| x \u20ac\u00a01,000 | Note | 2025 | 2024 |
|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Operating result | \u00a0 | (4,550) | (15,270) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Adjustments for: | \u00a0 | \u00a0 | \u00a0 |
| - Amortization, depreciation, and impairments | 5/7/8 | 22,909 | 31,732 |
| - Movement in provisions | 18 | (48) | (10) |
| Changes in working capital: | \u00a0 | \u00a0 | \u00a0 |
| - Inventories | \u00a0 | 86 | 287 |
| - Trade and other receivables | 14 | 7,452 | (6,537) |
| - Trade and other payables | 19 | (17,245) | 9,727 |
| - Contract liabilities | 20 | 508 | 536 |
| - Trade and other receivables from merchants and financial institutions | 14 | 2,907 | (2,491) |
| - Trade and other payables to merchants and financial institutions | 19 | (2,189) | 459 |
| Interest received | 24 | 370 | 1,031 |
| Corporate income tax | 9 | (730) | (1,454) |
| Share benefit program personnel | 22 | 225 | 338 |
| Cash flow from operating activities | \u00a0 | 9,695 | 18,348 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Investments in intangible assets | 5 | (14,442) | (14,841) |
| Investments in property, plant, and equipment | 7 | (872) | (2,199) |
| Loans granted / advance payments | 13 | (191) | (6,505) |
| Repayment of loans granted / advance payments | 13 | 1,236 | 2,411 |
| Deposits paid | 13 | (97) | (168) |
| Deposits refunded | 13 | 130 | 308 |
| Disposal / (acquisitions) of subsidiaries and associates (net of cash)1 | \u00a0 | - | 231 |
| Cash flow from investing activities | \u00a0 | (14,236) | (20,763) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Net proceeds from issuance of shares | 10 | 24,485 | - |
| Net proceeds from credit facility | 16 | 78,272 | - |
| Repayment of credit facility | 16 | (5,000) | - |
| Extinguishment of convertible bonds | 17 | (88,438) | - |
| Repayment of lease liabilities | 16 | (2,909) | (3,989) |
| Repayment of tax debt | 16 | (277) | (268) |
| Movement other long-term liabilities to merchants | \u00a0 | (17) | (6) |
| Interest paid | 24 | (6,679) | (3,278) |
| Cash flow from financing activities | \u00a0 | (563) | (7,541) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Changes in cash and cash equivalents | \u00a0 | (5,104) | (9,956) |
| Cash and cash equivalents at January 1 | \u00a0 | 38,400 | 48,599 |
| Currency results on cash and cash equivalents | \u00a0 | (86) | (243) |
| Cash and cash equivalents at December 31 | 15 | 33,210 | 38,400 |
The activities of CM.com N.V. (CM.com) and its group companies (for a list of group companies, see note 27) primarily consist of advising, guiding, implementing, and assisting companies approaching its target audience through modern (media) techniques. CM.com N.V. has its statutory seat at Konijnenberg 30, Breda, the Netherlands, and is registered with the Chamber of Commerce under registration number: 70523770. The shares of CM.com N.V. (the ultimate parent) are listed on Euronext Amsterdam under the ticker symbol CMCOM.
The consolidated financial statements of CM.com have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), adopted and endorsed by the European Union (\u201cEU-IFRS\u201d), and with the statutory provisions of Part 9, Book 2 of the Dutch Civil Code.
The Management Board has assessed the going concern assumption in the preparation of the consolidated financial statements. This assessment was based on the assumptions underlying the strategic business plan for the period 2026\u20132028. The achievement of this plan is important for realizing the projected EBITDA levels required to comply with the financial covenants under the company\u2019s financing arrangements. The plan includes clearly defined growth initiatives and ongoing OPEX optimization measures. Together, these are expected to generate sufficient operating cash flows to meet financial obligations and to maintain adequate headroom for continued investments in the business. Based on sensitivity analyses and the outcomes of various scenarios, Management believes that, provided the key initiatives in the strategic plan are successfully executed, the company has adequate resources to continue in operational existence for at least twelve months after the adoption of the financial statements. No events or conditions have been identified that would give rise to significant doubt about the company\u2019s ability to continue as a going concern. Accordingly, the consolidated financial statements have been prepared on a going concern basis.
The consolidated financial statements have been prepared on a historical cost basis, except for financial assets and liabilities, which are valued at fair value through profit or loss or at amortized costs. The consolidated financial statements are presented in euros and rounded to the nearest thousand, unless otherwise stated. The euro is the functional currency of the company.
The financial information relating to CM.com N.V. is presented in the corporate financial statements. The corporate financial statements have been prepared in accordance with sub-article 8 of article 362, Book 2 of the Dutch Civil Code. The accounting policies applied in the corporate financial statements are consistent with those applied in the consolidated financial statements.
Current assets are assets that are expected to be realized in the company's normal operating cycle and are held primarily for trading purposes. They are anticipated to be realized within twelve months after the reporting period. All other assets are considered non-current.
Current liabilities are those expected to be settled within the company's normal operating cycle, held primarily for trading, and due to be settled within twelve months. They also include liabilities for which the entity does not have an unconditional right to defer settlement beyond twelve months (note that settlement by issuing equity instruments does not affect classification). Other liabilities that don't meet (one of) these criteria are classified as non-current.
Transactions in foreign currencies are translated into euros using the exchange rates applicable at the transaction date. At the reporting date, monetary assets and liabilities denominated in foreign currencies are translated to euros using the rates at the reporting date. Exchange rate differences are recognized in profit or loss.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. As no financial assets and liabilities of the group, except for the convertible bonds, are traded in active markets, the fair value of financial assets and liabilities is estimated by discounting the future contractual cash flows at current market interest rates that are available to the group for similar financial assets and liabilities.
Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2 and leasing transactions that are within the scope of IFRS 16. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within level 2 of the fair value hierarchy, as the company uses observable market data for the interest rates.
The different valuation methods are referred to as \"hierarchies\" as described below:
level 1: The fair value is determined using quoted (unadjusted) market prices in active markets for identical assets or liabilities.
level 2: The fair value is calculated using inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) observable.
level 3: The fair value is determined using inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The consolidated financial statements are prepared by consolidating the financial statements of the company and its subsidiaries. Subsidiaries are entities controlled by CM.com. CM.com controls an entity when it has power over the investee, is exposed to or has the right to variable returns from its involvement with that entity, and can influence those returns through its power over the entity. CM.com reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.
Control is generally achieved by owning more than 50% of the voting rights. When the company has less than a majority of the voting rights of an investee, it considers that it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The company considers all relevant facts and circumstances in assessing whether or not the company\u2019s voting rights in an investee are sufficient to give it power, including:
the size of the company\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders;
potential voting rights held by the company, other vote holders, or other parties;
rights arising from other contractual arrangements;
any additional facts and circumstances that indicate that the company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders\u2019 meetings.
The financial statements of subsidiaries are included in the consolidated financial statements from the date control begins until the date control ends. Accounting policies of subsidiaries have been adjusted where necessary to align with the policies adopted by CM.com. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date CM.com gains control until the date that CM.com ceases to control the subsidiary or foundation.
During consolidation, intercompany balances and transactions, cash flows relating to transactions between members of the group and any unrealized gains and losses or income and expenses from intercompany transactions, are eliminated. Unrealized gains from transactions with associates are eliminated against the investment to the extent of CM.com\u2019s interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only if there is no indication of impairment. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with CM.com\u2019s accounting policies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "nameofreportingentityorothermeansofidentification-inlinetag-i3687": { "value": "CM.com N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "descriptionofnatureofentitysoperationsandprincipalactivities-inlinetag-i3688": { "value": "primarily consist of advising, guiding, implementing, and assisting companies approaching its target audience through modern (media) techniques.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "legalformofentity-inlinetag-i3689": { "value": "N.V.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "domicileofentity-inlinetag-i3690": { "value": "statutory seat", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "addressofregisteredofficeofentity-inlinetag-i3691": { "value": "Konijnenberg 30, Breda", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "countryofincorporation-inlinetag-i3692": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i3694": { "value": "The consolidated financial statements of CM.com have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), adopted and endorsed by the European Union (\u201cEU-IFRS\u201d), and with the statutory provisions of Part 9, Book 2 of the Dutch Civil Code.
The Management Board has assessed the going concern assumption in the preparation of the consolidated financial statements. This assessment was based on the assumptions underlying the strategic business plan for the period 2026\u20132028. The achievement of this plan is important for realizing the projected EBITDA levels required to comply with the financial covenants under the company\u2019s financing arrangements. The plan includes clearly defined growth initiatives and ongoing OPEX optimization measures. Together, these are expected to generate sufficient operating cash flows to meet financial obligations and to maintain adequate headroom for continued investments in the business. Based on sensitivity analyses and the outcomes of various scenarios, Management believes that, provided the key initiatives in the strategic plan are successfully executed, the company has adequate resources to continue in operational existence for at least twelve months after the adoption of the financial statements. No events or conditions have been identified that would give rise to significant doubt about the company\u2019s ability to continue as a going concern. Accordingly, the consolidated financial statements have been prepared on a going concern basis.
The consolidated financial statements have been prepared on a historical cost basis, except for financial assets and liabilities, which are valued at fair value through profit or loss or at amortized costs. The consolidated financial statements are presented in euros and rounded to the nearest thousand, unless otherwise stated. The euro is the functional currency of the company.
The financial information relating to CM.com N.V. is presented in the corporate financial statements. The corporate financial statements have been prepared in accordance with sub-article 8 of article 362, Book 2 of the Dutch Civil Code. The accounting policies applied in the corporate financial statements are consistent with those applied in the consolidated financial statements.
Current assets are assets that are expected to be realized in the company's normal operating cycle and are held primarily for trading purposes. They are anticipated to be realized within twelve months after the reporting period. All other assets are considered non-current.
Current liabilities are those expected to be settled within the company's normal operating cycle, held primarily for trading, and due to be settled within twelve months. They also include liabilities for which the entity does not have an unconditional right to defer settlement beyond twelve months (note that settlement by issuing equity instruments does not affect classification). Other liabilities that don't meet (one of) these criteria are classified as non-current.
Transactions in foreign currencies are translated into euros using the exchange rates applicable at the transaction date. At the reporting date, monetary assets and liabilities denominated in foreign currencies are translated to euros using the rates at the reporting date. Exchange rate differences are recognized in profit or loss.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. As no financial assets and liabilities of the group, except for the convertible bonds, are traded in active markets, the fair value of financial assets and liabilities is estimated by discounting the future contractual cash flows at current market interest rates that are available to the group for similar financial assets and liabilities.
Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2 and leasing transactions that are within the scope of IFRS 16. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within level 2 of the fair value hierarchy, as the company uses observable market data for the interest rates.
The different valuation methods are referred to as \"hierarchies\" as described below:
level 1: The fair value is determined using quoted (unadjusted) market prices in active markets for identical assets or liabilities.
level 2: The fair value is calculated using inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) observable.
level 3: The fair value is determined using inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The consolidated financial statements of CM.com have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), adopted and endorsed by the European Union (\u201cEU-IFRS\u201d), and with the statutory provisions of Part 9, Book 2 of the Dutch Civil Code.
The Management Board has assessed the going concern assumption in the preparation of the consolidated financial statements. This assessment was based on the assumptions underlying the strategic business plan for the period 2026\u20132028. The achievement of this plan is important for realizing the projected EBITDA levels required to comply with the financial covenants under the company\u2019s financing arrangements. The plan includes clearly defined growth initiatives and ongoing OPEX optimization measures. Together, these are expected to generate sufficient operating cash flows to meet financial obligations and to maintain adequate headroom for continued investments in the business. Based on sensitivity analyses and the outcomes of various scenarios, Management believes that, provided the key initiatives in the strategic plan are successfully executed, the company has adequate resources to continue in operational existence for at least twelve months after the adoption of the financial statements. No events or conditions have been identified that would give rise to significant doubt about the company\u2019s ability to continue as a going concern. Accordingly, the consolidated financial statements have been prepared on a going concern basis.
The consolidated financial statements have been prepared on a historical cost basis, except for financial assets and liabilities, which are valued at fair value through profit or loss or at amortized costs. The consolidated financial statements are presented in euros and rounded to the nearest thousand, unless otherwise stated. The euro is the functional currency of the company.
The financial information relating to CM.com N.V. is presented in the corporate financial statements. The corporate financial statements have been prepared in accordance with sub-article 8 of article 362, Book 2 of the Dutch Civil Code. The accounting policies applied in the corporate financial statements are consistent with those applied in the consolidated financial statements.
Current assets are assets that are expected to be realized in the company's normal operating cycle and are held primarily for trading purposes. They are anticipated to be realized within twelve months after the reporting period. All other assets are considered non-current.
Current liabilities are those expected to be settled within the company's normal operating cycle, held primarily for trading, and due to be settled within twelve months. They also include liabilities for which the entity does not have an unconditional right to defer settlement beyond twelve months (note that settlement by issuing equity instruments does not affect classification). Other liabilities that don't meet (one of) these criteria are classified as non-current.
Transactions in foreign currencies are translated into euros using the exchange rates applicable at the transaction date. At the reporting date, monetary assets and liabilities denominated in foreign currencies are translated to euros using the rates at the reporting date. Exchange rate differences are recognized in profit or loss.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. As no financial assets and liabilities of the group, except for the convertible bonds, are traded in active markets, the fair value of financial assets and liabilities is estimated by discounting the future contractual cash flows at current market interest rates that are available to the group for similar financial assets and liabilities.
Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2 and leasing transactions that are within the scope of IFRS 16. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within level 2 of the fair value hierarchy, as the company uses observable market data for the interest rates.
The different valuation methods are referred to as \"hierarchies\" as described below:
level 1: The fair value is determined using quoted (unadjusted) market prices in active markets for identical assets or liabilities.
level 2: The fair value is calculated using inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) observable.
level 3: The fair value is determined using inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The consolidated financial statements of CM.com have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), adopted and endorsed by the European Union (\u201cEU-IFRS\u201d), and with the statutory provisions of Part 9, Book 2 of the Dutch Civil Code.
The Management Board has assessed the going concern assumption in the preparation of the consolidated financial statements. This assessment was based on the assumptions underlying the strategic business plan for the period 2026\u20132028. The achievement of this plan is important for realizing the projected EBITDA levels required to comply with the financial covenants under the company\u2019s financing arrangements. The plan includes clearly defined growth initiatives and ongoing OPEX optimization measures. Together, these are expected to generate sufficient operating cash flows to meet financial obligations and to maintain adequate headroom for continued investments in the business. Based on sensitivity analyses and the outcomes of various scenarios, Management believes that, provided the key initiatives in the strategic plan are successfully executed, the company has adequate resources to continue in operational existence for at least twelve months after the adoption of the financial statements. No events or conditions have been identified that would give rise to significant doubt about the company\u2019s ability to continue as a going concern. Accordingly, the consolidated financial statements have been prepared on a going concern basis.
The consolidated financial statements have been prepared on a historical cost basis, except for financial assets and liabilities, which are valued at fair value through profit or loss or at amortized costs. The consolidated financial statements are presented in euros and rounded to the nearest thousand, unless otherwise stated. The euro is the functional currency of the company.
The financial information relating to CM.com N.V. is presented in the corporate financial statements. The corporate financial statements have been prepared in accordance with sub-article 8 of article 362, Book 2 of the Dutch Civil Code. The accounting policies applied in the corporate financial statements are consistent with those applied in the consolidated financial statements.
Current assets are assets that are expected to be realized in the company's normal operating cycle and are held primarily for trading purposes. They are anticipated to be realized within twelve months after the reporting period. All other assets are considered non-current.
Current liabilities are those expected to be settled within the company's normal operating cycle, held primarily for trading, and due to be settled within twelve months. They also include liabilities for which the entity does not have an unconditional right to defer settlement beyond twelve months (note that settlement by issuing equity instruments does not affect classification). Other liabilities that don't meet (one of) these criteria are classified as non-current.
Transactions in foreign currencies are translated into euros using the exchange rates applicable at the transaction date. At the reporting date, monetary assets and liabilities denominated in foreign currencies are translated to euros using the rates at the reporting date. Exchange rate differences are recognized in profit or loss.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. As no financial assets and liabilities of the group, except for the convertible bonds, are traded in active markets, the fair value of financial assets and liabilities is estimated by discounting the future contractual cash flows at current market interest rates that are available to the group for similar financial assets and liabilities.
Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2 and leasing transactions that are within the scope of IFRS 16. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within level 2 of the fair value hierarchy, as the company uses observable market data for the interest rates.
The different valuation methods are referred to as \"hierarchies\" as described below:
level 1: The fair value is determined using quoted (unadjusted) market prices in active markets for identical assets or liabilities.
level 2: The fair value is calculated using inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) observable.
level 3: The fair value is determined using inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The consolidated financial statements of CM.com have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), adopted and endorsed by the European Union (\u201cEU-IFRS\u201d), and with the statutory provisions of Part 9, Book 2 of the Dutch Civil Code.
The Management Board has assessed the going concern assumption in the preparation of the consolidated financial statements. This assessment was based on the assumptions underlying the strategic business plan for the period 2026\u20132028. The achievement of this plan is important for realizing the projected EBITDA levels required to comply with the financial covenants under the company\u2019s financing arrangements. The plan includes clearly defined growth initiatives and ongoing OPEX optimization measures. Together, these are expected to generate sufficient operating cash flows to meet financial obligations and to maintain adequate headroom for continued investments in the business. Based on sensitivity analyses and the outcomes of various scenarios, Management believes that, provided the key initiatives in the strategic plan are successfully executed, the company has adequate resources to continue in operational existence for at least twelve months after the adoption of the financial statements. No events or conditions have been identified that would give rise to significant doubt about the company\u2019s ability to continue as a going concern. Accordingly, the consolidated financial statements have been prepared on a going concern basis.
The consolidated financial statements have been prepared on a historical cost basis, except for financial assets and liabilities, which are valued at fair value through profit or loss or at amortized costs. The consolidated financial statements are presented in euros and rounded to the nearest thousand, unless otherwise stated. The euro is the functional currency of the company.
The financial information relating to CM.com N.V. is presented in the corporate financial statements. The corporate financial statements have been prepared in accordance with sub-article 8 of article 362, Book 2 of the Dutch Civil Code. The accounting policies applied in the corporate financial statements are consistent with those applied in the consolidated financial statements.
Current assets are assets that are expected to be realized in the company's normal operating cycle and are held primarily for trading purposes. They are anticipated to be realized within twelve months after the reporting period. All other assets are considered non-current.
Current liabilities are those expected to be settled within the company's normal operating cycle, held primarily for trading, and due to be settled within twelve months. They also include liabilities for which the entity does not have an unconditional right to defer settlement beyond twelve months (note that settlement by issuing equity instruments does not affect classification). Other liabilities that don't meet (one of) these criteria are classified as non-current.
Transactions in foreign currencies are translated into euros using the exchange rates applicable at the transaction date. At the reporting date, monetary assets and liabilities denominated in foreign currencies are translated to euros using the rates at the reporting date. Exchange rate differences are recognized in profit or loss.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. As no financial assets and liabilities of the group, except for the convertible bonds, are traded in active markets, the fair value of financial assets and liabilities is estimated by discounting the future contractual cash flows at current market interest rates that are available to the group for similar financial assets and liabilities.
Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2 and leasing transactions that are within the scope of IFRS 16. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within level 2 of the fair value hierarchy, as the company uses observable market data for the interest rates.
The different valuation methods are referred to as \"hierarchies\" as described below:
level 1: The fair value is determined using quoted (unadjusted) market prices in active markets for identical assets or liabilities.
level 2: The fair value is calculated using inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) observable.
level 3: The fair value is determined using inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The consolidated financial statements of CM.com have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), adopted and endorsed by the European Union (\u201cEU-IFRS\u201d), and with the statutory provisions of Part 9, Book 2 of the Dutch Civil Code.
The Management Board has assessed the going concern assumption in the preparation of the consolidated financial statements. This assessment was based on the assumptions underlying the strategic business plan for the period 2026\u20132028. The achievement of this plan is important for realizing the projected EBITDA levels required to comply with the financial covenants under the company\u2019s financing arrangements. The plan includes clearly defined growth initiatives and ongoing OPEX optimization measures. Together, these are expected to generate sufficient operating cash flows to meet financial obligations and to maintain adequate headroom for continued investments in the business. Based on sensitivity analyses and the outcomes of various scenarios, Management believes that, provided the key initiatives in the strategic plan are successfully executed, the company has adequate resources to continue in operational existence for at least twelve months after the adoption of the financial statements. No events or conditions have been identified that would give rise to significant doubt about the company\u2019s ability to continue as a going concern. Accordingly, the consolidated financial statements have been prepared on a going concern basis.
The consolidated financial statements have been prepared on a historical cost basis, except for financial assets and liabilities, which are valued at fair value through profit or loss or at amortized costs. The consolidated financial statements are presented in euros and rounded to the nearest thousand, unless otherwise stated. The euro is the functional currency of the company.
The financial information relating to CM.com N.V. is presented in the corporate financial statements. The corporate financial statements have been prepared in accordance with sub-article 8 of article 362, Book 2 of the Dutch Civil Code. The accounting policies applied in the corporate financial statements are consistent with those applied in the consolidated financial statements.
Current assets are assets that are expected to be realized in the company's normal operating cycle and are held primarily for trading purposes. They are anticipated to be realized within twelve months after the reporting period. All other assets are considered non-current.
Current liabilities are those expected to be settled within the company's normal operating cycle, held primarily for trading, and due to be settled within twelve months. They also include liabilities for which the entity does not have an unconditional right to defer settlement beyond twelve months (note that settlement by issuing equity instruments does not affect classification). Other liabilities that don't meet (one of) these criteria are classified as non-current.
Transactions in foreign currencies are translated into euros using the exchange rates applicable at the transaction date. At the reporting date, monetary assets and liabilities denominated in foreign currencies are translated to euros using the rates at the reporting date. Exchange rate differences are recognized in profit or loss.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. As no financial assets and liabilities of the group, except for the convertible bonds, are traded in active markets, the fair value of financial assets and liabilities is estimated by discounting the future contractual cash flows at current market interest rates that are available to the group for similar financial assets and liabilities.
Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2 and leasing transactions that are within the scope of IFRS 16. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within level 2 of the fair value hierarchy, as the company uses observable market data for the interest rates.
The different valuation methods are referred to as \"hierarchies\" as described below:
level 1: The fair value is determined using quoted (unadjusted) market prices in active markets for identical assets or liabilities.
level 2: The fair value is calculated using inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) observable.
level 3: The fair value is determined using inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The consolidated financial statements are prepared by consolidating the financial statements of the company and its subsidiaries. Subsidiaries are entities controlled by CM.com. CM.com controls an entity when it has power over the investee, is exposed to or has the right to variable returns from its involvement with that entity, and can influence those returns through its power over the entity. CM.com reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.
Control is generally achieved by owning more than 50% of the voting rights. When the company has less than a majority of the voting rights of an investee, it considers that it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The company considers all relevant facts and circumstances in assessing whether or not the company\u2019s voting rights in an investee are sufficient to give it power, including:
the size of the company\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders;
potential voting rights held by the company, other vote holders, or other parties;
rights arising from other contractual arrangements;
any additional facts and circumstances that indicate that the company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders\u2019 meetings.
The financial statements of subsidiaries are included in the consolidated financial statements from the date control begins until the date control ends. Accounting policies of subsidiaries have been adjusted where necessary to align with the policies adopted by CM.com. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date CM.com gains control until the date that CM.com ceases to control the subsidiary or foundation.
During consolidation, intercompany balances and transactions, cash flows relating to transactions between members of the group and any unrealized gains and losses or income and expenses from intercompany transactions, are eliminated. Unrealized gains from transactions with associates are eliminated against the investment to the extent of CM.com\u2019s interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only if there is no indication of impairment. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with CM.com\u2019s accounting policies.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i3701": { "value": "The consolidated financial statements are prepared by consolidating the financial statements of the company and its subsidiaries. Subsidiaries are entities controlled by CM.com. CM.com controls an entity when it has power over the investee, is exposed to or has the right to variable returns from its involvement with that entity, and can influence those returns through its power over the entity. CM.com reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.
Control is generally achieved by owning more than 50% of the voting rights. When the company has less than a majority of the voting rights of an investee, it considers that it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The company considers all relevant facts and circumstances in assessing whether or not the company\u2019s voting rights in an investee are sufficient to give it power, including:
the size of the company\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders;
potential voting rights held by the company, other vote holders, or other parties;
rights arising from other contractual arrangements;
any additional facts and circumstances that indicate that the company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders\u2019 meetings.
The financial statements of subsidiaries are included in the consolidated financial statements from the date control begins until the date control ends. Accounting policies of subsidiaries have been adjusted where necessary to align with the policies adopted by CM.com. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date CM.com gains control until the date that CM.com ceases to control the subsidiary or foundation.
During consolidation, intercompany balances and transactions, cash flows relating to transactions between members of the group and any unrealized gains and losses or income and expenses from intercompany transactions, are eliminated. Unrealized gains from transactions with associates are eliminated against the investment to the extent of CM.com\u2019s interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only if there is no indication of impairment. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with CM.com\u2019s accounting policies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i3703": { "value": "CM.com\u2019s operations are divided into segments, reflecting our business unit structure. Management monitors business performance at gross profit level and overall costs. Not all costs, assets, and liabilities are directly allocated to CM.com\u2019s segments, and therefore not presented as such. Non-current assets, such as intangible assets, goodwill and property, plant, and equipment, are mainly located in the Netherlands.
Since 2024, CM.com\u2019s operating segments consist of Connect, Engage, Pay, and Live.
Connect revenue consists of omnichannel messaging (such as Bulk SMS, WhatsApp, Apple Business Chat, and RCS) and voice services that form part of CM.com's core service offering. Revenue from these products can be transactional and are recorded when they occur (point-in-time) or as part of a subscription plan being recorded on a straight-line basis over the duration of the contract. The cost of services for the Connect segment comprises primarily of fees paid to mobile network operators and OTT providers for the purchase of mobile messages, voice, mobile data capacity, and OTT communication capabilities.
Engage revenue consists of a portfolio of services that contribute to the optimization of our client\u2019s mobile business journey with their (potential) clients. Subscription fees are charged for access to these platform features. Revenue for these services is recognized on a straight-line basis over the duration of the contract. The cost of services for the Engage segment comprises primarily of cloud costs and fees paid to suppliers of CM.com\u2019s supplementary platform features, data, email, digital signing, identification, and verification services.
Pay revenue is derived from online and in-person payments and consists of settlement- and start-rate fees, hardware sales, and service-level agreements. Settlement fees include fees paid by merchants, usually as a percentage of the transaction value as well as interchange and payment network fees incurred from financial institutions and a mark-up charged by CM.com for its payment services. Start-rate fees comprise fixed fees per transaction for the use of CM.com\u2019s platform. The hardware sale-related revenues are transactional and are recognized when they occur (point-in-time). Service-level agreements are recognized over time. Cost of services for Pay comprises primarily of fees paid to financial services providers, as well as interchange and payment network fees charged by financial institutions for facilitating payments through CM.com\u2019s platform and the purchase of payment terminals.
Live revenue is generated from ticketing and related services. Revenues include ticket service fees, event-application subscriptions, rental of POS terminals and scanners, and insurance fees. Ticket service fees consist of fixed or percentage-based fees per transaction and are recognized at a point-in-time, as are the rental of POS terminals and scanners, and the insurance fees. Event-application subscriptions and, in certain cases, subscription-based ticket fees are recognized over time. The cost of sales for Live mainly consists of the purchase or rental of POS terminals, transaction fees, and cloud costs. An insurance payout provision (see note 18) is both recognized and released within the cost of sales. Finally, there are some client-specific cost of sales for individual events.
The revenue and results generated by each of CM.com\u2019s operating segments, disaggregated by service lines and corresponding to the reportable segments, are summarized as follows:
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Revenue | 204,700 | 29,749 | 13,049 | 11,896 | 259,394 |
| Cost of services | (166,493) | (3,398) | (6,001) | (2,203) | (178,095) |
| Gross profit | 38,207 | 26,351 | 7,048 | 9,693 | 81,299 |
| Operational income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (62,940) |
| Operating result, EBITDA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 18,359 |
| Amortization, depreciation, and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (22,909) |
| Operating result, EBIT | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (4,550) |
| Financial income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 902 |
| Result before tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (3,648) |
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Revenue | 220,286 | 28,495 | 13,031 | 12,437 | 274,249 |
| Cost of services | (179,946) | (3,725) | (5,665) | (1,806) | (191,142) |
| Gross profit | 40,340 | 24,770 | 7,366 | 10,631 | 83,107 |
| Operational income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (66,645) |
| Operating result, EBITDA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 16,462 |
| Amortization, depreciation, and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (31,732) |
| Operating result, EBIT | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (15,270) |
| Financial income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (3,988) |
| Result before tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (19,258) |
In the table below revenue is disaggregated by CM.com's operating segments and geographical location, which is determined based on the billing address of the legal establishment of our customers.
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| EMEA | 114,383 | 27,227 | 12,946 | 11,649 | 166,205 |
| of which the Netherlands | 34,517 | 20,462 | 10,976 | 8,805 | 74,760 |
| of which France | 33,540 | 1,697 | 26 | 251 | 35,514 |
| APAC | 59,342 | 1,838 | 36 | 100 | 61,316 |
| Americas | 30,975 | 684 | 67 | 147 | 31,873 |
| of which the USA | 30,447 | 365 | - | 61 | 30,873 |
| \u00a0 | 204,700 | 29,749 | 13,049 | 11,896 | 259,394 |
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| EMEA | 110,897 | 26,251 | 12,935 | 12,227 | 162,310 |
| of which the Netherlands | 39,424 | 20,276 | 10,310 | 9,525 | 79,535 |
| of which France | 30,903 | 1,588 | 40 | 24 | 32,555 |
| APAC | 67,470 | 1,598 | 57 | 62 | 69,187 |
| of which Singapore | 35,296 | 5 | - | - | 35,301 |
| Americas | 41,919 | 646 | 39 | 148 | 42,752 |
| of which the USA | 41,221 | 320 | - | 94 | 41,635 |
| \u00a0 | 220,286 | 28,495 | 13,031 | 12,437 | 274,249 |
In 2025 no single client or partner contributed more than 10% to CM.com\u2019s revenue. In 2024, one client contributed \u20ac\u00a034.6 million to Connect revenue in the USA.
Revenue is reduced by an amount of \u20ac\u00a0560 thousand (2024: \u20ac\u00a0769 thousand) related to partner commissions paid to agents.
Goodwill and intangible assets with indefinite useful lives are stated at cost less accumulated impairments. Goodwill and intangible assets with indefinite useful lives are not amortized and are tested for impairment annually. Negative goodwill is recognized directly in profit or loss as other income. An impairment in respect of goodwill cannot be reversed. For more information, see note 6.
Intangible assets with finite useful lives are stated at cost less accumulated amortization and, if applicable, less impairments. Intangible assets with finite useful lives are assessed for impairment whenever there is an indication that the intangible asset may be impaired.
Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred.
Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when CM.com can demonstrate the availability for use, the capability to generate future economic benefits, and the ability to measure the expenditure reliably during development. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less accumulated amortization and, if applicable, less accumulated impairments. During the period of development, the asset is tested for impairment annually. Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill and domain names, which have indefinite useful lives, from the date they are available for use. Amortization methods, useful lives, and residual values are reviewed at each reporting date and adjusted if appropriate.
At the end of each reporting period, the company assesses whether there is any indication that an impairment loss recognized in prior periods for an asset other than goodwill may no longer exist or may have decreased. If any such indication exists, the entity shall estimate the recoverable amount of that asset.
A summary of the movements in intangible assets and goodwill is provided:
| x \u20ac\u00a01,000 | Platform (software)1 | Goodwill | Customer relations | Other | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 79,188 | 29,841 | 28,382 | 4,831 | 142,242 |
| Additions related to external costs | 158 | - | 120 | 489 | 767 |
| Development costs | 14,430 | - | - | - | 14,430 |
| Divestments | (4,961) | - | - | (226) | (5,187) |
| Currency difference | - | - | 60 | - | 60 |
| At December 31, 2024 | 88,815 | 29,841 | 28,562 | 5,094 | 152,312 |
| Additions related to external costs | 142 | - | 26 | - | 168 |
| Development costs | 14,274 | - | - | - | 14,274 |
| Divestments | (9,375) | - | (6,752) | (564) | (16,691) |
| Currency difference | (2) | - | (72) | - | (74) |
| At December 31, 2025 | 93,854 | 29,841 | 21,764 | 4,530 | 149,989 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 25,309 | 444 | 14,240 | 1,398 | 41,391 |
| Amortization | 12,731 | - | 2,731 | 520 | 15,982 |
| Impairments | 301 | 8,780 | - | 290 | 9,371 |
| Divestments | (4,961) | - | - | (226) | (5,187) |
| Currency difference | - | - | 53 | - | 53 |
| At December 31, 2024 | 33,380 | 9,224 | 17,024 | 1,982 | 61,610 |
| Amortization | 13,085 | - | 2,429 | 515 | 16,029 |
| Impairments | 685 | - | - | - | 685 |
| Divestments | (9,375) | - | (6,752) | (564) | (16,691) |
| Currency difference | (1) | - | (67) | 59 | (9) |
| At December 31, 2025 | 37,774 | 9,224 | 12,634 | 1,992 | 61,624 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2024 | 55,435 | 20,617 | 11,538 | 3,112 | 90,702 |
| At December 31, 2025 | 56,080 | 20,617 | 9,130 | 2,538 | 88,365 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 5-10 | indefinite | 10 | 5-10 / indefinite | \u00a0 |
CM.com tests goodwill and intangible assets with indefinite useful lives annually, or whenever management identifies conditions that may indicate a risk of impairment.
For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each cash-generating units (CGUs), that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquirement are assigned to those units. Domain names with indefinite useful lives are applicable to all CGUs and allocated based on an allocation key. During the restructuring into business units in 2024, several assets, (including goodwill and intangible assets with indefinite useful lives) were reallocated among CGUs to ensure they accurately reflect the business units (as explained in note 4):
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Goodwill | 1,029 | 17,973 | - | 1,615 |
| Domain names | 858 | 497 | - | 212 |
| Pre-tax WACC | 16.75% | 15.13% | 15.95% | 13.29% |
| Post-tax WACC | 12.43% | 11.22% | 11.83% | 9.86% |
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Goodwill | 1,029 | 17,973 | - | 1,615 |
| Domain names | 888 | 461 | - | 218 |
| Pre-tax WACC | 14.50% | 13.74% | 15.91% | 13.11% |
| Post-tax WACC | 10.76% | 10.19% | 11.80% | 9.72% |
CGUs are tested for impairment by comparing the carrying amount of each CGU to its recoverable amount. The recoverable amount is based on the net present value of future estimated cash flows (value-in-use).
The value-in-use calculation is based on cash flow projections over five years, except for CGU Pay, which uses a seven-year forecast per IAS 36.33(b) due to its ramp-up phase and long-term growth potential. Projections are derived from the strategic business plan (2026\u20132028), approved by the Management and Supervisory Boards, with forecasts beyond 2028 developed top-down. Based on consistent year-over-year growth assumptions, the plan projects gross profit CAGRs of 5% for Connect, 25% for Engage, and 4% for Live for 2025-2028. CGU Pay assumes stable growth to achieve industry-standard EBITDA margins, with a projected gross profit CAGR of 13% for 2025\u20132032. Key assumptions include a 2.30% growth rate (2024: 2,20%) and a post-tax weighted average cost of capital (WACC) based on peer benchmarks and CM.com\u2019s target capital structure (see table). Sensitivity analysis shows sufficient headroom across CGUs to absorb adverse changes in WACC (+1%) and growth rates (-0.5%). No impairment charges were recognized during 2025. During 2024 an impairment charge of \u20ac\u00a08.8 million, relating to Goodwill associated with acquisitions in CGU Pay, was recognized under \"Amortization, Depreciation, and Impairments\" in the profit or loss account.
For CGU Pay, the extended forecast reflects its scale-up phase, requiring additional years to achieve industry-average EBITDA margins through transaction volume growth and cost control. Gross profit CAGR from 2020\u20132025 was 16%, including SepaSoft B.V.\u2019s acquisition, and current payment industry conditions support stable margins. Detailed targets and a robust forecasting process provide confidence in achieving growth through sales focus and integrated platform services.
The impairment test for CGU Pay was validated by an independent market-based valuation using comparable company (CCA) and transaction (CTA) methods. Revenue multiples, adjusted for differences, confirm the fair value of CGU Pay, reflecting its scalability in revenue and profitability, requiring significant time to realize its full potential.
Property, plant, and equipment are presented at cost less accumulated depreciation and, if applicable, less impairments. Costs include the purchase price and all costs directly attributable to bringing the asset to the location and condition for it to be capable of operating as intended by management. Depreciation is based on the estimated useful life and calculated as a fixed percentage of cost, taking into account any residual value.
Depreciation commences from the date an asset is brought into use. Depreciation is recognized in profit or loss on a straight-line basis over the estimated useful life. Depreciation methods, useful lives, and residual values are reviewed at each reporting date.
A summary of the movements in property, plant, and equipment is provided:
| x \u20ac\u00a01,000 | Platform (hardware) | Furniture & fixtures | Vehicles | Hardware workplace | Leasehold improvements | Total |
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 3,770 | 2,554 | 270 | 1,953 | 2,820 | 11,367 |
| Additions | 1,721 | 108 | 24 | 293 | 53 | 2,199 |
| Divestments | (612) | (114) | (41) | (373) | (15) | (1,155) |
| Currency difference | 30 | 1 | - | 11 | - | 42 |
| At December 31, 2024 | 4,909 | 2,549 | 253 | 1,884 | 2,858 | 12,453 |
| Additions | 420 | 81 | - | 297 | 74 | 872 |
| Divestments | (255) | - | - | - | (83) | (338) |
| Currency difference | (47) | (2) | - | (20) | - | (69) |
| At December 31, 2025 | 5,027 | 2,628 | 253 | 2,161 | 2,849 | 12,918 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Depreciation and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 1,462 | 268 | 174 | 298 | 645 | 2,847 |
| Depreciation | 540 | 339 | 5 | 610 | 275 | 1,769 |
| Impairments | 67 | - | - | - | - | 67 |
| Divestments | (612) | (114) | (37) | (373) | (15) | (1,151) |
| Currency difference | 16 | - | - | 16 | - | 32 |
| At December, 31 2024 | 1,473 | 493 | 142 | 551 | 905 | 3,564 |
| Depreciation | 568 | 346 | 4 | 623 | 282 | 1,823 |
| Impairments | - | - | - | - | - | - |
| Divestments | (255) | - | - | - | (83) | (338) |
| Currency difference | (24) | - | - | (7) | - | (31) |
| At December 31, 2025 | 1,762 | 839 | 146 | 1,167 | 1,104 | 5,018 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2024 | 3,436 | 2,056 | 111 | 1,333 | 1,953 | 8,889 |
| At December 31, 2025 | 3,265 | 1,789 | 107 | 994 | 1,745 | 7,900 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 10 | 10 | 5 | 5 | 10 | \u00a0 |
Right-of-use (ROU) assets are initially measured at cost and subsequently presented at cost less accumulated amortization and, if applicable, less impairments, and adjusted for remeasurements of the related lease liability. The cost of a right-of-use asset comprises the present value of the lease payments outstanding at the commencement date, discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, CM.com\u2019s incremental borrowing rate is used. In practice, CM.com generally applies its incremental borrowing rate as the discount rate. Right-of-use assets are amortized over the term of the lease liability using a straight-line method as a fixed percentage of cost, taking into account any residual value. Amortization commences when the asset is available for use.
Lease liabilities are presented under borrowings, see note 16. Right-of-use assets are presented as a separate line in the statement of financial position. In the statement of profit or loss, amortization of right-of-use assets and interest on lease liabilities are recognized separately. In the cash flow statement, the low-value leases (value lower than \u20ac\u00a05 thousand when new) and short-term leases (less than twelve months) are presented as part of the cash flow from operating activities. Interest paid and the repayments related to leases are presented as part of the cash flow from financing activities. The maturity analysis for lease liabilities is disclosed in note 11.
Amortization methods and useful lives are reviewed at each reporting date.
The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception. An arrangement is, or contains, a lease if its fulfillment depends on the use of a specific asset and it conveys the right to control the use of that asset, even if the asset is not explicitly specified in the contract.
CM.com recognizes a right-of-use asset and a corresponding lease liability for all lease arrangements in which it is the lessee, except for short-term leases and leases (lease term of twelve months or less), and leases of low-value assets. For these exempt leases, lease payments are recognized as an operating expense on a straight-line basis over the lease term, unless another systematic basis better represents the pattern of consumption of the economic benefits of the underlying asset.
CM.com recognizes right-of-use assets and lease liabilities at the lease commencement date. CM.com applies the practical expedient under IFRS 16 not to separate non-lease components from lease components.
The expenses and total cash outflow for leases are as follows:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Interest expense on lease liabilities | 518 | 547 |
| Expenses relating to short-term leases | 723 | 692 |
| Repayment of lease liabilities | 2,909 | 3,989 |
A summary of the movements in right-of-use assets is provided:
| x \u20ac\u00a01,000 | Land and buildings | Furniture & fixtures | Platform (Hardware) | Platform (Software) | Vehicles | Total |
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 20,330 | 120 | 16,524 | 1,127 | 958 | 39,059 |
| Additions | 1,849 | - | - | - | 229 | 2,078 |
| Ending of lease agreements | (1,269) | (91) | (101) | - | (226) | (1,687) |
| Currency difference | 39 | - | 32 | - | - | 71 |
| At December 31, 2024 | 20,949 | 29 | 16,455 | 1,127 | 961 | 39,521 |
| Additions | 1,194 | - | - | - | 21 | 1,215 |
| Ending of lease agreements | (125) | - | - | - | (56) | (181) |
| Remeasurement (lease-term change) | (52) | - | - | - | - | (52) |
| Currency difference | (89) | - | (79) | - | - | (168) |
| At December 31, 2025 | 21,877 | 29 | 16,376 | 1,127 | 926 | 40,335 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 6,085 | 91 | 4,668 | 678 | 360 | 11,882 |
| Amortization | 2,442 | 22 | 1,639 | 113 | 250 | 4,466 |
| Ending of lease agreements | (1,169) | (91) | (101) | - | (201) | (1,562) |
| Impairments | - | - | 77 | - | - | 77 |
| Currency difference | 24 | - | 4 | - | - | 28 |
| At December 31, 2024 | 7,382 | 22 | 6,287 | 791 | 409 | 14,891 |
| Amortization | 2,369 | 7 | 1,637 | 113 | 219 | 4,345 |
| Ending of lease agreements | (125) | - | - | - | (32) | (157) |
| Impairments | - | - | 27 | - | - | 27 |
| Currency difference | (65) | - | (13) | - | - | (78) |
| At December 31, 2025 | 9,561 | 29 | 7,938 | 904 | 596 | 19,028 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2024 | 13,567 | 7 | 10,168 | 336 | 552 | 24,630 |
| At December 31, 2025 | 12,316 | - | 8,438 | 223 | 330 | 21,307 |
CM.com N.V. forms a fiscal unity for corporate income tax purposes with the Dutch subsidiaries, excluding CM.com Ticket Guarantee N.V. Income tax is allocated to individual members of the fiscal unity as if they were independently liable for tax.
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates and tax laws used to compute these amounts are those that are enacted or substantively enacted at the reporting date in the countries where CM.com operates and generates taxable income.
Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. The effective income tax amount on the company\u2019s result before tax differs from the statutory income tax amount that would arise using the applicable statutory income tax rate. Major components of the income tax expenses are:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Current tax: | \u00a0 | \u00a0 |
| Current period | 995 | 708 |
| Adjustments prior periods | (35) | 60 |
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Deferred tax: | \u00a0 | \u00a0 |
| Movement in temporary differences | (2,084) | (1,101) |
| Movement in tax losses carried forward | 1,230 | 856 |
| Tax rate differences | 32 | 32 |
| Taxation according to profit or loss account | 138 | 555 |
The effective tax rate for 2025 is minus 3.8% (2024: minus 2.9%) and can be reconciled as follows:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Result before tax | (3,648) | (19,258) |
| Income tax expense at statutory tax rate (25.8%) | (941) | (4,969) |
| Non-deductible expenses | 922 | 2,680 |
| Tax-deductible equity items1 | (133) | - |
| Rate differential | (219) | (440) |
| Non-recognition of deferred tax asset | 1,230 | 3,987 |
| Tax losses utilized | (686) | (542) |
| Deferred tax asset through equity | - | (221) |
| Tax relating to prior periods | (35) | 60 |
| Tax charged against result before tax | 138 | 555 |
| Effective tax rate | (3.8%) | (2.9%) |
Deferred tax assets (DTA) are recognized for unused tax losses, to the extent that it is probable that future taxable profits will be available against which the losses can be utilized. Other deferred tax assets arise from temporary differences between the carrying amounts and the tax bases of right-of-use assets, deferred costs, and convertible bonds. Deferred tax liabilities arise from temporary differences between the carrying amounts of assets and their corresponding tax bases.
Deferred tax is measured using the tax rates that are expected to apply to the period in which the temporary differences reverse, based on tax laws that have been enacted or substantively enacted at the reporting date.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities, and when the deferred tax assets and liabilities relate to income taxes levied by the same tax authority on the same taxable entity.
CM.com has tax losses carried-forward of \u20ac\u00a0111.5 million as at December 31, 2025, out of which \u20ac\u00a00.2 million expires in the following five years (for this no DTA is formed) and \u20ac\u00a00.2 million will expire after five years (for this, a DTA of \u20ac\u00a034 thousand is formed). \u20ac\u00a0111.2 million can be carried forward indefinitely (for this a total of \u20ac\u00a02.8 million a DTA is formed). For unused tax losses of \u20ac\u00a0100.6 million no deferred tax asset is formed.
CM.com has tax losses carried-forward of \u20ac\u00a0115.7 million as at December 31, 2024, out of which \u20ac\u00a00.9 million expires in the following five years (for this no DTA is formed) and \u20ac\u00a00.3 million will expire after five years (for this a DTA of \u20ac\u00a013 thousand is formed). \u20ac\u00a0114.5 million can be carried forward indefinitely (for this a total of \u20ac\u00a04 million a DTA is formed). For unused tax losses of \u20ac\u00a099.4 million no deferred tax asset is formed.
Deferred tax assets recognized and movements thereon:
| x \u20ac\u00a01,000 | Total | Convertible bonds | Right-of-use assets | Tax losses | Deferred costs |
|---|---|---|---|---|---|
| Carrying amount as at December 31, 2023 after netting | 1,136 | - | 124 | 410 | 602 |
| Netting of tax | 8,440 | 643 | 3,750 | 4,047 | - |
| Carrying amount as at December 31, 2023 before netting | 9,576 | 643 | 3,874 | 4,457 | 602 |
| Mutations through profit or loss | (856) | - | - | (856) | - |
| Mutations through equity | (221) | (221) | - | - | - |
| Charge to profit or loss | (128) | - | (162) | - | 34 |
| Exchange differences | 25 | - | - | 7 | 18 |
| Carrying amount as at December 31, 2024 before netting | 8,396 | 422 | 3,712 | 3,608 | 654 |
| Netting of tax | (7,154) | (422) | (3,556) | (3,176) | - |
| Carrying amount as at December 31, 2024 after netting | 1,242 | - | 156 | 432 | 654 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netting of tax | 7,154 | 422 | 3,556 | 3,176 | - |
| Mutations through profit or loss | (1,230) | (422) | - | (808) | - |
| Charge to profit or loss | (215) | - | (364) | - | 149 |
| Exchange differences | (65) | - | - | (17) | (48) |
| Carrying amount as at December 31, 2025 before netting | 6,886 | - | 3,348 | 2,783 | 755 |
| Netting of tax | (5,735) | - | (3,183) | (2,552) | - |
| Carrying amount as at December 31, 2025 after netting | 1,151 | - | 165 | 231 | 755 |
Deferred tax liabilities recognized and movements thereon:
| x \u20ac\u00a01,000 | Total | Convertible bonds | Right-of-use liabilities | Other temporary differences |
|---|---|---|---|---|
| Carrying amount as at December 31, 2023 after netting | 1,535 | 345 | - | 1,190 |
| Netting of tax | 8,440 | 643 | 3,750 | 4,047 |
| Carrying amount as at December 31, 2023 before netting | 9,975 | 988 | 3,750 | 5,237 |
| Mutations through profit or loss | (1,197) | (355) | (194) | (648) |
| Effect of change in tax rate | (39) | - | - | (39) |
| Carrying amount as at December 31, 2024 before netting | 8,739 | 633 | 3,556 | 4,550 |
| Netting of tax | (7,154) | (422) | (3,556) | (3,176) |
| Carrying amount as at December 31, 2024 after netting | 1,585 | 211 | - | 1,374 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netting of tax | 7,154 | 422 | 3,556 | 3,176 |
| Mutations through profit or loss | (2,266) | (633) | (373) | (1,260) |
| Exchange differences | 3 | - | - | 3 |
| Carrying amount as at December 31, 2025 before netting | 6,476 | - | 3,183 | 3,293 |
| Netting of tax | (5,735) | - | (3,183) | (2,552) |
| Carrying amount as at December 31, 2025 after netting | 741 | - | - | 741 |
CM.com\u2019s operations are divided into segments, reflecting our business unit structure. Management monitors business performance at gross profit level and overall costs. Not all costs, assets, and liabilities are directly allocated to CM.com\u2019s segments, and therefore not presented as such. Non-current assets, such as intangible assets, goodwill and property, plant, and equipment, are mainly located in the Netherlands.
Since 2024, CM.com\u2019s operating segments consist of Connect, Engage, Pay, and Live.
Connect revenue consists of omnichannel messaging (such as Bulk SMS, WhatsApp, Apple Business Chat, and RCS) and voice services that form part of CM.com's core service offering. Revenue from these products can be transactional and are recorded when they occur (point-in-time) or as part of a subscription plan being recorded on a straight-line basis over the duration of the contract. The cost of services for the Connect segment comprises primarily of fees paid to mobile network operators and OTT providers for the purchase of mobile messages, voice, mobile data capacity, and OTT communication capabilities.
Engage revenue consists of a portfolio of services that contribute to the optimization of our client\u2019s mobile business journey with their (potential) clients. Subscription fees are charged for access to these platform features. Revenue for these services is recognized on a straight-line basis over the duration of the contract. The cost of services for the Engage segment comprises primarily of cloud costs and fees paid to suppliers of CM.com\u2019s supplementary platform features, data, email, digital signing, identification, and verification services.
Pay revenue is derived from online and in-person payments and consists of settlement- and start-rate fees, hardware sales, and service-level agreements. Settlement fees include fees paid by merchants, usually as a percentage of the transaction value as well as interchange and payment network fees incurred from financial institutions and a mark-up charged by CM.com for its payment services. Start-rate fees comprise fixed fees per transaction for the use of CM.com\u2019s platform. The hardware sale-related revenues are transactional and are recognized when they occur (point-in-time). Service-level agreements are recognized over time. Cost of services for Pay comprises primarily of fees paid to financial services providers, as well as interchange and payment network fees charged by financial institutions for facilitating payments through CM.com\u2019s platform and the purchase of payment terminals.
Live revenue is generated from ticketing and related services. Revenues include ticket service fees, event-application subscriptions, rental of POS terminals and scanners, and insurance fees. Ticket service fees consist of fixed or percentage-based fees per transaction and are recognized at a point-in-time, as are the rental of POS terminals and scanners, and the insurance fees. Event-application subscriptions and, in certain cases, subscription-based ticket fees are recognized over time. The cost of sales for Live mainly consists of the purchase or rental of POS terminals, transaction fees, and cloud costs. An insurance payout provision (see note 18) is both recognized and released within the cost of sales. Finally, there are some client-specific cost of sales for individual events.
The revenue and results generated by each of CM.com\u2019s operating segments, disaggregated by service lines and corresponding to the reportable segments, are summarized as follows:
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Revenue | 204,700 | 29,749 | 13,049 | 11,896 | 259,394 |
| Cost of services | (166,493) | (3,398) | (6,001) | (2,203) | (178,095) |
| Gross profit | 38,207 | 26,351 | 7,048 | 9,693 | 81,299 |
| Operational income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (62,940) |
| Operating result, EBITDA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 18,359 |
| Amortization, depreciation, and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (22,909) |
| Operating result, EBIT | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (4,550) |
| Financial income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 902 |
| Result before tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (3,648) |
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Revenue | 220,286 | 28,495 | 13,031 | 12,437 | 274,249 |
| Cost of services | (179,946) | (3,725) | (5,665) | (1,806) | (191,142) |
| Gross profit | 40,340 | 24,770 | 7,366 | 10,631 | 83,107 |
| Operational income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (66,645) |
| Operating result, EBITDA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 16,462 |
| Amortization, depreciation, and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (31,732) |
| Operating result, EBIT | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (15,270) |
| Financial income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (3,988) |
| Result before tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (19,258) |
In the table below revenue is disaggregated by CM.com's operating segments and geographical location, which is determined based on the billing address of the legal establishment of our customers.
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| EMEA | 114,383 | 27,227 | 12,946 | 11,649 | 166,205 |
| of which the Netherlands | 34,517 | 20,462 | 10,976 | 8,805 | 74,760 |
| of which France | 33,540 | 1,697 | 26 | 251 | 35,514 |
| APAC | 59,342 | 1,838 | 36 | 100 | 61,316 |
| Americas | 30,975 | 684 | 67 | 147 | 31,873 |
| of which the USA | 30,447 | 365 | - | 61 | 30,873 |
| \u00a0 | 204,700 | 29,749 | 13,049 | 11,896 | 259,394 |
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| EMEA | 110,897 | 26,251 | 12,935 | 12,227 | 162,310 |
| of which the Netherlands | 39,424 | 20,276 | 10,310 | 9,525 | 79,535 |
| of which France | 30,903 | 1,588 | 40 | 24 | 32,555 |
| APAC | 67,470 | 1,598 | 57 | 62 | 69,187 |
| of which Singapore | 35,296 | 5 | - | - | 35,301 |
| Americas | 41,919 | 646 | 39 | 148 | 42,752 |
| of which the USA | 41,221 | 320 | - | 94 | 41,635 |
| \u00a0 | 220,286 | 28,495 | 13,031 | 12,437 | 274,249 |
In 2025 no single client or partner contributed more than 10% to CM.com\u2019s revenue. In 2024, one client contributed \u20ac\u00a034.6 million to Connect revenue in the USA.
Revenue is reduced by an amount of \u20ac\u00a0560 thousand (2024: \u20ac\u00a0769 thousand) related to partner commissions paid to agents.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i4020": { "value": "CM.com\u2019s operations are divided into segments, reflecting our business unit structure. Management monitors business performance at gross profit level and overall costs. Not all costs, assets, and liabilities are directly allocated to CM.com\u2019s segments, and therefore not presented as such. Non-current assets, such as intangible assets, goodwill and property, plant, and equipment, are mainly located in the Netherlands.
Since 2024, CM.com\u2019s operating segments consist of Connect, Engage, Pay, and Live.
Connect revenue consists of omnichannel messaging (such as Bulk SMS, WhatsApp, Apple Business Chat, and RCS) and voice services that form part of CM.com's core service offering. Revenue from these products can be transactional and are recorded when they occur (point-in-time) or as part of a subscription plan being recorded on a straight-line basis over the duration of the contract. The cost of services for the Connect segment comprises primarily of fees paid to mobile network operators and OTT providers for the purchase of mobile messages, voice, mobile data capacity, and OTT communication capabilities.
Engage revenue consists of a portfolio of services that contribute to the optimization of our client\u2019s mobile business journey with their (potential) clients. Subscription fees are charged for access to these platform features. Revenue for these services is recognized on a straight-line basis over the duration of the contract. The cost of services for the Engage segment comprises primarily of cloud costs and fees paid to suppliers of CM.com\u2019s supplementary platform features, data, email, digital signing, identification, and verification services.
Pay revenue is derived from online and in-person payments and consists of settlement- and start-rate fees, hardware sales, and service-level agreements. Settlement fees include fees paid by merchants, usually as a percentage of the transaction value as well as interchange and payment network fees incurred from financial institutions and a mark-up charged by CM.com for its payment services. Start-rate fees comprise fixed fees per transaction for the use of CM.com\u2019s platform. The hardware sale-related revenues are transactional and are recognized when they occur (point-in-time). Service-level agreements are recognized over time. Cost of services for Pay comprises primarily of fees paid to financial services providers, as well as interchange and payment network fees charged by financial institutions for facilitating payments through CM.com\u2019s platform and the purchase of payment terminals.
Live revenue is generated from ticketing and related services. Revenues include ticket service fees, event-application subscriptions, rental of POS terminals and scanners, and insurance fees. Ticket service fees consist of fixed or percentage-based fees per transaction and are recognized at a point-in-time, as are the rental of POS terminals and scanners, and the insurance fees. Event-application subscriptions and, in certain cases, subscription-based ticket fees are recognized over time. The cost of sales for Live mainly consists of the purchase or rental of POS terminals, transaction fees, and cloud costs. An insurance payout provision (see note 18) is both recognized and released within the cost of sales. Finally, there are some client-specific cost of sales for individual events.
The revenue and results generated by each of CM.com\u2019s operating segments, disaggregated by service lines and corresponding to the reportable segments, are summarized as follows:
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Revenue | 204,700 | 29,749 | 13,049 | 11,896 | 259,394 |
| Cost of services | (166,493) | (3,398) | (6,001) | (2,203) | (178,095) |
| Gross profit | 38,207 | 26,351 | 7,048 | 9,693 | 81,299 |
| Operational income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (62,940) |
| Operating result, EBITDA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 18,359 |
| Amortization, depreciation, and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (22,909) |
| Operating result, EBIT | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (4,550) |
| Financial income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 902 |
| Result before tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (3,648) |
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Revenue | 220,286 | 28,495 | 13,031 | 12,437 | 274,249 |
| Cost of services | (179,946) | (3,725) | (5,665) | (1,806) | (191,142) |
| Gross profit | 40,340 | 24,770 | 7,366 | 10,631 | 83,107 |
| Operational income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (66,645) |
| Operating result, EBITDA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 16,462 |
| Amortization, depreciation, and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (31,732) |
| Operating result, EBIT | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (15,270) |
| Financial income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (3,988) |
| Result before tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (19,258) |
In the table below revenue is disaggregated by CM.com's operating segments and geographical location, which is determined based on the billing address of the legal establishment of our customers.
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| EMEA | 114,383 | 27,227 | 12,946 | 11,649 | 166,205 |
| of which the Netherlands | 34,517 | 20,462 | 10,976 | 8,805 | 74,760 |
| of which France | 33,540 | 1,697 | 26 | 251 | 35,514 |
| APAC | 59,342 | 1,838 | 36 | 100 | 61,316 |
| Americas | 30,975 | 684 | 67 | 147 | 31,873 |
| of which the USA | 30,447 | 365 | - | 61 | 30,873 |
| \u00a0 | 204,700 | 29,749 | 13,049 | 11,896 | 259,394 |
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| EMEA | 110,897 | 26,251 | 12,935 | 12,227 | 162,310 |
| of which the Netherlands | 39,424 | 20,276 | 10,310 | 9,525 | 79,535 |
| of which France | 30,903 | 1,588 | 40 | 24 | 32,555 |
| APAC | 67,470 | 1,598 | 57 | 62 | 69,187 |
| of which Singapore | 35,296 | 5 | - | - | 35,301 |
| Americas | 41,919 | 646 | 39 | 148 | 42,752 |
| of which the USA | 41,221 | 320 | - | 94 | 41,635 |
| \u00a0 | 220,286 | 28,495 | 13,031 | 12,437 | 274,249 |
In 2025 no single client or partner contributed more than 10% to CM.com\u2019s revenue. In 2024, one client contributed \u20ac\u00a034.6 million to Connect revenue in the USA.
Revenue is reduced by an amount of \u20ac\u00a0560 thousand (2024: \u20ac\u00a0769 thousand) related to partner commissions paid to agents.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i4021": { "value": "CM.com\u2019s operations are divided into segments, reflecting our business unit structure. Management monitors business performance at gross profit level and overall costs. Not all costs, assets, and liabilities are directly allocated to CM.com\u2019s segments, and therefore not presented as such. Non-current assets, such as intangible assets, goodwill and property, plant, and equipment, are mainly located in the Netherlands.
Since 2024, CM.com\u2019s operating segments consist of Connect, Engage, Pay, and Live.
Connect revenue consists of omnichannel messaging (such as Bulk SMS, WhatsApp, Apple Business Chat, and RCS) and voice services that form part of CM.com's core service offering. Revenue from these products can be transactional and are recorded when they occur (point-in-time) or as part of a subscription plan being recorded on a straight-line basis over the duration of the contract. The cost of services for the Connect segment comprises primarily of fees paid to mobile network operators and OTT providers for the purchase of mobile messages, voice, mobile data capacity, and OTT communication capabilities.
Engage revenue consists of a portfolio of services that contribute to the optimization of our client\u2019s mobile business journey with their (potential) clients. Subscription fees are charged for access to these platform features. Revenue for these services is recognized on a straight-line basis over the duration of the contract. The cost of services for the Engage segment comprises primarily of cloud costs and fees paid to suppliers of CM.com\u2019s supplementary platform features, data, email, digital signing, identification, and verification services.
Pay revenue is derived from online and in-person payments and consists of settlement- and start-rate fees, hardware sales, and service-level agreements. Settlement fees include fees paid by merchants, usually as a percentage of the transaction value as well as interchange and payment network fees incurred from financial institutions and a mark-up charged by CM.com for its payment services. Start-rate fees comprise fixed fees per transaction for the use of CM.com\u2019s platform. The hardware sale-related revenues are transactional and are recognized when they occur (point-in-time). Service-level agreements are recognized over time. Cost of services for Pay comprises primarily of fees paid to financial services providers, as well as interchange and payment network fees charged by financial institutions for facilitating payments through CM.com\u2019s platform and the purchase of payment terminals.
Live revenue is generated from ticketing and related services. Revenues include ticket service fees, event-application subscriptions, rental of POS terminals and scanners, and insurance fees. Ticket service fees consist of fixed or percentage-based fees per transaction and are recognized at a point-in-time, as are the rental of POS terminals and scanners, and the insurance fees. Event-application subscriptions and, in certain cases, subscription-based ticket fees are recognized over time. The cost of sales for Live mainly consists of the purchase or rental of POS terminals, transaction fees, and cloud costs. An insurance payout provision (see note 18) is both recognized and released within the cost of sales. Finally, there are some client-specific cost of sales for individual events.
The revenue and results generated by each of CM.com\u2019s operating segments, disaggregated by service lines and corresponding to the reportable segments, are summarized as follows:
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Revenue | 204,700 | 29,749 | 13,049 | 11,896 | 259,394 |
| Cost of services | (166,493) | (3,398) | (6,001) | (2,203) | (178,095) |
| Gross profit | 38,207 | 26,351 | 7,048 | 9,693 | 81,299 |
| Operational income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (62,940) |
| Operating result, EBITDA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 18,359 |
| Amortization, depreciation, and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (22,909) |
| Operating result, EBIT | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (4,550) |
| Financial income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 902 |
| Result before tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (3,648) |
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Revenue | 220,286 | 28,495 | 13,031 | 12,437 | 274,249 |
| Cost of services | (179,946) | (3,725) | (5,665) | (1,806) | (191,142) |
| Gross profit | 40,340 | 24,770 | 7,366 | 10,631 | 83,107 |
| Operational income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (66,645) |
| Operating result, EBITDA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 16,462 |
| Amortization, depreciation, and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (31,732) |
| Operating result, EBIT | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (15,270) |
| Financial income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (3,988) |
| Result before tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (19,258) |
In the table below revenue is disaggregated by CM.com's operating segments and geographical location, which is determined based on the billing address of the legal establishment of our customers.
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| EMEA | 114,383 | 27,227 | 12,946 | 11,649 | 166,205 |
| of which the Netherlands | 34,517 | 20,462 | 10,976 | 8,805 | 74,760 |
| of which France | 33,540 | 1,697 | 26 | 251 | 35,514 |
| APAC | 59,342 | 1,838 | 36 | 100 | 61,316 |
| Americas | 30,975 | 684 | 67 | 147 | 31,873 |
| of which the USA | 30,447 | 365 | - | 61 | 30,873 |
| \u00a0 | 204,700 | 29,749 | 13,049 | 11,896 | 259,394 |
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| EMEA | 110,897 | 26,251 | 12,935 | 12,227 | 162,310 |
| of which the Netherlands | 39,424 | 20,276 | 10,310 | 9,525 | 79,535 |
| of which France | 30,903 | 1,588 | 40 | 24 | 32,555 |
| APAC | 67,470 | 1,598 | 57 | 62 | 69,187 |
| of which Singapore | 35,296 | 5 | - | - | 35,301 |
| Americas | 41,919 | 646 | 39 | 148 | 42,752 |
| of which the USA | 41,221 | 320 | - | 94 | 41,635 |
| \u00a0 | 220,286 | 28,495 | 13,031 | 12,437 | 274,249 |
In 2025 no single client or partner contributed more than 10% to CM.com\u2019s revenue. In 2024, one client contributed \u20ac\u00a034.6 million to Connect revenue in the USA.
Revenue is reduced by an amount of \u20ac\u00a0560 thousand (2024: \u20ac\u00a0769 thousand) related to partner commissions paid to agents.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i4022": { "value": "CM.com\u2019s operations are divided into segments, reflecting our business unit structure. Management monitors business performance at gross profit level and overall costs. Not all costs, assets, and liabilities are directly allocated to CM.com\u2019s segments, and therefore not presented as such. Non-current assets, such as intangible assets, goodwill and property, plant, and equipment, are mainly located in the Netherlands.
Since 2024, CM.com\u2019s operating segments consist of Connect, Engage, Pay, and Live.
Connect revenue consists of omnichannel messaging (such as Bulk SMS, WhatsApp, Apple Business Chat, and RCS) and voice services that form part of CM.com's core service offering. Revenue from these products can be transactional and are recorded when they occur (point-in-time) or as part of a subscription plan being recorded on a straight-line basis over the duration of the contract. The cost of services for the Connect segment comprises primarily of fees paid to mobile network operators and OTT providers for the purchase of mobile messages, voice, mobile data capacity, and OTT communication capabilities.
Engage revenue consists of a portfolio of services that contribute to the optimization of our client\u2019s mobile business journey with their (potential) clients. Subscription fees are charged for access to these platform features. Revenue for these services is recognized on a straight-line basis over the duration of the contract. The cost of services for the Engage segment comprises primarily of cloud costs and fees paid to suppliers of CM.com\u2019s supplementary platform features, data, email, digital signing, identification, and verification services.
Pay revenue is derived from online and in-person payments and consists of settlement- and start-rate fees, hardware sales, and service-level agreements. Settlement fees include fees paid by merchants, usually as a percentage of the transaction value as well as interchange and payment network fees incurred from financial institutions and a mark-up charged by CM.com for its payment services. Start-rate fees comprise fixed fees per transaction for the use of CM.com\u2019s platform. The hardware sale-related revenues are transactional and are recognized when they occur (point-in-time). Service-level agreements are recognized over time. Cost of services for Pay comprises primarily of fees paid to financial services providers, as well as interchange and payment network fees charged by financial institutions for facilitating payments through CM.com\u2019s platform and the purchase of payment terminals.
Live revenue is generated from ticketing and related services. Revenues include ticket service fees, event-application subscriptions, rental of POS terminals and scanners, and insurance fees. Ticket service fees consist of fixed or percentage-based fees per transaction and are recognized at a point-in-time, as are the rental of POS terminals and scanners, and the insurance fees. Event-application subscriptions and, in certain cases, subscription-based ticket fees are recognized over time. The cost of sales for Live mainly consists of the purchase or rental of POS terminals, transaction fees, and cloud costs. An insurance payout provision (see note 18) is both recognized and released within the cost of sales. Finally, there are some client-specific cost of sales for individual events.
The revenue and results generated by each of CM.com\u2019s operating segments, disaggregated by service lines and corresponding to the reportable segments, are summarized as follows:
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Revenue | 204,700 | 29,749 | 13,049 | 11,896 | 259,394 |
| Cost of services | (166,493) | (3,398) | (6,001) | (2,203) | (178,095) |
| Gross profit | 38,207 | 26,351 | 7,048 | 9,693 | 81,299 |
| Operational income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (62,940) |
| Operating result, EBITDA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 18,359 |
| Amortization, depreciation, and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (22,909) |
| Operating result, EBIT | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (4,550) |
| Financial income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 902 |
| Result before tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (3,648) |
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Revenue | 220,286 | 28,495 | 13,031 | 12,437 | 274,249 |
| Cost of services | (179,946) | (3,725) | (5,665) | (1,806) | (191,142) |
| Gross profit | 40,340 | 24,770 | 7,366 | 10,631 | 83,107 |
| Operational income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (66,645) |
| Operating result, EBITDA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 16,462 |
| Amortization, depreciation, and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (31,732) |
| Operating result, EBIT | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (15,270) |
| Financial income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (3,988) |
| Result before tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (19,258) |
In the table below revenue is disaggregated by CM.com's operating segments and geographical location, which is determined based on the billing address of the legal establishment of our customers.
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| EMEA | 114,383 | 27,227 | 12,946 | 11,649 | 166,205 |
| of which the Netherlands | 34,517 | 20,462 | 10,976 | 8,805 | 74,760 |
| of which France | 33,540 | 1,697 | 26 | 251 | 35,514 |
| APAC | 59,342 | 1,838 | 36 | 100 | 61,316 |
| Americas | 30,975 | 684 | 67 | 147 | 31,873 |
| of which the USA | 30,447 | 365 | - | 61 | 30,873 |
| \u00a0 | 204,700 | 29,749 | 13,049 | 11,896 | 259,394 |
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| EMEA | 110,897 | 26,251 | 12,935 | 12,227 | 162,310 |
| of which the Netherlands | 39,424 | 20,276 | 10,310 | 9,525 | 79,535 |
| of which France | 30,903 | 1,588 | 40 | 24 | 32,555 |
| APAC | 67,470 | 1,598 | 57 | 62 | 69,187 |
| of which Singapore | 35,296 | 5 | - | - | 35,301 |
| Americas | 41,919 | 646 | 39 | 148 | 42,752 |
| of which the USA | 41,221 | 320 | - | 94 | 41,635 |
| \u00a0 | 220,286 | 28,495 | 13,031 | 12,437 | 274,249 |
In 2025 no single client or partner contributed more than 10% to CM.com\u2019s revenue. In 2024, one client contributed \u20ac\u00a034.6 million to Connect revenue in the USA.
Revenue is reduced by an amount of \u20ac\u00a0560 thousand (2024: \u20ac\u00a0769 thousand) related to partner commissions paid to agents.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i4023": { "value": "CM.com\u2019s operations are divided into segments, reflecting our business unit structure. Management monitors business performance at gross profit level and overall costs. Not all costs, assets, and liabilities are directly allocated to CM.com\u2019s segments, and therefore not presented as such. Non-current assets, such as intangible assets, goodwill and property, plant, and equipment, are mainly located in the Netherlands.
Since 2024, CM.com\u2019s operating segments consist of Connect, Engage, Pay, and Live.
Connect revenue consists of omnichannel messaging (such as Bulk SMS, WhatsApp, Apple Business Chat, and RCS) and voice services that form part of CM.com's core service offering. Revenue from these products can be transactional and are recorded when they occur (point-in-time) or as part of a subscription plan being recorded on a straight-line basis over the duration of the contract. The cost of services for the Connect segment comprises primarily of fees paid to mobile network operators and OTT providers for the purchase of mobile messages, voice, mobile data capacity, and OTT communication capabilities.
Engage revenue consists of a portfolio of services that contribute to the optimization of our client\u2019s mobile business journey with their (potential) clients. Subscription fees are charged for access to these platform features. Revenue for these services is recognized on a straight-line basis over the duration of the contract. The cost of services for the Engage segment comprises primarily of cloud costs and fees paid to suppliers of CM.com\u2019s supplementary platform features, data, email, digital signing, identification, and verification services.
Pay revenue is derived from online and in-person payments and consists of settlement- and start-rate fees, hardware sales, and service-level agreements. Settlement fees include fees paid by merchants, usually as a percentage of the transaction value as well as interchange and payment network fees incurred from financial institutions and a mark-up charged by CM.com for its payment services. Start-rate fees comprise fixed fees per transaction for the use of CM.com\u2019s platform. The hardware sale-related revenues are transactional and are recognized when they occur (point-in-time). Service-level agreements are recognized over time. Cost of services for Pay comprises primarily of fees paid to financial services providers, as well as interchange and payment network fees charged by financial institutions for facilitating payments through CM.com\u2019s platform and the purchase of payment terminals.
Live revenue is generated from ticketing and related services. Revenues include ticket service fees, event-application subscriptions, rental of POS terminals and scanners, and insurance fees. Ticket service fees consist of fixed or percentage-based fees per transaction and are recognized at a point-in-time, as are the rental of POS terminals and scanners, and the insurance fees. Event-application subscriptions and, in certain cases, subscription-based ticket fees are recognized over time. The cost of sales for Live mainly consists of the purchase or rental of POS terminals, transaction fees, and cloud costs. An insurance payout provision (see note 18) is both recognized and released within the cost of sales. Finally, there are some client-specific cost of sales for individual events.
The revenue and results generated by each of CM.com\u2019s operating segments, disaggregated by service lines and corresponding to the reportable segments, are summarized as follows:
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Revenue | 204,700 | 29,749 | 13,049 | 11,896 | 259,394 |
| Cost of services | (166,493) | (3,398) | (6,001) | (2,203) | (178,095) |
| Gross profit | 38,207 | 26,351 | 7,048 | 9,693 | 81,299 |
| Operational income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (62,940) |
| Operating result, EBITDA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 18,359 |
| Amortization, depreciation, and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (22,909) |
| Operating result, EBIT | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (4,550) |
| Financial income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 902 |
| Result before tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (3,648) |
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Revenue | 220,286 | 28,495 | 13,031 | 12,437 | 274,249 |
| Cost of services | (179,946) | (3,725) | (5,665) | (1,806) | (191,142) |
| Gross profit | 40,340 | 24,770 | 7,366 | 10,631 | 83,107 |
| Operational income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (66,645) |
| Operating result, EBITDA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 16,462 |
| Amortization, depreciation, and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (31,732) |
| Operating result, EBIT | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (15,270) |
| Financial income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (3,988) |
| Result before tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (19,258) |
In the table below revenue is disaggregated by CM.com's operating segments and geographical location, which is determined based on the billing address of the legal establishment of our customers.
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| EMEA | 114,383 | 27,227 | 12,946 | 11,649 | 166,205 |
| of which the Netherlands | 34,517 | 20,462 | 10,976 | 8,805 | 74,760 |
| of which France | 33,540 | 1,697 | 26 | 251 | 35,514 |
| APAC | 59,342 | 1,838 | 36 | 100 | 61,316 |
| Americas | 30,975 | 684 | 67 | 147 | 31,873 |
| of which the USA | 30,447 | 365 | - | 61 | 30,873 |
| \u00a0 | 204,700 | 29,749 | 13,049 | 11,896 | 259,394 |
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| EMEA | 110,897 | 26,251 | 12,935 | 12,227 | 162,310 |
| of which the Netherlands | 39,424 | 20,276 | 10,310 | 9,525 | 79,535 |
| of which France | 30,903 | 1,588 | 40 | 24 | 32,555 |
| APAC | 67,470 | 1,598 | 57 | 62 | 69,187 |
| of which Singapore | 35,296 | 5 | - | - | 35,301 |
| Americas | 41,919 | 646 | 39 | 148 | 42,752 |
| of which the USA | 41,221 | 320 | - | 94 | 41,635 |
| \u00a0 | 220,286 | 28,495 | 13,031 | 12,437 | 274,249 |
In 2025 no single client or partner contributed more than 10% to CM.com\u2019s revenue. In 2024, one client contributed \u20ac\u00a034.6 million to Connect revenue in the USA.
Revenue is reduced by an amount of \u20ac\u00a0560 thousand (2024: \u20ac\u00a0769 thousand) related to partner commissions paid to agents.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i4024": { "value": "CM.com\u2019s operations are divided into segments, reflecting our business unit structure. Management monitors business performance at gross profit level and overall costs. Not all costs, assets, and liabilities are directly allocated to CM.com\u2019s segments, and therefore not presented as such. Non-current assets, such as intangible assets, goodwill and property, plant, and equipment, are mainly located in the Netherlands.
Since 2024, CM.com\u2019s operating segments consist of Connect, Engage, Pay, and Live.
Connect revenue consists of omnichannel messaging (such as Bulk SMS, WhatsApp, Apple Business Chat, and RCS) and voice services that form part of CM.com's core service offering. Revenue from these products can be transactional and are recorded when they occur (point-in-time) or as part of a subscription plan being recorded on a straight-line basis over the duration of the contract. The cost of services for the Connect segment comprises primarily of fees paid to mobile network operators and OTT providers for the purchase of mobile messages, voice, mobile data capacity, and OTT communication capabilities.
Engage revenue consists of a portfolio of services that contribute to the optimization of our client\u2019s mobile business journey with their (potential) clients. Subscription fees are charged for access to these platform features. Revenue for these services is recognized on a straight-line basis over the duration of the contract. The cost of services for the Engage segment comprises primarily of cloud costs and fees paid to suppliers of CM.com\u2019s supplementary platform features, data, email, digital signing, identification, and verification services.
Pay revenue is derived from online and in-person payments and consists of settlement- and start-rate fees, hardware sales, and service-level agreements. Settlement fees include fees paid by merchants, usually as a percentage of the transaction value as well as interchange and payment network fees incurred from financial institutions and a mark-up charged by CM.com for its payment services. Start-rate fees comprise fixed fees per transaction for the use of CM.com\u2019s platform. The hardware sale-related revenues are transactional and are recognized when they occur (point-in-time). Service-level agreements are recognized over time. Cost of services for Pay comprises primarily of fees paid to financial services providers, as well as interchange and payment network fees charged by financial institutions for facilitating payments through CM.com\u2019s platform and the purchase of payment terminals.
Live revenue is generated from ticketing and related services. Revenues include ticket service fees, event-application subscriptions, rental of POS terminals and scanners, and insurance fees. Ticket service fees consist of fixed or percentage-based fees per transaction and are recognized at a point-in-time, as are the rental of POS terminals and scanners, and the insurance fees. Event-application subscriptions and, in certain cases, subscription-based ticket fees are recognized over time. The cost of sales for Live mainly consists of the purchase or rental of POS terminals, transaction fees, and cloud costs. An insurance payout provision (see note 18) is both recognized and released within the cost of sales. Finally, there are some client-specific cost of sales for individual events.
The revenue and results generated by each of CM.com\u2019s operating segments, disaggregated by service lines and corresponding to the reportable segments, are summarized as follows:
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Revenue | 204,700 | 29,749 | 13,049 | 11,896 | 259,394 |
| Cost of services | (166,493) | (3,398) | (6,001) | (2,203) | (178,095) |
| Gross profit | 38,207 | 26,351 | 7,048 | 9,693 | 81,299 |
| Operational income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (62,940) |
| Operating result, EBITDA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 18,359 |
| Amortization, depreciation, and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (22,909) |
| Operating result, EBIT | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (4,550) |
| Financial income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 902 |
| Result before tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (3,648) |
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Revenue | 220,286 | 28,495 | 13,031 | 12,437 | 274,249 |
| Cost of services | (179,946) | (3,725) | (5,665) | (1,806) | (191,142) |
| Gross profit | 40,340 | 24,770 | 7,366 | 10,631 | 83,107 |
| Operational income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (66,645) |
| Operating result, EBITDA | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 16,462 |
| Amortization, depreciation, and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (31,732) |
| Operating result, EBIT | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (15,270) |
| Financial income and expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (3,988) |
| Result before tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (19,258) |
In the table below revenue is disaggregated by CM.com's operating segments and geographical location, which is determined based on the billing address of the legal establishment of our customers.
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| EMEA | 114,383 | 27,227 | 12,946 | 11,649 | 166,205 |
| of which the Netherlands | 34,517 | 20,462 | 10,976 | 8,805 | 74,760 |
| of which France | 33,540 | 1,697 | 26 | 251 | 35,514 |
| APAC | 59,342 | 1,838 | 36 | 100 | 61,316 |
| Americas | 30,975 | 684 | 67 | 147 | 31,873 |
| of which the USA | 30,447 | 365 | - | 61 | 30,873 |
| \u00a0 | 204,700 | 29,749 | 13,049 | 11,896 | 259,394 |
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| EMEA | 110,897 | 26,251 | 12,935 | 12,227 | 162,310 |
| of which the Netherlands | 39,424 | 20,276 | 10,310 | 9,525 | 79,535 |
| of which France | 30,903 | 1,588 | 40 | 24 | 32,555 |
| APAC | 67,470 | 1,598 | 57 | 62 | 69,187 |
| of which Singapore | 35,296 | 5 | - | - | 35,301 |
| Americas | 41,919 | 646 | 39 | 148 | 42,752 |
| of which the USA | 41,221 | 320 | - | 94 | 41,635 |
| \u00a0 | 220,286 | 28,495 | 13,031 | 12,437 | 274,249 |
In 2025 no single client or partner contributed more than 10% to CM.com\u2019s revenue. In 2024, one client contributed \u20ac\u00a034.6 million to Connect revenue in the USA.
Revenue is reduced by an amount of \u20ac\u00a0560 thousand (2024: \u20ac\u00a0769 thousand) related to partner commissions paid to agents.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i4270": { "value": "Goodwill and intangible assets with indefinite useful lives are stated at cost less accumulated impairments. Goodwill and intangible assets with indefinite useful lives are not amortized and are tested for impairment annually. Negative goodwill is recognized directly in profit or loss as other income. An impairment in respect of goodwill cannot be reversed. For more information, see note 6.
Intangible assets with finite useful lives are stated at cost less accumulated amortization and, if applicable, less impairments. Intangible assets with finite useful lives are assessed for impairment whenever there is an indication that the intangible asset may be impaired.
Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred.
Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when CM.com can demonstrate the availability for use, the capability to generate future economic benefits, and the ability to measure the expenditure reliably during development. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less accumulated amortization and, if applicable, less accumulated impairments. During the period of development, the asset is tested for impairment annually. Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill and domain names, which have indefinite useful lives, from the date they are available for use. Amortization methods, useful lives, and residual values are reviewed at each reporting date and adjusted if appropriate.
At the end of each reporting period, the company assesses whether there is any indication that an impairment loss recognized in prior periods for an asset other than goodwill may no longer exist or may have decreased. If any such indication exists, the entity shall estimate the recoverable amount of that asset.
A summary of the movements in intangible assets and goodwill is provided:
| x \u20ac\u00a01,000 | Platform (software)1 | Goodwill | Customer relations | Other | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 79,188 | 29,841 | 28,382 | 4,831 | 142,242 |
| Additions related to external costs | 158 | - | 120 | 489 | 767 |
| Development costs | 14,430 | - | - | - | 14,430 |
| Divestments | (4,961) | - | - | (226) | (5,187) |
| Currency difference | - | - | 60 | - | 60 |
| At December 31, 2024 | 88,815 | 29,841 | 28,562 | 5,094 | 152,312 |
| Additions related to external costs | 142 | - | 26 | - | 168 |
| Development costs | 14,274 | - | - | - | 14,274 |
| Divestments | (9,375) | - | (6,752) | (564) | (16,691) |
| Currency difference | (2) | - | (72) | - | (74) |
| At December 31, 2025 | 93,854 | 29,841 | 21,764 | 4,530 | 149,989 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 25,309 | 444 | 14,240 | 1,398 | 41,391 |
| Amortization | 12,731 | - | 2,731 | 520 | 15,982 |
| Impairments | 301 | 8,780 | - | 290 | 9,371 |
| Divestments | (4,961) | - | - | (226) | (5,187) |
| Currency difference | - | - | 53 | - | 53 |
| At December 31, 2024 | 33,380 | 9,224 | 17,024 | 1,982 | 61,610 |
| Amortization | 13,085 | - | 2,429 | 515 | 16,029 |
| Impairments | 685 | - | - | - | 685 |
| Divestments | (9,375) | - | (6,752) | (564) | (16,691) |
| Currency difference | (1) | - | (67) | 59 | (9) |
| At December 31, 2025 | 37,774 | 9,224 | 12,634 | 1,992 | 61,624 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2024 | 55,435 | 20,617 | 11,538 | 3,112 | 90,702 |
| At December 31, 2025 | 56,080 | 20,617 | 9,130 | 2,538 | 88,365 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 5-10 | indefinite | 10 | 5-10 / indefinite | \u00a0 |
Goodwill and intangible assets with indefinite useful lives are stated at cost less accumulated impairments. Goodwill and intangible assets with indefinite useful lives are not amortized and are tested for impairment annually. Negative goodwill is recognized directly in profit or loss as other income. An impairment in respect of goodwill cannot be reversed. For more information, see note 6.
Intangible assets with finite useful lives are stated at cost less accumulated amortization and, if applicable, less impairments. Intangible assets with finite useful lives are assessed for impairment whenever there is an indication that the intangible asset may be impaired.
Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred.
Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when CM.com can demonstrate the availability for use, the capability to generate future economic benefits, and the ability to measure the expenditure reliably during development. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less accumulated amortization and, if applicable, less accumulated impairments. During the period of development, the asset is tested for impairment annually. Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill and domain names, which have indefinite useful lives, from the date they are available for use. Amortization methods, useful lives, and residual values are reviewed at each reporting date and adjusted if appropriate.
At the end of each reporting period, the company assesses whether there is any indication that an impairment loss recognized in prior periods for an asset other than goodwill may no longer exist or may have decreased. If any such indication exists, the entity shall estimate the recoverable amount of that asset.
A summary of the movements in intangible assets and goodwill is provided:
| x \u20ac\u00a01,000 | Platform (software)1 | Goodwill | Customer relations | Other | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 79,188 | 29,841 | 28,382 | 4,831 | 142,242 |
| Additions related to external costs | 158 | - | 120 | 489 | 767 |
| Development costs | 14,430 | - | - | - | 14,430 |
| Divestments | (4,961) | - | - | (226) | (5,187) |
| Currency difference | - | - | 60 | - | 60 |
| At December 31, 2024 | 88,815 | 29,841 | 28,562 | 5,094 | 152,312 |
| Additions related to external costs | 142 | - | 26 | - | 168 |
| Development costs | 14,274 | - | - | - | 14,274 |
| Divestments | (9,375) | - | (6,752) | (564) | (16,691) |
| Currency difference | (2) | - | (72) | - | (74) |
| At December 31, 2025 | 93,854 | 29,841 | 21,764 | 4,530 | 149,989 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 25,309 | 444 | 14,240 | 1,398 | 41,391 |
| Amortization | 12,731 | - | 2,731 | 520 | 15,982 |
| Impairments | 301 | 8,780 | - | 290 | 9,371 |
| Divestments | (4,961) | - | - | (226) | (5,187) |
| Currency difference | - | - | 53 | - | 53 |
| At December 31, 2024 | 33,380 | 9,224 | 17,024 | 1,982 | 61,610 |
| Amortization | 13,085 | - | 2,429 | 515 | 16,029 |
| Impairments | 685 | - | - | - | 685 |
| Divestments | (9,375) | - | (6,752) | (564) | (16,691) |
| Currency difference | (1) | - | (67) | 59 | (9) |
| At December 31, 2025 | 37,774 | 9,224 | 12,634 | 1,992 | 61,624 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2024 | 55,435 | 20,617 | 11,538 | 3,112 | 90,702 |
| At December 31, 2025 | 56,080 | 20,617 | 9,130 | 2,538 | 88,365 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 5-10 | indefinite | 10 | 5-10 / indefinite | \u00a0 |
Goodwill and intangible assets with indefinite useful lives are stated at cost less accumulated impairments. Goodwill and intangible assets with indefinite useful lives are not amortized and are tested for impairment annually. Negative goodwill is recognized directly in profit or loss as other income. An impairment in respect of goodwill cannot be reversed. For more information, see note 6.
Intangible assets with finite useful lives are stated at cost less accumulated amortization and, if applicable, less impairments. Intangible assets with finite useful lives are assessed for impairment whenever there is an indication that the intangible asset may be impaired.
Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred.
Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when CM.com can demonstrate the availability for use, the capability to generate future economic benefits, and the ability to measure the expenditure reliably during development. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less accumulated amortization and, if applicable, less accumulated impairments. During the period of development, the asset is tested for impairment annually. Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill and domain names, which have indefinite useful lives, from the date they are available for use. Amortization methods, useful lives, and residual values are reviewed at each reporting date and adjusted if appropriate.
At the end of each reporting period, the company assesses whether there is any indication that an impairment loss recognized in prior periods for an asset other than goodwill may no longer exist or may have decreased. If any such indication exists, the entity shall estimate the recoverable amount of that asset.
A summary of the movements in intangible assets and goodwill is provided:
| x \u20ac\u00a01,000 | Platform (software)1 | Goodwill | Customer relations | Other | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 79,188 | 29,841 | 28,382 | 4,831 | 142,242 |
| Additions related to external costs | 158 | - | 120 | 489 | 767 |
| Development costs | 14,430 | - | - | - | 14,430 |
| Divestments | (4,961) | - | - | (226) | (5,187) |
| Currency difference | - | - | 60 | - | 60 |
| At December 31, 2024 | 88,815 | 29,841 | 28,562 | 5,094 | 152,312 |
| Additions related to external costs | 142 | - | 26 | - | 168 |
| Development costs | 14,274 | - | - | - | 14,274 |
| Divestments | (9,375) | - | (6,752) | (564) | (16,691) |
| Currency difference | (2) | - | (72) | - | (74) |
| At December 31, 2025 | 93,854 | 29,841 | 21,764 | 4,530 | 149,989 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 25,309 | 444 | 14,240 | 1,398 | 41,391 |
| Amortization | 12,731 | - | 2,731 | 520 | 15,982 |
| Impairments | 301 | 8,780 | - | 290 | 9,371 |
| Divestments | (4,961) | - | - | (226) | (5,187) |
| Currency difference | - | - | 53 | - | 53 |
| At December 31, 2024 | 33,380 | 9,224 | 17,024 | 1,982 | 61,610 |
| Amortization | 13,085 | - | 2,429 | 515 | 16,029 |
| Impairments | 685 | - | - | - | 685 |
| Divestments | (9,375) | - | (6,752) | (564) | (16,691) |
| Currency difference | (1) | - | (67) | 59 | (9) |
| At December 31, 2025 | 37,774 | 9,224 | 12,634 | 1,992 | 61,624 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2024 | 55,435 | 20,617 | 11,538 | 3,112 | 90,702 |
| At December 31, 2025 | 56,080 | 20,617 | 9,130 | 2,538 | 88,365 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 5-10 | indefinite | 10 | 5-10 / indefinite | \u00a0 |
Goodwill and intangible assets with indefinite useful lives are stated at cost less accumulated impairments. Goodwill and intangible assets with indefinite useful lives are not amortized and are tested for impairment annually. Negative goodwill is recognized directly in profit or loss as other income. An impairment in respect of goodwill cannot be reversed. For more information, see note 6.
Intangible assets with finite useful lives are stated at cost less accumulated amortization and, if applicable, less impairments. Intangible assets with finite useful lives are assessed for impairment whenever there is an indication that the intangible asset may be impaired.
Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred.
Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when CM.com can demonstrate the availability for use, the capability to generate future economic benefits, and the ability to measure the expenditure reliably during development. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less accumulated amortization and, if applicable, less accumulated impairments. During the period of development, the asset is tested for impairment annually. Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill and domain names, which have indefinite useful lives, from the date they are available for use. Amortization methods, useful lives, and residual values are reviewed at each reporting date and adjusted if appropriate.
At the end of each reporting period, the company assesses whether there is any indication that an impairment loss recognized in prior periods for an asset other than goodwill may no longer exist or may have decreased. If any such indication exists, the entity shall estimate the recoverable amount of that asset.
A summary of the movements in intangible assets and goodwill is provided:
| x \u20ac\u00a01,000 | Platform (software)1 | Goodwill | Customer relations | Other | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 79,188 | 29,841 | 28,382 | 4,831 | 142,242 |
| Additions related to external costs | 158 | - | 120 | 489 | 767 |
| Development costs | 14,430 | - | - | - | 14,430 |
| Divestments | (4,961) | - | - | (226) | (5,187) |
| Currency difference | - | - | 60 | - | 60 |
| At December 31, 2024 | 88,815 | 29,841 | 28,562 | 5,094 | 152,312 |
| Additions related to external costs | 142 | - | 26 | - | 168 |
| Development costs | 14,274 | - | - | - | 14,274 |
| Divestments | (9,375) | - | (6,752) | (564) | (16,691) |
| Currency difference | (2) | - | (72) | - | (74) |
| At December 31, 2025 | 93,854 | 29,841 | 21,764 | 4,530 | 149,989 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 25,309 | 444 | 14,240 | 1,398 | 41,391 |
| Amortization | 12,731 | - | 2,731 | 520 | 15,982 |
| Impairments | 301 | 8,780 | - | 290 | 9,371 |
| Divestments | (4,961) | - | - | (226) | (5,187) |
| Currency difference | - | - | 53 | - | 53 |
| At December 31, 2024 | 33,380 | 9,224 | 17,024 | 1,982 | 61,610 |
| Amortization | 13,085 | - | 2,429 | 515 | 16,029 |
| Impairments | 685 | - | - | - | 685 |
| Divestments | (9,375) | - | (6,752) | (564) | (16,691) |
| Currency difference | (1) | - | (67) | 59 | (9) |
| At December 31, 2025 | 37,774 | 9,224 | 12,634 | 1,992 | 61,624 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2024 | 55,435 | 20,617 | 11,538 | 3,112 | 90,702 |
| At December 31, 2025 | 56,080 | 20,617 | 9,130 | 2,538 | 88,365 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 5-10 | indefinite | 10 | 5-10 / indefinite | \u00a0 |
Property, plant, and equipment are presented at cost less accumulated depreciation and, if applicable, less impairments. Costs include the purchase price and all costs directly attributable to bringing the asset to the location and condition for it to be capable of operating as intended by management. Depreciation is based on the estimated useful life and calculated as a fixed percentage of cost, taking into account any residual value.
Depreciation commences from the date an asset is brought into use. Depreciation is recognized in profit or loss on a straight-line basis over the estimated useful life. Depreciation methods, useful lives, and residual values are reviewed at each reporting date.
A summary of the movements in property, plant, and equipment is provided:
| x \u20ac\u00a01,000 | Platform (hardware) | Furniture & fixtures | Vehicles | Hardware workplace | Leasehold improvements | Total |
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 3,770 | 2,554 | 270 | 1,953 | 2,820 | 11,367 |
| Additions | 1,721 | 108 | 24 | 293 | 53 | 2,199 |
| Divestments | (612) | (114) | (41) | (373) | (15) | (1,155) |
| Currency difference | 30 | 1 | - | 11 | - | 42 |
| At December 31, 2024 | 4,909 | 2,549 | 253 | 1,884 | 2,858 | 12,453 |
| Additions | 420 | 81 | - | 297 | 74 | 872 |
| Divestments | (255) | - | - | - | (83) | (338) |
| Currency difference | (47) | (2) | - | (20) | - | (69) |
| At December 31, 2025 | 5,027 | 2,628 | 253 | 2,161 | 2,849 | 12,918 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Depreciation and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 1,462 | 268 | 174 | 298 | 645 | 2,847 |
| Depreciation | 540 | 339 | 5 | 610 | 275 | 1,769 |
| Impairments | 67 | - | - | - | - | 67 |
| Divestments | (612) | (114) | (37) | (373) | (15) | (1,151) |
| Currency difference | 16 | - | - | 16 | - | 32 |
| At December, 31 2024 | 1,473 | 493 | 142 | 551 | 905 | 3,564 |
| Depreciation | 568 | 346 | 4 | 623 | 282 | 1,823 |
| Impairments | - | - | - | - | - | - |
| Divestments | (255) | - | - | - | (83) | (338) |
| Currency difference | (24) | - | - | (7) | - | (31) |
| At December 31, 2025 | 1,762 | 839 | 146 | 1,167 | 1,104 | 5,018 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2024 | 3,436 | 2,056 | 111 | 1,333 | 1,953 | 8,889 |
| At December 31, 2025 | 3,265 | 1,789 | 107 | 994 | 1,745 | 7,900 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 10 | 10 | 5 | 5 | 10 | \u00a0 |
Right-of-use (ROU) assets are initially measured at cost and subsequently presented at cost less accumulated amortization and, if applicable, less impairments, and adjusted for remeasurements of the related lease liability. The cost of a right-of-use asset comprises the present value of the lease payments outstanding at the commencement date, discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, CM.com\u2019s incremental borrowing rate is used. In practice, CM.com generally applies its incremental borrowing rate as the discount rate. Right-of-use assets are amortized over the term of the lease liability using a straight-line method as a fixed percentage of cost, taking into account any residual value. Amortization commences when the asset is available for use.
Lease liabilities are presented under borrowings, see note 16. Right-of-use assets are presented as a separate line in the statement of financial position. In the statement of profit or loss, amortization of right-of-use assets and interest on lease liabilities are recognized separately. In the cash flow statement, the low-value leases (value lower than \u20ac\u00a05 thousand when new) and short-term leases (less than twelve months) are presented as part of the cash flow from operating activities. Interest paid and the repayments related to leases are presented as part of the cash flow from financing activities. The maturity analysis for lease liabilities is disclosed in note 11.
Amortization methods and useful lives are reviewed at each reporting date.
The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception. An arrangement is, or contains, a lease if its fulfillment depends on the use of a specific asset and it conveys the right to control the use of that asset, even if the asset is not explicitly specified in the contract.
CM.com recognizes a right-of-use asset and a corresponding lease liability for all lease arrangements in which it is the lessee, except for short-term leases and leases (lease term of twelve months or less), and leases of low-value assets. For these exempt leases, lease payments are recognized as an operating expense on a straight-line basis over the lease term, unless another systematic basis better represents the pattern of consumption of the economic benefits of the underlying asset.
CM.com recognizes right-of-use assets and lease liabilities at the lease commencement date. CM.com applies the practical expedient under IFRS 16 not to separate non-lease components from lease components.
The expenses and total cash outflow for leases are as follows:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Interest expense on lease liabilities | 518 | 547 |
| Expenses relating to short-term leases | 723 | 692 |
| Repayment of lease liabilities | 2,909 | 3,989 |
A summary of the movements in right-of-use assets is provided:
| x \u20ac\u00a01,000 | Land and buildings | Furniture & fixtures | Platform (Hardware) | Platform (Software) | Vehicles | Total |
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 20,330 | 120 | 16,524 | 1,127 | 958 | 39,059 |
| Additions | 1,849 | - | - | - | 229 | 2,078 |
| Ending of lease agreements | (1,269) | (91) | (101) | - | (226) | (1,687) |
| Currency difference | 39 | - | 32 | - | - | 71 |
| At December 31, 2024 | 20,949 | 29 | 16,455 | 1,127 | 961 | 39,521 |
| Additions | 1,194 | - | - | - | 21 | 1,215 |
| Ending of lease agreements | (125) | - | - | - | (56) | (181) |
| Remeasurement (lease-term change) | (52) | - | - | - | - | (52) |
| Currency difference | (89) | - | (79) | - | - | (168) |
| At December 31, 2025 | 21,877 | 29 | 16,376 | 1,127 | 926 | 40,335 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 6,085 | 91 | 4,668 | 678 | 360 | 11,882 |
| Amortization | 2,442 | 22 | 1,639 | 113 | 250 | 4,466 |
| Ending of lease agreements | (1,169) | (91) | (101) | - | (201) | (1,562) |
| Impairments | - | - | 77 | - | - | 77 |
| Currency difference | 24 | - | 4 | - | - | 28 |
| At December 31, 2024 | 7,382 | 22 | 6,287 | 791 | 409 | 14,891 |
| Amortization | 2,369 | 7 | 1,637 | 113 | 219 | 4,345 |
| Ending of lease agreements | (125) | - | - | - | (32) | (157) |
| Impairments | - | - | 27 | - | - | 27 |
| Currency difference | (65) | - | (13) | - | - | (78) |
| At December 31, 2025 | 9,561 | 29 | 7,938 | 904 | 596 | 19,028 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2024 | 13,567 | 7 | 10,168 | 336 | 552 | 24,630 |
| At December 31, 2025 | 12,316 | - | 8,438 | 223 | 330 | 21,307 |
Goodwill and intangible assets with indefinite useful lives are stated at cost less accumulated impairments. Goodwill and intangible assets with indefinite useful lives are not amortized and are tested for impairment annually. Negative goodwill is recognized directly in profit or loss as other income. An impairment in respect of goodwill cannot be reversed. For more information, see note 6.
Intangible assets with finite useful lives are stated at cost less accumulated amortization and, if applicable, less impairments. Intangible assets with finite useful lives are assessed for impairment whenever there is an indication that the intangible asset may be impaired.
Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred.
Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when CM.com can demonstrate the availability for use, the capability to generate future economic benefits, and the ability to measure the expenditure reliably during development. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less accumulated amortization and, if applicable, less accumulated impairments. During the period of development, the asset is tested for impairment annually. Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill and domain names, which have indefinite useful lives, from the date they are available for use. Amortization methods, useful lives, and residual values are reviewed at each reporting date and adjusted if appropriate.
At the end of each reporting period, the company assesses whether there is any indication that an impairment loss recognized in prior periods for an asset other than goodwill may no longer exist or may have decreased. If any such indication exists, the entity shall estimate the recoverable amount of that asset.
A summary of the movements in intangible assets and goodwill is provided:
| x \u20ac\u00a01,000 | Platform (software)1 | Goodwill | Customer relations | Other | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 79,188 | 29,841 | 28,382 | 4,831 | 142,242 |
| Additions related to external costs | 158 | - | 120 | 489 | 767 |
| Development costs | 14,430 | - | - | - | 14,430 |
| Divestments | (4,961) | - | - | (226) | (5,187) |
| Currency difference | - | - | 60 | - | 60 |
| At December 31, 2024 | 88,815 | 29,841 | 28,562 | 5,094 | 152,312 |
| Additions related to external costs | 142 | - | 26 | - | 168 |
| Development costs | 14,274 | - | - | - | 14,274 |
| Divestments | (9,375) | - | (6,752) | (564) | (16,691) |
| Currency difference | (2) | - | (72) | - | (74) |
| At December 31, 2025 | 93,854 | 29,841 | 21,764 | 4,530 | 149,989 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 25,309 | 444 | 14,240 | 1,398 | 41,391 |
| Amortization | 12,731 | - | 2,731 | 520 | 15,982 |
| Impairments | 301 | 8,780 | - | 290 | 9,371 |
| Divestments | (4,961) | - | - | (226) | (5,187) |
| Currency difference | - | - | 53 | - | 53 |
| At December 31, 2024 | 33,380 | 9,224 | 17,024 | 1,982 | 61,610 |
| Amortization | 13,085 | - | 2,429 | 515 | 16,029 |
| Impairments | 685 | - | - | - | 685 |
| Divestments | (9,375) | - | (6,752) | (564) | (16,691) |
| Currency difference | (1) | - | (67) | 59 | (9) |
| At December 31, 2025 | 37,774 | 9,224 | 12,634 | 1,992 | 61,624 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2024 | 55,435 | 20,617 | 11,538 | 3,112 | 90,702 |
| At December 31, 2025 | 56,080 | 20,617 | 9,130 | 2,538 | 88,365 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 5-10 | indefinite | 10 | 5-10 / indefinite | \u00a0 |
Property, plant, and equipment are presented at cost less accumulated depreciation and, if applicable, less impairments. Costs include the purchase price and all costs directly attributable to bringing the asset to the location and condition for it to be capable of operating as intended by management. Depreciation is based on the estimated useful life and calculated as a fixed percentage of cost, taking into account any residual value.
Depreciation commences from the date an asset is brought into use. Depreciation is recognized in profit or loss on a straight-line basis over the estimated useful life. Depreciation methods, useful lives, and residual values are reviewed at each reporting date.
A summary of the movements in property, plant, and equipment is provided:
| x \u20ac\u00a01,000 | Platform (hardware) | Furniture & fixtures | Vehicles | Hardware workplace | Leasehold improvements | Total |
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 3,770 | 2,554 | 270 | 1,953 | 2,820 | 11,367 |
| Additions | 1,721 | 108 | 24 | 293 | 53 | 2,199 |
| Divestments | (612) | (114) | (41) | (373) | (15) | (1,155) |
| Currency difference | 30 | 1 | - | 11 | - | 42 |
| At December 31, 2024 | 4,909 | 2,549 | 253 | 1,884 | 2,858 | 12,453 |
| Additions | 420 | 81 | - | 297 | 74 | 872 |
| Divestments | (255) | - | - | - | (83) | (338) |
| Currency difference | (47) | (2) | - | (20) | - | (69) |
| At December 31, 2025 | 5,027 | 2,628 | 253 | 2,161 | 2,849 | 12,918 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Depreciation and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 1,462 | 268 | 174 | 298 | 645 | 2,847 |
| Depreciation | 540 | 339 | 5 | 610 | 275 | 1,769 |
| Impairments | 67 | - | - | - | - | 67 |
| Divestments | (612) | (114) | (37) | (373) | (15) | (1,151) |
| Currency difference | 16 | - | - | 16 | - | 32 |
| At December, 31 2024 | 1,473 | 493 | 142 | 551 | 905 | 3,564 |
| Depreciation | 568 | 346 | 4 | 623 | 282 | 1,823 |
| Impairments | - | - | - | - | - | - |
| Divestments | (255) | - | - | - | (83) | (338) |
| Currency difference | (24) | - | - | (7) | - | (31) |
| At December 31, 2025 | 1,762 | 839 | 146 | 1,167 | 1,104 | 5,018 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2024 | 3,436 | 2,056 | 111 | 1,333 | 1,953 | 8,889 |
| At December 31, 2025 | 3,265 | 1,789 | 107 | 994 | 1,745 | 7,900 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 10 | 10 | 5 | 5 | 10 | \u00a0 |
Right-of-use (ROU) assets are initially measured at cost and subsequently presented at cost less accumulated amortization and, if applicable, less impairments, and adjusted for remeasurements of the related lease liability. The cost of a right-of-use asset comprises the present value of the lease payments outstanding at the commencement date, discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, CM.com\u2019s incremental borrowing rate is used. In practice, CM.com generally applies its incremental borrowing rate as the discount rate. Right-of-use assets are amortized over the term of the lease liability using a straight-line method as a fixed percentage of cost, taking into account any residual value. Amortization commences when the asset is available for use.
Lease liabilities are presented under borrowings, see note 16. Right-of-use assets are presented as a separate line in the statement of financial position. In the statement of profit or loss, amortization of right-of-use assets and interest on lease liabilities are recognized separately. In the cash flow statement, the low-value leases (value lower than \u20ac\u00a05 thousand when new) and short-term leases (less than twelve months) are presented as part of the cash flow from operating activities. Interest paid and the repayments related to leases are presented as part of the cash flow from financing activities. The maturity analysis for lease liabilities is disclosed in note 11.
Amortization methods and useful lives are reviewed at each reporting date.
The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception. An arrangement is, or contains, a lease if its fulfillment depends on the use of a specific asset and it conveys the right to control the use of that asset, even if the asset is not explicitly specified in the contract.
CM.com recognizes a right-of-use asset and a corresponding lease liability for all lease arrangements in which it is the lessee, except for short-term leases and leases (lease term of twelve months or less), and leases of low-value assets. For these exempt leases, lease payments are recognized as an operating expense on a straight-line basis over the lease term, unless another systematic basis better represents the pattern of consumption of the economic benefits of the underlying asset.
CM.com recognizes right-of-use assets and lease liabilities at the lease commencement date. CM.com applies the practical expedient under IFRS 16 not to separate non-lease components from lease components.
The expenses and total cash outflow for leases are as follows:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Interest expense on lease liabilities | 518 | 547 |
| Expenses relating to short-term leases | 723 | 692 |
| Repayment of lease liabilities | 2,909 | 3,989 |
A summary of the movements in right-of-use assets is provided:
| x \u20ac\u00a01,000 | Land and buildings | Furniture & fixtures | Platform (Hardware) | Platform (Software) | Vehicles | Total |
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 20,330 | 120 | 16,524 | 1,127 | 958 | 39,059 |
| Additions | 1,849 | - | - | - | 229 | 2,078 |
| Ending of lease agreements | (1,269) | (91) | (101) | - | (226) | (1,687) |
| Currency difference | 39 | - | 32 | - | - | 71 |
| At December 31, 2024 | 20,949 | 29 | 16,455 | 1,127 | 961 | 39,521 |
| Additions | 1,194 | - | - | - | 21 | 1,215 |
| Ending of lease agreements | (125) | - | - | - | (56) | (181) |
| Remeasurement (lease-term change) | (52) | - | - | - | - | (52) |
| Currency difference | (89) | - | (79) | - | - | (168) |
| At December 31, 2025 | 21,877 | 29 | 16,376 | 1,127 | 926 | 40,335 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 6,085 | 91 | 4,668 | 678 | 360 | 11,882 |
| Amortization | 2,442 | 22 | 1,639 | 113 | 250 | 4,466 |
| Ending of lease agreements | (1,169) | (91) | (101) | - | (201) | (1,562) |
| Impairments | - | - | 77 | - | - | 77 |
| Currency difference | 24 | - | 4 | - | - | 28 |
| At December 31, 2024 | 7,382 | 22 | 6,287 | 791 | 409 | 14,891 |
| Amortization | 2,369 | 7 | 1,637 | 113 | 219 | 4,345 |
| Ending of lease agreements | (125) | - | - | - | (32) | (157) |
| Impairments | - | - | 27 | - | - | 27 |
| Currency difference | (65) | - | (13) | - | - | (78) |
| At December 31, 2025 | 9,561 | 29 | 7,938 | 904 | 596 | 19,028 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2024 | 13,567 | 7 | 10,168 | 336 | 552 | 24,630 |
| At December 31, 2025 | 12,316 | - | 8,438 | 223 | 330 | 21,307 |
Goodwill and intangible assets with indefinite useful lives are stated at cost less accumulated impairments. Goodwill and intangible assets with indefinite useful lives are not amortized and are tested for impairment annually. Negative goodwill is recognized directly in profit or loss as other income. An impairment in respect of goodwill cannot be reversed. For more information, see note 6.
Intangible assets with finite useful lives are stated at cost less accumulated amortization and, if applicable, less impairments. Intangible assets with finite useful lives are assessed for impairment whenever there is an indication that the intangible asset may be impaired.
Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred.
Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when CM.com can demonstrate the availability for use, the capability to generate future economic benefits, and the ability to measure the expenditure reliably during development. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less accumulated amortization and, if applicable, less accumulated impairments. During the period of development, the asset is tested for impairment annually. Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill and domain names, which have indefinite useful lives, from the date they are available for use. Amortization methods, useful lives, and residual values are reviewed at each reporting date and adjusted if appropriate.
At the end of each reporting period, the company assesses whether there is any indication that an impairment loss recognized in prior periods for an asset other than goodwill may no longer exist or may have decreased. If any such indication exists, the entity shall estimate the recoverable amount of that asset.
A summary of the movements in intangible assets and goodwill is provided:
| x \u20ac\u00a01,000 | Platform (software)1 | Goodwill | Customer relations | Other | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 79,188 | 29,841 | 28,382 | 4,831 | 142,242 |
| Additions related to external costs | 158 | - | 120 | 489 | 767 |
| Development costs | 14,430 | - | - | - | 14,430 |
| Divestments | (4,961) | - | - | (226) | (5,187) |
| Currency difference | - | - | 60 | - | 60 |
| At December 31, 2024 | 88,815 | 29,841 | 28,562 | 5,094 | 152,312 |
| Additions related to external costs | 142 | - | 26 | - | 168 |
| Development costs | 14,274 | - | - | - | 14,274 |
| Divestments | (9,375) | - | (6,752) | (564) | (16,691) |
| Currency difference | (2) | - | (72) | - | (74) |
| At December 31, 2025 | 93,854 | 29,841 | 21,764 | 4,530 | 149,989 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 25,309 | 444 | 14,240 | 1,398 | 41,391 |
| Amortization | 12,731 | - | 2,731 | 520 | 15,982 |
| Impairments | 301 | 8,780 | - | 290 | 9,371 |
| Divestments | (4,961) | - | - | (226) | (5,187) |
| Currency difference | - | - | 53 | - | 53 |
| At December 31, 2024 | 33,380 | 9,224 | 17,024 | 1,982 | 61,610 |
| Amortization | 13,085 | - | 2,429 | 515 | 16,029 |
| Impairments | 685 | - | - | - | 685 |
| Divestments | (9,375) | - | (6,752) | (564) | (16,691) |
| Currency difference | (1) | - | (67) | 59 | (9) |
| At December 31, 2025 | 37,774 | 9,224 | 12,634 | 1,992 | 61,624 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2024 | 55,435 | 20,617 | 11,538 | 3,112 | 90,702 |
| At December 31, 2025 | 56,080 | 20,617 | 9,130 | 2,538 | 88,365 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 5-10 | indefinite | 10 | 5-10 / indefinite | \u00a0 |
Goodwill and intangible assets with indefinite useful lives are stated at cost less accumulated impairments. Goodwill and intangible assets with indefinite useful lives are not amortized and are tested for impairment annually. Negative goodwill is recognized directly in profit or loss as other income. An impairment in respect of goodwill cannot be reversed. For more information, see note 6.
Intangible assets with finite useful lives are stated at cost less accumulated amortization and, if applicable, less impairments. Intangible assets with finite useful lives are assessed for impairment whenever there is an indication that the intangible asset may be impaired.
Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred.
Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when CM.com can demonstrate the availability for use, the capability to generate future economic benefits, and the ability to measure the expenditure reliably during development. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less accumulated amortization and, if applicable, less accumulated impairments. During the period of development, the asset is tested for impairment annually. Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill and domain names, which have indefinite useful lives, from the date they are available for use. Amortization methods, useful lives, and residual values are reviewed at each reporting date and adjusted if appropriate.
At the end of each reporting period, the company assesses whether there is any indication that an impairment loss recognized in prior periods for an asset other than goodwill may no longer exist or may have decreased. If any such indication exists, the entity shall estimate the recoverable amount of that asset.
A summary of the movements in intangible assets and goodwill is provided:
| x \u20ac\u00a01,000 | Platform (software)1 | Goodwill | Customer relations | Other | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 79,188 | 29,841 | 28,382 | 4,831 | 142,242 |
| Additions related to external costs | 158 | - | 120 | 489 | 767 |
| Development costs | 14,430 | - | - | - | 14,430 |
| Divestments | (4,961) | - | - | (226) | (5,187) |
| Currency difference | - | - | 60 | - | 60 |
| At December 31, 2024 | 88,815 | 29,841 | 28,562 | 5,094 | 152,312 |
| Additions related to external costs | 142 | - | 26 | - | 168 |
| Development costs | 14,274 | - | - | - | 14,274 |
| Divestments | (9,375) | - | (6,752) | (564) | (16,691) |
| Currency difference | (2) | - | (72) | - | (74) |
| At December 31, 2025 | 93,854 | 29,841 | 21,764 | 4,530 | 149,989 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 25,309 | 444 | 14,240 | 1,398 | 41,391 |
| Amortization | 12,731 | - | 2,731 | 520 | 15,982 |
| Impairments | 301 | 8,780 | - | 290 | 9,371 |
| Divestments | (4,961) | - | - | (226) | (5,187) |
| Currency difference | - | - | 53 | - | 53 |
| At December 31, 2024 | 33,380 | 9,224 | 17,024 | 1,982 | 61,610 |
| Amortization | 13,085 | - | 2,429 | 515 | 16,029 |
| Impairments | 685 | - | - | - | 685 |
| Divestments | (9,375) | - | (6,752) | (564) | (16,691) |
| Currency difference | (1) | - | (67) | 59 | (9) |
| At December 31, 2025 | 37,774 | 9,224 | 12,634 | 1,992 | 61,624 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2024 | 55,435 | 20,617 | 11,538 | 3,112 | 90,702 |
| At December 31, 2025 | 56,080 | 20,617 | 9,130 | 2,538 | 88,365 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 5-10 | indefinite | 10 | 5-10 / indefinite | \u00a0 |
Goodwill and intangible assets with indefinite useful lives are stated at cost less accumulated impairments. Goodwill and intangible assets with indefinite useful lives are not amortized and are tested for impairment annually. Negative goodwill is recognized directly in profit or loss as other income. An impairment in respect of goodwill cannot be reversed. For more information, see note 6.
Intangible assets with finite useful lives are stated at cost less accumulated amortization and, if applicable, less impairments. Intangible assets with finite useful lives are assessed for impairment whenever there is an indication that the intangible asset may be impaired.
Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred.
Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when CM.com can demonstrate the availability for use, the capability to generate future economic benefits, and the ability to measure the expenditure reliably during development. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less accumulated amortization and, if applicable, less accumulated impairments. During the period of development, the asset is tested for impairment annually. Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill and domain names, which have indefinite useful lives, from the date they are available for use. Amortization methods, useful lives, and residual values are reviewed at each reporting date and adjusted if appropriate.
At the end of each reporting period, the company assesses whether there is any indication that an impairment loss recognized in prior periods for an asset other than goodwill may no longer exist or may have decreased. If any such indication exists, the entity shall estimate the recoverable amount of that asset.
A summary of the movements in intangible assets and goodwill is provided:
| x \u20ac\u00a01,000 | Platform (software)1 | Goodwill | Customer relations | Other | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 79,188 | 29,841 | 28,382 | 4,831 | 142,242 |
| Additions related to external costs | 158 | - | 120 | 489 | 767 |
| Development costs | 14,430 | - | - | - | 14,430 |
| Divestments | (4,961) | - | - | (226) | (5,187) |
| Currency difference | - | - | 60 | - | 60 |
| At December 31, 2024 | 88,815 | 29,841 | 28,562 | 5,094 | 152,312 |
| Additions related to external costs | 142 | - | 26 | - | 168 |
| Development costs | 14,274 | - | - | - | 14,274 |
| Divestments | (9,375) | - | (6,752) | (564) | (16,691) |
| Currency difference | (2) | - | (72) | - | (74) |
| At December 31, 2025 | 93,854 | 29,841 | 21,764 | 4,530 | 149,989 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 25,309 | 444 | 14,240 | 1,398 | 41,391 |
| Amortization | 12,731 | - | 2,731 | 520 | 15,982 |
| Impairments | 301 | 8,780 | - | 290 | 9,371 |
| Divestments | (4,961) | - | - | (226) | (5,187) |
| Currency difference | - | - | 53 | - | 53 |
| At December 31, 2024 | 33,380 | 9,224 | 17,024 | 1,982 | 61,610 |
| Amortization | 13,085 | - | 2,429 | 515 | 16,029 |
| Impairments | 685 | - | - | - | 685 |
| Divestments | (9,375) | - | (6,752) | (564) | (16,691) |
| Currency difference | (1) | - | (67) | 59 | (9) |
| At December 31, 2025 | 37,774 | 9,224 | 12,634 | 1,992 | 61,624 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2024 | 55,435 | 20,617 | 11,538 | 3,112 | 90,702 |
| At December 31, 2025 | 56,080 | 20,617 | 9,130 | 2,538 | 88,365 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 5-10 | indefinite | 10 | 5-10 / indefinite | \u00a0 |
Goodwill and intangible assets with indefinite useful lives are stated at cost less accumulated impairments. Goodwill and intangible assets with indefinite useful lives are not amortized and are tested for impairment annually. Negative goodwill is recognized directly in profit or loss as other income. An impairment in respect of goodwill cannot be reversed. For more information, see note 6.
Intangible assets with finite useful lives are stated at cost less accumulated amortization and, if applicable, less impairments. Intangible assets with finite useful lives are assessed for impairment whenever there is an indication that the intangible asset may be impaired.
Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred.
Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when CM.com can demonstrate the availability for use, the capability to generate future economic benefits, and the ability to measure the expenditure reliably during development. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less accumulated amortization and, if applicable, less accumulated impairments. During the period of development, the asset is tested for impairment annually. Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill and domain names, which have indefinite useful lives, from the date they are available for use. Amortization methods, useful lives, and residual values are reviewed at each reporting date and adjusted if appropriate.
At the end of each reporting period, the company assesses whether there is any indication that an impairment loss recognized in prior periods for an asset other than goodwill may no longer exist or may have decreased. If any such indication exists, the entity shall estimate the recoverable amount of that asset.
A summary of the movements in intangible assets and goodwill is provided:
| x \u20ac\u00a01,000 | Platform (software)1 | Goodwill | Customer relations | Other | Total |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 79,188 | 29,841 | 28,382 | 4,831 | 142,242 |
| Additions related to external costs | 158 | - | 120 | 489 | 767 |
| Development costs | 14,430 | - | - | - | 14,430 |
| Divestments | (4,961) | - | - | (226) | (5,187) |
| Currency difference | - | - | 60 | - | 60 |
| At December 31, 2024 | 88,815 | 29,841 | 28,562 | 5,094 | 152,312 |
| Additions related to external costs | 142 | - | 26 | - | 168 |
| Development costs | 14,274 | - | - | - | 14,274 |
| Divestments | (9,375) | - | (6,752) | (564) | (16,691) |
| Currency difference | (2) | - | (72) | - | (74) |
| At December 31, 2025 | 93,854 | 29,841 | 21,764 | 4,530 | 149,989 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 25,309 | 444 | 14,240 | 1,398 | 41,391 |
| Amortization | 12,731 | - | 2,731 | 520 | 15,982 |
| Impairments | 301 | 8,780 | - | 290 | 9,371 |
| Divestments | (4,961) | - | - | (226) | (5,187) |
| Currency difference | - | - | 53 | - | 53 |
| At December 31, 2024 | 33,380 | 9,224 | 17,024 | 1,982 | 61,610 |
| Amortization | 13,085 | - | 2,429 | 515 | 16,029 |
| Impairments | 685 | - | - | - | 685 |
| Divestments | (9,375) | - | (6,752) | (564) | (16,691) |
| Currency difference | (1) | - | (67) | 59 | (9) |
| At December 31, 2025 | 37,774 | 9,224 | 12,634 | 1,992 | 61,624 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2024 | 55,435 | 20,617 | 11,538 | 3,112 | 90,702 |
| At December 31, 2025 | 56,080 | 20,617 | 9,130 | 2,538 | 88,365 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 5-10 | indefinite | 10 | 5-10 / indefinite | \u00a0 |
CM.com tests goodwill and intangible assets with indefinite useful lives annually, or whenever management identifies conditions that may indicate a risk of impairment.
For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each cash-generating units (CGUs), that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquirement are assigned to those units. Domain names with indefinite useful lives are applicable to all CGUs and allocated based on an allocation key. During the restructuring into business units in 2024, several assets, (including goodwill and intangible assets with indefinite useful lives) were reallocated among CGUs to ensure they accurately reflect the business units (as explained in note 4):
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Goodwill | 1,029 | 17,973 | - | 1,615 |
| Domain names | 858 | 497 | - | 212 |
| Pre-tax WACC | 16.75% | 15.13% | 15.95% | 13.29% |
| Post-tax WACC | 12.43% | 11.22% | 11.83% | 9.86% |
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Goodwill | 1,029 | 17,973 | - | 1,615 |
| Domain names | 888 | 461 | - | 218 |
| Pre-tax WACC | 14.50% | 13.74% | 15.91% | 13.11% |
| Post-tax WACC | 10.76% | 10.19% | 11.80% | 9.72% |
CGUs are tested for impairment by comparing the carrying amount of each CGU to its recoverable amount. The recoverable amount is based on the net present value of future estimated cash flows (value-in-use).
The value-in-use calculation is based on cash flow projections over five years, except for CGU Pay, which uses a seven-year forecast per IAS 36.33(b) due to its ramp-up phase and long-term growth potential. Projections are derived from the strategic business plan (2026\u20132028), approved by the Management and Supervisory Boards, with forecasts beyond 2028 developed top-down. Based on consistent year-over-year growth assumptions, the plan projects gross profit CAGRs of 5% for Connect, 25% for Engage, and 4% for Live for 2025-2028. CGU Pay assumes stable growth to achieve industry-standard EBITDA margins, with a projected gross profit CAGR of 13% for 2025\u20132032. Key assumptions include a 2.30% growth rate (2024: 2,20%) and a post-tax weighted average cost of capital (WACC) based on peer benchmarks and CM.com\u2019s target capital structure (see table). Sensitivity analysis shows sufficient headroom across CGUs to absorb adverse changes in WACC (+1%) and growth rates (-0.5%). No impairment charges were recognized during 2025. During 2024 an impairment charge of \u20ac\u00a08.8 million, relating to Goodwill associated with acquisitions in CGU Pay, was recognized under \"Amortization, Depreciation, and Impairments\" in the profit or loss account.
For CGU Pay, the extended forecast reflects its scale-up phase, requiring additional years to achieve industry-average EBITDA margins through transaction volume growth and cost control. Gross profit CAGR from 2020\u20132025 was 16%, including SepaSoft B.V.\u2019s acquisition, and current payment industry conditions support stable margins. Detailed targets and a robust forecasting process provide confidence in achieving growth through sales focus and integrated platform services.
The impairment test for CGU Pay was validated by an independent market-based valuation using comparable company (CCA) and transaction (CTA) methods. Revenue multiples, adjusted for differences, confirm the fair value of CGU Pay, reflecting its scalability in revenue and profitability, requiring significant time to realize its full potential.
Property, plant, and equipment are presented at cost less accumulated depreciation and, if applicable, less impairments. Costs include the purchase price and all costs directly attributable to bringing the asset to the location and condition for it to be capable of operating as intended by management. Depreciation is based on the estimated useful life and calculated as a fixed percentage of cost, taking into account any residual value.
Depreciation commences from the date an asset is brought into use. Depreciation is recognized in profit or loss on a straight-line basis over the estimated useful life. Depreciation methods, useful lives, and residual values are reviewed at each reporting date.
A summary of the movements in property, plant, and equipment is provided:
| x \u20ac\u00a01,000 | Platform (hardware) | Furniture & fixtures | Vehicles | Hardware workplace | Leasehold improvements | Total |
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 3,770 | 2,554 | 270 | 1,953 | 2,820 | 11,367 |
| Additions | 1,721 | 108 | 24 | 293 | 53 | 2,199 |
| Divestments | (612) | (114) | (41) | (373) | (15) | (1,155) |
| Currency difference | 30 | 1 | - | 11 | - | 42 |
| At December 31, 2024 | 4,909 | 2,549 | 253 | 1,884 | 2,858 | 12,453 |
| Additions | 420 | 81 | - | 297 | 74 | 872 |
| Divestments | (255) | - | - | - | (83) | (338) |
| Currency difference | (47) | (2) | - | (20) | - | (69) |
| At December 31, 2025 | 5,027 | 2,628 | 253 | 2,161 | 2,849 | 12,918 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Depreciation and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 1,462 | 268 | 174 | 298 | 645 | 2,847 |
| Depreciation | 540 | 339 | 5 | 610 | 275 | 1,769 |
| Impairments | 67 | - | - | - | - | 67 |
| Divestments | (612) | (114) | (37) | (373) | (15) | (1,151) |
| Currency difference | 16 | - | - | 16 | - | 32 |
| At December, 31 2024 | 1,473 | 493 | 142 | 551 | 905 | 3,564 |
| Depreciation | 568 | 346 | 4 | 623 | 282 | 1,823 |
| Impairments | - | - | - | - | - | - |
| Divestments | (255) | - | - | - | (83) | (338) |
| Currency difference | (24) | - | - | (7) | - | (31) |
| At December 31, 2025 | 1,762 | 839 | 146 | 1,167 | 1,104 | 5,018 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2024 | 3,436 | 2,056 | 111 | 1,333 | 1,953 | 8,889 |
| At December 31, 2025 | 3,265 | 1,789 | 107 | 994 | 1,745 | 7,900 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 10 | 10 | 5 | 5 | 10 | \u00a0 |
Right-of-use (ROU) assets are initially measured at cost and subsequently presented at cost less accumulated amortization and, if applicable, less impairments, and adjusted for remeasurements of the related lease liability. The cost of a right-of-use asset comprises the present value of the lease payments outstanding at the commencement date, discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, CM.com\u2019s incremental borrowing rate is used. In practice, CM.com generally applies its incremental borrowing rate as the discount rate. Right-of-use assets are amortized over the term of the lease liability using a straight-line method as a fixed percentage of cost, taking into account any residual value. Amortization commences when the asset is available for use.
Lease liabilities are presented under borrowings, see note 16. Right-of-use assets are presented as a separate line in the statement of financial position. In the statement of profit or loss, amortization of right-of-use assets and interest on lease liabilities are recognized separately. In the cash flow statement, the low-value leases (value lower than \u20ac\u00a05 thousand when new) and short-term leases (less than twelve months) are presented as part of the cash flow from operating activities. Interest paid and the repayments related to leases are presented as part of the cash flow from financing activities. The maturity analysis for lease liabilities is disclosed in note 11.
Amortization methods and useful lives are reviewed at each reporting date.
The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception. An arrangement is, or contains, a lease if its fulfillment depends on the use of a specific asset and it conveys the right to control the use of that asset, even if the asset is not explicitly specified in the contract.
CM.com recognizes a right-of-use asset and a corresponding lease liability for all lease arrangements in which it is the lessee, except for short-term leases and leases (lease term of twelve months or less), and leases of low-value assets. For these exempt leases, lease payments are recognized as an operating expense on a straight-line basis over the lease term, unless another systematic basis better represents the pattern of consumption of the economic benefits of the underlying asset.
CM.com recognizes right-of-use assets and lease liabilities at the lease commencement date. CM.com applies the practical expedient under IFRS 16 not to separate non-lease components from lease components.
The expenses and total cash outflow for leases are as follows:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Interest expense on lease liabilities | 518 | 547 |
| Expenses relating to short-term leases | 723 | 692 |
| Repayment of lease liabilities | 2,909 | 3,989 |
A summary of the movements in right-of-use assets is provided:
| x \u20ac\u00a01,000 | Land and buildings | Furniture & fixtures | Platform (Hardware) | Platform (Software) | Vehicles | Total |
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 20,330 | 120 | 16,524 | 1,127 | 958 | 39,059 |
| Additions | 1,849 | - | - | - | 229 | 2,078 |
| Ending of lease agreements | (1,269) | (91) | (101) | - | (226) | (1,687) |
| Currency difference | 39 | - | 32 | - | - | 71 |
| At December 31, 2024 | 20,949 | 29 | 16,455 | 1,127 | 961 | 39,521 |
| Additions | 1,194 | - | - | - | 21 | 1,215 |
| Ending of lease agreements | (125) | - | - | - | (56) | (181) |
| Remeasurement (lease-term change) | (52) | - | - | - | - | (52) |
| Currency difference | (89) | - | (79) | - | - | (168) |
| At December 31, 2025 | 21,877 | 29 | 16,376 | 1,127 | 926 | 40,335 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 6,085 | 91 | 4,668 | 678 | 360 | 11,882 |
| Amortization | 2,442 | 22 | 1,639 | 113 | 250 | 4,466 |
| Ending of lease agreements | (1,169) | (91) | (101) | - | (201) | (1,562) |
| Impairments | - | - | 77 | - | - | 77 |
| Currency difference | 24 | - | 4 | - | - | 28 |
| At December 31, 2024 | 7,382 | 22 | 6,287 | 791 | 409 | 14,891 |
| Amortization | 2,369 | 7 | 1,637 | 113 | 219 | 4,345 |
| Ending of lease agreements | (125) | - | - | - | (32) | (157) |
| Impairments | - | - | 27 | - | - | 27 |
| Currency difference | (65) | - | (13) | - | - | (78) |
| At December 31, 2025 | 9,561 | 29 | 7,938 | 904 | 596 | 19,028 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2024 | 13,567 | 7 | 10,168 | 336 | 552 | 24,630 |
| At December 31, 2025 | 12,316 | - | 8,438 | 223 | 330 | 21,307 |
Credit risk represents the financial loss that would be recognized at the reporting date if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from CM.com\u2019s receivables from customers.
CM.com\u2019s exposure to credit risk is mainly influenced by the individual characteristics of each customer. The demographics of CM.com\u2019s customer base, including the default risk associated with the industry and the country in which customers operate, have a less significant impact on credit risk. CM.com mitigates credit risk by setting appropriate credit limits for each customer. The creditworthiness of debtors is continuously monitored, and appropriate actions are taken with respect to overdue invoices.
The carrying amount of financial assets represents CM.com\u2019s maximum exposure to credit risk. For an overview of the carrying amounts of Trade and other receivables, reference is made to note 14. No significant concentration of credit risk existed at the reporting date.
Expected credit losses on trade receivables and accrued revenue are measured using a provision matrix, based on historical payment behavior over a 12-month period for each debtor and an analysis of the debtor\u2019s current financial position. These estimates are adjusted for debtor-specific factors, general economic conditions in the industries in which the debtors operate, and an assessment of both current and forward-looking economic conditions at the reporting date.
The company has two other categories of financial assets that are subject to credit risk. Other and loan receivables, as disclosed in note 13, consist of contract assets relating to advance payments made to specific Live clients. These amounts are repaid through income generated from ticket sales. As at December 31, 2025, the repayment of a loan receivable with a carrying amount of \u20ac\u00a02.9 million (2024: \u20ac\u00a03.9 million) was overdue. Based on the contractual arrangements, underlying guarantees, and legal advice, management\u2019s best estimate is that the loan receivable is fully recoverable; therefore, a 0% risk rate has been applied in the measurement of expected credit losses. As at December 31, 2025, the company also recognized a contingent asset (see note 25) relating to a prepaid sublease agreement for one of its buildings. A 0% risk rate has been applied.
For other financial assets, such as deposits, it is assumed that, given the low credit risk and the limited amounts involved, the expected credit losses are not significant.
The changes in the provision for expected credit losses are as follows:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Balance as per January 1 | 2,681 | 2,087 |
| Additions to provision | 968 | 1,534 |
| Utilization of provision | (1,119) | (710) |
| Release of provision | (749) | (230) |
| Balance as per December 31 | 1,781 | 2,681 |
The aging of accounts receivables and accrued revenue is set out below:
| x \u20ac\u00a01,000 | 2025 | 2025 | 2024 | 2024 |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Gross | Net | Gross | Net |
| Current | 35,308 | 35,046 | 38,593 | 38,206 |
| 1 - 30 days | 4,007 | 3,955 | 8,685 | 8,547 |
| 31 - 60 days | 1,488 | 1,446 | 791 | 753 |
| > 60 days | 1,865 | 1,646 | 2,509 | 2,185 |
| 100% provided | 1,206 | - | 1,794 | - |
| \u00a0 | 43,874 | 42,093 | 52,372 | 49,691 |
The buckets and expected credit losses (ECL) are estimated as follows:
| Buckets | ECL % | |
|---|---|---|
| \u00a0 | 2025 | 2024 |
| Current | 0.8% | 1.0% |
| 1 - 30 days | 1.4% | 1.7% |
| 31 - 60 days | 4.7% | 5.8% |
| > 60 days | 10.7% | 14.1% |
| 100% provided | 100.0% | 100.0% |
The ECL improvement reflects enhanced payment behavior driven by direct debit migration and strengthened APAC credit management processes aligned with local practices, resulting in more timely collections and structurally lower credit risk across the portfolio.
CM.com applies the IFRS 9 simplified approach to measure expected credit losses, whereby a lifetime expected credit loss allowance is recognized for all trade receivables and accrued revenue, excluding VAT. To determine expected credit losses, trade receivables and accrued revenue are grouped based on shared credit risk characteristics, primarily determined by days past due. Accrued revenue relates to unbilled services and is considered to have substantially the same credit risk characteristics as current trade receivables for similar contract types.
Expected loss rates are based on historical payment patterns and the corresponding credit losses experienced in prior periods. Trade receivables are written off when there is no reasonable expectation of recovery. Indicators of this include, among others, the failure of a debtor to engage in a repayment plan with CM.com or to make contractual payments.
Impairments on trade receivables and accrued revenue are recognized, excluding VAT, through profit or loss under other operational expenses. Subsequent recoveries of amounts previously written off are credited against the same line item.
Market risk is the risk that changes in market prices, such as interest rates and foreign currencies, may adversely affect CM.com\u2019s income or the value of its financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable limits, while optimizing the return on risk. CM.com's market risk exposure primarily relates to interest rate risk and foreign currency risk.
Interest rate risk is the risk that the fair value or future cash flows of an exposure will fluctuate as a result of changes in interest rates. CM.com is exposed to interest rate risk on its revolving credit facility (see note 16). The interest rate consists of a variable component (EURIBOR) plus a fixed margin ranging between 4.75% and 5.50% per annum, depending on the leverage ratio. Interest expenses are calculated monthly in arrears based on the outstanding drawn amount. As of December 31, 2025, \u20ac\u00a075 million was drawn under the facility, exposing the company to fluctuations in EURIBOR rates. A 100 basis point increase in EURIBOR would result in additional annual interest expense of approximately \u20ac\u00a0750 thousand on the current drawn amount and CM.com continuously monitors interest rate developments. The interest rate risk is considered remote.
Foreign currency risk is the risk that the fair value or future cash flows will fluctuate as a result of changes in foreign exchange rates. CM.com's global operations create exposure to foreign currency risk, primarily arising from sales and purchases denominated in currencies other than the functional currency. This risk is partially mitigated through natural hedging by matching sales and purchase contracts in the same local currencies.
CM.com's exposure to foreign currency risk was as follows based on notional amounts:
| x \u20ac\u00a01,000 | \u00a0 | USD | GBP | CNY | ZAR | INR | SEK |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 354 | 268 | 203 | 204 | 63 | - |
| Short-term loan receivables | \u00a0 | - | 2,877 | - | - | - | - |
| Trade receivables | \u00a0 | 7,901 | 74 | 184 | 129 | 103 | 296 |
| Trade payables | \u00a0 | (2,928) | (2,127) | (18) | (109) | (8) | (205) |
| \u00a0 | \u00a0 | 5,327 | 1,092 | 369 | 224 | 158 | 91 |
| x \u20ac\u00a01,000 | \u00a0 | USD | GBP | CNY | ZAR | INR | JPY |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 1,354 | 37 | 339 | 259 | 136 | 180 |
| Short-term loan receivables | \u00a0 | - | 4,385 | - | - | - | - |
| Trade receivables | \u00a0 | 16,011 | 176 | 103 | 132 | 97 | 16 |
| Trade payables | \u00a0 | (5,842) | (1,130) | (40) | (89) | (37) | (720) |
| \u00a0 | \u00a0 | 11,523 | 3,468 | 402 | 302 | 196 | (524) |
The amounts disclosed exclude the activities of the foundations, as their cash, receivables, and payables are both received and settled in the same currency. Consequently, the foreign currency risk relating to these balances is considered remote.
The summary below shows the effect on profit or loss of a reasonably possible change in foreign exchange rates of +5%, with all other variables held constant, for the primary foreign currencies.
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| USD | 251 | 533 |
| GBP | 172 | 158 |
| CNY | 18 | 19 |
| SEK | 14 | - |
| ZAR | 11 | 14 |
| INR | 10 | 10 |
| JPY | 2 | (25) |
Liquidity risk is the risk that CM.com will be unable to meet its financial obligations as they fall due. CM.com\u2019s approach to managing liquidity risk is to ensure, as far as possible, that sufficient liquidity is available at all times to meet liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to CM.com\u2019s reputation. Liquidity budgets are prepared periodically, and liquidity risks are managed through interim monitoring and, where necessary, adjustments to cash flow planning and funding arrangements. These liquidity budgets take cash constraints into account. CM.com ensures that it maintains sufficient cash on demand to meet expected operational expenses and financial obligations. This assessment excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.
On February 12, 2025, CM.com entered into a facility agreement with HSBC Continental Europe, ING Bank N.V., and ABN AMRO Bank for a revolving credit facility (RCF) with a principal amount of \u20ac\u00a080 million. The facility includes customary covenants and guarantees in the event of default. Further details are disclosed in note 16.
The table below summarizes CM.com\u2019s financial liabilities based on contractual undiscounted cash flows.
| x \u20ac\u00a01,000 | Note | 0-3 months | 4-12 months | 1-5 years | Over 5 years | Total | Carrying amount |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease liabilities | 16 | 863 | 2,394 | 9,357 | 3,283 | 15,897 | 13,696 |
| Revolving credit facility | 16 | - | - | 75,000 | - | 75,000 | 73,790 |
| Trade payables | 19 | 28,495 | - | - | - | 28,495 | 28,495 |
| Other financial liabilities | 19 | 53,822 | - | - | - | 53,822 | 53,822 |
| Tax debt | 16 | 75 | 224 | 224 | - | 523 | 508 |
| \u00a0 | \u00a0 | 83,255 | 2,618 | 84,581 | 3,283 | 173,737 | 170,311 |
The principal amount of the revolving credit facility of \u20ac\u00a075 million is presented in the maturity bucket aligned with the facility's contractual maturity of February 2028, with two one-year extension options available, see note 16. Subsequent to the reporting date, in January 2026, the company repaid \u20ac\u00a05 million. As no contractual obligation existed at December 31, 2025, to settle this amount, the repayment does not impact the contractual maturity analysis disclosed above.
| x \u20ac\u00a01,000 | Note | 0-3 months | 4-12 months | 1-5 years | Over 5 years | Total | Carrying amount |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease liabilities | 16 | 1,190 | 2,680 | 9,562 | 5,148 | 18,580 | 15,494 |
| Convertible bonds | 17 | 1,000 | 1,000 | 102,000 | - | 104,000 | 97,630 |
| Trade payables | 19 | 42,284 | - | - | - | 42,284 | 42,284 |
| Other financial liabilities | 19 | 57,815 | - | - | - | 57,815 | 57,815 |
| Tax debt | 16 | 75 | 224 | 523 | - | 822 | 785 |
| \u00a0 | \u00a0 | 102,364 | 3,904 | 112,085 | 5,148 | 223,501 | 214,008 |
CM.com tests goodwill and intangible assets with indefinite useful lives annually, or whenever management identifies conditions that may indicate a risk of impairment.
For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each cash-generating units (CGUs), that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquirement are assigned to those units. Domain names with indefinite useful lives are applicable to all CGUs and allocated based on an allocation key. During the restructuring into business units in 2024, several assets, (including goodwill and intangible assets with indefinite useful lives) were reallocated among CGUs to ensure they accurately reflect the business units (as explained in note 4):
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Goodwill | 1,029 | 17,973 | - | 1,615 |
| Domain names | 858 | 497 | - | 212 |
| Pre-tax WACC | 16.75% | 15.13% | 15.95% | 13.29% |
| Post-tax WACC | 12.43% | 11.22% | 11.83% | 9.86% |
| x \u20ac\u00a01,000 | Connect | Engage | Pay | Live |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Goodwill | 1,029 | 17,973 | - | 1,615 |
| Domain names | 888 | 461 | - | 218 |
| Pre-tax WACC | 14.50% | 13.74% | 15.91% | 13.11% |
| Post-tax WACC | 10.76% | 10.19% | 11.80% | 9.72% |
CGUs are tested for impairment by comparing the carrying amount of each CGU to its recoverable amount. The recoverable amount is based on the net present value of future estimated cash flows (value-in-use).
The value-in-use calculation is based on cash flow projections over five years, except for CGU Pay, which uses a seven-year forecast per IAS 36.33(b) due to its ramp-up phase and long-term growth potential. Projections are derived from the strategic business plan (2026\u20132028), approved by the Management and Supervisory Boards, with forecasts beyond 2028 developed top-down. Based on consistent year-over-year growth assumptions, the plan projects gross profit CAGRs of 5% for Connect, 25% for Engage, and 4% for Live for 2025-2028. CGU Pay assumes stable growth to achieve industry-standard EBITDA margins, with a projected gross profit CAGR of 13% for 2025\u20132032. Key assumptions include a 2.30% growth rate (2024: 2,20%) and a post-tax weighted average cost of capital (WACC) based on peer benchmarks and CM.com\u2019s target capital structure (see table). Sensitivity analysis shows sufficient headroom across CGUs to absorb adverse changes in WACC (+1%) and growth rates (-0.5%). No impairment charges were recognized during 2025. During 2024 an impairment charge of \u20ac\u00a08.8 million, relating to Goodwill associated with acquisitions in CGU Pay, was recognized under \"Amortization, Depreciation, and Impairments\" in the profit or loss account.
For CGU Pay, the extended forecast reflects its scale-up phase, requiring additional years to achieve industry-average EBITDA margins through transaction volume growth and cost control. Gross profit CAGR from 2020\u20132025 was 16%, including SepaSoft B.V.\u2019s acquisition, and current payment industry conditions support stable margins. Detailed targets and a robust forecasting process provide confidence in achieving growth through sales focus and integrated platform services.
The impairment test for CGU Pay was validated by an independent market-based valuation using comparable company (CCA) and transaction (CTA) methods. Revenue multiples, adjusted for differences, confirm the fair value of CGU Pay, reflecting its scalability in revenue and profitability, requiring significant time to realize its full potential.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i4637": { "value": "Property, plant, and equipment are presented at cost less accumulated depreciation and, if applicable, less impairments. Costs include the purchase price and all costs directly attributable to bringing the asset to the location and condition for it to be capable of operating as intended by management. Depreciation is based on the estimated useful life and calculated as a fixed percentage of cost, taking into account any residual value.
Depreciation commences from the date an asset is brought into use. Depreciation is recognized in profit or loss on a straight-line basis over the estimated useful life. Depreciation methods, useful lives, and residual values are reviewed at each reporting date.
A summary of the movements in property, plant, and equipment is provided:
| x \u20ac\u00a01,000 | Platform (hardware) | Furniture & fixtures | Vehicles | Hardware workplace | Leasehold improvements | Total |
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 3,770 | 2,554 | 270 | 1,953 | 2,820 | 11,367 |
| Additions | 1,721 | 108 | 24 | 293 | 53 | 2,199 |
| Divestments | (612) | (114) | (41) | (373) | (15) | (1,155) |
| Currency difference | 30 | 1 | - | 11 | - | 42 |
| At December 31, 2024 | 4,909 | 2,549 | 253 | 1,884 | 2,858 | 12,453 |
| Additions | 420 | 81 | - | 297 | 74 | 872 |
| Divestments | (255) | - | - | - | (83) | (338) |
| Currency difference | (47) | (2) | - | (20) | - | (69) |
| At December 31, 2025 | 5,027 | 2,628 | 253 | 2,161 | 2,849 | 12,918 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Depreciation and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 1,462 | 268 | 174 | 298 | 645 | 2,847 |
| Depreciation | 540 | 339 | 5 | 610 | 275 | 1,769 |
| Impairments | 67 | - | - | - | - | 67 |
| Divestments | (612) | (114) | (37) | (373) | (15) | (1,151) |
| Currency difference | 16 | - | - | 16 | - | 32 |
| At December, 31 2024 | 1,473 | 493 | 142 | 551 | 905 | 3,564 |
| Depreciation | 568 | 346 | 4 | 623 | 282 | 1,823 |
| Impairments | - | - | - | - | - | - |
| Divestments | (255) | - | - | - | (83) | (338) |
| Currency difference | (24) | - | - | (7) | - | (31) |
| At December 31, 2025 | 1,762 | 839 | 146 | 1,167 | 1,104 | 5,018 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2024 | 3,436 | 2,056 | 111 | 1,333 | 1,953 | 8,889 |
| At December 31, 2025 | 3,265 | 1,789 | 107 | 994 | 1,745 | 7,900 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 10 | 10 | 5 | 5 | 10 | \u00a0 |
Property, plant, and equipment are presented at cost less accumulated depreciation and, if applicable, less impairments. Costs include the purchase price and all costs directly attributable to bringing the asset to the location and condition for it to be capable of operating as intended by management. Depreciation is based on the estimated useful life and calculated as a fixed percentage of cost, taking into account any residual value.
Depreciation commences from the date an asset is brought into use. Depreciation is recognized in profit or loss on a straight-line basis over the estimated useful life. Depreciation methods, useful lives, and residual values are reviewed at each reporting date.
A summary of the movements in property, plant, and equipment is provided:
| x \u20ac\u00a01,000 | Platform (hardware) | Furniture & fixtures | Vehicles | Hardware workplace | Leasehold improvements | Total |
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 3,770 | 2,554 | 270 | 1,953 | 2,820 | 11,367 |
| Additions | 1,721 | 108 | 24 | 293 | 53 | 2,199 |
| Divestments | (612) | (114) | (41) | (373) | (15) | (1,155) |
| Currency difference | 30 | 1 | - | 11 | - | 42 |
| At December 31, 2024 | 4,909 | 2,549 | 253 | 1,884 | 2,858 | 12,453 |
| Additions | 420 | 81 | - | 297 | 74 | 872 |
| Divestments | (255) | - | - | - | (83) | (338) |
| Currency difference | (47) | (2) | - | (20) | - | (69) |
| At December 31, 2025 | 5,027 | 2,628 | 253 | 2,161 | 2,849 | 12,918 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Depreciation and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 1,462 | 268 | 174 | 298 | 645 | 2,847 |
| Depreciation | 540 | 339 | 5 | 610 | 275 | 1,769 |
| Impairments | 67 | - | - | - | - | 67 |
| Divestments | (612) | (114) | (37) | (373) | (15) | (1,151) |
| Currency difference | 16 | - | - | 16 | - | 32 |
| At December, 31 2024 | 1,473 | 493 | 142 | 551 | 905 | 3,564 |
| Depreciation | 568 | 346 | 4 | 623 | 282 | 1,823 |
| Impairments | - | - | - | - | - | - |
| Divestments | (255) | - | - | - | (83) | (338) |
| Currency difference | (24) | - | - | (7) | - | (31) |
| At December 31, 2025 | 1,762 | 839 | 146 | 1,167 | 1,104 | 5,018 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2024 | 3,436 | 2,056 | 111 | 1,333 | 1,953 | 8,889 |
| At December 31, 2025 | 3,265 | 1,789 | 107 | 994 | 1,745 | 7,900 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Estimated useful lives (years) | 10 | 10 | 5 | 5 | 10 | \u00a0 |
Right-of-use (ROU) assets are initially measured at cost and subsequently presented at cost less accumulated amortization and, if applicable, less impairments, and adjusted for remeasurements of the related lease liability. The cost of a right-of-use asset comprises the present value of the lease payments outstanding at the commencement date, discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, CM.com\u2019s incremental borrowing rate is used. In practice, CM.com generally applies its incremental borrowing rate as the discount rate. Right-of-use assets are amortized over the term of the lease liability using a straight-line method as a fixed percentage of cost, taking into account any residual value. Amortization commences when the asset is available for use.
Lease liabilities are presented under borrowings, see note 16. Right-of-use assets are presented as a separate line in the statement of financial position. In the statement of profit or loss, amortization of right-of-use assets and interest on lease liabilities are recognized separately. In the cash flow statement, the low-value leases (value lower than \u20ac\u00a05 thousand when new) and short-term leases (less than twelve months) are presented as part of the cash flow from operating activities. Interest paid and the repayments related to leases are presented as part of the cash flow from financing activities. The maturity analysis for lease liabilities is disclosed in note 11.
Amortization methods and useful lives are reviewed at each reporting date.
The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception. An arrangement is, or contains, a lease if its fulfillment depends on the use of a specific asset and it conveys the right to control the use of that asset, even if the asset is not explicitly specified in the contract.
CM.com recognizes a right-of-use asset and a corresponding lease liability for all lease arrangements in which it is the lessee, except for short-term leases and leases (lease term of twelve months or less), and leases of low-value assets. For these exempt leases, lease payments are recognized as an operating expense on a straight-line basis over the lease term, unless another systematic basis better represents the pattern of consumption of the economic benefits of the underlying asset.
CM.com recognizes right-of-use assets and lease liabilities at the lease commencement date. CM.com applies the practical expedient under IFRS 16 not to separate non-lease components from lease components.
The expenses and total cash outflow for leases are as follows:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Interest expense on lease liabilities | 518 | 547 |
| Expenses relating to short-term leases | 723 | 692 |
| Repayment of lease liabilities | 2,909 | 3,989 |
A summary of the movements in right-of-use assets is provided:
| x \u20ac\u00a01,000 | Land and buildings | Furniture & fixtures | Platform (Hardware) | Platform (Software) | Vehicles | Total |
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 20,330 | 120 | 16,524 | 1,127 | 958 | 39,059 |
| Additions | 1,849 | - | - | - | 229 | 2,078 |
| Ending of lease agreements | (1,269) | (91) | (101) | - | (226) | (1,687) |
| Currency difference | 39 | - | 32 | - | - | 71 |
| At December 31, 2024 | 20,949 | 29 | 16,455 | 1,127 | 961 | 39,521 |
| Additions | 1,194 | - | - | - | 21 | 1,215 |
| Ending of lease agreements | (125) | - | - | - | (56) | (181) |
| Remeasurement (lease-term change) | (52) | - | - | - | - | (52) |
| Currency difference | (89) | - | (79) | - | - | (168) |
| At December 31, 2025 | 21,877 | 29 | 16,376 | 1,127 | 926 | 40,335 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 6,085 | 91 | 4,668 | 678 | 360 | 11,882 |
| Amortization | 2,442 | 22 | 1,639 | 113 | 250 | 4,466 |
| Ending of lease agreements | (1,169) | (91) | (101) | - | (201) | (1,562) |
| Impairments | - | - | 77 | - | - | 77 |
| Currency difference | 24 | - | 4 | - | - | 28 |
| At December 31, 2024 | 7,382 | 22 | 6,287 | 791 | 409 | 14,891 |
| Amortization | 2,369 | 7 | 1,637 | 113 | 219 | 4,345 |
| Ending of lease agreements | (125) | - | - | - | (32) | (157) |
| Impairments | - | - | 27 | - | - | 27 |
| Currency difference | (65) | - | (13) | - | - | (78) |
| At December 31, 2025 | 9,561 | 29 | 7,938 | 904 | 596 | 19,028 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2024 | 13,567 | 7 | 10,168 | 336 | 552 | 24,630 |
| At December 31, 2025 | 12,316 | - | 8,438 | 223 | 330 | 21,307 |
Right-of-use (ROU) assets are initially measured at cost and subsequently presented at cost less accumulated amortization and, if applicable, less impairments, and adjusted for remeasurements of the related lease liability. The cost of a right-of-use asset comprises the present value of the lease payments outstanding at the commencement date, discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, CM.com\u2019s incremental borrowing rate is used. In practice, CM.com generally applies its incremental borrowing rate as the discount rate. Right-of-use assets are amortized over the term of the lease liability using a straight-line method as a fixed percentage of cost, taking into account any residual value. Amortization commences when the asset is available for use.
Lease liabilities are presented under borrowings, see note 16. Right-of-use assets are presented as a separate line in the statement of financial position. In the statement of profit or loss, amortization of right-of-use assets and interest on lease liabilities are recognized separately. In the cash flow statement, the low-value leases (value lower than \u20ac\u00a05 thousand when new) and short-term leases (less than twelve months) are presented as part of the cash flow from operating activities. Interest paid and the repayments related to leases are presented as part of the cash flow from financing activities. The maturity analysis for lease liabilities is disclosed in note 11.
Amortization methods and useful lives are reviewed at each reporting date.
The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception. An arrangement is, or contains, a lease if its fulfillment depends on the use of a specific asset and it conveys the right to control the use of that asset, even if the asset is not explicitly specified in the contract.
CM.com recognizes a right-of-use asset and a corresponding lease liability for all lease arrangements in which it is the lessee, except for short-term leases and leases (lease term of twelve months or less), and leases of low-value assets. For these exempt leases, lease payments are recognized as an operating expense on a straight-line basis over the lease term, unless another systematic basis better represents the pattern of consumption of the economic benefits of the underlying asset.
CM.com recognizes right-of-use assets and lease liabilities at the lease commencement date. CM.com applies the practical expedient under IFRS 16 not to separate non-lease components from lease components.
The expenses and total cash outflow for leases are as follows:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Interest expense on lease liabilities | 518 | 547 |
| Expenses relating to short-term leases | 723 | 692 |
| Repayment of lease liabilities | 2,909 | 3,989 |
A summary of the movements in right-of-use assets is provided:
| x \u20ac\u00a01,000 | Land and buildings | Furniture & fixtures | Platform (Hardware) | Platform (Software) | Vehicles | Total |
|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 20,330 | 120 | 16,524 | 1,127 | 958 | 39,059 |
| Additions | 1,849 | - | - | - | 229 | 2,078 |
| Ending of lease agreements | (1,269) | (91) | (101) | - | (226) | (1,687) |
| Currency difference | 39 | - | 32 | - | - | 71 |
| At December 31, 2024 | 20,949 | 29 | 16,455 | 1,127 | 961 | 39,521 |
| Additions | 1,194 | - | - | - | 21 | 1,215 |
| Ending of lease agreements | (125) | - | - | - | (56) | (181) |
| Remeasurement (lease-term change) | (52) | - | - | - | - | (52) |
| Currency difference | (89) | - | (79) | - | - | (168) |
| At December 31, 2025 | 21,877 | 29 | 16,376 | 1,127 | 926 | 40,335 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amortization and impairments | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 6,085 | 91 | 4,668 | 678 | 360 | 11,882 |
| Amortization | 2,442 | 22 | 1,639 | 113 | 250 | 4,466 |
| Ending of lease agreements | (1,169) | (91) | (101) | - | (201) | (1,562) |
| Impairments | - | - | 77 | - | - | 77 |
| Currency difference | 24 | - | 4 | - | - | 28 |
| At December 31, 2024 | 7,382 | 22 | 6,287 | 791 | 409 | 14,891 |
| Amortization | 2,369 | 7 | 1,637 | 113 | 219 | 4,345 |
| Ending of lease agreements | (125) | - | - | - | (32) | (157) |
| Impairments | - | - | 27 | - | - | 27 |
| Currency difference | (65) | - | (13) | - | - | (78) |
| At December 31, 2025 | 9,561 | 29 | 7,938 | 904 | 596 | 19,028 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Carrying amount | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2024 | 13,567 | 7 | 10,168 | 336 | 552 | 24,630 |
| At December 31, 2025 | 12,316 | - | 8,438 | 223 | 330 | 21,307 |
CM.com N.V. forms a fiscal unity for corporate income tax purposes with the Dutch subsidiaries, excluding CM.com Ticket Guarantee N.V. Income tax is allocated to individual members of the fiscal unity as if they were independently liable for tax.
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates and tax laws used to compute these amounts are those that are enacted or substantively enacted at the reporting date in the countries where CM.com operates and generates taxable income.
Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. The effective income tax amount on the company\u2019s result before tax differs from the statutory income tax amount that would arise using the applicable statutory income tax rate. Major components of the income tax expenses are:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Current tax: | \u00a0 | \u00a0 |
| Current period | 995 | 708 |
| Adjustments prior periods | (35) | 60 |
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Deferred tax: | \u00a0 | \u00a0 |
| Movement in temporary differences | (2,084) | (1,101) |
| Movement in tax losses carried forward | 1,230 | 856 |
| Tax rate differences | 32 | 32 |
| Taxation according to profit or loss account | 138 | 555 |
The effective tax rate for 2025 is minus 3.8% (2024: minus 2.9%) and can be reconciled as follows:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Result before tax | (3,648) | (19,258) |
| Income tax expense at statutory tax rate (25.8%) | (941) | (4,969) |
| Non-deductible expenses | 922 | 2,680 |
| Tax-deductible equity items1 | (133) | - |
| Rate differential | (219) | (440) |
| Non-recognition of deferred tax asset | 1,230 | 3,987 |
| Tax losses utilized | (686) | (542) |
| Deferred tax asset through equity | - | (221) |
| Tax relating to prior periods | (35) | 60 |
| Tax charged against result before tax | 138 | 555 |
| Effective tax rate | (3.8%) | (2.9%) |
Deferred tax assets (DTA) are recognized for unused tax losses, to the extent that it is probable that future taxable profits will be available against which the losses can be utilized. Other deferred tax assets arise from temporary differences between the carrying amounts and the tax bases of right-of-use assets, deferred costs, and convertible bonds. Deferred tax liabilities arise from temporary differences between the carrying amounts of assets and their corresponding tax bases.
Deferred tax is measured using the tax rates that are expected to apply to the period in which the temporary differences reverse, based on tax laws that have been enacted or substantively enacted at the reporting date.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities, and when the deferred tax assets and liabilities relate to income taxes levied by the same tax authority on the same taxable entity.
CM.com has tax losses carried-forward of \u20ac\u00a0111.5 million as at December 31, 2025, out of which \u20ac\u00a00.2 million expires in the following five years (for this no DTA is formed) and \u20ac\u00a00.2 million will expire after five years (for this, a DTA of \u20ac\u00a034 thousand is formed). \u20ac\u00a0111.2 million can be carried forward indefinitely (for this a total of \u20ac\u00a02.8 million a DTA is formed). For unused tax losses of \u20ac\u00a0100.6 million no deferred tax asset is formed.
CM.com has tax losses carried-forward of \u20ac\u00a0115.7 million as at December 31, 2024, out of which \u20ac\u00a00.9 million expires in the following five years (for this no DTA is formed) and \u20ac\u00a00.3 million will expire after five years (for this a DTA of \u20ac\u00a013 thousand is formed). \u20ac\u00a0114.5 million can be carried forward indefinitely (for this a total of \u20ac\u00a04 million a DTA is formed). For unused tax losses of \u20ac\u00a099.4 million no deferred tax asset is formed.
Deferred tax assets recognized and movements thereon:
| x \u20ac\u00a01,000 | Total | Convertible bonds | Right-of-use assets | Tax losses | Deferred costs |
|---|---|---|---|---|---|
| Carrying amount as at December 31, 2023 after netting | 1,136 | - | 124 | 410 | 602 |
| Netting of tax | 8,440 | 643 | 3,750 | 4,047 | - |
| Carrying amount as at December 31, 2023 before netting | 9,576 | 643 | 3,874 | 4,457 | 602 |
| Mutations through profit or loss | (856) | - | - | (856) | - |
| Mutations through equity | (221) | (221) | - | - | - |
| Charge to profit or loss | (128) | - | (162) | - | 34 |
| Exchange differences | 25 | - | - | 7 | 18 |
| Carrying amount as at December 31, 2024 before netting | 8,396 | 422 | 3,712 | 3,608 | 654 |
| Netting of tax | (7,154) | (422) | (3,556) | (3,176) | - |
| Carrying amount as at December 31, 2024 after netting | 1,242 | - | 156 | 432 | 654 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netting of tax | 7,154 | 422 | 3,556 | 3,176 | - |
| Mutations through profit or loss | (1,230) | (422) | - | (808) | - |
| Charge to profit or loss | (215) | - | (364) | - | 149 |
| Exchange differences | (65) | - | - | (17) | (48) |
| Carrying amount as at December 31, 2025 before netting | 6,886 | - | 3,348 | 2,783 | 755 |
| Netting of tax | (5,735) | - | (3,183) | (2,552) | - |
| Carrying amount as at December 31, 2025 after netting | 1,151 | - | 165 | 231 | 755 |
Deferred tax liabilities recognized and movements thereon:
| x \u20ac\u00a01,000 | Total | Convertible bonds | Right-of-use liabilities | Other temporary differences |
|---|---|---|---|---|
| Carrying amount as at December 31, 2023 after netting | 1,535 | 345 | - | 1,190 |
| Netting of tax | 8,440 | 643 | 3,750 | 4,047 |
| Carrying amount as at December 31, 2023 before netting | 9,975 | 988 | 3,750 | 5,237 |
| Mutations through profit or loss | (1,197) | (355) | (194) | (648) |
| Effect of change in tax rate | (39) | - | - | (39) |
| Carrying amount as at December 31, 2024 before netting | 8,739 | 633 | 3,556 | 4,550 |
| Netting of tax | (7,154) | (422) | (3,556) | (3,176) |
| Carrying amount as at December 31, 2024 after netting | 1,585 | 211 | - | 1,374 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netting of tax | 7,154 | 422 | 3,556 | 3,176 |
| Mutations through profit or loss | (2,266) | (633) | (373) | (1,260) |
| Exchange differences | 3 | - | - | 3 |
| Carrying amount as at December 31, 2025 before netting | 6,476 | - | 3,183 | 3,293 |
| Netting of tax | (5,735) | - | (3,183) | (2,552) |
| Carrying amount as at December 31, 2025 after netting | 741 | - | - | 741 |
CM.com N.V. forms a fiscal unity for corporate income tax purposes with the Dutch subsidiaries, excluding CM.com Ticket Guarantee N.V. Income tax is allocated to individual members of the fiscal unity as if they were independently liable for tax.
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates and tax laws used to compute these amounts are those that are enacted or substantively enacted at the reporting date in the countries where CM.com operates and generates taxable income.
Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. The effective income tax amount on the company\u2019s result before tax differs from the statutory income tax amount that would arise using the applicable statutory income tax rate. Major components of the income tax expenses are:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Current tax: | \u00a0 | \u00a0 |
| Current period | 995 | 708 |
| Adjustments prior periods | (35) | 60 |
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Deferred tax: | \u00a0 | \u00a0 |
| Movement in temporary differences | (2,084) | (1,101) |
| Movement in tax losses carried forward | 1,230 | 856 |
| Tax rate differences | 32 | 32 |
| Taxation according to profit or loss account | 138 | 555 |
The effective tax rate for 2025 is minus 3.8% (2024: minus 2.9%) and can be reconciled as follows:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Result before tax | (3,648) | (19,258) |
| Income tax expense at statutory tax rate (25.8%) | (941) | (4,969) |
| Non-deductible expenses | 922 | 2,680 |
| Tax-deductible equity items1 | (133) | - |
| Rate differential | (219) | (440) |
| Non-recognition of deferred tax asset | 1,230 | 3,987 |
| Tax losses utilized | (686) | (542) |
| Deferred tax asset through equity | - | (221) |
| Tax relating to prior periods | (35) | 60 |
| Tax charged against result before tax | 138 | 555 |
| Effective tax rate | (3.8%) | (2.9%) |
Deferred tax assets (DTA) are recognized for unused tax losses, to the extent that it is probable that future taxable profits will be available against which the losses can be utilized. Other deferred tax assets arise from temporary differences between the carrying amounts and the tax bases of right-of-use assets, deferred costs, and convertible bonds. Deferred tax liabilities arise from temporary differences between the carrying amounts of assets and their corresponding tax bases.
Deferred tax is measured using the tax rates that are expected to apply to the period in which the temporary differences reverse, based on tax laws that have been enacted or substantively enacted at the reporting date.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities, and when the deferred tax assets and liabilities relate to income taxes levied by the same tax authority on the same taxable entity.
CM.com has tax losses carried-forward of \u20ac\u00a0111.5 million as at December 31, 2025, out of which \u20ac\u00a00.2 million expires in the following five years (for this no DTA is formed) and \u20ac\u00a00.2 million will expire after five years (for this, a DTA of \u20ac\u00a034 thousand is formed). \u20ac\u00a0111.2 million can be carried forward indefinitely (for this a total of \u20ac\u00a02.8 million a DTA is formed). For unused tax losses of \u20ac\u00a0100.6 million no deferred tax asset is formed.
CM.com has tax losses carried-forward of \u20ac\u00a0115.7 million as at December 31, 2024, out of which \u20ac\u00a00.9 million expires in the following five years (for this no DTA is formed) and \u20ac\u00a00.3 million will expire after five years (for this a DTA of \u20ac\u00a013 thousand is formed). \u20ac\u00a0114.5 million can be carried forward indefinitely (for this a total of \u20ac\u00a04 million a DTA is formed). For unused tax losses of \u20ac\u00a099.4 million no deferred tax asset is formed.
Deferred tax assets recognized and movements thereon:
| x \u20ac\u00a01,000 | Total | Convertible bonds | Right-of-use assets | Tax losses | Deferred costs |
|---|---|---|---|---|---|
| Carrying amount as at December 31, 2023 after netting | 1,136 | - | 124 | 410 | 602 |
| Netting of tax | 8,440 | 643 | 3,750 | 4,047 | - |
| Carrying amount as at December 31, 2023 before netting | 9,576 | 643 | 3,874 | 4,457 | 602 |
| Mutations through profit or loss | (856) | - | - | (856) | - |
| Mutations through equity | (221) | (221) | - | - | - |
| Charge to profit or loss | (128) | - | (162) | - | 34 |
| Exchange differences | 25 | - | - | 7 | 18 |
| Carrying amount as at December 31, 2024 before netting | 8,396 | 422 | 3,712 | 3,608 | 654 |
| Netting of tax | (7,154) | (422) | (3,556) | (3,176) | - |
| Carrying amount as at December 31, 2024 after netting | 1,242 | - | 156 | 432 | 654 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netting of tax | 7,154 | 422 | 3,556 | 3,176 | - |
| Mutations through profit or loss | (1,230) | (422) | - | (808) | - |
| Charge to profit or loss | (215) | - | (364) | - | 149 |
| Exchange differences | (65) | - | - | (17) | (48) |
| Carrying amount as at December 31, 2025 before netting | 6,886 | - | 3,348 | 2,783 | 755 |
| Netting of tax | (5,735) | - | (3,183) | (2,552) | - |
| Carrying amount as at December 31, 2025 after netting | 1,151 | - | 165 | 231 | 755 |
Deferred tax liabilities recognized and movements thereon:
| x \u20ac\u00a01,000 | Total | Convertible bonds | Right-of-use liabilities | Other temporary differences |
|---|---|---|---|---|
| Carrying amount as at December 31, 2023 after netting | 1,535 | 345 | - | 1,190 |
| Netting of tax | 8,440 | 643 | 3,750 | 4,047 |
| Carrying amount as at December 31, 2023 before netting | 9,975 | 988 | 3,750 | 5,237 |
| Mutations through profit or loss | (1,197) | (355) | (194) | (648) |
| Effect of change in tax rate | (39) | - | - | (39) |
| Carrying amount as at December 31, 2024 before netting | 8,739 | 633 | 3,556 | 4,550 |
| Netting of tax | (7,154) | (422) | (3,556) | (3,176) |
| Carrying amount as at December 31, 2024 after netting | 1,585 | 211 | - | 1,374 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netting of tax | 7,154 | 422 | 3,556 | 3,176 |
| Mutations through profit or loss | (2,266) | (633) | (373) | (1,260) |
| Exchange differences | 3 | - | - | 3 |
| Carrying amount as at December 31, 2025 before netting | 6,476 | - | 3,183 | 3,293 |
| Netting of tax | (5,735) | - | (3,183) | (2,552) |
| Carrying amount as at December 31, 2025 after netting | 741 | - | - | 741 |
CM.com N.V. forms a fiscal unity for corporate income tax purposes with the Dutch subsidiaries, excluding CM.com Ticket Guarantee N.V. Income tax is allocated to individual members of the fiscal unity as if they were independently liable for tax.
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates and tax laws used to compute these amounts are those that are enacted or substantively enacted at the reporting date in the countries where CM.com operates and generates taxable income.
Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. The effective income tax amount on the company\u2019s result before tax differs from the statutory income tax amount that would arise using the applicable statutory income tax rate. Major components of the income tax expenses are:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Current tax: | \u00a0 | \u00a0 |
| Current period | 995 | 708 |
| Adjustments prior periods | (35) | 60 |
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Deferred tax: | \u00a0 | \u00a0 |
| Movement in temporary differences | (2,084) | (1,101) |
| Movement in tax losses carried forward | 1,230 | 856 |
| Tax rate differences | 32 | 32 |
| Taxation according to profit or loss account | 138 | 555 |
The effective tax rate for 2025 is minus 3.8% (2024: minus 2.9%) and can be reconciled as follows:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Result before tax | (3,648) | (19,258) |
| Income tax expense at statutory tax rate (25.8%) | (941) | (4,969) |
| Non-deductible expenses | 922 | 2,680 |
| Tax-deductible equity items1 | (133) | - |
| Rate differential | (219) | (440) |
| Non-recognition of deferred tax asset | 1,230 | 3,987 |
| Tax losses utilized | (686) | (542) |
| Deferred tax asset through equity | - | (221) |
| Tax relating to prior periods | (35) | 60 |
| Tax charged against result before tax | 138 | 555 |
| Effective tax rate | (3.8%) | (2.9%) |
Deferred tax assets (DTA) are recognized for unused tax losses, to the extent that it is probable that future taxable profits will be available against which the losses can be utilized. Other deferred tax assets arise from temporary differences between the carrying amounts and the tax bases of right-of-use assets, deferred costs, and convertible bonds. Deferred tax liabilities arise from temporary differences between the carrying amounts of assets and their corresponding tax bases.
Deferred tax is measured using the tax rates that are expected to apply to the period in which the temporary differences reverse, based on tax laws that have been enacted or substantively enacted at the reporting date.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities, and when the deferred tax assets and liabilities relate to income taxes levied by the same tax authority on the same taxable entity.
CM.com has tax losses carried-forward of \u20ac\u00a0111.5 million as at December 31, 2025, out of which \u20ac\u00a00.2 million expires in the following five years (for this no DTA is formed) and \u20ac\u00a00.2 million will expire after five years (for this, a DTA of \u20ac\u00a034 thousand is formed). \u20ac\u00a0111.2 million can be carried forward indefinitely (for this a total of \u20ac\u00a02.8 million a DTA is formed). For unused tax losses of \u20ac\u00a0100.6 million no deferred tax asset is formed.
CM.com has tax losses carried-forward of \u20ac\u00a0115.7 million as at December 31, 2024, out of which \u20ac\u00a00.9 million expires in the following five years (for this no DTA is formed) and \u20ac\u00a00.3 million will expire after five years (for this a DTA of \u20ac\u00a013 thousand is formed). \u20ac\u00a0114.5 million can be carried forward indefinitely (for this a total of \u20ac\u00a04 million a DTA is formed). For unused tax losses of \u20ac\u00a099.4 million no deferred tax asset is formed.
Deferred tax assets recognized and movements thereon:
| x \u20ac\u00a01,000 | Total | Convertible bonds | Right-of-use assets | Tax losses | Deferred costs |
|---|---|---|---|---|---|
| Carrying amount as at December 31, 2023 after netting | 1,136 | - | 124 | 410 | 602 |
| Netting of tax | 8,440 | 643 | 3,750 | 4,047 | - |
| Carrying amount as at December 31, 2023 before netting | 9,576 | 643 | 3,874 | 4,457 | 602 |
| Mutations through profit or loss | (856) | - | - | (856) | - |
| Mutations through equity | (221) | (221) | - | - | - |
| Charge to profit or loss | (128) | - | (162) | - | 34 |
| Exchange differences | 25 | - | - | 7 | 18 |
| Carrying amount as at December 31, 2024 before netting | 8,396 | 422 | 3,712 | 3,608 | 654 |
| Netting of tax | (7,154) | (422) | (3,556) | (3,176) | - |
| Carrying amount as at December 31, 2024 after netting | 1,242 | - | 156 | 432 | 654 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netting of tax | 7,154 | 422 | 3,556 | 3,176 | - |
| Mutations through profit or loss | (1,230) | (422) | - | (808) | - |
| Charge to profit or loss | (215) | - | (364) | - | 149 |
| Exchange differences | (65) | - | - | (17) | (48) |
| Carrying amount as at December 31, 2025 before netting | 6,886 | - | 3,348 | 2,783 | 755 |
| Netting of tax | (5,735) | - | (3,183) | (2,552) | - |
| Carrying amount as at December 31, 2025 after netting | 1,151 | - | 165 | 231 | 755 |
Deferred tax liabilities recognized and movements thereon:
| x \u20ac\u00a01,000 | Total | Convertible bonds | Right-of-use liabilities | Other temporary differences |
|---|---|---|---|---|
| Carrying amount as at December 31, 2023 after netting | 1,535 | 345 | - | 1,190 |
| Netting of tax | 8,440 | 643 | 3,750 | 4,047 |
| Carrying amount as at December 31, 2023 before netting | 9,975 | 988 | 3,750 | 5,237 |
| Mutations through profit or loss | (1,197) | (355) | (194) | (648) |
| Effect of change in tax rate | (39) | - | - | (39) |
| Carrying amount as at December 31, 2024 before netting | 8,739 | 633 | 3,556 | 4,550 |
| Netting of tax | (7,154) | (422) | (3,556) | (3,176) |
| Carrying amount as at December 31, 2024 after netting | 1,585 | 211 | - | 1,374 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netting of tax | 7,154 | 422 | 3,556 | 3,176 |
| Mutations through profit or loss | (2,266) | (633) | (373) | (1,260) |
| Exchange differences | 3 | - | - | 3 |
| Carrying amount as at December 31, 2025 before netting | 6,476 | - | 3,183 | 3,293 |
| Netting of tax | (5,735) | - | (3,183) | (2,552) |
| Carrying amount as at December 31, 2025 after netting | 741 | - | - | 741 |
Revenue received in advance mainly consists of prepaid subscription fees, which are recognized on a straight-line basis over the contract period, and prepaid CPaaS balances, which are recognized based on usage. The balance as at December 31, 2024 is expected to be fully settled in 2025, and the balance as at December 31, 2025 is expected to be fully settled in 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5292": { "value": "CM.com N.V. forms a fiscal unity for corporate income tax purposes with the Dutch subsidiaries, excluding CM.com Ticket Guarantee N.V. Income tax is allocated to individual members of the fiscal unity as if they were independently liable for tax.
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates and tax laws used to compute these amounts are those that are enacted or substantively enacted at the reporting date in the countries where CM.com operates and generates taxable income.
Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. The effective income tax amount on the company\u2019s result before tax differs from the statutory income tax amount that would arise using the applicable statutory income tax rate. Major components of the income tax expenses are:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Current tax: | \u00a0 | \u00a0 |
| Current period | 995 | 708 |
| Adjustments prior periods | (35) | 60 |
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Deferred tax: | \u00a0 | \u00a0 |
| Movement in temporary differences | (2,084) | (1,101) |
| Movement in tax losses carried forward | 1,230 | 856 |
| Tax rate differences | 32 | 32 |
| Taxation according to profit or loss account | 138 | 555 |
The effective tax rate for 2025 is minus 3.8% (2024: minus 2.9%) and can be reconciled as follows:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Result before tax | (3,648) | (19,258) |
| Income tax expense at statutory tax rate (25.8%) | (941) | (4,969) |
| Non-deductible expenses | 922 | 2,680 |
| Tax-deductible equity items1 | (133) | - |
| Rate differential | (219) | (440) |
| Non-recognition of deferred tax asset | 1,230 | 3,987 |
| Tax losses utilized | (686) | (542) |
| Deferred tax asset through equity | - | (221) |
| Tax relating to prior periods | (35) | 60 |
| Tax charged against result before tax | 138 | 555 |
| Effective tax rate | (3.8%) | (2.9%) |
Deferred tax assets (DTA) are recognized for unused tax losses, to the extent that it is probable that future taxable profits will be available against which the losses can be utilized. Other deferred tax assets arise from temporary differences between the carrying amounts and the tax bases of right-of-use assets, deferred costs, and convertible bonds. Deferred tax liabilities arise from temporary differences between the carrying amounts of assets and their corresponding tax bases.
Deferred tax is measured using the tax rates that are expected to apply to the period in which the temporary differences reverse, based on tax laws that have been enacted or substantively enacted at the reporting date.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities, and when the deferred tax assets and liabilities relate to income taxes levied by the same tax authority on the same taxable entity.
CM.com has tax losses carried-forward of \u20ac\u00a0111.5 million as at December 31, 2025, out of which \u20ac\u00a00.2 million expires in the following five years (for this no DTA is formed) and \u20ac\u00a00.2 million will expire after five years (for this, a DTA of \u20ac\u00a034 thousand is formed). \u20ac\u00a0111.2 million can be carried forward indefinitely (for this a total of \u20ac\u00a02.8 million a DTA is formed). For unused tax losses of \u20ac\u00a0100.6 million no deferred tax asset is formed.
CM.com has tax losses carried-forward of \u20ac\u00a0115.7 million as at December 31, 2024, out of which \u20ac\u00a00.9 million expires in the following five years (for this no DTA is formed) and \u20ac\u00a00.3 million will expire after five years (for this a DTA of \u20ac\u00a013 thousand is formed). \u20ac\u00a0114.5 million can be carried forward indefinitely (for this a total of \u20ac\u00a04 million a DTA is formed). For unused tax losses of \u20ac\u00a099.4 million no deferred tax asset is formed.
Deferred tax assets recognized and movements thereon:
| x \u20ac\u00a01,000 | Total | Convertible bonds | Right-of-use assets | Tax losses | Deferred costs |
|---|---|---|---|---|---|
| Carrying amount as at December 31, 2023 after netting | 1,136 | - | 124 | 410 | 602 |
| Netting of tax | 8,440 | 643 | 3,750 | 4,047 | - |
| Carrying amount as at December 31, 2023 before netting | 9,576 | 643 | 3,874 | 4,457 | 602 |
| Mutations through profit or loss | (856) | - | - | (856) | - |
| Mutations through equity | (221) | (221) | - | - | - |
| Charge to profit or loss | (128) | - | (162) | - | 34 |
| Exchange differences | 25 | - | - | 7 | 18 |
| Carrying amount as at December 31, 2024 before netting | 8,396 | 422 | 3,712 | 3,608 | 654 |
| Netting of tax | (7,154) | (422) | (3,556) | (3,176) | - |
| Carrying amount as at December 31, 2024 after netting | 1,242 | - | 156 | 432 | 654 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netting of tax | 7,154 | 422 | 3,556 | 3,176 | - |
| Mutations through profit or loss | (1,230) | (422) | - | (808) | - |
| Charge to profit or loss | (215) | - | (364) | - | 149 |
| Exchange differences | (65) | - | - | (17) | (48) |
| Carrying amount as at December 31, 2025 before netting | 6,886 | - | 3,348 | 2,783 | 755 |
| Netting of tax | (5,735) | - | (3,183) | (2,552) | - |
| Carrying amount as at December 31, 2025 after netting | 1,151 | - | 165 | 231 | 755 |
Deferred tax liabilities recognized and movements thereon:
| x \u20ac\u00a01,000 | Total | Convertible bonds | Right-of-use liabilities | Other temporary differences |
|---|---|---|---|---|
| Carrying amount as at December 31, 2023 after netting | 1,535 | 345 | - | 1,190 |
| Netting of tax | 8,440 | 643 | 3,750 | 4,047 |
| Carrying amount as at December 31, 2023 before netting | 9,975 | 988 | 3,750 | 5,237 |
| Mutations through profit or loss | (1,197) | (355) | (194) | (648) |
| Effect of change in tax rate | (39) | - | - | (39) |
| Carrying amount as at December 31, 2024 before netting | 8,739 | 633 | 3,556 | 4,550 |
| Netting of tax | (7,154) | (422) | (3,556) | (3,176) |
| Carrying amount as at December 31, 2024 after netting | 1,585 | 211 | - | 1,374 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netting of tax | 7,154 | 422 | 3,556 | 3,176 |
| Mutations through profit or loss | (2,266) | (633) | (373) | (1,260) |
| Exchange differences | 3 | - | - | 3 |
| Carrying amount as at December 31, 2025 before netting | 6,476 | - | 3,183 | 3,293 |
| Netting of tax | (5,735) | - | (3,183) | (2,552) |
| Carrying amount as at December 31, 2025 after netting | 741 | - | - | 741 |
CM.com N.V. forms a fiscal unity for corporate income tax purposes with the Dutch subsidiaries, excluding CM.com Ticket Guarantee N.V. Income tax is allocated to individual members of the fiscal unity as if they were independently liable for tax.
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates and tax laws used to compute these amounts are those that are enacted or substantively enacted at the reporting date in the countries where CM.com operates and generates taxable income.
Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. The effective income tax amount on the company\u2019s result before tax differs from the statutory income tax amount that would arise using the applicable statutory income tax rate. Major components of the income tax expenses are:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Current tax: | \u00a0 | \u00a0 |
| Current period | 995 | 708 |
| Adjustments prior periods | (35) | 60 |
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Deferred tax: | \u00a0 | \u00a0 |
| Movement in temporary differences | (2,084) | (1,101) |
| Movement in tax losses carried forward | 1,230 | 856 |
| Tax rate differences | 32 | 32 |
| Taxation according to profit or loss account | 138 | 555 |
The effective tax rate for 2025 is minus 3.8% (2024: minus 2.9%) and can be reconciled as follows:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Result before tax | (3,648) | (19,258) |
| Income tax expense at statutory tax rate (25.8%) | (941) | (4,969) |
| Non-deductible expenses | 922 | 2,680 |
| Tax-deductible equity items1 | (133) | - |
| Rate differential | (219) | (440) |
| Non-recognition of deferred tax asset | 1,230 | 3,987 |
| Tax losses utilized | (686) | (542) |
| Deferred tax asset through equity | - | (221) |
| Tax relating to prior periods | (35) | 60 |
| Tax charged against result before tax | 138 | 555 |
| Effective tax rate | (3.8%) | (2.9%) |
Deferred tax assets (DTA) are recognized for unused tax losses, to the extent that it is probable that future taxable profits will be available against which the losses can be utilized. Other deferred tax assets arise from temporary differences between the carrying amounts and the tax bases of right-of-use assets, deferred costs, and convertible bonds. Deferred tax liabilities arise from temporary differences between the carrying amounts of assets and their corresponding tax bases.
Deferred tax is measured using the tax rates that are expected to apply to the period in which the temporary differences reverse, based on tax laws that have been enacted or substantively enacted at the reporting date.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities, and when the deferred tax assets and liabilities relate to income taxes levied by the same tax authority on the same taxable entity.
CM.com has tax losses carried-forward of \u20ac\u00a0111.5 million as at December 31, 2025, out of which \u20ac\u00a00.2 million expires in the following five years (for this no DTA is formed) and \u20ac\u00a00.2 million will expire after five years (for this, a DTA of \u20ac\u00a034 thousand is formed). \u20ac\u00a0111.2 million can be carried forward indefinitely (for this a total of \u20ac\u00a02.8 million a DTA is formed). For unused tax losses of \u20ac\u00a0100.6 million no deferred tax asset is formed.
CM.com has tax losses carried-forward of \u20ac\u00a0115.7 million as at December 31, 2024, out of which \u20ac\u00a00.9 million expires in the following five years (for this no DTA is formed) and \u20ac\u00a00.3 million will expire after five years (for this a DTA of \u20ac\u00a013 thousand is formed). \u20ac\u00a0114.5 million can be carried forward indefinitely (for this a total of \u20ac\u00a04 million a DTA is formed). For unused tax losses of \u20ac\u00a099.4 million no deferred tax asset is formed.
Deferred tax assets recognized and movements thereon:
| x \u20ac\u00a01,000 | Total | Convertible bonds | Right-of-use assets | Tax losses | Deferred costs |
|---|---|---|---|---|---|
| Carrying amount as at December 31, 2023 after netting | 1,136 | - | 124 | 410 | 602 |
| Netting of tax | 8,440 | 643 | 3,750 | 4,047 | - |
| Carrying amount as at December 31, 2023 before netting | 9,576 | 643 | 3,874 | 4,457 | 602 |
| Mutations through profit or loss | (856) | - | - | (856) | - |
| Mutations through equity | (221) | (221) | - | - | - |
| Charge to profit or loss | (128) | - | (162) | - | 34 |
| Exchange differences | 25 | - | - | 7 | 18 |
| Carrying amount as at December 31, 2024 before netting | 8,396 | 422 | 3,712 | 3,608 | 654 |
| Netting of tax | (7,154) | (422) | (3,556) | (3,176) | - |
| Carrying amount as at December 31, 2024 after netting | 1,242 | - | 156 | 432 | 654 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netting of tax | 7,154 | 422 | 3,556 | 3,176 | - |
| Mutations through profit or loss | (1,230) | (422) | - | (808) | - |
| Charge to profit or loss | (215) | - | (364) | - | 149 |
| Exchange differences | (65) | - | - | (17) | (48) |
| Carrying amount as at December 31, 2025 before netting | 6,886 | - | 3,348 | 2,783 | 755 |
| Netting of tax | (5,735) | - | (3,183) | (2,552) | - |
| Carrying amount as at December 31, 2025 after netting | 1,151 | - | 165 | 231 | 755 |
Deferred tax liabilities recognized and movements thereon:
| x \u20ac\u00a01,000 | Total | Convertible bonds | Right-of-use liabilities | Other temporary differences |
|---|---|---|---|---|
| Carrying amount as at December 31, 2023 after netting | 1,535 | 345 | - | 1,190 |
| Netting of tax | 8,440 | 643 | 3,750 | 4,047 |
| Carrying amount as at December 31, 2023 before netting | 9,975 | 988 | 3,750 | 5,237 |
| Mutations through profit or loss | (1,197) | (355) | (194) | (648) |
| Effect of change in tax rate | (39) | - | - | (39) |
| Carrying amount as at December 31, 2024 before netting | 8,739 | 633 | 3,556 | 4,550 |
| Netting of tax | (7,154) | (422) | (3,556) | (3,176) |
| Carrying amount as at December 31, 2024 after netting | 1,585 | 211 | - | 1,374 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Netting of tax | 7,154 | 422 | 3,556 | 3,176 |
| Mutations through profit or loss | (2,266) | (633) | (373) | (1,260) |
| Exchange differences | 3 | - | - | 3 |
| Carrying amount as at December 31, 2025 before netting | 6,476 | - | 3,183 | 3,293 |
| Netting of tax | (5,735) | - | (3,183) | (2,552) |
| Carrying amount as at December 31, 2025 after netting | 741 | - | - | 741 |
CM.com manages its capital to ensure that entities in CM.com will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance. CM.com\u2019s overall strategy remains unchanged from 2024.
The capital structure of the company consists of net debt and shareholders\u2019 equity. Net debt is defined as the nominal value of the outstanding revolving credit facility (RCF) as disclosed in note 16, less unrestricted cash at bank as disclosed in note 15. In 2024, net debt included the convertible bonds as disclosed in note 17. Shareholders\u2019 equity comprises issued ordinary share capital, share premium, reserve, and accumulated deficits, as presented in the consolidated statement of financial position and disclosed below.
At January 1, 2025, CM.com had 29,131,999 issued and authorized ordinary shares, with a total nominal value of \u20ac\u00a01,748 thousand. The share premium reserve amounted to \u20ac\u00a0131,114 thousand. In February 2025, CM.com raised \u20ac\u00a020 million in equity through an accelerated bookbuild in order to strengthen its balance sheet. In connection with this transaction, 2,985,075 ordinary shares were issued at a nominal value of \u20ac\u00a06.70 per share, as part of the refinancing of the convertible bonds. Transaction costs of \u20ac\u00a0515 thousand, directly attributable to the capital increase, were recognized as a deduction from equity.
In November 2025, CM.com issued 1,020,408 ordinary shares to Co\u00f6peratie Rensing Group in a private placement agreement, representing proceeds of \u20ac\u00a05 million, at a nominal value of \u20ac\u00a04.90 per share. In addition, 33,431 shares were issued under employee incentive plans, comprising the Restricted Share Unit (RSU) and Long-Term Incentive Plan (LTIP). In total, 4,038,914 shares were issued during the year. As a result, the total number of issued shares increased to 33,170,913 as at December 31, 2025, with a total nominal value of \u20ac\u00a01,990 thousand. The share premium reserve increased to \u20ac\u00a0155,706 thousand as at December 31, 2025 (2024: \u20ac\u00a0131,114 thousand). At the balance sheet date, all outstanding shares are ordinary shares.
In 2022, the company repurchased 143,925 of its own shares in connection with business combinations and 60,000 of its own shares to satisfy obligations arising from equity-settled share-based compensation plans. Of these shares, 5,039 vested during 2025 (2024: 17,472 shares), as disclosed in note 22. At year-end, the balance of treasury shares amounted to nil (2024: \u20ac\u00a078 thousand) and represented nil shares (2024: 5,039 shares). The legal reserves amount to \u20ac\u00a050,895 thousand (2024: \u20ac\u00a047,303 thousand) and are considered non-distributable in accordance with Dutch law. As disclosed in note 7 of the corporate financial statements, these reserves relate to capitalized development costs and the foreign currency translation reserve. Consequently, no dividends are available for distribution.
The weighted average number of ordinary shares used as the denominator in the calculation of basic and diluted loss per share amounted to 31,151,456 (2024: 29,121,682). The total result after tax used in the calculation of basic and diluted loss per share for 2025 amounted to \u20ac\u00a03,786 thousand (2024: \u20ac\u00a019,813 thousand). In 2024, potential ordinary shares arising from the convertible bonds were considered anti-dilutive in accordance with IAS 33.41, as their assumed conversion would have decreased the loss per share from continuing operations. Accordingly, these potential ordinary shares were excluded from the calculation of diluted earnings per share for the year ended December 31, 2024.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5295": { "value": "CM.com manages its capital to ensure that entities in CM.com will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance. CM.com\u2019s overall strategy remains unchanged from 2024.
The capital structure of the company consists of net debt and shareholders\u2019 equity. Net debt is defined as the nominal value of the outstanding revolving credit facility (RCF) as disclosed in note 16, less unrestricted cash at bank as disclosed in note 15. In 2024, net debt included the convertible bonds as disclosed in note 17. Shareholders\u2019 equity comprises issued ordinary share capital, share premium, reserve, and accumulated deficits, as presented in the consolidated statement of financial position and disclosed below.
At January 1, 2025, CM.com had 29,131,999 issued and authorized ordinary shares, with a total nominal value of \u20ac\u00a01,748 thousand. The share premium reserve amounted to \u20ac\u00a0131,114 thousand. In February 2025, CM.com raised \u20ac\u00a020 million in equity through an accelerated bookbuild in order to strengthen its balance sheet. In connection with this transaction, 2,985,075 ordinary shares were issued at a nominal value of \u20ac\u00a06.70 per share, as part of the refinancing of the convertible bonds. Transaction costs of \u20ac\u00a0515 thousand, directly attributable to the capital increase, were recognized as a deduction from equity.
In November 2025, CM.com issued 1,020,408 ordinary shares to Co\u00f6peratie Rensing Group in a private placement agreement, representing proceeds of \u20ac\u00a05 million, at a nominal value of \u20ac\u00a04.90 per share. In addition, 33,431 shares were issued under employee incentive plans, comprising the Restricted Share Unit (RSU) and Long-Term Incentive Plan (LTIP). In total, 4,038,914 shares were issued during the year. As a result, the total number of issued shares increased to 33,170,913 as at December 31, 2025, with a total nominal value of \u20ac\u00a01,990 thousand. The share premium reserve increased to \u20ac\u00a0155,706 thousand as at December 31, 2025 (2024: \u20ac\u00a0131,114 thousand). At the balance sheet date, all outstanding shares are ordinary shares.
In 2022, the company repurchased 143,925 of its own shares in connection with business combinations and 60,000 of its own shares to satisfy obligations arising from equity-settled share-based compensation plans. Of these shares, 5,039 vested during 2025 (2024: 17,472 shares), as disclosed in note 22. At year-end, the balance of treasury shares amounted to nil (2024: \u20ac\u00a078 thousand) and represented nil shares (2024: 5,039 shares). The legal reserves amount to \u20ac\u00a050,895 thousand (2024: \u20ac\u00a047,303 thousand) and are considered non-distributable in accordance with Dutch law. As disclosed in note 7 of the corporate financial statements, these reserves relate to capitalized development costs and the foreign currency translation reserve. Consequently, no dividends are available for distribution.
The weighted average number of ordinary shares used as the denominator in the calculation of basic and diluted loss per share amounted to 31,151,456 (2024: 29,121,682). The total result after tax used in the calculation of basic and diluted loss per share for 2025 amounted to \u20ac\u00a03,786 thousand (2024: \u20ac\u00a019,813 thousand). In 2024, potential ordinary shares arising from the convertible bonds were considered anti-dilutive in accordance with IAS 33.41, as their assumed conversion would have decreased the loss per share from continuing operations. Accordingly, these potential ordinary shares were excluded from the calculation of diluted earnings per share for the year ended December 31, 2024.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5296": { "value": "CM.com manages its capital to ensure that entities in CM.com will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance. CM.com\u2019s overall strategy remains unchanged from 2024.
The capital structure of the company consists of net debt and shareholders\u2019 equity. Net debt is defined as the nominal value of the outstanding revolving credit facility (RCF) as disclosed in note 16, less unrestricted cash at bank as disclosed in note 15. In 2024, net debt included the convertible bonds as disclosed in note 17. Shareholders\u2019 equity comprises issued ordinary share capital, share premium, reserve, and accumulated deficits, as presented in the consolidated statement of financial position and disclosed below.
At January 1, 2025, CM.com had 29,131,999 issued and authorized ordinary shares, with a total nominal value of \u20ac\u00a01,748 thousand. The share premium reserve amounted to \u20ac\u00a0131,114 thousand. In February 2025, CM.com raised \u20ac\u00a020 million in equity through an accelerated bookbuild in order to strengthen its balance sheet. In connection with this transaction, 2,985,075 ordinary shares were issued at a nominal value of \u20ac\u00a06.70 per share, as part of the refinancing of the convertible bonds. Transaction costs of \u20ac\u00a0515 thousand, directly attributable to the capital increase, were recognized as a deduction from equity.
In November 2025, CM.com issued 1,020,408 ordinary shares to Co\u00f6peratie Rensing Group in a private placement agreement, representing proceeds of \u20ac\u00a05 million, at a nominal value of \u20ac\u00a04.90 per share. In addition, 33,431 shares were issued under employee incentive plans, comprising the Restricted Share Unit (RSU) and Long-Term Incentive Plan (LTIP). In total, 4,038,914 shares were issued during the year. As a result, the total number of issued shares increased to 33,170,913 as at December 31, 2025, with a total nominal value of \u20ac\u00a01,990 thousand. The share premium reserve increased to \u20ac\u00a0155,706 thousand as at December 31, 2025 (2024: \u20ac\u00a0131,114 thousand). At the balance sheet date, all outstanding shares are ordinary shares.
In 2022, the company repurchased 143,925 of its own shares in connection with business combinations and 60,000 of its own shares to satisfy obligations arising from equity-settled share-based compensation plans. Of these shares, 5,039 vested during 2025 (2024: 17,472 shares), as disclosed in note 22. At year-end, the balance of treasury shares amounted to nil (2024: \u20ac\u00a078 thousand) and represented nil shares (2024: 5,039 shares). The legal reserves amount to \u20ac\u00a050,895 thousand (2024: \u20ac\u00a047,303 thousand) and are considered non-distributable in accordance with Dutch law. As disclosed in note 7 of the corporate financial statements, these reserves relate to capitalized development costs and the foreign currency translation reserve. Consequently, no dividends are available for distribution.
The weighted average number of ordinary shares used as the denominator in the calculation of basic and diluted loss per share amounted to 31,151,456 (2024: 29,121,682). The total result after tax used in the calculation of basic and diluted loss per share for 2025 amounted to \u20ac\u00a03,786 thousand (2024: \u20ac\u00a019,813 thousand). In 2024, potential ordinary shares arising from the convertible bonds were considered anti-dilutive in accordance with IAS 33.41, as their assumed conversion would have decreased the loss per share from continuing operations. Accordingly, these potential ordinary shares were excluded from the calculation of diluted earnings per share for the year ended December 31, 2024.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5297": { "value": "CM.com manages its capital to ensure that entities in CM.com will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance. CM.com\u2019s overall strategy remains unchanged from 2024.
The capital structure of the company consists of net debt and shareholders\u2019 equity. Net debt is defined as the nominal value of the outstanding revolving credit facility (RCF) as disclosed in note 16, less unrestricted cash at bank as disclosed in note 15. In 2024, net debt included the convertible bonds as disclosed in note 17. Shareholders\u2019 equity comprises issued ordinary share capital, share premium, reserve, and accumulated deficits, as presented in the consolidated statement of financial position and disclosed below.
At January 1, 2025, CM.com had 29,131,999 issued and authorized ordinary shares, with a total nominal value of \u20ac\u00a01,748 thousand. The share premium reserve amounted to \u20ac\u00a0131,114 thousand. In February 2025, CM.com raised \u20ac\u00a020 million in equity through an accelerated bookbuild in order to strengthen its balance sheet. In connection with this transaction, 2,985,075 ordinary shares were issued at a nominal value of \u20ac\u00a06.70 per share, as part of the refinancing of the convertible bonds. Transaction costs of \u20ac\u00a0515 thousand, directly attributable to the capital increase, were recognized as a deduction from equity.
In November 2025, CM.com issued 1,020,408 ordinary shares to Co\u00f6peratie Rensing Group in a private placement agreement, representing proceeds of \u20ac\u00a05 million, at a nominal value of \u20ac\u00a04.90 per share. In addition, 33,431 shares were issued under employee incentive plans, comprising the Restricted Share Unit (RSU) and Long-Term Incentive Plan (LTIP). In total, 4,038,914 shares were issued during the year. As a result, the total number of issued shares increased to 33,170,913 as at December 31, 2025, with a total nominal value of \u20ac\u00a01,990 thousand. The share premium reserve increased to \u20ac\u00a0155,706 thousand as at December 31, 2025 (2024: \u20ac\u00a0131,114 thousand). At the balance sheet date, all outstanding shares are ordinary shares.
In 2022, the company repurchased 143,925 of its own shares in connection with business combinations and 60,000 of its own shares to satisfy obligations arising from equity-settled share-based compensation plans. Of these shares, 5,039 vested during 2025 (2024: 17,472 shares), as disclosed in note 22. At year-end, the balance of treasury shares amounted to nil (2024: \u20ac\u00a078 thousand) and represented nil shares (2024: 5,039 shares). The legal reserves amount to \u20ac\u00a050,895 thousand (2024: \u20ac\u00a047,303 thousand) and are considered non-distributable in accordance with Dutch law. As disclosed in note 7 of the corporate financial statements, these reserves relate to capitalized development costs and the foreign currency translation reserve. Consequently, no dividends are available for distribution.
The weighted average number of ordinary shares used as the denominator in the calculation of basic and diluted loss per share amounted to 31,151,456 (2024: 29,121,682). The total result after tax used in the calculation of basic and diluted loss per share for 2025 amounted to \u20ac\u00a03,786 thousand (2024: \u20ac\u00a019,813 thousand). In 2024, potential ordinary shares arising from the convertible bonds were considered anti-dilutive in accordance with IAS 33.41, as their assumed conversion would have decreased the loss per share from continuing operations. Accordingly, these potential ordinary shares were excluded from the calculation of diluted earnings per share for the year ended December 31, 2024.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5298": { "value": "CM.com manages its capital to ensure that entities in CM.com will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance. CM.com\u2019s overall strategy remains unchanged from 2024.
The capital structure of the company consists of net debt and shareholders\u2019 equity. Net debt is defined as the nominal value of the outstanding revolving credit facility (RCF) as disclosed in note 16, less unrestricted cash at bank as disclosed in note 15. In 2024, net debt included the convertible bonds as disclosed in note 17. Shareholders\u2019 equity comprises issued ordinary share capital, share premium, reserve, and accumulated deficits, as presented in the consolidated statement of financial position and disclosed below.
At January 1, 2025, CM.com had 29,131,999 issued and authorized ordinary shares, with a total nominal value of \u20ac\u00a01,748 thousand. The share premium reserve amounted to \u20ac\u00a0131,114 thousand. In February 2025, CM.com raised \u20ac\u00a020 million in equity through an accelerated bookbuild in order to strengthen its balance sheet. In connection with this transaction, 2,985,075 ordinary shares were issued at a nominal value of \u20ac\u00a06.70 per share, as part of the refinancing of the convertible bonds. Transaction costs of \u20ac\u00a0515 thousand, directly attributable to the capital increase, were recognized as a deduction from equity.
In November 2025, CM.com issued 1,020,408 ordinary shares to Co\u00f6peratie Rensing Group in a private placement agreement, representing proceeds of \u20ac\u00a05 million, at a nominal value of \u20ac\u00a04.90 per share. In addition, 33,431 shares were issued under employee incentive plans, comprising the Restricted Share Unit (RSU) and Long-Term Incentive Plan (LTIP). In total, 4,038,914 shares were issued during the year. As a result, the total number of issued shares increased to 33,170,913 as at December 31, 2025, with a total nominal value of \u20ac\u00a01,990 thousand. The share premium reserve increased to \u20ac\u00a0155,706 thousand as at December 31, 2025 (2024: \u20ac\u00a0131,114 thousand). At the balance sheet date, all outstanding shares are ordinary shares.
In 2022, the company repurchased 143,925 of its own shares in connection with business combinations and 60,000 of its own shares to satisfy obligations arising from equity-settled share-based compensation plans. Of these shares, 5,039 vested during 2025 (2024: 17,472 shares), as disclosed in note 22. At year-end, the balance of treasury shares amounted to nil (2024: \u20ac\u00a078 thousand) and represented nil shares (2024: 5,039 shares). The legal reserves amount to \u20ac\u00a050,895 thousand (2024: \u20ac\u00a047,303 thousand) and are considered non-distributable in accordance with Dutch law. As disclosed in note 7 of the corporate financial statements, these reserves relate to capitalized development costs and the foreign currency translation reserve. Consequently, no dividends are available for distribution.
The weighted average number of ordinary shares used as the denominator in the calculation of basic and diluted loss per share amounted to 31,151,456 (2024: 29,121,682). The total result after tax used in the calculation of basic and diluted loss per share for 2025 amounted to \u20ac\u00a03,786 thousand (2024: \u20ac\u00a019,813 thousand). In 2024, potential ordinary shares arising from the convertible bonds were considered anti-dilutive in accordance with IAS 33.41, as their assumed conversion would have decreased the loss per share from continuing operations. Accordingly, these potential ordinary shares were excluded from the calculation of diluted earnings per share for the year ended December 31, 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5299": { "value": "CM.com manages its capital to ensure that entities in CM.com will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance. CM.com\u2019s overall strategy remains unchanged from 2024.
The capital structure of the company consists of net debt and shareholders\u2019 equity. Net debt is defined as the nominal value of the outstanding revolving credit facility (RCF) as disclosed in note 16, less unrestricted cash at bank as disclosed in note 15. In 2024, net debt included the convertible bonds as disclosed in note 17. Shareholders\u2019 equity comprises issued ordinary share capital, share premium, reserve, and accumulated deficits, as presented in the consolidated statement of financial position and disclosed below.
At January 1, 2025, CM.com had 29,131,999 issued and authorized ordinary shares, with a total nominal value of \u20ac\u00a01,748 thousand. The share premium reserve amounted to \u20ac\u00a0131,114 thousand. In February 2025, CM.com raised \u20ac\u00a020 million in equity through an accelerated bookbuild in order to strengthen its balance sheet. In connection with this transaction, 2,985,075 ordinary shares were issued at a nominal value of \u20ac\u00a06.70 per share, as part of the refinancing of the convertible bonds. Transaction costs of \u20ac\u00a0515 thousand, directly attributable to the capital increase, were recognized as a deduction from equity.
In November 2025, CM.com issued 1,020,408 ordinary shares to Co\u00f6peratie Rensing Group in a private placement agreement, representing proceeds of \u20ac\u00a05 million, at a nominal value of \u20ac\u00a04.90 per share. In addition, 33,431 shares were issued under employee incentive plans, comprising the Restricted Share Unit (RSU) and Long-Term Incentive Plan (LTIP). In total, 4,038,914 shares were issued during the year. As a result, the total number of issued shares increased to 33,170,913 as at December 31, 2025, with a total nominal value of \u20ac\u00a01,990 thousand. The share premium reserve increased to \u20ac\u00a0155,706 thousand as at December 31, 2025 (2024: \u20ac\u00a0131,114 thousand). At the balance sheet date, all outstanding shares are ordinary shares.
In 2022, the company repurchased 143,925 of its own shares in connection with business combinations and 60,000 of its own shares to satisfy obligations arising from equity-settled share-based compensation plans. Of these shares, 5,039 vested during 2025 (2024: 17,472 shares), as disclosed in note 22. At year-end, the balance of treasury shares amounted to nil (2024: \u20ac\u00a078 thousand) and represented nil shares (2024: 5,039 shares). The legal reserves amount to \u20ac\u00a050,895 thousand (2024: \u20ac\u00a047,303 thousand) and are considered non-distributable in accordance with Dutch law. As disclosed in note 7 of the corporate financial statements, these reserves relate to capitalized development costs and the foreign currency translation reserve. Consequently, no dividends are available for distribution.
The weighted average number of ordinary shares used as the denominator in the calculation of basic and diluted loss per share amounted to 31,151,456 (2024: 29,121,682). The total result after tax used in the calculation of basic and diluted loss per share for 2025 amounted to \u20ac\u00a03,786 thousand (2024: \u20ac\u00a019,813 thousand). In 2024, potential ordinary shares arising from the convertible bonds were considered anti-dilutive in accordance with IAS 33.41, as their assumed conversion would have decreased the loss per share from continuing operations. Accordingly, these potential ordinary shares were excluded from the calculation of diluted earnings per share for the year ended December 31, 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5300": { "value": "CM.com manages its capital to ensure that entities in CM.com will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance. CM.com\u2019s overall strategy remains unchanged from 2024.
The capital structure of the company consists of net debt and shareholders\u2019 equity. Net debt is defined as the nominal value of the outstanding revolving credit facility (RCF) as disclosed in note 16, less unrestricted cash at bank as disclosed in note 15. In 2024, net debt included the convertible bonds as disclosed in note 17. Shareholders\u2019 equity comprises issued ordinary share capital, share premium, reserve, and accumulated deficits, as presented in the consolidated statement of financial position and disclosed below.
At January 1, 2025, CM.com had 29,131,999 issued and authorized ordinary shares, with a total nominal value of \u20ac\u00a01,748 thousand. The share premium reserve amounted to \u20ac\u00a0131,114 thousand. In February 2025, CM.com raised \u20ac\u00a020 million in equity through an accelerated bookbuild in order to strengthen its balance sheet. In connection with this transaction, 2,985,075 ordinary shares were issued at a nominal value of \u20ac\u00a06.70 per share, as part of the refinancing of the convertible bonds. Transaction costs of \u20ac\u00a0515 thousand, directly attributable to the capital increase, were recognized as a deduction from equity.
In November 2025, CM.com issued 1,020,408 ordinary shares to Co\u00f6peratie Rensing Group in a private placement agreement, representing proceeds of \u20ac\u00a05 million, at a nominal value of \u20ac\u00a04.90 per share. In addition, 33,431 shares were issued under employee incentive plans, comprising the Restricted Share Unit (RSU) and Long-Term Incentive Plan (LTIP). In total, 4,038,914 shares were issued during the year. As a result, the total number of issued shares increased to 33,170,913 as at December 31, 2025, with a total nominal value of \u20ac\u00a01,990 thousand. The share premium reserve increased to \u20ac\u00a0155,706 thousand as at December 31, 2025 (2024: \u20ac\u00a0131,114 thousand). At the balance sheet date, all outstanding shares are ordinary shares.
In 2022, the company repurchased 143,925 of its own shares in connection with business combinations and 60,000 of its own shares to satisfy obligations arising from equity-settled share-based compensation plans. Of these shares, 5,039 vested during 2025 (2024: 17,472 shares), as disclosed in note 22. At year-end, the balance of treasury shares amounted to nil (2024: \u20ac\u00a078 thousand) and represented nil shares (2024: 5,039 shares). The legal reserves amount to \u20ac\u00a050,895 thousand (2024: \u20ac\u00a047,303 thousand) and are considered non-distributable in accordance with Dutch law. As disclosed in note 7 of the corporate financial statements, these reserves relate to capitalized development costs and the foreign currency translation reserve. Consequently, no dividends are available for distribution.
The weighted average number of ordinary shares used as the denominator in the calculation of basic and diluted loss per share amounted to 31,151,456 (2024: 29,121,682). The total result after tax used in the calculation of basic and diluted loss per share for 2025 amounted to \u20ac\u00a03,786 thousand (2024: \u20ac\u00a019,813 thousand). In 2024, potential ordinary shares arising from the convertible bonds were considered anti-dilutive in accordance with IAS 33.41, as their assumed conversion would have decreased the loss per share from continuing operations. Accordingly, these potential ordinary shares were excluded from the calculation of diluted earnings per share for the year ended December 31, 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5301": { "value": "CM.com manages its capital to ensure that entities in CM.com will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance. CM.com\u2019s overall strategy remains unchanged from 2024.
The capital structure of the company consists of net debt and shareholders\u2019 equity. Net debt is defined as the nominal value of the outstanding revolving credit facility (RCF) as disclosed in note 16, less unrestricted cash at bank as disclosed in note 15. In 2024, net debt included the convertible bonds as disclosed in note 17. Shareholders\u2019 equity comprises issued ordinary share capital, share premium, reserve, and accumulated deficits, as presented in the consolidated statement of financial position and disclosed below.
At January 1, 2025, CM.com had 29,131,999 issued and authorized ordinary shares, with a total nominal value of \u20ac\u00a01,748 thousand. The share premium reserve amounted to \u20ac\u00a0131,114 thousand. In February 2025, CM.com raised \u20ac\u00a020 million in equity through an accelerated bookbuild in order to strengthen its balance sheet. In connection with this transaction, 2,985,075 ordinary shares were issued at a nominal value of \u20ac\u00a06.70 per share, as part of the refinancing of the convertible bonds. Transaction costs of \u20ac\u00a0515 thousand, directly attributable to the capital increase, were recognized as a deduction from equity.
In November 2025, CM.com issued 1,020,408 ordinary shares to Co\u00f6peratie Rensing Group in a private placement agreement, representing proceeds of \u20ac\u00a05 million, at a nominal value of \u20ac\u00a04.90 per share. In addition, 33,431 shares were issued under employee incentive plans, comprising the Restricted Share Unit (RSU) and Long-Term Incentive Plan (LTIP). In total, 4,038,914 shares were issued during the year. As a result, the total number of issued shares increased to 33,170,913 as at December 31, 2025, with a total nominal value of \u20ac\u00a01,990 thousand. The share premium reserve increased to \u20ac\u00a0155,706 thousand as at December 31, 2025 (2024: \u20ac\u00a0131,114 thousand). At the balance sheet date, all outstanding shares are ordinary shares.
In 2022, the company repurchased 143,925 of its own shares in connection with business combinations and 60,000 of its own shares to satisfy obligations arising from equity-settled share-based compensation plans. Of these shares, 5,039 vested during 2025 (2024: 17,472 shares), as disclosed in note 22. At year-end, the balance of treasury shares amounted to nil (2024: \u20ac\u00a078 thousand) and represented nil shares (2024: 5,039 shares). The legal reserves amount to \u20ac\u00a050,895 thousand (2024: \u20ac\u00a047,303 thousand) and are considered non-distributable in accordance with Dutch law. As disclosed in note 7 of the corporate financial statements, these reserves relate to capitalized development costs and the foreign currency translation reserve. Consequently, no dividends are available for distribution.
The weighted average number of ordinary shares used as the denominator in the calculation of basic and diluted loss per share amounted to 31,151,456 (2024: 29,121,682). The total result after tax used in the calculation of basic and diluted loss per share for 2025 amounted to \u20ac\u00a03,786 thousand (2024: \u20ac\u00a019,813 thousand). In 2024, potential ordinary shares arising from the convertible bonds were considered anti-dilutive in accordance with IAS 33.41, as their assumed conversion would have decreased the loss per share from continuing operations. Accordingly, these potential ordinary shares were excluded from the calculation of diluted earnings per share for the year ended December 31, 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5302": { "value": "CM.com manages its capital to ensure that entities in CM.com will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance. CM.com\u2019s overall strategy remains unchanged from 2024.
The capital structure of the company consists of net debt and shareholders\u2019 equity. Net debt is defined as the nominal value of the outstanding revolving credit facility (RCF) as disclosed in note 16, less unrestricted cash at bank as disclosed in note 15. In 2024, net debt included the convertible bonds as disclosed in note 17. Shareholders\u2019 equity comprises issued ordinary share capital, share premium, reserve, and accumulated deficits, as presented in the consolidated statement of financial position and disclosed below.
At January 1, 2025, CM.com had 29,131,999 issued and authorized ordinary shares, with a total nominal value of \u20ac\u00a01,748 thousand. The share premium reserve amounted to \u20ac\u00a0131,114 thousand. In February 2025, CM.com raised \u20ac\u00a020 million in equity through an accelerated bookbuild in order to strengthen its balance sheet. In connection with this transaction, 2,985,075 ordinary shares were issued at a nominal value of \u20ac\u00a06.70 per share, as part of the refinancing of the convertible bonds. Transaction costs of \u20ac\u00a0515 thousand, directly attributable to the capital increase, were recognized as a deduction from equity.
In November 2025, CM.com issued 1,020,408 ordinary shares to Co\u00f6peratie Rensing Group in a private placement agreement, representing proceeds of \u20ac\u00a05 million, at a nominal value of \u20ac\u00a04.90 per share. In addition, 33,431 shares were issued under employee incentive plans, comprising the Restricted Share Unit (RSU) and Long-Term Incentive Plan (LTIP). In total, 4,038,914 shares were issued during the year. As a result, the total number of issued shares increased to 33,170,913 as at December 31, 2025, with a total nominal value of \u20ac\u00a01,990 thousand. The share premium reserve increased to \u20ac\u00a0155,706 thousand as at December 31, 2025 (2024: \u20ac\u00a0131,114 thousand). At the balance sheet date, all outstanding shares are ordinary shares.
In 2022, the company repurchased 143,925 of its own shares in connection with business combinations and 60,000 of its own shares to satisfy obligations arising from equity-settled share-based compensation plans. Of these shares, 5,039 vested during 2025 (2024: 17,472 shares), as disclosed in note 22. At year-end, the balance of treasury shares amounted to nil (2024: \u20ac\u00a078 thousand) and represented nil shares (2024: 5,039 shares). The legal reserves amount to \u20ac\u00a050,895 thousand (2024: \u20ac\u00a047,303 thousand) and are considered non-distributable in accordance with Dutch law. As disclosed in note 7 of the corporate financial statements, these reserves relate to capitalized development costs and the foreign currency translation reserve. Consequently, no dividends are available for distribution.
The weighted average number of ordinary shares used as the denominator in the calculation of basic and diluted loss per share amounted to 31,151,456 (2024: 29,121,682). The total result after tax used in the calculation of basic and diluted loss per share for 2025 amounted to \u20ac\u00a03,786 thousand (2024: \u20ac\u00a019,813 thousand). In 2024, potential ordinary shares arising from the convertible bonds were considered anti-dilutive in accordance with IAS 33.41, as their assumed conversion would have decreased the loss per share from continuing operations. Accordingly, these potential ordinary shares were excluded from the calculation of diluted earnings per share for the year ended December 31, 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5303": { "value": "CM.com manages its capital to ensure that entities in CM.com will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance. CM.com\u2019s overall strategy remains unchanged from 2024.
The capital structure of the company consists of net debt and shareholders\u2019 equity. Net debt is defined as the nominal value of the outstanding revolving credit facility (RCF) as disclosed in note 16, less unrestricted cash at bank as disclosed in note 15. In 2024, net debt included the convertible bonds as disclosed in note 17. Shareholders\u2019 equity comprises issued ordinary share capital, share premium, reserve, and accumulated deficits, as presented in the consolidated statement of financial position and disclosed below.
At January 1, 2025, CM.com had 29,131,999 issued and authorized ordinary shares, with a total nominal value of \u20ac\u00a01,748 thousand. The share premium reserve amounted to \u20ac\u00a0131,114 thousand. In February 2025, CM.com raised \u20ac\u00a020 million in equity through an accelerated bookbuild in order to strengthen its balance sheet. In connection with this transaction, 2,985,075 ordinary shares were issued at a nominal value of \u20ac\u00a06.70 per share, as part of the refinancing of the convertible bonds. Transaction costs of \u20ac\u00a0515 thousand, directly attributable to the capital increase, were recognized as a deduction from equity.
In November 2025, CM.com issued 1,020,408 ordinary shares to Co\u00f6peratie Rensing Group in a private placement agreement, representing proceeds of \u20ac\u00a05 million, at a nominal value of \u20ac\u00a04.90 per share. In addition, 33,431 shares were issued under employee incentive plans, comprising the Restricted Share Unit (RSU) and Long-Term Incentive Plan (LTIP). In total, 4,038,914 shares were issued during the year. As a result, the total number of issued shares increased to 33,170,913 as at December 31, 2025, with a total nominal value of \u20ac\u00a01,990 thousand. The share premium reserve increased to \u20ac\u00a0155,706 thousand as at December 31, 2025 (2024: \u20ac\u00a0131,114 thousand). At the balance sheet date, all outstanding shares are ordinary shares.
In 2022, the company repurchased 143,925 of its own shares in connection with business combinations and 60,000 of its own shares to satisfy obligations arising from equity-settled share-based compensation plans. Of these shares, 5,039 vested during 2025 (2024: 17,472 shares), as disclosed in note 22. At year-end, the balance of treasury shares amounted to nil (2024: \u20ac\u00a078 thousand) and represented nil shares (2024: 5,039 shares). The legal reserves amount to \u20ac\u00a050,895 thousand (2024: \u20ac\u00a047,303 thousand) and are considered non-distributable in accordance with Dutch law. As disclosed in note 7 of the corporate financial statements, these reserves relate to capitalized development costs and the foreign currency translation reserve. Consequently, no dividends are available for distribution.
The weighted average number of ordinary shares used as the denominator in the calculation of basic and diluted loss per share amounted to 31,151,456 (2024: 29,121,682). The total result after tax used in the calculation of basic and diluted loss per share for 2025 amounted to \u20ac\u00a03,786 thousand (2024: \u20ac\u00a019,813 thousand). In 2024, potential ordinary shares arising from the convertible bonds were considered anti-dilutive in accordance with IAS 33.41, as their assumed conversion would have decreased the loss per share from continuing operations. Accordingly, these potential ordinary shares were excluded from the calculation of diluted earnings per share for the year ended December 31, 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5304": { "value": "CM.com manages its capital to ensure that entities in CM.com will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance. CM.com\u2019s overall strategy remains unchanged from 2024.
The capital structure of the company consists of net debt and shareholders\u2019 equity. Net debt is defined as the nominal value of the outstanding revolving credit facility (RCF) as disclosed in note 16, less unrestricted cash at bank as disclosed in note 15. In 2024, net debt included the convertible bonds as disclosed in note 17. Shareholders\u2019 equity comprises issued ordinary share capital, share premium, reserve, and accumulated deficits, as presented in the consolidated statement of financial position and disclosed below.
At January 1, 2025, CM.com had 29,131,999 issued and authorized ordinary shares, with a total nominal value of \u20ac\u00a01,748 thousand. The share premium reserve amounted to \u20ac\u00a0131,114 thousand. In February 2025, CM.com raised \u20ac\u00a020 million in equity through an accelerated bookbuild in order to strengthen its balance sheet. In connection with this transaction, 2,985,075 ordinary shares were issued at a nominal value of \u20ac\u00a06.70 per share, as part of the refinancing of the convertible bonds. Transaction costs of \u20ac\u00a0515 thousand, directly attributable to the capital increase, were recognized as a deduction from equity.
In November 2025, CM.com issued 1,020,408 ordinary shares to Co\u00f6peratie Rensing Group in a private placement agreement, representing proceeds of \u20ac\u00a05 million, at a nominal value of \u20ac\u00a04.90 per share. In addition, 33,431 shares were issued under employee incentive plans, comprising the Restricted Share Unit (RSU) and Long-Term Incentive Plan (LTIP). In total, 4,038,914 shares were issued during the year. As a result, the total number of issued shares increased to 33,170,913 as at December 31, 2025, with a total nominal value of \u20ac\u00a01,990 thousand. The share premium reserve increased to \u20ac\u00a0155,706 thousand as at December 31, 2025 (2024: \u20ac\u00a0131,114 thousand). At the balance sheet date, all outstanding shares are ordinary shares.
In 2022, the company repurchased 143,925 of its own shares in connection with business combinations and 60,000 of its own shares to satisfy obligations arising from equity-settled share-based compensation plans. Of these shares, 5,039 vested during 2025 (2024: 17,472 shares), as disclosed in note 22. At year-end, the balance of treasury shares amounted to nil (2024: \u20ac\u00a078 thousand) and represented nil shares (2024: 5,039 shares). The legal reserves amount to \u20ac\u00a050,895 thousand (2024: \u20ac\u00a047,303 thousand) and are considered non-distributable in accordance with Dutch law. As disclosed in note 7 of the corporate financial statements, these reserves relate to capitalized development costs and the foreign currency translation reserve. Consequently, no dividends are available for distribution.
The weighted average number of ordinary shares used as the denominator in the calculation of basic and diluted loss per share amounted to 31,151,456 (2024: 29,121,682). The total result after tax used in the calculation of basic and diluted loss per share for 2025 amounted to \u20ac\u00a03,786 thousand (2024: \u20ac\u00a019,813 thousand). In 2024, potential ordinary shares arising from the convertible bonds were considered anti-dilutive in accordance with IAS 33.41, as their assumed conversion would have decreased the loss per share from continuing operations. Accordingly, these potential ordinary shares were excluded from the calculation of diluted earnings per share for the year ended December 31, 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5774": { "value": "Credit risk represents the financial loss that would be recognized at the reporting date if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from CM.com\u2019s receivables from customers.
CM.com\u2019s exposure to credit risk is mainly influenced by the individual characteristics of each customer. The demographics of CM.com\u2019s customer base, including the default risk associated with the industry and the country in which customers operate, have a less significant impact on credit risk. CM.com mitigates credit risk by setting appropriate credit limits for each customer. The creditworthiness of debtors is continuously monitored, and appropriate actions are taken with respect to overdue invoices.
The carrying amount of financial assets represents CM.com\u2019s maximum exposure to credit risk. For an overview of the carrying amounts of Trade and other receivables, reference is made to note 14. No significant concentration of credit risk existed at the reporting date.
Expected credit losses on trade receivables and accrued revenue are measured using a provision matrix, based on historical payment behavior over a 12-month period for each debtor and an analysis of the debtor\u2019s current financial position. These estimates are adjusted for debtor-specific factors, general economic conditions in the industries in which the debtors operate, and an assessment of both current and forward-looking economic conditions at the reporting date.
The company has two other categories of financial assets that are subject to credit risk. Other and loan receivables, as disclosed in note 13, consist of contract assets relating to advance payments made to specific Live clients. These amounts are repaid through income generated from ticket sales. As at December 31, 2025, the repayment of a loan receivable with a carrying amount of \u20ac\u00a02.9 million (2024: \u20ac\u00a03.9 million) was overdue. Based on the contractual arrangements, underlying guarantees, and legal advice, management\u2019s best estimate is that the loan receivable is fully recoverable; therefore, a 0% risk rate has been applied in the measurement of expected credit losses. As at December 31, 2025, the company also recognized a contingent asset (see note 25) relating to a prepaid sublease agreement for one of its buildings. A 0% risk rate has been applied.
For other financial assets, such as deposits, it is assumed that, given the low credit risk and the limited amounts involved, the expected credit losses are not significant.
The changes in the provision for expected credit losses are as follows:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Balance as per January 1 | 2,681 | 2,087 |
| Additions to provision | 968 | 1,534 |
| Utilization of provision | (1,119) | (710) |
| Release of provision | (749) | (230) |
| Balance as per December 31 | 1,781 | 2,681 |
The aging of accounts receivables and accrued revenue is set out below:
| x \u20ac\u00a01,000 | 2025 | 2025 | 2024 | 2024 |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Gross | Net | Gross | Net |
| Current | 35,308 | 35,046 | 38,593 | 38,206 |
| 1 - 30 days | 4,007 | 3,955 | 8,685 | 8,547 |
| 31 - 60 days | 1,488 | 1,446 | 791 | 753 |
| > 60 days | 1,865 | 1,646 | 2,509 | 2,185 |
| 100% provided | 1,206 | - | 1,794 | - |
| \u00a0 | 43,874 | 42,093 | 52,372 | 49,691 |
The buckets and expected credit losses (ECL) are estimated as follows:
| Buckets | ECL % | |
|---|---|---|
| \u00a0 | 2025 | 2024 |
| Current | 0.8% | 1.0% |
| 1 - 30 days | 1.4% | 1.7% |
| 31 - 60 days | 4.7% | 5.8% |
| > 60 days | 10.7% | 14.1% |
| 100% provided | 100.0% | 100.0% |
The ECL improvement reflects enhanced payment behavior driven by direct debit migration and strengthened APAC credit management processes aligned with local practices, resulting in more timely collections and structurally lower credit risk across the portfolio.
CM.com applies the IFRS 9 simplified approach to measure expected credit losses, whereby a lifetime expected credit loss allowance is recognized for all trade receivables and accrued revenue, excluding VAT. To determine expected credit losses, trade receivables and accrued revenue are grouped based on shared credit risk characteristics, primarily determined by days past due. Accrued revenue relates to unbilled services and is considered to have substantially the same credit risk characteristics as current trade receivables for similar contract types.
Expected loss rates are based on historical payment patterns and the corresponding credit losses experienced in prior periods. Trade receivables are written off when there is no reasonable expectation of recovery. Indicators of this include, among others, the failure of a debtor to engage in a repayment plan with CM.com or to make contractual payments.
Impairments on trade receivables and accrued revenue are recognized, excluding VAT, through profit or loss under other operational expenses. Subsequent recoveries of amounts previously written off are credited against the same line item.
Market risk is the risk that changes in market prices, such as interest rates and foreign currencies, may adversely affect CM.com\u2019s income or the value of its financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable limits, while optimizing the return on risk. CM.com's market risk exposure primarily relates to interest rate risk and foreign currency risk.
Interest rate risk is the risk that the fair value or future cash flows of an exposure will fluctuate as a result of changes in interest rates. CM.com is exposed to interest rate risk on its revolving credit facility (see note 16). The interest rate consists of a variable component (EURIBOR) plus a fixed margin ranging between 4.75% and 5.50% per annum, depending on the leverage ratio. Interest expenses are calculated monthly in arrears based on the outstanding drawn amount. As of December 31, 2025, \u20ac\u00a075 million was drawn under the facility, exposing the company to fluctuations in EURIBOR rates. A 100 basis point increase in EURIBOR would result in additional annual interest expense of approximately \u20ac\u00a0750 thousand on the current drawn amount and CM.com continuously monitors interest rate developments. The interest rate risk is considered remote.
Foreign currency risk is the risk that the fair value or future cash flows will fluctuate as a result of changes in foreign exchange rates. CM.com's global operations create exposure to foreign currency risk, primarily arising from sales and purchases denominated in currencies other than the functional currency. This risk is partially mitigated through natural hedging by matching sales and purchase contracts in the same local currencies.
CM.com's exposure to foreign currency risk was as follows based on notional amounts:
| x \u20ac\u00a01,000 | \u00a0 | USD | GBP | CNY | ZAR | INR | SEK |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 354 | 268 | 203 | 204 | 63 | - |
| Short-term loan receivables | \u00a0 | - | 2,877 | - | - | - | - |
| Trade receivables | \u00a0 | 7,901 | 74 | 184 | 129 | 103 | 296 |
| Trade payables | \u00a0 | (2,928) | (2,127) | (18) | (109) | (8) | (205) |
| \u00a0 | \u00a0 | 5,327 | 1,092 | 369 | 224 | 158 | 91 |
| x \u20ac\u00a01,000 | \u00a0 | USD | GBP | CNY | ZAR | INR | JPY |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 1,354 | 37 | 339 | 259 | 136 | 180 |
| Short-term loan receivables | \u00a0 | - | 4,385 | - | - | - | - |
| Trade receivables | \u00a0 | 16,011 | 176 | 103 | 132 | 97 | 16 |
| Trade payables | \u00a0 | (5,842) | (1,130) | (40) | (89) | (37) | (720) |
| \u00a0 | \u00a0 | 11,523 | 3,468 | 402 | 302 | 196 | (524) |
The amounts disclosed exclude the activities of the foundations, as their cash, receivables, and payables are both received and settled in the same currency. Consequently, the foreign currency risk relating to these balances is considered remote.
The summary below shows the effect on profit or loss of a reasonably possible change in foreign exchange rates of +5%, with all other variables held constant, for the primary foreign currencies.
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| USD | 251 | 533 |
| GBP | 172 | 158 |
| CNY | 18 | 19 |
| SEK | 14 | - |
| ZAR | 11 | 14 |
| INR | 10 | 10 |
| JPY | 2 | (25) |
Liquidity risk is the risk that CM.com will be unable to meet its financial obligations as they fall due. CM.com\u2019s approach to managing liquidity risk is to ensure, as far as possible, that sufficient liquidity is available at all times to meet liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to CM.com\u2019s reputation. Liquidity budgets are prepared periodically, and liquidity risks are managed through interim monitoring and, where necessary, adjustments to cash flow planning and funding arrangements. These liquidity budgets take cash constraints into account. CM.com ensures that it maintains sufficient cash on demand to meet expected operational expenses and financial obligations. This assessment excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.
On February 12, 2025, CM.com entered into a facility agreement with HSBC Continental Europe, ING Bank N.V., and ABN AMRO Bank for a revolving credit facility (RCF) with a principal amount of \u20ac\u00a080 million. The facility includes customary covenants and guarantees in the event of default. Further details are disclosed in note 16.
The table below summarizes CM.com\u2019s financial liabilities based on contractual undiscounted cash flows.
| x \u20ac\u00a01,000 | Note | 0-3 months | 4-12 months | 1-5 years | Over 5 years | Total | Carrying amount |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease liabilities | 16 | 863 | 2,394 | 9,357 | 3,283 | 15,897 | 13,696 |
| Revolving credit facility | 16 | - | - | 75,000 | - | 75,000 | 73,790 |
| Trade payables | 19 | 28,495 | - | - | - | 28,495 | 28,495 |
| Other financial liabilities | 19 | 53,822 | - | - | - | 53,822 | 53,822 |
| Tax debt | 16 | 75 | 224 | 224 | - | 523 | 508 |
| \u00a0 | \u00a0 | 83,255 | 2,618 | 84,581 | 3,283 | 173,737 | 170,311 |
The principal amount of the revolving credit facility of \u20ac\u00a075 million is presented in the maturity bucket aligned with the facility's contractual maturity of February 2028, with two one-year extension options available, see note 16. Subsequent to the reporting date, in January 2026, the company repaid \u20ac\u00a05 million. As no contractual obligation existed at December 31, 2025, to settle this amount, the repayment does not impact the contractual maturity analysis disclosed above.
| x \u20ac\u00a01,000 | Note | 0-3 months | 4-12 months | 1-5 years | Over 5 years | Total | Carrying amount |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease liabilities | 16 | 1,190 | 2,680 | 9,562 | 5,148 | 18,580 | 15,494 |
| Convertible bonds | 17 | 1,000 | 1,000 | 102,000 | - | 104,000 | 97,630 |
| Trade payables | 19 | 42,284 | - | - | - | 42,284 | 42,284 |
| Other financial liabilities | 19 | 57,815 | - | - | - | 57,815 | 57,815 |
| Tax debt | 16 | 75 | 224 | 523 | - | 822 | 785 |
| \u00a0 | \u00a0 | 102,364 | 3,904 | 112,085 | 5,148 | 223,501 | 214,008 |
Credit risk represents the financial loss that would be recognized at the reporting date if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from CM.com\u2019s receivables from customers.
CM.com\u2019s exposure to credit risk is mainly influenced by the individual characteristics of each customer. The demographics of CM.com\u2019s customer base, including the default risk associated with the industry and the country in which customers operate, have a less significant impact on credit risk. CM.com mitigates credit risk by setting appropriate credit limits for each customer. The creditworthiness of debtors is continuously monitored, and appropriate actions are taken with respect to overdue invoices.
The carrying amount of financial assets represents CM.com\u2019s maximum exposure to credit risk. For an overview of the carrying amounts of Trade and other receivables, reference is made to note 14. No significant concentration of credit risk existed at the reporting date.
Expected credit losses on trade receivables and accrued revenue are measured using a provision matrix, based on historical payment behavior over a 12-month period for each debtor and an analysis of the debtor\u2019s current financial position. These estimates are adjusted for debtor-specific factors, general economic conditions in the industries in which the debtors operate, and an assessment of both current and forward-looking economic conditions at the reporting date.
The company has two other categories of financial assets that are subject to credit risk. Other and loan receivables, as disclosed in note 13, consist of contract assets relating to advance payments made to specific Live clients. These amounts are repaid through income generated from ticket sales. As at December 31, 2025, the repayment of a loan receivable with a carrying amount of \u20ac\u00a02.9 million (2024: \u20ac\u00a03.9 million) was overdue. Based on the contractual arrangements, underlying guarantees, and legal advice, management\u2019s best estimate is that the loan receivable is fully recoverable; therefore, a 0% risk rate has been applied in the measurement of expected credit losses. As at December 31, 2025, the company also recognized a contingent asset (see note 25) relating to a prepaid sublease agreement for one of its buildings. A 0% risk rate has been applied.
For other financial assets, such as deposits, it is assumed that, given the low credit risk and the limited amounts involved, the expected credit losses are not significant.
The changes in the provision for expected credit losses are as follows:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Balance as per January 1 | 2,681 | 2,087 |
| Additions to provision | 968 | 1,534 |
| Utilization of provision | (1,119) | (710) |
| Release of provision | (749) | (230) |
| Balance as per December 31 | 1,781 | 2,681 |
The aging of accounts receivables and accrued revenue is set out below:
| x \u20ac\u00a01,000 | 2025 | 2025 | 2024 | 2024 |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Gross | Net | Gross | Net |
| Current | 35,308 | 35,046 | 38,593 | 38,206 |
| 1 - 30 days | 4,007 | 3,955 | 8,685 | 8,547 |
| 31 - 60 days | 1,488 | 1,446 | 791 | 753 |
| > 60 days | 1,865 | 1,646 | 2,509 | 2,185 |
| 100% provided | 1,206 | - | 1,794 | - |
| \u00a0 | 43,874 | 42,093 | 52,372 | 49,691 |
The buckets and expected credit losses (ECL) are estimated as follows:
| Buckets | ECL % | |
|---|---|---|
| \u00a0 | 2025 | 2024 |
| Current | 0.8% | 1.0% |
| 1 - 30 days | 1.4% | 1.7% |
| 31 - 60 days | 4.7% | 5.8% |
| > 60 days | 10.7% | 14.1% |
| 100% provided | 100.0% | 100.0% |
The ECL improvement reflects enhanced payment behavior driven by direct debit migration and strengthened APAC credit management processes aligned with local practices, resulting in more timely collections and structurally lower credit risk across the portfolio.
CM.com applies the IFRS 9 simplified approach to measure expected credit losses, whereby a lifetime expected credit loss allowance is recognized for all trade receivables and accrued revenue, excluding VAT. To determine expected credit losses, trade receivables and accrued revenue are grouped based on shared credit risk characteristics, primarily determined by days past due. Accrued revenue relates to unbilled services and is considered to have substantially the same credit risk characteristics as current trade receivables for similar contract types.
Expected loss rates are based on historical payment patterns and the corresponding credit losses experienced in prior periods. Trade receivables are written off when there is no reasonable expectation of recovery. Indicators of this include, among others, the failure of a debtor to engage in a repayment plan with CM.com or to make contractual payments.
Impairments on trade receivables and accrued revenue are recognized, excluding VAT, through profit or loss under other operational expenses. Subsequent recoveries of amounts previously written off are credited against the same line item.
Market risk is the risk that changes in market prices, such as interest rates and foreign currencies, may adversely affect CM.com\u2019s income or the value of its financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable limits, while optimizing the return on risk. CM.com's market risk exposure primarily relates to interest rate risk and foreign currency risk.
Interest rate risk is the risk that the fair value or future cash flows of an exposure will fluctuate as a result of changes in interest rates. CM.com is exposed to interest rate risk on its revolving credit facility (see note 16). The interest rate consists of a variable component (EURIBOR) plus a fixed margin ranging between 4.75% and 5.50% per annum, depending on the leverage ratio. Interest expenses are calculated monthly in arrears based on the outstanding drawn amount. As of December 31, 2025, \u20ac\u00a075 million was drawn under the facility, exposing the company to fluctuations in EURIBOR rates. A 100 basis point increase in EURIBOR would result in additional annual interest expense of approximately \u20ac\u00a0750 thousand on the current drawn amount and CM.com continuously monitors interest rate developments. The interest rate risk is considered remote.
Foreign currency risk is the risk that the fair value or future cash flows will fluctuate as a result of changes in foreign exchange rates. CM.com's global operations create exposure to foreign currency risk, primarily arising from sales and purchases denominated in currencies other than the functional currency. This risk is partially mitigated through natural hedging by matching sales and purchase contracts in the same local currencies.
CM.com's exposure to foreign currency risk was as follows based on notional amounts:
| x \u20ac\u00a01,000 | \u00a0 | USD | GBP | CNY | ZAR | INR | SEK |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 354 | 268 | 203 | 204 | 63 | - |
| Short-term loan receivables | \u00a0 | - | 2,877 | - | - | - | - |
| Trade receivables | \u00a0 | 7,901 | 74 | 184 | 129 | 103 | 296 |
| Trade payables | \u00a0 | (2,928) | (2,127) | (18) | (109) | (8) | (205) |
| \u00a0 | \u00a0 | 5,327 | 1,092 | 369 | 224 | 158 | 91 |
| x \u20ac\u00a01,000 | \u00a0 | USD | GBP | CNY | ZAR | INR | JPY |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 1,354 | 37 | 339 | 259 | 136 | 180 |
| Short-term loan receivables | \u00a0 | - | 4,385 | - | - | - | - |
| Trade receivables | \u00a0 | 16,011 | 176 | 103 | 132 | 97 | 16 |
| Trade payables | \u00a0 | (5,842) | (1,130) | (40) | (89) | (37) | (720) |
| \u00a0 | \u00a0 | 11,523 | 3,468 | 402 | 302 | 196 | (524) |
The amounts disclosed exclude the activities of the foundations, as their cash, receivables, and payables are both received and settled in the same currency. Consequently, the foreign currency risk relating to these balances is considered remote.
The summary below shows the effect on profit or loss of a reasonably possible change in foreign exchange rates of +5%, with all other variables held constant, for the primary foreign currencies.
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| USD | 251 | 533 |
| GBP | 172 | 158 |
| CNY | 18 | 19 |
| SEK | 14 | - |
| ZAR | 11 | 14 |
| INR | 10 | 10 |
| JPY | 2 | (25) |
Liquidity risk is the risk that CM.com will be unable to meet its financial obligations as they fall due. CM.com\u2019s approach to managing liquidity risk is to ensure, as far as possible, that sufficient liquidity is available at all times to meet liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to CM.com\u2019s reputation. Liquidity budgets are prepared periodically, and liquidity risks are managed through interim monitoring and, where necessary, adjustments to cash flow planning and funding arrangements. These liquidity budgets take cash constraints into account. CM.com ensures that it maintains sufficient cash on demand to meet expected operational expenses and financial obligations. This assessment excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.
On February 12, 2025, CM.com entered into a facility agreement with HSBC Continental Europe, ING Bank N.V., and ABN AMRO Bank for a revolving credit facility (RCF) with a principal amount of \u20ac\u00a080 million. The facility includes customary covenants and guarantees in the event of default. Further details are disclosed in note 16.
The table below summarizes CM.com\u2019s financial liabilities based on contractual undiscounted cash flows.
| x \u20ac\u00a01,000 | Note | 0-3 months | 4-12 months | 1-5 years | Over 5 years | Total | Carrying amount |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease liabilities | 16 | 863 | 2,394 | 9,357 | 3,283 | 15,897 | 13,696 |
| Revolving credit facility | 16 | - | - | 75,000 | - | 75,000 | 73,790 |
| Trade payables | 19 | 28,495 | - | - | - | 28,495 | 28,495 |
| Other financial liabilities | 19 | 53,822 | - | - | - | 53,822 | 53,822 |
| Tax debt | 16 | 75 | 224 | 224 | - | 523 | 508 |
| \u00a0 | \u00a0 | 83,255 | 2,618 | 84,581 | 3,283 | 173,737 | 170,311 |
The principal amount of the revolving credit facility of \u20ac\u00a075 million is presented in the maturity bucket aligned with the facility's contractual maturity of February 2028, with two one-year extension options available, see note 16. Subsequent to the reporting date, in January 2026, the company repaid \u20ac\u00a05 million. As no contractual obligation existed at December 31, 2025, to settle this amount, the repayment does not impact the contractual maturity analysis disclosed above.
| x \u20ac\u00a01,000 | Note | 0-3 months | 4-12 months | 1-5 years | Over 5 years | Total | Carrying amount |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease liabilities | 16 | 1,190 | 2,680 | 9,562 | 5,148 | 18,580 | 15,494 |
| Convertible bonds | 17 | 1,000 | 1,000 | 102,000 | - | 104,000 | 97,630 |
| Trade payables | 19 | 42,284 | - | - | - | 42,284 | 42,284 |
| Other financial liabilities | 19 | 57,815 | - | - | - | 57,815 | 57,815 |
| Tax debt | 16 | 75 | 224 | 523 | - | 822 | 785 |
| \u00a0 | \u00a0 | 102,364 | 3,904 | 112,085 | 5,148 | 223,501 | 214,008 |
Credit risk represents the financial loss that would be recognized at the reporting date if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from CM.com\u2019s receivables from customers.
CM.com\u2019s exposure to credit risk is mainly influenced by the individual characteristics of each customer. The demographics of CM.com\u2019s customer base, including the default risk associated with the industry and the country in which customers operate, have a less significant impact on credit risk. CM.com mitigates credit risk by setting appropriate credit limits for each customer. The creditworthiness of debtors is continuously monitored, and appropriate actions are taken with respect to overdue invoices.
The carrying amount of financial assets represents CM.com\u2019s maximum exposure to credit risk. For an overview of the carrying amounts of Trade and other receivables, reference is made to note 14. No significant concentration of credit risk existed at the reporting date.
Expected credit losses on trade receivables and accrued revenue are measured using a provision matrix, based on historical payment behavior over a 12-month period for each debtor and an analysis of the debtor\u2019s current financial position. These estimates are adjusted for debtor-specific factors, general economic conditions in the industries in which the debtors operate, and an assessment of both current and forward-looking economic conditions at the reporting date.
The company has two other categories of financial assets that are subject to credit risk. Other and loan receivables, as disclosed in note 13, consist of contract assets relating to advance payments made to specific Live clients. These amounts are repaid through income generated from ticket sales. As at December 31, 2025, the repayment of a loan receivable with a carrying amount of \u20ac\u00a02.9 million (2024: \u20ac\u00a03.9 million) was overdue. Based on the contractual arrangements, underlying guarantees, and legal advice, management\u2019s best estimate is that the loan receivable is fully recoverable; therefore, a 0% risk rate has been applied in the measurement of expected credit losses. As at December 31, 2025, the company also recognized a contingent asset (see note 25) relating to a prepaid sublease agreement for one of its buildings. A 0% risk rate has been applied.
For other financial assets, such as deposits, it is assumed that, given the low credit risk and the limited amounts involved, the expected credit losses are not significant.
The changes in the provision for expected credit losses are as follows:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Balance as per January 1 | 2,681 | 2,087 |
| Additions to provision | 968 | 1,534 |
| Utilization of provision | (1,119) | (710) |
| Release of provision | (749) | (230) |
| Balance as per December 31 | 1,781 | 2,681 |
The aging of accounts receivables and accrued revenue is set out below:
| x \u20ac\u00a01,000 | 2025 | 2025 | 2024 | 2024 |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Gross | Net | Gross | Net |
| Current | 35,308 | 35,046 | 38,593 | 38,206 |
| 1 - 30 days | 4,007 | 3,955 | 8,685 | 8,547 |
| 31 - 60 days | 1,488 | 1,446 | 791 | 753 |
| > 60 days | 1,865 | 1,646 | 2,509 | 2,185 |
| 100% provided | 1,206 | - | 1,794 | - |
| \u00a0 | 43,874 | 42,093 | 52,372 | 49,691 |
The buckets and expected credit losses (ECL) are estimated as follows:
| Buckets | ECL % | |
|---|---|---|
| \u00a0 | 2025 | 2024 |
| Current | 0.8% | 1.0% |
| 1 - 30 days | 1.4% | 1.7% |
| 31 - 60 days | 4.7% | 5.8% |
| > 60 days | 10.7% | 14.1% |
| 100% provided | 100.0% | 100.0% |
The ECL improvement reflects enhanced payment behavior driven by direct debit migration and strengthened APAC credit management processes aligned with local practices, resulting in more timely collections and structurally lower credit risk across the portfolio.
CM.com applies the IFRS 9 simplified approach to measure expected credit losses, whereby a lifetime expected credit loss allowance is recognized for all trade receivables and accrued revenue, excluding VAT. To determine expected credit losses, trade receivables and accrued revenue are grouped based on shared credit risk characteristics, primarily determined by days past due. Accrued revenue relates to unbilled services and is considered to have substantially the same credit risk characteristics as current trade receivables for similar contract types.
Expected loss rates are based on historical payment patterns and the corresponding credit losses experienced in prior periods. Trade receivables are written off when there is no reasonable expectation of recovery. Indicators of this include, among others, the failure of a debtor to engage in a repayment plan with CM.com or to make contractual payments.
Impairments on trade receivables and accrued revenue are recognized, excluding VAT, through profit or loss under other operational expenses. Subsequent recoveries of amounts previously written off are credited against the same line item.
Market risk is the risk that changes in market prices, such as interest rates and foreign currencies, may adversely affect CM.com\u2019s income or the value of its financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable limits, while optimizing the return on risk. CM.com's market risk exposure primarily relates to interest rate risk and foreign currency risk.
Interest rate risk is the risk that the fair value or future cash flows of an exposure will fluctuate as a result of changes in interest rates. CM.com is exposed to interest rate risk on its revolving credit facility (see note 16). The interest rate consists of a variable component (EURIBOR) plus a fixed margin ranging between 4.75% and 5.50% per annum, depending on the leverage ratio. Interest expenses are calculated monthly in arrears based on the outstanding drawn amount. As of December 31, 2025, \u20ac\u00a075 million was drawn under the facility, exposing the company to fluctuations in EURIBOR rates. A 100 basis point increase in EURIBOR would result in additional annual interest expense of approximately \u20ac\u00a0750 thousand on the current drawn amount and CM.com continuously monitors interest rate developments. The interest rate risk is considered remote.
Foreign currency risk is the risk that the fair value or future cash flows will fluctuate as a result of changes in foreign exchange rates. CM.com's global operations create exposure to foreign currency risk, primarily arising from sales and purchases denominated in currencies other than the functional currency. This risk is partially mitigated through natural hedging by matching sales and purchase contracts in the same local currencies.
CM.com's exposure to foreign currency risk was as follows based on notional amounts:
| x \u20ac\u00a01,000 | \u00a0 | USD | GBP | CNY | ZAR | INR | SEK |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 354 | 268 | 203 | 204 | 63 | - |
| Short-term loan receivables | \u00a0 | - | 2,877 | - | - | - | - |
| Trade receivables | \u00a0 | 7,901 | 74 | 184 | 129 | 103 | 296 |
| Trade payables | \u00a0 | (2,928) | (2,127) | (18) | (109) | (8) | (205) |
| \u00a0 | \u00a0 | 5,327 | 1,092 | 369 | 224 | 158 | 91 |
| x \u20ac\u00a01,000 | \u00a0 | USD | GBP | CNY | ZAR | INR | JPY |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 1,354 | 37 | 339 | 259 | 136 | 180 |
| Short-term loan receivables | \u00a0 | - | 4,385 | - | - | - | - |
| Trade receivables | \u00a0 | 16,011 | 176 | 103 | 132 | 97 | 16 |
| Trade payables | \u00a0 | (5,842) | (1,130) | (40) | (89) | (37) | (720) |
| \u00a0 | \u00a0 | 11,523 | 3,468 | 402 | 302 | 196 | (524) |
The amounts disclosed exclude the activities of the foundations, as their cash, receivables, and payables are both received and settled in the same currency. Consequently, the foreign currency risk relating to these balances is considered remote.
The summary below shows the effect on profit or loss of a reasonably possible change in foreign exchange rates of +5%, with all other variables held constant, for the primary foreign currencies.
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| USD | 251 | 533 |
| GBP | 172 | 158 |
| CNY | 18 | 19 |
| SEK | 14 | - |
| ZAR | 11 | 14 |
| INR | 10 | 10 |
| JPY | 2 | (25) |
Liquidity risk is the risk that CM.com will be unable to meet its financial obligations as they fall due. CM.com\u2019s approach to managing liquidity risk is to ensure, as far as possible, that sufficient liquidity is available at all times to meet liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to CM.com\u2019s reputation. Liquidity budgets are prepared periodically, and liquidity risks are managed through interim monitoring and, where necessary, adjustments to cash flow planning and funding arrangements. These liquidity budgets take cash constraints into account. CM.com ensures that it maintains sufficient cash on demand to meet expected operational expenses and financial obligations. This assessment excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.
On February 12, 2025, CM.com entered into a facility agreement with HSBC Continental Europe, ING Bank N.V., and ABN AMRO Bank for a revolving credit facility (RCF) with a principal amount of \u20ac\u00a080 million. The facility includes customary covenants and guarantees in the event of default. Further details are disclosed in note 16.
The table below summarizes CM.com\u2019s financial liabilities based on contractual undiscounted cash flows.
| x \u20ac\u00a01,000 | Note | 0-3 months | 4-12 months | 1-5 years | Over 5 years | Total | Carrying amount |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease liabilities | 16 | 863 | 2,394 | 9,357 | 3,283 | 15,897 | 13,696 |
| Revolving credit facility | 16 | - | - | 75,000 | - | 75,000 | 73,790 |
| Trade payables | 19 | 28,495 | - | - | - | 28,495 | 28,495 |
| Other financial liabilities | 19 | 53,822 | - | - | - | 53,822 | 53,822 |
| Tax debt | 16 | 75 | 224 | 224 | - | 523 | 508 |
| \u00a0 | \u00a0 | 83,255 | 2,618 | 84,581 | 3,283 | 173,737 | 170,311 |
The principal amount of the revolving credit facility of \u20ac\u00a075 million is presented in the maturity bucket aligned with the facility's contractual maturity of February 2028, with two one-year extension options available, see note 16. Subsequent to the reporting date, in January 2026, the company repaid \u20ac\u00a05 million. As no contractual obligation existed at December 31, 2025, to settle this amount, the repayment does not impact the contractual maturity analysis disclosed above.
| x \u20ac\u00a01,000 | Note | 0-3 months | 4-12 months | 1-5 years | Over 5 years | Total | Carrying amount |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease liabilities | 16 | 1,190 | 2,680 | 9,562 | 5,148 | 18,580 | 15,494 |
| Convertible bonds | 17 | 1,000 | 1,000 | 102,000 | - | 104,000 | 97,630 |
| Trade payables | 19 | 42,284 | - | - | - | 42,284 | 42,284 |
| Other financial liabilities | 19 | 57,815 | - | - | - | 57,815 | 57,815 |
| Tax debt | 16 | 75 | 224 | 523 | - | 822 | 785 |
| \u00a0 | \u00a0 | 102,364 | 3,904 | 112,085 | 5,148 | 223,501 | 214,008 |
Financial assets and liabilities are initially recognized when CM.com becomes a party to the contractual provisions of the instrument.
The financial assets to which CM.com is a party include trade and other receivables, loan receivables, deposits, equity investments, cash and cash equivalents.
Financial assets are initially recognized at fair value plus, in the case of financial assets not measured at fair value through profit or loss, transaction costs that are directly attributable to their acquisition. Trade receivables without a significant financing component are initially measured at the transaction price.
After initial recognition, financial assets are subsequently measured either at amortized cost or at fair value through profit or loss, depending on both CM.com\u2019s business model for managing the financial assets and the contractual cash flow characteristics of the financial asset.
A financial asset is measured at amortized cost using the effective interest method if both of the following conditions are met:
the asset is held within a business model whose objective is to hold assets to collect contractual cash flows; and
the contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets held for trading, such as equity investments, are valued at fair value through profit or loss.
Financial assets measured at amortized cost are subsequently reduced by impairment losses. For the recognition of expected credit losses on financial assets not measured at fair value through profit or loss, reference is made to note 11. Interest income is calculated using the effective interest method. Interest income, foreign exchange results, and impairment losses are recognized in profit or loss.
The carrying amounts of CM.com\u2019s financial assets are considered to be a reasonable approximation of their fair values.
CM.com derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and the transfer qualifies for derecognition. A transfer qualifies for derecognition when substantially all of the risks and rewards of ownership of the financial asset are transferred, or when CM.com neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. Any gain or loss arising from derecognition is recognized in profit or loss.
Financial liabilities to which CM.com is a party include trade and other payables, and borrowings, including lease liabilities. In prior periods, these also included convertible bonds.
Financial liabilities are initially recognized at fair value less, in the case of financial liabilities not measured at fair value through profit or loss, transaction costs that are directly attributable to their issue.
After initial recognition, financial liabilities are subsequently measured at amortized cost, except for contingent consideration arising from business combinations, which is measured at fair value through profit or loss, with changes in fair value recognized in profit or loss. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the term of the borrowings using the effective interest method.
Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, CM.com\u2019s incremental borrowing rate. Generally, CM.com uses its incremental borrowing rate as the discount rate. Subsequently, the lease liability is increased by interest expense and reduced by lease payments made. The lease liability is remeasured when there is a change in future lease payments resulting from:
a change in an index or rate;
a change in the estimate of amounts expected to be payable under a residual value guarantee; or
changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised, or a termination option is reasonably certain not to be exercised.
A maturity analysis of lease liabilities is disclosed in note 11.
CM.com derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. A financial liability is also derecognized when its terms are modified and the resulting cash flows are substantially different. In such cases, a new financial liability is recognized at fair value based on the modified terms. Upon derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss.
Financial assets and financial liabilities are offset and the net amount is presented in the consolidated statement of financial position only when CM.com has a currently enforceable legal right to offset the recognized amounts and intends to settle on a net basis or to realize the asset and settle the liability simultaneously.
Although CM.com may enter into hedging arrangements to manage its exposure to financial risks, it does not apply hedge accounting. Gains and losses on hedging instruments that are not designated in a hedging relationship are recognized directly in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5777": { "value": "Credit risk represents the financial loss that would be recognized at the reporting date if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from CM.com\u2019s receivables from customers.
CM.com\u2019s exposure to credit risk is mainly influenced by the individual characteristics of each customer. The demographics of CM.com\u2019s customer base, including the default risk associated with the industry and the country in which customers operate, have a less significant impact on credit risk. CM.com mitigates credit risk by setting appropriate credit limits for each customer. The creditworthiness of debtors is continuously monitored, and appropriate actions are taken with respect to overdue invoices.
The carrying amount of financial assets represents CM.com\u2019s maximum exposure to credit risk. For an overview of the carrying amounts of Trade and other receivables, reference is made to note 14. No significant concentration of credit risk existed at the reporting date.
Expected credit losses on trade receivables and accrued revenue are measured using a provision matrix, based on historical payment behavior over a 12-month period for each debtor and an analysis of the debtor\u2019s current financial position. These estimates are adjusted for debtor-specific factors, general economic conditions in the industries in which the debtors operate, and an assessment of both current and forward-looking economic conditions at the reporting date.
The company has two other categories of financial assets that are subject to credit risk. Other and loan receivables, as disclosed in note 13, consist of contract assets relating to advance payments made to specific Live clients. These amounts are repaid through income generated from ticket sales. As at December 31, 2025, the repayment of a loan receivable with a carrying amount of \u20ac\u00a02.9 million (2024: \u20ac\u00a03.9 million) was overdue. Based on the contractual arrangements, underlying guarantees, and legal advice, management\u2019s best estimate is that the loan receivable is fully recoverable; therefore, a 0% risk rate has been applied in the measurement of expected credit losses. As at December 31, 2025, the company also recognized a contingent asset (see note 25) relating to a prepaid sublease agreement for one of its buildings. A 0% risk rate has been applied.
For other financial assets, such as deposits, it is assumed that, given the low credit risk and the limited amounts involved, the expected credit losses are not significant.
The changes in the provision for expected credit losses are as follows:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Balance as per January 1 | 2,681 | 2,087 |
| Additions to provision | 968 | 1,534 |
| Utilization of provision | (1,119) | (710) |
| Release of provision | (749) | (230) |
| Balance as per December 31 | 1,781 | 2,681 |
The aging of accounts receivables and accrued revenue is set out below:
| x \u20ac\u00a01,000 | 2025 | 2025 | 2024 | 2024 |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Gross | Net | Gross | Net |
| Current | 35,308 | 35,046 | 38,593 | 38,206 |
| 1 - 30 days | 4,007 | 3,955 | 8,685 | 8,547 |
| 31 - 60 days | 1,488 | 1,446 | 791 | 753 |
| > 60 days | 1,865 | 1,646 | 2,509 | 2,185 |
| 100% provided | 1,206 | - | 1,794 | - |
| \u00a0 | 43,874 | 42,093 | 52,372 | 49,691 |
The buckets and expected credit losses (ECL) are estimated as follows:
| Buckets | ECL % | |
|---|---|---|
| \u00a0 | 2025 | 2024 |
| Current | 0.8% | 1.0% |
| 1 - 30 days | 1.4% | 1.7% |
| 31 - 60 days | 4.7% | 5.8% |
| > 60 days | 10.7% | 14.1% |
| 100% provided | 100.0% | 100.0% |
The ECL improvement reflects enhanced payment behavior driven by direct debit migration and strengthened APAC credit management processes aligned with local practices, resulting in more timely collections and structurally lower credit risk across the portfolio.
CM.com applies the IFRS 9 simplified approach to measure expected credit losses, whereby a lifetime expected credit loss allowance is recognized for all trade receivables and accrued revenue, excluding VAT. To determine expected credit losses, trade receivables and accrued revenue are grouped based on shared credit risk characteristics, primarily determined by days past due. Accrued revenue relates to unbilled services and is considered to have substantially the same credit risk characteristics as current trade receivables for similar contract types.
Expected loss rates are based on historical payment patterns and the corresponding credit losses experienced in prior periods. Trade receivables are written off when there is no reasonable expectation of recovery. Indicators of this include, among others, the failure of a debtor to engage in a repayment plan with CM.com or to make contractual payments.
Impairments on trade receivables and accrued revenue are recognized, excluding VAT, through profit or loss under other operational expenses. Subsequent recoveries of amounts previously written off are credited against the same line item.
Market risk is the risk that changes in market prices, such as interest rates and foreign currencies, may adversely affect CM.com\u2019s income or the value of its financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable limits, while optimizing the return on risk. CM.com's market risk exposure primarily relates to interest rate risk and foreign currency risk.
Interest rate risk is the risk that the fair value or future cash flows of an exposure will fluctuate as a result of changes in interest rates. CM.com is exposed to interest rate risk on its revolving credit facility (see note 16). The interest rate consists of a variable component (EURIBOR) plus a fixed margin ranging between 4.75% and 5.50% per annum, depending on the leverage ratio. Interest expenses are calculated monthly in arrears based on the outstanding drawn amount. As of December 31, 2025, \u20ac\u00a075 million was drawn under the facility, exposing the company to fluctuations in EURIBOR rates. A 100 basis point increase in EURIBOR would result in additional annual interest expense of approximately \u20ac\u00a0750 thousand on the current drawn amount and CM.com continuously monitors interest rate developments. The interest rate risk is considered remote.
Foreign currency risk is the risk that the fair value or future cash flows will fluctuate as a result of changes in foreign exchange rates. CM.com's global operations create exposure to foreign currency risk, primarily arising from sales and purchases denominated in currencies other than the functional currency. This risk is partially mitigated through natural hedging by matching sales and purchase contracts in the same local currencies.
CM.com's exposure to foreign currency risk was as follows based on notional amounts:
| x \u20ac\u00a01,000 | \u00a0 | USD | GBP | CNY | ZAR | INR | SEK |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 354 | 268 | 203 | 204 | 63 | - |
| Short-term loan receivables | \u00a0 | - | 2,877 | - | - | - | - |
| Trade receivables | \u00a0 | 7,901 | 74 | 184 | 129 | 103 | 296 |
| Trade payables | \u00a0 | (2,928) | (2,127) | (18) | (109) | (8) | (205) |
| \u00a0 | \u00a0 | 5,327 | 1,092 | 369 | 224 | 158 | 91 |
| x \u20ac\u00a01,000 | \u00a0 | USD | GBP | CNY | ZAR | INR | JPY |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 1,354 | 37 | 339 | 259 | 136 | 180 |
| Short-term loan receivables | \u00a0 | - | 4,385 | - | - | - | - |
| Trade receivables | \u00a0 | 16,011 | 176 | 103 | 132 | 97 | 16 |
| Trade payables | \u00a0 | (5,842) | (1,130) | (40) | (89) | (37) | (720) |
| \u00a0 | \u00a0 | 11,523 | 3,468 | 402 | 302 | 196 | (524) |
The amounts disclosed exclude the activities of the foundations, as their cash, receivables, and payables are both received and settled in the same currency. Consequently, the foreign currency risk relating to these balances is considered remote.
The summary below shows the effect on profit or loss of a reasonably possible change in foreign exchange rates of +5%, with all other variables held constant, for the primary foreign currencies.
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| USD | 251 | 533 |
| GBP | 172 | 158 |
| CNY | 18 | 19 |
| SEK | 14 | - |
| ZAR | 11 | 14 |
| INR | 10 | 10 |
| JPY | 2 | (25) |
Liquidity risk is the risk that CM.com will be unable to meet its financial obligations as they fall due. CM.com\u2019s approach to managing liquidity risk is to ensure, as far as possible, that sufficient liquidity is available at all times to meet liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to CM.com\u2019s reputation. Liquidity budgets are prepared periodically, and liquidity risks are managed through interim monitoring and, where necessary, adjustments to cash flow planning and funding arrangements. These liquidity budgets take cash constraints into account. CM.com ensures that it maintains sufficient cash on demand to meet expected operational expenses and financial obligations. This assessment excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.
On February 12, 2025, CM.com entered into a facility agreement with HSBC Continental Europe, ING Bank N.V., and ABN AMRO Bank for a revolving credit facility (RCF) with a principal amount of \u20ac\u00a080 million. The facility includes customary covenants and guarantees in the event of default. Further details are disclosed in note 16.
The table below summarizes CM.com\u2019s financial liabilities based on contractual undiscounted cash flows.
| x \u20ac\u00a01,000 | Note | 0-3 months | 4-12 months | 1-5 years | Over 5 years | Total | Carrying amount |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease liabilities | 16 | 863 | 2,394 | 9,357 | 3,283 | 15,897 | 13,696 |
| Revolving credit facility | 16 | - | - | 75,000 | - | 75,000 | 73,790 |
| Trade payables | 19 | 28,495 | - | - | - | 28,495 | 28,495 |
| Other financial liabilities | 19 | 53,822 | - | - | - | 53,822 | 53,822 |
| Tax debt | 16 | 75 | 224 | 224 | - | 523 | 508 |
| \u00a0 | \u00a0 | 83,255 | 2,618 | 84,581 | 3,283 | 173,737 | 170,311 |
The principal amount of the revolving credit facility of \u20ac\u00a075 million is presented in the maturity bucket aligned with the facility's contractual maturity of February 2028, with two one-year extension options available, see note 16. Subsequent to the reporting date, in January 2026, the company repaid \u20ac\u00a05 million. As no contractual obligation existed at December 31, 2025, to settle this amount, the repayment does not impact the contractual maturity analysis disclosed above.
| x \u20ac\u00a01,000 | Note | 0-3 months | 4-12 months | 1-5 years | Over 5 years | Total | Carrying amount |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease liabilities | 16 | 1,190 | 2,680 | 9,562 | 5,148 | 18,580 | 15,494 |
| Convertible bonds | 17 | 1,000 | 1,000 | 102,000 | - | 104,000 | 97,630 |
| Trade payables | 19 | 42,284 | - | - | - | 42,284 | 42,284 |
| Other financial liabilities | 19 | 57,815 | - | - | - | 57,815 | 57,815 |
| Tax debt | 16 | 75 | 224 | 523 | - | 822 | 785 |
| \u00a0 | \u00a0 | 102,364 | 3,904 | 112,085 | 5,148 | 223,501 | 214,008 |
Credit risk represents the financial loss that would be recognized at the reporting date if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from CM.com\u2019s receivables from customers.
CM.com\u2019s exposure to credit risk is mainly influenced by the individual characteristics of each customer. The demographics of CM.com\u2019s customer base, including the default risk associated with the industry and the country in which customers operate, have a less significant impact on credit risk. CM.com mitigates credit risk by setting appropriate credit limits for each customer. The creditworthiness of debtors is continuously monitored, and appropriate actions are taken with respect to overdue invoices.
The carrying amount of financial assets represents CM.com\u2019s maximum exposure to credit risk. For an overview of the carrying amounts of Trade and other receivables, reference is made to note 14. No significant concentration of credit risk existed at the reporting date.
Expected credit losses on trade receivables and accrued revenue are measured using a provision matrix, based on historical payment behavior over a 12-month period for each debtor and an analysis of the debtor\u2019s current financial position. These estimates are adjusted for debtor-specific factors, general economic conditions in the industries in which the debtors operate, and an assessment of both current and forward-looking economic conditions at the reporting date.
The company has two other categories of financial assets that are subject to credit risk. Other and loan receivables, as disclosed in note 13, consist of contract assets relating to advance payments made to specific Live clients. These amounts are repaid through income generated from ticket sales. As at December 31, 2025, the repayment of a loan receivable with a carrying amount of \u20ac\u00a02.9 million (2024: \u20ac\u00a03.9 million) was overdue. Based on the contractual arrangements, underlying guarantees, and legal advice, management\u2019s best estimate is that the loan receivable is fully recoverable; therefore, a 0% risk rate has been applied in the measurement of expected credit losses. As at December 31, 2025, the company also recognized a contingent asset (see note 25) relating to a prepaid sublease agreement for one of its buildings. A 0% risk rate has been applied.
For other financial assets, such as deposits, it is assumed that, given the low credit risk and the limited amounts involved, the expected credit losses are not significant.
The changes in the provision for expected credit losses are as follows:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Balance as per January 1 | 2,681 | 2,087 |
| Additions to provision | 968 | 1,534 |
| Utilization of provision | (1,119) | (710) |
| Release of provision | (749) | (230) |
| Balance as per December 31 | 1,781 | 2,681 |
The aging of accounts receivables and accrued revenue is set out below:
| x \u20ac\u00a01,000 | 2025 | 2025 | 2024 | 2024 |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Gross | Net | Gross | Net |
| Current | 35,308 | 35,046 | 38,593 | 38,206 |
| 1 - 30 days | 4,007 | 3,955 | 8,685 | 8,547 |
| 31 - 60 days | 1,488 | 1,446 | 791 | 753 |
| > 60 days | 1,865 | 1,646 | 2,509 | 2,185 |
| 100% provided | 1,206 | - | 1,794 | - |
| \u00a0 | 43,874 | 42,093 | 52,372 | 49,691 |
The buckets and expected credit losses (ECL) are estimated as follows:
| Buckets | ECL % | |
|---|---|---|
| \u00a0 | 2025 | 2024 |
| Current | 0.8% | 1.0% |
| 1 - 30 days | 1.4% | 1.7% |
| 31 - 60 days | 4.7% | 5.8% |
| > 60 days | 10.7% | 14.1% |
| 100% provided | 100.0% | 100.0% |
The ECL improvement reflects enhanced payment behavior driven by direct debit migration and strengthened APAC credit management processes aligned with local practices, resulting in more timely collections and structurally lower credit risk across the portfolio.
CM.com applies the IFRS 9 simplified approach to measure expected credit losses, whereby a lifetime expected credit loss allowance is recognized for all trade receivables and accrued revenue, excluding VAT. To determine expected credit losses, trade receivables and accrued revenue are grouped based on shared credit risk characteristics, primarily determined by days past due. Accrued revenue relates to unbilled services and is considered to have substantially the same credit risk characteristics as current trade receivables for similar contract types.
Expected loss rates are based on historical payment patterns and the corresponding credit losses experienced in prior periods. Trade receivables are written off when there is no reasonable expectation of recovery. Indicators of this include, among others, the failure of a debtor to engage in a repayment plan with CM.com or to make contractual payments.
Impairments on trade receivables and accrued revenue are recognized, excluding VAT, through profit or loss under other operational expenses. Subsequent recoveries of amounts previously written off are credited against the same line item.
Market risk is the risk that changes in market prices, such as interest rates and foreign currencies, may adversely affect CM.com\u2019s income or the value of its financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable limits, while optimizing the return on risk. CM.com's market risk exposure primarily relates to interest rate risk and foreign currency risk.
Interest rate risk is the risk that the fair value or future cash flows of an exposure will fluctuate as a result of changes in interest rates. CM.com is exposed to interest rate risk on its revolving credit facility (see note 16). The interest rate consists of a variable component (EURIBOR) plus a fixed margin ranging between 4.75% and 5.50% per annum, depending on the leverage ratio. Interest expenses are calculated monthly in arrears based on the outstanding drawn amount. As of December 31, 2025, \u20ac\u00a075 million was drawn under the facility, exposing the company to fluctuations in EURIBOR rates. A 100 basis point increase in EURIBOR would result in additional annual interest expense of approximately \u20ac\u00a0750 thousand on the current drawn amount and CM.com continuously monitors interest rate developments. The interest rate risk is considered remote.
Foreign currency risk is the risk that the fair value or future cash flows will fluctuate as a result of changes in foreign exchange rates. CM.com's global operations create exposure to foreign currency risk, primarily arising from sales and purchases denominated in currencies other than the functional currency. This risk is partially mitigated through natural hedging by matching sales and purchase contracts in the same local currencies.
CM.com's exposure to foreign currency risk was as follows based on notional amounts:
| x \u20ac\u00a01,000 | \u00a0 | USD | GBP | CNY | ZAR | INR | SEK |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 354 | 268 | 203 | 204 | 63 | - |
| Short-term loan receivables | \u00a0 | - | 2,877 | - | - | - | - |
| Trade receivables | \u00a0 | 7,901 | 74 | 184 | 129 | 103 | 296 |
| Trade payables | \u00a0 | (2,928) | (2,127) | (18) | (109) | (8) | (205) |
| \u00a0 | \u00a0 | 5,327 | 1,092 | 369 | 224 | 158 | 91 |
| x \u20ac\u00a01,000 | \u00a0 | USD | GBP | CNY | ZAR | INR | JPY |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 1,354 | 37 | 339 | 259 | 136 | 180 |
| Short-term loan receivables | \u00a0 | - | 4,385 | - | - | - | - |
| Trade receivables | \u00a0 | 16,011 | 176 | 103 | 132 | 97 | 16 |
| Trade payables | \u00a0 | (5,842) | (1,130) | (40) | (89) | (37) | (720) |
| \u00a0 | \u00a0 | 11,523 | 3,468 | 402 | 302 | 196 | (524) |
The amounts disclosed exclude the activities of the foundations, as their cash, receivables, and payables are both received and settled in the same currency. Consequently, the foreign currency risk relating to these balances is considered remote.
The summary below shows the effect on profit or loss of a reasonably possible change in foreign exchange rates of +5%, with all other variables held constant, for the primary foreign currencies.
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| USD | 251 | 533 |
| GBP | 172 | 158 |
| CNY | 18 | 19 |
| SEK | 14 | - |
| ZAR | 11 | 14 |
| INR | 10 | 10 |
| JPY | 2 | (25) |
Liquidity risk is the risk that CM.com will be unable to meet its financial obligations as they fall due. CM.com\u2019s approach to managing liquidity risk is to ensure, as far as possible, that sufficient liquidity is available at all times to meet liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to CM.com\u2019s reputation. Liquidity budgets are prepared periodically, and liquidity risks are managed through interim monitoring and, where necessary, adjustments to cash flow planning and funding arrangements. These liquidity budgets take cash constraints into account. CM.com ensures that it maintains sufficient cash on demand to meet expected operational expenses and financial obligations. This assessment excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.
On February 12, 2025, CM.com entered into a facility agreement with HSBC Continental Europe, ING Bank N.V., and ABN AMRO Bank for a revolving credit facility (RCF) with a principal amount of \u20ac\u00a080 million. The facility includes customary covenants and guarantees in the event of default. Further details are disclosed in note 16.
The table below summarizes CM.com\u2019s financial liabilities based on contractual undiscounted cash flows.
| x \u20ac\u00a01,000 | Note | 0-3 months | 4-12 months | 1-5 years | Over 5 years | Total | Carrying amount |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease liabilities | 16 | 863 | 2,394 | 9,357 | 3,283 | 15,897 | 13,696 |
| Revolving credit facility | 16 | - | - | 75,000 | - | 75,000 | 73,790 |
| Trade payables | 19 | 28,495 | - | - | - | 28,495 | 28,495 |
| Other financial liabilities | 19 | 53,822 | - | - | - | 53,822 | 53,822 |
| Tax debt | 16 | 75 | 224 | 224 | - | 523 | 508 |
| \u00a0 | \u00a0 | 83,255 | 2,618 | 84,581 | 3,283 | 173,737 | 170,311 |
The principal amount of the revolving credit facility of \u20ac\u00a075 million is presented in the maturity bucket aligned with the facility's contractual maturity of February 2028, with two one-year extension options available, see note 16. Subsequent to the reporting date, in January 2026, the company repaid \u20ac\u00a05 million. As no contractual obligation existed at December 31, 2025, to settle this amount, the repayment does not impact the contractual maturity analysis disclosed above.
| x \u20ac\u00a01,000 | Note | 0-3 months | 4-12 months | 1-5 years | Over 5 years | Total | Carrying amount |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease liabilities | 16 | 1,190 | 2,680 | 9,562 | 5,148 | 18,580 | 15,494 |
| Convertible bonds | 17 | 1,000 | 1,000 | 102,000 | - | 104,000 | 97,630 |
| Trade payables | 19 | 42,284 | - | - | - | 42,284 | 42,284 |
| Other financial liabilities | 19 | 57,815 | - | - | - | 57,815 | 57,815 |
| Tax debt | 16 | 75 | 224 | 523 | - | 822 | 785 |
| \u00a0 | \u00a0 | 102,364 | 3,904 | 112,085 | 5,148 | 223,501 | 214,008 |
Credit risk represents the financial loss that would be recognized at the reporting date if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from CM.com\u2019s receivables from customers.
CM.com\u2019s exposure to credit risk is mainly influenced by the individual characteristics of each customer. The demographics of CM.com\u2019s customer base, including the default risk associated with the industry and the country in which customers operate, have a less significant impact on credit risk. CM.com mitigates credit risk by setting appropriate credit limits for each customer. The creditworthiness of debtors is continuously monitored, and appropriate actions are taken with respect to overdue invoices.
The carrying amount of financial assets represents CM.com\u2019s maximum exposure to credit risk. For an overview of the carrying amounts of Trade and other receivables, reference is made to note 14. No significant concentration of credit risk existed at the reporting date.
Expected credit losses on trade receivables and accrued revenue are measured using a provision matrix, based on historical payment behavior over a 12-month period for each debtor and an analysis of the debtor\u2019s current financial position. These estimates are adjusted for debtor-specific factors, general economic conditions in the industries in which the debtors operate, and an assessment of both current and forward-looking economic conditions at the reporting date.
The company has two other categories of financial assets that are subject to credit risk. Other and loan receivables, as disclosed in note 13, consist of contract assets relating to advance payments made to specific Live clients. These amounts are repaid through income generated from ticket sales. As at December 31, 2025, the repayment of a loan receivable with a carrying amount of \u20ac\u00a02.9 million (2024: \u20ac\u00a03.9 million) was overdue. Based on the contractual arrangements, underlying guarantees, and legal advice, management\u2019s best estimate is that the loan receivable is fully recoverable; therefore, a 0% risk rate has been applied in the measurement of expected credit losses. As at December 31, 2025, the company also recognized a contingent asset (see note 25) relating to a prepaid sublease agreement for one of its buildings. A 0% risk rate has been applied.
For other financial assets, such as deposits, it is assumed that, given the low credit risk and the limited amounts involved, the expected credit losses are not significant.
The changes in the provision for expected credit losses are as follows:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Balance as per January 1 | 2,681 | 2,087 |
| Additions to provision | 968 | 1,534 |
| Utilization of provision | (1,119) | (710) |
| Release of provision | (749) | (230) |
| Balance as per December 31 | 1,781 | 2,681 |
The aging of accounts receivables and accrued revenue is set out below:
| x \u20ac\u00a01,000 | 2025 | 2025 | 2024 | 2024 |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Gross | Net | Gross | Net |
| Current | 35,308 | 35,046 | 38,593 | 38,206 |
| 1 - 30 days | 4,007 | 3,955 | 8,685 | 8,547 |
| 31 - 60 days | 1,488 | 1,446 | 791 | 753 |
| > 60 days | 1,865 | 1,646 | 2,509 | 2,185 |
| 100% provided | 1,206 | - | 1,794 | - |
| \u00a0 | 43,874 | 42,093 | 52,372 | 49,691 |
The buckets and expected credit losses (ECL) are estimated as follows:
| Buckets | ECL % | |
|---|---|---|
| \u00a0 | 2025 | 2024 |
| Current | 0.8% | 1.0% |
| 1 - 30 days | 1.4% | 1.7% |
| 31 - 60 days | 4.7% | 5.8% |
| > 60 days | 10.7% | 14.1% |
| 100% provided | 100.0% | 100.0% |
The ECL improvement reflects enhanced payment behavior driven by direct debit migration and strengthened APAC credit management processes aligned with local practices, resulting in more timely collections and structurally lower credit risk across the portfolio.
CM.com applies the IFRS 9 simplified approach to measure expected credit losses, whereby a lifetime expected credit loss allowance is recognized for all trade receivables and accrued revenue, excluding VAT. To determine expected credit losses, trade receivables and accrued revenue are grouped based on shared credit risk characteristics, primarily determined by days past due. Accrued revenue relates to unbilled services and is considered to have substantially the same credit risk characteristics as current trade receivables for similar contract types.
Expected loss rates are based on historical payment patterns and the corresponding credit losses experienced in prior periods. Trade receivables are written off when there is no reasonable expectation of recovery. Indicators of this include, among others, the failure of a debtor to engage in a repayment plan with CM.com or to make contractual payments.
Impairments on trade receivables and accrued revenue are recognized, excluding VAT, through profit or loss under other operational expenses. Subsequent recoveries of amounts previously written off are credited against the same line item.
Market risk is the risk that changes in market prices, such as interest rates and foreign currencies, may adversely affect CM.com\u2019s income or the value of its financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable limits, while optimizing the return on risk. CM.com's market risk exposure primarily relates to interest rate risk and foreign currency risk.
Interest rate risk is the risk that the fair value or future cash flows of an exposure will fluctuate as a result of changes in interest rates. CM.com is exposed to interest rate risk on its revolving credit facility (see note 16). The interest rate consists of a variable component (EURIBOR) plus a fixed margin ranging between 4.75% and 5.50% per annum, depending on the leverage ratio. Interest expenses are calculated monthly in arrears based on the outstanding drawn amount. As of December 31, 2025, \u20ac\u00a075 million was drawn under the facility, exposing the company to fluctuations in EURIBOR rates. A 100 basis point increase in EURIBOR would result in additional annual interest expense of approximately \u20ac\u00a0750 thousand on the current drawn amount and CM.com continuously monitors interest rate developments. The interest rate risk is considered remote.
Foreign currency risk is the risk that the fair value or future cash flows will fluctuate as a result of changes in foreign exchange rates. CM.com's global operations create exposure to foreign currency risk, primarily arising from sales and purchases denominated in currencies other than the functional currency. This risk is partially mitigated through natural hedging by matching sales and purchase contracts in the same local currencies.
CM.com's exposure to foreign currency risk was as follows based on notional amounts:
| x \u20ac\u00a01,000 | \u00a0 | USD | GBP | CNY | ZAR | INR | SEK |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 354 | 268 | 203 | 204 | 63 | - |
| Short-term loan receivables | \u00a0 | - | 2,877 | - | - | - | - |
| Trade receivables | \u00a0 | 7,901 | 74 | 184 | 129 | 103 | 296 |
| Trade payables | \u00a0 | (2,928) | (2,127) | (18) | (109) | (8) | (205) |
| \u00a0 | \u00a0 | 5,327 | 1,092 | 369 | 224 | 158 | 91 |
| x \u20ac\u00a01,000 | \u00a0 | USD | GBP | CNY | ZAR | INR | JPY |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 1,354 | 37 | 339 | 259 | 136 | 180 |
| Short-term loan receivables | \u00a0 | - | 4,385 | - | - | - | - |
| Trade receivables | \u00a0 | 16,011 | 176 | 103 | 132 | 97 | 16 |
| Trade payables | \u00a0 | (5,842) | (1,130) | (40) | (89) | (37) | (720) |
| \u00a0 | \u00a0 | 11,523 | 3,468 | 402 | 302 | 196 | (524) |
The amounts disclosed exclude the activities of the foundations, as their cash, receivables, and payables are both received and settled in the same currency. Consequently, the foreign currency risk relating to these balances is considered remote.
The summary below shows the effect on profit or loss of a reasonably possible change in foreign exchange rates of +5%, with all other variables held constant, for the primary foreign currencies.
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| USD | 251 | 533 |
| GBP | 172 | 158 |
| CNY | 18 | 19 |
| SEK | 14 | - |
| ZAR | 11 | 14 |
| INR | 10 | 10 |
| JPY | 2 | (25) |
Liquidity risk is the risk that CM.com will be unable to meet its financial obligations as they fall due. CM.com\u2019s approach to managing liquidity risk is to ensure, as far as possible, that sufficient liquidity is available at all times to meet liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to CM.com\u2019s reputation. Liquidity budgets are prepared periodically, and liquidity risks are managed through interim monitoring and, where necessary, adjustments to cash flow planning and funding arrangements. These liquidity budgets take cash constraints into account. CM.com ensures that it maintains sufficient cash on demand to meet expected operational expenses and financial obligations. This assessment excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.
On February 12, 2025, CM.com entered into a facility agreement with HSBC Continental Europe, ING Bank N.V., and ABN AMRO Bank for a revolving credit facility (RCF) with a principal amount of \u20ac\u00a080 million. The facility includes customary covenants and guarantees in the event of default. Further details are disclosed in note 16.
The table below summarizes CM.com\u2019s financial liabilities based on contractual undiscounted cash flows.
| x \u20ac\u00a01,000 | Note | 0-3 months | 4-12 months | 1-5 years | Over 5 years | Total | Carrying amount |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease liabilities | 16 | 863 | 2,394 | 9,357 | 3,283 | 15,897 | 13,696 |
| Revolving credit facility | 16 | - | - | 75,000 | - | 75,000 | 73,790 |
| Trade payables | 19 | 28,495 | - | - | - | 28,495 | 28,495 |
| Other financial liabilities | 19 | 53,822 | - | - | - | 53,822 | 53,822 |
| Tax debt | 16 | 75 | 224 | 224 | - | 523 | 508 |
| \u00a0 | \u00a0 | 83,255 | 2,618 | 84,581 | 3,283 | 173,737 | 170,311 |
The principal amount of the revolving credit facility of \u20ac\u00a075 million is presented in the maturity bucket aligned with the facility's contractual maturity of February 2028, with two one-year extension options available, see note 16. Subsequent to the reporting date, in January 2026, the company repaid \u20ac\u00a05 million. As no contractual obligation existed at December 31, 2025, to settle this amount, the repayment does not impact the contractual maturity analysis disclosed above.
| x \u20ac\u00a01,000 | Note | 0-3 months | 4-12 months | 1-5 years | Over 5 years | Total | Carrying amount |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease liabilities | 16 | 1,190 | 2,680 | 9,562 | 5,148 | 18,580 | 15,494 |
| Convertible bonds | 17 | 1,000 | 1,000 | 102,000 | - | 104,000 | 97,630 |
| Trade payables | 19 | 42,284 | - | - | - | 42,284 | 42,284 |
| Other financial liabilities | 19 | 57,815 | - | - | - | 57,815 | 57,815 |
| Tax debt | 16 | 75 | 224 | 523 | - | 822 | 785 |
| \u00a0 | \u00a0 | 102,364 | 3,904 | 112,085 | 5,148 | 223,501 | 214,008 |
Credit risk represents the financial loss that would be recognized at the reporting date if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from CM.com\u2019s receivables from customers.
CM.com\u2019s exposure to credit risk is mainly influenced by the individual characteristics of each customer. The demographics of CM.com\u2019s customer base, including the default risk associated with the industry and the country in which customers operate, have a less significant impact on credit risk. CM.com mitigates credit risk by setting appropriate credit limits for each customer. The creditworthiness of debtors is continuously monitored, and appropriate actions are taken with respect to overdue invoices.
The carrying amount of financial assets represents CM.com\u2019s maximum exposure to credit risk. For an overview of the carrying amounts of Trade and other receivables, reference is made to note 14. No significant concentration of credit risk existed at the reporting date.
Expected credit losses on trade receivables and accrued revenue are measured using a provision matrix, based on historical payment behavior over a 12-month period for each debtor and an analysis of the debtor\u2019s current financial position. These estimates are adjusted for debtor-specific factors, general economic conditions in the industries in which the debtors operate, and an assessment of both current and forward-looking economic conditions at the reporting date.
The company has two other categories of financial assets that are subject to credit risk. Other and loan receivables, as disclosed in note 13, consist of contract assets relating to advance payments made to specific Live clients. These amounts are repaid through income generated from ticket sales. As at December 31, 2025, the repayment of a loan receivable with a carrying amount of \u20ac\u00a02.9 million (2024: \u20ac\u00a03.9 million) was overdue. Based on the contractual arrangements, underlying guarantees, and legal advice, management\u2019s best estimate is that the loan receivable is fully recoverable; therefore, a 0% risk rate has been applied in the measurement of expected credit losses. As at December 31, 2025, the company also recognized a contingent asset (see note 25) relating to a prepaid sublease agreement for one of its buildings. A 0% risk rate has been applied.
For other financial assets, such as deposits, it is assumed that, given the low credit risk and the limited amounts involved, the expected credit losses are not significant.
The changes in the provision for expected credit losses are as follows:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Balance as per January 1 | 2,681 | 2,087 |
| Additions to provision | 968 | 1,534 |
| Utilization of provision | (1,119) | (710) |
| Release of provision | (749) | (230) |
| Balance as per December 31 | 1,781 | 2,681 |
The aging of accounts receivables and accrued revenue is set out below:
| x \u20ac\u00a01,000 | 2025 | 2025 | 2024 | 2024 |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Gross | Net | Gross | Net |
| Current | 35,308 | 35,046 | 38,593 | 38,206 |
| 1 - 30 days | 4,007 | 3,955 | 8,685 | 8,547 |
| 31 - 60 days | 1,488 | 1,446 | 791 | 753 |
| > 60 days | 1,865 | 1,646 | 2,509 | 2,185 |
| 100% provided | 1,206 | - | 1,794 | - |
| \u00a0 | 43,874 | 42,093 | 52,372 | 49,691 |
The buckets and expected credit losses (ECL) are estimated as follows:
| Buckets | ECL % | |
|---|---|---|
| \u00a0 | 2025 | 2024 |
| Current | 0.8% | 1.0% |
| 1 - 30 days | 1.4% | 1.7% |
| 31 - 60 days | 4.7% | 5.8% |
| > 60 days | 10.7% | 14.1% |
| 100% provided | 100.0% | 100.0% |
The ECL improvement reflects enhanced payment behavior driven by direct debit migration and strengthened APAC credit management processes aligned with local practices, resulting in more timely collections and structurally lower credit risk across the portfolio.
CM.com applies the IFRS 9 simplified approach to measure expected credit losses, whereby a lifetime expected credit loss allowance is recognized for all trade receivables and accrued revenue, excluding VAT. To determine expected credit losses, trade receivables and accrued revenue are grouped based on shared credit risk characteristics, primarily determined by days past due. Accrued revenue relates to unbilled services and is considered to have substantially the same credit risk characteristics as current trade receivables for similar contract types.
Expected loss rates are based on historical payment patterns and the corresponding credit losses experienced in prior periods. Trade receivables are written off when there is no reasonable expectation of recovery. Indicators of this include, among others, the failure of a debtor to engage in a repayment plan with CM.com or to make contractual payments.
Impairments on trade receivables and accrued revenue are recognized, excluding VAT, through profit or loss under other operational expenses. Subsequent recoveries of amounts previously written off are credited against the same line item.
Market risk is the risk that changes in market prices, such as interest rates and foreign currencies, may adversely affect CM.com\u2019s income or the value of its financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable limits, while optimizing the return on risk. CM.com's market risk exposure primarily relates to interest rate risk and foreign currency risk.
Interest rate risk is the risk that the fair value or future cash flows of an exposure will fluctuate as a result of changes in interest rates. CM.com is exposed to interest rate risk on its revolving credit facility (see note 16). The interest rate consists of a variable component (EURIBOR) plus a fixed margin ranging between 4.75% and 5.50% per annum, depending on the leverage ratio. Interest expenses are calculated monthly in arrears based on the outstanding drawn amount. As of December 31, 2025, \u20ac\u00a075 million was drawn under the facility, exposing the company to fluctuations in EURIBOR rates. A 100 basis point increase in EURIBOR would result in additional annual interest expense of approximately \u20ac\u00a0750 thousand on the current drawn amount and CM.com continuously monitors interest rate developments. The interest rate risk is considered remote.
Foreign currency risk is the risk that the fair value or future cash flows will fluctuate as a result of changes in foreign exchange rates. CM.com's global operations create exposure to foreign currency risk, primarily arising from sales and purchases denominated in currencies other than the functional currency. This risk is partially mitigated through natural hedging by matching sales and purchase contracts in the same local currencies.
CM.com's exposure to foreign currency risk was as follows based on notional amounts:
| x \u20ac\u00a01,000 | \u00a0 | USD | GBP | CNY | ZAR | INR | SEK |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 354 | 268 | 203 | 204 | 63 | - |
| Short-term loan receivables | \u00a0 | - | 2,877 | - | - | - | - |
| Trade receivables | \u00a0 | 7,901 | 74 | 184 | 129 | 103 | 296 |
| Trade payables | \u00a0 | (2,928) | (2,127) | (18) | (109) | (8) | (205) |
| \u00a0 | \u00a0 | 5,327 | 1,092 | 369 | 224 | 158 | 91 |
| x \u20ac\u00a01,000 | \u00a0 | USD | GBP | CNY | ZAR | INR | JPY |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 1,354 | 37 | 339 | 259 | 136 | 180 |
| Short-term loan receivables | \u00a0 | - | 4,385 | - | - | - | - |
| Trade receivables | \u00a0 | 16,011 | 176 | 103 | 132 | 97 | 16 |
| Trade payables | \u00a0 | (5,842) | (1,130) | (40) | (89) | (37) | (720) |
| \u00a0 | \u00a0 | 11,523 | 3,468 | 402 | 302 | 196 | (524) |
The amounts disclosed exclude the activities of the foundations, as their cash, receivables, and payables are both received and settled in the same currency. Consequently, the foreign currency risk relating to these balances is considered remote.
The summary below shows the effect on profit or loss of a reasonably possible change in foreign exchange rates of +5%, with all other variables held constant, for the primary foreign currencies.
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| USD | 251 | 533 |
| GBP | 172 | 158 |
| CNY | 18 | 19 |
| SEK | 14 | - |
| ZAR | 11 | 14 |
| INR | 10 | 10 |
| JPY | 2 | (25) |
Liquidity risk is the risk that CM.com will be unable to meet its financial obligations as they fall due. CM.com\u2019s approach to managing liquidity risk is to ensure, as far as possible, that sufficient liquidity is available at all times to meet liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to CM.com\u2019s reputation. Liquidity budgets are prepared periodically, and liquidity risks are managed through interim monitoring and, where necessary, adjustments to cash flow planning and funding arrangements. These liquidity budgets take cash constraints into account. CM.com ensures that it maintains sufficient cash on demand to meet expected operational expenses and financial obligations. This assessment excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.
On February 12, 2025, CM.com entered into a facility agreement with HSBC Continental Europe, ING Bank N.V., and ABN AMRO Bank for a revolving credit facility (RCF) with a principal amount of \u20ac\u00a080 million. The facility includes customary covenants and guarantees in the event of default. Further details are disclosed in note 16.
The table below summarizes CM.com\u2019s financial liabilities based on contractual undiscounted cash flows.
| x \u20ac\u00a01,000 | Note | 0-3 months | 4-12 months | 1-5 years | Over 5 years | Total | Carrying amount |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease liabilities | 16 | 863 | 2,394 | 9,357 | 3,283 | 15,897 | 13,696 |
| Revolving credit facility | 16 | - | - | 75,000 | - | 75,000 | 73,790 |
| Trade payables | 19 | 28,495 | - | - | - | 28,495 | 28,495 |
| Other financial liabilities | 19 | 53,822 | - | - | - | 53,822 | 53,822 |
| Tax debt | 16 | 75 | 224 | 224 | - | 523 | 508 |
| \u00a0 | \u00a0 | 83,255 | 2,618 | 84,581 | 3,283 | 173,737 | 170,311 |
The principal amount of the revolving credit facility of \u20ac\u00a075 million is presented in the maturity bucket aligned with the facility's contractual maturity of February 2028, with two one-year extension options available, see note 16. Subsequent to the reporting date, in January 2026, the company repaid \u20ac\u00a05 million. As no contractual obligation existed at December 31, 2025, to settle this amount, the repayment does not impact the contractual maturity analysis disclosed above.
| x \u20ac\u00a01,000 | Note | 0-3 months | 4-12 months | 1-5 years | Over 5 years | Total | Carrying amount |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease liabilities | 16 | 1,190 | 2,680 | 9,562 | 5,148 | 18,580 | 15,494 |
| Convertible bonds | 17 | 1,000 | 1,000 | 102,000 | - | 104,000 | 97,630 |
| Trade payables | 19 | 42,284 | - | - | - | 42,284 | 42,284 |
| Other financial liabilities | 19 | 57,815 | - | - | - | 57,815 | 57,815 |
| Tax debt | 16 | 75 | 224 | 523 | - | 822 | 785 |
| \u00a0 | \u00a0 | 102,364 | 3,904 | 112,085 | 5,148 | 223,501 | 214,008 |
Credit risk represents the financial loss that would be recognized at the reporting date if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from CM.com\u2019s receivables from customers.
CM.com\u2019s exposure to credit risk is mainly influenced by the individual characteristics of each customer. The demographics of CM.com\u2019s customer base, including the default risk associated with the industry and the country in which customers operate, have a less significant impact on credit risk. CM.com mitigates credit risk by setting appropriate credit limits for each customer. The creditworthiness of debtors is continuously monitored, and appropriate actions are taken with respect to overdue invoices.
The carrying amount of financial assets represents CM.com\u2019s maximum exposure to credit risk. For an overview of the carrying amounts of Trade and other receivables, reference is made to note 14. No significant concentration of credit risk existed at the reporting date.
Expected credit losses on trade receivables and accrued revenue are measured using a provision matrix, based on historical payment behavior over a 12-month period for each debtor and an analysis of the debtor\u2019s current financial position. These estimates are adjusted for debtor-specific factors, general economic conditions in the industries in which the debtors operate, and an assessment of both current and forward-looking economic conditions at the reporting date.
The company has two other categories of financial assets that are subject to credit risk. Other and loan receivables, as disclosed in note 13, consist of contract assets relating to advance payments made to specific Live clients. These amounts are repaid through income generated from ticket sales. As at December 31, 2025, the repayment of a loan receivable with a carrying amount of \u20ac\u00a02.9 million (2024: \u20ac\u00a03.9 million) was overdue. Based on the contractual arrangements, underlying guarantees, and legal advice, management\u2019s best estimate is that the loan receivable is fully recoverable; therefore, a 0% risk rate has been applied in the measurement of expected credit losses. As at December 31, 2025, the company also recognized a contingent asset (see note 25) relating to a prepaid sublease agreement for one of its buildings. A 0% risk rate has been applied.
For other financial assets, such as deposits, it is assumed that, given the low credit risk and the limited amounts involved, the expected credit losses are not significant.
The changes in the provision for expected credit losses are as follows:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Balance as per January 1 | 2,681 | 2,087 |
| Additions to provision | 968 | 1,534 |
| Utilization of provision | (1,119) | (710) |
| Release of provision | (749) | (230) |
| Balance as per December 31 | 1,781 | 2,681 |
The aging of accounts receivables and accrued revenue is set out below:
| x \u20ac\u00a01,000 | 2025 | 2025 | 2024 | 2024 |
|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Gross | Net | Gross | Net |
| Current | 35,308 | 35,046 | 38,593 | 38,206 |
| 1 - 30 days | 4,007 | 3,955 | 8,685 | 8,547 |
| 31 - 60 days | 1,488 | 1,446 | 791 | 753 |
| > 60 days | 1,865 | 1,646 | 2,509 | 2,185 |
| 100% provided | 1,206 | - | 1,794 | - |
| \u00a0 | 43,874 | 42,093 | 52,372 | 49,691 |
The buckets and expected credit losses (ECL) are estimated as follows:
| Buckets | ECL % | |
|---|---|---|
| \u00a0 | 2025 | 2024 |
| Current | 0.8% | 1.0% |
| 1 - 30 days | 1.4% | 1.7% |
| 31 - 60 days | 4.7% | 5.8% |
| > 60 days | 10.7% | 14.1% |
| 100% provided | 100.0% | 100.0% |
The ECL improvement reflects enhanced payment behavior driven by direct debit migration and strengthened APAC credit management processes aligned with local practices, resulting in more timely collections and structurally lower credit risk across the portfolio.
CM.com applies the IFRS 9 simplified approach to measure expected credit losses, whereby a lifetime expected credit loss allowance is recognized for all trade receivables and accrued revenue, excluding VAT. To determine expected credit losses, trade receivables and accrued revenue are grouped based on shared credit risk characteristics, primarily determined by days past due. Accrued revenue relates to unbilled services and is considered to have substantially the same credit risk characteristics as current trade receivables for similar contract types.
Expected loss rates are based on historical payment patterns and the corresponding credit losses experienced in prior periods. Trade receivables are written off when there is no reasonable expectation of recovery. Indicators of this include, among others, the failure of a debtor to engage in a repayment plan with CM.com or to make contractual payments.
Impairments on trade receivables and accrued revenue are recognized, excluding VAT, through profit or loss under other operational expenses. Subsequent recoveries of amounts previously written off are credited against the same line item.
Market risk is the risk that changes in market prices, such as interest rates and foreign currencies, may adversely affect CM.com\u2019s income or the value of its financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable limits, while optimizing the return on risk. CM.com's market risk exposure primarily relates to interest rate risk and foreign currency risk.
Interest rate risk is the risk that the fair value or future cash flows of an exposure will fluctuate as a result of changes in interest rates. CM.com is exposed to interest rate risk on its revolving credit facility (see note 16). The interest rate consists of a variable component (EURIBOR) plus a fixed margin ranging between 4.75% and 5.50% per annum, depending on the leverage ratio. Interest expenses are calculated monthly in arrears based on the outstanding drawn amount. As of December 31, 2025, \u20ac\u00a075 million was drawn under the facility, exposing the company to fluctuations in EURIBOR rates. A 100 basis point increase in EURIBOR would result in additional annual interest expense of approximately \u20ac\u00a0750 thousand on the current drawn amount and CM.com continuously monitors interest rate developments. The interest rate risk is considered remote.
Foreign currency risk is the risk that the fair value or future cash flows will fluctuate as a result of changes in foreign exchange rates. CM.com's global operations create exposure to foreign currency risk, primarily arising from sales and purchases denominated in currencies other than the functional currency. This risk is partially mitigated through natural hedging by matching sales and purchase contracts in the same local currencies.
CM.com's exposure to foreign currency risk was as follows based on notional amounts:
| x \u20ac\u00a01,000 | \u00a0 | USD | GBP | CNY | ZAR | INR | SEK |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 354 | 268 | 203 | 204 | 63 | - |
| Short-term loan receivables | \u00a0 | - | 2,877 | - | - | - | - |
| Trade receivables | \u00a0 | 7,901 | 74 | 184 | 129 | 103 | 296 |
| Trade payables | \u00a0 | (2,928) | (2,127) | (18) | (109) | (8) | (205) |
| \u00a0 | \u00a0 | 5,327 | 1,092 | 369 | 224 | 158 | 91 |
| x \u20ac\u00a01,000 | \u00a0 | USD | GBP | CNY | ZAR | INR | JPY |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 1,354 | 37 | 339 | 259 | 136 | 180 |
| Short-term loan receivables | \u00a0 | - | 4,385 | - | - | - | - |
| Trade receivables | \u00a0 | 16,011 | 176 | 103 | 132 | 97 | 16 |
| Trade payables | \u00a0 | (5,842) | (1,130) | (40) | (89) | (37) | (720) |
| \u00a0 | \u00a0 | 11,523 | 3,468 | 402 | 302 | 196 | (524) |
The amounts disclosed exclude the activities of the foundations, as their cash, receivables, and payables are both received and settled in the same currency. Consequently, the foreign currency risk relating to these balances is considered remote.
The summary below shows the effect on profit or loss of a reasonably possible change in foreign exchange rates of +5%, with all other variables held constant, for the primary foreign currencies.
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| USD | 251 | 533 |
| GBP | 172 | 158 |
| CNY | 18 | 19 |
| SEK | 14 | - |
| ZAR | 11 | 14 |
| INR | 10 | 10 |
| JPY | 2 | (25) |
Liquidity risk is the risk that CM.com will be unable to meet its financial obligations as they fall due. CM.com\u2019s approach to managing liquidity risk is to ensure, as far as possible, that sufficient liquidity is available at all times to meet liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to CM.com\u2019s reputation. Liquidity budgets are prepared periodically, and liquidity risks are managed through interim monitoring and, where necessary, adjustments to cash flow planning and funding arrangements. These liquidity budgets take cash constraints into account. CM.com ensures that it maintains sufficient cash on demand to meet expected operational expenses and financial obligations. This assessment excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.
On February 12, 2025, CM.com entered into a facility agreement with HSBC Continental Europe, ING Bank N.V., and ABN AMRO Bank for a revolving credit facility (RCF) with a principal amount of \u20ac\u00a080 million. The facility includes customary covenants and guarantees in the event of default. Further details are disclosed in note 16.
The table below summarizes CM.com\u2019s financial liabilities based on contractual undiscounted cash flows.
| x \u20ac\u00a01,000 | Note | 0-3 months | 4-12 months | 1-5 years | Over 5 years | Total | Carrying amount |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease liabilities | 16 | 863 | 2,394 | 9,357 | 3,283 | 15,897 | 13,696 |
| Revolving credit facility | 16 | - | - | 75,000 | - | 75,000 | 73,790 |
| Trade payables | 19 | 28,495 | - | - | - | 28,495 | 28,495 |
| Other financial liabilities | 19 | 53,822 | - | - | - | 53,822 | 53,822 |
| Tax debt | 16 | 75 | 224 | 224 | - | 523 | 508 |
| \u00a0 | \u00a0 | 83,255 | 2,618 | 84,581 | 3,283 | 173,737 | 170,311 |
The principal amount of the revolving credit facility of \u20ac\u00a075 million is presented in the maturity bucket aligned with the facility's contractual maturity of February 2028, with two one-year extension options available, see note 16. Subsequent to the reporting date, in January 2026, the company repaid \u20ac\u00a05 million. As no contractual obligation existed at December 31, 2025, to settle this amount, the repayment does not impact the contractual maturity analysis disclosed above.
| x \u20ac\u00a01,000 | Note | 0-3 months | 4-12 months | 1-5 years | Over 5 years | Total | Carrying amount |
|---|---|---|---|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Lease liabilities | 16 | 1,190 | 2,680 | 9,562 | 5,148 | 18,580 | 15,494 |
| Convertible bonds | 17 | 1,000 | 1,000 | 102,000 | - | 104,000 | 97,630 |
| Trade payables | 19 | 42,284 | - | - | - | 42,284 | 42,284 |
| Other financial liabilities | 19 | 57,815 | - | - | - | 57,815 | 57,815 |
| Tax debt | 16 | 75 | 224 | 523 | - | 822 | 785 |
| \u00a0 | \u00a0 | 102,364 | 3,904 | 112,085 | 5,148 | 223,501 | 214,008 |
Financial assets and liabilities are initially recognized when CM.com becomes a party to the contractual provisions of the instrument.
The financial assets to which CM.com is a party include trade and other receivables, loan receivables, deposits, equity investments, cash and cash equivalents.
Financial assets are initially recognized at fair value plus, in the case of financial assets not measured at fair value through profit or loss, transaction costs that are directly attributable to their acquisition. Trade receivables without a significant financing component are initially measured at the transaction price.
After initial recognition, financial assets are subsequently measured either at amortized cost or at fair value through profit or loss, depending on both CM.com\u2019s business model for managing the financial assets and the contractual cash flow characteristics of the financial asset.
A financial asset is measured at amortized cost using the effective interest method if both of the following conditions are met:
the asset is held within a business model whose objective is to hold assets to collect contractual cash flows; and
the contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets held for trading, such as equity investments, are valued at fair value through profit or loss.
Financial assets measured at amortized cost are subsequently reduced by impairment losses. For the recognition of expected credit losses on financial assets not measured at fair value through profit or loss, reference is made to note 11. Interest income is calculated using the effective interest method. Interest income, foreign exchange results, and impairment losses are recognized in profit or loss.
The carrying amounts of CM.com\u2019s financial assets are considered to be a reasonable approximation of their fair values.
CM.com derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and the transfer qualifies for derecognition. A transfer qualifies for derecognition when substantially all of the risks and rewards of ownership of the financial asset are transferred, or when CM.com neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. Any gain or loss arising from derecognition is recognized in profit or loss.
Financial liabilities to which CM.com is a party include trade and other payables, and borrowings, including lease liabilities. In prior periods, these also included convertible bonds.
Financial liabilities are initially recognized at fair value less, in the case of financial liabilities not measured at fair value through profit or loss, transaction costs that are directly attributable to their issue.
After initial recognition, financial liabilities are subsequently measured at amortized cost, except for contingent consideration arising from business combinations, which is measured at fair value through profit or loss, with changes in fair value recognized in profit or loss. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the term of the borrowings using the effective interest method.
Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, CM.com\u2019s incremental borrowing rate. Generally, CM.com uses its incremental borrowing rate as the discount rate. Subsequently, the lease liability is increased by interest expense and reduced by lease payments made. The lease liability is remeasured when there is a change in future lease payments resulting from:
a change in an index or rate;
a change in the estimate of amounts expected to be payable under a residual value guarantee; or
changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised, or a termination option is reasonably certain not to be exercised.
A maturity analysis of lease liabilities is disclosed in note 11.
CM.com derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. A financial liability is also derecognized when its terms are modified and the resulting cash flows are substantially different. In such cases, a new financial liability is recognized at fair value based on the modified terms. Upon derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss.
Financial assets and financial liabilities are offset and the net amount is presented in the consolidated statement of financial position only when CM.com has a currently enforceable legal right to offset the recognized amounts and intends to settle on a net basis or to realize the asset and settle the liability simultaneously.
Although CM.com may enter into hedging arrangements to manage its exposure to financial risks, it does not apply hedge accounting. Gains and losses on hedging instruments that are not designated in a hedging relationship are recognized directly in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5784": { "value": "Financial assets and liabilities are initially recognized when CM.com becomes a party to the contractual provisions of the instrument.
The financial assets to which CM.com is a party include trade and other receivables, loan receivables, deposits, equity investments, cash and cash equivalents.
Financial assets are initially recognized at fair value plus, in the case of financial assets not measured at fair value through profit or loss, transaction costs that are directly attributable to their acquisition. Trade receivables without a significant financing component are initially measured at the transaction price.
After initial recognition, financial assets are subsequently measured either at amortized cost or at fair value through profit or loss, depending on both CM.com\u2019s business model for managing the financial assets and the contractual cash flow characteristics of the financial asset.
A financial asset is measured at amortized cost using the effective interest method if both of the following conditions are met:
the asset is held within a business model whose objective is to hold assets to collect contractual cash flows; and
the contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets held for trading, such as equity investments, are valued at fair value through profit or loss.
Financial assets measured at amortized cost are subsequently reduced by impairment losses. For the recognition of expected credit losses on financial assets not measured at fair value through profit or loss, reference is made to note 11. Interest income is calculated using the effective interest method. Interest income, foreign exchange results, and impairment losses are recognized in profit or loss.
The carrying amounts of CM.com\u2019s financial assets are considered to be a reasonable approximation of their fair values.
CM.com derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and the transfer qualifies for derecognition. A transfer qualifies for derecognition when substantially all of the risks and rewards of ownership of the financial asset are transferred, or when CM.com neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. Any gain or loss arising from derecognition is recognized in profit or loss.
Financial liabilities to which CM.com is a party include trade and other payables, and borrowings, including lease liabilities. In prior periods, these also included convertible bonds.
Financial liabilities are initially recognized at fair value less, in the case of financial liabilities not measured at fair value through profit or loss, transaction costs that are directly attributable to their issue.
After initial recognition, financial liabilities are subsequently measured at amortized cost, except for contingent consideration arising from business combinations, which is measured at fair value through profit or loss, with changes in fair value recognized in profit or loss. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the term of the borrowings using the effective interest method.
Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, CM.com\u2019s incremental borrowing rate. Generally, CM.com uses its incremental borrowing rate as the discount rate. Subsequently, the lease liability is increased by interest expense and reduced by lease payments made. The lease liability is remeasured when there is a change in future lease payments resulting from:
a change in an index or rate;
a change in the estimate of amounts expected to be payable under a residual value guarantee; or
changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised, or a termination option is reasonably certain not to be exercised.
A maturity analysis of lease liabilities is disclosed in note 11.
CM.com derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. A financial liability is also derecognized when its terms are modified and the resulting cash flows are substantially different. In such cases, a new financial liability is recognized at fair value based on the modified terms. Upon derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss.
Financial assets and financial liabilities are offset and the net amount is presented in the consolidated statement of financial position only when CM.com has a currently enforceable legal right to offset the recognized amounts and intends to settle on a net basis or to realize the asset and settle the liability simultaneously.
Although CM.com may enter into hedging arrangements to manage its exposure to financial risks, it does not apply hedge accounting. Gains and losses on hedging instruments that are not designated in a hedging relationship are recognized directly in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5785": { "value": "Financial assets and liabilities are initially recognized when CM.com becomes a party to the contractual provisions of the instrument.
The financial assets to which CM.com is a party include trade and other receivables, loan receivables, deposits, equity investments, cash and cash equivalents.
Financial assets are initially recognized at fair value plus, in the case of financial assets not measured at fair value through profit or loss, transaction costs that are directly attributable to their acquisition. Trade receivables without a significant financing component are initially measured at the transaction price.
After initial recognition, financial assets are subsequently measured either at amortized cost or at fair value through profit or loss, depending on both CM.com\u2019s business model for managing the financial assets and the contractual cash flow characteristics of the financial asset.
A financial asset is measured at amortized cost using the effective interest method if both of the following conditions are met:
the asset is held within a business model whose objective is to hold assets to collect contractual cash flows; and
the contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets held for trading, such as equity investments, are valued at fair value through profit or loss.
Financial assets measured at amortized cost are subsequently reduced by impairment losses. For the recognition of expected credit losses on financial assets not measured at fair value through profit or loss, reference is made to note 11. Interest income is calculated using the effective interest method. Interest income, foreign exchange results, and impairment losses are recognized in profit or loss.
The carrying amounts of CM.com\u2019s financial assets are considered to be a reasonable approximation of their fair values.
CM.com derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and the transfer qualifies for derecognition. A transfer qualifies for derecognition when substantially all of the risks and rewards of ownership of the financial asset are transferred, or when CM.com neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. Any gain or loss arising from derecognition is recognized in profit or loss.
Financial liabilities to which CM.com is a party include trade and other payables, and borrowings, including lease liabilities. In prior periods, these also included convertible bonds.
Financial liabilities are initially recognized at fair value less, in the case of financial liabilities not measured at fair value through profit or loss, transaction costs that are directly attributable to their issue.
After initial recognition, financial liabilities are subsequently measured at amortized cost, except for contingent consideration arising from business combinations, which is measured at fair value through profit or loss, with changes in fair value recognized in profit or loss. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the term of the borrowings using the effective interest method.
Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, CM.com\u2019s incremental borrowing rate. Generally, CM.com uses its incremental borrowing rate as the discount rate. Subsequently, the lease liability is increased by interest expense and reduced by lease payments made. The lease liability is remeasured when there is a change in future lease payments resulting from:
a change in an index or rate;
a change in the estimate of amounts expected to be payable under a residual value guarantee; or
changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised, or a termination option is reasonably certain not to be exercised.
A maturity analysis of lease liabilities is disclosed in note 11.
CM.com derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. A financial liability is also derecognized when its terms are modified and the resulting cash flows are substantially different. In such cases, a new financial liability is recognized at fair value based on the modified terms. Upon derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss.
Financial assets and financial liabilities are offset and the net amount is presented in the consolidated statement of financial position only when CM.com has a currently enforceable legal right to offset the recognized amounts and intends to settle on a net basis or to realize the asset and settle the liability simultaneously.
Although CM.com may enter into hedging arrangements to manage its exposure to financial risks, it does not apply hedge accounting. Gains and losses on hedging instruments that are not designated in a hedging relationship are recognized directly in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5786": { "value": "Financial assets and liabilities are initially recognized when CM.com becomes a party to the contractual provisions of the instrument.
The financial assets to which CM.com is a party include trade and other receivables, loan receivables, deposits, equity investments, cash and cash equivalents.
Financial assets are initially recognized at fair value plus, in the case of financial assets not measured at fair value through profit or loss, transaction costs that are directly attributable to their acquisition. Trade receivables without a significant financing component are initially measured at the transaction price.
After initial recognition, financial assets are subsequently measured either at amortized cost or at fair value through profit or loss, depending on both CM.com\u2019s business model for managing the financial assets and the contractual cash flow characteristics of the financial asset.
A financial asset is measured at amortized cost using the effective interest method if both of the following conditions are met:
the asset is held within a business model whose objective is to hold assets to collect contractual cash flows; and
the contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets held for trading, such as equity investments, are valued at fair value through profit or loss.
Financial assets measured at amortized cost are subsequently reduced by impairment losses. For the recognition of expected credit losses on financial assets not measured at fair value through profit or loss, reference is made to note 11. Interest income is calculated using the effective interest method. Interest income, foreign exchange results, and impairment losses are recognized in profit or loss.
The carrying amounts of CM.com\u2019s financial assets are considered to be a reasonable approximation of their fair values.
CM.com derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and the transfer qualifies for derecognition. A transfer qualifies for derecognition when substantially all of the risks and rewards of ownership of the financial asset are transferred, or when CM.com neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. Any gain or loss arising from derecognition is recognized in profit or loss.
Financial liabilities to which CM.com is a party include trade and other payables, and borrowings, including lease liabilities. In prior periods, these also included convertible bonds.
Financial liabilities are initially recognized at fair value less, in the case of financial liabilities not measured at fair value through profit or loss, transaction costs that are directly attributable to their issue.
After initial recognition, financial liabilities are subsequently measured at amortized cost, except for contingent consideration arising from business combinations, which is measured at fair value through profit or loss, with changes in fair value recognized in profit or loss. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the term of the borrowings using the effective interest method.
Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, CM.com\u2019s incremental borrowing rate. Generally, CM.com uses its incremental borrowing rate as the discount rate. Subsequently, the lease liability is increased by interest expense and reduced by lease payments made. The lease liability is remeasured when there is a change in future lease payments resulting from:
a change in an index or rate;
a change in the estimate of amounts expected to be payable under a residual value guarantee; or
changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised, or a termination option is reasonably certain not to be exercised.
A maturity analysis of lease liabilities is disclosed in note 11.
CM.com derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. A financial liability is also derecognized when its terms are modified and the resulting cash flows are substantially different. In such cases, a new financial liability is recognized at fair value based on the modified terms. Upon derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss.
Financial assets and financial liabilities are offset and the net amount is presented in the consolidated statement of financial position only when CM.com has a currently enforceable legal right to offset the recognized amounts and intends to settle on a net basis or to realize the asset and settle the liability simultaneously.
Although CM.com may enter into hedging arrangements to manage its exposure to financial risks, it does not apply hedge accounting. Gains and losses on hedging instruments that are not designated in a hedging relationship are recognized directly in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5787": { "value": "Financial assets and liabilities are initially recognized when CM.com becomes a party to the contractual provisions of the instrument.
The financial assets to which CM.com is a party include trade and other receivables, loan receivables, deposits, equity investments, cash and cash equivalents.
Financial assets are initially recognized at fair value plus, in the case of financial assets not measured at fair value through profit or loss, transaction costs that are directly attributable to their acquisition. Trade receivables without a significant financing component are initially measured at the transaction price.
After initial recognition, financial assets are subsequently measured either at amortized cost or at fair value through profit or loss, depending on both CM.com\u2019s business model for managing the financial assets and the contractual cash flow characteristics of the financial asset.
A financial asset is measured at amortized cost using the effective interest method if both of the following conditions are met:
the asset is held within a business model whose objective is to hold assets to collect contractual cash flows; and
the contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets held for trading, such as equity investments, are valued at fair value through profit or loss.
Financial assets measured at amortized cost are subsequently reduced by impairment losses. For the recognition of expected credit losses on financial assets not measured at fair value through profit or loss, reference is made to note 11. Interest income is calculated using the effective interest method. Interest income, foreign exchange results, and impairment losses are recognized in profit or loss.
The carrying amounts of CM.com\u2019s financial assets are considered to be a reasonable approximation of their fair values.
CM.com derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and the transfer qualifies for derecognition. A transfer qualifies for derecognition when substantially all of the risks and rewards of ownership of the financial asset are transferred, or when CM.com neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. Any gain or loss arising from derecognition is recognized in profit or loss.
Financial liabilities to which CM.com is a party include trade and other payables, and borrowings, including lease liabilities. In prior periods, these also included convertible bonds.
Financial liabilities are initially recognized at fair value less, in the case of financial liabilities not measured at fair value through profit or loss, transaction costs that are directly attributable to their issue.
After initial recognition, financial liabilities are subsequently measured at amortized cost, except for contingent consideration arising from business combinations, which is measured at fair value through profit or loss, with changes in fair value recognized in profit or loss. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the term of the borrowings using the effective interest method.
Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, CM.com\u2019s incremental borrowing rate. Generally, CM.com uses its incremental borrowing rate as the discount rate. Subsequently, the lease liability is increased by interest expense and reduced by lease payments made. The lease liability is remeasured when there is a change in future lease payments resulting from:
a change in an index or rate;
a change in the estimate of amounts expected to be payable under a residual value guarantee; or
changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised, or a termination option is reasonably certain not to be exercised.
A maturity analysis of lease liabilities is disclosed in note 11.
CM.com derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. A financial liability is also derecognized when its terms are modified and the resulting cash flows are substantially different. In such cases, a new financial liability is recognized at fair value based on the modified terms. Upon derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss.
Financial assets and financial liabilities are offset and the net amount is presented in the consolidated statement of financial position only when CM.com has a currently enforceable legal right to offset the recognized amounts and intends to settle on a net basis or to realize the asset and settle the liability simultaneously.
Although CM.com may enter into hedging arrangements to manage its exposure to financial risks, it does not apply hedge accounting. Gains and losses on hedging instruments that are not designated in a hedging relationship are recognized directly in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5788": { "value": "Financial assets and liabilities are initially recognized when CM.com becomes a party to the contractual provisions of the instrument.
The financial assets to which CM.com is a party include trade and other receivables, loan receivables, deposits, equity investments, cash and cash equivalents.
Financial assets are initially recognized at fair value plus, in the case of financial assets not measured at fair value through profit or loss, transaction costs that are directly attributable to their acquisition. Trade receivables without a significant financing component are initially measured at the transaction price.
After initial recognition, financial assets are subsequently measured either at amortized cost or at fair value through profit or loss, depending on both CM.com\u2019s business model for managing the financial assets and the contractual cash flow characteristics of the financial asset.
A financial asset is measured at amortized cost using the effective interest method if both of the following conditions are met:
the asset is held within a business model whose objective is to hold assets to collect contractual cash flows; and
the contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets held for trading, such as equity investments, are valued at fair value through profit or loss.
Financial assets measured at amortized cost are subsequently reduced by impairment losses. For the recognition of expected credit losses on financial assets not measured at fair value through profit or loss, reference is made to note 11. Interest income is calculated using the effective interest method. Interest income, foreign exchange results, and impairment losses are recognized in profit or loss.
The carrying amounts of CM.com\u2019s financial assets are considered to be a reasonable approximation of their fair values.
CM.com derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and the transfer qualifies for derecognition. A transfer qualifies for derecognition when substantially all of the risks and rewards of ownership of the financial asset are transferred, or when CM.com neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. Any gain or loss arising from derecognition is recognized in profit or loss.
Financial liabilities to which CM.com is a party include trade and other payables, and borrowings, including lease liabilities. In prior periods, these also included convertible bonds.
Financial liabilities are initially recognized at fair value less, in the case of financial liabilities not measured at fair value through profit or loss, transaction costs that are directly attributable to their issue.
After initial recognition, financial liabilities are subsequently measured at amortized cost, except for contingent consideration arising from business combinations, which is measured at fair value through profit or loss, with changes in fair value recognized in profit or loss. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the term of the borrowings using the effective interest method.
Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, CM.com\u2019s incremental borrowing rate. Generally, CM.com uses its incremental borrowing rate as the discount rate. Subsequently, the lease liability is increased by interest expense and reduced by lease payments made. The lease liability is remeasured when there is a change in future lease payments resulting from:
a change in an index or rate;
a change in the estimate of amounts expected to be payable under a residual value guarantee; or
changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised, or a termination option is reasonably certain not to be exercised.
A maturity analysis of lease liabilities is disclosed in note 11.
CM.com derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. A financial liability is also derecognized when its terms are modified and the resulting cash flows are substantially different. In such cases, a new financial liability is recognized at fair value based on the modified terms. Upon derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss.
Financial assets and financial liabilities are offset and the net amount is presented in the consolidated statement of financial position only when CM.com has a currently enforceable legal right to offset the recognized amounts and intends to settle on a net basis or to realize the asset and settle the liability simultaneously.
Although CM.com may enter into hedging arrangements to manage its exposure to financial risks, it does not apply hedge accounting. Gains and losses on hedging instruments that are not designated in a hedging relationship are recognized directly in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5790": { "value": "Financial assets and liabilities are initially recognized when CM.com becomes a party to the contractual provisions of the instrument.
The financial assets to which CM.com is a party include trade and other receivables, loan receivables, deposits, equity investments, cash and cash equivalents.
Financial assets are initially recognized at fair value plus, in the case of financial assets not measured at fair value through profit or loss, transaction costs that are directly attributable to their acquisition. Trade receivables without a significant financing component are initially measured at the transaction price.
After initial recognition, financial assets are subsequently measured either at amortized cost or at fair value through profit or loss, depending on both CM.com\u2019s business model for managing the financial assets and the contractual cash flow characteristics of the financial asset.
A financial asset is measured at amortized cost using the effective interest method if both of the following conditions are met:
the asset is held within a business model whose objective is to hold assets to collect contractual cash flows; and
the contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets held for trading, such as equity investments, are valued at fair value through profit or loss.
Financial assets measured at amortized cost are subsequently reduced by impairment losses. For the recognition of expected credit losses on financial assets not measured at fair value through profit or loss, reference is made to note 11. Interest income is calculated using the effective interest method. Interest income, foreign exchange results, and impairment losses are recognized in profit or loss.
The carrying amounts of CM.com\u2019s financial assets are considered to be a reasonable approximation of their fair values.
CM.com derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and the transfer qualifies for derecognition. A transfer qualifies for derecognition when substantially all of the risks and rewards of ownership of the financial asset are transferred, or when CM.com neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. Any gain or loss arising from derecognition is recognized in profit or loss.
Financial liabilities to which CM.com is a party include trade and other payables, and borrowings, including lease liabilities. In prior periods, these also included convertible bonds.
Financial liabilities are initially recognized at fair value less, in the case of financial liabilities not measured at fair value through profit or loss, transaction costs that are directly attributable to their issue.
After initial recognition, financial liabilities are subsequently measured at amortized cost, except for contingent consideration arising from business combinations, which is measured at fair value through profit or loss, with changes in fair value recognized in profit or loss. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the term of the borrowings using the effective interest method.
Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, CM.com\u2019s incremental borrowing rate. Generally, CM.com uses its incremental borrowing rate as the discount rate. Subsequently, the lease liability is increased by interest expense and reduced by lease payments made. The lease liability is remeasured when there is a change in future lease payments resulting from:
a change in an index or rate;
a change in the estimate of amounts expected to be payable under a residual value guarantee; or
changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised, or a termination option is reasonably certain not to be exercised.
A maturity analysis of lease liabilities is disclosed in note 11.
CM.com derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. A financial liability is also derecognized when its terms are modified and the resulting cash flows are substantially different. In such cases, a new financial liability is recognized at fair value based on the modified terms. Upon derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss.
Financial assets and financial liabilities are offset and the net amount is presented in the consolidated statement of financial position only when CM.com has a currently enforceable legal right to offset the recognized amounts and intends to settle on a net basis or to realize the asset and settle the liability simultaneously.
Although CM.com may enter into hedging arrangements to manage its exposure to financial risks, it does not apply hedge accounting. Gains and losses on hedging instruments that are not designated in a hedging relationship are recognized directly in profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5791": { "value": "Financial assets and liabilities are initially recognized when CM.com becomes a party to the contractual provisions of the instrument.
The financial assets to which CM.com is a party include trade and other receivables, loan receivables, deposits, equity investments, cash and cash equivalents.
Financial assets are initially recognized at fair value plus, in the case of financial assets not measured at fair value through profit or loss, transaction costs that are directly attributable to their acquisition. Trade receivables without a significant financing component are initially measured at the transaction price.
After initial recognition, financial assets are subsequently measured either at amortized cost or at fair value through profit or loss, depending on both CM.com\u2019s business model for managing the financial assets and the contractual cash flow characteristics of the financial asset.
A financial asset is measured at amortized cost using the effective interest method if both of the following conditions are met:
the asset is held within a business model whose objective is to hold assets to collect contractual cash flows; and
the contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets held for trading, such as equity investments, are valued at fair value through profit or loss.
Financial assets measured at amortized cost are subsequently reduced by impairment losses. For the recognition of expected credit losses on financial assets not measured at fair value through profit or loss, reference is made to note 11. Interest income is calculated using the effective interest method. Interest income, foreign exchange results, and impairment losses are recognized in profit or loss.
The carrying amounts of CM.com\u2019s financial assets are considered to be a reasonable approximation of their fair values.
CM.com derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and the transfer qualifies for derecognition. A transfer qualifies for derecognition when substantially all of the risks and rewards of ownership of the financial asset are transferred, or when CM.com neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. Any gain or loss arising from derecognition is recognized in profit or loss.
Financial liabilities to which CM.com is a party include trade and other payables, and borrowings, including lease liabilities. In prior periods, these also included convertible bonds.
Financial liabilities are initially recognized at fair value less, in the case of financial liabilities not measured at fair value through profit or loss, transaction costs that are directly attributable to their issue.
After initial recognition, financial liabilities are subsequently measured at amortized cost, except for contingent consideration arising from business combinations, which is measured at fair value through profit or loss, with changes in fair value recognized in profit or loss. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the term of the borrowings using the effective interest method.
Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, CM.com\u2019s incremental borrowing rate. Generally, CM.com uses its incremental borrowing rate as the discount rate. Subsequently, the lease liability is increased by interest expense and reduced by lease payments made. The lease liability is remeasured when there is a change in future lease payments resulting from:
a change in an index or rate;
a change in the estimate of amounts expected to be payable under a residual value guarantee; or
changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised, or a termination option is reasonably certain not to be exercised.
A maturity analysis of lease liabilities is disclosed in note 11.
CM.com derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. A financial liability is also derecognized when its terms are modified and the resulting cash flows are substantially different. In such cases, a new financial liability is recognized at fair value based on the modified terms. Upon derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss.
Financial assets and financial liabilities are offset and the net amount is presented in the consolidated statement of financial position only when CM.com has a currently enforceable legal right to offset the recognized amounts and intends to settle on a net basis or to realize the asset and settle the liability simultaneously.
Although CM.com may enter into hedging arrangements to manage its exposure to financial risks, it does not apply hedge accounting. Gains and losses on hedging instruments that are not designated in a hedging relationship are recognized directly in profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5792": { "value": "Financial assets and liabilities are initially recognized when CM.com becomes a party to the contractual provisions of the instrument.
The financial assets to which CM.com is a party include trade and other receivables, loan receivables, deposits, equity investments, cash and cash equivalents.
Financial assets are initially recognized at fair value plus, in the case of financial assets not measured at fair value through profit or loss, transaction costs that are directly attributable to their acquisition. Trade receivables without a significant financing component are initially measured at the transaction price.
After initial recognition, financial assets are subsequently measured either at amortized cost or at fair value through profit or loss, depending on both CM.com\u2019s business model for managing the financial assets and the contractual cash flow characteristics of the financial asset.
A financial asset is measured at amortized cost using the effective interest method if both of the following conditions are met:
the asset is held within a business model whose objective is to hold assets to collect contractual cash flows; and
the contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets held for trading, such as equity investments, are valued at fair value through profit or loss.
Financial assets measured at amortized cost are subsequently reduced by impairment losses. For the recognition of expected credit losses on financial assets not measured at fair value through profit or loss, reference is made to note 11. Interest income is calculated using the effective interest method. Interest income, foreign exchange results, and impairment losses are recognized in profit or loss.
The carrying amounts of CM.com\u2019s financial assets are considered to be a reasonable approximation of their fair values.
CM.com derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and the transfer qualifies for derecognition. A transfer qualifies for derecognition when substantially all of the risks and rewards of ownership of the financial asset are transferred, or when CM.com neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. Any gain or loss arising from derecognition is recognized in profit or loss.
Financial liabilities to which CM.com is a party include trade and other payables, and borrowings, including lease liabilities. In prior periods, these also included convertible bonds.
Financial liabilities are initially recognized at fair value less, in the case of financial liabilities not measured at fair value through profit or loss, transaction costs that are directly attributable to their issue.
After initial recognition, financial liabilities are subsequently measured at amortized cost, except for contingent consideration arising from business combinations, which is measured at fair value through profit or loss, with changes in fair value recognized in profit or loss. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the term of the borrowings using the effective interest method.
Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, CM.com\u2019s incremental borrowing rate. Generally, CM.com uses its incremental borrowing rate as the discount rate. Subsequently, the lease liability is increased by interest expense and reduced by lease payments made. The lease liability is remeasured when there is a change in future lease payments resulting from:
a change in an index or rate;
a change in the estimate of amounts expected to be payable under a residual value guarantee; or
changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised, or a termination option is reasonably certain not to be exercised.
A maturity analysis of lease liabilities is disclosed in note 11.
CM.com derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. A financial liability is also derecognized when its terms are modified and the resulting cash flows are substantially different. In such cases, a new financial liability is recognized at fair value based on the modified terms. Upon derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss.
Financial assets and financial liabilities are offset and the net amount is presented in the consolidated statement of financial position only when CM.com has a currently enforceable legal right to offset the recognized amounts and intends to settle on a net basis or to realize the asset and settle the liability simultaneously.
Although CM.com may enter into hedging arrangements to manage its exposure to financial risks, it does not apply hedge accounting. Gains and losses on hedging instruments that are not designated in a hedging relationship are recognized directly in profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5793": { "value": "Financial assets and liabilities are initially recognized when CM.com becomes a party to the contractual provisions of the instrument.
The financial assets to which CM.com is a party include trade and other receivables, loan receivables, deposits, equity investments, cash and cash equivalents.
Financial assets are initially recognized at fair value plus, in the case of financial assets not measured at fair value through profit or loss, transaction costs that are directly attributable to their acquisition. Trade receivables without a significant financing component are initially measured at the transaction price.
After initial recognition, financial assets are subsequently measured either at amortized cost or at fair value through profit or loss, depending on both CM.com\u2019s business model for managing the financial assets and the contractual cash flow characteristics of the financial asset.
A financial asset is measured at amortized cost using the effective interest method if both of the following conditions are met:
the asset is held within a business model whose objective is to hold assets to collect contractual cash flows; and
the contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets held for trading, such as equity investments, are valued at fair value through profit or loss.
Financial assets measured at amortized cost are subsequently reduced by impairment losses. For the recognition of expected credit losses on financial assets not measured at fair value through profit or loss, reference is made to note 11. Interest income is calculated using the effective interest method. Interest income, foreign exchange results, and impairment losses are recognized in profit or loss.
The carrying amounts of CM.com\u2019s financial assets are considered to be a reasonable approximation of their fair values.
CM.com derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and the transfer qualifies for derecognition. A transfer qualifies for derecognition when substantially all of the risks and rewards of ownership of the financial asset are transferred, or when CM.com neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. Any gain or loss arising from derecognition is recognized in profit or loss.
Financial liabilities to which CM.com is a party include trade and other payables, and borrowings, including lease liabilities. In prior periods, these also included convertible bonds.
Financial liabilities are initially recognized at fair value less, in the case of financial liabilities not measured at fair value through profit or loss, transaction costs that are directly attributable to their issue.
After initial recognition, financial liabilities are subsequently measured at amortized cost, except for contingent consideration arising from business combinations, which is measured at fair value through profit or loss, with changes in fair value recognized in profit or loss. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the term of the borrowings using the effective interest method.
Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, CM.com\u2019s incremental borrowing rate. Generally, CM.com uses its incremental borrowing rate as the discount rate. Subsequently, the lease liability is increased by interest expense and reduced by lease payments made. The lease liability is remeasured when there is a change in future lease payments resulting from:
a change in an index or rate;
a change in the estimate of amounts expected to be payable under a residual value guarantee; or
changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised, or a termination option is reasonably certain not to be exercised.
A maturity analysis of lease liabilities is disclosed in note 11.
CM.com derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. A financial liability is also derecognized when its terms are modified and the resulting cash flows are substantially different. In such cases, a new financial liability is recognized at fair value based on the modified terms. Upon derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss.
Financial assets and financial liabilities are offset and the net amount is presented in the consolidated statement of financial position only when CM.com has a currently enforceable legal right to offset the recognized amounts and intends to settle on a net basis or to realize the asset and settle the liability simultaneously.
Although CM.com may enter into hedging arrangements to manage its exposure to financial risks, it does not apply hedge accounting. Gains and losses on hedging instruments that are not designated in a hedging relationship are recognized directly in profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5890": { "value": "Long-term and short-term loan receivables per the end of the reporting period consist of the following:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Deposits | 1,127 | 1,194 |
| Other receivables | 596 | 143 |
| Other participation | 60 | 60 |
| Long-term receivables | 1,783 | 1,397 |
| \u00a0 | \u00a0 | \u00a0 |
| Short-term loan receivables | 3,128 | 4,786 |
| \u00a0 | 4,911 | 6,183 |
Other and short-term loan receivables mainly consist of advance payments made to specific Live clients. These amounts are repaid through income generated from ticket sales. No impairments were recognized on long-term and short-term loan receivables in 2025 and 2024. CM.com\u2019s exposure to credit risk and sensitivity analysis for financial assets and liabilities are disclosed in note 11.
The other participation relates to an investment in 5% of the shares of Wireless Interactions & NFC Accelerator 2013 B.V.
A summary of the movements in long-term and short-term loan receivables is provided:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount as at January 1 | 6,183 | 2,108 |
| \u00a0 | \u00a0 | \u00a0 |
| Movements: | \u00a0 | \u00a0 |
| Loans granted / advance payments | 590 | 6,505 |
| Repayment of loans granted / advance payments | (1,236) | (2,407) |
| Write off loans granted / advance payments | (399) | (4) |
| Deposits paid | 97 | 168 |
| Deposits refunded | (130) | (308) |
| Currency difference | (194) | 121 |
| Carrying amount as at December 31 | 4,911 | 6,183 |
Long-term and short-term loan receivables per the end of the reporting period consist of the following:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Deposits | 1,127 | 1,194 |
| Other receivables | 596 | 143 |
| Other participation | 60 | 60 |
| Long-term receivables | 1,783 | 1,397 |
| \u00a0 | \u00a0 | \u00a0 |
| Short-term loan receivables | 3,128 | 4,786 |
| \u00a0 | 4,911 | 6,183 |
Other and short-term loan receivables mainly consist of advance payments made to specific Live clients. These amounts are repaid through income generated from ticket sales. No impairments were recognized on long-term and short-term loan receivables in 2025 and 2024. CM.com\u2019s exposure to credit risk and sensitivity analysis for financial assets and liabilities are disclosed in note 11.
The other participation relates to an investment in 5% of the shares of Wireless Interactions & NFC Accelerator 2013 B.V.
A summary of the movements in long-term and short-term loan receivables is provided:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount as at January 1 | 6,183 | 2,108 |
| \u00a0 | \u00a0 | \u00a0 |
| Movements: | \u00a0 | \u00a0 |
| Loans granted / advance payments | 590 | 6,505 |
| Repayment of loans granted / advance payments | (1,236) | (2,407) |
| Write off loans granted / advance payments | (399) | (4) |
| Deposits paid | 97 | 168 |
| Deposits refunded | (130) | (308) |
| Currency difference | (194) | 121 |
| Carrying amount as at December 31 | 4,911 | 6,183 |
Long-term and short-term loan receivables per the end of the reporting period consist of the following:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Deposits | 1,127 | 1,194 |
| Other receivables | 596 | 143 |
| Other participation | 60 | 60 |
| Long-term receivables | 1,783 | 1,397 |
| \u00a0 | \u00a0 | \u00a0 |
| Short-term loan receivables | 3,128 | 4,786 |
| \u00a0 | 4,911 | 6,183 |
Other and short-term loan receivables mainly consist of advance payments made to specific Live clients. These amounts are repaid through income generated from ticket sales. No impairments were recognized on long-term and short-term loan receivables in 2025 and 2024. CM.com\u2019s exposure to credit risk and sensitivity analysis for financial assets and liabilities are disclosed in note 11.
The other participation relates to an investment in 5% of the shares of Wireless Interactions & NFC Accelerator 2013 B.V.
A summary of the movements in long-term and short-term loan receivables is provided:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount as at January 1 | 6,183 | 2,108 |
| \u00a0 | \u00a0 | \u00a0 |
| Movements: | \u00a0 | \u00a0 |
| Loans granted / advance payments | 590 | 6,505 |
| Repayment of loans granted / advance payments | (1,236) | (2,407) |
| Write off loans granted / advance payments | (399) | (4) |
| Deposits paid | 97 | 168 |
| Deposits refunded | (130) | (308) |
| Currency difference | (194) | 121 |
| Carrying amount as at December 31 | 4,911 | 6,183 |
Trade and other receivables per the end of the reporting period consist of the following:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Trade receivables | 22,834 | 29,024 |
| Accrued revenue | 19,259 | 20,667 |
| Prepayments | 1,913 | 1,767 |
| Receivables from merchants and financial institutions | 3,385 | 6,292 |
| VAT and payroll tax receivables | 687 | 744 |
| Other receivables | 849 | 801 |
| \u00a0 | 48,927 | 59,295 |
The trade and other receivables do not include any receivables that are payable later than twelve months after the balance sheet date. An expected credit loss provision is recognized, amounting to \u20ac\u00a01,781 thousand (2024: \u20ac\u00a02,681 thousand), and netted with the trade receivables balance. CM.com\u2019s exposure to credit risk and sensitivity analysis for financial assets and liabilities are disclosed in note 11.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5938": { "value": "Trade and other receivables per the end of the reporting period consist of the following:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Trade receivables | 22,834 | 29,024 |
| Accrued revenue | 19,259 | 20,667 |
| Prepayments | 1,913 | 1,767 |
| Receivables from merchants and financial institutions | 3,385 | 6,292 |
| VAT and payroll tax receivables | 687 | 744 |
| Other receivables | 849 | 801 |
| \u00a0 | 48,927 | 59,295 |
The trade and other receivables do not include any receivables that are payable later than twelve months after the balance sheet date. An expected credit loss provision is recognized, amounting to \u20ac\u00a01,781 thousand (2024: \u20ac\u00a02,681 thousand), and netted with the trade receivables balance. CM.com\u2019s exposure to credit risk and sensitivity analysis for financial assets and liabilities are disclosed in note 11.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5939": { "value": "Trade and other receivables per the end of the reporting period consist of the following:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Trade receivables | 22,834 | 29,024 |
| Accrued revenue | 19,259 | 20,667 |
| Prepayments | 1,913 | 1,767 |
| Receivables from merchants and financial institutions | 3,385 | 6,292 |
| VAT and payroll tax receivables | 687 | 744 |
| Other receivables | 849 | 801 |
| \u00a0 | 48,927 | 59,295 |
The trade and other receivables do not include any receivables that are payable later than twelve months after the balance sheet date. An expected credit loss provision is recognized, amounting to \u20ac\u00a01,781 thousand (2024: \u20ac\u00a02,681 thousand), and netted with the trade receivables balance. CM.com\u2019s exposure to credit risk and sensitivity analysis for financial assets and liabilities are disclosed in note 11.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5940": { "value": "Trade and other receivables per the end of the reporting period consist of the following:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Trade receivables | 22,834 | 29,024 |
| Accrued revenue | 19,259 | 20,667 |
| Prepayments | 1,913 | 1,767 |
| Receivables from merchants and financial institutions | 3,385 | 6,292 |
| VAT and payroll tax receivables | 687 | 744 |
| Other receivables | 849 | 801 |
| \u00a0 | 48,927 | 59,295 |
The trade and other receivables do not include any receivables that are payable later than twelve months after the balance sheet date. An expected credit loss provision is recognized, amounting to \u20ac\u00a01,781 thousand (2024: \u20ac\u00a02,681 thousand), and netted with the trade receivables balance. CM.com\u2019s exposure to credit risk and sensitivity analysis for financial assets and liabilities are disclosed in note 11.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5941": { "value": "Trade and other receivables per the end of the reporting period consist of the following:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Trade receivables | 22,834 | 29,024 |
| Accrued revenue | 19,259 | 20,667 |
| Prepayments | 1,913 | 1,767 |
| Receivables from merchants and financial institutions | 3,385 | 6,292 |
| VAT and payroll tax receivables | 687 | 744 |
| Other receivables | 849 | 801 |
| \u00a0 | 48,927 | 59,295 |
The trade and other receivables do not include any receivables that are payable later than twelve months after the balance sheet date. An expected credit loss provision is recognized, amounting to \u20ac\u00a01,781 thousand (2024: \u20ac\u00a02,681 thousand), and netted with the trade receivables balance. CM.com\u2019s exposure to credit risk and sensitivity analysis for financial assets and liabilities are disclosed in note 11.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5942": { "value": "Trade and other receivables per the end of the reporting period consist of the following:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Trade receivables | 22,834 | 29,024 |
| Accrued revenue | 19,259 | 20,667 |
| Prepayments | 1,913 | 1,767 |
| Receivables from merchants and financial institutions | 3,385 | 6,292 |
| VAT and payroll tax receivables | 687 | 744 |
| Other receivables | 849 | 801 |
| \u00a0 | 48,927 | 59,295 |
The trade and other receivables do not include any receivables that are payable later than twelve months after the balance sheet date. An expected credit loss provision is recognized, amounting to \u20ac\u00a01,781 thousand (2024: \u20ac\u00a02,681 thousand), and netted with the trade receivables balance. CM.com\u2019s exposure to credit risk and sensitivity analysis for financial assets and liabilities are disclosed in note 11.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5971": { "value": "Cash and cash equivalents at the end of the reporting period consist of the following:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Cash at bank | 13,138 | 18,055 |
| Cash at bank restricted | 20,072 | 20,345 |
| \u00a0 | 33,210 | 38,400 |
Cash at bank restricted is mainly related to the foundation's activities and to be settled with merchants of Pay and Live clients. Considering that the company cannot use these balances for its own activities, they are recorded as restricted cash. The remaining balances are related to bank guarantees, as disclosed in note 25. All other cash and cash equivalents are available for immediate use by the company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5972": { "value": "Cash and cash equivalents at the end of the reporting period consist of the following:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Cash at bank | 13,138 | 18,055 |
| Cash at bank restricted | 20,072 | 20,345 |
| \u00a0 | 33,210 | 38,400 |
Cash at bank restricted is mainly related to the foundation's activities and to be settled with merchants of Pay and Live clients. Considering that the company cannot use these balances for its own activities, they are recorded as restricted cash. The remaining balances are related to bank guarantees, as disclosed in note 25. All other cash and cash equivalents are available for immediate use by the company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5973": { "value": "Cash and cash equivalents at the end of the reporting period consist of the following:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Cash at bank | 13,138 | 18,055 |
| Cash at bank restricted | 20,072 | 20,345 |
| \u00a0 | 33,210 | 38,400 |
Cash at bank restricted is mainly related to the foundation's activities and to be settled with merchants of Pay and Live clients. Considering that the company cannot use these balances for its own activities, they are recorded as restricted cash. The remaining balances are related to bank guarantees, as disclosed in note 25. All other cash and cash equivalents are available for immediate use by the company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i5974": { "value": "Cash and cash equivalents at the end of the reporting period consist of the following:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Cash at bank | 13,138 | 18,055 |
| Cash at bank restricted | 20,072 | 20,345 |
| \u00a0 | 33,210 | 38,400 |
Cash at bank restricted is mainly related to the foundation's activities and to be settled with merchants of Pay and Live clients. Considering that the company cannot use these balances for its own activities, they are recorded as restricted cash. The remaining balances are related to bank guarantees, as disclosed in note 25. All other cash and cash equivalents are available for immediate use by the company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6079": { "value": "Borrowings per the end of the reporting period consist of the following:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Revolving credit facility | 73,790 | - |
| Lease liabilities | 13,696 | 15,494 |
| Tax debt | 508 | 785 |
| \u00a0 | 87,994 | 16,279 |
| Current portion of borrowings | 2,695 | 3,032 |
| \u00a0 | 85,299 | 13,247 |
A summary of the movements in borrowings is provided:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount as at January 1 | 16,279 | 18,574 |
| \u00a0 | \u00a0 | \u00a0 |
| Movements: | \u00a0 | \u00a0 |
| Drawdown of credit facility | 80,000 | - |
| Repayment of credit facility | (5,000) | - |
| Credit facility related expenses | (1,728) | - |
| Amortization of credit facility related expenses | 518 | - |
| Additions to lease liabilities | 1,215 | 2,078 |
| Repayment of lease liabilities | (2,909) | (3,989) |
| Ending of lease liabilities | (76) | (129) |
| Repayment of tax debt | (277) | (268) |
| Currency difference | (28) | 13 |
| Carrying amount as at December 31 | 87,994 | 16,279 |
On February 12, 2025, CM.com N.V. entered into a new credit facility agreement with a consortium of banks, consisting of HSBC Continental Europe, ING Bank N.V., and ABN AMRO Bank. In December 2025, an amendment was signed between CM.com N.V. and the banks to align the financial covenants with the revised EBTIDA guidance issued in the Q3 press release. This revolving credit facility (RCF) has a principal amount of \u20ac\u00a080 million and a term until February 12, 2028, with two extension options of one year each. The total committed amount will be reduced to \u20ac\u00a065 million in February 2027. Thereafter, the commitment will be reduced quarterly by \u20ac0.5 million. In relation to this facility, CM.com has provided security in the form of a floating charge on receivables, bank accounts, and share capital of the entities within the obligor group. As of December 31, 2025, \u20ac\u00a075 million of the facility has been drawn.
The new credit facility was obtained to refinance the company's existing debt position and specifically to repurchase the outstanding convertible bonds (see note 17), which was completed on March 11, 2025. In addition to this facility, a capital injection of \u20ac\u00a020 million was raised through an accelerated bookbuild offering. The facility replaced the former RCF that expired on March 10, 2025.
Throughout the loan period, a borrowing base requirement ensures that total outstanding loans do not exceed the borrowing base, defined as multiples of revenue adjusted for retention rates. If exceeded, the company must repay the excess amount. Additionally, the company must maintain a minimum liquidity covenant of \u20ac\u00a010 million on quarter ends, of which \u20ac\u00a05 million of any available and undrawn amount of the RCF can be taken into account. During the initial covenant period, an increasing minimum trailing twelve months (TTM) EBITDA covenant applies. For the second period, starting April 1, 2027 (previously October 1, 2026), the company must comply with a maximum leverage ratio of 2.50x or less, and a minimum debt service coverage ratio of 1.20x or greater.
Management expects that these covenants and repayments will be reasonably realized based on the assumptions outlined in the business plan for 2026-2028.
The interest rate consists of a margin plus EURIBOR. The margin varies between 4.75% and 5.50% per annum, depending on the leverage ratio. At the commencement of the facility up until December 31, 2025, the margin was 5.5%. Interest expenses are calculated monthly in arrears based on the drawn amount, the applicable margin, and EURIBOR. In addition, a quarterly commitment fee is due, calculated as 35% of the applicable margin on the undrawn portion of the facility.
Transaction costs of \u20ac\u00a01,728 thousand directly attributable to the facility arrangement have been included in the initial measurement of the financial liability and are amortized over the term of the facility using the effective interest method. The unamortized transaction costs of the former RCF, amounting to \u20ac\u00a0137 thousand, have been recognized directly as an expense in the profit or loss under financial expenses upon termination of the former facility.
The main risks associated with this financing are:
Interest rate risk due to the variable interest rate (EURIBOR) to which the company is exposed.
Refinancing risk at the end of the term.
Covenant risk if CM.com's financial performance falls below the required levels.
CM.com continuously monitors these risks and periodically evaluates whether additional measures are necessary to mitigate these risks. CM.com has been and is compliant with all covenant requirements under the facility agreement between the commencement date and December 31, 2025. Based on current business plans and financial projections, management expects to remain in compliance with all covenant requirements throughout the term of the facility.
The facility is fully classified as a non-current liability in the statement of financial position, considering the repayment terms do not require settlement of any portion within twelve months of the reporting date. Subsequent to year-end, in January 2026, the company repaid \u20ac\u00a05 million to reduce the outstanding balance. In accordance with IAS 1, the classification of the facility is based on the contractual terms existing at the reporting date, and the company had no obligation at December 31, 2025, to make this repayment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6080": { "value": "Borrowings per the end of the reporting period consist of the following:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Revolving credit facility | 73,790 | - |
| Lease liabilities | 13,696 | 15,494 |
| Tax debt | 508 | 785 |
| \u00a0 | 87,994 | 16,279 |
| Current portion of borrowings | 2,695 | 3,032 |
| \u00a0 | 85,299 | 13,247 |
A summary of the movements in borrowings is provided:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount as at January 1 | 16,279 | 18,574 |
| \u00a0 | \u00a0 | \u00a0 |
| Movements: | \u00a0 | \u00a0 |
| Drawdown of credit facility | 80,000 | - |
| Repayment of credit facility | (5,000) | - |
| Credit facility related expenses | (1,728) | - |
| Amortization of credit facility related expenses | 518 | - |
| Additions to lease liabilities | 1,215 | 2,078 |
| Repayment of lease liabilities | (2,909) | (3,989) |
| Ending of lease liabilities | (76) | (129) |
| Repayment of tax debt | (277) | (268) |
| Currency difference | (28) | 13 |
| Carrying amount as at December 31 | 87,994 | 16,279 |
On February 12, 2025, CM.com N.V. entered into a new credit facility agreement with a consortium of banks, consisting of HSBC Continental Europe, ING Bank N.V., and ABN AMRO Bank. In December 2025, an amendment was signed between CM.com N.V. and the banks to align the financial covenants with the revised EBTIDA guidance issued in the Q3 press release. This revolving credit facility (RCF) has a principal amount of \u20ac\u00a080 million and a term until February 12, 2028, with two extension options of one year each. The total committed amount will be reduced to \u20ac\u00a065 million in February 2027. Thereafter, the commitment will be reduced quarterly by \u20ac0.5 million. In relation to this facility, CM.com has provided security in the form of a floating charge on receivables, bank accounts, and share capital of the entities within the obligor group. As of December 31, 2025, \u20ac\u00a075 million of the facility has been drawn.
The new credit facility was obtained to refinance the company's existing debt position and specifically to repurchase the outstanding convertible bonds (see note 17), which was completed on March 11, 2025. In addition to this facility, a capital injection of \u20ac\u00a020 million was raised through an accelerated bookbuild offering. The facility replaced the former RCF that expired on March 10, 2025.
Throughout the loan period, a borrowing base requirement ensures that total outstanding loans do not exceed the borrowing base, defined as multiples of revenue adjusted for retention rates. If exceeded, the company must repay the excess amount. Additionally, the company must maintain a minimum liquidity covenant of \u20ac\u00a010 million on quarter ends, of which \u20ac\u00a05 million of any available and undrawn amount of the RCF can be taken into account. During the initial covenant period, an increasing minimum trailing twelve months (TTM) EBITDA covenant applies. For the second period, starting April 1, 2027 (previously October 1, 2026), the company must comply with a maximum leverage ratio of 2.50x or less, and a minimum debt service coverage ratio of 1.20x or greater.
Management expects that these covenants and repayments will be reasonably realized based on the assumptions outlined in the business plan for 2026-2028.
The interest rate consists of a margin plus EURIBOR. The margin varies between 4.75% and 5.50% per annum, depending on the leverage ratio. At the commencement of the facility up until December 31, 2025, the margin was 5.5%. Interest expenses are calculated monthly in arrears based on the drawn amount, the applicable margin, and EURIBOR. In addition, a quarterly commitment fee is due, calculated as 35% of the applicable margin on the undrawn portion of the facility.
Transaction costs of \u20ac\u00a01,728 thousand directly attributable to the facility arrangement have been included in the initial measurement of the financial liability and are amortized over the term of the facility using the effective interest method. The unamortized transaction costs of the former RCF, amounting to \u20ac\u00a0137 thousand, have been recognized directly as an expense in the profit or loss under financial expenses upon termination of the former facility.
The main risks associated with this financing are:
Interest rate risk due to the variable interest rate (EURIBOR) to which the company is exposed.
Refinancing risk at the end of the term.
Covenant risk if CM.com's financial performance falls below the required levels.
CM.com continuously monitors these risks and periodically evaluates whether additional measures are necessary to mitigate these risks. CM.com has been and is compliant with all covenant requirements under the facility agreement between the commencement date and December 31, 2025. Based on current business plans and financial projections, management expects to remain in compliance with all covenant requirements throughout the term of the facility.
The facility is fully classified as a non-current liability in the statement of financial position, considering the repayment terms do not require settlement of any portion within twelve months of the reporting date. Subsequent to year-end, in January 2026, the company repaid \u20ac\u00a05 million to reduce the outstanding balance. In accordance with IAS 1, the classification of the facility is based on the contractual terms existing at the reporting date, and the company had no obligation at December 31, 2025, to make this repayment.
On 9 September 2021, CM.com issued convertible bonds due September 2026 at 100% of their nominal value in an aggregate principal amount of \u20ac\u00a0100 million. The convertible bonds have an interest rate of 2% payable semi-annually in arrears in equal installments on 9 March and 9 September each year, commencing first on 9 March 2022. The convertible bonds have a maturity of five years and a denomination of \u20ac\u00a0100 thousand each. The bonds are convertible into ordinary shares at the option of the bondholders during the conversion period ending on the earlier of seven business days prior to the maturity date or any relevant redemption date. The initial conversion price was set at \u20ac\u00a053.30 (30% premium over the reference share price).
At inception, the net proceeds from the issue of the convertible bonds were allocated between a financial liability component and an equity component, representing the fair value of the embedded option to convert the liability into equity of CM.com.
The liability component was subsequently measured at amortized cost using the effective interest method. Interest expense was calculated by applying an effective interest rate of 3.55% to the liability component. The difference between the carrying amount at initial recognition and the amount outstanding at December 31, 2024 represented the unwinding of the discount through interest expense, net of interest paid.
The equity component was determined as the residual amount after deducting the fair value of the financial liability from the net proceeds and was recognized in equity within the convertible bonds reserve. As at December 31, 2024, the equity component (net of tax) amounted to \u20ac\u00a05,517 thousand. Upon initial recognition, a deferred tax liability of \u20ac\u00a01,698 thousand was recognized directly in equity, offset by a related deferred tax asset of \u20ac\u00a01,113 thousand, also recognized in equity.
On March 11, 2025, CM.com N.V. repurchased its outstanding convertible bonds for \u20ac\u00a087 million, following approval by the bondholders at their meeting on March 6, 2025. At the date of repurchase, the carrying amount of the liability component, net of unamortized transaction costs, was \u20ac\u00a097,252 thousand.
The extinguishment resulted in a gross gain of \u20ac\u00a010,252 thousand, calculated as the difference between the carrying amount of the liability component (\u20ac\u00a097,252 thousand) and the repurchase price (\u20ac\u00a087 million). This gross gain comprises \u20ac\u00a010,726 thousand from the difference between the carrying amount and the repurchase price, offset by \u20ac\u00a0475 thousand due to the release of unamortized transaction costs. Transaction costs of \u20ac\u00a01,438 thousand directly attributable to the extinguishment were recognized in profit or loss. Consequently, a net gain of \u20ac\u00a08,814 thousand was recognized in profit or loss as financial income, as disclosed in note 24.
The repurchase was funded through a new credit facility agreement, with a principal amount of \u20ac\u00a080 million as disclosed in note 16, and a capital injection of \u20ac\u00a020 million as disclosed in note 10. As a result of the repayment, no liability balance remains outstanding at year-end.
During 2025, no further movements were recorded in the equity component (2024: \u20ac\u00a0221 thousand). Following the repayment of the convertible bonds, the remaining balance in the convertible bonds reserve was reclassified to accumulated deficits within equity, as disclosed in the consolidated statement of changes in equity. As a result, the balance of the convertible bonds reserve is nil at December 31, 2025.
As a result of the repayment, the related deferred tax position was derecognized, as disclosed in note 9.
The movement of the financial liability is presented in the table below.
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount of liability component at January 1 | 97,630 | 95,922 |
| Repayment of convertible bonds | (87,000) | \u00a0 |
| Gain on extinguishment of convertible bonds | (10,252) | \u00a0 |
| Interest charged (using effective interest rate) | (378) | 1,708 |
| Carrying amount of liability component at December 31 | - | 97,630 |
Borrowings per the end of the reporting period consist of the following:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Revolving credit facility | 73,790 | - |
| Lease liabilities | 13,696 | 15,494 |
| Tax debt | 508 | 785 |
| \u00a0 | 87,994 | 16,279 |
| Current portion of borrowings | 2,695 | 3,032 |
| \u00a0 | 85,299 | 13,247 |
A summary of the movements in borrowings is provided:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount as at January 1 | 16,279 | 18,574 |
| \u00a0 | \u00a0 | \u00a0 |
| Movements: | \u00a0 | \u00a0 |
| Drawdown of credit facility | 80,000 | - |
| Repayment of credit facility | (5,000) | - |
| Credit facility related expenses | (1,728) | - |
| Amortization of credit facility related expenses | 518 | - |
| Additions to lease liabilities | 1,215 | 2,078 |
| Repayment of lease liabilities | (2,909) | (3,989) |
| Ending of lease liabilities | (76) | (129) |
| Repayment of tax debt | (277) | (268) |
| Currency difference | (28) | 13 |
| Carrying amount as at December 31 | 87,994 | 16,279 |
On February 12, 2025, CM.com N.V. entered into a new credit facility agreement with a consortium of banks, consisting of HSBC Continental Europe, ING Bank N.V., and ABN AMRO Bank. In December 2025, an amendment was signed between CM.com N.V. and the banks to align the financial covenants with the revised EBTIDA guidance issued in the Q3 press release. This revolving credit facility (RCF) has a principal amount of \u20ac\u00a080 million and a term until February 12, 2028, with two extension options of one year each. The total committed amount will be reduced to \u20ac\u00a065 million in February 2027. Thereafter, the commitment will be reduced quarterly by \u20ac0.5 million. In relation to this facility, CM.com has provided security in the form of a floating charge on receivables, bank accounts, and share capital of the entities within the obligor group. As of December 31, 2025, \u20ac\u00a075 million of the facility has been drawn.
The new credit facility was obtained to refinance the company's existing debt position and specifically to repurchase the outstanding convertible bonds (see note 17), which was completed on March 11, 2025. In addition to this facility, a capital injection of \u20ac\u00a020 million was raised through an accelerated bookbuild offering. The facility replaced the former RCF that expired on March 10, 2025.
Throughout the loan period, a borrowing base requirement ensures that total outstanding loans do not exceed the borrowing base, defined as multiples of revenue adjusted for retention rates. If exceeded, the company must repay the excess amount. Additionally, the company must maintain a minimum liquidity covenant of \u20ac\u00a010 million on quarter ends, of which \u20ac\u00a05 million of any available and undrawn amount of the RCF can be taken into account. During the initial covenant period, an increasing minimum trailing twelve months (TTM) EBITDA covenant applies. For the second period, starting April 1, 2027 (previously October 1, 2026), the company must comply with a maximum leverage ratio of 2.50x or less, and a minimum debt service coverage ratio of 1.20x or greater.
Management expects that these covenants and repayments will be reasonably realized based on the assumptions outlined in the business plan for 2026-2028.
The interest rate consists of a margin plus EURIBOR. The margin varies between 4.75% and 5.50% per annum, depending on the leverage ratio. At the commencement of the facility up until December 31, 2025, the margin was 5.5%. Interest expenses are calculated monthly in arrears based on the drawn amount, the applicable margin, and EURIBOR. In addition, a quarterly commitment fee is due, calculated as 35% of the applicable margin on the undrawn portion of the facility.
Transaction costs of \u20ac\u00a01,728 thousand directly attributable to the facility arrangement have been included in the initial measurement of the financial liability and are amortized over the term of the facility using the effective interest method. The unamortized transaction costs of the former RCF, amounting to \u20ac\u00a0137 thousand, have been recognized directly as an expense in the profit or loss under financial expenses upon termination of the former facility.
The main risks associated with this financing are:
Interest rate risk due to the variable interest rate (EURIBOR) to which the company is exposed.
Refinancing risk at the end of the term.
Covenant risk if CM.com's financial performance falls below the required levels.
CM.com continuously monitors these risks and periodically evaluates whether additional measures are necessary to mitigate these risks. CM.com has been and is compliant with all covenant requirements under the facility agreement between the commencement date and December 31, 2025. Based on current business plans and financial projections, management expects to remain in compliance with all covenant requirements throughout the term of the facility.
The facility is fully classified as a non-current liability in the statement of financial position, considering the repayment terms do not require settlement of any portion within twelve months of the reporting date. Subsequent to year-end, in January 2026, the company repaid \u20ac\u00a05 million to reduce the outstanding balance. In accordance with IAS 1, the classification of the facility is based on the contractual terms existing at the reporting date, and the company had no obligation at December 31, 2025, to make this repayment.
On 9 September 2021, CM.com issued convertible bonds due September 2026 at 100% of their nominal value in an aggregate principal amount of \u20ac\u00a0100 million. The convertible bonds have an interest rate of 2% payable semi-annually in arrears in equal installments on 9 March and 9 September each year, commencing first on 9 March 2022. The convertible bonds have a maturity of five years and a denomination of \u20ac\u00a0100 thousand each. The bonds are convertible into ordinary shares at the option of the bondholders during the conversion period ending on the earlier of seven business days prior to the maturity date or any relevant redemption date. The initial conversion price was set at \u20ac\u00a053.30 (30% premium over the reference share price).
At inception, the net proceeds from the issue of the convertible bonds were allocated between a financial liability component and an equity component, representing the fair value of the embedded option to convert the liability into equity of CM.com.
The liability component was subsequently measured at amortized cost using the effective interest method. Interest expense was calculated by applying an effective interest rate of 3.55% to the liability component. The difference between the carrying amount at initial recognition and the amount outstanding at December 31, 2024 represented the unwinding of the discount through interest expense, net of interest paid.
The equity component was determined as the residual amount after deducting the fair value of the financial liability from the net proceeds and was recognized in equity within the convertible bonds reserve. As at December 31, 2024, the equity component (net of tax) amounted to \u20ac\u00a05,517 thousand. Upon initial recognition, a deferred tax liability of \u20ac\u00a01,698 thousand was recognized directly in equity, offset by a related deferred tax asset of \u20ac\u00a01,113 thousand, also recognized in equity.
On March 11, 2025, CM.com N.V. repurchased its outstanding convertible bonds for \u20ac\u00a087 million, following approval by the bondholders at their meeting on March 6, 2025. At the date of repurchase, the carrying amount of the liability component, net of unamortized transaction costs, was \u20ac\u00a097,252 thousand.
The extinguishment resulted in a gross gain of \u20ac\u00a010,252 thousand, calculated as the difference between the carrying amount of the liability component (\u20ac\u00a097,252 thousand) and the repurchase price (\u20ac\u00a087 million). This gross gain comprises \u20ac\u00a010,726 thousand from the difference between the carrying amount and the repurchase price, offset by \u20ac\u00a0475 thousand due to the release of unamortized transaction costs. Transaction costs of \u20ac\u00a01,438 thousand directly attributable to the extinguishment were recognized in profit or loss. Consequently, a net gain of \u20ac\u00a08,814 thousand was recognized in profit or loss as financial income, as disclosed in note 24.
The repurchase was funded through a new credit facility agreement, with a principal amount of \u20ac\u00a080 million as disclosed in note 16, and a capital injection of \u20ac\u00a020 million as disclosed in note 10. As a result of the repayment, no liability balance remains outstanding at year-end.
During 2025, no further movements were recorded in the equity component (2024: \u20ac\u00a0221 thousand). Following the repayment of the convertible bonds, the remaining balance in the convertible bonds reserve was reclassified to accumulated deficits within equity, as disclosed in the consolidated statement of changes in equity. As a result, the balance of the convertible bonds reserve is nil at December 31, 2025.
As a result of the repayment, the related deferred tax position was derecognized, as disclosed in note 9.
The movement of the financial liability is presented in the table below.
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount of liability component at January 1 | 97,630 | 95,922 |
| Repayment of convertible bonds | (87,000) | \u00a0 |
| Gain on extinguishment of convertible bonds | (10,252) | \u00a0 |
| Interest charged (using effective interest rate) | (378) | 1,708 |
| Carrying amount of liability component at December 31 | - | 97,630 |
Borrowings per the end of the reporting period consist of the following:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Revolving credit facility | 73,790 | - |
| Lease liabilities | 13,696 | 15,494 |
| Tax debt | 508 | 785 |
| \u00a0 | 87,994 | 16,279 |
| Current portion of borrowings | 2,695 | 3,032 |
| \u00a0 | 85,299 | 13,247 |
A summary of the movements in borrowings is provided:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount as at January 1 | 16,279 | 18,574 |
| \u00a0 | \u00a0 | \u00a0 |
| Movements: | \u00a0 | \u00a0 |
| Drawdown of credit facility | 80,000 | - |
| Repayment of credit facility | (5,000) | - |
| Credit facility related expenses | (1,728) | - |
| Amortization of credit facility related expenses | 518 | - |
| Additions to lease liabilities | 1,215 | 2,078 |
| Repayment of lease liabilities | (2,909) | (3,989) |
| Ending of lease liabilities | (76) | (129) |
| Repayment of tax debt | (277) | (268) |
| Currency difference | (28) | 13 |
| Carrying amount as at December 31 | 87,994 | 16,279 |
On February 12, 2025, CM.com N.V. entered into a new credit facility agreement with a consortium of banks, consisting of HSBC Continental Europe, ING Bank N.V., and ABN AMRO Bank. In December 2025, an amendment was signed between CM.com N.V. and the banks to align the financial covenants with the revised EBTIDA guidance issued in the Q3 press release. This revolving credit facility (RCF) has a principal amount of \u20ac\u00a080 million and a term until February 12, 2028, with two extension options of one year each. The total committed amount will be reduced to \u20ac\u00a065 million in February 2027. Thereafter, the commitment will be reduced quarterly by \u20ac0.5 million. In relation to this facility, CM.com has provided security in the form of a floating charge on receivables, bank accounts, and share capital of the entities within the obligor group. As of December 31, 2025, \u20ac\u00a075 million of the facility has been drawn.
The new credit facility was obtained to refinance the company's existing debt position and specifically to repurchase the outstanding convertible bonds (see note 17), which was completed on March 11, 2025. In addition to this facility, a capital injection of \u20ac\u00a020 million was raised through an accelerated bookbuild offering. The facility replaced the former RCF that expired on March 10, 2025.
Throughout the loan period, a borrowing base requirement ensures that total outstanding loans do not exceed the borrowing base, defined as multiples of revenue adjusted for retention rates. If exceeded, the company must repay the excess amount. Additionally, the company must maintain a minimum liquidity covenant of \u20ac\u00a010 million on quarter ends, of which \u20ac\u00a05 million of any available and undrawn amount of the RCF can be taken into account. During the initial covenant period, an increasing minimum trailing twelve months (TTM) EBITDA covenant applies. For the second period, starting April 1, 2027 (previously October 1, 2026), the company must comply with a maximum leverage ratio of 2.50x or less, and a minimum debt service coverage ratio of 1.20x or greater.
Management expects that these covenants and repayments will be reasonably realized based on the assumptions outlined in the business plan for 2026-2028.
The interest rate consists of a margin plus EURIBOR. The margin varies between 4.75% and 5.50% per annum, depending on the leverage ratio. At the commencement of the facility up until December 31, 2025, the margin was 5.5%. Interest expenses are calculated monthly in arrears based on the drawn amount, the applicable margin, and EURIBOR. In addition, a quarterly commitment fee is due, calculated as 35% of the applicable margin on the undrawn portion of the facility.
Transaction costs of \u20ac\u00a01,728 thousand directly attributable to the facility arrangement have been included in the initial measurement of the financial liability and are amortized over the term of the facility using the effective interest method. The unamortized transaction costs of the former RCF, amounting to \u20ac\u00a0137 thousand, have been recognized directly as an expense in the profit or loss under financial expenses upon termination of the former facility.
The main risks associated with this financing are:
Interest rate risk due to the variable interest rate (EURIBOR) to which the company is exposed.
Refinancing risk at the end of the term.
Covenant risk if CM.com's financial performance falls below the required levels.
CM.com continuously monitors these risks and periodically evaluates whether additional measures are necessary to mitigate these risks. CM.com has been and is compliant with all covenant requirements under the facility agreement between the commencement date and December 31, 2025. Based on current business plans and financial projections, management expects to remain in compliance with all covenant requirements throughout the term of the facility.
The facility is fully classified as a non-current liability in the statement of financial position, considering the repayment terms do not require settlement of any portion within twelve months of the reporting date. Subsequent to year-end, in January 2026, the company repaid \u20ac\u00a05 million to reduce the outstanding balance. In accordance with IAS 1, the classification of the facility is based on the contractual terms existing at the reporting date, and the company had no obligation at December 31, 2025, to make this repayment.
On 9 September 2021, CM.com issued convertible bonds due September 2026 at 100% of their nominal value in an aggregate principal amount of \u20ac\u00a0100 million. The convertible bonds have an interest rate of 2% payable semi-annually in arrears in equal installments on 9 March and 9 September each year, commencing first on 9 March 2022. The convertible bonds have a maturity of five years and a denomination of \u20ac\u00a0100 thousand each. The bonds are convertible into ordinary shares at the option of the bondholders during the conversion period ending on the earlier of seven business days prior to the maturity date or any relevant redemption date. The initial conversion price was set at \u20ac\u00a053.30 (30% premium over the reference share price).
At inception, the net proceeds from the issue of the convertible bonds were allocated between a financial liability component and an equity component, representing the fair value of the embedded option to convert the liability into equity of CM.com.
The liability component was subsequently measured at amortized cost using the effective interest method. Interest expense was calculated by applying an effective interest rate of 3.55% to the liability component. The difference between the carrying amount at initial recognition and the amount outstanding at December 31, 2024 represented the unwinding of the discount through interest expense, net of interest paid.
The equity component was determined as the residual amount after deducting the fair value of the financial liability from the net proceeds and was recognized in equity within the convertible bonds reserve. As at December 31, 2024, the equity component (net of tax) amounted to \u20ac\u00a05,517 thousand. Upon initial recognition, a deferred tax liability of \u20ac\u00a01,698 thousand was recognized directly in equity, offset by a related deferred tax asset of \u20ac\u00a01,113 thousand, also recognized in equity.
On March 11, 2025, CM.com N.V. repurchased its outstanding convertible bonds for \u20ac\u00a087 million, following approval by the bondholders at their meeting on March 6, 2025. At the date of repurchase, the carrying amount of the liability component, net of unamortized transaction costs, was \u20ac\u00a097,252 thousand.
The extinguishment resulted in a gross gain of \u20ac\u00a010,252 thousand, calculated as the difference between the carrying amount of the liability component (\u20ac\u00a097,252 thousand) and the repurchase price (\u20ac\u00a087 million). This gross gain comprises \u20ac\u00a010,726 thousand from the difference between the carrying amount and the repurchase price, offset by \u20ac\u00a0475 thousand due to the release of unamortized transaction costs. Transaction costs of \u20ac\u00a01,438 thousand directly attributable to the extinguishment were recognized in profit or loss. Consequently, a net gain of \u20ac\u00a08,814 thousand was recognized in profit or loss as financial income, as disclosed in note 24.
The repurchase was funded through a new credit facility agreement, with a principal amount of \u20ac\u00a080 million as disclosed in note 16, and a capital injection of \u20ac\u00a020 million as disclosed in note 10. As a result of the repayment, no liability balance remains outstanding at year-end.
During 2025, no further movements were recorded in the equity component (2024: \u20ac\u00a0221 thousand). Following the repayment of the convertible bonds, the remaining balance in the convertible bonds reserve was reclassified to accumulated deficits within equity, as disclosed in the consolidated statement of changes in equity. As a result, the balance of the convertible bonds reserve is nil at December 31, 2025.
As a result of the repayment, the related deferred tax position was derecognized, as disclosed in note 9.
The movement of the financial liability is presented in the table below.
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount of liability component at January 1 | 97,630 | 95,922 |
| Repayment of convertible bonds | (87,000) | \u00a0 |
| Gain on extinguishment of convertible bonds | (10,252) | \u00a0 |
| Interest charged (using effective interest rate) | (378) | 1,708 |
| Carrying amount of liability component at December 31 | - | 97,630 |
On 9 September 2021, CM.com issued convertible bonds due September 2026 at 100% of their nominal value in an aggregate principal amount of \u20ac\u00a0100 million. The convertible bonds have an interest rate of 2% payable semi-annually in arrears in equal installments on 9 March and 9 September each year, commencing first on 9 March 2022. The convertible bonds have a maturity of five years and a denomination of \u20ac\u00a0100 thousand each. The bonds are convertible into ordinary shares at the option of the bondholders during the conversion period ending on the earlier of seven business days prior to the maturity date or any relevant redemption date. The initial conversion price was set at \u20ac\u00a053.30 (30% premium over the reference share price).
At inception, the net proceeds from the issue of the convertible bonds were allocated between a financial liability component and an equity component, representing the fair value of the embedded option to convert the liability into equity of CM.com.
The liability component was subsequently measured at amortized cost using the effective interest method. Interest expense was calculated by applying an effective interest rate of 3.55% to the liability component. The difference between the carrying amount at initial recognition and the amount outstanding at December 31, 2024 represented the unwinding of the discount through interest expense, net of interest paid.
The equity component was determined as the residual amount after deducting the fair value of the financial liability from the net proceeds and was recognized in equity within the convertible bonds reserve. As at December 31, 2024, the equity component (net of tax) amounted to \u20ac\u00a05,517 thousand. Upon initial recognition, a deferred tax liability of \u20ac\u00a01,698 thousand was recognized directly in equity, offset by a related deferred tax asset of \u20ac\u00a01,113 thousand, also recognized in equity.
On March 11, 2025, CM.com N.V. repurchased its outstanding convertible bonds for \u20ac\u00a087 million, following approval by the bondholders at their meeting on March 6, 2025. At the date of repurchase, the carrying amount of the liability component, net of unamortized transaction costs, was \u20ac\u00a097,252 thousand.
The extinguishment resulted in a gross gain of \u20ac\u00a010,252 thousand, calculated as the difference between the carrying amount of the liability component (\u20ac\u00a097,252 thousand) and the repurchase price (\u20ac\u00a087 million). This gross gain comprises \u20ac\u00a010,726 thousand from the difference between the carrying amount and the repurchase price, offset by \u20ac\u00a0475 thousand due to the release of unamortized transaction costs. Transaction costs of \u20ac\u00a01,438 thousand directly attributable to the extinguishment were recognized in profit or loss. Consequently, a net gain of \u20ac\u00a08,814 thousand was recognized in profit or loss as financial income, as disclosed in note 24.
The repurchase was funded through a new credit facility agreement, with a principal amount of \u20ac\u00a080 million as disclosed in note 16, and a capital injection of \u20ac\u00a020 million as disclosed in note 10. As a result of the repayment, no liability balance remains outstanding at year-end.
During 2025, no further movements were recorded in the equity component (2024: \u20ac\u00a0221 thousand). Following the repayment of the convertible bonds, the remaining balance in the convertible bonds reserve was reclassified to accumulated deficits within equity, as disclosed in the consolidated statement of changes in equity. As a result, the balance of the convertible bonds reserve is nil at December 31, 2025.
As a result of the repayment, the related deferred tax position was derecognized, as disclosed in note 9.
The movement of the financial liability is presented in the table below.
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount of liability component at January 1 | 97,630 | 95,922 |
| Repayment of convertible bonds | (87,000) | \u00a0 |
| Gain on extinguishment of convertible bonds | (10,252) | \u00a0 |
| Interest charged (using effective interest rate) | (378) | 1,708 |
| Carrying amount of liability component at December 31 | - | 97,630 |
On 9 September 2021, CM.com issued convertible bonds due September 2026 at 100% of their nominal value in an aggregate principal amount of \u20ac\u00a0100 million. The convertible bonds have an interest rate of 2% payable semi-annually in arrears in equal installments on 9 March and 9 September each year, commencing first on 9 March 2022. The convertible bonds have a maturity of five years and a denomination of \u20ac\u00a0100 thousand each. The bonds are convertible into ordinary shares at the option of the bondholders during the conversion period ending on the earlier of seven business days prior to the maturity date or any relevant redemption date. The initial conversion price was set at \u20ac\u00a053.30 (30% premium over the reference share price).
At inception, the net proceeds from the issue of the convertible bonds were allocated between a financial liability component and an equity component, representing the fair value of the embedded option to convert the liability into equity of CM.com.
The liability component was subsequently measured at amortized cost using the effective interest method. Interest expense was calculated by applying an effective interest rate of 3.55% to the liability component. The difference between the carrying amount at initial recognition and the amount outstanding at December 31, 2024 represented the unwinding of the discount through interest expense, net of interest paid.
The equity component was determined as the residual amount after deducting the fair value of the financial liability from the net proceeds and was recognized in equity within the convertible bonds reserve. As at December 31, 2024, the equity component (net of tax) amounted to \u20ac\u00a05,517 thousand. Upon initial recognition, a deferred tax liability of \u20ac\u00a01,698 thousand was recognized directly in equity, offset by a related deferred tax asset of \u20ac\u00a01,113 thousand, also recognized in equity.
On March 11, 2025, CM.com N.V. repurchased its outstanding convertible bonds for \u20ac\u00a087 million, following approval by the bondholders at their meeting on March 6, 2025. At the date of repurchase, the carrying amount of the liability component, net of unamortized transaction costs, was \u20ac\u00a097,252 thousand.
The extinguishment resulted in a gross gain of \u20ac\u00a010,252 thousand, calculated as the difference between the carrying amount of the liability component (\u20ac\u00a097,252 thousand) and the repurchase price (\u20ac\u00a087 million). This gross gain comprises \u20ac\u00a010,726 thousand from the difference between the carrying amount and the repurchase price, offset by \u20ac\u00a0475 thousand due to the release of unamortized transaction costs. Transaction costs of \u20ac\u00a01,438 thousand directly attributable to the extinguishment were recognized in profit or loss. Consequently, a net gain of \u20ac\u00a08,814 thousand was recognized in profit or loss as financial income, as disclosed in note 24.
The repurchase was funded through a new credit facility agreement, with a principal amount of \u20ac\u00a080 million as disclosed in note 16, and a capital injection of \u20ac\u00a020 million as disclosed in note 10. As a result of the repayment, no liability balance remains outstanding at year-end.
During 2025, no further movements were recorded in the equity component (2024: \u20ac\u00a0221 thousand). Following the repayment of the convertible bonds, the remaining balance in the convertible bonds reserve was reclassified to accumulated deficits within equity, as disclosed in the consolidated statement of changes in equity. As a result, the balance of the convertible bonds reserve is nil at December 31, 2025.
As a result of the repayment, the related deferred tax position was derecognized, as disclosed in note 9.
The movement of the financial liability is presented in the table below.
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Carrying amount of liability component at January 1 | 97,630 | 95,922 |
| Repayment of convertible bonds | (87,000) | \u00a0 |
| Gain on extinguishment of convertible bonds | (10,252) | \u00a0 |
| Interest charged (using effective interest rate) | (378) | 1,708 |
| Carrying amount of liability component at December 31 | - | 97,630 |
The provision relates solely to expected payouts for refunds to customers who purchased insurance with their tickets. The company has applied the simplified approach under IFRS 17, as all insurance policies sold have a coverage period of less than twelve months.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6121": { "value": "The provision relates solely to expected payouts for refunds to customers who purchased insurance with their tickets. The company has applied the simplified approach under IFRS 17, as all insurance policies sold have a coverage period of less than twelve months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6162": { "value": "Trade and other payables per the end of the reporting period consist of the following:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Trade payables | 28,495 | 42,284 |
| Payables to merchants and financial institutions | 24,169 | 26,358 |
| Invoices to be received for services | 16,656 | 16,471 |
| VAT and payroll tax payables | 5,302 | 5,847 |
| Other accruals | 6,844 | 8,644 |
| \u00a0 | 81,466 | 99,604 |
These amounts represent liabilities for goods and services provided to the group, prior to the end of the reporting period, which are unpaid. The accruals are short-term in nature.
Payables to merchants and financial institutions represent funds pending transfer to merchants of CM Payments B.V. and Live clients. These funds were either received on the restricted bank accounts (note 15) or were in transit as of the reporting date and recorded as receivables from financial institutions (note 14)
The other accruals mainly consist of personnel accruals and non-trade invoices to be received.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6163": { "value": "Trade and other payables per the end of the reporting period consist of the following:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Trade payables | 28,495 | 42,284 |
| Payables to merchants and financial institutions | 24,169 | 26,358 |
| Invoices to be received for services | 16,656 | 16,471 |
| VAT and payroll tax payables | 5,302 | 5,847 |
| Other accruals | 6,844 | 8,644 |
| \u00a0 | 81,466 | 99,604 |
These amounts represent liabilities for goods and services provided to the group, prior to the end of the reporting period, which are unpaid. The accruals are short-term in nature.
Payables to merchants and financial institutions represent funds pending transfer to merchants of CM Payments B.V. and Live clients. These funds were either received on the restricted bank accounts (note 15) or were in transit as of the reporting date and recorded as receivables from financial institutions (note 14)
The other accruals mainly consist of personnel accruals and non-trade invoices to be received.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6164": { "value": "Trade and other payables per the end of the reporting period consist of the following:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Trade payables | 28,495 | 42,284 |
| Payables to merchants and financial institutions | 24,169 | 26,358 |
| Invoices to be received for services | 16,656 | 16,471 |
| VAT and payroll tax payables | 5,302 | 5,847 |
| Other accruals | 6,844 | 8,644 |
| \u00a0 | 81,466 | 99,604 |
These amounts represent liabilities for goods and services provided to the group, prior to the end of the reporting period, which are unpaid. The accruals are short-term in nature.
Payables to merchants and financial institutions represent funds pending transfer to merchants of CM Payments B.V. and Live clients. These funds were either received on the restricted bank accounts (note 15) or were in transit as of the reporting date and recorded as receivables from financial institutions (note 14)
The other accruals mainly consist of personnel accruals and non-trade invoices to be received.
Revenue received in advance mainly consists of prepaid subscription fees, which are recognized on a straight-line basis over the contract period, and prepaid CPaaS balances, which are recognized based on usage. The balance as at December 31, 2024 is expected to be fully settled in 2025, and the balance as at December 31, 2025 is expected to be fully settled in 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6165": { "value": "Trade and other payables per the end of the reporting period consist of the following:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Trade payables | 28,495 | 42,284 |
| Payables to merchants and financial institutions | 24,169 | 26,358 |
| Invoices to be received for services | 16,656 | 16,471 |
| VAT and payroll tax payables | 5,302 | 5,847 |
| Other accruals | 6,844 | 8,644 |
| \u00a0 | 81,466 | 99,604 |
These amounts represent liabilities for goods and services provided to the group, prior to the end of the reporting period, which are unpaid. The accruals are short-term in nature.
Payables to merchants and financial institutions represent funds pending transfer to merchants of CM Payments B.V. and Live clients. These funds were either received on the restricted bank accounts (note 15) or were in transit as of the reporting date and recorded as receivables from financial institutions (note 14)
The other accruals mainly consist of personnel accruals and non-trade invoices to be received.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6166": { "value": "Trade and other payables per the end of the reporting period consist of the following:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Trade payables | 28,495 | 42,284 |
| Payables to merchants and financial institutions | 24,169 | 26,358 |
| Invoices to be received for services | 16,656 | 16,471 |
| VAT and payroll tax payables | 5,302 | 5,847 |
| Other accruals | 6,844 | 8,644 |
| \u00a0 | 81,466 | 99,604 |
These amounts represent liabilities for goods and services provided to the group, prior to the end of the reporting period, which are unpaid. The accruals are short-term in nature.
Payables to merchants and financial institutions represent funds pending transfer to merchants of CM Payments B.V. and Live clients. These funds were either received on the restricted bank accounts (note 15) or were in transit as of the reporting date and recorded as receivables from financial institutions (note 14)
The other accruals mainly consist of personnel accruals and non-trade invoices to be received.
Revenue received in advance mainly consists of prepaid subscription fees, which are recognized on a straight-line basis over the contract period, and prepaid CPaaS balances, which are recognized based on usage. The balance as at December 31, 2024 is expected to be fully settled in 2025, and the balance as at December 31, 2025 is expected to be fully settled in 2026.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6167": { "value": "Trade and other payables per the end of the reporting period consist of the following:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Trade payables | 28,495 | 42,284 |
| Payables to merchants and financial institutions | 24,169 | 26,358 |
| Invoices to be received for services | 16,656 | 16,471 |
| VAT and payroll tax payables | 5,302 | 5,847 |
| Other accruals | 6,844 | 8,644 |
| \u00a0 | 81,466 | 99,604 |
These amounts represent liabilities for goods and services provided to the group, prior to the end of the reporting period, which are unpaid. The accruals are short-term in nature.
Payables to merchants and financial institutions represent funds pending transfer to merchants of CM Payments B.V. and Live clients. These funds were either received on the restricted bank accounts (note 15) or were in transit as of the reporting date and recorded as receivables from financial institutions (note 14)
The other accruals mainly consist of personnel accruals and non-trade invoices to be received.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6235": { "value": "| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 48,225 | 49,269 |
| Social security charges | 7,583 | 7,402 |
| Pension costs | 1,944 | 1,942 |
| WBSO government grant | (1,618) | (1,370) |
| Capitalized development costs | (11,419) | (11,544) |
| \u00a0 | 44,715 | 45,699 |
Employee benefits include restructuring expenses amounting to \u20ac\u00a01,417 thousand (2024: \u20ac\u00a01,490 thousand). The restructuring expenses relate to severance payments and salary continuation during the notice period.
The average number of employees of CM.com during the year, converted to full-time equivalents (FTEs), was 648 (2024: 675), of which 177 FTEs are working outside the Netherlands (2024: 180). The breakdown per department of average number FTEs is as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
| Sales & Marketing | 298 | 315 |
| Research & Development | 250 | 256 |
| General & Administration | 100 | 103 |
| \u00a0 | 648 | 675 |
All pension solutions are classified as defined contribution pension plans. Accordingly, CM.com\u2019s obligation is limited to the contributions it committed to pay. In such case, the size of the employee\u2019s pension depends upon the contributions the company pays to the plan or an insurance company and upon the return on capital generated by these contributions. Consequently, the actuarial risk and investment risk are borne by the employee. The company\u2019s obligations to pay contributions to defined contribution plans are recognized as a cost.
The undiscounted amount of short-term employee benefits is recognized in the accounting period when the related service was rendered. A provision is recognized for the expected cost of bonus payments when the company has a legal or constructive obligation to make such payments as a result of employee services rendered and the obligation can be reliably measured.
Government grants are recognized when there is reasonable assurance that the grant will be received and all attached conditions will be complied with. CM.com receives WBSO, a government grant for research and development work in the Netherlands. It is implemented by the Netherlands Enterprise Agency (RVO) and promotes technical innovation. The WBSO government grant decreases the social security charges and is therefore recognized as a tax credit under the employee benefits in the year they are related to. As the primary condition of this governmental grant is not related to an asset purchased, constructed or otherwise acquired, the grant is not capitalized and not allocated to the useful live of the asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6236": { "value": "| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 48,225 | 49,269 |
| Social security charges | 7,583 | 7,402 |
| Pension costs | 1,944 | 1,942 |
| WBSO government grant | (1,618) | (1,370) |
| Capitalized development costs | (11,419) | (11,544) |
| \u00a0 | 44,715 | 45,699 |
Employee benefits include restructuring expenses amounting to \u20ac\u00a01,417 thousand (2024: \u20ac\u00a01,490 thousand). The restructuring expenses relate to severance payments and salary continuation during the notice period.
The average number of employees of CM.com during the year, converted to full-time equivalents (FTEs), was 648 (2024: 675), of which 177 FTEs are working outside the Netherlands (2024: 180). The breakdown per department of average number FTEs is as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
| Sales & Marketing | 298 | 315 |
| Research & Development | 250 | 256 |
| General & Administration | 100 | 103 |
| \u00a0 | 648 | 675 |
All pension solutions are classified as defined contribution pension plans. Accordingly, CM.com\u2019s obligation is limited to the contributions it committed to pay. In such case, the size of the employee\u2019s pension depends upon the contributions the company pays to the plan or an insurance company and upon the return on capital generated by these contributions. Consequently, the actuarial risk and investment risk are borne by the employee. The company\u2019s obligations to pay contributions to defined contribution plans are recognized as a cost.
The undiscounted amount of short-term employee benefits is recognized in the accounting period when the related service was rendered. A provision is recognized for the expected cost of bonus payments when the company has a legal or constructive obligation to make such payments as a result of employee services rendered and the obligation can be reliably measured.
Government grants are recognized when there is reasonable assurance that the grant will be received and all attached conditions will be complied with. CM.com receives WBSO, a government grant for research and development work in the Netherlands. It is implemented by the Netherlands Enterprise Agency (RVO) and promotes technical innovation. The WBSO government grant decreases the social security charges and is therefore recognized as a tax credit under the employee benefits in the year they are related to. As the primary condition of this governmental grant is not related to an asset purchased, constructed or otherwise acquired, the grant is not capitalized and not allocated to the useful live of the asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6237": { "value": "| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 48,225 | 49,269 |
| Social security charges | 7,583 | 7,402 |
| Pension costs | 1,944 | 1,942 |
| WBSO government grant | (1,618) | (1,370) |
| Capitalized development costs | (11,419) | (11,544) |
| \u00a0 | 44,715 | 45,699 |
Employee benefits include restructuring expenses amounting to \u20ac\u00a01,417 thousand (2024: \u20ac\u00a01,490 thousand). The restructuring expenses relate to severance payments and salary continuation during the notice period.
The average number of employees of CM.com during the year, converted to full-time equivalents (FTEs), was 648 (2024: 675), of which 177 FTEs are working outside the Netherlands (2024: 180). The breakdown per department of average number FTEs is as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
| Sales & Marketing | 298 | 315 |
| Research & Development | 250 | 256 |
| General & Administration | 100 | 103 |
| \u00a0 | 648 | 675 |
All pension solutions are classified as defined contribution pension plans. Accordingly, CM.com\u2019s obligation is limited to the contributions it committed to pay. In such case, the size of the employee\u2019s pension depends upon the contributions the company pays to the plan or an insurance company and upon the return on capital generated by these contributions. Consequently, the actuarial risk and investment risk are borne by the employee. The company\u2019s obligations to pay contributions to defined contribution plans are recognized as a cost.
The undiscounted amount of short-term employee benefits is recognized in the accounting period when the related service was rendered. A provision is recognized for the expected cost of bonus payments when the company has a legal or constructive obligation to make such payments as a result of employee services rendered and the obligation can be reliably measured.
Government grants are recognized when there is reasonable assurance that the grant will be received and all attached conditions will be complied with. CM.com receives WBSO, a government grant for research and development work in the Netherlands. It is implemented by the Netherlands Enterprise Agency (RVO) and promotes technical innovation. The WBSO government grant decreases the social security charges and is therefore recognized as a tax credit under the employee benefits in the year they are related to. As the primary condition of this governmental grant is not related to an asset purchased, constructed or otherwise acquired, the grant is not capitalized and not allocated to the useful live of the asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6238": { "value": "| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 48,225 | 49,269 |
| Social security charges | 7,583 | 7,402 |
| Pension costs | 1,944 | 1,942 |
| WBSO government grant | (1,618) | (1,370) |
| Capitalized development costs | (11,419) | (11,544) |
| \u00a0 | 44,715 | 45,699 |
Employee benefits include restructuring expenses amounting to \u20ac\u00a01,417 thousand (2024: \u20ac\u00a01,490 thousand). The restructuring expenses relate to severance payments and salary continuation during the notice period.
The average number of employees of CM.com during the year, converted to full-time equivalents (FTEs), was 648 (2024: 675), of which 177 FTEs are working outside the Netherlands (2024: 180). The breakdown per department of average number FTEs is as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
| Sales & Marketing | 298 | 315 |
| Research & Development | 250 | 256 |
| General & Administration | 100 | 103 |
| \u00a0 | 648 | 675 |
All pension solutions are classified as defined contribution pension plans. Accordingly, CM.com\u2019s obligation is limited to the contributions it committed to pay. In such case, the size of the employee\u2019s pension depends upon the contributions the company pays to the plan or an insurance company and upon the return on capital generated by these contributions. Consequently, the actuarial risk and investment risk are borne by the employee. The company\u2019s obligations to pay contributions to defined contribution plans are recognized as a cost.
The undiscounted amount of short-term employee benefits is recognized in the accounting period when the related service was rendered. A provision is recognized for the expected cost of bonus payments when the company has a legal or constructive obligation to make such payments as a result of employee services rendered and the obligation can be reliably measured.
Government grants are recognized when there is reasonable assurance that the grant will be received and all attached conditions will be complied with. CM.com receives WBSO, a government grant for research and development work in the Netherlands. It is implemented by the Netherlands Enterprise Agency (RVO) and promotes technical innovation. The WBSO government grant decreases the social security charges and is therefore recognized as a tax credit under the employee benefits in the year they are related to. As the primary condition of this governmental grant is not related to an asset purchased, constructed or otherwise acquired, the grant is not capitalized and not allocated to the useful live of the asset.
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| IT expenses | 6,581 | 6,642 |
| General expenses | 6,213 | 6,7231 |
| Marketing and sales expenses | 3,125 | 2,875 |
| Other staff expenses | 1,952 | 2,3231 |
| Housing expenses | 1,933 | 1,858 |
| Contractors and agency personnel expenses | 1,434 | 2,107 |
| Expected credit losses | 219 | 1,304 |
| Capitalized development costs | (2,855) | (2,886) |
| \u00a0 | 18,602 | 20,946 |
Capitalized development costs are allocated to Employee Benefits (see note 21) and Other Operating Expenses. In the prior period, capitalized development costs were classified under general expenses. From 2025 onwards, they are presented as a separate line item to align with the presentation in the Employee Benefits note.
No restructuring expenses are included in the current period (2024: \u20ac\u00a0138 thousand). The prior period restructuring expenses primarily relate to legal fees.
For information on the exposure to credit risk and the expected credit losses, refer to note 11.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6239": { "value": "| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 48,225 | 49,269 |
| Social security charges | 7,583 | 7,402 |
| Pension costs | 1,944 | 1,942 |
| WBSO government grant | (1,618) | (1,370) |
| Capitalized development costs | (11,419) | (11,544) |
| \u00a0 | 44,715 | 45,699 |
Employee benefits include restructuring expenses amounting to \u20ac\u00a01,417 thousand (2024: \u20ac\u00a01,490 thousand). The restructuring expenses relate to severance payments and salary continuation during the notice period.
The average number of employees of CM.com during the year, converted to full-time equivalents (FTEs), was 648 (2024: 675), of which 177 FTEs are working outside the Netherlands (2024: 180). The breakdown per department of average number FTEs is as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
| Sales & Marketing | 298 | 315 |
| Research & Development | 250 | 256 |
| General & Administration | 100 | 103 |
| \u00a0 | 648 | 675 |
All pension solutions are classified as defined contribution pension plans. Accordingly, CM.com\u2019s obligation is limited to the contributions it committed to pay. In such case, the size of the employee\u2019s pension depends upon the contributions the company pays to the plan or an insurance company and upon the return on capital generated by these contributions. Consequently, the actuarial risk and investment risk are borne by the employee. The company\u2019s obligations to pay contributions to defined contribution plans are recognized as a cost.
The undiscounted amount of short-term employee benefits is recognized in the accounting period when the related service was rendered. A provision is recognized for the expected cost of bonus payments when the company has a legal or constructive obligation to make such payments as a result of employee services rendered and the obligation can be reliably measured.
Government grants are recognized when there is reasonable assurance that the grant will be received and all attached conditions will be complied with. CM.com receives WBSO, a government grant for research and development work in the Netherlands. It is implemented by the Netherlands Enterprise Agency (RVO) and promotes technical innovation. The WBSO government grant decreases the social security charges and is therefore recognized as a tax credit under the employee benefits in the year they are related to. As the primary condition of this governmental grant is not related to an asset purchased, constructed or otherwise acquired, the grant is not capitalized and not allocated to the useful live of the asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6240": { "value": "| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 48,225 | 49,269 |
| Social security charges | 7,583 | 7,402 |
| Pension costs | 1,944 | 1,942 |
| WBSO government grant | (1,618) | (1,370) |
| Capitalized development costs | (11,419) | (11,544) |
| \u00a0 | 44,715 | 45,699 |
Employee benefits include restructuring expenses amounting to \u20ac\u00a01,417 thousand (2024: \u20ac\u00a01,490 thousand). The restructuring expenses relate to severance payments and salary continuation during the notice period.
The average number of employees of CM.com during the year, converted to full-time equivalents (FTEs), was 648 (2024: 675), of which 177 FTEs are working outside the Netherlands (2024: 180). The breakdown per department of average number FTEs is as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
| Sales & Marketing | 298 | 315 |
| Research & Development | 250 | 256 |
| General & Administration | 100 | 103 |
| \u00a0 | 648 | 675 |
All pension solutions are classified as defined contribution pension plans. Accordingly, CM.com\u2019s obligation is limited to the contributions it committed to pay. In such case, the size of the employee\u2019s pension depends upon the contributions the company pays to the plan or an insurance company and upon the return on capital generated by these contributions. Consequently, the actuarial risk and investment risk are borne by the employee. The company\u2019s obligations to pay contributions to defined contribution plans are recognized as a cost.
The undiscounted amount of short-term employee benefits is recognized in the accounting period when the related service was rendered. A provision is recognized for the expected cost of bonus payments when the company has a legal or constructive obligation to make such payments as a result of employee services rendered and the obligation can be reliably measured.
Government grants are recognized when there is reasonable assurance that the grant will be received and all attached conditions will be complied with. CM.com receives WBSO, a government grant for research and development work in the Netherlands. It is implemented by the Netherlands Enterprise Agency (RVO) and promotes technical innovation. The WBSO government grant decreases the social security charges and is therefore recognized as a tax credit under the employee benefits in the year they are related to. As the primary condition of this governmental grant is not related to an asset purchased, constructed or otherwise acquired, the grant is not capitalized and not allocated to the useful live of the asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6241": { "value": "| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Wages and salaries | 48,225 | 49,269 |
| Social security charges | 7,583 | 7,402 |
| Pension costs | 1,944 | 1,942 |
| WBSO government grant | (1,618) | (1,370) |
| Capitalized development costs | (11,419) | (11,544) |
| \u00a0 | 44,715 | 45,699 |
Employee benefits include restructuring expenses amounting to \u20ac\u00a01,417 thousand (2024: \u20ac\u00a01,490 thousand). The restructuring expenses relate to severance payments and salary continuation during the notice period.
The average number of employees of CM.com during the year, converted to full-time equivalents (FTEs), was 648 (2024: 675), of which 177 FTEs are working outside the Netherlands (2024: 180). The breakdown per department of average number FTEs is as follows:
| \u00a0 | 2025 | 2024 |
|---|---|---|
| Sales & Marketing | 298 | 315 |
| Research & Development | 250 | 256 |
| General & Administration | 100 | 103 |
| \u00a0 | 648 | 675 |
All pension solutions are classified as defined contribution pension plans. Accordingly, CM.com\u2019s obligation is limited to the contributions it committed to pay. In such case, the size of the employee\u2019s pension depends upon the contributions the company pays to the plan or an insurance company and upon the return on capital generated by these contributions. Consequently, the actuarial risk and investment risk are borne by the employee. The company\u2019s obligations to pay contributions to defined contribution plans are recognized as a cost.
The undiscounted amount of short-term employee benefits is recognized in the accounting period when the related service was rendered. A provision is recognized for the expected cost of bonus payments when the company has a legal or constructive obligation to make such payments as a result of employee services rendered and the obligation can be reliably measured.
Government grants are recognized when there is reasonable assurance that the grant will be received and all attached conditions will be complied with. CM.com receives WBSO, a government grant for research and development work in the Netherlands. It is implemented by the Netherlands Enterprise Agency (RVO) and promotes technical innovation. The WBSO government grant decreases the social security charges and is therefore recognized as a tax credit under the employee benefits in the year they are related to. As the primary condition of this governmental grant is not related to an asset purchased, constructed or otherwise acquired, the grant is not capitalized and not allocated to the useful live of the asset.
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| IT expenses | 6,581 | 6,642 |
| General expenses | 6,213 | 6,7231 |
| Marketing and sales expenses | 3,125 | 2,875 |
| Other staff expenses | 1,952 | 2,3231 |
| Housing expenses | 1,933 | 1,858 |
| Contractors and agency personnel expenses | 1,434 | 2,107 |
| Expected credit losses | 219 | 1,304 |
| Capitalized development costs | (2,855) | (2,886) |
| \u00a0 | 18,602 | 20,946 |
Capitalized development costs are allocated to Employee Benefits (see note 21) and Other Operating Expenses. In the prior period, capitalized development costs were classified under general expenses. From 2025 onwards, they are presented as a separate line item to align with the presentation in the Employee Benefits note.
No restructuring expenses are included in the current period (2024: \u20ac\u00a0138 thousand). The prior period restructuring expenses primarily relate to legal fees.
For information on the exposure to credit risk and the expected credit losses, refer to note 11.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6435": { "value": "Equity-settled share-based payments to employees are measured at the fair value of the equity instruments at the grant date. The fair value excludes the effect of non-market-based vesting conditions.
The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the company\u2019s estimate of the number of equity instruments that will eventually vest. At each reporting date, CM.com revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognized in profit or loss under Employee benefits such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to reserves.
For cash-settled share-based payments, a liability is recognized measured initially at the fair value of the liability. At each reporting date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognized in profit or loss under Employee benefits.
The following share-based payments schemes existed during the period:
Long-Term Incentive Plans (LTIP\u2019s) for key individuals in senior leadership positions;
Restricted Share Unit Plan (RSU) for a number of key talents within CM.com; and
Key Person Plan (KPP) for a number of key employees within CM.com.
The Management Board recognizes the importance of its employees to the future success of the company. A Long-Term Incentive Plan (LTIP) has been introduced for key individuals in senior leadership positions. Relevant grants under the LTIPs:
LTIP 2022-2025 granted at April, 1 and 21, 2022. The vesting date is April 1, 2025.
LTIP 2023-2026 granted at May 24, 2023. The vesting date is April 1, 2026.
LTIP 2024-2027 granted at April 1, 2024. The vesting date is April 1, 2027.
LTIP 2025-2028 granted at April 1, and September 1, 2025. The vesting date is April 1, 2028.
The number of awards made under the plan that will vest and become unconditional is subject to continued employment and the actual performance on the Total Shareholder Return (TSR), revenue or gross profit Compound Annual Growth Rate\u00a0(CAGR) or cumulative EBITDA, Customer Satisfaction, ESG - Gender diversity, and Employee Satisfaction performance conditions. The company used the Monte Carlo model to determine the fair value of the TSR portion of the conditional awards.
| \u00a0 | April 1, 2025 |
|---|---|
| \u00a0 | \u00a0 |
| Share price at grant date | 6.52 |
| Expected volatility | 41.2% |
| Vesting period (years) | 3.0 |
| Annual dividend increase | -% |
| Risk-free interest rate (Eurozone, UK, Sweden) | 2.0/4.0/2.2 |
| Fair value at grant date | 8.33 |
| \u00a0 | April 1, 2024 |
|---|---|
| \u00a0 | \u00a0 |
| Share price at grant date | 6.95 |
| Expected volatility | 45.0% |
| Vesting period (years) | 3.0 |
| Annual dividend increase | -% |
| Risk-free interest rate (Eurozone, UK, Sweden) | 2.5/3.9/2.6 |
| Fair value at grant date | 7.22 |
| \u00a0 | May 24, 2023 |
|---|---|
| \u00a0 | \u00a0 |
| Share price at grant date | 7.95 |
| Expected volatility | 46.9% |
| Vesting period (years) | 2.9 |
| Annual dividend increase | -% |
| Risk-free interest rate (Eurozone, UK, Sweden) | 2.6/4.4/2.8 |
| Fair value at grant date | 3.42 |
| x \u20ac\u00a01,000 | April 1, 2022 | April 21, 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Share price at grant date | 19.4 | 17.3 |
| Expected volatility | 49.9% | 50.0% |
| Vesting period (years) | 3.0 | 2.9 |
| Annual dividend increase | -% | -% |
| Risk-free interest rate (Eurozone, AScX / US, NASDAQ-100) | 0.14/2.57 | 0.33/2.81 |
| Fair value at grant date | 9.07 | 6.91 |
The LTIP awards granted to employees are classified as equity-settled in accordance with the earlier described policy.
The Restricted Share Unit Plan was introduced during 2022, to create competitive advantage in attracting, motivating and retaining key talent within CM.com. It comprises of ordinary shares for no consideration. The condition for vesting is that the relevant employee is still employed by the company on vesting date and has not given or have not been given notice of termination of employment. There are no market performance conditions in this plan that effect the vesting.
The Key Person Program was introduced for a number of key employees within CM.com and comprises a share-based bonus settled in cash. The condition for vesting is that the relevant employee continues to be employed by the company for two years after grant date. There are no market performance conditions in this plan.
A summary of the movements in outstanding shares for the different plans is provided:
| \u00a0 | LTIP | RSU |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 128,830 | 33,899 |
| Granted | 141,985 | 34,825 |
| Forfeited | (19,415) | (7,967) |
| Vested | (5,833) | (11,639) |
| At December 31, 2024 | 245,567 | 49,118 |
| Granted | 121,965 | 10,388 |
| Forfeited | (139,737) | (1,983) |
| Vested | (19,608) | (18,863) |
| At December 31, 2025 | 208,187 | 38,660 |
None of the outstanding shares were exercisable at December 31, 2025.
The company issues to certain employees share appreciation rights (SARs) that require the company to pay the intrinsic value of the SAR to the employee at the date of exercise. The company has recorded liabilities of \u20ac\u00a015 thousand (2024: \u20ac\u00a015 thousand) and no expenses are recorded this year (2024: \u20ac\u00a03 thousand). The total intrinsic value at December 31, 2025 \u20ac\u00a04.50 (2024: \u20ac\u00a05.69).
The expenses of the different plans are recognized in profit or loss under Employee benefits can be specified as follows:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| LTIP (equity-settled) | 104 | 147 |
| RSU (equity-settled) | 121 | 199 |
| KPP (cash-settled) | - | 3 |
| \u00a0 | 225 | 349 |
Equity-settled share-based payments to employees are measured at the fair value of the equity instruments at the grant date. The fair value excludes the effect of non-market-based vesting conditions.
The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the company\u2019s estimate of the number of equity instruments that will eventually vest. At each reporting date, CM.com revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognized in profit or loss under Employee benefits such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to reserves.
For cash-settled share-based payments, a liability is recognized measured initially at the fair value of the liability. At each reporting date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognized in profit or loss under Employee benefits.
The following share-based payments schemes existed during the period:
Long-Term Incentive Plans (LTIP\u2019s) for key individuals in senior leadership positions;
Restricted Share Unit Plan (RSU) for a number of key talents within CM.com; and
Key Person Plan (KPP) for a number of key employees within CM.com.
The Management Board recognizes the importance of its employees to the future success of the company. A Long-Term Incentive Plan (LTIP) has been introduced for key individuals in senior leadership positions. Relevant grants under the LTIPs:
LTIP 2022-2025 granted at April, 1 and 21, 2022. The vesting date is April 1, 2025.
LTIP 2023-2026 granted at May 24, 2023. The vesting date is April 1, 2026.
LTIP 2024-2027 granted at April 1, 2024. The vesting date is April 1, 2027.
LTIP 2025-2028 granted at April 1, and September 1, 2025. The vesting date is April 1, 2028.
The number of awards made under the plan that will vest and become unconditional is subject to continued employment and the actual performance on the Total Shareholder Return (TSR), revenue or gross profit Compound Annual Growth Rate\u00a0(CAGR) or cumulative EBITDA, Customer Satisfaction, ESG - Gender diversity, and Employee Satisfaction performance conditions. The company used the Monte Carlo model to determine the fair value of the TSR portion of the conditional awards.
| \u00a0 | April 1, 2025 |
|---|---|
| \u00a0 | \u00a0 |
| Share price at grant date | 6.52 |
| Expected volatility | 41.2% |
| Vesting period (years) | 3.0 |
| Annual dividend increase | -% |
| Risk-free interest rate (Eurozone, UK, Sweden) | 2.0/4.0/2.2 |
| Fair value at grant date | 8.33 |
| \u00a0 | April 1, 2024 |
|---|---|
| \u00a0 | \u00a0 |
| Share price at grant date | 6.95 |
| Expected volatility | 45.0% |
| Vesting period (years) | 3.0 |
| Annual dividend increase | -% |
| Risk-free interest rate (Eurozone, UK, Sweden) | 2.5/3.9/2.6 |
| Fair value at grant date | 7.22 |
| \u00a0 | May 24, 2023 |
|---|---|
| \u00a0 | \u00a0 |
| Share price at grant date | 7.95 |
| Expected volatility | 46.9% |
| Vesting period (years) | 2.9 |
| Annual dividend increase | -% |
| Risk-free interest rate (Eurozone, UK, Sweden) | 2.6/4.4/2.8 |
| Fair value at grant date | 3.42 |
| x \u20ac\u00a01,000 | April 1, 2022 | April 21, 2022 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Share price at grant date | 19.4 | 17.3 |
| Expected volatility | 49.9% | 50.0% |
| Vesting period (years) | 3.0 | 2.9 |
| Annual dividend increase | -% | -% |
| Risk-free interest rate (Eurozone, AScX / US, NASDAQ-100) | 0.14/2.57 | 0.33/2.81 |
| Fair value at grant date | 9.07 | 6.91 |
The LTIP awards granted to employees are classified as equity-settled in accordance with the earlier described policy.
The Restricted Share Unit Plan was introduced during 2022, to create competitive advantage in attracting, motivating and retaining key talent within CM.com. It comprises of ordinary shares for no consideration. The condition for vesting is that the relevant employee is still employed by the company on vesting date and has not given or have not been given notice of termination of employment. There are no market performance conditions in this plan that effect the vesting.
The Key Person Program was introduced for a number of key employees within CM.com and comprises a share-based bonus settled in cash. The condition for vesting is that the relevant employee continues to be employed by the company for two years after grant date. There are no market performance conditions in this plan.
A summary of the movements in outstanding shares for the different plans is provided:
| \u00a0 | LTIP | RSU |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| At December 31, 2023 | 128,830 | 33,899 |
| Granted | 141,985 | 34,825 |
| Forfeited | (19,415) | (7,967) |
| Vested | (5,833) | (11,639) |
| At December 31, 2024 | 245,567 | 49,118 |
| Granted | 121,965 | 10,388 |
| Forfeited | (139,737) | (1,983) |
| Vested | (19,608) | (18,863) |
| At December 31, 2025 | 208,187 | 38,660 |
None of the outstanding shares were exercisable at December 31, 2025.
The company issues to certain employees share appreciation rights (SARs) that require the company to pay the intrinsic value of the SAR to the employee at the date of exercise. The company has recorded liabilities of \u20ac\u00a015 thousand (2024: \u20ac\u00a015 thousand) and no expenses are recorded this year (2024: \u20ac\u00a03 thousand). The total intrinsic value at December 31, 2025 \u20ac\u00a04.50 (2024: \u20ac\u00a05.69).
The expenses of the different plans are recognized in profit or loss under Employee benefits can be specified as follows:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| LTIP (equity-settled) | 104 | 147 |
| RSU (equity-settled) | 121 | 199 |
| KPP (cash-settled) | - | 3 |
| \u00a0 | 225 | 349 |
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| IT expenses | 6,581 | 6,642 |
| General expenses | 6,213 | 6,7231 |
| Marketing and sales expenses | 3,125 | 2,875 |
| Other staff expenses | 1,952 | 2,3231 |
| Housing expenses | 1,933 | 1,858 |
| Contractors and agency personnel expenses | 1,434 | 2,107 |
| Expected credit losses | 219 | 1,304 |
| Capitalized development costs | (2,855) | (2,886) |
| \u00a0 | 18,602 | 20,946 |
Capitalized development costs are allocated to Employee Benefits (see note 21) and Other Operating Expenses. In the prior period, capitalized development costs were classified under general expenses. From 2025 onwards, they are presented as a separate line item to align with the presentation in the Employee Benefits note.
No restructuring expenses are included in the current period (2024: \u20ac\u00a0138 thousand). The prior period restructuring expenses primarily relate to legal fees.
For information on the exposure to credit risk and the expected credit losses, refer to note 11.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6491": { "value": "| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| IT expenses | 6,581 | 6,642 |
| General expenses | 6,213 | 6,7231 |
| Marketing and sales expenses | 3,125 | 2,875 |
| Other staff expenses | 1,952 | 2,3231 |
| Housing expenses | 1,933 | 1,858 |
| Contractors and agency personnel expenses | 1,434 | 2,107 |
| Expected credit losses | 219 | 1,304 |
| Capitalized development costs | (2,855) | (2,886) |
| \u00a0 | 18,602 | 20,946 |
Capitalized development costs are allocated to Employee Benefits (see note 21) and Other Operating Expenses. In the prior period, capitalized development costs were classified under general expenses. From 2025 onwards, they are presented as a separate line item to align with the presentation in the Employee Benefits note.
No restructuring expenses are included in the current period (2024: \u20ac\u00a0138 thousand). The prior period restructuring expenses primarily relate to legal fees.
For information on the exposure to credit risk and the expected credit losses, refer to note 11.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6492": { "value": "| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| IT expenses | 6,581 | 6,642 |
| General expenses | 6,213 | 6,7231 |
| Marketing and sales expenses | 3,125 | 2,875 |
| Other staff expenses | 1,952 | 2,3231 |
| Housing expenses | 1,933 | 1,858 |
| Contractors and agency personnel expenses | 1,434 | 2,107 |
| Expected credit losses | 219 | 1,304 |
| Capitalized development costs | (2,855) | (2,886) |
| \u00a0 | 18,602 | 20,946 |
Capitalized development costs are allocated to Employee Benefits (see note 21) and Other Operating Expenses. In the prior period, capitalized development costs were classified under general expenses. From 2025 onwards, they are presented as a separate line item to align with the presentation in the Employee Benefits note.
No restructuring expenses are included in the current period (2024: \u20ac\u00a0138 thousand). The prior period restructuring expenses primarily relate to legal fees.
For information on the exposure to credit risk and the expected credit losses, refer to note 11.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6493": { "value": "| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| IT expenses | 6,581 | 6,642 |
| General expenses | 6,213 | 6,7231 |
| Marketing and sales expenses | 3,125 | 2,875 |
| Other staff expenses | 1,952 | 2,3231 |
| Housing expenses | 1,933 | 1,858 |
| Contractors and agency personnel expenses | 1,434 | 2,107 |
| Expected credit losses | 219 | 1,304 |
| Capitalized development costs | (2,855) | (2,886) |
| \u00a0 | 18,602 | 20,946 |
Capitalized development costs are allocated to Employee Benefits (see note 21) and Other Operating Expenses. In the prior period, capitalized development costs were classified under general expenses. From 2025 onwards, they are presented as a separate line item to align with the presentation in the Employee Benefits note.
No restructuring expenses are included in the current period (2024: \u20ac\u00a0138 thousand). The prior period restructuring expenses primarily relate to legal fees.
For information on the exposure to credit risk and the expected credit losses, refer to note 11.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6579": { "value": "| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Net gain on extinguishment of convertible bonds | 8,814 | - |
| Bank interest received | 314 | 673 |
| Other interest received | 56 | 358 |
| Currency results | - | 201 |
| \u00a0 | 9,184 | 1,232 |
The net gain of \u20ac\u00a08,814 thousand resulting from the extinguishment of convertible bonds, represents the gross gain of \u20ac\u00a010,252 thousand from the difference between the liability component's carrying amount and the repurchase price, less the transaction costs of \u20ac\u00a01,438 thousand directly attributable to the extinguishment. For more detailed information on the bonds' extinguishment, refer to note 17.
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Interest on revolving credit facility | 5,452 | 3101 |
| Currency results | 1,174 | - |
| Interest on convertible bonds | 633 | 3,708 |
| Interest on right-of-use liabilities | 518 | 547 |
| Other interest paid | 337 | 179 |
| Bank interest paid | 168 | 242 |
| Fair value losses | - | 234 |
| \u00a0 | 8,282 | 5,220 |
Interest on revolving credit facility includes interest charges, commitment fees, and amortization on transaction costs associated with the RCF. For more information related to this facility, refer to note 16. Currency results represent gains and losses arising from the translation and settlement of monetary assets and liabilities denominated in foreign currencies. Interest on convertible bonds has decreased compared to the prior year due to the extinguishment of the convertible bonds in March 2025. Refer to note 17 for more details.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6580": { "value": "| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Net gain on extinguishment of convertible bonds | 8,814 | - |
| Bank interest received | 314 | 673 |
| Other interest received | 56 | 358 |
| Currency results | - | 201 |
| \u00a0 | 9,184 | 1,232 |
The net gain of \u20ac\u00a08,814 thousand resulting from the extinguishment of convertible bonds, represents the gross gain of \u20ac\u00a010,252 thousand from the difference between the liability component's carrying amount and the repurchase price, less the transaction costs of \u20ac\u00a01,438 thousand directly attributable to the extinguishment. For more detailed information on the bonds' extinguishment, refer to note 17.
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Interest on revolving credit facility | 5,452 | 3101 |
| Currency results | 1,174 | - |
| Interest on convertible bonds | 633 | 3,708 |
| Interest on right-of-use liabilities | 518 | 547 |
| Other interest paid | 337 | 179 |
| Bank interest paid | 168 | 242 |
| Fair value losses | - | 234 |
| \u00a0 | 8,282 | 5,220 |
Interest on revolving credit facility includes interest charges, commitment fees, and amortization on transaction costs associated with the RCF. For more information related to this facility, refer to note 16. Currency results represent gains and losses arising from the translation and settlement of monetary assets and liabilities denominated in foreign currencies. Interest on convertible bonds has decreased compared to the prior year due to the extinguishment of the convertible bonds in March 2025. Refer to note 17 for more details.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6581": { "value": "| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Net gain on extinguishment of convertible bonds | 8,814 | - |
| Bank interest received | 314 | 673 |
| Other interest received | 56 | 358 |
| Currency results | - | 201 |
| \u00a0 | 9,184 | 1,232 |
The net gain of \u20ac\u00a08,814 thousand resulting from the extinguishment of convertible bonds, represents the gross gain of \u20ac\u00a010,252 thousand from the difference between the liability component's carrying amount and the repurchase price, less the transaction costs of \u20ac\u00a01,438 thousand directly attributable to the extinguishment. For more detailed information on the bonds' extinguishment, refer to note 17.
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Interest on revolving credit facility | 5,452 | 3101 |
| Currency results | 1,174 | - |
| Interest on convertible bonds | 633 | 3,708 |
| Interest on right-of-use liabilities | 518 | 547 |
| Other interest paid | 337 | 179 |
| Bank interest paid | 168 | 242 |
| Fair value losses | - | 234 |
| \u00a0 | 8,282 | 5,220 |
Interest on revolving credit facility includes interest charges, commitment fees, and amortization on transaction costs associated with the RCF. For more information related to this facility, refer to note 16. Currency results represent gains and losses arising from the translation and settlement of monetary assets and liabilities denominated in foreign currencies. Interest on convertible bonds has decreased compared to the prior year due to the extinguishment of the convertible bonds in March 2025. Refer to note 17 for more details.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6582": { "value": "| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Net gain on extinguishment of convertible bonds | 8,814 | - |
| Bank interest received | 314 | 673 |
| Other interest received | 56 | 358 |
| Currency results | - | 201 |
| \u00a0 | 9,184 | 1,232 |
The net gain of \u20ac\u00a08,814 thousand resulting from the extinguishment of convertible bonds, represents the gross gain of \u20ac\u00a010,252 thousand from the difference between the liability component's carrying amount and the repurchase price, less the transaction costs of \u20ac\u00a01,438 thousand directly attributable to the extinguishment. For more detailed information on the bonds' extinguishment, refer to note 17.
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Interest on revolving credit facility | 5,452 | 3101 |
| Currency results | 1,174 | - |
| Interest on convertible bonds | 633 | 3,708 |
| Interest on right-of-use liabilities | 518 | 547 |
| Other interest paid | 337 | 179 |
| Bank interest paid | 168 | 242 |
| Fair value losses | - | 234 |
| \u00a0 | 8,282 | 5,220 |
Interest on revolving credit facility includes interest charges, commitment fees, and amortization on transaction costs associated with the RCF. For more information related to this facility, refer to note 16. Currency results represent gains and losses arising from the translation and settlement of monetary assets and liabilities denominated in foreign currencies. Interest on convertible bonds has decreased compared to the prior year due to the extinguishment of the convertible bonds in March 2025. Refer to note 17 for more details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6583": { "value": "| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Net gain on extinguishment of convertible bonds | 8,814 | - |
| Bank interest received | 314 | 673 |
| Other interest received | 56 | 358 |
| Currency results | - | 201 |
| \u00a0 | 9,184 | 1,232 |
The net gain of \u20ac\u00a08,814 thousand resulting from the extinguishment of convertible bonds, represents the gross gain of \u20ac\u00a010,252 thousand from the difference between the liability component's carrying amount and the repurchase price, less the transaction costs of \u20ac\u00a01,438 thousand directly attributable to the extinguishment. For more detailed information on the bonds' extinguishment, refer to note 17.
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Interest on revolving credit facility | 5,452 | 3101 |
| Currency results | 1,174 | - |
| Interest on convertible bonds | 633 | 3,708 |
| Interest on right-of-use liabilities | 518 | 547 |
| Other interest paid | 337 | 179 |
| Bank interest paid | 168 | 242 |
| Fair value losses | - | 234 |
| \u00a0 | 8,282 | 5,220 |
Interest on revolving credit facility includes interest charges, commitment fees, and amortization on transaction costs associated with the RCF. For more information related to this facility, refer to note 16. Currency results represent gains and losses arising from the translation and settlement of monetary assets and liabilities denominated in foreign currencies. Interest on convertible bonds has decreased compared to the prior year due to the extinguishment of the convertible bonds in March 2025. Refer to note 17 for more details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6584": { "value": "| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Net gain on extinguishment of convertible bonds | 8,814 | - |
| Bank interest received | 314 | 673 |
| Other interest received | 56 | 358 |
| Currency results | - | 201 |
| \u00a0 | 9,184 | 1,232 |
The net gain of \u20ac\u00a08,814 thousand resulting from the extinguishment of convertible bonds, represents the gross gain of \u20ac\u00a010,252 thousand from the difference between the liability component's carrying amount and the repurchase price, less the transaction costs of \u20ac\u00a01,438 thousand directly attributable to the extinguishment. For more detailed information on the bonds' extinguishment, refer to note 17.
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Interest on revolving credit facility | 5,452 | 3101 |
| Currency results | 1,174 | - |
| Interest on convertible bonds | 633 | 3,708 |
| Interest on right-of-use liabilities | 518 | 547 |
| Other interest paid | 337 | 179 |
| Bank interest paid | 168 | 242 |
| Fair value losses | - | 234 |
| \u00a0 | 8,282 | 5,220 |
Interest on revolving credit facility includes interest charges, commitment fees, and amortization on transaction costs associated with the RCF. For more information related to this facility, refer to note 16. Currency results represent gains and losses arising from the translation and settlement of monetary assets and liabilities denominated in foreign currencies. Interest on convertible bonds has decreased compared to the prior year due to the extinguishment of the convertible bonds in March 2025. Refer to note 17 for more details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6585": { "value": "| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Net gain on extinguishment of convertible bonds | 8,814 | - |
| Bank interest received | 314 | 673 |
| Other interest received | 56 | 358 |
| Currency results | - | 201 |
| \u00a0 | 9,184 | 1,232 |
The net gain of \u20ac\u00a08,814 thousand resulting from the extinguishment of convertible bonds, represents the gross gain of \u20ac\u00a010,252 thousand from the difference between the liability component's carrying amount and the repurchase price, less the transaction costs of \u20ac\u00a01,438 thousand directly attributable to the extinguishment. For more detailed information on the bonds' extinguishment, refer to note 17.
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Interest on revolving credit facility | 5,452 | 3101 |
| Currency results | 1,174 | - |
| Interest on convertible bonds | 633 | 3,708 |
| Interest on right-of-use liabilities | 518 | 547 |
| Other interest paid | 337 | 179 |
| Bank interest paid | 168 | 242 |
| Fair value losses | - | 234 |
| \u00a0 | 8,282 | 5,220 |
Interest on revolving credit facility includes interest charges, commitment fees, and amortization on transaction costs associated with the RCF. For more information related to this facility, refer to note 16. Currency results represent gains and losses arising from the translation and settlement of monetary assets and liabilities denominated in foreign currencies. Interest on convertible bonds has decreased compared to the prior year due to the extinguishment of the convertible bonds in March 2025. Refer to note 17 for more details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6586": { "value": "| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Net gain on extinguishment of convertible bonds | 8,814 | - |
| Bank interest received | 314 | 673 |
| Other interest received | 56 | 358 |
| Currency results | - | 201 |
| \u00a0 | 9,184 | 1,232 |
The net gain of \u20ac\u00a08,814 thousand resulting from the extinguishment of convertible bonds, represents the gross gain of \u20ac\u00a010,252 thousand from the difference between the liability component's carrying amount and the repurchase price, less the transaction costs of \u20ac\u00a01,438 thousand directly attributable to the extinguishment. For more detailed information on the bonds' extinguishment, refer to note 17.
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Interest on revolving credit facility | 5,452 | 3101 |
| Currency results | 1,174 | - |
| Interest on convertible bonds | 633 | 3,708 |
| Interest on right-of-use liabilities | 518 | 547 |
| Other interest paid | 337 | 179 |
| Bank interest paid | 168 | 242 |
| Fair value losses | - | 234 |
| \u00a0 | 8,282 | 5,220 |
Interest on revolving credit facility includes interest charges, commitment fees, and amortization on transaction costs associated with the RCF. For more information related to this facility, refer to note 16. Currency results represent gains and losses arising from the translation and settlement of monetary assets and liabilities denominated in foreign currencies. Interest on convertible bonds has decreased compared to the prior year due to the extinguishment of the convertible bonds in March 2025. Refer to note 17 for more details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6587": { "value": "| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Net gain on extinguishment of convertible bonds | 8,814 | - |
| Bank interest received | 314 | 673 |
| Other interest received | 56 | 358 |
| Currency results | - | 201 |
| \u00a0 | 9,184 | 1,232 |
The net gain of \u20ac\u00a08,814 thousand resulting from the extinguishment of convertible bonds, represents the gross gain of \u20ac\u00a010,252 thousand from the difference between the liability component's carrying amount and the repurchase price, less the transaction costs of \u20ac\u00a01,438 thousand directly attributable to the extinguishment. For more detailed information on the bonds' extinguishment, refer to note 17.
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Interest on revolving credit facility | 5,452 | 3101 |
| Currency results | 1,174 | - |
| Interest on convertible bonds | 633 | 3,708 |
| Interest on right-of-use liabilities | 518 | 547 |
| Other interest paid | 337 | 179 |
| Bank interest paid | 168 | 242 |
| Fair value losses | - | 234 |
| \u00a0 | 8,282 | 5,220 |
Interest on revolving credit facility includes interest charges, commitment fees, and amortization on transaction costs associated with the RCF. For more information related to this facility, refer to note 16. Currency results represent gains and losses arising from the translation and settlement of monetary assets and liabilities denominated in foreign currencies. Interest on convertible bonds has decreased compared to the prior year due to the extinguishment of the convertible bonds in March 2025. Refer to note 17 for more details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6588": { "value": "| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Net gain on extinguishment of convertible bonds | 8,814 | - |
| Bank interest received | 314 | 673 |
| Other interest received | 56 | 358 |
| Currency results | - | 201 |
| \u00a0 | 9,184 | 1,232 |
The net gain of \u20ac\u00a08,814 thousand resulting from the extinguishment of convertible bonds, represents the gross gain of \u20ac\u00a010,252 thousand from the difference between the liability component's carrying amount and the repurchase price, less the transaction costs of \u20ac\u00a01,438 thousand directly attributable to the extinguishment. For more detailed information on the bonds' extinguishment, refer to note 17.
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 |
| Interest on revolving credit facility | 5,452 | 3101 |
| Currency results | 1,174 | - |
| Interest on convertible bonds | 633 | 3,708 |
| Interest on right-of-use liabilities | 518 | 547 |
| Other interest paid | 337 | 179 |
| Bank interest paid | 168 | 242 |
| Fair value losses | - | 234 |
| \u00a0 | 8,282 | 5,220 |
Interest on revolving credit facility includes interest charges, commitment fees, and amortization on transaction costs associated with the RCF. For more information related to this facility, refer to note 16. Currency results represent gains and losses arising from the translation and settlement of monetary assets and liabilities denominated in foreign currencies. Interest on convertible bonds has decreased compared to the prior year due to the extinguishment of the convertible bonds in March 2025. Refer to note 17 for more details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6589": { "value": "As of December 31, 2025, the company has a contingent asset of \u20ac\u00a0425 thousand (2024: \u20ac\u00a0725 thousand) relating to a (sub)lease agreement for one of its buildings to a third party.
As of December 31, 2025, the legal entities that are part of the group have outstanding bank guarantees amounting to \u20ac\u00a050 thousand (2024: \u20ac\u00a063 thousand).
As of December 31, 2025, the company has contingent liabilities in respect to commercial disputes amounting to \u20ac\u00a01.3 million (2024: nil).
CM.com N.V. forms a fiscal unity for corporate income tax and VAT with its Dutch subsidiaries. Under the Dutch Tax Collection Act, all members of a fiscal unity are jointly and severally liable for taxes owed by that fiscal unity. The following entities are excluded from this fiscal unity:
CM.com Ticket Guarantee N.V. (VAT and CIT)
CM Payments B.V. (VAT)
Payplaza B.V. (VAT)
As of October 1, 2025, CM Payments B.V. and Payplaza B.V. form their own separate fiscal unity for VAT purposes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6590": { "value": "As of December 31, 2025, the company has a contingent asset of \u20ac\u00a0425 thousand (2024: \u20ac\u00a0725 thousand) relating to a (sub)lease agreement for one of its buildings to a third party.
As of December 31, 2025, the legal entities that are part of the group have outstanding bank guarantees amounting to \u20ac\u00a050 thousand (2024: \u20ac\u00a063 thousand).
As of December 31, 2025, the company has contingent liabilities in respect to commercial disputes amounting to \u20ac\u00a01.3 million (2024: nil).
CM.com N.V. forms a fiscal unity for corporate income tax and VAT with its Dutch subsidiaries. Under the Dutch Tax Collection Act, all members of a fiscal unity are jointly and severally liable for taxes owed by that fiscal unity. The following entities are excluded from this fiscal unity:
CM.com Ticket Guarantee N.V. (VAT and CIT)
CM Payments B.V. (VAT)
Payplaza B.V. (VAT)
As of October 1, 2025, CM Payments B.V. and Payplaza B.V. form their own separate fiscal unity for VAT purposes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6591": { "value": "As of December 31, 2025, the company has a contingent asset of \u20ac\u00a0425 thousand (2024: \u20ac\u00a0725 thousand) relating to a (sub)lease agreement for one of its buildings to a third party.
As of December 31, 2025, the legal entities that are part of the group have outstanding bank guarantees amounting to \u20ac\u00a050 thousand (2024: \u20ac\u00a063 thousand).
As of December 31, 2025, the company has contingent liabilities in respect to commercial disputes amounting to \u20ac\u00a01.3 million (2024: nil).
CM.com N.V. forms a fiscal unity for corporate income tax and VAT with its Dutch subsidiaries. Under the Dutch Tax Collection Act, all members of a fiscal unity are jointly and severally liable for taxes owed by that fiscal unity. The following entities are excluded from this fiscal unity:
CM.com Ticket Guarantee N.V. (VAT and CIT)
CM Payments B.V. (VAT)
Payplaza B.V. (VAT)
As of October 1, 2025, CM Payments B.V. and Payplaza B.V. form their own separate fiscal unity for VAT purposes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6592": { "value": "As of December 31, 2025, the company has a contingent asset of \u20ac\u00a0425 thousand (2024: \u20ac\u00a0725 thousand) relating to a (sub)lease agreement for one of its buildings to a third party.
As of December 31, 2025, the legal entities that are part of the group have outstanding bank guarantees amounting to \u20ac\u00a050 thousand (2024: \u20ac\u00a063 thousand).
As of December 31, 2025, the company has contingent liabilities in respect to commercial disputes amounting to \u20ac\u00a01.3 million (2024: nil).
CM.com N.V. forms a fiscal unity for corporate income tax and VAT with its Dutch subsidiaries. Under the Dutch Tax Collection Act, all members of a fiscal unity are jointly and severally liable for taxes owed by that fiscal unity. The following entities are excluded from this fiscal unity:
CM.com Ticket Guarantee N.V. (VAT and CIT)
CM Payments B.V. (VAT)
Payplaza B.V. (VAT)
As of October 1, 2025, CM Payments B.V. and Payplaza B.V. form their own separate fiscal unity for VAT purposes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6593": { "value": "As of December 31, 2025, the company has a contingent asset of \u20ac\u00a0425 thousand (2024: \u20ac\u00a0725 thousand) relating to a (sub)lease agreement for one of its buildings to a third party.
As of December 31, 2025, the legal entities that are part of the group have outstanding bank guarantees amounting to \u20ac\u00a050 thousand (2024: \u20ac\u00a063 thousand).
As of December 31, 2025, the company has contingent liabilities in respect to commercial disputes amounting to \u20ac\u00a01.3 million (2024: nil).
CM.com N.V. forms a fiscal unity for corporate income tax and VAT with its Dutch subsidiaries. Under the Dutch Tax Collection Act, all members of a fiscal unity are jointly and severally liable for taxes owed by that fiscal unity. The following entities are excluded from this fiscal unity:
CM.com Ticket Guarantee N.V. (VAT and CIT)
CM Payments B.V. (VAT)
Payplaza B.V. (VAT)
As of October 1, 2025, CM Payments B.V. and Payplaza B.V. form their own separate fiscal unity for VAT purposes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6638": { "value": "All legal entities that can be controlled, jointly controlled, or significantly influenced are considered related parties. Entities that can control the company or its subsidiaries are also considered related parties. In addition, the members of the Management Board and the Supervisory Board are considered key management personnel as defined in IAS 24. All transactions with related parties are made at terms equivalent to those that prevail in arm\u2019s length transactions.
The following transactions were carried out with related parties:
Leases from related parties;
Purchases from/services to related parties; and
Management Board and Supervisory Board remuneration
CM.com has rental agreements with CM Campus B.V. and CM Campus 2 B.V. (hereinafter \u201cCM Campus\u201d), which is a related party by its shareholders (2 members of the Management Board of CM.com N.V.). The rent charged by CM Campus is at arm's length and amounted to \u20ac\u00a01.3 million for 2025 (2024: \u20ac\u00a01.2 million). The lease agreements relating to CM Campus are considered right-of-use assets and have a carrying amount of \u20ac\u00a07.0 million (2024: \u20ac\u00a07.8 million). The corresponding right-of-use liabilities have a carrying amount of \u20ac\u00a07.3 million (2024: 8.0 million).
The accounts receivable position related to CM Campus amounted to \u20ac\u00a046 thousand (2024: \u20ac\u00a010 thousand). CM.com has provided facility, finance, and legal services during 2025 for CM Campus, charged at arm's length, for an amount of \u20ac\u00a029 thousand (2024: \u20ac\u00a028 thousand).
As of October 1, 2025, one of the members of the Management Board of CM.com N.V. is also a member of the supervisory board of BOM Holding B.V. (Brabantse Ontwikkelings Maatschappij). CM.com provided facility services to BOM Holding B.V. on an arm\u2019s length basis for \u20ac\u00a02 thousand (2024: nil). There was no outstanding receivable or payable balance in relation to BOM Holding B.V. as at December 31, 2025 (2024: nil).
One of the members of the Management Board of CM.com N.V. is also a member of the board of directors of Stichting TURF. During 2025, CM.com provided facility services to Stichting TURF on an arm\u2019s length basis for \u20ac\u00a010 thousand (2024: nil), of which \u20ac\u00a03 thousand was prepaid at year-end, resulting in a payable balance as at December 31, 2025.
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Management Board remuneration: | \u00a0 | \u00a0 |
| Short-term employee benefits | 1,488 | 1,676 |
| Post-employment benefits | 21 | 20 |
| Share-based payments | 146 | 230 |
| \u00a0 | \u00a0 | \u00a0 |
| Supervisory Board remuneration: | \u00a0 | \u00a0 |
| Short-term benefits | 265 | 257 |
| \u00a0 | 1,919 | 2,183 |
The Remuneration Policy for members of the Management Board was developed by the Supervisory Board, and approved, adopted, and amended by the General Meeting. For more information, see Remuneration of the Management Board and Remuneration of the Supervisory Board.
As part of key management compensation, the remuneration of Geert Beullens, who succeeded J\u00f6rg de Graaf as CFO effective November 1, 2025, and whose appointment will be proposed for approval at the next General Meeting, is included in the Management Board remuneration above.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6639": { "value": "All legal entities that can be controlled, jointly controlled, or significantly influenced are considered related parties. Entities that can control the company or its subsidiaries are also considered related parties. In addition, the members of the Management Board and the Supervisory Board are considered key management personnel as defined in IAS 24. All transactions with related parties are made at terms equivalent to those that prevail in arm\u2019s length transactions.
The following transactions were carried out with related parties:
Leases from related parties;
Purchases from/services to related parties; and
Management Board and Supervisory Board remuneration
CM.com has rental agreements with CM Campus B.V. and CM Campus 2 B.V. (hereinafter \u201cCM Campus\u201d), which is a related party by its shareholders (2 members of the Management Board of CM.com N.V.). The rent charged by CM Campus is at arm's length and amounted to \u20ac\u00a01.3 million for 2025 (2024: \u20ac\u00a01.2 million). The lease agreements relating to CM Campus are considered right-of-use assets and have a carrying amount of \u20ac\u00a07.0 million (2024: \u20ac\u00a07.8 million). The corresponding right-of-use liabilities have a carrying amount of \u20ac\u00a07.3 million (2024: 8.0 million).
The accounts receivable position related to CM Campus amounted to \u20ac\u00a046 thousand (2024: \u20ac\u00a010 thousand). CM.com has provided facility, finance, and legal services during 2025 for CM Campus, charged at arm's length, for an amount of \u20ac\u00a029 thousand (2024: \u20ac\u00a028 thousand).
As of October 1, 2025, one of the members of the Management Board of CM.com N.V. is also a member of the supervisory board of BOM Holding B.V. (Brabantse Ontwikkelings Maatschappij). CM.com provided facility services to BOM Holding B.V. on an arm\u2019s length basis for \u20ac\u00a02 thousand (2024: nil). There was no outstanding receivable or payable balance in relation to BOM Holding B.V. as at December 31, 2025 (2024: nil).
One of the members of the Management Board of CM.com N.V. is also a member of the board of directors of Stichting TURF. During 2025, CM.com provided facility services to Stichting TURF on an arm\u2019s length basis for \u20ac\u00a010 thousand (2024: nil), of which \u20ac\u00a03 thousand was prepaid at year-end, resulting in a payable balance as at December 31, 2025.
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Management Board remuneration: | \u00a0 | \u00a0 |
| Short-term employee benefits | 1,488 | 1,676 |
| Post-employment benefits | 21 | 20 |
| Share-based payments | 146 | 230 |
| \u00a0 | \u00a0 | \u00a0 |
| Supervisory Board remuneration: | \u00a0 | \u00a0 |
| Short-term benefits | 265 | 257 |
| \u00a0 | 1,919 | 2,183 |
The Remuneration Policy for members of the Management Board was developed by the Supervisory Board, and approved, adopted, and amended by the General Meeting. For more information, see Remuneration of the Management Board and Remuneration of the Supervisory Board.
As part of key management compensation, the remuneration of Geert Beullens, who succeeded J\u00f6rg de Graaf as CFO effective November 1, 2025, and whose appointment will be proposed for approval at the next General Meeting, is included in the Management Board remuneration above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6640": { "value": "All legal entities that can be controlled, jointly controlled, or significantly influenced are considered related parties. Entities that can control the company or its subsidiaries are also considered related parties. In addition, the members of the Management Board and the Supervisory Board are considered key management personnel as defined in IAS 24. All transactions with related parties are made at terms equivalent to those that prevail in arm\u2019s length transactions.
The following transactions were carried out with related parties:
Leases from related parties;
Purchases from/services to related parties; and
Management Board and Supervisory Board remuneration
CM.com has rental agreements with CM Campus B.V. and CM Campus 2 B.V. (hereinafter \u201cCM Campus\u201d), which is a related party by its shareholders (2 members of the Management Board of CM.com N.V.). The rent charged by CM Campus is at arm's length and amounted to \u20ac\u00a01.3 million for 2025 (2024: \u20ac\u00a01.2 million). The lease agreements relating to CM Campus are considered right-of-use assets and have a carrying amount of \u20ac\u00a07.0 million (2024: \u20ac\u00a07.8 million). The corresponding right-of-use liabilities have a carrying amount of \u20ac\u00a07.3 million (2024: 8.0 million).
The accounts receivable position related to CM Campus amounted to \u20ac\u00a046 thousand (2024: \u20ac\u00a010 thousand). CM.com has provided facility, finance, and legal services during 2025 for CM Campus, charged at arm's length, for an amount of \u20ac\u00a029 thousand (2024: \u20ac\u00a028 thousand).
As of October 1, 2025, one of the members of the Management Board of CM.com N.V. is also a member of the supervisory board of BOM Holding B.V. (Brabantse Ontwikkelings Maatschappij). CM.com provided facility services to BOM Holding B.V. on an arm\u2019s length basis for \u20ac\u00a02 thousand (2024: nil). There was no outstanding receivable or payable balance in relation to BOM Holding B.V. as at December 31, 2025 (2024: nil).
One of the members of the Management Board of CM.com N.V. is also a member of the board of directors of Stichting TURF. During 2025, CM.com provided facility services to Stichting TURF on an arm\u2019s length basis for \u20ac\u00a010 thousand (2024: nil), of which \u20ac\u00a03 thousand was prepaid at year-end, resulting in a payable balance as at December 31, 2025.
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| \u00a0 | \u00a0 | \u00a0 |
| Management Board remuneration: | \u00a0 | \u00a0 |
| Short-term employee benefits | 1,488 | 1,676 |
| Post-employment benefits | 21 | 20 |
| Share-based payments | 146 | 230 |
| \u00a0 | \u00a0 | \u00a0 |
| Supervisory Board remuneration: | \u00a0 | \u00a0 |
| Short-term benefits | 265 | 257 |
| \u00a0 | 1,919 | 2,183 |
The Remuneration Policy for members of the Management Board was developed by the Supervisory Board, and approved, adopted, and amended by the General Meeting. For more information, see Remuneration of the Management Board and Remuneration of the Supervisory Board.
As part of key management compensation, the remuneration of Geert Beullens, who succeeded J\u00f6rg de Graaf as CFO effective November 1, 2025, and whose appointment will be proposed for approval at the next General Meeting, is included in the Management Board remuneration above.
CM.com N.V. in Breda (the Netherlands) is the head of a group of legal entities. A summary of the information required under Article 2:379 of the Dutch Civil Code is given:
| Name | Statutory Seat | Principal Activities | Share in Issued Share Capital |
|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| CM.com N.V. | Breda (The Netherlands) | Holding company | 100% |
| CM.com Netherlands B.V. | Breda (The Netherlands) | Telecommunications services | 100% |
| CM.com International B.V. | Breda (The Netherlands) | Telecommunications services | 100% |
| CM Payments B.V. | Breda (The Netherlands) | Payments processing | 100% |
| CM Platform B.V. | Breda (The Netherlands) | R&D | 100% |
| SEPASoft B.V.1 | Amsterdam (The Netherlands) | Point of Sale Gateway | n/a |
| PayPlaza B.V. | Amsterdam (The Netherlands) | Point of Sale Gateway | 100% |
| CM.com Ticketing B.V. | Utrecht (The Netherlands) | Ticketing services | 100% |
| CM.com R&D 1 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 2 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 3 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 4 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 5 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 6 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 7 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 8 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 9 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 10 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 11 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 12 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 13 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 14 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com Ticket Guarantee N.V. | Breda (The Netherlands) | Ticket insurances | 100% |
| CM.com Belgium N.V. | Zaventem (Belgium) | Marketing and sales office | 100% |
| CM.com Germany GmbH | Frankfurt (Germany) | Marketing and sales office | 100% |
| CM Telecom UK Ltd. | Tonbridge (UK) | Marketing and sales office | 100% |
| CM Telecom France SAS | Paris (France) | Marketing and sales office | 100% |
| CM Telecom Hong Kong Ltd. | Hong Kong (China) | Marketing and sales office | 100% |
| CM Telecom Shenzhen Co. Ltd. | Shenzhen (China) | Marketing and sales office | 100% |
| CM Telecom Singapore Private Ltd. | Singapore (Singapore) | Marketing and sales office | 100% |
| CM.com Japan K.K. | Tokyo (Japan) | Marketing and sales office | 100% |
| CM Telecom South Africa Ltd. | Cape Town (South Africa) | Marketing and sales office | 100% |
| CM.com US Inc. | Wilmington, Delaware (USA) | Marketing and sales office | 100% |
| CM Telecom FZ-LLC | Dubai (UAE) | Marketing and sales office | 100% |
| CM Communication Platform & Technology, S.L.U. | Barcelona (Spain) | Marketing and sales office | 100% |
| CMCOM Turkey Elektronik Haberlesme Ltd Sti2 | Istanbul (Turkey) | Marketing and sales office | n/a |
| CM.com Kenya Ltd.2 | Nairobi (Kenya) | Marketing and sales office | n/a |
| Communication Platform India Private Limited | Bangalore (India) | Marketing and sales office | 100% |
| CM.com Italy S.r.l. | Milan (Italy) | Marketing and sales office | 100% |
| CM.COM Mexico, S. de R.L. de C.V.2 | Mexico City (Mexico) | Marketing and sales office | n/a |
| CM.com Brasil Ltda.2 | Sao Paulo (Brasil) | Marketing and sales office | n/a |
| CM.com Kazakhstan Limited Liability Company2 | Almaty (Kazakhstan) | Marketing and sales office | n/a |
| CM.com Denmark AS | Copenhagen (Denmark) | Marketing and sales office | 100% |
| CM.com Stichting | Breda (The Netherlands) | Third-party Funds Foundation | n/a |
| Stichting YourTicketProvider2 | Breda (The Netherlands) | Third-party Funds Foundation | n/a |
CM.com N.V. in Breda (the Netherlands) is the head of a group of legal entities. A summary of the information required under Article 2:379 of the Dutch Civil Code is given:
| Name | Statutory Seat | Principal Activities | Share in Issued Share Capital |
|---|---|---|---|
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| CM.com N.V. | Breda (The Netherlands) | Holding company | 100% |
| CM.com Netherlands B.V. | Breda (The Netherlands) | Telecommunications services | 100% |
| CM.com International B.V. | Breda (The Netherlands) | Telecommunications services | 100% |
| CM Payments B.V. | Breda (The Netherlands) | Payments processing | 100% |
| CM Platform B.V. | Breda (The Netherlands) | R&D | 100% |
| SEPASoft B.V.1 | Amsterdam (The Netherlands) | Point of Sale Gateway | n/a |
| PayPlaza B.V. | Amsterdam (The Netherlands) | Point of Sale Gateway | 100% |
| CM.com Ticketing B.V. | Utrecht (The Netherlands) | Ticketing services | 100% |
| CM.com R&D 1 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 2 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 3 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 4 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 5 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 6 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 7 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 8 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 9 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 10 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 11 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 12 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 13 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com R&D 14 B.V. | Breda (The Netherlands) | R&D | 100% |
| CM.com Ticket Guarantee N.V. | Breda (The Netherlands) | Ticket insurances | 100% |
| CM.com Belgium N.V. | Zaventem (Belgium) | Marketing and sales office | 100% |
| CM.com Germany GmbH | Frankfurt (Germany) | Marketing and sales office | 100% |
| CM Telecom UK Ltd. | Tonbridge (UK) | Marketing and sales office | 100% |
| CM Telecom France SAS | Paris (France) | Marketing and sales office | 100% |
| CM Telecom Hong Kong Ltd. | Hong Kong (China) | Marketing and sales office | 100% |
| CM Telecom Shenzhen Co. Ltd. | Shenzhen (China) | Marketing and sales office | 100% |
| CM Telecom Singapore Private Ltd. | Singapore (Singapore) | Marketing and sales office | 100% |
| CM.com Japan K.K. | Tokyo (Japan) | Marketing and sales office | 100% |
| CM Telecom South Africa Ltd. | Cape Town (South Africa) | Marketing and sales office | 100% |
| CM.com US Inc. | Wilmington, Delaware (USA) | Marketing and sales office | 100% |
| CM Telecom FZ-LLC | Dubai (UAE) | Marketing and sales office | 100% |
| CM Communication Platform & Technology, S.L.U. | Barcelona (Spain) | Marketing and sales office | 100% |
| CMCOM Turkey Elektronik Haberlesme Ltd Sti2 | Istanbul (Turkey) | Marketing and sales office | n/a |
| CM.com Kenya Ltd.2 | Nairobi (Kenya) | Marketing and sales office | n/a |
| Communication Platform India Private Limited | Bangalore (India) | Marketing and sales office | 100% |
| CM.com Italy S.r.l. | Milan (Italy) | Marketing and sales office | 100% |
| CM.COM Mexico, S. de R.L. de C.V.2 | Mexico City (Mexico) | Marketing and sales office | n/a |
| CM.com Brasil Ltda.2 | Sao Paulo (Brasil) | Marketing and sales office | n/a |
| CM.com Kazakhstan Limited Liability Company2 | Almaty (Kazakhstan) | Marketing and sales office | n/a |
| CM.com Denmark AS | Copenhagen (Denmark) | Marketing and sales office | 100% |
| CM.com Stichting | Breda (The Netherlands) | Third-party Funds Foundation | n/a |
| Stichting YourTicketProvider2 | Breda (The Netherlands) | Third-party Funds Foundation | n/a |
With reference to section 2:382a (1) and (2) of the Dutch Civil Code, the following fees for the financial year have been charged by Deloitte Accountants B.V. as well as by other Deloitte member firms to the company and its subsidiaries:
| x \u20ac\u00a01,000 | 2025 | 2024 |
|---|---|---|
| Audit fees | 789 | 755 |
| Review fees | 60 | 150 |
| Other services | 7 | 9 |
| \u00a0 | 856 | 914 |
The above includes the audit fees with respect to the Dutch statutory audits, which cannot be split from the total audit fees. The fees also include the fee for local statutory financial statements outside the Netherlands for an amount of \u20ac\u00a0249 thousand (2024: \u20ac\u00a0274 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6908": { "value": "The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses. These estimates inherently contain a degree of uncertainty. Actual results may differ from these estimates under different assumptions or conditions. The areas involving the most significant judgments and estimates are described in this section.
Compliance with the financial covenants under the revolving credit facility depends on future financial performance and is inherently judgmental. Management assesses the likelihood of meeting these covenants using assumptions and projections outlined in the business plan for 2026-2028. Management assesses the likelihood of meeting these covenants using assumptions and projections from the 2026\u20132028 business plan, which are expected to be reasonably achieved. When assessing the going concern assumption and RCF classification, management considers the potential consequences of covenant breaches, including the possibility of accelerated repayment demands or restrictions on access to the facility.
If CM.com has control of goods or services when they are delivered to a customer, then CM.com is the principal in the sale to the customer, otherwise, CM.com is acting as an agent. Whether CM.com is considered to be the principal or an agent in the transaction depends on analysis by management of both the legal form and substance of the agreement between CM.com and its business partners; such judgments impact the amount of reported revenue and operating expenses but do not impact reported assets, liabilities, or cash flows. Scenarios requiring judgment to determine whether CM.com is a principal or an agent include, for example, those where CM.com delivers third-party content to customers. Revenue for premium SMS is presented on a net basis.
The valuation of deferred tax assets involves signification estimation due to the inherent uncertainty in predicting future taxable income. The utilization of our deferred tax assets depends on future taxable income and tax planning strategies. The recognition of deferred tax assets is based on the assessment of whether it is more likely than not that sufficient taxable profit will be available in the future to utilize the reversal of temporary differences and tax losses. Recognition of deferred tax assets involves judgment regarding the future financial performance of the particular legal entity or tax group that has recognized the deferred tax asset.
As at December 31, 2025, the company has recognized a receivable related to a commercial contract with a business counterparty that is currently subject to legal proceedings. The counterparty disputes the amount claimed and has initiated litigation to contest the company\u2019s position.
The assessment of the recoverable amount of this receivable involves estimation uncertainty, particularly in evaluating:
the probability of success of the company\u2019s legal position;
the range of possible outcomes, including potential settlement scenarios; and
the expected timing of any cash inflows.
Management\u2019s assessment is based on, among other factors, a legal opinion obtained from the company\u2019s external legal counsel, the status of the proceedings, and experience with similar disputes.
External legal counsel has issued an opinion that the company\u2019s legal position is very strong and that it is expected to prevail in full. On this basis, management expects to recover the full amount of the receivable and has not recognized an impairment loss in excess of the expected credit loss determined in accordance with IFRS 9 (note 11). Nevertheless, the ultimate outcome of the litigation is inherently uncertain. A material adverse change in the expected outcome (for example, if the group were to lose the case or agree a settlement at a substantially lower amount than claimed) could result in a material impairment of the receivable in a future period.
The useful lives have to be determined for intangible assets and property, plant, and equipment. The useful lives are estimated based on best practices within CM.com. CM.com reviews the remaining useful lives of its non-current assets annually. The uncertainty included in this estimate is that the useful lives are estimated longer than the actual useful lives of the intangible assets and property, plant, and equipment, which could possibly result in accelerated amortization and depreciation in future years and/or impairments at the end of the actual useful lives of the related intangible assets and property, plant, and equipment. We have reassessed the useful lives and no change is required in 2025.
Goodwill and intangible assets with indefinite useful lives (note 5) are tested for impairment annually. Impairment tests are based on risk-adjusted future cash flows discounted using appropriate discount rates. These future cash flows are based on forecasts which are inherently judgmental. Future events could cause the assumptions to change which could have an adverse effect on the future results. Specific estimates and judgments used in impairment testing are detailed in note 6.
A forecast period of five years (seven years for CGU Pay) is used for the value-in-use calculation for the impairment test on goodwill and intangible assets with indefinite useful life (e.g. domain names). The cash flow projections are based on the financial forecast approved by the Management Board, covering a three-year period (2026-2028). The cash flow projections beyond that three-year period are derived from our strategic guidance which focuses on gross profit growth. CGUs are tested for impairment by comparing the carrying amount of each CGU to its recoverable amount. The Management Board has assessed the reasonableness of the assumptions on which its current cash flow projections are based.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6909": { "value": "The accounting policies adopted in the preparation of the consolidated financial statements are consistent with those followed in the preparation of CM.com's annual consolidated financial statements for the year ended December 31, 2024, except for:
EBITDA is monitored by Management as an indicator of the company's performance. CM.com considers EBITDA to provide additional insight to its users to reflect the profitable growth strategy. Therefore EBITDA was added as an intermediate count in the statement of comprehensive result. This is in line with the definitions in IFRS 18, however, we did not perform a full early adoption of the standard (effective as of 2027), and as such we have added the definition of EBITDA to the list of alternative performance measures which can be found in the Definitions and Abbreviations.
Other operating income: As of the beginning of 2025, we have generated a significant stream of income from the subleasing of our properties, and therefore, we present this separately under \"Other Operating Income\" as we do not consider subleasing part of our core business.
New standards, amendments, and/or interpretations to existing IFRS standards became effective in 2025. These new standards, amendments, and interpretations, as far as they are relevant, have no material impact on the valuation and classification of assets and liabilities of the company, nor on its income statement or cash flows.
New standards, amendments, and/or interpretations to existing IFRS standards have been published that only need to be applied to accounting periods beginning on or after January 1, 2026. As far as these standards, amendments, and interpretations are applicable to the Group, these are expected to have no effect on the valuation and classification of assets and liabilities. The group is currently assessing the impact of IFRS 18 on the presentation and disclosure of its financial statements and, as the analysis is not yet complete, the full effects cannot yet be reliably determined. The group has decided not to opt for early adoption.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6910": { "value": "No events occurred from December 31, 2025, to the date of issue that could result in significant financial implications for the company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6911": { "value": "No events occurred from December 31, 2025, to the date of issue that could result in significant financial implications for the company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i6912": { "value": "No events occurred from December 31, 2025, to the date of issue that could result in significant financial implications for the company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:724500QDJRUMSPRDHW25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i8278": { "value": "The members of the Supervisory Board signed the financial statements in order to comply with their statutory obligation pursuant to Article 2:101, paragraph 2, of the Dutch Civil Code.\u00a0
The members of the Management Board signed the financial statements in order to comply with their statutory obligation pursuant to Article 2:101, paragraph 2, of the Dutch Civil Code and Article 5:25c, paragraph 2 sub c, of the Financial Markets Supervision Act.\u00a0
Breda, February 12, 2026
| Management Board | Supervisory Board |
|---|---|
| Jeroen van Glabbeek | Jacques van den Broek |
| Gilbert Gooijers | Mariken Tannemaat |
| \u00a0 | Stephan Nanninga |
| \u00a0 | Lex Beins |
| \u00a0 | Jo\u00eblle Frijters |
| \u00a0 | Diederik Karsten |