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"ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "NSI:OtherReservesAndRetainedEarningsExcludingProfitLossForReportingPeriodMember", "unit": "iso4217:EUR" } }, "f12662": { "value": "-120961000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember", "unit": "iso4217:EUR" } }, "f12665": { "value": "-30078000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f12669": { "value": "73800000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f12672": { "value": "915447000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f12675": { "value": "-70868000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "NSI:OtherReservesAndRetainedEarningsExcludingProfitLossForReportingPeriodMember", "unit": "iso4217:EUR" } }, "f12678": { "value": "-31370000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember", "unit": "iso4217:EUR" } }, "f12681": { "value": "887008000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "s7_notes__6__11": { "value": "REPORTING ENTITYNSI N.V. (registration number Chamber of Commerce: 36040044; hereinafter \u2018NSI\u2019, or the \u2018company\u2019), with its principal place of business in Hoogoorddreef 62, 1101 BE Amsterdam, the Nether-lands and its registered office in Amsterdam, the Netherlands is a real estate company, primarily focussing on offices. These consolidated financial statements are presented for the company and its subsidiaries (together referred to as the \u2018Group\u2019).The company is licensed pursuant to the Dutch Financial Super-vision Act (Wet op het financi\u00eble toezicht). NSI N.V. is listed on Euronext Amsterdam.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__5": { "value": "NSI N.V.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__12": { "value": "NSI", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__6": { "value": "NSI", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__13": { "value": "N.V.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__7": { "value": "Hoogoorddreef 62", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__8": { "value": "1101 BE Amsterdam, the Nether-lands", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__9": { "value": "Amsterdam", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__10": { "value": "the Nether-lands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__15": { "value": "BASIS OF PREPARATIONSIGNIFICANT ACCOUNTING POLICIESThe accounting policies adopted in the preparation of the consol-idated financial statements are consistent with those followed in the preparation of the Group\u2019s annual consolidated financial statements for 2022.STATEMENT OF COMPLIANCEThe financial statements have been prepared in accordance with International Reporting Standards (IFRS), as endorsed by the European Union (EU-IFRS) and with Title 9 of Book 2 of the Dutch Civil Code.The financial statements were prepared by the Company\u2019s Management and approved by the Supervisory Board on7 March 2024. The financial statements will be submitted to the General Meeting of Shareholders on 19 April 2024 for adoption.Unless stated otherwise, all amounts in the financial statements are in thousands of euros, the euro being the company\u2019s func-tional currency, and are rounded off to the nearest thousand. There could be minor rounding off differences between in the figures presented.The statement of comprehensive income, the statement of financial position, the cash flow statement and the statement of changes in shareholders\u2019 equity make reference to the notes in the financial statements to provide more information. The financial year of NSI presents the period from 1 January until 31 December.ASSUMPTIONS AND ESTIMATION UNCERTAINTIESThe preparation of the financial statements requires that the Management Board forms opinions, estimates and assumptions that affect the application of accounting principles and reported figures for assets, liabilities, income and expenses. Actual results may differ from these estimates. The significant judgements made by management in applying the Group\u2019s accounting policies and the key sources of esti-mation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 December 2022. The most significant assumption relates to the unobservable information used in the valuation of the investment property. Other judgements are made relating to the deferred tax assets, the feasibility of the investment properties under construc-tion and timing of capitalisation of interest for the development projects, determination of ground lease terms and principle versus agent considerations for services provided to tenants.VALUATION PRINCIPLESThe financial statements have been prepared on the basis of historical cost except for investment property, investment prop-erty under construction and derivative financial instruments, which are subsequently measured at fair value.The accounting principles applied to the valuation of assets and liabilities and the determination of results in financial statements are based on the assumption of continuity (going concern) of the company.These financial statements are drawn up based on a going concern whereby the assumption of continuity is, amongst others, based upon the overall financial position, the cashflow forecast and the availability of funding under the committed credit facility (refer-ence is made to note 17 and 22). MEASUREMENT AT FAIR VALUEA number of accounting policies and disclosures require the measurement of fair value for both financial and non-financial assets and liabilities.Significant valuation issues are reported to the company\u2019s audit committee.In measuring the fair value of an asset or a liability, the company uses observable market data as much as possible. Fair value measurements are categorized into different levels of a fair value hierarchy based on the inputs applied to the valuation techniques. The different levels are defined as follows:\u2022 Level 1: valuation on the basis of quoted prices in active markets for identical assets or liabilities;\u2022 Level 2: valuation of assets or liabilities based on (external) observable information;\u2022 Level 3: valuation of assets or liabilities based wholly or partially on (external) unobservable information.If the input parameters used to measure the fair value of an asset or a liability may be categorised into different levels of the fair value hierarchy, the fair value measurement is categorised entirely in the level of the lowest level input that is significant to the entire measurement.The company recognises reclassifications between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.The company has established a control framework with regard to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all significant fair value measurements, including level 3 fair values. The valuation process is supervised by the Management Board.The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third-party information is used to measure fair value, NSI assesses and documents the third-party data to verify that the valuations and their classification into different levels of the fair value hierarchy comply with IFRS, including their level in the fair value hierarchy.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__14": { "value": "BASIS OF PREPARATIONSIGNIFICANT ACCOUNTING POLICIESThe accounting policies adopted in the preparation of the consol-idated financial statements are consistent with those followed in the preparation of the Group\u2019s annual consolidated financial statements for 2022.STATEMENT OF COMPLIANCEThe financial statements have been prepared in accordance with International Reporting Standards (IFRS), as endorsed by the European Union (EU-IFRS) and with Title 9 of Book 2 of the Dutch Civil Code.The financial statements were prepared by the Company\u2019s Management and approved by the Supervisory Board on7 March 2024. The financial statements will be submitted to the General Meeting of Shareholders on 19 April 2024 for adoption.Unless stated otherwise, all amounts in the financial statements are in thousands of euros, the euro being the company\u2019s func-tional currency, and are rounded off to the nearest thousand. There could be minor rounding off differences between in the figures presented.The statement of comprehensive income, the statement of financial position, the cash flow statement and the statement of changes in shareholders\u2019 equity make reference to the notes in the financial statements to provide more information. The financial year of NSI presents the period from 1 January until 31 December.ASSUMPTIONS AND ESTIMATION UNCERTAINTIESThe preparation of the financial statements requires that the Management Board forms opinions, estimates and assumptions that affect the application of accounting principles and reported figures for assets, liabilities, income and expenses. Actual results may differ from these estimates. The significant judgements made by management in applying the Group\u2019s accounting policies and the key sources of esti-mation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 December 2022. The most significant assumption relates to the unobservable information used in the valuation of the investment property. Other judgements are made relating to the deferred tax assets, the feasibility of the investment properties under construc-tion and timing of capitalisation of interest for the development projects, determination of ground lease terms and principle versus agent considerations for services provided to tenants.VALUATION PRINCIPLESThe financial statements have been prepared on the basis of historical cost except for investment property, investment prop-erty under construction and derivative financial instruments, which are subsequently measured at fair value.The accounting principles applied to the valuation of assets and liabilities and the determination of results in financial statements are based on the assumption of continuity (going concern) of the company.These financial statements are drawn up based on a going concern whereby the assumption of continuity is, amongst others, based upon the overall financial position, the cashflow forecast and the availability of funding under the committed credit facility (refer-ence is made to note 17 and 22). MEASUREMENT AT FAIR VALUEA number of accounting policies and disclosures require the measurement of fair value for both financial and non-financial assets and liabilities.Significant valuation issues are reported to the company\u2019s audit committee.In measuring the fair value of an asset or a liability, the company uses observable market data as much as possible. Fair value measurements are categorized into different levels of a fair value hierarchy based on the inputs applied to the valuation techniques. The different levels are defined as follows:\u2022 Level 1: valuation on the basis of quoted prices in active markets for identical assets or liabilities;\u2022 Level 2: valuation of assets or liabilities based on (external) observable information;\u2022 Level 3: valuation of assets or liabilities based wholly or partially on (external) unobservable information.If the input parameters used to measure the fair value of an asset or a liability may be categorised into different levels of the fair value hierarchy, the fair value measurement is categorised entirely in the level of the lowest level input that is significant to the entire measurement.The company recognises reclassifications between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.The company has established a control framework with regard to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all significant fair value measurements, including level 3 fair values. The valuation process is supervised by the Management Board.The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third-party information is used to measure fair value, NSI assesses and documents the third-party data to verify that the valuations and their classification into different levels of the fair value hierarchy comply with IFRS, including their level in the fair value hierarchy.Further information about the assumptions made in measuring fair value is included in the following notes:\u2022 Note 10 - Investment property;\u2022 Note 22 - Financial instruments;\u2022 Note 24 - Remuneration Management Board", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__16": { "value": "STATEMENT OF COMPLIANCEThe financial statements have been prepared in accordance with International Reporting Standards (IFRS), as endorsed by the European Union (EU-IFRS) and with Title 9 of Book 2 of the Dutch Civil Code.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__17": { "value": "The financial statements were prepared by the Company\u2019s Management and approved by the Supervisory Board on7 March 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__18": { "value": "Unless stated otherwise, all amounts in the financial statements are in thousands of euros, the euro being the company\u2019s func-tional currency, and are rounded off to the nearest thousand. There could be minor rounding off differences between in the figures presented.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__20": { "value": "ASSUMPTIONS AND ESTIMATION UNCERTAINTIESThe preparation of the financial statements requires that the Management Board forms opinions, estimates and assumptions that affect the application of accounting principles and reported figures for assets, liabilities, income and expenses. Actual results may differ from these estimates. The significant judgements made by management in applying the Group\u2019s accounting policies and the key sources of esti-mation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 December 2022. The most significant assumption relates to the unobservable information used in the valuation of the investment property. Other judgements are made relating to the deferred tax assets, the feasibility of the investment properties under construc-tion and timing of capitalisation of interest for the development projects, determination of ground lease terms and principle versus agent considerations for services provided to tenants.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__19": { "value": "ASSUMPTIONS AND ESTIMATION UNCERTAINTIESThe preparation of the financial statements requires that the Management Board forms opinions, estimates and assumptions that affect the application of accounting principles and reported figures for assets, liabilities, income and expenses. Actual results may differ from these estimates. The significant judgements made by management in applying the Group\u2019s accounting policies and the key sources of esti-mation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 December 2022. The most significant assumption relates to the unobservable information used in the valuation of the investment property. Other judgements are made relating to the deferred tax assets, the feasibility of the investment properties under construc-tion and timing of capitalisation of interest for the development projects, determination of ground lease terms and principle versus agent considerations for services provided to tenants.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__21": { "value": "The accounting principles applied to the valuation of assets and liabilities and the determination of results in financial statements are based on the assumption of continuity (going concern) of the company.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__22": { "value": "MEASUREMENT AT FAIR VALUEA number of accounting policies and disclosures require the measurement of fair value for both financial and non-financial assets and liabilities.Significant valuation issues are reported to the company\u2019s audit committee.In measuring the fair value of an asset or a liability, the company uses observable market data as much as possible. Fair value measurements are categorized into different levels of a fair value hierarchy based on the inputs applied to the valuation techniques. The different levels are defined as follows:\u2022 Level 1: valuation on the basis of quoted prices in active markets for identical assets or liabilities;\u2022 Level 2: valuation of assets or liabilities based on (external) observable information;\u2022 Level 3: valuation of assets or liabilities based wholly or partially on (external) unobservable information.If the input parameters used to measure the fair value of an asset or a liability may be categorised into different levels of the fair value hierarchy, the fair value measurement is categorised entirely in the level of the lowest level input that is significant to the entire measurement.The company recognises reclassifications between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.The company has established a control framework with regard to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all significant fair value measurements, including level 3 fair values. The valuation process is supervised by the Management Board.The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third-party information is used to measure fair value, NSI assesses and documents the third-party data to verify that the valuations and their classification into different levels of the fair value hierarchy comply with IFRS, including their level in the fair value hierarchy.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__24": { "value": "MAIN PRINCIPLES FOR FINANCIAL REPORTINGPRINCIPLES FOR CONSOLIDATIONSUBSIDIARIESSubsidiaries are entities over which NSI has decisive control. There is a situation of control if the company\u2019s involvement in the entity exposes or entitles it to variable returns and the company has the ability to influence such returns using its control in the entity.In 2023 the legal structure of NSI was adjusted in order to limit the effects of the forthcoming abolishment of the corporate tax regime for fiscal investment funds in 2025. As a result NSI has transferred its properties into separate legal entities whereby NSI N.V. acts as an FBI with indirect investments in property.The results of subsidiaries are included in the consolidated finan-cial statements from the date of commencement of control until the date on which the control ends. A full list of subsidiaries included in the consolidated financial statements can be found in note 25.ELIMINATION OF INTRAGROUP TRANSACTIONSIntragroup balances and transactions as well as any unrealised profits and losses on intragroup transactions are eliminated, except where there are indications for impairment.FOREIGN CURRENCYFOREIGN CURRENCY TRANSLATIONAssets and liabilities denominated in foreign currency are converted into euros using the exchange rate prevailing on the balance sheet date. Transactions in foreign currency are converted into euros at the exchange rate prevailing on the transaction date. Exchange rate differences arising from conversion are recognised in the consolidated statement of comprehensive income.INVESTMENT PROPERTYInvestment property consists of investment property in operation and investment property under construction.INVESTMENT PROPERTY IN OPERATIONInvestment property in operation consists of real estate that is held to generate rental income or value, or a combination of both, but that is not intended for sale in the ordinary course of business.Investment property is initially recognised as from the date of transfer of the legal title at cost (including all costs relating to the purchase, such as legal costs, transfer tax, estate agent fees, costs of due diligence and other transaction costs). Subsequent measurement of investment property is at fair value.The fair value of the right of use of leasehold is added to the fair value of the investment property and as such included in the balance sheet value of investment property in operation. Future leasehold obligations are valued at net present value of the future lease payments.For all properties in the portfolio the fair value of the investment property is appraised by external registered appraisers twice a year. In principle, valuations may only be performed and provided by appraisers registered with the Dutch register of property appraisers (Nederlands Register van Vastgoed Taxateurs). Valu-ations are performed on the basis of the guidance of the RICS Red Book. NSI works with at least two valuation firms. The valu-ation firms for individual properties are changed every three years in accordance with the RICS guidelines. The valuations are assessed and analysed by the Management Board and by asset management considering the methods and assumptions applied, as well as the outcome.The fair value is based on the market value (adjusted for purchase costs such as transfer tax). This means that the estimated price on the date of valuation at which a property could be traded between a seller and a purchaser willing to enter into an objective, arm\u2019s length transaction preceded by sound negotiations between both well- informed parties.The fair value is calculated using primarily the capitalisation method, on the basis of a gross initial yield and the therefrom derived net initial yield calculation, whereby the net market rent prices are capitalised, and is subsequently validated by the DCF calculation method, based on the present value of the future cash flows for the next ten year including an exit value at the end of the tenth year. The respective outcomes of both methods are compared. The returns applied are specified for the property type, location, maintenance condition and letting potential of each property, and are based on comparable transactions, along with market-specific and property-specific data.Key assumptions in the valuations are yields. Market rent, future capital expenditure (investments), ground lease and maintenance assumptions are also taken into account in the valuations. Further, assumptions are made for each tenant and for each vacant unit with regard to the probability of letting and (re)letting, the number of months of vacancy, incentives and letting costs. Adjustments are made to the present value of differences between the market rent prices and the rent price contractually agreed. The valuation is made after deduction of transaction expenses borne by buyers.Subsequent expenditures are only included in the value of the property if it is probable that future economic benefits related to these investments or expenses would benefit the company. All other costs of maintenance and repairs are recognised as costs at the moment that they are incurred. No depreciation is made on investment properties, given that they are recognised at fair value. Changes to the fair value of investment properties are included in the consolidated statement of comprehensive income in the period in which they occur. Profits or losses on the sale of an investment property are recog-nised in the period in which the sale occurs as the difference between the net sales proceeds and the fair value most recently determined by NSI. If an investment property is sold, the cumula-tive positive revaluation, if any, is transferred from the revaluation reserve to retained earnings. Investment property is derecognised when it has been sold and control has been transferred.If the use of a property becomes owner occupied and a reclas-sification as a tangible fixed asset is required, the fair value at the date of reclassification becomes the cost price for administrative processing purposes.INVESTMENT PROPERTY UNDER CONSTRUCTIONInvestment property under construction is referred to as \u2018invest-ment property under construction\u2019 for the purpose of future lease activity. A property is considered as investment property under construction either if NSI is developing a new property or if NSI considers that for continued future use of an existing property a major (re-)development is required and the property is no longer available for letting. At that moment the investment property in operation is transferred to investment property under construc-tion. Capitalisation of costs related to the development project commences as soon as it is probable that future economic bene-fits associated with the development of the property will flow to the entity and the cost of the project can be measured reliably. The costs associated with investment property under construction consists of all the directly attributable costs required to complete the project, including internal costs of employee benefits arising directly from the development project and borrowing costs. The borrowing costs concern capitalised interest and the financing component of leasehold agreements, which are charged as from the date capitalisation of costs commences until the date of delivery, and is calculated based on the average cost of debt of NSI. The cost of debt includes interest and all other costs associ-ated with NSI raising funds. If the fair value can be measured reliable, investment property under construction is valued at fair value. In order to evaluate whether the fair value of a property under construction can be measured reliably, management considers amongst others the following criteria:\u2022 The status of the required construction;\u2022 The status of the construction contract;\u2022 Level of reliability of cash inflows after completion.If the fair value cannot be measured reliable, investment property under construction is valued at cost, including capitalised interest. At the date of delivery the investment property under construction is transferred to investment property in operation.INTANGIBLE FIXED ASSETSIntangible assets only consist of software.Development and implementation costs relating to purchased and/or developed software are capitalised based on the costs of acquiring the software and taking it into operation. The capital-ised costs are reduced by cumulative amortisation and cumula-tive impairment losses.Amortisation is calculated to write off the costs of intangible fixed assets less their estimated residual value on a straight-lined basis over their estimated useful life. Amortisation is recognised in the statement of comprehensive income. The estimated useful economic lives of capitalised software is 3 years.TANGIBLE FIXED ASSETSTangible fixed assets consist of real estate (office building) fully or partly used by the company, its furniture and fixtures and office equipment (hardware). These assets are valued at cost, less cumulative depreciation and any cumulative impairment losses.Furthermore, the value of the right of use of lease cars is included under tangible fixed assets following the IFRS 16 standard. The right of use of car leases are valued at net present value of the future lease payments at the time of capitalisation, less cumula-tive depreciation.If a property used by the company changes into an investment property, the property is revalued on the basis of fair value and reclassified as an investment property. Any gain arising from this revaluation is recognised in the result insofar as the gain results in a reversal of a previously recognised impairment loss for that specific property. Any residual gain is recognised in the unreal-ised results and is reported in the revaluation reserve. Any loss is recognised in the result.Depreciation of tangible fixed assets is charged to the consoli-dated statement of comprehensive income under administrative costs and is calculated using the straight-line method based on the estimated useful life and residual value of the asset concerned. Land is not depreciated.The estimated useful life is as follows:\u2022 Real estate in own use: 25 years;\u2022 Furniture and fixtures: 4 years;\u2022 Hardware: 3 years.Depreciation of right of use lease cars is calculated using the straight-line method over the contractual lease period of the asset concerned.The applied methodology of calculating depreciation, useful life and residual value is assessed at the end of every book year and adjusted if necessary. IMPAIRMENT NON-FINANCIAL FIXED ASSETSThe carrying value of the non-financial assets of the Group, excluding the market value of investment properties corrected for lease incentives, are reviewed at each reporting date to determine whether there are indications for impairment. If any such indica-tion exists, an estimate is made of the recoverable amount of the asset.The recoverable amount of an asset or cash-generating unit is the highest of the value in use or the fair value less costs of disposal. In assessing value in use, the present value of the estimated future cash flows is calculated using a pre-tax discount rate that reflects current market assessments of the time value of money as well as the risks specific to the asset or cash-generating unit.An impairment loss is recognised if the book value of the asset or cash-generating unit to which the asset belongs is higher than the estimated recoverable value. Impairment losses are recognised in profit or loss. They are deducted on a pro rata basis from the book value of each asset in the cash-generating unit. Impairment losses are reversed only to the extent that the asset's book value does not exceed its book value, net of any depre-ciation or amortisation that would have been determined had no impairment loss been recognised.FINANCIAL INSTRUMENTSNSI classifies non-derivative financial assets in the categories:\u2022 Tenant loans (non-current);\u2022 Debtors and other receivables;\u2022 Cash and cash equivalents.NSI has the following non-derivative financial liabilities: \u2022 Interest bearing loans;\u2022 Creditors and other payables;\u2022 Amounts owed to credit institutions.NON-DERIVATIVE FINANCIAL ASSETS AND LIABILITIES - RECOGNITIONNSI initially recognises financial assets and financial liabilities at the transaction date.NSI no longer recognises a financial asset in the balance sheet if the contractual rights to the cash flows from the asset expire, or if NSI transfers the contractual rights to receive cash flows from the financial asset through a transaction in which substantially all the risks and benefits related to the ownership of the asset are trans-ferred, or if NSI neither transfers or retains the risks and benefits related to ownership of the asset, nor has control over the trans-ferred asset. If NSI retains or creates an interest in the transferred financial assets, the interest is recognised as a separate asset or liability.NSI no longer recognises a financial liability in the balance sheet if the contractual obligations are waived or cancelled or have expired.Financial assets and liabilities are only offset and the resulting net amount is only presented in the balance sheet if NSI has a legally enforceable right to offset and if it intends to offset on a net basis or to realise the asset and the liability simultaneously.NON-DERIVATIVE FINANCIAL ASSETS - MEASUREMENTLOANS AND DEBTORS AND OTHER RECEIVABLESLoans and debtors and other receivables, excluding taxes and prepayments, are measured at initial recognition at fair value plus any directly attributable transaction costs. After initial recognition, loans and receivables are measured at amortised cost using the effective interest method.For loans and debtors and other receivables the Group applies the simplified approach, which requires expected lifetime losses to be recognised from initial recognition of the receivables. CASH AND CASH EQUIVALENTSCash and cash equivalents are recognised and subsequently valued at amortised costs and consist of cash and bank balances. Current account overdrafts that are payable on demand and which form an integral part of NSI\u2019s cash management are included in cash and cash equivalents and amounts owed to credit institu-tions in the consolidated statement of financial position and the consolidated cash flow statement.NON-DERIVATIVE FINANCIAL LIABILITIES - MEASUREMENTINTEREST BEARING LOANSInterest-bearing loans are initially recognised at fair value, after deduction of attributable transaction costs. After initial recogni-tion, the interest-bearing loans are measured at amortised cost using the effective interest method.Interest-bearing loans include both fixed-rate and variable-rate loans. In principle, the fair value of the variable-rate loans is equal to their amortised cost. Part of the interest risk on the variable-rate loans is hedged through interest-rate swaps.In principle, the fair value of the fixed-rate loans is not equal to their amortised cost. The fair value of the fixed-rate loans is calcu-lated using the net present value method at the market interest rates prevailing on 31 December 2023 (including margin).Any redemption of interest-bearing debt within one year is recog-nised as current liabilities.An interest-bearing debt is derecognised from the balance sheet when the interest-bearing debt is settled, annulled or cancelled. If an existing interest-bearing debt is exchanged by another from the same lender at substantially different terms or the terms of an existing interest-bearing debt substantially change, this will be accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The differ-ence between the carrying book value of the financial liability extinguished and the consideration paid is then recognised in the profit and loss account. If the conditions of the interest-bearing debts are adjusted, but this does not result in the annulment of the interest-bearing debt, any costs or fees incurred adjust the carrying amount of the liability and are amortised over the remaining term of the modi-fied liability.CREDITORS AND OTHER PAYABLES Creditors and other payables, excluding taxes and deferred income, are at initial recognition measured at fair value plus any directly attributable transaction costs. After initial recognition, these financial liabilities are measured at amortised cost using the effective interest method.DERIVATIVE FINANCIAL INSTRUMENTSNSI uses derivative financial instruments to hedge (in full or in part) the interest rate risks associated with its finance activities. These derivatives are not held or issued for trading purposes.Derivatives are initially recognised at cost, after which they are recognised at fair value. Profits or losses arising from changes in the fair value of derivative financial instruments are immedi-ately recognised in the consolidated statement of comprehen-sive income. In 2022 and 2023 hedge accounting has not been applied.The fair value of the financial instruments is the amount the Group would expect to pay or receive if the financial derivative were to be liquidated at balance sheet date, taking into account the interest rate on the balance sheet date and the current credit risk of the counterparties concerned as well as the credit risk of the Group. The interest payable on derivatives is incorporated in other payables. A derivative financial instrument is reported as a current asset or current liability if its remaining term to maturity is less than one year or if it is expected that it will be liquidated or settled within one year. PREPAYMENTS AND DEFERRED INCOMEPrepayments and deferred income are measured at costs.EQUITYOrdinary shares are classified as shareholders\u2019 equity. External costs that can be attributed directly to the issuance of new shares are deducted from the earnings reserve.The increase in the paid-up and called-up capital relating to a stock dividend programme is deducted from the share premium reserve as well as the expenses relating to the stock dividend.When repurchasing NSI shares, the amount of the considera-tion paid including directly attributable costs, is recognised as a change in shareholders\u2019 equity. Cash dividends are deducted from the other reserves in the period in which the dividends are set.CORPORATE INCOME TAXTAX STATUSUp to end of 2022, NSI and most of its subsidiaries had the status of a fiscal investment institution within the context of Article 28 of the Dutch Corporate Income Tax Act 1969 (Wet op de Vennootsc-hapsbelasting 1969. This means no corporate income tax is owed under certain conditions. The main conditions relate to the investment requirement, the distribution of taxable earnings as dividend, limitations on the financing of investments with debt capital and the composition of the shareholder base. Profits from the disposal of investments and fair value adjustment results on investment property are not included in the distributable earnings.In addition, there are legal restrictions on the activities that may be undertaken by a Dutch Real Estate Investment Trust (FBI). Since 1 January 2014, \u2018associated business activities\u2019 attributable to the main task of letting and managing of investment properties may be performed, within certain limits, by a normal taxable subsidiary.To the best of the Management Board\u2019s knowledge the Group meets the legal requirements. Due to a change in legislation, as from 2025 FBI\u2019s can no longer directly invest in Dutch real estate. In 2023, NSI has undergone a restructuring in which most of the properties are now in sepa-rate entities, which are subject to corporate income tax. NSI N.V. intends to remain an FBI at least to the end of 2024.CORPORATE INCOME TAXCorporate income tax consists of taxes currently payable and receivable and movements in deferred tax assets and deferred tax liabilities. Current tax consists of the sum of the expected tax payable or receivable on the taxable results for the year, taking into account earnings elements exempt from tax and non-deductible costs whereby the tax rates applied are those prevailing on the balance sheet date or changed tax rates already known on the balance sheet date. The tax payable also includes any changes to tax payments made in previous years.Deferred tax assets are recognised as income tax to be reclaimed in future periods relating to offsetable temporary differences between book value and the fiscal value of assets and liabilities. They also relate to the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that future taxable benefits will be available against which unused tax losses and tax credits can be utilised. Deferred tax assets are only recognised if it is likely that the temporary differences will be settled in the near future and sufficient taxable profit will be available for settlement. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer prob-able that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.Deferred tax liabilities are recognised for income tax payable in future periods on taxable temporary differences between the book value of assets and liabilities and their fiscal book value.Deferred tax recognised in the statement of comprehensive income is the is the movement in deferred tax assets and deferred tax liabilities during the period.Deferred tax assets and liabilities are netted if there is a legally enforceable right to offset the tax assets and liabilities and when the deferred assets and liabilities concern the same tax regime.INCOMERENTAL INCOMEThe rental income from investment property let on the basis of operating lease agreements is recognised in the consolidated statement of comprehensive income on a straight-line basis for the duration of the lease agreement.Rent-free periods, rent reductions and other lease incentives are reported as an integral part of total net rental income. These lease incentives are allocated over the term of the lease agreement until the first moment at which the lease agreement may be terminated. The resulting accrued income is included in the fair value of the respective investment properties by the external appraisers and is separated in the balance sheet for reporting purposes.Compensations received or paid for leases terminated early are immediately recognised in the consolidated statement of compre-hensive income in the period in which the contractual require-ments are met.SERVICE COSTS RECHARGED TO TENANTSService costs can be charged on to the tenants. These charges mainly relate to gas, water, electricity, cleaning and security, etc., costs which can be recharged to tenants based on the lease agreement. NSI acts as principal with respect to service costs, whereby the costs incurred are recharged to the tenants, including an administrative fee.NET RESULT ON SALE OF INVESTMENT PROPERTYProceeds from the sale of investment properties are recognised when the control of the property is transferred to the purchaser.The profits or losses on the sale of investment properties are identified as the difference between the net proceeds of the sale and the carrying value of the investment properties in NSI\u2019s most recently published (interim) balance sheet. COSTSSERVICE COSTS NOT RECHARGEDService costs not recharged to tenants mainly relate to vacant properties, in which situation these costs cannot be recharged to tenants and / or to other irrecoverable service costs as a result of contractual limitations or service costs. OPERATING COSTSOperating costs consist of costs directly related to the opera-tion of the investment properties, such as property management, municipal taxes, insurance premiums, maintenance costs, letting costs and other business expenses. Except for letting fees, these costs are charged to the result when they occur. Letting fees are straight-lined over the remaining lease term of the related contract until the first possible moment of termination by the tenant. The resulting accrued income is included in the fair value of the respective investment properties by the external appraisers and is separated in the balance sheet for reporting purposes.ADMINISTRATIVE COSTSAdministrative expenses include staff costs, office expenses, consultancy fees, remuneration of Supervisory Board members and the costs of fund management.Costs relating to the commercial, technical and administrative management of investment properties are included in the oper-ating costs. Costs relating to the supervision and monitoring of investment projects are capitalised on the basis of hours spent.FINANCING INCOME AND COSTSFinancing income and expenses consist of interest expenses on loans and debts, and interest income on outstanding loans and receivables attributable to the period, including interest income and expenses based on interest rate swaps and divi-dends received. As a result of the valuation of interest-bearing debt based on amortised cost, financing expenses also include interest accrued on the interest-bearing debt.Financing expenses directly attributable to the purchase, renova-tion or expansion of an investment property are capitalised as part of the integral cost of the property involved. The interest applied is the average interest paid by the Group in the respective currency.Net financing income and expenses also include the profits and losses arising from changes in the fair value of the derivative financial instruments.EMPLOYEE BENEFITSDEFINED CONTRIBUTION PENSION PLANLiabilities relating to contributions to defined contribution pension plans are recognised as costs in the period in which they occur. Prepayments are recognised as an asset insofar as a cash refund or a reduction in future payments is available. The pension arrangements are insured externally.MANAGEMENT BOARD VARIABLE REMUNERATIONThe variable remuneration component for the Management Board consists of a long-term incentive (LTI) and a short-term incentive (STI).At the end of 2023, the total obligation was calculated and recog-nised as an expense with a corresponding increase in liabilities.SHAREHOLDING REQUIREMENTTo further stimulate long-term value creation, NSI applies a share-holding requirement to align the interests of the members of the Management Board with the interests of the company\u2019s share-holders. The CEO is required to hold NSI shares with a value of at least 125% of the applicable annual (gross) base salary; a require-ment of at least 75% of the applicable annual (gross) base salary applies to the CFO. The Board members are required to invest respectively one-third and two-thirds of the net payments resulting from the short-term and long-term incentive schemes to acquire NSI shares until the shareholding requirement has been met. Before reaching the required value in shares, members of the Management Board are not allowed to sell any of the NSI shares they have acquired by investing these net payments. This shareholding requirement continues to be applicable during one year after the end of the membership of the Management Board of NSI. The Supervisory Board will evaluate at the end of each financial year the extent to which the shareholding requirement is met.CASH FLOW STATEMENTOperating cash flows are reported on the basis of the indirect method. Cash and cash equivalents and debts to credit institu-tions also include overdraft facilities which are part of NSI's cash management policy. SEGMENT INFORMATIONAll operating results of an operating segment are assessed peri-odically by the Management Board in order to decide on the allo-cation of resources to the segment and to assess performance, based on the confidential financial information available.The Management considers the business from the nature of the investment property and assesses performance for \u201cAmsterdam\u201d, \u201cOther G4\u201d, and \u201cOther Netherlands\u201d. A segment consists of assets and activities with specific risks and results, differing from other sectors.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__23": { "value": "PRINCIPLES FOR CONSOLIDATIONSUBSIDIARIESSubsidiaries are entities over which NSI has decisive control. There is a situation of control if the company\u2019s involvement in the entity exposes or entitles it to variable returns and the company has the ability to influence such returns using its control in the entity.In 2023 the legal structure of NSI was adjusted in order to limit the effects of the forthcoming abolishment of the corporate tax regime for fiscal investment funds in 2025. As a result NSI has transferred its properties into separate legal entities whereby NSI N.V. acts as an FBI with indirect investments in property.The results of subsidiaries are included in the consolidated finan-cial statements from the date of commencement of control until the date on which the control ends. A full list of subsidiaries included in the consolidated financial statements can be found in note 25.ELIMINATION OF INTRAGROUP TRANSACTIONSIntragroup balances and transactions as well as any unrealised profits and losses on intragroup transactions are eliminated, except where there are indications for impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__26-1": { "value": "SUBSIDIARIESSubsidiaries are entities over which NSI has decisive control. There is a situation of control if the company\u2019s involvement in the entity exposes or entitles it to variable returns and the company has the ability to influence such returns using its control in the entity.In 2023 the legal structure of NSI was adjusted in order to limit the effects of the forthcoming abolishment of the corporate tax regime for fiscal investment funds in 2025. As a result NSI has transferred its properties into separate legal entities whereby NSI N.V. acts as an FBI with indirect investments in property.The results of subsidiaries are included in the consolidated finan-cial statements from the date of commencement of control until the date on which the control ends. A full list of subsidiaries included in the consolidated financial statements can be found in note 25.24. RELATED PARTIESThe following parties qualify as related parties: \u2022 The company and its subsidiaries;\u2022 Its Supervisory Board members and;\u2022 Management Board members. NSI defines its statutory Management Board as \u201ckey management personnel\u201d. INTERESTS OF MAJOR INVESTORSNotifications of shareholdings of more than 3% are disclosed under the Dutch Disclosure of Major Holdings in Listed Companies Act. According to the Dutch Authority for the Financial Markets (AFM) the following shareholders hold a stake of more than 3% on 31 December:31 December 2023 31 December 2022ICAMAP Investments SARL 10.0% 10.0%BlackRock, Inc. 5.6% 5.8%Clearance Capital Ltd. 5.1% 3.1%Ameriprise Financial < 3.0% 5.1%SUPERVISORY BOARD AND MANAGEMENT BOARD MEMBERSThe members of the Supervisory and Management Boards of NSI N.V. have no direct personal interest in the investments made by NSI N.V., nor did they have such an interest at any time in the past year. The company is not aware of any investment property transactions with persons or institutions that could be considered to have a direct relationship with the company in the reporting year. REMUNERATION OF THE SUPERVISORY BOARD2023 2022Jan-Willem de Geus 59 62Jan-Willem Dockheer 44 44Margreet Haandrikman 44 43Karin Koks - Van der Sluis 48 54Harm Meijer (up to 19 June 2023) 20 45Remuneration Supervisory Board 215 247The schedule above includes the payment the Supervisory Board members receive as a member of the Audit Committee, the Remunera-tion Committee, the Selection & Appointment Committee and the Real Estate Committee.The Supervisory Board members did not hold any shares in the company at the end of 2023 (2022: 0), except for Mrs. Koks - van der Sluis who holds 163 shares (2022: 163 shares). Furthermore, Mr. Meijer, who resigned from the Supervisory Board on 19 June 2023, is one of the shareholders at ICAMAP Investments SARL, holding 10.0% of the shares as per 31 December 2023 (2022: 10.0%).REMUNERATION OF THE MANAGEMENT BOARD2023Salary Variable SocialPension Other TOTAL EquityLong term Short termsecurityholding# sharesBernd Stahli 436 82 15 20 2 554 17,700Alianne de Jong (up to 15 November 2023) 295 96 13 14 -9 409 8,522Remuneration Management Board 730 178 28 34 -7 963 26,2222022Salary Variable SocialPension Other TOTAL EquitysecurityholdingLong term Short term# sharesBernd Stahli 436 45 91 13 18 -5 598 17,000Alianne de Jong 341 22 107 13 14 1 499 7,722Remuneration Management Board 777 68 198 27 32 -4 1,097 24,722NSI shares held by directors are purchased at their own risk and expense.The remuneration of the Management Board consists of a base salary, a variable remuneration and secondary employment benefits.The variable component consists of a long-term incentive (LTI) and a short-term incentive (STI).The LTI concerns a rolling cash incentive plan covering a three-year period. The LTI is capped to 90% of the base salary at the moment of the grant for the CEO and at 45% for the CFO. It is based on the total shareholder return (TSR) during the LTI-period. This TSR takes into account the NSI share price at the beginning and at the end of the period as well as dividends distributed during the period. In addi-tion, NSI\u2019s TSR is compared with a benchmark TSR. The STI concerns an annual performance related cash incentive. The collective performance measures in the STI represent short-term results needed for sustainable value creation with respect to the most important achievement areas of the company. These could include occupancy rate, like-for-like net rental income, EPRA earnings per share, organisational targets like personnel retention rate and sustain-ability performance. Next to these collective measures the company could also apply individual targets, related to the individual roles of the members and specific short-term achievements needed for NSI.The STI is capped to 24% of the base salary for the CEO and to 36% of the base salary for the CFO.The variable remuneration is a cash-settled, share-based payment transaction. Its allocation is paid in cash under the condition that the respective Management Board member uses two-thirds of the net amount of the LTI and one-third of the net amount of the STI to purchase NSI shares until the shareholding requirement has been met.During 2023, no LTI remuneration was paid; the variable remuneration paid to the CEO amounted to \u20ac 82k (STI) and for the CFO to \u20ac 96k (STI). The provision included in the balance sheet as per end of December 2023 amounts to \u20ac 189k. The provisions for the CEO and CFO on 31 December 2023 amount to respectively \u20ac 87k (STI) and \u20ac 102k (STI); no provisions for LTI are taken.The variable component in the remuneration overviews consists of the balance of the release of prior year provisions versus the actual payments made to the Management Board and the additional provision taken in the course of 2023.NO SHARE OPTIONS AND NO LOANSNo members of the Management Board or Supervisory Board hold option rights in NSI N.V.. No loans, advances or guarantees have been provided to members of the Management Board or Supervisory Board by NSI N.V..", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__25": { "value": "SUBSIDIARIESSubsidiaries are entities over which NSI has decisive control. There is a situation of control if the company\u2019s involvement in the entity exposes or entitles it to variable returns and the company has the ability to influence such returns using its control in the entity.In 2023 the legal structure of NSI was adjusted in order to limit the effects of the forthcoming abolishment of the corporate tax regime for fiscal investment funds in 2025. As a result NSI has transferred its properties into separate legal entities whereby NSI N.V. acts as an FBI with indirect investments in property.The results of subsidiaries are included in the consolidated finan-cial statements from the date of commencement of control until the date on which the control ends. A full list of subsidiaries included in the consolidated financial statements can be found in note 25.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__27": { "value": "FOREIGN CURRENCYFOREIGN CURRENCY TRANSLATIONAssets and liabilities denominated in foreign currency are converted into euros using the exchange rate prevailing on the balance sheet date. Transactions in foreign currency are converted into euros at the exchange rate prevailing on the transaction date. Exchange rate differences arising from conversion are recognised in the consolidated statement of comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__28": { "value": "INVESTMENT PROPERTYInvestment property consists of investment property in operation and investment property under construction.INVESTMENT PROPERTY IN OPERATIONInvestment property in operation consists of real estate that is held to generate rental income or value, or a combination of both, but that is not intended for sale in the ordinary course of business.Investment property is initially recognised as from the date of transfer of the legal title at cost (including all costs relating to the purchase, such as legal costs, transfer tax, estate agent fees, costs of due diligence and other transaction costs). Subsequent measurement of investment property is at fair value.The fair value of the right of use of leasehold is added to the fair value of the investment property and as such included in the balance sheet value of investment property in operation. Future leasehold obligations are valued at net present value of the future lease payments.For all properties in the portfolio the fair value of the investment property is appraised by external registered appraisers twice a year. In principle, valuations may only be performed and provided by appraisers registered with the Dutch register of property appraisers (Nederlands Register van Vastgoed Taxateurs). Valu-ations are performed on the basis of the guidance of the RICS Red Book. NSI works with at least two valuation firms. The valu-ation firms for individual properties are changed every three years in accordance with the RICS guidelines. The valuations are assessed and analysed by the Management Board and by asset management considering the methods and assumptions applied, as well as the outcome.The fair value is based on the market value (adjusted for purchase costs such as transfer tax). This means that the estimated price on the date of valuation at which a property could be traded between a seller and a purchaser willing to enter into an objective, arm\u2019s length transaction preceded by sound negotiations between both well- informed parties.The fair value is calculated using primarily the capitalisation method, on the basis of a gross initial yield and the therefrom derived net initial yield calculation, whereby the net market rent prices are capitalised, and is subsequently validated by the DCF calculation method, based on the present value of the future cash flows for the next ten year including an exit value at the end of the tenth year. The respective outcomes of both methods are compared. The returns applied are specified for the property type, location, maintenance condition and letting potential of each property, and are based on comparable transactions, along with market-specific and property-specific data.Key assumptions in the valuations are yields. Market rent, future capital expenditure (investments), ground lease and maintenance assumptions are also taken into account in the valuations. Further, assumptions are made for each tenant and for each vacant unit with regard to the probability of letting and (re)letting, the number of months of vacancy, incentives and letting costs. Adjustments are made to the present value of differences between the market rent prices and the rent price contractually agreed. The valuation is made after deduction of transaction expenses borne by buyers.Subsequent expenditures are only included in the value of the property if it is probable that future economic benefits related to these investments or expenses would benefit the company. All other costs of maintenance and repairs are recognised as costs at the moment that they are incurred. No depreciation is made on investment properties, given that they are recognised at fair value. Changes to the fair value of investment properties are included in the consolidated statement of comprehensive income in the period in which they occur. Profits or losses on the sale of an investment property are recog-nised in the period in which the sale occurs as the difference between the net sales proceeds and the fair value most recently determined by NSI. If an investment property is sold, the cumula-tive positive revaluation, if any, is transferred from the revaluation reserve to retained earnings. Investment property is derecognised when it has been sold and control has been transferred.If the use of a property becomes owner occupied and a reclas-sification as a tangible fixed asset is required, the fair value at the date of reclassification becomes the cost price for administrative processing purposes.INVESTMENT PROPERTY UNDER CONSTRUCTIONInvestment property under construction is referred to as \u2018invest-ment property under construction\u2019 for the purpose of future lease activity. A property is considered as investment property under construction either if NSI is developing a new property or if NSI considers that for continued future use of an existing property a major (re-)development is required and the property is no longer available for letting. At that moment the investment property in operation is transferred to investment property under construc-tion. Capitalisation of costs related to the development project commences as soon as it is probable that future economic bene-fits associated with the development of the property will flow to the entity and the cost of the project can be measured reliably. The costs associated with investment property under construction consists of all the directly attributable costs required to complete the project, including internal costs of employee benefits arising directly from the development project and borrowing costs. The borrowing costs concern capitalised interest and the financing component of leasehold agreements, which are charged as from the date capitalisation of costs commences until the date of delivery, and is calculated based on the average cost of debt of NSI. The cost of debt includes interest and all other costs associ-ated with NSI raising funds. If the fair value can be measured reliable, investment property under construction is valued at fair value. In order to evaluate whether the fair value of a property under construction can be measured reliably, management considers amongst others the following criteria:\u2022 The status of the required construction;\u2022 The status of the construction contract;\u2022 Level of reliability of cash inflows after completion.If the fair value cannot be measured reliable, investment property under construction is valued at cost, including capitalised interest. At the date of delivery the investment property under construction is transferred to investment property in operation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__29": { "value": "Subsequent expenditures are only included in the value of the property if it is probable that future economic benefits related to these investments or expenses would benefit the company. All other costs of maintenance and repairs are recognised as costs at the moment that they are incurred. No depreciation is made on investment properties, given that they are recognised at fair value", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__30": { "value": "INTANGIBLE FIXED ASSETSIntangible assets only consist of software.Development and implementation costs relating to purchased and/or developed software are capitalised based on the costs of acquiring the software and taking it into operation. The capital-ised costs are reduced by cumulative amortisation and cumula-tive impairment losses.Amortisation is calculated to write off the costs of intangible fixed assets less their estimated residual value on a straight-lined basis over their estimated useful life. Amortisation is recognised in the statement of comprehensive income. The estimated useful economic lives of capitalised software is 3 years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__31": { "value": "TANGIBLE FIXED ASSETSTangible fixed assets consist of real estate (office building) fully or partly used by the company, its furniture and fixtures and office equipment (hardware). These assets are valued at cost, less cumulative depreciation and any cumulative impairment losses.Furthermore, the value of the right of use of lease cars is included under tangible fixed assets following the IFRS 16 standard. The right of use of car leases are valued at net present value of the future lease payments at the time of capitalisation, less cumula-tive depreciation.If a property used by the company changes into an investment property, the property is revalued on the basis of fair value and reclassified as an investment property. Any gain arising from this revaluation is recognised in the result insofar as the gain results in a reversal of a previously recognised impairment loss for that specific property. Any residual gain is recognised in the unreal-ised results and is reported in the revaluation reserve. Any loss is recognised in the result.Depreciation of tangible fixed assets is charged to the consoli-dated statement of comprehensive income under administrative costs and is calculated using the straight-line method based on the estimated useful life and residual value of the asset concerned. Land is not depreciated.The estimated useful life is as follows:\u2022 Real estate in own use: 25 years;\u2022 Furniture and fixtures: 4 years;\u2022 Hardware: 3 years.Depreciation of right of use lease cars is calculated using the straight-line method over the contractual lease period of the asset concerned.The applied methodology of calculating depreciation, useful life and residual value is assessed at the end of every book year and adjusted if necessary.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__32": { "value": "Furthermore, the value of the right of use of lease cars is included under tangible fixed assets following the IFRS 16 standard. The right of use of car leases are valued at net present value of the future lease payments at the time of capitalisation, less cumula-tive depreciation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__34": { "value": "Depreciation of tangible fixed assets is charged to the consoli-dated statement of comprehensive income under administrative costs and is calculated using the straight-line method based on the estimated useful life and residual value of the asset concerned. Land is not depreciated.The estimated useful life is as follows:\u2022 Real estate in own use: 25 years;\u2022 Furniture and fixtures: 4 years;\u2022 Hardware: 3 years.Depreciation of right of use lease cars is calculated using the straight-line method over the contractual lease period of the asset concerned.The applied methodology of calculating depreciation, useful life and residual value is assessed at the end of every book year and adjusted if necessary.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__33-1": { "value": "Depreciation of tangible fixed assets is charged to the consoli-dated statement of comprehensive income under administrative costs and is calculated using the straight-line method based on the estimated useful life and residual value of the asset concerned. Land is not depreciated.The estimated useful life is as follows:\u2022 Real estate in own use: 25 years;\u2022 Furniture and fixtures: 4 years;\u2022 Hardware: 3 years.Depreciation of right of use lease cars is calculated using the straight-line method over the contractual lease period of the asset concerned.The applied methodology of calculating depreciation, useful life and residual value is assessed at the end of every book year and adjusted if necessary.COSTSSERVICE COSTS NOT RECHARGEDService costs not recharged to tenants mainly relate to vacant properties, in which situation these costs cannot be recharged to tenants and / or to other irrecoverable service costs as a result of contractual limitations or service costs. OPERATING COSTSOperating costs consist of costs directly related to the opera-tion of the investment properties, such as property management, municipal taxes, insurance premiums, maintenance costs, letting costs and other business expenses. Except for letting fees, these costs are charged to the result when they occur. Letting fees are straight-lined over the remaining lease term of the related contract until the first possible moment of termination by the tenant. The resulting accrued income is included in the fair value of the respective investment properties by the external appraisers and is separated in the balance sheet for reporting purposes.ADMINISTRATIVE COSTSAdministrative expenses include staff costs, office expenses, consultancy fees, remuneration of Supervisory Board members and the costs of fund management.Costs relating to the commercial, technical and administrative management of investment properties are included in the oper-ating costs. Costs relating to the supervision and monitoring of investment projects are capitalised on the basis of hours spent.FINANCING INCOME AND COSTS", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__36": { "value": "IMPAIRMENT NON-FINANCIAL FIXED ASSETSThe carrying value of the non-financial assets of the Group, excluding the market value of investment properties corrected for lease incentives, are reviewed at each reporting date to determine whether there are indications for impairment. If any such indica-tion exists, an estimate is made of the recoverable amount of the asset.The recoverable amount of an asset or cash-generating unit is the highest of the value in use or the fair value less costs of disposal. In assessing value in use, the present value of the estimated future cash flows is calculated using a pre-tax discount rate that reflects current market assessments of the time value of money as well as the risks specific to the asset or cash-generating unit.An impairment loss is recognised if the book value of the asset or cash-generating unit to which the asset belongs is higher than the estimated recoverable value. Impairment losses are recognised in profit or loss. They are deducted on a pro rata basis from the book value of each asset in the cash-generating unit. Impairment losses are reversed only to the extent that the asset's book value does not exceed its book value, net of any depre-ciation or amortisation that would have been determined had no impairment loss been recognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__35": { "value": "IMPAIRMENT NON-FINANCIAL FIXED ASSETSThe carrying value of the non-financial assets of the Group, excluding the market value of investment properties corrected for lease incentives, are reviewed at each reporting date to determine whether there are indications for impairment. If any such indica-tion exists, an estimate is made of the recoverable amount of the asset.The recoverable amount of an asset or cash-generating unit is the highest of the value in use or the fair value less costs of disposal. In assessing value in use, the present value of the estimated future cash flows is calculated using a pre-tax discount rate that reflects current market assessments of the time value of money as well as the risks specific to the asset or cash-generating unit.An impairment loss is recognised if the book value of the asset or cash-generating unit to which the asset belongs is higher than the estimated recoverable value. Impairment losses are recognised in profit or loss. They are deducted on a pro rata basis from the book value of each asset in the cash-generating unit. Impairment losses are reversed only to the extent that the asset's book value does not exceed its book value, net of any depre-ciation or amortisation that would have been determined had no impairment loss been recognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__38-1": { "value": "FINANCIAL INSTRUMENTSNSI classifies non-derivative financial assets in the categories:\u2022 Tenant loans (non-current);\u2022 Debtors and other receivables;\u2022 Cash and cash equivalents.NSI has the following non-derivative financial liabilities: \u2022 Interest bearing loans;\u2022 Creditors and other payables;\u2022 Amounts owed to credit institutions.NON-DERIVATIVE FINANCIAL ASSETS AND LIABILITIES - RECOGNITIONNSI initially recognises financial assets and financial liabilities at the transaction date.NSI no longer recognises a financial asset in the balance sheet if the contractual rights to the cash flows from the asset expire, or if NSI transfers the contractual rights to receive cash flows from the financial asset through a transaction in which substantially all the risks and benefits related to the ownership of the asset are trans-ferred, or if NSI neither transfers or retains the risks and benefits related to ownership of the asset, nor has control over the trans-ferred asset. If NSI retains or creates an interest in the transferred financial assets, the interest is recognised as a separate asset or liability.Financial assets and liabilities are only offset and the resulting net amount is only presented in the balance sheet if NSI has a legally enforceable right to offset and if it intends to offset on a net basis or to realise the asset and the liability simultaneously.NON-DERIVATIVE FINANCIAL ASSETS - MEASUREMENTLOANS AND DEBTORS AND OTHER RECEIVABLESLoans and debtors and other receivables, excluding taxes and prepayments, are measured at initial recognition at fair value plus any directly attributable transaction costs. After initial recognition, loans and receivables are measured at amortised cost using the effective interest method.For loans and debtors and other receivables the Group applies the simplified approach, which requires expected lifetime losses to be recognised from initial recognition of the receivables. CASH AND CASH EQUIVALENTSCash and cash equivalents are recognised and subsequently valued at amortised costs and consist of cash and bank balances. Current account overdrafts that are payable on demand and which form an integral part of NSI\u2019s cash management are included in cash and cash equivalents and amounts owed to credit institu-tions in the consolidated statement of financial position and the consolidated cash flow statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__37": { "value": "FINANCIAL INSTRUMENTSNSI classifies non-derivative financial assets in the categories:\u2022 Tenant loans (non-current);\u2022 Debtors and other receivables;\u2022 Cash and cash equivalents.NSI has the following non-derivative financial liabilities: \u2022 Interest bearing loans;\u2022 Creditors and other payables;\u2022 Amounts owed to credit institutions.NON-DERIVATIVE FINANCIAL ASSETS AND LIABILITIES - RECOGNITIONNSI initially recognises financial assets and financial liabilities at the transaction date.NSI no longer recognises a financial asset in the balance sheet if the contractual rights to the cash flows from the asset expire, or if NSI transfers the contractual rights to receive cash flows from the financial asset through a transaction in which substantially all the risks and benefits related to the ownership of the asset are trans-ferred, or if NSI neither transfers or retains the risks and benefits related to ownership of the asset, nor has control over the trans-ferred asset. If NSI retains or creates an interest in the transferred financial assets, the interest is recognised as a separate asset or liability.NSI no longer recognises a financial liability in the balance sheet if the contractual obligations are waived or cancelled or have expired.Financial assets and liabilities are only offset and the resulting net amount is only presented in the balance sheet if NSI has a legally enforceable right to offset and if it intends to offset on a net basis or to realise the asset and the liability simultaneously.NON-DERIVATIVE FINANCIAL ASSETS - MEASUREMENTLOANS AND DEBTORS AND OTHER RECEIVABLESLoans and debtors and other receivables, excluding taxes and prepayments, are measured at initial recognition at fair value plus any directly attributable transaction costs. After initial recognition, loans and receivables are measured at amortised cost using the effective interest method.For loans and debtors and other receivables the Group applies the simplified approach, which requires expected lifetime losses to be recognised from initial recognition of the receivables. CASH AND CASH EQUIVALENTSCash and cash equivalents are recognised and subsequently valued at amortised costs and consist of cash and bank balances. Current account overdrafts that are payable on demand and which form an integral part of NSI\u2019s cash management are included in cash and cash equivalents and amounts owed to credit institu-tions in the consolidated statement of financial position and the consolidated cash flow statement.NON-DERIVATIVE FINANCIAL LIABILITIES - MEASUREMENTINTEREST BEARING LOANSInterest-bearing loans are initially recognised at fair value, after deduction of attributable transaction costs. After initial recogni-tion, the interest-bearing loans are measured at amortised cost using the effective interest method.Interest-bearing loans include both fixed-rate and variable-rate loans. In principle, the fair value of the variable-rate loans is equal to their amortised cost. Part of the interest risk on the variable-rate loans is hedged through interest-rate swaps.In principle, the fair value of the fixed-rate loans is not equal to their amortised cost. The fair value of the fixed-rate loans is calcu-lated using the net present value method at the market interest rates prevailing on 31 December 2023 (including margin).Any redemption of interest-bearing debt within one year is recog-nised as current liabilities.An interest-bearing debt is derecognised from the balance sheet when the interest-bearing debt is settled, annulled or cancelled. If an existing interest-bearing debt is exchanged by another from the same lender at substantially different terms or the terms of an existing interest-bearing debt substantially change, this will be accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The differ-ence between the carrying book value of the financial liability extinguished and the consideration paid is then recognised in the profit and loss account. If the conditions of the interest-bearing debts are adjusted, but this does not result in the annulment of the interest-bearing debt, any costs or fees incurred adjust the carrying amount of the liability and are amortised over the remaining term of the modi-fied liability.CREDITORS AND OTHER PAYABLES Creditors and other payables, excluding taxes and deferred income, are at initial recognition measured at fair value plus any directly attributable transaction costs. After initial recognition, these financial liabilities are measured at amortised cost using the effective interest method.DERIVATIVE FINANCIAL INSTRUMENTSNSI uses derivative financial instruments to hedge (in full or in part) the interest rate risks associated with its finance activities. These derivatives are not held or issued for trading purposes.Derivatives are initially recognised at cost, after which they are recognised at fair value. Profits or losses arising from changes in the fair value of derivative financial instruments are immedi-ately recognised in the consolidated statement of comprehen-sive income. In 2022 and 2023 hedge accounting has not been applied.The fair value of the financial instruments is the amount the Group would expect to pay or receive if the financial derivative were to be liquidated at balance sheet date, taking into account the interest rate on the balance sheet date and the current credit risk of the counterparties concerned as well as the credit risk of the Group. The interest payable on derivatives is incorporated in other payables. A derivative financial instrument is reported as a current asset or current liability if its remaining term to maturity is less than one year or if it is expected that it will be liquidated or settled within one year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__39-1": { "value": "NSI has the following non-derivative financial liabilities: \u2022 Interest bearing loans;\u2022 Creditors and other payables;\u2022 Amounts owed to credit institutions.NON-DERIVATIVE FINANCIAL ASSETS AND LIABILITIES - RECOGNITIONNSI initially recognises financial assets and financial liabilities at the transaction date.If NSI retains or creates an interest in the transferred financial assets, the interest is recognised as a separate asset or liability.NSI no longer recognises a financial liability in the balance sheet if the contractual obligations are waived or cancelled or have expired.Financial assets and liabilities are only offset and the resulting net amount is only presented in the balance sheet if NSI has a legally enforceable right to offset and if it intends to offset on a net basis or to realise the asset and the liability simultaneously.NON-DERIVATIVE FINANCIAL LIABILITIES - MEASUREMENTINTEREST BEARING LOANSInterest-bearing loans are initially recognised at fair value, after deduction of attributable transaction costs. After initial recogni-tion, the interest-bearing loans are measured at amortised cost using the effective interest method.Interest-bearing loans include both fixed-rate and variable-rate loans. In principle, the fair value of the variable-rate loans is equal to their amortised cost. Part of the interest risk on the variable-rate loans is hedged through interest-rate swaps.In principle, the fair value of the fixed-rate loans is not equal to their amortised cost. The fair value of the fixed-rate loans is calcu-lated using the net present value method at the market interest rates prevailing on 31 December 2023 (including margin).Any redemption of interest-bearing debt within one year is recog-nised as current liabilities.An interest-bearing debt is derecognised from the balance sheet when the interest-bearing debt is settled, annulled or cancelled. If an existing interest-bearing debt is exchanged by another from the same lender at substantially different terms or the terms of an existing interest-bearing debt substantially change, this will be accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The differ-ence between the carrying book value of the financial liability extinguished and the consideration paid is then recognised in the profit and loss account. If the conditions of the interest-bearing debts are adjusted, but this does not result in the annulment of the interest-bearing debt, any costs or fees incurred adjust the carrying amount of the liability and are amortised over the remaining term of the modi-fied liability.CREDITORS AND OTHER PAYABLES Creditors and other payables, excluding taxes and deferred income, are at initial recognition measured at fair value plus any directly attributable transaction costs. After initial recognition, these financial liabilities are measured at amortised cost using the effective interest method.PREPAYMENTS AND DEFERRED INCOMEPrepayments and deferred income are measured at costs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__42": { "value": "Financial assets and liabilities are only offset and the resulting net amount is only presented in the balance sheet if NSI has a legally enforceable right to offset and if it intends to offset on a net basis or to realise the asset and the liability simultaneously.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__43": { "value": "NON-DERIVATIVE FINANCIAL ASSETS - MEASUREMENTLOANS AND DEBTORS AND OTHER RECEIVABLESLoans and debtors and other receivables, excluding taxes and prepayments, are measured at initial recognition at fair value plus any directly attributable transaction costs. After initial recognition, loans and receivables are measured at amortised cost using the effective interest method.For loans and debtors and other receivables the Group applies the simplified approach, which requires expected lifetime losses to be recognised from initial recognition of the receivables.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__44": { "value": "LOANS AND DEBTORS AND OTHER RECEIVABLESLoans and debtors and other receivables, excluding taxes and prepayments, are measured at initial recognition at fair value plus any directly attributable transaction costs. After initial recognition, loans and receivables are measured at amortised cost using the effective interest method.For loans and debtors and other receivables the Group applies the simplified approach, which requires expected lifetime losses to be recognised from initial recognition of the receivables.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__46": { "value": "CREDITORS AND OTHER PAYABLES Creditors and other payables, excluding taxes and deferred income, are at initial recognition measured at fair value plus any directly attributable transaction costs. After initial recognition, these financial liabilities are measured at amortised cost using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__49": { "value": "DERIVATIVE FINANCIAL INSTRUMENTSNSI uses derivative financial instruments to hedge (in full or in part) the interest rate risks associated with its finance activities. These derivatives are not held or issued for trading purposes.Derivatives are initially recognised at cost, after which they are recognised at fair value. Profits or losses arising from changes in the fair value of derivative financial instruments are immedi-ately recognised in the consolidated statement of comprehen-sive income. In 2022 and 2023 hedge accounting has not been applied.The fair value of the financial instruments is the amount the Group would expect to pay or receive if the financial derivative were to be liquidated at balance sheet date, taking into account the interest rate on the balance sheet date and the current credit risk of the counterparties concerned as well as the credit risk of the Group. The interest payable on derivatives is incorporated in other payables. A derivative financial instrument is reported as a current asset or current liability if its remaining term to maturity is less than one year or if it is expected that it will be liquidated or settled within one year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__48": { "value": "DERIVATIVE FINANCIAL INSTRUMENTSNSI uses derivative financial instruments to hedge (in full or in part) the interest rate risks associated with its finance activities. These derivatives are not held or issued for trading purposes.Derivatives are initially recognised at cost, after which they are recognised at fair value. Profits or losses arising from changes in the fair value of derivative financial instruments are immedi-ately recognised in the consolidated statement of comprehen-sive income. In 2022 and 2023 hedge accounting has not been applied.The fair value of the financial instruments is the amount the Group would expect to pay or receive if the financial derivative were to be liquidated at balance sheet date, taking into account the interest rate on the balance sheet date and the current credit risk of the counterparties concerned as well as the credit risk of the Group. The interest payable on derivatives is incorporated in other payables. A derivative financial instrument is reported as a current asset or current liability if its remaining term to maturity is less than one year or if it is expected that it will be liquidated or settled within one year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__51": { "value": "EQUITYOrdinary shares are classified as shareholders\u2019 equity. External costs that can be attributed directly to the issuance of new shares are deducted from the earnings reserve.The increase in the paid-up and called-up capital relating to a stock dividend programme is deducted from the share premium reserve as well as the expenses relating to the stock dividend.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__52": { "value": "The increase in the paid-up and called-up capital relating to a stock dividend programme is deducted from the share premium reserve as well as the expenses relating to the stock dividend.When repurchasing NSI shares, the amount of the considera-tion paid including directly attributable costs, is recognised as a change in shareholders\u2019 equity. Cash dividends are deducted from the other reserves in the period in which the dividends are set.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__53": { "value": "CORPORATE INCOME TAXTAX STATUSUp to end of 2022, NSI and most of its subsidiaries had the status of a fiscal investment institution within the context of Article 28 of the Dutch Corporate Income Tax Act 1969 (Wet op de Vennootsc-hapsbelasting 1969. This means no corporate income tax is owed under certain conditions. The main conditions relate to the investment requirement, the distribution of taxable earnings as dividend, limitations on the financing of investments with debt capital and the composition of the shareholder base. Profits from the disposal of investments and fair value adjustment results on investment property are not included in the distributable earnings.In addition, there are legal restrictions on the activities that may be undertaken by a Dutch Real Estate Investment Trust (FBI). Since 1 January 2014, \u2018associated business activities\u2019 attributable to the main task of letting and managing of investment properties may be performed, within certain limits, by a normal taxable subsidiary.To the best of the Management Board\u2019s knowledge the Group meets the legal requirements. Due to a change in legislation, as from 2025 FBI\u2019s can no longer directly invest in Dutch real estate. In 2023, NSI has undergone a restructuring in which most of the properties are now in sepa-rate entities, which are subject to corporate income tax. NSI N.V. intends to remain an FBI at least to the end of 2024.CORPORATE INCOME TAXCorporate income tax consists of taxes currently payable and receivable and movements in deferred tax assets and deferred tax liabilities. Current tax consists of the sum of the expected tax payable or receivable on the taxable results for the year, taking into account earnings elements exempt from tax and non-deductible costs whereby the tax rates applied are those prevailing on the balance sheet date or changed tax rates already known on the balance sheet date. The tax payable also includes any changes to tax payments made in previous years.Deferred tax assets are recognised as income tax to be reclaimed in future periods relating to offsetable temporary differences between book value and the fiscal value of assets and liabilities. They also relate to the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that future taxable benefits will be available against which unused tax losses and tax credits can be utilised. Deferred tax assets are only recognised if it is likely that the temporary differences will be settled in the near future and sufficient taxable profit will be available for settlement. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer prob-able that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.Deferred tax liabilities are recognised for income tax payable in future periods on taxable temporary differences between the book value of assets and liabilities and their fiscal book value.Deferred tax recognised in the statement of comprehensive income is the is the movement in deferred tax assets and deferred tax liabilities during the period.Deferred tax assets and liabilities are netted if there is a legally enforceable right to offset the tax assets and liabilities and when the deferred assets and liabilities concern the same tax regime.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__54": { "value": "INCOMERENTAL INCOMEThe rental income from investment property let on the basis of operating lease agreements is recognised in the consolidated statement of comprehensive income on a straight-line basis for the duration of the lease agreement.Rent-free periods, rent reductions and other lease incentives are reported as an integral part of total net rental income. These lease incentives are allocated over the term of the lease agreement until the first moment at which the lease agreement may be terminated. The resulting accrued income is included in the fair value of the respective investment properties by the external appraisers and is separated in the balance sheet for reporting purposes.Compensations received or paid for leases terminated early are immediately recognised in the consolidated statement of compre-hensive income in the period in which the contractual require-ments are met.SERVICE COSTS RECHARGED TO TENANTSService costs can be charged on to the tenants. These charges mainly relate to gas, water, electricity, cleaning and security, etc., costs which can be recharged to tenants based on the lease agreement. NSI acts as principal with respect to service costs, whereby the costs incurred are recharged to the tenants, including an administrative fee.NET RESULT ON SALE OF INVESTMENT PROPERTYProceeds from the sale of investment properties are recognised when the control of the property is transferred to the purchaser.The profits or losses on the sale of investment properties are identified as the difference between the net proceeds of the sale and the carrying value of the investment properties in NSI\u2019s most recently published (interim) balance sheet.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__57": { "value": "FINANCING INCOME AND COSTSFinancing income and expenses consist of interest expenses on loans and debts, and interest income on outstanding loans and receivables attributable to the period, including interest income and expenses based on interest rate swaps and divi-dends received. As a result of the valuation of interest-bearing debt based on amortised cost, financing expenses also include interest accrued on the interest-bearing debt.Financing expenses directly attributable to the purchase, renova-tion or expansion of an investment property are capitalised as part of the integral cost of the property involved. The interest applied is the average interest paid by the Group in the respective currency.Net financing income and expenses also include the profits and losses arising from changes in the fair value of the derivative financial instruments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__56": { "value": "FINANCING INCOME AND COSTSFinancing income and expenses consist of interest expenses on loans and debts, and interest income on outstanding loans and receivables attributable to the period, including interest income and expenses based on interest rate swaps and divi-dends received. As a result of the valuation of interest-bearing debt based on amortised cost, financing expenses also include interest accrued on the interest-bearing debt.Financing expenses directly attributable to the purchase, renova-tion or expansion of an investment property are capitalised as part of the integral cost of the property involved. The interest applied is the average interest paid by the Group in the respective currency.Net financing income and expenses also include the profits and losses arising from changes in the fair value of the derivative financial instruments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__58": { "value": "EMPLOYEE BENEFITSDEFINED CONTRIBUTION PENSION PLANLiabilities relating to contributions to defined contribution pension plans are recognised as costs in the period in which they occur. Prepayments are recognised as an asset insofar as a cash refund or a reduction in future payments is available. The pension arrangements are insured externally.MANAGEMENT BOARD VARIABLE REMUNERATIONThe variable remuneration component for the Management Board consists of a long-term incentive (LTI) and a short-term incentive (STI).At the end of 2023, the total obligation was calculated and recog-nised as an expense with a corresponding increase in liabilities.SHAREHOLDING REQUIREMENTTo further stimulate long-term value creation, NSI applies a share-holding requirement to align the interests of the members of the Management Board with the interests of the company\u2019s share-holders. The CEO is required to hold NSI shares with a value of at least 125% of the applicable annual (gross) base salary; a require-ment of at least 75% of the applicable annual (gross) base salary applies to the CFO. The Board members are required to invest respectively one-third and two-thirds of the net payments resulting from the short-term and long-term incentive schemes to acquire NSI shares until the shareholding requirement has been met. Before reaching the required value in shares, members of the Management Board are not allowed to sell any of the NSI shares they have acquired by investing these net payments. This shareholding requirement continues to be applicable during one year after the end of the membership of the Management Board of NSI. The Supervisory Board will evaluate at the end of each financial year the extent to which the shareholding requirement is met.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__59": { "value": "CASH FLOW STATEMENTOperating cash flows are reported on the basis of the indirect method. Cash and cash equivalents and debts to credit institu-tions also include overdraft facilities which are part of NSI's cash management policy.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__60": { "value": "SEGMENT INFORMATIONAll operating results of an operating segment are assessed peri-odically by the Management Board in order to decide on the allo-cation of resources to the segment and to assess performance, based on the confidential financial information available.The Management considers the business from the nature of the investment property and assesses performance for \u201cAmsterdam\u201d, \u201cOther G4\u201d, and \u201cOther Netherlands\u201d. A segment consists of assets and activities with specific risks and results, differing from other sectors.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__61": { "value": "NEW AND AMENDED STANDARDS NOT APPLIEDA number of new standards and amendments to standards and interpretations are effective for annual periods beginning after 1 January 2023. These standards and amendments did not have an impact on these consolidated financial statements:\u2022 Amendments to IFRS 17, \u201cInsurance Contracts\u201c; \u2022 Amendments to IAS 1 and IFRS practice statement 2, \u201cDisclo-sure of accounting policies\u201d;\u2022 Amendments to IAS 8 \u2018\u2019Definition of accounting estimates\u2019;\u2022 Amendments to IAS 12, \u201cDeferred tax related to assets and liabilities arising from a single transaction\u201d.There are no IFRS or IFRIC interpretations that are not yet effec-tive which are expected to have a significant impact financial statements of NSI.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__62": { "value": "1. SEGMENT INFORMATION2023STATEMENT OF COMPREHENSIVE INCOMEAmsterdam Other G4 Other NL Corporate TOTALGross rental income 35,600 24,185 11,415 71,199Service costs recharged to tenants 5,706 5,782 1,987 13,475Service costs -6,789 -6,646 -1,966 -15,402Service costs not recharged -1,083 -864 21 -1,926Operating costs -5,182 -3,966 -1,704 -10,852Net rental income 29,335 19,355 9,731 58,421Revaluation of investment property -153,754 -44,623 -25,583 -223,959Net result on sale of investment property 5,282 -1 106 5,388Net result from investment -119,136 -25,269 -15,745 -160,150Administrative costs -9,120 -9,120Other income and costs -81 -81Net financing result -11,120 -11,120Result before tax -119,136 -25,269 -15,745 -20,321 -180,471Corporate income tax 38,101 38,101Total result for the year -119,136 -25,269 -15,745 17,780 -142,370Other comprehensive income / expenseTotal comprehensive income / expense for the year -119,136 -25,269 -15,745 17,780 -142,370Attributable to shareholders-119,136 -25,269 -15,745 17,780 -142,370STATEMENT OF FINANCIAL POSITION AS PER 31 DECEMBERAmsterdam Other G4 Other NL Corporate TOTALInvestment property 579,683 296,245 152,873 1,028,801Other assets 6,461 4,615 992 46,756 58,824Total assets 586,144 300,860 153,865 46,756 1,087,625Non-current liabilities 3,128 932 198 335,517 339,775Current liabilities 1,781 1,461 724 34,002 37,968Total liabilities 4,908 2,393 922 369,520 377,743Purchases of investment property and subsequent expenditures15,056 4,102 311 19,4692022STATEMENT OF COMPREHENSIVE INCOMEAmsterdam Other G4 Other NL Corporate TOTALGross rental income 35,855 22,315 13,139 71,309Service costs recharged to tenants 4,667 4,129 2,225 11,020Service costs -5,188 -4,541 -2,613 -12,343Service costs not recharged -521 -412 -389 -1,322Operating costs -4,527 -3,774 -2,361 -10,663Net rental income 30,807 18,129 10,389 59,325Revaluation of investment property -74,631 -12,105 9,909 -76,826Net result on sale of investment property 1,187 -1,156 32Net result from investment -43,824 7,211 19,143 -17,470Administrative costs -8,566 -8,566Other income and costs -210 -210Net financing result -5,122 -5,122Result before tax -43,824 7,211 19,143 -13,898 -31,368Corporate income tax -2 -2Total result for the year -43,824 7,211 19,143 -13,900 -31,370Other comprehensive income / expenseTotal comprehensive income / expense for the year -43,824 7,211 19,143 -13,900 -31,370Attributable to shareholders-43,824 7,211 19,143 -13,900 -31,370STATEMENT OF FINANCIAL POSITION AS PER 31 DECEMBERAmsterdam Other G4 Other NL Corporate TOTALInvestment property 721,552 336,766 200,917 1,259,235Other assets 6,589 5,284 1,786 6,897 20,556Total assets 728,140 342,050 202,703 6,897 1,279,790Non-current liabilities 2,411 820 361 286,135 289,727Current liabilities 2,458 785 575 99,235 103,054Total liabilities 4,870 1,606 936 385,370 392,782Purchases of investment property and subsequent expenditures10,543 1,561 578 12,682", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__64": { "value": "2. NET RENTAL INCOMEGross rental income Service costs not Operating costs Net rental incomerecharged2023 2022 2023 2022 2023 2022 2023 2022Amsterdam 35,600 35,855 -1,083 -521 -5,182 -4,527 29,335 30,807Other G4 24,185 22,315 -864 -412 -3,966 -3,774 19,355 18,129Other Netherlands 11,415 13,139 21 -389 -1,704 -2,361 9,731 10,389Net rental income 71,199 71,309 -1,926 -1,322 -10,852 -10,663 58,421 59,325Gross rental income can be specified in the following components:2023 2022Gross rental income - offices / HNK / other 69,852 70,501Turnover rent / variable parking income 524 173Indemnities received 524 153HNK - meeting rooms 563 521HNK - hospitality services 91 84Other rental income / loss -356 -123Other gross rental income / loss 1,347 808Gross rental income 71,199 71,309Gross rental income includes an amount of \u20ac 6.2m (2022: \u20ac 6.6m) for lease incentives.NSI leases its investment properties on the basis of operating leases with various maturities. Each lease contract specifies the space, rent and rights and obligations of the landlord and the tenant, including notice periods, options to extend the rental period and provisions related to service costs. In general, the rent is indexed during the life of the rental agreement on an annual basis. The total annual rent to be received from operating lease agreements, until the first moment the tenant can cancel the rental agreement, is specified as follows:31 December 2023 31 December 2022First year 63,709 69,434Second to fourth year 120,892 148,675As of fifth year 68,131 82,632", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__63": { "value": "2. NET RENTAL INCOMEGross rental income Service costs not Operating costs Net rental incomerecharged2023 2022 2023 2022 2023 2022 2023 2022Amsterdam 35,600 35,855 -1,083 -521 -5,182 -4,527 29,335 30,807Other G4 24,185 22,315 -864 -412 -3,966 -3,774 19,355 18,129Other Netherlands 11,415 13,139 21 -389 -1,704 -2,361 9,731 10,389Net rental income 71,199 71,309 -1,926 -1,322 -10,852 -10,663 58,421 59,325Gross rental income can be specified in the following components:2023 2022Gross rental income - offices / HNK / other 69,852 70,501Turnover rent / variable parking income 524 173Indemnities received 524 153HNK - meeting rooms 563 521HNK - hospitality services 91 84Other rental income / loss -356 -123Other gross rental income / loss 1,347 808Gross rental income 71,199 71,309Gross rental income includes an amount of \u20ac 6.2m (2022: \u20ac 6.6m) for lease incentives.NSI leases its investment properties on the basis of operating leases with various maturities. Each lease contract specifies the space, rent and rights and obligations of the landlord and the tenant, including notice periods, options to extend the rental period and provisions related to service costs. In general, the rent is indexed during the life of the rental agreement on an annual basis. The total annual rent to be received from operating lease agreements, until the first moment the tenant can cancel the rental agreement, is specified as follows:31 December 2023 31 December 2022First year 63,709 69,434Second to fourth year 120,892 148,675As of fifth year 68,131 82,632", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__66-1": { "value": "3. OPERATING COSTS 2023 2022Leasehold 0 -3Municipal taxes -2,960 -2,770Insurance premiums -741 -602Maintenance costs -2,254 -1,784Property management costs -3,473 -3,489Letting costs -1,018 -1,184Contribution to owner association -114 -109Doubtful debt costs -19 19Other operating costs -273 -740Operating costs -10,852 -10,663Property management costs include administrative costs charged to operations for an amount of \u20ac 3.0m (2022: \u20ac 3.2m). Letting costs includes an amount of - \u20ac 0.1m (2022: - \u20ac 0.1m) for straight-lined letting investments and commissions.An amount of \u20ac 0.0m (2022: \u20ac 0.3m) relates to operating costs of fully vacant properties.6. ADMINISTRATIVE COSTS2023 2022Salaries and wages -6,011 -5,648Social security -771 -704Pensions -413 -365Depreciation right of use tangible fixed assets -290 -295Other staff costs -1,327 -1,217Staff costs -8,813 -8,229Compensation supervisory board -252 -251Depreciation and amortisation -348 -445Other office costs -1,373 -1,476Office costs -1,721 -1,920Audit, consultancy and valuation costs -1,818 -1,269Other administrative costs -1,057 -1,333Administrative costs -13,661 -13,002Allocated administrative costs 4,541 4,436Administrative costs -9,120 -8,566Administrative costs directly related to the operation of the investment property portfolio (\u20ac 3.0m; 2022: \u20ac 3.2m) are recharged to oper-ating costs. Directly attributable costs related to development project are capitalised as part of the respective project (\u20ac 0.7m; 2022: \u20ac 0.6m). The staff costs concerning the daily operation of the HNK-properties (\u20ac 0.8m; 2022: \u20ac 0.6m) are part of service costs and as such are allocated to the respective properties. The total of these costs is reported as \u201cAllocated administrative costs\u201d.EMPLOYEESOn average 67 employees (61 FTE), including the appointed Management Board, were employed by NSI and HNK during the reporting year (2022: 61 employees (57 FTE)). As per 31 December 2023 the number of employees amounted to 67 (61 FTE).All employees are working in the Netherlands.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__65-1": { "value": "3. OPERATING COSTS 2023 2022Leasehold 0 -3Municipal taxes -2,960 -2,770Insurance premiums -741 -602Maintenance costs -2,254 -1,784Property management costs -3,473 -3,489Letting costs -1,018 -1,184Contribution to owner association -114 -109Doubtful debt costs -19 19Other operating costs -273 -740Operating costs -10,852 -10,663Property management costs include administrative costs charged to operations for an amount of \u20ac 3.0m (2022: \u20ac 3.2m). Letting costs includes an amount of - \u20ac 0.1m (2022: - \u20ac 0.1m) for straight-lined letting investments and commissions.An amount of \u20ac 0.0m (2022: \u20ac 0.3m) relates to operating costs of fully vacant properties.6. ADMINISTRATIVE COSTS2023 2022Salaries and wages -6,011 -5,648Social security -771 -704Pensions -413 -365Depreciation right of use tangible fixed assets -290 -295Other staff costs -1,327 -1,217Staff costs -8,813 -8,229Compensation supervisory board -252 -251Depreciation and amortisation -348 -445Other office costs -1,373 -1,476Office costs -1,721 -1,920Audit, consultancy and valuation costs -1,818 -1,269Other administrative costs -1,057 -1,333Administrative costs -13,661 -13,002Allocated administrative costs 4,541 4,436Administrative costs -9,120 -8,566Administrative costs directly related to the operation of the investment property portfolio (\u20ac 3.0m; 2022: \u20ac 3.2m) are recharged to oper-ating costs. Directly attributable costs related to development project are capitalised as part of the respective project (\u20ac 0.7m; 2022: \u20ac 0.6m). The staff costs concerning the daily operation of the HNK-properties (\u20ac 0.8m; 2022: \u20ac 0.6m) are part of service costs and as such are allocated to the respective properties. The total of these costs is reported as \u201cAllocated administrative costs\u201d.EMPLOYEESOn average 67 employees (61 FTE), including the appointed Management Board, were employed by NSI and HNK during the reporting year (2022: 61 employees (57 FTE)). As per 31 December 2023 the number of employees amounted to 67 (61 FTE).All employees are working in the Netherlands.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__67-1": { "value": "4. REVALUATION OF INVESTMENT PROPERTY2023 2022Positive Negative Total Positive Negative TotalInvestment property in operation -193,937 -193,937 40,453 -104,803 -64,350Investment property under construction -31,147 -31,147 -11,515 -11,515Revaluation - market value -225,084 -225,084 40,453 -116,318 -75,865Movement in right of use leasehold -68 -66Movement in lease incentives 1,192 -896Revaluation of investment property -223,959 -76,826Further details on revaluation can be found in note 10.5. NET RESULT ON SALE OF INVESTMENT PROPERTY2023 2022Proceeds on sale of investment property 34,164 17,145Transaction costs on sale of investment property -112 -78Sale of investment property 34,052 17,067Book value at the time of sale (excl. right of use leasehold) -28,665 -17,036Net result on sale of investment property 5,388 32During 2023 3 properties have been sold of which one in Amsterdam, one in Den Bosch and one in Ede (last two segment \u2018Other Neth-erlands\u2019; 2022: three properties have been sold of which one in the segment \u2018Other G4\u2019 and two in the segment \u2018Other Netherlands\u2019). The net result on sale of investment property includes an amount of -\u20ac 0.2m (2022: - \u20ac 0.1m) related to prior years\u2019 sales.Transaction costs on sale include the costs of real estate agents and legal fees.10. INVESTMENT PROPERTYInvestment property consists of investment property in operation and investment property under construction:31 December 2023 31 December 2022Investment property in operation 969,591 1,200,153Investment property under construction 59,210 59,082Investment property 1,028,801 1,259,235Investment property in operation and investment property under construction are recognised at fair value. The fair value is determined on the basis of level 3 of the fair value hierarchy. At 31 December 2023 100% (2022: 100%) of investment property were externally appraised by external appraisers. Both in 2022 and 2023 the appraisers were JLL, Colliers and Cushman & Wakefield. The fair value is based on the market value (including buyer\u2019s costs, i.e. adjusted for purchase costs such as transfer tax). That means the estimated price on the date of valuation at which a property can be traded between a seller and a purchaser willing to enter into an objective, arm\u2019s length transaction preceded by sound negotiations between both well-informed parties.The valuations are determined on the basis of a capitalisation method, on the basis of a gross initial yield and the therefrom derived net initial yield calculation, whereby the net market rent prices are capitalised, and is subsequently validated by the DCF calculation method, based on the present value of the future cash flows for the next ten year including an exit value at the end of the tenth year. The respective outcomes of both methods are compared. The returns applied are specified for the type of investment property, location, maintenance condition and letting potential of each property, and are based on comparable transactions, along with market-specific and property-specific knowledge.The table below summarises both valuation techniques used to determine the fair value of investment property, as well as the significant unobservable inputs used primarily for the capitalisation method. The respective outcomes of both methods are compared:Valuation technique Unobservable inputs Relationship between significant unobservable inputs and the fair value measurementCapitalisation method and net discounted cash flow The estimated fair value increases (decreases) if:calculation.The capitalisation method consists of a net initial Significant:yield calculation, whereby the net market rent prices \u2022 Gross initial yield / net initial yield \u2022 The gross / net yield is lower (higher)are capitalised by a yield percentage.The DCF valuation method is based on the present Other:\u2022 The estimated market rent levels are higher (lower)value of net future cash flows to be generated by the \u2022 Market rent (Estimated Rental Value) \u2022 The periods of vacancy are shorter (longer)property, taking into account the expected increases \u2022 Rent free periods and other lease incentives and \u2022 The rent free periods are shorter (longer)in rent levels, periods of vacancy, costs of letting periods of vacancy following expirations of a \u2022 The operating costs and capital are lower (higher)incentives such as rent free periods and other costs leasenot covered by the tenant and the estimated oper-\u2022 Operating expenses, capital expenditure and ating costs and capital expenditure.ground lease expensesThe expected net cash flows are discounted using a risk adjusted discount rate. The discount rate is estimated based on factors including the quality and location of the property, the creditworthiness of the tenant and the lease conditions.The fair value is the outcome of the (theoretical) rent divided by the net initial yield (expressed as a percentage) of the investment prop-erty. The yields applied are specific to the type of property, location, maintenance condition and letting potential of each asset. The yields are determined based on comparable transactions, as well as on market and asset-specific knowledge.Assumptions are made for each property, tenant and vacant unit based on the likelihood of letting (and reletting), the expected duration of vacancy (in months), incentives, capital expenditure and operating costs.The most important assumptions and input parameters used in the valuations are:2023 2022Average effective contractual rent per sqm (\u20ac):Amsterdam 259 243Other G4 220 213Other Netherlands 195 180Average market rent per sqm (\u20ac):Amsterdam 271 266Other G4 214 210Other Netherlands 203 186Average gross initial yield (%):Amsterdam 7.4% 5.9%Other G4 8.6% 7.2%Other Netherlands 8.1% 7.0%INVESTMENT PROPERTY IN OPERATIONThe movement in investment property in operation per segment was as follows:2023Amsterdam Other G4 Other Netherlands TOTALBalance as per 1 January 2023 665,530 333,706 200,917 1,200,153AcquisitionsInvestments 9,546 4,102 311 13,959Revaluation -122,598 -44,623 -25,583 -192,804Transfer from/ to real estate in own use -26,510 3,060 -23,450Disposals -5,494 -22,772 -28,267Balance as per 31 December 2023 520,474 296,245 152,873 969,591Right of use leasehold as per 31 December 2023 -620 -30 -649Lease incentives as per 31 December 2023 6,461 4,615 992 12,069Market value as per 31 December 2023 526,315 300,860 153,835 981,0102022Amsterdam Other G4 Other Netherlands TOTALBalance as per 1 January 2022 725,852 346,699 203,436 1,275,988Acquisitions 124 -228 -3 -107Investments 3,275 1,789 587 5,651Revaluation -63,721 -11,490 9,909 -65,302Transfer from/ to real estate in own use 573 573Disposals -3,064 -13,586 -16,650Balance as per 31 December 2022 665,530 333,706 200,917 1,200,153Right of use leasehold as per 31 December 2022 -680 -58 -738Lease incentives as per 31 December 2022 6,589 5,284 1,786 13,659Market value as per 31 December 2022 671,439 338,990 202,645 1,213,074COLLATERALOn 31 December 2023, properties with a market value of \u20ac 172.4m (31 December 2022: \u20ac 230.0m) were mortgaged as security for loans drawn at banks amounting to \u20ac 55.0m (31 December 2022: \u20ac 65.7m). SENSITIVITIES TO YIELD FLUCTUATIONSThe value of investment property implies an average gross initial yield of 7.9% (31 December 2022: 6.4%). Valuations can be affected by the general macro-economic and market environment, but also by local factors. For this reason NSI has performed a sensitivity analysis. If, on 31 December 2023, the yields applied for the valuation of investment property had been 50 basis points lower than the yields currently applied, the value of investment property would increase by 6.4% (31 December 2022: 8.0%). In that case NSI\u2019s equity would be \u20ac 66m (31 December 2022: \u20ac 103m) higher due to a higher result for the year. The loan-to-value would then decrease from 33.0% (31 December 2022: 28.7%) to 31.1% (31 December 2022: 26.5%). If, on 31 December 2023, the yields applied for the valuation of investment property had been 50 basis points higher than those currently applied, the value of investment property would decrease by 5.6% (31 December 2022: 6.9%). In that case NSI\u2019s equity would be \u20ac 58m (31 December 2022: \u20ac 88m) lower due to a lower result for the year. The loan-to-value would then increase from 33.0% to 35.0%.INVESTMENT PROPERTY UNDER CONSTRUCTIONThe movement in investment property under construction per segment was as follows:2023Amsterdam Other G4 Other Netherlands TOTALBalance as per 1 January 2023 56,022 3,060 59,082Investments 5,466 5,466Capitalised interest 2,368 2,368Revaluation -31,155 -31,155Transfer from / to inv. property in operation 26,510 -3,060 23,450Balance as per 31 December 2023 59,210 59,210Right of use leasehold as per 31 December 2023 -179 -179Market value as per 31 December 2023 59,030 59,0302022Amsterdam Other G4 Other Netherlands TOTALBalance as per 1 January 2022 58,371 3,675 62,046Investments 7,233 7,233Capitalised interest 1,328 1,328Revaluation -10,910 -615 -11,525Balance as per 31 December 2022 56,022 3,060 59,082Right of use leasehold as per 31 December 2022 -204 -204Market value as per 31 December 2022 55,818 3,060 58,878As per 31 December 2023 investment property under construction consists of Laanderpoort and Vitrum and capitalised project costs of Well House, all located in Amsterdam.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__71": { "value": "EMPLOYEESOn average 67 employees (61 FTE), including the appointed Management Board, were employed by NSI and HNK during the reporting year (2022: 61 employees (57 FTE)). As per 31 December 2023 the number of employees amounted to 67 (61 FTE).All employees are working in the Netherlands.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__72": { "value": "7. OTHER INCOME AND COSTS 2023 2022Other costs -81 -210Other income and costs -81 -210Other costs in 2023 concern feasibility costs for projects, mainly related to Bio Science Park, Leiden.Other costs in 2022 mainly concern feasibility costs for potential projects (mainly related to Centerpoint, Amsterdam and Alexanderhof, Rotterdam) and costs of cancelled projects.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__75": { "value": "8. NET FINANCING RESULT2023 2022Interest income 37 278Financing income 37 278Interest costs -10,211 -9,118Capitalised interest 2,368 1,328Bank costs -46 -63Amortisation costs interest bearing loans -434 -383Other financing costs -62 -66Financing costs -8,385 -8,302Movement in market value of financial derivatives -2,771 2,902Net financing result -11,120 -5,122During 2023, borrowing costs for the development projects Laanderpoort and Vitrum are capitalised. In 2022 this was also the case for Well House, which is paused for the moment. For Vitrum, the financing component for the leasehold agreement is also capitalised. Capitalised interest in connection with developments is based on the weighted average cost of debt. During 2023, the range of weighted average interest rates used was: 1.9% - 3.2% (2022: 2.0% - 2.2%).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__74": { "value": "8. NET FINANCING RESULT2023 2022Interest income 37 278Financing income 37 278Interest costs -10,211 -9,118Capitalised interest 2,368 1,328Bank costs -46 -63Amortisation costs interest bearing loans -434 -383Other financing costs -62 -66Financing costs -8,385 -8,302Movement in market value of financial derivatives -2,771 2,902Net financing result -11,120 -5,122During 2023, borrowing costs for the development projects Laanderpoort and Vitrum are capitalised. In 2022 this was also the case for Well House, which is paused for the moment. For Vitrum, the financing component for the leasehold agreement is also capitalised. Capitalised interest in connection with developments is based on the weighted average cost of debt. During 2023, the range of weighted average interest rates used was: 1.9% - 3.2% (2022: 2.0% - 2.2%).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__73": { "value": "8. NET FINANCING RESULT2023 2022Interest income 37 278Financing income 37 278Interest costs -10,211 -9,118Capitalised interest 2,368 1,328Bank costs -46 -63Amortisation costs interest bearing loans -434 -383Other financing costs -62 -66Financing costs -8,385 -8,302Movement in market value of financial derivatives -2,771 2,902Net financing result -11,120 -5,122During 2023, borrowing costs for the development projects Laanderpoort and Vitrum are capitalised. In 2022 this was also the case for Well House, which is paused for the moment. For Vitrum, the financing component for the leasehold agreement is also capitalised. Capitalised interest in connection with developments is based on the weighted average cost of debt. During 2023, the range of weighted average interest rates used was: 1.9% - 3.2% (2022: 2.0% - 2.2%).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__76": { "value": "9. CORPORATE INCOME TAX2023 2022Current tax -621 -2Deferred tax 38,722Corporate income tax 38,101 -2After the restructuring in 2023, only NSI N.V., NSI Real Estate B.V., NSI Kantoren B.V., NSI Vastgoed B.V., NSI Flexoffices B.V. and HNK Vastgoed B.V. have the status of a Dutch real estate investment trust (FBI) within the context of Article 28 of the Dutch Corporate Income Tax Act 1969 (Wet op de Vennootschapsbelasting 1969). This means that no corporate income tax is owed under certain conditions.The main conditions relate to the investment requirement, the distribution of taxable earnings as dividend, limitations on the financing of investments with debt capital and the composition of the shareholder base. Profits from the disposal of investments are not included in the distributable earnings.In addition, there are legal restrictions on the activities that may be undertaken by a FBI, as stated under the main principles for financial reporting. Since 1 January 2014, \u2018associated business activities\u2019 attributable to the main task of letting and managing of investment properties may be performed, within certain limits, by a normal taxable subsidiary.All other subsidiaries are not part of the fiscal real estate investment trust for tax purposes and are as such liable to pay corporate income tax as from 2023.2023 2022Result before tax -180,471 -31,368Tax at Dutch tax rate (high rate) 25.8% 46,562 25.80% 8,093Exempt due to fiscal status -1,978 -8,097Differences IFRS - fiscal result 1,898Non-deductible expenses -2,094Different tax rate (low rate - 19.0%) -6,285Other -1 2Corporate income tax 21.1% 38,101 -0.0% -2LTV AND DUTCH REIT-STATUSA number of requirements must be met to achieve and maintain the status of a Dutch real estate investment trust (FBI). One such require-ment relates to the maximum LTV (norm: \u2264 60%).The basis for calculating this LTV differs fundamentally from the basis used for financial institutions. For the latter NSI uses its commer-cial figures. The figures for tax purposes are used to calculate the LTV to assess the Dutch FBI status. NSI complied with this requirement in both 2022 and 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__78": { "value": "COLLATERALOn 31 December 2023, properties with a market value of \u20ac 172.4m (31 December 2022: \u20ac 230.0m) were mortgaged as security for loans drawn at banks amounting to \u20ac 55.0m (31 December 2022: \u20ac 65.7m).", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__79": { "value": "11. INTANGIBLE FIXED ASSETSIntangible fixed assets consist of capitalised software.The movement in intangible fixed assets during 2023 and 2022 was as follows:2023 2022Balance as per 1 January 72 134Investments 31Amortisation -40 -93Balance as per 31 December 32 72Gross book value 1,316 1,316Cumulative amortisation -1,285 -1,245Intangible fixed assets 32 72Investments in 2022 concern costs made related to robotic process automation. No investments were done in 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__80": { "value": "12. TANGIBLE FIXED ASSETSTangible fixed assets relate to the furniture and office equipment, as well as part of the offices of the company at Hoogoorddreef 62 (Centerpoint) in Amsterdam. Furthermore, the right of use of lease cars has been included under tangible fixed assets.The movement in tangible fixed assets during 2023 and 2022 was as follows:2023 2022Balance as per 1 January 4,063 5,165Investments 429 186Depreciation -598 -646Transfer from / to investment property -573Disposals -59 -70Balance as per 31 December 3,835 4,063Gross book value 5,263 5,366Cumulative depreciation -1,428 -1,303Tangible fixed assets 3,835 4,063", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__81": { "value": "13. DEFERRED TAX ASSETS AND LIABILITIESDeferred tax assets are attributable to the following items in 2023:1 January 2023 Movement profit and loss account 31 December 2023Investment property 38,654 38,654Other temporary differences 70 70Deferred tax assets 38,724 38,724Deferred tax liabilities are attributable to the following items in 2023:1 January 2023 Movement profit and loss account 31 December 2023Investment property -2 -2Deferred tax liabilities -2 -2All deferred tax assets and liabilities relate to the newly founded entities as part of the restructuring undergone in 2023. These entities are no longer part of the fiscal real estate investment trust for tax purposes and are as such liable to pay corporate income tax as from 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__83": { "value": "14. OTHER NON-CURRENT ASSETS31 December 2023 31 December 2022Lease incentives 12,069 13,659Other non-current assets 12,069 13,659Lease incentives are straight-lined over the remaining lease terms until the first possible moment of termination by the tenants. Lease incentives contain an amount of \u20ac 2.1m to be settled in 2024 (2022: \u20ac 2.0m to be settled in 2023).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__82": { "value": "14. OTHER NON-CURRENT ASSETS31 December 2023 31 December 2022Lease incentives 12,069 13,659Other non-current assets 12,069 13,659Lease incentives are straight-lined over the remaining lease terms until the first possible moment of termination by the tenants. Lease incentives contain an amount of \u20ac 2.1m to be settled in 2024 (2022: \u20ac 2.0m to be settled in 2023).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__84": { "value": "15. DEBTORS AND OTHER RECEIVABLES31 December 2023 31 December 2022Gross debtors 1,734 904Provision for doubtful debts -353 -349Debtors 1,381 555Tenant loans 0 0Taxes 781 40Prepayments 1,295 511Other current receivables 506 297Debtors and other receivables 3,963 1,403The largest item recognised under debtors and other accounts receivable concerns debtors (\u20ac 1.7m), mainly tenants who are overdue, which are reported after deduction of a provision for expected credit losses over the term of the receivables.The provision for doubtful debts has been determined based on IFRS 9 guidelines, in line with prior year\u2019s calculations.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__85": { "value": "16. CASH AND CASH EQUIVALENTS31 December 2023 31 December 2022Bank balances 202 196Cash and cash equivalents 202 196The full amount of cash and cash equivalents is freely available.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__87": { "value": "17. EQUITY ATTRIBUTABLE TO SHAREHOLDERSISSUED SHARE CAPITALAs per 31 December 2022 the authorised share capital consisted of 20,054,240 issued and fully paid shares (\u20ac 73.8m). The issued shares have a par value of \u20ac 3.68 each.In May 2023 100,981 shares were issued as stock dividend, relating to the final dividend distribution for 2022. This resulted in 20,155,221 issued shares (\u20ac74,2m) as per 31 December 2023.2023 2022Balance as per 1 January 73,800 72,489Stock dividend - final distribution prior year 372 398Stock dividend - interim 913Balance as per 31 December 74,171 73,800The movement in the number of shares issued in 2022 and 2023 was as follows:2023 2022Balance as per 1 January 20,054,240 19,698,207Stock dividend - final distribution prior year 100,981 108,025Stock dividend - interim 248,008Balance as per 31 December 20,155,221 20,054,240The holders of ordinary shares are entitled to receive the dividend declared by the company and to exercise one vote per share at the General Meeting of Shareholders.SHARE PREMIUM RESERVE2023 2022Balance as per 1 January 915,447 916,768Stock dividend - final distribution prior year -379 -403Stock dividend - interim -918Balance as per 31 December 915,068 915,447The share premium reserve consists of the paid-up capital for ordinary shares in excess of the nominal value. The share premium reserve qualifies as fiscally recognised paid-up capital for Dutch tax purposes. In the movement of the share premium reserve 2023, \u20ac 7k transaction costs on the issue of stock dividend is included.OTHER RESERVES2023 2022Balance as per 1 January -70,868 -161,762Profit appropriation -31,370 120,961Cash dividend - final distribution prior year -19,633 -17,464Cash dividend - interim -15,116 -12,603Balance as per 31 December -136,988 -70,868", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__86": { "value": "17. EQUITY ATTRIBUTABLE TO SHAREHOLDERSISSUED SHARE CAPITALAs per 31 December 2022 the authorised share capital consisted of 20,054,240 issued and fully paid shares (\u20ac 73.8m). The issued shares have a par value of \u20ac 3.68 each.In May 2023 100,981 shares were issued as stock dividend, relating to the final dividend distribution for 2022. This resulted in 20,155,221 issued shares (\u20ac74,2m) as per 31 December 2023.2023 2022Balance as per 1 January 73,800 72,489Stock dividend - final distribution prior year 372 398Stock dividend - interim 913Balance as per 31 December 74,171 73,800The movement in the number of shares issued in 2022 and 2023 was as follows:2023 2022Balance as per 1 January 20,054,240 19,698,207Stock dividend - final distribution prior year 100,981 108,025Stock dividend - interim 248,008Balance as per 31 December 20,155,221 20,054,240The holders of ordinary shares are entitled to receive the dividend declared by the company and to exercise one vote per share at the General Meeting of Shareholders.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__88-1": { "value": "SHARE PREMIUM RESERVE2023 2022Balance as per 1 January 915,447 916,768Stock dividend - final distribution prior year -379 -403Stock dividend - interim -918Balance as per 31 December 915,068 915,447The share premium reserve consists of the paid-up capital for ordinary shares in excess of the nominal value. The share premium reserve qualifies as fiscally recognised paid-up capital for Dutch tax purposes. In the movement of the share premium reserve 2023, \u20ac 7k transaction costs on the issue of stock dividend is included.OTHER RESERVES2023 2022Balance as per 1 January -70,868 -161,762Profit appropriation -31,370 120,961Cash dividend - final distribution prior year -19,633 -17,464Cash dividend - interim -15,116 -12,603Balance as per 31 December -136,988 -70,868", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__91": { "value": "DIVIDEND AND EARNINGS PER SHAREThe final dividend for 2023 is to be distributed in the form of cash, shares or a combination of both as proposed by the Management Board and subject to approval by the General Meeting of Shareholders on 19 April 2024. This proposal was not included as a liability in the balance sheet at 31 December 2023.NUMBER OF SHARES31 December 2023 31 December 2022Weighted average number of ordinary shares 20,117,872 19,869,975Number of ordinary shares entitled to dividend 20,155,221 20,054,241DIVIDEND2023 2022Per share (\u20ac) Total Per share (\u20ac) TotalInterim dividend paid 0.75 15,116 1.04 20,598Proposed final dividend 0.77 15,520 1.12 22,461Total dividend 1.52 30,636 2.16 43,059EARNINGS PER SHARE2023 2022Total result (\u20ac) -7.08 -1.58The calculation of earnings per share at 31 December 2023 is based on the result attributable to ordinary shareholders of \u20ac 142.4m negative (2022: \u20ac 31.4m negative) and a weighted average number of outstanding ordinary shares during 2023 of 20,117,872(2022: 19,869,975).The proposed distribution of the final dividend complies with the fiscal distribution obligation and is in line with the current dividend policy to distribute at least 75% of the direct result.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__90": { "value": "DIVIDEND AND EARNINGS PER SHAREThe final dividend for 2023 is to be distributed in the form of cash, shares or a combination of both as proposed by the Management Board and subject to approval by the General Meeting of Shareholders on 19 April 2024. This proposal was not included as a liability in the balance sheet at 31 December 2023.NUMBER OF SHARES31 December 2023 31 December 2022Weighted average number of ordinary shares 20,117,872 19,869,975Number of ordinary shares entitled to dividend 20,155,221 20,054,241DIVIDEND2023 2022Per share (\u20ac) Total Per share (\u20ac) TotalInterim dividend paid 0.75 15,116 1.04 20,598Proposed final dividend 0.77 15,520 1.12 22,461Total dividend 1.52 30,636 2.16 43,059EARNINGS PER SHARE2023 2022Total result (\u20ac) -7.08 -1.58The calculation of earnings per share at 31 December 2023 is based on the result attributable to ordinary shareholders of \u20ac 142.4m negative (2022: \u20ac 31.4m negative) and a weighted average number of outstanding ordinary shares during 2023 of 20,117,872(2022: 19,869,975).The proposed distribution of the final dividend complies with the fiscal distribution obligation and is in line with the current dividend policy to distribute at least 75% of the direct result.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__92": { "value": "0.75", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "s7_notes__7__92": { "value": "1.04", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "s7_notes__6__94": { "value": "0.77", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "s7_notes__6__93": { "value": "15520000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "s7_notes__7__94": { "value": "1.12", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "s7_notes__7__93": { "value": "22461000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "s7_notes__6__95": { "value": "CAPITAL MANAGEMENTNSI manages equity attributable to shareholders as its capital. NSI prefers to work with a conservative capital structure to underpin its real estate activities, to secure the group\u2019s continuity in the long run. The aim is to have at any point in time sufficient balance sheet capacity to pay out dividends, honour all capital commitments and absorb a material fall in appraisal values, be able to fund investment opportunities and stay well within all loan covenants and so not having to resort to asset disposals or equity issue to restore the balance sheet.NSI prefers to finance itself mostly through unsecured financing to maintain optimal flexibility. It will also look to manage its balance sheet risk in relation to the other risks inherent to the business (economic cycle risk, leasing risk, development risk etc.). NSI also consistently monitors its fiscal capital base to make sure it meets and continues to meet all the requirements related to its FBI-status.Management seeks to achieve a balance between a higher return that could be achieved through a higher level of debt capital, on the one hand, and the benefits of a healthy financial position, on the other. In addition, management safeguards capital by monitoring the loan-to- value ratio and the debt owed to credit institutions / equity ratio. The ratio of debt owed to credit institutions / property invest-ments was 33.0% on 31 December 2023 (31 December 2022: 28.7%). The ratio of debt owed to credit institutions / equity was 32.7% / 67.3% on 31 December 2023 (31 December 2022: 29.2% / 70.8%).All bank covenants are monitored proactively and periodically. The key covenants for NSI relate to:\u2022 Loan-to-value;\u2022 The interest coverage ratio; \u2022 Solvency.Furthermore, loans differ in the use or non-use of security, (public) transferability and other possible characteristics such as convertibility, affiliations with indices and inflation.LOAN-TO-VALUENSI has two covenants relating to loan-to-value (LTV):\u2022 LTV of a pool of NSI\u2019s properties regarding a secured financing arrangement. The maximum individual LTV relating to this specific security must be below 60%; \u2022 LTV regarding NSI\u2019s entire portfolio. The maximum LTV must not exceed 60%.The following table provides an overview of the LTV at group level:LTV (%) as per 31 December Individual LTV's are compliant2023 2022 2023 2022NSI - group-level 33.0% 28.7% Yes YesIn 2023 NSI and its subsidiaries complied with the LTV requirements agreed with banks on both an individual and consolidated level.Furthermore, a number of requirements must be met to achieve and maintain the status of a Dutch real estate investment trust (FBI). One such requirement relates to the maximum LTV (norm: \u2264 60%). The basis for calculating this LTV differs fundamentally from the basis used for financial institutions. For the latter group NSI uses its commercial figures. The figures for tax purposes are used to calculate the LTV to assess the Dutch FBI status. NSI complied with this requirement in 2022.INTEREST COVERAGE RATIONSI has two covenants relating to the interest coverage ratio (ICR):\u2022 The interest coverage ratio for the abovementioned secured pool of properties must be at least 2.0;\u2022 Interest coverage ratio for NSI\u2019s entire portfolio must be at least 2.0.The table below shows the interest coverage ratio (ICR):ICR as per 31 December Individual ICR's are compliant2023 2022 2023 2022NSI - group-level 5.5 6.3 Yes YesIn 2023 NSI and its subsidiaries complied with the independent and consolidated interest coverage ratio requirements agreed with the banks. Based on our ICR debt covenant of 2.0, NSI could absorb a net rental income decline of ca. 63% before breaching this covenant.SOLVENCYBased on the covenants, adjusted shareholders\u2019 equity at group level must be at least 40%. As per 31 December 2023 this was 68.1% (31 December 2022: 69.6%) in line with the covenants.Other than the requirements ensuing from its status as a fiscal investment institution, the company nor its subsidiaries are subject to any externally imposed capital requirements.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__96": { "value": "18. INTEREST BEARING LOANSThe development of the interest bearing loans in 2022 and 2023 was as follows:2023 2022Balance as per 1 January 351,640 389,796Drawn interest bearing loans 10,000 5,000Transaction costs paid -242 -339Amortisation transaction costs 434 383Repayment of interest bearing loans -28,200 -43,200Balance as per 31 December 333,632 351,640Redemption requirement interest bearing loans 65,656Balance as per 31 December 333,632 285,984The maturities of the loans at 31 December 2022 and 31 December 2023 were as follows:31 December 2023 31 December 2022FixedVariable interest TOTAL FixedVariable interest TOTALinterestinterestUp to 1 year 65,656 65,656From 1 to 2 yearsFrom 2 to 5 years 89,781 113,935 203,717 39,928 66,359 106,287From 5 to 10 years 129,916 129,916 179,697 179,697Total 219,697 113,935 333,632 219,624 132,016 351,640Average interest rate (excl. interest-rate swaps) 2.0% 5.7% 2.0% 4.0%In 2023 \u20ac 65.7m of financing expired and an amended secured loan agreement for a new four year term was agreed. No financing will expire in 2024. Loans outstanding have a remaining average maturity of 4.5 years (31 December 2022: 4.7 years) The weighted average annual interest rate on the loans and interest-rate swaps at the end of 2023 was 3.2% (31 December 2022: 2.0%). These include margin, utilisation fees and amortised costs and exclude commitment fees.31 December 2023 31 December 2022SecuredUnsecuredTOTAL SecuredUnsecuredTOTALloansloansloansloansInterest bearing loans - nominal value 55,000 280,000 335,000 65,700 287,500 353,200Amortised costs -213 -1,155 -1,368 -44 -1,516 -1,560Total 54,787 278,845 333,632 65,656 285,984 351,640During 2023 \u20ac 0.2m of financing costs were capitalised (2022: \u20ac 0.3m). The financing costs are recognised in the profit and loss account using the effective interest method. As security for loans (up to \u20ac 55.0m), mortgages were pledged against investment property valued at \u20ac 172.4m (31 December 2022: \u20ac 230.0m), combined with pledges on rental income and maximum LTV requirements.On 31 December 2023 loans and borrowings include a drawn amount of \u20ac 10.0m of a \u20ac 300.0m revolving credit facility (31 December 2022: \u20ac 17.5m of \u20ac 300.0m drawn).The fair value of the loans on 31 December 2023 was \u20ac 311.0m (31 December 2022: \u20ac 322.1m).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__98": { "value": "19. OTHER NON-CURRENT LIABILITIES31 December 2023 31 December 2022Security deposits 3,540 2,764Lease liabilities 992 980Other non-current accounts payable 4,533 3,744The average term of the leases relating to the security deposits is 2.0 years (31 December 2022: 2.3 years). The net present value of non-current future lease obligations amounts to \u20ac 1.0m, consisting of leasehold obligations (\u20ac 0.7m) and car lease obligations (\u20ac 0.3m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__97": { "value": "19. OTHER NON-CURRENT LIABILITIES31 December 2023 31 December 2022Security deposits 3,540 2,764Lease liabilities 992 980Other non-current accounts payable 4,533 3,744The average term of the leases relating to the security deposits is 2.0 years (31 December 2022: 2.3 years). The net present value of non-current future lease obligations amounts to \u20ac 1.0m, consisting of leasehold obligations (\u20ac 0.7m) and car lease obligations (\u20ac 0.3m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__99": { "value": "20. DEBTS TO CREDIT INSTITUTIONSThe item Debts to credit institutions concerns cash loans and current account overdrafts with banks. NSI has concluded credit arrange-ments with a number of banks, of which a part is available as overdraft facility. In the case of cash-pool arrangements, cash and cash equivalents and debts to credit institutions are offset if allowed under IFRS9. The weighted average interest on available credit facilities as per yearend 2023 was 1.3% (yearend 2022: 1.3%) per annum including margin.31 December 2023 31 December 2022Credit facilities 25,000 25,000Unused 13,988 10,963Debts to credit institutions 11,012 14,037", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__100": { "value": "21. CREDITORS AND OTHER PAYABLES2023 2022Creditors 3,971 3,178Taxes 3,074 1,918Interest 603 1,357Security deposits 1,770 1,994Lease liabilities 325 373Deferred income 7,158 6,129Accruals 10,020 8,254Other current payables 35 158Creditors and other payables 26,956 23,361As per 31 December 2023, the net present value included for leasehold obligations amounts to \u20ac 0.1m and for car lease obligations \u20ac 0.2m.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__103": { "value": "22. FINANCIAL INSTRUMENTS - FAIR VALUES AND RISK MANAGEMENTRECOGNITION CATEGORIES AND FAIR VALUESThe table on the next page summarises the book values and fair values of financial assets and liabilities, as well as their applicable level within the fair value hierarchy. FAIR VALUE HIERARCHYFair value measurements are categorised into different levels in the fair value hierarchy depending on the input that formed the basis of the valuation techniques applied.The different levels are defined as follows:\u2022 Level 1: valuation based on quoted prices in active markets for identical assets or liabilities;\u2022 Level 2: valuation of assets or liabilities based on (external) observable information; \u2022 Level 3: valuation of assets or liabilities based wholly or partially on (external) unobservable information.Level 2 applies to all financial instruments; a model in which fair value is determined based on directly or indirectly observable market data. In level 2 fair values for over-the-counter derivatives is calculated as the present value of the estimated future cash flows based on observable yield curves obtained by external data sources (e.g. Bloomberg) and valuation statements received from our counterparties These quotes are regularly tested for adequacy by discounting cash flows using the market interest rate for a similar instrument at the measurement date. Fair values reflect the credit risk of the instrument and include adjustments that take into account the credit risk of the group entity and the counterparty, when appropriate.31 December 2023 31 December 2022NoteFair value Amortised Fair value Fair value Amortised Fair valuelevelcost pricelevelcost priceFinancial assets valued at fair value through profit or lossDerivative financial instruments 2 2 1,163Financial assets valued at amortised cost priceFinancial fixed assets 3 0 3 0Debtors and other receivables 15 2 1,887 2 852Cash and cash equivalents 16 1 202 1 196Financial liabilities valued at fair value through profit or lossDerivative financial instruments 2 1,608 2Financial liabilities valued at amortised cost priceInterest bearing loans 18 2 333,632 2 351,640Other non-current liabilities 19 2 4,533 2 3,744Debts to credit institutions 20 1 11,012 1 14,037Creditors and other payables 21 2 16,724 2 15,314FAIR VALUE HIERARCHYThe categories of financial instruments are: \u2022 AC: Amortised Cost; \u2022 FVPL: Fair Value through Profit or Loss;\u2022 FVOCI: Fair Value through Other Comprehensive Income.The book value of the financial instruments in the balance sheet and the fair values are as follows:NoteCategory31 December 2023 31 December 2022IAS39Book value Fair value Book value Fair valueFinancial fixed assets AC 0 0 0 0Derivative financial instruments FVPL 1,163 1,163Debtors and other receivables 15 AC 1,887 1,887 852 852Cash and cash equivalents 16 AC 202 202 196 196Financial assets 2,089 2,089 2,211 2,211Interest bearing loans 18 AC 333,632 310,986 351,640 322,124Derivative financial instruments FVPL 1,608 1,608Other non-current liabilities 19 AC 4,533 4,533 3,744 3,744Debts to credit institutions 20 AC 11,012 11,012 14,037 14,037Creditors and other payables 21 AC 16,724 16,724 15,314 15,314Financial liabilities 367,509 344,863 384,735 355,219On the balance sheet date the derivative financial instruments had the following maturity:31 December 2023 31 December 2022# contracts NominalFair valueFair value# contracts NominalFair valueFair valuevalueassetsliabilitiesvalueassetsliabilitiesUp to 1 year 9 147,500 1,163From 1 to 5 years 1 55,000 1,608Total 1 55,000 1,608 9 147,500 1,163NSI minimises its interest rate risk by swapping the variable interest it pays on part of its loans for a fixed interest rate by means of a contract with a fixed interest rate of 3.31% (2022: nine contracts with an interest rate varying from -0.11% to 0.73%) with a maturity date in 2027 (2022: 2023). The remaining maturity of the derivative is 3.5 years (2022: 0.4 years). NSI is hedged at an interest rate of 3.3% (2022: 0.4%), excluding margin, 17.9% of the total outstanding variable interest loans are now under hedged (2022: over hedged 4.0%), 82.1% of the total volume is hedged (2022: 104.0%).FINANCIAL RISK MANAGEMENTIn the normal conduct of business, the group is subject to liquidity risk, including financing and refinancing risk, market risk and credit risk. Overall risk management is focused on the unpredictability of the financial markets and is designed to minimise any negative effects on the group\u2019s business performance. The group closely monitors the financial risks associated with its business and financial instru-ments. The group is a long-term investor in real estate and therefore applies the principle that the financing of these investments should also be planned for the long term, in accordance with the risk profile of its business.The policy and monitoring of risks are reviewed regularly and adjusted if necessary to reflect changes in market conditions and the group\u2019s operations.LIQUIDITY RISKInvesting in property is a capital-intensive activity. The property portfolio is financed partly with equity and partly with debt. Funding with debt carries refinancing risks. The potential impact is that there is insufficient liquidity available to meet the company\u2019s obligations at the moment of the interest payment or repayment. Liquidity risk involves the risk of the group having problems fulfilling its financial obliga-tions. The basic principle of liquidity risk management is that sufficient resources should be kept available, if possible, for the group to fulfil its current and future financial obligations under normal and difficult circumstances and without incurring unacceptable losses or harming the reputation of the group.Liquidity risk management involves ensuring the availability of adequate credit facilities. To spread its liquidity risk, the group has funded its operations with various loans and shareholders\u2019 equity. Furthermore, measures have been taken to ensure a higher occupancy rate and to prevent financial losses resulting from the bankruptcies of tenants. Fluctuations in the company\u2019s liquidity needs are absorbed by undrawn parts of committed credit facilities of \u20ac 290.0m (maturity: 2.9 years; 2022: \u20ac 282.5m, maturity: 3.9 years).The interest and repayment obligations were safeguarded for 2023 based on the undrawn parts of committed credit facilities, extensions on loans and lease agreements. Maturity dates are spread over time to minimise liquidity risk. The average remaining maturity of loans is 4.5 years (2022: 4.7 years).At year-end 2023 NSI had \u20ac 25.0m of current account committed credit facilities with banks at its disposal, which is part of a total committed credit facility of \u20ac 300.0m. Of the current account committed credit facility \u20ac 11.0m was drawn on 31 December 2023 (31 December 2022: \u20ac 14.5m of \u20ac 25.0m drawn).The total undrawn committed credit facilities of the interest-bearing loans and current account credit facilities amounted to \u20ac 279.0m at 31 December 2023. Furthermore, cash and cash equivalents amounted to \u20ac 0.2m at 31 December 2023. This brings the total of unused credit facilities and cash and cash equivalents to \u20ac 279.2m at 31 December 2023.The contractual periods of the financial liabilities, including the estimated interest payments are stated below:2023Contractual cash flowBook valueTOTAL < 6 months 6 - 12 1 - 2 years 2 - 5 years > 5 yearsmonthsLoans 333,632 376,124 5,233 5,291 10,525 222,181 132,894Other non-current liabilities 4,533 4,946 689 2,835 1,422Debts to credit institutions 11,012 11,012 11,012Creditors and other payables 16,724 16,733 16,276 457Non-derivative financial liabilities 365,901 408,816 32,522 5,748 11,213 225,016 134,317Derivative financial instruments 1,608 1,249 178 180 357 534Total 367,509 410,064 32,700 5,928 11,570 225,550 134,3172022Contractual cash flowBook valueTOTAL < 6 months 6 - 12 1 - 2 years 2 - 5 years > 5 yearsmonthsLoans 351,640 390,124 69,955 3,232 7,680 123,316 185,941Other non-current liabilities 3,744 4,154 1,144 1,562 1,448Debts to credit institutions 14,037 14,037 14,037Creditors and other payables 15,314 15,324 14,812 511Non-derivative financial liabilities 384,735 423,639 98,804 3,743 8,825 124,878 187,389Derivative financial instrumentsTotal 384,735 423,639 98,804 3,743 8,825 124,878 187,389The gross inflow / outflow reflected in these table shows the non-discounted contractual cash flows related to the derivative financial liabilities held for risk management purposes that are generally not terminated before the end of the contractual period. The information shows the net cash flow amounts for derivatives settled net in cash and the gross cash inflows and outflows for derivatives that are simultaneously settled gross in cash.The interest payments on the loans in the above table with variable interest rates and interest rate swaps used for hedging purposes are based on market interest rates at the end of the reporting period. The amounts may change due to changes in market interest rates. It is not expected that the cash flows assumed in the maturity analysis will occur significantly earlier or with significantly different amounts.MARKET RISKMarket risk exists because of price changes. The purpose of market risk management is to manage and control market risk exposures within acceptable limits while simultaneously optimising returns. Market risk consists of interest rate risk and foreign currency risk. The group uses derivatives to manage the market risk of volatility of interest rates. Such transactions take place within the guidelines laid down in the treasury policy.There is no currency risk exposure at the end of December 2023.INTEREST RATE RISKNSI must at all times meet its obligations under the loans drawn and the interest coverage ratio shows the company\u2019s ability to do so. The interest coverage ratio is calculated as the net rental income divided by the net financing costs. The financing covenants stipulate that the interest coverage ratio may not fall below 2.0.In addition, NSI must comply with the requirements set in terms of its loan-to-value ratio (debts to credit institutions divided by its investments). The financing covenants stipulate that the total amount of loans drawn may not exceed 60% of the value of the underlying investment property. The applicable interest rates on loans are partly dependent on the loan-to-value ratio at the moment the interest rate is being set. If the loan-to-value ratio increases, the interest costs will therefore rise. The ratios to which the company has committed itself in the loan agreements are monitored on a regular basis, at least once every six months.If NSI were not able to meet these criteria and were not able to reach an agreement about this with the banks involved, this could result in the financing arrangements being renegotiated, terminated or prematurely repaid. If NSI does not have sufficient cash or alternative funding sources of funding to meet its obligations, any \"default\" or \"cross-default\" situation can occur. At the end of 2023 the interest coverage ratio was 5.5 (31 December 2022: 6.3), which is higher than the level of 2.0 agreed with the banks. Variable-interest rate loans expose NSI to uncertainty about interest expenses. Derivatives are used to manage interest rate risk. NSI's policy regarding the hedging of interest rate risk is defensive by nature, NSI does not take speculative positions. NSI aims to hedge the majority of the outstanding loans for the medium to long term. On 31 December 2023 NSI held financial derivatives with a nominal value of \u20ac 55m (31 December 2022: \u20ac 147.5m) for the purpose of managing the interest rate risk on its loans.SENSITIVITY OF INTEREST RATEIf the three-month variable interest rate were to rise 100 basis points compared to 31 December 2023, the theoretical interest expenses for 2024 would increase by \u20ac 0.6m (2022: decrease by \u20ac 0.1m), due to a 17.9% exposure on loans to variable interest rates, assuming no changes to the portfolio or financing (including margins). In case the variable interest rate would be 100 basis points lower, the interest expenses would decrease by \u20ac 0.6m (2022: increase by \u20ac 0.1m). The financial derivatives are discounted (inclusive and exclusive of derivatives) in this calculation, but potential changes to the fair value of the derivatives are not.ANALYSIS OF EFFECTIVE INTEREST RATES AND INTEREST RATE REVISIONSThe table below shows the effective interest rate (the variable interest rate is based on 3-month Euribor as per 31 December) of financial assets and liabilities for which interest is payable at the balance sheet date, together with the dates when the rates will be reviewed.2023Effective interest TOTAL < 1 year 1 - 2 years 2 - 5 years > 5 yearsFixed interest loans 2.0% 219,697 89,781 129,916Variable interest loans 5.7% 59,148 59,148Fixed interest as a result of swaps 5.2% 54,787 54,787Total 3.2% 333,632 203,717 129,916Redemption obligationsBalance as per 31 December 2023 333,632 203,717 129,9162022Effective interest TOTAL < 1 year 1 - 2 years 2 - 5 years > 5 yearsFixed interest loans 2.0% 219,624 39,928 179,697Variable interest loans 4.0%Fixed interest as a result of swaps 2.1% 132,016 65,656 66,359Total 2.0% 351,640 65,656 106,287 179,697Redemption obligations 65,656 65,656Balance as per 31 December 2022 285,984 106,287 179,697CREDIT RISKCredit risk is defined as the risk of financial loss to the group if a customer or counterparty to a financial instrument fails to meet their contractual obligations. Credit risks mainly arise from tenant receivables. The book value of the financial assets represents the maximum exposure to credit risk. The maximum credit risk on the balance sheet date was as follows:31 December 2023 31 December 2022Financial fixed assets 0 0Derivative financial instruments 1,163Debtors and other receivables 1,887 852Cash and cash equivalents 202 196Credit risk 2,089 2,211BANKSThe risks associated with a possible non-performance by counterparties are minimised by entering into transactions for loans and derivative financial instruments and cash management with various reputable banks. These banks have credit ratings of at least A1 (Moody\u2019s) or A- (Standard & Poor\u2019s). Management actively monitors the credit ratings.TENANTSThe creditworthiness of tenants is closely monitored by careful screening the credit scores of tenants in advance and by actively moni-toring debtor balances. In addition, rent is generally paid in advance and tenants are required to provide collateral for rent payments for a limited period of three months in the form of guarantee payments or bank guarantees. As the tenant base consists of a large number of different parties, there is no concentration of credit risk.The maturity of (gross) receivables was as follows:31 December 2023 31 December 2022Up to 1 month expired 901 254From 1 to 3 months expired 216 34From 3 months to 1 year expired 231 135More than 1 year expired 386 480Gross debtors 1,734 904Aside from bank guarantees, security deposits for \u20ac 5.3m (2022: \u20ac 4.8m) were obtained to cover for potential loss of creditworthiness of tenants with regard to the receivables, of which \u20ac 1.8m (2022: \u20ac 2.0m) is relating to expiring lease contracts within one year.Movement in the provision for impairment of doubtful debts was as follows:2023 2022Balance as per 1 January 349 300Addition to / release of provision 10 52Write-off bad debts -6 -2Balance as per 31 December 353 349Impairment losses recognised at 31 December 2023 were related to various tenants who indicated that they would not be able to pay outstanding balances due to the economic circumstances. The Group applies the IFRS 9 simplified approach to measure expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared characteristics and the days past due date, adjusted if deemed needed with forward looking information.On this basis the expected loss rate for trade receivables which are less than 90 days expired is below 3.5% and for trade receivables more than 90 days expired these rates per segment are:> 90 days expiredAmsterdam 51.26%Other G4 73.61%Other Netherlands 39.74%", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__102": { "value": "FAIR VALUE HIERARCHYFair value measurements are categorised into different levels in the fair value hierarchy depending on the input that formed the basis of the valuation techniques applied.The different levels are defined as follows:\u2022 Level 1: valuation based on quoted prices in active markets for identical assets or liabilities;\u2022 Level 2: valuation of assets or liabilities based on (external) observable information; \u2022 Level 3: valuation of assets or liabilities based wholly or partially on (external) unobservable information.Level 2 applies to all financial instruments; a model in which fair value is determined based on directly or indirectly observable market data. In level 2 fair values for over-the-counter derivatives is calculated as the present value of the estimated future cash flows based on observable yield curves obtained by external data sources (e.g. Bloomberg) and valuation statements received from our counterparties These quotes are regularly tested for adequacy by discounting cash flows using the market interest rate for a similar instrument at the measurement date. Fair values reflect the credit risk of the instrument and include adjustments that take into account the credit risk of the group entity and the counterparty, when appropriate.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__101": { "value": "FAIR VALUE HIERARCHYFair value measurements are categorised into different levels in the fair value hierarchy depending on the input that formed the basis of the valuation techniques applied.The different levels are defined as follows:\u2022 Level 1: valuation based on quoted prices in active markets for identical assets or liabilities;\u2022 Level 2: valuation of assets or liabilities based on (external) observable information; \u2022 Level 3: valuation of assets or liabilities based wholly or partially on (external) unobservable information.Level 2 applies to all financial instruments; a model in which fair value is determined based on directly or indirectly observable market data. In level 2 fair values for over-the-counter derivatives is calculated as the present value of the estimated future cash flows based on observable yield curves obtained by external data sources (e.g. Bloomberg) and valuation statements received from our counterparties These quotes are regularly tested for adequacy by discounting cash flows using the market interest rate for a similar instrument at the measurement date. Fair values reflect the credit risk of the instrument and include adjustments that take into account the credit risk of the group entity and the counterparty, when appropriate.31 December 2023 31 December 2022NoteFair value Amortised Fair value Fair value Amortised Fair valuelevelcost pricelevelcost priceFinancial assets valued at fair value through profit or lossDerivative financial instruments 2 2 1,163Financial assets valued at amortised cost priceFinancial fixed assets 3 0 3 0Debtors and other receivables 15 2 1,887 2 852Cash and cash equivalents 16 1 202 1 196Financial liabilities valued at fair value through profit or lossDerivative financial instruments 2 1,608 2Financial liabilities valued at amortised cost priceInterest bearing loans 18 2 333,632 2 351,640Other non-current liabilities 19 2 4,533 2 3,744Debts to credit institutions 20 1 11,012 1 14,037Creditors and other payables 21 2 16,724 2 15,314FAIR VALUE HIERARCHYThe categories of financial instruments are: \u2022 AC: Amortised Cost; \u2022 FVPL: Fair Value through Profit or Loss;\u2022 FVOCI: Fair Value through Other Comprehensive Income.The book value of the financial instruments in the balance sheet and the fair values are as follows:NoteCategory31 December 2023 31 December 2022IAS39Book value Fair value Book value Fair valueFinancial fixed assets AC 0 0 0 0Derivative financial instruments FVPL 1,163 1,163Debtors and other receivables 15 AC 1,887 1,887 852 852Cash and cash equivalents 16 AC 202 202 196 196Financial assets 2,089 2,089 2,211 2,211Interest bearing loans 18 AC 333,632 310,986 351,640 322,124Derivative financial instruments FVPL 1,608 1,608Other non-current liabilities 19 AC 4,533 4,533 3,744 3,744Debts to credit institutions 20 AC 11,012 11,012 14,037 14,037Creditors and other payables 21 AC 16,724 16,724 15,314 15,314Financial liabilities 367,509 344,863 384,735 355,219On the balance sheet date the derivative financial instruments had the following maturity:31 December 2023 31 December 2022# contracts NominalFair valueFair value# contracts NominalFair valueFair valuevalueassetsliabilitiesvalueassetsliabilitiesUp to 1 year 9 147,500 1,163From 1 to 5 years 1 55,000 1,608Total 1 55,000 1,608 9 147,500 1,163NSI minimises its interest rate risk by swapping the variable interest it pays on part of its loans for a fixed interest rate by means of a contract with a fixed interest rate of 3.31% (2022: nine contracts with an interest rate varying from -0.11% to 0.73%) with a maturity date in 2027 (2022: 2023). The remaining maturity of the derivative is 3.5 years (2022: 0.4 years). NSI is hedged at an interest rate of 3.3% (2022: 0.4%), excluding margin, 17.9% of the total outstanding variable interest loans are now under hedged (2022: over hedged 4.0%), 82.1% of the total volume is hedged (2022: 104.0%).", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__104": { "value": "\u2022 Level 2: valuation of assets or liabilities based on (external) observable information; \u2022 Level 3: valuation of assets or liabilities based wholly or partially on (external) unobservable information.Level 2 applies to all financial instruments; a model in which fair value is determined based on directly or indirectly observable market data. In level 2 fair values for over-the-counter derivatives is calculated as the present value of the estimated future cash flows based on observable yield curves obtained by external data sources (e.g. Bloomberg) and valuation statements received from our counterparties These quotes are regularly tested for adequacy by discounting cash flows using the market interest rate for a similar instrument at the measurement date. Fair values reflect the credit risk of the instrument and include adjustments that take into account the credit risk of the group entity and the counterparty, when appropriate.31 December 2023 31 December 2022NoteFair value Amortised Fair value Fair value Amortised Fair valuelevelcost pricelevelcost priceFinancial assets valued at fair value through profit or lossDerivative financial instruments 2 2 1,163Financial assets valued at amortised cost priceFinancial fixed assets 3 0 3 0Debtors and other receivables 15 2 1,887 2 852Cash and cash equivalents 16 1 202 1 196Financial liabilities valued at fair value through profit or lossDerivative financial instruments 2 1,608 2Financial liabilities valued at amortised cost priceInterest bearing loans 18 2 333,632 2 351,640Other non-current liabilities 19 2 4,533 2 3,744Debts to credit institutions 20 1 11,012 1 14,037Creditors and other payables 21 2 16,724 2 15,314FAIR VALUE HIERARCHYThe categories of financial instruments are: \u2022 AC: Amortised Cost; \u2022 FVPL: Fair Value through Profit or Loss;\u2022 FVOCI: Fair Value through Other Comprehensive Income.The book value of the financial instruments in the balance sheet and the fair values are as follows:NoteCategory31 December 2023 31 December 2022IAS39Book value Fair value Book value Fair valueFinancial fixed assets AC 0 0 0 0Derivative financial instruments FVPL 1,163 1,163Debtors and other receivables 15 AC 1,887 1,887 852 852Cash and cash equivalents 16 AC 202 202 196 196Financial assets 2,089 2,089 2,211 2,211Interest bearing loans 18 AC 333,632 310,986 351,640 322,124Derivative financial instruments FVPL 1,608 1,608Other non-current liabilities 19 AC 4,533 4,533 3,744 3,744Debts to credit institutions 20 AC 11,012 11,012 14,037 14,037Creditors and other payables 21 AC 16,724 16,724 15,314 15,314Financial liabilities 367,509 344,863 384,735 355,219On the balance sheet date the derivative financial instruments had the following maturity:31 December 2023 31 December 2022# contracts NominalFair valueFair value# contracts NominalFair valueFair valuevalueassetsliabilitiesvalueassetsliabilitiesUp to 1 year 9 147,500 1,163From 1 to 5 years 1 55,000 1,608Total 1 55,000 1,608 9 147,500 1,163NSI minimises its interest rate risk by swapping the variable interest it pays on part of its loans for a fixed interest rate by means of a contract with a fixed interest rate of 3.31% (2022: nine contracts with an interest rate varying from -0.11% to 0.73%) with a maturity date in 2027 (2022: 2023). The remaining maturity of the derivative is 3.5 years (2022: 0.4 years).", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__105": { "value": "FINANCIAL RISK MANAGEMENTIn the normal conduct of business, the group is subject to liquidity risk, including financing and refinancing risk, market risk and credit risk. Overall risk management is focused on the unpredictability of the financial markets and is designed to minimise any negative effects on the group\u2019s business performance. The group closely monitors the financial risks associated with its business and financial instru-ments. The group is a long-term investor in real estate and therefore applies the principle that the financing of these investments should also be planned for the long term, in accordance with the risk profile of its business.The policy and monitoring of risks are reviewed regularly and adjusted if necessary to reflect changes in market conditions and the group\u2019s operations.LIQUIDITY RISKInvesting in property is a capital-intensive activity. The property portfolio is financed partly with equity and partly with debt. Funding with debt carries refinancing risks. The potential impact is that there is insufficient liquidity available to meet the company\u2019s obligations at the moment of the interest payment or repayment. Liquidity risk involves the risk of the group having problems fulfilling its financial obliga-tions. The basic principle of liquidity risk management is that sufficient resources should be kept available, if possible, for the group to fulfil its current and future financial obligations under normal and difficult circumstances and without incurring unacceptable losses or harming the reputation of the group.Liquidity risk management involves ensuring the availability of adequate credit facilities. To spread its liquidity risk, the group has funded its operations with various loans and shareholders\u2019 equity. Furthermore, measures have been taken to ensure a higher occupancy rate and to prevent financial losses resulting from the bankruptcies of tenants. Fluctuations in the company\u2019s liquidity needs are absorbed by undrawn parts of committed credit facilities of \u20ac 290.0m (maturity: 2.9 years; 2022: \u20ac 282.5m, maturity: 3.9 years).The interest and repayment obligations were safeguarded for 2023 based on the undrawn parts of committed credit facilities, extensions on loans and lease agreements. Maturity dates are spread over time to minimise liquidity risk. The average remaining maturity of loans is 4.5 years (2022: 4.7 years).At year-end 2023 NSI had \u20ac 25.0m of current account committed credit facilities with banks at its disposal, which is part of a total committed credit facility of \u20ac 300.0m. Of the current account committed credit facility \u20ac 11.0m was drawn on 31 December 2023 (31 December 2022: \u20ac 14.5m of \u20ac 25.0m drawn).The total undrawn committed credit facilities of the interest-bearing loans and current account credit facilities amounted to \u20ac 279.0m at 31 December 2023. Furthermore, cash and cash equivalents amounted to \u20ac 0.2m at 31 December 2023. This brings the total of unused credit facilities and cash and cash equivalents to \u20ac 279.2m at 31 December 2023.The contractual periods of the financial liabilities, including the estimated interest payments are stated below:2023Contractual cash flowBook valueTOTAL < 6 months 6 - 12 1 - 2 years 2 - 5 years > 5 yearsmonthsLoans 333,632 376,124 5,233 5,291 10,525 222,181 132,894Other non-current liabilities 4,533 4,946 689 2,835 1,422Debts to credit institutions 11,012 11,012 11,012Creditors and other payables 16,724 16,733 16,276 457Non-derivative financial liabilities 365,901 408,816 32,522 5,748 11,213 225,016 134,317Derivative financial instruments 1,608 1,249 178 180 357 534Total 367,509 410,064 32,700 5,928 11,570 225,550 134,3172022Contractual cash flowBook valueTOTAL < 6 months 6 - 12 1 - 2 years 2 - 5 years > 5 yearsmonthsLoans 351,640 390,124 69,955 3,232 7,680 123,316 185,941Other non-current liabilities 3,744 4,154 1,144 1,562 1,448Debts to credit institutions 14,037 14,037 14,037Creditors and other payables 15,314 15,324 14,812 511Non-derivative financial liabilities 384,735 423,639 98,804 3,743 8,825 124,878 187,389Derivative financial instrumentsTotal 384,735 423,639 98,804 3,743 8,825 124,878 187,389The gross inflow / outflow reflected in these table shows the non-discounted contractual cash flows related to the derivative financial liabilities held for risk management purposes that are generally not terminated before the end of the contractual period. The information shows the net cash flow amounts for derivatives settled net in cash and the gross cash inflows and outflows for derivatives that are simultaneously settled gross in cash.The interest payments on the loans in the above table with variable interest rates and interest rate swaps used for hedging purposes are based on market interest rates at the end of the reporting period. The amounts may change due to changes in market interest rates. It is not expected that the cash flows assumed in the maturity analysis will occur significantly earlier or with significantly different amounts.MARKET RISKMarket risk exists because of price changes. The purpose of market risk management is to manage and control market risk exposures within acceptable limits while simultaneously optimising returns. Market risk consists of interest rate risk and foreign currency risk. The group uses derivatives to manage the market risk of volatility of interest rates. Such transactions take place within the guidelines laid down in the treasury policy.There is no currency risk exposure at the end of December 2023.INTEREST RATE RISKNSI must at all times meet its obligations under the loans drawn and the interest coverage ratio shows the company\u2019s ability to do so. The interest coverage ratio is calculated as the net rental income divided by the net financing costs. The financing covenants stipulate that the interest coverage ratio may not fall below 2.0.In addition, NSI must comply with the requirements set in terms of its loan-to-value ratio (debts to credit institutions divided by its investments). The financing covenants stipulate that the total amount of loans drawn may not exceed 60% of the value of the underlying investment property. The applicable interest rates on loans are partly dependent on the loan-to-value ratio at the moment the interest rate is being set. If the loan-to-value ratio increases, the interest costs will therefore rise. The ratios to which the company has committed itself in the loan agreements are monitored on a regular basis, at least once every six months.If NSI were not able to meet these criteria and were not able to reach an agreement about this with the banks involved, this could result in the financing arrangements being renegotiated, terminated or prematurely repaid. If NSI does not have sufficient cash or alternative funding sources of funding to meet its obligations, any \"default\" or \"cross-default\" situation can occur. At the end of 2023 the interest coverage ratio was 5.5 (31 December 2022: 6.3), which is higher than the level of 2.0 agreed with the banks. Variable-interest rate loans expose NSI to uncertainty about interest expenses. Derivatives are used to manage interest rate risk. NSI's policy regarding the hedging of interest rate risk is defensive by nature, NSI does not take speculative positions. NSI aims to hedge the majority of the outstanding loans for the medium to long term. On 31 December 2023 NSI held financial derivatives with a nominal value of \u20ac 55m (31 December 2022: \u20ac 147.5m) for the purpose of managing the interest rate risk on its loans.SENSITIVITY OF INTEREST RATEIf the three-month variable interest rate were to rise 100 basis points compared to 31 December 2023, the theoretical interest expenses for 2024 would increase by \u20ac 0.6m (2022: decrease by \u20ac 0.1m), due to a 17.9% exposure on loans to variable interest rates, assuming no changes to the portfolio or financing (including margins). In case the variable interest rate would be 100 basis points lower, the interest expenses would decrease by \u20ac 0.6m (2022: increase by \u20ac 0.1m). The financial derivatives are discounted (inclusive and exclusive of derivatives) in this calculation, but potential changes to the fair value of the derivatives are not.ANALYSIS OF EFFECTIVE INTEREST RATES AND INTEREST RATE REVISIONSThe table below shows the effective interest rate (the variable interest rate is based on 3-month Euribor as per 31 December) of financial assets and liabilities for which interest is payable at the balance sheet date, together with the dates when the rates will be reviewed.2023Effective interest TOTAL < 1 year 1 - 2 years 2 - 5 years > 5 yearsFixed interest loans 2.0% 219,697 89,781 129,916Variable interest loans 5.7% 59,148 59,148Fixed interest as a result of swaps 5.2% 54,787 54,787Total 3.2% 333,632 203,717 129,916Redemption obligationsBalance as per 31 December 2023 333,632 203,717 129,9162022Effective interest TOTAL < 1 year 1 - 2 years 2 - 5 years > 5 yearsFixed interest loans 2.0% 219,624 39,928 179,697Variable interest loans 4.0%Fixed interest as a result of swaps 2.1% 132,016 65,656 66,359Total 2.0% 351,640 65,656 106,287 179,697Redemption obligations 65,656 65,656Balance as per 31 December 2022 285,984 106,287 179,697CREDIT RISKCredit risk is defined as the risk of financial loss to the group if a customer or counterparty to a financial instrument fails to meet their contractual obligations. Credit risks mainly arise from tenant receivables. The book value of the financial assets represents the maximum exposure to credit risk. The maximum credit risk on the balance sheet date was as follows:31 December 2023 31 December 2022Financial fixed assets 0 0Derivative financial instruments 1,163Debtors and other receivables 1,887 852Cash and cash equivalents 202 196Credit risk 2,089 2,211BANKSThe risks associated with a possible non-performance by counterparties are minimised by entering into transactions for loans and derivative financial instruments and cash management with various reputable banks. These banks have credit ratings of at least A1 (Moody\u2019s) or A- (Standard & Poor\u2019s). Management actively monitors the credit ratings.TENANTSThe creditworthiness of tenants is closely monitored by careful screening the credit scores of tenants in advance and by actively moni-toring debtor balances. In addition, rent is generally paid in advance and tenants are required to provide collateral for rent payments for a limited period of three months in the form of guarantee payments or bank guarantees. As the tenant base consists of a large number of different parties, there is no concentration of credit risk.The maturity of (gross) receivables was as follows:31 December 2023 31 December 2022Up to 1 month expired 901 254From 1 to 3 months expired 216 34From 3 months to 1 year expired 231 135More than 1 year expired 386 480Gross debtors 1,734 904Aside from bank guarantees, security deposits for \u20ac 5.3m (2022: \u20ac 4.8m) were obtained to cover for potential loss of creditworthiness of tenants with regard to the receivables, of which \u20ac 1.8m (2022: \u20ac 2.0m) is relating to expiring lease contracts within one year.Movement in the provision for impairment of doubtful debts was as follows:2023 2022Balance as per 1 January 349 300Addition to / release of provision 10 52Write-off bad debts -6 -2Balance as per 31 December 353 349Impairment losses recognised at 31 December 2023 were related to various tenants who indicated that they would not be able to pay outstanding balances due to the economic circumstances. The Group applies the IFRS 9 simplified approach to measure expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared characteristics and the days past due date, adjusted if deemed needed with forward looking information.On this basis the expected loss rate for trade receivables which are less than 90 days expired is below 3.5% and for trade receivables more than 90 days expired these rates per segment are:> 90 days expiredAmsterdam 51.26%Other G4 73.61%Other Netherlands 39.74%", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__106": { "value": "LIQUIDITY RISKInvesting in property is a capital-intensive activity. The property portfolio is financed partly with equity and partly with debt. Funding with debt carries refinancing risks. The potential impact is that there is insufficient liquidity available to meet the company\u2019s obligations at the moment of the interest payment or repayment. Liquidity risk involves the risk of the group having problems fulfilling its financial obliga-tions. The basic principle of liquidity risk management is that sufficient resources should be kept available, if possible, for the group to fulfil its current and future financial obligations under normal and difficult circumstances and without incurring unacceptable losses or harming the reputation of the group.Liquidity risk management involves ensuring the availability of adequate credit facilities. To spread its liquidity risk, the group has funded its operations with various loans and shareholders\u2019 equity. Furthermore, measures have been taken to ensure a higher occupancy rate and to prevent financial losses resulting from the bankruptcies of tenants. Fluctuations in the company\u2019s liquidity needs are absorbed by undrawn parts of committed credit facilities of \u20ac 290.0m (maturity: 2.9 years; 2022: \u20ac 282.5m, maturity: 3.9 years).The interest and repayment obligations were safeguarded for 2023 based on the undrawn parts of committed credit facilities, extensions on loans and lease agreements. Maturity dates are spread over time to minimise liquidity risk. The average remaining maturity of loans is 4.5 years (2022: 4.7 years).At year-end 2023 NSI had \u20ac 25.0m of current account committed credit facilities with banks at its disposal, which is part of a total committed credit facility of \u20ac 300.0m. Of the current account committed credit facility \u20ac 11.0m was drawn on 31 December 2023 (31 December 2022: \u20ac 14.5m of \u20ac 25.0m drawn).The total undrawn committed credit facilities of the interest-bearing loans and current account credit facilities amounted to \u20ac 279.0m at 31 December 2023. Furthermore, cash and cash equivalents amounted to \u20ac 0.2m at 31 December 2023. This brings the total of unused credit facilities and cash and cash equivalents to \u20ac 279.2m at 31 December 2023.The contractual periods of the financial liabilities, including the estimated interest payments are stated below:2023Contractual cash flowBook valueTOTAL < 6 months 6 - 12 1 - 2 years 2 - 5 years > 5 yearsmonthsLoans 333,632 376,124 5,233 5,291 10,525 222,181 132,894Other non-current liabilities 4,533 4,946 689 2,835 1,422Debts to credit institutions 11,012 11,012 11,012Creditors and other payables 16,724 16,733 16,276 457Non-derivative financial liabilities 365,901 408,816 32,522 5,748 11,213 225,016 134,317Derivative financial instruments 1,608 1,249 178 180 357 534Total 367,509 410,064 32,700 5,928 11,570 225,550 134,3172022Contractual cash flowBook valueTOTAL < 6 months 6 - 12 1 - 2 years 2 - 5 years > 5 yearsmonthsLoans 351,640 390,124 69,955 3,232 7,680 123,316 185,941Other non-current liabilities 3,744 4,154 1,144 1,562 1,448Debts to credit institutions 14,037 14,037 14,037Creditors and other payables 15,314 15,324 14,812 511Non-derivative financial liabilities 384,735 423,639 98,804 3,743 8,825 124,878 187,389Derivative financial instrumentsTotal 384,735 423,639 98,804 3,743 8,825 124,878 187,389The gross inflow / outflow reflected in these table shows the non-discounted contractual cash flows related to the derivative financial liabilities held for risk management purposes that are generally not terminated before the end of the contractual period. The information shows the net cash flow amounts for derivatives settled net in cash and the gross cash inflows and outflows for derivatives that are simultaneously settled gross in cash.The interest payments on the loans in the above table with variable interest rates and interest rate swaps used for hedging purposes are based on market interest rates at the end of the reporting period. The amounts may change due to changes in market interest rates. It is not expected that the cash flows assumed in the maturity analysis will occur significantly earlier or with significantly different amounts.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__107": { "value": "MARKET RISKMarket risk exists because of price changes. The purpose of market risk management is to manage and control market risk exposures within acceptable limits while simultaneously optimising returns. Market risk consists of interest rate risk and foreign currency risk. The group uses derivatives to manage the market risk of volatility of interest rates. Such transactions take place within the guidelines laid down in the treasury policy.There is no currency risk exposure at the end of December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__108-1": { "value": "CREDIT RISKCredit risk is defined as the risk of financial loss to the group if a customer or counterparty to a financial instrument fails to meet their contractual obligations. Credit risks mainly arise from tenant receivables. The book value of the financial assets represents the maximum exposure to credit risk. The maximum credit risk on the balance sheet date was as follows:31 December 2023 31 December 2022Financial fixed assets 0 0Derivative financial instruments 1,163Debtors and other receivables 1,887 852Cash and cash equivalents 202 196Credit risk 2,089 2,211BANKSThe risks associated with a possible non-performance by counterparties are minimised by entering into transactions for loans and derivative financial instruments and cash management with various reputable banks. These banks have credit ratings of at least A1 (Moody\u2019s) or A- (Standard & Poor\u2019s). Management actively monitors the credit ratings.TENANTSThe creditworthiness of tenants is closely monitored by careful screening the credit scores of tenants in advance and by actively moni-toring debtor balances. In addition, rent is generally paid in advance and tenants are required to provide collateral for rent payments for a limited period of three months in the form of guarantee payments or bank guarantees. As the tenant base consists of a large number of different parties, there is no concentration of credit risk.The maturity of (gross) receivables was as follows:31 December 2023 31 December 2022Up to 1 month expired 901 254From 1 to 3 months expired 216 34From 3 months to 1 year expired 231 135More than 1 year expired 386 480Gross debtors 1,734 904Aside from bank guarantees, security deposits for \u20ac 5.3m (2022: \u20ac 4.8m) were obtained to cover for potential loss of creditworthiness of tenants with regard to the receivables, of which \u20ac 1.8m (2022: \u20ac 2.0m) is relating to expiring lease contracts within one year.Movement in the provision for impairment of doubtful debts was as follows:2023 2022Balance as per 1 January 349 300Addition to / release of provision 10 52Write-off bad debts -6 -2Balance as per 31 December 353 349Impairment losses recognised at 31 December 2023 were related to various tenants who indicated that they would not be able to pay outstanding balances due to the economic circumstances. The Group applies the IFRS 9 simplified approach to measure expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared characteristics and the days past due date, adjusted if deemed needed with forward looking information.On this basis the expected loss rate for trade receivables which are less than 90 days expired is below 3.5% and for trade receivables more than 90 days expired these rates per segment are:> 90 days expiredAmsterdam 51.26%Other G4 73.61%Other Netherlands 39.74%", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__111": { "value": "TENANTSThe creditworthiness of tenants is closely monitored by careful screening the credit scores of tenants in advance and by actively moni-toring debtor balances. In addition, rent is generally paid in advance and tenants are required to provide collateral for rent payments for a limited period of three months in the form of guarantee payments or bank guarantees. As the tenant base consists of a large number of different parties, there is no concentration of credit risk.The maturity of (gross) receivables was as follows:31 December 2023 31 December 2022Up to 1 month expired 901 254From 1 to 3 months expired 216 34From 3 months to 1 year expired 231 135More than 1 year expired 386 480Gross debtors 1,734 904Aside from bank guarantees, security deposits for \u20ac 5.3m (2022: \u20ac 4.8m) were obtained to cover for potential loss of creditworthiness of tenants with regard to the receivables, of which \u20ac 1.8m (2022: \u20ac 2.0m) is relating to expiring lease contracts within one year.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__112": { "value": "Movement in the provision for impairment of doubtful debts was as follows:2023 2022Balance as per 1 January 349 300Addition to / release of provision 10 52Write-off bad debts -6 -2Balance as per 31 December 353 349Impairment losses recognised at 31 December 2023 were related to various tenants who indicated that they would not be able to pay outstanding balances due to the economic circumstances. The Group applies the IFRS 9 simplified approach to measure expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared characteristics and the days past due date, adjusted if deemed needed with forward looking information.On this basis the expected loss rate for trade receivables which are less than 90 days expired is below 3.5% and for trade receivables more than 90 days expired these rates per segment are:> 90 days expiredAmsterdam 51.26%Other G4 73.61%Other Netherlands 39.74%", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__113": { "value": "23. OFF-BALANCE SHEET ASSETS AND LIABILITIESOFF- BALANCE SHEET ASSETSPARK OFFICE, ROTTERDAM - NEW OWNER OF THE BUILDINGIn December 2021 NSI sold the Park Office, Rotterdam asset. NSI agreed a conditional additional payment of \u20ac 2.5m (earn-out clause relating to transformation potential), to be paid by the new owner or future owner(s), if an irrevocable environmental permit will be obtained by the owner before 2050.SHOPPING CENTER \u2018T LOON, HEERLEN - INSURANCE COMPANIESFollowing the judgement of the The Hague Court of Appeal dated 21 November 2023, the association of owners of shopping mall 't Loon filed a claim with its general liability insurers to compensate the legal fees of the association of owners incurred as a consequence of the legal proceedings connected to the sinkhole in 2011. A first calculation of the legal fees incurred amount up to \u20ac 0.5m. NSI, as (former) member of the association owners, is entitled to approximately 60% of this claim.OTHERThe company has entered into investment commitments for an amount of \u20ac 5.4m (31 December 2022: \u20ac 1.8m) relating to investment properties. For maintenance, technical property management, IT-providers etc. the company has entered into other contractual obliga-tions for \u20ac 6.6m (31 December 2022: \u20ac 5.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__115": { "value": "OTHERThe company has entered into investment commitments for an amount of \u20ac 5.4m (31 December 2022: \u20ac 1.8m) relating to investment properties. For maintenance, technical property management, IT-providers etc. the company has entered into other contractual obliga-tions for \u20ac 6.6m (31 December 2022: \u20ac 5.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__114": { "value": "OTHERThe company has entered into investment commitments for an amount of \u20ac 5.4m (31 December 2022: \u20ac 1.8m) relating to investment properties. For maintenance, technical property management, IT-providers etc. the company has entered into other contractual obliga-tions for \u20ac 6.6m (31 December 2022: \u20ac 5.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__116": { "value": "24. RELATED PARTIESThe following parties qualify as related parties: \u2022 The company and its subsidiaries;\u2022 Its Supervisory Board members and;\u2022 Management Board members. NSI defines its statutory Management Board as \u201ckey management personnel\u201d. INTERESTS OF MAJOR INVESTORSNotifications of shareholdings of more than 3% are disclosed under the Dutch Disclosure of Major Holdings in Listed Companies Act. According to the Dutch Authority for the Financial Markets (AFM) the following shareholders hold a stake of more than 3% on 31 December:31 December 2023 31 December 2022ICAMAP Investments SARL 10.0% 10.0%BlackRock, Inc. 5.6% 5.8%Clearance Capital Ltd. 5.1% 3.1%Ameriprise Financial < 3.0% 5.1%SUPERVISORY BOARD AND MANAGEMENT BOARD MEMBERSThe members of the Supervisory and Management Boards of NSI N.V. have no direct personal interest in the investments made by NSI N.V., nor did they have such an interest at any time in the past year. The company is not aware of any investment property transactions with persons or institutions that could be considered to have a direct relationship with the company in the reporting year. REMUNERATION OF THE SUPERVISORY BOARD2023 2022Jan-Willem de Geus 59 62Jan-Willem Dockheer 44 44Margreet Haandrikman 44 43Karin Koks - Van der Sluis 48 54Harm Meijer (up to 19 June 2023) 20 45Remuneration Supervisory Board 215 247The schedule above includes the payment the Supervisory Board members receive as a member of the Audit Committee, the Remunera-tion Committee, the Selection & Appointment Committee and the Real Estate Committee.The Supervisory Board members did not hold any shares in the company at the end of 2023 (2022: 0), except for Mrs. Koks - van der Sluis who holds 163 shares (2022: 163 shares). Furthermore, Mr. Meijer, who resigned from the Supervisory Board on 19 June 2023, is one of the shareholders at ICAMAP Investments SARL, holding 10.0% of the shares as per 31 December 2023 (2022: 10.0%).REMUNERATION OF THE MANAGEMENT BOARD2023Salary Variable SocialPension Other TOTAL EquityLong term Short termsecurityholding# sharesBernd Stahli 436 82 15 20 2 554 17,700Alianne de Jong (up to 15 November 2023) 295 96 13 14 -9 409 8,522Remuneration Management Board 730 178 28 34 -7 963 26,2222022Salary Variable SocialPension Other TOTAL EquitysecurityholdingLong term Short term# sharesBernd Stahli 436 45 91 13 18 -5 598 17,000Alianne de Jong 341 22 107 13 14 1 499 7,722Remuneration Management Board 777 68 198 27 32 -4 1,097 24,722NSI shares held by directors are purchased at their own risk and expense.The remuneration of the Management Board consists of a base salary, a variable remuneration and secondary employment benefits.The variable component consists of a long-term incentive (LTI) and a short-term incentive (STI).The LTI concerns a rolling cash incentive plan covering a three-year period. The LTI is capped to 90% of the base salary at the moment of the grant for the CEO and at 45% for the CFO. It is based on the total shareholder return (TSR) during the LTI-period. This TSR takes into account the NSI share price at the beginning and at the end of the period as well as dividends distributed during the period. In addi-tion, NSI\u2019s TSR is compared with a benchmark TSR. The STI concerns an annual performance related cash incentive. The collective performance measures in the STI represent short-term results needed for sustainable value creation with respect to the most important achievement areas of the company. These could include occupancy rate, like-for-like net rental income, EPRA earnings per share, organisational targets like personnel retention rate and sustain-ability performance. Next to these collective measures the company could also apply individual targets, related to the individual roles of the members and specific short-term achievements needed for NSI.The STI is capped to 24% of the base salary for the CEO and to 36% of the base salary for the CFO.The variable remuneration is a cash-settled, share-based payment transaction. Its allocation is paid in cash under the condition that the respective Management Board member uses two-thirds of the net amount of the LTI and one-third of the net amount of the STI to purchase NSI shares until the shareholding requirement has been met.During 2023, no LTI remuneration was paid; the variable remuneration paid to the CEO amounted to \u20ac 82k (STI) and for the CFO to \u20ac 96k (STI). The provision included in the balance sheet as per end of December 2023 amounts to \u20ac 189k. The provisions for the CEO and CFO on 31 December 2023 amount to respectively \u20ac 87k (STI) and \u20ac 102k (STI); no provisions for LTI are taken.The variable component in the remuneration overviews consists of the balance of the release of prior year provisions versus the actual payments made to the Management Board and the additional provision taken in the course of 2023.NO SHARE OPTIONS AND NO LOANSNo members of the Management Board or Supervisory Board hold option rights in NSI N.V.. No loans, advances or guarantees have been provided to members of the Management Board or Supervisory Board by NSI N.V..", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__118-1": { "value": "SUPERVISORY BOARD AND MANAGEMENT BOARD MEMBERSThe members of the Supervisory and Management Boards of NSI N.V. have no direct personal interest in the investments made by NSI N.V., nor did they have such an interest at any time in the past year. The company is not aware of any investment property transactions with persons or institutions that could be considered to have a direct relationship with the company in the reporting year.REMUNERATION OF THE SUPERVISORY BOARD2023 2022Jan-Willem de Geus 59 62Jan-Willem Dockheer 44 44Margreet Haandrikman 44 43Karin Koks - Van der Sluis 48 54Harm Meijer (up to 19 June 2023) 20 45Remuneration Supervisory Board 215 247The schedule above includes the payment the Supervisory Board members receive as a member of the Audit Committee, the Remunera-tion Committee, the Selection & Appointment Committee and the Real Estate Committee.The Supervisory Board members did not hold any shares in the company at the end of 2023 (2022: 0), except for Mrs. Koks - van der Sluis who holds 163 shares (2022: 163 shares). Furthermore, Mr. Meijer, who resigned from the Supervisory Board on 19 June 2023, is one of the shareholders at ICAMAP Investments SARL, holding 10.0% of the shares as per 31 December 2023 (2022: 10.0%).REMUNERATION OF THE MANAGEMENT BOARD2023Salary Variable SocialPension Other TOTAL EquityLong term Short termsecurityholding# sharesBernd Stahli 436 82 15 20 2 554 17,700Alianne de Jong (up to 15 November 2023) 295 96 13 14 -9 409 8,522Remuneration Management Board 730 178 28 34 -7 963 26,2222022Salary Variable SocialPension Other TOTAL EquitysecurityholdingLong term Short term# sharesBernd Stahli 436 45 91 13 18 -5 598 17,000Alianne de Jong 341 22 107 13 14 1 499 7,722Remuneration Management Board 777 68 198 27 32 -4 1,097 24,722NSI shares held by directors are purchased at their own risk and expense.The remuneration of the Management Board consists of a base salary, a variable remuneration and secondary employment benefits.The variable component consists of a long-term incentive (LTI) and a short-term incentive (STI).The LTI concerns a rolling cash incentive plan covering a three-year period. The LTI is capped to 90% of the base salary at the moment of the grant for the CEO and at 45% for the CFO. It is based on the total shareholder return (TSR) during the LTI-period. This TSR takes into account the NSI share price at the beginning and at the end of the period as well as dividends distributed during the period. In addi-tion, NSI\u2019s TSR is compared with a benchmark TSR. The STI concerns an annual performance related cash incentive. The collective performance measures in the STI represent short-term results needed for sustainable value creation with respect to the most important achievement areas of the company. These could include occupancy rate, like-for-like net rental income, EPRA earnings per share, organisational targets like personnel retention rate and sustain-ability performance. Next to these collective measures the company could also apply individual targets, related to the individual roles of the members and specific short-term achievements needed for NSI.The STI is capped to 24% of the base salary for the CEO and to 36% of the base salary for the CFO.The variable remuneration is a cash-settled, share-based payment transaction. Its allocation is paid in cash under the condition that the respective Management Board member uses two-thirds of the net amount of the LTI and one-third of the net amount of the STI to purchase NSI shares until the shareholding requirement has been met.During 2023, no LTI remuneration was paid; the variable remuneration paid to the CEO amounted to \u20ac 82k (STI) and for the CFO to \u20ac 96k (STI). The provision included in the balance sheet as per end of December 2023 amounts to \u20ac 189k. The provisions for the CEO and CFO on 31 December 2023 amount to respectively \u20ac 87k (STI) and \u20ac 102k (STI); no provisions for LTI are taken.The variable component in the remuneration overviews consists of the balance of the release of prior year provisions versus the actual payments made to the Management Board and the additional provision taken in the course of 2023.NO SHARE OPTIONS AND NO LOANSNo members of the Management Board or Supervisory Board hold option rights in NSI N.V.. No loans, advances or guarantees have been provided to members of the Management Board or Supervisory Board by NSI N.V..", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__121": { "value": "25. SUBSIDIARIESThe following subsidiaries are included in the consolidated financial statements: 31 December 2023 31 December 2022NSI Real Estate B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Kantoren B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed I B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed IV B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed V B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed VI B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed VII B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed VIII B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed IX B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed X B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed XI B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed X IIB.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed XIII B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed XIV B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed XV B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed XVI B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed XVII B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed XVIII B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed XIX B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed XX B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed XXI B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed XXII B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed XXIII B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed XXIV B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed XXV B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed XXVI B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed XXVII B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed XXVIII B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed XXIX B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed XXX B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed XXXI B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed XXXII B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed XXXIII B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed XXXIV B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed XXXXI B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed XXXXII B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Flexoffices B.V. Amsterdam, The Netherlands 100.0% 100.0%HNK Vastgoed B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed II B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed III B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed XXXV B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed XXXVI B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed XXXVII B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed XXXVIII B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed XXXIX B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed XXXX B.V. Amsterdam, The Netherlands 100.0%NSI Vastgoed XXXXIII B.V. Amsterdam, The Netherlands 100.0%HNK Services B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Development B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Projects I B.V. Amsterdam, The Netherlands 100.0%NSI Projects II B.V. Amsterdam, The Netherlands 100.0%NSI Projects III B.V. Amsterdam, The Netherlands 100.0%", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }