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Reporting entity
Almunda Professionals is a listed holding company focused on participating in businesses that each
concentrate on deploying professionals for consultancy and support services to companies and
organizations in specific sectors.
Almunda Professionals is a public limited liability company (Naamloze Vennootschap) incorporated
under Dutch law. The head office of Almunda Professionals is located at Hoogoorddreef 56 -L, 1101 BE
Amsterdam, registered with the Dutch Chamber of Commerce under number 20060872. Almunda
Professionals is listed on Euronext Amsterdam under the ticker symbol \"AMUND\". The company\u2019s statutory
seat is in Amsterdam.
The consolidated financial statements comprise the company itself and its subsidiaries (hereinafter
referred to as \"the Group\").
Activities
Almunda Professionals N.V. acts as a holding company and invests in businesses that focus on deploying
professionals for consultancy and support within specific sectors.
The activities of Novisource (segment: business IT professionals) consist of providing consultancy at the
intersection of business and IT, with a focus on the financial sector. The consultants support organizations
such as banks, insurers, and asset managers in translating technological developments into concrete
business processes.
PIDZ (segment: healthcare professionals) focuses on mediating between self-employed healthcare
professionals and care institutions. Its services are aimed at facilitating the flexible deployment of
healthcare personnel.
Kalice (segment: utility professionals) provides consultancy and project management within the Dutch
and Belgian utility sector. The professionals are active in areas such as the energy transition, process
optimization, regulation and compliance, and data-driven operations, supporting clients such as energy
suppliers, grid operators, and water utilities.
Throughout these financial statements, the terms \"the group\" or \"Almunda Professionals\" refer to Almunda
Professionals N.V. and its group companies Novisource, PIDZ, and Kalice. When referring only to the parent
entity, \"Almunda Professionals N.V.\" is used.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf249_1": { "value": "Composition of the Almunda Professionals Group
The participations of Almunda Professionals N.V. are listed below. These are included in the consolidated
financial statements of Almunda Professionals N.V. Unless otherwise stated, all these participations are,
directly or indirectly, wholly owned (100%) and Almunda Professionals N.V. holds full or majority voting
rights. Where reference is made in these financial statements to the \"Group\" or \"Almunda Professionals\", this
refers to Almunda Professionals N.V. and its group companies Novisource, PIDZ and Kalice. For individual
reference, we use \"Almunda Professionals N.V.\"
Novisource
Novisource is a group of companies headed by Novisource Holding BV . Novisource Holding BV holds a
100% interest in all its direct subsidiaries. The composition of Novisource is as follows:
\u2022 Novisource Holding BV
o Novisource BV
o Bridgelane BV
PIDZ
PIDZ is an 80% subsidiary of Almunda Professionals NV. PIDZ is a group of companies headed by PIDZ
Holding BV. PIDZ Holding BV holds a 100% interest in all its subsidiaries. The composition of PIDZ is as
follows:
\u2022 PIDZ Holding BV
o Simmer & Cooper BV
o PIDZ Zorg BV
o The Factoring Company BV
o Smiling Gents Company BV
o PIDZ Uitzend BV
o PIDZ Flex BV
o PIDZ Talents BV
o PIDZ Detachering BV
o Qrabbl BV
o Stikkr BV
o SureCare Holding BV (as of 1 October 2025)
\u2022 SureCare Zorgbeveiliging BV
\u2022 SureCare BV
Kalice
Kalice is a 70% subsidiary of Almunda Professionals NV. Kalice is a group of companies headed by Kalice
Group BV. Kalice Group BV holds a 100% interest in all its subsidiaries. The composition of Kalice is as
follows:
\u2022 Kalice Group BV
o ICE Groep BV
\u2022 ICE Interim BV
o kWh Management BV
A BW2:403 declaration has been issued by Almunda Professionals NV for both Novisource Holding BV and
Novisource BV
Related parties
Transactions with related parties
Related parties include, among others, subsidiaries, joint ventures, members of the Supervisory Board,
members of the Board of Directors, and the majority shareholder. Transactions with related parties are
conducted on an arm\u2019s length basis under terms com parable to those with third parties.
During 2025, there were no transactions with related parties other than those mentioned here.
Credit facility provided by Value8
Value8 is the majority shareholder of Almunda Professionals and holds a direct and indirect interest in
Almunda Professionals of 70% \u201380% as of the end of 2025. For a detailed explanation, reference is made to
the Register of Substantial Holdings and Gross Short Positions on www.afm.nl. On 19 April 2024, Value8
made available a credit facility with a size of \u20ac 5 million. The outstanding balance as of the balance
sheet date was \u20ac 3.996 (2024: \u20ac 1.265 thousand) . This credit facility incurs an interest rate of 7%. The
interest expense from this credit facility amounts to \u20ac 165 thousand (2024: \u20ac 30 thousand) . The term of
the facility is at least 48 months.
During the financial year, Almunda issued 124,403 class A shares to shareholder Value8 N.V. in exchange
for the delivery of 124,403 class B shares. This transaction was carried out entirely within equity and had
no impact on total equity.
Transactions with SureCare (joint venture)
Until 1 October 2025, SureCare was a 50% joint venture of PIDZ and thus a related party. On that date, PIDZ
acquired the remaining 50% interest in SureCare, following which SureCare became a wholly-owned
subsidiary and was fully consolidated. From that date onwards, transactions with SureCare are
eliminated on consolidation and no longer disclosed as related party transactions.
In the period 1 January to 30 September 2025, PIDZ recharged \u20ac 260 thousand (2024: \u20ac 305 thousand) in
personnel costs (including car costs) to SureCare. The secondment was provided without a profit
markup and on arm's length terms.
Upon full consolidation of SureCare on 1 October 2025, the outstanding intercompany loans and
receivables were eliminated. The provision of \u20ac 146 thousand that had been recognized against the loan
to SureCare was released directly to equity, consistent with the manner in which it was originally
recognised.
Management fees and rental charges \u2014 Jack & Jones Holding and KWPH
Jack & Jones Holding and KWPH are both minority shareholders in Kalice and jointly authorized directors
of Kalice Group and its subsidiaries. In 2025, Jack & Jones Holding charged a management fee of \u20ac 150
thousand (2024: \u20ac 150 thousand), of which \u20ac 113 thousand related to ICE and \u20ac 38 thousand to Kalice In
addition, Jack & Jones Holding charged rental costs of \u20ac 45 thousand (2024: \u20ac 25 thousan d) for office
premises.
KWPH charged a management fee of \u20ac 38 thousand to Kalice in 2025. In addition, KWPH charged rental
costs of \u20ac 16 thousand for office premises. All transactions were conducted on arm's length terms.
Remuneration of key management
For an explanation of the remuneration of key management, reference is made to note 4 of the
consolidated financial statements. Remuneration of member of the Supervisory Board
On 27 June 2023, Peter Paul de Vries was appointed as a member of the Supervisory Board. Mr. de Vries is
a director of Value8 and a shareholder of Almunda Professionals through his personal company 3L
Capital Holding BV Through this holding company, he charged a supervis ory board fee of \u20ac 25 thousand.
Remuneration to members of the Board of Directors
Remko Herschel, a member of the Board of Directors, is employed by Value8 as an investment director.
He has waived a director\u2019s fee at Almunda Professionals.
Marco Mulder, also a member of the Board of Directors, received remuneration for his directorial role in
2025. This remuneration was invoiced to Value8 and recharged to Almunda Professionals without a
markup. The total costs for 2025 amount to \u20ac 114 thousand. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf250_1": { "value": "Composition of the Almunda Professionals Group
The participations of Almunda Professionals N.V. are listed below. These are included in the consolidated
financial statements of Almunda Professionals N.V. Unless otherwise stated, all these participations are,
directly or indirectly, wholly owned (100%) and Almunda Professionals N.V. holds full or majority voting
rights. Where reference is made in these financial statements to the \"Group\" or \"Almunda Professionals\", this
refers to Almunda Professionals N.V. and its group companies Novisource, PIDZ and Kalice. For individual
reference, we use \"Almunda Professionals N.V.\"
Novisource
Novisource is a group of companies headed by Novisource Holding BV . Novisource Holding BV holds a
100% interest in all its direct subsidiaries. The composition of Novisource is as follows:
\u2022 Novisource Holding BV
o Novisource BV
o Bridgelane BV
PIDZ
PIDZ is an 80% subsidiary of Almunda Professionals NV. PIDZ is a group of companies headed by PIDZ
Holding BV. PIDZ Holding BV holds a 100% interest in all its subsidiaries. The composition of PIDZ is as
follows:
\u2022 PIDZ Holding BV
o Simmer & Cooper BV
o PIDZ Zorg BV
o The Factoring Company BV
o Smiling Gents Company BV
o PIDZ Uitzend BV
o PIDZ Flex BV
o PIDZ Talents BV
o PIDZ Detachering BV
o Qrabbl BV
o Stikkr BV
o SureCare Holding BV (as of 1 October 2025)
\u2022 SureCare Zorgbeveiliging BV
\u2022 SureCare BV
Kalice
Kalice is a 70% subsidiary of Almunda Professionals NV. Kalice is a group of companies headed by Kalice
Group BV. Kalice Group BV holds a 100% interest in all its subsidiaries. The composition of Kalice is as
follows:
\u2022 Kalice Group BV
o ICE Groep BV
\u2022 ICE Interim BV
o kWh Management BV
A BW2:403 declaration has been issued by Almunda Professionals NV for both Novisource Holding BV and
Novisource BV
Joint ventures
Up to and including 30 September 2025, SureCare was classified as a joint venture from the perspective
of PIDZ Holding BV and accounted for using the equity method in accordance with IAS 28. As of 1 October
2025, PIDZ Holding BV acquired the remaining 50% interest, obtaining full control over SureCare. From that
date, SureCare has been classified as a group company and is fully consolidated.
21. Receivables from associates and joint ventures
The receivables from associates and joint ventures related to fixed and current receivables granted to
SureCare, a 50% participation of PIDZ that was accounted for using the equity method until 30 September
2025.
Business combination
On 1 October 2025, PIDZ acquired the remaining 50% interest in SureCare Holding BV, resulting in full
consolidation of SureCare as a group company from that date. Prior to consolidation, repayments of
\u20ac 100 thousand were received on the loan during 2025. Upon consolidation, the remaining intercompany
receivables of \u20ac 263 thousand were eliminated in full.
Release of provision
In prior years, a provision of \u20ac 146 thousand had been recognized against the receivables from SureCare.
This provision originated from an equity correction recorded as of 1 January 2022 and was not recognized
through profit or loss. As SureCare became a group company on 1 October 2025 and the underlying
intercompany receivables were eliminated upon consolidation, the basis for this provision ceased to
exist. Consistent with the original recognition, the provision has been released directly to retained
earnings without impact on profit or loss. Reference is made to note 25. Equity for further details
. x \u20ac 1.000 \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 1 January \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t363 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRefinancing \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t483\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRepayments received \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-100 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-120\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t263 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t363\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tElimination due to consolidation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-263 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLess: provision for expecte credit loss \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-146\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLess: negative value of participation under the equity method \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-55\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 31 December \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t162\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRepayments to be received next year \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-120\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t42\n\t\t\t\t\t\t\t\t\t
Participation SureCare
The participation SureCare is accounted for as follows:
x \u20ac 1.000
The summarized financial information of SureCare for the period 1 January till 30 September 2025
(accounted for using the equity method) is as follows (2024 full financial year):
x \u20ac 1.000
Receivables from participations under current assets
The movements in receivables from participations (current) are as follows:
x \u20ac 1.000
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 1 January \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-55 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-136\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tResult after tax \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t81\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRemeasurement to fair value \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t95 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAcquisition of remaining 50% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t54 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tReclass to subsidiary \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-108 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-55\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tProvision \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t55\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 31 December \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNet result from continuing operations \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t81\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tResult from discontinued operations \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal result for the period attributable to shareholders \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t81\n\t\t\t\t\t\t\t\t\t
2025 2024
Net revenue 1.451 2.676
Result after tax 27 162
Total assets 485 752 \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLoan to joint venture SureCare \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t50\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRepayments to be received next year \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t120\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest to be received \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t38\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t208\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf251_1": { "value": "Composition of the Almunda Professionals Group
The participations of Almunda Professionals N.V. are listed below. These are included in the consolidated
financial statements of Almunda Professionals N.V. Unless otherwise stated, all these participations are,
directly or indirectly, wholly owned (100%) and Almunda Professionals N.V. holds full or majority voting
rights. Where reference is made in these financial statements to the \"Group\" or \"Almunda Professionals\", this
refers to Almunda Professionals N.V. and its group companies Novisource, PIDZ and Kalice. For individual
reference, we use \"Almunda Professionals N.V.\"
Novisource
Novisource is a group of companies headed by Novisource Holding BV . Novisource Holding BV holds a
100% interest in all its direct subsidiaries. The composition of Novisource is as follows:
\u2022 Novisource Holding BV
o Novisource BV
o Bridgelane BV
PIDZ
PIDZ is an 80% subsidiary of Almunda Professionals NV. PIDZ is a group of companies headed by PIDZ
Holding BV. PIDZ Holding BV holds a 100% interest in all its subsidiaries. The composition of PIDZ is as
follows:
\u2022 PIDZ Holding BV
o Simmer & Cooper BV
o PIDZ Zorg BV
o The Factoring Company BV
o Smiling Gents Company BV
o PIDZ Uitzend BV
o PIDZ Flex BV
o PIDZ Talents BV
o PIDZ Detachering BV
o Qrabbl BV
o Stikkr BV
o SureCare Holding BV (as of 1 October 2025)
\u2022 SureCare Zorgbeveiliging BV
\u2022 SureCare BV
Kalice
Kalice is a 70% subsidiary of Almunda Professionals NV. Kalice is a group of companies headed by Kalice
Group BV. Kalice Group BV holds a 100% interest in all its subsidiaries. The composition of Kalice is as
follows:
\u2022 Kalice Group BV
o ICE Groep BV
\u2022 ICE Interim BV
o kWh Management BV
A BW2:403 declaration has been issued by Almunda Professionals NV for both Novisource Holding BV and
Novisource BV
Joint ventures
Up to and including 30 September 2025, SureCare was classified as a joint venture from the perspective
of PIDZ Holding BV and accounted for using the equity method in accordance with IAS 28. As of 1 October
2025, PIDZ Holding BV acquired the remaining 50% interest, obtaining full control over SureCare. From that
date, SureCare has been classified as a group company and is fully consolidated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf252_1": { "value": "Joint ventures
Up to and including 30 September 2025, SureCare was classified as a joint venture from the perspective
of PIDZ Holding BV and accounted for using the equity method in accordance with IAS 28. As of 1 October
2025, PIDZ Holding BV acquired the remaining 50% interest, obtaining full control over SureCare. From that
date, SureCare has been classified as a group company and is fully consolidated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf253_1": { "value": "Joint ventures
Up to and including 30 September 2025, SureCare was classified as a joint venture from the perspective
of PIDZ Holding BV and accounted for using the equity method in accordance with IAS 28. As of 1 October
2025, PIDZ Holding BV acquired the remaining 50% interest, obtaining full control over SureCare. From that
date, SureCare has been classified as a group company and is fully consolidated.
13. Share of profit of equity-accounted investments
Up to and including 30 September 2025, the 50% interest in SureCare Holding BV was classified as a joint
venture and accounted for using the equity method in accordance with IAS 28. The amount represents
PIDZ's share of the result of SureCare Holding BV for the period 1 January 2025 through 30 September
2025.
x \u20ac 1.000
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tShare of profit of equity-accounted investments \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t81\n\t\t\t\t\t\t\t\t\t
21. Receivables from associates and joint ventures
The receivables from associates and joint ventures related to fixed and current receivables granted to
SureCare, a 50% participation of PIDZ that was accounted for using the equity method until 30 September
2025.
Business combination
On 1 October 2025, PIDZ acquired the remaining 50% interest in SureCare Holding BV, resulting in full
consolidation of SureCare as a group company from that date. Prior to consolidation, repayments of
\u20ac 100 thousand were received on the loan during 2025. Upon consolidation, the remaining intercompany
receivables of \u20ac 263 thousand were eliminated in full.
Release of provision
In prior years, a provision of \u20ac 146 thousand had been recognized against the receivables from SureCare.
This provision originated from an equity correction recorded as of 1 January 2022 and was not recognized
through profit or loss. As SureCare became a group company on 1 October 2025 and the underlying
intercompany receivables were eliminated upon consolidation, the basis for this provision ceased to
exist. Consistent with the original recognition, the provision has been released directly to retained
earnings without impact on profit or loss. Reference is made to note 25. Equity for further details
. x \u20ac 1.000 \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 1 January \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t363 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRefinancing \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t483\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRepayments received \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-100 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-120\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t263 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t363\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tElimination due to consolidation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-263 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLess: provision for expecte credit loss \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-146\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLess: negative value of participation under the equity method \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-55\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 31 December \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t162\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRepayments to be received next year \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-120\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t42\n\t\t\t\t\t\t\t\t\t
Participation SureCare
The participation SureCare is accounted for as follows:
x \u20ac 1.000
The summarized financial information of SureCare for the period 1 January till 30 September 2025
(accounted for using the equity method) is as follows (2024 full financial year):
x \u20ac 1.000
Receivables from participations under current assets
The movements in receivables from participations (current) are as follows:
x \u20ac 1.000
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 1 January \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-55 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-136\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tResult after tax \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t81\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRemeasurement to fair value \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t95 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAcquisition of remaining 50% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t54 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tReclass to subsidiary \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-108 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-55\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tProvision \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t55\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 31 December \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNet result from continuing operations \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t81\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tResult from discontinued operations \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal result for the period attributable to shareholders \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t81\n\t\t\t\t\t\t\t\t\t
2025 2024
Net revenue 1.451 2.676
Result after tax 27 162
Total assets 485 752 \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLoan to joint venture SureCare \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t50\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRepayments to be received next year \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t120\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest to be received \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t38\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t208\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf254_1": { "value": "Going concern
The financial statements have been prepared on the basis of the going concern assumption.
The financial position of Almunda Professionals remains strong. Consolidated equity as at 31 December
2025 amounts to \u20ac 14,3 million, representing 35,3% of the balance sheet total (2024: 38,0%).
Net debt amounts to \u20ac 13,2 million and, relative to EBITDA, is considered to be at a healthy level. Apart
from potential acquisitions, this ratio is expected to decline further in the coming years.
At the group company PIDZ, the acquisition financing (outstanding balance at year-end: \u20ac 1,875 million)
will be fully repaid in 2026. The outstanding subordinated shareholder loans of \u20ac 4,0 million within PIDZ
will be refinanced in 2026. The Board of Directors expects this refinancing to be realised in a timely
manner. Based on the current financing structure \u2014 including the current account credit facility with
majority shareholder Value8 \u2014 and the operating results, sufficient cash flows are expected to be
generated to meet all financial obligations. Accordingly, no going concern risks have been identified.
In addition, a thorough review of the valuation of goodwill has been performed, including the annual
impairment test. For PIDZ, ICE and kWh, it was concluded that no impairment of goodwill is required. For
further details, reference is made to the note on intangible assets in the consolidated balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf255_1": { "value": "Statement of compliance
The consolidated financial statements have been prepared by the Board of Directors of the company in
accordance with International Financial Reporting Standards as adopted by the European Union (EU-
IFRS) and with Part 9 of Book 2 of the Dutch Civil Code. The consolidated financial statements were
authorised for issue by the Board of Directors on 24 April 2026. The financial statements will be submitted
for adoption by the shareholders at the Annual General Meeting of Shareholders.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf256_1": { "value": "Use of estimates and judgments
Preparation of the financial statements in accordance 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 and associated
assumptions are based on historical experience, future expectations, and various other factors
considered reasonable under current circumstances.
The results form the basis for determining the carrying amounts of assets and liabilities that cannot be
directly derived from other sources. Actual results may differ from these estimates. Estimates and
underlying assumptions are continuously reassessed. Revisions to estimates are recognised in the period
in which the estimate is revised if the revision affects only that period, or in the period of revision and
future periods when the revision affects both the reporting period and future periods. For discussion of the specific line items in the financial statements that require judgments, estimates, or
assumptions, refer to the consolidated financial statements note \u201cUse of estimates and judgments.\u201d
Determination of fair value
In determining the fair value of an asset or liability, the Group uses observable market data wherever
possible. Fair values are classified into different levels based on a fair value hierarchy depending on the
inputs used in the valuation techniques. Three levels are defined:
\u2022 Level 1: quoted market prices (unadjusted) in active markets for identical assets or liabilities.
\u2022 Level 2: inputs other than Level 1 quoted market prices that are observable for the asset or
liability, either directly (e.g. as prices) or indirectly (derived from prices).
\u2022 Level 3: unobservable inputs for the asset or liability that are not based on observable market
data.
If the inputs used for determining the fair value of an asset or liability span multiple levels of the
hierarchy, the fair value measurement in its entirety is classified in the same level as the lowest level
input that is significant to the measurement. The Group reclassifies transfers between levels in the fair
value hierarchy at the end of the reporting period during which the change occurs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf257_1": { "value": "Use of estimates and judgments
Preparation of the financial statements in accordance 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 and associated
assumptions are based on historical experience, future expectations, and various other factors
considered reasonable under current circumstances.
The results form the basis for determining the carrying amounts of assets and liabilities that cannot be
directly derived from other sources. Actual results may differ from these estimates. Estimates and
underlying assumptions are continuously reassessed. Revisions to estimates are recognised in the period
in which the estimate is revised if the revision affects only that period, or in the period of revision and
future periods when the revision affects both the reporting period and future periods. For discussion of the specific line items in the financial statements that require judgments, estimates, or
assumptions, refer to the consolidated financial statements note \u201cUse of estimates and judgments.\u201d
Use of estimates and judgments
Several items in the financial statements involve estimates made by management. Although these
estimates are supported by analyses and calculations to the extent possible, there is always some
degree of uncertainty. This uncertainty plays a particularly significant role when testing for impairment of
goodwill and other intangible assets. Historically, there have been no material deviations in the
settlement of estimated items from the previous financial year.
Goodwill and other intangible assets
The note on Intangible Assets and Goodwill provides information about the valuation of goodwill and
intangible assets and their testing for impairment. It also provides information about the valuation of the PIDZ platform, the customer portfolio, and other intangible assets, as well as their testing for impairment
and inefficiencies.
Deferred tax assets and liabilities
The note on Deferred Tax Assets and Liabilities includes information about the valuation of deferred tax
assets related to compensable losses. An estimate is made of future compensable tax losses based on
management\u2019s judgment. The amount to be compensated may ultimately differ from the estimate as of
the balance sheet date.
Receivables from participations
The note on Receivables from Participations provides information about the valuation of these
receivables and the assessment of credit risk. The provision for expected credit losses is determined
based on an evaluation of the financial position and repayment capacity of the participation, taking into
account historical data and forward-looking expectations.
When preparing the financial statements, the valuation of receivables from participations involves
judgment by management. The final settlement may differ from the estimates made.
Trade receivables and other receivables
The note on Trade Receivables and Other Receivables provides information about the valuation of trade
receivables and their testing for uncollectible amounts. An estimate is made of potentially uncollectible
trade receivables based on the judgment of account management and historical write-offs. The amount
ultimately received may differ from the estimate as of the balance sheet date. The note also includes a
sensitivity analysis for expected credit risk. When preparing the financial statements, the valuatio n of
trade receivables involves judgment by management.
Provisions
Due to the nature of provisions in general, their determination relies significantly on estimates,
assumptions, and expectations about the future. The actual outcomes of these uncertain factors may
materially differ from the estimates made. The differences between actual outcomes and the recognized
provisions may therefore impact the results for the relevant periods.
Settlement of claims and disputes
In the normal course of business, the Group may be involved in disputes where the outcome is uncertain
as of the balance sheet date. Where applicable, a current estimate of potential obligations and related
costs arising from ongoing disputes is periodically made on a consistent basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf258_1": { "value": "Determination of fair value
In determining the fair value of an asset or liability, the Group uses observable market data wherever
possible. Fair values are classified into different levels based on a fair value hierarchy depending on the
inputs used in the valuation techniques. Three levels are defined:
\u2022 Level 1: quoted market prices (unadjusted) in active markets for identical assets or liabilities.
\u2022 Level 2: inputs other than Level 1 quoted market prices that are observable for the asset or
liability, either directly (e.g. as prices) or indirectly (derived from prices).
\u2022 Level 3: unobservable inputs for the asset or liability that are not based on observable market
data.
If the inputs used for determining the fair value of an asset or liability span multiple levels of the
hierarchy, the fair value measurement in its entirety is classified in the same level as the lowest level
input that is significant to the measurement. The Group reclassifies transfers between levels in the fair
value hierarchy at the end of the reporting period during which the change occurs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf259_1": { "value": "The Group reclassifies transfers between levels in the fair
value hierarchy at the end of the reporting period during which the change occurs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf260_1": { "value": "Material accounting policies
The accounting policies described below have been consistently applied by the entities of Almunda
Professionals to all periods presented in these consolidated financial statements.
Policies for consolidation
The consolidated financial statements include the financial data of Almunda Professionals and its
subsidiaries. For the composition of the group, reference is made to the note \u201cComposition of the
Almunda Professionals Group.\u201d
Business combinations
The Group applies the acquisition method for business combinations when the acquired bundle of
activities and assets meets the definition of a business and control has been transferred to the Group. To
determine whether a set of assets and activities constitutes a business, the Group assesses whether the
acquired set includes at least an input and a substantial process, and whether the acquired operations
can generate output.
The Group may apply a \u201cconcentration test,\u201d a simplified assessment to determine whether an acquired
set of assets and activities is not a business. The concentration test is met if substantially all of the fair
value of the gross acquired assets is concentrated in a single identifiable asset or similar identifiable
assets.
Consideration transferred for the acquisition is generally measured at fair value, as are the identifiable
net assets acquired. Any resulting goodwill is tested annually for impairment. Any bargain purchase gain
is recognised immediately in profit or loss. Transaction costs are expensed when incurred, except those
incurred in issuing debt or equity instruments.
The consideration includes no amounts for settlement of pre-existing relationships; any such amounts
are generally recognised in profit or loss.
The fair value of contingent consideration is included at acquisition date. If an obligation to pay
contingent consideration qualifies as an equity instrument, no subsequent remeasurement is made and settlement is accounted for within equity. Otherwise, contingent consideration is remeasured at fair value
and changes are recognised in profit or loss.
If replacement awards (share\u2011based payments) granted to employees of the acquiree replace awards
they held, and they relate to past services, part or all of those replacement awards is included in the
consideration. The value is measured based on the fair value of the replacement awards compared to
the awards given up and the proportion relating to pre -combination services.
Accounting for business combinations
Business combinations are accounted for on the acquisition date when control is transferred to Almunda
Professionals. Control exists when the Group has the ability to direct the financial and operational policies
of an entity to obtain benefits from its activities. In assessing control, the Group considers potential voting
rights exercisable at that time. If consideration is dependent on future events, a provisional estimate of
contingent consideration is recognised as a liability. Its valuation is based on facts and circumstances as
of the acquisition date. If events or circumstances within one year of acquisition provide additional
evidence about the conditions at acquisition, the contingent consideration is adjusted accordingly.
Subsidiaries
Subsidiaries are entities over which the Group has control. Control exists when the Group is exposed to
variable returns from its involvement and has the ability to influence those returns through its power over
the entity. The financial statements of subsidiaries are included from the date control is obtained until the
date control ceases.
Non\u2011controlling interests
Non\u2011controlling interests (third\u2011party interests) are initially measured at the proportionate share of the
acquiree\u2019s identifiable net assets at acquisition. Changes in the Group \u2019s interest in a subsidiary that do
not result in loss of control are accounted for as equity transactions.
Loss of control
When the Group loses control of a subsidiary, its assets and liabilities, any non \u2011 controlling interests, and
other equity components are derecognised. Any gain or loss is recognised in profit or loss. If the Group
retains interest in the former subsidiary, it is measured at fair value at the time of loss of control.
Interests in equity-accounted entities
Interests in associates and joint ventures are accounted for using the equity method. Associates are
entities over which the Group has significant influence but not control. A joint venture is an arrangement
over which the Group has joint control with rights to the net assets.
Equity-accounted investments are initially recorded at cost. Post-acquisition, the consolidated statement
includes the Group\u2019s share of profit or loss and other comprehensive income of the investees up to the
date of loss of influence or joint control.
Elimination of intercompany transactions
Intragroup balances and transactions, including unrealised gains and losses (except those arising on
foreign currency transactions), are eliminated. Unrealised gains on transactions involving equity -
accounted entities are eliminated to the extent of the Gr oup\u2019s interest. Unrealised losses are eliminated
similarly unless evidence indicates impairment.
Financial instruments
Financial assets and liabilities are recognised when the Group becomes a party to the contract. Initial
measurement (unless fair value through profit or loss) is at fair value plus or minus transaction costs. Trade receivables without a significant financing component are recognised at transaction price,
typically equal to fair value at the acquisition date.
Financial assets
The financial non-current assets include equity-accounted investments and loans and receivables,
including trade receivables, other receivables, and cash. Loans and receivables are financial instruments
with fixed or determinable payments not quoted in an active market. They are subsequently measured at
amortised cost if both criteria are met:
\u2022 The business model is to hold them to realise contractual cash flows; and
\u2022 The contractual terms give rise only to principal and interest payments.
After initial recognition, loans and receivables are measured at amortised cost using the effective
interest method, less impairment.
If contractual rights to cash flows expire or are transferred with nearly all risks and rewards, the asset is
derecognised. If the Group retains interest, it is treated separately.
Expected credit loss allowance
The Group recognises impairment allowances on financial assets measured at amortised cost. For trade
receivables and unbilled revenue, allowance is based on an individually assessed approach, primarily
using a provision matrix derived from historical credit loss experience, adjusted for forward-looking
information. Debtors in bankruptcy or in suspension of payments are fully provided for.
For other financial assets, the allowance is based on expected losses over the first 12 months unless
credit risk has significantly increased, in which case lifetime expected losses are recognized. The Group
assesses whether credit risk has increased at least twice a year using quantitative, qualitative, historic
and forward-looking information.
Objective evidence of impairment includes events like non-payment, restructuring, probable insolvency,
adverse changes in payment status, or observable data indicating cash flow declines in groups of
financial assets.
Financial liabilities
Financial liabilities are measured either at amortised cost or fair value through profit or loss. A liability is
measured at fair value through profit or loss if designated so on initial recognition, otherwise at
amortised cost using the effective interest method.
Financial liabilities include trade payables and accrued expenses. They are initially measured at fair
value plus costs, then at amortised cost. Early settlement features, transaction costs, and
premiums/discounts are considered.
A financial liability is derecognised when settled, cancelled, or expired.
Offsetting
Financial assets and liabilities are netted when the Group has a legally enforceable right and intends to
settle on a net basis or realise the asset and settle simultaneously.
Hedge accounting
Almunda Professionals does not apply hedge accounting. Net revenue
The Group generates revenue from personnel services in the form of secondment, project management
and matching. The method of recognition depends on the nature of the service and the role performed
by the Group. Net revenue from secondment, project management and matching consists of
consideration received or receivable from third parties during the year, measured at the fair value of the
services rendered, excluding any taxes charged thereon.
Net revenue from services or fixed fees is recognised in the statement of profit or loss once the Group has
satisfied its performance obligation, the client has obtained the right to use the delivered services,
collection of the agreed fee is probable (or has been collected), and any costs to complete the service
can be reliably estimated.
If services under a single contract are delivered over multiple reporting periods, the consideration is
allocated proportionally based on service delivery across the periods. For services rendered on a fixed
fee basis, these are performed over time on a best-efforts basis; no guarantees are provided during the
reporting year. Payment terms do not have a significant effect on revenue recognition.
Secondment and project management activities
For secondment and project management, the Group assigns employees or independent professionals
to clients under contractually agreed rates or fixed fees. In these activities, the Group acts as principal
and reports revenue on a gross basis. Revenue from secondment and project management is
recognised proportionally to performance.
Matching activities
For matching activities, the Group acts as an agent and simply facilitates that another party (an
independent professional) provides service to a client. Revenue from matching is reported on a net basis.
The revenue is recognised when the underlying service by the independent professional has been
delivered to the client.
Operating expenses
Operating expenses are presented using the nature (categorical) method and recognised in the year to
which they relate.
Finance income and expense
Finance expenses comprise interest expense and the unwinding of discounts on provisions and interest -
bearing debt. Finance income includes interest income. Both interest income and expense are
determined using the effective interest method and recognized in the statement of profit or loss.
Income taxes
Income taxes include current and deferred tax. They are recognized in the consolidated statement of
profit or loss and other comprehensive income, except where they relate to items recognised directly in
equity.
Current income tax
Current tax is calculated using applicable tax laws and rates as of the balance sheet date, taking into
account exempted profit components. Taxes related to those exempt components are recognized
directly in equity if so required.
Deferred tax
Deferred tax assets and liabilities arise on temporary differences between the carrying values of assets
and liabilities in the financial statements and their tax base. They are recognised under the accounting
policies and tax regulations described elsewhere in this report. Deferred tax assets and liabilities are offset if:
\u2022 A legally enforceable right exists to offset current tax assets against current tax liabilities;
\u2022 They relate to taxes levied by the same tax authority;
\u2022 Deferred tax assets are recognised only to the extent it is probable they can be recovered
against future taxable profits (including carry forward of unused tax losses).
\u2022 Deferred tax assets and liabilities are measured at tax rates expected to apply when the
underlying asset is realised or liability settled.
\u2022 No deferred tax is recognised on:
o Initial recognition of assets or liabilities that do not affect accounting profit or taxable
profit; and
o Differences related to investments in subsidiaries where recovery is not probable in the
foreseeable future.
Property, plant and equipment
Property, plant and equipment are carried at historical cost less accumulated depreciation and
impairment losses. Historical cost includes expenditures directly attributable to acquisition.
Subsequent costs such as repair or maintenance are capitalised only when:
\u2022 It is probable that additional future economic benefits will flow to the entity; and
\u2022 The cost can be reliably measured.
All other costs are expensed in profit or loss as incurred.
Depreciation is charged on a straight-line basis over the estimated useful lives from the time the assets
are ready for use. Residual values and useful lives are reviewed annually and adjusted if necessary.
Gains and losses on disposals are recognised in profit or loss.
Lease agreements
At the inception of a contract, the Group assesses whether a contract is or contains a lease agreement. A
contract is or contains a lease agreement if it conveys the right to control the use of an identified asset
for a specified period in exchange for consideration. At the inception or upon modification of a contract
that contains a lease agreement, the Group allocates the consideration in the contract to each lease
component based on their relative standalone prices.
The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The
right-of-use asset is initially measured at cost, which includes the initial amount of the lease liability
adjusted for lease payments made on or before the commencement date, plus any initial direct costs
incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the
underlying asset or the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight -line method from the
commencement date to the end of the lease term, unless the lease transfers ownership of the underlying
asset to the Group by the end of the lease term, or the cost of the right-of-use asset reflects that the
Group will exercise a purchase option. In such cases, the right-of-use asset is depreciated over the useful
life of the underlying asset, determined on the same basis as that of property, plant, and equipment.
Additionally, the right-of-use asset is periodically reduced by any impairment losses and adjusted for
certain remeasurements of the lease liability. The lease liability is 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, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental
borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining
interest rates from various external financing sources and making certain adjustments to reflect the
terms of the lease and the type of leased asset.
Lease payments included in the measurement of the lease liability comprise the following:
\u2022 Fixed payments, including in-substance fixed payments;
\u2022 Variable lease payments that depend on an index or a rate, initially measured using the index or
rate as at the commencement date;
\u2022 Amounts expected to be paid under a residual value guarantee; and
\u2022 The exercise price under a purchase option that the Group is reasonably certain to exercise,
lease payments in an optional renewal period if the Group is reasonably certain to exercise an
extension option, and penalties for early termination of a lease unless the Group is reasonably
certain not to terminate early.
The lease liability is measured at amortized cost using the effective interest method. It is remeasured
when there is a change in future lease payments arising from a change in an index or rate, a change in
the Group\u2019s estimate of the amount expected to be paid under a residual value guarantee, a change in
the Group\u2019s assessment of whether it will exercise a purchase, extension, or termination option, or a
revision to an in-substance fixed lease payment. When the lease liability is remeasured in this way, a
corresponding adjustment is made to the carrying amount of the right-of-use asset, or it is recorded in
profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
The Group presents right-of-use assets that do not meet the definition of investment property under
\u2018property, plant, and equipment\u2019 and lease liabilities under \u2018borrowings\u2019 in the balance sheet.
Short-term leases and leases of low-value assets
The Group has elected not to recognize right-of-use assets and lease liabilities for leases of low-value
assets and short-term leases (leases with a maximum term of 12 months), including IT equipment. The
Group recognizes the lease payments associated with these leases as an expense on a straight-line
basis over the lease term.
Goodwill
Acquisitions are accounted for using the purchase method of accounting. Goodwill arises from the
acquisition of subsidiaries and is determined based on the difference between the purchase price of the
acquisition and the net fair value of the acquired identifiable assets and liabilities, including contingent
liabilities, at the time of acquisition. Payments related to the acquisition are measured based on the cash
paid and payable as of the transaction date, as well as, where applicable, the fair value of e quity
instruments (e.g., shares) used to finance the acquisition.
Contingent elements in the purchase price are measured at fair value at the time of acquisition and
recognized as a liability, with any deviations due to valuation differences recorded in the income
statement.
Goodwill is measured at cost less accumulated impairment losses. Costs related to an acquisition are
recognized in the income statement as incurred. Goodwill is allocated to cash-generating units. An impairment loss on goodwill is recognized in the
income statement, if applicable. An impairment loss related to goodwill is never reversed. Upon disposal
of an entity involving a loss of control, the carrying amount of the goodwill is included in the result.
Any negative goodwill arising from the acquisition of a participation is immediately recognized in the
income statement. Goodwill related to the acquisition of associated entities is included in the investment
in associated entities.
Other intangible assets
Other intangible assets have a finite useful life. These include, for example, customer lists, brand names,
and order backlogs (in the case of an acquisition).
They are recognized at cost less accumulated amortization and impairment losses. If intangible assets
are acquired in a business combination, the cost is equal to the fair value at the acquisition date. If there
is no active market for an asset, the cost is determined as the amount the entity would have paid in a
transaction between independent, well-informed parties willing to enter into a transaction, based on the
best available information. Amortization of other intangible assets is recognized on a strai ght-line basis
in the statement of comprehensive income, in line with the estimated useful life of the asset. The useful
life of other intangible assets is reviewed annually at the balance sheet date and adjusted if necessary.
Impairment losses
The carrying amount of the Group\u2019s assets, excluding deferred tax assets, is assessed at each reporting
date to determine whether there are indications of impairment. If such indications exist, the recoverable
amount of the relevant asset is determined. If it is not possible to determine the recoverable amount of
an individual asset, it is determined for the cash-generating unit to which the asset belongs. For the
purpose of impairment testing, assets are grouped at the lowest level at which separate cash f lows can
be identified (cash-generating units). An impairment loss is recognized if the carrying amount of an
asset exceeds its recoverable amount. The recoverable amount is the higher of the asset\u2019s fair value less
costs to sell and its value in use. An impairment loss is recognized immediately in the statement of
comprehensive income. An impairment loss on other assets is reversed if the indications used to
determine the impairment have improved. The impairment loss is reversed only to the extent that the
carrying amount of the asset does not exceed the carrying amount that would have been determined,
net of original depreciation and any residual value, had no impairment loss been recognized.
Receivables from participations
Receivables from participations relate to outstanding loans and other financial receivables that the
Company has from group companies and other participations. These receivables are initially measured
at fair value and subsequently measured at amortized cost using the effective interest method, less any
impairment losses.
When determining the valuation of receivables from participations, the creditworthiness of the relevant
participation and the financial position of the Company are taken into account. A provision for expected
credit losses is recognized if there is objective evidence that the Company will not be able to collect the
receivable in full. The provision is determined based on historical data, current financial information, and
forward-looking estimates of the participation\u2019s repayment capacity.
Interest income from these receivables is recognized as part of financial income and expenses.
Receivables with a maturity of less than one year are presented as current assets, while receivables with
a longer maturity are included under non-current assets.
In the case of refinancing or modification of the contractual terms of a receivable, an assessment is
made as to whether the modified receivable should be treated as a new financial instrument or whether the original carrying amount should be adjusted. Changes in the provision for expected credit losses are
recognized directly in the income statement.
Trade receivables and other receivables
Trade receivables and other receivables are initially measured at fair value, which generally corresponds
to their nominal value. Subsequent measurement is at amortized cost using the effective interest
method, less any impairment losses. Impairment losses for trade receivables and other receivables are
recognized when it is probable that the Group will not be able to collect these receivables in full.
Provisions are determined based on an individual assessment of the collectability of the receivables. The
amount of the provision is equal to the difference between the carrying amount of the receivable and the
present value of the estimated future cash flows. Impairment losses are charged to the statement of
comprehensive income.
Cash and cash equivalents
The cash and cash equivalents item includes current account balances with Rabobank, ABN AMRO Bank
NV, and ING Bank NV. Cash and cash equivalents are measured at fair value, which is usually equal to
their nominal value.
Equity
Ordinary shares are classified as equity. Dividend distributions on ordinary shares are recognized as a
current liability in the period in which the dividend is approved by the shareholders. In the event of a
change due to the issuance of own shares, the amount received, net of directly attributable costs, is
recognized as a change in equity under share capital. If applicable, the amount is also recognized under
share premium.
Trade payables and other liabilities
Trade payables and other liabilities are initially measured at fair value. Subsequently, they are measured
at amortized cost. Due to their short-term nature, the fair value generally corresponds to the nominal
value.
Pensions and other employee benefits
All pension plans are defined contribution plans funded through contributions to entities not affiliated
with the Group. A defined contribution plan involves post -employment benefits where the Group pays
fixed contributions to a separate entity. Under this plan, the Group has no legal or constructive obligation
to make additional contributions. If these entities lack sufficient funds to make pension payments to all
employees for services rendered in the current and prior periods, the Group has no legal or c onstructive
obligation to contribute further. Obligations related to defined contributions to pension plans are
recognized as employee benefit expenses in the statement of comprehensive income during the period
in which the employees provide the related services. Prepaid contributions are recognized as an asset to
the extent that a cash refund or a reduction in future payments is available. Contributions payable under
a defined contribution plan that are due more than twelve months after the end of the peri od in which
the employees provide the related services are discounted to their present value.
Earnings per share
The Group presents basic and diluted earnings per share (EPS) for ordinary shares. Basic earnings per
share is calculated based on the profit or loss attributable to the Group\u2019s shareholders, divided by the
weighted average number of ordinary shares outsta nding during the reporting period. For the calculation
of diluted earnings per share, the profit or loss attributable to the Group\u2019s shareholders and the weighted
average number of ordinary shares outstanding during the reporting period are adjusted for al l potential
dilutive effects on ordinary shares. This includes, among others, share options granted to employees and
directors. An estimate is also made of the shares due in respect of deferred payments on acquisitions. Segment information
An operating segment is a component of the Group that engages in business activities that may
generate revenues and expenses, including transactions with other components of the Group. All
operating results of an operating segment are periodically reviewed by the Board of Directors to make
decisions regarding resource allocation to the segment and to evaluate its performance. The review is
based on the available financial information per operating segment. The results are reported to
management per operating segment and include items that can be directly or reasonably attributed to
the segment. The operating activities are aggregated into the reporting segments Novisource, PIDZ, and
ICE Interim.
The revenue generated in these segments relates to:
\u2022 Business IT Professionals (Novisource);
\u2022 Healthcare Professionals (PIDZ); and
\u2022 Utility Professionals (Kalice).
New standards and interpretations
With the exception of the amendments listed below, the Group has consistently applied the accounting
policies outlined for all periods included in these consolidated financial statements.
Effective from the 2025 financial year, the following amendments to standards are in force:
\u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability
Additionally, the following standards or amendments thereto are expected to become effective in the
near future, but have not yet been early adopted by the Group:
\u2022 Amendments to the Classification and Measurement of Financial Instruments (Amendments to
IFRS 9 and IFRS 7)
\u2022 Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures:
Contracts Referencing Nature-dependent Electricity
\u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11
\u2022 IFRS 18 Presentation and Disclosure in Financial Statements
\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures
The Group does not expect the above amendments and standards, with the exception of IFRS 18, to have
a significant impact on the consolidated financial statements. IFRS 18, which replaces IAS 1 Presentation
of Financial Statements and is effective for annual periods beginning on or after 1 January 2027, is
expected to have an impact on the presentation of the consolidated financial statements. The Group is
currently assessing the full impact of IFRS 18. EU endorsement of IFRS 18 and IFRS 19 is still pending as at
the date of these financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf261_1": { "value": "Policies for consolidation
The consolidated financial statements include the financial data of Almunda Professionals and its
subsidiaries. For the composition of the group, reference is made to the note \u201cComposition of the
Almunda Professionals Group.\u201d
Elimination of intercompany transactions
Intragroup balances and transactions, including unrealised gains and losses (except those arising on
foreign currency transactions), are eliminated. Unrealised gains on transactions involving equity -
accounted entities are eliminated to the extent of the Gr oup\u2019s interest. Unrealised losses are eliminated
similarly unless evidence indicates impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf262_1": { "value": "Business combinations
The Group applies the acquisition method for business combinations when the acquired bundle of
activities and assets meets the definition of a business and control has been transferred to the Group. To
determine whether a set of assets and activities constitutes a business, the Group assesses whether the
acquired set includes at least an input and a substantial process, and whether the acquired operations
can generate output.
The Group may apply a \u201cconcentration test,\u201d a simplified assessment to determine whether an acquired
set of assets and activities is not a business. The concentration test is met if substantially all of the fair
value of the gross acquired assets is concentrated in a single identifiable asset or similar identifiable
assets.
Consideration transferred for the acquisition is generally measured at fair value, as are the identifiable
net assets acquired. Any resulting goodwill is tested annually for impairment. Any bargain purchase gain
is recognised immediately in profit or loss. Transaction costs are expensed when incurred, except those
incurred in issuing debt or equity instruments.
The consideration includes no amounts for settlement of pre-existing relationships; any such amounts
are generally recognised in profit or loss.
The fair value of contingent consideration is included at acquisition date. If an obligation to pay
contingent consideration qualifies as an equity instrument, no subsequent remeasurement is made and settlement is accounted for within equity. Otherwise, contingent consideration is remeasured at fair value
and changes are recognised in profit or loss.
If replacement awards (share\u2011based payments) granted to employees of the acquiree replace awards
they held, and they relate to past services, part or all of those replacement awards is included in the
consideration. The value is measured based on the fair value of the replacement awards compared to
the awards given up and the proportion relating to pre -combination services.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf263_1": { "value": "Accounting for business combinations
Business combinations are accounted for on the acquisition date when control is transferred to Almunda
Professionals. Control exists when the Group has the ability to direct the financial and operational policies
of an entity to obtain benefits from its activities. In assessing control, the Group considers potential voting
rights exercisable at that time. If consideration is dependent on future events, a provisional estimate of
contingent consideration is recognised as a liability. Its valuation is based on facts and circumstances as
of the acquisition date. If events or circumstances within one year of acquisition provide additional
evidence about the conditions at acquisition, the contingent consideration is adjusted accordingly.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf264_1": { "value": "Subsidiaries
Subsidiaries are entities over which the Group has control. Control exists when the Group is exposed to
variable returns from its involvement and has the ability to influence those returns through its power over
the entity. The financial statements of subsidiaries are included from the date control is obtained until the
date control ceases.
Non\u2011controlling interests
Non\u2011controlling interests (third\u2011party interests) are initially measured at the proportionate share of the
acquiree\u2019s identifiable net assets at acquisition. Changes in the Group \u2019s interest in a subsidiary that do
not result in loss of control are accounted for as equity transactions.
Loss of control
When the Group loses control of a subsidiary, its assets and liabilities, any non \u2011 controlling interests, and
other equity components are derecognised. Any gain or loss is recognised in profit or loss. If the Group
retains interest in the former subsidiary, it is measured at fair value at the time of loss of control.
Receivables from participations
Receivables from participations relate to outstanding loans and other financial receivables that the
Company has from group companies and other participations. These receivables are initially measured
at fair value and subsequently measured at amortized cost using the effective interest method, less any
impairment losses.
When determining the valuation of receivables from participations, the creditworthiness of the relevant
participation and the financial position of the Company are taken into account. A provision for expected
credit losses is recognized if there is objective evidence that the Company will not be able to collect the
receivable in full. The provision is determined based on historical data, current financial information, and
forward-looking estimates of the participation\u2019s repayment capacity.
Interest income from these receivables is recognized as part of financial income and expenses.
Receivables with a maturity of less than one year are presented as current assets, while receivables with
a longer maturity are included under non-current assets.
In the case of refinancing or modification of the contractual terms of a receivable, an assessment is
made as to whether the modified receivable should be treated as a new financial instrument or whether the original carrying amount should be adjusted. Changes in the provision for expected credit losses are
recognized directly in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf265_1": { "value": "Interests in equity-accounted entities
Interests in associates and joint ventures are accounted for using the equity method. Associates are
entities over which the Group has significant influence but not control. A joint venture is an arrangement
over which the Group has joint control with rights to the net assets.
Equity-accounted investments are initially recorded at cost. Post-acquisition, the consolidated statement
includes the Group\u2019s share of profit or loss and other comprehensive income of the investees up to the
date of loss of influence or joint control.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf266_1": { "value": "Financial instruments
Financial assets and liabilities are recognised when the Group becomes a party to the contract. Initial
measurement (unless fair value through profit or loss) is at fair value plus or minus transaction costs. Trade receivables without a significant financing component are recognised at transaction price,
typically equal to fair value at the acquisition date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf267_1": { "value": "Financial assets
The financial non-current assets include equity-accounted investments and loans and receivables,
including trade receivables, other receivables, and cash. Loans and receivables are financial instruments
with fixed or determinable payments not quoted in an active market. They are subsequently measured at
amortised cost if both criteria are met:
\u2022 The business model is to hold them to realise contractual cash flows; and
\u2022 The contractual terms give rise only to principal and interest payments.
After initial recognition, loans and receivables are measured at amortised cost using the effective
interest method, less impairment.
If contractual rights to cash flows expire or are transferred with nearly all risks and rewards, the asset is
derecognised. If the Group retains interest, it is treated separately.
Expected credit loss allowance
The Group recognises impairment allowances on financial assets measured at amortised cost. For trade
receivables and unbilled revenue, allowance is based on an individually assessed approach, primarily
using a provision matrix derived from historical credit loss experience, adjusted for forward-looking
information. Debtors in bankruptcy or in suspension of payments are fully provided for.
For other financial assets, the allowance is based on expected losses over the first 12 months unless
credit risk has significantly increased, in which case lifetime expected losses are recognized. The Group
assesses whether credit risk has increased at least twice a year using quantitative, qualitative, historic
and forward-looking information.
Objective evidence of impairment includes events like non-payment, restructuring, probable insolvency,
adverse changes in payment status, or observable data indicating cash flow declines in groups of
financial assets.
Financial liabilities
Financial liabilities are measured either at amortised cost or fair value through profit or loss. A liability is
measured at fair value through profit or loss if designated so on initial recognition, otherwise at
amortised cost using the effective interest method.
Financial liabilities include trade payables and accrued expenses. They are initially measured at fair
value plus costs, then at amortised cost. Early settlement features, transaction costs, and
premiums/discounts are considered.
A financial liability is derecognised when settled, cancelled, or expired.
Offsetting
Financial assets and liabilities are netted when the Group has a legally enforceable right and intends to
settle on a net basis or realise the asset and settle simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf268_1": { "value": "Expected credit loss allowance
The Group recognises impairment allowances on financial assets measured at amortised cost. For trade
receivables and unbilled revenue, allowance is based on an individually assessed approach, primarily
using a provision matrix derived from historical credit loss experience, adjusted for forward-looking
information. Debtors in bankruptcy or in suspension of payments are fully provided for.
For other financial assets, the allowance is based on expected losses over the first 12 months unless
credit risk has significantly increased, in which case lifetime expected losses are recognized. The Group
assesses whether credit risk has increased at least twice a year using quantitative, qualitative, historic
and forward-looking information.
Objective evidence of impairment includes events like non-payment, restructuring, probable insolvency,
adverse changes in payment status, or observable data indicating cash flow declines in groups of
financial assets.
Provisions are determined based on an individual assessment of the collectability of the receivables. The
amount of the provision is equal to the difference between the carrying amount of the receivable and the
present value of the estimated future cash flows. Impairment losses are charged to the statement of
comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf269_1": { "value": "Financial liabilities
Financial liabilities are measured either at amortised cost or fair value through profit or loss. A liability is
measured at fair value through profit or loss if designated so on initial recognition, otherwise at
amortised cost using the effective interest method.
Financial liabilities include trade payables and accrued expenses. They are initially measured at fair
value plus costs, then at amortised cost. Early settlement features, transaction costs, and
premiums/discounts are considered.
A financial liability is derecognised when settled, cancelled, or expired.
Offsetting
Financial assets and liabilities are netted when the Group has a legally enforceable right and intends to
settle on a net basis or realise the asset and settle simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf270_1": { "value": "Hedge accounting
Almunda Professionals does not apply hedge accounting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf271_1": { "value": "Net revenue
The Group generates revenue from personnel services in the form of secondment, project management
and matching. The method of recognition depends on the nature of the service and the role performed
by the Group. Net revenue from secondment, project management and matching consists of
consideration received or receivable from third parties during the year, measured at the fair value of the
services rendered, excluding any taxes charged thereon.
Net revenue from services or fixed fees is recognised in the statement of profit or loss once the Group has
satisfied its performance obligation, the client has obtained the right to use the delivered services,
collection of the agreed fee is probable (or has been collected), and any costs to complete the service
can be reliably estimated.
If services under a single contract are delivered over multiple reporting periods, the consideration is
allocated proportionally based on service delivery across the periods. For services rendered on a fixed
fee basis, these are performed over time on a best-efforts basis; no guarantees are provided during the
reporting year. Payment terms do not have a significant effect on revenue recognition.
Secondment and project management activities
For secondment and project management, the Group assigns employees or independent professionals
to clients under contractually agreed rates or fixed fees. In these activities, the Group acts as principal
and reports revenue on a gross basis. Revenue from secondment and project management is
recognised proportionally to performance.
Matching activities
For matching activities, the Group acts as an agent and simply facilitates that another party (an
independent professional) provides service to a client. Revenue from matching is reported on a net basis.
The revenue is recognised when the underlying service by the independent professional has been
delivered to the client.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf272_1": { "value": "Operating expenses
Operating expenses are presented using the nature (categorical) method and recognised in the year to
which they relate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf273_1": { "value": "Finance income and expense
Finance expenses comprise interest expense and the unwinding of discounts on provisions and interest -
bearing debt. Finance income includes interest income. Both interest income and expense are
determined using the effective interest method and recognized in the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf274_1": { "value": "Income taxes
Income taxes include current and deferred tax. They are recognized in the consolidated statement of
profit or loss and other comprehensive income, except where they relate to items recognised directly in
equity.
Current income tax
Current tax is calculated using applicable tax laws and rates as of the balance sheet date, taking into
account exempted profit components. Taxes related to those exempt components are recognized
directly in equity if so required.
Deferred tax
Deferred tax assets and liabilities arise on temporary differences between the carrying values of assets
and liabilities in the financial statements and their tax base. They are recognised under the accounting
policies and tax regulations described elsewhere in this report. Deferred tax assets and liabilities are offset if:
\u2022 A legally enforceable right exists to offset current tax assets against current tax liabilities;
\u2022 They relate to taxes levied by the same tax authority;
\u2022 Deferred tax assets are recognised only to the extent it is probable they can be recovered
against future taxable profits (including carry forward of unused tax losses).
\u2022 Deferred tax assets and liabilities are measured at tax rates expected to apply when the
underlying asset is realised or liability settled.
\u2022 No deferred tax is recognised on:
o Initial recognition of assets or liabilities that do not affect accounting profit or taxable
profit; and
o Differences related to investments in subsidiaries where recovery is not probable in the
foreseeable future.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf275_1": { "value": "Deferred tax
Deferred tax assets and liabilities arise on temporary differences between the carrying values of assets
and liabilities in the financial statements and their tax base. They are recognised under the accounting
policies and tax regulations described elsewhere in this report. Deferred tax assets and liabilities are offset if:
\u2022 A legally enforceable right exists to offset current tax assets against current tax liabilities;
\u2022 They relate to taxes levied by the same tax authority;
\u2022 Deferred tax assets are recognised only to the extent it is probable they can be recovered
against future taxable profits (including carry forward of unused tax losses).
\u2022 Deferred tax assets and liabilities are measured at tax rates expected to apply when the
underlying asset is realised or liability settled.
\u2022 No deferred tax is recognised on:
o Initial recognition of assets or liabilities that do not affect accounting profit or taxable
profit; and
o Differences related to investments in subsidiaries where recovery is not probable in the
foreseeable future.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf276_1": { "value": "Property, plant and equipment
Property, plant and equipment are carried at historical cost less accumulated depreciation and
impairment losses. Historical cost includes expenditures directly attributable to acquisition.
Subsequent costs such as repair or maintenance are capitalised only when:
\u2022 It is probable that additional future economic benefits will flow to the entity; and
\u2022 The cost can be reliably measured.
All other costs are expensed in profit or loss as incurred.
Depreciation is charged on a straight-line basis over the estimated useful lives from the time the assets
are ready for use. Residual values and useful lives are reviewed annually and adjusted if necessary.
Gains and losses on disposals are recognised in profit or loss.
Depreciation periods
In determining the relevant depreciation periods, the Group uses assumptions and estimates. The Group
concluded that as of 31 December 2025, there was no reason to revise the current depreciation periods.
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTerm\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOffice buildings \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5-30 years\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOffice equipment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5-10 years\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tVehicle fleet \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5 years\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf277_1": { "value": "Depreciation is charged on a straight-line basis over the estimated useful lives from the time the assets
are ready for use. Residual values and useful lives are reviewed annually and adjusted if necessary.
Gains and losses on disposals are recognised in profit or loss.
Lease agreements
At the inception of a contract, the Group assesses whether a contract is or contains a lease agreement. A
contract is or contains a lease agreement if it conveys the right to control the use of an identified asset
for a specified period in exchange for consideration. At the inception or upon modification of a contract
that contains a lease agreement, the Group allocates the consideration in the contract to each lease
component based on their relative standalone prices.
The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The
right-of-use asset is initially measured at cost, which includes the initial amount of the lease liability
adjusted for lease payments made on or before the commencement date, plus any initial direct costs
incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the
underlying asset or the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight -line method from the
commencement date to the end of the lease term, unless the lease transfers ownership of the underlying
asset to the Group by the end of the lease term, or the cost of the right-of-use asset reflects that the
Group will exercise a purchase option. In such cases, the right-of-use asset is depreciated over the useful
life of the underlying asset, determined on the same basis as that of property, plant, and equipment.
Additionally, the right-of-use asset is periodically reduced by any impairment losses and adjusted for
certain remeasurements of the lease liability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf278_1": { "value": "Lease agreements
At the inception of a contract, the Group assesses whether a contract is or contains a lease agreement. A
contract is or contains a lease agreement if it conveys the right to control the use of an identified asset
for a specified period in exchange for consideration. At the inception or upon modification of a contract
that contains a lease agreement, the Group allocates the consideration in the contract to each lease
component based on their relative standalone prices.
The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The
right-of-use asset is initially measured at cost, which includes the initial amount of the lease liability
adjusted for lease payments made on or before the commencement date, plus any initial direct costs
incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the
underlying asset or the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight -line method from the
commencement date to the end of the lease term, unless the lease transfers ownership of the underlying
asset to the Group by the end of the lease term, or the cost of the right-of-use asset reflects that the
Group will exercise a purchase option. In such cases, the right-of-use asset is depreciated over the useful
life of the underlying asset, determined on the same basis as that of property, plant, and equipment.
Additionally, the right-of-use asset is periodically reduced by any impairment losses and adjusted for
certain remeasurements of the lease liability. The lease liability is 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, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental
borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining
interest rates from various external financing sources and making certain adjustments to reflect the
terms of the lease and the type of leased asset.
Lease payments included in the measurement of the lease liability comprise the following:
\u2022 Fixed payments, including in-substance fixed payments;
\u2022 Variable lease payments that depend on an index or a rate, initially measured using the index or
rate as at the commencement date;
\u2022 Amounts expected to be paid under a residual value guarantee; and
\u2022 The exercise price under a purchase option that the Group is reasonably certain to exercise,
lease payments in an optional renewal period if the Group is reasonably certain to exercise an
extension option, and penalties for early termination of a lease unless the Group is reasonably
certain not to terminate early.
The lease liability is measured at amortized cost using the effective interest method. It is remeasured
when there is a change in future lease payments arising from a change in an index or rate, a change in
the Group\u2019s estimate of the amount expected to be paid under a residual value guarantee, a change in
the Group\u2019s assessment of whether it will exercise a purchase, extension, or termination option, or a
revision to an in-substance fixed lease payment. When the lease liability is remeasured in this way, a
corresponding adjustment is made to the carrying amount of the right-of-use asset, or it is recorded in
profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
The Group presents right-of-use assets that do not meet the definition of investment property under
\u2018property, plant, and equipment\u2019 and lease liabilities under \u2018borrowings\u2019 in the balance sheet.
Short-term leases and leases of low-value assets
The Group has elected not to recognize right-of-use assets and lease liabilities for leases of low-value
assets and short-term leases (leases with a maximum term of 12 months), including IT equipment. The
Group recognizes the lease payments associated with these leases as an expense on a straight-line
basis over the lease term.
Depreciation periods
For the right-of-use assets, depreciation is based on the lease and rental terms.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf279_1": { "value": "Goodwill
Acquisitions are accounted for using the purchase method of accounting. Goodwill arises from the
acquisition of subsidiaries and is determined based on the difference between the purchase price of the
acquisition and the net fair value of the acquired identifiable assets and liabilities, including contingent
liabilities, at the time of acquisition. Payments related to the acquisition are measured based on the cash
paid and payable as of the transaction date, as well as, where applicable, the fair value of e quity
instruments (e.g., shares) used to finance the acquisition.
Contingent elements in the purchase price are measured at fair value at the time of acquisition and
recognized as a liability, with any deviations due to valuation differences recorded in the income
statement.
Goodwill is measured at cost less accumulated impairment losses. Costs related to an acquisition are
recognized in the income statement as incurred. Goodwill is allocated to cash-generating units. An impairment loss on goodwill is recognized in the
income statement, if applicable. An impairment loss related to goodwill is never reversed. Upon disposal
of an entity involving a loss of control, the carrying amount of the goodwill is included in the result.
Any negative goodwill arising from the acquisition of a participation is immediately recognized in the
income statement. Goodwill related to the acquisition of associated entities is included in the investment
in associated entities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf280_1": { "value": "Other intangible assets
Other intangible assets have a finite useful life. These include, for example, customer lists, brand names,
and order backlogs (in the case of an acquisition).
They are recognized at cost less accumulated amortization and impairment losses. If intangible assets
are acquired in a business combination, the cost is equal to the fair value at the acquisition date. If there
is no active market for an asset, the cost is determined as the amount the entity would have paid in a
transaction between independent, well-informed parties willing to enter into a transaction, based on the
best available information. Amortization of other intangible assets is recognized on a strai ght-line basis
in the statement of comprehensive income, in line with the estimated useful life of the asset. The useful
life of other intangible assets is reviewed annually at the balance sheet date and adjusted if necessary.
Amortization periods
In determining the relevant amortization periods, the Group uses assumptions and estimates. The Group
concluded that as of 31 December 2025, there was no reason to revise the current amortization periods.
The amortization periods for the main categories of other intangible fixed assets are as follows: \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTerm\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tMatching platform \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5 years\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCustomer portfolio \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t9-11 years\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSoftware \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5 years\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf281_1": { "value": "Impairment losses
The carrying amount of the Group\u2019s assets, excluding deferred tax assets, is assessed at each reporting
date to determine whether there are indications of impairment. If such indications exist, the recoverable
amount of the relevant asset is determined. If it is not possible to determine the recoverable amount of
an individual asset, it is determined for the cash-generating unit to which the asset belongs. For the
purpose of impairment testing, assets are grouped at the lowest level at which separate cash f lows can
be identified (cash-generating units). An impairment loss is recognized if the carrying amount of an
asset exceeds its recoverable amount. The recoverable amount is the higher of the asset\u2019s fair value less
costs to sell and its value in use. An impairment loss is recognized immediately in the statement of
comprehensive income. An impairment loss on other assets is reversed if the indications used to
determine the impairment have improved. The impairment loss is reversed only to the extent that the
carrying amount of the asset does not exceed the carrying amount that would have been determined,
net of original depreciation and any residual value, had no impairment loss been recognized.
Goodwill and other intangible assets
The note on Intangible Assets and Goodwill provides information about the valuation of goodwill and
intangible assets and their testing for impairment. It also provides information about the valuation of the PIDZ platform, the customer portfolio, and other intangible assets, as well as their testing for impairment
and inefficiencies.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf282_1": { "value": "Trade receivables and other receivables
Trade receivables and other receivables are initially measured at fair value, which generally corresponds
to their nominal value. Subsequent measurement is at amortized cost using the effective interest
method, less any impairment losses. Impairment losses for trade receivables and other receivables are
recognized when it is probable that the Group will not be able to collect these receivables in full.
Provisions are determined based on an individual assessment of the collectability of the receivables. The
amount of the provision is equal to the difference between the carrying amount of the receivable and the
present value of the estimated future cash flows. Impairment losses are charged to the statement of
comprehensive income.
Trade receivables and other receivables
The note on Trade Receivables and Other Receivables provides information about the valuation of trade
receivables and their testing for uncollectible amounts. An estimate is made of potentially uncollectible
trade receivables based on the judgment of account management and historical write-offs. The amount
ultimately received may differ from the estimate as of the balance sheet date. The note also includes a
sensitivity analysis for expected credit risk. When preparing the financial statements, the valuatio n of
trade receivables involves judgment by management.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf283_1": { "value": "Cash and cash equivalents
The cash and cash equivalents item includes current account balances with Rabobank, ABN AMRO Bank
NV, and ING Bank NV. Cash and cash equivalents are measured at fair value, which is usually equal to
their nominal value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf284_1": { "value": "Equity
Ordinary shares are classified as equity. Dividend distributions on ordinary shares are recognized as a
current liability in the period in which the dividend is approved by the shareholders. In the event of a
change due to the issuance of own shares, the amount received, net of directly attributable costs, is
recognized as a change in equity under share capital. If applicable, the amount is also recognized under
share premium.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf285_1": { "value": "Trade payables and other liabilities
Trade payables and other liabilities are initially measured at fair value. Subsequently, they are measured
at amortized cost. Due to their short-term nature, the fair value generally corresponds to the nominal
value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf286_1": { "value": "Pensions and other employee benefits
All pension plans are defined contribution plans funded through contributions to entities not affiliated
with the Group. A defined contribution plan involves post -employment benefits where the Group pays
fixed contributions to a separate entity. Under this plan, the Group has no legal or constructive obligation
to make additional contributions. If these entities lack sufficient funds to make pension payments to all
employees for services rendered in the current and prior periods, the Group has no legal or c onstructive
obligation to contribute further. Obligations related to defined contributions to pension plans are
recognized as employee benefit expenses in the statement of comprehensive income during the period
in which the employees provide the related services. Prepaid contributions are recognized as an asset to
the extent that a cash refund or a reduction in future payments is available. Contributions payable under
a defined contribution plan that are due more than twelve months after the end of the peri od in which
the employees provide the related services are discounted to their present value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf287_1": { "value": "Earnings per share
The Group presents basic and diluted earnings per share (EPS) for ordinary shares. Basic earnings per
share is calculated based on the profit or loss attributable to the Group\u2019s shareholders, divided by the
weighted average number of ordinary shares outsta nding during the reporting period. For the calculation
of diluted earnings per share, the profit or loss attributable to the Group\u2019s shareholders and the weighted
average number of ordinary shares outstanding during the reporting period are adjusted for al l potential
dilutive effects on ordinary shares. This includes, among others, share options granted to employees and
directors. An estimate is also made of the shares due in respect of deferred payments on acquisitions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf288_1": { "value": "Segment information
An operating segment is a component of the Group that engages in business activities that may
generate revenues and expenses, including transactions with other components of the Group. All
operating results of an operating segment are periodically reviewed by the Board of Directors to make
decisions regarding resource allocation to the segment and to evaluate its performance. The review is
based on the available financial information per operating segment. The results are reported to
management per operating segment and include items that can be directly or reasonably attributed to
the segment. The operating activities are aggregated into the reporting segments Novisource, PIDZ, and
ICE Interim.
The revenue generated in these segments relates to:
\u2022 Business IT Professionals (Novisource);
\u2022 Healthcare Professionals (PIDZ); and
\u2022 Utility Professionals (Kalice).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf289_1": { "value": "New standards and interpretations
With the exception of the amendments listed below, the Group has consistently applied the accounting
policies outlined for all periods included in these consolidated financial statements.
Effective from the 2025 financial year, the following amendments to standards are in force:
\u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability
Additionally, the following standards or amendments thereto are expected to become effective in the
near future, but have not yet been early adopted by the Group:
\u2022 Amendments to the Classification and Measurement of Financial Instruments (Amendments to
IFRS 9 and IFRS 7)
\u2022 Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures:
Contracts Referencing Nature-dependent Electricity
\u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11
\u2022 IFRS 18 Presentation and Disclosure in Financial Statements
\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures
The Group does not expect the above amendments and standards, with the exception of IFRS 18, to have
a significant impact on the consolidated financial statements. IFRS 18, which replaces IAS 1 Presentation
of Financial Statements and is effective for annual periods beginning on or after 1 January 2027, is
expected to have an impact on the presentation of the consolidated financial statements. The Group is
currently assessing the full impact of IFRS 18. EU endorsement of IFRS 18 and IFRS 19 is still pending as at
the date of these financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf290_1": { "value": "Use of estimates and judgments
Several items in the financial statements involve estimates made by management. Although these
estimates are supported by analyses and calculations to the extent possible, there is always some
degree of uncertainty. This uncertainty plays a particularly significant role when testing for impairment of
goodwill and other intangible assets. Historically, there have been no material deviations in the
settlement of estimated items from the previous financial year.
Goodwill and other intangible assets
The note on Intangible Assets and Goodwill provides information about the valuation of goodwill and
intangible assets and their testing for impairment. It also provides information about the valuation of the PIDZ platform, the customer portfolio, and other intangible assets, as well as their testing for impairment
and inefficiencies.
Deferred tax assets and liabilities
The note on Deferred Tax Assets and Liabilities includes information about the valuation of deferred tax
assets related to compensable losses. An estimate is made of future compensable tax losses based on
management\u2019s judgment. The amount to be compensated may ultimately differ from the estimate as of
the balance sheet date.
Receivables from participations
The note on Receivables from Participations provides information about the valuation of these
receivables and the assessment of credit risk. The provision for expected credit losses is determined
based on an evaluation of the financial position and repayment capacity of the participation, taking into
account historical data and forward-looking expectations.
When preparing the financial statements, the valuation of receivables from participations involves
judgment by management. The final settlement may differ from the estimates made.
Trade receivables and other receivables
The note on Trade Receivables and Other Receivables provides information about the valuation of trade
receivables and their testing for uncollectible amounts. An estimate is made of potentially uncollectible
trade receivables based on the judgment of account management and historical write-offs. The amount
ultimately received may differ from the estimate as of the balance sheet date. The note also includes a
sensitivity analysis for expected credit risk. When preparing the financial statements, the valuatio n of
trade receivables involves judgment by management.
Provisions
Due to the nature of provisions in general, their determination relies significantly on estimates,
assumptions, and expectations about the future. The actual outcomes of these uncertain factors may
materially differ from the estimates made. The differences between actual outcomes and the recognized
provisions may therefore impact the results for the relevant periods.
Settlement of claims and disputes
In the normal course of business, the Group may be involved in disputes where the outcome is uncertain
as of the balance sheet date. Where applicable, a current estimate of potential obligations and related
costs arising from ongoing disputes is periodically made on a consistent basis.
Goodwill impairment
With respect to the recognized goodwill, Almunda Professionals distinguishes the following cash -
generating units (CGUs): \u2022 PIDZ (Healthcare Professionals);
\u2022 ICE (Utility Professionals) ; and
\u2022 kWh (Utility Professionals)
The impairment analysis for the goodwill of PIDZ, ICE and kWh was conducted by determining the value in
use using the Discounted Cash Flow (DCF) Method. The DCF Method requires the use of unobservable
inputs, such as internal valuation models and estimates. Due to the limited availability of comparable
market data, reliance is placed on internal methods to estimate the fair value of PIDZ, ICE and kWh. This
process involves a thorough evaluation of forecasts, discount rates, and other relevant factors. These
estimates fall under Level 3 of the fair value hierarchy, as they are not directly based on observable
market data.
Goodwill PIDZ
The goodwill for PIDZ arose from the acquisition of PIDZ Holding BV in 2022. In 2025, PIDZ acquired an
additional 50% stake in SureCare, resulting in non-material goodwill of \u20ac 152 thousand. The carrying
amount of the goodwill related to PIDZ as of 31 December 2025 is \u20ac 9.465 thousand (31 December 2024:
\u20ac 9.313 thousand).
For PIDZ, the cash flows are based on the expected development of the number of mediated hours within
the healthcare sector and the associated gross margin contribution per hour. The business model is
undergoing a transition: in addition to the core activity of self-employed professional mediation, a
temporary staffing proposition is being built up during the projection period, which will gradually increase
in significance. The cash flow forecasts reflect a decline in total mediated hours of approximately 13,7% in
2026, followed by annual volume growth of approximately 5% from 2027 onwards. This is consistent with
the expected shift from self-employed to temporary staffing services, as well as the structural growth in
demand for care driven by persistent staff shortages and high absenteeism rates. In addition to
mediation revenues, the cash flows also include contributions from software fees, factoring fees,
SureCare BV and Qrabbl BV.
Costs are forecasted based on expected inflation, volume growth, and estimates of future personnel
costs, including expenses related to the further development and operation of the new PIDZ platform and
the build-up of the temporary staffing proposition.
The projection period covers the years 2026 through 2030. After the projection period, a long -term growth
rate of 2,0% has been applied, in line with the European Central Bank's long -term inflation target.
The cash flow forecasts are based on the following key assumptions:
\u2022 The number of mediated hours declines in 2026 as a result of continued uncertainty surrounding
the Dutch DBA Act and its enforcement, followed by a gradual recovery from 2027 onwards;
\u2022 A structural shift in the business model from self-employed mediation to temporary staffing is
expected during the projection period, with the share of temporary staffing hours increasing
from 14% of gross margin in 2026 to 77% in 2030;
\u2022 The service fee per hour is based on current pricing and contractual agreements, with an annual
indexation of approximately 3%;
\u2022 The gross margin per temporary staffing hour is based on current market rates, with an annual
indexation of 3% to 4%.
The risk-free interest rate applied is 2,80%, based on a publication by Pablo Fernandez (May 2025). The
market risk premium is 5,30% (also per Pablo Fernandez). The company-specific risk premium (Alpha) is
set at 5,62%, based on a market-standard model (BDO model). The cost of debt is 5,28%, based on the current financing terms of the ING acquisition facility (3 -month Euribor + 3,25%). The capital structure is
based on a weighted average of comparable companies in the sector (source: Damodaran, January
2026), with a debt ratio of 24,94%. A nominal corporate income tax rate of 25,8% has been applied. Based
on these assumptions, the post-tax Weighted Average Cost of Capital (WACC) is determined at 13,72%.
The equivalent pre-tax WACC is approximately 18,5%.
Based on the performed impairment test, it has been determined that there is no impairment as of the
balance sheet date. The carrying amount of the CGU PIDZ, including goodwill, is \u20ac 16.688 thousand, while
the recoverable amount is determined at \u20ac 29.997 thousand. This results in a headroom of \u20ac 13 .289
thousand.
A sensitivity analysis was conducted for PIDZ, assuming an increase in the discount rate by 1 percentage
point. This scenario does not lead to an impairment.
ICE
The goodwill for ICE arose from the acquisition of ICE Groep BV in 2023. For ICE, the cash flows are based
on the expected growth in consultancy assignments within the Dutch energy sector. ICE provides
specialized consultants on both a project and consultancy basis, and develops standard products,
including services related to the implementation of the new Energy Act. ICE had an exceptionally strong
year in 2025, with revenue growing by 22% compared to 2024, driven by higher productivity, lower
absenteeism, and increased average hourly rates. The cash flow forecasts assume broadly flat revenue
for 2026, reflecting prudent assumptions despite the strong 2025 performance, followed by annual
revenue growth of 5% throughout the projection period from 2027 to 2030. Based on historical growth
figures, these are conservative assumptions. Costs are forecasted based on expected inflation, volume
growth, and estimates of future personnel and operational costs. The projection period assumes a gross
margin of 24,9%, in line with historically achieved levels.
The projection period covers the years 2026 to 2030. After the projection period, a long-term growth rate
of 2,0% has been applied, in line with the European Central Bank's long -term inflation target.
The cash flow forecasts are based on the following key assumptions:
\u2022 Revenue growth is projected at approximately 0% for 2026, reflecting a prudent starting point
despite strong 2025 results, followed by 5% annual growth from 2027 onwards;
\u2022 A gross margin of 24,9% has been assumed throughout the projection period, consistent with
historically achieved levels;
\u2022 Personnel costs for 2026 reflect the full-year impact of indirect departments reaching their
target staffing levels in the fourth quarter of 2025, with an annual indexation of 4% applied from
2027 onwards;
\u2022 Operating expenditures are based on the bottom-up 2026 budget of \u20ac 462 thousand, with an
annual increase of 3% applied from 2027 onwards.
The risk-free interest rate applied is 2,80%, based on a publication by Pablo Fernandez (May 2025). The
market risk premium is 5,30% (also per Pablo Fernandez). The company-specific risk premium (Alpha) is
set at 5,81%, based on a market-standard model (BDO model). The cost of debt is 5,68%, based on the
current financing terms of the Rabobank facility arranged at the level of Kalice Group B.V. (3 -month
Euribor + 3,65%). The capital structure is based on a weighted average of comparable companies in the
sector (source: Damodaran, January 2026), with a debt ratio of 23,61%. A nominal corporate income tax
rate of 25,8% has been applied. Based on these assumptions, the post-tax Weighted Average Cost of
Capital (WACC) is determined at 13,57%. The equivalent pre-tax WACC is approximately 18,3%. Based on the performed impairment test, it has been determined that there is no impairment as of the
balance sheet date. The carrying amount of the CGU ICE, including goodwill, is \u20ac 2.187 thousand, while the
recoverable amount is determined at \u20ac 5 .267 thousand. This results in a headroom of \u20ac 3 .080 thousand.
A sensitivity analysis was conducted for ICE, assuming an increase in the discount rate by 1 percentage
point. This scenario does not lead to an impairment.
Goodwill kWh
The goodwill for kWh arose from the acquisition of kWh Management BV on 30 September 2025. The
carrying amount of the goodwill related to kWh as of 31 December 2025 is \u20ac 1.113 thousand.
kWh Management BV is the cash-generating unit (CGU) to which the goodwill has been allocated.
For kWh, the cash flows are based on the expected growth in two business lines: the mediation of self -
employed professionals (interim) and recruitment, both focused on the energy, sustainability, and
circularity sectors. kWh has a nationwide network of interim professionals and serves government
agencies, utilities, consultancy and engineering firms, and other organizations active in the energy sector.
The interim business has grown strongly in recent years, with revenue growth of 44% in both 2024 and
2025. The cash flow forecasts assume a more moderate annual growth rate of 7% for the interim business
over the projection period from 2026 to 2030, which is a prudent assumption given the strong historical
growth and the expected autonomous growth in market segments such as heating, energy storage,
energy management systems, and hydrogen. For the recruitment business, annual revenue growth of 4%
has been assumed, in line with the average achieved over the past three years. Costs are forecasted
based on expected inflation, volume growth, and estimates of future personnel and operational costs.
The projection period covers the years 2026 to 2030. After the projection period, a long-term growth rate
of 2,0% has been applied, in line with the European Central Bank's long -term inflation target.
The cash flow forecasts are based on the following key assumptions:
\u2022 Interim revenue grows at 7% per year throughout the projection period, compared to 44% growth
in 2024 and 2025, representing a conservative starting point;
\u2022 The gross margin on interim assignments is assumed to gradually recover from 13% in 2026 to
14% by the end of the projection period, below the target level of 15%, reflecting prudent
assumptions;
\u2022 The gross margin on recruitment assignments is 100%, with annual revenue growth of 4%
throughout the projection period;
\u2022 Personnel costs are indexed annually by 5%, comprising a 3% CPI-based increase and a
supplementary performance-related component; the number of recruitment consultants is
assumed to grow gradually from 7 at end-2025 to 10 by 2029;
\u2022 Operating expenditures are based on the bottom-up 2026 budget of \u20ac 451 thousand, with an
annual increase of 3% applied from 2027 onwards.
The risk-free interest rate applied is 2,80%, based on a publication by Pablo Fernandez (May 2025). The
market risk premium is 5,30% (also per Pablo Fernandez). The company-specific risk premium (Alpha) is
set at 5,80%, based on a market-standard model (BDO model). The cost of debt is 5,68%, based on the
current financing terms of the Rabobank facility arranged at the level of Kalice Group B.V. (3 -month
Euribor + 3,65%). The capital structure is based on a weighted average of comparable companies in the
sector (source: Damodaran, January 2026), with a debt ratio of 23,61%. A nominal corporate income tax
rate of 25,8% has been applied. Based on these assumptions, the post-tax Weighted Average Cost of
Capital (WACC) is determined at 13.57%. The equivalent pre-tax WACC is approximately 18.3%. Based on the performed impairment test, it has been determined that there is no impairment as of the
balance sheet date. The carrying amount of the CGU kWh, including goodwill, is \u20ac 1.667 thousand, while
the recoverable amount is determined at \u20ac 3.788 thousand. This results in a headroom of \u20ac 2.122
thousand.
A sensitivity analysis was conducted for kWh, assuming an increase in the discount rate by 1 percentage
point. This scenario does not lead to an impairment.
20. Deferred tax assets and liabilities
The temporary differences between the valuation of assets and liabilities for financial reporting and their
tax base give rise to the recognition of deferred tax assets and liabilities. These temporary differences
relate to valuation differences concerning other intangible and tangible fixed assets, right-of-use assets,
capitalized forward loss carryforwards, and lease liabilities.
The movements in deferred tax liabilities and assets are fully recognized through the consolidated
income statement. There are no movements that are directly recognized through other comprehensive
income or directly in equity. The movements in deferred tax assets and liabilities in 2025 are as follows:
x \u20ac 1.000
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tCarrying amount 1 January 2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tEffect of tax rate change \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tAcquisition through business combi- nations \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tAddition \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tWith- drawal \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tCarrying amount 31 December 2025\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tFixed assets\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther intangible fixed assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.037 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-273 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-17 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t316 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.011\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRight-of-use assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t15 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-1 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCompensable losses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t208 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t17 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-143 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t107\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal deferred tax liabilities and assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.814 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-248 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t172 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.890\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDeferred tax assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t223 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t17 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-144 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t121\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDeferred tax liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.037 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-273 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-17 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t316 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.011\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.814 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-248 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t172 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.890\n\t\t\t\t\t\t\t\t\t
The movements in deferred tax assets and liabilities in 2024 are as follows:
x \u20ac 1.000
Right-of-use assets
The deferred tax asset as of 31 December 2025, of \u20ac 14 thousand (2024: \u20ac 15 thousand) consists of a
deferred tax asset of \u20ac 564 thousand (2024: \u20ac 511 thousand) for the difference between the commercial
and tax valuation of lease liabilities and a deferred tax liability of \u20ac 550 thousand (2024: \u20ac 496
thousand) for the difference between the commercial and tax valuation of right-of-use assets.
Compensable losses
The composition of compensable losses is as follows:
x \u20ac 1.000
The balance of tax losses eligible for forward loss carryforward as of 31 December 2025, is \u20ac 2.112
thousand (2024: \u20ac 2.606 thousand). These losses are unlimitedly carried forward. The forward losses can
only be offset against profits of the respective company. The Group has estimated in the valuation of the
deferred tax that 20% (2024: 31%) of the compensable losses will be recoverable in the future. \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tCarrying amount 1 January 2024 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tEffect of tax rate change \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tAcquisition through business combi- nations \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tAddition \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tWith- drawal \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tCarrying amount 31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tFixed assets\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther intangible fixed assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.623 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t586 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.037\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRight-of-use assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-38 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t45 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t15\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCompensable losses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t97 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t143 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-32 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t208\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal deferred tax liabilities and assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.518 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t105 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t599 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.814\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDeferred tax assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t105 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t105 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t13 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t223\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDeferred tax liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.623 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t586 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.037\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.518 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t105 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t599 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.814\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tCompen- sable loss \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tExpected to be compen- sable \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tRate \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tDeferred tax asset\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tFiscal unity Almunda Professionals \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.695 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25,80% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tForward losses Qrabbl \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t267 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t267 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25,80% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t69\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tForward losses PIDZ Detachering \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t52 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t52 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25,80% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t13\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tForward losses SureCare Holding \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t98 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t98 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25,80% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.112 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t417 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t107\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf291_1": { "value": "Goodwill and other intangible assets
The note on Intangible Assets and Goodwill provides information about the valuation of goodwill and
intangible assets and their testing for impairment. It also provides information about the valuation of the PIDZ platform, the customer portfolio, and other intangible assets, as well as their testing for impairment
and inefficiencies.
9. Impairment losses / reversals on financial assets
The impairment losses / reversals on financial assets are as follows: x \u20ac 1.000 \u20ac 1.000 2025 Goodwill impairment
With respect to the recognized goodwill, Almunda Professionals distinguishes the following cash -
generating units (CGUs): \u2022 PIDZ (Healthcare Professionals);
\u2022 ICE (Utility Professionals) ; and
\u2022 kWh (Utility Professionals)
The impairment analysis for the goodwill of PIDZ, ICE and kWh was conducted by determining the value in
use using the Discounted Cash Flow (DCF) Method. The DCF Method requires the use of unobservable
inputs, such as internal valuation models and estimates. Due to the limited availability of comparable
market data, reliance is placed on internal methods to estimate the fair value of PIDZ, ICE and kWh. This
process involves a thorough evaluation of forecasts, discount rates, and other relevant factors. These
estimates fall under Level 3 of the fair value hierarchy, as they are not directly based on observable
market data.
Goodwill PIDZ
The goodwill for PIDZ arose from the acquisition of PIDZ Holding BV in 2022. In 2025, PIDZ acquired an
additional 50% stake in SureCare, resulting in non-material goodwill of \u20ac 152 thousand. The carrying
amount of the goodwill related to PIDZ as of 31 December 2025 is \u20ac 9.465 thousand (31 December 2024:
\u20ac 9.313 thousand).
For PIDZ, the cash flows are based on the expected development of the number of mediated hours within
the healthcare sector and the associated gross margin contribution per hour. The business model is
undergoing a transition: in addition to the core activity of self-employed professional mediation, a
temporary staffing proposition is being built up during the projection period, which will gradually increase
in significance. The cash flow forecasts reflect a decline in total mediated hours of approximately 13,7% in
2026, followed by annual volume growth of approximately 5% from 2027 onwards. This is consistent with
the expected shift from self-employed to temporary staffing services, as well as the structural growth in
demand for care driven by persistent staff shortages and high absenteeism rates. In addition to
mediation revenues, the cash flows also include contributions from software fees, factoring fees,
SureCare BV and Qrabbl BV.
Costs are forecasted based on expected inflation, volume growth, and estimates of future personnel
costs, including expenses related to the further development and operation of the new PIDZ platform and
the build-up of the temporary staffing proposition.
The projection period covers the years 2026 through 2030. After the projection period, a long -term growth
rate of 2,0% has been applied, in line with the European Central Bank's long -term inflation target.
The cash flow forecasts are based on the following key assumptions:
\u2022 The number of mediated hours declines in 2026 as a result of continued uncertainty surrounding
the Dutch DBA Act and its enforcement, followed by a gradual recovery from 2027 onwards;
\u2022 A structural shift in the business model from self-employed mediation to temporary staffing is
expected during the projection period, with the share of temporary staffing hours increasing
from 14% of gross margin in 2026 to 77% in 2030;
\u2022 The service fee per hour is based on current pricing and contractual agreements, with an annual
indexation of approximately 3%;
\u2022 The gross margin per temporary staffing hour is based on current market rates, with an annual
indexation of 3% to 4%.
The risk-free interest rate applied is 2,80%, based on a publication by Pablo Fernandez (May 2025). The
market risk premium is 5,30% (also per Pablo Fernandez). The company-specific risk premium (Alpha) is
set at 5,62%, based on a market-standard model (BDO model). The cost of debt is 5,28%, based on the current financing terms of the ING acquisition facility (3 -month Euribor + 3,25%). The capital structure is
based on a weighted average of comparable companies in the sector (source: Damodaran, January
2026), with a debt ratio of 24,94%. A nominal corporate income tax rate of 25,8% has been applied. Based
on these assumptions, the post-tax Weighted Average Cost of Capital (WACC) is determined at 13,72%.
The equivalent pre-tax WACC is approximately 18,5%.
Based on the performed impairment test, it has been determined that there is no impairment as of the
balance sheet date. The carrying amount of the CGU PIDZ, including goodwill, is \u20ac 16.688 thousand, while
the recoverable amount is determined at \u20ac 29.997 thousand. This results in a headroom of \u20ac 13 .289
thousand.
A sensitivity analysis was conducted for PIDZ, assuming an increase in the discount rate by 1 percentage
point. This scenario does not lead to an impairment.
ICE
The goodwill for ICE arose from the acquisition of ICE Groep BV in 2023. For ICE, the cash flows are based
on the expected growth in consultancy assignments within the Dutch energy sector. ICE provides
specialized consultants on both a project and consultancy basis, and develops standard products,
including services related to the implementation of the new Energy Act. ICE had an exceptionally strong
year in 2025, with revenue growing by 22% compared to 2024, driven by higher productivity, lower
absenteeism, and increased average hourly rates. The cash flow forecasts assume broadly flat revenue
for 2026, reflecting prudent assumptions despite the strong 2025 performance, followed by annual
revenue growth of 5% throughout the projection period from 2027 to 2030. Based on historical growth
figures, these are conservative assumptions. Costs are forecasted based on expected inflation, volume
growth, and estimates of future personnel and operational costs. The projection period assumes a gross
margin of 24,9%, in line with historically achieved levels.
The projection period covers the years 2026 to 2030. After the projection period, a long-term growth rate
of 2,0% has been applied, in line with the European Central Bank's long -term inflation target.
The cash flow forecasts are based on the following key assumptions:
\u2022 Revenue growth is projected at approximately 0% for 2026, reflecting a prudent starting point
despite strong 2025 results, followed by 5% annual growth from 2027 onwards;
\u2022 A gross margin of 24,9% has been assumed throughout the projection period, consistent with
historically achieved levels;
\u2022 Personnel costs for 2026 reflect the full-year impact of indirect departments reaching their
target staffing levels in the fourth quarter of 2025, with an annual indexation of 4% applied from
2027 onwards;
\u2022 Operating expenditures are based on the bottom-up 2026 budget of \u20ac 462 thousand, with an
annual increase of 3% applied from 2027 onwards.
The risk-free interest rate applied is 2,80%, based on a publication by Pablo Fernandez (May 2025). The
market risk premium is 5,30% (also per Pablo Fernandez). The company-specific risk premium (Alpha) is
set at 5,81%, based on a market-standard model (BDO model). The cost of debt is 5,68%, based on the
current financing terms of the Rabobank facility arranged at the level of Kalice Group B.V. (3 -month
Euribor + 3,65%). The capital structure is based on a weighted average of comparable companies in the
sector (source: Damodaran, January 2026), with a debt ratio of 23,61%. A nominal corporate income tax
rate of 25,8% has been applied. Based on these assumptions, the post-tax Weighted Average Cost of
Capital (WACC) is determined at 13,57%. The equivalent pre-tax WACC is approximately 18,3%. Based on the performed impairment test, it has been determined that there is no impairment as of the
balance sheet date. The carrying amount of the CGU ICE, including goodwill, is \u20ac 2.187 thousand, while the
recoverable amount is determined at \u20ac 5 .267 thousand. This results in a headroom of \u20ac 3 .080 thousand.
A sensitivity analysis was conducted for ICE, assuming an increase in the discount rate by 1 percentage
point. This scenario does not lead to an impairment.
Goodwill kWh
The goodwill for kWh arose from the acquisition of kWh Management BV on 30 September 2025. The
carrying amount of the goodwill related to kWh as of 31 December 2025 is \u20ac 1.113 thousand.
kWh Management BV is the cash-generating unit (CGU) to which the goodwill has been allocated.
For kWh, the cash flows are based on the expected growth in two business lines: the mediation of self -
employed professionals (interim) and recruitment, both focused on the energy, sustainability, and
circularity sectors. kWh has a nationwide network of interim professionals and serves government
agencies, utilities, consultancy and engineering firms, and other organizations active in the energy sector.
The interim business has grown strongly in recent years, with revenue growth of 44% in both 2024 and
2025. The cash flow forecasts assume a more moderate annual growth rate of 7% for the interim business
over the projection period from 2026 to 2030, which is a prudent assumption given the strong historical
growth and the expected autonomous growth in market segments such as heating, energy storage,
energy management systems, and hydrogen. For the recruitment business, annual revenue growth of 4%
has been assumed, in line with the average achieved over the past three years. Costs are forecasted
based on expected inflation, volume growth, and estimates of future personnel and operational costs.
The projection period covers the years 2026 to 2030. After the projection period, a long-term growth rate
of 2,0% has been applied, in line with the European Central Bank's long -term inflation target.
The cash flow forecasts are based on the following key assumptions:
\u2022 Interim revenue grows at 7% per year throughout the projection period, compared to 44% growth
in 2024 and 2025, representing a conservative starting point;
\u2022 The gross margin on interim assignments is assumed to gradually recover from 13% in 2026 to
14% by the end of the projection period, below the target level of 15%, reflecting prudent
assumptions;
\u2022 The gross margin on recruitment assignments is 100%, with annual revenue growth of 4%
throughout the projection period;
\u2022 Personnel costs are indexed annually by 5%, comprising a 3% CPI-based increase and a
supplementary performance-related component; the number of recruitment consultants is
assumed to grow gradually from 7 at end-2025 to 10 by 2029;
\u2022 Operating expenditures are based on the bottom-up 2026 budget of \u20ac 451 thousand, with an
annual increase of 3% applied from 2027 onwards.
The risk-free interest rate applied is 2,80%, based on a publication by Pablo Fernandez (May 2025). The
market risk premium is 5,30% (also per Pablo Fernandez). The company-specific risk premium (Alpha) is
set at 5,80%, based on a market-standard model (BDO model). The cost of debt is 5,68%, based on the
current financing terms of the Rabobank facility arranged at the level of Kalice Group B.V. (3 -month
Euribor + 3,65%). The capital structure is based on a weighted average of comparable companies in the
sector (source: Damodaran, January 2026), with a debt ratio of 23,61%. A nominal corporate income tax
rate of 25,8% has been applied. Based on these assumptions, the post-tax Weighted Average Cost of
Capital (WACC) is determined at 13.57%. The equivalent pre-tax WACC is approximately 18.3%. Based on the performed impairment test, it has been determined that there is no impairment as of the
balance sheet date. The carrying amount of the CGU kWh, including goodwill, is \u20ac 1.667 thousand, while
the recoverable amount is determined at \u20ac 3.788 thousand. This results in a headroom of \u20ac 2.122
thousand.
A sensitivity analysis was conducted for kWh, assuming an increase in the discount rate by 1 percentage
point. This scenario does not lead to an impairment.
Assessment of the valuation of the customer portfolio
The customer portfolio has a carrying amount of \u20ac 11.747 thousand as of 31 December 2025. As part of the
year-end closing, an assessment was conducted to determine whether there are indications of
impairment. Based on this assessment, there are no signals indicating an impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf292_1": { "value": "Goodwill and other intangible assets
The note on Intangible Assets and Goodwill provides information about the valuation of goodwill and
intangible assets and their testing for impairment. It also provides information about the valuation of the PIDZ platform, the customer portfolio, and other intangible assets, as well as their testing for impairment
and inefficiencies.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf293_1": { "value": "Provisions
Due to the nature of provisions in general, their determination relies significantly on estimates,
assumptions, and expectations about the future. The actual outcomes of these uncertain factors may
materially differ from the estimates made. The differences between actual outcomes and the recognized
provisions may therefore impact the results for the relevant periods.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf294_1": { "value": "Settlement of claims and disputes
In the normal course of business, the Group may be involved in disputes where the outcome is uncertain
as of the balance sheet date. Where applicable, a current estimate of potential obligations and related
costs arising from ongoing disputes is periodically made on a consistent basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf295_1": { "value": "Consolidated cash flow statement
The cash flow statement is prepared using the indirect method. Cash and cash equivalents for the cash
flow statement include the balance sheet items for cash and short -term interest-bearing liabilities, which
form an integral part of the Group\u2019s cash manag ement. Taxes paid and received are included under
\u2018Cash flows from operating activities.\u2019 Dividends paid are included under \u2018Cash flows from financing
activities.\u2019 Cash acquired is deducted from the acquisition price. Changes in assets and liabilities aris e
from the acquisition and disposal of subsidiaries. These changes have been taken into account in
determining the cash flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf296_1": { "value": "Management of financial risks
Capital risk management
The objectives of Almunda Professionals in managing capital are: \u2022 To maintain a sufficient level of equity to ensure the continuity of Almunda Professionals is not
jeopardized;
\u2022 To generate returns for shareholders and benefits for other stakeholders; and
\u2022 To maintain an optimal capital structure to reduce its costs.
To adjust or modify the capital structure, Almunda Professionals may adjust the dividend paid to
shareholders, repurchase Almunda Professionals shares, issue new shares, or sell assets to reduce debt.
Financial risk management
The activities of Almunda Professionals are exposed to various financial risks. The Group\u2019s overall risk
management program focuses on minimizing potential adverse effects on its financial position.
A. Liquidity risk
B. Credit risk
C. Interest rate risk
D. Guarantees
E. Currency risk
A. Liquidity risk
Liquidity risk is the risk that Almunda Professionals will not be able to meet its financial obligations as they
become due. Liquidity management aims to ensure sufficient resources are available at all times to
meet operational and financial obligations. This is achieved through periodic cash flow forecasts,
scenario analyses, and maintaining sufficient headroom within existing credit facilities.
Liquidity management within Almunda Professionals is decentralized. Novisource, PIDZ, and Kalice utilize
separately managed credit facilities. Novisource has a credit facility of up to \u20ac 750 thousand with
Rabobank, of which \u20ac 695 thousand was drawn as of the balance sheet date. In addition to these
decentralized facilities, Almunda has a group -level overdraft facility of up to \u20ac 5 million with major
shareholder Value8. This facility is formally provided to Almunda Professionals N.V. but is available to
meet the financing needs of its group companies, including Novisource. As of the balance sheet date,
\u20ac 3.996 thousand was drawn. PIDZ has a credit facility of up to \u20ac 500 thousand with ING, which was not
utilized in 2025. Kalice has a credit facility of up to \u20ac 300 thousand with Rabobank, which was not utilized
in 2025.
Liquidity management within Almunda Professionals aims to optimally utilize available cash and credit
facilities at a decentralized level. Due to applicable withdrawal restrictions at PIDZ and Kalice, it is
currently not possible to centrally optimize the use of available cash and credit facilities. Liquidity
forecasts are periodically prepared at a decentralized level for both the short and medium term.
Due to existing covenants and operational financing structures within PIDZ and Kalice, it is currently not
possible to fully reallocate available cash and credit facilities at the group level. Almunda Professionals
continues to strive to increase flexibility in capital management where possible. Within the operating
companies, liquidity forecasts are periodically prepared for both the short and medium term, taking into
account operational cash flows, investment needs, and financing opportunities.
For details on securities and applicable covenants, reference is made to the note \u201cOff -Balance Sheet
Obligations and Assets.\u201d
Maturity analysis of contractual cash flows as of 31 December 2025
To support liquidity risk management, the following overview of contractual cash flows as of 31 December
2025 is included, arising from lease liabilities, bank financing, shareholder loans, deferred tax payments under the Dutch Covid-19 tax deferral scheme, and other financial obligations. The amounts shown
represent gross cash flows, including interest, based on the contractual terms applicable as of the
balance sheet date. The cash flows are broken down by expected maturity categories.
x \u20ac 1.000
A portion of the loans and borrowings presented in the maturity analysis above is due to be repaid or
refinanced in 2026. The PIDZ acquisition financing (outstanding balance: \u20ac 1,875 million) will be fully
repaid from operating cash flows. The subordinated shareholder loans within PIDZ (\u20ac 4,0 million) are due
to mature in 2026; the Board of Directors expects that this refinancing will be realised in a timely manner.
Together with the operating cash flows and the current account credit facility with majority shareholder
Value8 (see also \"Events after the reporting date\"), the Group expects to have sufficient liquidity to meet
its financial obligations as they fall due.
For loans with variable interest rates, the cash flow analysis is based on the interest rate applicable as of
31 December 2025.
The overdraft facility with Value8 has a credit limit of \u20ac 5 million and a term of 48 months from 19 April
2024. The amount drawn as of 31 December 2025, is included in the cash flow analysis, assuming full
repayment on the maturity date. The annual interest rate is 7%, payable in arrears. No contractual
repayments are required during the term, except in the case of special termination as specified in the
agreement.
The debt to the Tax Authorities relates to annuity loans under a COVID-19 payment arrangement. The
monthly instalments include both interest and principal and are included in the cash flow analysis based
on the fixed repayment schedule until the end of the term (October 2027).
B. Credit risk
Credit risk relates to the risk that a counterparty fails to meet its contractual obligations, which may
result in a financial loss for the Group. Almunda Professionals and its participations generally face limited
risk of credit concentration. The main items exposed to credit risk include trade receivables, amounts yet
to be received, revenue yet to be invoiced, and loans provided to participations. Trade receivables and
revenue yet to be invoiced are actively monitored, and a provision for expected credit losses is
recognized in accordance with IFRS 9 guidelines. Loans provided to participations are also subject to a
provision for credit losses, with the financial position and cash flows of the relevant participation taken
into account in the assessment. Additionally, other financial assets may be subject to credit risk,
depending on the specific nature of the receivable and the creditworthiness of the counterparty.
To manage exposure to credit risk, Almunda Professionals maintains a strict credit management policy.
The Group typically provides services to companies and organizations with a solid financial position and
closely monitors customers\u2019 payment behaviour. Where necessary, reminders and collection procedures
are employed to recover outstanding amounts. Revenue yet to be invoiced consists of services already
provided but not yet billed. This item carries inherent risks, particularly in cases of contractual
uncertainties or dependence on customer approvals. If there are indications that certain amounts may
not be fully collectible, a provision for expected credit losses is recognized. Despite these control
measures, uncollectible receivables cannot be entirely ruled out. Receivables are written off when it is \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t< 1 year \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1-2 years \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2-5 years \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t> 5 years \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLoans and borrowings (including interest) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7.522 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.289 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.587 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14.398\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLease liabilities (including interest) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t898 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t771 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t728 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.397\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8.420 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.060 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6.315 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t16.795\n\t\t\t\t\t\t\t\t\t
reasonably determined that they are uncollectible, for example, in the case of bankruptcy or other
definitive circumstances.
The maximum exposure to credit risk is represented by the sum of outstanding receivables from
participations, trade receivables, revenue yet to be invoiced, and other receivables, as further detailed in
the relevant sections of the consolidated financial statements. The Group has implemented measures to
limit credit risk with respect to individual customers. Nevertheless, there is a concentration of revenue
with a number of large customers, as shown in the table below:
The concentration is presented per year and not per customer. This means that customer names may
vary from year to year.
C. Interest rate risk
Almunda Professionals is exposed to interest rate risks, which are limited solely to the Netherlands. The
interest rate risk policy aims to manage interest costs as efficiently as possible. The Group consciously
opts to maintain a portion of its financing at variable interest rates, as variable interest rates have
historically been lower on average over longer periods compared to fixed interest rates.
Interest rate risks may relate to both short-term and long-term financing. Novisource has a credit facility
of \u20ac 750 thousand with Rabobank at a variable interest rate of 1 -month Euribor + 3,75%, of which \u20ac 695
thousand was drawn as of the balance sheet date. PIDZ has a credit facility of \u20ac 500 thousand with ING
at a variable interest rate of 1-month Euribor + 3,5%, which was not utilized in 2025. Kalice has a credit
facility of \u20ac 300 thousand with Rabobank at a variable interest rate of 1 -month Euribor + 3,00%, which was
not utilized in 2025.
In addition to the credit facilities, the Group has long-term loans with variable interest rates. PIDZ has
acquisition financing with ING at a variable interest rate of 3-month Euribor + 3,25%, with an outstanding
balance of \u20ac 1.875 million at the end of 2025. Kalice has acquisition financing with Rabobank at a fixed
interest rate of 4,93%, with a balance of \u20ac 2,468 million at the end of 2025.
The average effective interest rate paid on variable-rate loans was 5,2% in 2025, compared to 6,9% in
2024. The decrease reflects both the decline in 3-month Euribor rates during 2025 and the refinancing of
the ICE Rabobank acquisition loan (variable rate) with the Kalice Rabobank acquisition loan (fixed rate of
4,93%) in October 2025. Following this refinancing, the PIDZ ING acquisition facility is the only remaining
variable-rate loan as at 31 December 2025.
To quantify the impact of interest rate risk, a sensitivity analysis was performed on the variable -rate debt
outstanding at year-end (\u20ac 1.875 thousand). A 1,0% increase in the variable interest rate would lead to an
increase in the Group's annual financing costs of approximately \u20ac 19 thousand. Conversely, a 1,0%
decrease in the interest rate would result in a reduction of financing costs by approximately \u20ac 19
thousand.
Almunda Professionals actively monitors interest rate developments and periodically evaluates whether
hedging strategies, such as interest rate swaps or other derivatives, are appropriate to mitigate the
impact of interest rate changes. Currently, no such hedging instruments are used. \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tClient 1 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6%\n\t\t\t\t\t\t\t\t\t
D. Guarantees
Regarding guarantees, the Group\u2019s policy is to issue financial guarantees only for 100% subsidiaries. For
Novisource Holding BV and Novisource BV, guarantees as referred to in Article 2:403 of the Dutch Civil
Code have been issued by the Group.
E. Currency risk
The Group has no activities in currencies other than the euro. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf297_1": { "value": "Capital risk management
The objectives of Almunda Professionals in managing capital are: \u2022 To maintain a sufficient level of equity to ensure the continuity of Almunda Professionals is not
jeopardized;
\u2022 To generate returns for shareholders and benefits for other stakeholders; and
\u2022 To maintain an optimal capital structure to reduce its costs.
To adjust or modify the capital structure, Almunda Professionals may adjust the dividend paid to
shareholders, repurchase Almunda Professionals shares, issue new shares, or sell assets to reduce debt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf298_1": { "value": "A. Liquidity risk
Liquidity risk is the risk that Almunda Professionals will not be able to meet its financial obligations as they
become due. Liquidity management aims to ensure sufficient resources are available at all times to
meet operational and financial obligations. This is achieved through periodic cash flow forecasts,
scenario analyses, and maintaining sufficient headroom within existing credit facilities.
Liquidity management within Almunda Professionals is decentralized. Novisource, PIDZ, and Kalice utilize
separately managed credit facilities. Novisource has a credit facility of up to \u20ac 750 thousand with
Rabobank, of which \u20ac 695 thousand was drawn as of the balance sheet date. In addition to these
decentralized facilities, Almunda has a group -level overdraft facility of up to \u20ac 5 million with major
shareholder Value8. This facility is formally provided to Almunda Professionals N.V. but is available to
meet the financing needs of its group companies, including Novisource. As of the balance sheet date,
\u20ac 3.996 thousand was drawn. PIDZ has a credit facility of up to \u20ac 500 thousand with ING, which was not
utilized in 2025. Kalice has a credit facility of up to \u20ac 300 thousand with Rabobank, which was not utilized
in 2025.
Liquidity management within Almunda Professionals aims to optimally utilize available cash and credit
facilities at a decentralized level. Due to applicable withdrawal restrictions at PIDZ and Kalice, it is
currently not possible to centrally optimize the use of available cash and credit facilities. Liquidity
forecasts are periodically prepared at a decentralized level for both the short and medium term.
Due to existing covenants and operational financing structures within PIDZ and Kalice, it is currently not
possible to fully reallocate available cash and credit facilities at the group level. Almunda Professionals
continues to strive to increase flexibility in capital management where possible. Within the operating
companies, liquidity forecasts are periodically prepared for both the short and medium term, taking into
account operational cash flows, investment needs, and financing opportunities.
For details on securities and applicable covenants, reference is made to the note \u201cOff -Balance Sheet
Obligations and Assets.\u201d
Maturity analysis of contractual cash flows as of 31 December 2025
To support liquidity risk management, the following overview of contractual cash flows as of 31 December
2025 is included, arising from lease liabilities, bank financing, shareholder loans, deferred tax payments under the Dutch Covid-19 tax deferral scheme, and other financial obligations. The amounts shown
represent gross cash flows, including interest, based on the contractual terms applicable as of the
balance sheet date. The cash flows are broken down by expected maturity categories.
x \u20ac 1.000
A portion of the loans and borrowings presented in the maturity analysis above is due to be repaid or
refinanced in 2026. The PIDZ acquisition financing (outstanding balance: \u20ac 1,875 million) will be fully
repaid from operating cash flows. The subordinated shareholder loans within PIDZ (\u20ac 4,0 million) are due
to mature in 2026; the Board of Directors expects that this refinancing will be realised in a timely manner.
Together with the operating cash flows and the current account credit facility with majority shareholder
Value8 (see also \"Events after the reporting date\"), the Group expects to have sufficient liquidity to meet
its financial obligations as they fall due.
For loans with variable interest rates, the cash flow analysis is based on the interest rate applicable as of
31 December 2025.
The overdraft facility with Value8 has a credit limit of \u20ac 5 million and a term of 48 months from 19 April
2024. The amount drawn as of 31 December 2025, is included in the cash flow analysis, assuming full
repayment on the maturity date. The annual interest rate is 7%, payable in arrears. No contractual
repayments are required during the term, except in the case of special termination as specified in the
agreement.
The debt to the Tax Authorities relates to annuity loans under a COVID-19 payment arrangement. The
monthly instalments include both interest and principal and are included in the cash flow analysis based
on the fixed repayment schedule until the end of the term (October 2027).
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t< 1 year \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1-2 years \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2-5 years \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t> 5 years \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLoans and borrowings (including interest) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7.522 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.289 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.587 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14.398\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLease liabilities (including interest) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t898 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t771 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t728 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.397\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8.420 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.060 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6.315 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t16.795\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf299_1": { "value": "A. Liquidity risk
Liquidity risk is the risk that Almunda Professionals will not be able to meet its financial obligations as they
become due. Liquidity management aims to ensure sufficient resources are available at all times to
meet operational and financial obligations. This is achieved through periodic cash flow forecasts,
scenario analyses, and maintaining sufficient headroom within existing credit facilities.
Liquidity management within Almunda Professionals is decentralized. Novisource, PIDZ, and Kalice utilize
separately managed credit facilities. Novisource has a credit facility of up to \u20ac 750 thousand with
Rabobank, of which \u20ac 695 thousand was drawn as of the balance sheet date. In addition to these
decentralized facilities, Almunda has a group -level overdraft facility of up to \u20ac 5 million with major
shareholder Value8. This facility is formally provided to Almunda Professionals N.V. but is available to
meet the financing needs of its group companies, including Novisource. As of the balance sheet date,
\u20ac 3.996 thousand was drawn. PIDZ has a credit facility of up to \u20ac 500 thousand with ING, which was not
utilized in 2025. Kalice has a credit facility of up to \u20ac 300 thousand with Rabobank, which was not utilized
in 2025.
Liquidity management within Almunda Professionals aims to optimally utilize available cash and credit
facilities at a decentralized level. Due to applicable withdrawal restrictions at PIDZ and Kalice, it is
currently not possible to centrally optimize the use of available cash and credit facilities. Liquidity
forecasts are periodically prepared at a decentralized level for both the short and medium term.
Due to existing covenants and operational financing structures within PIDZ and Kalice, it is currently not
possible to fully reallocate available cash and credit facilities at the group level. Almunda Professionals
continues to strive to increase flexibility in capital management where possible. Within the operating
companies, liquidity forecasts are periodically prepared for both the short and medium term, taking into
account operational cash flows, investment needs, and financing opportunities.
For details on securities and applicable covenants, reference is made to the note \u201cOff -Balance Sheet
Obligations and Assets.\u201d
Maturity analysis of contractual cash flows as of 31 December 2025
To support liquidity risk management, the following overview of contractual cash flows as of 31 December
2025 is included, arising from lease liabilities, bank financing, shareholder loans, deferred tax payments under the Dutch Covid-19 tax deferral scheme, and other financial obligations. The amounts shown
represent gross cash flows, including interest, based on the contractual terms applicable as of the
balance sheet date. The cash flows are broken down by expected maturity categories.
x \u20ac 1.000
A portion of the loans and borrowings presented in the maturity analysis above is due to be repaid or
refinanced in 2026. The PIDZ acquisition financing (outstanding balance: \u20ac 1,875 million) will be fully
repaid from operating cash flows. The subordinated shareholder loans within PIDZ (\u20ac 4,0 million) are due
to mature in 2026; the Board of Directors expects that this refinancing will be realised in a timely manner.
Together with the operating cash flows and the current account credit facility with majority shareholder
Value8 (see also \"Events after the reporting date\"), the Group expects to have sufficient liquidity to meet
its financial obligations as they fall due.
For loans with variable interest rates, the cash flow analysis is based on the interest rate applicable as of
31 December 2025.
The overdraft facility with Value8 has a credit limit of \u20ac 5 million and a term of 48 months from 19 April
2024. The amount drawn as of 31 December 2025, is included in the cash flow analysis, assuming full
repayment on the maturity date. The annual interest rate is 7%, payable in arrears. No contractual
repayments are required during the term, except in the case of special termination as specified in the
agreement.
The debt to the Tax Authorities relates to annuity loans under a COVID-19 payment arrangement. The
monthly instalments include both interest and principal and are included in the cash flow analysis based
on the fixed repayment schedule until the end of the term (October 2027).
B. Credit risk
Credit risk relates to the risk that a counterparty fails to meet its contractual obligations, which may
result in a financial loss for the Group. Almunda Professionals and its participations generally face limited
risk of credit concentration. The main items exposed to credit risk include trade receivables, amounts yet
to be received, revenue yet to be invoiced, and loans provided to participations. Trade receivables and
revenue yet to be invoiced are actively monitored, and a provision for expected credit losses is
recognized in accordance with IFRS 9 guidelines. Loans provided to participations are also subject to a
provision for credit losses, with the financial position and cash flows of the relevant participation taken
into account in the assessment. Additionally, other financial assets may be subject to credit risk,
depending on the specific nature of the receivable and the creditworthiness of the counterparty.
To manage exposure to credit risk, Almunda Professionals maintains a strict credit management policy.
The Group typically provides services to companies and organizations with a solid financial position and
closely monitors customers\u2019 payment behaviour. Where necessary, reminders and collection procedures
are employed to recover outstanding amounts. Revenue yet to be invoiced consists of services already
provided but not yet billed. This item carries inherent risks, particularly in cases of contractual
uncertainties or dependence on customer approvals. If there are indications that certain amounts may
not be fully collectible, a provision for expected credit losses is recognized. Despite these control
measures, uncollectible receivables cannot be entirely ruled out. Receivables are written off when it is \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t< 1 year \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1-2 years \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2-5 years \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t> 5 years \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLoans and borrowings (including interest) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7.522 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.289 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.587 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14.398\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLease liabilities (including interest) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t898 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t771 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t728 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.397\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8.420 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.060 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6.315 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t16.795\n\t\t\t\t\t\t\t\t\t
reasonably determined that they are uncollectible, for example, in the case of bankruptcy or other
definitive circumstances.
The maximum exposure to credit risk is represented by the sum of outstanding receivables from
participations, trade receivables, revenue yet to be invoiced, and other receivables, as further detailed in
the relevant sections of the consolidated financial statements. The Group has implemented measures to
limit credit risk with respect to individual customers. Nevertheless, there is a concentration of revenue
with a number of large customers, as shown in the table below:
The concentration is presented per year and not per customer. This means that customer names may
vary from year to year.
C. Interest rate risk
Almunda Professionals is exposed to interest rate risks, which are limited solely to the Netherlands. The
interest rate risk policy aims to manage interest costs as efficiently as possible. The Group consciously
opts to maintain a portion of its financing at variable interest rates, as variable interest rates have
historically been lower on average over longer periods compared to fixed interest rates.
Interest rate risks may relate to both short-term and long-term financing. Novisource has a credit facility
of \u20ac 750 thousand with Rabobank at a variable interest rate of 1 -month Euribor + 3,75%, of which \u20ac 695
thousand was drawn as of the balance sheet date. PIDZ has a credit facility of \u20ac 500 thousand with ING
at a variable interest rate of 1-month Euribor + 3,5%, which was not utilized in 2025. Kalice has a credit
facility of \u20ac 300 thousand with Rabobank at a variable interest rate of 1 -month Euribor + 3,00%, which was
not utilized in 2025.
In addition to the credit facilities, the Group has long-term loans with variable interest rates. PIDZ has
acquisition financing with ING at a variable interest rate of 3-month Euribor + 3,25%, with an outstanding
balance of \u20ac 1.875 million at the end of 2025. Kalice has acquisition financing with Rabobank at a fixed
interest rate of 4,93%, with a balance of \u20ac 2,468 million at the end of 2025.
The average effective interest rate paid on variable-rate loans was 5,2% in 2025, compared to 6,9% in
2024. The decrease reflects both the decline in 3-month Euribor rates during 2025 and the refinancing of
the ICE Rabobank acquisition loan (variable rate) with the Kalice Rabobank acquisition loan (fixed rate of
4,93%) in October 2025. Following this refinancing, the PIDZ ING acquisition facility is the only remaining
variable-rate loan as at 31 December 2025.
To quantify the impact of interest rate risk, a sensitivity analysis was performed on the variable -rate debt
outstanding at year-end (\u20ac 1.875 thousand). A 1,0% increase in the variable interest rate would lead to an
increase in the Group's annual financing costs of approximately \u20ac 19 thousand. Conversely, a 1,0%
decrease in the interest rate would result in a reduction of financing costs by approximately \u20ac 19
thousand.
Almunda Professionals actively monitors interest rate developments and periodically evaluates whether
hedging strategies, such as interest rate swaps or other derivatives, are appropriate to mitigate the
impact of interest rate changes. Currently, no such hedging instruments are used. \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tClient 1 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6%\n\t\t\t\t\t\t\t\t\t
21. Receivables from associates and joint ventures
The receivables from associates and joint ventures related to fixed and current receivables granted to
SureCare, a 50% participation of PIDZ that was accounted for using the equity method until 30 September
2025.
Business combination
On 1 October 2025, PIDZ acquired the remaining 50% interest in SureCare Holding BV, resulting in full
consolidation of SureCare as a group company from that date. Prior to consolidation, repayments of
\u20ac 100 thousand were received on the loan during 2025. Upon consolidation, the remaining intercompany
receivables of \u20ac 263 thousand were eliminated in full.
Release of provision
In prior years, a provision of \u20ac 146 thousand had been recognized against the receivables from SureCare.
This provision originated from an equity correction recorded as of 1 January 2022 and was not recognized
through profit or loss. As SureCare became a group company on 1 October 2025 and the underlying
intercompany receivables were eliminated upon consolidation, the basis for this provision ceased to
exist. Consistent with the original recognition, the provision has been released directly to retained
earnings without impact on profit or loss. Reference is made to note 25. Equity for further details
. x \u20ac 1.000 \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 1 January \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t363 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRefinancing \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t483\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRepayments received \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-100 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-120\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t263 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t363\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tElimination due to consolidation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-263 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLess: provision for expecte credit loss \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-146\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLess: negative value of participation under the equity method \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-55\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 31 December \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t162\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRepayments to be received next year \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-120\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t42\n\t\t\t\t\t\t\t\t\t
Participation SureCare
The participation SureCare is accounted for as follows:
x \u20ac 1.000
The summarized financial information of SureCare for the period 1 January till 30 September 2025
(accounted for using the equity method) is as follows (2024 full financial year):
x \u20ac 1.000
Receivables from participations under current assets
The movements in receivables from participations (current) are as follows:
x \u20ac 1.000
22. Trade receivables and other receivables
Trade receivables and other receivables are as follows:
x \u20ac 1.000 \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 1 January \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-55 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-136\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tResult after tax \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t81\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRemeasurement to fair value \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t95 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAcquisition of remaining 50% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t54 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tReclass to subsidiary \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-108 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-55\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tProvision \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t55\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 31 December \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNet result from continuing operations \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t81\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tResult from discontinued operations \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal result for the period attributable to shareholders \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t81\n\t\t\t\t\t\t\t\t\t
2025 2024
Net revenue 1.451 2.676
Result after tax 27 162
Total assets 485 752 \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLoan to joint venture SureCare \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t50\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRepayments to be received next year \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t120\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest to be received \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t38\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t208\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade receivables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.966 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.095\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRevenue yet to be invoiced \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.705 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.699\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther receivables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t756 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t636\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7.427 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.430\n\t\t\t\t\t\t\t\t\t
Trade receivables
The trade receivables are as follows:
x \u20ac 1.000
Provision for expected credit losses
Trade receivables are valued net of expected credit losses. The movements in the provision for expected
credit losses are as follows:
x \u20ac 1.000
Trade receivables have a nominal term of less than one year. For the securities obtained, reference is
made to the note on securities granted on trade receivables. The total trade receivables amount to
\u20ac 3.966 thousand as of 31 December 2025 (31 December 2024: \u20ac 3.095 thousand).
The aging of trade receivables as of the balance sheet date is as follows:
x \u20ac 1.000 \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade receivables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.106 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.311\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLess: provision for expected credit losses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-140 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-216\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.966 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.095\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 1 January \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t216 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t142\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAdditions charged to the income statement \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t79\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tWithdrawals charged to the provision \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-5\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tReversals credited to the income statement \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-76 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 31 December \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t140 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t216\n\t\t\t\t\t\t\t\t\t
31 31
December December
2025 2024
Net expired and not provided for 3.050 2.678
Expired and not provided for
< 30 days 489 306
31-60 days 436 65
61-90 days -33 55
> 90 days 164 207
4.106 3.311
Less: provision for expected credit losses -140 -216
Total 3.966 3.095 Credit risk on trade receivables
The credit risk on trade receivables as of the balance sheet date is as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tx \u20ac 1.000\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31-60 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t61-90 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t> 90\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tExpected credit risk as of 31 December 2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tdays \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tdays \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tdays \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tExpected credit risk \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t20% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t0% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t32% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25%\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tGross amount \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t436 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-33 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t164 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t567\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tExpected credit risk \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t87 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t53 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t140\n\t\t\t\t\t\t\t\t\t
Securities granted on trade receivables
The trade receivables of Novisource with a value of \u20ac 326 thousand (2024: \u20ac 324 thousand) have been
pledged as (silent) collateral to Rabobank for the credit facility. The trade receivables of PIDZ with a value
of \u20ac 2,4 million (2024: \u20ac 2,0 million) have been pledged as (silent) collateral to ING Bank NV for the credit
facility. The trade receivables of ICE with a value of \u20ac 770 thousand (2024: \u20ac 983 thousand) and kWh with
a value of \u20ac 826 thousand have been pledged as (silent) collateral to Rabobank for the credit facility.
Other receivables
Other receivables are as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tx \u20ac 1.000\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSecurity deposits \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t110 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t106\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPrepaid expenses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t491 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t468\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther receivables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t155 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t62\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t756 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t636\n\t\t\t\t\t\t\t\t\t
23. Cash and cash equivalents
Cash and cash equivalents are as follows:
x \u20ac 1.000
The bank balances earn interest based on the daily rate.
Restricted cash and cash equivalents
The cash held in blocked accounts relates to G-accounts required under the Chain Liability Act.
31-60 61-90 > 90
Expected credit risk as of 31 December 2024 days days days Total
Expected credit risk 29% 75% 75% 66%
Gross amount 65 55 207 327
Expected credit risk 19 41 156 216
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBank balances \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.047 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.448\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCash and cash equivalents in blocked accounts \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t229 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t218\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.276 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.666\n\t\t\t\t\t\t\t\t\t
Credit facilities
Novisource has a credit facility of \u20ac 750 thousand with Rabobank with a variable interest rate of 1 -month
Euribor + 3,75% and a commitment fee of 1,5% per year.
PIDZ has a credit facility of \u20ac 500 thousand with ING Bank NV with a variable interest rate of 1 -month
Euribor + 3,5% and a commitment fee of 1,5% per year.
Kalice has a credit facility of \u20ac 300 thousand with Rabobank with a variable interest rate of 1 -month
Euribor + 3,00% and a commitment fee of 1,0% per year.
For the amounts drawn, the remaining available capacity per credit facility, and the securities provided,
reference is made to the note on \"Off-balance sheet obligations and assets\".
25. Loans and borrowings
Movement overview of loans and borrowings
The movement in loans and credit facilities in 2025 is as follows:
x \u20ac 1.000
The movement in loans and credit facilities in 2024 is as follows:
x \u20ac 1.000
For further details on the financial risks associated with interest-bearing loans and the financial risk
management applied by the Group to mitigate these risks, reference is made to the note \"Management
of financial risks\".
ING Bank NV acquisition financing
The term of the financing agreement with ING Bank ends on 1 July 2026. A repayment of \u20ac 625 thousand
is made quarterly on the first day of each quarter. The interest (3-month EURIBOR + 3,25%) is payable
quarterly in arrears and is due no later than the first day of the following quarter. Securities include a
first-ranking pledge on the shares in PIDZ and its subsidiaries, a first-ranking pledge on business Long
Carrying term
Carrying Carrying Re- portion
amount amount as of payments as of
af of Drawn Re- 31 next 31
1 January funds payments December year December
ING Bank N.V. acquisition loan 4.375 - -2.500 1.875 -1.875 -
Rabobank acquisition loan 1.100 2.600 -1.232 2.468 -529 1.939
Subordinated loans minority
shareholders 3.300 - - 3.300 -3.300 -
Credit facility majority
shareholder 1.265 2.730 - 3.995 - 3.995
Current account
minority shareholders 700 - - 700 -700 -
10.740 5.330 -3.732 12.338 -6.404 5.934 Long
Carrying term
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tCarrying \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tCarrying \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tRe- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tportion\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tamount \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tamount as of \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tpayments \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tas of\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tas of \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tDrawn \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tRe- 31 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tnext \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1 January \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tfunds \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tpayments \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tDecember \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tyear \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tDecember\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tING Bank N.V. acquisition loan \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6.875 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.500 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.375 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.500 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.875\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRabobank acquisition loan \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.500 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-400 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.100 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-400 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t700\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSubordinated loans minority shareholders \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.300 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.300 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.300\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCredit facility majority shareholder \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.265 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.265 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.265\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrent account minority shareholders \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t700 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t700 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t700\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t12.375 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.265 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.900 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10.740 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.900 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7.840\n\t\t\t\t\t\t\t\t\t
equipment, other business assets, receivables from trade debtors and inventories, and a first -ranking
pledge on all trademark rights and other intellectual property rights of PIDZ and its subsidiaries. The
remaining term of this financing is 0,75 years.
The loan for PIDZ is subject to financial covenants, including a Senior Net Leverage Ratio of maximum 1,5
and a Debt Service Cover Ratio (DSCR) of at least 1,2. These covenants are assessed quarterly and apply
solely to the financial position of PIDZ. As of 31 December 2025, all covenants have been complied with.
Given the remaining term of 0,75 years, the full outstanding balance of \u20ac 1.875 thousand is classified as
current. Dividend payments of up to 50% of excess cash flow are permitted, provided the Senior Net
Leverage Ratio does not exceed 1,5 at the time of payment.
Rabobank acquisition financing
During 2025, the existing Rabobank acquisition financing (opening balance: \u20ac 1.100 thousand) was repaid
in nine monthly instalments of \u20ac 33 thousand by ICE Groep BV, reducing the outstanding balance to
\u20ac 800 thousand. This balance was subsequently refinanced through a new financing agreement entered
into by Kalice Group BV with Rabobank in September 2025.
Under the new agreement, Rabobank provided a term loan of \u20ac 2.600 thousand to Kalice Group BV, of
which \u20ac 800 thousand was applied to refinance the existing ICE facility and \u20ac 1.800 thousand represents
additional proceeds used to finance the acquisition of shares in kWh Management BV. The loan is repaid
in 60 monthly instalments of \u20ac 44 thousand, commencing on the drawdown date. Three instalments
were made in 2025, resulting in a closing balance of \u20ac 2.468 thousand at 31 December 2025, of which
\u20ac 529 thousand is due within one year.
The interest rate is fixed at 4,93% per annum for a period of five years from the drawdown date. Securities
include a first pledge on all current and future business assets, inventories and rights/receivables of the
group, including all rights under insurance contracts, and a first pledge on all current and future
registered shares in the issued capital of kWh Management BV, with all rights attached to these shares
and resulting claims, financial rights and other rights. Dividend payments from excess cash f low are
permitted provided the Senior debt/EBITDA ratio does not exceed 1,5 at the time of payment.
Subordinated loans from minority shareholders
The term of the subordinated loans from minority shareholders ends on 1 October 2026. The interest rate
is fixed at 6,0%. Interest payments are made annually from the excess cash flow of PIDZ, provided the
covenants of ING Bank NV are met.
Credit facility from majority shareholder
Almunda Professionals has a current account credit facility provided by majority shareholder Value8 with
a maximum credit limit of \u20ac 5 million. The credit facility carries an interest rate of 7% per year and has no
mandatory repayments during its term. The credit was entered into on 19 April 2024, for an indefinite
period and can be terminated by the lender after 48 months, at which point the outstanding balance
becomes immediately due. The facility is used to finance the operations and funding needs of gro up
companies.
Current accounts from minority shareholders
The term of the current accounts from minority shareholders is indefinite. The interest rate is fixed at 1,5%.
Repayments are made from the excess cash flow of PIDZ, provided the covenants of ING Bank NV are
met.
Maturity analysis of loans and borrowings
The overview below shows the remaining term of the loans, broken down by contractual maturity dates,
calculated from the balance sheet date (31 December 2025). \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tx \u20ac 1.000\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tING Bank N.V. acquisition loan \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t< 1 year 1.875 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1-2 years - \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2-5 years - \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t> 5 years - \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal 1.875\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRabobank acquisition loan Subordinated loans minority shareholders \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t529 3.300 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t529 - \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.410 - \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- - \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.468 3.300\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCredit facility majority shareholder Current account minority shareholders \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- 700 6.404 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- - 529 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.996 - 5.406 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- - - \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.996 700 12.339\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tThe table below shows the comparable maturity analysis of loans as of 31 December 2024. x \u20ac 1.000\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t< 1 year \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1-2 years \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2-5 years \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t> 5 years \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tING Bank N.V. acquisition loan Rabobank acquisition loan Subordinated loans minority shareholders \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.500 400 - \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.875 700 3.300 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- - - \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- - - \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.375 1.100 3.300\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
Credit facility majority shareholder - - 1.265 - 1.265
Current account minority shareholders - 700 - - 700
2.900 6.575 1.265 - 10.740 27. Long-term tax liabilities
The movements in the item long-term tax liabilities are as follows:
x \u20ac 1.000
In 2020, the Tax Authorities granted Almunda Professionals and Novisource exceptional deferral for
corporate income tax, value added tax, and payroll tax due to the outbreak of the COVID-19 pandemic,
amounting to \u20ac 2,4 million. As of 1 October 2022, repayment has commenced in 60 fixed installments. The \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 1 January \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.388 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.860\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRepayments during the financial year \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-490 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-472\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 31 December \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t898 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.388\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRepayment obligation next year \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-506 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-490\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLong-term portion as of 31 December \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t392 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t898\n\t\t\t\t\t\t\t\t\t
long-term portion, amounting to \u20ac 898 thousand (2024: \u20ac 1,4 million), is included under the item long -
term tax liabilities.
Interest on the amount of the granted exceptional deferral is payable. This interest was temporarily
reduced to 0,01% per year from 23 March 2020, and has been gradually increased back to its previous
level since 1 July 2022. As of 1 July 2022, the annual collection interest rate was set at 1%, rising to 2% on 1
January 2023, and then in two steps reaching 4% on 1 January 2024. The calculation of the installments
has taken this interest schedule into account.
28. Other liabilities
Stay bonus provision
This liability relates to a contractual stay bonus arrangement with one employee of kWh. The bonus of
\u20ac 72 thousand is payable provided the employee remains employed with the company through 1
January 2027. Should the employee leave prior to that date, no payment will be made.
The liability has been recognized at nominal value, given the relatively short remaining term of
approximately 18 months. No discounting has been applied as the time value of money is not considered
material over this period.
29. Borrowings from credit institutions
Borrowings from credit institutions are as follows:
x \u20ac 1.000
Novisource and Kalice have a current account facility with Rabobank. For the amounts drawn, the
remaining available capacity per credit facility, and the securities provided, reference is made to the
note on \"Off-balance sheet obligations and assets\". \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tDecember \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tDecember\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDebts to credit institutions \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t695 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t712\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tFunds in transit \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t695 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t712\n\t\t\t\t\t\t\t\t\t
30. Tax liabilities
The tax liabilities are as follows:
x \u20ac 1.000
In 2020, the Tax Authorities granted exceptional deferral for value added tax and payroll tax due to the
outbreak of the COVID-19 pandemic, amounting to \u20ac 2,4 million. As of 1 October 2022, repayment has
commenced, spread over a maximum period of 5 years. The short -term portion, amounting to \u20ac 506
thousand (2024: \u20ac 490 thousand), is included under the item short-term tax liabilities.
31. Trade payables and other liabilities
Trade payables and other liabilities are as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tx \u20ac 1.000\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade payables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.067 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.165\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tWages, salaries, and deferred compensation components \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.226 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t774\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAccrued interest to credit institutions \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t297\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tProvision for audit fees \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t270 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t320\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDebts to majority shareholder \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t165 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t30\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDebts to minority shareholders \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t221 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t299\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.087 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t432\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.067 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.317\n\t\t\t\t\t\t\t\t\t
A liability is classified as short-term if it is expected to be settled within twelve months. All \"Other
liabilities\" are short-term. The carrying amount of the other liabilities is virtually equal to their fair value. 31 31
December December
2025 2024
Corporate income tax 165 712
Payroll taxes 480 416
Value added tax 1.196 1.014
Other taxes 18 -
1.859 2.142
Tax liabilities repayment obligation next year 506 490
2.365 2.632
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf300_1": { "value": "B. Credit risk
Credit risk relates to the risk that a counterparty fails to meet its contractual obligations, which may
result in a financial loss for the Group. Almunda Professionals and its participations generally face limited
risk of credit concentration. The main items exposed to credit risk include trade receivables, amounts yet
to be received, revenue yet to be invoiced, and loans provided to participations. Trade receivables and
revenue yet to be invoiced are actively monitored, and a provision for expected credit losses is
recognized in accordance with IFRS 9 guidelines. Loans provided to participations are also subject to a
provision for credit losses, with the financial position and cash flows of the relevant participation taken
into account in the assessment. Additionally, other financial assets may be subject to credit risk,
depending on the specific nature of the receivable and the creditworthiness of the counterparty.
To manage exposure to credit risk, Almunda Professionals maintains a strict credit management policy.
The Group typically provides services to companies and organizations with a solid financial position and
closely monitors customers\u2019 payment behaviour. Where necessary, reminders and collection procedures
are employed to recover outstanding amounts. Revenue yet to be invoiced consists of services already
provided but not yet billed. This item carries inherent risks, particularly in cases of contractual
uncertainties or dependence on customer approvals. If there are indications that certain amounts may
not be fully collectible, a provision for expected credit losses is recognized. Despite these control
measures, uncollectible receivables cannot be entirely ruled out. Receivables are written off when it is reasonably determined that they are uncollectible, for example, in the case of bankruptcy or other
definitive circumstances.
The maximum exposure to credit risk is represented by the sum of outstanding receivables from
participations, trade receivables, revenue yet to be invoiced, and other receivables, as further detailed in
the relevant sections of the consolidated financial statements. The Group has implemented measures to
limit credit risk with respect to individual customers. Nevertheless, there is a concentration of revenue
with a number of large customers, as shown in the table below:
The concentration is presented per year and not per customer. This means that customer names may
vary from year to year.
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tClient 1 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6%\n\t\t\t\t\t\t\t\t\t
D. Guarantees
Regarding guarantees, the Group\u2019s policy is to issue financial guarantees only for 100% subsidiaries. For
Novisource Holding BV and Novisource BV, guarantees as referred to in Article 2:403 of the Dutch Civil
Code have been issued by the Group.
Credit risk on trade receivables
The credit risk on trade receivables as of the balance sheet date is as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tx \u20ac 1.000\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31-60 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t61-90 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t> 90\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tExpected credit risk as of 31 December 2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tdays \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tdays \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tdays \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tExpected credit risk \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t20% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t0% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t32% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25%\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tGross amount \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t436 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-33 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t164 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t567\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tExpected credit risk \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t87 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t53 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t140\n\t\t\t\t\t\t\t\t\t
31-60 61-90 > 90
Expected credit risk as of 31 December 2024 days days days Total
Expected credit risk 29% 75% 75% 66%
Gross amount 65 55 207 327
Expected credit risk 19 41 156 216
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf301_1": { "value": "C. Interest rate risk
Almunda Professionals is exposed to interest rate risks, which are limited solely to the Netherlands. The
interest rate risk policy aims to manage interest costs as efficiently as possible. The Group consciously
opts to maintain a portion of its financing at variable interest rates, as variable interest rates have
historically been lower on average over longer periods compared to fixed interest rates.
Interest rate risks may relate to both short-term and long-term financing. Novisource has a credit facility
of \u20ac 750 thousand with Rabobank at a variable interest rate of 1 -month Euribor + 3,75%, of which \u20ac 695
thousand was drawn as of the balance sheet date. PIDZ has a credit facility of \u20ac 500 thousand with ING
at a variable interest rate of 1-month Euribor + 3,5%, which was not utilized in 2025. Kalice has a credit
facility of \u20ac 300 thousand with Rabobank at a variable interest rate of 1 -month Euribor + 3,00%, which was
not utilized in 2025.
In addition to the credit facilities, the Group has long-term loans with variable interest rates. PIDZ has
acquisition financing with ING at a variable interest rate of 3-month Euribor + 3,25%, with an outstanding
balance of \u20ac 1.875 million at the end of 2025. Kalice has acquisition financing with Rabobank at a fixed
interest rate of 4,93%, with a balance of \u20ac 2,468 million at the end of 2025.
The average effective interest rate paid on variable-rate loans was 5,2% in 2025, compared to 6,9% in
2024. The decrease reflects both the decline in 3-month Euribor rates during 2025 and the refinancing of
the ICE Rabobank acquisition loan (variable rate) with the Kalice Rabobank acquisition loan (fixed rate of
4,93%) in October 2025. Following this refinancing, the PIDZ ING acquisition facility is the only remaining
variable-rate loan as at 31 December 2025.
To quantify the impact of interest rate risk, a sensitivity analysis was performed on the variable -rate debt
outstanding at year-end (\u20ac 1.875 thousand). A 1,0% increase in the variable interest rate would lead to an
increase in the Group's annual financing costs of approximately \u20ac 19 thousand. Conversely, a 1,0%
decrease in the interest rate would result in a reduction of financing costs by approximately \u20ac 19
thousand.
Almunda Professionals actively monitors interest rate developments and periodically evaluates whether
hedging strategies, such as interest rate swaps or other derivatives, are appropriate to mitigate the
impact of interest rate changes. Currently, no such hedging instruments are used. E. Currency risk
The Group has no activities in currencies other than the euro. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf302_1": { "value": "E. Currency risk
The Group has no activities in currencies other than the euro. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf303_1": { "value": "1. Net revenue
Information on operating activities
The Group categorizes its revenues by sectors, which correspond to the Group\u2019s operating segments.
Three categories can be distinguished: revenue from Business & IT Professionals (Novisource), revenue
from Healthcare Professionals (PIDZ) and revenue from Utility Professionals (Kalice). For further
explanation, we refer to the explanation \"Result per reporting segment.\"
Revenues include the expected consideration for services provided to third parties during the year and
are recognized when control over the promised service is transferred to the third party (e.g., the
customer).
The revenue per operating activity is as follows:
x \u20ac 1.000
The 2025 revenue for Utility Professionals includes a contribution of \u20ac 3 .553 thousand from kWh, which
was acquired on 30 September 2025 and consolidated from that date. The 2024 comparative figure
relates solely to ICE and therefore does not include a contribution from kWh.
The operating activity Business IT Professionals corresponds to the Business IT Professionals segment
(Novisource), the operating activity Healthcare Professionals corresponds to the Healthcare Professionals
segment (PIDZ), and the operating activity Utility Professionals corresponds to the Utility Professionals
segment (Kalice) .
Information on services
The Group provides personnel services to its clients in the form of four different services: secondment,
project management, matching and recruitment. These services are carried out by different components
within the Group. Secondment is offered by Novisource, PIDZ, and Kalice. Project management is provided
by Novisource and ICE. Matching is performed by PIDZ. Recruitment is provided by Kalice.
Revenue from secondment and project management relates to revenue generated from the professional
deployment of in-house employees and independent external professionals at clients. For these services,
the Group acts as the principal in the transaction and has control over the promised service before it is
transferred to the customer. A performance obligation is the promise in an agreement to deliver an
agreed-upon service to the customer. Revenue is recognized on a gross basis at the moment control
over the service is transferred. The average payment term for invoices is 30 days from the invoice date.
Revenue from matching activities relates to revenue generated from facilitating agreements between
independent professionals and clients, including through the PIDZ platform and other intermediation
activities. For these services, the Group acts as an agent and is solely responsible for facilitating the
agreement between the client and the independent professional. The Group bears no responsibility for
the performance of the work by the professional. In this case, revenue is presented on a net basis and \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t% Total \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t% Total\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBusiness IT Professionals \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.427 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10,9% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.800 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t16,5%\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tHealthcare Professionals \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t12.739 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t40,6% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14.642 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t50,4%\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUtility Professionals \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t15.229 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t48,5% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t9.602 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t33,1%\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31.395 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t100,0% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t29.044 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t100,0%\n\t\t\t\t\t\t\t\t\t
consists of the intermediation fee received by the Group. The average payment term for invoices is 45
days from the invoice date.
Geographical information
Revenue by geographical area is determined based on the area where the activities take place (within
the Netherlands or abroad). The breakdown of revenue by geographical area is as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tx \u20ac 1.000\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNetherlands \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31.269 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t28.893\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOutside Netherlands \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t126 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t151\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31.395 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t29.044\n\t\t\t\t\t\t\t\t\t
Disaggregation by timing of revenue recognition
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tx \u20ac 1.000\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRevenue recognized over time \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31.069 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t29.044\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRevenue recognized at a point in time \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t326 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31.395 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t29.044\n\t\t\t\t\t\t\t\t\t
Revenue recognized at a point in time relates to recruitment activities, where revenue is recognized upon
successful placement of a professional with the client. These activities are carried out within the Utility
Professionals segment (kWh) and were first consolidated as of 1 October 2025, which explains the
absence of a comparative figure for 2024. All other revenue is recognized over time.
Significant clients
In 2025 (and 2024), the Group did not generate more than 20% of its external income from consultancy
or matching activities from any single client. For further details on credit risk, reference is made to the
note \"Management of Financial Risks.\"
Contract obligations
Contract obligations relate to the Group\u2019s revenue recognition. For all contracts, the payment schedule
aligns with the way the Group allocates revenue to the financial years. In 2025 (and 2024), there were no
advance payments from clients, and the balance of contract obligations as of the end of 2025 and 2024
is \u20ac 0. The contract obligations solely pertain to outstanding trade receivables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf304_1": { "value": "2. Other operating income
As a result of the acquisition of the remaining 50% interest in SureCare Holding BV as per 1 October 2025,
the previously held interest has been remeasured to fair value, resulting in a remeasurement gain of
\u20ac 95 thousand.
x \u20ac 1.000
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRevaluation gain on previously held interest in SureCare Holding B.V. \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t95 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf305_1": { "value": "3. Cost of subcontracted work
The costs of subcontracted work are as follows:
x \u20ac 1.000
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tFreelancers and self-employed contracters \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8.032 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.288\n\t\t\t\t\t\t\t\t\t
10. General and administrative expenses
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tThe general and administrative expenses are as follows:\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tx \u20ac 1.000\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tHousing expenses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t86 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t298\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOffice expenses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t212 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t82\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tVehicle expenses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t417 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t409\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIT expenses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.012 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t874\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSelling expenses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t463 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t719\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tGeneral and administrative expenses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.135 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.365\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.325 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.747\n\t\t\t\t\t\t\t\t\t
General costs primarily include accounting and advisory fees, remuneration of the Supervisory Board and
Board of Directors, and regular costs associated with the stock exchange listing.
11. Audit fees
x \u20ac 1.000
The aforementioned fees of our auditors have been charged to the company, its subsidiaries, and other
entities it consolidates, as stipulated in Article 2:382a, paragraphs 1 and 2 of the Dutch Civil Code.
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAudit of the financial statements \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t180 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t353\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther assurance engagements \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther non-assurance services \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTax advisory services \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t180 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t353\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf306_1": { "value": "3. Cost of subcontracted work
The costs of subcontracted work are as follows:
x \u20ac 1.000
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tFreelancers and self-employed contracters \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8.032 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.288\n\t\t\t\t\t\t\t\t\t
2025 2024 Loss allowance for trade receivables -76 79 10. General and administrative expenses
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tThe general and administrative expenses are as follows:\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tx \u20ac 1.000\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tHousing expenses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t86 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t298\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOffice expenses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t212 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t82\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tVehicle expenses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t417 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t409\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIT expenses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.012 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t874\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSelling expenses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t463 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t719\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tGeneral and administrative expenses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.135 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.365\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.325 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.747\n\t\t\t\t\t\t\t\t\t
General costs primarily include accounting and advisory fees, remuneration of the Supervisory Board and
Board of Directors, and regular costs associated with the stock exchange listing.
11. Audit fees
x \u20ac 1.000
The aforementioned fees of our auditors have been charged to the company, its subsidiaries, and other
entities it consolidates, as stipulated in Article 2:382a, paragraphs 1 and 2 of the Dutch Civil Code.
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAudit of the financial statements \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t180 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t353\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther assurance engagements \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther non-assurance services \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTax advisory services \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t180 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t353\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf307_1": { "value": "4. Employee benefits expense
Break down Employee benefits expense by category
x \u20ac 1.000
Number of employees
During the financial year 2025, the average number of employees at the Group, expressed in full-time
equivalents, was 183 (2024: 175). Of these, 1 full-time equivalent (2024: 0,5) was employed outside the
Netherlands.
This workforce size (average number of employees) is distributed across different personnel categories
as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tin FTE\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tConsultants \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t65,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t71,0\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tManagement of subsidiaries \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5,0\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSales \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t20,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t43,0\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSupport \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t92,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t56,0\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t183,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t175,0\n\t\t\t\t\t\t\t\t\t
Remuneration of key management
Key management is defined as the Board of Directors and (former) directors of subsidiaries who qualify
as key management. The amounts below include all remuneration, including severance payments,
awarded to key management during the reporting period.
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tx \u20ac 1.000\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tManagement fee \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t188 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t169\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSalary \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t701 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t610\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBonus \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPension costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t23 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t24\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSeverance payments \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t68 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t88\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t980 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t891\n\t\t\t\t\t\t\t\t\t
Remuneration of the Board of Directors
In 2025, the Board of Directors received a management fee of \u20ac 114 thousand (2024: \u20ac 119 thousand).
Further details are provided in the remuneration report. Almunda Professionals has not granted any loans
or issued guarantees to or on behalf of members of the Board of Directors. As of 31 December 2025, no 2025 2024
Wages and salaries 11.851 11.886
Social security contributions 1.994 2.084
Pension costs 473 484
Other personnel costs 1.049 1.707
15.367 16.161
employee stock options are outstanding. No costs related to employee stock options have been
recognized in the income statement.
in FTE ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf308_1": { "value": "4. Employee benefits expense
Break down Employee benefits expense by category
x \u20ac 1.000
Number of employees
During the financial year 2025, the average number of employees at the Group, expressed in full-time
equivalents, was 183 (2024: 175). Of these, 1 full-time equivalent (2024: 0,5) was employed outside the
Netherlands.
This workforce size (average number of employees) is distributed across different personnel categories
as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tin FTE\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tConsultants \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t65,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t71,0\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tManagement of subsidiaries \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5,0\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSales \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t20,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t43,0\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSupport \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t92,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t56,0\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t183,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t175,0\n\t\t\t\t\t\t\t\t\t
Remuneration of key management
Key management is defined as the Board of Directors and (former) directors of subsidiaries who qualify
as key management. The amounts below include all remuneration, including severance payments,
awarded to key management during the reporting period.
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tx \u20ac 1.000\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tManagement fee \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t188 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t169\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSalary \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t701 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t610\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBonus \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPension costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t23 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t24\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSeverance payments \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t68 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t88\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t980 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t891\n\t\t\t\t\t\t\t\t\t
Remuneration of the Board of Directors
In 2025, the Board of Directors received a management fee of \u20ac 114 thousand (2024: \u20ac 119 thousand).
Further details are provided in the remuneration report. Almunda Professionals has not granted any loans
or issued guarantees to or on behalf of members of the Board of Directors. As of 31 December 2025, no 2025 2024
Wages and salaries 11.851 11.886
Social security contributions 1.994 2.084
Pension costs 473 484
Other personnel costs 1.049 1.707
15.367 16.161
employee stock options are outstanding. No costs related to employee stock options have been
recognized in the income statement.
Remuneration of the Supervisory Board
In 2025, the Supervisory Board received a management fee of \u20ac 25 thousand (2024: \u20ac 25 thousand).
Further details are provided in the remuneration report. The remuneration of the Supervisory Board is not
linked to the company\u2019s results. The amount of this remuneration is based on what is customary for a
supervisory board role at comparable organizations and is market-aligned. No loans or guarantees have
been granted to members of the Supervisory Board. Peter Paul de Vries is a direct/indirect shareholder of
Almunda Professionals through his personal company, 3L Capital Holding BV.
5. 1. Employee benefits expense
Break down Employee benefits expense by category
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf309_1": { "value": "4. Employee benefits expense
Break down Employee benefits expense by category
x \u20ac 1.000
Number of employees
During the financial year 2025, the average number of employees at the Group, expressed in full-time
equivalents, was 183 (2024: 175). Of these, 1 full-time equivalent (2024: 0,5) was employed outside the
Netherlands.
This workforce size (average number of employees) is distributed across different personnel categories
as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tin FTE\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tConsultants \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t65,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t71,0\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tManagement of subsidiaries \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5,0\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSales \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t20,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t43,0\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSupport \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t92,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t56,0\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t183,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t175,0\n\t\t\t\t\t\t\t\t\t
Remuneration of key management
Key management is defined as the Board of Directors and (former) directors of subsidiaries who qualify
as key management. The amounts below include all remuneration, including severance payments,
awarded to key management during the reporting period.
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tx \u20ac 1.000\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tManagement fee \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t188 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t169\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSalary \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t701 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t610\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBonus \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPension costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t23 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t24\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSeverance payments \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t68 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t88\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t980 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t891\n\t\t\t\t\t\t\t\t\t
Remuneration of the Board of Directors
In 2025, the Board of Directors received a management fee of \u20ac 114 thousand (2024: \u20ac 119 thousand).
Further details are provided in the remuneration report. Almunda Professionals has not granted any loans
or issued guarantees to or on behalf of members of the Board of Directors. As of 31 December 2025, no 2025 2024
Wages and salaries 11.851 11.886
Social security contributions 1.994 2.084
Pension costs 473 484
Other personnel costs 1.049 1.707
15.367 16.161
employee stock options are outstanding. No costs related to employee stock options have been
recognized in the income statement.
Remuneration of the Supervisory Board
In 2025, the Supervisory Board received a management fee of \u20ac 25 thousand (2024: \u20ac 25 thousand).
Further details are provided in the remuneration report. The remuneration of the Supervisory Board is not
linked to the company\u2019s results. The amount of this remuneration is based on what is customary for a
supervisory board role at comparable organizations and is market-aligned. No loans or guarantees have
been granted to members of the Supervisory Board. Peter Paul de Vries is a direct/indirect shareholder of
Almunda Professionals through his personal company, 3L Capital Holding BV.
Remuneration of member of the Supervisory Board
On 27 June 2023, Peter Paul de Vries was appointed as a member of the Supervisory Board. Mr. de Vries is
a director of Value8 and a shareholder of Almunda Professionals through his personal company 3L
Capital Holding BV Through this holding company, he charged a supervis ory board fee of \u20ac 25 thousand.
Remuneration to members of the Board of Directors
Remko Herschel, a member of the Board of Directors, is employed by Value8 as an investment director.
He has waived a director\u2019s fee at Almunda Professionals.
Marco Mulder, also a member of the Board of Directors, received remuneration for his directorial role in
2025. This remuneration was invoiced to Value8 and recharged to Almunda Professionals without a
markup. The total costs for 2025 amount to \u20ac 114 thousand. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf310_1": { "value": "5. Amortization of other intangible fixed assets
The amortization of other intangible fixed assets is as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tx \u20ac 1.000\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAmortization of matching platform \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.280 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t853\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAmortization of customer portfolio \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.700 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.660\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAmortization of software \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t17 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t12\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.997 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.525\n\t\t\t\t\t\t\t\t\t
6. Depreciation of property, plant and equipment
The depreciation costs of property plant and equipment are as follows:
x \u20ac 1.000
7. Depreciation of right-of-use assets
The depreciation costs of right-of-use assets are as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tx \u20ac 1.000\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation costs of rented office buildings \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t358 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t279\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation costs of leased vehicle fleet \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t422 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t375\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t780 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t654\n\t\t\t\t\t\t\t\t\t
8. Impairment losses on other intangible fixed assets
The impairment losses on other intangible fixed assets are as follows:
x \u20ac 1.000
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation costs of office buildings \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t65 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t60\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation costs of office equipment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t128 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t146\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation costs of vehicle fleet \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t57 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t65\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t250 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t271\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBook gain on sale of tangible fixed assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-1 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-22\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t249 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t249\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tImpairment software \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t65\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf311_1": { "value": "2025 2024 Loss allowance for trade receivables -76 79 10. General and administrative expenses
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tThe general and administrative expenses are as follows:\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tx \u20ac 1.000\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tHousing expenses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t86 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t298\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOffice expenses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t212 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t82\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tVehicle expenses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t417 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t409\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIT expenses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.012 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t874\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSelling expenses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t463 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t719\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tGeneral and administrative expenses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.135 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.365\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.325 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.747\n\t\t\t\t\t\t\t\t\t
General costs primarily include accounting and advisory fees, remuneration of the Supervisory Board and
Board of Directors, and regular costs associated with the stock exchange listing.
11. Audit fees
x \u20ac 1.000
The aforementioned fees of our auditors have been charged to the company, its subsidiaries, and other
entities it consolidates, as stipulated in Article 2:382a, paragraphs 1 and 2 of the Dutch Civil Code.
12. Financial income and expenses
Financial income
The breakdown of financial income is as follows:
x \u20ac 1.000
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAudit of the financial statements \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t180 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t353\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther assurance engagements \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther non-assurance services \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTax advisory services \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t180 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t353\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf312_1": { "value": "12. Financial income and expenses
Financial income
The breakdown of financial income is as follows:
x \u20ac 1.000
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest on loans to group companies SureCare \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t17\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest on current account SureCare \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t17\n\t\t\t\t\t\t\t\t\t
Financial expenses
The breakdown of financial expenses is as follows:
x \u20ac 1.000 \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest expense on cash and cash equivalents \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t51 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t54\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest expense on loans and borrowings \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t637 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t713\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest expense to the Tax Authorities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t39 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t54\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t727 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t821\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest expense on right-of-use assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t127 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t105\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t854 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t926\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf313_1": { "value": "Financial income
The breakdown of financial income is as follows:
x \u20ac 1.000
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest on loans to group companies SureCare \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t17\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest on current account SureCare \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t17\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf314_1": { "value": "Financial income
The breakdown of financial income is as follows:
x \u20ac 1.000
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest on loans to group companies SureCare \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t17\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest on current account SureCare \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t17\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf315_1": { "value": "Financial expenses
The breakdown of financial expenses is as follows:
x \u20ac 1.000 \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest expense on cash and cash equivalents \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t51 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t54\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest expense on loans and borrowings \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t637 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t713\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest expense to the Tax Authorities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t39 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t54\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t727 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t821\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest expense on right-of-use assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t127 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t105\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t854 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t926\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf316_1": { "value": "Financial expenses
The breakdown of financial expenses is as follows:
x \u20ac 1.000 \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest expense on cash and cash equivalents \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t51 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t54\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest expense on loans and borrowings \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t637 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t713\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest expense to the Tax Authorities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t39 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t54\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t727 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t821\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest expense on right-of-use assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t127 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t105\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t854 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t926\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf317_1": { "value": "14. Tax expense
The tax expense is broken down as follows:
x \u20ac 1.000
Effective tax rate
In 2025, the effective tax rate on profit before tax was 82,3% (2024: 106,0%), which deviates from the
nominal tax rate. This is primarily due to a tax loss incurred within the Group for which no tax benefit has
been recognized, due to uncertainty regarding the realization of future taxable profits. This results in a
high effective tax rate. \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrent tax expense\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCorporate income tax for the current financial year \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t610 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.051\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCorrection of prior periods \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-165 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t127\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t445 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.178\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDeferred tax expense\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRecognition of previously unrecognized compensable losses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-43 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-143\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tImpairment of recognized compensable losses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t33\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUtilisation of deferred tax asset on tax loss carryforwards \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t143 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDifferences between commercial and tax valuation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-298 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-593\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tEffect of tax rate change \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-198 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-703\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTax expense on continuing operations \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t247 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t475\n\t\t\t\t\t\t\t\t\t
The difference between the nominal tax rate in the Netherlands of 25,8% (2024: 25,8%) and the effective
tax rate on profit before tax is explained as follows:
x \u20ac 1.000
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tProfit before tax \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-23 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t448\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNominal tax rate \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25,8% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25,8%\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNominal corporate income tax \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-6 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25,8% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t116 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25,8%\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCorporate income tax from prior years \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-165 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-36,8% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t127 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t28,4%\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCompensable losses not recognized for valuation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t376 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t84,0% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t424 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t94,8%\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tExempt revaluation gain on investment in SureCare \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-25 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-5,5% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t0,0%\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tShare of profit from participations \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-0,8% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-21 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-4,7%\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInvestment allowance \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-5 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-1,2% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-10 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2,3%\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNon-deductible amounts \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t19 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,4% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t9 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,9%\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRecognition of previously unrecognized compensable losses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t100 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t22,3% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-143 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-31,9%\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther effects \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-44 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-9,9% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-27 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-6,0%\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tEffective corporate income tax \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t247 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t82,3% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t475 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t106,0%\n\t\t\t\t\t\t\t\t\t
Depreciation periods
For the right-of-use assets, depreciation is based on the lease and rental terms.
20. Deferred tax assets and liabilities
The temporary differences between the valuation of assets and liabilities for financial reporting and their
tax base give rise to the recognition of deferred tax assets and liabilities. These temporary differences
relate to valuation differences concerning other intangible and tangible fixed assets, right-of-use assets,
capitalized forward loss carryforwards, and lease liabilities.
The movements in deferred tax liabilities and assets are fully recognized through the consolidated
income statement. There are no movements that are directly recognized through other comprehensive
income or directly in equity. The movements in deferred tax assets and liabilities in 2025 are as follows:
x \u20ac 1.000
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tCarrying amount 1 January 2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tEffect of tax rate change \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tAcquisition through business combi- nations \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tAddition \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tWith- drawal \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tCarrying amount 31 December 2025\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tFixed assets\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther intangible fixed assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.037 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-273 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-17 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t316 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.011\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRight-of-use assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t15 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-1 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCompensable losses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t208 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t17 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-143 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t107\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal deferred tax liabilities and assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.814 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-248 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t172 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.890\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDeferred tax assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t223 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t17 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-144 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t121\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDeferred tax liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.037 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-273 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-17 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t316 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.011\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.814 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-248 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t172 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.890\n\t\t\t\t\t\t\t\t\t
The movements in deferred tax assets and liabilities in 2024 are as follows:
x \u20ac 1.000
Right-of-use assets
The deferred tax asset as of 31 December 2025, of \u20ac 14 thousand (2024: \u20ac 15 thousand) consists of a
deferred tax asset of \u20ac 564 thousand (2024: \u20ac 511 thousand) for the difference between the commercial
and tax valuation of lease liabilities and a deferred tax liability of \u20ac 550 thousand (2024: \u20ac 496
thousand) for the difference between the commercial and tax valuation of right-of-use assets.
Compensable losses
The composition of compensable losses is as follows:
x \u20ac 1.000
The balance of tax losses eligible for forward loss carryforward as of 31 December 2025, is \u20ac 2.112
thousand (2024: \u20ac 2.606 thousand). These losses are unlimitedly carried forward. The forward losses can
only be offset against profits of the respective company. The Group has estimated in the valuation of the
deferred tax that 20% (2024: 31%) of the compensable losses will be recoverable in the future. \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tCarrying amount 1 January 2024 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tEffect of tax rate change \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tAcquisition through business combi- nations \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tAddition \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tWith- drawal \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tCarrying amount 31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tFixed assets\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther intangible fixed assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.623 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t586 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.037\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRight-of-use assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-38 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t45 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t15\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCompensable losses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t97 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t143 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-32 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t208\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal deferred tax liabilities and assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.518 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t105 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t599 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.814\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDeferred tax assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t105 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t105 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t13 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t223\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDeferred tax liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.623 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t586 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.037\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.518 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t105 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t599 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.814\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tCompen- sable loss \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tExpected to be compen- sable \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tRate \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tDeferred tax asset\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tFiscal unity Almunda Professionals \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.695 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25,80% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tForward losses Qrabbl \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t267 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t267 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25,80% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t69\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tForward losses PIDZ Detachering \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t52 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t52 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25,80% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t13\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tForward losses SureCare Holding \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t98 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t98 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25,80% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.112 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t417 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t107\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf318_1": { "value": "15. Earnings per share
amounts x \u20ac 1,000 (unless otherwise indicated)
quantities x 1,000
earnings per share x \u20ac 1 31 31
December December
2025 2024
Net result from continuing operations -579 -361
Net result from discontinued operations - -
Result for the period attributable to shareholders -579 -361
Issued shares as of 1 January 21.051 20.021
Effect of issued shares 1.221 452
Weighted average number of shares 22.273 20.473
Weighted average number of shares during the year 22.273 20.473
Effect of granted options - -
Weighted average number of shares (diluted) 22.273 20.473
Net result from continuing operations per share -0,03 -0,02
Net result from discontinued operations per share - -
Diluted net result from continuing operations per share -0,03 -0,02
Diluted net result from discontinued operations per share - - The table below shows the total number of outstanding shares of Almunda Professionals. Class B shares
are included in the stock exchange listing.
Earnings per share adjusted for amortization and impairment (non-IFRS
measure)
In addition to basic earnings per share determined in accordance with IAS 33, the Group presents an
alternative earnings per share measure adjusted for amortization of other intangible assets and for
impairment losses on goodwill, other intangible assets and financial assets. This measure excludes the
non-cash impact of the amortization of intangible assets recognized in business combinations (primarily
customer relationships) and any related impairment charges. Management considers this measure to
provide useful additional information on the underlying performance of the Group; it is not a measure
defined under IFRS and should not be used as a substitute for earnings per share determined in
accordance with IAS 33. The measure is calculated on a basis consistent with the prior period.
amounts x \u20ac 1,000 (unless otherwise indicated) ,
quantities x 1,000
earnings per share x \u20ac 1
The adjustments reflect only the portion attributable to shareholders of the Company. The portion
attributable to non-controlling interests has been excluded. \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tDecember \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tDecember\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tShares A \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.769.199\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tShares B \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t22.272.813 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t19.282.166\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t22.272.813 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t21.051.365\n\t\t\t\t\t\t\t\t\t
31 31
December December
2025 2024
Total result attributable to shareholders -579 -361
Add: amortisation of other intangible assets 2.364 1.989
Add: impairment losses on goodwill - -
Add: impairment losses on other intangible assets - 52
Add: impairment losses on financial assets -61 63
Adjusted result attributable to shareholders 1.724 1.743
Weighted average number of shares during the year 22.273 20.473
Effect of granted options - -
Weighted average number of shares (diluted) 22.273 20.473
Earnings per share adjusted for amortisation and impairment 0,08 0,09 ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf319_1": { "value": "16. Goodwill
The movement in goodwill in 2025 and 2024 is as follows:
x \u20ac 1.000
Restructuring of Kalice and acquisition of kWh Management B.V.
Background
Almunda Professionals already held a 70% interest in ICE since 2023. In 2025, Almunda Professionals
acquired a complementary business, kWh Management BV (kWh), which is active in the placement of
self-employed professionals in the energy transition sector. To combine both companies within a single
energy platform, the new intermediate holding company Kalice Group BV (Kalice) was incorporated. All
transaction steps were completed on 30 September 2025.
Following completion, the shareholding structure of Kalice is as follows:
Almunda Professionals NV 70%, Jack & Jones Holding BV 15% and KWPH BV (former shareholder of kWh)
15%.
Contribution of ICE into Kalice
The contribution of ICE Groep BV into Kalice constitutes a transaction under common control, as the
ultimate controlling party remains unchanged. The transaction is accounted for using the book value
carry-over method (predecessor method) . No revaluation or purchase price allocation was performed.
The goodwill previously recognised upon the acquisition of ICE remains presented at the Almunda
Professionals consolidated level. Reference is made to note 16 for further details on goodwill.
Acquisition of kWh Management B.V.
The acquisition of kWh by Kalice qualifies as a business combination under IFRS 3. The acquisition date is
30 September 2025. The total consideration amounts to \u20ac 3.846 thousand, financed through a
combination of Rabobank acquisition financing (\u20ac 1.788 thousand), a share premiu m contribution by
Almunda (\u20ac 1.441 thousand), and a share premium contribution by J&J (\u20ac 617 thousand). Reference is
made to note 16 for the purchase price allocation and goodwill recognised, and to note 25 for details on \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 1 January\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAcquisition cost \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t12.319 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t12.319\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCumulative impairment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.273 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.273\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCarrying amount as of 1 January \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10.046 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10.046\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tMovements\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInvestments \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAcquisitions through business combinations \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.265 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tImpairment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNet movements \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.265 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 31 December\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAcquisition cost \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t13.584 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t12.319\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCumulative impairment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.273 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.273\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCarrying amount as of 31 December \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t11.311 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10.046\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
the financing. The non-controlling interest in Kalice (30% in aggregate) is recognised at the proportionate
share of the fair value of net identifiable assets, consistent with the partial goodwill method applied
throughout the Group.
Identifiable assets acquired and liabilities assumed
The following table presents the amounts recognised for identifiable assets acquired and liabilities
assumed at the acquisition date of 30 September 2025.
x \u20ac 1.000
The total consideration of \u20ac 3 .846 thousand was partially settled through the offset of an existing
receivable from KWPH B.V. of \u20ac 858 thousand, resulting in a net cash payment to KWPH B.V. of \u20ac 2 .988
thousand. After deducting cash acquired of \u20ac 597 thousand, the net cash outflow for the acquisition of
kWh Management B.V. amounts to \u20ac 2.391 thousand.
Measurement of fair values
\u2022 Customer relationships were valued using the Multi-Period Excess Earnings Method (MEEM),
which estimates the present value of net cash flows expected to be generated by the customer
relationships, excluding cash flows attributable to supporting assets. The fair value amounts to
\u20ac 1.057 thousand. Customer relationships are amortised on a straight -line basis over their
estimated useful life.
\u2022 Right-of-use assets and lease liabilities were recognised at initial measurement equal to the
present value of remaining lease payments, discounted at an incremental borrowing rate (IBR)
of 5,74%, determined in accordance with Almunda's group policy.
\u2022 The gross contractual amount of trade receivables acquired is \u20ac 826 thousand, of which no
amount was expected to be uncollectible at the acquisition date.
Goodwill
Almunda consistently applies the partial goodwill method. The non-controlling interest is measured at
the proportionate share of the fair value of identifiable net assets. Goodwill is therefore recognised only to
the extent of Almunda's 70% interest, amounting to \u20ac 1.113 thousand. This approach is consistent with the
treatment applied upon the acquisitions of PIDZ and ICE in prior years.
The goodwill recognised reflects the expected future earnings growth of kWh, its market position in the
energy transition sector and the anticipated strategic synergies arising from the combination with ICE \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t30\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tSeptember\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tNote \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCustomer portfolio \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t17 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.057\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tProperty, plant and equipment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t18 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t109\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRight-of-use assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t19 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t176\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDeferred tax assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t20 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t33\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade receivables and other receivables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t22 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.091\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCash and cash equivalents \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t23 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t597\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDeferred tax liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t20 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-306\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLease liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t26 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-176\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade payables and other liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-1.326\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tFair value of net identifiable assets acquired and liabilities assumed \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.255\n\t\t\t\t\t\t\t\t\t
within Kalice. The goodwill is not deductible for income tax purposes, as it arises from a share
transaction.
x \u20ac 1.000
Acquisition-related costs
Acquisition-related costs amount to \u20ac 43 thousand and have been recognised as an expense in the
income statement under 'Other operating expenses'.
Revenue and profit or loss since acquisition date
Since the acquisition date of 1 October 2025 through 31 December 2025, kWh contributed revenue of
\u20ac 3.553 thousand and a profit after tax of \u20ac 131 thousand (on an IFRS basis, including amortisation of
customer relationships and IFRS 16 effects), of which \u20ac 92 thousand is attributable to shareholders of
Almunda.
kWh generated revenue of \u20ac 12,4 million for the 2025 financial year. Profit after tax amounted to \u20ac 538
thousand (Dutch GAAP).
Acquisition of SureCare Holding BV
On 1 October 2025, PIDZ acquired the remaining 50% interest in SureCare Holding BV from co-shareholder
Crowd Management Group BV for a consideration of \u20ac 54 thousand, obtaining full control. Prior to this
date, the 50% interest was classified as a joint venture and accounted for using the equity method.
SureCare provides supporting services and security to care institutions in the Netherlands, operating
through two subsidiaries: SureCare BV and SureCare Zorgbeveiliging BV
The previously held 50% interest was remeasured to fair value at the acquisition date, resulting in a
remeasurement gain of \u20ac 95 thousand recognised under 'Other operating income'. No purchase price
allocation was performed given the limited scale and balance sheet complexity of SureCare. The full
excess of consideration over net identifiable assets has been allocated to goodwill . \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t30\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tSeptember 2025\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal consideration transferred \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.846\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLess: fair value of net identifiable assets and liabilities assumed \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.255\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tGoodwill kWh Management B.V. (100%) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.591\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAttributable to Almunda \u2014 partial goodwill method (70%) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.114\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNon-controlling interest (30%) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t477 1.591\n\t\t\t\t\t\t\t\t\t
Identifiable assets acquired and liabilities assumed
The following table presents the amounts recognised for identifiable assets acquired and liabilities
assumed at the acquisition date of 1 October 2025.
x \u20ac 1.000
The loan from selling shareholder of \u20ac 50 thousand was repaid in October 2025. The repayment is
included in the consolidated statement of cash flows.
The consideration paid of \u20ac 54 thousand is presented net of cash acquired of \u20ac 161 thousand, resulting in
a net cash inflow of \u20ac 107 thousand under investing activities.
Goodwill
Almunda consistently applies the partial goodwill method. The non-controlling interest is measured at
the proportionate share of the fair value of identifiable net assets. Goodwill is therefore recognised only to
the extent of Almunda's 80% interest, amounting to \u20ac 152 thousand. This approach is consistent with the
treatment applied upon the acquisitions of PIDZ and ICE in prior years.
x \u20ac 1.000
The consideration paid of \u20ac 54 thousand is presented net of cash acquired of \u20ac 161 thousand, resulting in
a net cash inflow of \u20ac 107 thousand under investing activities. Since the acquisition date, SureCare
contributed revenue of \u20ac 523 thousand and a profit after tax of \u20ac 31 thousand to Almunda's consolidated
results.
Goodwill impairment
With respect to the recognized goodwill, Almunda Professionals distinguishes the following cash -
generating units (CGUs): \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1 October\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tNote\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tProperty, plant and equipment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t18 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t17\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRight-of-use assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t19 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t56\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDeferred tax assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t20 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade receivables and other receivables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t22 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t317\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCash and cash equivalents \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t23 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t161\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLease liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t26 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-56\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade payables and other liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-289\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLoan from group company Loan from selling shareholder \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t21 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-263 -50\n\t\t\t\t\t\t\t\t\t
Fair value of net identifiable assets acquired and liabilities assumed -82 \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1 October\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal consideration transferred \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t54\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tFair value of previously held interest \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t54\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLess: fair value of net identifiable assets and liabilities assumed \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-82\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tGoodwill SureCare Holding BV (100%) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t190\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAttributable to Almunda \u2014 partial goodwill method (80%) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t152\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNon-controlling interest (20%) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t38 190\n\t\t\t\t\t\t\t\t\t
\u2022 PIDZ (Healthcare Professionals);
\u2022 ICE (Utility Professionals) ; and
\u2022 kWh (Utility Professionals)
The impairment analysis for the goodwill of PIDZ, ICE and kWh was conducted by determining the value in
use using the Discounted Cash Flow (DCF) Method. The DCF Method requires the use of unobservable
inputs, such as internal valuation models and estimates. Due to the limited availability of comparable
market data, reliance is placed on internal methods to estimate the fair value of PIDZ, ICE and kWh. This
process involves a thorough evaluation of forecasts, discount rates, and other relevant factors. These
estimates fall under Level 3 of the fair value hierarchy, as they are not directly based on observable
market data.
Goodwill PIDZ
The goodwill for PIDZ arose from the acquisition of PIDZ Holding BV in 2022. In 2025, PIDZ acquired an
additional 50% stake in SureCare, resulting in non-material goodwill of \u20ac 152 thousand. The carrying
amount of the goodwill related to PIDZ as of 31 December 2025 is \u20ac 9.465 thousand (31 December 2024:
\u20ac 9.313 thousand).
For PIDZ, the cash flows are based on the expected development of the number of mediated hours within
the healthcare sector and the associated gross margin contribution per hour. The business model is
undergoing a transition: in addition to the core activity of self-employed professional mediation, a
temporary staffing proposition is being built up during the projection period, which will gradually increase
in significance. The cash flow forecasts reflect a decline in total mediated hours of approximately 13,7% in
2026, followed by annual volume growth of approximately 5% from 2027 onwards. This is consistent with
the expected shift from self-employed to temporary staffing services, as well as the structural growth in
demand for care driven by persistent staff shortages and high absenteeism rates. In addition to
mediation revenues, the cash flows also include contributions from software fees, factoring fees,
SureCare BV and Qrabbl BV.
Costs are forecasted based on expected inflation, volume growth, and estimates of future personnel
costs, including expenses related to the further development and operation of the new PIDZ platform and
the build-up of the temporary staffing proposition.
The projection period covers the years 2026 through 2030. After the projection period, a long -term growth
rate of 2,0% has been applied, in line with the European Central Bank's long -term inflation target.
The cash flow forecasts are based on the following key assumptions:
\u2022 The number of mediated hours declines in 2026 as a result of continued uncertainty surrounding
the Dutch DBA Act and its enforcement, followed by a gradual recovery from 2027 onwards;
\u2022 A structural shift in the business model from self-employed mediation to temporary staffing is
expected during the projection period, with the share of temporary staffing hours increasing
from 14% of gross margin in 2026 to 77% in 2030;
\u2022 The service fee per hour is based on current pricing and contractual agreements, with an annual
indexation of approximately 3%;
\u2022 The gross margin per temporary staffing hour is based on current market rates, with an annual
indexation of 3% to 4%.
The risk-free interest rate applied is 2,80%, based on a publication by Pablo Fernandez (May 2025). The
market risk premium is 5,30% (also per Pablo Fernandez). The company-specific risk premium (Alpha) is
set at 5,62%, based on a market-standard model (BDO model). The cost of debt is 5,28%, based on the current financing terms of the ING acquisition facility (3 -month Euribor + 3,25%). The capital structure is
based on a weighted average of comparable companies in the sector (source: Damodaran, January
2026), with a debt ratio of 24,94%. A nominal corporate income tax rate of 25,8% has been applied. Based
on these assumptions, the post-tax Weighted Average Cost of Capital (WACC) is determined at 13,72%.
The equivalent pre-tax WACC is approximately 18,5%.
Based on the performed impairment test, it has been determined that there is no impairment as of the
balance sheet date. The carrying amount of the CGU PIDZ, including goodwill, is \u20ac 16.688 thousand, while
the recoverable amount is determined at \u20ac 29.997 thousand. This results in a headroom of \u20ac 13 .289
thousand.
A sensitivity analysis was conducted for PIDZ, assuming an increase in the discount rate by 1 percentage
point. This scenario does not lead to an impairment.
ICE
The goodwill for ICE arose from the acquisition of ICE Groep BV in 2023. For ICE, the cash flows are based
on the expected growth in consultancy assignments within the Dutch energy sector. ICE provides
specialized consultants on both a project and consultancy basis, and develops standard products,
including services related to the implementation of the new Energy Act. ICE had an exceptionally strong
year in 2025, with revenue growing by 22% compared to 2024, driven by higher productivity, lower
absenteeism, and increased average hourly rates. The cash flow forecasts assume broadly flat revenue
for 2026, reflecting prudent assumptions despite the strong 2025 performance, followed by annual
revenue growth of 5% throughout the projection period from 2027 to 2030. Based on historical growth
figures, these are conservative assumptions. Costs are forecasted based on expected inflation, volume
growth, and estimates of future personnel and operational costs. The projection period assumes a gross
margin of 24,9%, in line with historically achieved levels.
The projection period covers the years 2026 to 2030. After the projection period, a long-term growth rate
of 2,0% has been applied, in line with the European Central Bank's long -term inflation target.
The cash flow forecasts are based on the following key assumptions:
\u2022 Revenue growth is projected at approximately 0% for 2026, reflecting a prudent starting point
despite strong 2025 results, followed by 5% annual growth from 2027 onwards;
\u2022 A gross margin of 24,9% has been assumed throughout the projection period, consistent with
historically achieved levels;
\u2022 Personnel costs for 2026 reflect the full-year impact of indirect departments reaching their
target staffing levels in the fourth quarter of 2025, with an annual indexation of 4% applied from
2027 onwards;
\u2022 Operating expenditures are based on the bottom-up 2026 budget of \u20ac 462 thousand, with an
annual increase of 3% applied from 2027 onwards.
The risk-free interest rate applied is 2,80%, based on a publication by Pablo Fernandez (May 2025). The
market risk premium is 5,30% (also per Pablo Fernandez). The company-specific risk premium (Alpha) is
set at 5,81%, based on a market-standard model (BDO model). The cost of debt is 5,68%, based on the
current financing terms of the Rabobank facility arranged at the level of Kalice Group B.V. (3 -month
Euribor + 3,65%). The capital structure is based on a weighted average of comparable companies in the
sector (source: Damodaran, January 2026), with a debt ratio of 23,61%. A nominal corporate income tax
rate of 25,8% has been applied. Based on these assumptions, the post-tax Weighted Average Cost of
Capital (WACC) is determined at 13,57%. The equivalent pre-tax WACC is approximately 18,3%. Based on the performed impairment test, it has been determined that there is no impairment as of the
balance sheet date. The carrying amount of the CGU ICE, including goodwill, is \u20ac 2.187 thousand, while the
recoverable amount is determined at \u20ac 5 .267 thousand. This results in a headroom of \u20ac 3 .080 thousand.
A sensitivity analysis was conducted for ICE, assuming an increase in the discount rate by 1 percentage
point. This scenario does not lead to an impairment.
Goodwill kWh
The goodwill for kWh arose from the acquisition of kWh Management BV on 30 September 2025. The
carrying amount of the goodwill related to kWh as of 31 December 2025 is \u20ac 1.113 thousand.
kWh Management BV is the cash-generating unit (CGU) to which the goodwill has been allocated.
For kWh, the cash flows are based on the expected growth in two business lines: the mediation of self -
employed professionals (interim) and recruitment, both focused on the energy, sustainability, and
circularity sectors. kWh has a nationwide network of interim professionals and serves government
agencies, utilities, consultancy and engineering firms, and other organizations active in the energy sector.
The interim business has grown strongly in recent years, with revenue growth of 44% in both 2024 and
2025. The cash flow forecasts assume a more moderate annual growth rate of 7% for the interim business
over the projection period from 2026 to 2030, which is a prudent assumption given the strong historical
growth and the expected autonomous growth in market segments such as heating, energy storage,
energy management systems, and hydrogen. For the recruitment business, annual revenue growth of 4%
has been assumed, in line with the average achieved over the past three years. Costs are forecasted
based on expected inflation, volume growth, and estimates of future personnel and operational costs.
The projection period covers the years 2026 to 2030. After the projection period, a long-term growth rate
of 2,0% has been applied, in line with the European Central Bank's long -term inflation target.
The cash flow forecasts are based on the following key assumptions:
\u2022 Interim revenue grows at 7% per year throughout the projection period, compared to 44% growth
in 2024 and 2025, representing a conservative starting point;
\u2022 The gross margin on interim assignments is assumed to gradually recover from 13% in 2026 to
14% by the end of the projection period, below the target level of 15%, reflecting prudent
assumptions;
\u2022 The gross margin on recruitment assignments is 100%, with annual revenue growth of 4%
throughout the projection period;
\u2022 Personnel costs are indexed annually by 5%, comprising a 3% CPI-based increase and a
supplementary performance-related component; the number of recruitment consultants is
assumed to grow gradually from 7 at end-2025 to 10 by 2029;
\u2022 Operating expenditures are based on the bottom-up 2026 budget of \u20ac 451 thousand, with an
annual increase of 3% applied from 2027 onwards.
The risk-free interest rate applied is 2,80%, based on a publication by Pablo Fernandez (May 2025). The
market risk premium is 5,30% (also per Pablo Fernandez). The company-specific risk premium (Alpha) is
set at 5,80%, based on a market-standard model (BDO model). The cost of debt is 5,68%, based on the
current financing terms of the Rabobank facility arranged at the level of Kalice Group B.V. (3 -month
Euribor + 3,65%). The capital structure is based on a weighted average of comparable companies in the
sector (source: Damodaran, January 2026), with a debt ratio of 23,61%. A nominal corporate income tax
rate of 25,8% has been applied. Based on these assumptions, the post-tax Weighted Average Cost of
Capital (WACC) is determined at 13.57%. The equivalent pre-tax WACC is approximately 18.3%. Based on the performed impairment test, it has been determined that there is no impairment as of the
balance sheet date. The carrying amount of the CGU kWh, including goodwill, is \u20ac 1.667 thousand, while
the recoverable amount is determined at \u20ac 3.788 thousand. This results in a headroom of \u20ac 2.122
thousand.
A sensitivity analysis was conducted for kWh, assuming an increase in the discount rate by 1 percentage
point. This scenario does not lead to an impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf320_1": { "value": "17. Other intangible assets
Below is the movement in 2025 of other intangible assets:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tx \u20ac 1.000\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tMatching platform \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tCustomer portfolio \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tSoftware \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 1 January\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAcquisition cost \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.841 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t16.346 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t192 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t20.379\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCumulative amortization \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.559 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-4.495 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-29 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-7.083\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCumulative impairment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-65 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-65\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCarrying amount as of 1 January \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.282 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t11.851 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t98 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t13.231\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tMovements\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInvestments \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.510 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t399 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.909\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAcquisitions through business combinations \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.197 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t18 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.215\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAmortization \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-1.280 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-1.700 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-17 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.997\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tImpairment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNet movements \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t230 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-104 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t127\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 31 December\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAcquisition cost \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.351 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t17.942 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t210 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t23.503\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCumulative amortization \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.839 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-6.195 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-46 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-10.080\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCumulative impairment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-65 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-65\n\t\t\t\t\t\t\t\t\t
Notes on the acquisition through business combinations
Acquisitions through business combinations relate to the customer portfolio recognized upon the
acquisition of kWh (\u20ac 1 .057 thousand) and the acquisition of a franchise location within PIDZ that
qualified as a business combination (\u20ac 140 thousand) .
Carrying amount as of 31 December 1.512 11.747 99 13.358 Notes on the remaining useful life of the matching platform
At the end of 2024, the Board decided to replace the existing matching platform with a new platform in
2025. As a result, the expected useful life of the old platform was shortened to 12 months in 2025, leading
to a prospective adjustment of the depreciation period. The remaining carrying amount of \u20ac 1.282
thousand was fully depreciated in 2025.
During 2025, investments were made in a new matching platform. This platform was not yet in use as of
31 December 2025 and was brought into service on 1 January 2026. The carrying amount of the new
platform as of 31 December 2025 amounts to \u20ac 1.510 thousand. Depreciation will commence on 1 January
2026 over an estimated useful life of 5 years.
Assessment of the valuation of the customer portfolio
The customer portfolio has a carrying amount of \u20ac 11.747 thousand as of 31 December 2025. As part of the
year-end closing, an assessment was conducted to determine whether there are indications of
impairment. Based on this assessment, there are no signals indicating an impairment.
Below is the movement in 2024 of other intangible assets:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tx \u20ac 1.000\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tMatching platform \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tCustomer portfolio \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tSoftware \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 1 January\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAcquisition cost \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.841 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t16.346 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t111 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t20.298\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCumulative amortization \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-1.706 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.835 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-17 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-4.558\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCumulative impairment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCarrying amount as of 1 January \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.135 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t13.511 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t94 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t15.740\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tMovements\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInvestments \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t81 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t81\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAmortization \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-853 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-1.660 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-12 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.525\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tImpairment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-65 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-65\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNet movements \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-853 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-1.660 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.509\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 31 December\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAcquisition cost \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.841 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t16.346 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t192 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t20.379\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCumulative amortization \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.559 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-4.495 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-29 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-7.083\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCumulative impairment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-65 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-65\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCarrying amount as of 31 December \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.282 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t11.851 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t98 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t13.231\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
Amortization periods
In determining the relevant amortization periods, the Group uses assumptions and estimates. The Group
concluded that as of 31 December 2025, there was no reason to revise the current amortization periods.
The amortization periods for the main categories of other intangible fixed assets are as follows: \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTerm\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tMatching platform \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5 years\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCustomer portfolio \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t9-11 years\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSoftware \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5 years\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf321_1": { "value": "18. Property, plant and equipment
Below is the movement in 2025 of property, plant and equipment:
x \u20ac 1.000
Below is the movement in 2024 of tangible fixed assets::
x \u20ac 1.000 \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tOffice buildings \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tOffice equipment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tVehicle fleet \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 1 January\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAcquisition cost \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t594 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t778 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t178 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.550\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCumulative depreciation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-116 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-490 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-91 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-697\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCarrying amount as of 1 January \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t478 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t288 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t87 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t853\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tMovements\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInvestments \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t47 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t52\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAcquisitions through business combinations \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t50 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t52 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t11 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t113\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-65 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-128 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-57 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-250\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDisposals of acquisition cost \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-1 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-1\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDisposals of cumulative depreciation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNet movements \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-13 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-29 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-44 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-86\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 31 December\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAcquisition cost \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t646 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t877 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t191 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.714\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCumulative depreciation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-181 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-618 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-148 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-947\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCarrying amount as of 31 December \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t465 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t259 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t43 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t767\n\t\t\t\t\t\t\t\t\t
Office Office Vehicle
buildings equipment fleet Total
Balance as of 1 January
Acquisition cost 594 704 263 1.561
Cumulative depreciation -56 -344 -111 -511
Carrying amount as of 1 January 538 360 152 1.050
Movements
Investments - 74 - 74
Acquisitions through business combinations - - - -
Depreciation -60 -146 -65 -271
Disposals of acquisition cost - - -85 -85
Disposals of cumulative depreciation - - 85 85
Net movements -60 -72 -65 -197
Balance as of 31 December
Acquisition cost 594 778 178 1.550
Cumulative depreciation -116 -490 -91 -697
Carrying amount as of 31 December 478 288 87 853 Depreciation periods
In determining the relevant depreciation periods, the Group uses assumptions and estimates. The Group
concluded that as of 31 December 2025, there was no reason to revise the current depreciation periods.
Securities granted on tangible fixed assets
The carrying amount of tangible fixed assets pledged as security to external financiers is \u20ac 767 thousand
(2024: \u20ac 853 thousand).
19. Right-of-use assets
Under IFRS 16, the ongoing operational lease contracts for the vehicle fleet, as well as the rental of office
buildings, are recognized on the balance sheet as right-of-use assets. The Group has the economic, but
not the legal, ownership of these right-of-use assets. Further information on the associated lease
liabilities is provided in note 26 'Lease liabilities'.
The movements in the right-of-use assets in 2025 are as follows:
x \u20ac 1.000
For all similar contracts entered into in 2025, a uniform discount rate of 5,4% (2024: 7,2%) has been
applied. \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTerm\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOffice buildings \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5-30 years\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOffice equipment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5-10 years\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tVehicle fleet \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5 years\n\t\t\t\t\t\t\t\t\t
Office Vehicle
buildings fleet Total
Balance as of 1 January
Acquisition cost 1.659 1.574 3.233
Cumulative depreciation -864 -446 -1.310
Carrying amount as of 1 January 795 1.128 1.923
Movements
Investments 365 405 770
Acquisitions through business combinations 231 - 231
Depreciation -358 -422 -780
Disposals of acquisition cost -248 -201 -449
Disposals of cumulative depreciation 248 186 434
Net movements 238 -32 206
Balance as of 31 December
Acquisition cost 2.007 1.778 3.785
Cumulative depreciation -974 -682 -1.656
Carrying amount as of 31 December 1.033 1.096 2.129 ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf322_1": { "value": "Securities granted on tangible fixed assets
The carrying amount of tangible fixed assets pledged as security to external financiers is \u20ac 767 thousand
(2024: \u20ac 853 thousand).
19. Right-of-use assets
Under IFRS 16, the ongoing operational lease contracts for the vehicle fleet, as well as the rental of office
buildings, are recognized on the balance sheet as right-of-use assets. The Group has the economic, but
not the legal, ownership of these right-of-use assets. Further information on the associated lease
liabilities is provided in note 26 'Lease liabilities'.
The movements in the right-of-use assets in 2025 are as follows:
x \u20ac 1.000
For all similar contracts entered into in 2025, a uniform discount rate of 5,4% (2024: 7,2%) has been
applied. \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTerm\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOffice buildings \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5-30 years\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOffice equipment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5-10 years\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tVehicle fleet \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5 years\n\t\t\t\t\t\t\t\t\t
Office Vehicle
buildings fleet Total
Balance as of 1 January
Acquisition cost 1.659 1.574 3.233
Cumulative depreciation -864 -446 -1.310
Carrying amount as of 1 January 795 1.128 1.923
Movements
Investments 365 405 770
Acquisitions through business combinations 231 - 231
Depreciation -358 -422 -780
Disposals of acquisition cost -248 -201 -449
Disposals of cumulative depreciation 248 186 434
Net movements 238 -32 206
Balance as of 31 December
Acquisition cost 2.007 1.778 3.785
Cumulative depreciation -974 -682 -1.656
Carrying amount as of 31 December 1.033 1.096 2.129 The movements in the right-of-use assets in 2024 are as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tx \u20ac 1.000\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tOffice \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tVehicle\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tbuildings \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tfleet \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 1 January\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAcquisition cost \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.529 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.096 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.625\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCumulative depreciation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-585 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-355 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-940\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCarrying amount as of 1 January \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t944 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t741 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.685\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tMovements\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInvestments \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t130 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t889 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.019\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAcquisitions through business combinations \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-279 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-375 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-654\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDisposals of acquisition cost \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-411 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-411\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDisposals of cumulative depreciation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t264 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t264\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNet movements \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-149 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t367 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t218\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 31 December\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAcquisition cost \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.659 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.574 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.233\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCumulative depreciation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-864 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-446 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-1.310\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCarrying amount as of 31 December \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t795 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.128 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.923\n\t\t\t\t\t\t\t\t\t
Total costs related to right-of-use assets
The total costs related to right-of-use assets are as follows:
x \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t \u20ac 1.000\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation costs of rented office buildings \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t358 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t279\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation costs of leased vehicle fleet \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t422 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t375\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal depreciation costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t780 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t654\n\t\t\t\t\t\t\t\t\t
Total expenditures related to lease liabilities
The total expenditures related to lease liabilities are as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tx \u20ac 1.000\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLease payments for rented office buildings \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t449 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t223\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLease payments for leased vehicle fleet \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t369 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t551\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal lease payments \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t818 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t774\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest payments on right-of-use assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t127 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t105\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t945 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t879\n\t\t\t\t\t\t\t\t\t
Interest expense on right-of-use assets 127 105
907 759
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNature of lease activities\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tNumber of right- of-use assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tRemaining term (years) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tNumber contracts option renewal \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tNumber contracts buy option\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOffice buildings \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t12 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t12 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tVehicle fleet \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t58 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
Depreciation periods
For the right-of-use assets, depreciation is based on the lease and rental terms.
26. Lease liabilities
The movements in lease liabilities 2025 are as follows:
x \u20ac 1.000
The portion due in 2025 is included under current liabilities. The portion due in 2026 and subsequent
years is presented here as a non-current liability.
Office Vehicle
buildings fleet Total
Balance as of 1 January 872 1.110 1.982
Acquisitions through business combinations 231 - 231
New lease liabilities and modifications 365 405 770
Lease payments -449 -369 -818
Balance as of 31 December 1.019 1.146 2.165
Lease payments next year -419 -432 -851
Long-term portion as of 31 December 600 714 1.314 The movements in lease liabilities 2024 are as follows:
x \u20ac 1.000
Maturity analysis of lease liabilities
The breakdown of lease liabilities as of 31 December 2025, is as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tx \u20ac 1.000\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t<1 year \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1 - 5 years \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t> 5 years \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOffice buildings \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t421 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t530 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t48 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t999\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tVehicle fleet \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t432 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t553 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t160 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.145\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t853 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.083 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t208 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.144\n\t\t\t\t\t\t\t\t\t
The breakdown of lease liabilities as of 31 December 2024, is as follows:
x \u20ac 1.000
In the notes to lease liabilities and other long-term liabilities, different time classifications have been
used. For leases, a breakdown into <1 year, 1 \u20135 years, and >5 years has been chosen, in line with the
presentation of the lease liability in the balance sheet. For other long-term liabilities, a more detailed
breakdown (1 year, 2 years, 2 \u2013 5 years, >5 years) has been applied, consistent with the contractual
maturity structure. This approach aligns with the nature and timing of the underlying cash flows.
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tOffice buildings \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tVehicle fleet \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 1 January \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t965 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t772 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.737\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNew lease liabilities and modifications \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t130 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t889 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.019\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLease payments \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-223 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-551 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-774\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 31 December \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t872 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.110 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.982\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLease payments next year \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-283 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-376 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-659\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLong-term portion as of 31 December \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t589 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t734 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.323\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t<1 year \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1 - 5 years \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t> 5 years \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOffice buildings \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t283 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t589 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t872\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tVehicle fleet \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t376 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t734 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.110\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t659 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.323 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.982\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf323_1": { "value": "Securities granted on tangible fixed assets
The carrying amount of tangible fixed assets pledged as security to external financiers is \u20ac 767 thousand
(2024: \u20ac 853 thousand).
Securities granted on trade receivables
The trade receivables of Novisource with a value of \u20ac 326 thousand (2024: \u20ac 324 thousand) have been
pledged as (silent) collateral to Rabobank for the credit facility. The trade receivables of PIDZ with a value
of \u20ac 2,4 million (2024: \u20ac 2,0 million) have been pledged as (silent) collateral to ING Bank NV for the credit
facility. The trade receivables of ICE with a value of \u20ac 770 thousand (2024: \u20ac 983 thousand) and kWh with
a value of \u20ac 826 thousand have been pledged as (silent) collateral to Rabobank for the credit facility.
Securities
Securities related to the ING Bank NV acquisition financing include a first-ranking pledge on the shares in
PIDZ Holding BV and its subsidiaries, a first-ranking pledge on business equipment, other business assets,
receivables from trade debtors and inventories, and a first-ranking pledge on all trademark rights and
other intellectual property rights of PIDZ Holding BV and its subsidiaries.
With respect to the Rabobank financing provided to Kalice, the following securities have been granted by
the Borrowers: a pledge on all current and future business assets, all current and future means of
transport, all current and future inventories, all current and future rights/receivables with all rights and
securities related to these rights/receivables, including all rights under insurance contracts, and all
current and future registered shares in the issued capital of ICE and kWh, with all rights attached to these
shares and resulting claims, financial rights, and other rights.
Non-disposal clause
Under the terms of the ING Bank NV acquisition financing, dividend payments of up to 50% of excess cash
flow are permitted provided the senior net leverage does not exceed 1,5 at the time of payment.
Under the terms of the Rabobank financing, dividend payments are permitted from free cash flow after
meeting financing obligations, provided that the Senior debt/EBITDA ratio does not exceed 1.5x at the time
of, or as a result of, such payment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf324_1": { "value": "Depreciation periods
For the right-of-use assets, depreciation is based on the lease and rental terms.
20. Deferred tax assets and liabilities
The temporary differences between the valuation of assets and liabilities for financial reporting and their
tax base give rise to the recognition of deferred tax assets and liabilities. These temporary differences
relate to valuation differences concerning other intangible and tangible fixed assets, right-of-use assets,
capitalized forward loss carryforwards, and lease liabilities.
The movements in deferred tax liabilities and assets are fully recognized through the consolidated
income statement. There are no movements that are directly recognized through other comprehensive
income or directly in equity. The movements in deferred tax assets and liabilities in 2025 are as follows:
x \u20ac 1.000
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tCarrying amount 1 January 2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tEffect of tax rate change \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tAcquisition through business combi- nations \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tAddition \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tWith- drawal \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tCarrying amount 31 December 2025\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tFixed assets\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther intangible fixed assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.037 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-273 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-17 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t316 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.011\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRight-of-use assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t15 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-1 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCompensable losses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t208 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t17 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-143 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t107\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal deferred tax liabilities and assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.814 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-248 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t172 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.890\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDeferred tax assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t223 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t17 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-144 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t121\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDeferred tax liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.037 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-273 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-17 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t316 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.011\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.814 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-248 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t172 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.890\n\t\t\t\t\t\t\t\t\t
The movements in deferred tax assets and liabilities in 2024 are as follows:
x \u20ac 1.000
Right-of-use assets
The deferred tax asset as of 31 December 2025, of \u20ac 14 thousand (2024: \u20ac 15 thousand) consists of a
deferred tax asset of \u20ac 564 thousand (2024: \u20ac 511 thousand) for the difference between the commercial
and tax valuation of lease liabilities and a deferred tax liability of \u20ac 550 thousand (2024: \u20ac 496
thousand) for the difference between the commercial and tax valuation of right-of-use assets.
Compensable losses
The composition of compensable losses is as follows:
x \u20ac 1.000
The balance of tax losses eligible for forward loss carryforward as of 31 December 2025, is \u20ac 2.112
thousand (2024: \u20ac 2.606 thousand). These losses are unlimitedly carried forward. The forward losses can
only be offset against profits of the respective company. The Group has estimated in the valuation of the
deferred tax that 20% (2024: 31%) of the compensable losses will be recoverable in the future. \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tCarrying amount 1 January 2024 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tEffect of tax rate change \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tAcquisition through business combi- nations \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tAddition \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tWith- drawal \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tCarrying amount 31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tFixed assets\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther intangible fixed assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.623 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t586 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.037\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRight-of-use assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-38 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t45 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t15\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCompensable losses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t97 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t143 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-32 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t208\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal deferred tax liabilities and assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.518 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t105 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t599 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.814\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDeferred tax assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t105 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t105 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t13 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t223\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDeferred tax liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.623 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t586 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.037\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.518 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t105 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t599 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.814\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tCompen- sable loss \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tExpected to be compen- sable \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tRate \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tDeferred tax asset\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tFiscal unity Almunda Professionals \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.695 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25,80% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tForward losses Qrabbl \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t267 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t267 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25,80% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t69\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tForward losses PIDZ Detachering \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t52 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t52 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25,80% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t13\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tForward losses SureCare Holding \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t98 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t98 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25,80% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.112 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t417 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t107\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf325_1": { "value": "21. Receivables from associates and joint ventures
The receivables from associates and joint ventures related to fixed and current receivables granted to
SureCare, a 50% participation of PIDZ that was accounted for using the equity method until 30 September
2025.
Business combination
On 1 October 2025, PIDZ acquired the remaining 50% interest in SureCare Holding BV, resulting in full
consolidation of SureCare as a group company from that date. Prior to consolidation, repayments of
\u20ac 100 thousand were received on the loan during 2025. Upon consolidation, the remaining intercompany
receivables of \u20ac 263 thousand were eliminated in full.
Release of provision
In prior years, a provision of \u20ac 146 thousand had been recognized against the receivables from SureCare.
This provision originated from an equity correction recorded as of 1 January 2022 and was not recognized
through profit or loss. As SureCare became a group company on 1 October 2025 and the underlying
intercompany receivables were eliminated upon consolidation, the basis for this provision ceased to
exist. Consistent with the original recognition, the provision has been released directly to retained
earnings without impact on profit or loss. Reference is made to note 25. Equity for further details
. x \u20ac 1.000 \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 1 January \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t363 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRefinancing \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t483\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRepayments received \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-100 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-120\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t263 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t363\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tElimination due to consolidation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-263 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLess: provision for expecte credit loss \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-146\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLess: negative value of participation under the equity method \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-55\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 31 December \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t162\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRepayments to be received next year \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-120\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t42\n\t\t\t\t\t\t\t\t\t
Participation SureCare
The participation SureCare is accounted for as follows:
x \u20ac 1.000
The summarized financial information of SureCare for the period 1 January till 30 September 2025
(accounted for using the equity method) is as follows (2024 full financial year):
x \u20ac 1.000
Receivables from participations under current assets
The movements in receivables from participations (current) are as follows:
x \u20ac 1.000
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 1 January \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-55 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-136\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tResult after tax \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t81\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRemeasurement to fair value \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t95 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAcquisition of remaining 50% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t54 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tReclass to subsidiary \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-108 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-55\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tProvision \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t55\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 31 December \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNet result from continuing operations \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t81\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tResult from discontinued operations \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal result for the period attributable to shareholders \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t81\n\t\t\t\t\t\t\t\t\t
2025 2024
Net revenue 1.451 2.676
Result after tax 27 162
Total assets 485 752 \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLoan to joint venture SureCare \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t50\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRepayments to be received next year \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t120\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest to be received \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t38\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t208\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf326_1": { "value": "22. Trade receivables and other receivables
Trade receivables and other receivables are as follows:
x \u20ac 1.000 \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade receivables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.966 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.095\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRevenue yet to be invoiced \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.705 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.699\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther receivables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t756 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t636\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7.427 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.430\n\t\t\t\t\t\t\t\t\t
Trade receivables
The trade receivables are as follows:
x \u20ac 1.000
Provision for expected credit losses
Trade receivables are valued net of expected credit losses. The movements in the provision for expected
credit losses are as follows:
x \u20ac 1.000
Trade receivables have a nominal term of less than one year. For the securities obtained, reference is
made to the note on securities granted on trade receivables. The total trade receivables amount to
\u20ac 3.966 thousand as of 31 December 2025 (31 December 2024: \u20ac 3.095 thousand).
The aging of trade receivables as of the balance sheet date is as follows:
x \u20ac 1.000 \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade receivables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.106 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.311\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLess: provision for expected credit losses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-140 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-216\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.966 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.095\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 1 January \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t216 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t142\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAdditions charged to the income statement \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t79\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tWithdrawals charged to the provision \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-5\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tReversals credited to the income statement \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-76 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 31 December \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t140 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t216\n\t\t\t\t\t\t\t\t\t
31 31
December December
2025 2024
Net expired and not provided for 3.050 2.678
Expired and not provided for
< 30 days 489 306
31-60 days 436 65
61-90 days -33 55
> 90 days 164 207
4.106 3.311
Less: provision for expected credit losses -140 -216
Total 3.966 3.095 Credit risk on trade receivables
The credit risk on trade receivables as of the balance sheet date is as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tx \u20ac 1.000\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31-60 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t61-90 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t> 90\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tExpected credit risk as of 31 December 2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tdays \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tdays \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tdays \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tExpected credit risk \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t20% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t0% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t32% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25%\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tGross amount \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t436 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-33 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t164 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t567\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tExpected credit risk \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t87 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t53 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t140\n\t\t\t\t\t\t\t\t\t
Securities granted on trade receivables
The trade receivables of Novisource with a value of \u20ac 326 thousand (2024: \u20ac 324 thousand) have been
pledged as (silent) collateral to Rabobank for the credit facility. The trade receivables of PIDZ with a value
of \u20ac 2,4 million (2024: \u20ac 2,0 million) have been pledged as (silent) collateral to ING Bank NV for the credit
facility. The trade receivables of ICE with a value of \u20ac 770 thousand (2024: \u20ac 983 thousand) and kWh with
a value of \u20ac 826 thousand have been pledged as (silent) collateral to Rabobank for the credit facility.
Other receivables
Other receivables are as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tx \u20ac 1.000\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSecurity deposits \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t110 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t106\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPrepaid expenses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t491 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t468\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther receivables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t155 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t62\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t756 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t636\n\t\t\t\t\t\t\t\t\t
31-60 61-90 > 90
Expected credit risk as of 31 December 2024 days days days Total
Expected credit risk 29% 75% 75% 66%
Gross amount 65 55 207 327
Expected credit risk 19 41 156 216
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf327_1": { "value": "Credit risk on trade receivables
The credit risk on trade receivables as of the balance sheet date is as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tx \u20ac 1.000\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31-60 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t61-90 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t> 90\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tExpected credit risk as of 31 December 2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tdays \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tdays \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tdays \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tExpected credit risk \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t20% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t0% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t32% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25%\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tGross amount \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t436 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-33 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t164 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t567\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tExpected credit risk \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t87 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t53 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t140\n\t\t\t\t\t\t\t\t\t
31-60 61-90 > 90
Expected credit risk as of 31 December 2024 days days days Total
Expected credit risk 29% 75% 75% 66%
Gross amount 65 55 207 327
Expected credit risk 19 41 156 216
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf328_1": { "value": "23. Cash and cash equivalents
Cash and cash equivalents are as follows:
x \u20ac 1.000
The bank balances earn interest based on the daily rate.
Restricted cash and cash equivalents
The cash held in blocked accounts relates to G-accounts required under the Chain Liability Act.
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBank balances \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.047 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.448\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCash and cash equivalents in blocked accounts \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t229 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t218\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.276 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.666\n\t\t\t\t\t\t\t\t\t
Credit facilities
Novisource has a credit facility of \u20ac 750 thousand with Rabobank with a variable interest rate of 1 -month
Euribor + 3,75% and a commitment fee of 1,5% per year.
PIDZ has a credit facility of \u20ac 500 thousand with ING Bank NV with a variable interest rate of 1 -month
Euribor + 3,5% and a commitment fee of 1,5% per year.
Kalice has a credit facility of \u20ac 300 thousand with Rabobank with a variable interest rate of 1 -month
Euribor + 3,00% and a commitment fee of 1,0% per year.
For the amounts drawn, the remaining available capacity per credit facility, and the securities provided,
reference is made to the note on \"Off-balance sheet obligations and assets\".
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf329_1": { "value": "Restricted cash and cash equivalents
The cash held in blocked accounts relates to G-accounts required under the Chain Liability Act.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf330_1": { "value": "Credit facilities
Novisource has a credit facility of \u20ac 750 thousand with Rabobank with a variable interest rate of 1 -month
Euribor + 3,75% and a commitment fee of 1,5% per year.
PIDZ has a credit facility of \u20ac 500 thousand with ING Bank NV with a variable interest rate of 1 -month
Euribor + 3,5% and a commitment fee of 1,5% per year.
Kalice has a credit facility of \u20ac 300 thousand with Rabobank with a variable interest rate of 1 -month
Euribor + 3,00% and a commitment fee of 1,0% per year.
For the amounts drawn, the remaining available capacity per credit facility, and the securities provided,
reference is made to the note on \"Off-balance sheet obligations and assets\".
25. Loans and borrowings
Movement overview of loans and borrowings
The movement in loans and credit facilities in 2025 is as follows:
x \u20ac 1.000
The movement in loans and credit facilities in 2024 is as follows:
x \u20ac 1.000
For further details on the financial risks associated with interest-bearing loans and the financial risk
management applied by the Group to mitigate these risks, reference is made to the note \"Management
of financial risks\".
ING Bank NV acquisition financing
The term of the financing agreement with ING Bank ends on 1 July 2026. A repayment of \u20ac 625 thousand
is made quarterly on the first day of each quarter. The interest (3-month EURIBOR + 3,25%) is payable
quarterly in arrears and is due no later than the first day of the following quarter. Securities include a
first-ranking pledge on the shares in PIDZ and its subsidiaries, a first-ranking pledge on business Long
Carrying term
Carrying Carrying Re- portion
amount amount as of payments as of
af of Drawn Re- 31 next 31
1 January funds payments December year December
ING Bank N.V. acquisition loan 4.375 - -2.500 1.875 -1.875 -
Rabobank acquisition loan 1.100 2.600 -1.232 2.468 -529 1.939
Subordinated loans minority
shareholders 3.300 - - 3.300 -3.300 -
Credit facility majority
shareholder 1.265 2.730 - 3.995 - 3.995
Current account
minority shareholders 700 - - 700 -700 -
10.740 5.330 -3.732 12.338 -6.404 5.934 Long
Carrying term
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tCarrying \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tCarrying \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tRe- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tportion\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tamount \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tamount as of \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tpayments \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tas of\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tas of \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tDrawn \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tRe- 31 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tnext \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1 January \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tfunds \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tpayments \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tDecember \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tyear \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tDecember\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tING Bank N.V. acquisition loan \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6.875 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.500 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.375 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.500 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.875\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRabobank acquisition loan \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.500 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-400 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.100 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-400 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t700\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSubordinated loans minority shareholders \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.300 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.300 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.300\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCredit facility majority shareholder \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.265 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.265 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.265\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrent account minority shareholders \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t700 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t700 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t700\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t12.375 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.265 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.900 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10.740 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.900 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7.840\n\t\t\t\t\t\t\t\t\t
equipment, other business assets, receivables from trade debtors and inventories, and a first -ranking
pledge on all trademark rights and other intellectual property rights of PIDZ and its subsidiaries. The
remaining term of this financing is 0,75 years.
The loan for PIDZ is subject to financial covenants, including a Senior Net Leverage Ratio of maximum 1,5
and a Debt Service Cover Ratio (DSCR) of at least 1,2. These covenants are assessed quarterly and apply
solely to the financial position of PIDZ. As of 31 December 2025, all covenants have been complied with.
Given the remaining term of 0,75 years, the full outstanding balance of \u20ac 1.875 thousand is classified as
current. Dividend payments of up to 50% of excess cash flow are permitted, provided the Senior Net
Leverage Ratio does not exceed 1,5 at the time of payment.
Rabobank acquisition financing
During 2025, the existing Rabobank acquisition financing (opening balance: \u20ac 1.100 thousand) was repaid
in nine monthly instalments of \u20ac 33 thousand by ICE Groep BV, reducing the outstanding balance to
\u20ac 800 thousand. This balance was subsequently refinanced through a new financing agreement entered
into by Kalice Group BV with Rabobank in September 2025.
Under the new agreement, Rabobank provided a term loan of \u20ac 2.600 thousand to Kalice Group BV, of
which \u20ac 800 thousand was applied to refinance the existing ICE facility and \u20ac 1.800 thousand represents
additional proceeds used to finance the acquisition of shares in kWh Management BV. The loan is repaid
in 60 monthly instalments of \u20ac 44 thousand, commencing on the drawdown date. Three instalments
were made in 2025, resulting in a closing balance of \u20ac 2.468 thousand at 31 December 2025, of which
\u20ac 529 thousand is due within one year.
The interest rate is fixed at 4,93% per annum for a period of five years from the drawdown date. Securities
include a first pledge on all current and future business assets, inventories and rights/receivables of the
group, including all rights under insurance contracts, and a first pledge on all current and future
registered shares in the issued capital of kWh Management BV, with all rights attached to these shares
and resulting claims, financial rights and other rights. Dividend payments from excess cash f low are
permitted provided the Senior debt/EBITDA ratio does not exceed 1,5 at the time of payment.
Subordinated loans from minority shareholders
The term of the subordinated loans from minority shareholders ends on 1 October 2026. The interest rate
is fixed at 6,0%. Interest payments are made annually from the excess cash flow of PIDZ, provided the
covenants of ING Bank NV are met.
Credit facility from majority shareholder
Almunda Professionals has a current account credit facility provided by majority shareholder Value8 with
a maximum credit limit of \u20ac 5 million. The credit facility carries an interest rate of 7% per year and has no
mandatory repayments during its term. The credit was entered into on 19 April 2024, for an indefinite
period and can be terminated by the lender after 48 months, at which point the outstanding balance
becomes immediately due. The facility is used to finance the operations and funding needs of gro up
companies.
Current accounts from minority shareholders
The term of the current accounts from minority shareholders is indefinite. The interest rate is fixed at 1,5%.
Repayments are made from the excess cash flow of PIDZ, provided the covenants of ING Bank NV are
met.
Maturity analysis of loans and borrowings
The overview below shows the remaining term of the loans, broken down by contractual maturity dates,
calculated from the balance sheet date (31 December 2025). \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tx \u20ac 1.000\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tING Bank N.V. acquisition loan \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t< 1 year 1.875 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1-2 years - \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2-5 years - \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t> 5 years - \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal 1.875\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRabobank acquisition loan Subordinated loans minority shareholders \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t529 3.300 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t529 - \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.410 - \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- - \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.468 3.300\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCredit facility majority shareholder Current account minority shareholders \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- 700 6.404 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- - 529 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.996 - 5.406 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- - - \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.996 700 12.339\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tThe table below shows the comparable maturity analysis of loans as of 31 December 2024. x \u20ac 1.000\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t< 1 year \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1-2 years \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2-5 years \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t> 5 years \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tING Bank N.V. acquisition loan Rabobank acquisition loan Subordinated loans minority shareholders \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.500 400 - \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.875 700 3.300 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- - - \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- - - \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.375 1.100 3.300\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
Credit facility majority shareholder - - 1.265 - 1.265
Current account minority shareholders - 700 - - 700
2.900 6.575 1.265 - 10.740 27. Long-term tax liabilities
The movements in the item long-term tax liabilities are as follows:
x \u20ac 1.000
In 2020, the Tax Authorities granted Almunda Professionals and Novisource exceptional deferral for
corporate income tax, value added tax, and payroll tax due to the outbreak of the COVID-19 pandemic,
amounting to \u20ac 2,4 million. As of 1 October 2022, repayment has commenced in 60 fixed installments. The \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 1 January \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.388 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.860\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRepayments during the financial year \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-490 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-472\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 31 December \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t898 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.388\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRepayment obligation next year \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-506 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-490\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLong-term portion as of 31 December \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t392 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t898\n\t\t\t\t\t\t\t\t\t
long-term portion, amounting to \u20ac 898 thousand (2024: \u20ac 1,4 million), is included under the item long -
term tax liabilities.
Interest on the amount of the granted exceptional deferral is payable. This interest was temporarily
reduced to 0,01% per year from 23 March 2020, and has been gradually increased back to its previous
level since 1 July 2022. As of 1 July 2022, the annual collection interest rate was set at 1%, rising to 2% on 1
January 2023, and then in two steps reaching 4% on 1 January 2024. The calculation of the installments
has taken this interest schedule into account.
28. Other liabilities
Stay bonus provision
This liability relates to a contractual stay bonus arrangement with one employee of kWh. The bonus of
\u20ac 72 thousand is payable provided the employee remains employed with the company through 1
January 2027. Should the employee leave prior to that date, no payment will be made.
The liability has been recognized at nominal value, given the relatively short remaining term of
approximately 18 months. No discounting has been applied as the time value of money is not considered
material over this period.
29. Borrowings from credit institutions
Borrowings from credit institutions are as follows:
x \u20ac 1.000
Novisource and Kalice have a current account facility with Rabobank. For the amounts drawn, the
remaining available capacity per credit facility, and the securities provided, reference is made to the
note on \"Off-balance sheet obligations and assets\". \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tDecember \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tDecember\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDebts to credit institutions \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t695 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t712\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tFunds in transit \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t695 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t712\n\t\t\t\t\t\t\t\t\t
Financing
Credit facilities
Novisource has a current account facility with Rabobank with a maximum credit limit of \u20ac 750 thousand
and a variable interest rate of 1-month Euribor + 3,75% and a commitment fee of 1,5% per year. The facility
has no fixed term and can be terminated by Rabobank subject to the contractual conditions. As of
December 31, 2025, \u20ac 695 thousand has been drawn, leaving a remaining available capacity of \u20ac 55
thousand. The credit facility is used to finance the working capital needs of Novisource. Securities have
been granted in the form of pledges on trade receivables of group companies. No financial covenants
apply to this facility.
PIDZ has a current account facility with ING Bank N.V. with a maximum credit limit of \u20ac 500 thousand, a
variable interest rate of 1-month Euribor plus a margin of 3,5%, and a commitment fee of 1,5% per year.
The facility has no fixed term and can be terminated by ING subject to the contractual conditions. No use
was made of this facility during the financial year, leaving the full capacity of \u20ac 500 thousand available
as of December 31, 2025. Securities have been granted in the form of pledges on trade receivables of
PIDZ. No financial covenants apply to this facility.
Kalice has a current account facility with Rabobank with a maximum credit limit of \u20ac 300 thousand, a
variable interest rate of 1-month Euribor plus a margin of 3,00%, and a commitment fee of 1,0% per year.
The facility has no fixed term and can be terminated by Rabobank subject to the contractual conditions.
No use was made of this facility during the financial year, leaving the full capacity of \u20ac 300 thousand
available as of 31 December 2025. Securities have been granted in the form of pledges on trade
receivables of ICE and kWh. No financial covenants apply to this facility.
On 19 April 2024, Almunda Professionals entered into a current account credit financing agreement with
its majority shareholder Value8. The facility has a maximum credit limit of \u20ac 5 million and carries a fixed
interest rate of 7% per year, payable in annual installments in arrears. The agreement is entered into for
an indefinite period and can be terminated by Value8 subject to a minimum term of 48 months. The
facility may be used to finance the operations of Almunda Professionals and to meet the financing needs
of the group companies Novisource, PIDZ, and Kalice. As of 31 December 2025, the drawn balance
amounts to \u20ac 3.996 thousand, leaving a remaining available capacity of \u20ac 1.004 thousand. Value8 may
demand securities at first request, and Almunda Professionals may not grant securities to third parties
without prior consent from Value8. Likewise, prior approval is required for dividend payments. No financial
covenants have been agreed. Securities
Securities related to the ING Bank NV acquisition financing include a first-ranking pledge on the shares in
PIDZ Holding BV and its subsidiaries, a first-ranking pledge on business equipment, other business assets,
receivables from trade debtors and inventories, and a first-ranking pledge on all trademark rights and
other intellectual property rights of PIDZ Holding BV and its subsidiaries.
With respect to the Rabobank financing provided to Kalice, the following securities have been granted by
the Borrowers: a pledge on all current and future business assets, all current and future means of
transport, all current and future inventories, all current and future rights/receivables with all rights and
securities related to these rights/receivables, including all rights under insurance contracts, and all
current and future registered shares in the issued capital of ICE and kWh, with all rights attached to these
shares and resulting claims, financial rights, and other rights.
Non-disposal clause
Under the terms of the ING Bank NV acquisition financing, dividend payments of up to 50% of excess cash
flow are permitted provided the senior net leverage does not exceed 1,5 at the time of payment.
Under the terms of the Rabobank financing, dividend payments are permitted from free cash flow after
meeting financing obligations, provided that the Senior debt/EBITDA ratio does not exceed 1.5x at the time
of, or as a result of, such payment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf331_1": { "value": "24. Equity
The issued share capital of the company is \u20ac 11 million. The issued share capital is divided into:
\u2022 40 million ordinary shares A of \u20ac 0,10;
\u2022 60 million ordinary shares B of \u20ac 0,10; and
\u2022 10 million cumulative preference shares C of \u20ac 0,10.
All shares are equally entitled to dividends and repayment of capital and carry one vote at the
shareholders' meeting of Almunda Professionals.
The table below shows the outstanding number of shares of Almunda Professionals. The B shares are
included in the listing. There are no outstanding C shares.
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNumber x 1\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 \n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tDecember \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tDecember \n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024 \n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tShares A \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.769.199 \n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tShares B \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t22.272.813 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t19.282.166 \n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t22.272.813 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t21.051.365 \n\t\t\t\t\t\t\t\t\t
Issued share capital
The movements in the issued share capital are as follows:
x \u20ac 1.000
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tShares A \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tShares B \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal \n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024 \n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOutstanding as of 1 January \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t177 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t168 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.928 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.834 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.105 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.002 \n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIssuance of shares \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t12 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t12 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPaid dividend \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t38 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t9 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t72 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t94 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t110 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t103 \n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tConversion of A to B \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-227 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t227 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOutstanding as of 31 December fully paid \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t177 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.227 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.928 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.227 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.105\n\t\t\t\t\t\t\t\t\t
(Stock) dividend
On 23 June 2025, Almunda Professionals N.V. distributed a choice dividend of \u20ac 0,06 per ordinary share
(ex-date 30 May 2025), offering shareholders the option between cash and stock. The default was stock
dividend, issued at a ratio of 1 new share for every 17 existing shares.
Stock dividend
In total, 821.904 new shares were issued as stock dividend, comprising 104.070 shares A and 717.834
shares B. The stock dividend has been charged to the share premium reserves at nominal value of \u20ac 0,10
per share, consistent with prior years.
Share premium
x \u20ac 1.000
Retained earnings
x \u20ac 1.000
Share issuance
During the financial year, Almunda issued 124,403 class A shares to shareholder Value8 N.V. in exchange
for the delivery of 124,403 class B shares. This transaction was carried out entirely within equity and had
no impact on total equity.
Dividend paid
On 23 June 2025, \u20ac 17 thousand (including dividend tax) was paid as cash dividend to shareholders.
Non-distributable reserves
A portion of the equity is not freely available for distribution to shareholders. This relates to a legal reserve
formed under Title 9, Book 2 of the Dutch Civil Code in connection with capitalized development costs at
a subsidiary. At the group level, thi s amounts to \u20ac 1.346 thousand, representing 80% of the legal reserve of
\u20ac 1.584 thousand formed at the subsidiary. Under IFRS, this legal reserve is not presented separately in
the consolidated equity, but attention is drawn to it in this note.
Non-controlling interests
Almunda Professionals has three participations with a material non-controlling interest:
x \u20ac 1.000 \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tShares A \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tShares B \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 1 January \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.018 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.027 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.930 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.024 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.948 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6.051\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIssuance of shares \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t135 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t135 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPaid dividend \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-38 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-9 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-72 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-94 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-110 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-103\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 31 December \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.115 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.018 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.858 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.930 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.973 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.948\n\t\t\t\t\t\t\t\t\t
2025 2024
Balance as of 1 January 4.599 4.987
Issuance of A shares against non-monetary contribution by shareholder -147 -
Paid dividend -17 -27
Result for the period attributable to shareholders -579 -361
Release of provision on SureCare receivables (note 21) 118 -
Balance as of 31 December 3.974 4.599 As of 1 October 2025, ICE Groep BV was contributed into the newly incorporated intermediate holding
company Kalice Group BV (transaction under common control). The non-controlling interest in ICE (30%,
J&J) was deconsolidated as of that date; simultaneously, a non-controlling interest of 30% in Kalice (J&J
15%, KWPH 15%) was recognised. Refer to note 16 for further details on this restructuring.
x \u20ac 1.000 \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tShare of result \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tShare non-controlling interests\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCompany \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tInterest \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPIDZ \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t20% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t63 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t255 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.247 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.192\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tKalice \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t30% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t101 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t845 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tICE \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t30% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t144 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t79 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t460\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t308 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t334 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.092 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.652\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 1 January \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.652 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.408\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDividends declared to non-controlling interests \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-90\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tResult for the period attributable to non-controlling interests \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t308 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t334\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tGoodwill SureCare Holding B.V. \u2014 NCI share (partial goodwill method, 20%) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-37\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNCI share of release of provision on SureCare receivables (20%) (Note 21) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t29\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDeconsolidation ICE \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-604\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tFirst consolidation Kalice \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t744\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 31 December \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.092 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.652\n\t\t\t\t\t\t\t\t\t
Non-controlling interest in PIDZ
Below is the summarized financial information of the material non-controlling interest PIDZ, prior to any
intra-group eliminations:
x \u20ac 1.000 \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPercentage of non-controlling interest \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t20% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t20%\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNon-current assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t12.025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t13.004\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrent assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6.093 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8.118\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNon-current liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.744 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-8.961\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrent liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-9.140 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-6.198\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNet assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6.234 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.963\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCarrying amount of non-controlling interest \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.247 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.192\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRevenue \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t12.739 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14.643\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tProfit or loss \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t315 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.279\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUnrealized results \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tProfit or loss and unrealized results \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t315 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.279\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tResult attributable to non-controlling interest \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t63 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t255\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUnrealized results attributable to non-controlling interest \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCash flow from operating activities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.734 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.046\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCash flow from investing activities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-1.713 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t29\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCash flow from financing activities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.330 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.366\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNet increase or decrease in cash and cash equivalents \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-1.309 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t709\n\t\t\t\t\t\t\t\t\t
Non-controlling interest in ICE
Below is the summarized financial information of the material non-controlling interest ICE, prior to any
intra-group eliminations:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tx \u20ac 1.000\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPercentage of non-controlling interest \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t30% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t30%\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNon-current assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.752 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.933\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrent assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.585 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.584\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNon-current liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-831 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-1.789\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrent liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.494 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.196\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNet assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.012 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.532\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCarrying amount of non-controlling interest \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t604 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t460\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRevenue \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8.604 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t9.602\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tProfit or loss \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t481 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t262\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUnrealized results \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tProfit or loss and unrealized results \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t481 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t262\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tResult attributable to non-controlling interest \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t144 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t79\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUnrealized results attributable to non-controlling interest \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCash flow from operating activities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t907 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t392\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCash flow from investing activities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-20 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-36\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCash flow from financing activities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-825 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-801\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNet increase or decrease in cash and cash equivalents \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t62 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-445\n\t\t\t\t\t\t\t\t\t
Non controlling interest in Kalice
Below is the summarized financial information of the material non-controlling interest Kalice, prior to any
intra-group eliminations:
x \u20ac 1.000 \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPercentage of non-controlling interest \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t30%\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNon-current assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.083\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrent assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6.113\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNon-current liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.496\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrent liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.881\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNet assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.819\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCarrying amount of non-controlling interest \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t846\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRevenue \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6.626\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tProfit or loss \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t336\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUnrealized results \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tProfit or loss and unrealized results \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t336\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tResult attributable to non-controlling interest \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t101\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUnrealized results attributable to non-controlling interest \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCash flow from operating activities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t169\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCash flow from investing activities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.261\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCash flow from financing activities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.820\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNet increase or decrease in cash and cash equivalents \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t728\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf332_1": { "value": "31 31 December December 2025 2024 Shares A - 1.769.199 Shares B 22.272.813 19.282.166 22.272.813 21.051.365 Issued share capital
The movements in the issued share capital are as follows:
x \u20ac 1.000
Shares A Shares B Total 2025 2024 2025 2024 2025 2024 Outstanding as of 1 January 177 168 1.928 1.834 2.105 2.002 Issuance of shares 12 - - - 12 - Paid dividend 38 9 72 94 110 103 Conversion of A to B -227 - 227 - - - Outstanding as of(Stock) dividend
On 23 June 2025, Almunda Professionals N.V. distributed a choice dividend of \u20ac 0,06 per ordinary share
(ex-date 30 May 2025), offering shareholders the option between cash and stock. The default was stock
dividend, issued at a ratio of 1 new share for every 17 existing shares.
Stock dividend
In total, 821.904 new shares were issued as stock dividend, comprising 104.070 shares A and 717.834
shares B. The stock dividend has been charged to the share premium reserves at nominal value of \u20ac 0,10
per share, consistent with prior years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf333_1": { "value": "(Stock) dividend
On 23 June 2025, Almunda Professionals N.V. distributed a choice dividend of \u20ac 0,06 per ordinary share
(ex-date 30 May 2025), offering shareholders the option between cash and stock. The default was stock
dividend, issued at a ratio of 1 new share for every 17 existing shares.
Stock dividend
In total, 821.904 new shares were issued as stock dividend, comprising 104.070 shares A and 717.834
shares B. The stock dividend has been charged to the share premium reserves at nominal value of \u20ac 0,10
per share, consistent with prior years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf334_1": { "value": "Share premium
x \u20ac 1.000
Retained earnings
x \u20ac 1.000
Share issuance
During the financial year, Almunda issued 124,403 class A shares to shareholder Value8 N.V. in exchange
for the delivery of 124,403 class B shares. This transaction was carried out entirely within equity and had
no impact on total equity.
Dividend paid
On 23 June 2025, \u20ac 17 thousand (including dividend tax) was paid as cash dividend to shareholders.
Non-distributable reserves
A portion of the equity is not freely available for distribution to shareholders. This relates to a legal reserve
formed under Title 9, Book 2 of the Dutch Civil Code in connection with capitalized development costs at
a subsidiary. At the group level, thi s amounts to \u20ac 1.346 thousand, representing 80% of the legal reserve of
\u20ac 1.584 thousand formed at the subsidiary. Under IFRS, this legal reserve is not presented separately in
the consolidated equity, but attention is drawn to it in this note.
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tShares A \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tShares B \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 1 January \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.018 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.027 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.930 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.024 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.948 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6.051\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIssuance of shares \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t135 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t135 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPaid dividend \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-38 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-9 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-72 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-94 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-110 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-103\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 31 December \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.115 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.018 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.858 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.930 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.973 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.948\n\t\t\t\t\t\t\t\t\t
2025 2024
Balance as of 1 January 4.599 4.987
Issuance of A shares against non-monetary contribution by shareholder -147 -
Paid dividend -17 -27
Result for the period attributable to shareholders -579 -361
Release of provision on SureCare receivables (note 21) 118 -
Balance as of 31 December 3.974 4.599 ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf335_1": { "value": "Non-controlling interests
Almunda Professionals has three participations with a material non-controlling interest:
x \u20ac 1.000 As of 1 October 2025, ICE Groep BV was contributed into the newly incorporated intermediate holding
company Kalice Group BV (transaction under common control). The non-controlling interest in ICE (30%,
J&J) was deconsolidated as of that date; simultaneously, a non-controlling interest of 30% in Kalice (J&J
15%, KWPH 15%) was recognised. Refer to note 16 for further details on this restructuring.
x \u20ac 1.000 \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tShare of result \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tShare non-controlling interests\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCompany \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tInterest \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPIDZ \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t20% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t63 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t255 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.247 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.192\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tKalice \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t30% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t101 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t845 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tICE \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t30% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t144 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t79 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t460\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t308 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t334 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.092 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.652\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 1 January \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.652 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.408\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDividends declared to non-controlling interests \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-90\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tResult for the period attributable to non-controlling interests \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t308 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t334\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tGoodwill SureCare Holding B.V. \u2014 NCI share (partial goodwill method, 20%) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-37\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNCI share of release of provision on SureCare receivables (20%) (Note 21) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t29\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDeconsolidation ICE \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-604\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tFirst consolidation Kalice \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t744\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 31 December \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.092 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.652\n\t\t\t\t\t\t\t\t\t
Non-controlling interest in PIDZ
Below is the summarized financial information of the material non-controlling interest PIDZ, prior to any
intra-group eliminations:
x \u20ac 1.000 \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPercentage of non-controlling interest \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t20% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t20%\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNon-current assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t12.025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t13.004\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrent assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6.093 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8.118\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNon-current liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.744 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-8.961\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrent liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-9.140 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-6.198\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNet assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6.234 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.963\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCarrying amount of non-controlling interest \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.247 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.192\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRevenue \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t12.739 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14.643\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tProfit or loss \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t315 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.279\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUnrealized results \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tProfit or loss and unrealized results \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t315 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.279\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tResult attributable to non-controlling interest \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t63 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t255\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUnrealized results attributable to non-controlling interest \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCash flow from operating activities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.734 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.046\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCash flow from investing activities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-1.713 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t29\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCash flow from financing activities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.330 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.366\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNet increase or decrease in cash and cash equivalents \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-1.309 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t709\n\t\t\t\t\t\t\t\t\t
Non-controlling interest in ICE
Below is the summarized financial information of the material non-controlling interest ICE, prior to any
intra-group eliminations:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tx \u20ac 1.000\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPercentage of non-controlling interest \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t30% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t30%\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNon-current assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.752 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.933\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrent assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.585 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.584\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNon-current liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-831 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-1.789\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrent liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.494 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.196\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNet assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.012 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.532\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCarrying amount of non-controlling interest \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t604 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t460\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRevenue \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8.604 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t9.602\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tProfit or loss \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t481 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t262\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUnrealized results \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tProfit or loss and unrealized results \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t481 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t262\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tResult attributable to non-controlling interest \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t144 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t79\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUnrealized results attributable to non-controlling interest \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCash flow from operating activities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t907 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t392\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCash flow from investing activities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-20 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-36\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCash flow from financing activities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-825 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-801\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNet increase or decrease in cash and cash equivalents \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t62 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-445\n\t\t\t\t\t\t\t\t\t
Non controlling interest in Kalice
Below is the summarized financial information of the material non-controlling interest Kalice, prior to any
intra-group eliminations:
x \u20ac 1.000 \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPercentage of non-controlling interest \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t30%\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNon-current assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.083\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrent assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6.113\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNon-current liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.496\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrent liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.881\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNet assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.819\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCarrying amount of non-controlling interest \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t846\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRevenue \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6.626\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tProfit or loss \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t336\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUnrealized results \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tProfit or loss and unrealized results \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t336\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tResult attributable to non-controlling interest \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t101\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUnrealized results attributable to non-controlling interest \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCash flow from operating activities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t169\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCash flow from investing activities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-3.261\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCash flow from financing activities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.820\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNet increase or decrease in cash and cash equivalents \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t728\n\t\t\t\t\t\t\t\t\t
Subordinated loans from minority shareholders
The term of the subordinated loans from minority shareholders ends on 1 October 2026. The interest rate
is fixed at 6,0%. Interest payments are made annually from the excess cash flow of PIDZ, provided the
covenants of ING Bank NV are met.
Credit facility from majority shareholder
Almunda Professionals has a current account credit facility provided by majority shareholder Value8 with
a maximum credit limit of \u20ac 5 million. The credit facility carries an interest rate of 7% per year and has no
mandatory repayments during its term. The credit was entered into on 19 April 2024, for an indefinite
period and can be terminated by the lender after 48 months, at which point the outstanding balance
becomes immediately due. The facility is used to finance the operations and funding needs of gro up
companies.
Current accounts from minority shareholders
The term of the current accounts from minority shareholders is indefinite. The interest rate is fixed at 1,5%.
Repayments are made from the excess cash flow of PIDZ, provided the covenants of ING Bank NV are
met.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf336_1": { "value": "Subordinated loans from minority shareholders
The term of the subordinated loans from minority shareholders ends on 1 October 2026. The interest rate
is fixed at 6,0%. Interest payments are made annually from the excess cash flow of PIDZ, provided the
covenants of ING Bank NV are met.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf337_1": { "value": "27. Long-term tax liabilities
The movements in the item long-term tax liabilities are as follows:
x \u20ac 1.000
In 2020, the Tax Authorities granted Almunda Professionals and Novisource exceptional deferral for
corporate income tax, value added tax, and payroll tax due to the outbreak of the COVID-19 pandemic,
amounting to \u20ac 2,4 million. As of 1 October 2022, repayment has commenced in 60 fixed installments. The \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 1 January \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.388 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.860\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRepayments during the financial year \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-490 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-472\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as of 31 December \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t898 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.388\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRepayment obligation next year \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-506 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-490\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLong-term portion as of 31 December \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t392 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t898\n\t\t\t\t\t\t\t\t\t
long-term portion, amounting to \u20ac 898 thousand (2024: \u20ac 1,4 million), is included under the item long -
term tax liabilities.
Interest on the amount of the granted exceptional deferral is payable. This interest was temporarily
reduced to 0,01% per year from 23 March 2020, and has been gradually increased back to its previous
level since 1 July 2022. As of 1 July 2022, the annual collection interest rate was set at 1%, rising to 2% on 1
January 2023, and then in two steps reaching 4% on 1 January 2024. The calculation of the installments
has taken this interest schedule into account.
30. Tax liabilities
The tax liabilities are as follows:
x \u20ac 1.000
In 2020, the Tax Authorities granted exceptional deferral for value added tax and payroll tax due to the
outbreak of the COVID-19 pandemic, amounting to \u20ac 2,4 million. As of 1 October 2022, repayment has
commenced, spread over a maximum period of 5 years. The short -term portion, amounting to \u20ac 506
thousand (2024: \u20ac 490 thousand), is included under the item short-term tax liabilities.
31 31
December December
2025 2024
Corporate income tax 165 712
Payroll taxes 480 416
Value added tax 1.196 1.014
Other taxes 18 -
1.859 2.142
Tax liabilities repayment obligation next year 506 490
2.365 2.632
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf338_1": { "value": "31. Trade payables and other liabilities
Trade payables and other liabilities are as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tx \u20ac 1.000\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade payables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.067 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.165\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tWages, salaries, and deferred compensation components \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.226 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t774\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAccrued interest to credit institutions \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t297\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tProvision for audit fees \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t270 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t320\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDebts to majority shareholder \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t165 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t30\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDebts to minority shareholders \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t221 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t299\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.087 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t432\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.067 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.317\n\t\t\t\t\t\t\t\t\t
A liability is classified as short-term if it is expected to be settled within twelve months. All \"Other
liabilities\" are short-term. The carrying amount of the other liabilities is virtually equal to their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf339_1": { "value": "Off-balance sheet obligations and assets
Off-balance sheet obligations related to the fiscal unity
Almunda Professionals NV is the head of the fiscal unity for corporate income tax and value added tax,
including Novisource Holding BV, Novisource BV, and Bridgelane BV.
PIDZ Holding BV is the head of the fiscal unity for corporate income tax with all its 100% participations.
Kalice Group BV is the head of the fiscal unity for corporate income tax and value added tax with all its
100% participations.
SureCare Holding BV is the head of the fiscal unity for corporate income tax and value added tax with all
its 100% participations.
Financing
Credit facilities
Novisource has a current account facility with Rabobank with a maximum credit limit of \u20ac 750 thousand
and a variable interest rate of 1-month Euribor + 3,75% and a commitment fee of 1,5% per year. The facility
has no fixed term and can be terminated by Rabobank subject to the contractual conditions. As of
December 31, 2025, \u20ac 695 thousand has been drawn, leaving a remaining available capacity of \u20ac 55
thousand. The credit facility is used to finance the working capital needs of Novisource. Securities have
been granted in the form of pledges on trade receivables of group companies. No financial covenants
apply to this facility.
PIDZ has a current account facility with ING Bank N.V. with a maximum credit limit of \u20ac 500 thousand, a
variable interest rate of 1-month Euribor plus a margin of 3,5%, and a commitment fee of 1,5% per year.
The facility has no fixed term and can be terminated by ING subject to the contractual conditions. No use
was made of this facility during the financial year, leaving the full capacity of \u20ac 500 thousand available
as of December 31, 2025. Securities have been granted in the form of pledges on trade receivables of
PIDZ. No financial covenants apply to this facility.
Kalice has a current account facility with Rabobank with a maximum credit limit of \u20ac 300 thousand, a
variable interest rate of 1-month Euribor plus a margin of 3,00%, and a commitment fee of 1,0% per year.
The facility has no fixed term and can be terminated by Rabobank subject to the contractual conditions.
No use was made of this facility during the financial year, leaving the full capacity of \u20ac 300 thousand
available as of 31 December 2025. Securities have been granted in the form of pledges on trade
receivables of ICE and kWh. No financial covenants apply to this facility.
On 19 April 2024, Almunda Professionals entered into a current account credit financing agreement with
its majority shareholder Value8. The facility has a maximum credit limit of \u20ac 5 million and carries a fixed
interest rate of 7% per year, payable in annual installments in arrears. The agreement is entered into for
an indefinite period and can be terminated by Value8 subject to a minimum term of 48 months. The
facility may be used to finance the operations of Almunda Professionals and to meet the financing needs
of the group companies Novisource, PIDZ, and Kalice. As of 31 December 2025, the drawn balance
amounts to \u20ac 3.996 thousand, leaving a remaining available capacity of \u20ac 1.004 thousand. Value8 may
demand securities at first request, and Almunda Professionals may not grant securities to third parties
without prior consent from Value8. Likewise, prior approval is required for dividend payments. No financial
covenants have been agreed. Securities
Securities related to the ING Bank NV acquisition financing include a first-ranking pledge on the shares in
PIDZ Holding BV and its subsidiaries, a first-ranking pledge on business equipment, other business assets,
receivables from trade debtors and inventories, and a first-ranking pledge on all trademark rights and
other intellectual property rights of PIDZ Holding BV and its subsidiaries.
With respect to the Rabobank financing provided to Kalice, the following securities have been granted by
the Borrowers: a pledge on all current and future business assets, all current and future means of
transport, all current and future inventories, all current and future rights/receivables with all rights and
securities related to these rights/receivables, including all rights under insurance contracts, and all
current and future registered shares in the issued capital of ICE and kWh, with all rights attached to these
shares and resulting claims, financial rights, and other rights.
Non-disposal clause
Under the terms of the ING Bank NV acquisition financing, dividend payments of up to 50% of excess cash
flow are permitted provided the senior net leverage does not exceed 1,5 at the time of payment.
Under the terms of the Rabobank financing, dividend payments are permitted from free cash flow after
meeting financing obligations, provided that the Senior debt/EBITDA ratio does not exceed 1.5x at the time
of, or as a result of, such payment.
Claims
Almunda Professionals is not involved in lawsuits of material nature or scope. Almunda Professionals has
taken out professional and business liability insurance for its activities. Additionally, a Directors and
Officers liability insurance has been arranged for the Board and the Supervisory Board.
Environmental and climate-related risks
Social awareness of environmental and climate issues has grown into a significant concern in recent
years. Although Almunda Professionals does not experience direct impacts from this in its service
delivery, it has been taking this into account in its operations for years, for example, by offering
employees alternative forms of transportation and aligning its procurement policy with environmentally
and climate-friendly products and their production. The Board judges that the effect of climate-related
risks does not have material implications for the items and disclosures, including judgments and
estimates, in the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf340_1": { "value": "Off-balance sheet obligations related to the fiscal unity
Almunda Professionals NV is the head of the fiscal unity for corporate income tax and value added tax,
including Novisource Holding BV, Novisource BV, and Bridgelane BV.
PIDZ Holding BV is the head of the fiscal unity for corporate income tax with all its 100% participations.
Kalice Group BV is the head of the fiscal unity for corporate income tax and value added tax with all its
100% participations.
SureCare Holding BV is the head of the fiscal unity for corporate income tax and value added tax with all
its 100% participations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf341_1": { "value": "Results per reporting segment
The Group applies segmentation based on the industry in which each organizational and legal entity
(vertical) operates. Each segment is managed separately by a local management team.
As of the financial year 2024, Almunda Professionals has adjusted the naming of its reporting segments
to better reflect the actual activities of the participations and the manner of internal management. For
Novisource, the name has been changed from \"IT Consultancy\" to \"Business & IT Professionals\", aligning
with the broader service offering of business consultancy, IT consultancy, and secondment of
professionals. Additionally, the segment names for PIDZ and ICE have been updated. For PIDZ, the
segment name has been changed from \"Matching Activities\" to \"Healthcare Professionals\", reflecting the
expansion of PIDZ\u2019s activities, which now include, alongside the mediation of independent healthcare
professionals (self-employed professionals), also secondment and temporary employment of
healthcare staff. The new name mirrors the broader service provision of PIDZ within the healthcare sector.
For ICE, the name has been changed from \"Utility Consultancy\" to \"Utility Professionals\", to account for t he
combination of consultancy and personnel services within the utilities sector. These changes ensure a
uniform and consistent presentation of segment information, in line with how the management of
Almunda Professionals steers the participations as indep endent entities (\"verticals\").
Almunda Professionals NV acts as a holding company and does not generate operational revenue itself.
For this reason, the holding activities are not reported as a separate segment. The table below includes
the reconciliation of the segment profit before tax of \u20ac 583 thousand (2024: \u20ac 1.067 thousand) to the
consolidated profit before tax of the Group of negative \u20ac 24 thousand (2024: \u20ac 447).
x \u20ac 1.000
The segment Business & IT Professionals encompasses the activities of Novisource (Novisource Holding
BV and its group companies), and the type or category of clients for the services is primarily in the
financial sector (banks, insurers, and pension funds) .
The segment Healthcare Professionals encompasses the activities of PIDZ (PIDZ Holding BV and its group
companies), and the type or category of clients for the services is predominantly in the healthcare
sector.
The segment Utility Professionals encompasses the activities of Kalice (ICE and kWh). The type or
category of clients for the services is primarily in the utility sector (network operators, suppliers, metering
companies, and program responsible parties within the energy sector). As of 1 October 2025, kWh has
been included in the segment Utility Professionals following its acquisition by Kalice. The results of kWh
are consolidated from the acquisition date and are therefore included in the segment figures for a period
of three months (October through December 2025).
The information used by the Board to assess progress and make decisions is based on these segments.
Each segment prepares a monthly financial report for the Board of Directors and Supervisory Board. The
Board of Directors evaluates the business performance per segment using this report (performance \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBusiness & IT Professionals \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-804 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-917\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tHealthcare Professionals \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t306 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.650\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUtility professionals \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.081 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t334\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal segments \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t583 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.067\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAlmunda Professionals (standalone, listed company) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-607 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-619\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tConsolidated result before tax \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-24 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t448\n\t\t\t\t\t\t\t\t\t
monitoring). The financial reporting includes segment information related to the income statement and
associated KPIs, the balance sheet, and working capital. The annual budget (year plan) and forecasts
are also prepared at the level of these segments. The primary performance measure used by the Group
is EBITDA. The local management teams provide an explanation of their segment\u2019s performance in this
report.
The accounting policies for the valuation and determination of results of the segments are consistent
with the policies applied in the preparation of these consolidated financial statements. The assets,
revenues, and results of a segment include items dire ctly attributable to that segment. Transactions
between companies belonging to the segments are conducted on an arm\u2019s length basis. In the financial
information per segment, we eliminate transactions between segments. The segment information for 2025 is as follows, with the column \"Other\" containing the non-allocated
amounts related to holding activities and consolidation entries. The totals reconcile with the consolidated
statements:
Amounts x \u20ac 1.000, personnel numbers in FTE \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tBusiness & IT Profes- sionals \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tHealthcare Pro- fessionals \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tUtility Pro- fessionals \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tOther \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNet revenue from third parties \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.427 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t12.739 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t15.229 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31.395\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther operating income \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t95 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t95\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.427 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t12.834 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t15.229 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31.490\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCost of subcontracted work \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t32 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t661 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7.339 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8.032\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tEmployee benefits expense \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.722 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6.359 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.276 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t15.367\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAmortization \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.663 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t334 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.997\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t114 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t568 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t347 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.029\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tImpairment losses on financial assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-76 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-76\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tGeneral and administrative expenses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t274 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.935 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t699 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t417 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.325\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.142 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t12.110 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t13.995 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t427 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t30.674\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tFinancial income \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tFinancial expenses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-89 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-432 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-153 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-180 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-854\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tResult from participations \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tResult before tax \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-804 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t306 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.081 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-607 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-24\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAmortization \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.663 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t334 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.997\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t114 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t568 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t347 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.029\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNet finance costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-89 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-432 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-153 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-180 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-854\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tShare of profit of equity-accounted investments \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tEBITDA \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-601 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.955 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.915 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-427 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.842\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNon-current assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t316 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t12.025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8.712 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6.633 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t27.686\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrent assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.106 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6.093 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6.940 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.436 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t12.703\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.422 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t18.118 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t15.652 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.197 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t40.389\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.004 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t11.883 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8.205 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.031 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t26.123\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tConsultants \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t40,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t65,0\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tManagement of subsidiaries \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6,0\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSales \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t15,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t20,0\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSupport \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t72,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t17,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t92,0\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal personnel in permanent employment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t32,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t77,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t74,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t183,0\n\t\t\t\t\t\t\t\t\t
The segment information for 2024 is as follows, with the column \"Other\" containing the non-allocated
amounts related to holding activities and consolidation entries. The totals reconcile with the consolidated
statements:
Amounts x \u20ac 1.000, personnel numbers in FTE \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tBusiness & IT Profes- sionals \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tHealthcare Pro- fessionals \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tUtility pro- fessionals \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tOther \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNet revenue from third parties \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.800 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14.642 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t9.602 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t29.044\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther operating income \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.800 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14.642 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t9.602 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t29.044\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCost of subcontracted work \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t224 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t309 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.755 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.288\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tEmployee benefits expense \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.846 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7.075 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.240 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t16.161\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAmortization \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.217 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t308 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.525\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t150 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t471 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t282 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t903\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tImpairment losses on other intangible fixed assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t65 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t65\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tImpairment losses on financial assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t79 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t79\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther operating expenses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t393 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.243 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t543 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t568 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.747\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.613 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t12.459 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t9.128 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t568 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t27.768\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tFinancial income \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t17 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t17\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tFinancial expenses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-104 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-631 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-140 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-51 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-926\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tShare of profit of equity-accounted investments \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t81 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t81\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tResult before tax \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-917 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.650 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t334 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-619 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t448\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAmortization \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.217 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t308 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.525\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t150 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t471 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t282 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t903\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tImpairment losses on other intangible fixed assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t65 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t65\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNet finance costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-104 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-614 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-140 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-51 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-909\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tResult from participations \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t81 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t81\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tEBITDA \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-663 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.936 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.064 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-568 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.769\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNon-current assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t340 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t13.004 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.933 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10.041 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t26.318\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrent assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.162 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8.118 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.584 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-2.560 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t11.304\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.502 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t21.122 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.517 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7.481 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t37.622\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2.278 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t15.159 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3.984 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1.897 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t23.318\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tConsultants \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t32,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t39,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t71,0\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tManagement of subsidiaries \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5,0\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSales \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t37,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t43,0\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSupport \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t45,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t56,0\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal personnel in permanent employment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t41,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t84,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t50,0 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t- \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t175,0\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf342_1": { "value": "Events after the reporting date
Increase of Value8 current account credit facility
On 14 April 2026, Almunda Professionals and Value8 signed an addendum to the current account credit
facility originally dated 19 April 2024, increasing the credit limit from \u20ac 5,0 million to \u20ac 6,5 million with
retroactive effect from 1 January 2026. The remaining terms of the facility, including interest rate and
maturity, are unchanged. The increase further strengthens the Group's liquidity position and, as at the
date of authorisation of these financial statements, provides additional headroom to meet financing
needs in 2026.
Buyout of franchise locations
After the balance sheet date, PIDZ Holding B.V. acquired the operations of the franchise locations in
Nijmegen and Roermond for a total consideration of approximately \u20ac 0,6 million. These acquisitions are
in line with the Group's strategy to centralise its franchise network. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf343_1": { "value": "Almunda Professionals N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf344_1": { "value": "Amsterdam, Nederland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf345_1": { "value": "Publieke onderneming", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf346_1": { "value": "Nederland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf347_1": { "value": "Hoogoorddreef 56-L, 1101 BE Amsterdam", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf348_1": { "value": "Amsterdam", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf349_1": { "value": "Almunda Professionals richt zich en haar voornaamste bedrijvigheden volledig op consultancy en professional services in specifieke sectoren ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:724500S2QABOWHX6MM18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }