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"f0__s7__6__5": {
"value": "Alumexx N.V.",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s7__6__6": {
"value": "public limited liability company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__9": {
"value": "the Netherlands",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__7": {
"value": "the Netherlands",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__8": {
"value": "Leerlooierstraat 30 4871 EN Etten-Leur",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__10": {
"value": "Etten-Leur",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__11": {
"value": "The main activities of the group of which the Company is the parent are related to manufacturing and selling of climbing materials.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__12-1": {
"value": "(b) Financial reporting period These financial statements cover the year 2025, which ended at the balance sheet date of 31 December 2025. (b) Basis of measurement The consolidated financial statements have been prepared on the historical cost basis except for the following items, which are measured on an alternative basis on each reporting date: \u2014 derivative financial instruments are measured at fair value; \u2014 contingent consideration assumed in a business combination at fair value. (c) Functional and presentation currency These consolidated financial statements are presented in euro (referred to as: EUR), which is the Company\u2019s functional currency. All amounts have been rounded to the nearest thousand, unless otherwise indicated.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__13": {
"value": "(c) Going concern The financial statements of the Company have been prepared on the basis of the going concern assumption taking into consideration the following: \u2022 Working capital is positive \u2022 Cash and cash equivalents are positive \u2022 The operating cash flow is positive \u2022 Solvency is within the capital restrictions set by the Management Board. For further details, reference is made to note 15. \u2022 The overdraft amounting to EUR 2.000 is not used as per 31 December 2025 \u2022 Covenants in connection with secured bank loans are met as per 31 December 2025. Based on current forecasts it is expected that there will not be a breach of covenants for the next 12 months. For further details, reference is made to note 16 and 17 of these financial statements. During 2025 the Company was not able to meet the covenants due to head wind with respect to sales and higher operating expenses compared to expectations. As a result, the Company reached an agreement with Rabobank to adjust the repayment schedule and the covenants. The Company reviewed the budget until the second quarter of 2027 based on its current business and strategy. The Company\u2019s ability to continue as a going concern is contingent upon its ability to execute the successful roll out of its business strategy and to remain flexible in order to mitigate unforeseen circumstances that might impact the profitability of the Company. To remain flexible in order to mitigate unforeseen circumstances that may impact the profitability and liquidity of the Company, there are several solutions which the Company can execute. Cost levels can be reduced because of the flexible workforces. Furthermore, working capital can be improved by reducing inventory levels.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__14": {
"value": "2 Basis of preparation (a) Statement of compliance The consolidated financial statements of the Company are part of the statutory financial statements of the Company. These consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as endorsed by the European Union (EU-IFRS) and with Section 2:362(9) of the Dutch Civil Code. The changes to material accounting policies are described in Note 2(e). The consolidated financial statements were authorised for issue by the Management Board on April 28, 2026. (b) Basis of measurement The consolidated financial statements have been prepared on the historical cost basis except for the following items, which are measured on an alternative basis on each reporting date: \u2014 derivative financial instruments are measured at fair value; \u2014 contingent consideration assumed in a business combination at fair value. (c) Functional and presentation currency These consolidated financial statements are presented in euro (referred to as: EUR), which is the Company\u2019s functional currency. All amounts have been rounded to the nearest thousand, unless otherwise indicated. (d) Use of judgements and estimates In preparing these consolidated financial statements, management has made judgements and estimates about the future, that affect the application of the Group's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis and are consistent with the Group's risk management where appropriate. Revisions to estimates are recognised prospectively. Judgements Information about judgements made in applying accounting policies that have the most significant effect on the amounts recognised in the consolidated financial statements is included in the following notes: \u2014 Note 16: contingent considerations: the level of future EBITDA to achieve certain thresholds used as basis for calculating the earn-out liabilities; \u2014 Note 20: provisions: the determination of the expenses related to guarantee expenses; and \u2014 Note 29: lease term: whether the Group is reasonably certain to exercise extension options. Notes are presented, to the extent practicable, in a systematic order and are cross-referred to/from items in the primary statements. In determining a systematic manner of presentation, an entity considers the effect on the understandability and comparability of the financial statements. The Group has applied judgement in presenting related information together in a manner that it considers to be most relevant to an understanding of its financial performance and financial position. Assumptions and estimation uncertainties Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the year ending 31 December 2025 is included in the following notes: \u2014 Note 9: impairment test goodwill: key assumptions underlying recoverable amounts; \u2014 Notes 20: recognition and measurement of provisions and contingencies: key assumptions about the likelihood and magnitude of an outflow of resources; \u2014 Note 10: measurement of ECL allowance for trade receivables: key assumptions in determining the weighted-average loss rate; and \u2014 Note 7: acquisition of subsidiary: fair value of the consideration transferred (including contingent consideration) and fair value of the assets acquired and liabilities assumed, measured on a provisional basis; \u2014 Note 12: provision for obsolete stock: key assumptions underlying recoverable amounts. \u2014 Note 26: Deferred tax assets. Availability of future taxable profits to compensate carry forward losses. Measurement of fair values A number of the Group\u2019s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows. \u2014 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2014 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2014 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability might be categorised in different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. Further information about the assumptions made in measuring fair values is included in the following notes: \u2014 Note 18: share-based payment arrangements; \u2014 Note 21: financial instruments; and \u2014 Note 7: acquisition of subsidiary. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__15": {
"value": "(a) Statement of compliance The consolidated financial statements of the Company are part of the statutory financial statements of the Company. These consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as endorsed by the European Union (EU-IFRS) and with Section 2:362(9) of the Dutch Civil Code. The changes to material accounting policies are described in Note 2(e). The consolidated financial statements were authorised for issue by the Management Board on April 28, 2026. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__18": {
"value": "(c) Functional and presentation currency These consolidated financial statements are presented in euro (referred to as: EUR), which is the Company\u2019s functional currency. All amounts have been rounded to the nearest thousand, unless otherwise indicated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__19": {
"value": "(d) Use of judgements and estimates In preparing these consolidated financial statements, management has made judgements and estimates about the future, that affect the application of the Group's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis and are consistent with the Group's risk management where appropriate. Revisions to estimates are recognised prospectively. Judgements Information about judgements made in applying accounting policies that have the most significant effect on the amounts recognised in the consolidated financial statements is included in the following notes: \u2014 Note 16: contingent considerations: the level of future EBITDA to achieve certain thresholds used as basis for calculating the earn-out liabilities; \u2014 Note 20: provisions: the determination of the expenses related to guarantee expenses; and \u2014 Note 29: lease term: whether the Group is reasonably certain to exercise extension options. Notes are presented, to the extent practicable, in a systematic order and are cross-referred to/from items in the primary statements. In determining a systematic manner of presentation, an entity considers the effect on the understandability and comparability of the financial statements. The Group has applied judgement in presenting related information together in a manner that it considers to be most relevant to an understanding of its financial performance and financial position. Assumptions and estimation uncertainties Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the year ending 31 December 2025 is included in the following notes: \u2014 Note 9: impairment test goodwill: key assumptions underlying recoverable amounts; \u2014 Notes 20: recognition and measurement of provisions and contingencies: key assumptions about the likelihood and magnitude of an outflow of resources; \u2014 Note 10: measurement of ECL allowance for trade receivables: key assumptions in determining the weighted-average loss rate; and \u2014 Note 7: acquisition of subsidiary: fair value of the consideration transferred (including contingent consideration) and fair value of the assets acquired and liabilities assumed, measured on a provisional basis; \u2014 Note 12: provision for obsolete stock: key assumptions underlying recoverable amounts. \u2014 Note 26: Deferred tax assets. Availability of future taxable profits to compensate carry forward losses. Measurement of fair values A number of the Group\u2019s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows. \u2014 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2014 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2014 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability might be categorised in different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. Further information about the assumptions made in measuring fair values is included in the following notes: \u2014 Note 18: share-based payment arrangements; \u2014 Note 21: financial instruments; and \u2014 Note 7: acquisition of subsidiary. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__20": {
"value": "3 Material accounting policies The Group has consistently applied the following accounting policies to all periods presented in these consolidated financial statements, except if mentioned otherwise. (a) Basis of consolidation (i) Business combinations The Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Any contingent consideration payable is measured at fair value at the acquisition date. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognised in profit or loss. (ii) Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. (iii) Non-controlling interests NCI are initially measured at their proportionate share of the acquiree's identifiable net assets at the acquisition date. Changes in the Group's interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. (iv) Loss of control When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any non-controlling interests and other components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. (v) Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income and expenses (except for foreign currency transaction gains or losses) arising from intra-group transactions, are eliminated. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. (b) Foreign currency (i) Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of Group entities at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences are generally recognised in profit or loss and presented within finance costs. (ii) Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into euro at exchange rates at the reporting date. The income and expenses of foreign operations are translated into euros at the exchange rates at the dates of the transactions. Foreign currency differences are recognised in OCI and accumulated in the translation reserve, except to the extent that the translation difference is allocated to NCI. When a foreign operation is disposed of in its entirety or partially such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. If the Group disposes of part of its interest in a subsidiary but retains control, then the relevant proportion of the cumulative amount is reattributed to NCI. When the Group disposes of only part of an associate or joint venture while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss. (c) Financial instruments (i) Recognition and initial measurement Trade receivables are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus or minus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. (ii) Classification and subsequent measurement Financial assets On initial recognition, a financial asset is classified as measured at: amortised cost; FVOCI \u2013 debt investment; FVOCI \u2013 equity investment; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2014 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2014 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \u2014 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \u2014 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets (see Note 21). On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets \u2013 Subsequent measurement and gains and losses Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. However, see Note 21 for derivatives designated as hedging instruments. Financial assets at amortised cost These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. Financial liabilities \u2013 Classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. See Note 21 for financial liabilities designated as hedging instruments. (iii) Derecognition Financial assets The Group derecognises a financial asset when: \u2212 the contractual rights to the cash flows from the financial asset expire; or \u2212 it transfers the rights to receive the contractual cash flows in a transaction in which either: \u2022 substantially all of the risks and rewards of ownership of the financial asset are transferred; or \u2022 in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group enters into transactions whereby it transfers assets recognised in its statement of financial position but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognised. Financial liabilities The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. (iv) Offsetting Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. (v) Derivative financial instruments and hedge accounting Derivative financial instruments and hedge accounting The Group holds derivative financial instruments to hedge its interest rate risk exposures. If the Group is involved with hybrid contracts, the Group applies the following with regard to the embedded derivatives in the hybrid contract. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and the following criteria are met: \u2014 the economic characteristics and risk of the embedded derivative are not closely related to the economic characteristics and risks of the host contract; \u2014 a separate instrument with the same terms as the embedded derivative would meet the definition of a derivate; and \u2014 the hybrid contract is not measured at fair value with changes in fair value recognised in profit or loss. If an embedded derivative is separated from the hybrid contract, the host contract is accounted for in accordance with the determined policies for such a contract. The embedded derivative is accounted for in accordance with the Group\u2019s principles for the applicable derivatives. Derivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit or loss. The Group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with highly probable forecast transactions arising from changes in interest rates and certain derivatives. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. Cash flow hedges When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. The Group designates only the change in fair value of the spot element of forward exchange contracts as the hedging instrument in cash flow hedging relationships. The change in fair value of the forward element of forward exchange contracts (\u2018forward points\u2019) is separately accounted for as a cost of hedging and recognised in a costs of hedging reserve within equity. When the hedged forecast transaction subsequently results in the recognition of a non-financial item such as inventory, the amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the non-financial item when it is recognised. For all other hedged forecast transactions, the amount accumulated in the hedging reserve and the cost of hedging reserve is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the non-financial item\u2019s cost on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss. If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss. (d) Share capital Ordinary shares Incremental costs directly attributable to the issue of ordinary shares, net of any tax effects, are recognised as a deduction from equity. Income tax relating to transaction costs of an equity transaction is accounted for in accordance with IAS 12. Cumulative preference shares The Group\u2019s redeemable cumulative preference shares are classified as financial liabilities, because they bear non-discretionary dividends and are redeemable in cash by the holders. Non-discretionary dividends thereon are recognised as interest expense in profit or loss as accrued. Holders of cumulative preference have one voting right per cumulative preference share. Repurchase and reissue of ordinary shares (treasury shares) When shares recognised as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognised as a deduction from equity. Repurchased shares are classified as treasury shares and are presented in the treasury share reserve. When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity, and the resulting surplus or deficit on the transaction is presented within share premium. Warrants The warrants are initially recognised at the difference between the fair value of a similar liability that does not have an equity conversion option and the fair value of the liability with warrants attached as a whole. The warrants is not remeasured. (e) Impairment Financial instruments The Group recognises loss allowances for ECLs on: \u2014 financial assets measured at amortised cost; The Group also recognises loss allowances for ECLs on lease receivables, which are disclosed as part of trade and other receivables. The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: \u2014 other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition. Loss allowances for trade receivables (including lease receivables) are always measured at an amount equal to lifetime ECLs. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment, that includes forward-looking information. The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due. The Group considers a financial asset to be in default when: \u2014 the debtor is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or \u2014 the financial asset is more than 365 days past due. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. Presentation of allowance for ECL in the statement of financial position Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. For debt securities at FVOCI, the loss allowance is charged to profit or loss and is recognised in OCI. Write-off The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For individual customers, the Group has a policy of writing off the gross carrying amount when the financial asset is 365 days past due based on historical experience of recoveries of similar assets. For corporate customers, the Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amounts due. Non-financial assets At each reporting date, the Group reviews the carrying amounts of its non-financial assets (other than inventories and deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. Goodwill is tested annually for impairment. For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs of disposal. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognised in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. (f) Property, plant and equipment (i) Recognition and measurement Items of property, plant and equipment are measured at cost, which includes capitalised borrowing costs less accumulated depreciation and any accumulated impairment losses. If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. (ii) Subsequent expenditure Subsequent expenditure is capitalised only when it is probable that the future economic benefits associated with the expenditure will flow to the Group. (iii) Depreciation Depreciation is calculated to write off the cost of items of property, plant and equipment less their estimated residual values using the straight-line method over their estimated useful lives, and is generally recognised in profit or loss. Land is not depreciated. The estimated useful lives of property, plant and equipment are as follows: \u2014 Vehicles: 5 years. \u2014 Plant and equipment: 5 - 20 years. \u2014 Fixtures and fittings: 5 - 10 years. \u2014 Leasehold improvements: 5 - 10 years. Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. (g) Intangible assets and goodwill (i) Recognition and measurement Goodwill Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses. Other intangible assets Other intangible assets, including customer relationships, online platforms and trademarks, that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortisation and accumulated impairment losses. (ii) Subsequent expenditure Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred. (iii) Amortisation Amortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives, and is generally recognised in profit or loss. Goodwill is not amortised. The estimated useful lives for current and comparative periods are as follows: \u2014 Trademarks: 5 - 10 years. \u2014 Online platforms: 5 years. \u2014 Customer relationships: 6 - 8 years. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. (h) Inventories Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on the first-in first-out allocation method. In the case of manufactured inventories and work in progress, cost includes an appropriate share of production overheads based on normal operating capacity. (i) Employee benefits (i) Short-term employee benefits Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. (ii) Share-based payment transactions The grant-date fair value of equity-settled share-based payment awards granted to employees is generally recognised as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant-date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes. (iii) Defined contribution plans Obligations for contributions to defined contribution plans are expensed as the related service is provided. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in future payments is available. (v) Other long-term employee benefits The Group\u2019s net obligation in respect of long-term employee benefits is the amount of future benefit that employees have earned in return for their service in the current and prior periods. That benefit is discounted to determine its present value. Remeasurements are recognised in profit or loss in the period in which they arise. (vi) Termination benefits Termination benefits are expensed at the earlier of when the Group can no longer withdraw the offer of those benefits and when the Group recognises costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the end of the reporting period, then they are discounted. (j) Provisions Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. Warranties A provision for warranties is recognised when the underlying products or services are sold. The provision is based on historical warranty data and a weighting of all possible outcomes against their associated probabilities. (k) Revenue Information about the Group\u2019s accounting policies and identified performance obligations relating to contracts with customers is provided in Note 22. Cost of materials and outsourced work regards the costs of the sold products or the costs for obtaining the sold products. The costs of materials and outsourced are calculated at their cost price. The change in finished goods compromises the cost of materials and outsourced allocated to the unsold and produced finished goods during the financial year. (l) Added value Added value is calculated as revenue plus or less inventory movements, the cost of materials, outsourced work and logistics costs. (m) Finance income and finance costs The Group\u2019s finance income and finance costs include: \u2014 interest income; \u2014 interest expense; \u2014 interest expense on lease liabilities; \u2014 dividend expense on preference shares issued classified as financial liabilities; \u2014 the foreign currency gain or loss on financial assets and financial liabilities; \u2014 the gain on the remeasurement to fair value of any pre-existing interest in an acquiree in a business combination; \u2014 the fair value loss on contingent consideration classified as a financial liability; \u2014 hedge ineffectiveness recognised in profit or loss; and \u2014 the reclassification of net gains and losses previously recognised in OCI on cash flow hedges of interest rate risk for borrowings (see Note 21). Interest income or expense is recognised using the effective interest method. The \u2018effective interest rate\u2019 is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to: \u2014 the gross carrying amount of the financial asset; or \u2014 the amortised cost of the financial liability. In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortised cost of the liability. However, for financial assets that have become credit-impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortised cost of the financial asset. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis. (n) Income tax Income tax expense comprises current and deferred tax. It is recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in OCI. The Group has determined that interest and penalties related to income taxes, including uncertain tax treatments, do not meet the definition of income taxes, and therefore accounted for them under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. (i) Current tax Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends. Current tax assets and liabilities are offset only if certain criteria are met. (ii) Deferred tax Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for: \u2014 temporary differences on the initial recognition of assets or liabilities in a transaction that: \u2022 is not a business combination; and \u2022 at the time of the transaction (i) affects neither accounting nor taxable profit or loss and (ii) does not give rise to equal taxable and deductible temporary differences; \u2014 temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and \u2014 taxable temporary differences arising on the initial recognition of goodwill. Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognise a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves. The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. For this purpose, the carrying amount of investment property measured at fair value is presumed to be recovered through sale, and the Group has not rebutted this presumption. Deferred tax assets and liabilities are offset only if certain criteria are met. (o) Leases At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. (i) As a lessee At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices. However, for the leases of property the Group has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component. The Group recognises 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 comprises the initial amount of the lease liability adjusted for any lease payments made at 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 that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, 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 makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following: \u2014 fixed payments, including in-substance fixed payments; \u2014 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; \u2014 amounts expected to be payable under a residual value guarantee; and \u2014 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. \u2014 The lease liability is measured at amortised 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, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. \u2014 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 is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Short-term leases and leases of low-value assets \u2014 The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases, including IT equipment. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. (p) Fair value measurement \u2014 \u2018Fair value\u2019 is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantageous market to which the Group has access at that date. The fair value of a liability reflects its non-performance risk. \u2014 A number of the Group\u2019s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. \u2014 When one is available, the Group measures the fair value of an instrument using the quoted price in an active market for that instrument. A market is regarded as active if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. \u2014 If there is no quoted price in an active market, then the Group uses valuation techniques that maximise the use of relevant observable inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction. \u2014 If an asset or a liability measured at fair value has a bid price and an ask price, then the Group measures assets and long positions at a bid price and liabilities and short positions at an ask price. The best evidence of the fair value of a financial instrument on initial recognition is normally the transaction price \u2013 i.e. the fair value of the consideration given or received. If the Group determines that the fair value on initial recognition differs from the transaction price and the fair value is evidenced neither by a quoted price in an active market for an identical asset or liability nor based on a valuation technique for which any unobservable inputs are judged to be insignificant in relation to the measurement, then the financial instrument is initially measured at fair value, adjusted to defer the difference between the fair value on initial recognition and the transaction price. Subsequently, that difference is recognised in profit or loss on an appropriate basis over the life of the instrument but no later than when the valuation is wholly supported by observable market data or the transaction is closed out.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__21": {
"value": "(a) Basis of consolidation (i) Business combinations The Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Any contingent consideration payable is measured at fair value at the acquisition date. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognised in profit or loss. (ii) Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. (iii) Non-controlling interests NCI are initially measured at their proportionate share of the acquiree's identifiable net assets at the acquisition date. Changes in the Group's interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. (iv) Loss of control When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any non-controlling interests and other components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. (v) Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income and expenses (except for foreign currency transaction gains or losses) arising from intra-group transactions, are eliminated. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__23": {
"value": "(i) Business combinations The Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Any contingent consideration payable is measured at fair value at the acquisition date. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__22": {
"value": "(i) Business combinations The Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Any contingent consideration payable is measured at fair value at the acquisition date. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__24": {
"value": "(ii) Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__25": {
"value": "(b) Foreign currency (i) Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of Group entities at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences are generally recognised in profit or loss and presented within finance costs. (ii) Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into euro at exchange rates at the reporting date. The income and expenses of foreign operations are translated into euros at the exchange rates at the dates of the transactions. Foreign currency differences are recognised in OCI and accumulated in the translation reserve, except to the extent that the translation difference is allocated to NCI. When a foreign operation is disposed of in its entirety or partially such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. If the Group disposes of part of its interest in a subsidiary but retains control, then the relevant proportion of the cumulative amount is reattributed to NCI. When the Group disposes of only part of an associate or joint venture while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__26": {
"value": "(c) Financial instruments (i) Recognition and initial measurement Trade receivables are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus or minus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. (ii) Classification and subsequent measurement Financial assets On initial recognition, a financial asset is classified as measured at: amortised cost; FVOCI \u2013 debt investment; FVOCI \u2013 equity investment; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2014 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2014 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \u2014 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \u2014 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets (see Note 21). On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets \u2013 Subsequent measurement and gains and losses Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. However, see Note 21 for derivatives designated as hedging instruments. Financial assets at amortised cost These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. Financial liabilities \u2013 Classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. See Note 21 for financial liabilities designated as hedging instruments. (iii) Derecognition Financial assets The Group derecognises a financial asset when: \u2212 the contractual rights to the cash flows from the financial asset expire; or \u2212 it transfers the rights to receive the contractual cash flows in a transaction in which either: \u2022 substantially all of the risks and rewards of ownership of the financial asset are transferred; or \u2022 in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group enters into transactions whereby it transfers assets recognised in its statement of financial position but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognised. Financial liabilities The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. (iv) Offsetting Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. (v) Derivative financial instruments and hedge accounting Derivative financial instruments and hedge accounting The Group holds derivative financial instruments to hedge its interest rate risk exposures. If the Group is involved with hybrid contracts, the Group applies the following with regard to the embedded derivatives in the hybrid contract. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and the following criteria are met: \u2014 the economic characteristics and risk of the embedded derivative are not closely related to the economic characteristics and risks of the host contract; \u2014 a separate instrument with the same terms as the embedded derivative would meet the definition of a derivate; and \u2014 the hybrid contract is not measured at fair value with changes in fair value recognised in profit or loss. If an embedded derivative is separated from the hybrid contract, the host contract is accounted for in accordance with the determined policies for such a contract. The embedded derivative is accounted for in accordance with the Group\u2019s principles for the applicable derivatives. Derivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit or loss. The Group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with highly probable forecast transactions arising from changes in interest rates and certain derivatives. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. Cash flow hedges When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. The Group designates only the change in fair value of the spot element of forward exchange contracts as the hedging instrument in cash flow hedging relationships. The change in fair value of the forward element of forward exchange contracts (\u2018forward points\u2019) is separately accounted for as a cost of hedging and recognised in a costs of hedging reserve within equity. When the hedged forecast transaction subsequently results in the recognition of a non-financial item such as inventory, the amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the non-financial item when it is recognised. For all other hedged forecast transactions, the amount accumulated in the hedging reserve and the cost of hedging reserve is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the non-financial item\u2019s cost on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss. If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__27": {
"value": "(ii) Classification and subsequent measurement Financial assets On initial recognition, a financial asset is classified as measured at: amortised cost; FVOCI \u2013 debt investment; FVOCI \u2013 equity investment; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2014 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2014 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \u2014 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \u2014 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets (see Note 21). On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets \u2013 Subsequent measurement and gains and losses Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. However, see Note 21 for derivatives designated as hedging instruments. Financial assets at amortised cost These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. Financial liabilities \u2013 Classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. See Note 21 for financial liabilities designated as hedging instruments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__28": {
"value": "(iii) Derecognition Financial assets The Group derecognises a financial asset when: \u2212 the contractual rights to the cash flows from the financial asset expire; or \u2212 it transfers the rights to receive the contractual cash flows in a transaction in which either: \u2022 substantially all of the risks and rewards of ownership of the financial asset are transferred; or \u2022 in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group enters into transactions whereby it transfers assets recognised in its statement of financial position but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognised. Financial liabilities The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__30": {
"value": "(v) Derivative financial instruments and hedge accounting Derivative financial instruments and hedge accounting The Group holds derivative financial instruments to hedge its interest rate risk exposures. If the Group is involved with hybrid contracts, the Group applies the following with regard to the embedded derivatives in the hybrid contract. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and the following criteria are met: \u2014 the economic characteristics and risk of the embedded derivative are not closely related to the economic characteristics and risks of the host contract; \u2014 a separate instrument with the same terms as the embedded derivative would meet the definition of a derivate; and \u2014 the hybrid contract is not measured at fair value with changes in fair value recognised in profit or loss. If an embedded derivative is separated from the hybrid contract, the host contract is accounted for in accordance with the determined policies for such a contract. The embedded derivative is accounted for in accordance with the Group\u2019s principles for the applicable derivatives. Derivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit or loss. The Group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with highly probable forecast transactions arising from changes in interest rates and certain derivatives. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__29": {
"value": "(v) Derivative financial instruments and hedge accounting Derivative financial instruments and hedge accounting The Group holds derivative financial instruments to hedge its interest rate risk exposures. If the Group is involved with hybrid contracts, the Group applies the following with regard to the embedded derivatives in the hybrid contract. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and the following criteria are met: \u2014 the economic characteristics and risk of the embedded derivative are not closely related to the economic characteristics and risks of the host contract; \u2014 a separate instrument with the same terms as the embedded derivative would meet the definition of a derivate; and \u2014 the hybrid contract is not measured at fair value with changes in fair value recognised in profit or loss. If an embedded derivative is separated from the hybrid contract, the host contract is accounted for in accordance with the determined policies for such a contract. The embedded derivative is accounted for in accordance with the Group\u2019s principles for the applicable derivatives. Derivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit or loss. The Group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with highly probable forecast transactions arising from changes in interest rates and certain derivatives. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. Cash flow hedges When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. The Group designates only the change in fair value of the spot element of forward exchange contracts as the hedging instrument in cash flow hedging relationships. The change in fair value of the forward element of forward exchange contracts (\u2018forward points\u2019) is separately accounted for as a cost of hedging and recognised in a costs of hedging reserve within equity. When the hedged forecast transaction subsequently results in the recognition of a non-financial item such as inventory, the amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the non-financial item when it is recognised. For all other hedged forecast transactions, the amount accumulated in the hedging reserve and the cost of hedging reserve is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the non-financial item\u2019s cost on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss. If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__31": {
"value": "(d) Share capital Ordinary shares Incremental costs directly attributable to the issue of ordinary shares, net of any tax effects, are recognised as a deduction from equity. Income tax relating to transaction costs of an equity transaction is accounted for in accordance with IAS 12. Cumulative preference shares The Group\u2019s redeemable cumulative preference shares are classified as financial liabilities, because they bear non-discretionary dividends and are redeemable in cash by the holders. Non-discretionary dividends thereon are recognised as interest expense in profit or loss as accrued. Holders of cumulative preference have one voting right per cumulative preference share. Repurchase and reissue of ordinary shares (treasury shares) When shares recognised as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognised as a deduction from equity. Repurchased shares are classified as treasury shares and are presented in the treasury share reserve. When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity, and the resulting surplus or deficit on the transaction is presented within share premium. Warrants The warrants are initially recognised at the difference between the fair value of a similar liability that does not have an equity conversion option and the fair value of the liability with warrants attached as a whole. The warrants is not remeasured.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__33": {
"value": "(e) Impairment Financial instruments The Group recognises loss allowances for ECLs on: \u2014 financial assets measured at amortised cost; The Group also recognises loss allowances for ECLs on lease receivables, which are disclosed as part of trade and other receivables. The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: \u2014 other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition. Loss allowances for trade receivables (including lease receivables) are always measured at an amount equal to lifetime ECLs. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment, that includes forward-looking information. The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due. The Group considers a financial asset to be in default when: \u2014 the debtor is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or \u2014 the financial asset is more than 365 days past due. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. Presentation of allowance for ECL in the statement of financial position Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. For debt securities at FVOCI, the loss allowance is charged to profit or loss and is recognised in OCI. Write-off The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For individual customers, the Group has a policy of writing off the gross carrying amount when the financial asset is 365 days past due based on historical experience of recoveries of similar assets. For corporate customers, the Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amounts due.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__32": {
"value": "(e) Impairment Financial instruments The Group recognises loss allowances for ECLs on: \u2014 financial assets measured at amortised cost; The Group also recognises loss allowances for ECLs on lease receivables, which are disclosed as part of trade and other receivables. The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: \u2014 other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition. Loss allowances for trade receivables (including lease receivables) are always measured at an amount equal to lifetime ECLs. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment, that includes forward-looking information. The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due. The Group considers a financial asset to be in default when: \u2014 the debtor is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or \u2014 the financial asset is more than 365 days past due. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. Presentation of allowance for ECL in the statement of financial position Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. For debt securities at FVOCI, the loss allowance is charged to profit or loss and is recognised in OCI. Write-off The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For individual customers, the Group has a policy of writing off the gross carrying amount when the financial asset is 365 days past due based on historical experience of recoveries of similar assets. For corporate customers, the Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amounts due. Non-financial assets At each reporting date, the Group reviews the carrying amounts of its non-financial assets (other than inventories and deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. Goodwill is tested annually for impairment. For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs of disposal. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognised in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__34": {
"value": "Non-financial assets At each reporting date, the Group reviews the carrying amounts of its non-financial assets (other than inventories and deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. Goodwill is tested annually for impairment. For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs of disposal. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognised in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__35": {
"value": "(f) Property, plant and equipment (i) Recognition and measurement Items of property, plant and equipment are measured at cost, which includes capitalised borrowing costs less accumulated depreciation and any accumulated impairment losses. If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. (ii) Subsequent expenditure Subsequent expenditure is capitalised only when it is probable that the future economic benefits associated with the expenditure will flow to the Group. (iii) Depreciation Depreciation is calculated to write off the cost of items of property, plant and equipment less their estimated residual values using the straight-line method over their estimated useful lives, and is generally recognised in profit or loss. Land is not depreciated. The estimated useful lives of property, plant and equipment are as follows: \u2014 Vehicles: 5 years. \u2014 Plant and equipment: 5 - 20 years. \u2014 Fixtures and fittings: 5 - 10 years. \u2014 Leasehold improvements: 5 - 10 years. Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__37": {
"value": "(g) Intangible assets and goodwill (i) Recognition and measurement Goodwill Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses. Other intangible assets Other intangible assets, including customer relationships, online platforms and trademarks, that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortisation and accumulated impairment losses. (ii) Subsequent expenditure Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred. (iii) Amortisation Amortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives, and is generally recognised in profit or loss. Goodwill is not amortised. The estimated useful lives for current and comparative periods are as follows: \u2014 Trademarks: 5 - 10 years. \u2014 Online platforms: 5 years. \u2014 Customer relationships: 6 - 8 years. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__36": {
"value": "(g) Intangible assets and goodwill (i) Recognition and measurement Goodwill Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses. Other intangible assets Other intangible assets, including customer relationships, online platforms and trademarks, that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortisation and accumulated impairment losses. (ii) Subsequent expenditure Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred. (iii) Amortisation Amortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives, and is generally recognised in profit or loss. Goodwill is not amortised. The estimated useful lives for current and comparative periods are as follows: \u2014 Trademarks: 5 - 10 years. \u2014 Online platforms: 5 years. \u2014 Customer relationships: 6 - 8 years. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__38": {
"value": "(h) Inventories Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on the first-in first-out allocation method. In the case of manufactured inventories and work in progress, cost includes an appropriate share of production overheads based on normal operating capacity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__39": {
"value": "(i) Employee benefits (i) Short-term employee benefits Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. (ii) Share-based payment transactions The grant-date fair value of equity-settled share-based payment awards granted to employees is generally recognised as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant-date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes. (iii) Defined contribution plans Obligations for contributions to defined contribution plans are expensed as the related service is provided. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in future payments is available. (v) Other long-term employee benefits The Group\u2019s net obligation in respect of long-term employee benefits is the amount of future benefit that employees have earned in return for their service in the current and prior periods. That benefit is discounted to determine its present value. Remeasurements are recognised in profit or loss in the period in which they arise. (vi) Termination benefits Termination benefits are expensed at the earlier of when the Group can no longer withdraw the offer of those benefits and when the Group recognises costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the end of the reporting period, then they are discounted.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__40": {
"value": "(ii) Share-based payment transactions The grant-date fair value of equity-settled share-based payment awards granted to employees is generally recognised as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant-date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__41": {
"value": "(vi) Termination benefits Termination benefits are expensed at the earlier of when the Group can no longer withdraw the offer of those benefits and when the Group recognises costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the end of the reporting period, then they are discounted.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__42": {
"value": "(j) Provisions Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. Warranties A provision for warranties is recognised when the underlying products or services are sold. The provision is based on historical warranty data and a weighting of all possible outcomes against their associated probabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__43": {
"value": "(k) Revenue Information about the Group\u2019s accounting policies and identified performance obligations relating to contracts with customers is provided in Note 22. Cost of materials and outsourced work regards the costs of the sold products or the costs for obtaining the sold products. The costs of materials and outsourced are calculated at their cost price. The change in finished goods compromises the cost of materials and outsourced allocated to the unsold and produced finished goods during the financial year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__45": {
"value": "(m) Finance income and finance costs The Group\u2019s finance income and finance costs include: \u2014 interest income; \u2014 interest expense; \u2014 interest expense on lease liabilities; \u2014 dividend expense on preference shares issued classified as financial liabilities; \u2014 the foreign currency gain or loss on financial assets and financial liabilities; \u2014 the gain on the remeasurement to fair value of any pre-existing interest in an acquiree in a business combination; \u2014 the fair value loss on contingent consideration classified as a financial liability; \u2014 hedge ineffectiveness recognised in profit or loss; and \u2014 the reclassification of net gains and losses previously recognised in OCI on cash flow hedges of interest rate risk for borrowings (see Note 21). Interest income or expense is recognised using the effective interest method. The \u2018effective interest rate\u2019 is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to: \u2014 the gross carrying amount of the financial asset; or \u2014 the amortised cost of the financial liability. In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortised cost of the liability. However, for financial assets that have become credit-impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortised cost of the financial asset. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__44": {
"value": "(m) Finance income and finance costs The Group\u2019s finance income and finance costs include: \u2014 interest income; \u2014 interest expense; \u2014 interest expense on lease liabilities; \u2014 dividend expense on preference shares issued classified as financial liabilities; \u2014 the foreign currency gain or loss on financial assets and financial liabilities; \u2014 the gain on the remeasurement to fair value of any pre-existing interest in an acquiree in a business combination; \u2014 the fair value loss on contingent consideration classified as a financial liability; \u2014 hedge ineffectiveness recognised in profit or loss; and \u2014 the reclassification of net gains and losses previously recognised in OCI on cash flow hedges of interest rate risk for borrowings (see Note 21). Interest income or expense is recognised using the effective interest method. The \u2018effective interest rate\u2019 is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to: \u2014 the gross carrying amount of the financial asset; or \u2014 the amortised cost of the financial liability. In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortised cost of the liability. However, for financial assets that have become credit-impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortised cost of the financial asset. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__46": {
"value": "(n) Income tax Income tax expense comprises current and deferred tax. It is recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in OCI. The Group has determined that interest and penalties related to income taxes, including uncertain tax treatments, do not meet the definition of income taxes, and therefore accounted for them under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. (i) Current tax Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends. Current tax assets and liabilities are offset only if certain criteria are met. (ii) Deferred tax Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for: \u2014 temporary differences on the initial recognition of assets or liabilities in a transaction that: \u2022 is not a business combination; and \u2022 at the time of the transaction (i) affects neither accounting nor taxable profit or loss and (ii) does not give rise to equal taxable and deductible temporary differences; \u2014 temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and \u2014 taxable temporary differences arising on the initial recognition of goodwill. Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognise a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves. The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. For this purpose, the carrying amount of investment property measured at fair value is presumed to be recovered through sale, and the Group has not rebutted this presumption. Deferred tax assets and liabilities are offset only if certain criteria are met.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__47": {
"value": "(ii) Deferred tax Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for: \u2014 temporary differences on the initial recognition of assets or liabilities in a transaction that: \u2022 is not a business combination; and \u2022 at the time of the transaction (i) affects neither accounting nor taxable profit or loss and (ii) does not give rise to equal taxable and deductible temporary differences; \u2014 temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and \u2014 taxable temporary differences arising on the initial recognition of goodwill. Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognise a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves. The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. For this purpose, the carrying amount of investment property measured at fair value is presumed to be recovered through sale, and the Group has not rebutted this presumption. Deferred tax assets and liabilities are offset only if certain criteria are met.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__48": {
"value": "(o) Leases At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. (i) As a lessee At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices. However, for the leases of property the Group has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component. The Group recognises 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 comprises the initial amount of the lease liability adjusted for any lease payments made at 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 that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, 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 makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following: \u2014 fixed payments, including in-substance fixed payments; \u2014 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; \u2014 amounts expected to be payable under a residual value guarantee; and \u2014 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. \u2014 The lease liability is measured at amortised 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, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. \u2014 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 is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Short-term leases and leases of low-value assets \u2014 The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases, including IT equipment. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__49": {
"value": "(p) Fair value measurement \u2014 \u2018Fair value\u2019 is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantageous market to which the Group has access at that date. The fair value of a liability reflects its non-performance risk. \u2014 A number of the Group\u2019s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. \u2014 When one is available, the Group measures the fair value of an instrument using the quoted price in an active market for that instrument. A market is regarded as active if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. \u2014 If there is no quoted price in an active market, then the Group uses valuation techniques that maximise the use of relevant observable inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction. \u2014 If an asset or a liability measured at fair value has a bid price and an ask price, then the Group measures assets and long positions at a bid price and liabilities and short positions at an ask price. The best evidence of the fair value of a financial instrument on initial recognition is normally the transaction price \u2013 i.e. the fair value of the consideration given or received. If the Group determines that the fair value on initial recognition differs from the transaction price and the fair value is evidenced neither by a quoted price in an active market for an identical asset or liability nor based on a valuation technique for which any unobservable inputs are judged to be insignificant in relation to the measurement, then the financial instrument is initially measured at fair value, adjusted to defer the difference between the fair value on initial recognition and the transaction price. Subsequently, that difference is recognised in profit or loss on an appropriate basis over the life of the instrument but no later than when the valuation is wholly supported by observable market data or the transaction is closed out.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__50": {
"value": "4 Standards issued but not yet effective Certain new standards and interpretations have been issued but are not yet mandatory for the reporting period ending 31 December 2025. This includes IFRS 18 Presentation and Disclosure in Financial Statements, which will become effective for financial years beginning on or after 1 January 2027. Alumexx N.V. is currently assessing the implications of IFRS 18. Based on the current assessment, any management performance measures that may fall within the scope of IFRS 18 are expected to be limited in nature and scope. The Group is evaluating the presentation of the statement of profit or loss to align with the new classification requirements for income and expenses into Operating, Investing, Financing, Income Taxes, and, where applicable, Discontinued Operations. At this stage, Alumexx N.V. does not anticipate that the adoption of IFRS 18 or other future standards and interpretations will have a material impact on its financial reporting. The Group does not expect to apply new standards and interpretations early, and based on current insights, these are not expected to have a material effect on the entity in the current or future reporting periods, nor on foreseeable future transactions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__51": {
"value": "5 Operating segments The Group has no reportable segments. The activities of the Group are fully integrated and therefore the activities are not able to divide in reportable segments. All material activities are in the Netherlands. Financial information on nature of revenue streams and geographical distribution of markets is provided in note 22. The Group\u2019s Board (CODM) reviews internal management reports on consolidated basis only on a monthly basis. The is no dependence on a single customer. The largest customer over in 2025 represented 5% (2024: 5%) of total revenue. Based geographical distribution all non-current assets are allocated to the Netherlands. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__52-1": {
"value": "6 List of subsidiaries Set out below is a list of material subsidiaries of the Group. Name of subsidiary Country Ownership Ownership 2025 2024 Alumexx B.V. Netherlands 100% 100% Lado Klimmaterialen B.V. Netherlands 100% 100% v/d Heuvel Alu Products B.V. Netherlands 100% 100% A.S.C. Special Products B.V. Netherlands 100% 100% A.S.C. International B.V. Netherlands 100% 100% ASC Deutschland GmbH Germany 100% 100% Aluminum Scaffolding Company LLC USA 100% 100% T & C Europe B.V. Netherlands 100% 100% Steigerverkoop.nl B.V. Netherlands 100% 100% Connecting, Constructie- en Technische Netherlands 100% 100% Handelsonderneming B.V. DeSteigerConcurrent B.V. Netherlands 51% Nil% * A.S.C. Aluminium Scaffolding Company B.V. has been dissolved in 2024.7 Acquisition of subsidiary On 13 January 2025, the Group established DeSteigerconcurrent B.V. (hereinafter \"DSCBV\") together with Langeberg Holding B.V. and Noorda Finance holding B.V. Control was obtained by the Group because of their 51% shareholding which represents the majority in voting rights. The remaining 49% are held by Langeberg Holding B.V. and Noorda Finance holding B.V., representing 24.5% voting rights each. On 1 February 2025 DSCBV acquired all assets and liabilities from the DeSteigerConcurrent VOF, which represented the personal company of both Mr. Langeberg and Mr. Noorda. The initial accounting period within the measurement period of 12 months after the acquisition date ended on 31 January 2026. As per the 31 December 2025 the initial accounting was completed. Included in the identifiable assets and liabilities acquired at the date of acquisition of the acquiree are inputs (websites, right of use assets, inventories and customer relationships), sales processes and an organised workforce. The Group has determined that together the acquired inputs and processes significantly contribute to the ability to create revenue. The Group has concluded that the acquired set is a business. Taking control over the assets and liabilities acquired will enable the Group to generate sales by the website of DSCBV and to acquire knowledge with regard to state of art website technology. In the eleven months period ended 31 December 2025, the acquiree contributed revenue of EUR 2.175 and EBITDA of EUR 123 to the Group\u2019s results. If the acquisition had occurred on 1 January 2025, management estimates that consolidated revenue would have been EUR 40.438, and consolidated EBITDA for the year would have been EUR 4.369. In determining these amounts, management has assumed that the fair value adjustments, determined provisionally, that arose on the date of acquisition would have been the same if the acquisition had occurred on 1 January 2025. Acquisition-related costs The incurred acquisition-related costs by the Group are considered as not material. Consideration transferred No consideration has been transferred to the former owners of DeSteigerConcurrent VOF. Identifiable assets acquired and liabilities assumed The following table summarises the recognised amounts of assets acquired and liabilities assumed at the acquisition date. EUR 1,000 Property, plant and equipment 21 Right of Use assets 94 Intangible assets 269 Inventories 48 Trade receivables and other receivables 64 Cash and cash equivalents 96 Loans and borrowings -71 Lease liabilties -94 Deferred tax liabilities - Trade payables and other liabilities -427 Total identifiable net assets acquired - Measurement of fair values The valuation techniques used for measuring the fair value of material assets acquired were as follows. Assets acquired Valuation technique Property, plant and Market comparison technique and cost technique: equipment The valuation model considers market prices for similar items when available, and depreciated replacement cost when appropriate. Depreciated replacement cost reflects adjustments for physical deterioration as well as functional and economic obsolescence. Intangible assets Relief-from-royalty method and multi-period excess earnings method: The relief-from-royalty method considers the discounted estimated royalty payments that are expected to be avoided as a result of the brand being owned. The multi-period excess earnings method considers the present value of net cash flows expected to be generated by the customer relationships, by excluding any cash flows related to contributory assets. Inventories Market comparison technique: The fair value is determined based on the estimated selling price in the ordinary course of business less the estimated costs of completion and sale, and a reasonable profit margin based on the effort required to complete and sell the inventories. Right of use assets Present value method At the acquisition date, the right of use asset lease liability is measured at the present value of the future lease payments using the market interest rate. Trade and other The trade receivables comprise gross contractual amounts of which nothing was receivables expected to be uncollectable at the acquisition date. Goodwill Goodwill arising from the acquisition has been recognised as follows: EUR 1,000 Consideration transferred - Fair value of identifiable net assets - Goodwill - As both the consideration transferred and the net assets are zero, no goodwill has been recognised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__54": {
"value": "8 Property, plant and equipment Reconciliation of the carrying amount Leasehold Plant and Fixtures Vehicles Total 2improve-equipmentand fittings ments EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 Cost Balance at 1 January 2024 333 3.555 842 705 5.435 Additions 31 119 63 296 509 Disposals - -6 - -114 -120 Other movements 101 9 - -67 43 Balance at 31 December 2024 465 3.677 905 820 5.867 Balance at 1 January 2025 465 3.677 905 820 5.867 Acquisitions through business 4 - 12 5 21 combinations Additions 49 158 24 9 240 Disposals - -3 - -34 -37 Balance at 31 December 2025 518 3.832 941 800 6.091 Accumulated depreciation and impairment losses Balance at 1 January 2024 176 2.117 765 399 3.457 Depreciation 46 391 41 97 575 Other movement - 86 - -26 60 Disposals - -6 - -84 -90 Balance at 31 December 2024 222 2.588 806 386 4.002 Balance at 1 January 2025 222 2.588 806 386 4.002 Acquisitions through business 1 - 1 - 2 combinations Depreciation 49 347 51 108 555 Other movement 2 7 5 - 14 Disposals - - -27 -27 Balance at 31 December 2025 274 2.942 863 467 4.546 Carrying amounts At 1 January 2024 157 1.438 77 306 1.978 At 31 December 2024 243 1.089 99 434 1.865 At 31 December 2025 244 890 78 333 1.545 Security At 31 December 2025, these assets were subject to the security with regard to the secured bank loans (see note 16). 2 Included in this category is an amount of EUR 36 relating to production mold under construction ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__57": {
"value": "Intangible assets and goodwill Reconciliation of carrying amount Goodwill Trademarks Customer Online Total relation-platforms ships EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 Cost Balance at 1 January 2024 8.422 3.605 4.714 160 16.901 Acquisitions Purchases - - - - - Disposals - - - - - Balance at 31 December 2024 8.422 3.605 4.714 160 16.901 Balance at 1 January 2025 8.422 3.605 4.714 160 16.901 Acquisitions - - - - - Business combinations - - - 269 269 Purchases - - - - - Disposals - - - - - Balance at 31 December 2025 8.422 3.605 4.714 429 17.170 Accumulated amortisation and impairment losses Balance at 1 January 2024 - 561 538 113 1.212 Amortisation - 361 695 32 1.088 Impairment loss - - - - - Other movement - - - - - Balance at 31 December 2024 - 922 1.233 145 2.300 Balance at 1 January 2025 - 922 1.233 145 2.300 Amortisation - 361 696 38 1.095 Other movement - - -1 - -1 Impairment loss - - - - - Balance at 31 December 2025 - 1.283 1.928 183 3.394 Carrying amounts At 1 January 2024 8.422 3.044 4.176 47 15.689 At 31 December 2024 8.422 2.683 3.481 15 14.601 At 31 December 2025 8.422 2.322 2.786 246 13.776 Amortisation The amortisation of trademarks, customer relationships and online platforms is included in the amortisation expenses. The remaining amortization period of the trademarks is approximately 7 years and for customer relationships 3 \u2013 5 years. The remaining amortization period for online platforms will end in 2035. Impairment testing of goodwill For the purposes of impairment testing, goodwill has been allocated to the Group as a whole. The recoverable amount was based on fair value less costs of disposal, estimated using discounted cash flows. The fair value measurement was categorised as a Level 3 fair value based on the inputs in the valuation technique used (see note 2(d)). The key assumptions used in the estimation of the recoverable amount are set out below. The values assigned to the key assumptions represented management\u2019s assessment of future trends in the relevant industries and were based on historical data from both external and internal sources. 2025 2024 percent percent Discount rate 15,5% 14,5% Terminal value growth rate 2,0% 2,0% Budgeted EBITDA growth rate (average of the next three years) 16,0% 16,6% The discount rate was a post-tax measure estimated based on historical industry average weighted-average cost of capital The cash flow projections included specific estimates for three years and a terminal growth rate thereafter. The terminal growth rate was determined based on management\u2019s estimate of the long-term compound annual EBITDA growth rate, consistent with the assumption that a market participant would make. Budgeted EBITDA was estimated taking into account past experiences, adjusted as follows: \u2014 Revenue growth was projected taking into account the average growth levels experienced over the past years and the estimated sales volume and price growth for the next three years. It was assumed that sales price would increase in line with forecast inflation over the next five years. \u2014 Cost of sales was projected taking into account the expected increase in line with forecast inflation over the next five years. \u2014 Other expenses was projected taking into account the expected increase in line with forecast inflation over the next five years except for the employee benefits, which are expected to increase by the inflation + 1%. The estimated recoverable amount exceeded its carrying amount by approximately 75%. ",
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"language": "en",
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"f0__s7__6__56": {
"value": "Intangible assets and goodwill Reconciliation of carrying amount Goodwill Trademarks Customer Online Total relation-platforms ships EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 Cost Balance at 1 January 2024 8.422 3.605 4.714 160 16.901 Acquisitions Purchases - - - - - Disposals - - - - - Balance at 31 December 2024 8.422 3.605 4.714 160 16.901 Balance at 1 January 2025 8.422 3.605 4.714 160 16.901 Acquisitions - - - - - Business combinations - - - 269 269 Purchases - - - - - Disposals - - - - - Balance at 31 December 2025 8.422 3.605 4.714 429 17.170 Accumulated amortisation and impairment losses Balance at 1 January 2024 - 561 538 113 1.212 Amortisation - 361 695 32 1.088 Impairment loss - - - - - Other movement - - - - - Balance at 31 December 2024 - 922 1.233 145 2.300 Balance at 1 January 2025 - 922 1.233 145 2.300 Amortisation - 361 696 38 1.095 Other movement - - -1 - -1 Impairment loss - - - - - Balance at 31 December 2025 - 1.283 1.928 183 3.394 Carrying amounts At 1 January 2024 8.422 3.044 4.176 47 15.689 At 31 December 2024 8.422 2.683 3.481 15 14.601 At 31 December 2025 8.422 2.322 2.786 246 13.776 Amortisation The amortisation of trademarks, customer relationships and online platforms is included in the amortisation expenses. The remaining amortization period of the trademarks is approximately 7 years and for customer relationships 3 \u2013 5 years. The remaining amortization period for online platforms will end in 2035. Impairment testing of goodwill For the purposes of impairment testing, goodwill has been allocated to the Group as a whole. The recoverable amount was based on fair value less costs of disposal, estimated using discounted cash flows. The fair value measurement was categorised as a Level 3 fair value based on the inputs in the valuation technique used (see note 2(d)). The key assumptions used in the estimation of the recoverable amount are set out below. The values assigned to the key assumptions represented management\u2019s assessment of future trends in the relevant industries and were based on historical data from both external and internal sources. 2025 2024 percent percent Discount rate 15,5% 14,5% Terminal value growth rate 2,0% 2,0% Budgeted EBITDA growth rate (average of the next three years) 16,0% 16,6% The discount rate was a post-tax measure estimated based on historical industry average weighted-average cost of capital The cash flow projections included specific estimates for three years and a terminal growth rate thereafter. The terminal growth rate was determined based on management\u2019s estimate of the long-term compound annual EBITDA growth rate, consistent with the assumption that a market participant would make. Budgeted EBITDA was estimated taking into account past experiences, adjusted as follows: \u2014 Revenue growth was projected taking into account the average growth levels experienced over the past years and the estimated sales volume and price growth for the next three years. It was assumed that sales price would increase in line with forecast inflation over the next five years. \u2014 Cost of sales was projected taking into account the expected increase in line with forecast inflation over the next five years. \u2014 Other expenses was projected taking into account the expected increase in line with forecast inflation over the next five years except for the employee benefits, which are expected to increase by the inflation + 1%. The estimated recoverable amount exceeded its carrying amount by approximately 75%. ",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f0__s7__6__55": {
"value": "Intangible assets and goodwill Reconciliation of carrying amount Goodwill Trademarks Customer Online Total relation-platforms ships EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 Cost Balance at 1 January 2024 8.422 3.605 4.714 160 16.901 Acquisitions Purchases - - - - - Disposals - - - - - Balance at 31 December 2024 8.422 3.605 4.714 160 16.901 Balance at 1 January 2025 8.422 3.605 4.714 160 16.901 Acquisitions - - - - - Business combinations - - - 269 269 Purchases - - - - - Disposals - - - - - Balance at 31 December 2025 8.422 3.605 4.714 429 17.170 Accumulated amortisation and impairment losses Balance at 1 January 2024 - 561 538 113 1.212 Amortisation - 361 695 32 1.088 Impairment loss - - - - - Other movement - - - - - Balance at 31 December 2024 - 922 1.233 145 2.300 Balance at 1 January 2025 - 922 1.233 145 2.300 Amortisation - 361 696 38 1.095 Other movement - - -1 - -1 Impairment loss - - - - - Balance at 31 December 2025 - 1.283 1.928 183 3.394 Carrying amounts At 1 January 2024 8.422 3.044 4.176 47 15.689 At 31 December 2024 8.422 2.683 3.481 15 14.601 At 31 December 2025 8.422 2.322 2.786 246 13.776 Amortisation The amortisation of trademarks, customer relationships and online platforms is included in the amortisation expenses. The remaining amortization period of the trademarks is approximately 7 years and for customer relationships 3 \u2013 5 years. The remaining amortization period for online platforms will end in 2035. Impairment testing of goodwill For the purposes of impairment testing, goodwill has been allocated to the Group as a whole. The recoverable amount was based on fair value less costs of disposal, estimated using discounted cash flows. The fair value measurement was categorised as a Level 3 fair value based on the inputs in the valuation technique used (see note 2(d)). The key assumptions used in the estimation of the recoverable amount are set out below. The values assigned to the key assumptions represented management\u2019s assessment of future trends in the relevant industries and were based on historical data from both external and internal sources. 2025 2024 percent percent Discount rate 15,5% 14,5% Terminal value growth rate 2,0% 2,0% Budgeted EBITDA growth rate (average of the next three years) 16,0% 16,6% The discount rate was a post-tax measure estimated based on historical industry average weighted-average cost of capital The cash flow projections included specific estimates for three years and a terminal growth rate thereafter. The terminal growth rate was determined based on management\u2019s estimate of the long-term compound annual EBITDA growth rate, consistent with the assumption that a market participant would make. Budgeted EBITDA was estimated taking into account past experiences, adjusted as follows: \u2014 Revenue growth was projected taking into account the average growth levels experienced over the past years and the estimated sales volume and price growth for the next three years. It was assumed that sales price would increase in line with forecast inflation over the next five years. \u2014 Cost of sales was projected taking into account the expected increase in line with forecast inflation over the next five years. \u2014 Other expenses was projected taking into account the expected increase in line with forecast inflation over the next five years except for the employee benefits, which are expected to increase by the inflation + 1%. The estimated recoverable amount exceeded its carrying amount by approximately 75%. ",
"dimensions": {
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"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f0__s7__6__58": {
"value": "Impairment testing of goodwill For the purposes of impairment testing, goodwill has been allocated to the Group as a whole. The recoverable amount was based on fair value less costs of disposal, estimated using discounted cash flows. The fair value measurement was categorised as a Level 3 fair value based on the inputs in the valuation technique used (see note 2(d)). The key assumptions used in the estimation of the recoverable amount are set out below. The values assigned to the key assumptions represented management\u2019s assessment of future trends in the relevant industries and were based on historical data from both external and internal sources. 2025 2024 percent percent Discount rate 15,5% 14,5% Terminal value growth rate 2,0% 2,0% Budgeted EBITDA growth rate (average of the next three years) 16,0% 16,6% The discount rate was a post-tax measure estimated based on historical industry average weighted-average cost of capital The cash flow projections included specific estimates for three years and a terminal growth rate thereafter. The terminal growth rate was determined based on management\u2019s estimate of the long-term compound annual EBITDA growth rate, consistent with the assumption that a market participant would make. Budgeted EBITDA was estimated taking into account past experiences, adjusted as follows: \u2014 Revenue growth was projected taking into account the average growth levels experienced over the past years and the estimated sales volume and price growth for the next three years. It was assumed that sales price would increase in line with forecast inflation over the next five years. \u2014 Cost of sales was projected taking into account the expected increase in line with forecast inflation over the next five years. \u2014 Other expenses was projected taking into account the expected increase in line with forecast inflation over the next five years except for the employee benefits, which are expected to increase by the inflation + 1%. The estimated recoverable amount exceeded its carrying amount by approximately 75%. ",
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"f0__s7__6__59": {
"value": "10 Trade and other receivables 2025 2024 EUR 1,000 EUR 1,000 Trade receivables due from related parties 377 623 Trade receivables due from third parties 2.029 1.991 Other receivables 225 460 2.631 3.074 Non-current 374 368 Current 2.257 2.706 2.631 3.074 The non-current receivables relate to deposits for rental agreements mainly with related parties. These are expected to be collected after 12 months. Credit and market risks, and impairment losses Information about the Group\u2019s exposure to credit and market risks, and impairment losses for trade and other receivables is included in note 21.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__60": {
"value": "11 Other investments, including derivatives Current investments 2025 2024 EUR 1,000 EUR 1,000 Interest rate swaps used for hedging -78 -122 -78 -122 With respect to the secured bank loans, an interest rate SWAP was entered into to hedge the cash flow risk relating to the variable cash flows from the variable interest rate. By means of this interest rate swap, the variable 3-month EURIBOR has been hedged by a fixed at an interest rate of 3.17% until January 1, 2028. The interest rate is therefore 6.92% fixed. This derivative is presented as part of the current liabilities",
"dimensions": {
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"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__61": {
"value": "12 Inventories 2025 2024 EUR 1,000 EUR 1,000 Raw materials and consumables 3.733 4.392 Intermediates and finished goods 7.098 7.677 10.831 12.069 Carrying amount of inventories is pledges as security for liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__62": {
"value": "13 Cash and cash equivalents Cash and cash equivalents included in the statement of cash flows consist of cash on hand and balances with banks. 2025 2024 EUR 1,000 EUR 1,000 Bank balances 2.069 123 Cash 6 2 Cash and cash equivalents in the statement of financial position 2.075 125 Bank overdrafts repayable on demand and used for cash management - -40 purposes Cash and cash equivalents in the statement of cash flows 2.075 85 For cash and cash equivalents no restrictions apply.",
"dimensions": {
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"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f0__s7__6__63": {
"value": "14 Capital and reserves Share capital and share premium Ordinary shares 2025 2024 In issue at 1 January 14.845.515 14.845.515 Issued for cash - - Issued in business combination - - In issue at 31 December \u2013 fully paid 14.845.515 14.845.515 Issued \u2013 par value EUR \u2018000 1.484 1.484 All ordinary shares rank equally with regard to the Company\u2019s residual assets. Authorised capital Authorised capital of the company consist of 44.000.000 shares divided in 26,000,000 ordinary shares, 17,999,990 shares A and 10 redeemable cumulative preference shares with 6% dividend. All shares are in registered form. Each share has a nominal value of \u20ac 0.10. Ordinary shares Holders of these shares are entitled to dividends as declared from time to time, and are entitled to one vote per share at general meetings of the Company. All rights attached to the Company\u2019s shares held by the Group are suspended until those shares are reissued. Issue of ordinary shares In 2025 and 2024 no shares have been issued. Nature and purpose of reserves Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of hedging instruments used in cash flow hedges pending subsequent recognition in profit or loss as the hedged cash flows affect profit or loss (see note 21). Dividends In 2025 and 2024 no dividends were declared and paid by the Company. OCI accumulated in reserves, net of tax Hedging Total reserve EUR 1,000 EUR 1,000 2025 Cash flow hedges - effective portion of changes in fair -78 -78 value Total -78 -78 2024 Cash flow hedges - effective portion of changes in fair -122 -122 value Total -122 -122",
"dimensions": {
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"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f0__s7__6__64": {
"value": "15 Capital management The Board\u2019s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Management monitors the return on capital. The main focus is on repayment of the external financing. Dividend payments to cumulative preference shareholders and payments of dividends to ordinary shareholders are not expected on short notice. The Management Board seeks to maintain a balance between sound returns and solid capital position. The Group\u2019s target is to achieve a solvency percentage above 10%; in 2025 solvency amounted to 14% (2024: 13%). In this solvency calculation the amount due to preference shareholders is excluded from equity. According to Dutch law, preference shares are considered as equity. Solvency considering the preference shares as part of equity amounts to 38% (2024: 35%). The weighted-average interest expense on the interest-bearing borrowings obtained from Rabobank amounts to 6.71% (2024: 6.92%) taking into account the effective part of the Interest Rate Swap. Repayment of the financing to Rabobank amounted to EUR 3.47 million (2024: 2.5 million). Management has introduced in 2024 a group\u2019s share option program for key management and other (senior) employees or other eligible persons.",
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"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f0__s7__6__66": {
"value": "16 Loans and borrowings Non-current liabilities 2025 2024 EUR 1,000 EUR 1,000 Secured bank loans 6.008 8.296 Borrowings 328 431 Contingent consideration (earn-out) 648 1.159 Redeemable preference shares 8.388 7.956 Lease liabilities 2.502 4.241 Loan with warrant attached (note 17) 3.712 - 21.586 22.083 Current liabilities 2025 2024 EUR 1,000 EUR 1,000 Current portion of secured bank loans 1.442 2.500 Borrowings 91 147 Current portion of contingent consideration (earn-out) 128 255 Current portion of lease liabilities 1.759 1.233 Loan with warrant attached (note 17) 521 - Bank overdrafts - 40 3.941 4.175 In the second half of 2025 the Group issued a loan with warrants attached with a notional amount of EUR 4.75 million. The loan bears an interest rate of 6%. The repayment term is 5 years divided in 20 equal quarterly instalments. The repayment is subject to specific conditions. Based on current expectations the first instalments will be paid in the third quarter of 2026. As per 31 December 2025 and 2024 there was no breach of covenants. The available headroom with regard to the covenants was limited. In 2025 the repayment schedule and the covenants have been re-negotiated, following a breach of covenants. The negotiation resulted in an additional repayment of EUR 1.5 million by the end of the third quarter. In return for this additional repayment, future repayments have been reduced. The adjustment of the repayment schedule did not result in a substantial modification. Information about the Group\u2019s exposure to interest rate, foreign currency and liquidity risk is included in note 21. Terms and repayment schedule The terms and conditions of outstanding loans are as follows: Currency Nominal Face value Carrying Face value Carrying interest rate 31 December amount 31 December amount 2025 31 December 2024 31 December 2025 2024 % EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 Secured bank loan EUR 6.92% 7.487 7.450 10.850 10.796 Redeemable EUR 6.00% 8.388 8.388 7.956 7.956 cumulative preference shares Borrowings EUR 5% - 9% 419 419 578 578 Bankoverdraft EUR - - 40 40 Loan with warrants EUR 6% 4.233 4.233 - - attached Total interest-bearing 20.527 20.490 19.424 19.370 liabilities Secured bank loan Initial loan agreement With the acquisitions of Euroscaffold and ASC Group, the company has entered into financing agreement with Rabobank as of March 31, 2023 of EUR 16.600 of which EUR 2.000 in the form of an overdraft facility. The loans of EUR 14.600 consist of two loans: \u2022 Loan I of EUR 11.250 \u2022 Loan II of EUR 3.350. Loan I of EUR 11.250 has a term of 5 years and repayment quarterly of EUR 625 for the first time as of September 30, 2023. Interest is based on 3-month EURIBOR with a variable surcharge of 3.00% to 3.75%-point depending on the Senior Net Debt / EBITDA ratio. Until rdthe first measurement point after the end of the 3 quarter 2023, the mark-up is 3.75%-point. With respect to this financing, an interest rate SWAP was entered into to hedge the cash flow risk relating to the variable cash flows from the variable interest rate. By means of this interest rate swap, the variable 3-month EURIBOR has been hedged by a fixed at an interest rate of 3.17% until January 1, 2028. The interest rate is therefore 6.92% fixed. The fair value of the derivative is based on Level 1 inputs. Level 1 inputs are prices quoted in active markets (unadjusted) for identical assets or liabilities to which the entity has access at the measurement date. The effective portion of changes in the fair value of the derivative hedging instrument amounts to negative EUR 78 (2024: EUR 122) recognized in other comprehensive income and presented in the hedging reserve in equity. Loan II of EUR 3.350 has a term of 5 years. The loan is repayable as lump sum at the end of the term on March 31, 2028. Interest is based on 3-month EURIBOR with a surcharge of 3.5% to 4.25%-points depending on the Senior Net Debt / EBITDA ratio. Until the first emeasuring point after the end of the 3 quarter 2023, the mark-up is 4.25%-point. There is a mandatory additional (interim) repayment whereby 50% of the excess cash flow must be repaid until a leverage of < 2.0 is reached. This resulted in a repayment amounting EUR 116 in 2025. 2025 In 2025 the Company agreed with the Rabobank an adjustment of the financing agreement. The main changes comprise: - adjusting the repayment schedule. In September 2025 an additional repayment was made amounting to EUR 1.500. The quarterly repayments are reduced to EUR 300 rd quarter of 2025 until the 2for the 3 quarter 2026. For the subsequent quarters the quarterly repayments are reduced to EUR 400. - Covenants have been reset. - The excess cash clause has been cancelled. Collateral The following collateral has been provided for the financing in favor of Rabobank and remains unchanged under the new conditions: \u2022 first lien on all present and future operating assets; \u2022 first lien on all present and future inventory; \u2022 first lien on all present and future rights/claims; \u2022 first lien on all shares in the associates held by Alumexx N.V.; \u2022 joint and several liability of all Dutch companies belonging to the group. Covenants In addition, several non-financial and financial covenants have been agreed with Rabobank, including a non-withdrawal provisions. No dividend may be paid if the Senior net debt / EBITDA ratio is or thereby becomes higher than 2.0 or the Debt Service Coverage ratio is or theby becomes lower than 1.1. This also applies to the dividend on the redeemable cumulative preference shares and repayments on the loan with warrants attached. Furthermore the Company is not allowed to enter into new financing agreements exceeding EUR 150 per year and EUR 400 in total during the contractual terms of loans A and B. Lastly, related party transactions need to be conducted at arm's length. The financial covenants relate to Senior net debt / EBITDA ratio, Debt Service Coverage ratio, EBITDA Cover test ratio and Revenue Cover test ratio. Alumexx met all covenants as of December 31, 2025. Contingent Consideration (earn-out) With respect to the acquisitions of Euroscaffold and ASC Group, a contingent consideration has been agreed with a maximum nominal value of EUR 2,550. The payment will be made in 5 instalments, depending on the annual consolidated EBITDA to be realised. The fair value of this contingent consideration as of March 31, 2024 amounted to EUR 1.414. Because the EBITDA for 2025 does allow a pay-out ratio of 25% and for 2026 the expected pay-out ratio amounts to 50% the fair value has been adjusted accordingly. The fair value at December 31, 2025 amounted to EUR 776. Of this amount, EUR 128 is presented as current. The fair value of the contingent consideration has been calculated using an interest rate of 8.8%. Redeemable cumulative preference shares 2025 2024 EUR 1,000 EUR 1,000 Opening balance 7.956 7.524 Proceeds from issue of redeemable cumulative preference shares - - Accrued dividend 432 432 Carrying amount at 31 December 8.388 7.956 The redeemable cumulative preference shares are classified as liability. During 2024 and 2025 no preference shares were issued. The redeemable preference shares are mandatorily redeemable at par without a specified end date. The Group is obliged to pay holders of these shares\u2019 annual dividends of 6% of the par amount and is accrued when not paid. Redeemable preference shares do carry one voting right each. Reconciliation of movements of liabilities to cash flows arising from financing activities Liabilities Secured bank Contingent Redeemable Borrowings Lease liabilities Total loans consideration cumulative preference shares All amounts in thousands of euros Balance at 1 January 2025 10.796 1.414 7.956 578 5.474 26.218 Changes in financing cash flows: 75 - - - - 75 \u2022 Proceeds from loans and borrowings - - - - - - \u2022 Proceeds from lease liabilities -3.401 -255 - - - -3.656 \u2022 Repayment of borrowings - - - -189 -1.793 -1.982 \u2022 Payment of finance lease liabilities and RoU Total changes from financing -3.326 -255 - -189 -1.793 -5.563 cash flows Changes in fair value - -479 - - - -479 Other changes - - - - 244 244 Interest - 96 432 30 336 894 Amortised cost 17 - - - - 17 Balance at 31 December 2025 7.487 776 8.388 419 4.261 21.331 Liabilities Secured bank Contingent Redeemable Borrowings Lease liabilities Total loans consideration cumulative preference shares All amounts in thousands of euros Balance at 1 January 2024 13.279 2.124 7.524 409 6.225 29.561 Changes in financing cash flows: - - - - - \u2022 Proceeds from loans and borrowings - - - - 362 362 \u2022 Proceeds from lease liabilities - -2.500 -510 - - -3.010 \u2022 Repayment of borrowings - - - -229 -1.439 -1.668 \u2022 Payment of finance lease liabilities and RoU Total changes from financing -2.500 -510 - 133 -1.439 -4.316 cash flows Changes in fair value - -364 - - - -364 Other changes - - - - 294 294 Interest - 164 432 36 394 1.026 Amortised cost 17 - - - - 17 Balance at 31 December 2024 10.796 1.414 7.956 578 5.474 26.218 ",
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"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f0__s7__6__65": {
"value": "16 Loans and borrowings Non-current liabilities 2025 2024 EUR 1,000 EUR 1,000 Secured bank loans 6.008 8.296 Borrowings 328 431 Contingent consideration (earn-out) 648 1.159 Redeemable preference shares 8.388 7.956 Lease liabilities 2.502 4.241 Loan with warrant attached (note 17) 3.712 - 21.586 22.083 Current liabilities 2025 2024 EUR 1,000 EUR 1,000 Current portion of secured bank loans 1.442 2.500 Borrowings 91 147 Current portion of contingent consideration (earn-out) 128 255 Current portion of lease liabilities 1.759 1.233 Loan with warrant attached (note 17) 521 - Bank overdrafts - 40 3.941 4.175 In the second half of 2025 the Group issued a loan with warrants attached with a notional amount of EUR 4.75 million. The loan bears an interest rate of 6%. The repayment term is 5 years divided in 20 equal quarterly instalments. The repayment is subject to specific conditions. Based on current expectations the first instalments will be paid in the third quarter of 2026. As per 31 December 2025 and 2024 there was no breach of covenants. The available headroom with regard to the covenants was limited. In 2025 the repayment schedule and the covenants have been re-negotiated, following a breach of covenants. The negotiation resulted in an additional repayment of EUR 1.5 million by the end of the third quarter. In return for this additional repayment, future repayments have been reduced. The adjustment of the repayment schedule did not result in a substantial modification. Information about the Group\u2019s exposure to interest rate, foreign currency and liquidity risk is included in note 21. Terms and repayment schedule The terms and conditions of outstanding loans are as follows: Currency Nominal Face value Carrying Face value Carrying interest rate 31 December amount 31 December amount 2025 31 December 2024 31 December 2025 2024 % EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 Secured bank loan EUR 6.92% 7.487 7.450 10.850 10.796 Redeemable EUR 6.00% 8.388 8.388 7.956 7.956 cumulative preference shares Borrowings EUR 5% - 9% 419 419 578 578 Bankoverdraft EUR - - 40 40 Loan with warrants EUR 6% 4.233 4.233 - - attached Total interest-bearing 20.527 20.490 19.424 19.370 liabilities Secured bank loan Initial loan agreement With the acquisitions of Euroscaffold and ASC Group, the company has entered into financing agreement with Rabobank as of March 31, 2023 of EUR 16.600 of which EUR 2.000 in the form of an overdraft facility. The loans of EUR 14.600 consist of two loans: \u2022 Loan I of EUR 11.250 \u2022 Loan II of EUR 3.350. Loan I of EUR 11.250 has a term of 5 years and repayment quarterly of EUR 625 for the first time as of September 30, 2023. Interest is based on 3-month EURIBOR with a variable surcharge of 3.00% to 3.75%-point depending on the Senior Net Debt / EBITDA ratio. Until rdthe first measurement point after the end of the 3 quarter 2023, the mark-up is 3.75%-point. With respect to this financing, an interest rate SWAP was entered into to hedge the cash flow risk relating to the variable cash flows from the variable interest rate. By means of this interest rate swap, the variable 3-month EURIBOR has been hedged by a fixed at an interest rate of 3.17% until January 1, 2028. The interest rate is therefore 6.92% fixed. The fair value of the derivative is based on Level 1 inputs. Level 1 inputs are prices quoted in active markets (unadjusted) for identical assets or liabilities to which the entity has access at the measurement date. The effective portion of changes in the fair value of the derivative hedging instrument amounts to negative EUR 78 (2024: EUR 122) recognized in other comprehensive income and presented in the hedging reserve in equity. Loan II of EUR 3.350 has a term of 5 years. The loan is repayable as lump sum at the end of the term on March 31, 2028. Interest is based on 3-month EURIBOR with a surcharge of 3.5% to 4.25%-points depending on the Senior Net Debt / EBITDA ratio. Until the first emeasuring point after the end of the 3 quarter 2023, the mark-up is 4.25%-point. There is a mandatory additional (interim) repayment whereby 50% of the excess cash flow must be repaid until a leverage of < 2.0 is reached. This resulted in a repayment amounting EUR 116 in 2025. 2025 In 2025 the Company agreed with the Rabobank an adjustment of the financing agreement. The main changes comprise: - adjusting the repayment schedule. In September 2025 an additional repayment was made amounting to EUR 1.500. The quarterly repayments are reduced to EUR 300 rd quarter of 2025 until the 2for the 3 quarter 2026. For the subsequent quarters the quarterly repayments are reduced to EUR 400. - Covenants have been reset. - The excess cash clause has been cancelled. Collateral The following collateral has been provided for the financing in favor of Rabobank and remains unchanged under the new conditions: \u2022 first lien on all present and future operating assets; \u2022 first lien on all present and future inventory; \u2022 first lien on all present and future rights/claims; \u2022 first lien on all shares in the associates held by Alumexx N.V.; \u2022 joint and several liability of all Dutch companies belonging to the group. Covenants In addition, several non-financial and financial covenants have been agreed with Rabobank, including a non-withdrawal provisions. No dividend may be paid if the Senior net debt / EBITDA ratio is or thereby becomes higher than 2.0 or the Debt Service Coverage ratio is or theby becomes lower than 1.1. This also applies to the dividend on the redeemable cumulative preference shares and repayments on the loan with warrants attached. Furthermore the Company is not allowed to enter into new financing agreements exceeding EUR 150 per year and EUR 400 in total during the contractual terms of loans A and B. Lastly, related party transactions need to be conducted at arm's length. The financial covenants relate to Senior net debt / EBITDA ratio, Debt Service Coverage ratio, EBITDA Cover test ratio and Revenue Cover test ratio. Alumexx met all covenants as of December 31, 2025. Contingent Consideration (earn-out) With respect to the acquisitions of Euroscaffold and ASC Group, a contingent consideration has been agreed with a maximum nominal value of EUR 2,550. The payment will be made in 5 instalments, depending on the annual consolidated EBITDA to be realised. The fair value of this contingent consideration as of March 31, 2024 amounted to EUR 1.414. Because the EBITDA for 2025 does allow a pay-out ratio of 25% and for 2026 the expected pay-out ratio amounts to 50% the fair value has been adjusted accordingly. The fair value at December 31, 2025 amounted to EUR 776. Of this amount, EUR 128 is presented as current. The fair value of the contingent consideration has been calculated using an interest rate of 8.8%. Redeemable cumulative preference shares 2025 2024 EUR 1,000 EUR 1,000 Opening balance 7.956 7.524 Proceeds from issue of redeemable cumulative preference shares - - Accrued dividend 432 432 Carrying amount at 31 December 8.388 7.956 The redeemable cumulative preference shares are classified as liability. During 2024 and 2025 no preference shares were issued. The redeemable preference shares are mandatorily redeemable at par without a specified end date. The Group is obliged to pay holders of these shares\u2019 annual dividends of 6% of the par amount and is accrued when not paid. Redeemable preference shares do carry one voting right each. Reconciliation of movements of liabilities to cash flows arising from financing activities Liabilities Secured bank Contingent Redeemable Borrowings Lease liabilities Total loans consideration cumulative preference shares All amounts in thousands of euros Balance at 1 January 2025 10.796 1.414 7.956 578 5.474 26.218 Changes in financing cash flows: 75 - - - - 75 \u2022 Proceeds from loans and borrowings - - - - - - \u2022 Proceeds from lease liabilities -3.401 -255 - - - -3.656 \u2022 Repayment of borrowings - - - -189 -1.793 -1.982 \u2022 Payment of finance lease liabilities and RoU Total changes from financing -3.326 -255 - -189 -1.793 -5.563 cash flows Changes in fair value - -479 - - - -479 Other changes - - - - 244 244 Interest - 96 432 30 336 894 Amortised cost 17 - - - - 17 Balance at 31 December 2025 7.487 776 8.388 419 4.261 21.331 Liabilities Secured bank Contingent Redeemable Borrowings Lease liabilities Total loans consideration cumulative preference shares All amounts in thousands of euros Balance at 1 January 2024 13.279 2.124 7.524 409 6.225 29.561 Changes in financing cash flows: - - - - - \u2022 Proceeds from loans and borrowings - - - - 362 362 \u2022 Proceeds from lease liabilities - -2.500 -510 - - -3.010 \u2022 Repayment of borrowings - - - -229 -1.439 -1.668 \u2022 Payment of finance lease liabilities and RoU Total changes from financing -2.500 -510 - 133 -1.439 -4.316 cash flows Changes in fair value - -364 - - - -364 Other changes - - - - 294 294 Interest - 164 432 36 394 1.026 Amortised cost 17 - - - - 17 Balance at 31 December 2024 10.796 1.414 7.956 578 5.474 26.218 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s7__6__67": {
"value": "17 Loan with warrants attached In the second half of 2025 the Group issued a loan with warrants attached with a notional amount of EUR 4.75 million. The loan bears an interest rate of 6%. The repayment term is 5 years divided in 20 equal quarterly instalments. The repayment is subject to specific conditions. Based on current expectations the first instalments will be paid in the third quarter of 2026. Accrued interest and overdue repayments will be catched up as prompt as possible. For every 4 euro subscription, 1 warrant has been granted with an exercise value of 1,50 euro. Following the total subscription of EUR 4,75 million, 1.187.500 warrants are issued. The warrants can be exercised for a period of 5 years ending 30 September 2030. For accounting purposes, the loan with warrants attached qualify as having two \u2018components\u2019, being a liability host contract plus a separate issue of warrants which qualify for classification as an equity instrument. As the loan with warrants attached has been determined to contain a host liability and embedded equity (warrant), the fair value of the liability component is determined first. This is established by using a present value calculation, i.e. the contractual stream of future cash flows is discounted at the rate of interest that would apply to an identical financial instrument without a warrant, which is considered at 11%. The equity component is then assigned as the residual amount, by deducting the amount calculated for the liability component from the fair value of the instrument as a whole. The calculation resulted in an equity component amounting to EUR 628.",
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"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s7__6__68": {
"value": "18 Share-based payment arrangement Description of the share-based payment arrangement At 31 December 2025, the Group has the following share-based payment arrangement. Share option programme (equity-settled) During the Annual General Meeting in June 2024, the Group established a share option programme that entitle key management, Employees and other Eligible persons to purchase shares in the Company. Under this programme, holders of vested options are entitled to purchase shares at the market price of the shares at the date of grant. Currently, this programme is limited to key management personnel and other (senior) employees. The key terms and conditions related to the grants under this programme are as follows; \u2022 The option pool cannot exceed 10% of the outstanding share capital \u2022 exercise price is the closing stock price before grant date \u2022 options can be conditional and unconditional \u2022 options vest 3 years after grant date \u2022 options can be exercised for 2 years following vesting date \u2022 all options are to be settled by physical delivery of shares. Grand date/employee entitled Number of instruments x Vesting conditions Contractual 1,000 life of options 2025 2024 Options granted to key management personnel On 1 October 96.000 160.000 3 years\u2019 service from grant date 5 years and subject to meeting specific non-market performance conditions Options granted to employees On 1 October 297.530 260.000 3 years\u2019 service from grant date 5 years Total share options 393.530 420.000 Measurement of fair values \u2022 Equity-settled share-based payment arrangement \u2022 The fair value of the share options has been measured using the Black-Scholes-Merton model. Service and non-market performance conditions attached to the transactions were taken into account in measuring fair value. \u2022 The inputs used in the measurement of the fair values at grant date of the equity-settled share-based payment plans were as follows: Key management employees personnel 2025 2024 2025 2024 EUR EUR EUR EUR Fair value at grant date 0,48 0,54 0,48 0,54 Share price at grant date 1,44 1,25 1,44 1,25 Exercise price 1,44 1,25 1,44 1,25 Expected volatility (weighted-average) 39% 46% 39% 46% Expected life (weighted-average) 4 year 5 year 4 year 5 year Expected dividends 0% 0% 0% 0% Risk-free interest rate (based on 1,90% 2,13% 1,90% 2,13% government bonds) \u2022 Expected volatility has been based on an evaluation of the historical volatility of a peer group with the Company\u2019s share included in the peer group, particularly over the historical period commensurate with the expected term. The expected term of the instruments has been based on general option holder behaviour. Reconciliation of outstanding share options The number and weighted average exercise prices of share options under share option programme were as follows: 2025 2024 Number of Number of options options x 1.000 x 1.000 Outstanding at 1 January 420 - Forfeiting during the year -17 - Exercised during the year - - Granted during the year 394 420 Outstanding at 31 December 797 420 Exercisable at 31 December - - The options outstanding at 31 December 2025 had a weighted-average exercise price of EUR 1,34 (2024: 1,25) and a weighted-average contractual life of 2,24 years (2024: 2,75). Expense recognised in profit or loss For details on the related employee benefit expenses, see note 24.",
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"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"value": "19 Trade and other payables 2025 2024 EUR 1,000 EUR 1,000 Trade creditors 2.218 3.028 Accrued expenses and other payables 380 315 Trade payables due to related parties 129 248 Trade payables 2.727 3.591 Interest rate swaps used for hedging 78 122 Employee related accruals 253 217 Taxes and social securities 296 269 Other payables 627 608 3.354 4.199 Non-current 78 122 Current 3.276 4.077 3.354 4.199 Information about the Group\u2019s exposure to currency and liquidity risk is included in note 21.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__70": {
"value": "20 Provisions Warranties Total EUR 1,000 EUR 1,000 Balance at 1 January 2025 173 173 Provisions made during the year 64 64 Provisions used during the year -64 -64 Provisions reversed during the - - year Balance at 31 December 2025 173 173 Warranties The provision for warranties relates mainly to climbing materials sold from 2021 to 2025. In general the warranty term is 5 years. The provision has been estimated based on historical warranty data associated with similar products. The Group expects to settle the majority of the liability over the next year.",
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"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s7__6__71": {
"value": "21 Financial instruments \u2013 fair values and risk management Accounting classifications and fair values The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. 31 December 2025 Fair value Fair value \u2013 Financial Other Total Level 1 Level 2 Level 3 Total hedging assets at financial instruments amortised liabilities cost EUR 1,000 EUR 1,000 EUR 1,000 EUR 1.000 EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 Financial assets not measured at fair value Trade and other receivables 10 - 2.589 - 2.589 - - - - Cash and cash equivalents 13 - 2.075 - 2.075 - - - - - 4.664 - 4664 - - - - Financial liabilities measured at fair value Interest rate swaps used for hedging 11 78 - - 78 78 - - 78 Contingent consideration (earn-out) 16 - - 776 776 - - 776 776 78 - 776 854 78 - 776 854 Financial liabilities not measured at fair value Secured bank loans 16 - - 7.450 7.450 - - - - Redeemable preference shares 16 - - 8.388 8.388 - - - - Loans and borrowings 16 - - 419 419 - - - - Loan with warrants attached 16 - - 4.233 4.233 - - - - Trade and other payables 19 - - 3.355 3.355 - - - - - - 23.845 23.845 - - - - 31 December 2024 Fair value Fair value \u2013 Financial Other Total Level 1 Level 2 Level 3 Total hedging assets at financial instruments amortised liabilities cost EUR 1,000 EUR 1,000 EUR 1,000 EUR 1.000 EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 Financial assets not measured at fair valueTrade and other receivables 10 - 3.074 - 3.074 - - - - Cash and cash equivalents 13 - 125 - 125 - - - - - 3.199 - 3.199 - - - - Financial liabilities measured at fair value Interest rate swaps used for hedging 11 122 - - 122 122 - - 122 Contingent consideration (earn-out) 16 - - 1.414 1.414 - - 1.414 1.414 122 - 1.414 1.536 122 1.414 1.536 Financial liabilities not measured at fair value Bank overdrafts 16 - - 40 40 - - - - Secured bank loans 16 - - 10.796 10.796 - - - - Redeemable preference shares 16 - - 7.956 7.956 - - - - Loans and borrowings 16 - - 578 578 - - - - Trade and other payables 19 - - 4.199 4.199 - - - - - - 23.569 23.569 - - - - Measurement of fair values Valuation techniques and significant unobservable inputs The following tables show the valuation techniques used in measuring Level 3 fair values, for financial instruments measured at fair value in the statement of financial position, as well as the significant unobservable inputs used. Related valuation processes are described in Note 2. Financial instruments measured at fair value Type Valuation technique Significant Inter-relationship between unobservable significant unobservable inputs inputs and fair value measurement Contingent Discounted cash flows: The The estimated fair value consideration valuation model considers the \u2014 Expected would increase (decrease) present value of the expected EBITDA (31 if: future payments, discounted December using a risk-adjusted discount 2025: EUR \u2014 the expected cash flows rate. The expected payment is 5.500 - EUR were higher (lower); or determined by considering the 6.000). \u2014 the risk-adjusted possible scenarios of forecast \u2014 Risk-adjusted discount rate were EBITDA, the amount to be paid discount rate lower (higher). under each scenario and the (31 December probability of each scenario. 2025: 8,8%). Interest rate Swap models: The fair value is Not applicable. Not applicable. swaps calculated as the present value of the estimated future cash flows. Estimates of future floating-rate cash flows are based on quoted swap rates, futures prices and interbank borrowing rates. Estimated cash flows are discounted using a yield curve constructed from similar sources and which reflects the relevant benchmark interbank rate used by market participants for this purpose when pricing interest rate swaps. The fair value estimate is subject to a credit risk adjustment that reflects the credit risk of the Group and of the counterparty; this is calculated based on credit spreads derived from current credit default swap or bond prices. Financial instruments not measured at fair value Type Valuation technique Other financial liabilities* Discounted cash flows: The valuation model considers the present value of expected payment, discounted using a risk-adjusted discount rate. * Other financial liabilities include secured loans and redeemable cumulative preference shares. Level 3 fair values Reconciliation of Level 3 fair values The following table shows a reconciliation from the opening balances to the closing balances for Level 3 fair values. Contingent consideration EUR 1,000 EUR 1,000 2025 2024 Balance at 1 January 1.414 2.124 -479 -364 Net change in fair value included in finance income 96 169 Accretion of interest included in finance income Paid on the contingent consideration -255 -510 Other movements -5 Balance at 31 December 776 1.414 There have been no transfers among Level 1, Level 2 and Level 3 during each of the years presented above. Sensitivity analysis The fair values of contingent consideration is mainly impacted by the expected future EBITDA. The fair value as per 31 December 2025 is adjusted in this respect. Financial risk management The Group has exposure to the following risks arising from financial instruments: \u2014 credit risk; \u2014 liquidity risk; \u2014 market risk. Risk management framework The Management Board has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. The Group\u2019s risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group\u2019s activities. The Group, through its management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations. The Group Supervisory Board oversees how management monitors compliance with the Group\u2019s risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. Credit riskCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s receivables from customers. The carrying amounts of financial assets represents the maximum credit exposure. Impairment losses on financial assets recognised in profit or loss were as follows: 2025 2024 EUR 1,000 EUR 1,000 Impairment loss on trade receivables 20 10 20 10 Trade receivables The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry in which customers operate. The Management Board has established a credit policy under which each new customer is analysed individually for creditworthiness before the Group\u2019s standard payment and delivery terms and conditions are offered. For most of the new customers prepayments are requested. Sale limits are established based on payment experience with the customer. Any sales exceeding those limits require approval from the Management Board. The Group limits its exposure to credit risk from trade receivables by establishing a maximum payment period of one month in general. To further reduce the risk a discount is offered in case of early payment. Most the Group\u2019s customers who buy on credit have been transacting with the Group for over several years, and none of these customers\u2019 balances have been written off or are credit-impaired at the reporting date. In monitoring customer credit risk, customers are reviewed individually based on trade history with the Group and existence of previous financial difficulties. The Group does not require collateral in respect of trade and other receivables. The Group does not have trade receivable for which no loss allowance is recognised because of collateral. At 31 December 2025, the carrying amount of the receivable from the Group\u2019s most significant customer (a Dutch wholesale online platform) was less than 0.5% of the Group\u2019s total revenue. Trade receivables comprise a very large number of small balances from individual customers. Expected credit loss assessment for individual customers The Group assesses its larger trade receivables (above EUR 25) on an individual basis. To measure the ECLs of trade receivables from the remaining individual customers, which comprise a very large number of small balances 1% (2024: 1%) of the outstanding balance (including the larger trade receivables) is provided as ECL. This risk percentage is based on historical data. Movements in the allowance for impairment in respect of trade receivables The movement in the allowance for impairment in respect of trade receivables during the year was as follows. 2025 2024 EUR 1,000 EUR 1,000 Balance at 1 January 185 256 Amounts written off -43 -81 Net remeasurement of loss allowance 20 10 Balance at 31 December 162 185 Trade receivables with a contractual amount of EUR nil written off during 2025 are still subject to enforcement activity. Cash and cash equivalents The Group held cash and cash equivalents of EUR 2.075 at 31 December 2025 (2024: EUR 125). The cash and cash equivalents are held with bank and financial institution counterparties, which are rated AA- to AA+, based on rating agency ratings. Impairment on cash and cash equivalents has been measured at zero. Derivatives The derivatives are entered into with bank and financial institution counterparties, which are rated AA- to AA+, based on rating agency ratings. Liquidity riskLiquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. The Group aims to maintain the level of its cash and cash equivalents at an amount to meet the repayment schedule of the secured bank loans in excess of expected cash outflows on the operations. As part of the credit facility the Group must every calendar year demonstrate a 5 day in a row positive bank balance at the bank accounts with the bank which provided the secured bank loan. For 2025 this has been fulfilled. There is no restricted cash within the Group. The Group also monitors the level of expected cash inflows on trade and other receivables together with expected cash outflows on trade and other payables as main indicator for the working capital not considering inventory. This excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters. In addition, the Group maintains the following lines of credit. \u2014 EUR 2 million overdraft facility that is attached to the secured bank loan agreement. Interest would be payable at the rate of 1 month Euribor plus 190 basis points (2024: Euribor plus 190 basis points). The overdraft facility is not withdrawn as per reporting date. Exposure to liquidity risk The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted, and include estimated interest payments and excluding the impact of netting agreements. 31 December 2025 Carrying amount Total 1 year 1 - 5 years More than 5 years or less EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 Non-derivative financial liabilities Contingent consideration 776 893 128 765 - (earn-out) Secured bank loans 7.450 8.839 1.930 6.909 - Redeemable preference 8.388 8.388 - - 8.388 shares Borrowings 419 437 102 299 36 Lease liabilities 4.261 4.338 1.959 2.379 - Loan with warrants 4.233 5.593 826 4.767 - attached Trade payables and other 3.355 3.355 3.355 - - payables 28.882 31.843 8.300 15.119 8.424 Derivative financial liabilities Interest rate swaps used 78 78 78 - - for hedging 78 78 78 - - 31 December 2024 Carrying amount Total 1 year 1 - 5 years More than 5 years or less EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 Non-derivative financial liabilities Contingent consideration 1.414 1.658 255 1.403 - (earn-out) Bank overdraft 40 40 40 - - Secured bank loans 10.796 12.324 3.164 9.160 - Redeemable preference 7.956 7.956 - - 7.956 shares Borrowings 578 654 185 391 78 Lease liabilities 5.475 6.099 2.034 4.065 - Trade payables and other 4.199 4.199 4.199 - - payables 30.458 32.930 9.877 15.019 8.034 Derivative financial liabilities Interest rate swaps used 122 122 122 - - for hedging 122 122 122 - - The inflows/(outflows) disclosed in the above table represent the contractual undiscounted cash flows relating to derivative financial liabilities held for risk management purposes and which are not usually closed out before contractual maturity. The disclosure shows net cash flow amounts for derivatives that are net cash-settled and gross cash inflow and outflow amounts for derivatives that have simultaneous gross cash settlement. As disclosed in Notes 16, the Group has a secured bank loan that contains loan covenants. A future breach of covenant may require the Group to repay the loan earlier than indicated in the above table. Under the agreement, the covenant is monitored and reported on a quarterly basis by the finance department and reported to management to ensure compliance with the agreement. The interest payments on variable interest rate loans in the table above reflect market forward interest rates at the reporting date and these amounts may change as market interest rates change. The future cash flows on contingent consideration (see note 16) and derivative instruments may be different from the amount in the above table as interest rates and exchange rates or the relevant conditions underlying the contingency change. Except for these financial liabilities, it is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amounts. The trade debtors of the Company are used for managing the financial liability. The Group reviews on regular basis that the trade debtors are in line with the trade creditors for both amount and maturity. Market riskMarket risk is the risk that changes in market prices \u2013 e.g. as foreign exchange rates, interest rates and commodity (e.g. aluminium) prices \u2013 will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. The Group uses no derivatives to manage market risks. Under certain conditions purchase prices are agreed with suppliers for a period for 3 \u2013 12 months. All such transactions are carried out within the guidelines set by the Management Board. Generally, the Group does not apply hedge accounting to manage volatility in profit or loss except for the interest rate swap. Currency risk The Group is exposed to transactional foreign currency risk to the extent that there is a mismatch between the currencies in which sales, purchases, receivables and borrowings are denominated and the respective functional currencies of Group companies. The functional currencies of Group companies are primarily the euro. The currencies in which these transactions are primarily denominated are EUR and for an insignificant part based on USD. Therefore, there is no Group\u2019s risk management policy applicable and management did not designate any net positions in a hedging relationship. Interest rate risk The Group adopts a policy of ensuring that 100% of its interest rate risk exposure is at fixed rate. This is achieved by entering into fixed-rate instruments and by borrowing at a floating rate and using interest rate swaps as hedges of the variability in cash flows attributable to movements in interest rates. The Group applies a hedge ratio of 1:1. The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the reference interest rates, tenors, repricing dates and maturities and the notional or par amounts. The Group assesses whether the derivative designated in each hedging relationship is expected to be effective in offsetting changes in cash flows of the hedged item using the hypothetical derivative method. In these hedge relationships, the main sources of ineffectiveness are: \u2014 the effect of the counterparty\u2019s and the Group\u2019s own credit risk on the fair value of the swaps, which is not reflected in the change in the fair value of the hedged cash flows attributable to the change in interest rates; and \u2014 differences in repricing dates between the swaps and the borrowings.Exposure to interest rate risk The interest rate profile of the Group\u2019s interest-bearing financial instruments as reported to management of the Group is as follows: Carrying amount 2025 2024 EUR 1,000 EUR 1,000 Variable rate instruments Financial liabilities 7.347 10.796 Effect of interest rate swaps 78 122 7.425 10.918 Cash flow hedges At 31 December 2025, the Group held a interest rate SWAP with respect to secured bank loan. This SWAP was entered into to hedge the cash flow risk relating to the variable cash flows from the variable interest rate. By means of this interest rate swap, the variable 3-month EURIBOR has been hedged by a fixed at an interest rate of 3.17% until January 1, 2028. The interest rate is therefore 6.92% fixed. The hedged position is every quarter updated with the initial repayments of EUR 625 per quarter. Since the repayment schedule has been adjusted in the third quarter 2025, the hedged is slightly higher compared to the risk covered (2024: 100% effective). The instruments used by the Group have a negative fair value of EUR 78 as per 31 December 2025 (2024: 122). The change in the fair value was fully recognised in OCI. The maturity of the financial instruments ends in 2028. See note 14 for the movement schedule.",
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"value": "21 Financial instruments \u2013 fair values and risk management Accounting classifications and fair values The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. 31 December 2025 Fair value Fair value \u2013 Financial Other Total Level 1 Level 2 Level 3 Total hedging assets at financial instruments amortised liabilities cost EUR 1,000 EUR 1,000 EUR 1,000 EUR 1.000 EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 Financial assets not measured at fair value Trade and other receivables 10 - 2.589 - 2.589 - - - - Cash and cash equivalents 13 - 2.075 - 2.075 - - - - - 4.664 - 4664 - - - - Financial liabilities measured at fair value Interest rate swaps used for hedging 11 78 - - 78 78 - - 78 Contingent consideration (earn-out) 16 - - 776 776 - - 776 776 78 - 776 854 78 - 776 854 Financial liabilities not measured at fair value Secured bank loans 16 - - 7.450 7.450 - - - - Redeemable preference shares 16 - - 8.388 8.388 - - - - Loans and borrowings 16 - - 419 419 - - - - Loan with warrants attached 16 - - 4.233 4.233 - - - - Trade and other payables 19 - - 3.355 3.355 - - - - - - 23.845 23.845 - - - - 31 December 2024 Fair value Fair value \u2013 Financial Other Total Level 1 Level 2 Level 3 Total hedging assets at financial instruments amortised liabilities cost EUR 1,000 EUR 1,000 EUR 1,000 EUR 1.000 EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 Financial assets not measured at fair valueTrade and other receivables 10 - 3.074 - 3.074 - - - - Cash and cash equivalents 13 - 125 - 125 - - - - - 3.199 - 3.199 - - - - Financial liabilities measured at fair value Interest rate swaps used for hedging 11 122 - - 122 122 - - 122 Contingent consideration (earn-out) 16 - - 1.414 1.414 - - 1.414 1.414 122 - 1.414 1.536 122 1.414 1.536 Financial liabilities not measured at fair value Bank overdrafts 16 - - 40 40 - - - - Secured bank loans 16 - - 10.796 10.796 - - - - Redeemable preference shares 16 - - 7.956 7.956 - - - - Loans and borrowings 16 - - 578 578 - - - - Trade and other payables 19 - - 4.199 4.199 - - - - - - 23.569 23.569 - - - - Measurement of fair values Valuation techniques and significant unobservable inputs The following tables show the valuation techniques used in measuring Level 3 fair values, for financial instruments measured at fair value in the statement of financial position, as well as the significant unobservable inputs used. Related valuation processes are described in Note 2. Financial instruments measured at fair value Type Valuation technique Significant Inter-relationship between unobservable significant unobservable inputs inputs and fair value measurement Contingent Discounted cash flows: The The estimated fair value consideration valuation model considers the \u2014 Expected would increase (decrease) present value of the expected EBITDA (31 if: future payments, discounted December using a risk-adjusted discount 2025: EUR \u2014 the expected cash flows rate. The expected payment is 5.500 - EUR were higher (lower); or determined by considering the 6.000). \u2014 the risk-adjusted possible scenarios of forecast \u2014 Risk-adjusted discount rate were EBITDA, the amount to be paid discount rate lower (higher). under each scenario and the (31 December probability of each scenario. 2025: 8,8%). Interest rate Swap models: The fair value is Not applicable. Not applicable. swaps calculated as the present value of the estimated future cash flows. Estimates of future floating-rate cash flows are based on quoted swap rates, futures prices and interbank borrowing rates. Estimated cash flows are discounted using a yield curve constructed from similar sources and which reflects the relevant benchmark interbank rate used by market participants for this purpose when pricing interest rate swaps. The fair value estimate is subject to a credit risk adjustment that reflects the credit risk of the Group and of the counterparty; this is calculated based on credit spreads derived from current credit default swap or bond prices. Financial instruments not measured at fair value Type Valuation technique Other financial liabilities* Discounted cash flows: The valuation model considers the present value of expected payment, discounted using a risk-adjusted discount rate. * Other financial liabilities include secured loans and redeemable cumulative preference shares. Level 3 fair values Reconciliation of Level 3 fair values The following table shows a reconciliation from the opening balances to the closing balances for Level 3 fair values. Contingent consideration EUR 1,000 EUR 1,000 2025 2024 Balance at 1 January 1.414 2.124 -479 -364 Net change in fair value included in finance income 96 169 Accretion of interest included in finance income Paid on the contingent consideration -255 -510 Other movements -5 Balance at 31 December 776 1.414 There have been no transfers among Level 1, Level 2 and Level 3 during each of the years presented above. Sensitivity analysis The fair values of contingent consideration is mainly impacted by the expected future EBITDA. The fair value as per 31 December 2025 is adjusted in this respect. Financial risk management The Group has exposure to the following risks arising from financial instruments: \u2014 credit risk; \u2014 liquidity risk; \u2014 market risk. Risk management framework The Management Board has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. The Group\u2019s risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group\u2019s activities. The Group, through its management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations. The Group Supervisory Board oversees how management monitors compliance with the Group\u2019s risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. Credit riskCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s receivables from customers. The carrying amounts of financial assets represents the maximum credit exposure. Impairment losses on financial assets recognised in profit or loss were as follows: 2025 2024 EUR 1,000 EUR 1,000 Impairment loss on trade receivables 20 10 20 10 Trade receivables The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry in which customers operate. The Management Board has established a credit policy under which each new customer is analysed individually for creditworthiness before the Group\u2019s standard payment and delivery terms and conditions are offered. For most of the new customers prepayments are requested. Sale limits are established based on payment experience with the customer. Any sales exceeding those limits require approval from the Management Board. The Group limits its exposure to credit risk from trade receivables by establishing a maximum payment period of one month in general. To further reduce the risk a discount is offered in case of early payment. Most the Group\u2019s customers who buy on credit have been transacting with the Group for over several years, and none of these customers\u2019 balances have been written off or are credit-impaired at the reporting date. In monitoring customer credit risk, customers are reviewed individually based on trade history with the Group and existence of previous financial difficulties. The Group does not require collateral in respect of trade and other receivables. The Group does not have trade receivable for which no loss allowance is recognised because of collateral. At 31 December 2025, the carrying amount of the receivable from the Group\u2019s most significant customer (a Dutch wholesale online platform) was less than 0.5% of the Group\u2019s total revenue. Trade receivables comprise a very large number of small balances from individual customers. Expected credit loss assessment for individual customers The Group assesses its larger trade receivables (above EUR 25) on an individual basis. To measure the ECLs of trade receivables from the remaining individual customers, which comprise a very large number of small balances 1% (2024: 1%) of the outstanding balance (including the larger trade receivables) is provided as ECL. This risk percentage is based on historical data. Movements in the allowance for impairment in respect of trade receivables The movement in the allowance for impairment in respect of trade receivables during the year was as follows. 2025 2024 EUR 1,000 EUR 1,000 Balance at 1 January 185 256 Amounts written off -43 -81 Net remeasurement of loss allowance 20 10 Balance at 31 December 162 185 Trade receivables with a contractual amount of EUR nil written off during 2025 are still subject to enforcement activity. Cash and cash equivalents The Group held cash and cash equivalents of EUR 2.075 at 31 December 2025 (2024: EUR 125). The cash and cash equivalents are held with bank and financial institution counterparties, which are rated AA- to AA+, based on rating agency ratings. Impairment on cash and cash equivalents has been measured at zero. Derivatives The derivatives are entered into with bank and financial institution counterparties, which are rated AA- to AA+, based on rating agency ratings. Liquidity riskLiquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. The Group aims to maintain the level of its cash and cash equivalents at an amount to meet the repayment schedule of the secured bank loans in excess of expected cash outflows on the operations. As part of the credit facility the Group must every calendar year demonstrate a 5 day in a row positive bank balance at the bank accounts with the bank which provided the secured bank loan. For 2025 this has been fulfilled. There is no restricted cash within the Group. The Group also monitors the level of expected cash inflows on trade and other receivables together with expected cash outflows on trade and other payables as main indicator for the working capital not considering inventory. This excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters. In addition, the Group maintains the following lines of credit. \u2014 EUR 2 million overdraft facility that is attached to the secured bank loan agreement. Interest would be payable at the rate of 1 month Euribor plus 190 basis points (2024: Euribor plus 190 basis points). The overdraft facility is not withdrawn as per reporting date. Exposure to liquidity risk The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted, and include estimated interest payments and excluding the impact of netting agreements. 31 December 2025 Carrying amount Total 1 year 1 - 5 years More than 5 years or less EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 Non-derivative financial liabilities Contingent consideration 776 893 128 765 - (earn-out) Secured bank loans 7.450 8.839 1.930 6.909 - Redeemable preference 8.388 8.388 - - 8.388 shares Borrowings 419 437 102 299 36 Lease liabilities 4.261 4.338 1.959 2.379 - Loan with warrants 4.233 5.593 826 4.767 - attached Trade payables and other 3.355 3.355 3.355 - - payables 28.882 31.843 8.300 15.119 8.424 Derivative financial liabilities Interest rate swaps used 78 78 78 - - for hedging 78 78 78 - - 31 December 2024 Carrying amount Total 1 year 1 - 5 years More than 5 years or less EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 Non-derivative financial liabilities Contingent consideration 1.414 1.658 255 1.403 - (earn-out) Bank overdraft 40 40 40 - - Secured bank loans 10.796 12.324 3.164 9.160 - Redeemable preference 7.956 7.956 - - 7.956 shares Borrowings 578 654 185 391 78 Lease liabilities 5.475 6.099 2.034 4.065 - Trade payables and other 4.199 4.199 4.199 - - payables 30.458 32.930 9.877 15.019 8.034 Derivative financial liabilities Interest rate swaps used 122 122 122 - - for hedging 122 122 122 - - The inflows/(outflows) disclosed in the above table represent the contractual undiscounted cash flows relating to derivative financial liabilities held for risk management purposes and which are not usually closed out before contractual maturity. The disclosure shows net cash flow amounts for derivatives that are net cash-settled and gross cash inflow and outflow amounts for derivatives that have simultaneous gross cash settlement. As disclosed in Notes 16, the Group has a secured bank loan that contains loan covenants. A future breach of covenant may require the Group to repay the loan earlier than indicated in the above table. Under the agreement, the covenant is monitored and reported on a quarterly basis by the finance department and reported to management to ensure compliance with the agreement. The interest payments on variable interest rate loans in the table above reflect market forward interest rates at the reporting date and these amounts may change as market interest rates change. The future cash flows on contingent consideration (see note 16) and derivative instruments may be different from the amount in the above table as interest rates and exchange rates or the relevant conditions underlying the contingency change. Except for these financial liabilities, it is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amounts. The trade debtors of the Company are used for managing the financial liability. The Group reviews on regular basis that the trade debtors are in line with the trade creditors for both amount and maturity. Market riskMarket risk is the risk that changes in market prices \u2013 e.g. as foreign exchange rates, interest rates and commodity (e.g. aluminium) prices \u2013 will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. The Group uses no derivatives to manage market risks. Under certain conditions purchase prices are agreed with suppliers for a period for 3 \u2013 12 months. All such transactions are carried out within the guidelines set by the Management Board. Generally, the Group does not apply hedge accounting to manage volatility in profit or loss except for the interest rate swap. Currency risk The Group is exposed to transactional foreign currency risk to the extent that there is a mismatch between the currencies in which sales, purchases, receivables and borrowings are denominated and the respective functional currencies of Group companies. The functional currencies of Group companies are primarily the euro. The currencies in which these transactions are primarily denominated are EUR and for an insignificant part based on USD. Therefore, there is no Group\u2019s risk management policy applicable and management did not designate any net positions in a hedging relationship. Interest rate risk The Group adopts a policy of ensuring that 100% of its interest rate risk exposure is at fixed rate. This is achieved by entering into fixed-rate instruments and by borrowing at a floating rate and using interest rate swaps as hedges of the variability in cash flows attributable to movements in interest rates. The Group applies a hedge ratio of 1:1. The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the reference interest rates, tenors, repricing dates and maturities and the notional or par amounts. The Group assesses whether the derivative designated in each hedging relationship is expected to be effective in offsetting changes in cash flows of the hedged item using the hypothetical derivative method. In these hedge relationships, the main sources of ineffectiveness are: \u2014 the effect of the counterparty\u2019s and the Group\u2019s own credit risk on the fair value of the swaps, which is not reflected in the change in the fair value of the hedged cash flows attributable to the change in interest rates; and \u2014 differences in repricing dates between the swaps and the borrowings.Exposure to interest rate risk The interest rate profile of the Group\u2019s interest-bearing financial instruments as reported to management of the Group is as follows: Carrying amount 2025 2024 EUR 1,000 EUR 1,000 Variable rate instruments Financial liabilities 7.347 10.796 Effect of interest rate swaps 78 122 7.425 10.918 Cash flow hedges At 31 December 2025, the Group held a interest rate SWAP with respect to secured bank loan. This SWAP was entered into to hedge the cash flow risk relating to the variable cash flows from the variable interest rate. By means of this interest rate swap, the variable 3-month EURIBOR has been hedged by a fixed at an interest rate of 3.17% until January 1, 2028. The interest rate is therefore 6.92% fixed. The hedged position is every quarter updated with the initial repayments of EUR 625 per quarter. Since the repayment schedule has been adjusted in the third quarter 2025, the hedged is slightly higher compared to the risk covered (2024: 100% effective). The instruments used by the Group have a negative fair value of EUR 78 as per 31 December 2025 (2024: 122). The change in the fair value was fully recognised in OCI. The maturity of the financial instruments ends in 2028. See note 14 for the movement schedule.",
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"value": "Financial risk management The Group has exposure to the following risks arising from financial instruments: \u2014 credit risk; \u2014 liquidity risk; \u2014 market risk. Risk management framework The Management Board has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. The Group\u2019s risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group\u2019s activities. The Group, through its management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations. The Group Supervisory Board oversees how management monitors compliance with the Group\u2019s risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. Credit riskCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s receivables from customers. The carrying amounts of financial assets represents the maximum credit exposure. Impairment losses on financial assets recognised in profit or loss were as follows: 2025 2024 EUR 1,000 EUR 1,000 Impairment loss on trade receivables 20 10 20 10 Trade receivables The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry in which customers operate. The Management Board has established a credit policy under which each new customer is analysed individually for creditworthiness before the Group\u2019s standard payment and delivery terms and conditions are offered. For most of the new customers prepayments are requested. Sale limits are established based on payment experience with the customer. Any sales exceeding those limits require approval from the Management Board. The Group limits its exposure to credit risk from trade receivables by establishing a maximum payment period of one month in general. To further reduce the risk a discount is offered in case of early payment. Most the Group\u2019s customers who buy on credit have been transacting with the Group for over several years, and none of these customers\u2019 balances have been written off or are credit-impaired at the reporting date. In monitoring customer credit risk, customers are reviewed individually based on trade history with the Group and existence of previous financial difficulties. The Group does not require collateral in respect of trade and other receivables. The Group does not have trade receivable for which no loss allowance is recognised because of collateral. At 31 December 2025, the carrying amount of the receivable from the Group\u2019s most significant customer (a Dutch wholesale online platform) was less than 0.5% of the Group\u2019s total revenue. Trade receivables comprise a very large number of small balances from individual customers. Expected credit loss assessment for individual customers The Group assesses its larger trade receivables (above EUR 25) on an individual basis. To measure the ECLs of trade receivables from the remaining individual customers, which comprise a very large number of small balances 1% (2024: 1%) of the outstanding balance (including the larger trade receivables) is provided as ECL. This risk percentage is based on historical data. Movements in the allowance for impairment in respect of trade receivables The movement in the allowance for impairment in respect of trade receivables during the year was as follows. 2025 2024 EUR 1,000 EUR 1,000 Balance at 1 January 185 256 Amounts written off -43 -81 Net remeasurement of loss allowance 20 10 Balance at 31 December 162 185 Trade receivables with a contractual amount of EUR nil written off during 2025 are still subject to enforcement activity. Cash and cash equivalents The Group held cash and cash equivalents of EUR 2.075 at 31 December 2025 (2024: EUR 125). The cash and cash equivalents are held with bank and financial institution counterparties, which are rated AA- to AA+, based on rating agency ratings. Impairment on cash and cash equivalents has been measured at zero. Derivatives The derivatives are entered into with bank and financial institution counterparties, which are rated AA- to AA+, based on rating agency ratings. Liquidity riskLiquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. The Group aims to maintain the level of its cash and cash equivalents at an amount to meet the repayment schedule of the secured bank loans in excess of expected cash outflows on the operations. As part of the credit facility the Group must every calendar year demonstrate a 5 day in a row positive bank balance at the bank accounts with the bank which provided the secured bank loan. For 2025 this has been fulfilled. There is no restricted cash within the Group. The Group also monitors the level of expected cash inflows on trade and other receivables together with expected cash outflows on trade and other payables as main indicator for the working capital not considering inventory. This excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters. In addition, the Group maintains the following lines of credit. \u2014 EUR 2 million overdraft facility that is attached to the secured bank loan agreement. Interest would be payable at the rate of 1 month Euribor plus 190 basis points (2024: Euribor plus 190 basis points). The overdraft facility is not withdrawn as per reporting date. Exposure to liquidity risk The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted, and include estimated interest payments and excluding the impact of netting agreements. 31 December 2025 Carrying amount Total 1 year 1 - 5 years More than 5 years or less EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 Non-derivative financial liabilities Contingent consideration 776 893 128 765 - (earn-out) Secured bank loans 7.450 8.839 1.930 6.909 - Redeemable preference 8.388 8.388 - - 8.388 shares Borrowings 419 437 102 299 36 Lease liabilities 4.261 4.338 1.959 2.379 - Loan with warrants 4.233 5.593 826 4.767 - attached Trade payables and other 3.355 3.355 3.355 - - payables 28.882 31.843 8.300 15.119 8.424 Derivative financial liabilities Interest rate swaps used 78 78 78 - - for hedging 78 78 78 - - 31 December 2024 Carrying amount Total 1 year 1 - 5 years More than 5 years or less EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 Non-derivative financial liabilities Contingent consideration 1.414 1.658 255 1.403 - (earn-out) Bank overdraft 40 40 40 - - Secured bank loans 10.796 12.324 3.164 9.160 - Redeemable preference 7.956 7.956 - - 7.956 shares Borrowings 578 654 185 391 78 Lease liabilities 5.475 6.099 2.034 4.065 - Trade payables and other 4.199 4.199 4.199 - - payables 30.458 32.930 9.877 15.019 8.034 Derivative financial liabilities Interest rate swaps used 122 122 122 - - for hedging 122 122 122 - - The inflows/(outflows) disclosed in the above table represent the contractual undiscounted cash flows relating to derivative financial liabilities held for risk management purposes and which are not usually closed out before contractual maturity. The disclosure shows net cash flow amounts for derivatives that are net cash-settled and gross cash inflow and outflow amounts for derivatives that have simultaneous gross cash settlement. As disclosed in Notes 16, the Group has a secured bank loan that contains loan covenants. A future breach of covenant may require the Group to repay the loan earlier than indicated in the above table. Under the agreement, the covenant is monitored and reported on a quarterly basis by the finance department and reported to management to ensure compliance with the agreement. The interest payments on variable interest rate loans in the table above reflect market forward interest rates at the reporting date and these amounts may change as market interest rates change. The future cash flows on contingent consideration (see note 16) and derivative instruments may be different from the amount in the above table as interest rates and exchange rates or the relevant conditions underlying the contingency change. Except for these financial liabilities, it is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amounts. The trade debtors of the Company are used for managing the financial liability. The Group reviews on regular basis that the trade debtors are in line with the trade creditors for both amount and maturity. Market riskMarket risk is the risk that changes in market prices \u2013 e.g. as foreign exchange rates, interest rates and commodity (e.g. aluminium) prices \u2013 will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. The Group uses no derivatives to manage market risks. Under certain conditions purchase prices are agreed with suppliers for a period for 3 \u2013 12 months. All such transactions are carried out within the guidelines set by the Management Board. Generally, the Group does not apply hedge accounting to manage volatility in profit or loss except for the interest rate swap. Currency risk The Group is exposed to transactional foreign currency risk to the extent that there is a mismatch between the currencies in which sales, purchases, receivables and borrowings are denominated and the respective functional currencies of Group companies. The functional currencies of Group companies are primarily the euro. The currencies in which these transactions are primarily denominated are EUR and for an insignificant part based on USD. Therefore, there is no Group\u2019s risk management policy applicable and management did not designate any net positions in a hedging relationship. Interest rate risk The Group adopts a policy of ensuring that 100% of its interest rate risk exposure is at fixed rate. This is achieved by entering into fixed-rate instruments and by borrowing at a floating rate and using interest rate swaps as hedges of the variability in cash flows attributable to movements in interest rates. The Group applies a hedge ratio of 1:1. The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the reference interest rates, tenors, repricing dates and maturities and the notional or par amounts. The Group assesses whether the derivative designated in each hedging relationship is expected to be effective in offsetting changes in cash flows of the hedged item using the hypothetical derivative method. In these hedge relationships, the main sources of ineffectiveness are: \u2014 the effect of the counterparty\u2019s and the Group\u2019s own credit risk on the fair value of the swaps, which is not reflected in the change in the fair value of the hedged cash flows attributable to the change in interest rates; and \u2014 differences in repricing dates between the swaps and the borrowings.Exposure to interest rate risk The interest rate profile of the Group\u2019s interest-bearing financial instruments as reported to management of the Group is as follows: Carrying amount 2025 2024 EUR 1,000 EUR 1,000 Variable rate instruments Financial liabilities 7.347 10.796 Effect of interest rate swaps 78 122 7.425 10.918 Cash flow hedges At 31 December 2025, the Group held a interest rate SWAP with respect to secured bank loan. This SWAP was entered into to hedge the cash flow risk relating to the variable cash flows from the variable interest rate. By means of this interest rate swap, the variable 3-month EURIBOR has been hedged by a fixed at an interest rate of 3.17% until January 1, 2028. The interest rate is therefore 6.92% fixed. The hedged position is every quarter updated with the initial repayments of EUR 625 per quarter. Since the repayment schedule has been adjusted in the third quarter 2025, the hedged is slightly higher compared to the risk covered (2024: 100% effective). The instruments used by the Group have a negative fair value of EUR 78 as per 31 December 2025 (2024: 122). The change in the fair value was fully recognised in OCI. The maturity of the financial instruments ends in 2028. See note 14 for the movement schedule.",
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},
"f0__s7__6__74": {
"value": "Credit riskCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s receivables from customers. The carrying amounts of financial assets represents the maximum credit exposure. Impairment losses on financial assets recognised in profit or loss were as follows: 2025 2024 EUR 1,000 EUR 1,000 Impairment loss on trade receivables 20 10 20 10 Trade receivables The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry in which customers operate. The Management Board has established a credit policy under which each new customer is analysed individually for creditworthiness before the Group\u2019s standard payment and delivery terms and conditions are offered. For most of the new customers prepayments are requested. Sale limits are established based on payment experience with the customer. Any sales exceeding those limits require approval from the Management Board. The Group limits its exposure to credit risk from trade receivables by establishing a maximum payment period of one month in general. To further reduce the risk a discount is offered in case of early payment. Most the Group\u2019s customers who buy on credit have been transacting with the Group for over several years, and none of these customers\u2019 balances have been written off or are credit-impaired at the reporting date. In monitoring customer credit risk, customers are reviewed individually based on trade history with the Group and existence of previous financial difficulties. The Group does not require collateral in respect of trade and other receivables. The Group does not have trade receivable for which no loss allowance is recognised because of collateral. At 31 December 2025, the carrying amount of the receivable from the Group\u2019s most significant customer (a Dutch wholesale online platform) was less than 0.5% of the Group\u2019s total revenue. Trade receivables comprise a very large number of small balances from individual customers. Expected credit loss assessment for individual customers The Group assesses its larger trade receivables (above EUR 25) on an individual basis. To measure the ECLs of trade receivables from the remaining individual customers, which comprise a very large number of small balances 1% (2024: 1%) of the outstanding balance (including the larger trade receivables) is provided as ECL. This risk percentage is based on historical data. Movements in the allowance for impairment in respect of trade receivables The movement in the allowance for impairment in respect of trade receivables during the year was as follows. 2025 2024 EUR 1,000 EUR 1,000 Balance at 1 January 185 256 Amounts written off -43 -81 Net remeasurement of loss allowance 20 10 Balance at 31 December 162 185 Trade receivables with a contractual amount of EUR nil written off during 2025 are still subject to enforcement activity. Cash and cash equivalents The Group held cash and cash equivalents of EUR 2.075 at 31 December 2025 (2024: EUR 125). The cash and cash equivalents are held with bank and financial institution counterparties, which are rated AA- to AA+, based on rating agency ratings. Impairment on cash and cash equivalents has been measured at zero. Derivatives The derivatives are entered into with bank and financial institution counterparties, which are rated AA- to AA+, based on rating agency ratings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__75": {
"value": "Liquidity riskLiquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. The Group aims to maintain the level of its cash and cash equivalents at an amount to meet the repayment schedule of the secured bank loans in excess of expected cash outflows on the operations. As part of the credit facility the Group must every calendar year demonstrate a 5 day in a row positive bank balance at the bank accounts with the bank which provided the secured bank loan. For 2025 this has been fulfilled. There is no restricted cash within the Group. The Group also monitors the level of expected cash inflows on trade and other receivables together with expected cash outflows on trade and other payables as main indicator for the working capital not considering inventory. This excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters. In addition, the Group maintains the following lines of credit. \u2014 EUR 2 million overdraft facility that is attached to the secured bank loan agreement. Interest would be payable at the rate of 1 month Euribor plus 190 basis points (2024: Euribor plus 190 basis points). The overdraft facility is not withdrawn as per reporting date. Exposure to liquidity risk The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted, and include estimated interest payments and excluding the impact of netting agreements. 31 December 2025 Carrying amount Total 1 year 1 - 5 years More than 5 years or less EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 Non-derivative financial liabilities Contingent consideration 776 893 128 765 - (earn-out) Secured bank loans 7.450 8.839 1.930 6.909 - Redeemable preference 8.388 8.388 - - 8.388 shares Borrowings 419 437 102 299 36 Lease liabilities 4.261 4.338 1.959 2.379 - Loan with warrants 4.233 5.593 826 4.767 - attached Trade payables and other 3.355 3.355 3.355 - - payables 28.882 31.843 8.300 15.119 8.424 Derivative financial liabilities Interest rate swaps used 78 78 78 - - for hedging 78 78 78 - - 31 December 2024 Carrying amount Total 1 year 1 - 5 years More than 5 years or less EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 Non-derivative financial liabilities Contingent consideration 1.414 1.658 255 1.403 - (earn-out) Bank overdraft 40 40 40 - - Secured bank loans 10.796 12.324 3.164 9.160 - Redeemable preference 7.956 7.956 - - 7.956 shares Borrowings 578 654 185 391 78 Lease liabilities 5.475 6.099 2.034 4.065 - Trade payables and other 4.199 4.199 4.199 - - payables 30.458 32.930 9.877 15.019 8.034 Derivative financial liabilities Interest rate swaps used 122 122 122 - - for hedging 122 122 122 - - The inflows/(outflows) disclosed in the above table represent the contractual undiscounted cash flows relating to derivative financial liabilities held for risk management purposes and which are not usually closed out before contractual maturity. The disclosure shows net cash flow amounts for derivatives that are net cash-settled and gross cash inflow and outflow amounts for derivatives that have simultaneous gross cash settlement. As disclosed in Notes 16, the Group has a secured bank loan that contains loan covenants. A future breach of covenant may require the Group to repay the loan earlier than indicated in the above table. Under the agreement, the covenant is monitored and reported on a quarterly basis by the finance department and reported to management to ensure compliance with the agreement. The interest payments on variable interest rate loans in the table above reflect market forward interest rates at the reporting date and these amounts may change as market interest rates change. The future cash flows on contingent consideration (see note 16) and derivative instruments may be different from the amount in the above table as interest rates and exchange rates or the relevant conditions underlying the contingency change. Except for these financial liabilities, it is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amounts. The trade debtors of the Company are used for managing the financial liability. The Group reviews on regular basis that the trade debtors are in line with the trade creditors for both amount and maturity.",
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"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__76": {
"value": "Market riskMarket risk is the risk that changes in market prices \u2013 e.g. as foreign exchange rates, interest rates and commodity (e.g. aluminium) prices \u2013 will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. The Group uses no derivatives to manage market risks. Under certain conditions purchase prices are agreed with suppliers for a period for 3 \u2013 12 months. All such transactions are carried out within the guidelines set by the Management Board. Generally, the Group does not apply hedge accounting to manage volatility in profit or loss except for the interest rate swap. Currency risk The Group is exposed to transactional foreign currency risk to the extent that there is a mismatch between the currencies in which sales, purchases, receivables and borrowings are denominated and the respective functional currencies of Group companies. The functional currencies of Group companies are primarily the euro. The currencies in which these transactions are primarily denominated are EUR and for an insignificant part based on USD. Therefore, there is no Group\u2019s risk management policy applicable and management did not designate any net positions in a hedging relationship. Interest rate risk The Group adopts a policy of ensuring that 100% of its interest rate risk exposure is at fixed rate. This is achieved by entering into fixed-rate instruments and by borrowing at a floating rate and using interest rate swaps as hedges of the variability in cash flows attributable to movements in interest rates. The Group applies a hedge ratio of 1:1. The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the reference interest rates, tenors, repricing dates and maturities and the notional or par amounts. The Group assesses whether the derivative designated in each hedging relationship is expected to be effective in offsetting changes in cash flows of the hedged item using the hypothetical derivative method. In these hedge relationships, the main sources of ineffectiveness are: \u2014 the effect of the counterparty\u2019s and the Group\u2019s own credit risk on the fair value of the swaps, which is not reflected in the change in the fair value of the hedged cash flows attributable to the change in interest rates; and \u2014 differences in repricing dates between the swaps and the borrowings.Exposure to interest rate risk The interest rate profile of the Group\u2019s interest-bearing financial instruments as reported to management of the Group is as follows: Carrying amount 2025 2024 EUR 1,000 EUR 1,000 Variable rate instruments Financial liabilities 7.347 10.796 Effect of interest rate swaps 78 122 7.425 10.918 Cash flow hedges At 31 December 2025, the Group held a interest rate SWAP with respect to secured bank loan. This SWAP was entered into to hedge the cash flow risk relating to the variable cash flows from the variable interest rate. By means of this interest rate swap, the variable 3-month EURIBOR has been hedged by a fixed at an interest rate of 3.17% until January 1, 2028. The interest rate is therefore 6.92% fixed. The hedged position is every quarter updated with the initial repayments of EUR 625 per quarter. Since the repayment schedule has been adjusted in the third quarter 2025, the hedged is slightly higher compared to the risk covered (2024: 100% effective). The instruments used by the Group have a negative fair value of EUR 78 as per 31 December 2025 (2024: 122). The change in the fair value was fully recognised in OCI. The maturity of the financial instruments ends in 2028. See note 14 for the movement schedule.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__78": {
"value": "22 Revenue A. Revenue streams The Group generates revenue primarily from the sale of climbing materials to its customers. Other sources of revenue include inspection of climbing materials. Total 2025 2024 EUR 1,000 EUR 1,000 Revenue from contracts 40.070 39.095 with customers Other revenue 62 54 Total revenue 40.132 39.149 3B. Disaggregation of revenue from contracts with customersIn the following table, revenue from contracts with customers is disaggregated by primary geographical market and channels of revenue recognition. 2025 2024 In % of total In % of total Primary geographical markets Domestic 71% 67% Germany 6% 8% Belgium 12% 14% Other EU 10% 9% Non EU 1% 2% Total 100% 100% 3 For 2025 a new definition of revenue channels has been applied. The 2024 percentages have been adjusted accordingly. Revenue channels Dealers / direct customers 71% 78% Own online platforms 26% 19% Third party online platforms 3% 3% Total 100% 100% The revenue recognised by DeSteigerConcurent has been reported as own online platform from February 2025. Before it was reported as Dealer. C. Performance obligations and revenue recognition policies Revenue is measured based on the consideration specified in a contract with a customer. The Group recognises revenue when it transfers control over a good or service to a customer. The following table provides information about the nature and timing of the satisfaction of performance obligations in contracts with customers, including significant payment terms, and the related revenue recognition policies. Type of product/ Nature and timing of satisfaction of Revenue recognition policies service performance obligations, including significant payment terms Sale of climbing Customers obtain control of products Revenue is recognised when the control is materials when the goods are dispatched from transferred to the customer. For contracts the Group\u2019s warehouse. Invoices are that permit the customer to return an item, generated and revenue is recognised revenue is recognised to the extent that it at that point in time. Invoices are is highly probable that a significant usually payable within 30 days. In reversal in the amount of cumulative some cases, early payment is awarded revenue recognised will not occur. with an additional discount. Contracts permit the customer to return an item.Construction of The Group builds special products (such Revenue is recognised over time based custom-made special as custom-made bridges, staircases, on the cost-to-cost method. The related products etc) for customers based on their costs are recognised in profit or loss designs and on their requirements. when they are incurred. Each project commences on receipt of Advances received are included in 4a prepayment from a customer and its contract liabilities.length depends on the complexity of the design. However, projects usually do not extend beyond six months. Inspection services Invoices for inspection services are issued Revenue is recognised over time as the on a monthly basis and are usually services are provided. The stage of payable within 30 days. completion for determining the amount of revenue to recognise is assessed In general the services do not extend based on surveys of work performed. beyond one week.If the services under a single arrangement are rendered in different reporting periods, then the consideration is allocated based on their relative stand-alone selling prices. The stand-alone selling price is determined based on the list prices at which the Group sells the services in separate transactions.4 As per yearend there were no contract assets and liabilities recognised. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__77": {
"value": "22 Revenue A. Revenue streams The Group generates revenue primarily from the sale of climbing materials to its customers. Other sources of revenue include inspection of climbing materials. Total 2025 2024 EUR 1,000 EUR 1,000 Revenue from contracts 40.070 39.095 with customers Other revenue 62 54 Total revenue 40.132 39.149 3B. Disaggregation of revenue from contracts with customersIn the following table, revenue from contracts with customers is disaggregated by primary geographical market and channels of revenue recognition. 2025 2024 In % of total In % of total Primary geographical markets Domestic 71% 67% Germany 6% 8% Belgium 12% 14% Other EU 10% 9% Non EU 1% 2% Total 100% 100% 3 For 2025 a new definition of revenue channels has been applied. The 2024 percentages have been adjusted accordingly. Revenue channels Dealers / direct customers 71% 78% Own online platforms 26% 19% Third party online platforms 3% 3% Total 100% 100% The revenue recognised by DeSteigerConcurent has been reported as own online platform from February 2025. Before it was reported as Dealer. C. Performance obligations and revenue recognition policies Revenue is measured based on the consideration specified in a contract with a customer. The Group recognises revenue when it transfers control over a good or service to a customer. The following table provides information about the nature and timing of the satisfaction of performance obligations in contracts with customers, including significant payment terms, and the related revenue recognition policies. Type of product/ Nature and timing of satisfaction of Revenue recognition policies service performance obligations, including significant payment terms Sale of climbing Customers obtain control of products Revenue is recognised when the control is materials when the goods are dispatched from transferred to the customer. For contracts the Group\u2019s warehouse. Invoices are that permit the customer to return an item, generated and revenue is recognised revenue is recognised to the extent that it at that point in time. Invoices are is highly probable that a significant usually payable within 30 days. In reversal in the amount of cumulative some cases, early payment is awarded revenue recognised will not occur. with an additional discount. Contracts permit the customer to return an item.Construction of The Group builds special products (such Revenue is recognised over time based custom-made special as custom-made bridges, staircases, on the cost-to-cost method. The related products etc) for customers based on their costs are recognised in profit or loss designs and on their requirements. when they are incurred. Each project commences on receipt of Advances received are included in 4a prepayment from a customer and its contract liabilities.length depends on the complexity of the design. However, projects usually do not extend beyond six months. Inspection services Invoices for inspection services are issued Revenue is recognised over time as the on a monthly basis and are usually services are provided. The stage of payable within 30 days. completion for determining the amount of revenue to recognise is assessed In general the services do not extend based on surveys of work performed. beyond one week.If the services under a single arrangement are rendered in different reporting periods, then the consideration is allocated based on their relative stand-alone selling prices. The stand-alone selling price is determined based on the list prices at which the Group sells the services in separate transactions.4 As per yearend there were no contract assets and liabilities recognised. ",
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"value": "23 Other expenses 2025 2024 EUR 1,000 EUR 1,000 Housing cost 418 931 Rental and maintenance cost of tools and machinery 219 197 Marketing and selling expenses 3.136 2.650 Cars and internal transport cost 378 348 General and administrative cost 1.848 1.338 5.999 5.464 General and administrative cost include audit cost of KPMG. Reference is made to note 50 of the Company only financial statements. 24 Employee benefit expenses 2025 2024 EUR 1,000 EUR 1,000 Wages and salaries 3.730 3.629 Social security contributions 650 647 Contributions to defined contribution plans 382 281 Board compensation 630 477 Other expenses incl. insourced indirect staff 1.349 1.281 Equity-settled share-based payments 80 17 6.821 6.332 During the 2025 financial year, the average number of staff employed by the Company, converted into full-time equivalents, amounted to 71 people (2024: 71 people). All employees were employed in the Netherlands at the following locations: 2025 2024 In FTE In FTE North (Krommenie) 43 45 Mid (Rotterdam) 3 1 South (Etten-Leur) 25 25 71 71 Commitments for contributions to defined-contribution pension plans are recognised as an expense in the statement of profit or loss when they are due. The unpaid pension premiums recognised in the statements of financial position amounts to EUR 84 (2024: EUR 51). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__79-1": {
"value": "23 Other expenses 2025 2024 EUR 1,000 EUR 1,000 Housing cost 418 931 Rental and maintenance cost of tools and machinery 219 197 Marketing and selling expenses 3.136 2.650 Cars and internal transport cost 378 348 General and administrative cost 1.848 1.338 5.999 5.464 General and administrative cost include audit cost of KPMG. Reference is made to note 50 of the Company only financial statements. 24 Employee benefit expenses 2025 2024 EUR 1,000 EUR 1,000 Wages and salaries 3.730 3.629 Social security contributions 650 647 Contributions to defined contribution plans 382 281 Board compensation 630 477 Other expenses incl. insourced indirect staff 1.349 1.281 Equity-settled share-based payments 80 17 6.821 6.332 During the 2025 financial year, the average number of staff employed by the Company, converted into full-time equivalents, amounted to 71 people (2024: 71 people). All employees were employed in the Netherlands at the following locations: 2025 2024 In FTE In FTE North (Krommenie) 43 45 Mid (Rotterdam) 3 1 South (Etten-Leur) 25 25 71 71 Commitments for contributions to defined-contribution pension plans are recognised as an expense in the statement of profit or loss when they are due. The unpaid pension premiums recognised in the statements of financial position amounts to EUR 84 (2024: EUR 51). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__84": {
"value": "25 Net finance costs 2025 2024 EUR 1,000 EUR 1,000 \u2022 Interest and similar income - 12 \u2022 Income from Interest Rate Swap - 51 \u2022 Change in fair value of contingent consideration 479 364 Total interest income arising from financial assets 479 427 Financial liabilities not measured at FVTPL \u2013 interest expense and similar cost 1.717 1.924 Financial liabilities measured at FVTPL \u2013 interest expense 157 169 Finance costs \u2013 other 1.874 2.093 Net finance costs recognised in profit or loss 1.395 1.666",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__83": {
"value": "25 Net finance costs 2025 2024 EUR 1,000 EUR 1,000 \u2022 Interest and similar income - 12 \u2022 Income from Interest Rate Swap - 51 \u2022 Change in fair value of contingent consideration 479 364 Total interest income arising from financial assets 479 427 Financial liabilities not measured at FVTPL \u2013 interest expense and similar cost 1.717 1.924 Financial liabilities measured at FVTPL \u2013 interest expense 157 169 Finance costs \u2013 other 1.874 2.093 Net finance costs recognised in profit or loss 1.395 1.666",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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"f0__s7__6__85": {
"value": "26 Income taxes Amounts recognised in profit or loss 2025 2024 EUR 1,000 EUR 1,000 Current tax expense Current year -376 -1.029 Changes in estimates related to prior years - - -376 -1.029 Deferred tax expense Origination and reversal of temporary differences 250 755 Change in tax rate - - Recognition of previously unrecognised tax losses - - Other items 250 755 Tax expense -126 -274 Amounts recognised in OCI 2025 2024 Before tax Tax Net of tax Before tax Tax Net of tax (expense) (expense) benefit benefit EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 Items that will not be reclassified to profit or N/A N/A N/A N/A N/A N/A loss Items that are or may be reclassified subsequently to profit or loss Cash flow hedge reserves 78 - 78 122 - 122 78 - 78 122 - 122 Reconciliation of effective tax rate 2025 2024 % EUR 1,000 % EUR 1,000 Result before tax -568 916 Tax using the Company\u2019s domestic tax -25,8% -147 25,8% 236 rate Effect of tax rates in foreign jurisdictions -2,5% -14 -0,7% -6 Reduction in tax rate - - - - Tax effect of: 69,8% 397 19,0% 174 \u2022 Non-deductible expenses 2,5% 14 -3.8% -35 \u2022 Step-up tax rate - - -0,5% -5 \u2022 Tax incentives -21,8% -124 -10,3% -94 \u2022 Non-taxable results Change in estimates related to prior years - - 0,4% 4 -22,2% 126 29,9% 274 Movement in deferred tax balances 2025 Net RecogniseNet Deferred Deferred balance at d in profit balance at tax assets tax 1 January or loss 31 liabilities December EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 Property, plant and equipment -60 - -60 - -60 (including right-of-use assets) Intangible assets -1.548 250 -1.298 - -1.298 Loans and borrowings (including 31 - 31 31 - lease liabilities) Carry forward tax loss 392 - 392 392 - Tax assets (liabilities) before set--1.185 250 -935 off Set off of tax -423 423 Net tax assets (liabilities) - -935 2024 Net RecogniseNet Deferred Deferred balance at d in profit balance at tax assets tax 1 January or loss 31 liabilities December EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 Property, plant and equipment -74 14 -60 - -60 (including right-of-use assets) Intangible assets -1.798 250 -1.548 - -1.548 Loans and borrowings (including 19 12 31 31 - lease liabilities) Carry forward tax loss 42 350 392 392 - Tax assets (liabilities) before set--1.811 626 -1.185 off Set off of tax -423 423 Net tax assets (liabilities) - -1.185Unrecognised deferred tax assets The Group has no unrecognised deferred tax assets. Tax losses carried forward Recognised tax losses carried forward expire as follows: 2025 Expiry date 2024 Expiry date EUR 1,000 EUR 1,000 Expire - - Never expire 2.054 2.054 The tax loss carried forward mainly relates to the fiscal unity of Alumexx NV and BV and van den Heuvel Alu Products B.V. The loss carried forward amounts to EUR 2.054 (2024: 2.054). Management continues to consider it probable that future taxable profits would be available against which the tax losses can be recovered and, therefore, the related deferred tax asset can be realised. Fiscal unity Alumexx N.V. is the head of the fiscal unity for income taxes. As per 1 January 2025 the fiscal unity consists of the companies Alumexx N.V., Alumexx B.V., van den Heuvel Alu Products B.V., T & C Europe B.V. and Connecting, Constructie- en Technische Handelsonderneming B.V.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__86": {
"value": "Movement in deferred tax balances 2025 Net RecogniseNet Deferred Deferred balance at d in profit balance at tax assets tax 1 January or loss 31 liabilities December EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 Property, plant and equipment -60 - -60 - -60 (including right-of-use assets) Intangible assets -1.548 250 -1.298 - -1.298 Loans and borrowings (including 31 - 31 31 - lease liabilities) Carry forward tax loss 392 - 392 392 - Tax assets (liabilities) before set--1.185 250 -935 off Set off of tax -423 423 Net tax assets (liabilities) - -935 2024 Net RecogniseNet Deferred Deferred balance at d in profit balance at tax assets tax 1 January or loss 31 liabilities December EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 Property, plant and equipment -74 14 -60 - -60 (including right-of-use assets) Intangible assets -1.798 250 -1.548 - -1.548 Loans and borrowings (including 19 12 31 31 - lease liabilities) Carry forward tax loss 42 350 392 392 - Tax assets (liabilities) before set--1.811 626 -1.185 off Set off of tax -423 423 Net tax assets (liabilities) - -1.185",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f0__s7__6__87": {
"value": "27 Earnings per share Basic earnings per share The calculation of basic earnings per share (\u2018EPS\u2019) has been based on the following profit attributable to ordinary shareholders and weighted-average number of ordinary shares outstanding. Profit (loss) attributable to ordinary shareholders (basic) 2025 2024 EUR 1,000 EUR 1,000 Profit (loss) attributable to ordinary shareholders -694 642 Weighted-average number of ordinary shares (basic) 2025 2024 x 1,000 x 1,000 Issued ordinary shares at 1 January 14.846 14.846 Effect of treasury shares held - - Effect of share options exercised - - Effect of shares issued related to a business combination - - Weighted average number of ordinary shares at 31 December 14.846 14.846 Diluted earnings per share The calculation of diluted earnings per share (\u2018EPS\u2019) has been based on the following profit attributable to ordinary shareholders and weighted-average number of ordinary shares outstanding after adjustment for the effects of all dilutive potential ordinary shares. Profit (loss) attributable to ordinary shareholders (diluted) 2025 2024 EUR 1,000 EUR 1,000 Profit/(loss) attributable to ordinary shareholders (diluted) -694 642 At 31 December 2025, 393.530 options (2024: 420.000) were excluded from the diluted weighted-average number of ordinary shares calculation as their effect would have been anti-dilutive. The average market value of the Company\u2019s shares for the purpose of calculating the dilutive effect of share options was based on quoted market prices for the year during which the options were outstanding.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__88": {
"value": "28 Earnings before interest, tax, depreciation and amortisation (EBITDA) Management has presented the performance measure EBITDA because it monitors this performance measure at a consolidated level and it believes that this measure is relevant to an understanding of the Group\u2019s financial performance. EBITDA represents an indication of the operating cash flow. EBITDA is also a key measure used for covenant reporting. EBITDA is calculated by increasing operating profit with depreciation, amortisation, and impairment losses/reversals related to goodwill, intangible assets, property, plant and equipment. EBITDA is not a defined performance measure in IFRS. The Group\u2019s definition of EBITDA may not be comparable with similarly titled performance measures and disclosures by other entities. Reconciliation of EBITDA to operating profit 2025 2024 EUR 1,000 EUR 1,000 Operating profit827 2.582 Adjustments for: \u2022 Depreciation 2.371 2.105 \u2022 Amortisation 1.095 1.088 EBITDA 4.293 5.775 EBITDA decreased compared to last year mainly due to increased employee related expenses and audit cost. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:724500VQOX7IXG7RJM76",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__89": {
"value": "29 Leases Leases as lessee The Group leases several warehouses, factory facilities, production and transport equipment. The leases typically run for a period of five - seven years, with an option to renew the lease after that date. The warehouse, factory, production and transport leases were entered into as per 1 April 2023 when ASC Group and Euroscaffold were acquired as combined leases of land and buildings. The Group leases IT and office equipment with contract terms of one to three years. These leases are short-term and/or leases of low-value items. The Group has elected not to recognise right-of-use assets and lease liabilities for these leases. Information about leases for which the Group is a lessee is presented below. Right-of-use assets Right of use assets are presented as a separate line item in the financial statements and not presented as property, plant and equipment. Land and Production Transport Total buildings equipment equipment 2025 Balance at 1 January 3.837 570 910 5.317 Depreciation charge for the year -1.337 -170 -310 -1.817 Acquisition through business combinations 94 - - 94 Additions to right-of-use assets 271 - 220 491 Derecognition of right-of-use assets - - -76 -76 Reassessment of existing contracts 75 - - 75 Other movements - -2 -2 Balance at 31 December 2.940 398 744 4.082 Land and Production Transport Total buildings equipment equipment 2024 Balance at 1 January 4.302 729 1.115 6.146 Depreciation charge for the year -1.062 -170 -298 -1.530 5Additions to right-of-use assets597 11 93 701 Derecognition of right-of-use assets - - - - Balance at 31 December 3.837 570 910 5.317 Amounts recognised in profit or loss 2025 2024 EUR 1,000 EUR 1,000 Interest on lease liabilities 343 477 Real estate expenses relating to short-term leases and leases of low-value assets 38 307 Other expenses relating to short-term leases and leases of low-value assets - 7 Amounts recognised in statement of cash flows 2025 2024 EUR 1,000 EUR 1,000 Total cash outflow for leases 2.111 2.056 5 There has been a reclassification of assets between Land and buildings and Production equipment amounting to EU 264 Extension options For most assets, except for the rental of buildings, no extension options are available or are not used because the initial contract term is in line with the economic life. For the buildings which the Group is renting, substantially all rental contracts have a five year extension option. These five years can subsequently be extended by another five year without an ultimate lease end date. The extension can be cancelled by the lessor and lessee with a notice period of one year. The majority of the current lease contracts ends at 31 March 2028. Every extension option will be evaluated individually. Based on the (market) circumstances at that time decisions will be made with regard to the extension options. Based on the lease contracts in place and based on current lease prices, a one-year extension will have a financial impact of EUR 1.8 million per year. ",
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"value": "30 Non-controlling interests In 2025 the Group established DeSteigerConcurrent B.V. and holds 51% of the voting shares. The remaining 49% is with non-controlling shareholders. The following table summarises the information relating to the Group\u2019s NCI, before any intra-group eliminations. 2025 Non-current assets 363 Current assets 232 Non-current liabilities -179 Current liabilties -341 Net assets 75 6Net Assets attributable to NCI (49%) -16Revenu 3.429 Profit -33 OCI - Total comprehensive income -33 Profit allocated to NCI (49%) -16 Cash flows from operating activities 85 Cash flows from investment activities -31 Cash flows from financing activities 15 Net increase in cash and cash equivalents 69 6 Alumexx NV contributed an amount of EUR 107 as Agio in the net assets of DeSteigerConcurrent BV ",
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"value": "31 Commitments During 2025, the Group entered into a contract to purchase minimum tonnes of raw materials. Of this contract the open position as per 31 December 2025 amounted to EUR 2.3 million. For these contracts the own use exemption is applied.",
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"value": "32 Contingent assets and liabilities Connecting, Constructie- en Technische Handelsonderming B.V. (hereafter: CCTH) has receivables on a counterparty amounting to EUR 106. The credit risk on this receivable is high and therefore it is already provided for in the past. CCTH started a debt collection procedure to collect the outstanding amount. Based on legal advice and to strengthen its case, CCTH purchased in 2024 from related parties receivables with a nominal value amounting to EUR 630 for a symbolic amount. As per reporting date the valuation of these receivables in the financial statements is EUR nil. Based on legal advice CCTH considers it possible that the outcome of the collection procedure may be positive, to a certain extend. Depending on the outcome of the collection procedure further actions will be considered. In 2026 parties reached mutual agreement in this case. As a result of the agreement the amount of EUR 106 will be received and the receivables of 630 has been waived.(see note 34). As per balance sheet date there were no lawsuits or other contingent liabilities.",
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"value": "33 Related parties Transactions with key management personnel Key management personnel compensation Key management personnel compensation comprised the following: 2025 2024 CEO CFO Total CEO CFO Total EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 Short-term employee 300 225 525 300 112 412 benefits Cost compensation 60 45 105 60 23 83 Long-term benefits - - - - - - Termination benefits - - - - - - Share-based payments 17 14 31 4 3 7 377 284 661 364 138 502 During the Annual General Meeting the Management Board held in 2025 was extended with a new position. Mr. Hakvoort has been appointed CFO starting from 1 July 2024 for a period of 4 years. From 1 January 2024 until 30 June 2024 Mr. Hakvoort was engaged as financial consultant. The cost relating to the consulting services are recognised and not included in the table above. The Management Board receives no short-term or longer term bonusses. The Management Board has no pension rights or post-employment benefits. The remuneration also includes employee options granted (refer to note 18) Management Board amounting to EUR 31 (2024: 7). The Supervisory Board members received the following compensation 2025 2024 Mr. den Mr. Vrielink Ms. Mr. den Mr. Vrielink Ms. Bezemer Bezemer van Lier van Lier EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 Compensation 24 20 20 24 20 20 During the Annual General Meeting the Supervisory Board was extended with a new position. Vanessa van Lier has been appointed Supervisory Board member starting from 1 July 2024 for a period of 4 years. From 1 January 2024 until 30 June 2024 Ms. van Lier was candidate Supervisory Board member. The remuneration includes the candidate period. The Supervisory Board receives no other renumeration except for compensation of out-of-pocket expenses. The Supervisory Board is not entitled to the Stock Option Plan. No loans, advances and guarantees have been granted by the Company to the Key employees Key management personnel transactions Mr. van den Heuvel, the CEO of the Company controls 25% of the voting shares of the Company. Mr. van den Heuvel hold positions in other companies that result having control or significant influence over these companies. A number of these companies transacted with the Group during the year. The terms and conditions of these transactions were no more favourable than those available, or which might reasonably be expected to be available, in similar transactions with non-key management personnel related companies on an arm\u2019s length basis. Mr. Hakvoort, the CFO of the Company holds no shares in the Company. The aggregate value of transactions and outstanding balances related to key management personnel and entities over which they have control or significant influence were as follows. Transaction values for Balance outstanding the as at 31 December year ended 31 December 2025 2024 2025 2024 EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 Positive = revenue Positive = receivable A-Colibus Holding B.V. ( owning all real estate (i), -15 -604 - 60 companies , HZW Constructions BV and Cavel 7(ii) -87 -124 80 -3 Holding ) and Alu werknemersparticipatie B.V. (viii) - - -406 - (ix) -75 -150 -228 -416 J. van den Heuvel (in private), v.d. Heuvel Alu (ii) -683 -611 187 171 Onroerend Goed I B.V. - v.d. Heuvel Alu 8Onroerend Goed VI B.V.ASC Cleanrooms B.V. (iii) -21 -27 - - ASC Rent ( Rotterdam) B.V. (iv) 60 122 10 4 Algarclimbers Lda Portugal (iv) 130 101 - 24 Allworx B.V. (v) -522 -753 -20 -127 Allworx BVBA Belgi\u00eb (v) - - - -53 ASC Products B.V. (v) - -542 - - ASC Management B.V. (i) -345 -300 - -30 Cavel Holding B.V. ( holding hospitality ; The (vi) -8 -14 - - Mayor , De Hoge Neer , Scandalbar , Marktzicht en Den Ouwe Brug ) HZW Constructions B.V. (vii) -360 -383 -7 -38 Quick Rentals ( XXL ) (iv) - 4 - - 4Square Management Services B.V. (i) -270 -135 -27 -27 (viii) - - -102 - (i) Management fee (ii) Rental of real estate (iii) Building & construction services (iv) Purchase of climbing products (v) Hiring temporary workers (vi) Catering and hospitality (vii) Leasing & maintenance of cars and trucks (viii) Loan with warrants attached (ix) Earn-out 7 Including earn-out payment 8 Including deposit paid to related party regarding rental Other related party transactions As other related parties are identified the selling shareholders of Euroscaffold; Mr. F. van der Weide and Mr. M. Hakvoort. Both are board members of Alumexx B.V., which is the managing director of all other subsidiaries of the Group. Mr. van der Weide and Mr. Hakvoort control both 12.5% of the voting shares of the Company each. Mr. van der Weide and Mr. Hakvoort hold positions in other companies that result in them having control or significant influence over these companies. A number of these companies transacted with the Group during the year. The terms and conditions of these transactions were no more favourable than those available, or which might reasonably be expected to be available, in similar transactions with non-key management personnel related companies on an arm\u2019s length basis. The aggregate value of transactions and outstanding balances related to key management personnel and entities over which they have control or significant influence were as follows. Transaction Transaction values for the Balance outstanding year ended 31 December as at 31 December 2025 2024 2025 2024 EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 Positive = revenu Positive = receivable Management Support B.V. (i) -210 -210 - - (iii) - - -203 - JRL B.V. (i) -266 -270 - - (iii) - - -203 - 9Noordervaartdijk 15 B.V.(ii) -617 -558 82 367 (iv) -180 -360 -548 -998 Crazy Duck BV (iii) - - -1.523 - (i) Management fee less cost surcharged (ii) Rental of real estate (iii) Loan with warrants attached (iv) Earn-out 9 Including earn-out payment and deposit paid to related party regarding rental Warrants The following related parties participated in the loan with warrants attached. The number of outstanding warrants is as follows: Number of warrants outstanding 2025 2024 x 1 warrant x 1 warrant A-Colibus Holding B.V. 100.000 - 4Square Management Services B.V. 25.000 - Management Support B.V. 50.000 - JRL B.V. 50.000 - Crazy Duck BV 375.000 -",
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"value": "34 Subsequent events Almar Yachts Last year a contingent asset was reported in connection with receivables on a counterpart amounting to EUR 106K. The credit risk on this receivable was high and therefore it was already provided for. CCTH started a debt collection procedure to collect the outstanding amount. Based on legal advice and to strengthen its case, CCTH purchased in 2024 from related parties receivables with a nominal value amounting to EUR 630 for a symbolic amount. In 2026 parties reached mutual agreement in this case. As a result of the agreement the amount of EUR 106 will be received and the receivables of 630 has been waived. FlexTable B.V. On 31 March 2026 Alumexx N.V. acquired all shares and obtained control of FlexTable B.V. The acquisition was concluded cash and debt free. The main assets acquired are inventory, which are immediately ready for sale and the corresponding web shop. In addition, a patent has been acquired which can be used by the Group to level products on uneven surface easily. The purchase price consisted of: \u2022 Payment in cash amounting to EUR125 \u2022 100.000 ordinary shares \u2022 50.000 Shares A with a lock-up period of twelve months. ",
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