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"ifrs-full:RevaluationSurplusMember", "unit": "iso4217:EUR" } }, "StatementOfConsolidatedChangesInEquity_TotalLabel_00492": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "StatementOfConsolidatedChangesInEquity_TotalLabel_00491": { "value": "-1870000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "erc:ResultForTheYearMember", "unit": "iso4217:EUR" } }, "StatementOfConsolidatedChangesInEquity_TotalLabel_00490": { "value": "-1870000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "StatementOfConsolidatedChangesInEquity_PeriodEndLabel_00245": { "value": "386000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "StatementOfConsolidatedChangesInEquity_PeriodEndLabel_00244": { "value": "17803000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "StatementOfConsolidatedChangesInEquity_PeriodEndLabel_00243": { "value": "4035000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember", "unit": "iso4217:EUR" } }, "StatementOfConsolidatedChangesInEquity_PeriodEndLabel_00242": { "value": "-10658000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "StatementOfConsolidatedChangesInEquity_PeriodEndLabel_00241": { "value": "-1870000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "erc:ResultForTheYearMember", "unit": "iso4217:EUR" } }, "StatementOfConsolidatedChangesInEquity_PeriodEndLabel_00246": { "value": "9696000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00290": { "value": "Corporate Information
ER Capital N.V. (the \u201cCompany\u201d or \u201cER Capital\u201d) is a public company with limited liability (naamloze
vennootschap) incorporated under the laws of the Netherlands, with its statutory seat in Rotterdam and
its registered office at Westplein 9a, 3016 BM Rotterdam, the Netherlands (Dutch Chamber of
Commerce number: 29046021, LEI code: [7245O0IS1M4H9S4SDD39]). The Company\u2019s ordinary shares
are admitted to listing and trading on Euronext Amsterdam under the trade name ER Capital N.V. and
ticker symbol \u201cERC\u201d. As an issuer whose securities are admitted to trading on a regulated market in the
Netherlands, the Company qualifies as an organisation of public interest (\u201corganisatie van openbaar
belang\u201d). In these consolidated financial statements, the names \u201cER Capital\u201d or \u201cthe Company\u201d are used
to refer to ER Capital N.V.
At 31 December 2025, the Company\u2019s issued share capital consisted of 21,555,030 shares in ER Capital
N.V., comprising 2,050,154 ordinary shares that were admitted to listing and trading on Euronext
Amsterdam and 15,452,908 ordinary shares that had been issued but were, as at that date, still pending
admission to listing on Euronext Amsterdam (see also the Information Document on the Website of ER
Capital N.V.).
As at the date of publication of these financial statements, these 15,452,908 ordinary
shares have still not been admitted to listing and trading on Euronext Amsterdam.
The activities of ER Capital N.V. and its subsidiaries primarily consist of obtaining, developing, managing,
exploiting, encumbering and, in limited cases, disposing of commercial real estate located in the
Netherlands, as well as holding and managing related property and assets in general.
On 30 June 2025, a legal demerger of the former privately held ER Capital N.V. became effective. As part
of this transaction, all assets and liabilities of that entity were transferred under universal succession of
title to three subsidiaries of Titan N.V. In connection with the demerger, Titan N.V. effectively acquired
the ER Capital business and settled the consideration through the allotment of new ordinary shares to
the former shareholders of ER Capital N.V. Following completion of the transaction, Titan N.V. changed
its statutory name to ER Capital N.V., and the listing on Euronext Amsterdam was updated to the current
trade name ER Capital N.V. with ticker symbol \u201cERC\u201d. ABN AMRO Bank N.V. (\u201cABN AMRO\u201d) acts as listing
and paying agent and maintains the shareholder register of the Company.
The consolidated financial statements for the year ended 31 December 2025 were authorized for issue
by the Executive Board on 29-4-2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00283": { "value": "public company with limited liability", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00286": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00284": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00282": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00285": { "value": "Westplein 9a, 3016 BM Rotterdam, the Netherlands (Dutch Chamber of Commerce number: 29046021", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00287": { "value": "The activities of ER Capital N.V. and its subsidiaries primarily consist of obtaining, developing, managing, exploiting, encumbering and, in limited cases, disposing of commercial real estate located in the Netherlands, as well as holding and managing related property and assets in general.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00289": { "value": "ER Capital N.V.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00280": { "value": "ER Capital N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00288": { "value": "ER Capital N.V.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00281": { "value": "Titan N.V. changed its statutory name to ER Capital N.V.", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00291": { "value": "Basis of preparation
These consolidated financial statements have been prepared in accordance with International Financial
Reporting Standards as adopted by the European Union (IFRS-EU) and with Part 9 of Book 2 of the Dutch
Civil Code (\u201cDCC\u201d). The financial statements are prepared on a going-concern basis and presented in
EUR, and all amounts are rounded to the nearest thousand (\u20ac x 1,000), unless stated otherwise.
Going concern and liquidity
The Executive Board has prepared cash flow projections for a period of at least twelve months from
the date of approval of these financial statements. These projections are based on internally approved
budgets and include different scenarios, taking into account contracted rental income, potential
structuring fee income upon the establishment of funds and continued access to financing.
A conservative scenario has also been prepared, which does not assume the realisation of uncommitted
transactions or pipeline activities.
Based on this assessment and taking into account the available mitigating measures, the Executive Board
has a reasonable expectation that the Company will have sufficient liquidity to meet its financial
obligations for the relevant period. Accordingly, the financial statements have been prepared on a going
concern basis.
Reverse acquisition
- Accounting acquirer and accounting acquiree
With effect from 30 June 2025, ER Capital N.V. was legally demerged (juridische driehoekssplitsing)
pursuant to Title 7, Book 2 of the Dutch Civil Code. As a result, ER Capital N.V. ceased to exist. Its assets
and liabilities were transferred under universal title to three newly incorporated subsidiaries of Titan
N.V.: ERC Tussenholding I B.V., ERC Tussenholding II B.V. and ERC Vastgoed Holding B.V. In exchange, Titan
N.V. issued shares directly to the former shareholders of ER Capital N.V. Following completion of the
transaction, the former shareholders of ER Capital N.V. obtained control of the combined entity.
Although Titan N.V. is the legal parent and listed entity, the transaction has been accounted for as a
reverse acquisition, whereby ER Capital N.V. is identified as the accounting acquirer and Titan N.V. as the
accounting acquiree.
Management assessed whether Titan N.V. meets the definition of a business in accordance with IFRS 3.
At the acquisition date, Titan N.V. had no employees, no substantive processes and no revenue-
generating activities. Its assets consisted primarily of cash and limited liabilities. Accordingly, it was
concluded that Titan N.V. does not constitute a business and the transaction does not fall within the
scope of IFRS 3.
The transaction has therefore been accounted for as a share-based payment transaction, whereby ER
Capital N.V. is deemed to have issued shares in exchange for the listing status of Titan N.V. The excess of
the fair value of the equity instruments deemed to have been issued over the fair value of the identifiable
net assets acquired has been recognised as a listing expense in profit or loss.
As a result of the reverse acquisition, the consolidated financial statements represent a continuation of
ER Capital N.V. The assets and liabilities of ER Capital N.V. are recognised at their historical carrying
amounts and the retained earnings and other equity balances reflect those of ER Capital N.V. The equity
structure presented reflects the legal capital structure of Titan N.V., including shares issued as part of
the transaction, adjusted to give effect to the reverse acquisition.
Comparative information presented in these consolidated financial statements relates to ER Capital N.V.
for the year ended 31 December 2024. Comparative information of Titan N.V. has not been presented,
as it does not represent the continuing operations of the Group.
Prior to the transaction, Titan N.V. prepared financial statements for a reporting period ending 30
September. Following the reverse acquisition, the reporting period has been aligned to 31 December,
reflecting the fact that the consolidated financial statements represent a continuation of ER Capital N.V.
as the accounting acquirer.
The fair value of the equity instruments deemed to have been issued has been determined based on
2,050,154 shares at a price of \u20ac1.01 per share, resulting in a total fair value of \u20ac2.1 million. The share
price of \u20ac1.01 is based on management\u2019s assessment of fair value at the acquisition date, taking into
account relevant market and transaction-specific considerations, and is considered to represent a
reliable measure of fair value in accordance with IFRS 2.46\u20132.47 and IFRS 2.49. The fair value of the
identifiable net assets acquired amounted to \u20ac0.2 million. The resulting difference of \u20ac1.9 million has
been recognized as a listing expense in profit or loss in accordance with IFRS 2.
Pursuant to the exchange ratio applied in the demerger, the former shareholders of ER Capital N.V.
received in aggregate 15,452,908 ordinary shares, 4,051,868 cumulative preference shares and 100 class
M shares in Titan N.V., each with a nominal value of \u20ac0.10. This represents approximately 90.5% of the
total issued share capital of Titan N.V. following completion. The pre-existing shareholders of Titan N.V.
retained 2,050,154 shares, representing the remaining 9.5%. Total issued share capital of Titan N.V.
following the demerger amounted to 21,555,030 shares
Reporting periods
Prior to the transaction of the legal demerger (30 June 2025), former Titan N.V. applied a financial year
ending on 30 September 2025. Following the transaction, Titan N.V.\u2019s financial year was statutorily
extended to 31 December 2025, resulting in a financial reporting period of 15 months from 1 October
2024 to 31 December 2025 of the accounting acquiree.
For the purposes of the consolidated financial statements for the year ended 31 December 2025, former
Titan N.V.\u2019s results have been included based on this extended reporting period. This approach is
considered appropriate by management, as former Titan N.V. did not represent the continuing business
of the Group prior to the transaction.
Comparative information
The comparative figures presented in these consolidated financial statements for the year ended 31
December 2024 are based on the audited consolidated financial statements of ER Capital N.V. (old).
The historical financial information of former Titan N.V. for the year ended 30 September 2024 has not
been presented as comparative information in the consolidated financial statements, as former Titan
N.V. did not represent the continuing business of the Group prior to the transaction. Titan\u2019s historical
financial information has been used solely for the purpose of determining the accounting consequences
of the transaction, including the business combination disclosures.
In the separate financial statements
of ER Capital N.V., comparative information is presented based on the historical financial statements of
former Titan N.V., being the legal parent entity.
Implications of new, amended and improved standards
A number of new standards and amendments to standards and interpretations are effective for annual
periods beginning after 1 January 2025. These standards and amendments did not have an impact on
these consolidated financial statements:
-
Amendments to IAS 1, \u201cPresentation of Financial Statements: Classification of Liabilities as
Current or Non-current Liabilities with Covenants\u201d;
-
Amendments to IFRS 16\u201d, \u2018Leases: Lease Liability in a Sale and Leaseback\u201d;
-
Amendments to IAS 7, \u201cStatement of Cash Flows\u201d and IFRS 7, \u201cFinancial Instruments:
Disclosures: Supplier Finance Arrangements\u201d.
In addition, the Group notes the forthcoming issuance of IFRS 18 Presentation and Disclosure in Financial
Statements (effective 1 January 2027). The standard will primarily affect the structure and presentation
of primary financial statements without changing underlying recognition or measurement principles.
The Group does not expect a material impact from its implementation.
In May 2024, the IASB issued IFRS 19, which allows eligible entities to elect to apply its reduced disclosure
requirements while still applying the recognition, measurement and presentation requirements in other
IFRS accounting standards. To be eligible at the end of the reporting period, an entity is required to be a
subsidiary as defined in IFRS 10, it cannot have public accountability and has a parent (ultimate or
intermediate) that prepares consolidated financial statements, available for public use, which comply
with IFRS accounting standards. IFRS 19 will become effective for reporting periods beginning on or after
1 January 2027, with early application permitted. As the Group\u2019s equity instruments are publicly traded,
it is not eligible to elect to apply IFRS 19.
Significant accounting estimates and judgements
The preparation of the consolidated financial statements involves making judgments, estimates and
assumptions with respect to the recognition and measurements of assets, liabilities, income and
expenses. Estimates and judgements will be continually evaluated based on historical experience and
other factors, including expectations of future events that are believed to be reasonable under the
circumstances. In the future, actual experience may differ from these estimates and assumptions. The
estimates and assumptions that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year are discussed below. For more detailed
information, we refer to the applicable notes.
Significant judgements
Identification of the accounting acquirer
Management applied significant judgement in identifying ER Capital N.V. (old) as the accounting acquirer
for the purposes of these consolidated financial statements.
This assessment is based on the fact that, following the transaction, the former shareholders of ER
Capital N.V. (old) obtained the majority of the voting rights in the listed entity, substantially all activities,
assets and revenues of the combined Group originate from the ER Capital business, and the
management and key decision-making functions of the Group are those of ER Capital N.V.
Based on these factors, management concluded that Titan N.V. qualifies as the accounting acquiree,
notwithstanding the legal form of the transaction.
Classification of Properties as Investment Property or Property, Plant, and Equipment
Management has judged that properties held for long-term rental income or capital appreciation are
classified as investment properties under IAS 40 and measured at fair value.
Determination of asset acquisition or business combinations
A business combination is a transaction or other event in which the Company obtains control of one or
more businesses. The Company applies the purchase method of accounting to such transactions. New
acquisitions in 2025 relates to the following transactions:
Asset acquisition
- Investment property Zeist in ERC Vastgoed IV B.V.
In May 2025, the Group acquired the investment property located at Zeist. Management assessed
whether these transactions met the definition of a business in accordance with IFRS 3
Business
Combinations
.
Based on the nature of the acquired assets, which comprise leased real estate without the transfer of
substantive processes, employees or systems, management concluded that the transaction represents
asset acquisitions rather than business combinations. Accordingly, the acquisition has been accounted
for as asset acquisition.
Asset acquisition
- Investment property Boreelkazerne in Stichting ERC Subfonds I
In October 2025, the Boreelkazerne property was acquired via an asset deal and is held in Stichting ERC
Subfonds I (Boreel). Control arises from ER Capital N.V.\u2019s power over the relevant activities, its exposure
to variable returns through financing arrangements, and its ability to use its power to affect those
returns. Stichting Boreelkazerne operates as a structured entity, established for the sole purpose of
acquiring and holding a single property. No non-controlling interests are recognised as at 31 December
2025, as no external investors have yet participated. Management has judged that this acquisition
qualifies as an asset acquisition and does not constitute a business combination under IFRS 3.
Business combination - control over ER Capital Vastgoed Fondsmanagement B.V.
Management applied significant judgement in determining that ER Capital N.V. obtained control over
ER Capital Vastgoed Fondsmanagement B.V. on 24 January 2025. Only 49% of the shares were legally
transferred at that date, the remaining 51% interest was prepaid under the share purchase agreement
and decision-making rights were retained by the sellers.
Based on substance over legal form, management concluded that ER Capital N.V. had power over the
relevant activities, exposure to variable returns, and the ability to use its power to affect those returns
in accordance with IFRS 10. Consequently, the acquisition was accounted for as a business combination
and the entity was consolidated from the acquisition date.
Business combination \u2013 control over the KCN Group B.V.
Management applied significant judgement in assessing control over ERC KCN B.V. and its wholly-owned
subsidiaries ERC Tower B.V., ERC Life B.V. and Be Sure B.V. Although ER Capital N.V. holds an indirect equity
interest of 32%, management concluded that control was obtained in accordance with IFRS 10.
This conclusion is based on de facto control, as ER Capital N.V. has the power over the relevant activities
that significantly affect the returns of the KCN Group, is exposed to variable returns, and has the ability
to use its power to affect those returns. As a result, the KCN Group is fully consolidated, with non-
controlling interests recognised for the remaining equity interests held by investors outside the Group.
Significant estimates
Valuation of investment properties
Fair value is the market value that would be paid by market participants at the measurement date and
adjusted, if necessary, for the differences in the nature, location or condition of the specific asset. Fair
values of investment properties are determined by the Executive Board based on appraisals that are
performed by professional independent certified appraisers who hold recognized professional
qualifications and have experience in the location and category of the investment property being valued.
A full valuation is performed every year and/or in case of a triggering event. The independent appraisers
are instructed to determine the fair value of the property in accordance with the International Valuation
Standards (IVS) and the Dutch Register for Commercial Real Estate Valuers (NRVT) adopting three
valuation methods, the Capitalisation Approach, the Discounted Cash Flow Method and the Comparative
method. These guidelines contain mandatory rules and best practice guidelines for valuers. The
remuneration of the appraisers is based on a fixed fee per property. Appraisals are based on assumptions
that include the estimated rental value of the property in operation, net rental income, future capital
expenditure and the market yield of the property. As a result, the value of the property in operation is
subject to a degree of uncertainty. The actual outcomes may therefore differ from the assumptions. This
may have a positive or negative effect on the value of the property in operation, and consequently on
the result.
Included under the investment property in operation is a highest and best use valuation for the
redevelopment of a commercial office to a residential redevelopment. This valuation includes various
assumptions using the residual value method. The significant assumptions included are the market
yields, estimated construction costs, projected sales as well as risk reductions for risk and profit until
completion must be estimated.
For further details on the valuation of investment properties, reference is made to Note 3.
Valuation of deferred tax assets and liabilities
In accordance with IAS 12 Income Taxes, the Group recognizes deferred tax assets and liabilities based
on temporary differences between the carrying amounts of assets and liabilities in the consolidated
financial statements and their respective tax bases. Deferred tax assets are recognized for deductible
temporary differences, unused tax losses carried forward, and unused tax credits, to the extent that it is
probable that sufficient taxable profits will be available in the future against which these can be utilized.
Deferred tax liabilities are recognized for taxable temporary differences, except where the Group is able
to control the reversal of the temporary difference and it is probable that the temporary difference will
not reverse in the foreseeable future.
The valuation of deferred tax assets involves significant management judgment and estimation
uncertainty due to the inherent complexities in forecasting future taxable profits. This assessment
requires the Group to evaluate the availability of future taxable income, taking into account projected
taxable profits, deductible expenses, and the time horizon available for the utilization of tax losses
carried forward, in accordance with applicable tax regulations. Key assumptions include expectations
regarding future business performance, market conditions, and the timing of the reversal of temporary
differences. These estimates are based on the Group\u2019s strategic plans, historical financial performance,
and current market insights, but are subject to uncertainties that may impact the recoverability of
deferred tax assets.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period
when the asset is realized or the liability is settled, based on tax rates and tax laws that have been
enacted or substantively enacted by the reporting date. Changes in tax legislation, rates, or
interpretations may result in adjustments to the carrying amounts of deferred tax assets and liabilities,
with corresponding impacts recognized in profit or loss or, where applicable, in other comprehensive
income or directly in equity, depending on the underlying transaction.
The Group regularly reviews the carrying amounts of deferred tax assets to ensure their recoverability.
If it becomes probable that sufficient taxable profits will not be available, the carrying amount of
deferred tax assets is reduced, with the adjustment recognized in profit or loss. Conversely, if new
information indicates that additional taxable profits will be available, previously unrecognized deferred
tax assets may be recognized to the extent that recoverability is deemed probable. The assumptions and
estimates underpinning these valuations are disclosed in further detail in Note 11 and Note 16 to the
consolidated financial statements, including sensitivities to key inputs and potential impacts of changes
in those assumptions.
Leases
- Estimating the incremental borrowing rate
The Group cannot readily determine the interest rate implicit in leases where it is the lessee, therefore,
it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that
the Group would have to pay to borrow over a similar term, and with a similar security, the funds
necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic
environment. The IBR, therefore, reflects what
the Group \u2018would have to pay\u2019, which requires estimation
when no observable rates are available (such as for subsidiaries that do not enter into financing
transactions) or when they need to be adjusted to reflect the terms and conditions of the lease (for
example, when leases are not in the subsidiary\u2019s functional currency). The Group estimates the IBR using
observable inputs (such as market interest rates) when available and is required to make certain entity-
specific estimates (such as the subsidiary\u2019s stand-alone credit rating).
Group relationships
The consolidated financial statements encompass the financial data of ER Capital N.V. and its group
companies as at 31 December 2025. Group companies are defined as legal entities and undertakings
over which ER Capital N.V. exercises control, in accordance with the principles outlined in IFRS 10 -
Consolidated Financial Statements.
Group companies are fully consolidated from the date on which control is acquired and are
deconsolidated upon the date that such control ceases. The line items within the consolidated financial
statements are determined based on uniform accounting policies applied consistently across the group.
Intra-group transactions and resulting profits and losses are eliminated in their entirety to ensure the
integrity of the consolidated figures. ER Capital N.V. is the ultimate parent company of the Group. The
ultimate shareholder of ER Capital N.V. is Overhill B.V., incorporated in the Netherlands.
The consolidation incorporates the financial information of ER Capital N.V. and the following group
\n
companies:
\n\n \n
Name, statutory registered office
Share in issued capital
Included in
%
consolidation
ERC Vastgoed I B.V.
100.00
Yes
Rotterdam
ERC Vastgoed II B.V.
100.00
Yes
Rotterdam
ERC Vastgoed III B.V.
100.00
Yes
Rotterdam
ERC Vastgoed IV B.V.
100.00
Yes
Rotterdam
ERC Vastgoed V B.V.
100.00
Yes
Rotterdam
ERC Vastgoed VI B.V.
100.00
Yes
Rotterdam
ERC Vastgoed VII B.V.
100.00
Yes
Rotterdam
ERC Vastgoed VIII B.V.
100.00
Yes
Rotterdam
ERC Vastgoed IX B.V.
100.00
Yes
Rotterdam
ERC Vastgoed X B.V.
100.00
Yes
Rotterdam
ERC Vastgoed XI B.V.
100.00
Yes
Rotterdam
ERC Vastgoed XII B.V.
100.00
Yes
Rotterdam
ERC Vastgoed XIII B.V.
100.00
Yes
Rotterdam
ERC Vastgoed XIV B.V.
100.00
Yes
Rotterdam
ERC Vastgoed XV B.V.
100.00
Yes
Rotterdam
ERC Investments B.V.
100.00
Yes
Rotterdam
ER Services en Administraties B.V.
100.00
Yes
Rotterdam
ERC Support B.V.
100.00
Yes
Rotterdam
ER Capital Finance N.V.
100.00
Yes
Rotterdam
ERC Capital Corporate Finance B.V.
100.00
Yes
Rotterdam
ERC
Capital Vastgoed Management Beheer B.V.
100.00
Yes
Rotterdam
ERC Vastgoed Holding B.V.
100.00
Yes
Rotterdam
ERC Tussenholding I B.V.
100.00
Yes
Rotterdam
\n \n
ERC Tussenholding II B.V.
100.00
Yes
Rotterdam
ER Capital
CDC & Fondsmanagement B.V.
100.00
Yes
Rotterdam
ERC CDC Management B.V.
100.00
Yes
Rotterdam
ER
Capital
Vastgoed
Fondsmanagement
B.V.
49.00
Yes
Rotterdam
Stichting ERC Subfonds I (Boreel)
100.00
Yes
Rotterdam
ERC
KCN B.V.
32.00
Yes
Rotterdam
ERC
Tower B.V.
32.00
Yes
Rotterdam
ERC
Life B.V.
32.
00
Yes
Rotterdam
Be Sure B.V.
32.00
Yes
Rotterdam
\n
ER Capital Vastgoed Fondsmanagement B.V.
\n
On 24 January 2025, the Group obtained control over Van Boom & Slettenhaar Fondsmanagement B.V.
\n
(subsequently renamed ER Capital Vastgoed Fondsmanagement B.V.) through the acquisition of 49% of
\n
the issued share capital. The remaining 51% interest has been prepaid under the share purchase
\n
agreement but had not yet been legally transferred as at the reporting date. Although ER Capital N.V.\u2019s
\n
legal ownership interest is below 50% as at 31 December 2025, ER Capital N.V. has control over ER Capital
\n
Vastgoed Fondsmanagement B.V. in accordance with IFRS 10. Control is assessed based on substance
\n
over form and arises from the fact that ER Capital N.V. has the power over the relevant activities that
\n
significantly affect the returns of the entity, is exposed to variable returns, and has the ability to use its
\n
power to affect those returns. Accordingly, ERC Vastgoed Fondsmanagement B.V. is classified as a
\n
subsidiary and is fully consolidated in the consolidated financial statements of ER Capital N.V. as at 31
\n
December 2025. No non-controlling interests are recognised, as no external parties hold substantive
\n
rights to the results or net assets of the entity at the reporting date. As per 31 December 2025, ER Capital
\n
N.V. has no control over the existing funds (B&S Vastgoed XVIII C.V.), managed by ER Capital Vastgoed
\n
Fondsmanagement B.V.
\n
Stichting ERC Subfonds I (Boreel)
\n
In October 2025, the Boreelkazerne property was acquired via an asset deal and is held in Stichting ERC
\n
Subfonds I (Boreel). As at 31 December 2025, ER Capital N.V. (indirectly) has control over the relevant
\n
activities of the structure and bears substantially all risks and rewards. Stichting ERC Subfonds I (Boreel)
\n
is therefore fully consolidated in the ER Capital N.V. Group financial statements as from the acquisition
\n
date. No non-controlling interests are recognised as at 31 December 2025, as no external investors have
\n
yet participated.
\n
ERC KCN B.V.
\n
In December 2025, ER Capital N.V. obtained control over ERC KCN B.V. and its wholly-owned subsidiaries
\n
ERC Tower B.V., ERC Life B.V. and Be Sure B.V. (together referred to as the KCN Group). ER Capital N.V.
\n
holds an indirect equity interest of 32% in ERC KCN B.V. through ERC Investments B.V., a wholly-owned
\n
subsidiary of ER Capital N.V., while the remaining equity interests are held by investors outside the ER
\n
Capital N.V. Group.
Although ER Capital N.V. does not hold a majority of the voting rights, management has concluded that
ER Capital N.V. has control over ERC KCN B.V. in accordance with IFRS 10. This assessment is based on
substance over form and considers that ER Capital N.V. has the power over the relevant activities that
significantly affect the returns of the entity, is exposed to variable returns, and has the ability to use its
power to affect those returns.
Accordingly, ERC KCN B.V. is classified as a subsidiary and is fully consolidated in the consolidated financial
statements of ER Capital N.V. as at 31 December 2025. Non-controlling interests are recognised for the
equity interests held by investors outside the ER Capital N.V. Group (68%).
ERC Tower B.V.
ERC Tower B.V. is a wholly-owned subsidiary of ERC KCN B.V. ERC Tower B.V. holds real estate assets that
form part of the KCN investment structure. As ERC KCN B.V. is controlled by ER Capital N.V., ERC Tower
B.V. is included in the scope of consolidation of ER Capital N.V. and is fully consolidated in the
consolidated financial statements as at 31 December 2025. Any non-controlling interests presented in
the consolidated financial statements arise at the level of ERC KCN B.V. and are indirectly attributable
to ERC Life B.V.
ERC Life B.V.
ERC Life B.V. is a wholly-owned subsidiary of ERC KCN B.V. ERC Life B.V. forms part of the KCN subgroup
and holds real estate-related activities within that structure. ERC Life B.V. is included in the scope of
consolidation of ER Capital N.V. through ERC KCN B.V. and is fully consolidated in the consolidated
financial statements of ER Capital N.V. as at 31 December 2025. Any non-controlling interests
presented in the consolidated financial statements arise at the level of ERC KCN B.V. and are indirectly
attributable to ERC Life B.V.
Be Sure B.V.
Be Sure B.V. is a wholly-owned subsidiary of ERC KCN B.V. Be Sure B.V. is therefore included in the scope
of consolidation of ER Capital N.V. through ERC KCN B.V. and is fully consolidated in the consolidated
financial statements as at 31 December 2025. Any non-controlling interests presented in the
consolidated financial statements arise at the level of ERC KCN B.V. and are indirectly attributable to
ERC Life B.V.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00292": { "value": "Going concern and liquidity
The Executive Board has prepared cash flow projections for a period of at least twelve months from
the date of approval of these financial statements. These projections are based on internally approved
budgets and include different scenarios, taking into account contracted rental income, potential
structuring fee income upon the establishment of funds and continued access to financing.
A conservative scenario has also been prepared, which does not assume the realisation of uncommitted
transactions or pipeline activities.
Based on this assessment and taking into account the available mitigating measures, the Executive Board
has a reasonable expectation that the Company will have sufficient liquidity to meet its financial
obligations for the relevant period. Accordingly, the financial statements have been prepared on a going
concern basis.Going concern
The financial statements have been prepared on a going concern basis. The Executive Board has
assessed the Company\u2019s ability to continue as a going concern for a period of at least twelve months
from the date of approval of these financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00294": { "value": "Implications of new, amended and improved standards
A number of new standards and amendments to standards and interpretations are effective for annual
periods beginning after 1 January 2025. These standards and amendments did not have an impact on
these consolidated financial statements:
-
Amendments to IAS 1, \u201cPresentation of Financial Statements: Classification of Liabilities as
Current or Non-current Liabilities with Covenants\u201d;
-
Amendments to IFRS 16\u201d, \u2018Leases: Lease Liability in a Sale and Leaseback\u201d;
-
Amendments to IAS 7, \u201cStatement of Cash Flows\u201d and IFRS 7, \u201cFinancial Instruments:
Disclosures: Supplier Finance Arrangements\u201d.
In addition, the Group notes the forthcoming issuance of IFRS 18 Presentation and Disclosure in Financial
Statements (effective 1 January 2027). The standard will primarily affect the structure and presentation
of primary financial statements without changing underlying recognition or measurement principles.
The Group does not expect a material impact from its implementation.
In May 2024, the IASB issued IFRS 19, which allows eligible entities to elect to apply its reduced disclosure
requirements while still applying the recognition, measurement and presentation requirements in other
IFRS accounting standards. To be eligible at the end of the reporting period, an entity is required to be a
subsidiary as defined in IFRS 10, it cannot have public accountability and has a parent (ultimate or
intermediate) that prepares consolidated financial statements, available for public use, which comply
with IFRS accounting standards. IFRS 19 will become effective for reporting periods beginning on or after
1 January 2027, with early application permitted. As the Group\u2019s equity instruments are publicly traded,
it is not eligible to elect to apply IFRS 19.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00295": { "value": "Significant accounting estimates and judgements
The preparation of the consolidated financial statements involves making judgments, estimates and
assumptions with respect to the recognition and measurements of assets, liabilities, income and
expenses. Estimates and judgements will be continually evaluated based on historical experience and
other factors, including expectations of future events that are believed to be reasonable under the
circumstances. In the future, actual experience may differ from these estimates and assumptions. The
estimates and assumptions that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year are discussed below. For more detailed
information, we refer to the applicable notes.
Significant judgements
Identification of the accounting acquirer
Management applied significant judgement in identifying ER Capital N.V. (old) as the accounting acquirer
for the purposes of these consolidated financial statements.
This assessment is based on the fact that, following the transaction, the former shareholders of ER
Capital N.V. (old) obtained the majority of the voting rights in the listed entity, substantially all activities,
assets and revenues of the combined Group originate from the ER Capital business, and the
management and key decision-making functions of the Group are those of ER Capital N.V.
Based on these factors, management concluded that Titan N.V. qualifies as the accounting acquiree,
notwithstanding the legal form of the transaction.
Classification of Properties as Investment Property or Property, Plant, and Equipment
Management has judged that properties held for long-term rental income or capital appreciation are
classified as investment properties under IAS 40 and measured at fair value.
Determination of asset acquisition or business combinations
A business combination is a transaction or other event in which the Company obtains control of one or
more businesses. The Company applies the purchase method of accounting to such transactions. New
acquisitions in 2025 relates to the following transactions:
Asset acquisition
- Investment property Zeist in ERC Vastgoed IV B.V.
In May 2025, the Group acquired the investment property located at Zeist. Management assessed
whether these transactions met the definition of a business in accordance with IFRS 3
Business
Combinations
.
Based on the nature of the acquired assets, which comprise leased real estate without the transfer of
substantive processes, employees or systems, management concluded that the transaction represents
asset acquisitions rather than business combinations. Accordingly, the acquisition has been accounted
for as asset acquisition.
Asset acquisition
- Investment property Boreelkazerne in Stichting ERC Subfonds I
In October 2025, the Boreelkazerne property was acquired via an asset deal and is held in Stichting ERC
Subfonds I (Boreel). Control arises from ER Capital N.V.\u2019s power over the relevant activities, its exposure
to variable returns through financing arrangements, and its ability to use its power to affect those
returns. Stichting Boreelkazerne operates as a structured entity, established for the sole purpose of
acquiring and holding a single property. No non-controlling interests are recognised as at 31 December
2025, as no external investors have yet participated. Management has judged that this acquisition
qualifies as an asset acquisition and does not constitute a business combination under IFRS 3.
Business combination - control over ER Capital Vastgoed Fondsmanagement B.V.
Management applied significant judgement in determining that ER Capital N.V. obtained control over
ER Capital Vastgoed Fondsmanagement B.V. on 24 January 2025. Only 49% of the shares were legally
transferred at that date, the remaining 51% interest was prepaid under the share purchase agreement
and decision-making rights were retained by the sellers.
Based on substance over legal form, management concluded that ER Capital N.V. had power over the
relevant activities, exposure to variable returns, and the ability to use its power to affect those returns
in accordance with IFRS 10. Consequently, the acquisition was accounted for as a business combination
and the entity was consolidated from the acquisition date.
Business combination \u2013 control over the KCN Group B.V.
Management applied significant judgement in assessing control over ERC KCN B.V. and its wholly-owned
subsidiaries ERC Tower B.V., ERC Life B.V. and Be Sure B.V. Although ER Capital N.V. holds an indirect equity
interest of 32%, management concluded that control was obtained in accordance with IFRS 10.
This conclusion is based on de facto control, as ER Capital N.V. has the power over the relevant activities
that significantly affect the returns of the KCN Group, is exposed to variable returns, and has the ability
to use its power to affect those returns. As a result, the KCN Group is fully consolidated, with non-
controlling interests recognised for the remaining equity interests held by investors outside the Group.
Significant estimates
Valuation of investment properties
Fair value is the market value that would be paid by market participants at the measurement date and
adjusted, if necessary, for the differences in the nature, location or condition of the specific asset. Fair
values of investment properties are determined by the Executive Board based on appraisals that are
performed by professional independent certified appraisers who hold recognized professional
qualifications and have experience in the location and category of the investment property being valued.
A full valuation is performed every year and/or in case of a triggering event. The independent appraisers
are instructed to determine the fair value of the property in accordance with the International Valuation
Standards (IVS) and the Dutch Register for Commercial Real Estate Valuers (NRVT) adopting three
valuation methods, the Capitalisation Approach, the Discounted Cash Flow Method and the Comparative
method. These guidelines contain mandatory rules and best practice guidelines for valuers. The
remuneration of the appraisers is based on a fixed fee per property. Appraisals are based on assumptions
that include the estimated rental value of the property in operation, net rental income, future capital
expenditure and the market yield of the property. As a result, the value of the property in operation is
subject to a degree of uncertainty. The actual outcomes may therefore differ from the assumptions. This
may have a positive or negative effect on the value of the property in operation, and consequently on
the result.
Included under the investment property in operation is a highest and best use valuation for the
redevelopment of a commercial office to a residential redevelopment. This valuation includes various
assumptions using the residual value method. The significant assumptions included are the market
yields, estimated construction costs, projected sales as well as risk reductions for risk and profit until
completion must be estimated.
For further details on the valuation of investment properties, reference is made to Note 3.
Valuation of deferred tax assets and liabilities
In accordance with IAS 12 Income Taxes, the Group recognizes deferred tax assets and liabilities based
on temporary differences between the carrying amounts of assets and liabilities in the consolidated
financial statements and their respective tax bases. Deferred tax assets are recognized for deductible
temporary differences, unused tax losses carried forward, and unused tax credits, to the extent that it is
probable that sufficient taxable profits will be available in the future against which these can be utilized.
Deferred tax liabilities are recognized for taxable temporary differences, except where the Group is able
to control the reversal of the temporary difference and it is probable that the temporary difference will
not reverse in the foreseeable future.
The valuation of deferred tax assets involves significant management judgment and estimation
uncertainty due to the inherent complexities in forecasting future taxable profits. This assessment
requires the Group to evaluate the availability of future taxable income, taking into account projected
taxable profits, deductible expenses, and the time horizon available for the utilization of tax losses
carried forward, in accordance with applicable tax regulations. Key assumptions include expectations
regarding future business performance, market conditions, and the timing of the reversal of temporary
differences. These estimates are based on the Group\u2019s strategic plans, historical financial performance,
and current market insights, but are subject to uncertainties that may impact the recoverability of
deferred tax assets.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period
when the asset is realized or the liability is settled, based on tax rates and tax laws that have been
enacted or substantively enacted by the reporting date. Changes in tax legislation, rates, or
interpretations may result in adjustments to the carrying amounts of deferred tax assets and liabilities,
with corresponding impacts recognized in profit or loss or, where applicable, in other comprehensive
income or directly in equity, depending on the underlying transaction.
The Group regularly reviews the carrying amounts of deferred tax assets to ensure their recoverability.
If it becomes probable that sufficient taxable profits will not be available, the carrying amount of
deferred tax assets is reduced, with the adjustment recognized in profit or loss. Conversely, if new
information indicates that additional taxable profits will be available, previously unrecognized deferred
tax assets may be recognized to the extent that recoverability is deemed probable. The assumptions and
estimates underpinning these valuations are disclosed in further detail in Note 11 and Note 16 to the
consolidated financial statements, including sensitivities to key inputs and potential impacts of changes
in those assumptions.
Leases
- Estimating the incremental borrowing rate
The Group cannot readily determine the interest rate implicit in leases where it is the lessee, therefore,
it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that
the Group would have to pay to borrow over a similar term, and with a similar security, the funds
necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic
environment. The IBR, therefore, reflects what
the Group \u2018would have to pay\u2019, which requires estimation
when no observable rates are available (such as for subsidiaries that do not enter into financing
transactions) or when they need to be adjusted to reflect the terms and conditions of the lease (for
example, when leases are not in the subsidiary\u2019s functional currency). The Group estimates the IBR using
observable inputs (such as market interest rates) when available and is required to make certain entity-
specific estimates (such as the subsidiary\u2019s stand-alone credit rating).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00358": { "value": "Business combination - control over ER Capital Vastgoed Fondsmanagement B.V.
Management applied significant judgement in determining that ER Capital N.V. obtained control over
ER Capital Vastgoed Fondsmanagement B.V. on 24 January 2025. Only 49% of the shares were legally
transferred at that date, the remaining 51% interest was prepaid under the share purchase agreement
and decision-making rights were retained by the sellers.
Based on substance over legal form, management concluded that ER Capital N.V. had power over the
relevant activities, exposure to variable returns, and the ability to use its power to affect those returns
in accordance with IFRS 10. Consequently, the acquisition was accounted for as a business combination
and the entity was consolidated from the acquisition date.
Business combination \u2013 control over the KCN Group B.V.
Management applied significant judgement in assessing control over ERC KCN B.V. and its wholly-owned
subsidiaries ERC Tower B.V., ERC Life B.V. and Be Sure B.V. Although ER Capital N.V. holds an indirect equity
interest of 32%, management concluded that control was obtained in accordance with IFRS 10.
This conclusion is based on de facto control, as ER Capital N.V. has the power over the relevant activities
that significantly affect the returns of the KCN Group, is exposed to variable returns, and has the ability
to use its power to affect those returns. As a result, the KCN Group is fully consolidated, with non-
controlling interests recognised for the remaining equity interests held by investors outside the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00359": { "value": "Valuation of deferred tax assets and liabilities
In accordance with IAS 12 Income Taxes, the Group recognizes deferred tax assets and liabilities based
on temporary differences between the carrying amounts of assets and liabilities in the consolidated
financial statements and their respective tax bases. Deferred tax assets are recognized for deductible
temporary differences, unused tax losses carried forward, and unused tax credits, to the extent that it is
probable that sufficient taxable profits will be available in the future against which these can be utilized.
Deferred tax liabilities are recognized for taxable temporary differences, except where the Group is able
to control the reversal of the temporary difference and it is probable that the temporary difference will
not reverse in the foreseeable future.
The valuation of deferred tax assets involves significant management judgment and estimation
uncertainty due to the inherent complexities in forecasting future taxable profits. This assessment
requires the Group to evaluate the availability of future taxable income, taking into account projected
taxable profits, deductible expenses, and the time horizon available for the utilization of tax losses
carried forward, in accordance with applicable tax regulations. Key assumptions include expectations
regarding future business performance, market conditions, and the timing of the reversal of temporary
differences. These estimates are based on the Group\u2019s strategic plans, historical financial performance,
and current market insights, but are subject to uncertainties that may impact the recoverability of
deferred tax assets.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period
when the asset is realized or the liability is settled, based on tax rates and tax laws that have been
enacted or substantively enacted by the reporting date. Changes in tax legislation, rates, or
interpretations may result in adjustments to the carrying amounts of deferred tax assets and liabilities,
with corresponding impacts recognized in profit or loss or, where applicable, in other comprehensive
income or directly in equity, depending on the underlying transaction.
The Group regularly reviews the carrying amounts of deferred tax assets to ensure their recoverability.
If it becomes probable that sufficient taxable profits will not be available, the carrying amount of
deferred tax assets is reduced, with the adjustment recognized in profit or loss. Conversely, if new
information indicates that additional taxable profits will be available, previously unrecognized deferred
tax assets may be recognized to the extent that recoverability is deemed probable. The assumptions and
estimates underpinning these valuations are disclosed in further detail in Note 11 and Note 16 to the
consolidated financial statements, including sensitivities to key inputs and potential impacts of changes
in those assumptions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00296": { "value": "Significant accounting policies
The material accounting policies adopted in the preparation of the consolidated financial statements are
set out below. The policies have been consistently applied to all the years presented, unless otherwise
stated.
Basis of consolidation
The consolidated financial statements incorporate the financial information of the Company, ER Capital
N.V., and its subsidiaries, being entities over which the Company exercises control. Control is deemed to
exist when the Company:
-
Holds power over the investee;
-
Is exposed, or has rights, to variable returns from its involvement with the investee; and
-
Has the ability to use its power to affect those returns.
Consolidation of a subsidiary commences when the Company obtains control and ceases when the
Company loses control of the subsidiary. The results of subsidiaries acquired or disposed of during the
year are included in the consolidated profit or loss from the date on which control is obtained until the
date on which control is lost. Where necessary, adjustments are made to the financial statements of
subsidiaries to bring their accounting policies into alignment with those adopted by the Group, as
required by IFRS 10 - Consolidated Financial Statements. All intra-group balances, transactions, income,
expenses, and cash flows between entities within the Group are eliminated in full upon consolidation.
The Group had no non-controlling interests as of 31 December 2024. Non-controlling interests arose
during 2025 in relation to the consolidation of ERC KCN B.V.
ER Capital Vastgoed Fondsmanagement B.V.
Acquisition
On 24 January 2025, the Group obtained control over Van Boom & Slettenhaar Fondsmanagement B.V.
(subsequently renamed ER Capital Vastgoed Fondsmanagement B.V.) through the acquisition of 49% of
the issued share capital. The remaining 51% interest has been prepaid under the share purchase
agreement but had not yet been legally transferred as at the reporting date, as this interest includes
other settlements still pending, notably the transfer of B&S Vastgoed XVIII C.V.
The transaction has been accounted for as a business combination in accordance with IFRS 3 Business
Combinations, as the Group obtained control over the acquiree on the acquisition date.
Goodwill
Goodwill of \u20ac300,000 has been recognised as a result of the acquisition. The goodwill represents the
excess of the consideration transferred over the fair value of the identifiable net assets acquired.
The
goodwill relates to two management invoices that, in substance, formed part of the consideration
transferred for the acquisition. Under current Dutch tax legislation, none of the goodwill recognised is
deductible for corporate income tax purposes.
Consideration transferred
The total consideration agreed for 100% of the shares amounts to \u20ac137,500, of which \u20ac67,375 relates
to the acquired 49% interest. The remaining consideration relating to the 51% interest has been paid in
advance but will be recognised upon legal completion of the second tranche.
Identifiable assets and liabilities
The identifiable assets acquired and liabilities assumed have been recognised at their fair values at the
acquisition date. As the business combination is not material to the Group, no further disaggregation of
the acquisition-date balance sheet is presented.
Contribution to the Group\u2019s results
As the acquisition occurred in January 2025 and is not material to the Group, the contribution of ER
Capital Vastgoed Fondsmanagement B.V. to the Group\u2019s revenue and profit for 2025 was not material.
Accordingly, no additional pro-forma information has been presented.
KCN Group
Acquisition
In December 2025, ER Capital N.V., together with three other shareholders, acquired ERC KCN B.V. and
its wholly-owned subsidiaries ERC Tower B.V., ERC Life B.V. and Be Sure B.V. (together referred to as the
KCN Group). ER Capital N.V. obtained control over the KCN Group as part of this transaction.
The acquisition has been accounted for as a business combination using the acquisition method in
accordance with IFRS 3, and the KCN Group has been fully consolidated from the acquisition date.
ER Capital N.V. holds an indirect equity interest of 32% in ERC KCN B.V. through ERC Investments B.V., a
wholly-owned subsidiary of ER Capital N.V. Although ER Capital N.V. does not hold a majority of the voting
rights, management concluded that control was obtained in accordance with IFRS 10, based on
substance over form. The remaining 68% equity interest is held by investors outside the ER Capital N.V.
Group.
Consideration transferred
The consideration transferred for the acquisition of the KCN Group amounted to EUR 784,568,
representing the cash consideration paid by ERC Investments B.V. for its 32% equity interest in ERC KCN
B.V.
Identifiable assets acquired and liabilities assumed
At the acquisition date, the identifiable assets acquired and liabilities assumed were recognised at fair
value. The fair value of the net identifiable assets of the KCN Group amounted to EUR 2,049,821,
primarily resulting from:
\ue001
Fair value uplift on investment property of EUR 1,300,000;
\ue001
Recognition of related deferred tax liabilities amounting to EUR 335,400;
\ue001
Recognition of an additional deferred tax liability (from 12.9% to 25.8%) of EUR 1,366,553
related to retained tax differences.
Goodwill
Goodwill of EUR 128,625 was recognised on acquisition of control over the KCN Group. Goodwill
represents the excess of the aggregate of (i) the consideration transferred and (ii) the fair value of the
non-controlling interests over the fair value of the identifiable net assets acquired at the acquisition
date.
The Group elected to measure non-controlling interests at their proportionate share of the acquiree\u2019s
identifiable net assets at the acquisition date (proportionate method). As a result, goodwill recognised
relates only to the controlling interest. Goodwill mainly relates to expected future economic benefits
arising from the acquisition, including anticipated synergies and the assembled workforce, which do
not qualify for separate recognition. Under current Dutch tax legislation, none of the goodwill
recognised is deductible for corporate income tax purposes.
Non-controlling interests
Non-controlling interests represent the 68% equity interest in the KCN Group held by investors outside
the ER Capital N.V. Group. The Group elected to measure the non-controlling interests at their
proportionate share of the acquiree\u2019s identifiable net assets at the acquisition date. Accordingly, the
non-controlling interests were recognised at EUR 1,393,878, representing 68% of the fair value of the
identifiable net assets of EUR 2,049,821. Non-controlling interests are presented within equity in the
consolidated statement of financial position.
Pro-forma information
Since the acquisition date on 30 November 2025, the KCN Group contributed revenue of EUR 152,611
and a net loss of EUR 393,479 to the Group\u2019s consolidated results.
The net loss primarily reflects the net
effect of the fair value adjustments recognised at acquisition and the related increase in the deferred
tax liability.
If the acquisition had occurred on 1 January 2025, management estimates that the consolidated
revenue for the year ended 31 December 2025 would have amounted to EUR 1,685,207 and
consolidated profit after tax to EUR 2,001,905, including the impact of the fair value remeasurement of
the investment properties recognised at the acquisition date.
These pro-forma amounts have been prepared for illustrative purposes only and are based on the
historical financial information of the KCN Group, adjusted to align with the Group\u2019s accounting policies
and to reflect the fair value adjustments recognised at the acquisition date in accordance with IFRS 3.
Reverse listing
Reverse acquisitions are accounted for in accordance with IFRS 3. Where the entity identified as the
accounting acquiree does not meet the definition of a business, the transaction is accounted for as a
share-based payment transaction under IFRS 2. In such cases, the accounting acquirer is deemed to
have issued equity instruments, and any excess of the fair value of those instruments over the fair value
of the identifiable net assets acquired is recognised in profit or loss.
Rental income
Rental income from investment properties leased out under operating leases is recognized in the income
statement on a straight-line basis over the term of the lease. Lease incentives are recognized as a
reduction of the rental income and are straight-lined over the minimum term of the lease. Rent
adjustments due to indexation are recognized as they arise. Rental income does not include value added
tax or amounts charged to tenants in respect of service and operating costs. Variable rental income, such
as turnover related rent or income from specialty leasing is recognized in the income statement in the
period to which it relates, if it can be estimated reliably. Revenue received from tenants for early
termination of leases is directly recognized in the income statement in the period to which the revenues
relate.
Change in fair value of investment properties
The result on fair value adjustments of investment properties consists of the realised and unrealised
gains and losses from fair value adjustments.
The realised fair value adjustments are the differences between the sales proceeds net of selling
expenses and the most recent carrying amount of the investment property at fair value.
Property expenses and operating expenses
Property expenses and operating expenses are accounted for in the period in which these were incurred.
Service charges
In case of service contracts with third parties, services charges are recovered from tenants. Service
charges in respect of vacant property are expensed. These mainly relate to gas, water, electricity,
cleaning, and security.
Employee benefits
Employee benefits are recognised in profit or loss in the period in which the employees render the
related service, in accordance with the terms of employment. Short-term employee benefits are
expensed as the related service is provided. A liability is recognized for the amount expected to be paid
if the Group has a present legal or constructive obligation to pay this amount as a result of past service
provided by the employee and the obligation can be estimated reliably.
Interest charges and interest income
Interest comprises the total of interest attributable to the accounting period on loans, other debts,
accounts receivable and cash and bank balances are split between interest received and interest paid.
Interest income & charges is recognized in the income statement as it accrues. The effective interest
method is a method of calculating the amortized cost of a financial asset or financial liability and of
allocating the interest income or interest expense over the relevant period. The effective interest rate is
the rate that exactly discounts estimated future cash payments or receipts throughout the expected life
of the financial instrument, to the fair value of the financial asset or financial liability as at the recognition
of the instrument. Interest attributable to the acquisition or construction of an asset that takes a
substantial period of time to complete, is capitalized as part of the cost of the respective assets, starting
from preparation of the plan until completion.
Income taxes
The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income,
based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets
and liabilities attributable to temporary differences and to unused tax losses carried forward. No taxes
are deducted from profits if and to the extent that it is possible to offset these profits against losses
incurred in previous years. The current income tax charge is calculated on the basis of the tax laws
enacted or substantively enacted at the reporting date in the countries where the Company and its
subsidiaries operate and generate taxable income.
Taxes are deducted from losses if it is possible to offset them against profits made in previous years and
this results in a tax refund. Taxes are also deducted if it can be reasonably assumed that losses can be
offset against future profits. The taxes are calculated on the results, taking into account tax facilities.
ER Capital N.V. and some of its group companies form part of a corporate income tax unity. ER Capital
N.V. heads this corporate income tax unity. The companies within the tax unit are jointly and severally
liable for the tax unity as a whole. Subsidiaries are not granted (or denied) any benefits which they would
not have (or would have) enjoyed as independent taxpayers. This means that the acute expense and any
deferred tax positions (off settable loss) are recognised in the current account with the parent company.
Within the tax unity, deferred tax positions relating to temporary differences in the valuation of assets
and labilities for tax purposes are included in the deferred tax position of the particular entity itself and
therefore, included in the consolidation. In respect of the tax matters within the tax unity, the parent
company settles with the subsidiary as if it were independently liable for tax.
Management periodically evaluates positions taken in tax returns with respect to situations in which
applicable tax regulation is subject to interpretation and considers whether it is probable that a tax
authority will accept an uncertain tax treatment.
Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to owners of the Company,
excluding any costs of servicing equity other than ordinary shares by the weighted average number of
ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares
issued during the year and excluding treasury shares.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to
consider:
-
The after-income tax effect of interest and other financing costs associated with dilutive
potential ordinary shares; and
-
The weighted average number of additional ordinary shares that would have been outstanding
assuming the conversion of all dilutive potential ordinary shares.
Investment Property
Investment property is property held to earn rental income and/or for capital appreciation. Investment
property is initially measured at cost, including directly attributable transaction costs. Transaction costs
include legal fees, broker fees, property transfer tax and other costs that are directly attributable to the
acquisition of the property. Subsequently, investment property is measured at fair value, with changes
in fair value recognized in profit or loss.
Profits or losses on the sale of an investment property are recognised in the period in which the sale
occurs as the difference between the net sales proceeds and the fair value at the moment of sale. If an
investment property is sold, the cumulative 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 reclassification
as a tangible fixed asset is required, the fair value at the date of reclassification becomes the cost price
for administrative processing purposes.
The Group\u2019s asset portfolio primarily comprises investment properties. Due to the absence of official
quotations or listings for these properties, their market value is determined through a fair value
valuation. This valuation represents a time- and location-specific estimate, reflecting the price at which
two independent, well-informed parties would transact for the specific property under normal market
conditions on the valuation date. The fair value is definitively established only upon the actual sale of
the property, as market conditions and transaction-specific factors may influence the final transaction
price.
At the reporting date, the fair value of investment properties is determined by independent external
valuers, Cushman & Wakefield and Envalue, who leverage their extensive market knowledge and
professional expertise. The valuation is performed using the market rent capitalization model and
discounted cash flow method, which incorporates key inputs such as current and projected rental
income, anticipated vacancy rates, rent indexations, turnover rents, lease incentives, and other lease-
related factors. The yields and market rents applied in the valuation are tailored to the specific
characteristics of each property, including its location, type, maintenance condition, and overall
lettability, ensuring a robust and property-specific valuation.
The selection of applicable yields is informed by comparable market transactions, property-specific
insights, and the professional judgment of the valuers. In cases where transactional evidence is limited,
the valuers\u2019 expertise plays a critical role in determining appropriate assumptions. Explicit assumptions
are made for each lettable unit and tenant, including projections for (re)letting periods, the
commencement of new leases, and associated costs. Adjustments are incorporated to account for
expected vacancy costs (both current and future) and any discrepancies between market rents and
contractual rents, ensuring a comprehensive reflection of the property\u2019s economic potential.
Intangible assets
Intangible assets are initially recognized at historical cost. Subsequent to initial recognition, intangible
assets are measured at cost less accumulated amortization and any accumulated impairment losses,
with the exception of concessions and property rights, which are valued at fair value as determined by
external valuation. An impairment loss is recognized when the carrying amount of an intangible asset,
or the cash-generating unit to which it belongs, exceeds its recoverable amount, as assessed in
compliance with IAS 36 - Impairment of Assets.
The concession the group has acquired (fuel station contract) has an indefinite life and is tested annually
for any impairment risk.
Property, plant and equipment
Property, plant and equipment is recognized at historical cost or production cost, including all directly
attributable costs, and are subsequently measured at cost less accumulated depreciation and any
accumulated impairment losses. Depreciation is calculated on a straight-line basis over the estimated
useful life of the assets, taking into account any residual value. Impairment losses are recognized when
the carrying amount of an asset exceeds its recoverable amount.
Depreciation is determined based on the estimated useful life of the asset, applied as a fixed percentage
of cost, with adjustments for any residual value. Depreciation commences from the date the asset is
available for use. The estimated useful life is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
-
Vehicles: 3 years;
-
Furniture and fixtures: 4 years.
\n
Financial instruments
Financial assets and liabilities - recognition
ER Capital N.V. initially recognizes financial assets and financial liabilities at the transaction date. The
Company no longer recognizes a financial asset in the balance sheet if the contractual rights to the cash
flows from the asset expire, or if the Company 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 transferred, or if the Company neither transfers or retains the risks and
benefits related to ownership of the asset, nor has control over the transferred asset. If the Company
retains or creates an interest in the transferred financial assets, the interest is recognized as a separate
asset or liability. ER Capital N.V. no longer recognizes 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 the Company has a legally
enforceable right to offset and if it intends to offset on a net basis or to realize the asset and the liability
simultaneously.
Financial assets - measurement
The Group classifies its financial assets in those to be measured subsequently at fair value and those to
be measured at amortized cost. The classification depends on the business model for managing the
financial assets and the contractual terms of the cash flows.
Financial assets are not reclassified after their initial recognition unless the Group changes its business
model for managing financial assets. Financial assets are recognized when the Group becomes a party
to the contractual provisions of the instrument. Financial assets are derecognized when the rights to
receive cash flows from the financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership. A financial asset is initially measured at
fair value plus, in case of assets not at fair value through profit or loss, transaction costs that are directly
attributable to the acquisition or issue. Transaction costs of financial assets carried at fair value through
profit or loss are expensed in profit or loss.
Subsequent measurement of financial assets depends on the business model for managing the asset
and the cash flows characteristics of the asset. There are three measurement categories into which the
Group classifies its financial assets:
\u2022 Amortized cost is applied for financial assets held within a business model whose objective is to hold
the assets to collect contractual cash flows and the contractual terms give rise on specified dates to cash
flows that are solely payments of principal and interest on the principal amount outstanding.
\u2022 Fair value through other comprehensive income is applied for equity investments that are not held for
trading or debt investments held within a business model whose objective is achieved by both collecting
contractual cash flows and selling financial assets and the contractual terms give rise on specified dates
to cash flows that are solely payments of principal and interest on the principal amount outstanding.
\u2022 Assets that do not meet the criteria for amortized costs or fair value through other comprehensive
income are measured at fair value through profit or loss.
Financial assets are subsequently measured at amortized costs using the effective interest method,
reduced by impairment losses. Interest income and impairments are recognized in profit or loss. Any
gain or loss on derecognition is recognized in profit or loss. Net gains and losses of financial assets at fair
value through profit or loss are recognized in profit or loss unless item is designated as hedging
instrument.
Financial liabilities \u2013 measurement
A financial liability is initially measured at fair value plus, in case of liabilities not at fair value through
profit or loss, transaction costs that are directly attributable to the acquisition or issue. Financial
liabilities are subsequently measured at amortized cost or fair value through profit or loss.
A financial liability is classified as at fair value through profit or loss if it is classified as held-for-trading,
it is a derivative or it is designated as such on initial recognition. Financial liabilities at fair value through
profit or loss are measured at fair value and net gains and losses are recognized in profit or loss.
Other financial liabilities are subsequently measured at amortized cost using the effective interest
method. Interest expense is recognized in profit or loss. Any gain or loss on derecognition is also
recognized in profit or loss. A financial liability is derecognized when the obligation under the liability is
discharged, cancelled or expired.
Impairment of financial assets
The Group applies the IFRS 9 simplified approach in measuring expected credit losses for trade
receivables, using a lifetime expected credit loss allowance. Expected credit losses are estimated based
on historical credit loss experience, adjusted for current conditions and forward-looking information
relevant to the collectability of receivables.
Deferred tax assets
Deferred tax is the tax expected to be payable or recoverable on temporary differences between the
carrying amounts of assets and liabilities in the financial statements and their corresponding tax bases
used in the computation of taxable profit. Deferred tax is accounted for using the liability method.
Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets
are recognised to the extent that it is probable that taxable profits will be available against which
deductible temporary differences can be utilised.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in
subsidiaries, associates and interests in joint ventures, except where the Company is able to control the
reversal of the temporary difference and it is probable that the temporary difference will not reverse in
the foreseeable future. Deferred tax assets arising from deductible temporary differences associated
with such investments and interests are recognised only to the extent that it is probable that sufficient
taxable profits will be available against which the benefits of the temporary differences can be utilised
and they are expected to reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent
that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset
to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is
settled or the asset is realised, based on tax laws and rates that have been enacted or substantively
enacted at the reporting date. The measurement of deferred tax liabilities and assets reflects the tax
consequences that would follow from the manner in which the Company expects, at the end of the
reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets
and liabilities are offset when there is a legally enforceable right to set off current tax assets against
current tax liabilities, and when they relate to income taxes levied by the same taxation authority and
the Company intends to settle its current tax assets and liabilities on a net basis.
For the purposes of measuring deferred tax liabilities and deferred tax assets related to investment
properties that are measured using the fair value model, the carrying amounts of such properties are
presumed to be recovered entirely through sale, unless this presumption is rebutted. The presumption
is rebutted when the investment property is depreciable and held within a business model whose
objective is to consume substantially all of the economic benefits embodied in the investment property
over time, rather than through sale. Management has reviewed the Company\u2019s investment property
portfolio and concluded that none of the Company\u2019s investment properties are held under a business
model whose objective is to consume substantially all of the economic benefits embodied in the
investment properties over time. Therefore, the Executive Board have determined that the \u2018sale\u2019
presumption set out in the amendments to IAS 12 is not rebutted.
Current and deferred tax for the year
Current and deferred tax are recognised in profit or loss, except when they relate to items that are
recognised in other comprehensive income or directly in equity, in which case the current and deferred
tax are also recognised in other comprehensive income or directly in equity respectively.
Lessor accounting
The Group concludes leases for its property as a lessor. Lease contracts in which the Group is a lessor
are classified as financial or operational leases. When the conditions of the lease indicate that virtually
all risks and benefits of ownership are transferred to the lessee, the contract is classified as a financial
lease. All other lease contracts are classified as operational leases. The Group lets its property in the
form of operational leases. The Group manages these risks by entering into long-term lease agreements
with creditworthy tenants, performing regular credit assessments, and maintaining its properties to
preserve value. Where appropriate, the Group diversifies its tenant portfolio and uses security deposits
or bank guarantees to mitigate risks.
Rental income from operational leases is recognized straight-lined over the duration of the relevant
lease. Such income is classified as revenue in the income statement. Initial direct costs incurred in the
acquisition of the operational lease are added to the book value of the leased assets and recognized
straight-lined over the lease term as a charge. Rent-free periods, lease discounts and other lease
incentives are recognized as an integral part of total gross rental income. In determining the fair value
of the investment property, capitalized lease incentives and lease commissions are adjusted to the fair
value of the investment properties, to avoid double-counting.
If a contract contains both lease and non-lease components, the Group applies IFRS 15 to allocate the
fee based on the contract to each component.
The Group as lessee
The Group assesses whether a contract is, or contains, a lease, at inception of the contract. The group
recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements
in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months
or less) and leases of low value assets (such as tablets and personal computers, small items of office
furniture and telephones). For these leases, the Group recognises the lease payments as an operating
expense on a straight-line basis over the term of the lease unless another systematic basis is more
representative of the time pattern in which economic benefits from the leased assets are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at
the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily
determined, the group uses its incremental borrowing rate.
The incremental borrowing rate depends on the term, currency and start date of the lease and is
determined based on a series of inputs including: the risk-free rate based on government bond rates; a
country-specific risk adjustment; a credit risk adjustment based on bond yields; and an entity-specific
adjustment when the risk profile of the entity that enters into the lease is different to that of the group
and the lease does not benefit from a guarantee from the Group. Lease payments included in the
measurement of the lease liability comprise:
\u2022 fixed lease payments (including in-substance fixed payments), less any lease incentives receivable
\u2022 variable lease payments that depend on an index or rate, initially measured using the index or rate at
the commencement date
\u2022 the amount expected to be payable by the lessee under residual value guarantees
\u2022 the exercise price of purchase options, if the lessee is reasonably certain to exercise the options
\u2022 payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to
terminate the lease.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the
lease liability (using the effective interest method) and by reducing the carrying amount to reflect the
lease payments made. The group remeasures the lease liability (and makes a corresponding adjustment
to the related right-of-use asset) whenever:
\u2022 the lease term has changed or there is a significant event or change in circumstances resulting in a
change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured
by discounting the revised lease payments using a revised discount rate
\u2022 the lease payments change due to changes in an index or rate or a change in expected payment under
a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised
lease payments using an unchanged discount rate (unless the lease payments change is due to a change
in a floating interest rate, in which case a revised discount rate is used)
\u2022 a lease contract is modified and the lease modification is not accounted for as a separate lease, in
which case the lease liability is remeasured based on the lease term of the modified lease by discounting
the revised lease payments using a revised discount rate at the effective date of the modification.
Accounts receivables
Trade receivables are initially recognized at the transaction price, unless they contain a significant
financing component, in which case they are initially measured at fair value. Subsequently, trade
receivables are measured at amortized cost less any impairment losses. Trade receivables are classified
as current assets unless collection is not expected within twelve months after the reporting period.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, demand deposits, and other short-term, highly liquid
investments with original maturities of three months or less that are readily convertible to known
amounts of cash and subject to an insignificant risk of changes in value.
Equity
Own shares (treasury shares) purchased by the Company are deducted from equity at cost. Any gain or
loss arising on the purchase, sale, issue, or cancellation of treasury shares is recognized directly in equity
and not in profit or loss. Costs directly attributable to the issue or sale of new shares are recognized in
equity, net of any related tax effects.
Movements in equity are disclosed in the statement of changes in equity, including profit appropriation,
share issues, and dividends declared. Revaluation reserves reflect increases in the carrying amount of
assets measured at fair value or under the revaluation model, net of deferred tax. Upon disposal of the
related asset, the associated revaluation reserve is transferred to retained earnings.
Provisions
Provisions are recognised when the Company has a present (legal or constructive) obligation as a result
of a past event, it is probable that an outflow of resources will be required to settle the obligation, and
a reliable estimate can be made. Provisions are measured at the best estimate of the expenditure
required to settle the obligation at the reporting date, discounted to present value where the effect is
material. Reimbursements expected from third parties are recognised as a separate asset when it is
virtually certain that reimbursement will be received. No material provisions are expected to be settled
beyond twelve months from the reporting date.
Borrowings
On initial recognition, borrowings are recognised at fair value, including transaction costs that are
directly attributable to the acquisition or issue of the debts, unless they are designated at fair value
through profit or loss (FVTPL). After initial recognition, borrowings are measured at amortised cost using
the effective interest method. The amortised cost is calculated as the amount received, adjusted for
premiums or discounts and minus transaction costs, and subsequently adjusted for the cumulative
amortisation of the premium or discount and any repayments of principal. The difference between the
amortised cost and the maturity amount is accounted for as interest expense in the profit or loss account
using the effective interest rate over the estimated term of the borrowings. The effective interest rate is
revised if there are significant changes in estimated future cash flows (e.g., due to refinancing or
amendments to the debt terms).
Trade and other payables
Trade 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.
Cash flow statement
The Group reports cash flows from operating activities using the indirect method. Interest paid, interest
received and income taxes paid are presented separately within operating cash flows. The Group
discloses a reconciliation of movements in liabilities arising from financing activities in accordance with
IAS 7.44A.
Going concern
The financial statements have been prepared on a going concern basis. The Executive Board has
assessed the Company\u2019s ability to continue as a going concern for a period of at least twelve months
from the date of approval of these financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00293": { "value": "Basis of consolidation
The consolidated financial statements incorporate the financial information of the Company, ER Capital
N.V., and its subsidiaries, being entities over which the Company exercises control. Control is deemed to
exist when the Company:
-
Holds power over the investee;
-
Is exposed, or has rights, to variable returns from its involvement with the investee; and
-
Has the ability to use its power to affect those returns.
Consolidation of a subsidiary commences when the Company obtains control and ceases when the
Company loses control of the subsidiary. The results of subsidiaries acquired or disposed of during the
year are included in the consolidated profit or loss from the date on which control is obtained until the
date on which control is lost. Where necessary, adjustments are made to the financial statements of
subsidiaries to bring their accounting policies into alignment with those adopted by the Group, as
required by IFRS 10 - Consolidated Financial Statements. All intra-group balances, transactions, income,
expenses, and cash flows between entities within the Group are eliminated in full upon consolidation.
The Group had no non-controlling interests as of 31 December 2024. Non-controlling interests arose
during 2025 in relation to the consolidation of ERC KCN B.V.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00341": { "value": "Goodwill
Goodwill of \u20ac300,000 has been recognised as a result of the acquisition. The goodwill represents the
excess of the consideration transferred over the fair value of the identifiable net assets acquired.
The
goodwill relates to two management invoices that, in substance, formed part of the consideration
transferred for the acquisition. Under current Dutch tax legislation, none of the goodwill recognised is
deductible for corporate income tax purposes.Goodwill
Goodwill of EUR 128,625 was recognised on acquisition of control over the KCN Group. Goodwill
represents the excess of the aggregate of (i) the consideration transferred and (ii) the fair value of the
non-controlling interests over the fair value of the identifiable net assets acquired at the acquisition
date.
The Group elected to measure non-controlling interests at their proportionate share of the acquiree\u2019s
identifiable net assets at the acquisition date (proportionate method). As a result, goodwill recognised
relates only to the controlling interest. Goodwill mainly relates to expected future economic benefits
arising from the acquisition, including anticipated synergies and the assembled workforce, which do
not qualify for separate recognition. Under current Dutch tax legislation, none of the goodwill
recognised is deductible for corporate income tax purposes. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00339": { "value": "Change in fair value of investment properties
The result on fair value adjustments of investment properties consists of the realised and unrealised
gains and losses from fair value adjustments.
The realised fair value adjustments are the differences between the sales proceeds net of selling
expenses and the most recent carrying amount of the investment property at fair value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00338": { "value": "Change in fair value of investment properties
The result on fair value adjustments of investment properties consists of the realised and unrealised
gains and losses from fair value adjustments.
The realised fair value adjustments are the differences between the sales proceeds net of selling
expenses and the most recent carrying amount of the investment property at fair value.Investment Property
Investment property is property held to earn rental income and/or for capital appreciation. Investment
property is initially measured at cost, including directly attributable transaction costs. Transaction costs
include legal fees, broker fees, property transfer tax and other costs that are directly attributable to the
acquisition of the property. Subsequently, investment property is measured at fair value, with changes
in fair value recognized in profit or loss.
Profits or losses on the sale of an investment property are recognised in the period in which the sale
occurs as the difference between the net sales proceeds and the fair value at the moment of sale. If an
investment property is sold, the cumulative 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 reclassification
as a tangible fixed asset is required, the fair value at the date of reclassification becomes the cost price
for administrative processing purposes.
The Group\u2019s asset portfolio primarily comprises investment properties. Due to the absence of official
quotations or listings for these properties, their market value is determined through a fair value
valuation. This valuation represents a time- and location-specific estimate, reflecting the price at which
two independent, well-informed parties would transact for the specific property under normal market
conditions on the valuation date. The fair value is definitively established only upon the actual sale of
the property, as market conditions and transaction-specific factors may influence the final transaction
price.
At the reporting date, the fair value of investment properties is determined by independent external
valuers, Cushman & Wakefield and Envalue, who leverage their extensive market knowledge and
professional expertise. The valuation is performed using the market rent capitalization model and
discounted cash flow method, which incorporates key inputs such as current and projected rental
income, anticipated vacancy rates, rent indexations, turnover rents, lease incentives, and other lease-
related factors. The yields and market rents applied in the valuation are tailored to the specific
characteristics of each property, including its location, type, maintenance condition, and overall
lettability, ensuring a robust and property-specific valuation.
The selection of applicable yields is informed by comparable market transactions, property-specific
insights, and the professional judgment of the valuers. In cases where transactional evidence is limited,
the valuers\u2019 expertise plays a critical role in determining appropriate assumptions. Explicit assumptions
are made for each lettable unit and tenant, including projections for (re)letting periods, the
commencement of new leases, and associated costs. Adjustments are incorporated to account for
expected vacancy costs (both current and future) and any discrepancies between market rents and
contractual rents, ensuring a comprehensive reflection of the property\u2019s economic potential. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00340": { "value": "Property expenses and operating expenses Property expenses and operating expenses are accounted for in the period in which these were incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00342": { "value": "Employee benefits
Employee benefits are recognised in profit or loss in the period in which the employees render the
related service, in accordance with the terms of employment. Short-term employee benefits are
expensed as the related service is provided. A liability is recognized for the amount expected to be paid
if the Group has a present legal or constructive obligation to pay this amount as a result of past service
provided by the employee and the obligation can be estimated reliably.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00343": { "value": "Interest charges and interest income
Interest comprises the total of interest attributable to the accounting period on loans, other debts,
accounts receivable and cash and bank balances are split between interest received and interest paid.
Interest income & charges is recognized in the income statement as it accrues. The effective interest
method is a method of calculating the amortized cost of a financial asset or financial liability and of
allocating the interest income or interest expense over the relevant period. The effective interest rate is
the rate that exactly discounts estimated future cash payments or receipts throughout the expected life
of the financial instrument, to the fair value of the financial asset or financial liability as at the recognition
of the instrument. Interest attributable to the acquisition or construction of an asset that takes a
substantial period of time to complete, is capitalized as part of the cost of the respective assets, starting
from preparation of the plan until completion. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00344": { "value": "Income taxes
The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income,
based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets
and liabilities attributable to temporary differences and to unused tax losses carried forward. No taxes
are deducted from profits if and to the extent that it is possible to offset these profits against losses
incurred in previous years. The current income tax charge is calculated on the basis of the tax laws
enacted or substantively enacted at the reporting date in the countries where the Company and its
subsidiaries operate and generate taxable income.
Taxes are deducted from losses if it is possible to offset them against profits made in previous years and
this results in a tax refund. Taxes are also deducted if it can be reasonably assumed that losses can be
offset against future profits. The taxes are calculated on the results, taking into account tax facilities.
ER Capital N.V. and some of its group companies form part of a corporate income tax unity. ER Capital
N.V. heads this corporate income tax unity. The companies within the tax unit are jointly and severally
liable for the tax unity as a whole. Subsidiaries are not granted (or denied) any benefits which they would
not have (or would have) enjoyed as independent taxpayers. This means that the acute expense and any
deferred tax positions (off settable loss) are recognised in the current account with the parent company.
Within the tax unity, deferred tax positions relating to temporary differences in the valuation of assets
and labilities for tax purposes are included in the deferred tax position of the particular entity itself and
therefore, included in the consolidation. In respect of the tax matters within the tax unity, the parent
company settles with the subsidiary as if it were independently liable for tax.
Management periodically evaluates positions taken in tax returns with respect to situations in which
applicable tax regulation is subject to interpretation and considers whether it is probable that a tax
authority will accept an uncertain tax treatment.Deferred tax assets
Deferred tax is the tax expected to be payable or recoverable on temporary differences between the
carrying amounts of assets and liabilities in the financial statements and their corresponding tax bases
used in the computation of taxable profit. Deferred tax is accounted for using the liability method.
Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets
are recognised to the extent that it is probable that taxable profits will be available against which
deductible temporary differences can be utilised.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in
subsidiaries, associates and interests in joint ventures, except where the Company is able to control the
reversal of the temporary difference and it is probable that the temporary difference will not reverse in
the foreseeable future. Deferred tax assets arising from deductible temporary differences associated
with such investments and interests are recognised only to the extent that it is probable that sufficient
taxable profits will be available against which the benefits of the temporary differences can be utilised
and they are expected to reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent
that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset
to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is
settled or the asset is realised, based on tax laws and rates that have been enacted or substantively
enacted at the reporting date. The measurement of deferred tax liabilities and assets reflects the tax
consequences that would follow from the manner in which the Company expects, at the end of the
reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets
and liabilities are offset when there is a legally enforceable right to set off current tax assets against
current tax liabilities, and when they relate to income taxes levied by the same taxation authority and
the Company intends to settle its current tax assets and liabilities on a net basis.
For the purposes of measuring deferred tax liabilities and deferred tax assets related to investment
properties that are measured using the fair value model, the carrying amounts of such properties are
presumed to be recovered entirely through sale, unless this presumption is rebutted. The presumption
is rebutted when the investment property is depreciable and held within a business model whose
objective is to consume substantially all of the economic benefits embodied in the investment property
over time, rather than through sale. Management has reviewed the Company\u2019s investment property
portfolio and concluded that none of the Company\u2019s investment properties are held under a business
model whose objective is to consume substantially all of the economic benefits embodied in the
investment properties over time. Therefore, the Executive Board have determined that the \u2018sale\u2019
presumption set out in the amendments to IAS 12 is not rebutted.
Current and deferred tax for the year
Current and deferred tax are recognised in profit or loss, except when they relate to items that are
recognised in other comprehensive income or directly in equity, in which case the current and deferred
tax are also recognised in other comprehensive income or directly in equity respectively.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00345": { "value": "Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to owners of the Company,
excluding any costs of servicing equity other than ordinary shares by the weighted average number of
ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares
issued during the year and excluding treasury shares.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to
consider:
-
The after-income tax effect of interest and other financing costs associated with dilutive
potential ordinary shares; and
-
The weighted average number of additional ordinary shares that would have been outstanding
assuming the conversion of all dilutive potential ordinary shares.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00347": { "value": "Intangible assets
Intangible assets are initially recognized at historical cost. Subsequent to initial recognition, intangible
assets are measured at cost less accumulated amortization and any accumulated impairment losses,
with the exception of concessions and property rights, which are valued at fair value as determined by
external valuation. An impairment loss is recognized when the carrying amount of an intangible asset,
or the cash-generating unit to which it belongs, exceeds its recoverable amount, as assessed in
compliance with IAS 36 - Impairment of Assets.
The concession the group has acquired (fuel station contract) has an indefinite life and is tested annually
for any impairment risk.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00346": { "value": "Intangible assets
Intangible assets are initially recognized at historical cost. Subsequent to initial recognition, intangible
assets are measured at cost less accumulated amortization and any accumulated impairment losses,
with the exception of concessions and property rights, which are valued at fair value as determined by
external valuation. An impairment loss is recognized when the carrying amount of an intangible asset,
or the cash-generating unit to which it belongs, exceeds its recoverable amount, as assessed in
compliance with IAS 36 - Impairment of Assets.
The concession the group has acquired (fuel station contract) has an indefinite life and is tested annually
for any impairment risk.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00405": { "value": "Property, plant and equipment
Property, plant and equipment is recognized at historical cost or production cost, including all directly
attributable costs, and are subsequently measured at cost less accumulated depreciation and any
accumulated impairment losses. Depreciation is calculated on a straight-line basis over the estimated
useful life of the assets, taking into account any residual value. Impairment losses are recognized when
the carrying amount of an asset exceeds its recoverable amount.
Depreciation is determined based on the estimated useful life of the asset, applied as a fixed percentage
of cost, with adjustments for any residual value. Depreciation commences from the date the asset is
available for use. The estimated useful life is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
-
Vehicles: 3 years;
-
Furniture and fixtures: 4 years.
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00355": { "value": "Financial instruments
Financial assets and liabilities - recognition
ER Capital N.V. initially recognizes financial assets and financial liabilities at the transaction date. The
Company no longer recognizes a financial asset in the balance sheet if the contractual rights to the cash
flows from the asset expire, or if the Company 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 transferred, or if the Company neither transfers or retains the risks and
benefits related to ownership of the asset, nor has control over the transferred asset. If the Company
retains or creates an interest in the transferred financial assets, the interest is recognized as a separate
asset or liability. ER Capital N.V. no longer recognizes 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 the Company has a legally
enforceable right to offset and if it intends to offset on a net basis or to realize the asset and the liability
simultaneously.
Financial assets - measurement
The Group classifies its financial assets in those to be measured subsequently at fair value and those to
be measured at amortized cost. The classification depends on the business model for managing the
financial assets and the contractual terms of the cash flows.
Financial assets are not reclassified after their initial recognition unless the Group changes its business
model for managing financial assets. Financial assets are recognized when the Group becomes a party
to the contractual provisions of the instrument. Financial assets are derecognized when the rights to
receive cash flows from the financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership. A financial asset is initially measured at
fair value plus, in case of assets not at fair value through profit or loss, transaction costs that are directly
attributable to the acquisition or issue. Transaction costs of financial assets carried at fair value through
profit or loss are expensed in profit or loss.
Subsequent measurement of financial assets depends on the business model for managing the asset
and the cash flows characteristics of the asset. There are three measurement categories into which the
Group classifies its financial assets:
\u2022 Amortized cost is applied for financial assets held within a business model whose objective is to hold
the assets to collect contractual cash flows and the contractual terms give rise on specified dates to cash
flows that are solely payments of principal and interest on the principal amount outstanding.
\u2022 Fair value through other comprehensive income is applied for equity investments that are not held for
trading or debt investments held within a business model whose objective is achieved by both collecting
contractual cash flows and selling financial assets and the contractual terms give rise on specified dates
to cash flows that are solely payments of principal and interest on the principal amount outstanding.
\u2022 Assets that do not meet the criteria for amortized costs or fair value through other comprehensive
income are measured at fair value through profit or loss.
Financial assets are subsequently measured at amortized costs using the effective interest method,
reduced by impairment losses. Interest income and impairments are recognized in profit or loss. Any
gain or loss on derecognition is recognized in profit or loss. Net gains and losses of financial assets at fair
value through profit or loss are recognized in profit or loss unless item is designated as hedging
instrument.
Financial liabilities \u2013 measurement
A financial liability is initially measured at fair value plus, in case of liabilities not at fair value through
profit or loss, transaction costs that are directly attributable to the acquisition or issue. Financial
liabilities are subsequently measured at amortized cost or fair value through profit or loss.
A financial liability is classified as at fair value through profit or loss if it is classified as held-for-trading,
it is a derivative or it is designated as such on initial recognition. Financial liabilities at fair value through
profit or loss are measured at fair value and net gains and losses are recognized in profit or loss.
Other financial liabilities are subsequently measured at amortized cost using the effective interest
method. Interest expense is recognized in profit or loss. Any gain or loss on derecognition is also
recognized in profit or loss. A financial liability is derecognized when the obligation under the liability is
discharged, cancelled or expired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00354": { "value": "Financial assets - measurement
The Group classifies its financial assets in those to be measured subsequently at fair value and those to
be measured at amortized cost. The classification depends on the business model for managing the
financial assets and the contractual terms of the cash flows.
Financial assets are not reclassified after their initial recognition unless the Group changes its business
model for managing financial assets. Financial assets are recognized when the Group becomes a party
to the contractual provisions of the instrument. Financial assets are derecognized when the rights to
receive cash flows from the financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership. A financial asset is initially measured at
fair value plus, in case of assets not at fair value through profit or loss, transaction costs that are directly
attributable to the acquisition or issue. Transaction costs of financial assets carried at fair value through
profit or loss are expensed in profit or loss.
Subsequent measurement of financial assets depends on the business model for managing the asset
and the cash flows characteristics of the asset. There are three measurement categories into which the
Group classifies its financial assets:
\u2022 Amortized cost is applied for financial assets held within a business model whose objective is to hold
the assets to collect contractual cash flows and the contractual terms give rise on specified dates to cash
flows that are solely payments of principal and interest on the principal amount outstanding.
\u2022 Fair value through other comprehensive income is applied for equity investments that are not held for
trading or debt investments held within a business model whose objective is achieved by both collecting
contractual cash flows and selling financial assets and the contractual terms give rise on specified dates
to cash flows that are solely payments of principal and interest on the principal amount outstanding.
\u2022 Assets that do not meet the criteria for amortized costs or fair value through other comprehensive
income are measured at fair value through profit or loss.
Financial assets are subsequently measured at amortized costs using the effective interest method,
reduced by impairment losses. Interest income and impairments are recognized in profit or loss. Any
gain or loss on derecognition is recognized in profit or loss. Net gains and losses of financial assets at fair
value through profit or loss are recognized in profit or loss unless item is designated as hedging
instrument.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00356": { "value": "Financial liabilities \u2013 measurement
A financial liability is initially measured at fair value plus, in case of liabilities not at fair value through
profit or loss, transaction costs that are directly attributable to the acquisition or issue. Financial
liabilities are subsequently measured at amortized cost or fair value through profit or loss.
A financial liability is classified as at fair value through profit or loss if it is classified as held-for-trading,
it is a derivative or it is designated as such on initial recognition. Financial liabilities at fair value through
profit or loss are measured at fair value and net gains and losses are recognized in profit or loss.
Other financial liabilities are subsequently measured at amortized cost using the effective interest
method. Interest expense is recognized in profit or loss. Any gain or loss on derecognition is also
recognized in profit or loss. A financial liability is derecognized when the obligation under the liability is
discharged, cancelled or expired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00357": { "value": "Impairment of financial assets
The Group applies the IFRS 9 simplified approach in measuring expected credit losses for trade
receivables, using a lifetime expected credit loss allowance. Expected credit losses are estimated based
on historical credit loss experience, adjusted for current conditions and forward-looking information
relevant to the collectability of receivables.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00403": { "value": "Lessor accounting
The Group concludes leases for its property as a lessor. Lease contracts in which the Group is a lessor
are classified as financial or operational leases. When the conditions of the lease indicate that virtually
all risks and benefits of ownership are transferred to the lessee, the contract is classified as a financial
lease. All other lease contracts are classified as operational leases. The Group lets its property in the
form of operational leases. The Group manages these risks by entering into long-term lease agreements
with creditworthy tenants, performing regular credit assessments, and maintaining its properties to
preserve value. Where appropriate, the Group diversifies its tenant portfolio and uses security deposits
or bank guarantees to mitigate risks.
Rental income from operational leases is recognized straight-lined over the duration of the relevant
lease. Such income is classified as revenue in the income statement. Initial direct costs incurred in the
acquisition of the operational lease are added to the book value of the leased assets and recognized
straight-lined over the lease term as a charge. Rent-free periods, lease discounts and other lease
incentives are recognized as an integral part of total gross rental income. In determining the fair value
of the investment property, capitalized lease incentives and lease commissions are adjusted to the fair
value of the investment properties, to avoid double-counting.
If a contract contains both lease and non-lease components, the Group applies IFRS 15 to allocate the
fee based on the contract to each component.
The Group as lessee
The Group assesses whether a contract is, or contains, a lease, at inception of the contract. The group
recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements
in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months
or less) and leases of low value assets (such as tablets and personal computers, small items of office
furniture and telephones). For these leases, the Group recognises the lease payments as an operating
expense on a straight-line basis over the term of the lease unless another systematic basis is more
representative of the time pattern in which economic benefits from the leased assets are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at
the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily
determined, the group uses its incremental borrowing rate.
The incremental borrowing rate depends on the term, currency and start date of the lease and is
determined based on a series of inputs including: the risk-free rate based on government bond rates; a
country-specific risk adjustment; a credit risk adjustment based on bond yields; and an entity-specific
adjustment when the risk profile of the entity that enters into the lease is different to that of the group
and the lease does not benefit from a guarantee from the Group. Lease payments included in the
measurement of the lease liability comprise:
\u2022 fixed lease payments (including in-substance fixed payments), less any lease incentives receivable
\u2022 variable lease payments that depend on an index or rate, initially measured using the index or rate at
the commencement date
\u2022 the amount expected to be payable by the lessee under residual value guarantees
\u2022 the exercise price of purchase options, if the lessee is reasonably certain to exercise the options
\u2022 payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to
terminate the lease.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the
lease liability (using the effective interest method) and by reducing the carrying amount to reflect the
lease payments made. The group remeasures the lease liability (and makes a corresponding adjustment
to the related right-of-use asset) whenever:
\u2022 the lease term has changed or there is a significant event or change in circumstances resulting in a
change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured
by discounting the revised lease payments using a revised discount rate
\u2022 the lease payments change due to changes in an index or rate or a change in expected payment under
a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised
lease payments using an unchanged discount rate (unless the lease payments change is due to a change
in a floating interest rate, in which case a revised discount rate is used)
\u2022 a lease contract is modified and the lease modification is not accounted for as a separate lease, in
which case the lease liability is remeasured based on the lease term of the modified lease by discounting
the revised lease payments using a revised discount rate at the effective date of the modification.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00404": { "value": "Accounts receivables
Trade receivables are initially recognized at the transaction price, unless they contain a significant
financing component, in which case they are initially measured at fair value. Subsequently, trade
receivables are measured at amortized cost less any impairment losses. Trade receivables are classified
as current assets unless collection is not expected within twelve months after the reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00473": { "value": "Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, demand deposits, and other short-term, highly liquid
investments with original maturities of three months or less that are readily convertible to known
amounts of cash and subject to an insignificant risk of changes in value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00474": { "value": "Equity
Own shares (treasury shares) purchased by the Company are deducted from equity at cost. Any gain or
loss arising on the purchase, sale, issue, or cancellation of treasury shares is recognized directly in equity
and not in profit or loss. Costs directly attributable to the issue or sale of new shares are recognized in
equity, net of any related tax effects.
Movements in equity are disclosed in the statement of changes in equity, including profit appropriation,
share issues, and dividends declared. Revaluation reserves reflect increases in the carrying amount of
assets measured at fair value or under the revaluation model, net of deferred tax. Upon disposal of the
related asset, the associated revaluation reserve is transferred to retained earnings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00475": { "value": "Provisions
Provisions are recognised when the Company has a present (legal or constructive) obligation as a result
of a past event, it is probable that an outflow of resources will be required to settle the obligation, and
a reliable estimate can be made. Provisions are measured at the best estimate of the expenditure
required to settle the obligation at the reporting date, discounted to present value where the effect is
material. Reimbursements expected from third parties are recognised as a separate asset when it is
virtually certain that reimbursement will be received. No material provisions are expected to be settled
beyond twelve months from the reporting date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00476": { "value": "Borrowings
On initial recognition, borrowings are recognised at fair value, including transaction costs that are
directly attributable to the acquisition or issue of the debts, unless they are designated at fair value
through profit or loss (FVTPL). After initial recognition, borrowings are measured at amortised cost using
the effective interest method. The amortised cost is calculated as the amount received, adjusted for
premiums or discounts and minus transaction costs, and subsequently adjusted for the cumulative
amortisation of the premium or discount and any repayments of principal. The difference between the
amortised cost and the maturity amount is accounted for as interest expense in the profit or loss account
using the effective interest rate over the estimated term of the borrowings. The effective interest rate is
revised if there are significant changes in estimated future cash flows (e.g., due to refinancing or
amendments to the debt terms).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00477": { "value": "Trade and other payables
Trade 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:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00478": { "value": "Cash flow statement
The Group reports cash flows from operating activities using the indirect method. Interest paid, interest
received and income taxes paid are presented separately within operating cash flows. The Group
discloses a reconciliation of movements in liabilities arising from financing activities in accordance with
IAS 7.44A.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00297": { "value": "Financial risk management
The Company, ER Capital N.V., is exposed to financial risks arising from its investment activities, including
credit risk, liquidity risk, and market risk, which are managed through a risk management framework
overseen by the Executive Board. The Company does not utilize financial derivatives to hedge these risks.
On the balance sheet date, financial instruments if applicable are reviewed to see whether or not an
objective indication exists for the impairment of a financial asset or a group of financial assets.
Fair value measurement
Certain assets and liabilities within the Group\u2019s financial statements, notably investment properties, are
measured at fair value or require fair value disclosures. Refer to note on Investment Property for further
details on fair value measurement of investment properties Fair value measurements are determined
using market-observable inputs to the greatest extent possible, categorized within the fair value
hierarchy as follows:
\ue001
Level 1
: Quoted prices in active markets for identical assets or liabilities (unadjusted);
\ue001
Level 2
: Observable inputs other than Level 1 prices, either directly or indirectly;
\ue001
Level 3
: Unobservable inputs when market data is unavailable.
The classification of an item is based on the lowest level input that significantly affects the fair value
measurement, with any transfers between levels recognized in the period in which they occur.
Classification of financial assets and liabilities
Financial assets and liabilities that are recognized on the statement of financial position are classified in
the following table:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0 \u00a0 \u00a0
Carrying value
Fair value
\u00a0\u00a0 \u00a0 \u00a0
31
31
31
31
Financial assets
IFRS
Level
Note
December
December
December
December
\u00a0
Category
\u00a0 \u00a0
2025
2024
2025
2024
Non-current financial
Fair value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
assets
through
1
10
-
2,662
-
2,662
\u00a0
P&L
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Non-current
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
receivables and
Amortized
3
10
472
357
472
357
other non-current
cost
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Current receivables
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
and other
Amortized
3
12
1,027
625
1,027
625
receivables
cost
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Cash and cash
Amortized
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
equivalents
cost
1
13
1,711
1,828
1,711
1,828
Total financial assets
\u00a0 \u00a0 \u00a0
3,210
5,472
3,210
5,472
\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0\u00a0 \u00a0
Carrying value
Fair value
\u00a0 \u00a0
IFRS
\u00a0 \u00a0
31
31
31
31
Financial liabilities
Category
Level
Note
December
December
December
December
\u00a0 \u00a0\u00a0
2025
2024
2025
2024
Financial debts
Amortized
\u00a0
2
\u00a0
15
\u00a0
79,432
\u00a0
47,001
\u00a0
76,540
\u00a0
44,753
(interest bearing)
cost
Lease liabilities
Amortized
\u00a0
2
\u00a0
19
\u00a0
427
\u00a0
486
\u00a0
427
\u00a0
486
\u00a0
cost
Other non-current
Amortized
\u00a0
2
\u00a0
18
\u00a0
1,240
\u00a0
871
\u00a0
1,240
\u00a0
871
liabilities
cost
Debts to suppliers
Amortized
\u00a0
2
\u00a0
-
\u00a0
856
\u00a0
243
\u00a0
243
\u00a0
243
and trade credits
cost
Other current
Amortized
\u00a0
2
\u00a0
21
\u00a0
1,898
\u00a0
1,429
\u00a0
1,898
\u00a0
1,429
liabilities
cost
Total financial liabilities
\u00a0\u00a0 \u00a0
83,853
50,030
80,348
47,782
\n
The fair value of the financial liabilities is measured using the discounted cash flow method using the
discount rates in the range between 6,0% - 8,0%.
Credit risk
Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to
meet its contractual obligations and arises principally from the Company\u2019s receivables. The Company\u2019s
credit risk mainly relates to its accounts/lease receivables and the cash and cash equivalents that are
placed with several banks.
The Company manages the exposure on its cash and cash equivalents placed with banks by only working
with reputable banks that have proven in the past to be financially stable, have appropriate licenses to
operate and are under the supervision of regulatory authorities. The credit risk arising from
accounts/lease receivables is limited by carefully screening potential tenants in advance. Security is also
required from tenants in the form of guaranteed deposits or bank guarantees and rents are paid in
advance. As the Company has measures in place that reduce the credit risk exposure to a sufficiently
low level, it has not insured its receivables. Instead, in the event of (expected) collectability issues or
defaults, this is reflected in the lifetime expected credit losses that are recognized on the relevant
receivables to cover the potential loss. Loss rates are determined based on expectations on economic
downturn and review of the tenant portfolio as at the balance sheet date.
The maturity of (gross) receivables was as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31
-
12
-
202
5
31
-
12
-
202
4
Up to 1 month expired
53
101
From 1 to 3 months expired
-
17
23
From 3 months to 1 year expired
67
3
9
More than 1 year expired
62
36
Gross debtors
166
198
Credit risk is managed through requiring deposits, conducting credit assessments of tenants, and
monitoring overdue receivables with a follow-up policy.
Movement in the provision for impairment of doubtful debts was as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31
-
12
-
202
5
31
-
12
-
202
4
Balance as per 1 January
43
0
Addition to / release of provision
100
43
Write
-
off bad debts
0
0
Balance as per 31 December
143
43
\n
Impairment losses recognised at 31 December 2025 were related to tenants who indicated that they
would not be able to pay outstanding balances due to economic circumstances.
ER Capital N.V. 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 days past due date and adjusted if deemed needed with
forward looking information.
Collateral
The Group mitigates its credit risk by obtaining collateral from tenants, primarily in the form of bank
guarantees and security deposits. These instruments are customary in the Dutch real estate market and
reduce the Group\u2019s exposure to credit losses on rental receivables. Although credit losses on receivables
may still occur, the collateral held limits the Group\u2019s potential loss in the event of tenant default. During
the reporting period, no significant changes occurred in the nature or quality of the collateral held.
Other financial assets are not secured by collateral. The associated credit risk is considered limited.
Maximum exposure to credit risk
The Group\u2019s maximum exposure to credit risk at the reporting date, without taking into account any
collateral held or other credit enhancements, is represented by the carrying amounts of the financial
assets as presented in the consolidated statement of financial position.
Liquidity risk
The Company is exposed to liquidity risk, defined as the risk of encountering difficulty in meeting
obligations associated with its financial liabilities settled by delivering cash or other financial assets. The
Company\u2019s objective is to ensure sufficient liquidity to meet liabilities under both normal and stressed
conditions, without incurring unacceptable losses or reputational damage. Liquidity is maintained
through a solid position supported by stable rental income annually and cash flow management, with
capital resources primarily derived from operational cash flows and supplemented by strategic financing
arrangements. Ultimate responsibility for liquidity risk management rests with the Executive Board,
which has implemented a practical liquidity risk management procedure, including borrowing facilities
and monitoring of forecast and actual cash flows. In 2023 and onwards, the Company secured additional
funding through debt and equity financing to support investments, with loan facilities structured for cost
efficiency and flexibility, and refinancing initiatives undertaken to optimize interest expenses and
maturity profiles.
The following maturity analyses detail the remaining undiscounted cash flows under its non-derivative
financial liabilities (the Company currently does not have derivative financial liabilities), classified by their
maturity, being the earliest date on which the Company can be required to settle the liability. These
analyses include both interest and principal cash flows.
202
5
\u00a0\u00a0
Contractual undiscounted cash flow
\u00a0
Book value
Total
< 1 year
> 1 year < 5 years
> 5 years
Interest bearing loans
79,
4
32
100,
415
11,3
18
57,
918
31,
225
Other loans and lease
\u00a0\u00a0\u00a0\u00a0\u00a0
liabilities
3,565
3,565
3,565
-
-
Creditors and other
\u00a0\u00a0\u00a0\u00a0\u00a0
payables
856
856
856
-
-
Total
8
3
,
8
53
104,83
6
15,73
9
57,918
31,225
202
4
\u00a0\u00a0
Contractual undiscounted cash flow
\u00a0
Book value
Total
< 1 year
> 1 year < 5 years
> 5 years
Interest bearing loans
47,001
58,200
4,016
33,644
20,540
Other loans and lease
\u00a0\u00a0\u00a0\u00a0\u00a0
liabilities
2,786
2,786
2,786
-
-
Creditors and other
\u00a0\u00a0\u00a0\u00a0\u00a0
payables
243
243
243
-
-
Total
50,030
61,229
7,045
33,644
20,540
\n
Market risk including interest rate risk
The Company has limited exposure to market risk, defined as the risk that changes in market prices, such
as interest rates and equity prices, will affect the Company\u2019s income or the value of its financial
instruments. The objective of market risk management is to manage and control these exposures within
acceptable parameters while optimizing returns. The Company operates exclusively in the Netherlands,
eliminating exposure to foreign currency risk. Interest rate risk, the risk that the fair value or future cash
flows of a financial instrument will fluctuate due to changes in market interest rates, arises primarily
from the Company\u2019s long-term borrowings. The Company manages this risk by agreeing all borrowings
at fixed interest rates, mitigating the risk to future cash flows. However, this exposes the Company to fair
value fluctuations for fixed-rate borrowings, though this risk is not reflected in these financial statements
as the borrowings are carried at amortized cost. There is no sensitivity analysis of the interest rate risk,
as the Company does not have exposure to variable interest rates. Furthermore, there are no derivative
instruments used.
Other price risk
Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market prices, other than arising from currency risk or interest rate risk. Based on
the Company\u2019s activities, it has not identified exposure to other forms of price risk such as commodity
price risk or equity price risk.
Carrying amount loans
The Company\u2019s loans, carried at amortized cost, amounted to \u20ac79,4 million as of 31 December 2025
(2024: \u20ac 47,0 million). These borrowings consist of fixed-rate loans with an average interest rate of 7%
per annum, maturing over various periods, with larger loans having long maturities exceeding 5 years.
In accordance with IFRS 7, the fair value of these borrowings has been estimated using a discounted
cash flow (DCF) method, applying current market interest rates for similar fixed-rate loans (range
between 8,0% and 6,0% as of 31 December 2025 and range between 10,0% and 6,0% as of 31 December
2024) to the remaining contractual cash flows, including principal and interest. This results in an
estimated fair value of \u20ac76,5 million as of 31 December 2025 (2024: \u20ac44,8 million). The difference
between the carrying amount and fair value is not recognized in the financial statements, as the
borrowings are measured at amortized cost under IFRS 9. The fair value is categorized as Level 2 in the
fair value hierarchy, based on observable market inputs.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00298": { "value": "Fair value measurement
Certain assets and liabilities within the Group\u2019s financial statements, notably investment properties, are
measured at fair value or require fair value disclosures. Refer to note on Investment Property for further
details on fair value measurement of investment properties Fair value measurements are determined
using market-observable inputs to the greatest extent possible, categorized within the fair value
hierarchy as follows:
\ue001
Level 1
: Quoted prices in active markets for identical assets or liabilities (unadjusted);
\ue001
Level 2
: Observable inputs other than Level 1 prices, either directly or indirectly;
\ue001
Level 3
: Unobservable inputs when market data is unavailable.
The classification of an item is based on the lowest level input that significantly affects the fair value
measurement, with any transfers between levels recognized in the period in which they occur.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00299": { "value": "Credit risk
Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to
meet its contractual obligations and arises principally from the Company\u2019s receivables. The Company\u2019s
credit risk mainly relates to its accounts/lease receivables and the cash and cash equivalents that are
placed with several banks.
The Company manages the exposure on its cash and cash equivalents placed with banks by only working
with reputable banks that have proven in the past to be financially stable, have appropriate licenses to
operate and are under the supervision of regulatory authorities. The credit risk arising from
accounts/lease receivables is limited by carefully screening potential tenants in advance. Security is also
required from tenants in the form of guaranteed deposits or bank guarantees and rents are paid in
advance. As the Company has measures in place that reduce the credit risk exposure to a sufficiently
low level, it has not insured its receivables. Instead, in the event of (expected) collectability issues or
defaults, this is reflected in the lifetime expected credit losses that are recognized on the relevant
receivables to cover the potential loss. Loss rates are determined based on expectations on economic
downturn and review of the tenant portfolio as at the balance sheet date.
The maturity of (gross) receivables was as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31
-
12
-
202
5
31
-
12
-
202
4
Up to 1 month expired
53
101
From 1 to 3 months expired
-
17
23
From 3 months to 1 year expired
67
3
9
More than 1 year expired
62
36
Gross debtors
166
198
Credit risk is managed through requiring deposits, conducting credit assessments of tenants, and
monitoring overdue receivables with a follow-up policy.
Movement in the provision for impairment of doubtful debts was as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31
-
12
-
202
5
31
-
12
-
202
4
Balance as per 1 January
43
0
Addition to / release of provision
100
43
Write
-
off bad debts
0
0
Balance as per 31 December
143
43
\n
Impairment losses recognised at 31 December 2025 were related to tenants who indicated that they
would not be able to pay outstanding balances due to economic circumstances.
ER Capital N.V. 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 days past due date and adjusted if deemed needed with
forward looking information.
Collateral
The Group mitigates its credit risk by obtaining collateral from tenants, primarily in the form of bank
guarantees and security deposits. These instruments are customary in the Dutch real estate market and
reduce the Group\u2019s exposure to credit losses on rental receivables. Although credit losses on receivables
may still occur, the collateral held limits the Group\u2019s potential loss in the event of tenant default. During
the reporting period, no significant changes occurred in the nature or quality of the collateral held.
Other financial assets are not secured by collateral. The associated credit risk is considered limited.
Maximum exposure to credit risk
The Group\u2019s maximum exposure to credit risk at the reporting date, without taking into account any
collateral held or other credit enhancements, is represented by the carrying amounts of the financial
assets as presented in the consolidated statement of financial position.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00300": { "value": "Collateral
The Group mitigates its credit risk by obtaining collateral from tenants, primarily in the form of bank
guarantees and security deposits. These instruments are customary in the Dutch real estate market and
reduce the Group\u2019s exposure to credit losses on rental receivables. Although credit losses on receivables
may still occur, the collateral held limits the Group\u2019s potential loss in the event of tenant default. During
the reporting period, no significant changes occurred in the nature or quality of the collateral held.
Other financial assets are not secured by collateral. The associated credit risk is considered limited.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00301": { "value": "Liquidity risk
The Company is exposed to liquidity risk, defined as the risk of encountering difficulty in meeting
obligations associated with its financial liabilities settled by delivering cash or other financial assets. The
Company\u2019s objective is to ensure sufficient liquidity to meet liabilities under both normal and stressed
conditions, without incurring unacceptable losses or reputational damage. Liquidity is maintained
through a solid position supported by stable rental income annually and cash flow management, with
capital resources primarily derived from operational cash flows and supplemented by strategic financing
arrangements. Ultimate responsibility for liquidity risk management rests with the Executive Board,
which has implemented a practical liquidity risk management procedure, including borrowing facilities
and monitoring of forecast and actual cash flows. In 2023 and onwards, the Company secured additional
funding through debt and equity financing to support investments, with loan facilities structured for cost
efficiency and flexibility, and refinancing initiatives undertaken to optimize interest expenses and
maturity profiles.
The following maturity analyses detail the remaining undiscounted cash flows under its non-derivative
financial liabilities (the Company currently does not have derivative financial liabilities), classified by their
maturity, being the earliest date on which the Company can be required to settle the liability. These
analyses include both interest and principal cash flows.
202
5
\u00a0\u00a0
Contractual undiscounted cash flow
\u00a0
Book value
Total
< 1 year
> 1 year < 5 years
> 5 years
Interest bearing loans
79,
4
32
100,
415
11,3
18
57,
918
31,
225
Other loans and lease
\u00a0\u00a0\u00a0\u00a0\u00a0
liabilities
3,565
3,565
3,565
-
-
Creditors and other
\u00a0\u00a0\u00a0\u00a0\u00a0
payables
856
856
856
-
-
Total
8
3
,
8
53
104,83
6
15,73
9
57,918
31,225
202
4
\u00a0\u00a0
Contractual undiscounted cash flow
\u00a0
Book value
Total
< 1 year
> 1 year < 5 years
> 5 years
Interest bearing loans
47,001
58,200
4,016
33,644
20,540
Other loans and lease
\u00a0\u00a0\u00a0\u00a0\u00a0
liabilities
2,786
2,786
2,786
-
-
Creditors and other
\u00a0\u00a0\u00a0\u00a0\u00a0
payables
243
243
243
-
-
Total
50,030
61,229
7,045
33,644
20,540
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00302": { "value": "Market risk including interest rate risk
The Company has limited exposure to market risk, defined as the risk that changes in market prices, such
as interest rates and equity prices, will affect the Company\u2019s income or the value of its financial
instruments. The objective of market risk management is to manage and control these exposures within
acceptable parameters while optimizing returns. The Company operates exclusively in the Netherlands,
eliminating exposure to foreign currency risk. Interest rate risk, the risk that the fair value or future cash
flows of a financial instrument will fluctuate due to changes in market interest rates, arises primarily
from the Company\u2019s long-term borrowings. The Company manages this risk by agreeing all borrowings
at fixed interest rates, mitigating the risk to future cash flows. However, this exposes the Company to fair
value fluctuations for fixed-rate borrowings, though this risk is not reflected in these financial statements
as the borrowings are carried at amortized cost. There is no sensitivity analysis of the interest rate risk,
as the Company does not have exposure to variable interest rates. Furthermore, there are no derivative
instruments used.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00304": { "value": "1.
Gross rental income
The gross margin (net rental income as a percentage of the gross rental income) in 2025 excluding
change in value of investments is 78% (2024: 65%).
Gross rental income
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
202
5
202
4
\u00a0
\u20ac
\u20ac
Gross rental income excluding service costs
4,719
3,164
Gross rental income
4,719
3,164
\n
Maturity table rental Income
A maturity of remaining undiscounted lease payments for operating leases to be received, excluding
the recharge of service costs, is disclosed in the tables below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31
-
12
-
202
5
31
-
12
-
202
4
Up to 1 year
8
,
296
4,057
From 1 to 5 years
1
9
,
309
10,693
More than 5 years
10
,
627
7,680
Total
38
,
232
22,430
\n
2.
Property operating expenses
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Operating costs
202
5
202
4
Property rental costs
-
4
87
-
497
Building insurance
-
62
-
4
6
Municipal taxes
-
1
90
-
105
Leasehold cost
-
33
-
32
Operating expenses
-
81
-
207
\u00a0
-
8
54
-
887
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00303": { "value": "1.
Gross rental income
The gross margin (net rental income as a percentage of the gross rental income) in 2025 excluding
change in value of investments is 78% (2024: 65%).
Gross rental income
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
202
5
202
4
\u00a0
\u20ac
\u20ac
Gross rental income excluding service costs
4,719
3,164
Gross rental income
4,719
3,164
\n
Maturity table rental Income
A maturity of remaining undiscounted lease payments for operating leases to be received, excluding
the recharge of service costs, is disclosed in the tables below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31
-
12
-
202
5
31
-
12
-
202
4
Up to 1 year
8
,
296
4,057
From 1 to 5 years
1
9
,
309
10,693
More than 5 years
10
,
627
7,680
Total
38
,
232
22,430
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00305": { "value": "2.
Property operating expenses
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Operating costs
202
5
202
4
Property rental costs
-
4
87
-
497
Building insurance
-
62
-
4
6
Municipal taxes
-
1
90
-
105
Leasehold cost
-
33
-
32
Operating expenses
-
81
-
207
\u00a0
-
8
54
-
887
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00306": { "value": "3.
Changes in value of investment properties and property rights
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
202
5
202
4
Fair value changes in investment properties
-
1,0
8
3
1
,561
Gain/(loss) on disposal of investment properties
188
-
\u00a0
-
8
95
1
,561
\n8.
Investment properties
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
2025
31-12-2025
31
-
12
-
\u00a0\u00a0
2024
Opening balance
58,510
37,048
Additions
34,115
19,901
Disposals
-
888
-
Gain/(loss) on disposal of investment properties
188
-
Net fair value gains/(losses)
-
1,0
8
4
1,561
Balance
as at 31 December
90
,
8
4
1
58,510
\n
The Company made 2 property acquisitions (asset acquisitions: Zeist and Boreelkazerne) and 2 property
acquisitions through business combinations (within ERC KCN Group) in 2025. The positive revaluation
for the period is primarily driven by a positive valuation result and a redevelopment project as displayed
in the figure below.
The investment properties relate to commercial office real estate. The investment properties are valued
at fair market value based on a valuation performed by external independent valuers. Where the
external valuation carried out by the independent expert did not align with the financial statement
reporting period, management reassessed the fair value determined at the valuation date and corrected
\n
for any material fair value changes at the financial statement year end.
\n
The valuation has been prepared in accordance with the International Valuation Standards (IVS) and the
\n
Dutch Register for Commercial Real Estate Valuers (NRVT) adopting two valuation methods, the
\n
Capitalisation Approach, and the Discounted Cash Flow Method.
\n
The properties, are valued by the external independent valuers at \u20ac 90,8 million (2024: \u20ac58,5 million).
\n
The Property in Hoofddorp is valued as a redevelopment project as residential property taken into
\n
account the projected development costs, other related costs, projected revenues, finance component
\n
and project risks.
\n
For the properties provided as collateral, refer to Note 15.
\n
Revaluation
\n
The fair values of investment property classify as level 3 valuations in the fair value hierarchy. For further
\n
details on the valuation methodology of investment properties, reference is made to the disclosure of
\n
significant estimates. Management has made use of independent external expert appraisers in
\n
determining the fair values of the investment properties. These experts have applied models to
\n
determine the fair value as described under \u2018Investment properties\u2019. The most important principles and
\n
(ranges of) assumptions used in determining the fair values in 2024 and 2025 are as follows:
\n\n \n
Investment property in
Investment property in
2025
operation (Land)
operation (Office Buildings)
Average TRI per sqm (\u20ac)
56,71
148,95
Combined appraisal value (\u20acx1000)
4,800
72,640
Weighted average lease length in years
29,44
4,76
Average Occupancy
100%
90,90%
Market rent per sqm (\u20ac)
12,50
127,52
Gross initial yield (%)
5,17%
10,37%
\n\n \n
Investment property in
Investment property in
2024
operation (Land)
operation (Office Buildings)
Average TRI per sqm (\u20ac)
55
134
Combined appraisal value (\u20acx1000)
4,700
40,410
Weighted average lease length in years
30
,44
4.3
Average Occupancy
100%
85%
Market rent per sqm (\u20ac)
1
2,50
122
Gross initial yield (%)
5.09%
8.67%
In the above tables the property referred to as Hoofddorp D1 + D3 has been excluded as the property
has been valued using the highest and best used principle as under IFRS 13. The valuation assumes the
demolition of the current commercial office buildings and the new construction of 372 homes, as well
as the storage units and the 335 parking spaces. This development includes social housing, mid-market
housing, and private sector homes. The start of the redevelopment is planned in June 2029, with the
demolition work expected to be completed in December 2029 and the delivery of the units in December
2031.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Highest and best used redevelopment scenario
202
5
202
4
Average residential sales price per sqm (\u20ac)
6,427
5,801
Estimated building cost per sqm (\u20ac)
2,060
1,900
Redevelopment risk
40%
40%
Gross Floor Area (GFA)
4
5,013
45,013
GIY
4,
0
0%
4,10%
\n
Sensitivities to key assumptions
Capitalisation rate
A slight increase in the capitalisation rate used would result in a significant decrease in fair value, and
vice versa.
Market rent
A significant increase in the market rent used would result in a significant increase in fair value, and vice
versa.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00307": { "value": "4.
Administrative costs
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
202
5
202
4
Listing service expense
-1,887
-
(Titan N.V.) IFRS 2
\u00a0\u00a0
Wages
-
783
-
678
Social security charges
-
104
-
82
Other personnel costs
-
884
-
2
87
Vehicle costs
-
60
-
6
5
Rent
-
23
-
65
Marketing costs
-
1
94
-
333
Representation cost
-
94
-
43
Advice and accounting costs
-
767
-
520
Bad debts
-
1
10
-
49
IT/Office costs
-
16
9
-
130
Other
-
101
52
Structuring costs
-
93
-
Listing fees
-
898
-
Provision third party profit share (Diamantlaan 3)
-
173
-
504
\u00a0
-
6
,
340
-
2,679
\nDuring 2025, on average 8.4 employees were employed on a full-time basis (2024: 8.0).", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00312": { "value": "5.
Financial income and expenses
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Financial income and expenses
202
5
202
4
Interest income and similar income
6
7
37
Dividend income
359
-
Interest charge and similar expenses
-
3,6
61
-
2,243
\u00a0
-
3,2
34
-
2,206
\n
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Interest charge and similar charges
202
5
202
4
Interest lending institutions
-
2,186
-
1,297
Interest bond loans
-
5
55
-
345
Interest subordinate loans
-
104
-
173
Interest private loan
-760
-180
Other interest charges
-
56
-
227
Interest tax authorities
-
-
21
\u00a0
-
3,6
61
-
2,243
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00311": { "value": "5.
Financial income and expenses
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Financial income and expenses
202
5
202
4
Interest income and similar income
6
7
37
Dividend income
359
-
Interest charge and similar expenses
-
3,6
61
-
2,243
\u00a0
-
3,2
34
-
2,206
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00310": { "value": "5.
Financial income and expenses
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Financial income and expenses
202
5
202
4
Interest income and similar income
6
7
37
Dividend income
359
-
Interest charge and similar expenses
-
3,6
61
-
2,243
\u00a0
-
3,2
34
-
2,206
\n
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Interest charge and similar charges
202
5
202
4
Interest lending institutions
-
2,186
-
1,297
Interest bond loans
-
5
55
-
345
Interest subordinate loans
-
104
-
173
Interest private loan
-760
-180
Other interest charges
-
56
-
227
Interest tax authorities
-
-
21
\u00a0
-
3,6
61
-
2,243
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00309": { "value": "5.
Financial income and expenses
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Financial income and expenses
202
5
202
4
Interest income and similar income
6
7
37
Dividend income
359
-
Interest charge and similar expenses
-
3,6
61
-
2,243
\u00a0
-
3,2
34
-
2,206
\n
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Interest charge and similar charges
202
5
202
4
Interest lending institutions
-
2,186
-
1,297
Interest bond loans
-
5
55
-
345
Interest subordinate loans
-
104
-
173
Interest private loan
-760
-180
Other interest charges
-
56
-
227
Interest tax authorities
-
-
21
\u00a0
-
3,6
61
-
2,243
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00308": { "value": "5.
Financial income and expenses
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Financial income and expenses
202
5
202
4
Interest income and similar income
6
7
37
Dividend income
359
-
Interest charge and similar expenses
-
3,6
61
-
2,243
\u00a0
-
3,2
34
-
2,206
\n
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Interest charge and similar charges
202
5
202
4
Interest lending institutions
-
2,186
-
1,297
Interest bond loans
-
5
55
-
345
Interest subordinate loans
-
104
-
173
Interest private loan
-760
-180
Other interest charges
-
56
-
227
Interest tax authorities
-
-
21
\u00a0
-
3,6
61
-
2,243
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00313": { "value": "6.
Corporate income tax
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Current tax on profits for the year
0
0
Prior period taxes and other
-53
-153
Decrease / increase in deferred tax assets
5
412
Decrease / increase in deferred tax liabilities
-179
-875
Prior year deferred tax corrections
-50
-
Total deferred tax
-224
-462
Corporate income tax
-277
-616
Corporate income tax attributable to:
\u00a0 \u00a0
Profit from continuing operations
-277
-616
\n
The charge for the year can be reconciled to the profit before tax as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
202
5
202
4
Result before tax
-
6
,
726
-
1,
254
Tax at nominal tax rate (25,8%)
1,
735
324
Losses not capitalized
-
884
-
834
Prior period taxes
-
398
-
108
Non
-
deductible expenses
-
103
-
39
IFRS 2 Listing Expense (non
-
deductable)
-
487
-
Other
-
139
41
Corporate income tax
-
276
-
616
\nThe effective tax rate is 4.1% in 2025 (2024: 49%).
\u00a0
202
5
202
4
Payroll Tax
38
53
Turnover Tax
60
142
Interest and fines tax authorities
11
26
Company tax
20
15
Tenant deposits
1,110
635
Balance as at 31 December
1,240
871
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00314": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Current tax on profits for the year
0
0
Prior period taxes and other
-53
-153
Decrease / increase in deferred tax assets
5
412
Decrease / increase in deferred tax liabilities
-179
-875
Prior year deferred tax corrections
-50
-
Total deferred tax
-224
-462
Corporate income tax
-277
-616
Corporate income tax attributable to:
\u00a0 \u00a0
Profit from continuing operations
-277
-616
\n11.
Deferred tax assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31
-
12
-
202
5
31
-
12
-
202
4
Deferred tax assets related to the revaluation of
\u00a0 \u00a0
investment properties
591
615
Deferred tax related to profit share provision
688
669
\u00a0
1,
2
79
1,284
\n
No significant amounts of the deferred tax assets were utilized or settled during 2025.
The deferred tax assets related to the profit share provision arise from the revaluation of two properties
in Hoofddorp, which remained stable in 2025 (2024: increase of \u20ac1,2 million). A profit share of 42% has
been agreed upon for third parties. The deferred taxes for this profit share provision have been
recognized using an applicable tax rate of 25.8%. Deferred tax assets are expected to be realized within
the normal investment holding period; no unrecognized deferred tax assets exist at year-end.
The movements in the deferred tax assets during the year are detailed in the following table:
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
202
5
202
4
Balance as at 1 January
1,284
8
72
Recognized in profit or loss
-
5
412
Balance as at 31 December
1,
2
79
1,284
\n16.
Deferred tax liabilities
Deferred tax liabilities are recognised for the taxable temporary differences between the tax base
and the accounting base of the appropriate balance sheet items. The current tax rate is 25.8% for 2025
and 2024.
The deferred tax liability relates to the following temporary differences:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Book value
Fiscal value
Difference
%
P
rovision
Investment property
59,720
44,116
15,604
25,8
4,026
Recognised on
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
business
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
combinations (IFRS 3
17,300
5,399
11,901
25,8
3,070
/ PPA)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fiscal provision on
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
maintenance
0
-537
537
25,8
139
(Vastgoed IX)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
7
7
,
020
48,
988
28
,
042
\u00a0
7
,
23
5
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
202
5
202
4
Balance as at 1 January
3,
985
3,110
Addition
on
business combinations
2,73
5
-
Addition uplift
fair value
business combinations
33
6
-
Addition investment properties
179
875
Balance as at 31 December
7
,
23
5
3,
985
\n
The deferred tax liability disclosed for the investment property relates to a total current value of the
investment property of \u20ac 77 million. The corresponding fiscal value of the investment property amounts
to \u20ac 49 million.
The deferred tax liability is valued at nominal value and has a predominantly long-term character.Deferred tax assets
The Group has carried forward tax losses available to use against future taxable profits from the financial
\n
years 2018 to 2024. The available tax losses carried forward for all entities in ER Capital N.V. amounts to
\u20ac14,803,962 (2024: \u20ac7,968,566) and for ER Capital N.V. company only it amounts to \u20ac 4,080,055 (Titan
N.V. 2023: 2,910,056). No deferred tax assets have been recognised for these carried forward tax losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00317": { "value": "7.
Intangible fixed assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Concessions
Goodwill
Other
Total
Opening balance
400
-
118
518
Acquisitions (B&S)
-
300
-
300
Acquisitions (
KCN
)
-
129
-
129
Disposals
-
-
-
62
-
62
Balance
as at
31 December
400
429
56
885
\n
Goodwill
Goodwill of \u20ac 300 thousand relates to the acquisition of ER Capital Vastgoed Fondsmanagement B.V. and
includes payments to parties associated with the sellers. Management determined that these payments
do not represent separate services and are part of the consideration transferred under IFRS 3. The
goodwill reflects expected synergies from the acquisition.
Goodwill of \u20ac 129 thousand arose from the acquisition of the KCN Group (see Note Business
combinations). The goodwill is allocated to the relevant cash-generating units and is tested annually for
impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00315": { "value": "7.
Intangible fixed assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Concessions
Goodwill
Other
Total
Opening balance
400
-
118
518
Acquisitions (B&S)
-
300
-
300
Acquisitions (
KCN
)
-
129
-
129
Disposals
-
-
-
62
-
62
Balance
as at
31 December
400
429
56
885
\n
Goodwill
Goodwill of \u20ac 300 thousand relates to the acquisition of ER Capital Vastgoed Fondsmanagement B.V. and
includes payments to parties associated with the sellers. Management determined that these payments
do not represent separate services and are part of the consideration transferred under IFRS 3. The
goodwill reflects expected synergies from the acquisition.
Goodwill of \u20ac 129 thousand arose from the acquisition of the KCN Group (see Note Business
combinations). The goodwill is allocated to the relevant cash-generating units and is tested annually for
impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00316": { "value": "Goodwill
Goodwill of \u20ac 300 thousand relates to the acquisition of ER Capital Vastgoed Fondsmanagement B.V. and
includes payments to parties associated with the sellers. Management determined that these payments
do not represent separate services and are part of the consideration transferred under IFRS 3. The
goodwill reflects expected synergies from the acquisition.
Goodwill of \u20ac 129 thousand arose from the acquisition of the KCN Group (see Note Business
combinations). The goodwill is allocated to the relevant cash-generating units and is tested annually for
impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00320": { "value": "9.
Right-of-Use Assets
The following table presents the movements in Right-of-Use (ROU) assets for the year ended 31
December 2025, in accordance with IFRS 16 Leases. All amounts are in euro's \u20ac.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Category
Total
Carrying amount as at 1 January 202
4
-
Additions
427
Depreciation for the year
-
12
Impairments
-
Disposals/Lease terminations
-
Carrying amount as at 1 January 202
5
415
Additions
-
Depreciation
for the year
-
74
Impairments
-
Disposals/Lease terminations
-
Carrying amount as at 31 December 202
5
341
Buildings relate to the leased office space recognized as ROU assets under IFRS 16. Variable lease
payments (service costs) are included in the contingent liabilities. The lease terms for buildings range
from 5 to 6 years. Depreciation is calculated on a straight-line basis over the lease term. Impairments
are recognized in accordance with IAS 36 Impairment of Assets, where applicable. Depreciation expense
on ROU assets is presented within administrative expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00321": { "value": "10.
Financial assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31
-
12
-
202
5
31
-
12
-
202
4
Financial assets measured at FVTPL
-
2,662
Financial assets measured at amortised cost
4
72
3
57
\u00a0
472
3
,019
\n
The movements in the financial assets measured at FVTPL during the year are detailed in the following
table:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
202
5
202
4
Balance as at 1 January
2,662
0
Addition
-
2,662
Disposals
-
2,
662
0
Balance as at 31 December
0
2,662
\n
Financial assets measured at FVTPL
The investment in PB Holding N.V. included in the financial assets measured at FVTPL, valued at \u20ac2,175
million, was acquired in 2024 under a conditional agreement and was subsequently sold back for the
same amount in early 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00319": { "value": "12.
Trade and other receivables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31
-
12
-
202
5
31
-
12
-
202
4
Gross trade debtors
166
198
Provision of doubtful debts
-
143
-
43
Trade debtors
23
156
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31
-
12
-
202
5
31
-
12
-
202
4
Trade debtors
23
156
Accounts receivable from affiliated companies
71
6
9
Other accounts receivable
414
140
Service costs to be invoiced
32
2
24
Revenue to be invoiced
2
4
133
Other prepayments and accrued
\u00a0 \u00a0
income
173
104
\u00a0
1,0
27
625
\n
All receivables are due within 12 months. Expected credit loss allowances are measured using the
lifetime ECL model under IFRS 9. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00322": { "value": "13.
Cash and cash equivalents
At 31 December 2025 \u20ac 1,059,001 (2024: \u20ac 1,5 million) is free at disposal. \u20ac 652,000 (2024: \u20ac 350,000)
is not free at disposal as it relates to cash reserves with regards to the HypoNOE loan. Cash and cash
equivalents are held with banks with investment-grade credit ratings; restricted balances relate to loan
covenants (see Note 14).", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00323": { "value": "14.
Group Equity
Share capital 2025
The Company\u2019s issued and paid-up share capital as at 31 December 2025 amounts to \u20ac2,155,503,
consisting of 17,503,062 common shares A, 4,051,868 preference shares and 100 common shares M,
each with a nominal value of \u20ac0.10.
Share capital 2024
The Company\u2019s authorized share capital as at 31 December 2024 amounts to \u20ac386,328, consisting of
3,674,586 common shares A with a nominal value of \u20ac0.05 each, 4,051,868 cumulative preference
shares with a nominal value of \u20ac0.05 each, and 100 common shares M with a nominal value of \u20ac0.05
each.
The following table details the Company\u2019s capital structure:
\u00a0 \u00a0
Number of
\u00a0
Number of shares
\u00a0 \u00a0
shares
\u00a0
31 December
Type of shares
%
31 December
%
2024
\u00a0\u00a0
2025
\u00a0\u00a0
Common Shares A nominal
\u00a0 \u00a0 \u00a0 \u00a0
value \u20ac0,10 each (newly
71.69%
15,452,908
47.56%
3,674,586
allotted)
\u00a0 \u00a0 \u00a0 \u00a0
Pre
-
merger shares
Titan N.V.
value \u20ac0,10 each
\u00a0
9.51%
\u00a0
2,050,154
\u00a0
-
\u00a0
-
Preferred
Shares nominal value
\u20ac0,10 each
\u00a0
18.80%
\u00a0
4,051,868
\u00a0
52.44%
\u00a0
4,051,868
Common Shares M nominal
value of \u20ac0,10 each
\u00a0
0.00%
\u00a0
100
\u00a0
0.00%
\u00a0
100
Shares in total
100.00%
21,555,030
100.00%
7,726,554
\n
Share premium
The share premium reserve relates to contribution on issued shares in excess of the nominal value of
the shares (above par value).
Dividends
During the year ended 31 December 2025, the Company declared and paid quarterly dividends to its
shareholders, totalling \u20ac486k. The average dividend per share (\u20ac) is only paid out to the cumulative
preference shareholders (H1 2025) and to the preference shareholders (H2 2025). The cash outflow
related to these dividend payments is presented within financing activities in the statement of cash
flows. The dividend for the fourth quarter (Q4), amounting to \u20ac60,733, was paid in February 2026,
subsequent to the reporting date.
\u00a0
202
5
202
4
Average per
Average per
Dividend
share (\u20ac)
Total
share (\u20ac)
Total
Dividend paid
0.120
486,044
0.155
629,500
\n
The movements in issued share capital are displayed in the Consolidated statement of comprehensive
income.
Capital management
ER Capital N.V. manages equity attributable to shareholders as its primary capital base. The company
adopts a conservative capital structure for its real estate operations to ensure long-term group
sustainability and to maximize long-term shareholder value and continuity.
Covenants
Loan-to-value
The Loan-to-value ratio is calculated by dividing the debt by the investment properties.
Interest cover ratio (ICR)
The interest cover ratio is calculated by dividing the net rental income by the net interest payable.
Debt Service Coverage Ratio (DSCR)
The DSCR is calculated as the net rental income of the collateral over a 12-month period, commencing
on the calculation date, divided by the total debt service (principal and interest) due to the lender during
the same period.
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Ratio (Hypo
Covenants
31 December
Cash trap
Covenants 31
31
Cash
Noe) Tranche A
31
2025
\u00a0
December
December
trap
& B
December
\u00a0 \u00a0
2024
2024
\u00a0
\u00a0
2025
\u00a0\u00a0\u00a0\u00a0 \u00a0
Loan to Value
75%
48
%
No
66.35%
65%
No
Debt Service
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Coverage Ratio
1.25
1.70
No
1.25
2.1
No
(DSCR)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Ratio (Mogelijk
Covenants
31 December
Cash trap
Covenants 31
31
Cash
Barendrecht)
31
2025
\u00a0
December
December
trap
\u00a0
December
\u00a0 \u00a0
2024
2024
\u00a0
\u00a0
2025
\u00a0\u00a0\u00a0\u00a0 \u00a0
Loan to Value
74%
70
%
No
74%
70%
No
Interest
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Coverage Ratio
1.25
1.59
No
1.25
1.59
No
(ICR)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Covenants 31
Covenants 31
31
Ratio (Mogelijk
December
31 December
\u00a0
December
December
Cash
\u00a0
Den Helder)
2025
\u00a0
2025
\u00a0
Cash trap
2024
2024
\u00a0
trap
Loan to Value
74%
66
%
No
74%
66%
No
Interest
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Coverage Ratio
1.25
1.89
No
1.25
1.87
No
(ICR)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Ratio
Covenants 31
31 December
Cash trap
Covenants 31
31
Cash
(Riverbank \u2013
December
2025
\u00a0
December
December
trap
ERC Life B.V.)
2025
\u00a0\u00a0
2024
2024
\u00a0
Loan to Value
72%
71.4%
No
n/a
n/a
n/a
Interest
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Coverage Ratio
n/a
n/a
n/a
n/a
n/a
n/a
(ICR)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Ratio
Covenants 31
31 December
Cash trap
Covenants 31
31
Cash
(Riverbank \u2013
December
2025
\u00a0
December
December
trap
ERC Tower
2025
\u00a0 \u00a0
2024
2024
\u00a0
B.V.)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Loan to Value
60%
58%
No
n/a
n/a
n/a
Interest
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Coverage Ratio
n/a
n/a
n/a
n/a
n/a
n/a
(ICR)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Ratio (RNHB
Covenants 31
31 December
Cash trap
Covenants 31
31
Cash
Boreel)
December
2025
\u00a0
December
December
trap
\u00a0
2025
\u00a0\u00a0
2024
2024
\u00a0
Loan to Value
6
5
%
60
%
No
n/a
n/a
n/a
Debt Service
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Coverage Ratio
1.5
2.07
No
n/a
n/a
n/a
(DSCR)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\n
When either condition is met, a cash trap is applied until the LTV falls below the abovementioned
percentage, the ICR and DSCR exceed the abovementioned ratio.
The cash trap requires the retention of an amount equal to 100% of the excess cash generated during
each calendar quarter in which an interest payment date falls. Excess cash is defined as the operating
income of the collateral, less (a) the periodic principal repayments and interest due to the lender during
the same period, and (b) a lender-determined amount for operating costs and exploitation expenses.
This retained cash must be held in an account on which the lender automatically enforces a lien. The
cash trap is also a conditional ground for early repayment, though the lender is not yet entitled to
demand full repayment of the loan based on this condition.
As of 31 December 2025, the Group was not subject to the cash trap mechanism. Compliance with these
covenants is monitored quarterly, and no breaches necessitating additional repayments or security were
noted as of the reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00324": { "value": "14.
Group Equity
Share capital 2025
The Company\u2019s issued and paid-up share capital as at 31 December 2025 amounts to \u20ac2,155,503,
consisting of 17,503,062 common shares A, 4,051,868 preference shares and 100 common shares M,
each with a nominal value of \u20ac0.10.
Share capital 2024
The Company\u2019s authorized share capital as at 31 December 2024 amounts to \u20ac386,328, consisting of
3,674,586 common shares A with a nominal value of \u20ac0.05 each, 4,051,868 cumulative preference
shares with a nominal value of \u20ac0.05 each, and 100 common shares M with a nominal value of \u20ac0.05
each.
The following table details the Company\u2019s capital structure:
\u00a0 \u00a0
Number of
\u00a0
Number of shares
\u00a0 \u00a0
shares
\u00a0
31 December
Type of shares
%
31 December
%
2024
\u00a0\u00a0
2025
\u00a0\u00a0
Common Shares A nominal
\u00a0 \u00a0 \u00a0 \u00a0
value \u20ac0,10 each (newly
71.69%
15,452,908
47.56%
3,674,586
allotted)
\u00a0 \u00a0 \u00a0 \u00a0
Pre
-
merger shares
Titan N.V.
value \u20ac0,10 each
\u00a0
9.51%
\u00a0
2,050,154
\u00a0
-
\u00a0
-
Preferred
Shares nominal value
\u20ac0,10 each
\u00a0
18.80%
\u00a0
4,051,868
\u00a0
52.44%
\u00a0
4,051,868
Common Shares M nominal
value of \u20ac0,10 each
\u00a0
0.00%
\u00a0
100
\u00a0
0.00%
\u00a0
100
Shares in total
100.00%
21,555,030
100.00%
7,726,554
\n
Share premium
The share premium reserve relates to contribution on issued shares in excess of the nominal value of
the shares (above par value).
Dividends
During the year ended 31 December 2025, the Company declared and paid quarterly dividends to its
shareholders, totalling \u20ac486k. The average dividend per share (\u20ac) is only paid out to the cumulative
preference shareholders (H1 2025) and to the preference shareholders (H2 2025). The cash outflow
related to these dividend payments is presented within financing activities in the statement of cash
flows. The dividend for the fourth quarter (Q4), amounting to \u20ac60,733, was paid in February 2026,
subsequent to the reporting date.
\u00a0
202
5
202
4
Average per
Average per
Dividend
share (\u20ac)
Total
share (\u20ac)
Total
Dividend paid
0.120
486,044
0.155
629,500
\n
The movements in issued share capital are displayed in the Consolidated statement of comprehensive
income.
Capital management
ER Capital N.V. manages equity attributable to shareholders as its primary capital base. The company
adopts a conservative capital structure for its real estate operations to ensure long-term group
sustainability and to maximize long-term shareholder value and continuity.
Covenants
Loan-to-value
The Loan-to-value ratio is calculated by dividing the debt by the investment properties.
Interest cover ratio (ICR)
The interest cover ratio is calculated by dividing the net rental income by the net interest payable.
Debt Service Coverage Ratio (DSCR)
The DSCR is calculated as the net rental income of the collateral over a 12-month period, commencing
on the calculation date, divided by the total debt service (principal and interest) due to the lender during
the same period.
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Ratio (Hypo
Covenants
31 December
Cash trap
Covenants 31
31
Cash
Noe) Tranche A
31
2025
\u00a0
December
December
trap
& B
December
\u00a0 \u00a0
2024
2024
\u00a0
\u00a0
2025
\u00a0\u00a0\u00a0\u00a0 \u00a0
Loan to Value
75%
48
%
No
66.35%
65%
No
Debt Service
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Coverage Ratio
1.25
1.70
No
1.25
2.1
No
(DSCR)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Ratio (Mogelijk
Covenants
31 December
Cash trap
Covenants 31
31
Cash
Barendrecht)
31
2025
\u00a0
December
December
trap
\u00a0
December
\u00a0 \u00a0
2024
2024
\u00a0
\u00a0
2025
\u00a0\u00a0\u00a0\u00a0 \u00a0
Loan to Value
74%
70
%
No
74%
70%
No
Interest
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Coverage Ratio
1.25
1.59
No
1.25
1.59
No
(ICR)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Covenants 31
Covenants 31
31
Ratio (Mogelijk
December
31 December
\u00a0
December
December
Cash
\u00a0
Den Helder)
2025
\u00a0
2025
\u00a0
Cash trap
2024
2024
\u00a0
trap
Loan to Value
74%
66
%
No
74%
66%
No
Interest
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Coverage Ratio
1.25
1.89
No
1.25
1.87
No
(ICR)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Ratio
Covenants 31
31 December
Cash trap
Covenants 31
31
Cash
(Riverbank \u2013
December
2025
\u00a0
December
December
trap
ERC Life B.V.)
2025
\u00a0\u00a0
2024
2024
\u00a0
Loan to Value
72%
71.4%
No
n/a
n/a
n/a
Interest
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Coverage Ratio
n/a
n/a
n/a
n/a
n/a
n/a
(ICR)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Ratio
Covenants 31
31 December
Cash trap
Covenants 31
31
Cash
(Riverbank \u2013
December
2025
\u00a0
December
December
trap
ERC Tower
2025
\u00a0 \u00a0
2024
2024
\u00a0
B.V.)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Loan to Value
60%
58%
No
n/a
n/a
n/a
Interest
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Coverage Ratio
n/a
n/a
n/a
n/a
n/a
n/a
(ICR)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Ratio (RNHB
Covenants 31
31 December
Cash trap
Covenants 31
31
Cash
Boreel)
December
2025
\u00a0
December
December
trap
\u00a0
2025
\u00a0\u00a0
2024
2024
\u00a0
Loan to Value
6
5
%
60
%
No
n/a
n/a
n/a
Debt Service
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Coverage Ratio
1.5
2.07
No
n/a
n/a
n/a
(DSCR)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\n
When either condition is met, a cash trap is applied until the LTV falls below the abovementioned
percentage, the ICR and DSCR exceed the abovementioned ratio.
The cash trap requires the retention of an amount equal to 100% of the excess cash generated during
each calendar quarter in which an interest payment date falls. Excess cash is defined as the operating
income of the collateral, less (a) the periodic principal repayments and interest due to the lender during
the same period, and (b) a lender-determined amount for operating costs and exploitation expenses.
This retained cash must be held in an account on which the lender automatically enforces a lien. The
cash trap is also a conditional ground for early repayment, though the lender is not yet entitled to
demand full repayment of the loan based on this condition.
As of 31 December 2025, the Group was not subject to the cash trap mechanism. Compliance with these
covenants is monitored quarterly, and no breaches necessitating additional repayments or security were
noted as of the reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00325": { "value": "Dividends
During the year ended 31 December 2025, the Company declared and paid quarterly dividends to its
shareholders, totalling \u20ac486k. The average dividend per share (\u20ac) is only paid out to the cumulative
preference shareholders (H1 2025) and to the preference shareholders (H2 2025). The cash outflow
related to these dividend payments is presented within financing activities in the statement of cash
flows. The dividend for the fourth quarter (Q4), amounting to \u20ac60,733, was paid in February 2026,
subsequent to the reporting date.
\u00a0
202
5
202
4
Average per
Average per
Dividend
share (\u20ac)
Total
share (\u20ac)
Total
Dividend paid
0.120
486,044
0.155
629,500
\n
The movements in issued share capital are displayed in the Consolidated statement of comprehensive
income.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00326": { "value": "0.0012", "decimals": 5, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00327": { "value": "0.00155", "decimals": 5, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00328": { "value": "Capital management
ER Capital N.V. manages equity attributable to shareholders as its primary capital base. The company
adopts a conservative capital structure for its real estate operations to ensure long-term group
sustainability and to maximize long-term shareholder value and continuity.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00329": { "value": "15.
Borrowings
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Opening balance 1 January
47,001
24,601
Loans drawn
38,2
26
35,766
Loans repaid
-
5,3
93
-
12,564
Capitalized finance costs
-
403
-
802
Balance as at 31 December
79,432
47,001
\n
The non-current borrowings can be categorised as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
202
5
202
4
Bond loans
10,2
18
7,109
Convertible loans
-
2,690
Private Loans
12,
645
2,250
Subordinate loans
1,300
6,6
41
Debts to lending institutions
48,424
2
6,356
Debts to investment
96
188
Balance as at 31 December
72,
682
45,233
\n
Bond loans
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
202
5
202
4
Bond loans series 2007
-
2028/2031
1,495
1,495
Bond loans series A (convertible)
1,238
1,250
Bond loans series B (convertible)
1,250
1,250
Bond loans series C (convertible)
2,250
2,250
Bond loans series D (convertible)
250
250
Bond loans series E (convertible)
1,250
-
Bond loans series F (convertible)
1,250
-
Bond loans series G (convertible)
578
-
Credited interest bonds
6
57
614
Balance as at 31 December
10,2
18
7,109
The Dutch five-year government interest rate is paid on the bond loans series 2007-2008 with a
\n
surcharge of 1% interest and is credited. The bond loan will be repaid in four instalments from 2028 to
\n
2031.
\n
An interest rate of 7.8% is paid on the bond loans series A. The bond loan will be repaid latest from 31
\n
January 2029. An interest rate of 7.2% is paid on the bond loans Series B and repayment is latest from
\n
30 April 2027. Bond loans series C and D both have an interest rate of 7.4% and will also be repaid latest
\n
from 30 June 2028. Bond loan series E to G bear interest rates ranging between 4.0% and 8.0% and have
\n
maturities between 1 April 2027 and 1 April 2032. The bond loans are all unsecured loans.
\n
Convertible loans
\n
In prior years, the convertible loans on the balance sheet of \u20ac 2,7 million included an option to be
\n
converted into preferent shares. The conversion price is \u20ac 3.00, this means that at conversion date each
\n
\u20ac 1.000 par value of the outstanding principal amount can be converted at the request of the lender into
\n
333 1/3rd shares of each 0.05 par value that are fully entitled to dividends as of that time. All convertible
\n
loans have a term of 1 to 5 years (between 30-4-2027 to 31-12-2029).
\n
During 2025, the conversion rights attached to these loans expired. Consequently, as at 31 December
\n
2025, the loans no longer contain any conversion features and are economically equivalent to private
\n
loans.
\n
Private loans
\n
The non-current private loans, totalling \u20ac12,6 million, consist of various unsecured subordinated loans
\n
from individual lenders with maturity dates ranging from January 2026 to October 2034. Interest rates
\n
(ranging from 6% to 15%) depend on the repayment terms, the borrowed amount, and other factors.
\n
No covenants or financial restrictions are attached to these loans.
\n
Subordinated loans
\n\n \n
202
5
202
4
Loan DH
1
900
900
Loan J.G. Vastgoed B.V.
2
-
82
Mortgage loan I VV
3
-
1,550
Mortgage loan II GD
4
-
1,550
Mortgage loan RAS
5
-
2,1
50
Property right loan TK
6
400
400
Balance as at 31 December
1,300
6,6
41
\n
1
\n
The maturity date is 31 October 2028. The interest on this loan is 8% per annum. ER Capital N.V. and
\n
Overhill Holding B.V. guaranteed the new loan.
\n
2
\n
Loan J.G. Vastgoed B.V. concerns a loan received in 2019. The interest on this loan is 4% per annum.
\n
This interest rate is increased annually by 1%. The loan originally ran until 1 October 2029. Early
\n
redemption is possible without penalty. Mr. S.J. Eelkman Rooda and Mr. M. Quist are jointly and severally
\n
liable for this debt. This loan was fully repaid in 2025.
\n
3
\n
Mortgage Loan I VV of \u20ac 1,550,000 was granted on October 6, 2021, to finance the registered property
\n
at the Diamantlaan 3 in Hoofddorp. A profit-sharing scheme applies to the loan. Redemption will take
place in a period of 5 years ending 30 September 2026. The lenders have agreed to this loan on the
\n
expressed condition that, if the property is sold to a third party, both Diamantlaan 3 and Diamantlaan 1
\n
in Hoofddorp will be jointly and simultaneously sold.
\n
4
\n
Mortgage loan II GD of \u20ac 1,550,000 was granted on October 6, 2021, to finance the registered property
\n
at the Diamantlaan 3 at Hoofddorp. A profit-sharing scheme applies to the loan. Redemption will take
\n
place in a period of 5 years ending 30 September 2026. The lenders have agreed to this loan on the
\n
expressed condition that, if the property is sold to a third party, both Diamantlaan 3 and Diamantlaan 1
\n
in Hoofddorp will be jointly and simultaneously sold.
\n
Collateral provided on both loans mentioned above is right of (first) mortgage on the registered property
\n
at a value of \u20ac 10 million.
\n
5
\n
Mortgage loan RAS of \u20ac 2,200,000 in ERC Vastgoed IV B.V. was granted on August 1, 2022, to finance
\n
the registered property at the Wekkerstraat 20 in Eindhoven. The maturity date was originally 27
\n
December 2027. The interest rate was 7.98%, fixed and to be paid on a monthly base. Collateral was
\n
provided, right of mortgage on the plot with a \u201cself storage building\u201d. Collateral was provided registration
\n
in the amount of \u20ac 2.2 million plus 40% for interest and costs at the value of \u20ac 3.5 million. Included in
\n
the amount above was an amount of capitalised finance costs of \u20ac 40,525. This mortgage loan RAS was
\n
refinanced in October 2025 by the HypoNOE Tranche B facility (\u20ac6.25 million) as described below.
\n
6
\n
Loan TK of \u20ac 400,000 was received on December 23, 2022, to finance a concession paid for the
\n
operating of a petrol station. The maturity date is 31 December 2027. The interest rate is 8%, to be paid
\n
in advance per calendar year in January of each year. Furthermore, variable interest rate is 50% of the
\n
(gross) profit in the debtor's capital before tax achieved in any year, whereby the actual costs are capped
\n
at the aforementioned interest rate (8%), increased by an amount of \u20ac 5,000, to be indexed annually on
\n
the basis of the CPI. Collateral provided is a right of first lien on all existing and future rights and claims
\n
that the debtor now has on the operator of the petrol station and on all existing and future rental claims.
\n
Debts to lending institutions
\n\n \n
202
5
202
4
Mortgage loan Mogelijk Zakelijke
Hypotheken Fonds III
1
1,380
1,371
Mortgage loan
Mogelijk Zakelijke
Hypotheken Fonds V
2
1,277
1,269
Mortgage Loan HypoNoe
Tranche A
3
17,459
17,712
Mortgage loan RNHB B.V. ERC
Vastgoed IX
4
1,499
1,558
Mortgage loan RNHB B.V. ERC
Vastgoed X
5
1,089
1,074
Mortgage loan
RNHB B.V. ERC
Vastgoed XIV
6
2,055
2,104
Loan Fiduciam
7
-
1,268
Mortgage Loan HypoNoe Tranche B
8
5,890
-
Mortgage Loan
Mogelijk
9
1,796
-
\n \n
Mortgage Loan RNHB
Boreelkazerne
10
5,835
-
Mortgage Loan Riverbank (ERC Life)
11
2,343
-
Mortgage Loan Riverbank (ERC
Tower)
12
7,801
-
Balance as at 31 December
48,424
2
6,356
\n
1.
\n
The mortgage loan of \u20ac 1,400,000 (Mogelijk Zakelijke Hypotheken Fonds III) is granted to finance the
\n
registered property located at the Aalborg 8 at Barendrecht. Redemptions will take place after five years
\n
on March 31, 2028. The interest rate is 6.75% fixed till the year 2028. An administration fee of \u20ac 438 is
\n
payable per month, i.e. 0.375% on an annual basis on the principal amount of the loan. Included in the
\n
amount above is activated finance costs of \u20ac 29,094. The financing costs are written of over a period of
\n
5 years.
\n
For the benefit of the lender, as collateral provided, are rights of mortgage and pledge:
\n
-
establishment of first mortgage on the Property
\n
-
pledge, first in priority, of current and future rental receivables and insurance proceeds
\n
-
pledge, first in priority, of certain present and future movable property.
\n
-
The ultimate beneficial owner shall be personally liable for \u20ac 1,890,000
\n
2.
\n
The mortgage loan of \u20ac 1,300,000 (Mogelijk Zakelijke Hypotheken Fonds V) is granted to finance the
\n
registered property located on Industrieweg 35 in Den Helder. Redemptions are paid during a period of
\n
5 years, on August 31, 2028. The interest rate is 6.95% fixed until 2028. An administration fee of \u20ac542 is
\n
payable per month, i.e. 0.5% on an annual basis on the principal amount of the loan. Included in the
\n
amount above is capitalised finance costs of \u20ac 31,006. The financing costs are written of over a period
\n
of 5 years.
\n
For the benefit of the lender, as collateral provided, are rights of mortgage and pledge:
\n
\ue001
establishment of first mortgage on the Property
\n
\ue001
pledge, first in priority, of current and future rental receivables and insurance proceeds
\n
\ue001
pledge, first in priority, of certain present and future movable property.
\n
\ue001
The ultimate beneficial owner shall be personally liable for \u20ac 1,755,000
\n
3
\n
On 28
\n
th
\n
of October 2024 the loan with HypoNoe regarding properties in Vastgoed II was successfully
\n
completed. The loan of \u20ac 18.6 Mio is granted until 30 March 2032 with an interest rate of 5%. The loan
\n
will be repaid semi-annually based on a progressive profile with a balloon payment at the end. The first
\n
repayment will take place on the 30
\n
th
\n
of June 2025. Included in the amount above is capitalised finance
\n
costs of \u20ac 561,836. The financing costs are written of over a period of 5 years.
\n
The following has been provided as collateral against the loan:
\n
\ue001
Cross default and cross collateral between the Vastgoed II assets
\n
\ue001
Pledge of shares
\n
\ue001
Subordination of existing and future shareholders loans
\n
\ue001
ER Capital N.V. shall be a guarantor
\n
\ue001
Arm\u2019s length asset management agreement
\ue001
Debt service reserve of in total EUR 500.000 must be accumulated
\n
\ue001
The Ultimate beneficial owner (Overhill Holding B.V.) shall be personally liable for an amount of
\n
\u20ac 2,000,000 through a Suretyship Agreement according to Dutch Law.
\n
\ue001
The first right of mortgage is provided on the properties listed below:
\n
o
Purmerend, Stationsweg 11-16
\n
o
Purmerend, Stationsweg 21-26
\n
o
Heerhugowaard, J. Duikerweg 12 (sold in 2025)
\n
o
Bilthoven, Jan van Eijcklaan 6 en Rembrandtlaan 1
\n
o
Venlo, Noorderpoort 11
\n
o
Den Bosch, Rietveldenweg 72 \u2013 86
\n
o
Dordrecht, Amstelwijckweg 11
\n
o
Dordrecht, Amstelwijckweg 15
\n
o
Zoetermeer, Buitenom
\n
o
Alblasserdam, Kelvinring 48
\n
4
\n
Mortgage loan RNHB B.V of \u20ac 1.69 million was granted on 16 January 2024 to finance the registered
\n
property at Delft in ERC Vastgoed IX B.V. The interest on this loan is 6.9% per annum and the loan runs
\n
until January 2029. Collateral is provided, right of mortgage on the property registration in the amount
\n
of \u20ac 2.3 million plus 40% for interest and costs at the value of \u20ac 3.3 million. Included in the amount above
\n
is capitalised finance costs of \u20ac 13,699. The financing costs are written of over a period of 5 years.
\n
5
\n
Mortgage loan RNHB B.V of \u20ac 1.134 million was granted on 09 February 2024 to finance the registered
\n
property at Emmeloord in ERC Vastgoed X B.V. The interest on this loan is 6.6% per annum and the loan
\n
runs until February 2027. Collateral is provided, right of mortgage on the property registration in the
\n
amount of \u20ac 1.5 million plus 40% for interest and costs at the value of \u20ac 2.2 million. Included in the
\n
amount above is capitalised finance costs of \u20ac 9,351. The financing costs are written of over a period of
\n
5 years. The ultimate beneficial owner shall be personally liable.
\n
6
\n
Mortgage loan RNHB B.V. of \u20ac 2.13 million was granted on 24 July 2024 to finance the registered
\n
property at Oosterhout in ERC Vastgoed XIV B.V. The interest on this loan is 6.9% per annum and the
\n
loan runs until July 2029. Collateral is provided, right of mortgage on the property registration in the
\n
amount of \u20ac 2.9 million plus 40% for interest and costs at the value of \u20ac 4.17 million. Included in the
\n
amount above is capitalised finance costs of \u20ac 19,531. The financing costs are written off over a period
\n
of 5 years. The ultimate beneficial owner shall be personally liable.
\n
7
\n
A loan was granted by Fiduciam for \u20ac 1.3 million regarding the property Diamantlaan 1 in Hoofddorp.
\n
The loan was granted on the 10
\n
th
\n
of January 2024 and originally runs until the January 2026 (before
\n
refinancing) with an interest of 10.8%. Collateral to the right of mortgage of the property was provided
\n
to an amount of \u20ac 2.4 million. Included in the amount above is capitalised finance costs of \u20ac 28,546. The
\n
financing costs are written off within one year. The ultimate beneficial owner was personally liable. ERC
\n
Vastgoed I B.V. refinanced its existing Fiduciam loan related to the property Diamantlaan 1A, Hoofddorp,
\n
in May 2025 through a new facility with Mogelijk Hypotheken B.V. The original loan was derecognised
\n
and replaced by a \u20ac1,835,000 loan with a fixed interest rate of 6.45% per annum and a 10 year maturity
\n
until May 2035. The facility is secured by first-ranking mortgage rights on the underlying property, and
\n
the refinancing resulted in the write-off of the Fiduciam capitalised finance cost and the refinanced
\n
capitalised costs of \u20ac 42,887.
\n
8
\n
: In October 2025 the existing facility with HypoNOE was amended and restated. The amendment added
\n
ERC Vastgoed IV B.V. as an additional borrower and introduced an additional Tranche B commitment of
\n
\u20ac6.25 million, bringing total commitments to \u20ac24.687 million. The Termination Date remains 30 March
\n
2032. Interest on Tranche B is charged at Margin + Fixed Interest Rate (Margin: 2.70% per annum if LTV
\n
\u2264 73% and DSCR \u2265 130%, otherwise 3.05% per annum). The Fixed Interest Rate for Tranche B was agreed
\n
at 2.376% p.a. (effective 20 October 2025), which results in a total interest rate of 5.076% per annum
for 2025. Included in the amount above is capitalised finance costs of \u20ac 126,036. The financing costs are
\n
written off over a period of 5 years.
\n
As additional collateral for Tranche B, the security package was extended to include (among others) first
\n
ranking mortgages over the additional properties at Huis ter Heideweg 10, 12, 14 and 16 (Zeist) and
\n
Wekkerstraat 20 (Eindhoven), as well as pledges over shares, receivables/movables and bank accounts
\n
of the additional borrower. Following utilisation of Tranche B, the additional borrower must fund its debt
\n
service reserve account with \u20ac250,000. Included in the amount above is capitalised finance costs of \u20ac
\n
132,670. The financing costs are written of over a period of 5 years.
\n
9
\n
: In May 2025, ERC Vastgoed I B.V. was granted a mortgage loan offer with Mogelijk Hypotheken B.V. for
\n
an amount of \u20ac1,835,000, intended to refinance the acquisition and renovation of the investment
\n
property Diamantlaan 1A, Hoofddorp (the Netherlands). The loan has a contractual term of 120 months
\n
and is interest-only, with the full principal contractually due at maturity. Interest is 6.45% per annum
\n
fixed for an initial 60-month period; thereafter the interest rate becomes floating, based on 3-month
\n
EURIBOR plus an applicable margin (as defined in the lender\u2019s terms).
\n
The loan is secured by a mortgage over the above property and pledges over rental receivables,
\n
insurance rights/proceeds and certain assets related to the property. In addition, a personal guarantee
\n
by S.J. Eelkman Rooda has been provided for an amount up to the facility amount (plus contractual
\n
interest and costs). Included in the amount above is capitalised finance costs of \u20ac 38,598. The financing
\n
costs are written off over a period of 5 years.
\n
10
\n
: In October 2025, Stichting ERC Subfonds I (Boreel) entered into a credit agreement with RNHB B.V.
\n
for a principal amount of \u20ac6 million in relation to the acquisition and letting of the real estate complex
\n
(apartments and commercial units) located at Boreelplein 39\u201372 and Houtmarkt 5, Deventer (the
\n
Netherlands). The facility has a term of 36 months and bears interest at 5.90% per annum. Repayment
\n
is linear, with periodic instalments of 1.5% per annum of the original principal (i.e., \u20ac7,500 per month).
\n
The loan is secured by a first-ranking mortgage and pledges over the collateral. ER Capital N.V. has
\n
provided a guarantee up to \u20ac1.5 million. Included in the amount above is capitalised finance costs of \u20ac
\n
70,100. The financing costs are written off over a period of 5 years.
\n
11
\n
: In December 2025, ERC Life B.V. entered into a loan agreement with RiverBank S.A. for a facility
\n
amount of \u20ac2,500,000, which was used for the (partial) financing of the purchase price of the property
\n
\u2018KCN IV\u2019 located at Nevelgaarde 4-7, Nieuwegein. The loan bears fixed interest of 6.50% p.a., payable
\n
quarterly. The principal is repayable in quarterly instalments of \u20ac25,000 from 3 months after drawdown
\n
up to 57 months after drawdown, with a remaining amount of \u20ac2,000,000 at the ultimate repayment
\n
date (61 months after drawdown, or earlier 24 January 2031). The facility is secured by, amongst others,
\n
a first-ranking mortgage over the registered properties (including \u201cKCN IV\u201d at Nevelgaarde 4\u20137,
\n
Nieuwegein), a first-ranking pledge over bank accounts/receivables/movable assets and a share pledge
\n
over the shares in ERC Life B.V.; additionally, ER Capital N.V. provides a corporate guarantee on first
\n
demand. Included in the amount above is capitalised finance costs of \u20ac 57,550. The financing costs are
\n
written off over a period of 5 years.
\n
12
\n
: In December 2025, ERC Tower B.V. entered into a \u20ac8.0 million secured term loan facility with
\n
RiverBank S.A. (Tranche 1 lender) and lenders represented by Finance Experts B.V. (Tranche 2). The
\n
facility consists of \u20ac5.5 million (Tranche 1) and \u20ac2.5 million (Tranche 2) and bears a fixed interest rate of
\n
7.00% per annum, payable quarterly. The loan was used solely for the acquisition of the office building
\n
\u2018KCN Tower\u2019 located at Nevelgaarde 36-60, Nieuwegein. Repayments are scheduled quarterly from 5
\n
April 2029 until 5 October 2030, with the remaining outstanding principal payable at final maturity on 5
\n
January 2031. Included in the amount above is capitalised finance costs of \u20ac 200,550. The financing costs
\n
are written off over a period of 5 years. The facility is secured by, among other things, a first-ranking
\n
mortgage over the properties (maximum amount \u20ac8.0 million plus 40% for interest and costs), a first-
ranking share pledge over the shares in ERC Tower B.V. (including conditional transfer of voting rights),
and a first-ranking pledge over (amongst others) bank accounts, receivables/rights and movable assets.
Maturity long-term debts
Summary of principal repayments of long-term debts due in 1 year, 1 to 5 years and after 5 years (x
\u20ac1,000):
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Long term debt due within 1 year:
EUR 6,750
EUR 774
Long term debt due with 1 to 5 years:
EUR 45,438
EUR 28,424
Long term debt due after 5 years:
EUR 28,427
EUR 17,297
\n20.
Current interest bearing loans
\u00a0
202
5
202
4
Subordinated loans
3,100
-
Private loan
2,750
994
Debt to lending institutions
900
775
Balance as at 31 December
6,750
1,768
Repayment obligation long-term debt
\n \n
\u00a0
31
-
12
-
202
5
31
-
12
-
202
4
Mortgage loan I VV
1,550
-
Mortgage loan II GD
1,550
-
Private loans
2,750
-
(Mortgage) loan
s
RNHB B.V.
193
-
(Mortgage) loan
Riverbank
100
-
(Mortgage) loan RNHB
-
ERC Vastgoed IX
-
63
(Mortgage) loan RNHB
-
ERC Vastgoed X
-
14
(Mortgage) loan RNHB - ERC Vastgoed XIV
-
27
Mortgage Loan
s
HypoeNoe
Tranche A & Tranche
B
\u00a0
606
\u00a0
326
Loan J.G. Vastgoed B.V.
-
2
2
Loan Caza Manestijn
-
300
Financial lease
-
24
\u00a0
6,750
775
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00331": { "value": "17.
Provisions
\u00a0
202
5
202
4
Balance as at 1 January
2,
594
2,090
Increase
196
504
Decrease
-
192
0
Balance as at 31 December
2,59
8
2,
594
\n
The increase in the other provision in 2024 and 2025 relates to the profit-sharing obligation arising from
the revaluation of two properties in Hoofddorp, which remained stable in 2025 (2024: increase of \u20ac1,2
million). A profit share of 42% has been agreed with third parties on this revaluation gain.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00332": { "value": "17.
Provisions
\u00a0
202
5
202
4
Balance as at 1 January
2,
594
2,090
Increase
196
504
Decrease
-
192
0
Balance as at 31 December
2,59
8
2,
594
\n
The increase in the other provision in 2024 and 2025 relates to the profit-sharing obligation arising from
the revaluation of two properties in Hoofddorp, which remained stable in 2025 (2024: increase of \u20ac1,2
million). A profit share of 42% has been agreed with third parties on this revaluation gain.22.
Contingent liabilities
Fiscal Unity
Up to 28 June 2025, the Company was part of a Dutch fiscal unity (\u201cfiscale eenheid\u201d) for corporate
income tax (CIT) and a fiscal unity for value added tax (VAT) purposes. As a consequence, the Company
was jointly and severally liable for the tax liabilities of the respective fiscal unities insofar as such liabilities
relate to periods in which the Company formed part of these fiscal unities.
As from 28 June 2025, the fiscal unities for CIT and VAT were terminated and the group companies are
taxed and/or registered individually.
Composition of the fiscal unities (until 28 June 2025)
\n \n
\u00a0
CIT
fiscal
VAT
fiscal
Entity
unity
unity
\u00a0
Remarks
ER Capital N.V.
Yes
Yes
\u00a0
ER Capital Vastgoed Management &
\u00a0
Beheer B.V.
\u00a0
Yes
\u00a0
Yes
\u00a0
ER Services en Administraties B.V.
Yes
Yes
\u00a0
ER Capital Corporate Finance B.V.
Yes
Yes
\u00a0
ER Capital Finance N.V.
Yes
Yes
\u00a0
ERC Support B.V.
Yes
Yes
\u00a0
ERC Vastgoed I B.V.
Yes
Yes
\u00a0
ERC Vastgoed II B.V.
No
Yes
\u00a0
ERC Vastgoed III B.V.
No
No
Not in VAT fiscal unity as from 1
\u00a0\u00a0 \u00a0
April 2025
ERC Vastgoed IV B.V.
No
No
\u00a0
ERC Vastgoed V B.V.
Yes
No
\u00a0
CIT
fiscal
VAT
fiscal
Entity
unity
unity
Remarks
ERC Vastgoed VI B.V.
No
Yes
ERC Vastgoed VII B.V.
No
Yes
ERC Vastgoed VIII B.V.
No
No
ERC Vastgoed IX B.V.
Yes
No
ERC Vastgoed X B.V.
No
No
ERC Vastgoed XII B.V.
No
No
ERC Vastgoed XV B.V.
No
No
ERC Investments B.V.
No
No
ER Capital CDC & Fondsmanagement B.V.
No
No
ERC CDC Management B.V.
No
No
ERC Vastgoed Holding B.V.
No
No
ERC Tussenholding I B.V.
No
No
ERC Tussenholding II B.V.
No
No
Stichting ERC Subfonds I (Boreel)
No
No
\n
Other fiscal unities within the Group
\n
Certain subsidiaries of the Group form part of a separate Dutch fiscal unity for corporate income tax and
\n
VAT purposes, which does not include the Company.
\n
This fiscal unity comprises the following entities:
\n
\ue001
ERC KCN B.V.
\n
\ue001
ERC Tower B.V.
\n
\ue001
ERC Life B.V.
\n
\ue001
Be Sure B.V.
\n
Rental Commitments buildings
\n
The company and its group companies have long term rental commitments, which relate to the rent of
\n
the office. The commitments for rent amounts to \u20ac 90,000 per year (5 year term until 31-8-2030) and
\n
service costs that amounts to \u20ac 25k per year. The lease agreement includes an option to extend the term
\n
for an additional period of 5 years.
\n
Deferred tax assets
\n
The Group has carried forward tax losses available to use against future taxable profits from the financial
\n
years 2018 to 2024. The available tax losses carried forward for all entities in ER Capital N.V. amounts to
\u20ac14,803,962 (2024: \u20ac7,968,566) and for ER Capital N.V. company only it amounts to \u20ac 4,080,055 (Titan
N.V. 2023: 2,910,056). No deferred tax assets have been recognised for these carried forward tax losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00330": { "value": "18.
Other non-current liabilities
\u00a0
202
5
202
4
Payroll Tax
38
53
Turnover Tax
60
142
Interest and fines tax authorities
11
26
Company tax
20
15
Tenant deposits
1,110
635
Balance as at 31 December
1,240
871
\n
Concerning the turnover tax and pay-roll tax the Tax Authorities granted a special regime for repayment
as result of the COVID regulations. Repayment will continue for 5 years, starting from 1 October 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00318": { "value": "19.
Lease liabilities
The movement in lease liabilities can be presented as follows:
\u00a0
2025
2024
Balance as at 1 January
486
73
New lease liabilities
-
427
Interest
32
8
Lease payments
-
9
0
-
22
Balance as at 31 December
428
486
\n
Given the size of the lease liabilities, no distinction has been made between the non
-
current and
current portions.
The maturity of the contractual future lease obligations is as follows:
\u00a0
31
-
12
-
202
5
Less than 1 year
90
1
-
5 years
3
38
More than 5 years
0
Total lease liabilities
4
28
No distinction has been made between the long-term and short-term portions due to the
immateriality of the lease liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00333": { "value": "21.
Other current liabilities
31
-
12
-
202
5
31
-
12
-
202
4
Audit fee
200
90
Rental income received in advance
288
432
Net dividend
30
1
54
Amounts to be paid
31
3
236
Interest payables
791
292
Other liabilities
27
6
225
Balance as at 31 December
1,89
8
1,429
\nNo material accruals are subject to significant estimation uncertainty.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00334": { "value": "22.
Contingent liabilities
Fiscal Unity
Up to 28 June 2025, the Company was part of a Dutch fiscal unity (\u201cfiscale eenheid\u201d) for corporate
income tax (CIT) and a fiscal unity for value added tax (VAT) purposes. As a consequence, the Company
was jointly and severally liable for the tax liabilities of the respective fiscal unities insofar as such liabilities
relate to periods in which the Company formed part of these fiscal unities.
As from 28 June 2025, the fiscal unities for CIT and VAT were terminated and the group companies are
taxed and/or registered individually.
Composition of the fiscal unities (until 28 June 2025)
\n \n
\u00a0
CIT
fiscal
VAT
fiscal
Entity
unity
unity
\u00a0
Remarks
ER Capital N.V.
Yes
Yes
\u00a0
ER Capital Vastgoed Management &
\u00a0
Beheer B.V.
\u00a0
Yes
\u00a0
Yes
\u00a0
ER Services en Administraties B.V.
Yes
Yes
\u00a0
ER Capital Corporate Finance B.V.
Yes
Yes
\u00a0
ER Capital Finance N.V.
Yes
Yes
\u00a0
ERC Support B.V.
Yes
Yes
\u00a0
ERC Vastgoed I B.V.
Yes
Yes
\u00a0
ERC Vastgoed II B.V.
No
Yes
\u00a0
ERC Vastgoed III B.V.
No
No
Not in VAT fiscal unity as from 1
\u00a0\u00a0 \u00a0
April 2025
ERC Vastgoed IV B.V.
No
No
\u00a0
ERC Vastgoed V B.V.
Yes
No
\u00a0
CIT
fiscal
VAT
fiscal
Entity
unity
unity
Remarks
ERC Vastgoed VI B.V.
No
Yes
ERC Vastgoed VII B.V.
No
Yes
ERC Vastgoed VIII B.V.
No
No
ERC Vastgoed IX B.V.
Yes
No
ERC Vastgoed X B.V.
No
No
ERC Vastgoed XII B.V.
No
No
ERC Vastgoed XV B.V.
No
No
ERC Investments B.V.
No
No
ER Capital CDC & Fondsmanagement B.V.
No
No
ERC CDC Management B.V.
No
No
ERC Vastgoed Holding B.V.
No
No
ERC Tussenholding I B.V.
No
No
ERC Tussenholding II B.V.
No
No
Stichting ERC Subfonds I (Boreel)
No
No
\n
Other fiscal unities within the Group
\n
Certain subsidiaries of the Group form part of a separate Dutch fiscal unity for corporate income tax and
\n
VAT purposes, which does not include the Company.
\n
This fiscal unity comprises the following entities:
\n
\ue001
ERC KCN B.V.
\n
\ue001
ERC Tower B.V.
\n
\ue001
ERC Life B.V.
\n
\ue001
Be Sure B.V.
\n
Rental Commitments buildings
\n
The company and its group companies have long term rental commitments, which relate to the rent of
\n
the office. The commitments for rent amounts to \u20ac 90,000 per year (5 year term until 31-8-2030) and
\n
service costs that amounts to \u20ac 25k per year. The lease agreement includes an option to extend the term
\n
for an additional period of 5 years.
\n
Deferred tax assets
\n
The Group has carried forward tax losses available to use against future taxable profits from the financial
\n
years 2018 to 2024. The available tax losses carried forward for all entities in ER Capital N.V. amounts to
\u20ac14,803,962 (2024: \u20ac7,968,566) and for ER Capital N.V. company only it amounts to \u20ac 4,080,055 (Titan
N.V. 2023: 2,910,056). No deferred tax assets have been recognised for these carried forward tax losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00335": { "value": "23.
Related party transactions
All legal entities that can be controlled, jointly controlled or significantly influenced are considered to be
a related party. Also, entities which can control, jointly control or significantly influence the Company
are considered a related party. In addition, the Executive Board and close relatives are regarded as
related parties. The related party transactions during 2025 can be classified into the following categories:
\u00a0 \u00a0
Assets
\u00a0
Assets
\u00a0
Related party and
Nature of
(liabilities)
Income
(liabilities)
Income
nature
transaction(s)
31
(expense)
31
(expense)
\u00a0 \u00a0
December
2025
December
2024
\u00a0\u00a0
2025
\u00a0
2024
\u00a0
Business Building B.V.
Mortgage loan
75
5
75
5
(The Director of ER
from ER
\u00a0 \u00a0 \u00a0 \u00a0
Capital N.V. holds
Capital
\u00a0 \u00a0 \u00a0 \u00a0
significant influence
Finance N.V. to
\u00a0 \u00a0 \u00a0 \u00a0
in Business Building
Business
\u00a0 \u00a0 \u00a0 \u00a0
B.V. through Overhill
Building B.V.
\u00a0 \u00a0 \u00a0 \u00a0
Holding B.V. This
with 6%
\u00a0 \u00a0 \u00a0 \u00a0
related party falls
interest and
\u00a0 \u00a0 \u00a0 \u00a0
outside ER Capital
maturity date
\u00a0 \u00a0 \u00a0 \u00a0
N.V.\u2019s group
31-12-2027
\u00a0 \u00a0 \u00a0 \u00a0
structure)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Business Building B.V.
Current
113
n/a
-
35
n/a
(The Director of ER
account
\u00a0 \u00a0 \u00a0 \u00a0
Capital N.V. holds
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
significant influence
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
in Business Building
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
B.V. through Overhill
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Holding B.V. This
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
related party falls
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
outside ER Capital
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
N.V.\u2019s group
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
structure)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Business Building B.V.
Management
n/a
13
n/a
25
(The Director of ER
and
\u00a0 \u00a0 \u00a0 \u00a0
Capital N.V. holds
maintenance
\u00a0 \u00a0 \u00a0 \u00a0
significant influence
fee
\u00a0 \u00a0 \u00a0 \u00a0
in Business Building
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
B.V. through Overhill
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Holding B.V. This
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
related party falls
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
outside ER Capital
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
N.V.\u2019s group
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
structure)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\n \n
Overhill
Holding
B.V.
Current
0
n/a
215
8
(Personal holding of
account
the Director with
significant influence
over ER Capital N.V.)
Overhill
Holding
B.V.
A convertible
n/a
n/a
n/a
-
4
(Personal holding of
loan of EUR
the Director with
400,000 was
significant influence
agreed upon
over ER Capital N.V.)
in 2017, with
an annual
interest rate of
1%. In 2024,
the
outstanding
principal and
accrued
interest were
converted into
common
shares.
Overhill
Holding
B.V.
Management
n/a
-
223
n/a
-
210
(Personal holding of
fee
the Director with
significant influence
over ER Capital N.V.)
ER Capital
Current
387
-
9
-
152
13
Multifeeder I B.V.
account
(Direct shareholder
of ER Capital N.V.)
Stichting
Current
30
n/a
n/a
n/a
Administratiekantoor
account
ER Capital
(Shareholder)
ERC Partners B.V.
Current
9
n/a
8
n/a
(The Director of ER
account
Capital N.V. holds
significant influence
in ERC Partners B.V.
through Overhill
Holding B.V. This
related party falls
outside ER Capital
N.V.\u2019s group
structure)
BH Tupolevlaan
Current
5
n/a
5
n/a
Building B.V. (The
account
Director of ER Capital
N.V. holds significant
influence in BH
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Tupolevlaan B.V.
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
through Overhill
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Holding B.V. This
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
related party falls
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
outside ER Capital
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
N.V.\u2019s group
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
structure)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
ERC
Current
71
n/a
69
4
Vermogensbeheer
account
\u00a0 \u00a0 \u00a0 \u00a0
B.V. (The Director of
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
ER Capital N.V. is the
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
sole shareholder of
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
ERC
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Vermogensbeheer
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
B.V. through Overhill
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Holding B.V. This
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
related party falls
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
outside ER Capital
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
N.V.\u2019s group
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
structure)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Serjo Beleggingen
Current
n/a
n/a
102
5
B.V. (The Director of
account
\u00a0 \u00a0 \u00a0 \u00a0
ER Capital N.V. is the
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
sole shareholder of
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Serjo Beleggingen
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
B.V. through Overhill
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Holding B.V. This
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
related party falls
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
outside ER Capital
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
N.V.\u2019s group
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
structure)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00336": { "value": "24.
Events after the reporting period
Subsequent to the reporting date, the Group acquired Businesspark Geusselt in Maastricht, the
Netherlands, as part of its strategy to establish a new real estate fund. The property generates annual
rental income of approximately \u20ac1.7 million.
The acquisition will be incorporated into one of the Group\u2019s future real estate funds. As this transaction
occurred after the reporting period, no adjustments have been made to the consolidated financial
statements for the year ended 31 December 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00337": { "value": "Authorisation of the consolidated financial statements
The consolidated financial statements were prepared by the Executive Board and authorised for issue
on 29 April 2026. The shareholders have the power to amend the consolidated financial statements after
issuance.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500IS1M4H9S4SDD39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }