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Annual Report 2024

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Ease2pay N.V.
Contents
Ease2pay N.V.’s listing 3
Membership of the Management Board and the Supervisory Board 4
Report of the Management Board 6
Strategy 6
People 9
Developments in the year 10
Risk and governance 11
Outlook 16
Report of the Supervisory Board 17
Financial statements 2024 20
Consolidated financial statements 2024 20
Consolidated statement of profit or loss and other comprehensive income 20
Consolidated statement of financial position 21
Consolidated statement of cash flows 22
Consolidated statement of changes in equity 23
Notes to the consolidated financial statements 24
Company financial statements 2024 43
Company statement of profit or loss 43
Company statement of financial position 43
Notes to the Company financial statements 44
Other information 48
Articles of association provisions governing the appropriation of profit 48
Independent auditor’s report 49

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Ease2pay N.V.’s listing
3
Ease2pay N.V.’s listing
Listing
Ease2pay N.V. (symbol: EAS2P, ISIN Code NL0000345627) (hereafter also
referred to as ‘Ease2pay’, ‘the Company’, or ‘the Group’), is listed on
Euronext Amsterdam.
Capital and shares
The authorised share capital was EUR 11 million on 31 December 2024,
comprising 110 million ordinary shares with a nominal value of EUR 0.10
each. As at 31 December 2024, 23,542,215 shares were issued
(31 December 2023: 23,542,215).
Major holdings
The Financial Supervision Act (Wet op het financieel toezicht or “Wft”)
requires shareholders holding at least 3% of the outstanding shares to
report this to the Authority for the Financial Markets (Autoriteit Financiële
Markten or “AFM”). As at 31 December 2024, the respective shareholdings
of at least 3% in Ease2pay N.V. are as follows:
- J.H.L. Borghuis (indirectly via Morgen Beheer B.V., one of the two
partners of The Internet of Cars v.o.f.) jointly with G.J. van Lookeren
Campagne (indirectly via Loca Holding B.V., one of the two partners of
The Internet of Cars v.o.f.): 28%
- SEnS Holding B.V.: 15.0%
- Arkelhave Capital B.V.: 10.6%
- T.O. Hektor: 8.2%
- H3G B.V.: 5.6%
- Cross Options International XI B.V.: 3.6%
- ENERGIIQ Energie-innovatiefonds Zuid-Holland B.V.: 3.0%
Investor relations policy
To limit expenses and in line with the size of the Company, Ease2pay has
opted to restrict its investor relations policy to issuing press releases.
Ease2pay has drawn up a bilateral contacts policy on its contacts with
shareholders, analysts and the press that can be found along under
‘Corporate Governance’ on the investor.ease2pay.com website.
Dividend proposal
Based on the 2024 results, the Management Board of the Company
proposes not to pay any dividend to its shareholders.
Insider trading regulations
Ease2pay has Insider Trading Regulations to implement the legislation as
set out in the Market Abuse (Financial Supervision Act) Decree (Besluit
Marktmisbruik Wft). Staff and advisers who are regarded as insiders by
Ease2pay sign a declaration committing them to comply with these
regulations, which can be found (in Dutch) under 'Corporate Governance'
on the www.investor.ease2pay.com website. The Management Board and
the Supervisory Board also meet the provisions of the Wft, the rules on
disclosure of voting rights, capital, major holdings and capital interest at
issuers. The AFM supervises compliance in this context.
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Membership of the Management and the Supervisory Board
4
Membership of the Management Board and the Supervisory Board
Management Board
Jan (J.H.L.) Borghuis (1968)
- Dutch nationality
- Reappointed as a director: 19 January 2022
- Term of office: until the annual General Meeting of shareholders in
2026
Sole director and shareholder of Morgen Beheer B.V., one of the two
partners in The Internet of Cars v.o.f. This partnership is one of Ease2pay
N.V.’s shareholders. Jan Borghuis studied business economics at Erasmus
University Rotterdam.
Gijs (G.J.) van Lookeren Campagne (1967)
- Dutch nationality
- Reappointed as a director: 19 January 2022
- Term of office: until the annual General Meeting of shareholders in
2026
Sole director and shareholder of Loca Holding B.V., one of the two partners
in The Internet of Cars v.o.f. This partnership is one of Ease2pay N.V.’s
shareholders. Gijs van Lookeren Campagne studied business economics at
Erasmus University Rotterdam and earned a degree of Dutch Chartered
Accountant (“RA”) from the Tilburg University.
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Membership of the Management and the Supervisory Board
5
Supervisory Board
Manuela Melis (1973)
- Dutch nationality
- Appointed as a Supervisory Board member: 30 June 2022
- Term of office: until the annual General Meeting of shareholders in
2026
Ms Melis studied business economics and has experience in the fields of
interim management, digital innovation and performance improvement. Ms
Melis is director of Rivier and former director finance and operation at the
Dutch public transport route planner (9292 REISinformatiegroep). She acts
as independent interim manager (at TweeM.nl) and operates mainly in
industries (public) transport (NS and 9292) and logistics (Melis Logistics).
Marijke Terpstra (1961)
- Dutch nationality
- Appointed as a Supervisory Board member: 30 June 2022
- Term of office: until the annual General Meeting of shareholders in
2026
Ms Terpstra studied Law at Utrecht University and has experience in the
fields of risk management and compliance. Ms Terpstra is Chief Risk &
Compliance Officer at European Merchant Services B.V. She has experience
as Chief Risk Officer at Payvision Holding B.V., Chief Compliance Officer at
ContextLogic B.V. and Vice President Head of Regulatory Governance Risk &
Controls at Deutsche Bank.
Heini Withagen (1969)
- Dutch nationality
- Appointed as a Supervisory Board member: 30 June 2022
- Term of office: until the annual General Meeting of shareholders in
2026
Mr Withagen studied Electrical Engineering and obtained his PhD in
Electrical Engineering at Eindhoven Technical University and has expertise
in the field of digital transformation. Mr Withagen is the co-founder of
Ravling, CIO at Tired of Cancer and has his own consultancy and
investment-firm DHP Holding B.V. In the past, he was Chief Technology
Officer ad interim at felyx and Co-Founder and Chief Technology Officer of
Mirabeau B.V.
Tom de Witte (1966), chairman of the Supervisory Board
- Dutch nationality
- Appointed as a Supervisory Board member: 30 June 2022
- Term of office: until the annual General Meeting of shareholders in
2026
Mr De Witte studied Economics and Law at the Erasmus University in
Rotterdam and graduated at the Erasmus University in Rotterdam as Dutch
Chartered Accountant (“RA”) and has experience in the fields of finance and
control. Mr De Witte is Chief Financial Officer at ProDelta. Prior to that, he
was for 12 years auditor at Arthur Andersen and was for another 12 years
CFO of the listed real estate funds of the Vastned Group. Furthermore, he
was a non-executive board member at Globalworth Poland Real Estate,
member of the Supervisory Board and member of the audit committee of
Staedion and member of the Supervisory council of Diergaarde Blijdorp /
Rotterdam Zoo.
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Ease2pay N.V.
Report of the Management Board
6
Report of the Management Board
Strategy
The Group’s strategy is built on its comprehensive self-service platform
combining mobile payment technology with Internet-of-Things (‘IoT’)
device connectivity. The Group’s market strategy focuses on self-checkout
for public spaces, leisure locations and transport locations. The Group
operates in a fast-growing market that is driven by global trends for
digitalisation, IoT, unattended retail and mobile payments. The Group
founds it strategy by a proven operating self-service platform and a surging
volume of transactions. With the acquisition of Involtum Holding B.V.
(‘Involtum’) in 2022, the Group expanded its platform services with self-
service electricity transactions resulting in a strong increase in its total
transaction volume. Ease2pay’s principal geographic market is the
Netherlands, although services are also supplied in other European
countries.
The Group serves its customers, mentioned as “merchants”, in these
markets by providing book-stay-use-pay products chiefly consisting of a
back-end platform in combination with front-end applications and
websites. The back-end platform connects to devices, such as chargers,
electricity and water supply connection points, washing machines and
dryers. The users of the merchant’s services, mentioned as “end-users”,
enter into the transaction with their mobile device and the Group ensures
that the end-user will pay via its mobile or is invoiced and pays the
transaction.
Merchants are government bodies (mainly municipalities and port
authorities) and commercial organisations (mainly in the leisure market)
that use Ease2pay’s platform to make facilities and services available to
their own customers.
Ease2pay believes to benefit from a range of opportunities and trends that
include the emergence of smart parking, the ever-increasing importance of
mobile phones, the steady development of self-service and IoT technology
and the growing demand for sustainable and sustainability-oriented
services, to be the driving forces behind future growth in these markets.
The Group aims to increase its transaction volume and EBITDA further and
enhance the nature of the transactions on its platform.
The products provided by the Group make use of cloud-based back-end
platforms (the Platform) in combination with front-end applications and
websites. The front-end applications in the form of various apps and
websites that can be used to access the services provided by the Group are
available to users under different brand names. The Group has created or
offers dedicated apps and often also interactive websites for each brand,
tailored to the specific features developed for each brand. The Group has
developed one or more labels for each of its target markets, for example
Ease2pay On the GO, Ease2pay AanUit, Ease2pay NomadPower, Ease2pay
Walstroom and Ease2pay Marktstroom.
The above are cornerstones to enable Ease2pay’s strategy for 2024 to 2026
using its self-service platform as communicated on its shareholders’
meeting on 13 December 2023.
Business model
Ease2pay’s business model is to provide the services of its selfservice IoT
platform in combination with mobile payments or invoicing of end users
and payment to the merchants. End users are able to entrust monies to
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Ease2pay N.V.
Report of the Management Board
7
Stichting Beheer Derdengelden Ease2pay (“Foundation”) to use for parking
and fuelling services, the deposits are legally separated in this Foundation.
Payments for transaction are usually invoiced to the end users.
Parking and fuelling payment transactions are processed by the Group
company Ease2pay B.V. Ease2pay B.V. is listed in the registers of exempt
electronic money institutions and exempt payment service providers at De
Nederlandsche Bank N.V. (“DNB”). Ease2pay B.V. is exempt in both roles
and therefore not under the supervision of DNB. In addition, Ease2pay B.V.
has been accredited as an eMandate Service Provider (“MSP”) and certified
as a Collecting Payment Service Provider (“CPSP”) for iDEAL. Stichting
Beheer Derdengelden Ease2pay holds the electronic money institution
balances of users of the transaction platform independently of the
commercial operations. Other transactions (Involtum platform) are invoiced
to app users and repaid to merchants.
Ease2pay’s legal organisation is summarised below.
In 2025, Ease2pay will rename the Involtum companies also to Ease2pay.
The activities of the legal entities can be summarised as follows:
Ease2pay N.V.: holding company
- Holding activities
Stichting Beheer Derdengelden Ease2pay
- Holds independently entrusted monies
of users of the transaction platform
Ease2pay activities
- Agreements with users of the mobile
app
- Agreements with merchants which use
the platform
- CPSP and electronic money institution
exemptions from DNB
- iDEAL certificate agreement and MSP
accreditation agreement
- Government Road Transport Agency
(RDW) data agreement
- IT platform
- mobile apps
Involtum
- Agreements with users of the mobile
app
- Agreements with merchants which use
the platform
-
Process transactions on the platform for
merchants
- Power charging (NomadPower, for
example)
- Invoicing and payments for transactions
processed on the platform
- IT platform
- mobile apps
Long-term value creation
Ease2pay comprehensive self-service platform combines mobile payment
technology with IoT device connectivity which results in self-service
solutions. The Group’s value creation is based on expanding its self-
checkout platform for locations and facilities into a leading platform for
self-service in public spaces, on leisure locations and on transport locations.
Its business model is built on recurring subscription and payment
processing revenues, which has proven to be a sticky business model in the
long-term. Thanks to its robust IoT backbone and transaction platform the
Group has already multi-year successful collaborations with industry
leading partners (e.g. Miele, Rabobank and ANWB). Our strategic long-term
objective is to grow organically by increasing number of transactions,
connections, services and clients in existing countries and roll-out in other
European countries added with growth from acquisitions and growth from
new successful collaborations with industry leading partners.
Ease2pay N.V.
Involtum Ease2pay
Stichting Beheer
Derdengelden
Ease2pay
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Ease2pay N.V.
Report of the Management Board
8
Ease2pay’s open, enterprising and innovative culture is stakeholder-centric.
Innovation is the key to long-term value creation, and, to us, it means
dialogue with customers, staff (see section ‘People’), NGOs and
government authorities (for example municipalities, port authorities or
supervision authorities). If existing solutions fall short from a sustainable
perspective, we develop new ones that are more appropriate in the social
context set by relevant NGOs and government authorities. Those new
innovations are then tested on their effectiveness by our staff and
customers. This open innovation process, in which trial and error are
possible, creates our innovative sustainable services. In this way,
customers, staff, NGOs and government authorities help guide the
innovation, partly by setting the framework within which we can innovate.
The Group aims to have an open dialogue with its shareholders as well, by
providing strategy updates on shareholders meetings and through press
releases for significant developments of the Group.
The Group consists of Dutch legal entities and Dutch tax laws are applicable
for taxation based on which a fair share of taxes is paid. Ease2pay is loss-
making. For its operations, Ease2pay pays its fair share of relevant taxes,
mainly value added taxes as no income taxes need to be paid due to the
Group’s loss-making situation, according to European law.
Ease2pay is a lean and agile small company. The focus is on further
enhancement of the platform and technology is a driver for this. New
technologies are continuously assessed on their usefulness in the platform,
adding of new features or better efficiency of effectiveness of the operating
of the platform.
Sustainability and environment
Ease2pay’s self-service platform facilitates the energy transition in various
transport sectors. With apps like Walstroom, Marktstroom and
NomadPower, we facilitate using electric power where polluting diesel
aggregates were once in use. This dedication reflects our efforts to develop
innovative and clean solutions to support the energy transition. Our book-
stay-use-pay platform contributes to the digital processes and connects
business processes between merchants and users. Through our solutions,
Ease2pay improves the sustainability profile of all stakeholders. We deem
that the risk related to climate change is limited for Ease2pay, the company
provides services that support transition to usage of (sustainable) electric
power.
European Corporate Sustainability Reporting Directive
According to proposed legislation as amended by the EU Omnibus
Simplification Package as published in February 2025, Ease2pay is not in
scope for reporting on its environmental, social and governance
performance as set out in the Corporate Sustainability Reporting Directive
(“CSRD”). Ease2pay classifies as a small, listed companies. Legal finalisation
of the CSRD and its simplification are in progress.
Ease2pay is involved in the supply chain of electricity; however, it provides
only a very limited volume of electricity itself. The Group’s main footprint is
to operate its self-service transaction platform.
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Ease2pay N.V.
Report of the Management Board
9
People
Culture
The values of being open, enterprising and innovative are emphasised by
management in recruitment and selection, regular appraisals and day-to-
day practice. The Management Board monitors compliance of the
employees to Ease2pay’s code of conduct, which is an integral part of the
employment agreement. Due to the limited size of the workforce the
Management Board monitors compliance orderly and steps in swiftly, if
needed.
Ease2pay aims for corporate social responsibility in its operations. The
Management Board applies the values of corporate social responsibility
pragmatically in its day-to-day activities. We have chosen to open our
organisation to student participation; where possible, we provide relevant
parttime jobs for students to give them meaningful work experience that is
in line with their educational experience. In its pursuit of greater diversity,
the Company's offices have been located at the campus of Erasmus
University Rotterdam since 2021.
Diversity
Ease2pay strives for diverse and inclusive leadership, within the abilities of
its limited workforce and its industry. All members of the Management
Board and half of the members of the Supervisory Board are male.
Membership of the Management Board is therefore not balanced. This
imbalance is not a deliberate decision by Ease2pay, but a consequence of
appointing the most suitable person to an available position. If a vacancy
occurs for a Board position and there is a choice between a man and a
woman of equal quality and suitability, a woman will have preference.
In the Supervisory Board, women account for 50 percent and men for 50
percent of the positions respectively. The average age in management
positions tend to be higher than Ease2pay average because of the relatively
young age of the part-time employment of students. Effectively, Ease2pay
aims for some 25 percent women in the Boards, with which the Company
complies. Ease2pay has considered in this target the industry it operates,
payment and IT industry, in which the majority of employees are men. The
Company aims to change the current mix, by means of filling vacancies with
women when their qualifications are suitable.
Staff
In 2024, the staff decreased to 13.3 full time equivalents related to 15.8 full
time equivalents in 2023. As 16% of the workforce consist of part-time
(student) employees (2023: 18%), the actual number of employees is
higher: 20 employees as at 31 December 2024 (31 December 2023: 20
employees). The proportion of females in the workforce is almost constant
at 19% as at 31 December 2024 (31 December 2023: 20%).
The Management Board would like to thank the entire team for their
efforts in 2024.
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Ease2pay N.V.
Report of the Management Board
10
Developments in the year
Events in 2024
The Group sharpens its strategy focusing on operating its comprehensive
self-service platform combining mobile payment technology with IoT device
connectivity. Its market strategy is to focus on self-check out for public
spaces, leisure locations and transport locations.
In the year, Ease2pay has implemented and improved its financial processes
providing better insight in the invoicing of users for merchants.
In the second half of the year, the Group and Miele Operations & Payment
Solutions GmbH (“Miele”) decided to end their partnership in October 2026
according to the termination term and fee in the contract. The Group
supports Miele in 15 European countries with self-check-out services for its
washing machines and dryers. The Group accelerates amortisation of
related intangible assets and will impair the related goodwill in the next two
years.
Other than mentioned above, there are no other relevant events that
should be taken into account for the financial statements.
Result for the year
In the year 2024, the revenue of platform fee increased with 27% to
EUR 2.7 million (2023: 36% increase to EUR 2.1 million (see in note 4
Revenue and segment information of the financial statements). The
transaction volume increased 38% to 10.6 million in 2024 (2023: 7.7 million,
year-on-year increase of 64%).
The statement of profit or loss for 2024 can be summarised as follows:
EUR thousands
2024 2023
Change
Change %
Platform fee revenue 2,698 2,127
27%
Other revenue 188 566 -
-67%
Total revenue 2,886 2,693
7%
Cost of revenue -1,129 -1,450
-22%
Net revenue 1,757 1,243
41%
Employee benefits -1,083 -1,150
67
-6%
Other operating expenses -628 -713
85
-12%
EBITDA (Earnings before interest, tax,
depreciation, and amortisation)
46 -620
-107%
Amortisations, depreciations and impairment -954 -899 -
55
6%
Operating loss -908 -1,519
-40%
Finance income or expenses(-) 105 41
64
156%
Income tax expense(-) or income - -
-
-
Loss for the year -803 -1,478
-46%
Other revenues decreased with EUR 0.4 million as involvement in sales of
equipment (switches or connectors), software services and power sales are
reduced (2023: EUR 1.0 million decrease). Ease2pay facilitates parties to
use platform services and supports customers to purchase this equipment
from sellers directly.
Employee benefits decreased by EUR 0.1 million, to EUR 1.1 million, due to
a decrease of the workforce.
The Group's EBITDA was EUR 46 thousand positive (2023: EUR 620
thousand negative). The net result for the year was a EUR 0.8 million loss, a
decrease of the loss with EUR 0.7 million compared to 2023. For 2023, the
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Ease2pay N.V.
Report of the Management Board
11
loss for the year was restated (reported last year EUR 1.4 million net loss,
see note 2.3 of the consolidated financial statements).
Operational expenses decrease further due to the integration of the
Involtum activities aiming for more efficiency.
In the Group’s view, EBITDA reflects its cash generating performance
based on revenue and costs, excluding interest, taxes, depreciations and
amortisations.
Movements in intangible assets and property, plant and equipment
EUR'000
Goodwill
Platforms and
customer
relationships
Property,
plant and
equipment
As at 1 January 2024 1,213
3,247
245
Investments -
5
Amortisations and depreciations - -
-118
As at 31 December 2024 1,213
2,537
132
The Group's EBITDA was EUR 46 thousand positive (2023: EUR 620
thousand negative).
The main changes in the non-current assets are the total amortisations and
depreciations amounting to EUR 1.0 million and investments of EUR 0.1
million. Ease2pay invested EUR 126 thousand in new apps for the platform
(2023: nil).
Cash and cash equivalents
Cash and cash equivalents were unchanged to previous year-end driven by
an operational cash outflow of EUR 0.1 million.
Capital management
Ease2pay N.V. is responsible for the funding of the Group by issuance of
equity or obtaining borrowings. Ease2pay N.V. finances its operational
companies by intercompany loan facilities or equity contributions. The
solvency ratio (defined as equity divided by total assets) as at 31 December
2024 is 80%, related to 76% on 31 December 2023.
Ease2pay N.V. does not have a rating from rating agencies or regulators as
this is not a group requirement given its limited size.
Research and development
The development of the transaction platform is a gradual research and
development process, which is guided by feedback collated from groups of
users. A total of EUR 516 thousand (2023: EUR 448 thousand) was incurred
in developing in-house software, excluding capitalised intangible assets.
This expenditure served to develop payment services for the different
backends and frontends of the platform. Although the expenditure was
considerable, the expenses related mainly to platform maintenance.
Risk and governance
Risk profile
The Management Board is responsible for the existence and appropriate
functioning of the Company’s risk management and its internal control
framework. Ease2pay continues to work on further development of its
internal risk management organisation in 2024 specifically related to the
further integration of its activities. Ease2pay is aware that risk management
and internal control systems cannot provide absolute certainty that the
commercial objectives can be achieved and cannot entirely prevent
material misstatements, losses, fraud or breaches of law and regulations.
Risk management and control
Ease2pay has implemented internal risk management and control systems
to manage its risks effectively and efficiently, aiming to operate at a
continuous basis or less repeatable controls at least once a year. This

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Ease2pay N.V.
Report of the Management Board
12
provides reasonable assurance that objectives can be met. The Group’s
policies, procedures and culture ensure that employees understand their
respective roles in our risk and control systems. Ease2pay continues to
enhance its internal control framework due further integration of the
Involtum activities and growth of its activities, amongst other for the third-
party invoicing process and insights for merchants, further integration of
operational activities and enhance cooperations with partners.
Relevant mitigating controls mapped to internal risk scenarios vary in origin.
There are governance measures, such as oversight by the Management
Board and the external audit. Ease2pay also applies measures aimed at
people, conduct and culture. Furthermore, a range of detective controls at
process level are present, such as system monitoring, reconciliation and
auditing.
The internal risk management and control systems for financial reporting
includes measures such as consolidated periodic reports, assessments
comparing current developments to budget, previous periods and
operational expectations, like process volumes. The outcomes of these
measures are regularly discussed within the Management Board and with
the Supervisory Board. Ease2pay’s risks on financial instruments is limited
to primary financial instruments only (see consolidated financial statements
note 19 Financial risk management).
Ease2pay is exposed to limited credit risk for its outstanding receivables,
amounts to be invoiced and cash and cash equivalents. As Ease2pay’s
activities perform payments for its customers and not on its own account, it
accepts a small credit risk for outstanding receivables and for cash and cash
equivalents with counterparties with an appropriate credit rating. Ease2pay
concluded that its current risk is acceptable and no additional mitigating
measures are needed.
Ease2pay is not exposed to interest rate, foreign currency or commodity
risk. The aforementioned aligns with the objects and policies of the Group
based on the nature and size of the financial instruments exposure.
Strategy-related risks
Like every business, Ease2pay is exposed to the commercial, technical and
financial risks inherent to doing business. In addition to such general risks,
Ease2pay faces the following main specific risks:
- A substantial part of the Company’s revenues depends on a few
Strategic Partners. If these Strategic Partners are less successful or
change their strategy, it could lead to a lower growth or even the loss of
business for the Company and thus it may have a material adverse
effect on the Company’s business, results of operations, financial
condition and prospects. We regard this as a substantial but
manageable risk.
- The Company has a history of operating losses, and an assurance of
future profitability cannot be given. We regard this as a considerable
but manageable strategy-related risk.
- Ease2pay has a growth strategy which is linked to expenditure to
develop additional functionality, which has not yet been capitalised as it
is not currently certain whether these new activities can be profitable in
future. We regard this as a substantial but manageable strategy-related
risk.
- There is a risk that Ease2pay will be affected given it is dependent on
external and public software systems. Unforeseen interruptions to
external and public software systems, for example, a breakdown in the
iDEAL payment system or the mobile network, could adversely affect
operations and damage Ease2pay. In other words, in such
circumstances, services could be delayed or interrupted and critical

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Report of the Management Board
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assets such as systems and data could be lost. We regard this as a non-
manageable small risk inherent to the company’s operations.
- If new financial guidelines for electronic money institutions, Collecting
Payment Service Providers or eMandate Service Providers are
introduced, Ease2pay will have to incur costs to comply with the new
requirements and face other unforeseen consequences that may arise
from this. We regard this as a small manageable risk.
- Operational risk consists of unforeseen interruptions to operations that
damage Ease2pay. In such circumstances, services could be delayed or
interrupted and critical assets such as systems and data could be lost.
We regard this as a small manageable risk.
- Information and cyber risks consist of theft, alteration or destruction of
information and any subsequent inability to ensure the continuity of
services or protect confidential, critical or sensitive information. This
risk may also mean services could be delayed or interrupted and critical
assets such as systems and data could be lost. We regard this as a small
manageable risk with a large impact.
- There is a risk that Ease2pay’s assets, in particular the IT platform, will
have to be written down in value as new technologies or new
competitors arise. The value of Ease2pay’s IT platform could fall as a
result of a write-down and this would affect Ease2pay’s financial results
and its share price. We regard this as a small manageable risk.
- Credit risk is limited due to the nature of operations as parking activities
are paid from balances held by ‘Stichting Beheer Derdengelden
Ease2pay’, for other operations of merchants the amounts received less
Ease2pay’s fees are settled, as regular trade receivables. We regard this
as a small manageable risk.
Fraud risk
Fraud risk prevention starts with the identification of potential internal and
external fraud risk scenarios. Ease2pay by ways of its management assessed
that the relevant controls and mitigating measures in place sufficiently
mitigate the identified fraud risk scenarios.
Whenever fraud is suspected or reported, an internal investigation is
conducted, and corrective actions are taken. Ease2pay uses mitigating
measures, such as employee background screening and a whistle-blower
policy.
Liquidity risk
Liquidity risk consists of a possible shortfall of cash resources to meet all
current and expected obligations, partly due to the timing risk that
expected receipts are received later than foreseen. The Management Board
focuses on minimising costs and expenditures and making them as flexible
as possible in relation to the Company’s day-to-day business. Ease2pay’s
policy is to have sufficient cash and cash equivalents available to maintain
the Company’s day-to-day operations for at least the twelve months from
the publication date of this report.
Listing risk
Ease2pay is listed on the Euronext Amsterdam exchange and has to meet
the applicable rules and regulations. Any changes in the regulations could
lead to additional costs or other unforeseen consequences.
Legal risk
There are currently no ongoing legal proceedings or outstanding liability
claims.

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Dutch Corporate Governance Code
The Management Board uses the Dutch Corporate Governance Code as the
basis for corporate governance in the business and offering optimum
transparency. The Group applies the Dutch Corporate Governance Code
2022, which took effect as from the financial year 2023 and is applicable to
this annual report (see
https://www.mccg.nl/documenten/2022/12/20/dutch-corporate-
governance-code-2022).
The following documents are available in Dutch on Ease2pay’s corporate
website (https://investor.ease2pay.eu/):
- the articles of association of Ease2pay N.V.;
- the Management Board regulations;
- the Supervisory Board regulations, including the profile for the size and
composition of the Supervisory Board;
- the code of conduct and whistle-blower’s regulations;
- the insider trading regulations;
- the minutes of shareholders’ meetings;
- the policy on bilateral contacts.
Due to is relatively small size, Ease2pay does not voluntarily apply other
codes or standards.
There are no conflicts of interest between either Ease2pay’s Management
Board or Ease2pay’s Supervisory Board and the Company, although it
should be noted that members of the Management Board own shares in
Ease2pay N.V., as stated in the section ‘Major holdings’. Management
Board’s regulations require to provide timely all information and
developments of Ease2pay to the Supervisory Board including information
of preparations and/or announcements of takeover bids, if any.
Transactions with members of the Management Board are their
remuneration for the year, amounting to a total of EUR 178 thousand (see
note 20.3 Management and Supervisory Boards of the consolidated
financial statements). This amount is based on the responsibilities of their
respective positions that are customary in the market. Ease2pay complies
with the principle 2.7.5 Accountability regarding transactions: majority
shareholders of the Dutch Corporate Governance Code.
During 2024, Ease2pay departed from a limited number of points in the
Dutch Corporate Governance Code. The main departures of the main or
detailed principles (the numbering refers to the elements of the Code) are
explained below:
Section corporate governance code Substantive explanation of
departure
1.3 internal audit function - The task of the internal
audit function is to assess the design and operation of
the internal risk management and control systems.
The management board is responsible for the internal
audit function. The supervisory board oversees the
internal audit function and maintains regular contact
with the person fulfilling this function.
In line with its limited size,
Ease2pay has not appointed
an internal auditor. Ease2pay
intends to appoint an
internal auditor when
appropriate based on an
increase in its size.
1.5.1 Duties and responsibilities of the audit
committee - The audit committee undertakes
preparatory work for the supervisory board’s
decision-making regarding the supervision of the
integrity and quality of the company’s financial and
sustainability reporting and the effectiveness of the
company’s internal risk management and control
systems, as referred to in best practice provisions
1.2.1 to 1.2.3 inclusive. It focuses among other things
on the supervision of the management board with
regard to:
i. relations with, and compliance with,
recommendations and follow-up of comments by the
In line with it limited size of
Ease2pay has not appointed
an internal auditor and an
audit committee. The
supervisory board does,
however, apply this
recommendation and
perform this principle as a
whole.

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Section corporate governance code Substantive explanation of
departure
internal and external auditors and any other external
party involved in auditing the sustainability reporting;
ii. the funding of the company; and
iii. the company’s tax policy.
This also applies for the principles:
- 1.5.2 Attendance of the management board,
internal auditor and external auditor at audit
committee consultations; and
- 1.5.3 Audit committee report.
- 1.5.4 Supervisory board - The supervisory board
should discuss the items reported on by the audit
committee on the basis of the relevant best
practice provision.

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Management Board’s statements for this annual report
Statement on application of the Dutch Corporate Governance Code
Taking into account the inherent limitations in respect of the nature and
size of Ease2pay (as mentioned in the section Risk management and
control), which are referred to in this annual report (see also the notes on
the Corporate Governance Code), the Management Board declares that:
- The Management Board (within the meaning of section 2.391 of the
Dutch Civil Code) provides sufficient insight into any shortcomings in
the operation of the internal risk management and control systems;
- The aforementioned systems provide reasonable assurance that the
financial reporting does not contain any errors of material importance;
- The current situation justifies financial reporting on a going concern
basis; and
- The report describes the material risks and uncertainties that are
relevant to the expectations of the company’s continuity for a period of
12 months after the preparation of this report.
Statement pursuant to Section 5:25c of the Financial Supervision Act (Wet
op het financieel toezicht)
The Management Board states that, to the best of its knowledge:
- the 2024 financial statements give a true and fair view of the assets,
liabilities, financial position as at 31 December 2024 and the loss for the
financial year 2024 of Ease2pay N.V. and the entities included in the
consolidation;
- the 2024 Report of the Management Board gives a true and fair view of
the situation as at 31 December 2024 and developments at Ease2pay
N.V. and the entities included in the consolidation during the 2024
financial year, and that the 2024 annual report describes the material
risks that Ease2pay N.V. faces.
Outlook
Ease2pay will continue enhancing its strategy as started in 2023 focusing on
services for merchants supported by Ease2pay’s platform and mobile apps.
Ease2pay has only activities in Europe and will not be affected by the
increased import tariffs of the United States. It is expected that purchases
of services of subsidiaries of United States based companies will have no or
a small effect on the activities.
In the first quarter of 2025, transaction costs of parking apps are increased
by suppliers in the industry. Ease2pay follows these developments and will
assess the impact if more information is available.
Based on its strategy, Ease2pay aims to increase transaction volumes
further. Ease2pay expects the same level of expenses for research and
development in the near future. Ease2pay expects to continue its growth in
revenue and improvement of its results through autonomous growth and
acquisitions.
Rotterdam, 30 April 2025,
The Management Board
Jan H. L. Borghuis
Gijs J. van Lookeren Campagne

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Report of the Supervisory Board
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Report of the Supervisory Board
During the Extraordinary Meeting of Shareholders at 13 December 2023 the
Management Board provided an update on the Company’s business plan
and strategy. During 2024 the Management Board continued to execute
this plan and strategy. It managed to increase the number of transactions
executed on its platform and to further improve the functionality and
efficiency of the platform. During 2024 one of the important clients of the
Company indicated that it wished to end the long-term cooperation with
the Company for economic reasons. This option was included in the
contract with this client from the start, taking into account a notice period
of two years and termination fee. After negotiations, the client insisted that
termination was the best option. During the coming period the company
will constructively work with this client to smoothly end the cooperation,
and the Management Board has put all its efforts on absorbing this loss of
business.
During 2024 the Company successfully managed to appoint a new audit
firm EY, which is in general not an easy task for listed small companies like
Ease2Pay.
Composition of the Supervisory Board
The current members of the Supervisory Board were all appointed at the
General Meeting of Shareholders at 30 June 2022. Further information on
the composition of the board and the profile of its board members can be
found in the paragraph Membership of the Management Board and
Supervisory Board. The aim is to compose the Supervisory Board in such a
way that there is a good balance between expertise, experience, gender,
competencies, personal qualities, (cultural) background and independency
that best enables the Supervisory Board to discharge its various obligations
in relation to the company and its stakeholders. Currently the Supervisory
Board consists of two men and two women.
The functions of the audit committee, remuneration committee and
appointment and remuneration committee are performed by the
Supervisory Board as a whole.
Meetings of the Supervisory Board
The Supervisory Board had, next to the general shareholders’ meeting at 21
June 2024 six formal meetings together with the Management Board. Next
to these formal meetings the Supervisory Board had some internal calls and
meetings without the Management Board, to discuss a/o the strategy of the
Company, questions from shareholders and the auditor and to evaluate the
functioning of the Management Board and the functioning of the
Supervisory Board itself. In October 2024 the Supervisory Board was also
present at a Monthly Update meeting with the complete Ease2Pay team.
This was an excellent opportunity to better understand the different roles
and activities within the Company and to motivate the team on further
developing the Company.
The Supervisory Board underlines the importance of timely information
from the Management Board so that it can perform its supervisory duties
properly. The members of the Supervisory Board were sufficiently present
and available to perform their duties on the Supervisory Board
satisfactorily.
Main topics during these meetings were:
- the company’s strategy, the business developments, including the
above-mentioned termination of cooperation of an important client,
the continuity and liquidity position;
- the annual accounts 2023 including the impairment of goodwill
- the 2023 audit findings as disclosed by the auditor;

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- the appointment of a new auditor, including its audit plan for the 2024
financials;
- the business plan and budget for 2025;
- the ability of the Company to retain and hire adequate staff;
- the semi-annual report, including its related press release and Q1 and
Q3 figures;
- tax related issues;
- fraud related issues;
- risk management and internal controls;
- cybersecurity related issues (penetration test results);
- reporting format and related KPI’s;
- respective tasks and responsibilities of the individual member of the
Management Board, cooperation within the Management board and
functioning of the Management Board as a whole.
Independence of Supervisory Board Members
All Supervisory Board members are considered to be independent in the
sense of the Dutch Corporate Governance Code. No share options or rights
to shares (‘Performance Shares’) have been granted to the members of the
Supervisory Board.
Self-evaluation by the Supervisory Board and remuneration of the
Supervisory Board
A self-evaluation has been performed in March 2024, resulting in some
areas for improvement. For example, it is the aim to make the agenda of
the meetings more consistent, consisting of repetitive regular items added
with some special, predefined themes. Also, information provided by the
Management Board has to be provided timely to enable the board
members to be well prepared.
During the Annual General Meeting of Shareholders, the remuneration
report has been disclosed. There has been no change in the annual
remuneration of the Supervisory Board members (EUR 12.000 and EUR
15.000 for the chairman). Reference is made to note 20.3 of the
consolidated financial statements.
Evaluation and remuneration of the Management Board
In 2024, the Supervisory Board evaluated the functioning of the
Management Board with the Management Board members during an
evaluation interview. Based on these interviews feedback was provided,
and lessons were taken for the future.
During the Annual General Meeting of Shareholders, it was decided not to
materially change the annual remuneration of the Management Board
members (including a small inflation adjustment it came out at EUR 89.000
for each member). Reference is made to note 20.3 of the consolidated
financial statements.
No conflicts of interest
No transactions of material importance to Ease2pay and/or the persons or
legal entities concerned involving conflicts of interest of management
directors, supervisory directors, shareholders and/or the external auditor
took place in 2024.
Internal Audit Function
In line with its limited size, Ease2pay did not appoint an internal auditor in
2024. The Supervisory Board has established that, partly in view of the
additional internal controls to avoid conflicts of interest and the established
scope of the external auditor, there was an effective audit process and
there is no need to establish an internal audit department.
2024 Financial statements
The Supervisory Board is pleased to present the annual report 2024 of
Ease2pay N.V., as prepared by the Management Board. The financial

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statements have been audited by EY Accountants B.V., which issued an
unqualified opinion.
In accordance with the proposal of the Management Board, the Supervisory
Board advises the Meeting of Shareholders:
- to adopt the financial statements for the year 2024 in the form as
presented in accordance with article 19 of the Company’s Articles of
Association;
- to discharge the members of the Management Board from liability for
the performance of their duties during 2024;
- to discharge the members of the Supervisory Board from liability for the
performance of their duties during 2024.
Acknowledgements
The Supervisory Board wishes to express its gratitude to the shareholders
and other stakeholders for their confidence in Ease2pay N.V. The
Supervisory Board would like to take this opportunity to thank the
Management Board and all Ease2pay employees for their dedication and
efforts during 2024.
Rotterdam, 30 April 2025,
The Supervisory Board of Ease2pay N.V.
Manuela Melis
Marijke Terpstra
Heini Withagen
Tom de Witte, Chair

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financial statements
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20
Financial statements 2024
Consolidated financial statements 2024
Consolidated statement of profit or loss and other comprehensive income
EUR'000
Note 2024 2023
Restated, note 2.3
Revenue 4.2 2,886 2,693
Cost of revenue 5 -1,129 -1,450
Gross profit 1,757 1,243
Employee benefits 6 -1,083 -1,150
Depreciation and amortisation 11, 12 -954 -899
Other operating expenses 7 -628 -713
Operating loss -908 -1,519
Finance income and expenses(-) 8 105 41
Loss before income tax -803 -1,478
Income tax expense(-) or income 9.2 - -
Loss for the period attributable to shareholders -803 -1,478
Other comprehensive income
Items that will not be subsequently reclassified to profit or loss - -
Items that will be subsequently reclassified subsequently to profit or loss - -
Other comprehensive income or loss(-) for the period - -
Total comprehensive income or loss(-) attributable to shareholders -803 -1,478
Loss per share (expressed in EUR per share) 16.2
Basic loss(-) per share -0.03 -0.06
Diluted loss(-) per share -0.03 -0.06
The accompanying notes form an integral part of these consolidated financial statements.


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Consolidated statement of financial position
As at 31 December 1 January
EUR'000
Note 2024 2023 2023
Restated, note 2.3 Restated, note 2.3
Assets
Non-current assets
Goodwill 10 1,213 1,213 1,213
Intangible assets 11 2,537 3,247 3,946
Property, plant and equipment 12 132 245 434
Total non-current assets 3,882 4,705 5,593
Current assets
Amounts entrusted to Stichting Beheer Derdengelden Ease2pay 13.1 1,301 944 747
Trade and other receivables 14 279 1,342 1,294
Cash and cash equivalents 15 2,672 2,669 3,378
Total current assets 4,252 4,955 5,419
Total assets 8,134 9,660 11,012
Equity and liabilities
Equity 16
Share capital 2,354 2,354 2,354
Share premium 37,057 37,057 37,057
Accumulated losses -32,890 -32,087 -30,609
Total equity 6,521 7,324 8,802
Non-current liabilities
Deferred tax liabilities 9.3 - - -
Total non-current liabilities - - -
Current liabilities
Liabilities of Stichting Beheer Derdengelden Ease2pay 13.2 1,294 941 750
Trade and other liabilities 17 319 1,395 1,460
Total current liabilities 1,613 2,336 2,210
Total equity and liabilities 8,134 9,660 11,012
The accompanying notes form an integral part of these consolidated financial statements.


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Consolidated statement of cash flows
EUR'000
Note 2024 2023
Loss before income tax -803 -1,478
Adjustments for
Depreciation, amortisation and goodwill impairment 11, 12 954 899
Interest income(-) or expenses recognised in profit or loss 8 -105 -41
Changes in working capital
Amounts entrusted to Stichting Beheer Derdengelden Ease2pay -357 -197
Trade and other receivables 1,062 -41
Liabilities of Stichting Beheer Derdengelden Ease2pay 353 191
Trade and other liabilities -1,076 -65
Net cash generated by / used in(-) operations
28 -732
Interest received 106 34
Income taxes paid - -
Net cash from / used in(-) operations activities 134 -698
Cash flows from investing activities
Payments for investments in intangible assets 11 -126 -
Payments for investments in property, plant and equipment 12 -5 -11
Net cash flows used(-) in investing activities -131 -11
Net cash flow from financing activities - -
Net increase(+) or decrease(-) in cash and cash equivalents
3 -709
Cash and cash equivalents as at 1 January 2,669 3,378
Cash and cash equivalents as at 31 December 15 2,672 2,669
The accompanying notes form an integral part of these consolidated financial statements.


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Consolidated statement of changes in equity
EUR'000
Share capital Share premium Accumulated losses
Total
Balance as at 1 January 2024 2,354 37,057 -32,087
7,324
Loss for the period - - -803 -
803
Other comprehensive income - - -
-
Total comprehensive income or loss(-) - - -803 -
803
Balance as at 31 December 2024 2,354 37,057 -32,890
6,521
Balance as at 1 January 2023 2,354 37,057 -31,181
8,230
Restatement for deferred tax assets (note 2.3) - - 572
572
Balance as at 1 January 2023 (Restated) 2,354 37,057 -30,609
8,802
Loss for the period - - -1,478 -
1,478
Other comprehensive income - - -
-
Total comprehensive income or loss(-) - - -1,478 -
1,478
Balance as at 31 December 2023 (Restated) 2,354 37,057 -32,087
7,324
The accompanying notes form an integral part of these consolidated financial statements.


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Notes to the consolidated financial statements
1 General

Ease2pay N.V. offers an intelligent activation and payment platform. With
it, operators of laundries, fuel stations, charge points, parking garages,
ports, markets, truck and camper parks create self-service options for users.

The users of these locations control everything in one convenient app:
Book, Stay, Use & Pay.
Ease2pay N.V. (hereafter referred to as: the “Company” and together with
the entities it controls: the “Group”) is located in the Netherlands at
Burgermeester Oudlaan 50, 3062 PA, Rotterdam and registered at the
Dutch Commercial Register under number 16081306. The Company’s
shares are listed on Euronext Amsterdam (ticker symbol: EAS2P).
These financial statements were authorised for issue by the Management
Board and the Supervisory Board on 30 April 2025. The adoption of these
financial statements will be scheduled for the shareholders in the next
General Meeting (GM), on a date that will be announced on the investor’s
website of the Company.

2 Basis of preparation and general accounting policies
2.1 Statement of compliance
The consolidated financial statements have been prepared in accordance
with and complied to the IFRS Accounting Standards as adopted by the
European Union (EU-IFRS) and in accordance with the financial reporting
requirements included in Part 9 of Book 2 of the Dutch Civil Code (DCC).

2.2 Basis of preparation
The consolidated financial statements have been prepared on historical
cost basis, unless stated otherwise. Income and expenses have been
accounted for on an accrual basis. The Group has prepared its financial
statements using going concern accounting policies. Although the Group
has a history of loss-making years (2024: net loss EUR 803 thousand, 2023:
net loss EUR 1,478 thousand), the cash position is positive and stable
(31 December 2024: EUR 2,672 thousand, 31 December 2023: EUR 2,669
thousand) and the cash outflow from operational activities improved with
EUR 750 thousand in 2024 (2024: EUR 28 thousand positive, 2023: EUR 732
thousand negative). The Group forecasts a higher cash generation for the
next year, providing sufficient financial resources to continue its activities
on a going concern basis.


Changes in accounting policies effective as from 1 January 2024
Amendments to and
application date Description Expected impact
IAS 7 Statement of Cash Flows The amendments require to add The Group has no
and IFRS 7 Financial Instruments: disclosures about supplier supplier finance
Disclosures: Supplier Finance finance arrangements. arrangements; the
Arrangements amendments have
Application date: 1 January 2024 no impact.
IAS 1 Presentation of Financial These amendments require that The amendments
Statements: Classification of covenants for which an entity is have no impact for
Liabilities as Current or Non- required to comply on or before the Group, as it
current and Classification of the reporting date affect the has no borrowings
Liabilities as Current or Non- current or non-current on 31 December
current - Deferral of Effective classification of borrowings. An 2024.
Date entity also has to include
Application date: 1 January 2024 additional disclosures.
IFRS 16 Leases: Lease Liability in The amendments require a The amendments
a Sale and Leaseback seller-lessee to subsequently have no impact for



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Amendments to and
application date Description Expected impact
Application date: 1 January 2024 measure lease liabilities arising the Group, as such
from a leaseback in a way that it transactions are
does not recognise any amount not applicable.
of the gain or loss that relates to
the right of use it retains.
See note 22 for amendments in IFRS Accounting Standards and
interpretations that became effective after the financial year 2024.

2.3 Restatement of comparative figures
The Group has restated the carrying amounts of its deferred tax assets and
equity in its statement of financial position as per 1 January 2023. The
erroneously write-down of its deferred tax assets in 2022 have been
reversed. The deferred tax assets relate to unused tax losses originated
with the acquisition of Involtum Holding B.V. in 2022. The Group had
impaired almost all goodwill of this acquisition. The future forecasted of
taxable profits also ceased and the deferred taxes were written down.
Deferred tax liabilities are considered to be a tax compensation source
together with the deferred tax assets for unused losses and should have
been considered first. The recorded deferred tax assets are off-set against
the deferred tax liabilities (see note 9.3). The changes in the consolidated
statement of financial position are summarised below, changes in equity
are included in accumulated losses.
As at 31 December 2023 1 January 2023
EUR'000 Previously Restate- Previously Restate-
Restated reported ment Restated reported ment
Equity 7,324 6,861 463 8,802 8,230 572
Deferred tax - 463 -463 - 572 -572
liabilities
The impact on the consolidated statement of profit and loss is EUR 109
thousand lower tax income and is summarised hereafter.
2023 Previously
In EUR'000 Restated reported Restatement
Operating result -1,519 -1,519 -
Interest income 41 41 -
Loss before tax -1,478 -1,478 -
Income tax expense - 109 -109
Result after tax -1,478 -1,369 -109
Basic and diluted loss(-) per share -0.06 -0.06 -





2.4 Basis of consolidation
The consolidated financial statements include the accounts of the parent
Company and the entities it controls.
Control
The Group controls an entity when it has (i) power over the entity based on
existing rights that give the current ability to direct the relevant activities of
the entity, (ii) is exposed to, or has rights to, variable returns from its
involvement with the entity and (iii) has the ability to use its power to affect
its returns. The Group reassesses whether it controls an entity if facts and
circumstances indicate that there are changes to one or more of the
elements of control stated above. All relevant facts and circumstances are
considered in assessing whether the Group’s voting and share rights in an
entity are sufficient to give it power. Consolidation of a subsidiary begins
when control over the entity is obtained and ceases when control over the
entity is lost. See note 13 for details of the consolidation of Stichting Beheer
Derdengelden Ease2pay.



2.5 Functional and presentation currency
These financial statements are presented in euro (“EUR”), the presentation
currency of the Group and the functional currency of Ease2pay N.V. All
amounts in these financial statements are stated in thousands of euro
(“EUR”), unless stated otherwise.



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In preparing the financial statements, transactions in currencies other than
the functional currency are recognised at the rates of exchange prevailing
at the dates of the transactions. At the end of each reporting period,
monetary assets and liabilities that are denominated in foreign currencies
are translated at the rates prevailing at that date. Exchange differences on
monetary items are recognised in profit or loss in the period in which they
arise.
2.6 Current and non-current classification
The Group presents its assets and liabilities in the consolidated statement
of financial position based on current and non-current classifications. An
asset is current when it is expected to be realised or intended to be sold or
consumed in the normal operating cycle, held primarily for the purpose of
trading, expected to be realised within twelve months after the reporting
period, or 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 it is expected to be settled in the normal
operating cycle, held primarily for the purpose of trading, due to be settled
within twelve months after the reporting period, or there is no
unconditional right to defer the settlement of the liability for at least twelve
months after the reporting period that may be subject to the compliance to
covenants on the reporting date for borrowings with an contractual end-
date of more than twelve months after the reporting date.
The Group classifies all other liabilities as non-current. Deferred tax assets
and liabilities are classified as non-current assets and/or liabilities.








2.7 Impairment of non-financial assets
Goodwill and intangible assets that have an indefinite useful life are not
subject to amortisation and are tested annually for impairment, or more
















frequently if events or changes in circumstances indicate that they might be
impaired. Other assets are tested for impairment whenever events or
changes in circumstances indicate that the carrying amount may not be
recoverable. An impairment loss is recognised for the amount by which the
asset’s carrying amount exceeds its recoverable amount.
The recoverable amount is the higher of an asset’s fair value less costs of
disposal and value in use. For the purposes of assessing impairment, assets
are grouped at the lowest levels for which there are separately identifiable
cash inflows, which are largely independent of the cash inflows from other
assets or groups of assets (cash-generating units). Non-financial assets
other than goodwill that suffered an impairment are reviewed for possible
reversal of the impairment at the end of each reporting period.














2.8 Financial instruments

Recognition and derecognition
Financial assets and financial liabilities are recognised when the Group
becomes a party to contractual provisions of a financial instrument. Regular
way purchases and sales of financial assets are recognised on trade date,
being the date on which the group commits to purchase or sell the asset.
Financial assets are derecognised when the contractual rights to the cash
flows expire, or when the financial asset and substantially all of the risks
and rewards are transferred. A financial liability is derecognised when it is
extinguished, discharged, cancelled, or expired.

Classification
For a financial asset to be classified and measured at amortised cost, it
needs to (i) give rise to cash flows that are solely payments of the principal
and interest on the principal amount outstanding and (ii) be held within a
business model with the objective of holding financial assets in order to
collect contractual cash flows. This assessment depends on the
characteristics of the financial asset and the Group’s business model to




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manage these assets. Financial assets with cash flows that are not solely
payments of principal and interest are classified and measured at their fair
value through profit or loss, irrespective of the business model. Financial
assets of the Group, like trade and other receivables, cash and cash
equivalents, are classified as financial assets measured at amortised cost.
Financial liabilities, like borrowings and trade and other payables, are
classified as financial liabilities measured at amortised cost.

Measurement



Financial assets
Except for trade receivables, the Group initially measures financial assets at
their fair value plus transaction costs. The Group measures its trade
receivables at initial recognition on the transaction price of the revenue
recognised. A trade receivable is recognised if the amount of the services
provided to the customer is unconditional and the receivable relates only to
the passage of time. After initial recognition, financial assets are measured
at amortised cost using the effective interest method, less allowance for
expected credit losses.






Impairment of financial assets
A credit loss allowance is recognised for the impairment of financial assets.
The credit loss allowance is based on the future expected credit exposures
for the financial assets. The Group only has financial assets with a short
lifetime, like trade and other receivables. The credit loss allowance may be
determined for the lifetime expected credit loss for receivables with a short
lifetime (simplified approach) and is recognised within other operating
expenses (if any).
Applying the simplified approach, the Group uses the historical experience
of its activities, external indicators and forward-looking information to
calculate the expected credit losses using a provision matrix. The expected



























credit losses on trade receivables and amounts to be invoiced are estimated
using a provision matrix by reference to historical credit loss experience
based on the Group’s historical credit loss experience, adjusted for factors
that are specific to the debtors, general economic conditions and an
assessment of both the current and the forecast direction of conditions at
the reporting date, including time value of money where appropriate.
When a trade receivable becomes uncollectible, it is written off against the
allowance account for doubtful debts. Subsequent recoveries of amounts
previously written off are credited against other operating expenses.
The Group writes off a financial asset when there is information indicating
that the debtor is in severe financial difficulty and there is no realistic
prospect of recovering the contractual cash flows. Financial assets written
off may still be subject to enforcement activities under the debt’s recovery
procedures. Any recoveries made are recognised in profit or loss.








Financial liabilities
Financial liabilities measured at amortised cost are initially measured at
their fair value less transaction costs, if any. After initial measurement,
financial liabilities are measured at amortised cost using the effective
interest method.
Fair value
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.


2.9 Principles underlying the consolidated statement of cash flows
General
The consolidated statement of cash flows distinguishes between operating,
investing and financing activities.


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Cash flows from or used in operating activities
Cash flows from or used in operating activities are calculated by the indirect
method, by adjusting the consolidated profit or loss before tax for the
effects of transactions of a non-cash nature, any deferrals or accruals of
past or future operating cash receipts or payments and items of income or
expense associated with investing or financing cash flows.
Cash flows from or used in investing activities
Cash flows from or used in investing activities are cash payments and/or
receipts from capital expenditure and acquisitions.
Cash flows from or used in financing activities
The cash flows from or used in financing activities comprise the cash
receipts and payments from the issue of shares, borrowings drawn or
repaid.



3 Significant accounting judgements and estimates
In preparing these consolidated financial statements, the Management
Board has made judgements and estimates that affect the application of
the Group’s accounting policies and the reported amounts of assets,
liabilities, income and expenses. Actual results may differ from these
estimates. Changes in accounting judgements and estimates are reflected in
the statement of profit or loss and/or statement of financial position, when
they occur.

3.1 Judgements
Consolidation of Stichting Beheer Derdengelden Ease2pay
The Group considered that its influence (see note 13) in Stichting Beheer
Derdengelden Ease2pay results in control (see note 2.3) and therefore the
financial information of this entity is consolidated in these consolidated
financial statements.

Principal versus agent for revenue out of settlement fees
The Group has applied judgement in determining whether it has control of
the full payment service before the service is transferred to its customers
and whether the Group acts as an agent or principal in relation to the
settlement fees charged by financial institutions, see note 4.1.

3.2 Estimates
Impairment test of goodwill and non-current assets
On an annual basis, the group tests whether goodwill together with other
non-current assets of cash-generating units is subject to any impairment.
For the 2024 reporting year, the recoverable amount of the cash-generating
units was determined based on value in use calculations, which require the
use of assumptions. The calculations used are cash flow projections based
on financial budgets approved by management and a forecasting a five-year
or shorter period. See note 10 for further details on these assumptions and
estimates.
Due to the termination of a contract with a large customer in the year, the
Group estimates that the recoverable amount will decrease resulting in a
future impairment. As per 31 December 2024, the recoverable is sufficient
(see note 10).
Measurement of the platform
The Group assesses the measurement of the platform based on historical
cost less amortisations and impairments, if applicable, by estimating the
expected future earning capacity. See note 11 for the measurement of
these intangible assets.
Useful life customer relationships
The Group reviews the estimated expected useful lives of intangible assets
and property, plant and equipment least annually. Due to the termination
of a contract with a large customer in the year, it considers that the useful



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life of its customer relationships needs to be shortened to five years in
total, resulting in higher amortisation expenses of EUR 120 thousand in the
year and EUR 200 thousand per year for the next two years (see note 11).
Measurement of deferred taxes
The Group has obtained deferred taxes from its acquisition of Involtum
Holding B.V. and has a significant amount of unrecognised unused tax
losses. The Group has a history of losses and has therefore no sufficient
evidence for offsetting unused taxes with possible future profits and
consequently, no deferred tax assets for unused losses are recognised (see
note 9.3).






4 Revenue and segment information
4.1 Material accounting policy
Revenue is measured based on the consideration to which the Group
expects to be entitled from contracts with customers and excludes amounts
collected on behalf of third parties. The Group recognises revenue when it
transfers control of the service to a customer.
A performance obligation is the unit of account for revenue recognition. At
contract inception, the Group identifies the performance obligations within
the contract. To determine whether a promised service (or bundle of
services) is distinct, the Group applies judgment using two criteria:
- Capable of being distinct: The customer can benefit from the good or
service on its own or together with other readily available resources.
- Distinct within the context of the contract: The Group considers a
promise distinct within the context of the contract when the promised
transfer of the good or service is separately identifiable from other
promises in the contract.






For platform revenues, the revenue of the Group consists of two fees:
- Settlement fees: A customer obtains the right to execute transactions
on the platform in a specific period. This is a performance obligation
satisfied over time. Settlement fees are fixed fees per period and are
recognised on a straight-line basis in the period.
- Processing fees: A customer executes transactions at one moment on
the platform. This is a performance obligation satisfied over time (in a
very short timeframe). Processing fees are fees per transactions and are
recognised when the transaction has been executed.
Besides these fees, the Group provides other services amongst other add-
ons to the platform to provide additional and/or specific services to
customers and limited power volumes to customers via its public
connectors; these performance obligations are satisfied over time. The
Group sells a limited number of connectors to customers enabling them to
use the services of the platform. These performance obligations are
satisfied at a point in time.
Revenue is measured net of discounts, value added tax and other sales-
related taxes. There are no significant financing components in the
contracts with customers.
The Group has contracts with financial institutions that provide services to
enable payment processing, for which payment network fees are charged.
The Group is responsible for fulfilling the promise to provide payment
transaction services. The Group is ultimately responsible for ensuring that
the services are performed and are acceptable to the customers. For all
payments of processing settlement services that are provided to customers,
the Group retains the exposure to financial institutions and the related
payment costs and recognises all these costs in its cost of revenue. The
Group controls the full payment service and acts as principal for these
services.




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4.2 Revenue
EUR'000 2024 2023
Settlement fees 1,821 1,393
Processing fees 877 734
Platform revenue 2,698 2,127
Other services (performance obligations 177 189
satisfied over time)
Other revenue (performance obligations 11 377
satisfied at a point-in-time)
2,886 2,693


4.3 Segment information
The basis of segment information is the periodical assessment of the Chief
Operating Decision Maker (“CODM”). The Management Board is identified
as CODM. The Group’s business model is based on its platform services and
are identified as one reporting segment. The CODM also assesses the
performance of the Group on the basis of the whole platform. The segment
information is identical to the consolidated financial information in these
financial statements, due to the limited size of the reporting segment and
the operations of the payment platform.
Segment information is measured according to the same policy as assets,
liabilities, income and expenses in these consolidated financial statements.
The Group is in a scale-up phase for which a strict management of costs is
essential. The CODM assesses the operational costs that affect directly the
Group’s revenue:
EUR'000 2024 2023
Cost of revenue -1,129 -1,450
Employee benefits -1,083 -1,150
Other operating expenses -628 -713
Operating costs excluding depreciation and -2,840 -3,313
amortisation expenses
Revenue 2,886 2,693
Depreciation and amortisation expenses -954 -899
Interest revenue 105 41
Income tax income - -
Loss for the year -803 -1,478
Revenues of approximately EUR 1,260 thousand for the financial year
(2023: EUR 1,172 thousand) are derived from a single external customer.

5 Cost of revenue
See note 2.2 for the relevant accounting policy.
Cost of revenue are as follows:
EUR'000 2024 2023
Software expenses 690 633
Payment transactions 376 347
Power purchases 57 109
Purchases of hardware 6 361
1,129 1,450
Payment transactions and external software development include cost of
financial institutions and related software development costs to process the
transactions. Purchases of hardware mainly include costs for new,
expanding and replacing existing connectors that are sold to customers.







6 Employee benefits
Material accounting policy

Short-term employee benefits are expensed as the related service is
provided. A liability is recognised for the amount expected to be paid if the





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Group has a present legal or constructive obligation to pay this amount
because of past service provided by the employee and the obligation can be
estimated reliably. Staff costs comprise directly attributable costs of staff,
Management Board and Supervisory Board members, social security
contributions, pension contribution payments and temporary staff
expenses.
Pension contribution payments of the Group relate to defined-contribution
plans, which are recognised as an expense when employees have rendered
services entitling them to the payments.

The Group may receive government grants to compensate personnel
expenses related to specific activities of employees. Grants from the
government are recognised at their fair values where there is a reasonable
assurance that the grant will be received, and the Group will comply with all
conditions attached.





Employee expenses
EUR'000 2024 2023
Wages and salaries 854 894
Social security contributions 141 160
Pension contribution payments 11 8
Other employee expenses 77 88
1,083 1,150
Other employee benefits include expenses of external business
development staff. The Group received government grants related to
employee activities in the amount of EUR 12 thousand (2023: EUR 17
thousand) included as part of the wages and salaries.


Workforce
The average number of employees is summarised below.
Average number of FTEs 2024 2023
Management 2.0 2.0
Platform and administrative 11.3 13.8
13.3 15.8
All employees are employed in the Netherlands.



7 Other operating expenses
See note 2.2 for the relevant accounting policy.
EUR'000 2024 2023
Advisory and consultancy expenses 318 350
Other expenses 310 363
628 713
See note 26 Other expenses in the company financial statements for the
disclosure of the remuneration of independent auditors.







8 Finance income and expenses
See note 2.7 for the relevant accounting policy.
EUR'000 2024 2023
Interest income 105 41
105 41






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9 Income taxes
9.1 Material accounting policy
Tax expense or income recognised in the consolidated financial statement
of profit or loss comprises the total of deferred tax and current tax
expenses or income that are not recognised in other comprehensive
income or directly in equity.
Current and deferred taxes are calculated based on tax rates and tax laws
that were enacted or substantively enacted by the end of the reporting
period. Deferred tax is the tax expected to be payable or recoverable on
differences between the carrying amounts of assets and liabilities in the
financial statements and the corresponding tax bases used in the
computation of taxable profit and is accounted for using the liability
method. Deferred tax assets and liabilities are generally recognised for all
temporary differences. Deferred tax assets could also arise from unused tax
losses and tax credits.
Deferred tax assets are recognised to the extent that it is probable that
taxable profits will be available against deductible temporary differences
that can be utilised. In case of a history of recent losses exists, a deferred
tax asset is only recognised for unused tax losses to the extent that
sufficient taxable temporary differences are available or convincing other
evidence exists that sufficient taxable profit will be available to utilise for
the unused tax losses. Such assets and liabilities are not recognised if the
temporary difference arises from the initial recognition (other than in a
business combination) of other assets and liabilities in a transaction that
affects neither the taxable profit nor the accounting profit. Deferred tax
liabilities are not recognised if the temporary difference arises from the
initial recognition of goodwill.
The carrying amount of (non-recognised) deferred tax assets is reviewed at
each reporting date and adjusted to the extent whether it is probable that






sufficient taxable profits will be available to allow all or part of the asset to
be recovered, if applicable.
Deferred tax assets and liabilities are offset when there is a legally
enforceable right to set off current tax assets against current tax liabilities
and when they relate to income taxes levied by the same taxation authority
on either the same taxable entity or different taxable entities which intend
to settle their current tax assets and liabilities either on a net basis or
simultaneously.



9.2 Income tax recognised in profit or loss
EUR'000 2024 2023
Current tax benefits or expenses(-) - -
Deferred tax benefits or expenses(-) - -
Income tax income or expense(-) - -
Reconciliation of the effective income tax rate
A tax rate of 19.0% (2023: 19.0%) is applicable to profits with a threshold up
to EUR 200 thousand (2023: EUR 200 thousand). Profits exceeding this
threshold are subject to a tax rate of 25.8% (2023: 25.8%).
The income tax expense or benefit for the year reconciled to the accounting
loss is as follows:
EUR'000 2024 2023
Loss before income tax -803 -1,478
Income tax benefit calculated at 25.8% Dutch income 207 381
tax rate
Effect of lower tax rate for income up to EUR 200 -14 -14
thousand (2023: EUR 200 thousand)
Tax losses not eligible to recognise deferred tax assets -193 -367
Income tax income or expense(-) - -


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9.3 Deferred taxes
The changes in deferred taxes are summarised below.
As at Profit As at 31 December 2024
EUR'000 1 January 2024 or loss Deferred tax
Asset (+), liabilities (-) assets liabilities
Intangible assets -402 101 - -301
Property, plant and equipment -61 29 - -32
Unused tax losses 463 -130 333 -
- - 333 -333
Offsetting -333 333
Deferred tax assets(+) or liabilities (-) - -
As at Profit As at 31 December 2023
EUR'000 1 January 2023 or loss Deferred tax
Asset (+), liabilities (-) assets liabilities
Intangible assets -462 60 - -402
Property, plant and equipment -110 49 - -61
Unused tax losses 572 -109 463 -
- - 463 -463
Offsetting -463 463
Deferred tax assets(+) or liabilities (-) - -
Expiry period of unrecognised tax losses
Unused tax losses are not recognised due to the loss of the Group in the
year under review and losses in previous years. The Dutch tax losses are
carried-forward unlimitedly and can compensate for at least EUR 1 million,
if any, or to a maximum of 50% of the taxable profit per year less EUR 1
million. This mechanism prevents leakage of tax losses; however, a longer
period is needed to compensate all losses. The tax losses are summarised
hereafter.
31 December 2024 31 December 2023
EUR'000 Unused losses Non-recognised Unused losses Non-recognised
tax asset tax asset
Unlimited 11,834 3,053 11,033 2,847









10 Goodwill
Material accounting policy
Goodwill is initially measured at cost, as the excess of the sum of the
consideration transferred over the net of the acquisition-date amounts of
the identifiable assets acquired and the liabilities assumed. After initial
recognition, goodwill is measured at cost less accumulated impairments, if
any (see note 2.6).



Changes in goodwill
EUR'000 2024 2023
As at 1 January
Cost 24,979 24,979
Accumulated impairment losses -23,766 -23,766
Balance as at 1 January 1,213 1,213
Changes in the year - -
Cost 24,979 24,979
Accumulated impairment losses -23,766 -23,766
Balance as at 31 December 1,213 1,213
Impairment test of non-financial non-current assets
The recoverable amount is determined based on value-in-use calculations,
covering a detailed five-year forecast, followed by an extrapolation of
expected cash flows using a declining growth rate determined by
management. If applicable, the period used is shortened. The present value
of the expected cash flows of each unit is determined by applying a suitable
discount rate reflecting current market assessments of the time value of
money and risks specific to the segment.


Assumptions used
The Group distinguishes two cash generating units:
- NomadPower and related services: a service line with activities for
electricity supply and charging infrastructure and digital payment for
self-service in ports, truck parks, camp sites, marinas and carwashes.
This goodwill has been impaired fully in prior years and has not been






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disclosed; and
- Communication with devices connected: a services line with activities
to activate and deactivate washing machines, dryers and/or other
equipment for among others launderette via the platform.
The value in use of the cash generating unit is based on the cash flow
projections ending in 2026 due to termination of the contract with a
customer (see the Report of the Management Board, subsection Events in
2024).
No expected efficiency improvements have been considered, and prices
and wages reflect publicly available forecasts of inflation in the industry
over the forecast period. Management is currently not aware of any other
reasonably possible changes to key assumptions that would cause a cash-
generating unit’s carrying amount to exceed its recoverable amount.
The discount rate and long-term growth rate are shown below.
Discount rate Long-term growth rate
2024 2023 2024 2023
Communication with devices connected 16.0% 16.6% 2.0% 2.2%
`



Results impairment test
The allocation of goodwill to the cash generating units is showed hereafter.
Carrying amount of goodwill 2024 2023
EUR'000
Communication with devices connected 1,213 1,213
The value in use of the cash generating unit Communication with devices
connected is EUR 3 million (2023: EUR 5 million) and the carrying amount of
the related assets is EUR 1.9 million (2023: EUR 2.2 million).
Sensitivity
As at 31 December 2024, the cash generating unit Communication with
devices connected has sufficient headroom for possible changes in key
assumptions.











11 Intangible assets
Material accounting policy



Intangible assets represent the payment transaction platform (the
“platform”) that provides relating services. Intangible assets acquired in a
business combination are recognised separately from goodwill and are
initially recognised at their fair values at the acquisition date (which is
regarded as their cost).
After initial recognition, intangible assets acquired
in a business combination are reported at cost less accumulated
amortisation and accumulated impairment losses, if any. Amortisation is
recognised on a straight-line basis over the useful life of the asset.

Aquired intangible assets are measured at cost less accumulated
amortisation and accumulated impairment losses, if any. Amortisation is
recognised on a straight-line basis over the useful life of the asset. The
useful life and amortisation method are reviewed at the end of each
reporting period.
Intangible assets are derecognised upon disposal, or when no future
economic benefits are expected from their use or disposal. Any resulting
gain or loss is measured as the difference between the net disposal
proceeds and the carrying amount of the asset and is recognised in profit or
loss when the asset is derecognised.





Research and development expenses
The Group has incurred EUR 516 thousand for research and development
expenses in the year excluding capitalised intangible assets (2023: EUR 448
thousand).


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Changed in intangible asset
Platform Customer Total
EUR'000 technology relationships
As at 1 January 2024
Cost 4,159 1,195 5,354
Accumulated amortisation -1,867 -240 -2,107
Balance as at 1 January 2024 2,292 955 3,247
Changes in the year
Additions 126 - 126
Amortisation charge -578 -258 -836
-452 -258 -710
As at 31 December 2024
Cost 4,285 1,195 5,480
Accumulated amortisation -2,445 -498 -2,943
Balance as at 31 December 2024 1,840 697 2,537
Useful life in years 5 - 10 5
Remaining useful life in years 2 - 6 2
As at 1 January 2023
Cost 4,159 1,195 5,354
Accumulated amortisation -1,288 -120 -1,408
Balance as at 1 January 2023 2,871 1,075 3,946
Changes in the year
Amortisation charge -579 -120 -699
-579 -120 -699
As at 31 December 2023
Cost 4,159 1,195 5,354
Accumulated amortisation -1,867 -240 -2,107
Balance as at 31 December 2023 2,292 955 3,247
Useful life in years 5 - 10 10
Remaining useful life in years 3 - 7 8
See note 3.2 “Useful life customer relationships” for the change in the
useful life of the Customer relationships.





12 Property, plant and equipment
Material accounting policy

Property, plant and equipment relate to energy charging connections and
other equipment and are measured at cost less accumulated depreciation
and accumulated impairment losses, if any.
Depreciation is calculated from
the date an asset becomes available for use and is determined on a
straight-line basis over the estimated useful life of each part of an item of
property, plant and equipment. The depreciation method, useful lives and
residual values are reviewed annually.

An asset is derecognised upon disposal or when no future economic
benefits are expected to arise from its continued use. Any resulting gain or
loss is measured as the difference between the sales proceeds and the
carrying amount of the asset and is recognised in profit or loss when the
asset is derecognised.

Changes in other equipment
EUR'000 2024 2023
As at 1 January
Cost 618 607
Accumulated depreciation -373 -173
Balance as at 1 January 245 434
Changes in the year
Investments 5 11
Depreciation charge -118 -200
-113 -189
As at 31 December
Cost 326 618
Accumulated depreciation -194 -373
Balance as at 31 December 132 245
Useful life in years 2 - 5 2 - 5
In 2024, the depreciation expenses include an expense of EUR 58 thousand
for early abandonment of charging connectors due to malfunctioning, these

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will not be replaced (2023: EUR 71 thousand) for some items of other
equipment due to damages.
13 Amounts entrused to and liabilties of Stichting Beheer
Derdengelden Ease2pay
The parking and fuelling payment transactions are processed by the group
company Ease2pay B.V. Ease2pay B.V. is for this purpose listed in the
registers of exempt electronic money institutions and exempt payment
service providers at De Nederlandsche Bank N.V. (DNB). Ease2pay B.V. is
exempt in both roles and is therefore not regulated by DNB. In addition,
Ease2pay B.V. is accredited as an eMandate Service Provider (MSP) and
certified as a Collecting Payment Service Provider (CPSP) for iDEAL.
In 2017, Ease2pay B.V. entered into an agreement with Stichting Beheer
Derdengelden Ease2pay ("the Foundation"), which sets out the conditions
and approach that enable the Foundation to perform its statutory
independent obligations. The purpose of the Foundation is to safeguard
money of users of the transaction platform to pay for their parking and
fuelling services. The monies safeguarded at the Foundation are readily
available to pay frequent transactions, like parking and fuelling and provide
every involved party a smooth process. The amounts entrusted by the users
of the platform to the Foundation shall be used to pay parking and fuel
providers for their services. Due to the agreement, the Group may exert an
influence on the Foundation’s Board. It is agreed that all expenses (or
income) of the Foundation will be charged (benefit) to Ease2pay B.V.,
consisting of operational expenses of the Foundation or interest expenses
or income. Ease2pay B.V. settles the transactions on behalf of the
Foundation with its counterparties.
The Group has concluded, in accordance with the consolidation
requirements (see note 2.3) that the financial information of the

Foundation needs to be consolidated. The Foundation's cash and cash
equivalents are legally separated and are only available to pay for services
provided to the users of the platform.
See note 2.7 for the material accounting policy of the entrusted and
liabilities amounts.
13.1 Amounts entrusted to Stichting Beheer Derdengelden Ease2pay
Amounts entrusted to Stichting Beheer Derdengelden Ease2pay are
amounts received for the services of the providers of parking and fuelling
services and amount to EUR 1,301 thousand (31 December 2023: EUR 944
thousand, 1 January 2023: EUR 747 thousand).
13.2 Liabilities of Stichting Beheer Derdengelden Ease2pay
The liabilities Stichting Beheer Derdengelden Ease2pay are summarised
below.
As at 31 December 1 January
EUR'000 2024 2023 2023
Amounts from users of the platform to be 440 374 322
used to pay parking and fuel providers (EGI
credits)
Amounts payable to providers of parking 854 567 428
services or fuel (merchants)
Balance as at 31 December 1,294 941 750



14 Trade and other receivables
See note 2.7 for the material accounting policy.
As at 31 December 1 January
EUR'000 2024 2023 2023
Trade receivables 18 338 276
Receivables outstanding for merchants - 754 422
Amounts to be invoiced 193 138 162
Other receivables and accruals 68 112 434
Balance as at 31 December 279 1,342 1,294






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In 2024, the legal conditions of the Group’s invoicing have changed for
services of merchants, consequently the receivables from end-users and
liabilities to the related merchants are not recognised in the Group’s
financial statement of position.
The aging of the trade receivable is shown below.
As at 31 December 2024 Gross Credit loss Carrying
EUR'000 amount allowance amount
Not past due 11 - 11
0 to 30 days 5 - 5
30 to 60 days 4 -2 2
More than 60 days 9 -9 -
29 -11 18
As at 31 December 2023 Gross Credit loss Carrying
EUR'000 amount allowance amount
Not past due 241 - 241
0 to 30 days 95 - 95
30 to 60 days 4 -2 2
More than 60 days 3 -3 -
Balance as at 31 December 343 -5 338
The credit risk of the trade receivables is limited for the parking and fuelling
payment processing, as most receivables are paid from the amounts
entrusted to Stichting Beheer Derdengelden Ease2pay of the foundation.
The movement of the credit loss allowance is summarised below.
EUR'000 2024 2023
Balance as at 1 January 5 2
Additions 6 3
Balance as at 31 December 11 5




15 Cash and cash equivalents
See note 2.7 for the material accounting policy.


The cash and cash equivalents amounting to EUR 2,672 thousand
(31 December 2023: EUR 2,669 thousand, January 2023: EUR 3,378
thousand) were available to the Group without any restrictions
(31 December 2023: no restrictions, 1 January 2023: no restrictions).The
Group receives an interest rate of €STR less 1,25% on its cash balances (31
December 2023: 1.25%, 31 December 2023: nil). Note 19 sets out the credit
risk of the counterparties with regard to the amounts of cash and cash
equivalents.





16 Equity
16.1 Equity
Material accounting policy
Share capital
Ordinary share capital is classified as share capital. The authorised share
capital is the maximum capital that the Company can issue under the terms
of the Company’s Articles of Association.
Share premium
Share premium is the excess of the amount received by the Company over
and above the nominal value of its shares issued. Incremental costs directly
attributable to the issue of new shares are shown in shareholders’ equity as
a deduction, net of tax, from the proceeds and are presented in share
premium.

Equity in the year
As at 31 December 2024, the authorised share capital of EUR 11.0 million
(31 December 2023: EUR 11.0 million, 1 January 2023: EUR 11.0 million) is
divided into 110,000,000 ordinary shares with a par value of EUR 0.10
(31 December 2023: 110,000,000 ordinary shares with a par value of
EUR 0.10, 1 January 2023: 110,000,000 ordinary shares with a par value of


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EUR 0.10). No changed occurred in the 23,542 thousand ordinary shares
issued (31 December 2023: 23,542 thousand ordinary shares, no changes).
See the consolidated statement of changes in equity for changes in the
equity components in the year and note 30.3 of the company financial
statements for the changes in equity in the year.

16.2 Basic and diluted loss per share
The loss per share is based on the weighted average number of shares.
For the year ended 2024 2023
Balance on 1 January (in thousand shares) 23,542 23,542
Weighted average number of shares for the period 23,542 23,542
Loss after tax attributable to shareholders (in -803 -1,478
EUR'000)
Basic and diluted loss per share (in EUR) -0.03 -0.06

16.3 Capital management
The Group's policy is to maintain an adequate capital position to retain the
confidence of its customers, investors, creditors and the financial markets
and enable future development and growth of its business activities. The
Management Board monitors the capital defined by the Group as
shareholders' equity, EUR 6.5 million on 31 December 2024 (31 December
2023: EUR 7.3 million). The Management Board also monitors events in
relation to the development phase of the Group's business. The current
scale-up phase is not suitable for setting rigid quantitative targets. The
Management Board strives for a balanced development for the further
rollout of the platform and activities, resulting in future growth of the
Group's earnings. In the year under review, the Group's capital
management approach has not changed. The Group is not subject to any
externally imposed capital requirements.

17 Trade and other liabilities
See note 2.7 for the material accounting policy.
As at 31 December 1 January
EUR'000 2024 2023 2023
Trade payables 36 60 90
Payables related to merchants - 771 254
Wage and value added taxes payable 95 80 117
Other liabilities 188 484 999
Total 319 1,395 1,460
The amount of other liabilities relates mainly to accruals of expenditures in
the year. As from 2024, the Group has changed its invoicing procedures
resulting that its billing services are performed on behalf of merchants, and
consequently the receivables from end-users and liabilities to the related
merchants are not recognised in the Group’s financial statement of
position.







18 Contingencies





18.1 Short-term leases
Material accounting policy
The Group has entered into a short-term lease agreement for office space.
The payments of short-term leases are expensed on a straight-line basis
over the lease term of the contract.

Lease expenses
The Group’s short-term lease contract ended in December 2024 and
renewed this in a contract that can be terminated monthly by both lessor
and lessee. In 2024, the Group included EUR 51 thousand for short-term
lease expenses in the other operational expenses in the consolidated
statement of profit or loss (31 December 2023: EUR 68 thousand). On
31 December 2024, the Group’s short-lease commitment was EUR 30
thousand (31 December 2023: EUR 10 thousand).



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19 Financial risk management
The Group is exposed to financial instruments that occur or are used in its
business activities. The use of financial instruments exposes the Group to
the following risks:
- Credit risk;
- Liquidity risk; and
- Market risk.
The Management Board is responsible for setting up and overseeing the
Group’s risk management framework. The Group continuously develops its
internal risk management framework. The Management Board reports
regularly on these activities to the Supervisory Board. The purpose of the
risk policy is to identify and assess to which risks the Group is exposed, to
set appropriate risk limits and measures and to monitor the risks and
compliance with the limits. Risk management policies and systems are
regularly reviewed and adjusted as necessary to reflect changes in market
conditions and the Group's activities. The Group aims through its training,
management standards and procedures, to develop a monitored and
constructive control environment in which employees understand their
roles and obligations.
19.1 Credit risk
Credit risk is the risk that one counterparty of a financial instrument will
cause a financial loss for the other counterparty by failing to comply with an
obligation. A credit risk arises when counterparties, including debtors or
banks, fail to meet their obligations to the Group. The Group’s credit risk is
limited to parking and fuelling payment processing fees as most of those
fees are paid via Stichting Beheer Derdengelden Ease2pay. As the credit risk
of the other activities are limited amount for the Group’s fee is at risk. The
Group considers the following as constituting an event of default:
- When information developed internally or obtained from external
sources indicates that the debtor is unlikely to pay its creditors; or
- When a financial asset is 90 days past due.
The cash and cash equivalents held with banks are considered financial
assets rated investment grade. ABN AMRO Bank N.V. has ratings of A, Aa3,
A+ and Rabobank of A+, Aa2, A+ respectively from Standard & Poors,
Moody's and Fitch. The Group's maximum exposure to credit risks is limited
to the carrying amount of the financial assets in the consolidated statement
of financial position less the liabilities of Stichting Derdengelden Ease2pay
and liabilities to merchants for non-parking and fuelling activities.
19.2 Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting
obligations associated with financial liabilities that are settled by delivering
cash or another financial asset. The Group's policy is to meet its current and
future payment obligations, to enable the continuance and growth of its
business activities. The principles underlying liquidity risk management are
that sufficient liquidity is available to meet financial obligations arising from
the Group's activities.
On 31 December 2024, cash and cash equivalents amount to EUR 2,672
thousand and were at free disposal of the Group (31 December 2023:
EUR 2,669 thousand). On the same date, the Group had no credit facility
(31 December 2023: no credit facility).
The expected cash outflows of the Group are as follows:
As at 31 December 2024 Carrying amount Cash outflows
EUR'000 Total Less than 6 months
Liabilities of Stichting Beheer 1,294 1,294 1,294
Derdengelden Ease2pay
Trade and other liabilities 319 319 319
Total 1,613 1,613 1,613




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As at 31 December 2023 Carrying amount Cash outflows
EUR'000 Total Less than 6 months
Liabilities of Stichting Beheer 941 941 941
Derdengelden Ease2pay
Trade and other liabilities 1,395 1,395 1,395
Total 2,336 2,336 2,336

19.3 Market risk
Market risk is the risk that the fair value or future cash flows of a financial
instrument will fluctuate because of changes in market prices. The objective
of market risk management is to manage and control market risk exposures
within acceptable limits.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a
financial instrument will fluctuate because of changes in market interest
rates. On 31 December 2024, the Group is not exposed to interest rate risk
(31 December 2023: not exposed).
Foreign currency risk
The Group has low foreign currency risk exposure, as a limited number of
transaction platform services outside the Netherlands that are performed
in currencies other than the euro.


Fair value of financial instruments
The carrying amounts of the financial instruments in the consolidated
statement of financial position, consisting of trade and other receivables,
amounts entrusted to Stichting Beheer Derdengelden Ease2pay, cash and
cash equivalents, liabilities of Stichting Beheer Derdengelden Ease2pay and
other current liabilities, are reasonable approximations of the fair value of
the instruments.






20 Related party transactions
20.1 Material accounting policy
A related party is a person or company that is related to the Group. These
include both people and companies with an influence or control in the
Group or subjected to the influence or control of the Group. The
Management and Supervisory Boards, The Internet of Cars V.O.F. (majority
shareholder) and Ease2pay N.V.’s group companies are related parties.
Transactions with related parties are accounted for in accordance with the
requirements of relevant accounting policies and consider the substance as
well as the legal form. Related party transactions were made on terms
equivalent to those that prevail in arm’s length transactions.
Balances and transactions within the Group, which are related parties of
the Group, have been eliminated on consolidation and are not disclosed.


20.2 Group companies
The group companies that are included in the consolidation are
summarised hereafter.
Name and seat As per 31 December 2024 2023
Ease2pay B.V., Rotterdam, The Netherlands 100% 100%
Ease2platform B.V., Rotterdam, The Netherlands 100% 100%
Involtum Holding B.V., Rotterdam, The Netherlands 100% 100%
Involtum Services B.V., Rotterdam, The Netherlands 100% 100%
Nomad Power B.V., Rotterdam, The Netherlands 100% 100%
Stichting Beheer Derdengelden Ease2pay, Rotterdam, - -
The Netherlands
Yoreon B.V., Rotterdam, The Netherlands 100% 100%
In March 2025, the Involtum companies are renamed to Ease2pay.

20.3 Management and Supervisory Boards
Management Board
The members of the Management Board are Ease2pay’s key management
personnel. The remuneration of the members of the Management Board is
in accordance with the responsibilities of their respective positions. The


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different positions are weighted, considering aspects such as the scope and
nature of responsibilities, the complexity of the management context in
which they operate and the required knowledge, experience and
competences required. The remuneration of the members of the
Management Board consists of a fixed amount. No variable, pension or
other benefits were granted.
In EUR'000 2024 2023
Short-term employee benefit, salaries
Mr Jan H.L. Borghuis 89 88
Mr Gijs J. van Lookeren Campagne 89 88
Total employee benefits 178 176
The Management Board members are not entitled to pension premiums as
part of their remuneration. In the year under review, loans were not
provided to the members of the Management Board members (2023: no
loans).
Supervisory Board
In 2024 and 2023, the members of the Supervisory Board received
compensation for their work, as shown below. The compensations are
commensurate with the time spent on their activities.
In EUR'000 2024 2023
Ms Manuela N.D. Melis 12 12
Ms Marijke A.J. Terpstra 12 12
Mr Heini C.A.M. Withagen 12 12
Mr Tom M. de Witte 15 15
51 51


21 Subsequent events
In February 2025, the Group agreed to early dispose of its charging
connectors in the United Kingdom. The costs of this early disposal are
estimated at approximately EUR 50 thousand and will be included in the
expenses 2025, partly in operating costs and depreciations.

22 New and/or amended IFRS Accounting Standards and/or
interpretations issued but not yet effective
The standards and interpretations that are issued and/or amended, but not
yet effective, up to the date of issuance of the Group’s consolidated
financial statements are disclosed hereafter. The Group intends to adopt
these standards, if applicable, when they become effective.
Changes in IFRS Accounting Standards endorsed by the European Union
Amendments to and
effective date Description Expected impact
IAS 21 The Effects of The amendments clarify when and how The amendments
Changes in Foreign to determine whether a currency is have no impact on
Exchange Rates: Lack of exchangeable into another currency. the Group.
Exchangeability Additional disclosures need to be made.
Effective date:
1 January 2025
Changes in IFRS Accounting Standards not endorsed by the European
Union
New standards or
amendments to
and effective date Description Expected impact
Contracts Referencing Amendments to IFRS 9 Financial The amendments
Nature-dependent Instruments to facilitate power have no impact on
Electricity Amendments purchase agreements and classify these the Group.
to IFRS 9 and IFRS 7 as regular purchase contracts.
Effective date: Additional disclosure is required in IFRS
1 January 2025 7 Financial Instruments: Disclosures.
Amendments to the The amendments clarify the date of The Group assesses
Classification and recognition and derecognition of some the impact of these
Measurement of financial assets and liabilities, clarify amendment.
Financial Instruments and add further guidance for financial
(Amendments to IFRS 9 assets meeting the solely payment of
and IFRS 7) principal and interest criterion, new
disclosures are introduced for



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New standards or
amendments to
and effective date Description Expected impact
Effective date: contractual terms that can change cash
1 January 2026 flows (such as some financial
instruments with features linked to the
achievement of environment, social
and governance targets) and update
some disclosures of equity investments
designated at fair value through other
comprehensive income.
Annual Improvements These improvements clarify guidance The Group expects
Volume 11 and wording in some IFRS Accounting no impact.
Effective date: Standards, amongst others for financial
1 January 2026 instruments.
IFRS 18 Presentation and IFRS 18 replaces IAS 1 Presentation of The Group assesses
Disclosure in Financial Financial Statements, it introduces new the impactof IFRS 18
Statements (IFRS 18) requirements for presentation within on its primary
Effective date: the statement of profit or loss, financial statements
1 January 2027 including specified totals and subtotals. and the notes to the
IFRS 18 requires classifying income and financial statements.
expenses into the categories:
operating, investing, financing, income
taxes and discontinued operations.IFRS
18 requires disclosure of management-
defined performance measures.
IFRS 18 also requires some adjustments
to other standards.
IFRS 19 Subsidiaries IFRS 19 allows eligible entities to elect The Group’s equity
without Public to apply its reduced disclosure instruments are
Accountability: requirements while still applying the publicly traded, it is
Disclosures (IFRS 19) recognition, measurement and not eligible to elect
Effective date: presentation requirements in other to disclosure reliefs
1 January 2027 IFRS Accounting Standards. in IFRS 19.



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Company financial statements 2024
Company statement of profit or loss
EUR'000
Note 2024 2023
Restated,
note 23.2
Other income 24 251 -
Wages and salaries 25 -146 -183
Social security and pension contributions 25 -32 -37
Other expenses 26 -472 -556
Operating result -399 -776
Interest income 302 211
Result group companies 27 -706 -913
Loss before tax -803 -1,478
Income tax expense - -
Result after tax -803 -1,478
Company statement of financial position
Before appropriation of result as at 31 December
As at 31 December 1 January
EUR'000
Note 2024 2023 2023
Restated,
note 23.2
Restated,
note 23.2
Non-current assets
Non-current financial assets 27 3,912 4,926 5,707
Total non-current assets 3,912 4,926 5,707
Current assets
Other receivables 28 49 22 62
Cash 29 2,666 2,633 3,352
Total current assets 2,715 2,655 3,414
Total assets 6,627 7,581 9,121
Equity and liabilities
Equity 30
Share capital 2,354 2,354 2,354
Share premium 37,057 37,057 37,057
Legal reserve 126 - -
Accumulated losses -32,213 -30,609 -3,792
Loss for the year -803 -1,478 -26,817
Total equity 6,521 7,324 8,802
Current liabilities
Trade and other liabilities 31 106 257 319
Total current liabilities 106 257 319
Total equity and liabilities 6,627 7,581 9,121
The accompanying notes form an integral part of these company financial statements.

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Notes to the Company financial statements
23 Material accounting policies
Ease2pay N.V. (“the Company”) is a public limited liability company
incorporated and domiciled in Rotterdam, the Netherlands (see note 1 of
the consolidated financial statements).
23.1 Basis of preparation
The company financial statements have been drawn up using the same
accounting policies applied for preparing the consolidated financial
statements, in accordance with Section 362(8), Part 9 of Book 2 of the DCC.
Based on Section 362(8), Part 9 of Book 2 of the DCC, the consolidated
financial statements have been prepared in accordance with the IFRS
Accounting Standards as adopted by the European Union (EU-IFRS) and
with Part 9 of Book 2 of the DCC. These accounting principles are disclosed
in the notes to the consolidated financial statements, unless stated
otherwise in these company statements.
All amounts in these explanatory notes are stated in thousands of euros
(“EUR”), unless stated otherwise.
23.2 Restatement of comparative figures
The Group has restated its statement of financial position as per 1 January
2023 and reversed its erroneously write-down of deferred tax assets in
2022. The restatement affected the carrying amount of the group
companies (as these included the related deferred taxes), equity and result
after tax, see note 2.3 of the consolidated financial statements for more
details.
The changes in the statement of financial position are summarised
hereafter. The change in equity is recorded in accumulated losses and for
non-current financial assets in investments group companies.
As at 31 December 2023 1 January 2023
EUR'000
Restated Previously
reported
Restate-
ment
Restated Previously
reported
Restate-
ment
Non-current
financial assets
4,926 4,463 463 5,707 5,135 572
Equity 7,324 6,861 463 8,802 8,230 572
The changes in the company statement of profit or loss are included below.
The release of the deferred tax liabilties and deferred tax assets are part of
the result of a group company, decreasing the result from group companies
with EUR 109 thousand.
2023 Previously
In EUR'000
Restated reported Restatement
Operating result -776 -776 -
Interest income 211 211 -
Result group companies -913 -804 -109
Loss before tax -1,478 -1,369 -109
Income tax expense - - -
Result after tax -1,478 -1,369 -109
24 Other income
Other income amounting to EUR 251 thousand (2023: nil) relates to
activities provided to other group companies.
25 Personnel expenses
EUR'000
2024 2023
Wages and salaries 146 183
Social security contributions 32 37
Pensions contributions - -
178 220
Average number of employees 2 2

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All employees are employed in the Netherlands. See note 20.3 of the
consolidated financial statements for the remunerations of the
Management and Supervisory Boards.


26 Other expenses
The other expenses are specified hereafter.
EUR'000 2024 2023
Advisory and consultancy expenses 258 315
Other expenses 214 241
Other operating expenses 472 556
Independent auditor remuneration
In accordance with Section 382a, Part 9 of Book 2 of the DCC, the aggregate
fees by the Company’s independent auditor of services in the Netherlands,
EY Accountants B.V. (2023: PricewaterhouseCoopers Accountants N.V.), are
summarised below. These fees relate to the audit of the 2024 financial
statements (and 2023 for the comparable year), regardless of whether the
work was performed during the financial year.
EUR'000 2024 2023
Audit of the financial statements 213 250
Other audit services - -
Tax services - -
Non-audit services - -
Total 213 250
Fees for audit services include the audit of the financial statements of the
Company and its group companies.


27 Non-current financial assets
Material accounting policies
Investments in group companies
Investments in group companies are measured using the equity method.
The carrying amounts are based on the measurement of assets and
liabilities and profit or loss is based on the accounting policies applied in
the consolidated financial statements. Group companies with a negative
equity are measured at nil, unless the Company has a receivable on the
group company and/or an obligation for its liabilities. In case a receivable
(or loan) is provided to the group company, the loan provided is decreased
by the negative amount of the equity value. A provision is recognised if a
liability remains for the Company.
Loans and amounts due from and or to group companies
Loans to and amounts due from or to group companies are stated initially
at fair value and subsequently at amortised cost, using the effective
interest rate, less impairments, if any. Each group company is considered a
combination of assets and liabilities rather than an indivisible asset and,
therefore, expected credit losses are eliminated.
Changes in the year
EUR'000
Investments group
companies
Loans due from
group companies Total
Balance as at 1 January 2024 2,592 2,334 4,926
Additions - 113 113
Repayments - -619 -619
Interest accrued - 198 198
Result for the year -92 -614 -706
Balance as at 31 December 2024 2,500 1,412 3,912
Balance as at 1 January 2023
restated
3,050 2,657 5,707
Interest accrued - 132 132
Result for the year -458 -455 -913
Balance as at 31 December 2023 2,592 2,334 4,926
The loans due from group companies bears an interest of 5.9% per annum
based on 3-month Euribor rate as per 1 January of the year plus a margin of
2.0% (interest rate in 2023: 4.2%), no securities are provided, and the loans
have an indefinite term (2023: no securities and indefinite term).

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It is estimated that some EUR 0.4 million of the loans due from group
companies will be repaid within one year, depending on the operational
results of the group companies. See note 20.2 for the Company’s group
companies.
28 Other receivables
As at 31 December 1 January
EUR'000
2024 2023 2023
Taxes and social security contributions 30 1 -
Other receivables and accruals 19 21 62
Total 49 22 62
All receivables fall due within one year.
29 Cash and cash equivalents
The cash and cash equivalents amounting to EUR 2,666 thousand
(31 December 2023: EUR 2,633 thousand, 1 January 2023: EUR 3,352
thousand) were available to the Company without any restrictions
(31 December 2023: no restrictions, 1 January 2023: no restrictions). The
Company receives an interest rate of €STR less 1,25% on its cash balances
(31 December 2023: 1.25%, 1 January 2023: nil).
30 Equity
30.1 Issued capital
Share capital
As at 31 December 2024, the authorised share capital of EUR 11.0 million
(31 December 2023: EUR 11.0 million, 1 January 2023: EUR 11.0 million) is
divided into 110,000,000 ordinary shares with a par value of EUR 0.10
(31 December 2023: 110,000,000 ordinary shares with a par value of
EUR 0.10, 1 January 2023: 110,000,000 ordinary shares with a par value of
EUR 0.10). No changed occurred in the 23,542 thousand ordinary shares
issued (31 December 2023: 23,542 thousand ordinary shares, no changes).
Share premium
Share premium is the excess of the amount received by the Company over
and above the nominal value of its shares issued. Incremental costs directly
attributable to the issue of new shares are shown in shareholders’ equity as
a deduction, net of tax, from the proceeds and are presented in share
premium.
Legal reserve
The legal reserve is included for the capitalised development costs as
required in DCC.
30.2 Accumulated losses
Accumulated losses are related to past net losses allocated to shareholder’s
equity.
30.3 Changes in the year
Share Accumu- Result
Share pre- Legal lated for the Total
EUR'000
capital mium reserve losses year equity
As at 1 January 2024 2,354 37,057 - -30,609 -1,478 7,324
Loss appropriation - - - -1,478 1,478 -
Result for the year - - - - -803 -803
Other changes - - 126 -126 - -
As at 31 December 2024 2,354 37,057 126 -32,213 -803 6,521
As at 1 January 2023 2,354 37,057 - -4,364 -26,817 8,230
Restatement for group
companies (see note 23.2)
- - - 572 - 572
As at 1 January 2023
(Restated)
2,354 37,057 - -3,792 -26,817 8,802
Loss appropriation - - - -26,817 26,817 -
Result for the year - - - - -1,478 -1,478
As at 31 December 2023
(Restated)
2,354 37,057 - -30,609 -1,478 7,324

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30.4 Loss allocation
The loss for the year amounting to EUR 803 thousand, will be deducted
from the retained earnings.
31 Trade and other liabilities
As at 31 December 1 January
EUR'000
2024 2023 2023
Trade payables 7 5 -
Other liabilities and accruals 99 252 319
Total trade and other liabilities 106 257 319
All liabilities fall due within one year.
32 Contingencies
Fiscal unities
The Company heads the Dutch fiscal unities for corporate income and value
added tax. The Company and its subsidiaries are severally and jointly liable
for the tax payable by the Dutch fiscal unities. See note 9 of the
consolidated financial statements for the notes on taxes.
Joint and several liability for group companies
The Company has issued a declaration of joint and several liability pursuant
to Section 403(1)(f), Part 9, Book 2 of the DCC its group companies (see
note 20.2 of the consolidated financial statements).
Short-term leases
See note 18.1 of the consolidated financial statements.
33 Financial risk management
General
Inherent to the use of financial instruments, the Company is exposed to
credit risks, liquidity risks and market risks. The notes to the consolidated
financial statements provide information on the Group’s exposure to each
of these risks, its objectives, principles and procedures for managing and
measuring these risks, as well as Group capital management. These risks,
objectives, principles and procedures for managing and measuring these
risks as well as capital management apply mutatis mutandis to these
company financial statements (see notes 16.3 and 19 of the consolidated
financial statements).
Fair value
The carrying amounts of the financial instruments in the company
statement of financial position, including receivables, cash and cash
equivalents, borrowings and current liabilities, are reasonable
approximations of the fair values of these instruments given the short-term
nature of these instruments.
34 Related parties
Related parties of the Group are its key management and its majority
shareholder (see note 20 of the consolidated financial statements). Besides
the transactions with related parties disclosed in the consolidated financial
statements, the Company has issued loans to its group companies, see note
27.
Rotterdam, 30 April 2025,
Management Board,
Jan H.L. Borghuis
Gijs J. van Lookeren Campagne
Supervisory Board,
Manuela N.D. Melis
Marijke A.J. Terpstra
Heini C.A.M. Withagen
Tom M. de Witte

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Other information
Articles of association provisions governing the appropriation of profit
Article 31 of the articles of association states the following in respect of
dividends and reserves:
1. Distribution of the profit may only take place after adoption of the
financial statements showing that the company's equity is more than
the amount of the paid-up and called-up part of the capital increased
by the reserves that must be maintained pursuant to the law.
2. The part of the profit - the positive balance of the profit and loss
account - realised in the financial year last passed to be reserved is
determined by the management board subject to the approval of the
supervisory board.
3. The part of the profit remaining after the reservation is at the disposal
of the general meeting for distribution to the holders of shares,
proportionally to the shares they hold.
4. Subject to previous approval by the supervisory board, already prior
to the adoption of the financial statements of any financial year the
management board may resolve to distribute the dividend to be
expected at the account of the financial year concerned in the form of
one or more interim dividends, provided an interim statement of
assets and liabilities as referred to in Article 2:105(4) DCC signed by
the management board shows that the requirement regarding the
status of the capital in paragraph 1 of this article has been satisfied.
5. No profit is distributed on shares in its capital held by the company
unless a right of usufruct has been established on those shares or
depositary receipts thereof have been issued with the company's
cooperation. In calculating the division of the profit, the shares in its
capital held by the company and on which no profit may be
distributed are not counted.
6. A general dividend reserve will be maintained for all shares.
Article 32 of the articles of association states the following in respect of
distributions in the form of shares and distributions charged against the
reserves:
1. The general meeting may resolve, based on a proposal from the
management board that has been approved by the supervisory board,
that a dividend on shares will take place in full or in part not in cash
but in shares in the company.
2. The general meeting may resolve, based on a proposal of the
management board that has been approved by the supervisory board,
to distribute to the holders of shares at the expense of the share
premium and freely distributable reserves. These distributions may
also be made in full or in part not in cash but in shares in the
company.

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Independent auditor’s report
To: the shareholders and supervisory board of Ease2pay N.V.
Report on the audit of the financial statements 2024 included in the annual report
Our opinion
We have audited the accompanying financial statements for the financial year
ended 2024 of Ease2pay N.V. based in Rotterdam, Netherlands. The financial
statements comprise the consolidated financial statements and the company
financial statements.
In our opinion:
• The consolidated financial statements give a true and fair view of the financial
position of Ease2pay N.V. as at 31 December 2024 and of its result and its cash
flows for 2024 in accordance with IFRS Accounting Standards as adopted in the
European Union (IFRS Accounting Standards) and with Part 9 of Book 2 of the
Dutch Civil Code
• The company financial statements give a true and fair view of the financial
position of Ease2pay N.V. as at 31 December 2024 and of its result for 2024 in
accordance with Part 9 of Book 2 of the Dutch Civil Code
The consolidated financial statements comprise:
• The consolidated statement of financial position as at 31 December 2024
• The following statements for 2024: the consolidated statements of profit or loss
and other comprehensive income, changes in equity and cash flows
• The notes comprising material accounting policy information and other
explanatory information
The company financial statements comprise:
• The company statement of financial position as at 31 December 2024
• The company statement of profit or loss for 2024
• The notes comprising a summary of the accounting policies and other
explanatory information
Basis for our opinion
We conducted our audit in accordance with Dutch law, including the Dutch
Standards on Auditing. Our responsibilities under those standards are further
described in the Our responsibilities for the audit of the financial statements
section of our report.
We are independent of Ease2pay N.V. in accordance with the EU Regulation on
specific requirements regarding statutory audit of public-interest entities, the Wet
toezicht accountantsorganisaties (Wta, Audit firms supervision act), the
Verordening inzake de onafhankelijkheid van accountants bij assurance-opdrachten
(ViO, Code of Ethics for Professional Accountants, a regulation with respect to
independence) and other relevant independence regulations in the Netherlands.
Furthermore, we have complied with the Verordening gedrags- en beroepsregels
accountants (VGBA, Dutch Code of Ethics for professional accountants).
We believe the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Information in support of our opinion
We designed our audit procedures in the context of our audit of the financial
statements as a whole and in forming our opinion thereon. The following

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information in support of our opinion and any findings were addressed in this
context, and we do not provide a separate opinion or conclusion on these matters.
Our understanding of the business
Ease2pay N.V. (the company, and, together with its consolidated subsidiaries (‘the
Group’ or ‘Ease2pay’) offers payment services focusing on the mobility sector
through its self-service platform (‘book-stay-use-pay platform’), as well as Internet
of Things (IoT) technology to communicate with connected devices such as
chargers, laundry machines (Miele Appwash), and electricity and water supply
connection points in the public domain (NomadPower). Ease2pay’s principal
geographic market is the Netherlands, although services are also supplied in other
European countries.
We determined materiality and identified and assessed the risks of material
misstatement of the financial statements, whether due to fraud or error in order to
design audit procedures responsive to those risks and to obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion.
Materiality
Materiality € 86,500
Benchmark applied Approximately 3% of revenue as at 31 December 2024
Explanation Based on our professional judgment, we have identified
revenue as a key performance indicator for users of the
financial statements.
We considered Ease2pay's strategy to increase
transaction volumes and to continue its growth in
revenue as the company establishes its position in the
market for future profitability.
We have also taken into account misstatements and/or possible misstatements that
in our opinion are material for the users of the financial statements for qualitative
reasons.
We agreed with the supervisory board that misstatements in excess of € 4,300,
which are identified during the audit, would be reported to them, as well as smaller
misstatements that in our view must be reported on qualitative grounds.
Scope of the group audit
Ease2pay N.V. is the holding company of a group of entities and consolidates
Stichting Beheer Derdengelden Ease2pay that safeguards the amounts received
upfront from users of Ease2pay’s platform. The financial information of this group is
included in the financial statements.
We are responsible for planning and performing the group audit to obtain sufficient
appropriate audit evidence regarding the financial information of the entities or
business units within the group as a basis for forming an opinion on the financial
statements. We are also responsible for the direction, supervision, review and
evaluation of the audit work performed for purposes of the group audit. We bear
the full responsibility for the auditor’s report.
Based on our understanding of the group and its environment, the applicable
financial framework and the group’s system of internal control, we identified and
assessed risks of material misstatement of the financial statements and the
significant accounts and disclosures. Based on this risk assessment, we determined
the nature, timing and extent of audit work performed, including the entities or
business units within the group (components) at which to perform audit work. For
this determination we considered the nature of the relevant events and conditions
underlying the identified risks of material misstatements for the financial
statements, the association of these risks to components and the materiality or
financial size of the components relative to the group.

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As the processes of the group are centralized and all transactions are initiated,
recorded, processed and reported on central level, we performed the audit work
centrally ourselves for all components of the group, including Stichting Beheer
Derdengelden Ease2pay.
This resulted in a coverage of 100% of the loss before income tax, 100% of revenue
and 100% of total assets.
By performing the audit work mentioned above at the entities or business units
within the group, together with additional work at group level, we have been able
to obtain sufficient and appropriate audit evidence about the group’s financial
information to provide an opinion on the financial statements.
Teaming and use of specialists
We ensured that the audit team included the appropriate skills and competences
which are needed for the audit of a listed client in the payment services and IoT
industry. We included specialists mainly in the areas of IT audit and income tax.
Our focus on fraud and non-compliance with laws and regulations
Our responsibility
Although we are not responsible for preventing fraud or non-compliance and we
cannot be expected to detect non-compliance with all laws and regulations, it is our
responsibility to obtain reasonable assurance that the financial statements, taken
as a whole, are free from material misstatement, whether caused by fraud or error.
The risk of not detecting a material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
Our audit response related to fraud risks
We identified and assessed the risks of material misstatements of the financial
statements due to fraud. During our audit we obtained an understanding of the
company and its environment and the components of the system of internal
control, including the risk assessment process and the management board’s process
for responding to the risks of fraud and monitoring the system of internal control
and how the supervisory board exercises oversight, as well as the outcomes.
We refer to section Risk and governance of the Report of the management board
for the management board’s risk assessment after consideration of potential fraud
risks.
We evaluated the design and relevant aspects of the system of internal control and
in particular the fraud risk assessment, as well as Ease2pay’s code of conduct and
whistle blower policy. We evaluated the design and the implementation and, where
considered appropriate, tested the operating effectiveness, of internal controls
designed to mitigate fraud risks.
As part of our process of identifying fraud risks, we evaluated fraud risk factors with
respect to financial reporting fraud, misappropriation of assets and bribery and
corruption. We specifically considered fraud risk factors due to the size of the
company that limits the segregation of duties, including the segregation of
management and duties between the company and Stichting Beheer Derdengelden
Ease2pay. We evaluated whether these factors indicate that a risk of material
misstatement due to fraud is present.
We incorporated elements of unpredictability in our audit. We also considered the
outcome of our other audit procedures and evaluated whether any findings were
indicative of fraud or non-compliance.
We addressed the risks related to management override of controls, as this risk is
present in all organizations. For these risks we have, among other things, performed
procedures to evaluate key accounting estimates for management bias that may
represent a risk of material misstatement due to fraud, in particular relating to
important judgment areas and significant accounting estimates as disclosed in Note
3 to the consolidated financial statements, including the Impairment test of
goodwill, the platform and customer relationships (intangible assets). Reference is
made to our key audit matter Valuation of goodwill and intangible assets.

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We have also used data analysis to identify and address high-risk journal entries
and evaluated the business rationale (or the lack thereof) of significant
extraordinary transactions, including those with related parties. We specifically
verified that transaction with related parties were limited to the disclosed
remuneration of members of the management board and supervisory board.
In addition to the risks relating to management override of controls, when
identifying and assessing fraud risks, we presumed that there are risks of fraud in
revenue recognition. We considered fraud risk schemes involving management
override of controls to record revenues for services that were not (yet) performed
as well as embezzlement of cash received by Stichting Beheer Derdengelden
Ease2pay instead of recording a liability towards future performance obligations.
We refer to our key audit matter ‘Internal control and revenue recognition’.
We considered available information and made enquiries of the management board
and the supervisory board.
The fraud risks we identified, enquiries and other available information did not lead
to specific indications for fraud or suspected fraud potentially materially impacting
the view of the financial statements.
Our audit response related to risks of non-compliance with laws and regulations
We performed appropriate audit procedures regarding compliance with the
provisions of those laws and regulations that have a direct effect on the
determination of material amounts and disclosures in the financial statements.
Furthermore, we assessed factors related to the risks of non-compliance with laws
and regulations that could reasonably be expected to have a material effect on the
financial statements from our general industry experience, through discussions with
the management board, reading minutes, and performing substantive tests of
details of classes of transactions, account balances or disclosures.
We have been informed by the management board that there was no
correspondence with regulatory authorities and we remained alert to any indication
of (suspected) non-compliance throughout the audit. Finally, we obtained written
representations that all known instances of non-compliance with laws and
regulations have been disclosed to us.
Our audit response related to going concern
The management board made a specific assessment of the company’s ability to
continue as a going concern and to continue its operations for the foreseeable
future. As disclosed in Note 2.2 to the consolidated financial statements, the
company has a history of loss-making years, albeit with a stable cash balance, and,
as discussed under Developments in the year in the Report of the management
board, the group’s partnership with Miele Operations & Payment Solutions GmbH
(Miele Appwash) ends in October 2026. The financial statements have been
prepared on a going concern basis.
We discussed and evaluated the specific assessment with the management board
exercising professional judgment and maintaining professional skepticism. We
considered whether the management board’s going concern assessment, based on
our knowledge and understanding obtained through our audit of the financial
statements or otherwise, contains all relevant events or conditions that may cast
significant doubt on the company’s ability to continue as a going concern. We
focused on the company’s cashflow forecast analysis and how this fits in with the
group’s business plan and available liquidity (funding analysis). If we conclude that
a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the financial statements or, if such disclosures
are inadequate, to modify our opinion.
Based on our procedures performed, we did not identify material uncertainties
about going concern. Our conclusions are based on the audit evidence obtained up
to the date of our auditor’s report. However, future events or conditions may cause
a company to cease to continue as a going concern.

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Our key audit matters
Key audit matters are those matters that, in our professional judgment, were of
most significance in our audit of the financial statements. We have communicated
the key audit matters to the supervisory board. The key audit matters are not a
comprehensive reflection of all matters discussed.
Internal control and revenue recognition
Risk Ease2pay is a relatively small organization with a limited number
of employees responsible for the operations of the IT systems,
payment processing and maintaining the financial reporting
systems. Due to the organization's size, there are currently limited
options for further formalization of processes and procedures.
This limits our ability to obtain sufficient and appropriate audit
evidence from information produced by the company and the
information contained in the accounting records underlying the
financial statements of the group. This highlights the importance
of obtaining information and confirmations from sources external
to the group.
Moreover, segregation of duties is intended to reduce the
opportunities to allow any one person to be in a position to both
perpetrate and conceal errors or fraud, including asset
misappropriation. We did consider that due to the management
board’s direct involvement in operations, there is little
opportunity for fraud involving employees to occur and that it is
unlikely to cause a material misstatement of the financial
statements. However, as mentioned in the Our audit response
related to fraud risks section above, we did identify risks related to
management override of controls and presumed that there are
risks of fraud in revenue recognition. The combination of
Internal control and revenue recognition
limitations to segregation of duties and the risks of management
override of controls, there is a risk that not all transactions and
events that should have been recorded have been recorded in the
company’s accounting records and its financial statements as well
as a risk related to the integrity of the accounting records. We
considered these risks in particular relevant for transactions
related to revenue as well as the related payments and receipts
for these transactions through Stichting Beheer Derdengelden
Ease2pay.
Given the nature and impact of these risks on our audit approach,
we consider internal control and revenue recognition a key audit
matter.
Our audit
approach
Our audit procedures included obtaining an understanding of the
internal control environment including the evaluation of design
and implementation of controls in the area of automated revenue
recognition of settlement and processing fees in cooperation with
our IT audit team members as well as evaluating the
appropriateness of company’s revenue recognition policies and
procedures in accordance with IFRS 15 Revenue from Contracts
with Customers.
Given the importance of obtaining information and confirmations
from sources external to the group, we applied a data-analytics
driven audit approach using EY Helix Cash Analyzer to revenue and
related payments and receipts, in which we used external banking
data for the year to verify that revenue recognized resulted in cash
receipts and vice versa. Furthermore, we used the EY Helix Cash
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Internal control and revenue recognition
outgoing payments which relate to Ease2Pay clients and their
complete and accurate recording in the accounting records of
Stichting Beheer Derdengelden Ease2pay.
In addition, we performed external confirmation procedures over
91% of the revenue recorded.
We also performed testing of revenue related accounts such as
trade and other receivables and we tested whether revenue was
recognized in the correct period (cut-off of revenue between 2024
and 2025) and searched for any credit memos issued after
31 December 2024. We have used data analysis to identify and
address high-risk journal entries, focusing on revenue (related)
accounts.
Key
observations
Based on our procedures performed, we believe that we have
been able to obtain sufficient and appropriate audit evidence to
provide a basis for our opinion. We have found no indications for
material misstatements of revenues or related payments and
receipts, whether due to fraud or error during our audit.
Valuation of goodwill and intangible assets
Risk Goodwill (1.2 million) and other intangible assets (2.5 million)
together amounted to 46% of the Ease2pay’s total assets as at
31 December 2024.
As disclosed in Note 2.7 to the consolidated financial statements,
goodwill is not subject to amortization and tested at least annually
for impairment. Other intangible assets are tested for impairment
Valuation of

goodwill

and intangible assets
whenever events or changes in circumstances indicate that the
carrying amount may not be recoverable. As disclosed in Note 3.2
to the consolidated financial statements, for the 2024 reporting
year, the recoverable amount was determined based on value in
use calculations, which require the use of assumptions about
future cash flows, long-term growth rate and discount rate.
Due to the fact that the group’s partnership with Miele Operations
& Payment Solutions GmbH (Miele Appwash) ends in October
2026, the recoverable amount will decrease resulting in a future
impairment of goodwill as well as accelerated amortization of
intangible assets (Customer relationships).
Impairment tests for goodwill are complex and the determination
of impairment of goodwill and intangibles is a key area of
judgment for management and subject to inherent estimation
uncertainty. Given the size of the intangibles and goodwill of
Ease2pay and the subjectivity involved in the judgments made and
the risk of management bias that may represent a risk of material
misstatement due to fraud, we consider this to be a key audit
matter.
Our audit
approach
Our audit procedures included, amongst others, evaluating the
appropriateness of the Company’s accounting policies related to
estimations for recoverability of assets according to IAS 36
“Impairment of assets” and IAS 38 “Intangible assets” and
evaluating whether the accounting policies have been applied
consistently or whether changes, if any, are appropriate in the
circumstances.

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Valuation of
goodwill
and intangible assets
Our audit procedures further included, amongst others:
• Evaluating management’s internal process for annual
impairment testing, including the assessment of the ‘value in
use’ of the related Cash generating units and challenging
management’s assessment of impairment triggers for
intangible assets based on economic and business
developments.
• Reviewing of the impairment analysis prepared by
management
• Evaluating the estimates included in the impairment analysis,
including the valuation model, the assumptions about future
cash flows, long-term growth rate and discount rate in
accordance with the company’s detailed five-year forecast, the
assessed impact of the ending partnership with Miele
Operations & Payment Solutions GmbH in October 2026 and
market information.
Finally, we evaluated the adequacy of the disclosures to the
consolidated financial statements in accordance with IAS 36 and
IAS 38.
Key
observations
Based on our procedures performed, we concur with the
management board’s conclusion that there is no impairment on
goodwill or other intangible assets as at 31 December 2024.
Report on other information included in the
annual report
The annual report contains other information in addition to the financial
statements and our auditor’s report thereon.
Based on the following procedures performed, we conclude that the other
information:
• Is consistent with the financial statements and does not contain material
misstatements
• Contains the information as required by Part 9 of Book 2 of the Dutch Civil Code
for the management report and the other information as required by Part 9 of
Book 2 of the Dutch Civil Code and as required by Sections 2:135b and
2:145 sub-section 2 of the Dutch Civil Code for the remuneration report.
We have read the other information. Based on our knowledge and understanding
obtained through our audit of the financial statements or otherwise, we have
considered whether the other information contains material misstatements. By
performing these procedures, we comply with the requirements of Part 9 of Book 2
and Section 2:135b sub-Section 7 of the Dutch Civil Code and the Dutch Standard
720. The scope of the procedures performed is substantially less than the scope of
those performed in our audit of the financial statements.
The management board is responsible for the preparation of the other information,
including the management report in accordance with Part 9 of Book 2 of the Dutch
Civil Code and other information required by Part 9 of Book 2 of the Dutch Civil
Code. The management board and the supervisory board are responsible for
ensuring that the remuneration report is drawn up and published in accordance
with Sections 2:135b and 2:145 sub-section 2 of the Dutch Civil Code.

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Report on other legal and regulatory
requirements and ESEF
Engagement
We were appointed by the general meeting as auditor of Ease2pay N.V. on 21 June
2024, as of the audit for the year 2024.
No prohibited non-audit services
We have not provided prohibited non-audit services as referred to in Article 5(1) of
the EU Regulation on specific requirements regarding statutory audit of public-
interest entities.
European Single Electronic Reporting Format (ESEF)
Ease2pay N.V. has prepared the annual report in ESEF. The requirements for this are
set out in the Delegated Regulation (EU) 2019/815 with regard to regulatory
technical standards on the specification of a single electronic reporting format
(hereinafter: the RTS on ESEF).
In our opinion the annual report prepared in the XHTML format, including the
(partially) marked-up consolidated financial statements as included in the reporting
package by Ease2pay N.V., complies in all material respects with the RTS on ESEF.
The management board is responsible for preparing the annual report, including
the financial statements, in accordance with the RTS on ESEF, whereby the
management board combines the various components into a single reporting
package.
Our responsibility is to obtain reasonable assurance for our opinion whether the
annual report in this reporting package complies with the RTS on ESEF.
We performed our examination in accordance with Dutch law, including Dutch
Standard 3950N, ”Assurance-opdrachten inzake het voldoen aan de criteria voor het
opstellen van een digitaal verantwoordingsdocument” (assurance engagements
relating to compliance with criteria for digital reporting). Our examination included
amongst others:
• Obtaining an understanding of the company’s financial reporting process,
including the preparation of the reporting package
• Identifying and assessing the risks that the annual report does not comply in all
material respects with the RTS on ESEF and designing and performing further
assurance procedures responsive to those risks to provide a basis for our
opinion, including:
• Obtaining the reporting package and performing validations to determine
whether the reporting package containing the Inline XBRL instance
document and the XBRL extension taxonomy files, has been prepared in
accordance with the technical specifications as included in the RTS on ESEF
• Examining the information related to the consolidated financial statements
in the reporting package to determine whether all required mark-ups have
been applied and whether these are in accordance with the RTS on ESEF.
Description of responsibilities regarding the financial
statements
Responsibilities of the management board and the
supervisory board for the financial statements
The management board is responsible for the preparation and fair presentation of
the financial statements in accordance with IFRS Accounting Standards and Part 9 of
Book 2 of the Dutch Civil Code. Furthermore, the management board is responsible
for such internal control as the management board determines is necessary to
enable the preparation of the financial statements that are free from material
misstatement, whether due to fraud or error.
As part of the preparation of the financial statements, the management board is
responsible for assessing the company’s ability to continue as a going concern.

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Based on the financial reporting framework mentioned, the management board
should prepare the financial statements using the going concern basis of
accounting unless the management board either intends to liquidate the company
or to cease operations or has no realistic alternative but to do so. The management
board should disclose events and circumstances that may cast significant doubt on
the company’s ability to continue as a going concern in the financial statements.
The supervisory board is responsible for overseeing the company’s financial
reporting process.
Our responsibilities for the audit of the financial statements
Our objective is to plan and perform the audit engagement in a manner that allows
us to obtain sufficient and appropriate audit evidence for our opinion.
Our audit has been performed with a high, but not absolute, level of assurance,
which means we may not detect all material misstatements, whether due to fraud
or error during our audit.
Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements. The
materiality affects the nature, timing and extent of our audit procedures and the
evaluation of the effect of identified misstatements on our opinion.
We have exercised professional judgment and have maintained professional
skepticism throughout the audit, in accordance with Dutch Standards on Auditing,
ethical requirements and independence requirements. The Information in support
of our opinion section above includes an informative summary of our
responsibilities and the work performed as the basis for our opinion.
Our audit further included among others:
• Performing audit procedures responsive to the risks identified, and obtaining
audit evidence that is sufficient and appropriate to provide a basis for our
opinion
• Obtaining an understanding of internal control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the company’s
internal control
• Evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made by the
management board
• Evaluating the overall presentation, structure and content of the financial
statements, including the disclosures
• Evaluating whether the financial statements represent the underlying
transactions and events in a manner that achieves fair presentation
Communication
We communicate with the supervisory board regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant findings in internal control that we identify during our audit. In this
respect we also submit an additional report to the supervisory board that, as a
whole, performs the duties of an audit committee, in accordance with Article 11 of
the EU Regulation on specific requirements regarding statutory audit of public-
interest entities. The information included in this additional report is consistent
with our audit opinion in this auditor’s report.
We provide the supervisory board with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with
them all relationships and other matters that may reasonably be thought to bear on
our independence, and where applicable, related safeguards.

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From the matters communicated with the supervisory board, we determine the key
audit matters: those matters that were of most significance in the audit of the
financial statements. We describe these matters in our auditor’s report unless law
or regulation precludes public disclosure about the matter or when, in extremely
rare circumstances, not communicating the matter is in the public interest.
Amsterdam, 30 April 2025
EY Accountants B.V.
Signed by P. Sira

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Ease2pay N.V.
Burgermeester Oudlaan 50
3062 PA Rotterdam, The Netherlands
Website Ease2pay: www.ease2pay.com
Corporate website: https://investor.ease2pay.com/
E-mail: corporate@ease2paynv.com
Dutch Commercial Register under number 16081306