amount of an asset or its
cash-generating unit exceeds its estimated recoverable amount.
Impairment losses are recognized in profit or loss.
3.9.3\u00a0 Reversal of Impairment Losses
Impairment losses in respect of other assets are reversed if there has
been a change in the estimates used to determine the recoverable amount.
An impairment loss is reversed only to the extent that the asset\u2019s carrying
amount does not exceed the carrying amount that would have been
determined, net of depreciation or amortization, if no impairment loss had
been recognized.
Reversals of impairment losses are recognized in profit or loss. No reversals
of impairment losses for other assets occurred in the reporting year.
3.10\u00a0 Provisions
Provisions are recognized when the Group has a present obligation (legal or
constructive) as a result of a past event, it is probable that an outflow of
resources embodying economic benefits will be required to settle the
obligation and a reliable estimate can be made of the amount of the
obligation.
The process of determining the amount of the provision involves judgment
and estimation. Management assesses the circumstances surrounding the
obligation, considers historical data and other relevant information to
estimate the future costs and the likelihood of various possible outcomes.
When the Group expects some or all of a provision to be reimbursed,
for example, under an insurance contract, the reimbursement is recognized
as a separate asset, but only when the reimbursement is virtually certain.
The expense relating to a provision is presented in the statement of profit
or loss net of any reimbursement.
If the effect of the time value of money is material, provisions are
discounted using a current pre-tax rate that reflects, when appropriate,
the risks specific to the liability. When discounting is used, the increase in
the provision due to the passage of time is recognized as a finance cost.
3.11\u00a0 Other Assets
Other receivables and other assets are initially recognized at fair market
value. Subsequently carried at the lower of amortized cost or fair market
value. Account is taken of all identifiable individual risks and general default
risks by means of appropriate value reductions. Specific cases of default
lead to the receivable in question being written off.
3.12\u00a0 Revenue from Contracts with Customers
Cabka\u2019s business can be split between reusable pallets and large container
solutions enhancing logistics chain sustainability (the \u201cRTP-Business\u201d),
and \u201cEco-Products\u201d which find application mainly in the road safety and
construction sector. Cabka receives a recycling fee from suppliers for
handling and recycling specific post-consumer waste, i.e., mixed plastics.
Revenue from contracts with customers is recognized when control of
the goods or services are transferred to the customer at an amount that
reflects the consideration to which the Group expects to be entitled in
exchange for those goods or services. The Group has generally concluded
that it is the principal in its revenue arrangements because it typically
controls the goods or services before transferring them to the customer.
Sale of pallets and containers, Eco products, non-strategic products and
customized solutions
Revenue from the sale of pallets, containers, Eco products, non-strategic
products and customized solutions is recognized at the point in time when
control of the asset is transferred to the customer, generally on collection
of goods by customers ex works.
The Group considers whether there are other promises in the contract that
are separate performance obligations to which a portion of the transaction
price needs to be allocated (e.g., warranties, customer loyalty points).
In determining the transaction price for the sale of pallets, containers,
Eco products and non-strategic products, the Group considers the effects
of a variable consideration, existence of a significant financing component,
a non-cash consideration, and a consideration payable to the customer
(if any).
Recycling Fees
Recycling fees are compensation for assuming the liability to recycle the
mixed plastics. When mixed plastics are received, the recycling fee is
recognized as a liability. This liability is extinguished when the mixed plastics
are recycled in the production process. At that moment, the liability is
released to profit and loss as revenue.
Sale of materials and freights
Revenue from the sale of material is recognized at the point in time
when control of the asset is transferred to the customer. Revenue for
transportation is recognized over time after measuring its progress
toward complete satisfaction of the performance obligation.
Revenue for customized solutions
In connection with customized solutions, the Group recognizes two
performance obligations. One is related to the development of the tool,
with the purpose of providing customized products to customers, and
revenues are recognized over time using the percentage of completion
method; the second performance obligation relates to delivering
customized final products with specific characteristics to customers
and revenues are recognized at a point in time when the products will be
delivered. Delivery is defined based on the terms of the sales contract.
A receivable is recognized if a consideration that is unconditional is due
from the customer (i.e., only the passage of time is required before
payment of the consideration is due).
A contract liability is recognized if a payment is received, or a payment is
due (whichever applies first) from a customer before the Group transfers
the related goods or services. Contract liabilities are recognized as revenue
when the Group performs under the contract (i.e., transfers control of the
related goods or services to the customer).
3.12.1\u00a0 Other Operating Income
Other operating income includes income from all other operating activities
which are not related to the principal activities of the Company.
Other income is recognized when it is probable that future economic
benefits will flow to the Company and when the amount can be measured
reliably. Other operating income at Cabka includes, but is not limited to,
proceeds from insurance, governmental subsidies and gains on the sale of
fixed assets.
3.13\u00a0 Share Capital
3.13.1\u00a0 Ordinary Shares
Ordinary shares are classified as equity. Incremental costs directly
attributable to the issue of ordinary shares are recognized as a deduction
from equity.
3.13.2\u00a0 Repurchase, Disposal and Reissue of Share Capital (Treasury
Shares)
When own shares recognized as equity are repurchased, the amount of the
consideration paid, including directly attributable costs and net of any tax
effects, is recognized as a deduction from equity. Repurchased shares are
classified as treasury shares and are presented as a deduction from total
equity. If treasury shares are sold or reissued subsequently, the amount
received is recognized as an increase in equity, and the resulting surplus or
deficit on the transaction is transferred respectively to or from other
reserves.
3.13.3\u00a0 Dividends
The holders of ordinary shares are entitled to receive dividends as
determined from time to time by the General Meeting of Shareholders.
The Management Board has the authority to decide, with the approval of
the Supervisory Board, what portion of the profit will be allocated to the
reserves. If applicable, the declared but unpaid dividends are recognized as
a liability.
3.14\u00a0 Taxes
3.14.1\u00a0 Current Income Tax
Current income tax assets and liabilities are measured at the amount
expected to be recovered from or paid to the taxation authorities.
Current income tax related to items recognized directly in equity is
recorded in equity rather than in the statement of profit or loss.
Management periodically reviews the positions taken in tax returns,
especially in cases where tax regulations are open to interpretation.
This review reflects the impact of uncertainty in determining the related
taxable profit if it is unlikely that the taxation authority will accept an
uncertain tax treatment.
3.14.2\u00a0 Deferred Tax
Deferred tax is provided using the liability method on temporary differences
between the tax bases of assets and liabilities and their carrying amounts
for financial reporting purposes at the reporting date.
Deferred tax liabilities are recognized for taxable temporary differences.
Deferred tax assets are recognized for all deductible temporary
differences, the carry forward of unused tax credits and any unused tax
losses. Deferred tax assets are recognized to the extent that it is probable
that taxable profit will be available against which the deductible temporary
differences, and the carry forward of unused tax credits and unused tax
losses can be utilized.
The carrying amount of deferred tax assets is reviewed at each reporting
date and reduced to the extent that it is no longer probable that sufficient
taxable profit will be available to allow all or part of the deferred tax asset to
be utilized. Unrecognized deferred tax assets are reassessed at each
reporting date and are recognized to the extent that it has become
probable that future taxable profits will allow the deferred tax asset to be
recovered.
Deferred tax assets and liabilities are measured at the tax rates that are
expected to apply in the year when the asset is realized or the liability is
settled, based on tax rates (and tax laws) that have been enacted or
substantively enacted at the reporting date.
Cabka Group offsets deferred tax assets and deferred tax liabilities if and
only if it has a legally enforceable right to set off current tax assets and
current tax liabilities and the deferred tax assets and deferred tax liabilities
relate to income taxes levied by the same taxation authority on the same
taxable entity.
3.14.3\u00a0 Sales Tax
Expenses and assets are recognized net of the amount of sales tax, except:
\u2022 When the sales tax incurred on a purchase of assets or services is not
recoverable from the taxation authority, in which case, the sales tax is
recognized as part of the cost of acquisition of the asset or as part of the
expense item, as applicable;
\u2022 When receivables and payables are stated with the amount of sales tax
included.
The net amount of sales tax recoverable from, or payable to, the taxation
authority is included as part of receivables or payables in the statement of
financial position.
3.15\u00a0 Share-Based Payments
Employees of the Group receive remuneration in the form of share-based
payments, whereby employees render services as a consideration for equity
instruments (equity-settled share-based payments transactions) or for
cash-payments based on the value of equity instruments (cash-settled
share-based payments).
Equity-settled share-based payments
The cost of equity-settled share-based payments transactions is
determined by the fair value at the date when the grant is made using
an appropriate valuation model, further details of which are provided in
Note 27.
That cost is recognized in personnel expenses, together with a
corresponding increase in equity (other reserves, as presented in the
consolidated statement of changes in equity), over the period in which
the service and, where applicable, the performance conditions are fulfilled
(the vesting period). The cumulative expense recognized for equity-settled
transactions at each reporting date until the vesting date reflects the extent
to which the vesting period has expired and the Group\u2019s best estimate of
the number of equity instruments that will ultimately vest.
The expense or credit in the statement of profit or loss for a period
represents the movement in cumulative expense recognized as at the
beginning and end of that period.
Service and non-market performance conditions are not taken into
account when determining the grant date fair value of awards, but the
likelihood of the conditions being met is assessed as part of the Group\u2019s
best estimate of the number of equity instruments that will ultimately vest.
Market performance conditions and any other conditions attached to an
award, but without an associated service requirement (non-vesting
conditions) are reflected within the grant date fair value. Any other
conditions attached to an award, but without an associated service
requirement, are considered to be non-vesting conditions. Non-vesting
conditions are reflected in the fair value of an award and lead to an
immediate expensing of an award unless there are also service and/or
performance conditions.
No expense is recognized for awards that do not ultimately vest because
non-market performance and/or service conditions have not been met.
Where awards include a market or non-vesting condition, the transactions
are treated as vested irrespective of whether the market or non-vesting
condition is satisfied, provided that all other performance and/or service
conditions are satisfied.
When the terms of an equity-settled award are modified, the minimum
expense recognized is the grant date fair value of the unmodified award,
provided the original vesting terms of the award are met. An additional
expense, measured as at the date of modification, is recognized for any
modification that increases the total fair value of the share-based payment
transaction, or is otherwise beneficial to the employee.
Where an award is cancelled by the entity or by the counterparty,
any remaining element of the fair value of the award is expensed
immediately through profit or loss.
Cash-settled transactions
A liability is recognized for the fair value of cash-settled transactions.
The fair value is measured initially and at each reporting date up to and
including the settlement date, with changes in fair value recognized in
employee benefits expense (see Note 10). The fair value is expensed over
the period until the vesting date with recognition of a corresponding
liability. The fair value is determined using an appropriate valuation model,
further details of which are provided in Note 27. The approach used to
account for vesting conditions when measuring equity-settled share-based
payments also applies to cash-settled share-based payments.
3.16\u00a0 Expenses
Expenses are recognized based on the accrual basis of accounting.
This means that expenses are recognized when the product is received, or
the service is provided regardless of when cash outflow takes place.
For expenses recognized in relation to depreciation and impairments,
reference is made to the specific accounting policy as is included in Notes
3.5 and 3.9. For the costs as expensed in relation to inventory, reference is
made to the specific accounting policy as is included in Note 3.8.
3.17\u00a0 Employee Benefits
The Group has a defined contribution plan for its employees. A defined
contribution plan is a post-employment benefit plan under which an entity
pays fixed contributions into a separate entity and will have no legal or
constructive obligation to pay further amounts. Obligations for
contributions to defined contribution pension plans are recognized as an
employee benefit expense in profit or loss when incurred. Prepaid
contributions are recognized as an asset to the extent that a cash refund or
reduction in future payments will occur.\u00a0
3.18\u00a0 Government Grants
The Group receives government grants, such as subsidies for the
employment of permanent employees. Grants that compensate the Group
for expenses incurred, are recognized in profit or loss as other operating
income, unless the conditions for receiving the grant are not met yet.
In this situation, the grant is recognized when it becomes receivable.
Governmental grants for energy expenses are recognized in the same
expense position offsetting the occurred costs.
3.19\u00a0 New and Amended IFRS
The new and amended standards and interpretations that were issued, but
are not yet effective, up to the date of issuance of the Group\u2019s financial
statements are disclosed below. The Group intends to adopt these new and
amended standards and interpretations, if applicable, when they become
effective.
New or Amended Standards
(Issued\u00a0 but not yet Effective)
Amended
Content
First Time
Adoption
EU-Endorsed
Major Impact
on the Group
Annual Improvements to
IFRS Accounting
Standards - Volume 11
Amended
The amendments, aimed at clarifying wording and correcting non-urgent
inconsistencies, affect IFRS 1, IFRS 7, IFRS 9, IFRS 10, and IAS 7, mainly concerning
financial instrument disclosures and derecognition.
2026
Yes
No
IFRS 9 and IFRS 7
Amended
The amendments clarify the requirements related to the date of recognition and
derecognition of financial assets and financial liabilities, with an exception for
derecognition of financial liabilities settled via an electronic transfer.
The requirements for assessing contractual cash flow characteristics of financial
assets.
Characteristics of non-recourse loans and contractually linked instruments.
The Amendments also introduce certain disclosure requirements for financial
instruments.
2026
Yes
No
IFRS 19
Amended
IFRS 19 permits certain entities to apply the full measurement requirements of
IFRS Accounting Standards, but with significantly reduced disclosures.
2027
No
No
IFRS 18
Amended
This latest IFRS Accounting Standard sets out significant new requirements for
how financial statements are presented, with particular focus on the statement
of profit or loss, including requirements for mandatory sub-totals to be
presented, aggregation and disaggregation of information, as well as disclosures
related to management-defined performance measures.
2027
No
No
There are no other IFRSs that have been issued but are not yet effective
that are expected to have a material effect on future consolidated financial
statements. The new IFRS 18 standard is currently under development, and
its full impact on financial reporting and business operations remains
uncertain at this stage.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-349": { "value": "
2.3\u00a0 Accounting Judgements and Sources of Estimation Uncertainty
The preparation of the financial statements necessitates the use of
estimates, assumptions and judgments by management. These estimates
and assumptions affect the reported amounts of assets, liabilities, and
contingent assets and liabilities at the statement of financial position date
as well as the reported income and expenses for the year. Although
estimates are based on management\u2019s best knowledge and judgment of
current facts as at the statement of financial position date, the actual
outcome may differ from these estimates.
As a result, there is a significant risk that the aforementioned causes a
potential material adjustment to the carrying amounts of assets and
liabilities within the next financial year, see notes:
\u2022 Note 14 \u2013 utilization of tax losses
\u2022 Note 17 \u2013 impairments of property, plant and equipment
\u2022 Note 18 \u2013 lease liabilities
\u2022 Note 27 \u2013 accounting for share-based payments
Where relevant, the group has provided sensitivity analyses demonstrating
the impact of changes in key estimates and assumptions on reported
results.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-347": { "value": "
2.3\u00a0 Accounting Judgements and Sources of Estimation Uncertainty
The preparation of the financial statements necessitates the use of
estimates, assumptions and judgments by management. These estimates
and assumptions affect the reported amounts of assets, liabilities, and
contingent assets and liabilities at the statement of financial position date
as well as the reported income and expenses for the year. Although
estimates are based on management\u2019s best knowledge and judgment of
current facts as at the statement of financial position date, the actual
outcome may differ from these estimates.
As a result, there is a significant risk that the aforementioned causes a
potential material adjustment to the carrying amounts of assets and
liabilities within the next financial year, see notes:
\u2022 Note 14 \u2013 utilization of tax losses
\u2022 Note 17 \u2013 impairments of property, plant and equipment
\u2022 Note 18 \u2013 lease liabilities
\u2022 Note 27 \u2013 accounting for share-based payments
Where relevant, the group has provided sensitivity analyses demonstrating
the impact of changes in key estimates and assumptions on reported
results.", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-348": { "value": "2.3\u00a0 Accounting Judgements and Sources of Estimation UncertaintyThe preparation of the financial statements necessitates the use of estimates, assumptions and judgments by management. These estimates and assumptions affect the reported amounts of assets, liabilities, and contingent assets and liabilities at the statement of financial position date as well as the reported income and expenses for the year. Although estimates are based on management\u2019s best knowledge and judgment of current facts as at the statement of financial position date, the actual outcome may differ from these estimates. As a result, there is a significant risk that the aforementioned causes a potential material adjustment to the carrying amounts of assets and liabilities within the next financial year, see notes:\u2022 Note 14 \u2013 utilization of tax losses\u2022 Note 17 \u2013 impairments of property, plant and equipment\u2022 Note 18 \u2013 lease liabilities\u2022 Note 27 \u2013 accounting for share-based paymentsWhere relevant, the group has provided sensitivity analyses demonstrating the impact of changes in key estimates and assumptions on reported results.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-350": { "value": "
2.4\u00a0 Presentation of Cash Flow Statement
The consolidated statement of cash flows is prepared using the indirect
method. The cash flow statement distinguishes between operating,
investing and financing activities. Cash flows in foreign currencies are
converted at the exchange rate at the dates of the transactions.
Currency exchange differences on cash held are shown separately.
Payments and receipts of corporate taxes are included as cash flow from
operating activities and interest paid is shown as cash flow from financing
activities. Cash flows resulting from acquisition/divestment of financial
interest in subsidiaries and associates are included as cash flow from
investing activities, taking into account the available cash in these interests.
Dividends paid are part of the cash flow from financing activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-351": { "value": "
3.1\u00a0 Basis of Consolidation
3.1.1\u00a0 Subsidiaries
The consolidated financial statements comprise the financial figures of
the Company and its subsidiaries as of December 31, 2025. Control is
achieved when the Group is exposed, or has rights, to variable returns from
its involvement with the investee and has the ability to affect those returns
through its power over the investee. Subsidiaries are fully consolidated,
from the date on which control is transferred to the Group. They are
deconsolidated from the date that control ceases.
Profit or loss and each component of Other Comprehensive Income (OCI)
are attributed to the equity holders of the parent of the Group and to the
non-controlling interests, even if this results in the non-controlling interests
having a deficit balance. When necessary, adjustments are made to the
financial statements of subsidiaries to bring their accounting policies in line
with the Group\u2019s accounting policies.
3.1.2\u00a0 Transactions Eliminated on Consolidation
All intragroup assets and liabilities, equity, income, expenses, and cash flows
relating to transactions between members of the Group are eliminated in
full on consolidation.
3.1.3\u00a0 Changes in Ownership Structure
A change in the ownership interest of a subsidiary, without a loss of control,
is accounted for as an equity transaction.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-353": { "value": "
3.1.1\u00a0 Subsidiaries
The consolidated financial statements comprise the financial figures of
the Company and its subsidiaries as of December 31, 2025. Control is
achieved when the Group is exposed, or has rights, to variable returns from
its involvement with the investee and has the ability to affect those returns
through its power over the investee. Subsidiaries are fully consolidated,
from the date on which control is transferred to the Group. They are
deconsolidated from the date that control ceases.
Profit or loss and each component of Other Comprehensive Income (OCI)
are attributed to the equity holders of the parent of the Group and to the
non-controlling interests, even if this results in the non-controlling interests
having a deficit balance. When necessary, adjustments are made to the
financial statements of subsidiaries to bring their accounting policies in line
with the Group\u2019s accounting policies.
3.1.2\u00a0 Transactions Eliminated on Consolidation
All intragroup assets and liabilities, equity, income, expenses, and cash flows
relating to transactions between members of the Group are eliminated in
full on consolidation.
Transactions with related parties that are outside the Group are classified
as trade receivables and trade payables, respectively (see Notes 22 and 31).
The sales to and purchases from related parties are made on terms aiming
to be equivalent to transactions at arm\u2019s length. Outstanding balances at
year end are unsecured and interest free and settlement occurs in cash. No
guarantees have been provided or received for any related party
receivables or payables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-352": { "value": "
3.1.1\u00a0 Subsidiaries
The consolidated financial statements comprise the financial figures of
the Company and its subsidiaries as of December 31, 2025. Control is
achieved when the Group is exposed, or has rights, to variable returns from
its involvement with the investee and has the ability to affect those returns
through its power over the investee. Subsidiaries are fully consolidated,
from the date on which control is transferred to the Group. They are
deconsolidated from the date that control ceases.
Profit or loss and each component of Other Comprehensive Income (OCI)
are attributed to the equity holders of the parent of the Group and to the
non-controlling interests, even if this results in the non-controlling interests
having a deficit balance. When necessary, adjustments are made to the
financial statements of subsidiaries to bring their accounting policies in line
with the Group\u2019s accounting policies.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-354": { "value": "
3.2\u00a0 Foreign Currencies
The Group\u2019s consolidated financial statements are presented in Euros,
which is also the parent company\u2019s functional currency. For each entity,
the Group determines the functional currency and items included in the
financial statements of each entity are measured using that functional
currency. The Group uses the direct method of consolidation and, on
disposal of a foreign operation, the gain or loss that is reclassified to profit
or loss reflects the amount that arises from using this method.
Transactions in foreign currencies are initially recorded by the Group\u2019s
entities at their respective functional currency spot rates at the date the
transaction first qualifies for recognition.
Monetary assets and liabilities denominated in foreign currencies are
translated at the functional currency spot rates of exchange at the
reporting date. Differences arising on settlement or translation of monetary
items are recognized in profit or loss.
Non-monetary items that are measured in terms of historical cost in a
foreign currency are translated using the exchange rates at the dates of the
initial transactions. Non-monetary items measured at fair value in a foreign
currency are translated using the exchange rates at the date when the fair
value is determined. The gain or loss arising on translation of non-monetary
items measured at fair value is treated in line with the recognition of the
gain or loss on the change in fair value of the item (i.e., translation
differences on items whose fair value gain or loss is recognized in OCI or
profit or loss are also recognized in OCI or profit or loss, respectively).
In determining the spot exchange rate to use on initial recognition of the
related asset, expense or income (or part of it) on the derecognition of a
non-monetary asset or non-monetary liability relating to advance
consideration, the date of the transaction is the date on which the Group
initially recognizes the non-monetary asset or non-monetary liability arising
from the advance consideration. If there are multiple payments or receipts
in advance, the Group determines the transaction date for each payment or
receipt of advance consideration.
On consolidation, the assets and liabilities of foreign operations are
translated into Euro at the rate of exchange prevailing at the reporting date
and their statements of profit or loss are translated at exchange rates
prevailing at the dates of the transactions. The exchange differences arising
on translation for consolidation are recognized in OCI. On disposal of a
foreign operation, the component of OCI relating to that particular foreign
operation is reclassified to profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-355": { "value": "
The Group\u2019s consolidated financial statements are presented in Euros,
which is also the parent company\u2019s functional currency. For each entity,
the Group determines the functional currency and items included in the
financial statements of each entity are measured using that functional
currency.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-358": { "value": "
3.4\u00a0 Fair Value Measurement
The Group measures financial instruments such as derivatives at fair value
through profit and loss.
Fair value is the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at
the measurement date. The fair value measurement is based on the
presumption that the transaction to sell the asset or transfer the liability
takes place either:
\u2022 In the principal market for the asset or liability; or
\u2022 In the absence of a principal market, in the most advantageous market for
the asset or liability.
The principal or the most advantageous market must be accessible by the
Group.
The fair value of an asset or a liability is measured using the assumptions
that market participants would use when pricing the asset or liability,
assuming that market participants act in their economic best interest.
A fair value measurement of a non-financial asset takes into account a
market participant's ability to generate economic benefits by using the
asset in its highest and best use or by selling it to another market
participant that would use the asset in its highest and best use.
The Group uses valuation techniques that are appropriate in the
circumstances and for which sufficient data are available to measure fair
value, maximizing the use of relevant observable inputs and minimizing the
use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in
the financial statements are categorized within the fair value hierarchy,
described as follows, based on the lowest level input that is significant to
the fair value measurement as a whole:
\u2022 Level 1 \u2014 Quoted (unadjusted) market prices in active markets for
identical assets or liabilities.
\u2022 Level 2 \u2014 Valuation techniques for which the lowest level input that is
significant to the fair value measurement is directly or indirectly
observable.
\u2022 Level 3 \u2014 Valuation techniques for which the lowest level input that is
significant to the fair value measurement is unobservable.
For assets and liabilities that are recognized in the financial statements at
fair value on a recurring basis, the Group determines whether transfers
have occurred between levels in the hierarchy by reassessing
categorization (based on the lowest level input that is significant to the fair
value measurement as a whole) at the end of each reporting period.
For the purpose of fair value disclosures, the Group has determined classes
of assets and liabilities on the basis of the nature, characteristics and risks
of the asset or liability and the level of the fair value hierarchy, as explained
above.
Fair value related disclosures for financial instruments and non-financial
assets that are measured at fair value or where fair values are disclosed,
are summarized in the following notes below. For a summary of the
categories specific to Cabka, refer to fair value measurement (Note 7).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-357": { "value": "
3.4\u00a0 Fair Value Measurement
The Group measures financial instruments such as derivatives at fair value
through profit and loss.
Fair value is the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at
the measurement date. The fair value measurement is based on the
presumption that the transaction to sell the asset or transfer the liability
takes place either:
\u2022 In the principal market for the asset or liability; or
\u2022 In the absence of a principal market, in the most advantageous market for
the asset or liability.
The principal or the most advantageous market must be accessible by the
Group.
The fair value of an asset or a liability is measured using the assumptions
that market participants would use when pricing the asset or liability,
assuming that market participants act in their economic best interest.
A fair value measurement of a non-financial asset takes into account a
market participant's ability to generate economic benefits by using the
asset in its highest and best use or by selling it to another market
participant that would use the asset in its highest and best use.
The Group uses valuation techniques that are appropriate in the
circumstances and for which sufficient data are available to measure fair
value, maximizing the use of relevant observable inputs and minimizing the
use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in
the financial statements are categorized within the fair value hierarchy,
described as follows, based on the lowest level input that is significant to
the fair value measurement as a whole:
\u2022 Level 1 \u2014 Quoted (unadjusted) market prices in active markets for
identical assets or liabilities.
\u2022 Level 2 \u2014 Valuation techniques for which the lowest level input that is
significant to the fair value measurement is directly or indirectly
observable.
\u2022 Level 3 \u2014 Valuation techniques for which the lowest level input that is
significant to the fair value measurement is unobservable.
For assets and liabilities that are recognized in the financial statements at
fair value on a recurring basis, the Group determines whether transfers
have occurred between levels in the hierarchy by reassessing
categorization (based on the lowest level input that is significant to the fair
value measurement as a whole) at the end of each reporting period.
For the purpose of fair value disclosures, the Group has determined classes
of assets and liabilities on the basis of the nature, characteristics and risks
of the asset or liability and the level of the fair value hierarchy, as explained
above.
Fair value related disclosures for financial instruments and non-financial
assets that are measured at fair value or where fair values are disclosed,
are summarized in the following notes below. For a summary of the
categories specific to Cabka, refer to fair value measurement (Note 7).
3.7\u00a0 Financial Instruments and other Investments
Financial instruments are contracts which result in a financial asset with
one company and a financial liability or an equity instrument with another.
Financial instruments comprise primary financing instruments such as
receivables and trade payables or also financial receivables and financial
liabilities.
Financial Instruments of the Group include derivative financial instruments
such as forward exchange contracts as well as interest rate derivatives and
currency swaps. Financial assets and liabilities are categorized as follows:
1. Assets and liabilities measured at amortized cost
2. Assets and liabilities measured at fair value through profit or loss
3. Assets measured at fair value through other comprehensive income
A financial asset or a financial liability is initially measured at fair value plus,
in the case of the first and third category, transaction costs.
The subsequent measurement of financial assets and liabilities of the first
category is made at amortized cost or by using the effective interest
method.
Financial assets and liabilities of the second category are measured at fair
value on the balance sheet date. Market fluctuations are recognized in the
income statement.
The Company enter into derivative financial instruments (derivatives) in
order to manage interest and currency fluctuation. Hedge accounting
allows derivatives to be designated as a hedge of another (non-derivative)
financial instrument, to mitigate the impact of potential volatility in the
income statement of changes in the fair value of the derivative instruments.
To qualify for hedge accounting, documentation is prepared specifying the
hedging strategy, the component transactions and methodology used for
effectiveness measurement. Cabka uses the following hedge
accounting method only for interest rate derivatives:
Changes in the carrying value of financial instruments that are designated
and effective as hedges of future cash flows (cash flow hedges) are
recognized directly in equity and any ineffective portion of the hedge is
recognized immediately in the income statement. Amounts deferred in
equity in respect of cash flow hedges are subsequently recognized in the
income statement in the same period in which the hedged item affects net
profit or loss.
Changes in the fair value of derivatives that do not qualify for hedge
accounting are recognized in the income statement as they arise.
Hedge accounting is discontinued when the hedging instrument expires or
is sold, terminated, exercised or no longer qualifies for hedge accounting.
At that time, any cumulative gains or losses relating to cash flow hedges
recognized in equity are initially retained in equity and subsequently
recognized in the income statement in the same periods in which the
previously hedged item affects net profit or loss.
3.7.3\u00a0 Trade and Other Payables
Trade and other payables are initially recorded at fair value and then
carried at amortized cost.
3.10\u00a0 Provisions
Provisions are recognized when the Group has a present obligation (legal or
constructive) as a result of a past event, it is probable that an outflow of
resources embodying economic benefits will be required to settle the
obligation and a reliable estimate can be made of the amount of the
obligation.
The process of determining the amount of the provision involves judgment
and estimation. Management assesses the circumstances surrounding the
obligation, considers historical data and other relevant information to
estimate the future costs and the likelihood of various possible outcomes.
When the Group expects some or all of a provision to be reimbursed,
for example, under an insurance contract, the reimbursement is recognized
as a separate asset, but only when the reimbursement is virtually certain.
The expense relating to a provision is presented in the statement of profit
or loss net of any reimbursement.
If the effect of the time value of money is material, provisions are
discounted using a current pre-tax rate that reflects, when appropriate,
the risks specific to the liability. When discounting is used, the increase in
the provision due to the passage of time is recognized as a finance cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-356": { "value": "
3.4\u00a0 Fair Value Measurement
The Group measures financial instruments such as derivatives at fair value
through profit and loss.
Fair value is the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at
the measurement date. The fair value measurement is based on the
presumption that the transaction to sell the asset or transfer the liability
takes place either:
\u2022 In the principal market for the asset or liability; or
\u2022 In the absence of a principal market, in the most advantageous market for
the asset or liability.
The principal or the most advantageous market must be accessible by the
Group.
The fair value of an asset or a liability is measured using the assumptions
that market participants would use when pricing the asset or liability,
assuming that market participants act in their economic best interest.
A fair value measurement of a non-financial asset takes into account a
market participant's ability to generate economic benefits by using the
asset in its highest and best use or by selling it to another market
participant that would use the asset in its highest and best use.
The Group uses valuation techniques that are appropriate in the
circumstances and for which sufficient data are available to measure fair
value, maximizing the use of relevant observable inputs and minimizing the
use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in
the financial statements are categorized within the fair value hierarchy,
described as follows, based on the lowest level input that is significant to
the fair value measurement as a whole:
\u2022 Level 1 \u2014 Quoted (unadjusted) market prices in active markets for
identical assets or liabilities.
\u2022 Level 2 \u2014 Valuation techniques for which the lowest level input that is
significant to the fair value measurement is directly or indirectly
observable.
\u2022 Level 3 \u2014 Valuation techniques for which the lowest level input that is
significant to the fair value measurement is unobservable.
For assets and liabilities that are recognized in the financial statements at
fair value on a recurring basis, the Group determines whether transfers
have occurred between levels in the hierarchy by reassessing
categorization (based on the lowest level input that is significant to the fair
value measurement as a whole) at the end of each reporting period.
For the purpose of fair value disclosures, the Group has determined classes
of assets and liabilities on the basis of the nature, characteristics and risks
of the asset or liability and the level of the fair value hierarchy, as explained
above.
Fair value related disclosures for financial instruments and non-financial
assets that are measured at fair value or where fair values are disclosed,
are summarized in the following notes below. For a summary of the
categories specific to Cabka, refer to fair value measurement (Note 7).
3.7\u00a0 Financial Instruments and other Investments
Financial instruments are contracts which result in a financial asset with
one company and a financial liability or an equity instrument with another.
Financial instruments comprise primary financing instruments such as
receivables and trade payables or also financial receivables and financial
liabilities.
Financial Instruments of the Group include derivative financial instruments
such as forward exchange contracts as well as interest rate derivatives and
currency swaps. Financial assets and liabilities are categorized as follows:
1. Assets and liabilities measured at amortized cost
2. Assets and liabilities measured at fair value through profit or loss
3. Assets measured at fair value through other comprehensive income
A financial asset or a financial liability is initially measured at fair value plus,
in the case of the first and third category, transaction costs.
The subsequent measurement of financial assets and liabilities of the first
category is made at amortized cost or by using the effective interest
method.
Financial assets and liabilities of the second category are measured at fair
value on the balance sheet date. Market fluctuations are recognized in the
income statement.
The Company enter into derivative financial instruments (derivatives) in
order to manage interest and currency fluctuation. Hedge accounting
allows derivatives to be designated as a hedge of another (non-derivative)
financial instrument, to mitigate the impact of potential volatility in the
income statement of changes in the fair value of the derivative instruments.
To qualify for hedge accounting, documentation is prepared specifying the
hedging strategy, the component transactions and methodology used for
effectiveness measurement. Cabka uses the following hedge
accounting method only for interest rate derivatives:
Changes in the carrying value of financial instruments that are designated
and effective as hedges of future cash flows (cash flow hedges) are
recognized directly in equity and any ineffective portion of the hedge is
recognized immediately in the income statement. Amounts deferred in
equity in respect of cash flow hedges are subsequently recognized in the
income statement in the same period in which the hedged item affects net
profit or loss.
Changes in the fair value of derivatives that do not qualify for hedge
accounting are recognized in the income statement as they arise.
Hedge accounting is discontinued when the hedging instrument expires or
is sold, terminated, exercised or no longer qualifies for hedge accounting.
At that time, any cumulative gains or losses relating to cash flow hedges
recognized in equity are initially retained in equity and subsequently
recognized in the income statement in the same periods in which the
previously hedged item affects net profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-359": { "value": "
3.5\u00a0 Property Plant and Equipment
3.5.1\u00a0 Owned Assets
Plant and equipment are stated at cost, net of accumulated depreciation
and accumulated impairment losses, if any. The costs include the purchase
price and any directly attributable transaction costs. Supplier discounts
have been deducted.
Self-developed assets are stated at cost, net of depreciation and
accumulated impairment losses, if any. The costs include directly
attributable transaction costs, such as for material and personnel.
Prepayments at the stage of assets under construction are stated at cash
value.
Depreciation is calculated on a straight-line basis over the estimated useful
lives of the assets, as follows:
\u2022 Buildings 20 to 25 years;
\u2022 Technical equipment and machines 3 to 15 years;
\u2022 Other equipment, factory and office equipment, vehicles 3 to 15 years.
The Group reviews the estimated residual values and expected useful lives
of assets at least annually. In particular, the Group considers the impact of
health, safety, and environmental legislation in its assessment of expected
useful lives and estimated residual values.
The residual values, useful lives and methods of depreciation of property,
plant and equipment are reviewed at each financial year end and adjusted
prospectively, if appropriate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-360": { "value": "
Depreciation is calculated on a straight-line basis over the estimated useful
lives of the assets, as follows:
\u2022 Buildings 20 to 25 years;
\u2022 Technical equipment and machines 3 to 15 years;
\u2022 Other equipment, factory and office equipment, vehicles 3 to 15 years.
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, as follows:
\u2022 Land and buildings, plant, and machinery 3 to 15 years
\u2022 Motor vehicles and other equipment 3 to 5 years
All categories of intangible assets are considered long-term intangible
assets and are amortized on a straight-line basis over their useful economic
lives, between 3 and 5 years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-361": { "value": "
3.5.2\u00a0 Leases
At inception of a contract, the Group assesses whether a contract is, or
contains, a lease. A contract is, or contains, a lease if the contract conveys
the right to control the use of an identified assets for a period of time in
exchange for a consideration. To assess whether a contract conveys the
right to control the use of an identified asset, the Group uses the definition
of a lease in IFRS 16.
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.
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, as follows:
\u2022 Land and buildings, plant, and machinery 3 to 15 years
\u2022 Motor vehicles and other equipment 3 to 5 years
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.
In calculating the present value of lease payments, the Group applies the
interest rate of the contract if applicable. In case of contracts, where the
interest rate implicit in the lease cannot readily be determined, it uses its
incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the
rate of interest that the Group would have to pay to borrow over a similar
term, and with a similar security, the funds necessary to obtain an asset of a
similar value to the right-of-use asset in a similar economic environment.
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 right-of-use assets in \u201cRight-of-Use assets\u201d and lease
liabilities in \u201cFinancial liabilities\u201d in the statement of financial position.
Interest on lease liabilities is included in \u201cInterest expense\u201d in the income
statement and included in the cash flows from financing activities in the
statement of cash flows. The group\u2019s leasing arrangements relate primarily
to office buildings, warehouse space, equipment and motor vehicles.
Lease expenses \u2013 short-term leases and leases of low-value assets
The Group has elected not to recognize right-of-use assets and lease
liabilities for short-term leases of machinery that have a lease term of
12 months or less and leases of low-value assets. Individual lease assets with
a new value of \u20ac5,000 or less (or any other foreign exchange equivalent) are
considered to be low value assets. The Group recognizes the lease
payments associated with these leases as an expense on a straight-line
basis over the lease term.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-362": { "value": "
3.6\u00a0 Intangible Assets
Research expenditures are recognized as expenses as incurred.
Development costs that are directly attributable to the design and testing
of identifiable and unique products controlled by the group are recognized
as intangible assets if, and only if:
\u2022 it is probable that the expected future economic benefits that are
attributable to the asset will flow to the entity; and
\u2022 the cost of the asset can be measured reliably.
An intangible asset arising from development (or from the development
phase of an internal project) shall be recognized if, and only if, an entity
can demonstrate all of the following:
(a) the technical feasibility of completing the intangible asset so that it
will be available for use or sale.
(b) its intention to complete the intangible asset and use or sell it.
(c) its ability to use or sell the intangible asset.
(d) how the intangible asset will generate probable future economic
benefits. Among other things, the entity can demonstrate the
existence of a market for the output of the intangible asset or the
intangible asset itself or, if it is to be used internally, the usefulness
of the intangible asset.
(e) the availability of adequate technical, financial and other resources
to complete the development and to use or sell the intangible asset.
(f) its ability to measure reliably the expenditure attributable to the
intangible asset during its development.
Other development expenditures that do not meet these criteria are
recognized as an expense as incurred.
Self-developed intangible assets are stated at cost, net of amortization
and accumulated impairment losses, if any. The costs include directly
attributable transaction costs, such as for material and personnel.
The Group capitalizes and recognizes, as internally generated assets,
the automation and development costs arising from the design and
development of new assets in order to ensure maximum customization
of final products.
Intangible assets acquired separately are measured on initial recognition
at cost.
Following initial recognition, intangible assets are carried at cost less any
accumulated amortization and accumulated impairment losses.
There are only intangible assets with finite useful lives at the Group.
Intangible assets with finite lives are amortized over the useful economic
life and assessed for impairment whenever there is an indication that the
intangible asset may be impaired. The amortization period and the
amortization method for an intangible asset with a finite useful life are
reviewed at least at the end of each reporting period. Changes in the
expected useful life or the expected pattern of consumption of future
economic benefits embodied in the asset are considered to modify the
amortization period or method, as appropriate, and are treated as changes
in accounting estimates. The amortization expense on intangible assets with
finite lives is recognized in the statement of profit or loss. Intangible assets
at the Group are split into customer relationships, internally developed
intangible assets, purchased intangible assets and advance payments
charged.
All categories of intangible assets are considered long-term intangible
assets and are amortized on a straight-line basis over their useful economic
lives, between 3 and 5 years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-363": { "value": "
Research expenditures are recognized as expenses as incurred.
Development costs that are directly attributable to the design and testing
of identifiable and unique products controlled by the group are recognized
as intangible assets if, and only if:
\u2022 it is probable that the expected future economic benefits that are
attributable to the asset will flow to the entity; and
\u2022 the cost of the asset can be measured reliably.
An intangible asset arising from development (or from the development
phase of an internal project) shall be recognized if, and only if, an entity
can demonstrate all of the following:
(a) the technical feasibility of completing the intangible asset so that it
will be available for use or sale.
(b) its intention to complete the intangible asset and use or sell it.
(c) its ability to use or sell the intangible asset.
(d) how the intangible asset will generate probable future economic
benefits. Among other things, the entity can demonstrate the
existence of a market for the output of the intangible asset or the
intangible asset itself or, if it is to be used internally, the usefulness
of the intangible asset.
(e) the availability of adequate technical, financial and other resources
to complete the development and to use or sell the intangible asset.
(f) its ability to measure reliably the expenditure attributable to the
intangible asset during its development.
Other development expenditures that do not meet these criteria are
recognized as an expense as incurred.
Self-developed intangible assets are stated at cost, net of amortization
and accumulated impairment losses, if any. The costs include directly
attributable transaction costs, such as for material and personnel.
The Group capitalizes and recognizes, as internally generated assets,
the automation and development costs arising from the design and
development of new assets in order to ensure maximum customization
of final products.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-364": { "value": "
3.7\u00a0 Financial Instruments and other Investments
Financial instruments are contracts which result in a financial asset with
one company and a financial liability or an equity instrument with another.
Financial instruments comprise primary financing instruments such as
receivables and trade payables or also financial receivables and financial
liabilities.
Financial Instruments of the Group include derivative financial instruments
such as forward exchange contracts as well as interest rate derivatives and
currency swaps. Financial assets and liabilities are categorized as follows:
1. Assets and liabilities measured at amortized cost
2. Assets and liabilities measured at fair value through profit or loss
3. Assets measured at fair value through other comprehensive income
A financial asset or a financial liability is initially measured at fair value plus,
in the case of the first and third category, transaction costs.
The subsequent measurement of financial assets and liabilities of the first
category is made at amortized cost or by using the effective interest
method.
Financial assets and liabilities of the second category are measured at fair
value on the balance sheet date. Market fluctuations are recognized in the
income statement.
The Company enter into derivative financial instruments (derivatives) in
order to manage interest and currency fluctuation. Hedge accounting
allows derivatives to be designated as a hedge of another (non-derivative)
financial instrument, to mitigate the impact of potential volatility in the
income statement of changes in the fair value of the derivative instruments.
To qualify for hedge accounting, documentation is prepared specifying the
hedging strategy, the component transactions and methodology used for
effectiveness measurement. Cabka uses the following hedge
accounting method only for interest rate derivatives:
Changes in the carrying value of financial instruments that are designated
and effective as hedges of future cash flows (cash flow hedges) are
recognized directly in equity and any ineffective portion of the hedge is
recognized immediately in the income statement. Amounts deferred in
equity in respect of cash flow hedges are subsequently recognized in the
income statement in the same period in which the hedged item affects net
profit or loss.
Changes in the fair value of derivatives that do not qualify for hedge
accounting are recognized in the income statement as they arise.
Hedge accounting is discontinued when the hedging instrument expires or
is sold, terminated, exercised or no longer qualifies for hedge accounting.
At that time, any cumulative gains or losses relating to cash flow hedges
recognized in equity are initially retained in equity and subsequently
recognized in the income statement in the same periods in which the
previously hedged item affects net profit or loss.
3.7.1\u00a0 Cash and Cash Equivalents
Cash and cash equivalents in the statement of financial position comprise
cash at banks and on hand and are carried at amortized cost.
For the purpose of the consolidated statement of cash flows, cash and cash
equivalents consist of cash and short-term deposits.
3.7.2\u00a0 Trade and Other Receivables
Trade and other receivables represent the Group\u2019s right to a consideration
that is unconditional. Initial recognition of trade and other receivables takes
place at transaction price and then at amortized cost, and are subsequently
carried less impairment losses or expected credit losses (see Note 22). The
Group uses non-recourse factoring, accounts receivable are removed from
the balance sheet once sold to the factor. The cash received is recognized,
and factoring fees or discounts are recorded in the income statement. A
retention amount and/or deferred purchase price is recognized as
receivable against the factor.
3.7.3\u00a0 Trade and Other Payables
Trade and other payables are initially recorded at fair value and then
carried at amortized cost.
3.9.1\u00a0 Financial Assets
The Group recognizes impairments for financial assets based on the
\u2018expected credit loss\u2019 model. The Group measures loss allowances at an
amount equal to the lifetime expected credit losses.
Expected credit losses are a probability-weighted estimate of credit losses.
Credit losses are measured as the present value of all cash shortfalls,
being the difference between the cash flows due to the entity in
accordance with the contract and the cash flows that the Group expects
to receive. The Group makes use of the simplified method for trade
receivables and contracts assets as set out in IFRS 9. The expected credit
losses for significant financial assets are determined on an individual basis.
The remaining financial assets are assessed collectively in groups of assets
that have similar credit risk characteristics.
All impairment losses are recognized in the consolidated statement of profit
and loss.
An impairment loss is reversed if the reversal can be related objectively to
an event occurring after the impairment loss was recognized. For financial
assets measured at amortized cost, the reversal is recognized in profit or
loss.
3.9.3\u00a0 Reversal of Impairment Losses
Impairment losses in respect of other assets are reversed if there has
been a change in the estimates used to determine the recoverable amount.
An impairment loss is reversed only to the extent that the asset\u2019s carrying
amount does not exceed the carrying amount that would have been
determined, net of depreciation or amortization, if no impairment loss had
been recognized.
Reversals of impairment losses are recognized in profit or loss. No reversals
of impairment losses for other assets occurred in the reporting year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-365": { "value": "
Financial instruments are contracts which result in a financial asset with
one company and a financial liability or an equity instrument with another.
Financial instruments comprise primary financing instruments such as
receivables and trade payables or also financial receivables and financial
liabilities.
Financial Instruments of the Group include derivative financial instruments
such as forward exchange contracts as well as interest rate derivatives and
currency swaps. Financial assets and liabilities are categorized as follows:
1. Assets and liabilities measured at amortized cost
2. Assets and liabilities measured at fair value through profit or loss
3. Assets measured at fair value through other comprehensive income
A financial asset or a financial liability is initially measured at fair value plus,
in the case of the first and third category, transaction costs.
The subsequent measurement of financial assets and liabilities of the first
category is made at amortized cost or by using the effective interest
method.
Financial assets and liabilities of the second category are measured at fair
value on the balance sheet date. Market fluctuations are recognized in the
income statement.
The Company enter into derivative financial instruments (derivatives) in
order to manage interest and currency fluctuation. Hedge accounting
allows derivatives to be designated as a hedge of another (non-derivative)
financial instrument, to mitigate the impact of potential volatility in the
income statement of changes in the fair value of the derivative instruments.
To qualify for hedge accounting, documentation is prepared specifying the
hedging strategy, the component transactions and methodology used for
effectiveness measurement. Cabka uses the following hedge
accounting method only for interest rate derivatives:
Changes in the carrying value of financial instruments that are designated
and effective as hedges of future cash flows (cash flow hedges) are
recognized directly in equity and any ineffective portion of the hedge is
recognized immediately in the income statement. Amounts deferred in
equity in respect of cash flow hedges are subsequently recognized in the
income statement in the same period in which the hedged item affects net
profit or loss.
Changes in the fair value of derivatives that do not qualify for hedge
accounting are recognized in the income statement as they arise.
Hedge accounting is discontinued when the hedging instrument expires or
is sold, terminated, exercised or no longer qualifies for hedge accounting.
At that time, any cumulative gains or losses relating to cash flow hedges
recognized in equity are initially retained in equity and subsequently
recognized in the income statement in the same periods in which the
previously hedged item affects net profit or loss.
3.7.1\u00a0 Cash and Cash Equivalents
Cash and cash equivalents in the statement of financial position comprise
cash at banks and on hand and are carried at amortized cost.
For the purpose of the consolidated statement of cash flows, cash and cash
equivalents consist of cash and short-term deposits.
3.7.2\u00a0 Trade and Other Receivables
Trade and other receivables represent the Group\u2019s right to a consideration
that is unconditional. Initial recognition of trade and other receivables takes
place at transaction price and then at amortized cost, and are subsequently
carried less impairment losses or expected credit losses (see Note 22). The
Group uses non-recourse factoring, accounts receivable are removed from
the balance sheet once sold to the factor. The cash received is recognized,
and factoring fees or discounts are recorded in the income statement. A
retention amount and/or deferred purchase price is recognized as
receivable against the factor.
3.9.1\u00a0 Financial Assets
The Group recognizes impairments for financial assets based on the
\u2018expected credit loss\u2019 model. The Group measures loss allowances at an
amount equal to the lifetime expected credit losses.
Expected credit losses are a probability-weighted estimate of credit losses.
Credit losses are measured as the present value of all cash shortfalls,
being the difference between the cash flows due to the entity in
accordance with the contract and the cash flows that the Group expects
to receive. The Group makes use of the simplified method for trade
receivables and contracts assets as set out in IFRS 9. The expected credit
losses for significant financial assets are determined on an individual basis.
The remaining financial assets are assessed collectively in groups of assets
that have similar credit risk characteristics.
All impairment losses are recognized in the consolidated statement of profit
and loss.
An impairment loss is reversed if the reversal can be related objectively to
an event occurring after the impairment loss was recognized. For financial
assets measured at amortized cost, the reversal is recognized in profit or
loss.
3.9.3\u00a0 Reversal of Impairment Losses
Impairment losses in respect of other assets are reversed if there has
been a change in the estimates used to determine the recoverable amount.
An impairment loss is reversed only to the extent that the asset\u2019s carrying
amount does not exceed the carrying amount that would have been
determined, net of depreciation or amortization, if no impairment loss had
been recognized.
Reversals of impairment losses are recognized in profit or loss. No reversals
of impairment losses for other assets occurred in the reporting year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-367": { "value": "
Financial Instruments of the Group include derivative financial instruments
such as forward exchange contracts as well as interest rate derivatives and
currency swaps. Financial assets and liabilities are categorized as follows:
1. Assets and liabilities measured at amortized cost
2. Assets and liabilities measured at fair value through profit or loss
3. Assets measured at fair value through other comprehensive income
A financial asset or a financial liability is initially measured at fair value plus,
in the case of the first and third category, transaction costs.
The subsequent measurement of financial assets and liabilities of the first
category is made at amortized cost or by using the effective interest
method.
Financial assets and liabilities of the second category are measured at fair
value on the balance sheet date. Market fluctuations are recognized in the
income statement.
The Company enter into derivative financial instruments (derivatives) in
order to manage interest and currency fluctuation. Hedge accounting
allows derivatives to be designated as a hedge of another (non-derivative)
financial instrument, to mitigate the impact of potential volatility in the
income statement of changes in the fair value of the derivative instruments.
To qualify for hedge accounting, documentation is prepared specifying the
hedging strategy, the component transactions and methodology used for
effectiveness measurement. Cabka uses the following hedge
accounting method only for interest rate derivatives:
Changes in the carrying value of financial instruments that are designated
and effective as hedges of future cash flows (cash flow hedges) are
recognized directly in equity and any ineffective portion of the hedge is
recognized immediately in the income statement. Amounts deferred in
equity in respect of cash flow hedges are subsequently recognized in the
income statement in the same period in which the hedged item affects net
profit or loss.
Changes in the fair value of derivatives that do not qualify for hedge
accounting are recognized in the income statement as they arise.
Hedge accounting is discontinued when the hedging instrument expires or
is sold, terminated, exercised or no longer qualifies for hedge accounting.
At that time, any cumulative gains or losses relating to cash flow hedges
recognized in equity are initially retained in equity and subsequently
recognized in the income statement in the same periods in which the
previously hedged item affects net profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-366": { "value": "
Financial Instruments of the Group include derivative financial instruments
such as forward exchange contracts as well as interest rate derivatives and
currency swaps. Financial assets and liabilities are categorized as follows:
1. Assets and liabilities measured at amortized cost
2. Assets and liabilities measured at fair value through profit or loss
3. Assets measured at fair value through other comprehensive income
A financial asset or a financial liability is initially measured at fair value plus,
in the case of the first and third category, transaction costs.
The subsequent measurement of financial assets and liabilities of the first
category is made at amortized cost or by using the effective interest
method.
Financial assets and liabilities of the second category are measured at fair
value on the balance sheet date. Market fluctuations are recognized in the
income statement.
The Company enter into derivative financial instruments (derivatives) in
order to manage interest and currency fluctuation. Hedge accounting
allows derivatives to be designated as a hedge of another (non-derivative)
financial instrument, to mitigate the impact of potential volatility in the
income statement of changes in the fair value of the derivative instruments.
To qualify for hedge accounting, documentation is prepared specifying the
hedging strategy, the component transactions and methodology used for
effectiveness measurement. Cabka uses the following hedge
accounting method only for interest rate derivatives:
Changes in the carrying value of financial instruments that are designated
and effective as hedges of future cash flows (cash flow hedges) are
recognized directly in equity and any ineffective portion of the hedge is
recognized immediately in the income statement. Amounts deferred in
equity in respect of cash flow hedges are subsequently recognized in the
income statement in the same period in which the hedged item affects net
profit or loss.
Changes in the fair value of derivatives that do not qualify for hedge
accounting are recognized in the income statement as they arise.
Hedge accounting is discontinued when the hedging instrument expires or
is sold, terminated, exercised or no longer qualifies for hedge accounting.
At that time, any cumulative gains or losses relating to cash flow hedges
recognized in equity are initially retained in equity and subsequently
recognized in the income statement in the same periods in which the
previously hedged item affects net profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-368": { "value": "
3.7.1\u00a0 Cash and Cash Equivalents
Cash and cash equivalents in the statement of financial position comprise
cash at banks and on hand and are carried at amortized cost.
For the purpose of the consolidated statement of cash flows, cash and cash
equivalents consist of cash and short-term deposits.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-369": { "value": "
3.7.2\u00a0 Trade and Other Receivables
Trade and other receivables represent the Group\u2019s right to a consideration
that is unconditional. Initial recognition of trade and other receivables takes
place at transaction price and then at amortized cost, and are subsequently
carried less impairment losses or expected credit losses (see Note 22). The
Group uses non-recourse factoring, accounts receivable are removed from
the balance sheet once sold to the factor. The cash received is recognized,
and factoring fees or discounts are recorded in the income statement. A
retention amount and/or deferred purchase price is recognized as
receivable against the factor.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-370": { "value": "
3.7.3\u00a0 Trade and Other Payables
Trade and other payables are initially recorded at fair value and then
carried at amortized cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-371": { "value": "
3.8\u00a0 Inventories
Raw materials and supplies, spare parts and trading goods are valued at
acquisition costs on an average price basis. Finished and work in progress
goods are valued at the lower of cost or net realizable value.
The production costs include material costs, manufacturing costs, and
special costs of production as well as adequate parts of the necessary
material costs, manufacturing costs, and the value consumption of the fixed
assets. Reasonable costs of the administration costs are also included in
those costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-373": { "value": "
3.9.1\u00a0 Financial Assets
The Group recognizes impairments for financial assets based on the
\u2018expected credit loss\u2019 model. The Group measures loss allowances at an
amount equal to the lifetime expected credit losses.
Expected credit losses are a probability-weighted estimate of credit losses.
Credit losses are measured as the present value of all cash shortfalls,
being the difference between the cash flows due to the entity in
accordance with the contract and the cash flows that the Group expects
to receive. The Group makes use of the simplified method for trade
receivables and contracts assets as set out in IFRS 9. The expected credit
losses for significant financial assets are determined on an individual basis.
The remaining financial assets are assessed collectively in groups of assets
that have similar credit risk characteristics.
All impairment losses are recognized in the consolidated statement of profit
and loss.
An impairment loss is reversed if the reversal can be related objectively to
an event occurring after the impairment loss was recognized. For financial
assets measured at amortized cost, the reversal is recognized in profit or
loss.
3.9.2\u00a0 Non-financial Assets
The carrying amounts of the Group\u2019s non-financial assets, other than
inventories and deferred tax assets, are reviewed at each reporting date to
determine whether there is any indication of impairment. If any such
indication exists, then the asset\u2019s recoverable amount is estimated.
For intangible assets that have indefinite lives or that are not yet available
for use, the recoverable amount is estimated at each reporting date.
The recoverable amount of an asset or cash-generating unit is the greater
of its value in use and its fair value less costs to sell. In assessing value in
use, the estimated future cash flows are discounted to their present value
using a pre-tax discount rate that reflects current market assessments of
the time value of money and the risks specific to the asset. For the purpose
of impairment testing, assets are grouped together into the smallest group
of assets that generates cash inflows from continuing use that are largely
independent of the cash inflows of other assets or groups of assets (the
\u2018cash generating unit\u2019).
\u00a0
An impairment loss is recognized if the carrying amount of an asset or its
cash-generating unit exceeds its estimated recoverable amount.
Impairment losses are recognized in profit or loss.
3.9.3\u00a0 Reversal of Impairment Losses
Impairment losses in respect of other assets are reversed if there has
been a change in the estimates used to determine the recoverable amount.
An impairment loss is reversed only to the extent that the asset\u2019s carrying
amount does not exceed the carrying amount that would have been
determined, net of depreciation or amortization, if no impairment loss had
been recognized.
Reversals of impairment losses are recognized in profit or loss. No reversals
of impairment losses for other assets occurred in the reporting year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-372": { "value": "
3.9.1\u00a0 Financial Assets
The Group recognizes impairments for financial assets based on the
\u2018expected credit loss\u2019 model. The Group measures loss allowances at an
amount equal to the lifetime expected credit losses.
Expected credit losses are a probability-weighted estimate of credit losses.
Credit losses are measured as the present value of all cash shortfalls,
being the difference between the cash flows due to the entity in
accordance with the contract and the cash flows that the Group expects
to receive. The Group makes use of the simplified method for trade
receivables and contracts assets as set out in IFRS 9. The expected credit
losses for significant financial assets are determined on an individual basis.
The remaining financial assets are assessed collectively in groups of assets
that have similar credit risk characteristics.
All impairment losses are recognized in the consolidated statement of profit
and loss.
An impairment loss is reversed if the reversal can be related objectively to
an event occurring after the impairment loss was recognized. For financial
assets measured at amortized cost, the reversal is recognized in profit or
loss.
3.9.3\u00a0 Reversal of Impairment Losses
Impairment losses in respect of other assets are reversed if there has
been a change in the estimates used to determine the recoverable amount.
An impairment loss is reversed only to the extent that the asset\u2019s carrying
amount does not exceed the carrying amount that would have been
determined, net of depreciation or amortization, if no impairment loss had
been recognized.
Reversals of impairment losses are recognized in profit or loss. No reversals
of impairment losses for other assets occurred in the reporting year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-374": { "value": "
3.9.2\u00a0 Non-financial Assets
The carrying amounts of the Group\u2019s non-financial assets, other than
inventories and deferred tax assets, are reviewed at each reporting date to
determine whether there is any indication of impairment. If any such
indication exists, then the asset\u2019s recoverable amount is estimated.
For intangible assets that have indefinite lives or that are not yet available
for use, the recoverable amount is estimated at each reporting date.
The recoverable amount of an asset or cash-generating unit is the greater
of its value in use and its fair value less costs to sell. In assessing value in
use, the estimated future cash flows are discounted to their present value
using a pre-tax discount rate that reflects current market assessments of
the time value of money and the risks specific to the asset. For the purpose
of impairment testing, assets are grouped together into the smallest group
of assets that generates cash inflows from continuing use that are largely
independent of the cash inflows of other assets or groups of assets (the
\u2018cash generating unit\u2019).
\u00a0
An impairment loss is recognized if the carrying amount of an asset or its
cash-generating unit exceeds its estimated recoverable amount.
Impairment losses are recognized in profit or loss.
3.9.3\u00a0 Reversal of Impairment Losses
Impairment losses in respect of other assets are reversed if there has
been a change in the estimates used to determine the recoverable amount.
An impairment loss is reversed only to the extent that the asset\u2019s carrying
amount does not exceed the carrying amount that would have been
determined, net of depreciation or amortization, if no impairment loss had
been recognized.
Reversals of impairment losses are recognized in profit or loss. No reversals
of impairment losses for other assets occurred in the reporting year", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-375": { "value": "
3.10\u00a0 Provisions
Provisions are recognized when the Group has a present obligation (legal or
constructive) as a result of a past event, it is probable that an outflow of
resources embodying economic benefits will be required to settle the
obligation and a reliable estimate can be made of the amount of the
obligation.
The process of determining the amount of the provision involves judgment
and estimation. Management assesses the circumstances surrounding the
obligation, considers historical data and other relevant information to
estimate the future costs and the likelihood of various possible outcomes.
When the Group expects some or all of a provision to be reimbursed,
for example, under an insurance contract, the reimbursement is recognized
as a separate asset, but only when the reimbursement is virtually certain.
The expense relating to a provision is presented in the statement of profit
or loss net of any reimbursement.
If the effect of the time value of money is material, provisions are
discounted using a current pre-tax rate that reflects, when appropriate,
the risks specific to the liability. When discounting is used, the increase in
the provision due to the passage of time is recognized as a finance cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-376": { "value": "
3.12\u00a0 Revenue from Contracts with Customers
Cabka\u2019s business can be split between reusable pallets and large container
solutions enhancing logistics chain sustainability (the \u201cRTP-Business\u201d),
and \u201cEco-Products\u201d which find application mainly in the road safety and
construction sector. Cabka receives a recycling fee from suppliers for
handling and recycling specific post-consumer waste, i.e., mixed plastics.
Revenue from contracts with customers is recognized when control of
the goods or services are transferred to the customer at an amount that
reflects the consideration to which the Group expects to be entitled in
exchange for those goods or services. The Group has generally concluded
that it is the principal in its revenue arrangements because it typically
controls the goods or services before transferring them to the customer.
Sale of pallets and containers, Eco products, non-strategic products and
customized solutions
Revenue from the sale of pallets, containers, Eco products, non-strategic
products and customized solutions is recognized at the point in time when
control of the asset is transferred to the customer, generally on collection
of goods by customers ex works.
The Group considers whether there are other promises in the contract that
are separate performance obligations to which a portion of the transaction
price needs to be allocated (e.g., warranties, customer loyalty points).
In determining the transaction price for the sale of pallets, containers,
Eco products and non-strategic products, the Group considers the effects
of a variable consideration, existence of a significant financing component,
a non-cash consideration, and a consideration payable to the customer
(if any).
Recycling Fees
Recycling fees are compensation for assuming the liability to recycle the
mixed plastics. When mixed plastics are received, the recycling fee is
recognized as a liability. This liability is extinguished when the mixed plastics
are recycled in the production process. At that moment, the liability is
released to profit and loss as revenue.
Sale of materials and freights
Revenue from the sale of material is recognized at the point in time
when control of the asset is transferred to the customer. Revenue for
transportation is recognized over time after measuring its progress
toward complete satisfaction of the performance obligation.
Revenue for customized solutions
In connection with customized solutions, the Group recognizes two
performance obligations. One is related to the development of the tool,
with the purpose of providing customized products to customers, and
revenues are recognized over time using the percentage of completion
method; the second performance obligation relates to delivering
customized final products with specific characteristics to customers
and revenues are recognized at a point in time when the products will be
delivered. Delivery is defined based on the terms of the sales contract.
A receivable is recognized if a consideration that is unconditional is due
from the customer (i.e., only the passage of time is required before
payment of the consideration is due).
A contract liability is recognized if a payment is received, or a payment is
due (whichever applies first) from a customer before the Group transfers
the related goods or services. Contract liabilities are recognized as revenue
when the Group performs under the contract (i.e., transfers control of the
related goods or services to the customer).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-377": { "value": "
3.13.1\u00a0 Ordinary Shares
Ordinary shares are classified as equity. Incremental costs directly
attributable to the issue of ordinary shares are recognized as a deduction
from equity.
3.13.2\u00a0 Repurchase, Disposal and Reissue of Share Capital (Treasury
Shares)
When own shares recognized as equity are repurchased, the amount of the
consideration paid, including directly attributable costs and net of any tax
effects, is recognized as a deduction from equity. Repurchased shares are
classified as treasury shares and are presented as a deduction from total
equity. If treasury shares are sold or reissued subsequently, the amount
received is recognized as an increase in equity, and the resulting surplus or
deficit on the transaction is transferred respectively to or from other
reserves.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-378": { "value": "
3.13.2\u00a0 Repurchase, Disposal and Reissue of Share Capital (Treasury
Shares)
When own shares recognized as equity are repurchased, the amount of the
consideration paid, including directly attributable costs and net of any tax
effects, is recognized as a deduction from equity. Repurchased shares are
classified as treasury shares and are presented as a deduction from total
equity. If treasury shares are sold or reissued subsequently, the amount
received is recognized as an increase in equity, and the resulting surplus or
deficit on the transaction is transferred respectively to or from other
reserves.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-379": { "value": "
3.13.3\u00a0 Dividends
The holders of ordinary shares are entitled to receive dividends as
determined from time to time by the General Meeting of Shareholders.
The Management Board has the authority to decide, with the approval of
the Supervisory Board, what portion of the profit will be allocated to the
reserves. If applicable, the declared but unpaid dividends are recognized as
a liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-380": { "value": "
3.14.1\u00a0 Current Income Tax
Current income tax assets and liabilities are measured at the amount
expected to be recovered from or paid to the taxation authorities.
Current income tax related to items recognized directly in equity is
recorded in equity rather than in the statement of profit or loss.
Management periodically reviews the positions taken in tax returns,
especially in cases where tax regulations are open to interpretation.
This review reflects the impact of uncertainty in determining the related
taxable profit if it is unlikely that the taxation authority will accept an
uncertain tax treatment.
3.14.2\u00a0 Deferred Tax
Deferred tax is provided using the liability method on temporary differences
between the tax bases of assets and liabilities and their carrying amounts
for financial reporting purposes at the reporting date.
Deferred tax liabilities are recognized for taxable temporary differences.
Deferred tax assets are recognized for all deductible temporary
differences, the carry forward of unused tax credits and any unused tax
losses. Deferred tax assets are recognized to the extent that it is probable
that taxable profit will be available against which the deductible temporary
differences, and the carry forward of unused tax credits and unused tax
losses can be utilized.
The carrying amount of deferred tax assets is reviewed at each reporting
date and reduced to the extent that it is no longer probable that sufficient
taxable profit will be available to allow all or part of the deferred tax asset to
be utilized. Unrecognized deferred tax assets are reassessed at each
reporting date and are recognized to the extent that it has become
probable that future taxable profits will allow the deferred tax asset to be
recovered.
Deferred tax assets and liabilities are measured at the tax rates that are
expected to apply in the year when the asset is realized or the liability is
settled, based on tax rates (and tax laws) that have been enacted or
substantively enacted at the reporting date.
Cabka Group offsets deferred tax assets and deferred tax liabilities if and
only if it has a legally enforceable right to set off current tax assets and
current tax liabilities and the deferred tax assets and deferred tax liabilities
relate to income taxes levied by the same taxation authority on the same
taxable entity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-381": { "value": "
3.14.2\u00a0 Deferred Tax
Deferred tax is provided using the liability method on temporary differences
between the tax bases of assets and liabilities and their carrying amounts
for financial reporting purposes at the reporting date.
Deferred tax liabilities are recognized for taxable temporary differences.
Deferred tax assets are recognized for all deductible temporary
differences, the carry forward of unused tax credits and any unused tax
losses. Deferred tax assets are recognized to the extent that it is probable
that taxable profit will be available against which the deductible temporary
differences, and the carry forward of unused tax credits and unused tax
losses can be utilized.
The carrying amount of deferred tax assets is reviewed at each reporting
date and reduced to the extent that it is no longer probable that sufficient
taxable profit will be available to allow all or part of the deferred tax asset to
be utilized. Unrecognized deferred tax assets are reassessed at each
reporting date and are recognized to the extent that it has become
probable that future taxable profits will allow the deferred tax asset to be
recovered.
Deferred tax assets and liabilities are measured at the tax rates that are
expected to apply in the year when the asset is realized or the liability is
settled, based on tax rates (and tax laws) that have been enacted or
substantively enacted at the reporting date.
Cabka Group offsets deferred tax assets and deferred tax liabilities if and
only if it has a legally enforceable right to set off current tax assets and
current tax liabilities and the deferred tax assets and deferred tax liabilities
relate to income taxes levied by the same taxation authority on the same
taxable entity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-382": { "value": "
3.14.3\u00a0 Sales Tax
Expenses and assets are recognized net of the amount of sales tax, except:
\u2022 When the sales tax incurred on a purchase of assets or services is not
recoverable from the taxation authority, in which case, the sales tax is
recognized as part of the cost of acquisition of the asset or as part of the
expense item, as applicable;
\u2022 When receivables and payables are stated with the amount of sales tax
included.
The net amount of sales tax recoverable from, or payable to, the taxation
authority is included as part of receivables or payables in the statement of
financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-383": { "value": "
3.15\u00a0 Share-Based Payments
Employees of the Group receive remuneration in the form of share-based
payments, whereby employees render services as a consideration for equity
instruments (equity-settled share-based payments transactions) or for
cash-payments based on the value of equity instruments (cash-settled
share-based payments).
Equity-settled share-based payments
The cost of equity-settled share-based payments transactions is
determined by the fair value at the date when the grant is made using
an appropriate valuation model, further details of which are provided in
Note 27.
That cost is recognized in personnel expenses, together with a
corresponding increase in equity (other reserves, as presented in the
consolidated statement of changes in equity), over the period in which
the service and, where applicable, the performance conditions are fulfilled
(the vesting period). The cumulative expense recognized for equity-settled
transactions at each reporting date until the vesting date reflects the extent
to which the vesting period has expired and the Group\u2019s best estimate of
the number of equity instruments that will ultimately vest.
The expense or credit in the statement of profit or loss for a period
represents the movement in cumulative expense recognized as at the
beginning and end of that period.
Service and non-market performance conditions are not taken into
account when determining the grant date fair value of awards, but the
likelihood of the conditions being met is assessed as part of the Group\u2019s
best estimate of the number of equity instruments that will ultimately vest.
Market performance conditions and any other conditions attached to an
award, but without an associated service requirement (non-vesting
conditions) are reflected within the grant date fair value. Any other
conditions attached to an award, but without an associated service
requirement, are considered to be non-vesting conditions. Non-vesting
conditions are reflected in the fair value of an award and lead to an
immediate expensing of an award unless there are also service and/or
performance conditions.
No expense is recognized for awards that do not ultimately vest because
non-market performance and/or service conditions have not been met.
Where awards include a market or non-vesting condition, the transactions
are treated as vested irrespective of whether the market or non-vesting
condition is satisfied, provided that all other performance and/or service
conditions are satisfied.
When the terms of an equity-settled award are modified, the minimum
expense recognized is the grant date fair value of the unmodified award,
provided the original vesting terms of the award are met. An additional
expense, measured as at the date of modification, is recognized for any
modification that increases the total fair value of the share-based payment
transaction, or is otherwise beneficial to the employee.
Where an award is cancelled by the entity or by the counterparty,
any remaining element of the fair value of the award is expensed
immediately through profit or loss.
Cash-settled transactions
A liability is recognized for the fair value of cash-settled transactions.
The fair value is measured initially and at each reporting date up to and
including the settlement date, with changes in fair value recognized in
employee benefits expense (see Note 10). The fair value is expensed over
the period until the vesting date with recognition of a corresponding
liability. The fair value is determined using an appropriate valuation model,
further details of which are provided in Note 27. The approach used to
account for vesting conditions when measuring equity-settled share-based
payments also applies to cash-settled share-based payments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-384": { "value": "
3.16\u00a0 Expenses
Expenses are recognized based on the accrual basis of accounting.
This means that expenses are recognized when the product is received, or
the service is provided regardless of when cash outflow takes place.
For expenses recognized in relation to depreciation and impairments,
reference is made to the specific accounting policy as is included in Notes
3.5 and 3.9. For the costs as expensed in relation to inventory, reference is
made to the specific accounting policy as is included in Note 3.8.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-385": { "value": "
3.17\u00a0 Employee Benefits
The Group has a defined contribution plan for its employees. A defined
contribution plan is a post-employment benefit plan under which an entity
pays fixed contributions into a separate entity and will have no legal or
constructive obligation to pay further amounts. Obligations for
contributions to defined contribution pension plans are recognized as an
employee benefit expense in profit or loss when incurred. Prepaid
contributions are recognized as an asset to the extent that a cash refund or
reduction in future payments will occur.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-386": { "value": "
3.18\u00a0 Government Grants
The Group receives government grants, such as subsidies for the
employment of permanent employees. Grants that compensate the Group
for expenses incurred, are recognized in profit or loss as other operating
income, unless the conditions for receiving the grant are not met yet.
In this situation, the grant is recognized when it becomes receivable.
Governmental grants for energy expenses are recognized in the same
expense position offsetting the occurred costs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-387": { "value": "
5.\u00a0 \u00a0 Group Information
The consolidated financial statements of the Group includes:
Name
Principal
Activities
Country of
Incorporation
% Equity
Interest
2025
2024
Cabka N.V., Amsterdam
Ultimate
parent
Netherlands
100
100
Cabka Group GmbH, Berlin
Holding
Germany
100
100
Cabka N.V. Belgium (formally known
as Innova Packaging Systems)
Subsidiary
Belgium
100
100
Cabka Belgium N.V., Herstal
Subsidiary
Belgium
100
100
Cabka Spain S.L.U., Valencia
Subsidiary
Spain
100
100
System Technik GmbH, Weira
Subsidiary
Germany
100
100
Cabka North America Inc., Missouri
Subsidiary
USA
100
100
Cabka GmbH & Co. KG, Weira
Subsidiary
Germany
100
100
Cabka Eco Products GmbH & Co. KG,
Weira
Subsidiary
Germany
100
100
Cabka N.V. is the ultimate parent of the Group. For an overview of share
ownership in Cabka N.V., we refer to note 52 of the Company financial
statements. There were no changes in the ownership structure of the
Group during 2025.
The holding company
The immediate and ultimate holding company of Cabka Group GmbH,
located in Germany, is Cabka N.V. and is based and listed in the
Netherlands. Cabka N.V. and Cabka Group GmbH both provide services in
various functions, such as IT, HR, Marketing, Finance and Purchasing to the
subsidiaries.
The subsidiaries in Belgium, Germany, Spain and the US primarily
manufacture the products for the RTP business as well as for Eco products
and provide services to customers. Recycling activities are spread over
various locations.
The subsidiary in Spain contains the Innovation Center, which focuses
primarily on new product development, automation projects and material
developments for the entire group.
Guarantees
The only guarantees provided are to wholly-owned subsidiaries within
the Group. In connection with our rental agreements, we have provided
rental bank guarantees to secure our obligations. As of the reporting date,
the total value of these rental guarantees amounted to \u20ac0.5 million.
Pledges
As of the reporting date, there are no\u00a0 pledged assets (2024: \u20ac2.2 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-389": { "value": "
Exemptions publication
Cabka N.V. has issued joint and several liability for the following subsidiaries.
These subsidiaries makes use of the exemption provisions pursuant to
Section 264 (3) and 264b of the German Commercial Code (HGB) -which is
similar to section 403, subsection 1 of Book 2 of the Dutch Civil Code- and
waive the disclosure of the 2025 annual financial statements and, in some
cases, the preparation of the notes or management report and the audit of
the annual financial statements:
\u2022 Cabka Group GmbH, Berlin
\u2022 Cabka Eco Products GmbH & Co. KG, Weira
\u2022 Cabka GmbH & Co. KG, Weira
\u2022 System Technik GmbH, Weira
Each of these subsidiaries has filed Cabka \u2019s 264 declaration with the
German trade register.
34.\u00a0 \u00a0 Commitments and Contingencies
Commitments
The Group has no lease contracts that have not yet commenced as at
December 31, 2025 .
Since Cabka is offering a buyback clause for pallets sold to specific
customers, where the raw material cost price is determined at fair market
prices, there is a potential obligation for Cabka to buy these returned
pallets.
If this occurs, it will be treated as material expense in the consolidated
statement of comprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-388": { "value": "
Exemptions publication
Cabka N.V. has issued joint and several liability for the following subsidiaries.
These subsidiaries makes use of the exemption provisions pursuant to
Section 264 (3) and 264b of the German Commercial Code (HGB) -which is
similar to section 403, subsection 1 of Book 2 of the Dutch Civil Code- and
waive the disclosure of the 2025 annual financial statements and, in some
cases, the preparation of the notes or management report and the audit of
the annual financial statements:
\u2022 Cabka Group GmbH, Berlin
\u2022 Cabka Eco Products GmbH & Co. KG, Weira
\u2022 Cabka GmbH & Co. KG, Weira
\u2022 System Technik GmbH, Weira
Each of these subsidiaries has filed Cabka \u2019s 264 declaration with the
German trade register.
34.\u00a0 \u00a0 Commitments and Contingencies
Commitments
The Group has no lease contracts that have not yet commenced as at
December 31, 2025 .
Since Cabka is offering a buyback clause for pallets sold to specific
customers, where the raw material cost price is determined at fair market
prices, there is a potential obligation for Cabka to buy these returned
pallets.
If this occurs, it will be treated as material expense in the consolidated
statement of comprehensive income.
Legal claim contingency
There are no legal claims and contingencies outstanding that could have a
material impact on the Group.
Guarantees
The only guarantees provided are to wholly-owned subsidiaries within
the Group. In connection with our rental agreements, we have provided
rental bank guarantees to secure our obligations. As of the reporting date,
the total value of these rental guarantees amounted to \u20ac0.5 million.
Pledges
As of the reporting date, there are no\u00a0 pledged assets (2024: \u20ac2.2 million).
Non-Recourse Factoring Agreement
In 2024, Cabka N.V. entered into a non-recourse factoring agreement with
a factoring company for Cabka GmbH & Co. KG and Cabka N.V., Ieper and
Cabka Belgium N.V. in Belgium. Under this agreement, the company sells
its accounts receivable to the factor at a discount, and the factor assumes
the credit risk associated with the receivables. As a result, the receivables
are derecognized from the company's balance sheet upon transfer to the
factor.
This arrangement has improved the company's liquidity position by
providing immediate cash flow while mitigating the risk of debtor insolvency.
The factoring fees and any discounts applied to the receivables are
recorded as financing expenses in the income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-391": { "value": "
6.\u00a0 \u00a0 Revenue from Contracts with Customers and
Segment Reporting
Sales of goods and services are recognized in line with the requirements of
IFRS 15, Revenue from contracts with customers. Revenue is measured
based on the consideration Cabka expects to receive in exchange for the
goods or services.
Revenue from the sale of goods includes sales related to the development
of tooling for delivering customized products. This is recognized over time
using the percentage of completion method. The revenue was fully
recognized in 2025 as the related projects were completed within the
reporting year.
Revenue from services is recognized when the respective services have
been rendered and is related primarily to freight and transportation
services. Revenue is reported net of sales taxes, returns, discounts and
rebates. Rebates to customers are provided for in the same period that the
related sales are recorded based on the contract terms. Cabka periodically
enters into prepayment contracts with customers whereby it enters
into contract liabilities for products to be delivered in a future period.
These contract liabilities are recorded as liabilities and presented as part of
contract liabilities for \u20ac\u2014 (2024: \u20ac240,000).
6.1\u00a0 Disaggregated Revenue Information
Set out below is the disaggregation of the Group\u2019s revenue from contracts
with customers in primary business segments and geographical markets:
Revenues by Product Segment
In Euro x\u00a01,000
2025
2024
Change
RTP Europe
123,158
124,873
-1%
Portfolio
72,606
77,475
-6%
Customized Solutions
33,730
34,519
-2%
Contract Manufacturing
16,821
12,879
31%
RTP US
21,723
21,189
3%
Eco Products
14,475
12,558
15%
Recycling Fees
12,683
13,779
-8%
Others
8,789
9,469
-7%
Non-Strategic Products
4,993
5,410
-8%
Material Sales & Freight
3,796
4,059
-6%
Total
180,828
181,868
-1%
Revenues by Geography
In Euro x\u00a01,000
2025
2024
Change
Europe
154,536
154,848
-%
DACH
61,396
58,874
4%
West & Nordics
57,506
59,959
-4%
CEE
8,131
10,037
-19%
South
27,503
25,977
6%
North America
23,357
21,499
9%
RoW
2,935
5,521
-47%
Total
180,828
181,868
-1%
Since Cabka is primarily selling products made from recycled plastic
materials to customers, either in the Reusable Transport Packaging (RTP)
segment or in the Eco Products business, the entity recognizes revenue
when it satisfies an identified performance obligation by transferring a
promised good or service to a customer. A good or service is transferred
when the customer obtains control of that good or service, which is mainly
at a certain point in time. Invoices are payable within agreed payment
conditions, usually between 30 \u2013 90 days.
Recycling Fees are recognized as revenue when the performance
obligation, processing of the incoming mixed plastic materials, is fulfilled.
Revenue for services is presented under Material Sales & Freight and is
primarily related to transportation services.
All of the Group\u2019s segments generate their revenue to the largest
extent from the sale of products. In view of the large variety of products,\u00a0
a meaningful grouping below the segment information is not monitored at
this stage.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-390": { "value": "
6.\u00a0 \u00a0 Revenue from Contracts with Customers and
Segment Reporting
Sales of goods and services are recognized in line with the requirements of
IFRS 15, Revenue from contracts with customers. Revenue is measured
based on the consideration Cabka expects to receive in exchange for the
goods or services.
Revenue from the sale of goods includes sales related to the development
of tooling for delivering customized products. This is recognized over time
using the percentage of completion method. The revenue was fully
recognized in 2025 as the related projects were completed within the
reporting year.
Revenue from services is recognized when the respective services have
been rendered and is related primarily to freight and transportation
services. Revenue is reported net of sales taxes, returns, discounts and
rebates. Rebates to customers are provided for in the same period that the
related sales are recorded based on the contract terms. Cabka periodically
enters into prepayment contracts with customers whereby it enters
into contract liabilities for products to be delivered in a future period.
These contract liabilities are recorded as liabilities and presented as part of
contract liabilities for \u20ac\u2014 (2024: \u20ac240,000).
6.1\u00a0 Disaggregated Revenue Information
Set out below is the disaggregation of the Group\u2019s revenue from contracts
with customers in primary business segments and geographical markets:
Revenues by Product Segment
In Euro x\u00a01,000
2025
2024
Change
RTP Europe
123,158
124,873
-1%
Portfolio
72,606
77,475
-6%
Customized Solutions
33,730
34,519
-2%
Contract Manufacturing
16,821
12,879
31%
RTP US
21,723
21,189
3%
Eco Products
14,475
12,558
15%
Recycling Fees
12,683
13,779
-8%
Others
8,789
9,469
-7%
Non-Strategic Products
4,993
5,410
-8%
Material Sales & Freight
3,796
4,059
-6%
Total
180,828
181,868
-1%
Revenues by Geography
In Euro x\u00a01,000
2025
2024
Change
Europe
154,536
154,848
-%
DACH
61,396
58,874
4%
West & Nordics
57,506
59,959
-4%
CEE
8,131
10,037
-19%
South
27,503
25,977
6%
North America
23,357
21,499
9%
RoW
2,935
5,521
-47%
Total
180,828
181,868
-1%
Since Cabka is primarily selling products made from recycled plastic
materials to customers, either in the Reusable Transport Packaging (RTP)
segment or in the Eco Products business, the entity recognizes revenue
when it satisfies an identified performance obligation by transferring a
promised good or service to a customer. A good or service is transferred
when the customer obtains control of that good or service, which is mainly
at a certain point in time. Invoices are payable within agreed payment
conditions, usually between 30 \u2013 90 days.
Recycling Fees are recognized as revenue when the performance
obligation, processing of the incoming mixed plastic materials, is fulfilled.
Revenue for services is presented under Material Sales & Freight and is
primarily related to transportation services.
All of the Group\u2019s segments generate their revenue to the largest
extent from the sale of products. In view of the large variety of products,\u00a0
a meaningful grouping below the segment information is not monitored at
this stage.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-392": { "value": "
6.1\u00a0 Disaggregated Revenue Information
Set out below is the disaggregation of the Group\u2019s revenue from contracts
with customers in primary business segments and geographical markets:
Revenues by Product Segment
In Euro x\u00a01,000
2025
2024
Change
RTP Europe
123,158
124,873
-1%
Portfolio
72,606
77,475
-6%
Customized Solutions
33,730
34,519
-2%
Contract Manufacturing
16,821
12,879
31%
RTP US
21,723
21,189
3%
Eco Products
14,475
12,558
15%
Recycling Fees
12,683
13,779
-8%
Others
8,789
9,469
-7%
Non-Strategic Products
4,993
5,410
-8%
Material Sales & Freight
3,796
4,059
-6%
Total
180,828
181,868
-1%
Revenues by Geography
In Euro x\u00a01,000
2025
2024
Change
Europe
154,536
154,848
-%
DACH
61,396
58,874
4%
West & Nordics
57,506
59,959
-4%
CEE
8,131
10,037
-19%
South
27,503
25,977
6%
North America
23,357
21,499
9%
RoW
2,935
5,521
-47%
Total
180,828
181,868
-1%
Since Cabka is primarily selling products made from recycled plastic
materials to customers, either in the Reusable Transport Packaging (RTP)
segment or in the Eco Products business, the entity recognizes revenue
when it satisfies an identified performance obligation by transferring a
promised good or service to a customer. A good or service is transferred
when the customer obtains control of that good or service, which is mainly
at a certain point in time. Invoices are payable within agreed payment
conditions, usually between 30 \u2013 90 days.
Recycling Fees are recognized as revenue when the performance
obligation, processing of the incoming mixed plastic materials, is fulfilled.
Revenue for services is presented under Material Sales & Freight and is
primarily related to transportation services.
All of the Group\u2019s segments generate their revenue to the largest
extent from the sale of products. In view of the large variety of products,\u00a0
a meaningful grouping below the segment information is not monitored at
this stage.
6.2\u00a0 Segment Information
For Management purposes, the Group is structured to steer business
results at the legal entity level rather than by product segments.
Consequently, the most appropriate way to present the segments is by
dividing them into two main geographical regions: Europe and North
America.
In Europe, the group operates both the RTP business and the Eco Product
business, encompassing the entire value chain from in-house recycling of
plastic waste materials to the manufacturing of products and sale of
products and services.
In North America, the focus is on the RTP business, covering the full value
chain from recycling post-industrial waste to the manufacturing and sale of
products and services.
Segment Performance 2025
In Euro x\u00a01,000
Europe and RoW
North America
Total
Revenue
157,471
23,357
180,828
Change in inventories of
finished goods and work in
progress
-1,394
-44
-1,438
Other operating income
5,975
55
6,030
Total Operating income
162,052
23,368
185,420
Material expenses / expenses
for purchased services
-79,820
-13,062
-92,882
Gross profit
82,232
10,306
92,538
Personnel expenses
-42,239
Amortization/depreciation and
impairment of intangible and
tangible fixed assets
-19,437
Other operating expenses
-29,076
EBIT
1,786
Finance income
20
Finance costs
-5,899
Financial Result
-5,879
Result before taxes
-4,093
Income tax expense
-3,301
Net result for the year
-7,394
Attributable to:
Equity holders of CABKA N.V.
-7,394
The revenue information above is based on the realization of sales of
goods and services assigned to the legal entity either in the US or in Europe.
There is no specific customer in any of the regions with a revenue share of
10% or more of the total revenue.
Segment Performance 2024
In Euro x\u00a01,000
Europe and RoW
North America
Total
Revenue
160,369
21,499
181,868
Change in inventories of
finished goods and work in
progress
2,061
-202
1,859
Other operating income
8,453
217
8,670
Total Operating income
170,883
21,514
192,397
Material expenses / expenses
for purchased services
-88,866
-10,954
-99,820
Gross profit
82,017
10,560
92,577
Personnel expenses
-44,910
Amortization/depreciation and
impairment of intangible and
tangible fixed assets
-20,169
Other operating expenses
-29,154
EBIT
-1,656
Finance income
1,313
Finance costs
-5,381
Financial Result
-4,068
Result before taxes
-5,723
Income tax expense
-3,631
Net result for the year
-9,355
Attributable to:
Equity holders of CABKA N.V.
-9,355
The average number of FTEs with permanent employment contracts can be
specified as follows:
Full Time Equivalents
2025
Per Department
Europe
US
TOTAL
Production
350
56
406
Sales & Marketing
47
6
53
Innovation Center
23
0
23
General & Administration
76
10
86
Total
496
72
568
Full Time Equivalents
2024
Per Department
Europe
US
TOTAL
Production
381
60
441
Sales & Marketing
45
7
52
Innovation Center
32
0
32
General & Administration
78
8
86
Total
536
75
611
Assets and liabilities are not monitored by segment and therefore not
presented per segment.
The Executive Management Committee monitors the gross profit of its
business units separately for the purpose of making decisions about
resource allocation and performance assessment. Segment performance
is evaluated based on profit or loss and is measured consistently with profit
or loss in the consolidated financial statements. The Group\u2019s financing
(including finance costs, finance income and other income) is managed on a
Group basis in close alignment with local Management. Income taxes are
managed on the legal entity level in close coordination with Group
Management.
Transfer prices between operating segments are on an arm\u2019s-length basis in
a manner similar to transactions with third parties.
Finance costs, finance income, and fair value gains and losses on financial
assets are not allocated to individual segments as the underlying
instruments are managed on a group basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-393": { "value": "
6.2\u00a0 Segment Information
For Management purposes, the Group is structured to steer business
results at the legal entity level rather than by product segments.
Consequently, the most appropriate way to present the segments is by
dividing them into two main geographical regions: Europe and North
America.
In Europe, the group operates both the RTP business and the Eco Product
business, encompassing the entire value chain from in-house recycling of
plastic waste materials to the manufacturing of products and sale of
products and services.
In North America, the focus is on the RTP business, covering the full value
chain from recycling post-industrial waste to the manufacturing and sale of
products and services.
Assets and liabilities are not monitored by segment and therefore not
presented per segment.
The Executive Management Committee monitors the gross profit of its
business units separately for the purpose of making decisions about
resource allocation and performance assessment. Segment performance
is evaluated based on profit or loss and is measured consistently with profit
or loss in the consolidated financial statements. The Group\u2019s financing
(including finance costs, finance income and other income) is managed on a
Group basis in close alignment with local Management. Income taxes are
managed on the legal entity level in close coordination with Group
Management.
Transfer prices between operating segments are on an arm\u2019s-length basis in
a manner similar to transactions with third parties.
Finance costs, finance income, and fair value gains and losses on financial
assets are not allocated to individual segments as the underlying
instruments are managed on a group basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-394": { "value": "
The average number of FTEs with permanent employment contracts can be
specified as follows:
Full Time Equivalents
2025
Per Department
Europe
US
TOTAL
Production
350
56
406
Sales & Marketing
47
6
53
Innovation Center
23
0
23
General & Administration
76
10
86
Total
496
72
568
Full Time Equivalents
2024
Per Department
Europe
US
TOTAL
Production
381
60
441
Sales & Marketing
45
7
52
Innovation Center
32
0
32
General & Administration
78
8
86
Total
536
75
611
10.\u00a0 \u00a0 Personnel Expenses
Personnel expenses are summarized in the overview below:
Personnel expenses
In Euro x\u00a01,000
2025
2024
Change
Salaries and wages
32,218
34,563
-7%
Social securities and other
benefits
7,347
7,382
-%
Other staff costs
2,816
3,288
-14%
Share-based payment expense
-143
-324
-56%
Total personnel expenses
42,239
44,910
-6%
The stock option programs are further elaborated in the section share-
based payments program (see Note 27). During the year, Cabka N.V.
released a part of the accrued stock options expense raised in prior years,
which is the result of employees whom have left the company in 2025 and
thereby have forfeited their right to the stock options.
Personnel expenses declined by 6% compared to the previous year,
primarily as a result of restructuring measures that were completed by the
end of 2025.
The average number of FTE in 2025 is 568 and represents a decline of 7% in
the financial year compared to the previous year (2024: 611 FTEs).
Reference is made to Note 6 for further disclosure on FTEs per segment
and per department.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-400": { "value": "
7.\u00a0 \u00a0 Fair Value Measurement
The Group's best estimate is that the book value of the following financial
assets and liabilities is considered a reasonable approximation of their fair
value:
\u2022 trade and other receivables;
\u2022 cash and cash equivalents;
\u2022 bank loans; lease liabilities and liabilities to other financial institutions;
\u2022 trade and other payables;
\u2022 other liabilities.
The fair value of the financial instruments for 2025 is as follows:
Fair value measurement
IN EUR x 1.000
At Amortized Cost
Mandatory at
FVTPL
Total Carrying
Value
At December 31, 2025
Trade and other receivables
19,187
\u2014
19,187
Cash and cash equivalents
3,147
\u2014
3,147
Financial assets at amortized
costs
22,334
\u2014
22,334
Liabilities to banks
52,000
\u2014
52,000
Lease liabilities
8,076
\u2014
8,076
Lease purchase agreements
5,688
\u2014
5,688
Trade and other payables
25,062
\u2014
25,062
Financial liabilities at
amortized costs
90,827
\u2014
90,827
Special shares liabilities
\u2014
191
191
Other liabilities - derivatives
\u2014
260
260
Financial liabilities measured at
fair value
\u2014
450
450
The overview below summarizes the fair value movements for 2024:
IN EUR x 1,000
At Amortized Cost
Mandatory at
FVTPL
Total Carrying
Value
At December 31, 2024
Trade and other receivables
19,860
\u2014
19,860
Cash and cash equivalents
4,388
\u2014
4,388
Financial assets at amortized
costs
24,248
\u2014
24,248
Other long-term assets (Note 21)
\u2014
\u2014
\u2014
Financial assets measured at
fair value
\u2014
\u2014
\u2014
Liabilities to banks
61,961
\u2014
61,961
Lease liabilities
10,802
\u2014
10,802
Rental purchase agreements
3,388
\u2014
3,388
Trade and other payables
29,037
\u2014
29,037
Financial liabilities at
amortized costs
105,189
\u2014
105,189
Special shares liabilities
\u2014
205
205
Other liabilities
\u2014
510
510
Financial liabilities measured at
fair value
\u2014
716
716
Derivative financial instruments are measured at fair value and are
recorded as a financial asset or financial liability depending on their fair
value (positive or negative). Such fair value measurements are classified as
level 2 of the fair value hierarchy of IFRS 13.
Special Shares liabilities are measured at fair value based on estimations at
each reporting date using a modified Black-Scholes-Merton option pricing
model, taking into account the market conditions. Further details of the
terms are disclosed in Note 30. Such fair value measurements are classified
as level 3 of the fair value hierarchy of IFRS 13.
There have been no transfers between levels of the fair value hierarchy
used in measuring the fair value of financial instruments. Such transfers may
occur where directly observable prices may become available or where
market data from independent sources may no longer be available.
There were no significant interrelationships between unobservable inputs
that materially affect fair values.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-399": { "value": "
7.\u00a0 \u00a0 Fair Value Measurement
The Group's best estimate is that the book value of the following financial
assets and liabilities is considered a reasonable approximation of their fair
value:
\u2022 trade and other receivables;
\u2022 cash and cash equivalents;
\u2022 bank loans; lease liabilities and liabilities to other financial institutions;
\u2022 trade and other payables;
\u2022 other liabilities.
The fair value of the financial instruments for 2025 is as follows:
Fair value measurement
IN EUR x 1.000
At Amortized Cost
Mandatory at
FVTPL
Total Carrying
Value
At December 31, 2025
Trade and other receivables
19,187
\u2014
19,187
Cash and cash equivalents
3,147
\u2014
3,147
Financial assets at amortized
costs
22,334
\u2014
22,334
Liabilities to banks
52,000
\u2014
52,000
Lease liabilities
8,076
\u2014
8,076
Lease purchase agreements
5,688
\u2014
5,688
Trade and other payables
25,062
\u2014
25,062
Financial liabilities at
amortized costs
90,827
\u2014
90,827
Special shares liabilities
\u2014
191
191
Other liabilities - derivatives
\u2014
260
260
Financial liabilities measured at
fair value
\u2014
450
450
The overview below summarizes the fair value movements for 2024:
IN EUR x 1,000
At Amortized Cost
Mandatory at
FVTPL
Total Carrying
Value
At December 31, 2024
Trade and other receivables
19,860
\u2014
19,860
Cash and cash equivalents
4,388
\u2014
4,388
Financial assets at amortized
costs
24,248
\u2014
24,248
Other long-term assets (Note 21)
\u2014
\u2014
\u2014
Financial assets measured at
fair value
\u2014
\u2014
\u2014
Liabilities to banks
61,961
\u2014
61,961
Lease liabilities
10,802
\u2014
10,802
Rental purchase agreements
3,388
\u2014
3,388
Trade and other payables
29,037
\u2014
29,037
Financial liabilities at
amortized costs
105,189
\u2014
105,189
Special shares liabilities
\u2014
205
205
Other liabilities
\u2014
510
510
Financial liabilities measured at
fair value
\u2014
716
716
Derivative financial instruments are measured at fair value and are
recorded as a financial asset or financial liability depending on their fair
value (positive or negative). Such fair value measurements are classified as
level 2 of the fair value hierarchy of IFRS 13.
Special Shares liabilities are measured at fair value based on estimations at
each reporting date using a modified Black-Scholes-Merton option pricing
model, taking into account the market conditions. Further details of the
terms are disclosed in Note 30. Such fair value measurements are classified
as level 3 of the fair value hierarchy of IFRS 13.
There have been no transfers between levels of the fair value hierarchy
used in measuring the fair value of financial instruments. Such transfers may
occur where directly observable prices may become available or where
market data from independent sources may no longer be available.
There were no significant interrelationships between unobservable inputs
that materially affect fair values.
The stock option programs are further elaborated in the section share-
based payments program (see Note 27). During the year, Cabka N.V.
released a part of the accrued stock options expense raised in prior years,
which is the result of employees whom have left the company in 2025 and
thereby have forfeited their right to the stock options.
27.\u00a0 \u00a0 Share-Based Payments
PSU Plan
Effective as of March 1, 2022, a performance share unit plan was adopted
(the PSU Plan). The PSU Plan allows key employees a one-off award of
performance share units (PSU) where each PSU covers (the value) of one
ordinary share of Cabka N.V. Subject to the terms and conditions of the PSU
Plan, vesting of the awarded PSUs will occur on different vesting dates
subject to the performance condition being met. Performance conditions
are market conditions of the quoted share price of Cabka reaching \u20ac11.00,
\u20ac12.00 and \u20ac13.00 (hurdles) within five years\u2019 time from the grant date.
Once a hurdle is met, the PSU vest in three equal installments over a period
of three years. The employee is then entitled to receive one ordinary share
per PSU without any payment, provided that the employee is still employed
at that time. When the hurdles are not achieved within 5 years, the option
forfeits. The market conditions are achieved if the share price equals or
exceeds the stated hurdles for any 15 trading days out of a 30 consecutive
trading day period (whereby such 15 trading days do not have to be
consecutive).
There are no cash settlement alternatives. The Group accounts for the PSU
as an equity-settled share-based payment.
The fair value of the PSU is estimated at the grant date using a modified
Black-Scholes-Merton option pricing model, considering the market
conditions. The total fair value of the grant is recorded as a share-based
payment expense over the estimated vesting period based on graded
vesting. The vesting period was estimated based on the date of the highest
probability that hurdles are met according to the option pricing model
applied.
No more grants under the PSU program will be issued.
PS
Finally, the former CEO was entitled to Performance Shares (PS) subject to
the performance conditions being met. Performance conditions are market
conditions of the quoted share price of Cabka reaching \u20ac16.00, \u20ac18.00 and
\u20ac20.00 (hurdles). After the former CEO, Tim Litjens, stepped down as of
October 1, 2024, all his PS rights were terminated without any vesting or
payout.
There are no cash settlement alternatives. The Group accounts for the PS
as an equity-settled share-based payment.
The fair value of the PS was estimated at the grant date in 2022 using a
modified Black-Scholes-Merton option pricing model, considering the
market conditions. The total fair value of the grant is recorded as a share-
based payment expense over the estimated vesting period based on graded
vesting.
RSU
Effective as of August 1, 2024, a restricted stock unit plan was adopted (the
RSU Plan). Under the plan, eligible employees are granted RSUs, which
represent a promise to deliver shares of the company's stock at a future
date, subject to certain vesting conditions. The grant will be adjustable
(from 0% to 130%) based on the job performance of the relevant
participant. The adjustment of the grant will be determined after the vesting
period of the stock options and/or RSUs based on the achievement of a
cumulative three-year EBITDA target, which EBITDA target will be
determined by the Supervisory Board. Accelerated vesting will be subject to
the approval of the Supervisory Board and the Supervisory Board will have
the right to overwrite and/or adjust any grant of stock options and/or RSUs.
Participants will not be allowed to exercise stock options or sell shares
received pursuant to the vesting of RSUs within the first 5 years following
the date of grant.
Non-vested stock options cannot be exercised and non-vested RSUs
cannot be settled. If a participant leaves the Company, all granted but
unvested stock options will be forfeited.
There are no cash settlement alternatives. The Group accounts for the RSU
as an equity-settled share-based payment.
The fair value of the RSU is estimated at the grant date using a modified
Black-Scholes-Merton option pricing model, considering the vesting
conditions. The total fair value of the grant is recorded as a share-based
payment expense over the estimated vesting period based on graded
vesting. The vesting period was estimated based on the date of the highest
probability that hurdles are met according to the option pricing model
applied.
As at December 31, 2025 (December 31, 2024), the Group recognized the
following share-based payment expenses for the above-mentioned plans in
the statement of profit or loss:
Share- based payment expense
In Euro x\u00a01,000
2025
2024
VSOP
-
-
PSU
-191
-101
PS
-
-301
RSU
48
79
Share-based payment expenses
-143
-324
Movements of equity-settled options during the year:
Number of options\u00a0
RSU
PS\u00a0
PSU\u00a0
Outstanding at January 1, 2025
154,668
-
271,784
Granted during the year\u00a0
-
-
-
Forfeited during the year\u00a0
-67,563
-
-139,284
Exercised during year\u00a0
-
-
-
Outstanding at December 31,
2025
87,105
-
132,500
All option programs have an exercise price of zero. None of the options
were exercisable as of December 31, 2025. The weighted average remaining
contractual life of the option can be summarized as follows:
Weighted average remaining contractual life of
options in years
2025
2024
RSU
3.00
4.00
PSU
3.46
4.34
PS
-
-
The remaining contractual life of PSU options reflects the maximum
possible contractual lifespan of 5 years for achieving the hurdles plus a
consecutive 3-year vesting period. The PS options granted to the CEO have
in principle no contractual life but were linked to a continuous employment
clause.\u00a0 After the former CEO, Tim Litjens, stepped down all his PS rights
were terminated.
The weighted average fair values of options granted in 2025 and 2024 at the
respective measurement dates are summarized as follows:
Weighted average fair value of options at
measurement date (in EUR)
In Euro
2025
2024
VSOP\u00a0
-
-
RSU
2.00
2.00
PSU\u00a0
3.64
4.03
PS
-
-
The model inputs are summarized in the overview as follows:
Model inputs\u00a0\u00a0
2025
2025
2024
2024
PSU\u00a0
RSU
PSU
RSU
Model used\u00a0
Modified BS\u00a0
Modified BS\u00a0
Modified BS
Modified BS\u00a0
Measurement
date\u00a0
January 1, 2024
August 1, 2024
January 1, 2024
August 1, 2024
Dividend yield
(%)
2.46
-
2.46
-
Expected
volatility\u00a0(%)
31.00
30.00
31.00
30.00
Risk-free rate
(%)
1.92
2.10
1.92
2.10
Expected life
of options
(years)
5.00 \u2013 7.00\u00a0
5.00
5.00 \u2013 7.00
5.00
Underlying
share price (\u20ac)
\u20ac6.10
\u20ac3.58
6.10
\u20ac3.58
The expected life of the options is based on expectations at the
measurement date, considering early exercise behavior generally observed
for employees, and is not necessarily indicative of exercise patterns that
may occur. The expected life of the PSU (2022) is less than the maximum
contractual life. The expected life of the PSU 2023 & 2025 is equal to the
maximum contractual life. The expected volatility reflects the assumption
that the historical volatility over a period similar to the life of the options is
indicative of future trends, which may not necessarily be the actual
outcome.
Critical judgments on share-based payments
Estimating fair value for share-based payment transactions requires
determination of the most appropriate valuation model, which depends on
the terms and conditions of the grant. This estimate also requires
determination of the most appropriate inputs to the valuation model
including the expected life of the share option or appreciation right,
volatility and dividend yield and making assumptions about them.
Special Shares liabilities:
As detailed in Note 26, the Special Shares held by the Founders of DSC2 will
either (i) convert into 7 ordinary shares if the share price of Cabka N.V.
equals or exceeds \u20ac12.00 for any 15 trading days out of a 30 consecutive
trading-day period (whereby such 15 trading days do not have to be
consecutive) or (ii) convert into 1 ordinary share if this price hurdle is not
being achieved before March 1, 2027. This conversion option has been
classified as a financial liability measured at fair value through profit or loss
(FVTPL). The fair value of the financial liability as at December 31, 2025
amounts to \u20ac190,000 (2024: \u20ac205,000).
The fair value of the Special Shares liabilities are estimated at each
reporting date using a modified Black-Scholes-Merton option pricing
model, taking into account the market conditions. During 2025, a fair value
gain of \u20ac15,000 (2024: \u20ac866,000) has been recorded in financial income
(Note 12), which is the result of a lower ordinary share price of Cabka N.V. as
at December 31, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-398": { "value": "
7.\u00a0 \u00a0 Fair Value Measurement
The Group's best estimate is that the book value of the following financial
assets and liabilities is considered a reasonable approximation of their fair
value:
\u2022 trade and other receivables;
\u2022 cash and cash equivalents;
\u2022 bank loans; lease liabilities and liabilities to other financial institutions;
\u2022 trade and other payables;
\u2022 other liabilities.
The fair value of the financial instruments for 2025 is as follows:
Fair value measurement
IN EUR x 1.000
At Amortized Cost
Mandatory at
FVTPL
Total Carrying
Value
At December 31, 2025
Trade and other receivables
19,187
\u2014
19,187
Cash and cash equivalents
3,147
\u2014
3,147
Financial assets at amortized
costs
22,334
\u2014
22,334
Liabilities to banks
52,000
\u2014
52,000
Lease liabilities
8,076
\u2014
8,076
Lease purchase agreements
5,688
\u2014
5,688
Trade and other payables
25,062
\u2014
25,062
Financial liabilities at
amortized costs
90,827
\u2014
90,827
Special shares liabilities
\u2014
191
191
Other liabilities - derivatives
\u2014
260
260
Financial liabilities measured at
fair value
\u2014
450
450
The overview below summarizes the fair value movements for 2024:
IN EUR x 1,000
At Amortized Cost
Mandatory at
FVTPL
Total Carrying
Value
At December 31, 2024
Trade and other receivables
19,860
\u2014
19,860
Cash and cash equivalents
4,388
\u2014
4,388
Financial assets at amortized
costs
24,248
\u2014
24,248
Other long-term assets (Note 21)
\u2014
\u2014
\u2014
Financial assets measured at
fair value
\u2014
\u2014
\u2014
Liabilities to banks
61,961
\u2014
61,961
Lease liabilities
10,802
\u2014
10,802
Rental purchase agreements
3,388
\u2014
3,388
Trade and other payables
29,037
\u2014
29,037
Financial liabilities at
amortized costs
105,189
\u2014
105,189
Special shares liabilities
\u2014
205
205
Other liabilities
\u2014
510
510
Financial liabilities measured at
fair value
\u2014
716
716
Derivative financial instruments are measured at fair value and are
recorded as a financial asset or financial liability depending on their fair
value (positive or negative). Such fair value measurements are classified as
level 2 of the fair value hierarchy of IFRS 13.
Special Shares liabilities are measured at fair value based on estimations at
each reporting date using a modified Black-Scholes-Merton option pricing
model, taking into account the market conditions. Further details of the
terms are disclosed in Note 30. Such fair value measurements are classified
as level 3 of the fair value hierarchy of IFRS 13.
There have been no transfers between levels of the fair value hierarchy
used in measuring the fair value of financial instruments. Such transfers may
occur where directly observable prices may become available or where
market data from independent sources may no longer be available.
There were no significant interrelationships between unobservable inputs
that materially affect fair values.
19.\u00a0 \u00a0 Financial Assets
Financial assets are summarized by maturity in the overview below:
Financial assets by
maturity at December 31
2025
2025
2025
2025
2024
In Euro x\u00a01,000
< 1 year
1-5 years
> 5 years
Total
Total
Shares in affiliated
companies
-
-
87
87
87
Shares in companies in
which participations are
held
-
-
3
3
3
Receivables to affiliated
companies
3
25
-
28
26
Receivables to
shareholders
-
-
-
-
21
Financial assets
3
25
90
118
137
The shares in affiliated companies relate to shares in Cabka Verwaltungs
GmbH, Weira, and Cabka Eco Products Verwaltungs GmbH (Weira), which
are not included in the consolidation as they are individually and on
aggregate not considered to be material for the Group.
33.\u00a0 \u00a0 Financial Instruments Risk Management
Objectives and Policies
The Group\u2019s principal financial liabilities comprise liabilities to banks and
trade and other payables. The main purpose of these financial liabilities is to
finance the Group\u2019s operations. The Group\u2019s principal financial assets
include trade receivables, and cash and cash equivalents that derive
directly from its operations. The Group also enters into derivative
transactions.
The Group is exposed to market risk, credit risk and liquidity risk.
The Group\u2019s senior management oversees the management of these risks.
The Group\u2019s senior management is supported by specialists who advise on
financial risks and the appropriate financial risk governance framework for
the Group. This includes appropriate policies and procedures and that
financial risks are identified, measured and managed in accordance with
the Group\u2019s policies and risk objectives. All derivative activities for risk
management purposes are carried out by specialists who have the
appropriate skills, experience and supervision. It is the Group\u2019s policy
that no trading in derivatives for speculative purposes may be undertaken.
The Board of Directors reviews and agrees policies for managing each of
these risks, which are summarized below.
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of
an exposure will fluctuate because of changes in foreign exchange rates.
The Group\u2019s exposure to the risk of changes in foreign exchange rates
relates primarily to the Group\u2019s operating activities (when revenue or
expense is denominated in a foreign currency).
Cabka uses derivative financial instruments such as forwards and swaps to
safeguard its foreign currency risk exposure. Derivatives are measured at
fair value and are generally recognized in profit or loss. On December 31,
2025, Cabka had foreign exchange derivatives outstanding with a nominal
amount of \u20ac38,260,000 (2024: \u20ac36,132,000). At December 31, 2025, the fair
value of these instruments was \u20ac136,000 (2024: \u20ac-390,000).
Foreign currency sensitivity
The impact on the Group\u2019s profit after tax is due to changes in the fair value
of monetary assets and liabilities including non-designated foreign currency
derivatives.
The main foreign exchange risk results from changes in the value of the USD
relative to the EUR. If the foreign currencies would have risen against the
EUR by 10%, the post-tax loss for the year would have been \u20ac64,000 higher
(2024: \u20ac55,000 higher). The opposite applies in the case of a weakening of
these foreign currencies relative to the euro of 10%.
Interest rate risk
The Group is exposed to interest rate risk. Cabka uses interest rate swaps
and options to economically hedge the interest rate risk. On December 31,
2025, Cabka had outstanding interest rate derivatives for a nominal amount
of \u20ac40,000,000. If the interest rates at December 31, 2025 would have been
100bps higher, the interest expenses would have been \u20ac103,000 higher
(2024: \u20ac198,000 higher). If the interest rates at December 31, 2025 would
have been 100bps lower, the interest expenses would have been \u20ac86,000
lower (2024: \u20ac227,000 lower.) refer to Note 20 and 31. The Fair value of the
interest rate derivatives would have been \u20ac107,000 higher, if the interest
rates at December 31, 2024 was 100bps higher, impacting OCI by \u20ac107,000.
The opposite applies in the case of a 100 bps decrease in the interest rates.
Derivatives are only used for economic hedging purposes and not as
speculative investments. The full fair value of hedging derivatives is
classified as a non-current asset or liability where the remaining maturity of
the hedged item is more than 12 months. On December 31, 2025 the fair
value included under other non current liabilities was \u20ac260,000 (2024:
\u20ac510,000).
The ineffective portion of the derivative is determined as insignificant.
Market risk
The market risk is the risk of the deterioration of the Group\u2019s income due
to movements in market prices, such as those relating to exchange rates
and interest rates. The aim of the management of market risk exposure is to
keep the market risk position within acceptable limits. Derivatives are used
to manage specific market risks. These transactions are carried out within
the Group\u2019s treasury framework.
Liquidity risk
The Group has implemented group- wide daily cash reporting and monitors
its liquidity with a rolling liquidity forecast. Funding contains long-term loans
and lease contracts as well as short-term loans within the syndicated loan
to maintain the necessary financial flexibility. The syndicated loan facility
matures in December 2027 and contains certain financial covenants. If the
financial covenants are not met at the reporting dates, the banks have
the right to request repayment of the outstanding loans. Further details of
the credit facilities are provided in Note 30.
The following tables show the undiscounted future contractual cash flows
from financial liabilities at December 31, 2025 and 2024 including
contractual interest payments:
Contractual cashflow of
financial liabilities 2025
In Euro x\u00a01,000
Net book
value
Current
< 1 year
Non-current
between 1
and 5 years
Non-current
> 5 years
Total
Liabilities to banks
52,000
24,698
33,189
-
57,887
Lease liabilities
(IFRS 16)
8,076
2,965
5,120
772
8,857
Rental purchase
agreement
5,688
2,677
3,011
-
5,688
Trade payables
25,062
25,062
-
-
25,062
Total
90,827
55,402
41,320
772
97,494
Contractual cashflow of
financial liabilities 2024
In Euro x\u00a01,000
Net book
value
Current
< 1 year
Non-current
between 1
and 5 years
Non-current
> 5 years
Total
Liabilities to banks
61,961
33,912
33,189
-
67,101
Lease liabilities
(IFRS 16)
10,802
3,915
6,658
1,211
11,784
Rental purchase
agreement
3,388
1,639
1,749
-
3,388
Trade payables
29,037
29,037
-
-
29,037
Total
105,189
68,503
41,596
1,211
111,310
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations
under a financial instrument or customer contract, leading to a financial
loss. The Group is exposed to credit risk from its operating activities
(primarily trade receivables).
Capital management
The Management Board\u2019s policy is designed to maintain a strong capital
gearing to retain the confidence of investors, creditors and the markets,
and to safeguard the future development of the business activities.
The Management Board monitors the return on equity and the level of
dividend distributed to ordinary shareholders.
Trade receivables
Customer credit risk is managed by each business unit subject to the
Group\u2019s established policy, procedures and control relating to customer
credit risk management. Creditworthiness of a customer is assessed based
on an extensive credit rating scorecard and individual credit limits are
defined in accordance with this assessment. Outstanding customer
receivables and contract assets are regularly monitored and any shipments
to major customers are generally covered by letters of credit obtained from
reputable banks and other financial institutions.
An impairment analysis is performed at each reporting date using a
provision matrix to measure expected credit losses. The provision rates are
based on days past due for categories of various customer segments with
similar loss patterns (i.e., by geographical region, product type, customer
type and rating, and coverage by letters of credit or other forms of credit
insurance). The calculation reflects the probability-weighted outcome,
the time value of money, and reasonable and supportable information
that is available at the reporting date about past events, current conditions,
and forecasts of future economic conditions. Generally, trade receivables
are written-off if past due for more than one year and are not subject to
enforcement activity. The maximum exposure to credit risk at the reporting
date is the carrying value of each class of financial assets disclosed in
Note 7. The Group does not hold collateral as security. The letters of credit
and other forms of credit insurance are considered integral part of trade
receivables and considered in the calculation of impairment.
Information about the credit risk exposure on the Group\u2019s trade receivables
using a provision matrix is provided below:
Trade receivables overview at December 31, 2025 (Days past due)
In Euro x\u00a01,000
Current
< 30 days
30 \u2013 60 days
60+ days
Total
Receivables outstanding
16,351
883
453
1,354
19,040
Expected credit loss rate
-%
1.13%
4.41%
4.41%
0.47%
Expected credit loss allowance
-
10
20
60
90
For the previous year this is summarized as follows:
Credit risk exposure on the Group\u2019s trade receivables
Trade receivables overview at December 31, 2024 (Days past in due)
In Euro x\u00a01,000
Current
< 30 days
30 \u2013 60 days
60+ days
Total
Receivables outstanding
2,938
6,032
6,380
4,283
19,633
Expected credit loss rate
0.34%
0.33%
0.31%
0.95%
0.46%
Expected credit loss allowance
10
20
20
41
91
The probability of default for trade receivables was determined on the basis
of actual historical bad debt losses. Actual historical bad debt losses are
considered on the basis of individual companies. The expected probability
of default is less than 1%. An expected loss in the amount of \u20ac90,000
(2024:\u00a0\u20ac91,000) was recognized. Additionally no individual impairments for
2025 and 2024 were recognized for trade receivables where actual
circumstances lead to a high probability of default.
For other financial assets such as other receivables and deposits, the
assumption is applied that no expected credit loss is required. Due to low
credit risk, the expected credit losses are deemed not significant.
Commodity price risk
The Group is exposed to energy price changes which are managed using
forward contracts. The Group manages other exposures to prices of raw
materials and other materials associated with off-take through commercial
contracting. Without the hedges in place, if wholesale energy prices would
have increased by 10%, the post-tax loss for the year would have been
\u20ac1,285,000 higher (2024: \u20ac1,353,000).
The opposite applies in the case of a decrease in the wholesale energy
prices by 10% in the year under review.
\u00a0
Climate risk and the impact of extreme weather events
Climate change and the subsequent increase in the frequency of\u00a0 extreme
weather events can potentially impact Cabka\u2019s infrastructure and business
activities. This risk materialized at our North American entity in St. Louis in
August 2022, when an extraordinary flooding event caused severe damage
to our production facility. Furthermore, Valencia saw a devastating flood in
October 2024. While this event did not directly impact Cabka\u2019s Innovation
Center, it did affect some of our employees and has underscored the need
for adequate risk management. To prevent and mitigate such incidents in
the future and to further integrate this risk in financial and strategic
planning, a comprehensive scenario analysis of physical climate risks was
conducted in 2025 for each one of Cabka\u2019s manufacturing locations as well
as for the Innovation Center.
Fraud and non-compliance
The Management of Cabka N.V. is aware of the inherent risk of fraud that it
faces, both internally and externally, in carrying out its activities. External
parties must be able to trust that Cabka N.V. and its employees do business
in a reliable, honest and careful manner. Therefore, Cabka N.V. has drawn
up a code of ethics that is shared with every employee at the start of their
employment. The importance of the code of ethics and compliance is
periodically emphasized and is a subject of discussion between manager
and employee. In addition, a separate suppliers code of conduct is available
so that external suppliers\u2019 actions are in line with those of Cabka.
A confidential advisor and tipline, including a whistleblower policy where
any abuses can be reported confidentially, have been implemented.
The code of ethics, suppliers code of conduct and the whistleblower are
available on our website and are therefore also shared with our external
relations.
Cabka N.V. has measures in place to significantly reduce its exposure to
fraud. An important measure is the restriction of access (both physical and
digital) for individuals to only those areas where they perform their day-to-
day activities, and segregation of duties (SoD) so that important checks and
balances are not combined within the same person. Both the user access
and SoD are reviewed and adjusted to be in line with the risk appetite if
situations change. A significant number of general IT controls around user
access and SoD have been designed. Cabka continues to address and
improve the design and effectiveness of its IT controls.\u00a0
In addition to the foundation of access management and SoD, Cabka also
has an authorization matrix to clearly define the responsibilities and
authorization limits for each function within the company. This ensures that
only the authorized employees are involved when information is processed
or decisions are made with a certain level of (fraud) risk.\u00a0
Despite all internal control measures, there remains the risk of management
or the board overriding internal controls and the risk of collusion between
employees. Transparent decision-making, the governance structure, an
open culture in which we dare to call each other to account, the presence
of a confidential advisor to report non-ethical actions to (anonymously),
and periodic internal and external audits on compliance, are measures that
must contribute to detecting instances of overriding controls.
Conclusion
Management is of the opinion that, taking into account all procedures and
control measures, the risk assessment provides a complete overview of the
risks the company faces and that adequate procedures are in place to
mitigate these risks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-397": { "value": "
7.\u00a0 \u00a0 Fair Value Measurement
The Group's best estimate is that the book value of the following financial
assets and liabilities is considered a reasonable approximation of their fair
value:
\u2022 trade and other receivables;
\u2022 cash and cash equivalents;
\u2022 bank loans; lease liabilities and liabilities to other financial institutions;
\u2022 trade and other payables;
\u2022 other liabilities.
The fair value of the financial instruments for 2025 is as follows:
Fair value measurement
IN EUR x 1.000
At Amortized Cost
Mandatory at
FVTPL
Total Carrying
Value
At December 31, 2025
Trade and other receivables
19,187
\u2014
19,187
Cash and cash equivalents
3,147
\u2014
3,147
Financial assets at amortized
costs
22,334
\u2014
22,334
Liabilities to banks
52,000
\u2014
52,000
Lease liabilities
8,076
\u2014
8,076
Lease purchase agreements
5,688
\u2014
5,688
Trade and other payables
25,062
\u2014
25,062
Financial liabilities at
amortized costs
90,827
\u2014
90,827
Special shares liabilities
\u2014
191
191
Other liabilities - derivatives
\u2014
260
260
Financial liabilities measured at
fair value
\u2014
450
450
The overview below summarizes the fair value movements for 2024:
IN EUR x 1,000
At Amortized Cost
Mandatory at
FVTPL
Total Carrying
Value
At December 31, 2024
Trade and other receivables
19,860
\u2014
19,860
Cash and cash equivalents
4,388
\u2014
4,388
Financial assets at amortized
costs
24,248
\u2014
24,248
Other long-term assets (Note 21)
\u2014
\u2014
\u2014
Financial assets measured at
fair value
\u2014
\u2014
\u2014
Liabilities to banks
61,961
\u2014
61,961
Lease liabilities
10,802
\u2014
10,802
Rental purchase agreements
3,388
\u2014
3,388
Trade and other payables
29,037
\u2014
29,037
Financial liabilities at
amortized costs
105,189
\u2014
105,189
Special shares liabilities
\u2014
205
205
Other liabilities
\u2014
510
510
Financial liabilities measured at
fair value
\u2014
716
716
Derivative financial instruments are measured at fair value and are
recorded as a financial asset or financial liability depending on their fair
value (positive or negative). Such fair value measurements are classified as
level 2 of the fair value hierarchy of IFRS 13.
Special Shares liabilities are measured at fair value based on estimations at
each reporting date using a modified Black-Scholes-Merton option pricing
model, taking into account the market conditions. Further details of the
terms are disclosed in Note 30. Such fair value measurements are classified
as level 3 of the fair value hierarchy of IFRS 13.
There have been no transfers between levels of the fair value hierarchy
used in measuring the fair value of financial instruments. Such transfers may
occur where directly observable prices may become available or where
market data from independent sources may no longer be available.
There were no significant interrelationships between unobservable inputs
that materially affect fair values.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-396": { "value": "
7.\u00a0 \u00a0 Fair Value Measurement
The Group's best estimate is that the book value of the following financial
assets and liabilities is considered a reasonable approximation of their fair
value:
\u2022 trade and other receivables;
\u2022 cash and cash equivalents;
\u2022 bank loans; lease liabilities and liabilities to other financial institutions;
\u2022 trade and other payables;
\u2022 other liabilities.
The fair value of the financial instruments for 2025 is as follows:
Fair value measurement
IN EUR x 1.000
At Amortized Cost
Mandatory at
FVTPL
Total Carrying
Value
At December 31, 2025
Trade and other receivables
19,187
\u2014
19,187
Cash and cash equivalents
3,147
\u2014
3,147
Financial assets at amortized
costs
22,334
\u2014
22,334
Liabilities to banks
52,000
\u2014
52,000
Lease liabilities
8,076
\u2014
8,076
Lease purchase agreements
5,688
\u2014
5,688
Trade and other payables
25,062
\u2014
25,062
Financial liabilities at
amortized costs
90,827
\u2014
90,827
Special shares liabilities
\u2014
191
191
Other liabilities - derivatives
\u2014
260
260
Financial liabilities measured at
fair value
\u2014
450
450
The overview below summarizes the fair value movements for 2024:
IN EUR x 1,000
At Amortized Cost
Mandatory at
FVTPL
Total Carrying
Value
At December 31, 2024
Trade and other receivables
19,860
\u2014
19,860
Cash and cash equivalents
4,388
\u2014
4,388
Financial assets at amortized
costs
24,248
\u2014
24,248
Other long-term assets (Note 21)
\u2014
\u2014
\u2014
Financial assets measured at
fair value
\u2014
\u2014
\u2014
Liabilities to banks
61,961
\u2014
61,961
Lease liabilities
10,802
\u2014
10,802
Rental purchase agreements
3,388
\u2014
3,388
Trade and other payables
29,037
\u2014
29,037
Financial liabilities at
amortized costs
105,189
\u2014
105,189
Special shares liabilities
\u2014
205
205
Other liabilities
\u2014
510
510
Financial liabilities measured at
fair value
\u2014
716
716
Derivative financial instruments are measured at fair value and are
recorded as a financial asset or financial liability depending on their fair
value (positive or negative). Such fair value measurements are classified as
level 2 of the fair value hierarchy of IFRS 13.
Special Shares liabilities are measured at fair value based on estimations at
each reporting date using a modified Black-Scholes-Merton option pricing
model, taking into account the market conditions. Further details of the
terms are disclosed in Note 30. Such fair value measurements are classified
as level 3 of the fair value hierarchy of IFRS 13.
There have been no transfers between levels of the fair value hierarchy
used in measuring the fair value of financial instruments. Such transfers may
occur where directly observable prices may become available or where
market data from independent sources may no longer be available.
There were no significant interrelationships between unobservable inputs
that materially affect fair values.
The stock option programs are further elaborated in the section share-
based payments program (see Note 27). During the year, Cabka N.V.
released a part of the accrued stock options expense raised in prior years,
which is the result of employees whom have left the company in 2025 and
thereby have forfeited their right to the stock options.
27.\u00a0 \u00a0 Share-Based Payments
PSU Plan
Effective as of March 1, 2022, a performance share unit plan was adopted
(the PSU Plan). The PSU Plan allows key employees a one-off award of
performance share units (PSU) where each PSU covers (the value) of one
ordinary share of Cabka N.V. Subject to the terms and conditions of the PSU
Plan, vesting of the awarded PSUs will occur on different vesting dates
subject to the performance condition being met. Performance conditions
are market conditions of the quoted share price of Cabka reaching \u20ac11.00,
\u20ac12.00 and \u20ac13.00 (hurdles) within five years\u2019 time from the grant date.
Once a hurdle is met, the PSU vest in three equal installments over a period
of three years. The employee is then entitled to receive one ordinary share
per PSU without any payment, provided that the employee is still employed
at that time. When the hurdles are not achieved within 5 years, the option
forfeits. The market conditions are achieved if the share price equals or
exceeds the stated hurdles for any 15 trading days out of a 30 consecutive
trading day period (whereby such 15 trading days do not have to be
consecutive).
There are no cash settlement alternatives. The Group accounts for the PSU
as an equity-settled share-based payment.
The fair value of the PSU is estimated at the grant date using a modified
Black-Scholes-Merton option pricing model, considering the market
conditions. The total fair value of the grant is recorded as a share-based
payment expense over the estimated vesting period based on graded
vesting. The vesting period was estimated based on the date of the highest
probability that hurdles are met according to the option pricing model
applied.
No more grants under the PSU program will be issued.
PS
Finally, the former CEO was entitled to Performance Shares (PS) subject to
the performance conditions being met. Performance conditions are market
conditions of the quoted share price of Cabka reaching \u20ac16.00, \u20ac18.00 and
\u20ac20.00 (hurdles). After the former CEO, Tim Litjens, stepped down as of
October 1, 2024, all his PS rights were terminated without any vesting or
payout.
There are no cash settlement alternatives. The Group accounts for the PS
as an equity-settled share-based payment.
The fair value of the PS was estimated at the grant date in 2022 using a
modified Black-Scholes-Merton option pricing model, considering the
market conditions. The total fair value of the grant is recorded as a share-
based payment expense over the estimated vesting period based on graded
vesting.
RSU
Effective as of August 1, 2024, a restricted stock unit plan was adopted (the
RSU Plan). Under the plan, eligible employees are granted RSUs, which
represent a promise to deliver shares of the company's stock at a future
date, subject to certain vesting conditions. The grant will be adjustable
(from 0% to 130%) based on the job performance of the relevant
participant. The adjustment of the grant will be determined after the vesting
period of the stock options and/or RSUs based on the achievement of a
cumulative three-year EBITDA target, which EBITDA target will be
determined by the Supervisory Board. Accelerated vesting will be subject to
the approval of the Supervisory Board and the Supervisory Board will have
the right to overwrite and/or adjust any grant of stock options and/or RSUs.
Participants will not be allowed to exercise stock options or sell shares
received pursuant to the vesting of RSUs within the first 5 years following
the date of grant.
Non-vested stock options cannot be exercised and non-vested RSUs
cannot be settled. If a participant leaves the Company, all granted but
unvested stock options will be forfeited.
There are no cash settlement alternatives. The Group accounts for the RSU
as an equity-settled share-based payment.
The fair value of the RSU is estimated at the grant date using a modified
Black-Scholes-Merton option pricing model, considering the vesting
conditions. The total fair value of the grant is recorded as a share-based
payment expense over the estimated vesting period based on graded
vesting. The vesting period was estimated based on the date of the highest
probability that hurdles are met according to the option pricing model
applied.
As at December 31, 2025 (December 31, 2024), the Group recognized the
following share-based payment expenses for the above-mentioned plans in
the statement of profit or loss:
Share- based payment expense
In Euro x\u00a01,000
2025
2024
VSOP
-
-
PSU
-191
-101
PS
-
-301
RSU
48
79
Share-based payment expenses
-143
-324
Movements of equity-settled options during the year:
Number of options\u00a0
RSU
PS\u00a0
PSU\u00a0
Outstanding at January 1, 2025
154,668
-
271,784
Granted during the year\u00a0
-
-
-
Forfeited during the year\u00a0
-67,563
-
-139,284
Exercised during year\u00a0
-
-
-
Outstanding at December 31,
2025
87,105
-
132,500
All option programs have an exercise price of zero. None of the options
were exercisable as of December 31, 2025. The weighted average remaining
contractual life of the option can be summarized as follows:
Weighted average remaining contractual life of
options in years
2025
2024
RSU
3.00
4.00
PSU
3.46
4.34
PS
-
-
The remaining contractual life of PSU options reflects the maximum
possible contractual lifespan of 5 years for achieving the hurdles plus a
consecutive 3-year vesting period. The PS options granted to the CEO have
in principle no contractual life but were linked to a continuous employment
clause.\u00a0 After the former CEO, Tim Litjens, stepped down all his PS rights
were terminated.
The weighted average fair values of options granted in 2025 and 2024 at the
respective measurement dates are summarized as follows:
Weighted average fair value of options at
measurement date (in EUR)
In Euro
2025
2024
VSOP\u00a0
-
-
RSU
2.00
2.00
PSU\u00a0
3.64
4.03
PS
-
-
The model inputs are summarized in the overview as follows:
Model inputs\u00a0\u00a0
2025
2025
2024
2024
PSU\u00a0
RSU
PSU
RSU
Model used\u00a0
Modified BS\u00a0
Modified BS\u00a0
Modified BS
Modified BS\u00a0
Measurement
date\u00a0
January 1, 2024
August 1, 2024
January 1, 2024
August 1, 2024
Dividend yield
(%)
2.46
-
2.46
-
Expected
volatility\u00a0(%)
31.00
30.00
31.00
30.00
Risk-free rate
(%)
1.92
2.10
1.92
2.10
Expected life
of options
(years)
5.00 \u2013 7.00\u00a0
5.00
5.00 \u2013 7.00
5.00
Underlying
share price (\u20ac)
\u20ac6.10
\u20ac3.58
6.10
\u20ac3.58
The expected life of the options is based on expectations at the
measurement date, considering early exercise behavior generally observed
for employees, and is not necessarily indicative of exercise patterns that
may occur. The expected life of the PSU (2022) is less than the maximum
contractual life. The expected life of the PSU 2023 & 2025 is equal to the
maximum contractual life. The expected volatility reflects the assumption
that the historical volatility over a period similar to the life of the options is
indicative of future trends, which may not necessarily be the actual
outcome.
Critical judgments on share-based payments
Estimating fair value for share-based payment transactions requires
determination of the most appropriate valuation model, which depends on
the terms and conditions of the grant. This estimate also requires
determination of the most appropriate inputs to the valuation model
including the expected life of the share option or appreciation right,
volatility and dividend yield and making assumptions about them.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-395": { "value": "
7.\u00a0 \u00a0 Fair Value Measurement
The Group's best estimate is that the book value of the following financial
assets and liabilities is considered a reasonable approximation of their fair
value:
\u2022 trade and other receivables;
\u2022 cash and cash equivalents;
\u2022 bank loans; lease liabilities and liabilities to other financial institutions;
\u2022 trade and other payables;
\u2022 other liabilities.
The fair value of the financial instruments for 2025 is as follows:
Fair value measurement
IN EUR x 1.000
At Amortized Cost
Mandatory at
FVTPL
Total Carrying
Value
At December 31, 2025
Trade and other receivables
19,187
\u2014
19,187
Cash and cash equivalents
3,147
\u2014
3,147
Financial assets at amortized
costs
22,334
\u2014
22,334
Liabilities to banks
52,000
\u2014
52,000
Lease liabilities
8,076
\u2014
8,076
Lease purchase agreements
5,688
\u2014
5,688
Trade and other payables
25,062
\u2014
25,062
Financial liabilities at
amortized costs
90,827
\u2014
90,827
Special shares liabilities
\u2014
191
191
Other liabilities - derivatives
\u2014
260
260
Financial liabilities measured at
fair value
\u2014
450
450
The overview below summarizes the fair value movements for 2024:
IN EUR x 1,000
At Amortized Cost
Mandatory at
FVTPL
Total Carrying
Value
At December 31, 2024
Trade and other receivables
19,860
\u2014
19,860
Cash and cash equivalents
4,388
\u2014
4,388
Financial assets at amortized
costs
24,248
\u2014
24,248
Other long-term assets (Note 21)
\u2014
\u2014
\u2014
Financial assets measured at
fair value
\u2014
\u2014
\u2014
Liabilities to banks
61,961
\u2014
61,961
Lease liabilities
10,802
\u2014
10,802
Rental purchase agreements
3,388
\u2014
3,388
Trade and other payables
29,037
\u2014
29,037
Financial liabilities at
amortized costs
105,189
\u2014
105,189
Special shares liabilities
\u2014
205
205
Other liabilities
\u2014
510
510
Financial liabilities measured at
fair value
\u2014
716
716
Derivative financial instruments are measured at fair value and are
recorded as a financial asset or financial liability depending on their fair
value (positive or negative). Such fair value measurements are classified as
level 2 of the fair value hierarchy of IFRS 13.
Special Shares liabilities are measured at fair value based on estimations at
each reporting date using a modified Black-Scholes-Merton option pricing
model, taking into account the market conditions. Further details of the
terms are disclosed in Note 30. Such fair value measurements are classified
as level 3 of the fair value hierarchy of IFRS 13.
There have been no transfers between levels of the fair value hierarchy
used in measuring the fair value of financial instruments. Such transfers may
occur where directly observable prices may become available or where
market data from independent sources may no longer be available.
There were no significant interrelationships between unobservable inputs
that materially affect fair values.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-402": { "value": "
8.\u00a0 \u00a0 Other Operating Income
Other operating income is summarized in the overview below:
Other operating income
In Euro x\u00a01,000
2025
2024
Income from insurance
739
118
Other own work capitalized
2,858
6,711
Personnel related operating income
887
968
Other operating income
1,546
872
Total other operating income
6,030
8,670
During 2025 the company received \u20ac739,000 which related to insurance
proceeds in Germany (2024: \u20ac118,000). Other own work capitalized in both
financial years relates to operational costs, such as personnel expenses,
capitalized for in-house manufactured property and equipment, such as
molds and assets related to recycle lines. The personnel related operating
income amounting to \u20ac887,000 (2024: \u20ac968,000) and is primarily related to
governmental subsidies for the employment of permanent staff, especially
for social securities.
The category other operating income of \u20ac1,546,000 (2024: \u20ac872,000)
relates to the release of accruals from previous periods amounting to
\u20ac669,000 (2024: \u20ac431,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-401": { "value": "
8.\u00a0 \u00a0 Other Operating Income
Other operating income is summarized in the overview below:
Other operating income
In Euro x\u00a01,000
2025
2024
Income from insurance
739
118
Other own work capitalized
2,858
6,711
Personnel related operating income
887
968
Other operating income
1,546
872
Total other operating income
6,030
8,670
During 2025 the company received \u20ac739,000 which related to insurance
proceeds in Germany (2024: \u20ac118,000). Other own work capitalized in both
financial years relates to operational costs, such as personnel expenses,
capitalized for in-house manufactured property and equipment, such as
molds and assets related to recycle lines. The personnel related operating
income amounting to \u20ac887,000 (2024: \u20ac968,000) and is primarily related to
governmental subsidies for the employment of permanent staff, especially
for social securities.
The category other operating income of \u20ac1,546,000 (2024: \u20ac872,000)
relates to the release of accruals from previous periods amounting to
\u20ac669,000 (2024: \u20ac431,000).
11.\u00a0 \u00a0 Other Operating Expenses
Other operating expenses are summarized in the overview below:
Other operating expenses
In Euro x\u00a01,000
2025
2024
Flood related expenses
-
53
Legal, audit and consulting fees
4,415
4,519
Repairs and maintenance
5,045
5,183
Transport expenses
6
8
Insurance and fees
2,856
2,943
IT services
2,140
1,959
Sales and promotion expenses
2,053
1,797
Car, travel and representation costs
1,892
2,002
Waste and disposal
2,829
2,889
Rental costs
1,429
1,379
Other costs
6,410
6,422
Other operating expenses
29,076
29,154
The category other costs in other operating expenses in 2025 mainly
include expenses related to other taxes for real estate and city and
province taxes \u20ac1,206,000 (2024: \u20ac1,024,000), medical & safety costs
\u20ac1,013,000 (2024: \u20ac1,013,000), expenses related to other accounting
periods \u20ac898,000 (2024: \u20ac294,000), recruiting and\u00a0 training costs \u20ac322,000
(2024: \u20ac435,000), board compensation fees \u20ac240,000 (2024: \u20ac236,000),
and operations totaling \u20ac2,320,000 (2024: \u20ac2,305,000).
Legal, audit and consulting fees relate primarily to fees paid to freelancers
of \u20ac850,000 (2024: \u20ac1,004,000), closing and audit fees of \u20ac1,098,000 (2024:
\u20ac902,000). The remaining amount of \u20ac2,463,000 (2024: \u20ac2,612,000)
includes, among other costs, consulting costs for legal, tax, ESG, investor
relations and patents.
When compared to the prior period, other operating expenses decreased
by \u20ac78,000 during 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-403": { "value": "
Other operating income is summarized in the overview below:
Other operating income
In Euro x\u00a01,000
2025
2024
Income from insurance
739
118
Other own work capitalized
2,858
6,711
Personnel related operating income
887
968
Other operating income
1,546
872
Total other operating income
6,030
8,670
The personnel related operating
income amounting to \u20ac887,000 (2024: \u20ac968,000) and is primarily related to
governmental subsidies for the employment of permanent staff, especially
for social securities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-406": { "value": "
9.\u00a0 \u00a0 Material Expenses / Expenses for Purchased
Services
Material expenses and expenses for purchased services are summarized in
the overview below:
Material expenses / expenses
for purchased services
In Euro x\u00a01,000
2025
2024
Change
Cost of raw materials,
consumables and supplements
65,232
68,216
-4%
Cost of purchased services
9,583
12,346
-22%
Transportation costs
5,217
5,594
-7%
Gas, Power, Water
12,850
13,664
-6%
Total material expenses /
expenses for purchased
services
92,882
99,820
-7%
Material costs/expenses for purchased services include direct attributable
costs, such as costs for raw materials and production-related materials,
energy costs and purchased services. The latter are costs related to the
external manufacturing of products and temporary employees, supporting
the in-house production of finished goods.
Purchased services, primarily external manufacturing costs in Europe,
decreased whereas external production costs decreased in the US
compared to the prior year. The utilization of temporary staff to ensure a
certain flexibility for extra capacity was reduced as well.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-405": { "value": "
9.\u00a0 \u00a0 Material Expenses / Expenses for Purchased
Services
Material expenses and expenses for purchased services are summarized in
the overview below:
Material expenses / expenses
for purchased services
In Euro x\u00a01,000
2025
2024
Change
Cost of raw materials,
consumables and supplements
65,232
68,216
-4%
Cost of purchased services
9,583
12,346
-22%
Transportation costs
5,217
5,594
-7%
Gas, Power, Water
12,850
13,664
-6%
Total material expenses /
expenses for purchased
services
92,882
99,820
-7%
Material costs/expenses for purchased services include direct attributable
costs, such as costs for raw materials and production-related materials,
energy costs and purchased services. The latter are costs related to the
external manufacturing of products and temporary employees, supporting
the in-house production of finished goods.
Purchased services, primarily external manufacturing costs in Europe,
decreased whereas external production costs decreased in the US
compared to the prior year. The utilization of temporary staff to ensure a
certain flexibility for extra capacity was reduced as well.
10.\u00a0 \u00a0 Personnel Expenses
Personnel expenses are summarized in the overview below:
Personnel expenses
In Euro x\u00a01,000
2025
2024
Change
Salaries and wages
32,218
34,563
-7%
Social securities and other
benefits
7,347
7,382
-%
Other staff costs
2,816
3,288
-14%
Share-based payment expense
-143
-324
-56%
Total personnel expenses
42,239
44,910
-6%
The stock option programs are further elaborated in the section share-
based payments program (see Note 27). During the year, Cabka N.V.
released a part of the accrued stock options expense raised in prior years,
which is the result of employees whom have left the company in 2025 and
thereby have forfeited their right to the stock options.
Personnel expenses declined by 6% compared to the previous year,
primarily as a result of restructuring measures that were completed by the
end of 2025.
The average number of FTE in 2025 is 568 and represents a decline of 7% in
the financial year compared to the previous year (2024: 611 FTEs).
Reference is made to Note 6 for further disclosure on FTEs per segment
and per department.
11.\u00a0 \u00a0 Other Operating Expenses
Other operating expenses are summarized in the overview below:
Other operating expenses
In Euro x\u00a01,000
2025
2024
Flood related expenses
-
53
Legal, audit and consulting fees
4,415
4,519
Repairs and maintenance
5,045
5,183
Transport expenses
6
8
Insurance and fees
2,856
2,943
IT services
2,140
1,959
Sales and promotion expenses
2,053
1,797
Car, travel and representation costs
1,892
2,002
Waste and disposal
2,829
2,889
Rental costs
1,429
1,379
Other costs
6,410
6,422
Other operating expenses
29,076
29,154
The category other costs in other operating expenses in 2025 mainly
include expenses related to other taxes for real estate and city and
province taxes \u20ac1,206,000 (2024: \u20ac1,024,000), medical & safety costs
\u20ac1,013,000 (2024: \u20ac1,013,000), expenses related to other accounting
periods \u20ac898,000 (2024: \u20ac294,000), recruiting and\u00a0 training costs \u20ac322,000
(2024: \u20ac435,000), board compensation fees \u20ac240,000 (2024: \u20ac236,000),
and operations totaling \u20ac2,320,000 (2024: \u20ac2,305,000).
Legal, audit and consulting fees relate primarily to fees paid to freelancers
of \u20ac850,000 (2024: \u20ac1,004,000), closing and audit fees of \u20ac1,098,000 (2024:
\u20ac902,000). The remaining amount of \u20ac2,463,000 (2024: \u20ac2,612,000)
includes, among other costs, consulting costs for legal, tax, ESG, investor
relations and patents.
When compared to the prior period, other operating expenses decreased
by \u20ac78,000 during 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-404": { "value": "
9.\u00a0 \u00a0 Material Expenses / Expenses for Purchased
Services
Material expenses and expenses for purchased services are summarized in
the overview below:
Material expenses / expenses
for purchased services
In Euro x\u00a01,000
2025
2024
Change
Cost of raw materials,
consumables and supplements
65,232
68,216
-4%
Cost of purchased services
9,583
12,346
-22%
Transportation costs
5,217
5,594
-7%
Gas, Power, Water
12,850
13,664
-6%
Total material expenses /
expenses for purchased
services
92,882
99,820
-7%
Material costs/expenses for purchased services include direct attributable
costs, such as costs for raw materials and production-related materials,
energy costs and purchased services. The latter are costs related to the
external manufacturing of products and temporary employees, supporting
the in-house production of finished goods.
Purchased services, primarily external manufacturing costs in Europe,
decreased whereas external production costs decreased in the US
compared to the prior year. The utilization of temporary staff to ensure a
certain flexibility for extra capacity was reduced as well.
10.\u00a0 \u00a0 Personnel Expenses
Personnel expenses are summarized in the overview below:
Personnel expenses
In Euro x\u00a01,000
2025
2024
Change
Salaries and wages
32,218
34,563
-7%
Social securities and other
benefits
7,347
7,382
-%
Other staff costs
2,816
3,288
-14%
Share-based payment expense
-143
-324
-56%
Total personnel expenses
42,239
44,910
-6%
The stock option programs are further elaborated in the section share-
based payments program (see Note 27). During the year, Cabka N.V.
released a part of the accrued stock options expense raised in prior years,
which is the result of employees whom have left the company in 2025 and
thereby have forfeited their right to the stock options.
Personnel expenses declined by 6% compared to the previous year,
primarily as a result of restructuring measures that were completed by the
end of 2025.
The average number of FTE in 2025 is 568 and represents a decline of 7% in
the financial year compared to the previous year (2024: 611 FTEs).
Reference is made to Note 6 for further disclosure on FTEs per segment
and per department.
11.\u00a0 \u00a0 Other Operating Expenses
Other operating expenses are summarized in the overview below:
Other operating expenses
In Euro x\u00a01,000
2025
2024
Flood related expenses
-
53
Legal, audit and consulting fees
4,415
4,519
Repairs and maintenance
5,045
5,183
Transport expenses
6
8
Insurance and fees
2,856
2,943
IT services
2,140
1,959
Sales and promotion expenses
2,053
1,797
Car, travel and representation costs
1,892
2,002
Waste and disposal
2,829
2,889
Rental costs
1,429
1,379
Other costs
6,410
6,422
Other operating expenses
29,076
29,154
The category other costs in other operating expenses in 2025 mainly
include expenses related to other taxes for real estate and city and
province taxes \u20ac1,206,000 (2024: \u20ac1,024,000), medical & safety costs
\u20ac1,013,000 (2024: \u20ac1,013,000), expenses related to other accounting
periods \u20ac898,000 (2024: \u20ac294,000), recruiting and\u00a0 training costs \u20ac322,000
(2024: \u20ac435,000), board compensation fees \u20ac240,000 (2024: \u20ac236,000),
and operations totaling \u20ac2,320,000 (2024: \u20ac2,305,000).
Legal, audit and consulting fees relate primarily to fees paid to freelancers
of \u20ac850,000 (2024: \u20ac1,004,000), closing and audit fees of \u20ac1,098,000 (2024:
\u20ac902,000). The remaining amount of \u20ac2,463,000 (2024: \u20ac2,612,000)
includes, among other costs, consulting costs for legal, tax, ESG, investor
relations and patents.
When compared to the prior period, other operating expenses decreased
by \u20ac78,000 during 2025.
13.\u00a0 \u00a0 Finance Expenses
Finance expenses are summarized in the overview below:
Finance expenses
In Euro x\u00a01,000
2025
2024
Interest on debts and borrowings
3,303
3,484
Interest arising from factoring
421
74
Interest on lease liabilities (IFRS 16)
226
256
Interest on rental purchase liabilities
105
163
Other interest and similar expenses
790
836
Foreign exchange loss
1,054
568
Total finance costs
5,899
5,381
Other interest and similar expenses contain the proportional arrangement
fees for the syndicated loan as well as commitment fees. Further details
and terms of the syndicated loan are included in note 30. In 2025, interest
expenses totaled \u20ac4,845,000. The reported foreign exchange loss reflects
the net result of a foreign exchange gain of \u20ac3,405,000 and a foreign
exchange loss of \u20ac4,442,000, both of which are associated with hedging
activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-407": { "value": "
10.\u00a0 \u00a0 Personnel Expenses
Personnel expenses are summarized in the overview below:
Personnel expenses
In Euro x\u00a01,000
2025
2024
Change
Salaries and wages
32,218
34,563
-7%
Social securities and other
benefits
7,347
7,382
-%
Other staff costs
2,816
3,288
-14%
Share-based payment expense
-143
-324
-56%
Total personnel expenses
42,239
44,910
-6%
The stock option programs are further elaborated in the section share-
based payments program (see Note 27). During the year, Cabka N.V.
released a part of the accrued stock options expense raised in prior years,
which is the result of employees whom have left the company in 2025 and
thereby have forfeited their right to the stock options.
Personnel expenses declined by 6% compared to the previous year,
primarily as a result of restructuring measures that were completed by the
end of 2025.
The average number of FTE in 2025 is 568 and represents a decline of 7% in
the financial year compared to the previous year (2024: 611 FTEs).
Reference is made to Note 6 for further disclosure on FTEs per segment
and per department.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-409": { "value": "
11.\u00a0 \u00a0 Other Operating Expenses
Other operating expenses are summarized in the overview below:
Other operating expenses
In Euro x\u00a01,000
2025
2024
Flood related expenses
-
53
Legal, audit and consulting fees
4,415
4,519
Repairs and maintenance
5,045
5,183
Transport expenses
6
8
Insurance and fees
2,856
2,943
IT services
2,140
1,959
Sales and promotion expenses
2,053
1,797
Car, travel and representation costs
1,892
2,002
Waste and disposal
2,829
2,889
Rental costs
1,429
1,379
Other costs
6,410
6,422
Other operating expenses
29,076
29,154
The category other costs in other operating expenses in 2025 mainly
include expenses related to other taxes for real estate and city and
province taxes \u20ac1,206,000 (2024: \u20ac1,024,000), medical & safety costs
\u20ac1,013,000 (2024: \u20ac1,013,000), expenses related to other accounting
periods \u20ac898,000 (2024: \u20ac294,000), recruiting and\u00a0 training costs \u20ac322,000
(2024: \u20ac435,000), board compensation fees \u20ac240,000 (2024: \u20ac236,000),
and operations totaling \u20ac2,320,000 (2024: \u20ac2,305,000).
Legal, audit and consulting fees relate primarily to fees paid to freelancers
of \u20ac850,000 (2024: \u20ac1,004,000), closing and audit fees of \u20ac1,098,000 (2024:
\u20ac902,000). The remaining amount of \u20ac2,463,000 (2024: \u20ac2,612,000)
includes, among other costs, consulting costs for legal, tax, ESG, investor
relations and patents.
When compared to the prior period, other operating expenses decreased
by \u20ac78,000 during 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-408": { "value": "
11.\u00a0 \u00a0 Other Operating Expenses
Other operating expenses are summarized in the overview below:
Other operating expenses
In Euro x\u00a01,000
2025
2024
Flood related expenses
-
53
Legal, audit and consulting fees
4,415
4,519
Repairs and maintenance
5,045
5,183
Transport expenses
6
8
Insurance and fees
2,856
2,943
IT services
2,140
1,959
Sales and promotion expenses
2,053
1,797
Car, travel and representation costs
1,892
2,002
Waste and disposal
2,829
2,889
Rental costs
1,429
1,379
Other costs
6,410
6,422
Other operating expenses
29,076
29,154
The category other costs in other operating expenses in 2025 mainly
include expenses related to other taxes for real estate and city and
province taxes \u20ac1,206,000 (2024: \u20ac1,024,000), medical & safety costs
\u20ac1,013,000 (2024: \u20ac1,013,000), expenses related to other accounting
periods \u20ac898,000 (2024: \u20ac294,000), recruiting and\u00a0 training costs \u20ac322,000
(2024: \u20ac435,000), board compensation fees \u20ac240,000 (2024: \u20ac236,000),
and operations totaling \u20ac2,320,000 (2024: \u20ac2,305,000).
Legal, audit and consulting fees relate primarily to fees paid to freelancers
of \u20ac850,000 (2024: \u20ac1,004,000), closing and audit fees of \u20ac1,098,000 (2024:
\u20ac902,000). The remaining amount of \u20ac2,463,000 (2024: \u20ac2,612,000)
includes, among other costs, consulting costs for legal, tax, ESG, investor
relations and patents.
When compared to the prior period, other operating expenses decreased
by \u20ac78,000 during 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-411": { "value": "
12.\u00a0 \u00a0 Finance Income
Finance income is summarized in the overview below:
Finance income
In Euro x\u00a01,000
2025
2024
Changes in fair value of Special Shares liabilities
15
866
Interest income
5
447
Foreign exchange gain
-
-
Total finance income
20
1,313
The change in fair value of the Special Shares conversion option relates to
the revaluation of this financial liability on the reporting date and is based
on changes in the ordinary share price of Cabka N.V. Further details on the
Special Shares and the conversion option are disclosed in Note 30.
13.\u00a0 \u00a0 Finance Expenses
Finance expenses are summarized in the overview below:
Finance expenses
In Euro x\u00a01,000
2025
2024
Interest on debts and borrowings
3,303
3,484
Interest arising from factoring
421
74
Interest on lease liabilities (IFRS 16)
226
256
Interest on rental purchase liabilities
105
163
Other interest and similar expenses
790
836
Foreign exchange loss
1,054
568
Total finance costs
5,899
5,381
Other interest and similar expenses contain the proportional arrangement
fees for the syndicated loan as well as commitment fees. Further details
and terms of the syndicated loan are included in note 30. In 2025, interest
expenses totaled \u20ac4,845,000. The reported foreign exchange loss reflects
the net result of a foreign exchange gain of \u20ac3,405,000 and a foreign
exchange loss of \u20ac4,442,000, both of which are associated with hedging
activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-410": { "value": "
12.\u00a0 \u00a0 Finance Income
Finance income is summarized in the overview below:
Finance income
In Euro x\u00a01,000
2025
2024
Changes in fair value of Special Shares liabilities
15
866
Interest income
5
447
Foreign exchange gain
-
-
Total finance income
20
1,313
The change in fair value of the Special Shares conversion option relates to
the revaluation of this financial liability on the reporting date and is based
on changes in the ordinary share price of Cabka N.V. Further details on the
Special Shares and the conversion option are disclosed in Note 30.
13.\u00a0 \u00a0 Finance Expenses
Finance expenses are summarized in the overview below:
Finance expenses
In Euro x\u00a01,000
2025
2024
Interest on debts and borrowings
3,303
3,484
Interest arising from factoring
421
74
Interest on lease liabilities (IFRS 16)
226
256
Interest on rental purchase liabilities
105
163
Other interest and similar expenses
790
836
Foreign exchange loss
1,054
568
Total finance costs
5,899
5,381
Other interest and similar expenses contain the proportional arrangement
fees for the syndicated loan as well as commitment fees. Further details
and terms of the syndicated loan are included in note 30. In 2025, interest
expenses totaled \u20ac4,845,000. The reported foreign exchange loss reflects
the net result of a foreign exchange gain of \u20ac3,405,000 and a foreign
exchange loss of \u20ac4,442,000, both of which are associated with hedging
activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-413": { "value": "
12.\u00a0 \u00a0 Finance Income
Finance income is summarized in the overview below:
Finance income
In Euro x\u00a01,000
2025
2024
Changes in fair value of Special Shares liabilities
15
866
Interest income
5
447
Foreign exchange gain
-
-
Total finance income
20
1,313
The change in fair value of the Special Shares conversion option relates to
the revaluation of this financial liability on the reporting date and is based
on changes in the ordinary share price of Cabka N.V. Further details on the
Special Shares and the conversion option are disclosed in Note 30.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-412": { "value": "
12.\u00a0 \u00a0 Finance Income
Finance income is summarized in the overview below:
Finance income
In Euro x\u00a01,000
2025
2024
Changes in fair value of Special Shares liabilities
15
866
Interest income
5
447
Foreign exchange gain
-
-
Total finance income
20
1,313
The change in fair value of the Special Shares conversion option relates to
the revaluation of this financial liability on the reporting date and is based
on changes in the ordinary share price of Cabka N.V. Further details on the
Special Shares and the conversion option are disclosed in Note 30.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-415": { "value": "
13.\u00a0 \u00a0 Finance Expenses
Finance expenses are summarized in the overview below:
Finance expenses
In Euro x\u00a01,000
2025
2024
Interest on debts and borrowings
3,303
3,484
Interest arising from factoring
421
74
Interest on lease liabilities (IFRS 16)
226
256
Interest on rental purchase liabilities
105
163
Other interest and similar expenses
790
836
Foreign exchange loss
1,054
568
Total finance costs
5,899
5,381
Other interest and similar expenses contain the proportional arrangement
fees for the syndicated loan as well as commitment fees. Further details
and terms of the syndicated loan are included in note 30. In 2025, interest
expenses totaled \u20ac4,845,000. The reported foreign exchange loss reflects
the net result of a foreign exchange gain of \u20ac3,405,000 and a foreign
exchange loss of \u20ac4,442,000, both of which are associated with hedging
activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-414": { "value": "
13.\u00a0 \u00a0 Finance Expenses
Finance expenses are summarized in the overview below:
Finance expenses
In Euro x\u00a01,000
2025
2024
Interest on debts and borrowings
3,303
3,484
Interest arising from factoring
421
74
Interest on lease liabilities (IFRS 16)
226
256
Interest on rental purchase liabilities
105
163
Other interest and similar expenses
790
836
Foreign exchange loss
1,054
568
Total finance costs
5,899
5,381
Other interest and similar expenses contain the proportional arrangement
fees for the syndicated loan as well as commitment fees. Further details
and terms of the syndicated loan are included in note 30. In 2025, interest
expenses totaled \u20ac4,845,000. The reported foreign exchange loss reflects
the net result of a foreign exchange gain of \u20ac3,405,000 and a foreign
exchange loss of \u20ac4,442,000, both of which are associated with hedging
activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-416": { "value": "
14.\u00a0 \u00a0 Income Tax
Income tax expenses are summarized in the overview below:
Income tax expenses reported in the statement
of profit and loss
In Euro x\u00a01,000
2025
2024
Current income tax
1,972
408
Adjustments in respect of current income tax of
previous year
-
-
Deferred tax adjustments
1,329
3,223
Income tax expenses reported in the statement
of profit and loss
3,301
3,631
Total income tax paid in 2025 is \u20ac1,745,000 (2024: \u20ac1,509,000).
The nominal tax rates and amount in 2025 are 19% up to an amount of
\u20ac200,000 and 25.8% above \u20ac200,000.
Reconciliation of tax expense and the accounting profit multiplied by the
domestic tax rate for 2025 and 2024:
Reconciliation of tax expense and the accounting
profit multiplied by domestic tax rate:
In Euro x\u00a01,000
2025
2024
Result before taxes
-4,093
-5,723
Income tax expense at statutory tax rate (25.8%)
1,041
1,506
Effect tax free income
283
440
Non-deductible expenses for tax purposes
-230
-222
Adjustments in respect of current income tax of
previous years
-80
-33
Interest due to special balance of Cabka Group
GmbH and Trade Tax
-
860
Release of previously recognized deferred taxes
on loss carry forwards
-1,330
-4,114
Impact from the revaluation and previously
unrecognized deferred taxes on tax loss carry
forwards
-
338
Realization of carry forward losses in the
Netherlands
-146
-
Current year losses for which no deferred tax
asset is recognized
-3,096
-1,926
Effect on temporary differences without
recognized deferred taxes
30
190
Tax rate changes for deferred taxes
-
-
Differences to local tax rates
227
-671
Income tax expense reported in the statement
of profit or loss
-3,301
-3,631
At the effective income rate of
-80.64%
-63.45%
Critical judgments on taxes
Deferred tax assets are recognized for unused tax losses to the extent that
it is probable that taxable profit will be available against which the losses
can be utilized. Management\u2019s judgment is required to determine the
amount of deferred tax assets that can be recognized, based upon the likely
timing and the level of future taxable profits, together with future tax
planning strategies. Deferred tax assets are disclosed in Note 25.
For 2025, the average nominal tax rate of an entity operating in the
Netherlands is 25.8%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-417": { "value": "1745000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-418": { "value": "1509000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-420": { "value": "
15.\u00a0 \u00a0 Earnings per Share
Generally, basic Earnings Per Share (EPS) is calculated by dividing the profit
for the year attributable to ordinary equity holders of the parent by the
weighted average number of ordinary shares outstanding during the year.
Diluted EPS is calculated by dividing the profit attributable to ordinary
equity holders of the parent by the weighted average number of ordinary
shares outstanding during the year plus the weighted average number of
ordinary shares that would be issued on conversion of all the dilutive
potential ordinary shares into ordinary shares, such as the Roll-over shares
(see note 27). Currently, there is no distinction at Cabka between basic and
diluted EPS as there are no items that have a dilutive effect.
The following table reflects the income and share data used in the basic
and diluted EPS calculations:
Earnings per share
In Euro
2025
2024
Profit attributable to ordinary equity holders of
the parent for basic and diluted earnings
-7,394,092
-9,354,956
Weighted average number of ordinary shares
for basic and diluted EPS
24,710,600
24,710,600
During 2024 and 2025, no new shares were issued. The basic and diluted
earnings per share in the financial year 2025 amounts to \u20ac-0.30 (in 2024:
\u20ac-0.38).
The following instruments were not included in the basic or diluted EPS
(Note 31, 32). As the Group has incurred a loss for the financial year ended
December 31, 2024, the effect of the instruments below are not included in
determining diluted earnings per share as these would decrease the loss
per share and hence create an anti-dilution effect. Therefore, diluted
earnings per share equal basic earnings per share.
Instrument
Hurdle
Number of
Potential
Ordinary Shares
PSU
EUR 11.00
146,545
PSU
EUR 12.00
146,545
SPECIAL SHARES CONVERSION
EUR 12.00
586,668
DSC2 WARRANTS
EUR 12.00
880,000
IPSU
EUR 13.00
146,545
DSC3 WARRANTS
EUR 13.00
1,320,000
PERFORMANCE SHARES
EUR 16.00
750,000
PERFORMANCE SHARES
EUR 18.00
750,000
PERFORMANCE SHARES
EUR 20.00
750,000
PSU and 450,000 of the Performance shares are additionally conditional
upon service conditions for the eligible employees.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-419": { "value": "
15.\u00a0 \u00a0 Earnings per Share
Generally, basic Earnings Per Share (EPS) is calculated by dividing the profit
for the year attributable to ordinary equity holders of the parent by the
weighted average number of ordinary shares outstanding during the year.
Diluted EPS is calculated by dividing the profit attributable to ordinary
equity holders of the parent by the weighted average number of ordinary
shares outstanding during the year plus the weighted average number of
ordinary shares that would be issued on conversion of all the dilutive
potential ordinary shares into ordinary shares, such as the Roll-over shares
(see note 27). Currently, there is no distinction at Cabka between basic and
diluted EPS as there are no items that have a dilutive effect.
The following table reflects the income and share data used in the basic
and diluted EPS calculations:
Earnings per share
In Euro
2025
2024
Profit attributable to ordinary equity holders of
the parent for basic and diluted earnings
-7,394,092
-9,354,956
Weighted average number of ordinary shares
for basic and diluted EPS
24,710,600
24,710,600
During 2024 and 2025, no new shares were issued. The basic and diluted
earnings per share in the financial year 2025 amounts to \u20ac-0.30 (in 2024:
\u20ac-0.38).
The following instruments were not included in the basic or diluted EPS
(Note 31, 32). As the Group has incurred a loss for the financial year ended
December 31, 2024, the effect of the instruments below are not included in
determining diluted earnings per share as these would decrease the loss
per share and hence create an anti-dilution effect. Therefore, diluted
earnings per share equal basic earnings per share.
Instrument
Hurdle
Number of
Potential
Ordinary Shares
PSU
EUR 11.00
146,545
PSU
EUR 12.00
146,545
SPECIAL SHARES CONVERSION
EUR 12.00
586,668
DSC2 WARRANTS
EUR 12.00
880,000
IPSU
EUR 13.00
146,545
DSC3 WARRANTS
EUR 13.00
1,320,000
PERFORMANCE SHARES
EUR 16.00
750,000
PERFORMANCE SHARES
EUR 18.00
750,000
PERFORMANCE SHARES
EUR 20.00
750,000
PSU and 450,000 of the Performance shares are additionally conditional
upon service conditions for the eligible employees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-422": { "value": "
16.\u00a0 \u00a0 Intangible Assets
The carrying value of intangible assets including among others software
licenses in the item purchased intangible assets is summarized below:
Intangible Assets at December 31
In Euro x\u00a01,000
2025
2024
Customer relationships
-
-
Internally generated intangible assets
1,842
2,081
Purchased intangible assets
398
478
Assets under construction
-
158
Total intangible assets
2,240
2,718
The movement during the year for intangible assets is as follows:
Intangible assets
In Euro x\u00a01,000
Customer
Relationship
Internally
developed
intangible
assets
Purchased
intangible
assets
Assets
under
construction
Total
Historical Cost
At January 1, 2024
150
2,601
5,487
200
8,438
Additions
-
339
340
-42
637
Disposals
-
-
-
-
-
Transfers
-
-
-
-
-
Currency translation
-
28
-
-
28
At December 31, 2024
150
2,968
5,827
158
9,103
Accumulated amortization and impairment
At January 1, 2024
-150
-493
-4,982
-
-5,625
Additions
-
-388
-367
-
-755
Disposals
-
-
-
-
-
Transfers
-
-
-
-
-
Currency translation
-
-6
-
-
-6
At December 31, 2024
-150
-886
-5,349
-
-6,385
Net book value
At December 31, 2024
-
2,081
478
158
2,718
Intangible assets
In Euro x\u00a01,000
Customer
Relationship
Internally
developed
intangible
assets
Purchased
intangible
assets
Assets
under
construction
Total
Historical Cost
At January 1, 2025
150
2,968
5,827
158
9,103
Additions
-
257
332
-158
432
Disposals
-
-
-
-
-
Transfers
-
-
-
-
-
Currency translation
-
-54
-
-
-54
At December 31, 2025
150
3,171
6,160
-
9,480
Accumulated amortization and impairment
At January 1, 2025
-150
-886
-5,349
-
-6,385
Additions
-
-460
-413
-
-873
Disposals
-
-
-
-
-
Transfers
-
-
-
-
-
Currency translation
-
18
-
-
18
At December 31, 2025
-150
-1,328
-5,762
-
-7,240
Net book value
At December 31, 2025
-
1,842
398
-
2,240
Additions to internally developed assets refer primarily to product
development costs.
17.\u00a0 \u00a0 Property, Plant and Equipment
The carrying value of property, plant and equipment is summarized below:
Property, plant and equipment at December 31
In Euro x\u00a01,000
2025
2024
Land, land rights and buildings
21,294
21,384
Technical equipment and machines
33,197
38,166
Other equipment, factory and office equipment
14,651
14,948
Prepayments on tangible assets and construction
in process
2,688
9,439
Property, plant and equipment
71,830
83,937
The movement during the year for property, plant and equipment is as follows:
Movement schedule of property, plant and
equipment
In Euro x\u00a01,000
Land, land rights
and buildings on
third party land
Technical
equipment and
machines
Other equipment,
factory and office
equipment
Assets under
construction
Total
Historical Cost
At January 1, 2024
37,007
137,103
59,595
9,820
243,525
Additions
3,341
9,699
5,364
-487
17,917
Disposals
-
-
-296
-
-296
Currency translation
482
2,173
745
105
3,506
At December 31, 2024
40,830
148,975
65,408
9,439
264,651
Accumulated depreciation
And impairment
At January 1, 2024
-17,731
-99,587
-45,413
-
-162,731
Additions
-1,632
-10,084
-4,756
-
-16,473
Disposals
-
146
288
-
434
Currency translation
-83
-1,282
-580
-
-1,944
At December 31, 2024
-19,446
-110,808
-50,461
-
-180,715
Net book value
At December 31, 2024
21,384
38,167
14,947
9,439
83,937
Movement schedule of property, plant and
equipment
In Euro x\u00a01,000
Land, land rights
and buildings on
third party land
Technical
equipment and
machines
Other equipment,
factory and office
equipment
Assets under
construction
Total
Historical Cost
At January 1, 2025
40,830
148,975
65,408
9,439
264,651
Additions
2,431
8,656
6,637
-6,600
11,125
Disposals
-
-3,683
-2,749
-
-6,432
Currency translation
-1,064
-4,327
-1,480
-151
-7,021
At December 31, 2025
42,197
149,622
67,816
2,689
262,324
Accumulated depreciation
And impairment
At January 1, 2025
-19,446
-110,808
-50,461
-
-180,715
Additions
-1,647
-8,961
-4,650
-
-15,258
Disposals
-
653
751
-
1,404
Currency translation
189
2,691
1,194
-
4,075
At December 31, 2025
-20,903
-116,425
-53,167
-
-190,495
Net book value
At December 31, 2025
21,294
33,197
14,649
2,689
71,830
The movement during the year for the right-of-use is as follows:
Movement schedule of right-of-use assets\u00a0\u00a0
In Euro x\u00a01,000
Land and
buildings\u00a0
Technical
equipment and
machines\u00a0
Other equipment\u00a0
Total\u00a0
Historical Cost\u00a0
At January 1, 2024
6,932
6,984
1,421
15,337
Additions\u00a0
1,461
-
2,905
4,366
Disposals\u00a0
-
-
-198
-198
Currency translation\u00a0
-
97
22
119
At December 31, 2024
8,393
7,081
4,150
19,624
Accumulated depreciation\u00a0
And impairment\u00a0
At January 1, 2024
-1,917
-2,629
-620
-5,166
Additions\u00a0
-1,149
-1,269
-535
-2,953
Disposals\u00a0
-
-
194
194
Currency translation
-
-68
-11
-79
At December 31, 2024
-3,066
-3,966
-973
-8,004
Net book value\u00a0
At December 31, 2024
5,327
3,115
3,176
11,619
Movement schedule of right-of-use assets\u00a0\u00a0
In Euro x\u00a01,000
Land and
buildings\u00a0
Technical
equipment and
machines\u00a0
Other equipment\u00a0
Total\u00a0
Historical Cost\u00a0
At January 1, 2025
8,393
7,081
4,150
19,624
Additions\u00a0
710
-
12
723
Disposals\u00a0
-87
-482
-530
-1,099
Currency translation\u00a0
-
-188
-38
-226
At December 31, 2025
9,017
6,411
3,594
19,022
Accumulated depreciation\u00a0
And impairment\u00a0
At January 1, 2025
-3,066
-3,966
-973
-8,006
Additions\u00a0
-1,200
-1,203
-918
-3,320
Disposals\u00a0
41
477
530
1,048
Currency translation\u00a0
-
156
24
179
At December 31, 2025
-4,225
-4,537
-1,337
-10,099
Net book value\u00a0
At December 31, 2025
4,792
1,874
2,257
8,923
The following lease related expenses are recognized in profit or loss:
Lease liabilities recognized in profit or loss
In Euro x\u00a01,000
2025
2024
Depreciation expense of right-of-use assets
3,321
2,956
Interest expense on lease liabilities
226
256
Expense relating to short-term leases / leases of
low-value assets
1,328
1,667
Total amount recognized in profit or loss
4,875
4,879
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-421": { "value": "
16.\u00a0 \u00a0 Intangible Assets
The carrying value of intangible assets including among others software
licenses in the item purchased intangible assets is summarized below:
Intangible Assets at December 31
In Euro x\u00a01,000
2025
2024
Customer relationships
-
-
Internally generated intangible assets
1,842
2,081
Purchased intangible assets
398
478
Assets under construction
-
158
Total intangible assets
2,240
2,718
The movement during the year for intangible assets is as follows:
Intangible assets
In Euro x\u00a01,000
Customer
Relationship
Internally
developed
intangible
assets
Purchased
intangible
assets
Assets
under
construction
Total
Historical Cost
At January 1, 2024
150
2,601
5,487
200
8,438
Additions
-
339
340
-42
637
Disposals
-
-
-
-
-
Transfers
-
-
-
-
-
Currency translation
-
28
-
-
28
At December 31, 2024
150
2,968
5,827
158
9,103
Accumulated amortization and impairment
At January 1, 2024
-150
-493
-4,982
-
-5,625
Additions
-
-388
-367
-
-755
Disposals
-
-
-
-
-
Transfers
-
-
-
-
-
Currency translation
-
-6
-
-
-6
At December 31, 2024
-150
-886
-5,349
-
-6,385
Net book value
At December 31, 2024
-
2,081
478
158
2,718
Intangible assets
In Euro x\u00a01,000
Customer
Relationship
Internally
developed
intangible
assets
Purchased
intangible
assets
Assets
under
construction
Total
Historical Cost
At January 1, 2025
150
2,968
5,827
158
9,103
Additions
-
257
332
-158
432
Disposals
-
-
-
-
-
Transfers
-
-
-
-
-
Currency translation
-
-54
-
-
-54
At December 31, 2025
150
3,171
6,160
-
9,480
Accumulated amortization and impairment
At January 1, 2025
-150
-886
-5,349
-
-6,385
Additions
-
-460
-413
-
-873
Disposals
-
-
-
-
-
Transfers
-
-
-
-
-
Currency translation
-
18
-
-
18
At December 31, 2025
-150
-1,328
-5,762
-
-7,240
Net book value
At December 31, 2025
-
1,842
398
-
2,240
Additions to internally developed assets refer primarily to product
development costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-423": { "value": "
17.\u00a0 \u00a0 Property, Plant and Equipment
The carrying value of property, plant and equipment is summarized below:
Property, plant and equipment at December 31
In Euro x\u00a01,000
2025
2024
Land, land rights and buildings
21,294
21,384
Technical equipment and machines
33,197
38,166
Other equipment, factory and office equipment
14,651
14,948
Prepayments on tangible assets and construction
in process
2,688
9,439
Property, plant and equipment
71,830
83,937
The movement during the year for property, plant and equipment is as follows:
Movement schedule of property, plant and
equipment
In Euro x\u00a01,000
Land, land rights
and buildings on
third party land
Technical
equipment and
machines
Other equipment,
factory and office
equipment
Assets under
construction
Total
Historical Cost
At January 1, 2024
37,007
137,103
59,595
9,820
243,525
Additions
3,341
9,699
5,364
-487
17,917
Disposals
-
-
-296
-
-296
Currency translation
482
2,173
745
105
3,506
At December 31, 2024
40,830
148,975
65,408
9,439
264,651
Accumulated depreciation
And impairment
At January 1, 2024
-17,731
-99,587
-45,413
-
-162,731
Additions
-1,632
-10,084
-4,756
-
-16,473
Disposals
-
146
288
-
434
Currency translation
-83
-1,282
-580
-
-1,944
At December 31, 2024
-19,446
-110,808
-50,461
-
-180,715
Net book value
At December 31, 2024
21,384
38,167
14,947
9,439
83,937
Movement schedule of property, plant and
equipment
In Euro x\u00a01,000
Land, land rights
and buildings on
third party land
Technical
equipment and
machines
Other equipment,
factory and office
equipment
Assets under
construction
Total
Historical Cost
At January 1, 2025
40,830
148,975
65,408
9,439
264,651
Additions
2,431
8,656
6,637
-6,600
11,125
Disposals
-
-3,683
-2,749
-
-6,432
Currency translation
-1,064
-4,327
-1,480
-151
-7,021
At December 31, 2025
42,197
149,622
67,816
2,689
262,324
Accumulated depreciation
And impairment
At January 1, 2025
-19,446
-110,808
-50,461
-
-180,715
Additions
-1,647
-8,961
-4,650
-
-15,258
Disposals
-
653
751
-
1,404
Currency translation
189
2,691
1,194
-
4,075
At December 31, 2025
-20,903
-116,425
-53,167
-
-190,495
Net book value
At December 31, 2025
21,294
33,197
14,649
2,689
71,830
As of December 31, 2025 , no individual machines were assigned as collateral for liabilities to banks (2024: \u20ac2.2 million).
Further information is provided in the note financial liabilities (Note 34).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-424": { "value": "
18.\u00a0 \u00a0 Leases
The Group has lease contracts for various items of land and buildings, plant,
machinery, motor vehicles and other equipment used in its operations.
Leases of land and buildings, plant, and machinery generally have lease
terms between 3 and 15 years. Motor vehicles and other equipment
generally have lease terms between 3 and 5 years.
There are some lease contracts that include extension and purchase
options. These are taken into account accordingly in the calculations.
The Group also has certain leases with lease terms of 12 months or less
and also with low value. The Group applies the \u2018short-term lease\u2019 and \u2018lease
of low-value assets\u2019 recognition exemptions for these leases.
The carrying amounts of the right-of-use assets are summarized below:
Right-of-use assets at December 31
In Euro x\u00a01,000
2025
2024
Land and buildings\u00a0
4,792
5,328
Technical equipment and machines\u00a0
1,874
3,115
Other equipment, factory and office equipment\u00a0
2,257
3,178
Total right-of-use assets\u00a0
8,923
11,619
The movement during the year for the right-of-use is as follows:
Movement schedule of right-of-use assets\u00a0\u00a0
In Euro x\u00a01,000
Land and
buildings\u00a0
Technical
equipment and
machines\u00a0
Other equipment\u00a0
Total\u00a0
Historical Cost\u00a0
At January 1, 2024
6,932
6,984
1,421
15,337
Additions\u00a0
1,461
-
2,905
4,366
Disposals\u00a0
-
-
-198
-198
Currency translation\u00a0
-
97
22
119
At December 31, 2024
8,393
7,081
4,150
19,624
Accumulated depreciation\u00a0
And impairment\u00a0
At January 1, 2024
-1,917
-2,629
-620
-5,166
Additions\u00a0
-1,149
-1,269
-535
-2,953
Disposals\u00a0
-
-
194
194
Currency translation
-
-68
-11
-79
At December 31, 2024
-3,066
-3,966
-973
-8,004
Net book value\u00a0
At December 31, 2024
5,327
3,115
3,176
11,619
Movement schedule of right-of-use assets\u00a0\u00a0
In Euro x\u00a01,000
Land and
buildings\u00a0
Technical
equipment and
machines\u00a0
Other equipment\u00a0
Total\u00a0
Historical Cost\u00a0
At January 1, 2025
8,393
7,081
4,150
19,624
Additions\u00a0
710
-
12
723
Disposals\u00a0
-87
-482
-530
-1,099
Currency translation\u00a0
-
-188
-38
-226
At December 31, 2025
9,017
6,411
3,594
19,022
Accumulated depreciation\u00a0
And impairment\u00a0
At January 1, 2025
-3,066
-3,966
-973
-8,006
Additions\u00a0
-1,200
-1,203
-918
-3,320
Disposals\u00a0
41
477
530
1,048
Currency translation\u00a0
-
156
24
179
At December 31, 2025
-4,225
-4,537
-1,337
-10,099
Net book value\u00a0
At December 31, 2025
4,792
1,874
2,257
8,923
The disposals in 2025 \u20ac1,099,000 and 2024 of \u20ac198,000 are primarily
related to machines and forklifts.
The carrying amounts of lease liabilities and the movements during the
period are set out below:
Carrying amounts of lease liabilities\u00a0and
movements during the period\u00a0
In Euro x\u00a01,000
2025
2024
As at January 1
10,802
9,353
Additions\u00a0\u00a0
787
4,391
Payments\u00a0
-3,739
-3,198
Interest\u00a0
226
256
As at December 31
8,076
10,802
Current\u00a0
2,757
3,654
Non-Current\u00a0
5,319
7,148
The maturity analysis of lease liabilities is disclosed in the financial liabilities,
Note 30. New lease liabilities in the financial year 2025 amounted to in total
\u20ac787,000 (2024: \u20ac4,391,000).
The following lease related expenses are recognized in profit or loss:
Lease liabilities recognized in profit or loss
In Euro x\u00a01,000
2025
2024
Depreciation expense of right-of-use assets
3,321
2,956
Interest expense on lease liabilities
226
256
Expense relating to short-term leases / leases of
low-value assets
1,328
1,667
Total amount recognized in profit or loss
4,875
4,879
The Group had total cash outflows for leases of \u20ac3,365,000 in 2025
(\u20ac2,942,000 in 2024), excluding short-term leases.
The future lease payments for recognized lease contracts are \u20ac2,757,000
(2024: \u20ac3,654,000) within one year and \u20ac5,319,000 (2024: \u20ac7,148,000)
thereafter. The Group has no lease contracts that have not yet commenced
as at December 31, 2025.
Extension and termination options are included in a number of property
and equipment leases across the Group. These are used to maximize
operational flexibility in terms of managing the assets used in the Group\u2019s
operations. The majority of extension and termination options held are
exercisable only by the Group and not by the respective lessor.
Incremental Borrowing Rate on Leases
The Group applies the interest rate of the contract if applicable. In case of
contracts, where the interest rate implicit in the lease cannot readily be
determined, the Group uses its incremental borrowing rate (IBR) to
measure lease liabilities. The IBR is the rate of interest that the Group
would have to pay to borrow over a similar term, and with a similar security,
the funds necessary to obtain an asset of a similar value to the right-of-use
asset in a similar economic environment. The average IBR of all contracts in
place as at December 31, 2025 is 1.77% (2024:1.78%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-425": { "value": "3365000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-426": { "value": "2942000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-428": { "value": "
20.\u00a0 \u00a0 Other Long-term Assets
Other long-term assets relate to a purchased interest rate option with a
nominal amount of \u20ac5,000,000 and an initial term of 5 years. The paid
premium was recognized in other assets at the purchase date and will be
adjusted according to its fair value at the reporting dates. At December 31,
2025, the fair value of this instrument was \u20ac0 (2024: \u20ac0).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-427": { "value": "
20.\u00a0 \u00a0 Other Long-term Assets
Other long-term assets relate to a purchased interest rate option with a
nominal amount of \u20ac5,000,000 and an initial term of 5 years. The paid
premium was recognized in other assets at the purchase date and will be
adjusted according to its fair value at the reporting dates. At December 31,
2025, the fair value of this instrument was \u20ac0 (2024: \u20ac0).
23.\u00a0 \u00a0 Other Short-term Assets
Other short-term assets are summarized in the overview below:
Other short-term assets at December 31
In Euro x\u00a01,000
2025
2024
VAT
3,481
2,637
Receivables from employees
99
230
Energy taxes
1,995
1,888
Prepayments
-
-87
Security deposit
138
175
Income tax
323
1,449
Accrued charges and other assets
4,784
2,775
Other short-term assets
10,819
9,067
The increase in other short-term assets is mainly attributable to a higher
balance in the VAT receivable and Accrued charges and other assets which
refers mainly to deferred current assets \u20ac 3,239,000 (2024: \u20ac 2,015,000),
while income tax receivables declined over the period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-429": { "value": "
21.\u00a0 \u00a0 Inventories
Inventories are summarized in the overview below:
Inventories at December 31
In Euro x\u00a01,000
2025
2024
Raw material, consumables, and supplies
12,400
12,939
Work in process
4,545
5,474
Finished goods and merchandise
17,140
17,794
Inventories
34,085
36,208
Inventories include obsolete stock with a total impact of \u20ac504,000 (2024:
\u20ac501,000) on the overall value in the reporting year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-430": { "value": "
22.\u00a0 \u00a0 Trade Receivables
Trade receivables are summarized in the overview below:
Trade receivables at December 31
In Euro x\u00a01,000
2025
2024
Receivables from third-party customers
19,040
19,633
Allowance for expected credit losses (ECL)
-90
-91
Trade receivables
18,951
19,542
Further information on the Expected Credit Loss (ECL) calculation is
provided in Note 33.
In 2024, Cabka N.V. entered into a non-recourse factoring agreement with
a factory company for some of its affiliates. Under this agreement, the
company sells its accounts receivable to the factor at a discount, and the
factor assumes the credit risk associated with the receivables. As a result,
the receivables are derecognized from the company's balance sheet upon
transfer to the factor.
As of December 31, 2025, the total amount of receivables transferred from
the balance sheet under this agreement was \u20ac7.3 million (2024: \u20ac8.3
million). This arrangement has improved the company's liquidity position by
providing immediate cash flow while mitigating the risk of debtor insolvency.
The factoring fees and any discounts applied to the receivables are
recorded as financing expenses in the income statement.
23.\u00a0 \u00a0 Other Short-term Assets
Other short-term assets are summarized in the overview below:
Other short-term assets at December 31
In Euro x\u00a01,000
2025
2024
VAT
3,481
2,637
Receivables from employees
99
230
Energy taxes
1,995
1,888
Prepayments
-
-87
Security deposit
138
175
Income tax
323
1,449
Accrued charges and other assets
4,784
2,775
Other short-term assets
10,819
9,067
The increase in other short-term assets is mainly attributable to a higher
balance in the VAT receivable and Accrued charges and other assets which
refers mainly to deferred current assets \u20ac 3,239,000 (2024: \u20ac 2,015,000),
while income tax receivables declined over the period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-433": { "value": "
23.\u00a0 \u00a0 Other Short-term Assets
Other short-term assets are summarized in the overview below:
Other short-term assets at December 31
In Euro x\u00a01,000
2025
2024
VAT
3,481
2,637
Receivables from employees
99
230
Energy taxes
1,995
1,888
Prepayments
-
-87
Security deposit
138
175
Income tax
323
1,449
Accrued charges and other assets
4,784
2,775
Other short-term assets
10,819
9,067
The increase in other short-term assets is mainly attributable to a higher
balance in the VAT receivable and Accrued charges and other assets which
refers mainly to deferred current assets \u20ac 3,239,000 (2024: \u20ac 2,015,000),
while income tax receivables declined over the period.
31.\u00a0 \u00a0 Trade Payables, Other Liabilities and Contract
Liabilities
Trade payables and other liabilities are summarized in the overview below:
Trade payables and other liabilities at
December 31
In Euro x\u00a01,000
2025
2024
Trade payables
25,062
29,037
Personnel related liabilities
4,698
3,553
Others
5,879
3,395
Total other liabilities
10,577
6,948
Trade payables and other liabilities
35,639
35,985
The category others relates to numerous other liabilities such as VAT and
wage taxes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-432": { "value": "
23.\u00a0 \u00a0 Other Short-term Assets
Other short-term assets are summarized in the overview below:
Other short-term assets at December 31
In Euro x\u00a01,000
2025
2024
VAT
3,481
2,637
Receivables from employees
99
230
Energy taxes
1,995
1,888
Prepayments
-
-87
Security deposit
138
175
Income tax
323
1,449
Accrued charges and other assets
4,784
2,775
Other short-term assets
10,819
9,067
The increase in other short-term assets is mainly attributable to a higher
balance in the VAT receivable and Accrued charges and other assets which
refers mainly to deferred current assets \u20ac 3,239,000 (2024: \u20ac 2,015,000),
while income tax receivables declined over the period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-431": { "value": "
23.\u00a0 \u00a0 Other Short-term Assets
Other short-term assets are summarized in the overview below:
Other short-term assets at December 31
In Euro x\u00a01,000
2025
2024
VAT
3,481
2,637
Receivables from employees
99
230
Energy taxes
1,995
1,888
Prepayments
-
-87
Security deposit
138
175
Income tax
323
1,449
Accrued charges and other assets
4,784
2,775
Other short-term assets
10,819
9,067
The increase in other short-term assets is mainly attributable to a higher
balance in the VAT receivable and Accrued charges and other assets which
refers mainly to deferred current assets \u20ac 3,239,000 (2024: \u20ac 2,015,000),
while income tax receivables declined over the period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-435": { "value": "
24.\u00a0 \u00a0 Cash and Cash Equivalents
Cash and cash equivalents are summarized in the overview below:
Cash and short-term deposits at December 31
In Euro x\u00a01,000
2025
2024
Cash at bank and on hand\u00a0
3,147
4,388
Cash and cash equivalents\u00a0
3,147
4,388
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-434": { "value": "
24.\u00a0 \u00a0 Cash and Cash Equivalents
Cash and cash equivalents are summarized in the overview below:
Cash and short-term deposits at December 31
In Euro x\u00a01,000
2025
2024
Cash at bank and on hand\u00a0
3,147
4,388
Cash and cash equivalents\u00a0
3,147
4,388
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-436": { "value": "
25.\u00a0 \u00a0 Deferred Taxes
Deferred taxes relate to the following financial items:
Deferred taxes as at December 31
In Euro x\u00a01,000
2025
2024
Deferred tax assets on\u00a0
Intangible assets\u00a0
-
-
Inventories\u00a0
-
-
Trade Receivables\u00a0
-
-
Provisions\u00a0
-
-
Contract liabilities\u00a0
-273
-252
Financial liabilities\u00a0
18
1,070
Losses available for offsetting against future
taxable income\u00a0
4,771
5,203
Deferred tax assets, gross\u00a0
4,516
6,020
Offsetting with deferred tax liabilities\u00a0
-21
-112
Deferred tax assets reflected in statement of
financial position, net\u00a0
4,496
5,908
Deferred tax liabilities on\u00a0\u00a0
Property, plant and equipment\u00a0
-
142
Financial liabilities\u00a0
21
-
Deferred tax liabilities, gross\u00a0
21
142
Offsetting with deferred tax assets\u00a0
-21
-112
Deferred tax liabilities reflected in statement of
financial position, net
-
29
The Group has in total of \u20ac99,157,000 tax losses carried forward for which
\u20ac31,467,000 (2024:\u00a0\u20ac33,978,000) recognized tax losses carried forward and
\u20ac67,690,000 unrecognized. Deferred tax assets for any unused tax losses
are recognized to the extent that it is probable that taxable profit will be
available against which the unused tax losses can be utilized. For this
purpose, the Group has recognized deferred tax assets for the amount of
\u20ac4,771,000 (2024: \u20ac5,203,000). Deferred tax assets have been recognized
for tax losses resulting from Germany \u20ac30,526,000
and the Netherlands \u20ac781,000. There are tax losses carried forward
amounting to \u20ac2,074,000 which expire within the following five years and
\u20ac4,163,000 will expire after five years. The group has \u20ac92,920,000 for which
the tax losses can be carried forward indefinitely. However, the amount of
carry forward tax losses that can be utilized in one financial year can be
restricted to a certain amount.
Management reassessed the deferred tax assets which have accumulated in
the German entities due to their loss making positions in 2025. Management
has decided out of prudence not to create any additional deferred tax
assets for the losses incurred in 2025. Management also reviewed the
deferred tax assets for the previously recognized tax losses in Germany and
concluded that these are still appropriate and in line with expected future
tax incomes.
At the time of publication of this report, the tax assessment for the US
operation was not finalized yet. Hence, the numbers mentioned above are
based on the US commercial result and not the fiscal result.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-438": { "value": "
26.\u00a0 \u00a0 Share Capital and Share Premium
Share Capital:
In 2025, no additional shares were issued ( 2024: \u20ac0).
The issued share capital of Cabka N.V. as at December 31, 2025 can be
specified as follows:
Cabka Share
Capital\u00a0
Shares
Nominal value
Share capital
ISIN
(units)
in EUR
in EUR
Ordinary
shares in
treasury\u00a0
15,994,378
0.01
159,944
DSC2S /
NL00150002R5
\u00a0
Ordinary
shares
outstanding\u00a0
24,710,600
0.01
247,106
CABKA /
NL00150000S7
\u00a0
Total ordinary
shares issued\u00a0
40,704,978
407,050
Special Shares\u00a0
97,778
0.01
978
Total shares
issued\u00a0
40,802,756
408,028
The 97,778 Special Shares are held by the Founders of DSC2 and are not
publicly listed. These Special Shares have equal dividend and voting rights
as ordinary shares. In accordance with the underlying terms, the Special
Shares will either (i) convert into 7 ordinary shares if the share price of
Cabka N.V. equals or exceeds \u20ac12.00 for any 15 trading days out of a 30
consecutive trading-day period (whereby such 15 trading days do not have
to be consecutive) or (ii) convert into 1 ordinary share if this price hurdle is
not achieved before March 1, 2027. This conversion option has been
classified as a financial liability measured at fair value through profit or loss
(FVTPL). The fair value of the financial liability as at December 31, 2025
amounts to \u20ac191,000 (2024: \u20ac205,000) (Note 30).
For an overview of the ownership of the ordinary shares issued, we refer to
Note 52 of the Company financial statements.
Share premium:
The share premium reserve of \u20ac74,080,000 (2024:\u20ac73,995,000) relates to
contributions on issued shares in excess of the nominal value of the shares.
The share premium is freely distributable, provided that equity is not lower
than the sum of share capital and legal reserves as a result of such
distribution.
During the reporting period, the Group did not declare or pay any
dividends. However, in 2024, the following amounts were distributed to
owners as dividends:
Dividends
2025
2024
Total dividends declared and paid value in EUR
-
-3,706,590
Dividends per share in EUR
-
0.15
These amounts are presented in the statement of changes in equity and the
notes to the financial statements.
Limitations in the distribution of shareholder\u2019s equity
A free distribution is restricted for the amount of capitalized internal
development costs as carried on the consolidated statement of financial
position. As at December 31, 2025 the amount of capitalized development
costs for the design of tools, molds, and dies involving new technology, as
carried in the consolidated statement of financial position amounts
to\u00a0\u20ac1,842,000 (2024: \u20ac2,081,000) as further detailed in Note 48 of the
Company Financial Statements of Cabka N.V., in which a legal reserve has
been formed as required under Dutch Law.
28.\u00a0 \u00a0 Other Reserves
Other reserves comprise the warrant reserve, Performance Shares reserve
and share-based payment (IFRS 2) reserve. These reserves are freely
distributable provided that equity is not lower than the sum of share capital
and legal reserves as a result of such distribution.
The movement and breakdown of other reserves can be stated as follows:
Other reserves
In Euro x\u00a01,000
Warrants
Performance
Shares
Share-based
payments
Reserve for Cash
Flow Hedges
Total other
reserves
At January 1, 2024
3,282
3,449
1,031
-
7,762
Issue of performance shares (Note 28)
-
-
68
-
68
Issue of RSU (Note 28)
-
-
79
-
79
Release of performance shares (Note 28)
-370
-370
Movement of PSU (Note 28)
-101
-101
Decrease of reserve cash flow hedges (Note 28)
-
-
-
-510
-510
At December 31, 2024
3,282
3,449
707
-510
6,928
At December 2025
3,282
3,449
707
-510
6,928
Issue of RSU (Note 28)
-
-
49
-
49
Release of PSU (Note 28)
-
-
-191
-
-191
Increase of reserve cash flow hedges (Note 28)
-
-
-
251
251
At December 31, 2025
3,282
3,449
564
-259
7,036
Warrants:
The Warrants automatically and mandatorily convert when the closing price
of the Ordinary Shares of Cabka N.V. on Euronext Amsterdam reaches the
respective minimum share price threshold (\u20ac12.00 / \u20ac13.00) for such
Warrant on 15 trading days out of a 30 consecutive trading-day period
(whereby such 15 trading days do not have to be consecutive), after which
each corresponding Warrant converts into a number of Ordinary Shares
based on the predetermined conversion ratio as further detailed below.
As a consequence, a single Warrant cannot convert into an Ordinary Share,
other than together with and at the same time as such a number of
Warrants that, pursuant to the Warrant Conversion Ratio, entitles such
Warrant Holder to a minimum of one Ordinary Share.
Upon conversion of Warrants, the Warrant Holder will be charged \u20ac0.10 per
Ordinary Share transferred to the Warrant Holder in return for his or her
conversion of Warrants, of which \u20ac0.01 is required for payment of the
nominal value of the Ordinary Share allotted following the conversion, and
\u20ac0.09 will be added to the share premium reserve.
Number of warrants
Warrants (units)
Conversion ratio
Ordinary shares
(units)
Warrants for ordinary shares \u2013
hurdle \u20ac 12,00
1,833,334
0.24
880,000
Warrants for ordinary shares \u2013
hurdle \u20ac 13,00
1,833,334
0.36
1,320,000
Outstanding at December 31,
2025
3,666,668
2,200,000
Performance Shares:
At initial listing, as agreed between all parties in the Business Combination
Agreement, Cabka N.V. issued 1,800,000 \u201cPerformance Shares\u201d to the
former majority shareholder of Cabka Group GmbH.
These Performance Shares have no dividend rights nor voting rights until
they are converted into ordinary shares. For this reason, these
performance shares are considered non-substantive rights. Conversion to
ordinary shares of Cabka N.V. will only take place if the share price
of Cabka N.V. equals or exceeds the following price hurdles for any
15 trading days out of a 30 consecutive trading-day period (whereby such
15 days trading do not have to be consecutive):
\u2022 At \u20ac16.00 \u2013 600,000 performance shares will automatically convert into
an equal number of ordinary shares;
\u2022 At \u20ac18.00 \u2013 600,000 performance shares will automatically convert into
an equal number of ordinary shares;
\u2022 At \u20ac20.00 \u2013 600,000 performance shares will automatically convert into
an equal number of ordinary shares.
The Performance Shares issued to the former majority shareholder of
Cabka are classified as an equity instrument in accordance with IAS 32 as
the Performance Shares issued do not contain a contractual obligation to (i)
deliver cash or another financial asset, or (ii) to exchange financial assets or
financial liabilities that are potentially unfavorable to the combined entity.
The Performance Shares do also not contain an obligation for the entity to
deliver a variable number of its own equity instruments, but relate to the
exchange of a fixed amount of cash (zero) for a fixed number of the entity\u2019s
ordinary shares. The fair value of the Performance Shares at the grant date
March 1, 2022 amounted to \u20ac3,449,200 and has been recorded in other
reserves against share premium.
The fair value of the Performance Shares is estimated at grant date using a
modified Black-Scholes-Merton option pricing model, taking into account
the market conditions. The fair value is not remeasured at each reporting
date in accordance with IAS 32 requirements.
29.\u00a0 \u00a0 Foreign Currency Translation Reserve
The foreign currency translation reserve of \u20ac-277 ,000 (2024: \u20ac-1,482,000)
comprises all foreign currency differences arising from the translation of
the financial statements of foreign operations. This legal reserve is not
freely distributable in accordance with Dutch law.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-437": { "value": "
26.\u00a0 \u00a0 Share Capital and Share Premium
Share Capital:
In 2025, no additional shares were issued ( 2024: \u20ac0).
The issued share capital of Cabka N.V. as at December 31, 2025 can be
specified as follows:
Cabka Share
Capital\u00a0
Shares
Nominal value
Share capital
ISIN
(units)
in EUR
in EUR
Ordinary
shares in
treasury\u00a0
15,994,378
0.01
159,944
DSC2S /
NL00150002R5
\u00a0
Ordinary
shares
outstanding\u00a0
24,710,600
0.01
247,106
CABKA /
NL00150000S7
\u00a0
Total ordinary
shares issued\u00a0
40,704,978
407,050
Special Shares\u00a0
97,778
0.01
978
Total shares
issued\u00a0
40,802,756
408,028
The 97,778 Special Shares are held by the Founders of DSC2 and are not
publicly listed. These Special Shares have equal dividend and voting rights
as ordinary shares. In accordance with the underlying terms, the Special
Shares will either (i) convert into 7 ordinary shares if the share price of
Cabka N.V. equals or exceeds \u20ac12.00 for any 15 trading days out of a 30
consecutive trading-day period (whereby such 15 trading days do not have
to be consecutive) or (ii) convert into 1 ordinary share if this price hurdle is
not achieved before March 1, 2027. This conversion option has been
classified as a financial liability measured at fair value through profit or loss
(FVTPL). The fair value of the financial liability as at December 31, 2025
amounts to \u20ac191,000 (2024: \u20ac205,000) (Note 30).
For an overview of the ownership of the ordinary shares issued, we refer to
Note 52 of the Company financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-439": { "value": "
The issued share capital of Cabka N.V. as at December 31, 2025 can be
specified as follows:
Cabka Share
Capital\u00a0
Shares
Nominal value
Share capital
ISIN
(units)
in EUR
in EUR
Ordinary
shares in
treasury\u00a0
15,994,378
0.01
159,944
DSC2S /
NL00150002R5
\u00a0
Ordinary
shares
outstanding\u00a0
24,710,600
0.01
247,106
CABKA /
NL00150000S7
\u00a0
Total ordinary
shares issued\u00a0
40,704,978
407,050
Special Shares\u00a0
97,778
0.01
978
Total shares
issued\u00a0
40,802,756
408,028
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-440": { "value": "
During the reporting period, the Group did not declare or pay any
dividends. However, in 2024, the following amounts were distributed to
owners as dividends:
Dividends
2025
2024
Total dividends declared and paid value in EUR
-
-3,706,590
Dividends per share in EUR
-
0.15
These amounts are presented in the statement of changes in equity and the
notes to the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-441": { "value": "0.0", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-442": { "value": "0.15", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-443": { "value": "
27.\u00a0 \u00a0 Share-Based Payments
PSU Plan
Effective as of March 1, 2022, a performance share unit plan was adopted
(the PSU Plan). The PSU Plan allows key employees a one-off award of
performance share units (PSU) where each PSU covers (the value) of one
ordinary share of Cabka N.V. Subject to the terms and conditions of the PSU
Plan, vesting of the awarded PSUs will occur on different vesting dates
subject to the performance condition being met. Performance conditions
are market conditions of the quoted share price of Cabka reaching \u20ac11.00,
\u20ac12.00 and \u20ac13.00 (hurdles) within five years\u2019 time from the grant date.
Once a hurdle is met, the PSU vest in three equal installments over a period
of three years. The employee is then entitled to receive one ordinary share
per PSU without any payment, provided that the employee is still employed
at that time. When the hurdles are not achieved within 5 years, the option
forfeits. The market conditions are achieved if the share price equals or
exceeds the stated hurdles for any 15 trading days out of a 30 consecutive
trading day period (whereby such 15 trading days do not have to be
consecutive).
There are no cash settlement alternatives. The Group accounts for the PSU
as an equity-settled share-based payment.
The fair value of the PSU is estimated at the grant date using a modified
Black-Scholes-Merton option pricing model, considering the market
conditions. The total fair value of the grant is recorded as a share-based
payment expense over the estimated vesting period based on graded
vesting. The vesting period was estimated based on the date of the highest
probability that hurdles are met according to the option pricing model
applied.
No more grants under the PSU program will be issued.
PS
Finally, the former CEO was entitled to Performance Shares (PS) subject to
the performance conditions being met. Performance conditions are market
conditions of the quoted share price of Cabka reaching \u20ac16.00, \u20ac18.00 and
\u20ac20.00 (hurdles). After the former CEO, Tim Litjens, stepped down as of
October 1, 2024, all his PS rights were terminated without any vesting or
payout.
There are no cash settlement alternatives. The Group accounts for the PS
as an equity-settled share-based payment.
The fair value of the PS was estimated at the grant date in 2022 using a
modified Black-Scholes-Merton option pricing model, considering the
market conditions. The total fair value of the grant is recorded as a share-
based payment expense over the estimated vesting period based on graded
vesting.
RSU
Effective as of August 1, 2024, a restricted stock unit plan was adopted (the
RSU Plan). Under the plan, eligible employees are granted RSUs, which
represent a promise to deliver shares of the company's stock at a future
date, subject to certain vesting conditions. The grant will be adjustable
(from 0% to 130%) based on the job performance of the relevant
participant. The adjustment of the grant will be determined after the vesting
period of the stock options and/or RSUs based on the achievement of a
cumulative three-year EBITDA target, which EBITDA target will be
determined by the Supervisory Board. Accelerated vesting will be subject to
the approval of the Supervisory Board and the Supervisory Board will have
the right to overwrite and/or adjust any grant of stock options and/or RSUs.
Participants will not be allowed to exercise stock options or sell shares
received pursuant to the vesting of RSUs within the first 5 years following
the date of grant.
Non-vested stock options cannot be exercised and non-vested RSUs
cannot be settled. If a participant leaves the Company, all granted but
unvested stock options will be forfeited.
There are no cash settlement alternatives. The Group accounts for the RSU
as an equity-settled share-based payment.
The fair value of the RSU is estimated at the grant date using a modified
Black-Scholes-Merton option pricing model, considering the vesting
conditions. The total fair value of the grant is recorded as a share-based
payment expense over the estimated vesting period based on graded
vesting. The vesting period was estimated based on the date of the highest
probability that hurdles are met according to the option pricing model
applied.
As at December 31, 2025 (December 31, 2024), the Group recognized the
following share-based payment expenses for the above-mentioned plans in
the statement of profit or loss:
Share- based payment expense
In Euro x\u00a01,000
2025
2024
VSOP
-
-
PSU
-191
-101
PS
-
-301
RSU
48
79
Share-based payment expenses
-143
-324
Movements of equity-settled options during the year:
Number of options\u00a0
RSU
PS\u00a0
PSU\u00a0
Outstanding at January 1, 2025
154,668
-
271,784
Granted during the year\u00a0
-
-
-
Forfeited during the year\u00a0
-67,563
-
-139,284
Exercised during year\u00a0
-
-
-
Outstanding at December 31,
2025
87,105
-
132,500
All option programs have an exercise price of zero. None of the options
were exercisable as of December 31, 2025. The weighted average remaining
contractual life of the option can be summarized as follows:
Weighted average remaining contractual life of
options in years
2025
2024
RSU
3.00
4.00
PSU
3.46
4.34
PS
-
-
The remaining contractual life of PSU options reflects the maximum
possible contractual lifespan of 5 years for achieving the hurdles plus a
consecutive 3-year vesting period. The PS options granted to the CEO have
in principle no contractual life but were linked to a continuous employment
clause.\u00a0 After the former CEO, Tim Litjens, stepped down all his PS rights
were terminated.
The weighted average fair values of options granted in 2025 and 2024 at the
respective measurement dates are summarized as follows:
Weighted average fair value of options at
measurement date (in EUR)
In Euro
2025
2024
VSOP\u00a0
-
-
RSU
2.00
2.00
PSU\u00a0
3.64
4.03
PS
-
-
The model inputs are summarized in the overview as follows:
Model inputs\u00a0\u00a0
2025
2025
2024
2024
PSU\u00a0
RSU
PSU
RSU
Model used\u00a0
Modified BS\u00a0
Modified BS\u00a0
Modified BS
Modified BS\u00a0
Measurement
date\u00a0
January 1, 2024
August 1, 2024
January 1, 2024
August 1, 2024
Dividend yield
(%)
2.46
-
2.46
-
Expected
volatility\u00a0(%)
31.00
30.00
31.00
30.00
Risk-free rate
(%)
1.92
2.10
1.92
2.10
Expected life
of options
(years)
5.00 \u2013 7.00\u00a0
5.00
5.00 \u2013 7.00
5.00
Underlying
share price (\u20ac)
\u20ac6.10
\u20ac3.58
6.10
\u20ac3.58
The expected life of the options is based on expectations at the
measurement date, considering early exercise behavior generally observed
for employees, and is not necessarily indicative of exercise patterns that
may occur. The expected life of the PSU (2022) is less than the maximum
contractual life. The expected life of the PSU 2023 & 2025 is equal to the
maximum contractual life. The expected volatility reflects the assumption
that the historical volatility over a period similar to the life of the options is
indicative of future trends, which may not necessarily be the actual
outcome.
Critical judgments on share-based payments
Estimating fair value for share-based payment transactions requires
determination of the most appropriate valuation model, which depends on
the terms and conditions of the grant. This estimate also requires
determination of the most appropriate inputs to the valuation model
including the expected life of the share option or appreciation right,
volatility and dividend yield and making assumptions about them.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-444": { "value": "
28.\u00a0 \u00a0 Other Reserves
Other reserves comprise the warrant reserve, Performance Shares reserve
and share-based payment (IFRS 2) reserve. These reserves are freely
distributable provided that equity is not lower than the sum of share capital
and legal reserves as a result of such distribution.
The movement and breakdown of other reserves can be stated as follows:
Other reserves
In Euro x\u00a01,000
Warrants
Performance
Shares
Share-based
payments
Reserve for Cash
Flow Hedges
Total other
reserves
At January 1, 2024
3,282
3,449
1,031
-
7,762
Issue of performance shares (Note 28)
-
-
68
-
68
Issue of RSU (Note 28)
-
-
79
-
79
Release of performance shares (Note 28)
-370
-370
Movement of PSU (Note 28)
-101
-101
Decrease of reserve cash flow hedges (Note 28)
-
-
-
-510
-510
At December 31, 2024
3,282
3,449
707
-510
6,928
At December 2025
3,282
3,449
707
-510
6,928
Issue of RSU (Note 28)
-
-
49
-
49
Release of PSU (Note 28)
-
-
-191
-
-191
Increase of reserve cash flow hedges (Note 28)
-
-
-
251
251
At December 31, 2025
3,282
3,449
564
-259
7,036
Warrants:
The Warrants automatically and mandatorily convert when the closing price
of the Ordinary Shares of Cabka N.V. on Euronext Amsterdam reaches the
respective minimum share price threshold (\u20ac12.00 / \u20ac13.00) for such
Warrant on 15 trading days out of a 30 consecutive trading-day period
(whereby such 15 trading days do not have to be consecutive), after which
each corresponding Warrant converts into a number of Ordinary Shares
based on the predetermined conversion ratio as further detailed below.
As a consequence, a single Warrant cannot convert into an Ordinary Share,
other than together with and at the same time as such a number of
Warrants that, pursuant to the Warrant Conversion Ratio, entitles such
Warrant Holder to a minimum of one Ordinary Share.
Upon conversion of Warrants, the Warrant Holder will be charged \u20ac0.10 per
Ordinary Share transferred to the Warrant Holder in return for his or her
conversion of Warrants, of which \u20ac0.01 is required for payment of the
nominal value of the Ordinary Share allotted following the conversion, and
\u20ac0.09 will be added to the share premium reserve.
Number of warrants
Warrants (units)
Conversion ratio
Ordinary shares
(units)
Warrants for ordinary shares \u2013
hurdle \u20ac 12,00
1,833,334
0.24
880,000
Warrants for ordinary shares \u2013
hurdle \u20ac 13,00
1,833,334
0.36
1,320,000
Outstanding at December 31,
2025
3,666,668
2,200,000
Performance Shares:
At initial listing, as agreed between all parties in the Business Combination
Agreement, Cabka N.V. issued 1,800,000 \u201cPerformance Shares\u201d to the
former majority shareholder of Cabka Group GmbH.
These Performance Shares have no dividend rights nor voting rights until
they are converted into ordinary shares. For this reason, these
performance shares are considered non-substantive rights. Conversion to
ordinary shares of Cabka N.V. will only take place if the share price
of Cabka N.V. equals or exceeds the following price hurdles for any
15 trading days out of a 30 consecutive trading-day period (whereby such
15 days trading do not have to be consecutive):
\u2022 At \u20ac16.00 \u2013 600,000 performance shares will automatically convert into
an equal number of ordinary shares;
\u2022 At \u20ac18.00 \u2013 600,000 performance shares will automatically convert into
an equal number of ordinary shares;
\u2022 At \u20ac20.00 \u2013 600,000 performance shares will automatically convert into
an equal number of ordinary shares.
The Performance Shares issued to the former majority shareholder of
Cabka are classified as an equity instrument in accordance with IAS 32 as
the Performance Shares issued do not contain a contractual obligation to (i)
deliver cash or another financial asset, or (ii) to exchange financial assets or
financial liabilities that are potentially unfavorable to the combined entity.
The Performance Shares do also not contain an obligation for the entity to
deliver a variable number of its own equity instruments, but relate to the
exchange of a fixed amount of cash (zero) for a fixed number of the entity\u2019s
ordinary shares. The fair value of the Performance Shares at the grant date
March 1, 2022 amounted to \u20ac3,449,200 and has been recorded in other
reserves against share premium.
The fair value of the Performance Shares is estimated at grant date using a
modified Black-Scholes-Merton option pricing model, taking into account
the market conditions. The fair value is not remeasured at each reporting
date in accordance with IAS 32 requirements.
29.\u00a0 \u00a0 Foreign Currency Translation Reserve
The foreign currency translation reserve of \u20ac-277 ,000 (2024: \u20ac-1,482,000)
comprises all foreign currency differences arising from the translation of
the financial statements of foreign operations. This legal reserve is not
freely distributable in accordance with Dutch law.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-445": { "value": "
Warrants:
The Warrants automatically and mandatorily convert when the closing price
of the Ordinary Shares of Cabka N.V. on Euronext Amsterdam reaches the
respective minimum share price threshold (\u20ac12.00 / \u20ac13.00) for such
Warrant on 15 trading days out of a 30 consecutive trading-day period
(whereby such 15 trading days do not have to be consecutive), after which
each corresponding Warrant converts into a number of Ordinary Shares
based on the predetermined conversion ratio as further detailed below.
As a consequence, a single Warrant cannot convert into an Ordinary Share,
other than together with and at the same time as such a number of
Warrants that, pursuant to the Warrant Conversion Ratio, entitles such
Warrant Holder to a minimum of one Ordinary Share.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-448": { "value": "
30.\u00a0 \u00a0 Financial Liabilities
The contractual maturities of the Group\u2019s financial liabilities are as follows:
Financial liabilities split by remaining term on December 31, 2025
In Euro x\u00a01,000
Current
Non-current
Total
Special Shares liabilities
191
-
191
Liabilities to banks
23,000
29,000
52,000
Lease liabilities (IFRS 16)
2,757
5,319
8,076
Rental purchase liabilities
2,677
3,011
5,688
Others
-
-
-
Financial liabilities
28,624
37,331
65,955
The financial liabilities of the previous financial year can be summarized as
follows:
Financial liabilities split by remaining term on December 31, 2024
In Euro x\u00a01,000
Current
Non-current
Total
Special Shares liabilities
205
-
205
Liabilities to banks
31,961
30,000
61,961
Lease liabilities (IFRS 16)
3,654
7,148
10,802
Rental purchase liabilities
1,639
1,749
3,388
Others
-
-
-
Financial liabilities
37,460
38,897
76,357
To cover its financing needs, Cabka uses leasing, long-term loans and a
syndicated loan with a debt facility of initially \u20ac80.000.000.which was
renewed on December 15, 2023 with a consortium led by Commerzbank AG.
The syndicated loan has an initial term of four years and includes a yearly
repayment schedule and an option to increase the facility by an extra
\u20ac20,000,000 for further financial flexibility. As of December 31, 2025 the
total outstanding debt facility was \u20ac 79.000.000. Borrowing costs are
recognized under finance expenses in the consolidated statement of profit
and loss disclosed in Note 13.
As of December 31, 2025 \u20ac27,000,00 0 of the facilities were unused.
The syndicated loan is unsecured and has an initial term of 4 years with a
maturity in December 2027. The weighted average interest rate at
December 31, 2025 was 4.9% for liabilities to banks in EUR. The syndicated
loan contains several financial covenants, as a leverage covenant, an
interest cover ratio and an equity ratio covenant. Cabka has to comply with
these financial covenants on a quarterly basis.\u00a0 In 2025, Cabka successfully
obtained an amendment of the terms in order to adjust the covenant-
levels.
At reporting date, all agreed levels of the financial covenants were met.
To reduce the interest rate risk, Cabka uses interest rate derivatives as
disclosed in Note 33.
Financial liabilities movements can be summarized as follows:
Financial liabilities movements
In Euro x\u00a01,000
Liabilities to
banks
Lease liabilities
Rental purchase
liabilities
Special shares
liabilities
Others
Total
At January 1, 2024
48,738
9,353
4,860
1,071
-
64,022
Cash outflows / repayments
-2,292
-2,942
-1,472
-
-
-6,706
Additions
15,515
4,391
-
-
-
19,906
Fair value changes
-
-
-
-866
-
-866
At December 31, 2024
61,961
10,802
3,388
205
-
76,357
At January 1, 2025
61,961
10,802
3,388
205
-
76,357
Cash outflows / repayments
-9,961
-3,513
-1,372
-
-
-14,846
Additions
-
787
3,671
-
-
4,459
Fair value changes
-
-
-
-15
-
-15
At December 31, 2025
52,000
8,076
5,688
190
-
65,954
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-447": { "value": "
30.\u00a0 \u00a0 Financial Liabilities
The contractual maturities of the Group\u2019s financial liabilities are as follows:
Financial liabilities split by remaining term on December 31, 2025
In Euro x\u00a01,000
Current
Non-current
Total
Special Shares liabilities
191
-
191
Liabilities to banks
23,000
29,000
52,000
Lease liabilities (IFRS 16)
2,757
5,319
8,076
Rental purchase liabilities
2,677
3,011
5,688
Others
-
-
-
Financial liabilities
28,624
37,331
65,955
The financial liabilities of the previous financial year can be summarized as
follows:
Financial liabilities split by remaining term on December 31, 2024
In Euro x\u00a01,000
Current
Non-current
Total
Special Shares liabilities
205
-
205
Liabilities to banks
31,961
30,000
61,961
Lease liabilities (IFRS 16)
3,654
7,148
10,802
Rental purchase liabilities
1,639
1,749
3,388
Others
-
-
-
Financial liabilities
37,460
38,897
76,357
To cover its financing needs, Cabka uses leasing, long-term loans and a
syndicated loan with a debt facility of initially \u20ac80.000.000.which was
renewed on December 15, 2023 with a consortium led by Commerzbank AG.
The syndicated loan has an initial term of four years and includes a yearly
repayment schedule and an option to increase the facility by an extra
\u20ac20,000,000 for further financial flexibility. As of December 31, 2025 the
total outstanding debt facility was \u20ac 79.000.000. Borrowing costs are
recognized under finance expenses in the consolidated statement of profit
and loss disclosed in Note 13.
As of December 31, 2025 \u20ac27,000,00 0 of the facilities were unused.
The syndicated loan is unsecured and has an initial term of 4 years with a
maturity in December 2027. The weighted average interest rate at
December 31, 2025 was 4.9% for liabilities to banks in EUR. The syndicated
loan contains several financial covenants, as a leverage covenant, an
interest cover ratio and an equity ratio covenant. Cabka has to comply with
these financial covenants on a quarterly basis.\u00a0 In 2025, Cabka successfully
obtained an amendment of the terms in order to adjust the covenant-
levels.
At reporting date, all agreed levels of the financial covenants were met.
To reduce the interest rate risk, Cabka uses interest rate derivatives as
disclosed in Note 33.
Financial liabilities movements can be summarized as follows:
Financial liabilities movements
In Euro x\u00a01,000
Liabilities to
banks
Lease liabilities
Rental purchase
liabilities
Special shares
liabilities
Others
Total
At January 1, 2024
48,738
9,353
4,860
1,071
-
64,022
Cash outflows / repayments
-2,292
-2,942
-1,472
-
-
-6,706
Additions
15,515
4,391
-
-
-
19,906
Fair value changes
-
-
-
-866
-
-866
At December 31, 2024
61,961
10,802
3,388
205
-
76,357
At January 1, 2025
61,961
10,802
3,388
205
-
76,357
Cash outflows / repayments
-9,961
-3,513
-1,372
-
-
-14,846
Additions
-
787
3,671
-
-
4,459
Fair value changes
-
-
-
-15
-
-15
At December 31, 2025
52,000
8,076
5,688
190
-
65,954
Rental purchase liabilities and lease liabilities:
The rental purchase liabilities result from agreements entered into for the
acquisition of property, plant, and equipment based on deferred payments,
for which the agreement includes the option to purchase the underlying
asset. Because of this purchase option, the underlying assets are classified
as owned assets under property, plant and equipment rather than right-of
use assets. Similarly, the rental purchase liabilities are presented separately
from regular lease liabilities. Additions in rental purchase liabilities totaling
\u20ac3,671,000 (2024: \u20ac0) are cash inflows from sale of an asset.
Lease liability additions of in total \u20ac787,000 (2023: \u20ac4,391,000) in the
reporting year have a non-cash character.
Special Shares liabilities:
As detailed in Note 26, the Special Shares held by the Founders of DSC2 will
either (i) convert into 7 ordinary shares if the share price of Cabka N.V.
equals or exceeds \u20ac12.00 for any 15 trading days out of a 30 consecutive
trading-day period (whereby such 15 trading days do not have to be
consecutive) or (ii) convert into 1 ordinary share if this price hurdle is not
being achieved before March 1, 2027. This conversion option has been
classified as a financial liability measured at fair value through profit or loss
(FVTPL). The fair value of the financial liability as at December 31, 2025
amounts to \u20ac190,000 (2024: \u20ac205,000).
The fair value of the Special Shares liabilities are estimated at each
reporting date using a modified Black-Scholes-Merton option pricing
model, taking into account the market conditions. During 2025, a fair value
gain of \u20ac15,000 (2024: \u20ac866,000) has been recorded in financial income
(Note 12), which is the result of a lower ordinary share price of Cabka N.V. as
at December 31, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-446": { "value": "
30.\u00a0 \u00a0 Financial Liabilities
The contractual maturities of the Group\u2019s financial liabilities are as follows:
Financial liabilities split by remaining term on December 31, 2025
In Euro x\u00a01,000
Current
Non-current
Total
Special Shares liabilities
191
-
191
Liabilities to banks
23,000
29,000
52,000
Lease liabilities (IFRS 16)
2,757
5,319
8,076
Rental purchase liabilities
2,677
3,011
5,688
Others
-
-
-
Financial liabilities
28,624
37,331
65,955
The financial liabilities of the previous financial year can be summarized as
follows:
Financial liabilities split by remaining term on December 31, 2024
In Euro x\u00a01,000
Current
Non-current
Total
Special Shares liabilities
205
-
205
Liabilities to banks
31,961
30,000
61,961
Lease liabilities (IFRS 16)
3,654
7,148
10,802
Rental purchase liabilities
1,639
1,749
3,388
Others
-
-
-
Financial liabilities
37,460
38,897
76,357
To cover its financing needs, Cabka uses leasing, long-term loans and a
syndicated loan with a debt facility of initially \u20ac80.000.000.which was
renewed on December 15, 2023 with a consortium led by Commerzbank AG.
The syndicated loan has an initial term of four years and includes a yearly
repayment schedule and an option to increase the facility by an extra
\u20ac20,000,000 for further financial flexibility. As of December 31, 2025 the
total outstanding debt facility was \u20ac 79.000.000. Borrowing costs are
recognized under finance expenses in the consolidated statement of profit
and loss disclosed in Note 13.
As of December 31, 2025 \u20ac27,000,00 0 of the facilities were unused.
The syndicated loan is unsecured and has an initial term of 4 years with a
maturity in December 2027. The weighted average interest rate at
December 31, 2025 was 4.9% for liabilities to banks in EUR. The syndicated
loan contains several financial covenants, as a leverage covenant, an
interest cover ratio and an equity ratio covenant. Cabka has to comply with
these financial covenants on a quarterly basis.\u00a0 In 2025, Cabka successfully
obtained an amendment of the terms in order to adjust the covenant-
levels.
At reporting date, all agreed levels of the financial covenants were met.
To reduce the interest rate risk, Cabka uses interest rate derivatives as
disclosed in Note 33.
Financial liabilities movements can be summarized as follows:
Financial liabilities movements
In Euro x\u00a01,000
Liabilities to
banks
Lease liabilities
Rental purchase
liabilities
Special shares
liabilities
Others
Total
At January 1, 2024
48,738
9,353
4,860
1,071
-
64,022
Cash outflows / repayments
-2,292
-2,942
-1,472
-
-
-6,706
Additions
15,515
4,391
-
-
-
19,906
Fair value changes
-
-
-
-866
-
-866
At December 31, 2024
61,961
10,802
3,388
205
-
76,357
At January 1, 2025
61,961
10,802
3,388
205
-
76,357
Cash outflows / repayments
-9,961
-3,513
-1,372
-
-
-14,846
Additions
-
787
3,671
-
-
4,459
Fair value changes
-
-
-
-15
-
-15
At December 31, 2025
52,000
8,076
5,688
190
-
65,954
Rental purchase liabilities and lease liabilities:
The rental purchase liabilities result from agreements entered into for the
acquisition of property, plant, and equipment based on deferred payments,
for which the agreement includes the option to purchase the underlying
asset. Because of this purchase option, the underlying assets are classified
as owned assets under property, plant and equipment rather than right-of
use assets. Similarly, the rental purchase liabilities are presented separately
from regular lease liabilities. Additions in rental purchase liabilities totaling
\u20ac3,671,000 (2024: \u20ac0) are cash inflows from sale of an asset.
Lease liability additions of in total \u20ac787,000 (2023: \u20ac4,391,000) in the
reporting year have a non-cash character.
Special Shares liabilities:
As detailed in Note 26, the Special Shares held by the Founders of DSC2 will
either (i) convert into 7 ordinary shares if the share price of Cabka N.V.
equals or exceeds \u20ac12.00 for any 15 trading days out of a 30 consecutive
trading-day period (whereby such 15 trading days do not have to be
consecutive) or (ii) convert into 1 ordinary share if this price hurdle is not
being achieved before March 1, 2027. This conversion option has been
classified as a financial liability measured at fair value through profit or loss
(FVTPL). The fair value of the financial liability as at December 31, 2025
amounts to \u20ac190,000 (2024: \u20ac205,000).
The fair value of the Special Shares liabilities are estimated at each
reporting date using a modified Black-Scholes-Merton option pricing
model, taking into account the market conditions. During 2025, a fair value
gain of \u20ac15,000 (2024: \u20ac866,000) has been recorded in financial income
(Note 12), which is the result of a lower ordinary share price of Cabka N.V. as
at December 31, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-449": { "value": "
Financial liabilities movements can be summarized as follows:
Financial liabilities movements
In Euro x\u00a01,000
Liabilities to
banks
Lease liabilities
Rental purchase
liabilities
Special shares
liabilities
Others
Total
At January 1, 2024
48,738
9,353
4,860
1,071
-
64,022
Cash outflows / repayments
-2,292
-2,942
-1,472
-
-
-6,706
Additions
15,515
4,391
-
-
-
19,906
Fair value changes
-
-
-
-866
-
-866
At December 31, 2024
61,961
10,802
3,388
205
-
76,357
At January 1, 2025
61,961
10,802
3,388
205
-
76,357
Cash outflows / repayments
-9,961
-3,513
-1,372
-
-
-14,846
Additions
-
787
3,671
-
-
4,459
Fair value changes
-
-
-
-15
-
-15
At December 31, 2025
52,000
8,076
5,688
190
-
65,954
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-454": { "value": "
31.\u00a0 \u00a0 Trade Payables, Other Liabilities and Contract
Liabilities
Trade payables and other liabilities are summarized in the overview below:
Trade payables and other liabilities at
December 31
In Euro x\u00a01,000
2025
2024
Trade payables
25,062
29,037
Personnel related liabilities
4,698
3,553
Others
5,879
3,395
Total other liabilities
10,577
6,948
Trade payables and other liabilities
35,639
35,985
The category others relates to numerous other liabilities such as VAT and
wage taxes.
The contract liabilities are summarized in the overview below:
Contract liabilities
In Euro x\u00a01,000
2025
2024
Received prepayments on contracts
-
240
Other contract liabilities
1,793
2,901
Total contract liabilities
1,793
3,141
Other contract liabilities relate to materials received at the Eco-Products-
Business which were not yet processed for recycling. Therefore, according
to IFRS 15, the received Eco materials which are included in stock as at the
balance sheet date, are included as other contract liabilities.
Legal claim contingency
There are no legal claims and contingencies outstanding that could have a
material impact on the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-453": { "value": "
31.\u00a0 \u00a0 Trade Payables, Other Liabilities and Contract
Liabilities
Trade payables and other liabilities are summarized in the overview below:
Trade payables and other liabilities at
December 31
In Euro x\u00a01,000
2025
2024
Trade payables
25,062
29,037
Personnel related liabilities
4,698
3,553
Others
5,879
3,395
Total other liabilities
10,577
6,948
Trade payables and other liabilities
35,639
35,985
The category others relates to numerous other liabilities such as VAT and
wage taxes.
The contract liabilities are summarized in the overview below:
Contract liabilities
In Euro x\u00a01,000
2025
2024
Received prepayments on contracts
-
240
Other contract liabilities
1,793
2,901
Total contract liabilities
1,793
3,141
Other contract liabilities relate to materials received at the Eco-Products-
Business which were not yet processed for recycling. Therefore, according
to IFRS 15, the received Eco materials which are included in stock as at the
balance sheet date, are included as other contract liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-452": { "value": "
31.\u00a0 \u00a0 Trade Payables, Other Liabilities and Contract
Liabilities
Trade payables and other liabilities are summarized in the overview below:
Trade payables and other liabilities at
December 31
In Euro x\u00a01,000
2025
2024
Trade payables
25,062
29,037
Personnel related liabilities
4,698
3,553
Others
5,879
3,395
Total other liabilities
10,577
6,948
Trade payables and other liabilities
35,639
35,985
The category others relates to numerous other liabilities such as VAT and
wage taxes.
The contract liabilities are summarized in the overview below:
Contract liabilities
In Euro x\u00a01,000
2025
2024
Received prepayments on contracts
-
240
Other contract liabilities
1,793
2,901
Total contract liabilities
1,793
3,141
Other contract liabilities relate to materials received at the Eco-Products-
Business which were not yet processed for recycling. Therefore, according
to IFRS 15, the received Eco materials which are included in stock as at the
balance sheet date, are included as other contract liabilities.
32.\u00a0 \u00a0 Provisions
Provisions are summarized in the overview below:
Provisions
In Euro x\u00a01,000
2025
2024
Provisions for sales and marketing
-
508
Remaining other provisions
183
278
Total provisions
183
786
The remaining other provisions include various smaller items, of which a
part of the liability position is due to uncertain timing with regard to a
specific customers, where returned pallets were received in exchange for
new ones. Cabka sold pallets to the customer in the past with a product
warranty clause. This could result in a future outflow of assets of which the
timing is uncertain. No pallets have been received back under this warranty
clause as at the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-451": { "value": "
31.\u00a0 \u00a0 Trade Payables, Other Liabilities and Contract
Liabilities
Trade payables and other liabilities are summarized in the overview below:
Trade payables and other liabilities at
December 31
In Euro x\u00a01,000
2025
2024
Trade payables
25,062
29,037
Personnel related liabilities
4,698
3,553
Others
5,879
3,395
Total other liabilities
10,577
6,948
Trade payables and other liabilities
35,639
35,985
The category others relates to numerous other liabilities such as VAT and
wage taxes.
The contract liabilities are summarized in the overview below:
Contract liabilities
In Euro x\u00a01,000
2025
2024
Received prepayments on contracts
-
240
Other contract liabilities
1,793
2,901
Total contract liabilities
1,793
3,141
Other contract liabilities relate to materials received at the Eco-Products-
Business which were not yet processed for recycling. Therefore, according
to IFRS 15, the received Eco materials which are included in stock as at the
balance sheet date, are included as other contract liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-450": { "value": "
31.\u00a0 \u00a0 Trade Payables, Other Liabilities and Contract
Liabilities
Trade payables and other liabilities are summarized in the overview below:
Trade payables and other liabilities at
December 31
In Euro x\u00a01,000
2025
2024
Trade payables
25,062
29,037
Personnel related liabilities
4,698
3,553
Others
5,879
3,395
Total other liabilities
10,577
6,948
Trade payables and other liabilities
35,639
35,985
The category others relates to numerous other liabilities such as VAT and
wage taxes.
The contract liabilities are summarized in the overview below:
Contract liabilities
In Euro x\u00a01,000
2025
2024
Received prepayments on contracts
-
240
Other contract liabilities
1,793
2,901
Total contract liabilities
1,793
3,141
Other contract liabilities relate to materials received at the Eco-Products-
Business which were not yet processed for recycling. Therefore, according
to IFRS 15, the received Eco materials which are included in stock as at the
balance sheet date, are included as other contract liabilities.
32.\u00a0 \u00a0 Provisions
Provisions are summarized in the overview below:
Provisions
In Euro x\u00a01,000
2025
2024
Provisions for sales and marketing
-
508
Remaining other provisions
183
278
Total provisions
183
786
The remaining other provisions include various smaller items, of which a
part of the liability position is due to uncertain timing with regard to a
specific customers, where returned pallets were received in exchange for
new ones. Cabka sold pallets to the customer in the past with a product
warranty clause. This could result in a future outflow of assets of which the
timing is uncertain. No pallets have been received back under this warranty
clause as at the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-455": { "value": "
32.\u00a0 \u00a0 Provisions
Provisions are summarized in the overview below:
Provisions
In Euro x\u00a01,000
2025
2024
Provisions for sales and marketing
-
508
Remaining other provisions
183
278
Total provisions
183
786
The remaining other provisions include various smaller items, of which a
part of the liability position is due to uncertain timing with regard to a
specific customers, where returned pallets were received in exchange for
new ones. Cabka sold pallets to the customer in the past with a product
warranty clause. This could result in a future outflow of assets of which the
timing is uncertain. No pallets have been received back under this warranty
clause as at the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-456": { "value": "
33.\u00a0 \u00a0 Financial Instruments Risk Management
Objectives and Policies
The Group\u2019s principal financial liabilities comprise liabilities to banks and
trade and other payables. The main purpose of these financial liabilities is to
finance the Group\u2019s operations. The Group\u2019s principal financial assets
include trade receivables, and cash and cash equivalents that derive
directly from its operations. The Group also enters into derivative
transactions.
The Group is exposed to market risk, credit risk and liquidity risk.
The Group\u2019s senior management oversees the management of these risks.
The Group\u2019s senior management is supported by specialists who advise on
financial risks and the appropriate financial risk governance framework for
the Group. This includes appropriate policies and procedures and that
financial risks are identified, measured and managed in accordance with
the Group\u2019s policies and risk objectives. All derivative activities for risk
management purposes are carried out by specialists who have the
appropriate skills, experience and supervision. It is the Group\u2019s policy
that no trading in derivatives for speculative purposes may be undertaken.
The Board of Directors reviews and agrees policies for managing each of
these risks, which are summarized below.
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of
an exposure will fluctuate because of changes in foreign exchange rates.
The Group\u2019s exposure to the risk of changes in foreign exchange rates
relates primarily to the Group\u2019s operating activities (when revenue or
expense is denominated in a foreign currency).
Cabka uses derivative financial instruments such as forwards and swaps to
safeguard its foreign currency risk exposure. Derivatives are measured at
fair value and are generally recognized in profit or loss. On December 31,
2025, Cabka had foreign exchange derivatives outstanding with a nominal
amount of \u20ac38,260,000 (2024: \u20ac36,132,000). At December 31, 2025, the fair
value of these instruments was \u20ac136,000 (2024: \u20ac-390,000).
Foreign currency sensitivity
The impact on the Group\u2019s profit after tax is due to changes in the fair value
of monetary assets and liabilities including non-designated foreign currency
derivatives.
The main foreign exchange risk results from changes in the value of the USD
relative to the EUR. If the foreign currencies would have risen against the
EUR by 10%, the post-tax loss for the year would have been \u20ac64,000 higher
(2024: \u20ac55,000 higher). The opposite applies in the case of a weakening of
these foreign currencies relative to the euro of 10%.
Interest rate risk
The Group is exposed to interest rate risk. Cabka uses interest rate swaps
and options to economically hedge the interest rate risk. On December 31,
2025, Cabka had outstanding interest rate derivatives for a nominal amount
of \u20ac40,000,000. If the interest rates at December 31, 2025 would have been
100bps higher, the interest expenses would have been \u20ac103,000 higher
(2024: \u20ac198,000 higher). If the interest rates at December 31, 2025 would
have been 100bps lower, the interest expenses would have been \u20ac86,000
lower (2024: \u20ac227,000 lower.) refer to Note 20 and 31. The Fair value of the
interest rate derivatives would have been \u20ac107,000 higher, if the interest
rates at December 31, 2024 was 100bps higher, impacting OCI by \u20ac107,000.
The opposite applies in the case of a 100 bps decrease in the interest rates.
Derivatives are only used for economic hedging purposes and not as
speculative investments. The full fair value of hedging derivatives is
classified as a non-current asset or liability where the remaining maturity of
the hedged item is more than 12 months. On December 31, 2025 the fair
value included under other non current liabilities was \u20ac260,000 (2024:
\u20ac510,000).
The ineffective portion of the derivative is determined as insignificant.
Market risk
The market risk is the risk of the deterioration of the Group\u2019s income due
to movements in market prices, such as those relating to exchange rates
and interest rates. The aim of the management of market risk exposure is to
keep the market risk position within acceptable limits. Derivatives are used
to manage specific market risks. These transactions are carried out within
the Group\u2019s treasury framework.
Liquidity risk
The Group has implemented group- wide daily cash reporting and monitors
its liquidity with a rolling liquidity forecast. Funding contains long-term loans
and lease contracts as well as short-term loans within the syndicated loan
to maintain the necessary financial flexibility. The syndicated loan facility
matures in December 2027 and contains certain financial covenants. If the
financial covenants are not met at the reporting dates, the banks have
the right to request repayment of the outstanding loans. Further details of
the credit facilities are provided in Note 30.
The following tables show the undiscounted future contractual cash flows
from financial liabilities at December 31, 2025 and 2024 including
contractual interest payments:
Contractual cashflow of
financial liabilities 2025
In Euro x\u00a01,000
Net book
value
Current
< 1 year
Non-current
between 1
and 5 years
Non-current
> 5 years
Total
Liabilities to banks
52,000
24,698
33,189
-
57,887
Lease liabilities
(IFRS 16)
8,076
2,965
5,120
772
8,857
Rental purchase
agreement
5,688
2,677
3,011
-
5,688
Trade payables
25,062
25,062
-
-
25,062
Total
90,827
55,402
41,320
772
97,494
Contractual cashflow of
financial liabilities 2024
In Euro x\u00a01,000
Net book
value
Current
< 1 year
Non-current
between 1
and 5 years
Non-current
> 5 years
Total
Liabilities to banks
61,961
33,912
33,189
-
67,101
Lease liabilities
(IFRS 16)
10,802
3,915
6,658
1,211
11,784
Rental purchase
agreement
3,388
1,639
1,749
-
3,388
Trade payables
29,037
29,037
-
-
29,037
Total
105,189
68,503
41,596
1,211
111,310
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations
under a financial instrument or customer contract, leading to a financial
loss. The Group is exposed to credit risk from its operating activities
(primarily trade receivables).
Capital management
The Management Board\u2019s policy is designed to maintain a strong capital
gearing to retain the confidence of investors, creditors and the markets,
and to safeguard the future development of the business activities.
The Management Board monitors the return on equity and the level of
dividend distributed to ordinary shareholders.
Trade receivables
Customer credit risk is managed by each business unit subject to the
Group\u2019s established policy, procedures and control relating to customer
credit risk management. Creditworthiness of a customer is assessed based
on an extensive credit rating scorecard and individual credit limits are
defined in accordance with this assessment. Outstanding customer
receivables and contract assets are regularly monitored and any shipments
to major customers are generally covered by letters of credit obtained from
reputable banks and other financial institutions.
An impairment analysis is performed at each reporting date using a
provision matrix to measure expected credit losses. The provision rates are
based on days past due for categories of various customer segments with
similar loss patterns (i.e., by geographical region, product type, customer
type and rating, and coverage by letters of credit or other forms of credit
insurance). The calculation reflects the probability-weighted outcome,
the time value of money, and reasonable and supportable information
that is available at the reporting date about past events, current conditions,
and forecasts of future economic conditions. Generally, trade receivables
are written-off if past due for more than one year and are not subject to
enforcement activity. The maximum exposure to credit risk at the reporting
date is the carrying value of each class of financial assets disclosed in
Note 7. The Group does not hold collateral as security. The letters of credit
and other forms of credit insurance are considered integral part of trade
receivables and considered in the calculation of impairment.
Information about the credit risk exposure on the Group\u2019s trade receivables
using a provision matrix is provided below:
Trade receivables overview at December 31, 2025 (Days past due)
In Euro x\u00a01,000
Current
< 30 days
30 \u2013 60 days
60+ days
Total
Receivables outstanding
16,351
883
453
1,354
19,040
Expected credit loss rate
-%
1.13%
4.41%
4.41%
0.47%
Expected credit loss allowance
-
10
20
60
90
For the previous year this is summarized as follows:
Credit risk exposure on the Group\u2019s trade receivables
Trade receivables overview at December 31, 2024 (Days past in due)
In Euro x\u00a01,000
Current
< 30 days
30 \u2013 60 days
60+ days
Total
Receivables outstanding
2,938
6,032
6,380
4,283
19,633
Expected credit loss rate
0.34%
0.33%
0.31%
0.95%
0.46%
Expected credit loss allowance
10
20
20
41
91
The probability of default for trade receivables was determined on the basis
of actual historical bad debt losses. Actual historical bad debt losses are
considered on the basis of individual companies. The expected probability
of default is less than 1%. An expected loss in the amount of \u20ac90,000
(2024:\u00a0\u20ac91,000) was recognized. Additionally no individual impairments for
2025 and 2024 were recognized for trade receivables where actual
circumstances lead to a high probability of default.
For other financial assets such as other receivables and deposits, the
assumption is applied that no expected credit loss is required. Due to low
credit risk, the expected credit losses are deemed not significant.
Commodity price risk
The Group is exposed to energy price changes which are managed using
forward contracts. The Group manages other exposures to prices of raw
materials and other materials associated with off-take through commercial
contracting. Without the hedges in place, if wholesale energy prices would
have increased by 10%, the post-tax loss for the year would have been
\u20ac1,285,000 higher (2024: \u20ac1,353,000).
The opposite applies in the case of a decrease in the wholesale energy
prices by 10% in the year under review.
\u00a0
Climate risk and the impact of extreme weather events
Climate change and the subsequent increase in the frequency of\u00a0 extreme
weather events can potentially impact Cabka\u2019s infrastructure and business
activities. This risk materialized at our North American entity in St. Louis in
August 2022, when an extraordinary flooding event caused severe damage
to our production facility. Furthermore, Valencia saw a devastating flood in
October 2024. While this event did not directly impact Cabka\u2019s Innovation
Center, it did affect some of our employees and has underscored the need
for adequate risk management. To prevent and mitigate such incidents in
the future and to further integrate this risk in financial and strategic
planning, a comprehensive scenario analysis of physical climate risks was
conducted in 2025 for each one of Cabka\u2019s manufacturing locations as well
as for the Innovation Center.
Fraud and non-compliance
The Management of Cabka N.V. is aware of the inherent risk of fraud that it
faces, both internally and externally, in carrying out its activities. External
parties must be able to trust that Cabka N.V. and its employees do business
in a reliable, honest and careful manner. Therefore, Cabka N.V. has drawn
up a code of ethics that is shared with every employee at the start of their
employment. The importance of the code of ethics and compliance is
periodically emphasized and is a subject of discussion between manager
and employee. In addition, a separate suppliers code of conduct is available
so that external suppliers\u2019 actions are in line with those of Cabka.
A confidential advisor and tipline, including a whistleblower policy where
any abuses can be reported confidentially, have been implemented.
The code of ethics, suppliers code of conduct and the whistleblower are
available on our website and are therefore also shared with our external
relations.
Cabka N.V. has measures in place to significantly reduce its exposure to
fraud. An important measure is the restriction of access (both physical and
digital) for individuals to only those areas where they perform their day-to-
day activities, and segregation of duties (SoD) so that important checks and
balances are not combined within the same person. Both the user access
and SoD are reviewed and adjusted to be in line with the risk appetite if
situations change. A significant number of general IT controls around user
access and SoD have been designed. Cabka continues to address and
improve the design and effectiveness of its IT controls.\u00a0
In addition to the foundation of access management and SoD, Cabka also
has an authorization matrix to clearly define the responsibilities and
authorization limits for each function within the company. This ensures that
only the authorized employees are involved when information is processed
or decisions are made with a certain level of (fraud) risk.\u00a0
Despite all internal control measures, there remains the risk of management
or the board overriding internal controls and the risk of collusion between
employees. Transparent decision-making, the governance structure, an
open culture in which we dare to call each other to account, the presence
of a confidential advisor to report non-ethical actions to (anonymously),
and periodic internal and external audits on compliance, are measures that
must contribute to detecting instances of overriding controls.
Conclusion
Management is of the opinion that, taking into account all procedures and
control measures, the risk assessment provides a complete overview of the
risks the company faces and that adequate procedures are in place to
mitigate these risks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-457": { "value": "
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of
an exposure will fluctuate because of changes in foreign exchange rates.
The Group\u2019s exposure to the risk of changes in foreign exchange rates
relates primarily to the Group\u2019s operating activities (when revenue or
expense is denominated in a foreign currency).
Cabka uses derivative financial instruments such as forwards and swaps to
safeguard its foreign currency risk exposure. Derivatives are measured at
fair value and are generally recognized in profit or loss. On December 31,
2025, Cabka had foreign exchange derivatives outstanding with a nominal
amount of \u20ac38,260,000 (2024: \u20ac36,132,000). At December 31, 2025, the fair
value of these instruments was \u20ac136,000 (2024: \u20ac-390,000).
Foreign currency sensitivity
The impact on the Group\u2019s profit after tax is due to changes in the fair value
of monetary assets and liabilities including non-designated foreign currency
derivatives.
The main foreign exchange risk results from changes in the value of the USD
relative to the EUR. If the foreign currencies would have risen against the
EUR by 10%, the post-tax loss for the year would have been \u20ac64,000 higher
(2024: \u20ac55,000 higher). The opposite applies in the case of a weakening of
these foreign currencies relative to the euro of 10%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-458": { "value": "
Market risk
The market risk is the risk of the deterioration of the Group\u2019s income due
to movements in market prices, such as those relating to exchange rates
and interest rates. The aim of the management of market risk exposure is to
keep the market risk position within acceptable limits. Derivatives are used
to manage specific market risks. These transactions are carried out within
the Group\u2019s treasury framework.
Commodity price risk
The Group is exposed to energy price changes which are managed using
forward contracts. The Group manages other exposures to prices of raw
materials and other materials associated with off-take through commercial
contracting. Without the hedges in place, if wholesale energy prices would
have increased by 10%, the post-tax loss for the year would have been
\u20ac1,285,000 higher (2024: \u20ac1,353,000).
The opposite applies in the case of a decrease in the wholesale energy
prices by 10% in the year under review.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-459": { "value": "
Liquidity risk
The Group has implemented group- wide daily cash reporting and monitors
its liquidity with a rolling liquidity forecast. Funding contains long-term loans
and lease contracts as well as short-term loans within the syndicated loan
to maintain the necessary financial flexibility. The syndicated loan facility
matures in December 2027 and contains certain financial covenants. If the
financial covenants are not met at the reporting dates, the banks have
the right to request repayment of the outstanding loans. Further details of
the credit facilities are provided in Note 30.
The following tables show the undiscounted future contractual cash flows
from financial liabilities at December 31, 2025 and 2024 including
contractual interest payments:
Contractual cashflow of
financial liabilities 2025
In Euro x\u00a01,000
Net book
value
Current
< 1 year
Non-current
between 1
and 5 years
Non-current
> 5 years
Total
Liabilities to banks
52,000
24,698
33,189
-
57,887
Lease liabilities
(IFRS 16)
8,076
2,965
5,120
772
8,857
Rental purchase
agreement
5,688
2,677
3,011
-
5,688
Trade payables
25,062
25,062
-
-
25,062
Total
90,827
55,402
41,320
772
97,494
Contractual cashflow of
financial liabilities 2024
In Euro x\u00a01,000
Net book
value
Current
< 1 year
Non-current
between 1
and 5 years
Non-current
> 5 years
Total
Liabilities to banks
61,961
33,912
33,189
-
67,101
Lease liabilities
(IFRS 16)
10,802
3,915
6,658
1,211
11,784
Rental purchase
agreement
3,388
1,639
1,749
-
3,388
Trade payables
29,037
29,037
-
-
29,037
Total
105,189
68,503
41,596
1,211
111,310
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-460": { "value": "
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations
under a financial instrument or customer contract, leading to a financial
loss. The Group is exposed to credit risk from its operating activities
(primarily trade receivables).
Capital management
The Management Board\u2019s policy is designed to maintain a strong capital
gearing to retain the confidence of investors, creditors and the markets,
and to safeguard the future development of the business activities.
The Management Board monitors the return on equity and the level of
dividend distributed to ordinary shareholders.
Trade receivables
Customer credit risk is managed by each business unit subject to the
Group\u2019s established policy, procedures and control relating to customer
credit risk management. Creditworthiness of a customer is assessed based
on an extensive credit rating scorecard and individual credit limits are
defined in accordance with this assessment. Outstanding customer
receivables and contract assets are regularly monitored and any shipments
to major customers are generally covered by letters of credit obtained from
reputable banks and other financial institutions.
An impairment analysis is performed at each reporting date using a
provision matrix to measure expected credit losses. The provision rates are
based on days past due for categories of various customer segments with
similar loss patterns (i.e., by geographical region, product type, customer
type and rating, and coverage by letters of credit or other forms of credit
insurance). The calculation reflects the probability-weighted outcome,
the time value of money, and reasonable and supportable information
that is available at the reporting date about past events, current conditions,
and forecasts of future economic conditions. Generally, trade receivables
are written-off if past due for more than one year and are not subject to
enforcement activity. The maximum exposure to credit risk at the reporting
date is the carrying value of each class of financial assets disclosed in
Note 7. The Group does not hold collateral as security. The letters of credit
and other forms of credit insurance are considered integral part of trade
receivables and considered in the calculation of impairment.
Information about the credit risk exposure on the Group\u2019s trade receivables
using a provision matrix is provided below:
Trade receivables overview at December 31, 2025 (Days past due)
In Euro x\u00a01,000
Current
< 30 days
30 \u2013 60 days
60+ days
Total
Receivables outstanding
16,351
883
453
1,354
19,040
Expected credit loss rate
-%
1.13%
4.41%
4.41%
0.47%
Expected credit loss allowance
-
10
20
60
90
For the previous year this is summarized as follows:
Credit risk exposure on the Group\u2019s trade receivables
Trade receivables overview at December 31, 2024 (Days past in due)
In Euro x\u00a01,000
Current
< 30 days
30 \u2013 60 days
60+ days
Total
Receivables outstanding
2,938
6,032
6,380
4,283
19,633
Expected credit loss rate
0.34%
0.33%
0.31%
0.95%
0.46%
Expected credit loss allowance
10
20
20
41
91
The probability of default for trade receivables was determined on the basis
of actual historical bad debt losses. Actual historical bad debt losses are
considered on the basis of individual companies. The expected probability
of default is less than 1%. An expected loss in the amount of \u20ac90,000
(2024:\u00a0\u20ac91,000) was recognized. Additionally no individual impairments for
2025 and 2024 were recognized for trade receivables where actual
circumstances lead to a high probability of default.
For other financial assets such as other receivables and deposits, the
assumption is applied that no expected credit loss is required. Due to low
credit risk, the expected credit losses are deemed not significant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-461": { "value": "
Capital management
The Management Board\u2019s policy is designed to maintain a strong capital
gearing to retain the confidence of investors, creditors and the markets,
and to safeguard the future development of the business activities.
The Management Board monitors the return on equity and the level of
dividend distributed to ordinary shareholders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-462": { "value": "
Trade receivables
Customer credit risk is managed by each business unit subject to the
Group\u2019s established policy, procedures and control relating to customer
credit risk management. Creditworthiness of a customer is assessed based
on an extensive credit rating scorecard and individual credit limits are
defined in accordance with this assessment. Outstanding customer
receivables and contract assets are regularly monitored and any shipments
to major customers are generally covered by letters of credit obtained from
reputable banks and other financial institutions.
An impairment analysis is performed at each reporting date using a
provision matrix to measure expected credit losses. The provision rates are
based on days past due for categories of various customer segments with
similar loss patterns (i.e., by geographical region, product type, customer
type and rating, and coverage by letters of credit or other forms of credit
insurance). The calculation reflects the probability-weighted outcome,
the time value of money, and reasonable and supportable information
that is available at the reporting date about past events, current conditions,
and forecasts of future economic conditions. Generally, trade receivables
are written-off if past due for more than one year and are not subject to
enforcement activity. The maximum exposure to credit risk at the reporting
date is the carrying value of each class of financial assets disclosed in
Note 7. The Group does not hold collateral as security. The letters of credit
and other forms of credit insurance are considered integral part of trade
receivables and considered in the calculation of impairment.
Information about the credit risk exposure on the Group\u2019s trade receivables
using a provision matrix is provided below:
Trade receivables overview at December 31, 2025 (Days past due)
In Euro x\u00a01,000
Current
< 30 days
30 \u2013 60 days
60+ days
Total
Receivables outstanding
16,351
883
453
1,354
19,040
Expected credit loss rate
-%
1.13%
4.41%
4.41%
0.47%
Expected credit loss allowance
-
10
20
60
90
For the previous year this is summarized as follows:
Credit risk exposure on the Group\u2019s trade receivables
Trade receivables overview at December 31, 2024 (Days past in due)
In Euro x\u00a01,000
Current
< 30 days
30 \u2013 60 days
60+ days
Total
Receivables outstanding
2,938
6,032
6,380
4,283
19,633
Expected credit loss rate
0.34%
0.33%
0.31%
0.95%
0.46%
Expected credit loss allowance
10
20
20
41
91
The probability of default for trade receivables was determined on the basis
of actual historical bad debt losses. Actual historical bad debt losses are
considered on the basis of individual companies. The expected probability
of default is less than 1%. An expected loss in the amount of \u20ac90,000
(2024:\u00a0\u20ac91,000) was recognized. Additionally no individual impairments for
2025 and 2024 were recognized for trade receivables where actual
circumstances lead to a high probability of default.
For other financial assets such as other receivables and deposits, the
assumption is applied that no expected credit loss is required. Due to low
credit risk, the expected credit losses are deemed not significant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-463": { "value": "
34.\u00a0 \u00a0 Commitments and Contingencies
Commitments
The Group has no lease contracts that have not yet commenced as at
December 31, 2025 .
Since Cabka is offering a buyback clause for pallets sold to specific
customers, where the raw material cost price is determined at fair market
prices, there is a potential obligation for Cabka to buy these returned
pallets.
If this occurs, it will be treated as material expense in the consolidated
statement of comprehensive income.
Legal claim contingency
There are no legal claims and contingencies outstanding that could have a
material impact on the Group.
Guarantees
The only guarantees provided are to wholly-owned subsidiaries within
the Group. In connection with our rental agreements, we have provided
rental bank guarantees to secure our obligations. As of the reporting date,
the total value of these rental guarantees amounted to \u20ac0.5 million.
Pledges
As of the reporting date, there are no\u00a0 pledged assets (2024: \u20ac2.2 million).
Non-Recourse Factoring Agreement
In 2024, Cabka N.V. entered into a non-recourse factoring agreement with
a factoring company for Cabka GmbH & Co. KG and Cabka N.V., Ieper and
Cabka Belgium N.V. in Belgium. Under this agreement, the company sells
its accounts receivable to the factor at a discount, and the factor assumes
the credit risk associated with the receivables. As a result, the receivables
are derecognized from the company's balance sheet upon transfer to the
factor.
This arrangement has improved the company's liquidity position by
providing immediate cash flow while mitigating the risk of debtor insolvency.
The factoring fees and any discounts applied to the receivables are
recorded as financing expenses in the income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-464": { "value": "
35.\u00a0 \u00a0 Related Party Balances and Transactions/
Disclosures
The following table provides the total amount of non- eliminated
transactions with related parties for 2025 and 2024. Transactions between
consolidated Group companies are eliminated in the consolidation and
therefore not disclosed. The outstanding balance of receivables due from
affiliated companies, which are not eliminated at the Group level, amounted
to \u20ac28,000 in 2025 (compared to \u20ac25,000 in 2024).
Related parties 2025
In Euro x\u00a01,000
Sales to
related parties
Purchases
from related
parties
Amounts owed
by related
parties
Amounts owed
to related
parties
Entity with significant
influence over the Group
RAM.ON Finance GmbH
-
535
-
1
DSC Executive Directors
Holding B.V.
-
-
-
-
Brandaris Capital
-
-
-
-
Entities under Common
Directorship
RAM.ON Real Estate GmbH
23
591
-
2
Oceansix GmbH
-
220
-
-
Gat & Heike Ramon
1
3
1
-
Related parties 2024
In Euro x\u00a01,000
Sales to
related parties
Purchases
from related
parties
Amounts owed
by related
parties
Amounts owed
to related
parties
Entity with significant
influence over the Group
RAM.ON Finance GmbH
-
539
21
-
DSC Executive Directors
Holding B.V.
-
-
-
-
Brandaris Capital
-
-
-
-
Entities under Common
Directorship
RAM.ON Real Estate GmbH
-
578
-
-
Oceansix GmbH
-
300
-
-
Gat & Heike Ramon
2
5
1
-
Transactions with related parties that are outside the Group are classified
as trade receivables and trade payables, respectively (see Notes 22 and 31).
The sales to and purchases from related parties are made on terms aiming
to be equivalent to transactions at arm\u2019s length. Outstanding balances at
year end are unsecured and interest free and settlement occurs in cash. No
guarantees have been provided or received for any related party
receivables or payables.
On November 1, 2017, Cabka Group GmbH entered into a rental agreement
for the office in Berlin with Ram.on real estate GmbH for a period of 10
years of which the total fees amounted to \u20ac378,000 in 2025. Cabka Spain
S.L.U. also has a rental agreement with Ram.on real estate GmbH for the
office building in Valencia commencing June 5, 2022 for 10 years, with total
fees in the fiscal year amounting to \u20ac200,000. Both agreements are
presented in the Balance Sheet under Right-of-Use assets (Note 18).
In addition to the above-mentioned agreements, there is a consultancy
agreement between Cabka N.V. (NL) and Ram.ON finance GmbH as of
March 1, 2022 for four years, covering services for high-level strategic
consulting with regard to the future corporate strategy and positioning of
Cabka in the market using the special expertise of the consultant. The fees
amount to \u20ac535,000 in the reporting year.
An additional leasing agreement with Oceansix GmbH on extruders was
entered in 2023 with a total expense of \u20ac220,000 recorded in the current
financial year.
In addition to the related party transactions as disclosed above, the Group
has issued several equity instruments to shareholders and key management
employees during the year ended December 31, 2025. Further details of
these transactions are provided in Note 26 (Share Capital and Share
Premium), Note 27 (Share-Based Payments), Note 28 (Other Reserves) and
Note 30 (Financial Liabilities).
Compensation and share ownership of key management personnel and
the Supervisory Board of the Group
For further disclosure of the compensation of key management personnel
and the Supervisory Board of the Group, we refer to Note 51 of the
Company financial statements. For further disclosure of share ownership,
we refer to Note 52 of the Company financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-465": { "value": "
Compensation and share ownership of key management personnel and
the Supervisory Board of the Group
For further disclosure of the compensation of key management personnel
and the Supervisory Board of the Group, we refer to Note 51 of the
Company financial statements. For further disclosure of share ownership,
we refer to Note 52 of the Company financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-466": { "value": "
36.\u00a0 \u00a0 Subsequent events
After the balance sheet date of December 31, 2025, there have been no
significant events.
With reference to Section 2:382a of the Dutch Civil Code, the following fees
were charged to the Company, its subsidiaries and other consolidated
entities by BDO Audit & Assurance B.V. and its member firms and affiliates in
2025 and in 2024:
2025
2025
2025
2024
2024
2024
In Euro x\u00a01,000
BDO NL
Other BDO
network
firms
Total
BDO NL
Other BDO
network
firms
Total
Auditor of
financial
statements
544
220
764
521
255
776
Other assurance
services
53
-
53
137
-
137
Non- assurance
services
-
-
-
-
-
-
Fees to the
auditor
596
220
816
658
255
912
The fees listed above relate to the services provided to the Company by
accounting firms and external independent auditors as referred to in
Section 1 (a) of the Dutch Accounting Firms Oversight Act (wta).", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-467": { "value": "
With reference to Section 2:382a of the Dutch Civil Code, the following fees
were charged to the Company, its subsidiaries and other consolidated
entities by BDO Audit & Assurance B.V. and its member firms and affiliates in
2025 and in 2024:
2025
2025
2025
2024
2024
2024
In Euro x\u00a01,000
BDO NL
Other BDO
network
firms
Total
BDO NL
Other BDO
network
firms
Total
Auditor of
financial
statements
544
220
764
521
255
776
Other assurance
services
53
-
53
137
-
137
Non- assurance
services
-
-
-
-
-
-
Fees to the
auditor
596
220
816
658
255
912
The fees listed above relate to the services provided to the Company by
accounting firms and external independent auditors as referred to in
Section 1 (a) of the Dutch Accounting Firms Oversight Act (wta). The other
assurance services relate to CSRD limited assurance engagement\u00a0 in 2024
and the sustainability KPI assurance engagement in 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }