Participations
Brunel International N.V.\u2019s main participations as per 31 December 2025 are listed below. These are included in the consolidated financial statements of Brunel International N.V. Unless otherwise stated, all these participations are, directly or indirectly, wholly-owned and Brunel has full or over half of the voting power. Some non-material participations are not included in the list.
Brunel Corporate B.V., Amsterdam, The Netherlands
Brunel Energy Europe Staff B.V., Amsterdam, The Netherlands
Brunel Nederland B.V., Rotterdam, The Netherlands
Brunel Energy Holding B.V., Rotterdam, The Netherlands
Brunel Energy Europe B.V., Rotterdam, The Netherlands
We support W B.V., (50.1%) Amsterdam, The Netherlands
Brunel Belgium N.V., Mechelen, Belgium
Brunel International UK Ltd, Glasgow, United Kingdom
Celsium Ltd, Birmingham, United Kingdom
Brunel GmbH, Bremen, Germany
Brunel Car Synergies GmbH, Bochum, Germany
Brunel International France Srl, Paris, France
Brunel Italia Srl, Milan, Italy
Brunel Energy Norge AS, Stavanger, Norway
Brunel Austria GmbH, Salzburg, Austria
Brunel Switzerland AG, Z\u00fcrich, Switzerland
Brunel CZ s.r.o., Prague, Czech Republic
Brunel Romania Srl, Bucharest, Romania
Brunel Denmark ApS, Copenhagen, Denmark
Brunel Mozambique Lda, Maputo, Mozambique
Brunel Energy LLC, Dubai, United Arab Emirates
Brunel DMCC, Dubai, United Arab Emirates
Brunel Oil & Gas Services WLL, (75%) Doha, Qatar
Brunel India Private Ltd, Mumbai, India
Brunel Energy Kuwait WLL, (75%) Farwania, Kuwait
Ishtar Baghdad for General Services LLC, Baghdad, Iraq
Brunel Energy Japan K.K., Tokyo, Japan
Brunel International South East Asia Pte Ltd, Singapore
International Commissioning & Engineering Pte Ltd (51%), Singapore
Brunel International South East Asia PNG Limited, Port Moresby, Papua New Guinea
Brunel Energy Malaysia SDN BHD, Kuala Lumpur, Malaysia
Brunel Energy Korea Ltd, Ulsan, South Korea
Brunel Hong Kong Ltd, Hong Kong, China
Brunel Energy Hong Kong Ltd. Hong Kong, China
Brunel Consultancy Shanghai Ltd, Shanghai, China
Brunel (Shenzhen) Business Management Co., Ltd. Shenzhen, China
Brunel Engineering (Dalian) Ltd, Dalian, China
Brunel Engineering Services (Qingdao) Co. Ltd, Qingdao, China
Brunel Engineering Services (Nantong) Co. Ltd, Nantong, China
Brunel Engineering Services (Yantai) Co, Yantai, China
Brunel Engineering Technology (Tianjin) Co Ltd, Tianjin, China
Brunel Technical Services Thailand Ltd, Bangkok, Thailand
Brunel Vietnam Company Ltd, Ho Chi Minh City, Vietnam
Brunel Myanmar Co. Ltd, Yangon, Myanmar
Brunel Australia Holdings Pty Ltd, Perth, Australia
Brunel Energy Pty Ltd, Perth, Australia
Brunel Technical Services Pty Ltd, Perth, Australia
Brunel Construction & Maintenance Services Pty Ltd, Perth, Australia
SES Labour Solutions Pty Ltd, Brisbane, Australia
SES Industrial Pty Ltd, Brisbane, Australia
Advance Careers International Pty Ltd Melbourne, Australia
Brunel Energy Inc, Houston, Unites States of America
Brunel Resources Inc, Houston, Unites States of America
Brunel Canada Inc, Calgary, Canada
Brunel Energy Servicos Ltda Brasil, Rio de Janeiro, Brazil
Brunel Mexico Sa de CV, Mexico City, Mexico
Brunel Atyrau LLP, Atyrau, Kazakhstan
Brunel Kazakhstan LLP, (50%) Atyrau, Kazakhstan
Brunel Guyana Inc, Georgetown, Guyana
Brunel New Zealand Ltd, New Plymouth, New Zealand
PT Brunel Service Indonesia, Jakarta, IndonesiaBrunel Suriname N.V., Paramaribo, SurinameSEAFox Apollo 1 Limited, (2025: 100%, 2024: 97%) London, United Kingdom
Taylor Hopkinson Limited, (2025: 100%, 2024: 97%) Glasgow, United Kingdom
Taylor Hopkinson Corporation, (2025: 100%, 2024: 97%) Boston, United States of America
Taylor Hopkinson LLC, (2025: 100%, 2024: 97%) Cheyenne, United States of America
Taylor Hopkinson Pte Ltd, (2025: 100%, 2024: 97%) Singapore
Taylor Hopkinson Spain SL, (2025: 100%, 2024: 97%) Valencia, Spain
Taylor Hopkinson Taiwan Branch (2025: 100%, 2024: 97%) Taipei, Taiwan
Brunel Taiwan Services Company Ltd, Taipei, Taiwan
Brunel Energy Services Israel Ltd, Tel Aviv, Israel
Brunel Energy Services Namibia (Pty) Ltd Windhoek, Namibia
Brunel Energy Sweden AB Stockholm, Sweden
Brunel International UK Ltd (registration number: SC66400) is exempt from the audit of its accounts under section 479A of the UK Companies Act 2006.
Brunel GmbH (registration number: HRB 16935 HB) has made use of the exemptions under Section 264 (3) of the German Commercial Code.
Brunel Car Synergies GmbH (registration number: B 31858) has made use of the exemptions under Section 264 (3) of the German Commercial Code.
The company has issued joint and several liability statements in accordance with Section 403, Part 9, Book
2 of the Dutch Civil Code for all Dutch subsidiary companies, mainly serving as subholding companies.
1.\tBusiness combinations
Acquisition of Advance Careers International Pty Ltd
On 1st January 2024, Brunel acquired 100% of the shares of Advance Careers International Pty Ltd (AC), a specialist recruitment company based in Australia.
Advance Careers has earned a reputation as a leading provider of recruitment, search and staffing solutions for energy transition and sustainability organisations over the last 10 years \u2013 especially for highly-skilled technical and niche roles related to emerging technologies. Partnering with Brunel will allow Advance Careers to take that business model to the next level.
In the acquisition, Brunel acquired control over AC by acquiring 100%. Fair value of the acquisition compensation amounted to EUR 1.6 million, out of which EUR 0.16 million has been paid as of the acquisition date. Remaining payments are spread over the period of 2 years.
7. Investments accounted for using the equity method
Interest in associates
As at 31 December 2025 the group has an investment in
one associate which, in the opinion of the directors, is material to the group. The group has a 49% (2024: 49%) ownership interest in IBR Soluc\u00f5es Limitada, an associate that is incorporated in Angola. The investment is accounted for using the equity method.
The entity listed below has share capital consisting solely of ordinary shares, which are held directly by the group. The country of incorporation or registration is also their principal place of business, and the proportion of ownership interest is the same as the proportion of voting rights held. The associate is fully impaired, no further cash injections will be made, and therefore there is no risk of further losses. The carrying value is nil (2024: nil).
IBR Soluc\u00f5es Limitada is an associate of Brunel International N.V. operating in Angola.
The tables below provide summarised financial information for the associate that is material to the group. The information disclosed reflects the amounts presented in the financial statements of the relevant associate and not Brunel International N.V.\u2019s share of those amounts. They have been amended to reflect adjustments made by the entity when using the equity method, including fair value adjustments and modifications for differences in accounting policy.
2025 | 2024 | |
Current assets | -38 | -43 |
Current liabilities | -4,543 | -4,962 |
Long-term liabilities | -275 | -313 |
Net assets at 31 December | -4,856 | -5,318 |
2025 | 2024 | |
Opening net assets 1 January | -5,318 | -5,209 |
Profit / (loss) for the period | 0 | 0 |
Foreign exchange | 462 | -109 |
Closing net assets at 31 December | -4,856 | -5,318 |
Summarised statement of comprehensive income
2025 | 2024 | |
Revenue | 0 | 0 |
Profit / (loss) for the period | 0 | 0 |
As Brunel\u2019s interest in IBR Soluc\u00f5es Limitada has been impaired and Brunel does not have any further legal or constructive obligations to make payments to or on behalf of IBR Soluc\u00f5es Limitada, additional losses are no longer recognised.
11. Non-current financial liabilitiesPut-option liabilities related to acquisitions
ICE
In September 2022 Brunel Energy Holding B.V. acquired 51% of the issued share capital of International Commissioning and Engineering Pte. Ltd. (\u2018ICE\u2019). The company has entered into a put / call option agreement with the non-controlling interest of ICE to acquire the remaining 49% shares over the period of 3 years.
The put-option liability is recognised through the profit and loss account as a post combination benefit expense over the 3-year period post-acquisition and requires continuous employment of the non-controlling shareholder.
The option expired on 31 December 2025 and is expected to be exercised in 2026. The expected cash outflow is EUR 7.3 million. During the year 2025 the company recognised EUR 5.2 million (2024: EUR 2.1 million) costs for post combination benefits, due to a higher than expected performance.
The movement of put-option liabilities is as follows:
2025 | 2024 | |
Balance at 1 January | 2,050 | 0 |
Post-combination benefits expense | 5,220 | 2,050 |
Current portion of put-option liabilities (12) | -7,270 | 0 |
Balance at 31 December | 0 | 2,050 |
The payments relating to put-option liabilities is included in the cashflow statement as a cash flow used in financing activities. The related post combination benefits are accounted through profit and loss and are included within indirect personnel expenses. In the cash flow statement the related items are included as cash flow generated from operating activities.
We support W B.V. (Equals)
In November 2024 Brunel Nederland B.V. acquired 50.1% of the issued share capital of We support W B.V. (trading name: Equals). The company has entered into an agreement with the minority shareholder of Equals to acquire the remaining 49.9% shares. The company will exercise the put/call option by 2028 at the latest, with possibility for exercise in 2027 dependant on the achievement of a financial EBIT target.
The expected amount to be paid if the pre-determined levels of EBIT level are met and certain employees remained within the Group, was determined at EUR 4.7 million as at 31 December 2024. This amount is remeasured at each reporting period based on expected performance.
An amount of EUR 2.4 million was recognised as a put option liability, since 4/7th of the amount to be paid is not based on continuous employment. The amount was initially recognised at fair value and is subsequently carried at amortised cost, with changes in the present value of estimated future contractual cash flows recognised through profit and loss. The other 3/7th of the put option liability will be recognised through the profit and loss account as a post combination benefit expense over the 3-year period post-acquisition, depending on continued employment of certain Equals employees.
As at 31 December 2025, the expected value of the redemption amounts to EUR 1.4 million, due to a decrease in expected performance.
The model inputs used for determining the liability as of the year ended 31 December 2025 included:
Discount rate: 11.7%
During the year 2025 the company recognised EUR 0.2 million costs for post combination benefits, and a release of EUR 1.6 million for the portion of the liability that is not based on continuous employment. As a result, the value of the put-option liability decreased to EUR 1.0 million (2024: EUR 2.4 million).
The movement of put-option liabilities is as follows:
2025 | 2024 | |
Balance at 1 January | 2,409 | 0 |
Through business combinations (1) | 0 | 2,409 |
Post-combination benefits expense | 205 | 0 |
Change in present value of expectes cash flows | -1,589 | 0 |
Balance at 31 December | 1,025 | 2,409 |
The payments relating to put-option liabilities is included in the cashflow statement as a cash flow used in financing activities. The related post combination benefits are accounted through profit and loss and are included within indirect personnel expenses. In the cash flow statement the related items are included as cash flow generated from operating activities.
Non-controlling interest
The movement in non-controlling interest is as follows:
2025 | 2024 | |
Balance at 1 January | 2,257 | 11,081 |
Result for the year | 1,490 | 411 |
Dividend | -1,952 | -1,836 |
Through business combinations | 0 | -104 |
Acquisition of non-controlling interests | -716 | -7,264 |
Exchange rate movements | -311 | -31 |
Balance at 31 December | 768 | 2,257 |
Set out below is summarised financial information for the main non-controlling interests that are material to the group. The amounts disclosed for each subsidiary are before inter-company eliminations.
During 2025, the Group acquired the remaining 3% interest in the voting shares of TH, increasing its ownership interest to 100%. The acquisition was a result of exercise of put & call option agreement with the non-controlling shareholders and resulted in payment of cash consideration of EUR 3.1 million.
The non-controlling interest acquired through business combinations in 2024 relates to the acquisition of We Support W B.V. (Equals).
Middle East & India | Taylor Hopkinson | Other | Total | |||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
Non-current assets | 2,245 | 1,602 | 40,217 | 37,101 | 1,718 | 2,125 | 44,180 | 40,828 |
Current assets | 51,685 | 58,988 | 14,467 | 26,518 | 15,848 | 3,273 | 82,000 | 88,779 |
Current liabilities | -14,788 | -14,373 | -6,500 | -13,454 | -9,412 | -6,767 | -30,700 | -34,594 |
Non-current liabilities | -31,527 | -37,254 | -19,297 | -22,954 | -2,276 | -1,351 | -53,100 | -61,559 |
Net assets per 31 December | 7,615 | 8,962 | 28,887 | 27,211 | 5,878 | -2,720 | 42,380 | 33,453 |
Accumulated non-controlling interests | 1,886 | 2,222 | 0 | 765 | -1,117 | -729 | 768 | 2,257 |
Dividend paid to non-controlling interests | 1,952 | 1,836 | 0 | 0 | 0 | 0 | 1,952 | 1,836 |
Revenue | 138,443 | 126,302 | 56,104 | 78,854 | 7,911 | 5,870 | 202,458 | 211,026 |
Profit (loss) | 7,476 | 8,173 | -3,089 | -3,047 | -673 | -2,399 | 3,714 | 2,727 |
Result allocated to non-controlling interests | 1,869 | 2,043 | -44 | -457 | -335 | -1,176 | 1,490 | 411 |
Middle East & India includes the non-controlling interests in our entities in Kuwait (25%) and Qatar (25%) The non-controlling interests in Taylor Hopkinson is 0% (2024: 3%). The other non-controlling interest includes the non-controlling interest in Netherlands (49.9%), Kazakhstan (50%), Indonesia (51% of share capital / 0% of result) and Singapore (49%).
The Middle East & India segment includes a negative result allocated to non-controlling interests in 2025 of EUR 0.6
million (2024: EUR 0.0 million), relating to Kuwait.
For a number of specific entities within the Middle East & India, Brunel has voting rights of 49% due to local enacted laws that limit foreign ownership. There are other arrangements in place that establish that Brunel has control.
Brunel\u2019s voting rights in relation to Taylor Hopkinson are 100% (2024: 97%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__15-1": { "value": "Participations
Brunel International N.V.\u2019s main participations as per 31 December 2025 are listed below. These are included in the consolidated financial statements of Brunel International N.V. Unless otherwise stated, all these participations are, directly or indirectly, wholly-owned and Brunel has full or over half of the voting power. Some non-material participations are not included in the list.
Brunel Corporate B.V., Amsterdam, The Netherlands
Brunel Energy Europe Staff B.V., Amsterdam, The Netherlands
Brunel Nederland B.V., Rotterdam, The Netherlands
Brunel Energy Holding B.V., Rotterdam, The Netherlands
Brunel Energy Europe B.V., Rotterdam, The Netherlands
We support W B.V., (50.1%) Amsterdam, The Netherlands
Brunel Belgium N.V., Mechelen, Belgium
Brunel International UK Ltd, Glasgow, United Kingdom
Celsium Ltd, Birmingham, United Kingdom
Brunel GmbH, Bremen, Germany
Brunel Car Synergies GmbH, Bochum, Germany
Brunel International France Srl, Paris, France
Brunel Italia Srl, Milan, Italy
Brunel Energy Norge AS, Stavanger, Norway
Brunel Austria GmbH, Salzburg, Austria
Brunel Switzerland AG, Z\u00fcrich, Switzerland
Brunel CZ s.r.o., Prague, Czech Republic
Brunel Romania Srl, Bucharest, Romania
Brunel Denmark ApS, Copenhagen, Denmark
Brunel Mozambique Lda, Maputo, Mozambique
Brunel Energy LLC, Dubai, United Arab Emirates
Brunel DMCC, Dubai, United Arab Emirates
Brunel Oil & Gas Services WLL, (75%) Doha, Qatar
Brunel India Private Ltd, Mumbai, India
Brunel Energy Kuwait WLL, (75%) Farwania, Kuwait
Ishtar Baghdad for General Services LLC, Baghdad, Iraq
Brunel Energy Japan K.K., Tokyo, Japan
Brunel International South East Asia Pte Ltd, Singapore
International Commissioning & Engineering Pte Ltd (51%), Singapore
Brunel International South East Asia PNG Limited, Port Moresby, Papua New Guinea
Brunel Energy Malaysia SDN BHD, Kuala Lumpur, Malaysia
Brunel Energy Korea Ltd, Ulsan, South Korea
Brunel Hong Kong Ltd, Hong Kong, China
Brunel Energy Hong Kong Ltd. Hong Kong, China
Brunel Consultancy Shanghai Ltd, Shanghai, China
Brunel (Shenzhen) Business Management Co., Ltd. Shenzhen, China
Brunel Engineering (Dalian) Ltd, Dalian, China
Brunel Engineering Services (Qingdao) Co. Ltd, Qingdao, China
Brunel Engineering Services (Nantong) Co. Ltd, Nantong, China
Brunel Engineering Services (Yantai) Co, Yantai, China
Brunel Engineering Technology (Tianjin) Co Ltd, Tianjin, China
Brunel Technical Services Thailand Ltd, Bangkok, Thailand
Brunel Vietnam Company Ltd, Ho Chi Minh City, Vietnam
Brunel Myanmar Co. Ltd, Yangon, Myanmar
Brunel Australia Holdings Pty Ltd, Perth, Australia
Brunel Energy Pty Ltd, Perth, Australia
Brunel Technical Services Pty Ltd, Perth, Australia
Brunel Construction & Maintenance Services Pty Ltd, Perth, Australia
SES Labour Solutions Pty Ltd, Brisbane, Australia
SES Industrial Pty Ltd, Brisbane, Australia
Advance Careers International Pty Ltd Melbourne, Australia
Brunel Energy Inc, Houston, Unites States of America
Brunel Resources Inc, Houston, Unites States of America
Brunel Canada Inc, Calgary, Canada
Brunel Energy Servicos Ltda Brasil, Rio de Janeiro, Brazil
Brunel Mexico Sa de CV, Mexico City, Mexico
Brunel Atyrau LLP, Atyrau, Kazakhstan
Brunel Kazakhstan LLP, (50%) Atyrau, Kazakhstan
Brunel Guyana Inc, Georgetown, Guyana
Brunel New Zealand Ltd, New Plymouth, New Zealand
PT Brunel Service Indonesia, Jakarta, IndonesiaBrunel Suriname N.V., Paramaribo, SurinameSEAFox Apollo 1 Limited, (2025: 100%, 2024: 97%) London, United Kingdom
Taylor Hopkinson Limited, (2025: 100%, 2024: 97%) Glasgow, United Kingdom
Taylor Hopkinson Corporation, (2025: 100%, 2024: 97%) Boston, United States of America
Taylor Hopkinson LLC, (2025: 100%, 2024: 97%) Cheyenne, United States of America
Taylor Hopkinson Pte Ltd, (2025: 100%, 2024: 97%) Singapore
Taylor Hopkinson Spain SL, (2025: 100%, 2024: 97%) Valencia, Spain
Taylor Hopkinson Taiwan Branch (2025: 100%, 2024: 97%) Taipei, Taiwan
Brunel Taiwan Services Company Ltd, Taipei, Taiwan
Brunel Energy Services Israel Ltd, Tel Aviv, Israel
Brunel Energy Services Namibia (Pty) Ltd Windhoek, Namibia
Brunel Energy Sweden AB Stockholm, Sweden
Brunel International UK Ltd (registration number: SC66400) is exempt from the audit of its accounts under section 479A of the UK Companies Act 2006.
Brunel GmbH (registration number: HRB 16935 HB) has made use of the exemptions under Section 264 (3) of the German Commercial Code.
Brunel Car Synergies GmbH (registration number: B 31858) has made use of the exemptions under Section 264 (3) of the German Commercial Code.
The company has issued joint and several liability statements in accordance with Section 403, Part 9, Book
2 of the Dutch Civil Code for all Dutch subsidiary companies, mainly serving as subholding companies.
Principles of consolidation
The consolidated financial statements include the financial information of Brunel International N.V. and its subsidiaries. Subsidiaries relate to companies controlled directly or indirectly by Brunel International N.V. These companies are listed on page 154. An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The results of acquired or disposed companies are consolidated from the date on which control is transferred and the date the control is ceased, respectively.
All intra-group transactions, balances, income and expenses are eliminated on consolidation.
Non-controlling interests in subsidiaries are identified separately from Brunel\u2019s equity therein. Those interests of non-controlling shareholders that are present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Subsequent to an acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity.
Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.
The group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognised in a separate reserve within equity attributable to owners of the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__16-1": { "value": "Participations
Brunel International N.V.\u2019s main participations as per 31 December 2025 are listed below. These are included in the consolidated financial statements of Brunel International N.V. Unless otherwise stated, all these participations are, directly or indirectly, wholly-owned and Brunel has full or over half of the voting power. Some non-material participations are not included in the list.
Brunel Corporate B.V., Amsterdam, The Netherlands
Brunel Energy Europe Staff B.V., Amsterdam, The Netherlands
Brunel Nederland B.V., Rotterdam, The Netherlands
Brunel Energy Holding B.V., Rotterdam, The Netherlands
Brunel Energy Europe B.V., Rotterdam, The Netherlands
We support W B.V., (50.1%) Amsterdam, The Netherlands
Brunel Belgium N.V., Mechelen, Belgium
Brunel International UK Ltd, Glasgow, United Kingdom
Celsium Ltd, Birmingham, United Kingdom
Brunel GmbH, Bremen, Germany
Brunel Car Synergies GmbH, Bochum, Germany
Brunel International France Srl, Paris, France
Brunel Italia Srl, Milan, Italy
Brunel Energy Norge AS, Stavanger, Norway
Brunel Austria GmbH, Salzburg, Austria
Brunel Switzerland AG, Z\u00fcrich, Switzerland
Brunel CZ s.r.o., Prague, Czech Republic
Brunel Romania Srl, Bucharest, Romania
Brunel Denmark ApS, Copenhagen, Denmark
Brunel Mozambique Lda, Maputo, Mozambique
Brunel Energy LLC, Dubai, United Arab Emirates
Brunel DMCC, Dubai, United Arab Emirates
Brunel Oil & Gas Services WLL, (75%) Doha, Qatar
Brunel India Private Ltd, Mumbai, India
Brunel Energy Kuwait WLL, (75%) Farwania, Kuwait
Ishtar Baghdad for General Services LLC, Baghdad, Iraq
Brunel Energy Japan K.K., Tokyo, Japan
Brunel International South East Asia Pte Ltd, Singapore
International Commissioning & Engineering Pte Ltd (51%), Singapore
Brunel International South East Asia PNG Limited, Port Moresby, Papua New Guinea
Brunel Energy Malaysia SDN BHD, Kuala Lumpur, Malaysia
Brunel Energy Korea Ltd, Ulsan, South Korea
Brunel Hong Kong Ltd, Hong Kong, China
Brunel Energy Hong Kong Ltd. Hong Kong, China
Brunel Consultancy Shanghai Ltd, Shanghai, China
Brunel (Shenzhen) Business Management Co., Ltd. Shenzhen, China
Brunel Engineering (Dalian) Ltd, Dalian, China
Brunel Engineering Services (Qingdao) Co. Ltd, Qingdao, China
Brunel Engineering Services (Nantong) Co. Ltd, Nantong, China
Brunel Engineering Services (Yantai) Co, Yantai, China
Brunel Engineering Technology (Tianjin) Co Ltd, Tianjin, China
Brunel Technical Services Thailand Ltd, Bangkok, Thailand
Brunel Vietnam Company Ltd, Ho Chi Minh City, Vietnam
Brunel Myanmar Co. Ltd, Yangon, Myanmar
Brunel Australia Holdings Pty Ltd, Perth, Australia
Brunel Energy Pty Ltd, Perth, Australia
Brunel Technical Services Pty Ltd, Perth, Australia
Brunel Construction & Maintenance Services Pty Ltd, Perth, Australia
SES Labour Solutions Pty Ltd, Brisbane, Australia
SES Industrial Pty Ltd, Brisbane, Australia
Advance Careers International Pty Ltd Melbourne, Australia
Brunel Energy Inc, Houston, Unites States of America
Brunel Resources Inc, Houston, Unites States of America
Brunel Canada Inc, Calgary, Canada
Brunel Energy Servicos Ltda Brasil, Rio de Janeiro, Brazil
Brunel Mexico Sa de CV, Mexico City, Mexico
Brunel Atyrau LLP, Atyrau, Kazakhstan
Brunel Kazakhstan LLP, (50%) Atyrau, Kazakhstan
Brunel Guyana Inc, Georgetown, Guyana
Brunel New Zealand Ltd, New Plymouth, New Zealand
PT Brunel Service Indonesia, Jakarta, IndonesiaBrunel Suriname N.V., Paramaribo, SurinameSEAFox Apollo 1 Limited, (2025: 100%, 2024: 97%) London, United Kingdom
Taylor Hopkinson Limited, (2025: 100%, 2024: 97%) Glasgow, United Kingdom
Taylor Hopkinson Corporation, (2025: 100%, 2024: 97%) Boston, United States of America
Taylor Hopkinson LLC, (2025: 100%, 2024: 97%) Cheyenne, United States of America
Taylor Hopkinson Pte Ltd, (2025: 100%, 2024: 97%) Singapore
Taylor Hopkinson Spain SL, (2025: 100%, 2024: 97%) Valencia, Spain
Taylor Hopkinson Taiwan Branch (2025: 100%, 2024: 97%) Taipei, Taiwan
Brunel Taiwan Services Company Ltd, Taipei, Taiwan
Brunel Energy Services Israel Ltd, Tel Aviv, Israel
Brunel Energy Services Namibia (Pty) Ltd Windhoek, Namibia
Brunel Energy Sweden AB Stockholm, Sweden
Brunel International UK Ltd (registration number: SC66400) is exempt from the audit of its accounts under section 479A of the UK Companies Act 2006.
Brunel GmbH (registration number: HRB 16935 HB) has made use of the exemptions under Section 264 (3) of the German Commercial Code.
Brunel Car Synergies GmbH (registration number: B 31858) has made use of the exemptions under Section 264 (3) of the German Commercial Code.
The company has issued joint and several liability statements in accordance with Section 403, Part 9, Book
2 of the Dutch Civil Code for all Dutch subsidiary companies, mainly serving as subholding companies.
Remuneration of directors
The directors\u2019 remunerations charged to the results in 2025 (2024) are set out below:
Short-term employee benefits | ||||||
Salary | Bonus | Other | Pension | Share based payments | Total | |
Board of Directors: | ||||||
P.A. de Laat, CEO (until 30 September 2024, CFO) | 650 (484) | 178 (92) | 36 (36) | 13 (13) | -63 (-59) | 814 (566) |
T. van Doremalen, CFO (as from 1 April 2025) | 367 (-) | 179 (-) | 27 (-) | 11 (-) | 92 (-) | 676 (-) |
J.T. Andringa, CEO (until 31 October 2024) | - (520) | - (-) | - (30) | - (14) | - (-184) | - (380) |
A.G. Maude, COO (until 16 May 2024) | - (169) | - (-) | - (62) | - (7) | - (-39) | - (199) |
Supervisory Board: | ||||||
F. van der Vloed | 70 (70) | - | - | - | 70 (70) | |
J.J.B.M. Spee (until 16 May 2024) | - (21) | - | - | - | - (21) | |
K. Koelemeijer | 60 (60) | - | - | - | 60 (60) | |
M. Kleinsman (from 16 May 2024 | 55 (34) | 55 (34) | ||||
A. Kuiper (from 1 December 2024) | 60 (5) | 60 (5) | ||||
1,262 (1,363) | 357 (92) | 63 (128) | 24 (34) | 29 (-282) | 1,735 (1,335) |
\u2022\tMr. De Laat has 25,000 shares in the company, in addition to 185,000 SAR\u2019s and 74,277 performance award shares.
\u2022\tMr. T. van Doremalen has 28,345 shares in the company, in addition to 33,485 performance award shares and 28,345 conditional award shares.
\u2022\tThe members of the Supervisory Board hold neither shares nor share options in the company.
\u2022\tNo loans and/or guarantees have been issued to members of the Board of Directors or Supervisory Board.
SAR rights of directors
Year granted | 2021 | 2022 | 2023 | 2024 | 2025 | Total |
P.A. de Laat, CEO | 40,000 | 50,000 | 95,000 | - | - | 185,000 |
T. van Doremalen, CFO | - | - | - | - | - | - |
Range of exercise prices in EUR | 9.08 | 11.92 | 11.58 | - | - | - |
25.\tTransactions with related parties
The Board of Directors, the Supervisory Board, majority shareholder and participations are considered to be related parties. For information about the Directors\u2019 remuneration
reference is made to note 16. Transactions with related parties were made on terms equivalent to those that prevail in arm\u2019s length transactions. Included under other operating expenses is an amount of EUR\u00a079 (2024: EUR 79) paid as consultancy fee to the majority shareholder of Brunel International N.V.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__17-1": { "value": "Participations
Brunel International N.V.\u2019s main participations as per 31 December 2025 are listed below. These are included in the consolidated financial statements of Brunel International N.V. Unless otherwise stated, all these participations are, directly or indirectly, wholly-owned and Brunel has full or over half of the voting power. Some non-material participations are not included in the list.
Brunel Corporate B.V., Amsterdam, The Netherlands
Brunel Energy Europe Staff B.V., Amsterdam, The Netherlands
Brunel Nederland B.V., Rotterdam, The Netherlands
Brunel Energy Holding B.V., Rotterdam, The Netherlands
Brunel Energy Europe B.V., Rotterdam, The Netherlands
We support W B.V., (50.1%) Amsterdam, The Netherlands
Brunel Belgium N.V., Mechelen, Belgium
Brunel International UK Ltd, Glasgow, United Kingdom
Celsium Ltd, Birmingham, United Kingdom
Brunel GmbH, Bremen, Germany
Brunel Car Synergies GmbH, Bochum, Germany
Brunel International France Srl, Paris, France
Brunel Italia Srl, Milan, Italy
Brunel Energy Norge AS, Stavanger, Norway
Brunel Austria GmbH, Salzburg, Austria
Brunel Switzerland AG, Z\u00fcrich, Switzerland
Brunel CZ s.r.o., Prague, Czech Republic
Brunel Romania Srl, Bucharest, Romania
Brunel Denmark ApS, Copenhagen, Denmark
Brunel Mozambique Lda, Maputo, Mozambique
Brunel Energy LLC, Dubai, United Arab Emirates
Brunel DMCC, Dubai, United Arab Emirates
Brunel Oil & Gas Services WLL, (75%) Doha, Qatar
Brunel India Private Ltd, Mumbai, India
Brunel Energy Kuwait WLL, (75%) Farwania, Kuwait
Ishtar Baghdad for General Services LLC, Baghdad, Iraq
Brunel Energy Japan K.K., Tokyo, Japan
Brunel International South East Asia Pte Ltd, Singapore
International Commissioning & Engineering Pte Ltd (51%), Singapore
Brunel International South East Asia PNG Limited, Port Moresby, Papua New Guinea
Brunel Energy Malaysia SDN BHD, Kuala Lumpur, Malaysia
Brunel Energy Korea Ltd, Ulsan, South Korea
Brunel Hong Kong Ltd, Hong Kong, China
Brunel Energy Hong Kong Ltd. Hong Kong, China
Brunel Consultancy Shanghai Ltd, Shanghai, China
Brunel (Shenzhen) Business Management Co., Ltd. Shenzhen, China
Brunel Engineering (Dalian) Ltd, Dalian, China
Brunel Engineering Services (Qingdao) Co. Ltd, Qingdao, China
Brunel Engineering Services (Nantong) Co. Ltd, Nantong, China
Brunel Engineering Services (Yantai) Co, Yantai, China
Brunel Engineering Technology (Tianjin) Co Ltd, Tianjin, China
Brunel Technical Services Thailand Ltd, Bangkok, Thailand
Brunel Vietnam Company Ltd, Ho Chi Minh City, Vietnam
Brunel Myanmar Co. Ltd, Yangon, Myanmar
Brunel Australia Holdings Pty Ltd, Perth, Australia
Brunel Energy Pty Ltd, Perth, Australia
Brunel Technical Services Pty Ltd, Perth, Australia
Brunel Construction & Maintenance Services Pty Ltd, Perth, Australia
SES Labour Solutions Pty Ltd, Brisbane, Australia
SES Industrial Pty Ltd, Brisbane, Australia
Advance Careers International Pty Ltd Melbourne, Australia
Brunel Energy Inc, Houston, Unites States of America
Brunel Resources Inc, Houston, Unites States of America
Brunel Canada Inc, Calgary, Canada
Brunel Energy Servicos Ltda Brasil, Rio de Janeiro, Brazil
Brunel Mexico Sa de CV, Mexico City, Mexico
Brunel Atyrau LLP, Atyrau, Kazakhstan
Brunel Kazakhstan LLP, (50%) Atyrau, Kazakhstan
Brunel Guyana Inc, Georgetown, Guyana
Brunel New Zealand Ltd, New Plymouth, New Zealand
PT Brunel Service Indonesia, Jakarta, IndonesiaBrunel Suriname N.V., Paramaribo, SurinameSEAFox Apollo 1 Limited, (2025: 100%, 2024: 97%) London, United Kingdom
Taylor Hopkinson Limited, (2025: 100%, 2024: 97%) Glasgow, United Kingdom
Taylor Hopkinson Corporation, (2025: 100%, 2024: 97%) Boston, United States of America
Taylor Hopkinson LLC, (2025: 100%, 2024: 97%) Cheyenne, United States of America
Taylor Hopkinson Pte Ltd, (2025: 100%, 2024: 97%) Singapore
Taylor Hopkinson Spain SL, (2025: 100%, 2024: 97%) Valencia, Spain
Taylor Hopkinson Taiwan Branch (2025: 100%, 2024: 97%) Taipei, Taiwan
Brunel Taiwan Services Company Ltd, Taipei, Taiwan
Brunel Energy Services Israel Ltd, Tel Aviv, Israel
Brunel Energy Services Namibia (Pty) Ltd Windhoek, Namibia
Brunel Energy Sweden AB Stockholm, Sweden
Brunel International UK Ltd (registration number: SC66400) is exempt from the audit of its accounts under section 479A of the UK Companies Act 2006.
Brunel GmbH (registration number: HRB 16935 HB) has made use of the exemptions under Section 264 (3) of the German Commercial Code.
Brunel Car Synergies GmbH (registration number: B 31858) has made use of the exemptions under Section 264 (3) of the German Commercial Code.
The company has issued joint and several liability statements in accordance with Section 403, Part 9, Book
2 of the Dutch Civil Code for all Dutch subsidiary companies, mainly serving as subholding companies.
1.\tBusiness combinations
Acquisition of Advance Careers International Pty Ltd
On 1st January 2024, Brunel acquired 100% of the shares of Advance Careers International Pty Ltd (AC), a specialist recruitment company based in Australia.
Advance Careers has earned a reputation as a leading provider of recruitment, search and staffing solutions for energy transition and sustainability organisations over the last 10 years \u2013 especially for highly-skilled technical and niche roles related to emerging technologies. Partnering with Brunel will allow Advance Careers to take that business model to the next level.
In the acquisition, Brunel acquired control over AC by acquiring 100%. Fair value of the acquisition compensation amounted to EUR 1.6 million, out of which EUR 0.16 million has been paid as of the acquisition date. Remaining payments are spread over the period of 2 years.
11. Non-current financial liabilitiesPut-option liabilities related to acquisitions
ICE
In September 2022 Brunel Energy Holding B.V. acquired 51% of the issued share capital of International Commissioning and Engineering Pte. Ltd. (\u2018ICE\u2019). The company has entered into a put / call option agreement with the non-controlling interest of ICE to acquire the remaining 49% shares over the period of 3 years.
The put-option liability is recognised through the profit and loss account as a post combination benefit expense over the 3-year period post-acquisition and requires continuous employment of the non-controlling shareholder.
The option expired on 31 December 2025 and is expected to be exercised in 2026. The expected cash outflow is EUR 7.3 million. During the year 2025 the company recognised EUR 5.2 million (2024: EUR 2.1 million) costs for post combination benefits, due to a higher than expected performance.
The movement of put-option liabilities is as follows:
2025 | 2024 | |
Balance at 1 January | 2,050 | 0 |
Post-combination benefits expense | 5,220 | 2,050 |
Current portion of put-option liabilities (12) | -7,270 | 0 |
Balance at 31 December | 0 | 2,050 |
The payments relating to put-option liabilities is included in the cashflow statement as a cash flow used in financing activities. The related post combination benefits are accounted through profit and loss and are included within indirect personnel expenses. In the cash flow statement the related items are included as cash flow generated from operating activities.
We support W B.V. (Equals)
In November 2024 Brunel Nederland B.V. acquired 50.1% of the issued share capital of We support W B.V. (trading name: Equals). The company has entered into an agreement with the minority shareholder of Equals to acquire the remaining 49.9% shares. The company will exercise the put/call option by 2028 at the latest, with possibility for exercise in 2027 dependant on the achievement of a financial EBIT target.
The expected amount to be paid if the pre-determined levels of EBIT level are met and certain employees remained within the Group, was determined at EUR 4.7 million as at 31 December 2024. This amount is remeasured at each reporting period based on expected performance.
An amount of EUR 2.4 million was recognised as a put option liability, since 4/7th of the amount to be paid is not based on continuous employment. The amount was initially recognised at fair value and is subsequently carried at amortised cost, with changes in the present value of estimated future contractual cash flows recognised through profit and loss. The other 3/7th of the put option liability will be recognised through the profit and loss account as a post combination benefit expense over the 3-year period post-acquisition, depending on continued employment of certain Equals employees.
As at 31 December 2025, the expected value of the redemption amounts to EUR 1.4 million, due to a decrease in expected performance.
The model inputs used for determining the liability as of the year ended 31 December 2025 included:
Discount rate: 11.7%
During the year 2025 the company recognised EUR 0.2 million costs for post combination benefits, and a release of EUR 1.6 million for the portion of the liability that is not based on continuous employment. As a result, the value of the put-option liability decreased to EUR 1.0 million (2024: EUR 2.4 million).
The movement of put-option liabilities is as follows:
2025 | 2024 | |
Balance at 1 January | 2,409 | 0 |
Through business combinations (1) | 0 | 2,409 |
Post-combination benefits expense | 205 | 0 |
Change in present value of expectes cash flows | -1,589 | 0 |
Balance at 31 December | 1,025 | 2,409 |
The payments relating to put-option liabilities is included in the cashflow statement as a cash flow used in financing activities. The related post combination benefits are accounted through profit and loss and are included within indirect personnel expenses. In the cash flow statement the related items are included as cash flow generated from operating activities.
Non-controlling interest
The movement in non-controlling interest is as follows:
2025 | 2024 | |
Balance at 1 January | 2,257 | 11,081 |
Result for the year | 1,490 | 411 |
Dividend | -1,952 | -1,836 |
Through business combinations | 0 | -104 |
Acquisition of non-controlling interests | -716 | -7,264 |
Exchange rate movements | -311 | -31 |
Balance at 31 December | 768 | 2,257 |
Set out below is summarised financial information for the main non-controlling interests that are material to the group. The amounts disclosed for each subsidiary are before inter-company eliminations.
During 2025, the Group acquired the remaining 3% interest in the voting shares of TH, increasing its ownership interest to 100%. The acquisition was a result of exercise of put & call option agreement with the non-controlling shareholders and resulted in payment of cash consideration of EUR 3.1 million.
The non-controlling interest acquired through business combinations in 2024 relates to the acquisition of We Support W B.V. (Equals).
Middle East & India | Taylor Hopkinson | Other | Total | |||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
Non-current assets | 2,245 | 1,602 | 40,217 | 37,101 | 1,718 | 2,125 | 44,180 | 40,828 |
Current assets | 51,685 | 58,988 | 14,467 | 26,518 | 15,848 | 3,273 | 82,000 | 88,779 |
Current liabilities | -14,788 | -14,373 | -6,500 | -13,454 | -9,412 | -6,767 | -30,700 | -34,594 |
Non-current liabilities | -31,527 | -37,254 | -19,297 | -22,954 | -2,276 | -1,351 | -53,100 | -61,559 |
Net assets per 31 December | 7,615 | 8,962 | 28,887 | 27,211 | 5,878 | -2,720 | 42,380 | 33,453 |
Accumulated non-controlling interests | 1,886 | 2,222 | 0 | 765 | -1,117 | -729 | 768 | 2,257 |
Dividend paid to non-controlling interests | 1,952 | 1,836 | 0 | 0 | 0 | 0 | 1,952 | 1,836 |
Revenue | 138,443 | 126,302 | 56,104 | 78,854 | 7,911 | 5,870 | 202,458 | 211,026 |
Profit (loss) | 7,476 | 8,173 | -3,089 | -3,047 | -673 | -2,399 | 3,714 | 2,727 |
Result allocated to non-controlling interests | 1,869 | 2,043 | -44 | -457 | -335 | -1,176 | 1,490 | 411 |
Middle East & India includes the non-controlling interests in our entities in Kuwait (25%) and Qatar (25%) The non-controlling interests in Taylor Hopkinson is 0% (2024: 3%). The other non-controlling interest includes the non-controlling interest in Netherlands (49.9%), Kazakhstan (50%), Indonesia (51% of share capital / 0% of result) and Singapore (49%).
The Middle East & India segment includes a negative result allocated to non-controlling interests in 2025 of EUR 0.6
million (2024: EUR 0.0 million), relating to Kuwait.
For a number of specific entities within the Middle East & India, Brunel has voting rights of 49% due to local enacted laws that limit foreign ownership. There are other arrangements in place that establish that Brunel has control.
Brunel\u2019s voting rights in relation to Taylor Hopkinson are 100% (2024: 97%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__18": { "value": "General information
Brunel International N.V., registered at the chamber of commerce under number 24261450, public limited liability company incorporated and domiciled in Amsterdam, the Netherlands and listed on the Euronext Amsterdam. Approximately 60.23% of the capital interest is held by Noverhead Holding S\u00e0rl, a company owned by the family of Brunel\u2019s founder, Mr. J. Brand.
The head office of the company is located in Amsterdam, the address is:
John M. Keynesplein 33
1066 EP Amsterdam
The Netherlands
The consolidated financial statements of Brunel include the company and its subsidiaries (together referred to as \u2018Brunel\u2019). A summary of the main subsidiaries is included on page 154 of this report.
The financial statements were signed and authorised for issue by the Board of Directors and released for publication on 20 February 2026. The financial statements and the dividend proposal are subject to adoption by the General Meeting of Shareholders on 21 May 2026.
Unless stated otherwise all the information in these financial statements is in thousands of Euro, which is the Company\u2019s functional currency. All financial information presented in Euro has been rounded to the nearest thousand. As a result, totals in some tables may not add up precisely due to rounding.
Brunel\u2019s activities are mainly contracting and recruitment services. (more than 90% share in the overall revenue).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__5": { "value": "Brunel International N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__6": { "value": "public limited liability company ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__7": { "value": "the Netherlands ", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__8": { "value": "the Netherlands ", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__9": { "value": "Noverhead Holding S\u00e0rl", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__10": { "value": "Mr. J. Brand", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__11": { "value": "John M. Keynesplein 331066 EP Amsterdam The Netherlands", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__19": { "value": "The financial statements were signed and authorised for issue by the Board of Directors and released for publication on 20 February 2026. The financial statements and the dividend proposal are subject to adoption by the General Meeting of Shareholders on 21 May 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__12": { "value": "Brunel\u2019s activities are mainly contracting and recruitment services. (more than 90% share in the overall revenue).", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__20": { "value": "Statement of compliance
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and also comply with the financial reporting requirements included in Part 9 of Book 2 of the Dutch Civil Code.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__21": { "value": "The financial statements have been prepared under the historical cost convention, unless indicated otherwise.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__22": { "value": "Going concern
Brunel has prepared the financial statements on the bases it will continue to operate as a going concern.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__23": { "value": "Comparative figures
Comparative figures may have been reclassified for the comparability purposes. If considered to be material, the relevant disclosure has been added to the applicable note.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__24-1": { "value": "New and amended standards adopted by the group
The group has applied the following amendments for the first time for their annual reporting period
commencing 1 January 2025:
\u2022\tLack of exchangeability \u2013 amendments to IAS 21
The amendments listed above did not have any material impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods.
New standards and interpretations not yet adopted
Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2025 reporting periods and have not been early adopted by the group. The group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective.
IFRS 18 Presentation and Disclosure in Financial Statements
In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. It also requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primary financial statements (PFS) and the notes. In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect
method, from \u2018profit or loss\u2019 to \u2018operating profit or loss\u2019 and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards. IFRS 18, and the amendments to the other standards, is effective for reporting periods beginning on or after 1 January 2027, earlier application is permitted after EU endorsement. IFRS 18 will apply retrospectively. The Group expects that IFRS 18 will have a material impact affecting the presentation of the primary financial statements, including the statement of profit and loss, by introducing new categories and subtotals. No impact on total equity or net profit is expected. The Group is currently assessing detailed impacts on disclosures and subtotals.
IFRS 19 Subsidiaries without Public Accountability: Disclosures
In May 2024, the IASB issued IFRS 19, which allows eligible entities to elect to apply its reduced disclosure requirements while still applying the recognition, measurement and presentation requirements in other IFRS accounting standards. To be eligible, at the end of the reporting period, an entity must be a subsidiary as defined in IFRS 10, cannot have public accountability and must have a parent (ultimate or intermediate) that prepares consolidated financial statements, available for public use, which comply with IFRS accounting standards. IFRS 19 will become effective for reporting periods beginning on or after 1 January 2027, earlier application is permitted after EU endorsement. As the Group\u2019s equity instruments are publicly traded, it is not eligible to elect to apply IFRS 19.
Amendments to the Classification and Measurement of Financial Instruments\u2014Amendments to IFRS 9 andIFRS 7
In May 2024, the IASB issued Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments (the Amendments). The Amendments include:
\u2022\tA clarification that a financial liability is derecognised on the \u2018settlement date\u2019 and the introduction of an accounting policy choice (if specific conditions are met) to derecognise financial liabilities settled using an electronic payment system before the settlement date
\u2022\tAdditional guidance on how the contractual cash flows for financial assets with environmental, social and corporate governance (ESG) and similar features should be assessed
\u2022\tClarifications on what constitute \u2018non-recourse features\u2019 and what are the characteristics of contractually linked instruments
\u2022\tThe introduction of disclosures for financial instruments with contingent features and additional disclosure requirements for equity instruments classified at fair value through other comprehensive income (OCI)
The Amendments are effective for annual periods starting on or after 1 January 2026 with early adoption permitted for classification of financial assets and related disclosures only. The Group does not anticipate that the amendments will have a material effect on the Group\u2019s financial statements.
Annual Improvements to IFRS Accounting Standards - Volume 11
In July 2024, the IASB issued nine narrow scope amendments as part of its periodic maintenance of IFRS accounting standards. The amendments include clarifications, simplifications, corrections or changes to improve consistency in IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial instruments: Disclosure and its accompanying Guidance on implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements and IAS 7 Statements of Cash Flows. The amendments will be effective for reporting periods beginning on or after 1 January 2026. Earlier application is permitted and must be disclosed. The amendments are not expected to have a material impact on the Group\u2019s financial statements.
Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS 7
In December 2024, the IASB issued Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity. The amendments apply only to contracts that reference nature-dependent electricity; the amendments:
\u2022\tClarify the application of the \u2018own-use\u2019 requirements for in-scope contracts
\u2022\tAmend the designation requirements for a hedged item in a cash flow hedging relationship for in-scope contracts
\u2022\tAdd new disclosure requirements to enable investors to understand the effect of these contracts on
\u2022\ta company\u2019s financial performance and cash flows
The amendments will take effect for annual reporting periods starting on or after 1 January 2026. Early adoption is allowed, but it must be disclosed. The amendments concerning the own-use exception are to be applied retrospectively, while the hedge accounting amendments should be applied prospectively to new hedging relationships designated from the initial application date. Additionally, the IFRS 7 disclosure amendments must be implemented alongside the IFRS 9 amendments. If an entity does not restate comparative information, it cannot present comparative disclosures.
The Group does not expect that the new standards and the related amendments will have a material impact on its financial statements except for IFRS 18.
New and amended standards adopted by the group
The group has applied the following amendments for the first time for their annual reporting period
commencing 1 January 2025:
\u2022\tLack of exchangeability \u2013 amendments to IAS 21
The amendments listed above did not have any material impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods.
New standards and interpretations not yet adopted
Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2025 reporting periods and have not been early adopted by the group. The group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective.
IFRS 18 Presentation and Disclosure in Financial Statements
In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. It also requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primary financial statements (PFS) and the notes. In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect
method, from \u2018profit or loss\u2019 to \u2018operating profit or loss\u2019 and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards. IFRS 18, and the amendments to the other standards, is effective for reporting periods beginning on or after 1 January 2027, earlier application is permitted after EU endorsement. IFRS 18 will apply retrospectively. The Group expects that IFRS 18 will have a material impact affecting the presentation of the primary financial statements, including the statement of profit and loss, by introducing new categories and subtotals. No impact on total equity or net profit is expected. The Group is currently assessing detailed impacts on disclosures and subtotals.
IFRS 19 Subsidiaries without Public Accountability: Disclosures
In May 2024, the IASB issued IFRS 19, which allows eligible entities to elect to apply its reduced disclosure requirements while still applying the recognition, measurement and presentation requirements in other IFRS accounting standards. To be eligible, at the end of the reporting period, an entity must be a subsidiary as defined in IFRS 10, cannot have public accountability and must have a parent (ultimate or intermediate) that prepares consolidated financial statements, available for public use, which comply with IFRS accounting standards. IFRS 19 will become effective for reporting periods beginning on or after 1 January 2027, earlier application is permitted after EU endorsement. As the Group\u2019s equity instruments are publicly traded, it is not eligible to elect to apply IFRS 19.
Amendments to the Classification and Measurement of Financial Instruments\u2014Amendments to IFRS 9 andIFRS 7
In May 2024, the IASB issued Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments (the Amendments). The Amendments include:
\u2022\tA clarification that a financial liability is derecognised on the \u2018settlement date\u2019 and the introduction of an accounting policy choice (if specific conditions are met) to derecognise financial liabilities settled using an electronic payment system before the settlement date
\u2022\tAdditional guidance on how the contractual cash flows for financial assets with environmental, social and corporate governance (ESG) and similar features should be assessed
\u2022\tClarifications on what constitute \u2018non-recourse features\u2019 and what are the characteristics of contractually linked instruments
\u2022\tThe introduction of disclosures for financial instruments with contingent features and additional disclosure requirements for equity instruments classified at fair value through other comprehensive income (OCI)
The Amendments are effective for annual periods starting on or after 1 January 2026 with early adoption permitted for classification of financial assets and related disclosures only. The Group does not anticipate that the amendments will have a material effect on the Group\u2019s financial statements.
Annual Improvements to IFRS Accounting Standards - Volume 11
In July 2024, the IASB issued nine narrow scope amendments as part of its periodic maintenance of IFRS accounting standards. The amendments include clarifications, simplifications, corrections or changes to improve consistency in IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial instruments: Disclosure and its accompanying Guidance on implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements and IAS 7 Statements of Cash Flows. The amendments will be effective for reporting periods beginning on or after 1 January 2026. Earlier application is permitted and must be disclosed. The amendments are not expected to have a material impact on the Group\u2019s financial statements.
Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS 7
In December 2024, the IASB issued Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity. The amendments apply only to contracts that reference nature-dependent electricity; the amendments:
\u2022\tClarify the application of the \u2018own-use\u2019 requirements for in-scope contracts
\u2022\tAmend the designation requirements for a hedged item in a cash flow hedging relationship for in-scope contracts
\u2022\tAdd new disclosure requirements to enable investors to understand the effect of these contracts on
\u2022\ta company\u2019s financial performance and cash flows
The amendments will take effect for annual reporting periods starting on or after 1 January 2026. Early adoption is allowed, but it must be disclosed. The amendments concerning the own-use exception are to be applied retrospectively, while the hedge accounting amendments should be applied prospectively to new hedging relationships designated from the initial application date. Additionally, the IFRS 7 disclosure amendments must be implemented alongside the IFRS 9 amendments. If an entity does not restate comparative information, it cannot present comparative disclosures.
The Group does not expect that the new standards and the related amendments will have a material impact on its financial statements except for IFRS 18.
Principles of consolidation
The consolidated financial statements include the financial information of Brunel International N.V. and its subsidiaries. Subsidiaries relate to companies controlled directly or indirectly by Brunel International N.V. These companies are listed on page 154. An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The results of acquired or disposed companies are consolidated from the date on which control is transferred and the date the control is ceased, respectively.
All intra-group transactions, balances, income and expenses are eliminated on consolidation.
Non-controlling interests in subsidiaries are identified separately from Brunel\u2019s equity therein. Those interests of non-controlling shareholders that are present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Subsequent to an acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity.
Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.
The group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognised in a separate reserve within equity attributable to owners of the Company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__28-1": { "value": "Principles of consolidationNon-controlling interests in subsidiaries are identified separately from Brunel\u2019s equity therein. Those interests of non-controlling shareholders that are present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Subsequent to an acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity.
Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.
The group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognised in a separate reserve within equity attributable to owners of the Company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__30": { "value": "Accounting principles for the valuation of assets and liabilities and determination of profit
Business combinations
The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration
transferred for the acquisition of a subsidiary comprises the:
\u2022\tfair values of the assets transferred
\u2022\tliabilities incurred to the former owners of the acquired business
\u2022\tequity interests issued by the group
\u2022\tfair value of any pre-existing equity interest in the subsidiary.
\u2022\tfair value of any asset or liability resulting from a contingent consideration arrangement, and
The excess of the:
\u2022\tconsideration transferred,
\u2022\tamount of any non-controlling interest in the acquired entity, and
\u2022\tacquisition-date fair value of any previous equity interest in the acquired entity
over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised in profit or loss.
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss.
Goodwill
When a company or business is acquired, the acquirer recognises goodwill as an asset. Goodwill is recognised for the future economic benefits arising from assets acquired that are not individually identified and separately recognised. The excess of the consideration transferred over the fair value of the identifiable net assets acquired is recorded as goodwill. Impairment of goodwill will be tested at least annually. An impairment loss recognised for goodwill is not reversed in a subsequent period. Changes in
ownership interests in subsidiaries that do not result in loss of control are dealt with in equity.
Goodwill is allocated to groups of cash-generating units for the purpose of impairment testing. The allocation is made to those groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose.
Goodwill at acquisition date is measured as:
\u2022\tThe fair value of the consideration transferred, being the fair value of the assets given and liabilities incurred or assumed; plus
\u2022\tThe recognised amount of a non-controlling interests in the acquiree; plus
\u2022\tThe fair value of any previous equity interests in the acquiree (if the business combination is achieved in stages); less
\u2022\tThe fair value of identifiable assets acquired and liabilities assumed (including contingent liabilities).
A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in the profit or loss. An impairment loss recognised for goodwill is not reversed in subsequent periods.
The recoverable amount is based on the higher of the fair value less cost of disposal and value in use. The value in use is determined by means of cash flow projections based on the actual operating results adjusted for non-cash items (mainly depreciation) and the expected future performance. The latter is based on management\u2019s estimates and assumptions of revenue growth and development of operating margins, assessed with external data.
Acquisition-related intangible assets
Acquisition-related intangible assets (customer databases and trade names) that are acquired by the group and have definite useful lives are stated at cost less accumulated amortisation and impairment losses. When an intangible asset is acquired in a business combination, its cost is the fair value at the date of its acquisition. This cost is determined on a basis that reflects the estimated amount that the entity would have paid for the asset in an arm\u2019s length transaction between knowledgeable and willing parties, based on the best information available. Amortisation of acquisition-related intangible assets is
charged to depreciation and amortisation on a straight-line basis over their estimated useful lives, from the date they are available for use. The residual values and useful lives are reviewed at each balance sheet date and adjusted, if appropriate. Refer to note 3 Other intangible assets for further details.
Software
Acquired software (licenses) and developed software are stated at cost less accumulated amortisation and impairment losses. Expenditures in relation to the development of identifiable and unique software products used by the group, and that will probably generate economic benefits exceeding costs beyond one year, are recognised as intangible assets and amortised over their estimated useful lives. Capitalised costs include personnel expenses of software development and an appropriate portion of relevant overhead. Expenditures associated with maintaining computer software programmes are recognised as an expense when incurred. Amortisation of software applications is charged to depreciation and amortisation on a straight-line basis over their estimated useful lives, from the date they are available for use. The residual values and useful lives are reviewed at each balance sheet date and adjusted, if appropriate. Acquired computer software licenses are amortised, using the straight-line method, over their useful lives.
During the year ended 31 December 2025, the Group reviewed the estimated useful lives of its core IT systems. Based on historical usage patterns, ongoing investments, and the transition to cloud-based solutions. Management determined that the expected economic useful life of these systems is longer than previously estimated.
Effective 1 January 2025, the Group extended the amortisation period for core IT systems from 5 years to 8 years. This change in estimate has been applied prospectively in accordance with IAS 8. As a result, the annual amortisation expense for these assets has decreased. The impact of this change in accounting estimate on the amortisation expense for the year ended 31 December 2025 is a reduction of \u20ac 0.3 milion. The change does not affect the amortisation period of other software categories.
Property, plant and equipment
Property plant and equipment are stated at historical cost less accumulated depreciation and impairment losses. Historical cost includes expenditures that are directly attributable to the acquisition of the assets. Depreciation of property, plant and equipment is charged to operating expenses on a straight-line basis over their estimated useful lives, from the date they are available for use. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised as other income or expenses in the consolidated profit and loss account.
Investments accounted for using the equity method
Associates are all entities over which the group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss of the investee after the date of acquisition. The group\u2019s investment in associates includes goodwill identified on acquisition. This equity method includes the carrying amount of the investment together with all other long-term interests.
Impairment of non-financial assets
Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.
Financial fixed assets
The group classifies its financial assets in the following measurement categories:
\u2022\tthose to be measured subsequently at fair value (either through OCI or through profit or loss), and
\u2022\tthose to be measured at amortised cost.
The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI).
Recognition and derecognition
Regular way purchases and sales of financial assets are recognised on trade date, being the date on which the
group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership.
For the write off-policy refer to note 8 of the financial statements.
Measurement
At initial recognition, the group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the
acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in
profit or loss.
Debt instruments
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and
are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised,
modified or impaired.
Put and call options
Brunel from time to time enters into put-call option arrangements as part of acquisition transactions. The present value of the portion of the put and call options that is unconditional upon recognition is recorded as a liability as per the date of the contractual agreement, with the corresponding loss being recognised directly in equity. The group initially recognises put/call option assets and liabilities over non-controlling interest at the present value of the expected redemption value. Subsequently they are measured at amortised cost using the effective interest method. Where the exercise price of the option is conditional and requires continued service by the holders of the non-controlling interest, it is accounted for as a post-combination benefit in accordance with IAS 19.
Impairment of financial fixed assets
The group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables, see note 8 for further details.
Trade receivable and other receivables
Trade receivable and other receivables are initially measured at the amount of the transaction price. Subsequent measurement is at amortised costs less provision for impairment. For the provision for impairment,
the group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.
The expected loss rates are based on the payment profiles of sales over a period of 36 months before 1 January 2025 and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables.
In addition to the expected credit loss assessment the group also applies judgement for the write-off of receivables where it is reasonably certain that the collection will not take place.
Contract assets and liabilities
In case of fixed-price contracts, the customer pays the fixed amount based on a payment schedule. If the services rendered by the group exceed the payment, a contract asset is recognised. If the payments exceed the services rendered, a contract liability is recognised.
Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks. For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in trade and other payables in the balance sheet. If the cash in hand and/or deposits do not meet the criteria of cash and cash equivalents, it is classified as restricted cash.
Provisions
Provisions are recognised for legally enforceable or constructive obligations as a result of a past event and for which the settlement is likely to require an outflow of resources and to the extent these can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at an interest rate that reflects the current market assessments of the time value of money and, where appropriate, the risks specific to the obligation.
Restoration provisions are recognised for rented real estate objects where the group is, after lease contract expiration, liable to bring the object back to its original state. Estimated amounts for legal claims are provided for at the lowest amount at which the group expects the claim to be reasonably settled. Provided amounts for legal claims are categorised to be settled within one year after the balance
sheet date, unless the group has the right to defer settlement for more than one year.
Provision for illness
In accordance with applicable legal requirements, the Group recognises liabilities for other long-term employee benefit plans, such as schemes related to illness and long-term disability. The provision is measured at the present value of the expected future payments required to settle the obligation, considering the probability of the employees\u2019 continued illness or disability and the expected duration of the payments. Changes in the provision due to the passage of time and revisions to the expected future payments are recognised in profit or loss.
Provision for onerous contracts
A contract is considered onerous when the unavoidable costs of meeting the contractual obligations exceed the economic benefits expected to be received from it. Unavoidable costs represent the lower of:
\u2022\tThe cost of fulfilling the contract; and
\u2022\tThe cost of terminating the contract.
When a contract becomes onerous, the Group recognises a provision for the present obligation arising under the contract. Prior to recognising an onerous contract provision, the Group tests any assets dedicated to the contract for impairment.
The provision is measured at the present value of the unavoidable costs to fulfil the contract, discounted where the impact of the time value of money is material. The provision is reviewed at each reporting date and adjusted to reflect current best estimates.
Typical examples of situations that may result in onerous contracts include non cancellable service commitments or contracts where expected cost overruns cannot be passed on to customers.
Pension obligations
The group operates various post-employment schemes, mostly defined contribution pension plans and two defined benefit plans. For defined contributions, the Group\u2019s obligation is limited to the payment of these annual contributions. The contributions constitute net periodic costs for the year in which they are due and are included in personnel expenses and/or cost of services. The liability recognised in the consolidated balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms approximating to
the terms of the related obligation.
The interest cost is calculated by applying the discount rate to the balance of the defined benefit obligation. This cost is included in employee benefit expense in the consolidated profit and loss account.
Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income. They are included in other reserves in the consolidated statement of changes in equity and in the consolidated balance sheet.
Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognised immediately in the consolidated profit and loss account as past service costs.
Loans and borrowings
Loans and borrowings are initially recognised at fair value less attributable transaction costs. Subsequent to initial recognition, loans and borrowings are stated at amortised cost. Any difference between the proceeds and the amount to be repaid is recognised in finance costs during the term of the borrowings, using the effective interest method.
Other non-current liabilities
Long-term liabilities are recognised initially at fair value, net of transaction costs incurred. Long-term liabilities are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the consolidated profit and loss account over the period of the long-term liabilities using the effective interest method.
Trade and other payables
Trade and other payables are initially stated at fair value and subsequently measured at amortised cost using the effective interest method.
Foreign currency and exchange differences
Foreign currency transactions are translated into the functional currency at the exchange rate applicable at the date of the transactions. Currency translation differences resulting from the settlement of these transactions and the translation of the monetary assets and liabilities denominated in foreign currency at the balance sheet date are recognised in the exchange differences in the consolidated profit and loss account.
Foreign exchange differences relating to non-operational monetary items are recorded in finance income and expenses. Foreign exchange differences relating to operational receivables and payables are recorded in other operating expenses or the relevant expense line item in the statement of profit or loss.
Monetary balance sheet items denominated in foreign currencies are translated at the rates of exchange prevailing at the balance sheet date, while profit and loss account items are translated at the average rates during the financial year. For the purpose of presenting consolidated financial statements, the assets and liabilities of the group\u2019s foreign operations are translated into Euro using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period. Exchange differences due to the consolidation of foreign companies are charged or credited directly in other comprehensive income to the translation reserve.
Functional and presentation currency
The group operates in countries with different currencies. All companies have, as their functional currency, the local currency of the country in which they operate, which is their primary economic environment. The functional currency of the parent company, as well as of the majority of its subsidiaries, is the Euro.
The translation reserve comprises all translation differences arising from the translation of the net investment in activities in currencies other than the Euro. Such translation differences are recognised initially in other comprehensive income and presented in this separate component of shareholders\u2019 equity and recognised in the consolidated statement of profit and loss on disposal of the net investment. The translation reserve also includes the tax effect on translation differences.
Repurchase and reissue of share capital (treasury shares)
When share capital recognised as equity is 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 reserves. 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 in share premium.
Share-based payments related to long-term incentive plan
Brunel has a share-based payment arrangement under which a performance share plan is offered to the senior management (excluding board of directors) of the company. These awards are settled in ordinary shares.
The fair value of deferred shares granted to employees for nil consideration under the short-term incentive scheme is recognised as an expense over the relevant service period, being the year to which the bonus relates and the vesting period of the shares. The fair value is measured at the grant date of the shares and is recognised in equity in the share-based payment reserve. The fair value is calculated based on the Black-Scholes option valuation model. The number of shares expected to vest is estimated based on the non-market vesting conditions. The estimates are revised at the
end of each reporting period, and adjustments are recognised in profit or loss and the share-based payment reserve.
Where shares are forfeited due to failure by the employee to satisfy the service or non-market vesting conditions, any expenses previously recognised in relation to such shares are reversed effective from the date of the forfeiture.
The deferred shares have been acquired by the Brunel International N.V. in June 2021 and are held as treasury shares until such time as they are vested.
Share Appreciation Rights (SAR)
The SAR scheme is a cash settled plan. The fair value of these SAR\u2019s is charged to the indirect personnel expenses from the grant date through vesting date. The fair value of the SAR is determined at every year-end based on the Black-Scholes option valuation model. At each balance sheet date, the group revises its estimates of the number of SAR\u2019s that are expected to become exercisable subject to continued employment based on this non-market vesting condition. The impact of the revision of original estimates, if any, is recognised in the indirect personnel expenses with a corresponding entry to liabilities.
The SAR liability relates to SAR\u2019s granted by the group to its employees under its SAR scheme.
The SAR\u2019s granted are conditional upon continued employment. The vesting period is three years. The SAR\u2019s can be exercised during two years after vesting on condition that the employee is still in the service of the company.
Due to the cash settlement method of the SAR\u2019s, the rights are subject to a mark-to-market valuation exercise to measure the fair value on the specific balance date. When (re)measuring the fair value on the reporting date, the expected life of the right is determined based on the expectation regarding exercise behaviour of the participants. Exercise behaviour is influenced by for example share price development.
Revenue from contracts with customers
The group recognises revenue for contracting and secondment over time as the group\u2019s customer simultaneously receives and consumes all of the benefits provided by the group. When the group is the principal in a transaction and thus controls a promised service (employment of contractors) before transferring that service to clients (hours worked), the transactions are recorded gross in the consolidated profit and loss account. If the group acts as an agent and is not the employer and thus only arranges for another party to provide services to customers, revenues are reported on a net basis.
Recruitment revenue is recognised once the service has been completed, being in principle when the candidate starts and the customers starts to benefit from the group\u2019s services.
For fixed price contracts, the group takes on the responsibility for the execution (on top of supplying manpower). In some cases the group creates or enhances an asset that the customer controls as the asset is enhanced or created. In other cases the group does not create an asset with an alternative use and the group has an enforceable right to payment for performance completed to date. The group recognises the fixed price contract revenue over time.
The revenue is measured at the amount of consideration to which the group expects to be entitled to. While deferred payment terms may be agreed in rare circumstances, the deferral never exceeds four months. The transaction price is therefore not adjusted for the effects of a significant financing component.
Rendering of services
Under rendering of services the performance obligation is providing temporary personnel. The following types of revenue are recognised;
\u2022\tContracting revenue (rendering of services) whereby hours or days worked at agreed rates during the financial reporting period are recognised as revenue. This includes reimbursable expenses related revenue in cases where the group acts as a principal are recognised as a gross amount (including true up) upon recognition of the reimbursable costs, this service is contractually part of the contracting revenue.
\u2022\tRecruitment revenue relates to revenue for the recruitment of employees for third parties.
\u2022\tOther revenue such as in cases where the group acts as an agent, revenues are reported on a net basis, when the service is rendered.
The group uses practical expedient and does not disclose the amount of the remaining performance obligations for contracts with original expected duration of less than one year in accordance with IFRS 15.B16.
Direct and indirect personnel expenses
Direct personnel expenses relate to costs attributed directly to the services provided. Indirect personnel expenses relate to costs attributed directly to the group\u2019s internal staff.
Contribution margin
Contribution margin is defined as revenue minus direct personnel expenses.
Interest income and expenses
Interest income comprises interest received on outstanding deposits and interest costs comprise interest due on funds drawn, calculated using the effective interest method and interest on lease liabilities, calculated using the incremental borrowing rate.
Retirement benefit costs
Pension plans prevailing within the group are mostly defined contribution plans, which are funded through payments to independent entities. The group has no legal or constructive obligations to pay further contributions if these separate entities do not hold sufficient assets to pay all employees the pension benefits relating to employee service in the current and prior periods. The regular contributions constitute net periodic costs for the year in which they are due and are included within direct and indirect personnel expenses.
Leases
The group leases various offices, cars and other office equipment. Rental contracts are typically made for fixed periods of 6 months to 8 years but may have extension options as described below.
Contracts may contain both lease and non-lease components. The group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. However, for leases of property where the group is a lessee and the consideration on lease and non-lease components or the stand-alone prices are not clearly stated, it has elected not to separate lease and non-lease components and instead account for these as a single component.
Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes.
Leases are recognised as a right-of-use-asset and a corresponding lease liability at the date at which the leased asset is available for use by the group.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:
\u2022\tFixed payments (including in-substance fixed payments), less any lease incentives receivable;
\u2022\tVariable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date;
\u2022\tAmounts expected to be payable by the group under residual value guarantees;
\u2022\tThe exercise price of a purchase option if the group is reasonably certain to exercise that option; and
\u2022\tPayments of penalties for terminating the lease, if the lease term reflects the group exercising that option.
Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the group, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use-asset in a similar economic environment with similar terms and conditions.
To determine the incremental borrowing rate, the group:
\u2022\tUses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the individual lessee, which does not have recent third party financing; and
\u2022\tMakes adjustments specific to the lease, e.g. term, country, currency and security.
The group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use-asset.
Lease payments are allocated between principal and finance costs. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Right-of-use-assets are measured at cost comprising the following:
\u2022\tThe amount of the initial measurement of the lease liability;
\u2022\tAny lease payments made at or before commencement date less any lease incentives received;
\u2022\tAny initial direct costs; and
\u2022\tRestoration costs.
Right-of-use-assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis.
Payments associated with short-term leases of property, cars and other office equipment and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a term of 12 months or less. Low value assets comprise IT
equipment and small items of office furniture.
Some property leases contain variable payment terms, usually subject to inflation corrections.
Extensions and termination options are included in a number of property, cars and other office equipment leases across the group. These are used to maximise the operational flexibility in terms of managing the assets used in the group\u2019s operations. The majority of extension and termination options held are exercisable only by the group and not by the respective lessor.
In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).
For leases of property the following factors are normally the most relevant:
\u2022\tIf there are significant penalties to terminate (or not extend), the group is typically reasonably certain to extend (or not terminate);
\u2022\tIf any leasehold improvements are expected to have a significant remaining value, the group is typically reasonably certain to extend (or not terminate);
\u2022\tOtherwise, the group considers other factors including historical lease durations and the costs and business disruption required to replace the leased asset.
Most extension options in cars and other office equipment leases have not been included in the lease liability, because the group could replace the assets without significant cost or business disruption.
Taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in the consolidated profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes tax liabilities where appropriate on the basis of amounts expected to be paid to the tax authorities.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the consolidated profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group\u2019s liability for current tax is calculated using applicable rates.
Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised. Deferred tax is charged or credited to profit or loss, except when it relates to funding items charged or credited directly to equity, in which case the related deferred tax is also dealt with in equity.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
Accounting principles for determining the consolidated cash flow statement
The consolidated cash flow statement has been prepared according to the indirect method, whereby profit or loss is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments including paid or received interest, and items of income or expense associated with investing or financing cash flows.
Accounting principles for segment reporting
Operating segments have been identified on the basis of internal reports about components of the group that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segments and to assess their performance. Chief operating decision maker consists of the chief executive officer, the chief financial officer and the chief operating officer. Information reported to the group\u2019s chief operating decision maker is focused at
components engaged in providing services in a particular economic environment and line of business from those of other segments. A geographical segment is engaged in providing services in a particular economic environment which are subject to risks and returns that are different from those segments operating in other economic environments.
The group attributes revenue to countries based on the geographical location of the entity that delivers the service. In vast majority of cases this location is the same as where our professionals perform work for our clients.
The main operating segments are: DACH (Germany, Austria, Switzerland and Czech Republic), The Netherlands, Americas, Australasia, Europe & Africa, Taylor Hopkinson, Middle East & India and Asia. This is the basis on which internal reports are provided to the chief operating decision maker for assessing performance and determining the allocation of resources within the group. All regions exceeding 10% of total revenue, EBIT or assets are reported separately. The remaining regions are combined in Rest of World.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__31-1": { "value": "Business combinations
The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration
transferred for the acquisition of a subsidiary comprises the:
\u2022\tfair values of the assets transferred
\u2022\tliabilities incurred to the former owners of the acquired business
\u2022\tequity interests issued by the group
\u2022\tfair value of any pre-existing equity interest in the subsidiary.
\u2022\tfair value of any asset or liability resulting from a contingent consideration arrangement, and
The excess of the:
\u2022\tconsideration transferred,
\u2022\tamount of any non-controlling interest in the acquired entity, and
\u2022\tacquisition-date fair value of any previous equity interest in the acquired entity
over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised in profit or loss.
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss.
Goodwill
When a company or business is acquired, the acquirer recognises goodwill as an asset. Goodwill is recognised for the future economic benefits arising from assets acquired that are not individually identified and separately recognised. The excess of the consideration transferred over the fair value of the identifiable net assets acquired is recorded as goodwill. Impairment of goodwill will be tested at least annually. An impairment loss recognised for goodwill is not reversed in a subsequent period. Changes in
ownership interests in subsidiaries that do not result in loss of control are dealt with in equity.
Goodwill is allocated to groups of cash-generating units for the purpose of impairment testing. The allocation is made to those groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose.
Goodwill at acquisition date is measured as:
\u2022\tThe fair value of the consideration transferred, being the fair value of the assets given and liabilities incurred or assumed; plus
\u2022\tThe recognised amount of a non-controlling interests in the acquiree; plus
\u2022\tThe fair value of any previous equity interests in the acquiree (if the business combination is achieved in stages); less
\u2022\tThe fair value of identifiable assets acquired and liabilities assumed (including contingent liabilities).
A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in the profit or loss. An impairment loss recognised for goodwill is not reversed in subsequent periods.
The recoverable amount is based on the higher of the fair value less cost of disposal and value in use. The value in use is determined by means of cash flow projections based on the actual operating results adjusted for non-cash items (mainly depreciation) and the expected future performance. The latter is based on management\u2019s estimates and assumptions of revenue growth and development of operating margins, assessed with external data.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__32": { "value": "Business combinations
The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration
transferred for the acquisition of a subsidiary comprises the:
\u2022\tfair values of the assets transferred
\u2022\tliabilities incurred to the former owners of the acquired business
\u2022\tequity interests issued by the group
\u2022\tfair value of any pre-existing equity interest in the subsidiary.
\u2022\tfair value of any asset or liability resulting from a contingent consideration arrangement, and
The excess of the:
\u2022\tconsideration transferred,
\u2022\tamount of any non-controlling interest in the acquired entity, and
\u2022\tacquisition-date fair value of any previous equity interest in the acquired entity
over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised in profit or loss.
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__33": { "value": "Goodwill
When a company or business is acquired, the acquirer recognises goodwill as an asset. Goodwill is recognised for the future economic benefits arising from assets acquired that are not individually identified and separately recognised. The excess of the consideration transferred over the fair value of the identifiable net assets acquired is recorded as goodwill. Impairment of goodwill will be tested at least annually. An impairment loss recognised for goodwill is not reversed in a subsequent period. Changes in
ownership interests in subsidiaries that do not result in loss of control are dealt with in equity.
Goodwill is allocated to groups of cash-generating units for the purpose of impairment testing. The allocation is made to those groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose.
Goodwill at acquisition date is measured as:
\u2022\tThe fair value of the consideration transferred, being the fair value of the assets given and liabilities incurred or assumed; plus
\u2022\tThe recognised amount of a non-controlling interests in the acquiree; plus
\u2022\tThe fair value of any previous equity interests in the acquiree (if the business combination is achieved in stages); less
\u2022\tThe fair value of identifiable assets acquired and liabilities assumed (including contingent liabilities).
A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in the profit or loss. An impairment loss recognised for goodwill is not reversed in subsequent periods.
The recoverable amount is based on the higher of the fair value less cost of disposal and value in use. The value in use is determined by means of cash flow projections based on the actual operating results adjusted for non-cash items (mainly depreciation) and the expected future performance. The latter is based on management\u2019s estimates and assumptions of revenue growth and development of operating margins, assessed with external data.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__35-1": { "value": "Goodwill
When a company or business is acquired, the acquirer recognises goodwill as an asset. Goodwill is recognised for the future economic benefits arising from assets acquired that are not individually identified and separately recognised. The excess of the consideration transferred over the fair value of the identifiable net assets acquired is recorded as goodwill. Impairment of goodwill will be tested at least annually. An impairment loss recognised for goodwill is not reversed in a subsequent period. Changes in
ownership interests in subsidiaries that do not result in loss of control are dealt with in equity.
Goodwill is allocated to groups of cash-generating units for the purpose of impairment testing. The allocation is made to those groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose.
Goodwill at acquisition date is measured as:
\u2022\tThe fair value of the consideration transferred, being the fair value of the assets given and liabilities incurred or assumed; plus
\u2022\tThe recognised amount of a non-controlling interests in the acquiree; plus
\u2022\tThe fair value of any previous equity interests in the acquiree (if the business combination is achieved in stages); less
\u2022\tThe fair value of identifiable assets acquired and liabilities assumed (including contingent liabilities).
A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in the profit or loss. An impairment loss recognised for goodwill is not reversed in subsequent periods.
The recoverable amount is based on the higher of the fair value less cost of disposal and value in use. The value in use is determined by means of cash flow projections based on the actual operating results adjusted for non-cash items (mainly depreciation) and the expected future performance. The latter is based on management\u2019s estimates and assumptions of revenue growth and development of operating margins, assessed with external data.
Acquisition-related intangible assets
Acquisition-related intangible assets (customer databases and trade names) that are acquired by the group and have definite useful lives are stated at cost less accumulated amortisation and impairment losses. When an intangible asset is acquired in a business combination, its cost is the fair value at the date of its acquisition. This cost is determined on a basis that reflects the estimated amount that the entity would have paid for the asset in an arm\u2019s length transaction between knowledgeable and willing parties, based on the best information available. Amortisation of acquisition-related intangible assets is
charged to depreciation and amortisation on a straight-line basis over their estimated useful lives, from the date they are available for use. The residual values and useful lives are reviewed at each balance sheet date and adjusted, if appropriate. Refer to note 3 Other intangible assets for further details.
Software
Acquired software (licenses) and developed software are stated at cost less accumulated amortisation and impairment losses. Expenditures in relation to the development of identifiable and unique software products used by the group, and that will probably generate economic benefits exceeding costs beyond one year, are recognised as intangible assets and amortised over their estimated useful lives. Capitalised costs include personnel expenses of software development and an appropriate portion of relevant overhead. Expenditures associated with maintaining computer software programmes are recognised as an expense when incurred. Amortisation of software applications is charged to depreciation and amortisation on a straight-line basis over their estimated useful lives, from the date they are available for use. The residual values and useful lives are reviewed at each balance sheet date and adjusted, if appropriate. Acquired computer software licenses are amortised, using the straight-line method, over their useful lives.
During the year ended 31 December 2025, the Group reviewed the estimated useful lives of its core IT systems. Based on historical usage patterns, ongoing investments, and the transition to cloud-based solutions. Management determined that the expected economic useful life of these systems is longer than previously estimated.
Effective 1 January 2025, the Group extended the amortisation period for core IT systems from 5 years to 8 years. This change in estimate has been applied prospectively in accordance with IAS 8. As a result, the annual amortisation expense for these assets has decreased. The impact of this change in accounting estimate on the amortisation expense for the year ended 31 December 2025 is a reduction of \u20ac 0.3 milion. The change does not affect the amortisation period of other software categories.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__36-1": { "value": "GoodwillGoodwill is allocated to groups of cash-generating units for the purpose of impairment testing. The allocation is made to those groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose.A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in the profit or loss. An impairment loss recognised for goodwill is not reversed in subsequent periods.
The recoverable amount is based on the higher of the fair value less cost of disposal and value in use. The value in use is determined by means of cash flow projections based on the actual operating results adjusted for non-cash items (mainly depreciation) and the expected future performance. The latter is based on management\u2019s estimates and assumptions of revenue growth and development of operating margins, assessed with external data.
Impairment of non-financial assets
Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__39-1": { "value": "GoodwillGoodwill is allocated to groups of cash-generating units for the purpose of impairment testing. The allocation is made to those groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose.A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in the profit or loss. An impairment loss recognised for goodwill is not reversed in subsequent periods.
The recoverable amount is based on the higher of the fair value less cost of disposal and value in use. The value in use is determined by means of cash flow projections based on the actual operating results adjusted for non-cash items (mainly depreciation) and the expected future performance. The latter is based on management\u2019s estimates and assumptions of revenue growth and development of operating margins, assessed with external data.
Impairment of non-financial assets
Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.
Impairment of financial fixed assets
The group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables, see note 8 for further details.
Trade receivable and other receivables
Trade receivable and other receivables are initially measured at the amount of the transaction price. Subsequent measurement is at amortised costs less provision for impairment. For the provision for impairment,
the group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.
The expected loss rates are based on the payment profiles of sales over a period of 36 months before 1 January 2025 and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables.
In addition to the expected credit loss assessment the group also applies judgement for the write-off of receivables where it is reasonably certain that the collection will not take place.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__43-1": { "value": "Acquisition-related intangible assets
Acquisition-related intangible assets (customer databases and trade names) that are acquired by the group and have definite useful lives are stated at cost less accumulated amortisation and impairment losses. When an intangible asset is acquired in a business combination, its cost is the fair value at the date of its acquisition. This cost is determined on a basis that reflects the estimated amount that the entity would have paid for the asset in an arm\u2019s length transaction between knowledgeable and willing parties, based on the best information available. Amortisation of acquisition-related intangible assets is
charged to depreciation and amortisation on a straight-line basis over their estimated useful lives, from the date they are available for use. The residual values and useful lives are reviewed at each balance sheet date and adjusted, if appropriate. Refer to note 3 Other intangible assets for further details.
Software
Acquired software (licenses) and developed software are stated at cost less accumulated amortisation and impairment losses. Expenditures in relation to the development of identifiable and unique software products used by the group, and that will probably generate economic benefits exceeding costs beyond one year, are recognised as intangible assets and amortised over their estimated useful lives. Capitalised costs include personnel expenses of software development and an appropriate portion of relevant overhead. Expenditures associated with maintaining computer software programmes are recognised as an expense when incurred. Amortisation of software applications is charged to depreciation and amortisation on a straight-line basis over their estimated useful lives, from the date they are available for use. The residual values and useful lives are reviewed at each balance sheet date and adjusted, if appropriate. Acquired computer software licenses are amortised, using the straight-line method, over their useful lives.
During the year ended 31 December 2025, the Group reviewed the estimated useful lives of its core IT systems. Based on historical usage patterns, ongoing investments, and the transition to cloud-based solutions. Management determined that the expected economic useful life of these systems is longer than previously estimated.
Effective 1 January 2025, the Group extended the amortisation period for core IT systems from 5 years to 8 years. This change in estimate has been applied prospectively in accordance with IAS 8. As a result, the annual amortisation expense for these assets has decreased. The impact of this change in accounting estimate on the amortisation expense for the year ended 31 December 2025 is a reduction of \u20ac 0.3 milion. The change does not affect the amortisation period of other software categories.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__48": { "value": "Property, plant and equipment
Property plant and equipment are stated at historical cost less accumulated depreciation and impairment losses. Historical cost includes expenditures that are directly attributable to the acquisition of the assets. Depreciation of property, plant and equipment is charged to operating expenses on a straight-line basis over their estimated useful lives, from the date they are available for use. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised as other income or expenses in the consolidated profit and loss account.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__49": { "value": "Investments accounted for using the equity method
Associates are all entities over which the group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss of the investee after the date of acquisition. The group\u2019s investment in associates includes goodwill identified on acquisition. This equity method includes the carrying amount of the investment together with all other long-term interests.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__50": { "value": "Investments accounted for using the equity method
Associates are all entities over which the group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss of the investee after the date of acquisition. The group\u2019s investment in associates includes goodwill identified on acquisition. This equity method includes the carrying amount of the investment together with all other long-term interests.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__53-1": { "value": "Financial fixed assets
The group classifies its financial assets in the following measurement categories:
\u2022\tthose to be measured subsequently at fair value (either through OCI or through profit or loss), and
\u2022\tthose to be measured at amortised cost.
The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI).
Recognition and derecognition
Regular way purchases and sales of financial assets are recognised on trade date, being the date on which the
group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership.
For the write off-policy refer to note 8 of the financial statements.
Measurement
At initial recognition, the group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the
acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in
profit or loss.
Debt instruments
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and
are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised,
modified or impaired.
Put and call options
Brunel from time to time enters into put-call option arrangements as part of acquisition transactions. The present value of the portion of the put and call options that is unconditional upon recognition is recorded as a liability as per the date of the contractual agreement, with the corresponding loss being recognised directly in equity. The group initially recognises put/call option assets and liabilities over non-controlling interest at the present value of the expected redemption value. Subsequently they are measured at amortised cost using the effective interest method. Where the exercise price of the option is conditional and requires continued service by the holders of the non-controlling interest, it is accounted for as a post-combination benefit in accordance with IAS 19.
Impairment of financial fixed assets
The group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables, see note 8 for further details.
Trade receivable and other receivables
Trade receivable and other receivables are initially measured at the amount of the transaction price. Subsequent measurement is at amortised costs less provision for impairment. For the provision for impairment,
the group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.
The expected loss rates are based on the payment profiles of sales over a period of 36 months before 1 January 2025 and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables.
In addition to the expected credit loss assessment the group also applies judgement for the write-off of receivables where it is reasonably certain that the collection will not take place.
Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks. For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in trade and other payables in the balance sheet. If the cash in hand and/or deposits do not meet the criteria of cash and cash equivalents, it is classified as restricted cash.
Loans and borrowings
Loans and borrowings are initially recognised at fair value less attributable transaction costs. Subsequent to initial recognition, loans and borrowings are stated at amortised cost. Any difference between the proceeds and the amount to be repaid is recognised in finance costs during the term of the borrowings, using the effective interest method.
Other non-current liabilities
Long-term liabilities are recognised initially at fair value, net of transaction costs incurred. Long-term liabilities are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the consolidated profit and loss account over the period of the long-term liabilities using the effective interest method.
Trade and other payables
Trade and other payables are initially stated at fair value and subsequently measured at amortised cost using the effective interest method.
Interest income and expenses
Interest income comprises interest received on outstanding deposits and interest costs comprise interest due on funds drawn, calculated using the effective interest method and interest on lease liabilities, calculated using the incremental borrowing rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__54-1": { "value": "Financial fixed assets
The group classifies its financial assets in the following measurement categories:
\u2022\tthose to be measured subsequently at fair value (either through OCI or through profit or loss), and
\u2022\tthose to be measured at amortised cost.
The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI).
Recognition and derecognition
Regular way purchases and sales of financial assets are recognised on trade date, being the date on which the
group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership.
For the write off-policy refer to note 8 of the financial statements.
Measurement
At initial recognition, the group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the
acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in
profit or loss.
Debt instruments
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and
are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised,
modified or impaired.
Put and call options
Brunel from time to time enters into put-call option arrangements as part of acquisition transactions. The present value of the portion of the put and call options that is unconditional upon recognition is recorded as a liability as per the date of the contractual agreement, with the corresponding loss being recognised directly in equity. The group initially recognises put/call option assets and liabilities over non-controlling interest at the present value of the expected redemption value. Subsequently they are measured at amortised cost using the effective interest method. Where the exercise price of the option is conditional and requires continued service by the holders of the non-controlling interest, it is accounted for as a post-combination benefit in accordance with IAS 19.
Impairment of financial fixed assets
The group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables, see note 8 for further details.
Trade receivable and other receivables
Trade receivable and other receivables are initially measured at the amount of the transaction price. Subsequent measurement is at amortised costs less provision for impairment. For the provision for impairment,
the group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.
The expected loss rates are based on the payment profiles of sales over a period of 36 months before 1 January 2025 and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables.
In addition to the expected credit loss assessment the group also applies judgement for the write-off of receivables where it is reasonably certain that the collection will not take place.
Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks. For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in trade and other payables in the balance sheet. If the cash in hand and/or deposits do not meet the criteria of cash and cash equivalents, it is classified as restricted cash.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__55-1": { "value": "Financial fixed assets
The group classifies its financial assets in the following measurement categories:
\u2022\tthose to be measured subsequently at fair value (either through OCI or through profit or loss), and
\u2022\tthose to be measured at amortised cost.
The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI).
Recognition and derecognition
Regular way purchases and sales of financial assets are recognised on trade date, being the date on which the
group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership.
For the write off-policy refer to note 8 of the financial statements.
Measurement
At initial recognition, the group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the
acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in
profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__57": { "value": "Recognition and derecognition
Regular way purchases and sales of financial assets are recognised on trade date, being the date on which the
group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership.
For the write off-policy refer to note 8 of the financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__67-1": { "value": "Put and call options
Brunel from time to time enters into put-call option arrangements as part of acquisition transactions. The present value of the portion of the put and call options that is unconditional upon recognition is recorded as a liability as per the date of the contractual agreement, with the corresponding loss being recognised directly in equity. The group initially recognises put/call option assets and liabilities over non-controlling interest at the present value of the expected redemption value. Subsequently they are measured at amortised cost using the effective interest method. Where the exercise price of the option is conditional and requires continued service by the holders of the non-controlling interest, it is accounted for as a post-combination benefit in accordance with IAS 19.
Loans and borrowings
Loans and borrowings are initially recognised at fair value less attributable transaction costs. Subsequent to initial recognition, loans and borrowings are stated at amortised cost. Any difference between the proceeds and the amount to be repaid is recognised in finance costs during the term of the borrowings, using the effective interest method.
Other non-current liabilities
Long-term liabilities are recognised initially at fair value, net of transaction costs incurred. Long-term liabilities are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the consolidated profit and loss account over the period of the long-term liabilities using the effective interest method.
Trade and other payables
Trade and other payables are initially stated at fair value and subsequently measured at amortised cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__71-1": { "value": "Impairment of financial fixed assets
The group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables, see note 8 for further details.
Trade receivable and other receivables
Trade receivable and other receivables are initially measured at the amount of the transaction price. Subsequent measurement is at amortised costs less provision for impairment. For the provision for impairment,
the group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.
The expected loss rates are based on the payment profiles of sales over a period of 36 months before 1 January 2025 and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables.
In addition to the expected credit loss assessment the group also applies judgement for the write-off of receivables where it is reasonably certain that the collection will not take place.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__76": { "value": "Trade receivable and other receivables
Trade receivable and other receivables are initially measured at the amount of the transaction price. Subsequent measurement is at amortised costs less provision for impairment. For the provision for impairment,
the group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.
The expected loss rates are based on the payment profiles of sales over a period of 36 months before 1 January 2025 and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables.
In addition to the expected credit loss assessment the group also applies judgement for the write-off of receivables where it is reasonably certain that the collection will not take place.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__79": { "value": "Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks. For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in trade and other payables in the balance sheet. If the cash in hand and/or deposits do not meet the criteria of cash and cash equivalents, it is classified as restricted cash.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__80": { "value": "Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks. For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in trade and other payables in the balance sheet. If the cash in hand and/or deposits do not meet the criteria of cash and cash equivalents, it is classified as restricted cash.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__81-1": { "value": "Provisions
Provisions are recognised for legally enforceable or constructive obligations as a result of a past event and for which the settlement is likely to require an outflow of resources and to the extent these can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at an interest rate that reflects the current market assessments of the time value of money and, where appropriate, the risks specific to the obligation.
Restoration provisions are recognised for rented real estate objects where the group is, after lease contract expiration, liable to bring the object back to its original state. Estimated amounts for legal claims are provided for at the lowest amount at which the group expects the claim to be reasonably settled. Provided amounts for legal claims are categorised to be settled within one year after the balance
sheet date, unless the group has the right to defer settlement for more than one year.
Provision for illness
In accordance with applicable legal requirements, the Group recognises liabilities for other long-term employee benefit plans, such as schemes related to illness and long-term disability. The provision is measured at the present value of the expected future payments required to settle the obligation, considering the probability of the employees\u2019 continued illness or disability and the expected duration of the payments. Changes in the provision due to the passage of time and revisions to the expected future payments are recognised in profit or loss.
Provision for onerous contracts
A contract is considered onerous when the unavoidable costs of meeting the contractual obligations exceed the economic benefits expected to be received from it. Unavoidable costs represent the lower of:
\u2022\tThe cost of fulfilling the contract; and
\u2022\tThe cost of terminating the contract.
When a contract becomes onerous, the Group recognises a provision for the present obligation arising under the contract. Prior to recognising an onerous contract provision, the Group tests any assets dedicated to the contract for impairment.
The provision is measured at the present value of the unavoidable costs to fulfil the contract, discounted where the impact of the time value of money is material. The provision is reviewed at each reporting date and adjusted to reflect current best estimates.
Typical examples of situations that may result in onerous contracts include non cancellable service commitments or contracts where expected cost overruns cannot be passed on to customers.
Pension obligations
The group operates various post-employment schemes, mostly defined contribution pension plans and two defined benefit plans. For defined contributions, the Group\u2019s obligation is limited to the payment of these annual contributions. The contributions constitute net periodic costs for the year in which they are due and are included in personnel expenses and/or cost of services. The liability recognised in the consolidated balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms approximating to
the terms of the related obligation.
The interest cost is calculated by applying the discount rate to the balance of the defined benefit obligation. This cost is included in employee benefit expense in the consolidated profit and loss account.
Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income. They are included in other reserves in the consolidated statement of changes in equity and in the consolidated balance sheet.
Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognised immediately in the consolidated profit and loss account as past service costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__84-1": { "value": "Provisions
Provisions are recognised for legally enforceable or constructive obligations as a result of a past event and for which the settlement is likely to require an outflow of resources and to the extent these can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at an interest rate that reflects the current market assessments of the time value of money and, where appropriate, the risks specific to the obligation.
Restoration provisions are recognised for rented real estate objects where the group is, after lease contract expiration, liable to bring the object back to its original state. Estimated amounts for legal claims are provided for at the lowest amount at which the group expects the claim to be reasonably settled. Provided amounts for legal claims are categorised to be settled within one year after the balance
sheet date, unless the group has the right to defer settlement for more than one year.
Provision for illness
In accordance with applicable legal requirements, the Group recognises liabilities for other long-term employee benefit plans, such as schemes related to illness and long-term disability. The provision is measured at the present value of the expected future payments required to settle the obligation, considering the probability of the employees\u2019 continued illness or disability and the expected duration of the payments. Changes in the provision due to the passage of time and revisions to the expected future payments are recognised in profit or loss.
Pension obligations
The group operates various post-employment schemes, mostly defined contribution pension plans and two defined benefit plans. For defined contributions, the Group\u2019s obligation is limited to the payment of these annual contributions. The contributions constitute net periodic costs for the year in which they are due and are included in personnel expenses and/or cost of services. The liability recognised in the consolidated balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms approximating to
the terms of the related obligation.
The interest cost is calculated by applying the discount rate to the balance of the defined benefit obligation. This cost is included in employee benefit expense in the consolidated profit and loss account.
Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income. They are included in other reserves in the consolidated statement of changes in equity and in the consolidated balance sheet.
Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognised immediately in the consolidated profit and loss account as past service costs.
Share-based payments related to long-term incentive plan
Brunel has a share-based payment arrangement under which a performance share plan is offered to the senior management (excluding board of directors) of the company. These awards are settled in ordinary shares.
The fair value of deferred shares granted to employees for nil consideration under the short-term incentive scheme is recognised as an expense over the relevant service period, being the year to which the bonus relates and the vesting period of the shares. The fair value is measured at the grant date of the shares and is recognised in equity in the share-based payment reserve. The fair value is calculated based on the Black-Scholes option valuation model. The number of shares expected to vest is estimated based on the non-market vesting conditions. The estimates are revised at the
end of each reporting period, and adjustments are recognised in profit or loss and the share-based payment reserve.
Where shares are forfeited due to failure by the employee to satisfy the service or non-market vesting conditions, any expenses previously recognised in relation to such shares are reversed effective from the date of the forfeiture.
The deferred shares have been acquired by the Brunel International N.V. in June 2021 and are held as treasury shares until such time as they are vested.
Share Appreciation Rights (SAR)
The SAR scheme is a cash settled plan. The fair value of these SAR\u2019s is charged to the indirect personnel expenses from the grant date through vesting date. The fair value of the SAR is determined at every year-end based on the Black-Scholes option valuation model. At each balance sheet date, the group revises its estimates of the number of SAR\u2019s that are expected to become exercisable subject to continued employment based on this non-market vesting condition. The impact of the revision of original estimates, if any, is recognised in the indirect personnel expenses with a corresponding entry to liabilities.
The SAR liability relates to SAR\u2019s granted by the group to its employees under its SAR scheme.
The SAR\u2019s granted are conditional upon continued employment. The vesting period is three years. The SAR\u2019s can be exercised during two years after vesting on condition that the employee is still in the service of the company.
Due to the cash settlement method of the SAR\u2019s, the rights are subject to a mark-to-market valuation exercise to measure the fair value on the specific balance date. When (re)measuring the fair value on the reporting date, the expected life of the right is determined based on the expectation regarding exercise behaviour of the participants. Exercise behaviour is influenced by for example share price development.
Direct and indirect personnel expenses
Direct personnel expenses relate to costs attributed directly to the services provided. Indirect personnel expenses relate to costs attributed directly to the group\u2019s internal staff.
Retirement benefit costs
Pension plans prevailing within the group are mostly defined contribution plans, which are funded through payments to independent entities. The group has no legal or constructive obligations to pay further contributions if these separate entities do not hold sufficient assets to pay all employees the pension benefits relating to employee service in the current and prior periods. The regular contributions constitute net periodic costs for the year in which they are due and are included within direct and indirect personnel expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__82-1": { "value": "ProvisionsRestoration provisions are recognised for rented real estate objects where the group is, after lease contract expiration, liable to bring the object back to its original state. Estimated amounts for legal claims are provided for at the lowest amount at which the group expects the claim to be reasonably settled. Provided amounts for legal claims are categorised to be settled within one year after the balance
sheet date, unless the group has the right to defer settlement for more than one year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__89": { "value": "Loans and borrowings
Loans and borrowings are initially recognised at fair value less attributable transaction costs. Subsequent to initial recognition, loans and borrowings are stated at amortised cost. Any difference between the proceeds and the amount to be repaid is recognised in finance costs during the term of the borrowings, using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__93": { "value": "Trade and other payables
Trade and other payables are initially stated at fair value and subsequently measured at amortised cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__95-1": { "value": "Foreign currency and exchange differences
Foreign currency transactions are translated into the functional currency at the exchange rate applicable at the date of the transactions. Currency translation differences resulting from the settlement of these transactions and the translation of the monetary assets and liabilities denominated in foreign currency at the balance sheet date are recognised in the exchange differences in the consolidated profit and loss account.
Foreign exchange differences relating to non-operational monetary items are recorded in finance income and expenses. Foreign exchange differences relating to operational receivables and payables are recorded in other operating expenses or the relevant expense line item in the statement of profit or loss.
Monetary balance sheet items denominated in foreign currencies are translated at the rates of exchange prevailing at the balance sheet date, while profit and loss account items are translated at the average rates during the financial year. For the purpose of presenting consolidated financial statements, the assets and liabilities of the group\u2019s foreign operations are translated into Euro using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period. Exchange differences due to the consolidation of foreign companies are charged or credited directly in other comprehensive income to the translation reserve.
Functional and presentation currencyThe translation reserve comprises all translation differences arising from the translation of the net investment in activities in currencies other than the Euro. Such translation differences are recognised initially in other comprehensive income and presented in this separate component of shareholders\u2019 equity and recognised in the consolidated statement of profit and loss on disposal of the net investment. The translation reserve also includes the tax effect on translation differences. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__98": { "value": "Functional and presentation currency
The group operates in countries with different currencies. All companies have, as their functional currency, the local currency of the country in which they operate, which is their primary economic environment. The functional currency of the parent company, as well as of the majority of its subsidiaries, is the Euro.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__99": { "value": "Repurchase and reissue of share capital (treasury shares)
When share capital recognised as equity is 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 reserves. 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 in share premium.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__100-1": { "value": "Share-based payments related to long-term incentive plan
Brunel has a share-based payment arrangement under which a performance share plan is offered to the senior management (excluding board of directors) of the company. These awards are settled in ordinary shares.
The fair value of deferred shares granted to employees for nil consideration under the short-term incentive scheme is recognised as an expense over the relevant service period, being the year to which the bonus relates and the vesting period of the shares. The fair value is measured at the grant date of the shares and is recognised in equity in the share-based payment reserve. The fair value is calculated based on the Black-Scholes option valuation model. The number of shares expected to vest is estimated based on the non-market vesting conditions. The estimates are revised at the
end of each reporting period, and adjustments are recognised in profit or loss and the share-based payment reserve.
Where shares are forfeited due to failure by the employee to satisfy the service or non-market vesting conditions, any expenses previously recognised in relation to such shares are reversed effective from the date of the forfeiture.
The deferred shares have been acquired by the Brunel International N.V. in June 2021 and are held as treasury shares until such time as they are vested.
Share Appreciation Rights (SAR)
The SAR scheme is a cash settled plan. The fair value of these SAR\u2019s is charged to the indirect personnel expenses from the grant date through vesting date. The fair value of the SAR is determined at every year-end based on the Black-Scholes option valuation model. At each balance sheet date, the group revises its estimates of the number of SAR\u2019s that are expected to become exercisable subject to continued employment based on this non-market vesting condition. The impact of the revision of original estimates, if any, is recognised in the indirect personnel expenses with a corresponding entry to liabilities.
The SAR liability relates to SAR\u2019s granted by the group to its employees under its SAR scheme.
The SAR\u2019s granted are conditional upon continued employment. The vesting period is three years. The SAR\u2019s can be exercised during two years after vesting on condition that the employee is still in the service of the company.
Due to the cash settlement method of the SAR\u2019s, the rights are subject to a mark-to-market valuation exercise to measure the fair value on the specific balance date. When (re)measuring the fair value on the reporting date, the expected life of the right is determined based on the expectation regarding exercise behaviour of the participants. Exercise behaviour is influenced by for example share price development.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__104-1": { "value": "Revenue from contracts with customers
The group recognises revenue for contracting and secondment over time as the group\u2019s customer simultaneously receives and consumes all of the benefits provided by the group. When the group is the principal in a transaction and thus controls a promised service (employment of contractors) before transferring that service to clients (hours worked), the transactions are recorded gross in the consolidated profit and loss account. If the group acts as an agent and is not the employer and thus only arranges for another party to provide services to customers, revenues are reported on a net basis.
Recruitment revenue is recognised once the service has been completed, being in principle when the candidate starts and the customers starts to benefit from the group\u2019s services.
For fixed price contracts, the group takes on the responsibility for the execution (on top of supplying manpower). In some cases the group creates or enhances an asset that the customer controls as the asset is enhanced or created. In other cases the group does not create an asset with an alternative use and the group has an enforceable right to payment for performance completed to date. The group recognises the fixed price contract revenue over time.
The revenue is measured at the amount of consideration to which the group expects to be entitled to. While deferred payment terms may be agreed in rare circumstances, the deferral never exceeds four months. The transaction price is therefore not adjusted for the effects of a significant financing component.
Rendering of services
Under rendering of services the performance obligation is providing temporary personnel. The following types of revenue are recognised;
\u2022\tContracting revenue (rendering of services) whereby hours or days worked at agreed rates during the financial reporting period are recognised as revenue. This includes reimbursable expenses related revenue in cases where the group acts as a principal are recognised as a gross amount (including true up) upon recognition of the reimbursable costs, this service is contractually part of the contracting revenue.
\u2022\tRecruitment revenue relates to revenue for the recruitment of employees for third parties.
\u2022\tOther revenue such as in cases where the group acts as an agent, revenues are reported on a net basis, when the service is rendered.
The group uses practical expedient and does not disclose the amount of the remaining performance obligations for contracts with original expected duration of less than one year in accordance with IFRS 15.B16.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__107-1": { "value": "Direct and indirect personnel expenses
Direct personnel expenses relate to costs attributed directly to the services provided. Indirect personnel expenses relate to costs attributed directly to the group\u2019s internal staff.
Retirement benefit costs
Pension plans prevailing within the group are mostly defined contribution plans, which are funded through payments to independent entities. The group has no legal or constructive obligations to pay further contributions if these separate entities do not hold sufficient assets to pay all employees the pension benefits relating to employee service in the current and prior periods. The regular contributions constitute net periodic costs for the year in which they are due and are included within direct and indirect personnel expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__108": { "value": "Interest income and expenses
Interest income comprises interest received on outstanding deposits and interest costs comprise interest due on funds drawn, calculated using the effective interest method and interest on lease liabilities, calculated using the incremental borrowing rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__110": { "value": "Interest income and expenses
Interest income comprises interest received on outstanding deposits and interest costs comprise interest due on funds drawn, calculated using the effective interest method and interest on lease liabilities, calculated using the incremental borrowing rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__111": { "value": "Interest income and expenses
Interest income comprises interest received on outstanding deposits and interest costs comprise interest due on funds drawn, calculated using the effective interest method and interest on lease liabilities, calculated using the incremental borrowing rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__114": { "value": "Leases
The group leases various offices, cars and other office equipment. Rental contracts are typically made for fixed periods of 6 months to 8 years but may have extension options as described below.
Contracts may contain both lease and non-lease components. The group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. However, for leases of property where the group is a lessee and the consideration on lease and non-lease components or the stand-alone prices are not clearly stated, it has elected not to separate lease and non-lease components and instead account for these as a single component.
Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes.
Leases are recognised as a right-of-use-asset and a corresponding lease liability at the date at which the leased asset is available for use by the group.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:
\u2022\tFixed payments (including in-substance fixed payments), less any lease incentives receivable;
\u2022\tVariable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date;
\u2022\tAmounts expected to be payable by the group under residual value guarantees;
\u2022\tThe exercise price of a purchase option if the group is reasonably certain to exercise that option; and
\u2022\tPayments of penalties for terminating the lease, if the lease term reflects the group exercising that option.
Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the group, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use-asset in a similar economic environment with similar terms and conditions.
To determine the incremental borrowing rate, the group:
\u2022\tUses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the individual lessee, which does not have recent third party financing; and
\u2022\tMakes adjustments specific to the lease, e.g. term, country, currency and security.
The group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use-asset.
Lease payments are allocated between principal and finance costs. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Right-of-use-assets are measured at cost comprising the following:
\u2022\tThe amount of the initial measurement of the lease liability;
\u2022\tAny lease payments made at or before commencement date less any lease incentives received;
\u2022\tAny initial direct costs; and
\u2022\tRestoration costs.
Right-of-use-assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis.
Payments associated with short-term leases of property, cars and other office equipment and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a term of 12 months or less. Low value assets comprise IT
equipment and small items of office furniture.
Some property leases contain variable payment terms, usually subject to inflation corrections.
Extensions and termination options are included in a number of property, cars and other office equipment leases across the group. These are used to maximise the operational flexibility in terms of managing the assets used in the group\u2019s operations. The majority of extension and termination options held are exercisable only by the group and not by the respective lessor.
In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).
For leases of property the following factors are normally the most relevant:
\u2022\tIf there are significant penalties to terminate (or not extend), the group is typically reasonably certain to extend (or not terminate);
\u2022\tIf any leasehold improvements are expected to have a significant remaining value, the group is typically reasonably certain to extend (or not terminate);
\u2022\tOtherwise, the group considers other factors including historical lease durations and the costs and business disruption required to replace the leased asset.
Most extension options in cars and other office equipment leases have not been included in the lease liability, because the group could replace the assets without significant cost or business disruption.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__115": { "value": "Taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in the consolidated profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes tax liabilities where appropriate on the basis of amounts expected to be paid to the tax authorities.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the consolidated profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group\u2019s liability for current tax is calculated using applicable rates.
Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised. Deferred tax is charged or credited to profit or loss, except when it relates to funding items charged or credited directly to equity, in which case the related deferred tax is also dealt with in equity.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__116-1": { "value": "TaxationDeferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised. Deferred tax is charged or credited to profit or loss, except when it relates to funding items charged or credited directly to equity, in which case the related deferred tax is also dealt with in equity.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__118": { "value": "Accounting principles for determining the consolidated cash flow statement
The consolidated cash flow statement has been prepared according to the indirect method, whereby profit or loss is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments including paid or received interest, and items of income or expense associated with investing or financing cash flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__119": { "value": "Accounting principles for segment reporting
Operating segments have been identified on the basis of internal reports about components of the group that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segments and to assess their performance. Chief operating decision maker consists of the chief executive officer, the chief financial officer and the chief operating officer. Information reported to the group\u2019s chief operating decision maker is focused at
components engaged in providing services in a particular economic environment and line of business from those of other segments. A geographical segment is engaged in providing services in a particular economic environment which are subject to risks and returns that are different from those segments operating in other economic environments.
The group attributes revenue to countries based on the geographical location of the entity that delivers the service. In vast majority of cases this location is the same as where our professionals perform work for our clients.
The main operating segments are: DACH (Germany, Austria, Switzerland and Czech Republic), The Netherlands, Americas, Australasia, Europe & Africa, Taylor Hopkinson, Middle East & India and Asia. This is the basis on which internal reports are provided to the chief operating decision maker for assessing performance and determining the allocation of resources within the group. All regions exceeding 10% of total revenue, EBIT or assets are reported separately. The remaining regions are combined in Rest of World.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__120-1": { "value": "Critical accounting estimates, assumptions and judgments
In the preparation of financial statements, management makes certain critical accounting estimates and assumptions concerning the future. The resulting reported amounts will, by definition, rarely equal the related actual outcome. Estimates and judgments are continually evaluated and are based on historical experience and various other factors, including expectations of future events, which are believed to be reasonable under the circumstances. The following estimates, assumptions and judgments have an inherent significant risk of potentially causing material adjustments to the carrying amounts of assets and liabilities within the next financial year.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only affects that period or in the period of the revision and future periods if the revision affects both current and future periods.
Impairment of non-financial assets
The group tests whether intangible assets have suffered any impairment, in case of triggering events and at least annually for goodwill. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The recoverable amounts of cash-generating units have been determined using, amongst other instruments, value-in-use calculations. These calculations require the use of estimates. Based on these impairment tests, impairment losses, if any, are identified. However, should the actual performance of these cash-generating units become
materially worse compared to the performance based on the estimates, possible impairment losses could arise, or could deviate from the detected impairment losses. This impairment loss or deviation could have impact on the carrying amounts of the intangible assets. For the impairment testing of goodwill, refer to note 2.
Recoverability of receivables
The group has receivables on third parties in numerous countries. Significant judgment is required in determining the collectability of the receivables. The group applies the IFRS 9 simplified approach to measure expected credit losses which uses a lifetime expected loss allowance for all trade receivables. Refer to note 8.
Deferred income taxes
The group is subject to income taxes in numerous jurisdictions. Significant judgment is required in determining the worldwide deferred tax asset on, amongst other items, tax losses carry-forward. There are many uncertain factors that influence the amount of the tax losses carry-forward, especially the expected future taxable profits. The group recognises deferred tax assets on tax losses carry forward based on their best estimates. When the actual results are different from the amounts that were initially estimated, such differences will impact the income tax in the consolidated profit and loss account and the deferred tax assets and/or deferred tax liabilities in the period in which these deviations occur. Refer to note 20.
2.\tGoodwill
Movements during the year:
2025 | 2024 | |
At cost at 1 January | 48,084 | 44,920 |
Accumulated impairment and exchange rate movements | -752 | -652 |
Balance at 1 January | 47,332 | 44,268 |
Changes in carrying amount: | ||
Additions | 0 | 3,164 |
Exchange rate movements | -409 | -100 |
Balance at 31 December | 46,923 | 47,332 |
At cost at 31 December | 48,084 | 48,084 |
Accumulated impairment and exchange rate movements | -1,161 | -752 |
Balance at 31 December | 46,923 | 47,332 |
Goodwill has been allocated for impairment testing purposes to the following cash-generating units:
2025 | 2024 | |
Americas | 4,944 | 5,080 |
Middle East & India | 244 | 244 |
The Netherlands | 4,403 | 4,403 |
Australasia | 5,851 | 6,123 |
DACH region | 6,335 | 6,335 |
Europe & Africa | 1,052 | 1,053 |
Asia | 6,385 | 6,385 |
Taylor Hopkinson | 17,709 | 17,709 |
Balance at 31 December | 46,923 | 47,332 |
The additions in 2024 relate to the acquisitions of Advance Careers and Equals (refer to note 1).
Impairment testing
In the financial year the company assessed the recoverable amount of goodwill. The recoverable amount of the main cash-generating units for which goodwill is capitalised is based on value in use. The value in use is determined by means of cash flow projections based on the actual operating results adjusted for non-cash items (mainly depreciation) and the expected future performance. The latter is based on management\u2019s estimates and assumptions of revenue growth and development of operating margins, supported by external market projections. The forecasted cash flows have been derived from the budget 2026-2028.
The value in use of the cash-generating units resulted in no impairment compared to the carrying amount as of 31 December 2025. All cash-generating units except Taylor Hopkinson have sufficient headroom available to cover variations in assumptions. For the Taylor Hopkinson cash generating unit, the recoverable amount exceeds the carrying amount at the reporting date with EUR 7.8 million. However, the calculation is sensitive to changes in several key assumptions, and based on the current valuation the recoverable amount would equal the carrying amount if, individually, revenue growth were to decrease by 2.1%, the budgeted contribution margin were to decrease by 1.7%, operating costs were to increase by 2.2%, or the pretax discount rate were to increase by 3%.
Management has projected cash flow forecasts over a period of five years. The annual budget is used as a basis for the projection in the first, second and third year whereas assumptions were applied for the extrapolation of the results to the period after the third year
Assumptions for 2026-2030 (2025-2029) used in calculation of the value in use for the cash-generating unit Brunel Americas are:
2025 | 2024 | |
Revenue growth | 7.6% | 5.0% |
Budgeted contribution margin | 14.6% | 15.4% |
Operating costs increase | 3.5% | 3.0% |
Terminal growth rate | 2.0% | 2.0% |
Pre tax discount factor | 10.9% | 12.2% |
Depreciations and investments plans | Depreciations are used for new or replacing investments | Depreciations are used for new or replacing investments |
Assumptions for 2026-2030 (2025-2029) used in calculation of the value in use for the cash-generating unit Brunel Australasia are:
2025 | 2024 | |
Revenue growth | 5.3% | 5.0% |
Budgeted contribution margin | 10.9% | 10.6% |
Operating costs increase | 7.2% | 3.0% |
Terminal growth rate | 2.0% | 2.0% |
Pre tax discount factor | 11.0% | 13.7% |
Depreciations and investments plans | Depreciations are used for new or replacing investments | Depreciations are used for new or replacing investments |
Assumptions for 2026-2030 (2025-2029) used in calculation of the value in use for the cash-generating unit Brunel DACH are:
2025 | 2024 | |
Revenue growth | 7.5% | 5.0% |
Budgeted contribution margin | 30.2% | 34.0% |
Operating costs increase | 4.7% | 3.0% |
Terminal growth rate | 2.0% | 2.0% |
Pre tax discount factor | 10.2% | 9.5% |
Depreciations and investments plans | Depreciations are used for new or replacing investments | Depreciations are used for new or replacing investments |
Assumptions for 2026-2030 (2025-2029)) used in calculation of the value in use for the cash-generating unit Taylor Hopkinson are:
2025 | 2024 | |
Revenue growth | 8.0% | 4.8% |
Budgeted contribution margin | 21.0% | 27.0% |
Operating costs increase | -1.0% | 3.0% |
Terminal growth rate | 2.0% | 2.0% |
Pre tax discount factor | 12.7% | 13.1% |
Depreciations and investments plans | Depreciations are used for new or replacing investments | Depreciations are used for new or replacing investments |
Assumptions for 2026-2030 (2025-2029) used in calculation of the value in use for the cash-generating unit Brunel Asia are:
2025 | 2024 | |
Revenue growth | 5.2% | 5.0% |
Budgeted contribution margin | 16.1% | 15.1% |
Operating costs increase | 1.9% | 3.0% |
Terminal growth rate | 2.0% | 2.0% |
Pre tax discount factor | 11.9% | 12.7% |
Depreciations and investments plans | Depreciations are used for new or replacing investments | Depreciations are used for new or replacing investments |
Assumptions for 2026-2030 (2025-2029) used in calculation of the value in use for the cash-generating unit Europe & Africa are:
2025 | 2024 | |
Revenue growth | 5.0% | 5.0% |
Budgeted contribution margin | 14.3% | 14.1% |
Operating costs increase | 4.7% | 3.0% |
Terminal growth rate | 2.0% | 2.0% |
Pre tax discount factor | 10.4% | 10.3% |
Depreciations and investments plans | Depreciations are used for new or replacing investments | Depreciations are used for new or replacing investments |
Assumptions for 2026-2030 (2025-2029) used in calculation of the value in use for the cash-generating unit Brunel Netherlands are:
2025 | 2024 | |
Revenue growth | 4.2% | 5.0% |
Budgeted contribution margin | 23.4% | 27.3% |
Operating costs increase | -1.1% | 3.0% |
Terminal growth rate | 2.0% | 2.0% |
Pre tax discount factor | 10.6% | 9.6% |
Depreciations and investments plans | Depreciations are used for new or replacing investments | Depreciations are used for new or replacing investments |
8.\tTrade and other receivables\u00a0
The trade and other receivables consist of the following:
2025 | 2024 | |
Trade accounts receivable | 271,169 | 287,074 |
Less: allowance for expected credit losses | -6,546 | -2,452 |
Trade accounts receivables, net of expected credit losses | 264,623 | 284,622 |
Prepayments | 6,976 | 7,094 |
Other receivables | 19,375 | 19,678 |
Balance at 31 December | 290,973 | 311,394 |
All receivables have an expected term of less than one year. The carrying amount of these receivables equals the fair value.
The trade accounts receivables are hold-to-collect contractual cash flows and consist of balances that are billed and in the process of being billed to the group\u2019s customers.
The billed and unbilled portions have substantially the same risk characteristics. Performance obligations on the unbilled receivables have been met. As of 31 December 2025, the unbilled portion amounts to EUR 89.9 million (2024: EUR 98.7 million).
The group applies the IFRS 9 simplified approach to measure expected credit losses which uses a lifetime expected loss allowance for all trade receivables. The expected loss rates are based on the payment profiles of sales over a period of 36 month before 1 January 2025 and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables and other known matters.
The group has performed a sensitivity analysis on the credit loss rates, by calculating multiple scenarios, which gave no reason to increase the credit loss rates. Also, compared previous year, there are no material changes in the (relative) amounts in the aging buckets, meaning the aging of the accounts receivables has not significantly changed, where the biggest portion is in the first buckets (82% is not due yet, and 8% is overdue by 1 month). The total days outstanding (TDO) has increased by 3 days (3% increase) compared to previous year. In discussions with the group\u2019s most significant clients, no indications of uncollectibility were received. During the year, the Group recognised a material credit loss related to a single counterparty following its administration. This event was assessed as isolated and non recurring and did not result in changes to the Group\u2019s expected credit loss model, receivables ageing
profile or credit risk assessment of the overall trade receivables portfolio.
The movement in this allowance is as follows:
2025 | 2024 | |
Balance at 1 January | 2,452 | 2,156 |
Fully provided receivables which are written off | -91 | -612 |
Change in allowance recognised in result | 4,400 | 874 |
Exchange rate movements | -215 | 34 |
Balance at 31 December | 6,546 | 2,452 |
Ageing of the trade accounts receivable is as follows:
2025 | 2024 | |
Trade accounts receivable - Not due | 222,375 | 228,217 |
1-30 days - past due | 21,991 | 27,193 |
31-60 days - past due | 9,375 | 9,618 |
61-90 days - past due | 3,006 | 4,868 |
91-120 days - past due | 4,401 | 4,000 |
120+ days - past due | 10,021 | 13,177 |
Balance at 31 December | 271,169 | 287,074 |
The loss allowance as at 31 December 2025 was determined as follows:
Trade accounts receivable | Balance at 31 December | Expected loss rate | Loss allowance |
Trade accounts receivable - Not due | 222,375 | 0.11% | 245 |
1-30 days - past due | 27,193 | 0.10% | 23 |
31-60 days - past due | 9,618 | 1.14% | 107 |
61-90 days - past due | 4,868 | 2.06% | 62 |
91-120 days - past due | 4,000 | 57.26% | 2,520 |
120+ days - past due | 13,177 | 35.82% | 3,590 |
Balance at 31 December | 271,169 | 6,547 |
The loss allowance as at 31 December 2024 was determined as follows:
Trade accounts receivable | Balance at 31 December | Expected loss rate | Loss allowance |
Trade accounts receivable - Not due | 228,217 | 0.07% | 157 |
1-30 days - past due | 27,193 | 0.04% | 11 |
31-60 days - past due | 9,618 | 0.14% | 13 |
61-90 days - past due | 4,868 | 0.18% | 9 |
91-120 days - past due | 4,000 | 0.43% | 17 |
120+ days - past due | 13,177 | 17.04% | 2,246 |
Balance at 31 December | 287,074 | 2,453 |
The specific credit terms granted vary from 14-90 days. These terms are based on the general terms and conditions of Brunel and/or specific agreements with individual customers.
Generally, services are provided to large and financially strong companies. In order to minimise credit risk exposure Brunel intensively monitors the payment behaviour of its
customers based on specific agreements with individual customers and their credit worthiness. Based on historical behaviour of our customers we do not expect any material write-offs and therefore the expected credit loss rates are not highly sensitive.
The current assessment of the counterparty risk of our customers is that we do not expect any material write-offs. This assumption is based on the current payment behaviour of our clients. Additionally, the company is in frequent contact with clients that have amounts outstanding past the due date.
20.\tTaxMovement schedule tax assets and liabilities
During the financial year an amount of EUR 1.8 million was credited directly to other comprehensive income (2024: EUR 2.0 million debited) for tax relating to foreign exchange results recorded in the other comprehensive income.
The deferred tax assets originate from accumulated tax losses (mainly from Austria, United Kingdom and United States) and temporary differences. Recognition and derecognition of these assets are based on the forecasted results for the relevant group companies.
The deferred tax liabilities relate to temporary differences in the valuation of intangible assets that were a result of business combinations.
Current | Deferred | Total | |
Balance at 1 January 2024 | |||
Tax assets | 7,429 | 17,265 | 24,694 |
Tax liability | -16,407 | -2,460 | -18,867 |
-8,978 | 14,805 | 5,827 | |
Movements during the year | |||
Paid / received | 14,700 | 0 | 14,700 |
Through profit and loss | -15,039 | 1,007 | -14,032 |
Through business combinations | -13 | 13 | 0 |
Through other comprehensive income | -2,033 | 0 | -2,033 |
Exchange rate adjustment | -20 | 570 | 550 |
-2,405 | 1,590 | -815 | |
Balance at 31 December 2024 | |||
Tax assets | 4,782 | 18,405 | 23,187 |
Tax liability | -16,166 | -2,010 | -18,176 |
-11,384 | 16,395 | 5,011 | |
Movements during the year | |||
Paid / received | 14,503 | 0 | 14,503 |
Through profit and loss | -13,639 | 6,026 | -7,613 |
Through other comprehensive income | 1,842 | 0 | 1,842 |
Exchange rate adjustment | -38 | -1,444 | -1,482 |
2,668 | 4,582 | 7,250 | |
Balance at 31 December 2025 | |||
Tax assets | 7,788 | 21,596 | 29,384 |
Tax liability | -16,504 | -619 | -17,123 |
-8,716 | 20,977 | 12,261 |
Deferred tax assets amounting to EUR 11.4 million (2024: EUR 11.4 million) are dependent on future taxable profits in excess of the profits arising from the reversal of existing temporary differences.
Unused tax losses for which no deferred tax assets have been recognised amount to EUR 23.8 million (2024: EUR 33.7 million). All tax losses, either recognised or
unrecognised can be offset with future profits. Dependant on the country EUR 0.2 million of the unrecognised losses will expire within 5 years, the remainder can be offset indefinitely (EUR 23.6 million).
Opening balance | Through business combinations | Recognised in P&L | Exchange rate adjusted | Closing balance | |
Movement of deferred tax positions in 2024: | |||||
Deferred tax assets | |||||
Deferred tax assets in relation to: | |||||
Temporary differences in allowance for doubtful debt | 182 | 0 | -109 | 4 | 77 |
Temporary differences valuation other intangible assets | 3,664 | 0 | 52 | 0 | 3,716 |
Temporary differences in accruals employee expenses | 3,407 | 13 | -250 | 7 | 3,177 |
7,253 | 13 | -307 | 11 | 6,970 | |
Recognised tax losses | 10,012 | 0 | 865 | 558 | 11,435 |
Total deferred tax assets | 17,265 | 13 | 558 | 569 | 18,405 |
Deferred tax liabilities | |||||
Deferred tax liabilities in relation to: | |||||
Temporary differences valuation other intangible assets | -1,387 | 0 | 384 | 1 | -1,002 |
Temporary differences in accruals employee expenses | -74 | 0 | 65 | 0 | -9 |
Temporary differences relating to undistributed earnings of subsidiaries | -1,000 | 0 | 0 | 0 | -1,000 |
Total deferred tax liabilities | -2,460 | 0 | 449 | 1 | -2,010 |
Total deferred tax assets and liabilities | 14,805 | 13 | 1,007 | 570 | 16,395 |
Movement of deferred tax positions in 2025: | |||||
Deferred tax assets | |||||
Deferred tax assets in relation to: | |||||
Temporary differences in allowance for doubtful debt | 77 | 0 | 1,001 | -44 | 1,034 |
Temporary differences valuation other intangible assets | 3,716 | 0 | 417 | 0 | 4,133 |
Temporary differences valuation other tangible assets | 0 | 0 | 842 | 0 | 842 |
Temporary differences disallowed Interest Carryforward | 0 | 0 | 1,389 | 0 | 1,389 |
Temporary differences in accruals employee expenses and other | 3,177 | 0 | -293 | -221 | 2,663 |
6,970 | 0 | 3,519 | -269 | 10 | |
Recognised tax losses | 11,435 | 0 | 1,116 | -1,175 | 11,376 |
Total deferred tax assets | 18,405 | 0 | 4,635 | -1,444 | 21,597 |
Deferred tax liabilities | |||||
Deferred tax liabilities in relation to: | |||||
Temporary differences valuation other intangible assets | -1,002 | 0 | 383 | 0 | -619 |
Temporary differences in accruals employee expenses | -9 | 0 | 9 | 0 | 0 |
Temporary differences relating to undistributed earnings of subsidiaries | -1,000 | 0 | 1,000 | 0 | 0 |
Total deferred tax liabilities | -2,010 | 0 | 1,392 | 0 | -619 |
Total deferred tax assets and liabilities | 16,395 | 0 | 6,027 | -1,444 | 20,978 |
Temporary differences for which no deferred tax assets have been recognised amount to EUR 19.8 million (2024: EUR 18.9 million) and relate to the group\u2019s investments in a global IT organisation.
The group has undistributed earnings of EUR 50.5 million (2024: EUR 68.3 million) which, if paid out as dividends, would be subject to tax in the hands of the recipient. An assessable temporary difference exists, and the group has recognised a deferred tax liability of EUR 0.0 (2024: EUR 1.0 million) million as it does not intend to distribute these earnings within the near future.
For the remainder no deferred tax liabilities have been recognised as the group is able to control the timing of distributions from these subsidiaries, and it is not expected to distribute these profits in the foreseeable future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__121": { "value": "Critical accounting estimates, assumptions and judgmentsIn the preparation of financial statements, management makes certain critical accounting estimates and assumptions concerning the future. The resulting reported amounts will, by definition, rarely equal the related actual outcome. Estimates and judgments are continually evaluated and are based on historical experience and various other factors, including expectations of future events, which are believed to be reasonable under the circumstances. The following estimates, assumptions and judgments have an inherent significant risk of potentially causing material adjustments to the carrying amounts of assets and liabilities within the next financial year.The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only affects that period or in the period of the revision and future periods if the revision affects both current and future periods. Impairment of non-financial assets The group tests whether intangible assets have suffered any impairment, in case of triggering events and at least annually for goodwill. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The recoverable amounts of cash-generating units have been determined using, amongst other instruments, value-in-use calculations. These calculations require the use of estimates. Based on these impairment tests, impairment losses, if any, are identified. However, should the actual performance of these cash-generating units become materially worse compared to the performance based on the estimates, possible impairment losses could arise, or could deviate from the detected impairment losses. This impairment loss or deviation could have impact on the carrying amounts of the intangible assets. For the impairment testing of goodwill, refer to note 2.Recoverability of receivablesThe group has receivables on third parties in numerous countries. Significant judgment is required in determining the collectability of the receivables. The group applies the IFRS 9 simplified approach to measure expected credit losses which uses a lifetime expected loss allowance for all trade receivables. Refer to note 8.Deferred income taxesThe group is subject to income taxes in numerous jurisdictions. Significant judgment is required in determining the worldwide deferred tax asset on, amongst other items, tax losses carry-forward. There are many uncertain factors that influence the amount of the tax losses carry-forward, especially the expected future taxable profits. The group recognises deferred tax assets on tax losses carry forward based on their best estimates. When the actual results are different from the amounts that were initially estimated, such differences will impact the income tax in the consolidated profit and loss account and the deferred tax assets and/or deferred tax liabilities in the period in which these deviations occur. Refer to note 20.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__122": { "value": "Capital risk management
For the purpose of the Group\u2019s capital management, capital includes share capital, share premium and all other equity reserves attributable to the equity holders of the parent.
The group\u2019s objectives when managing capital are to:
\u2022\tsafeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders, and
\u2022\tmaintain an optimal capital structure to reduce the cost of capital
In order to maintain or adjust the capital structure, the group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. Consistent with others in the industry, the group monitors capital on the basis of the net cash/(debt) position:
At year-end 2025 Brunel\u2019s net cash/(debt) balances are as follows:
Capital risk management | 2025 | 2024 |
Non-current restricted cash (9) | 627 | 471 |
Restricted cash (9) | 10,618 | 13,798 |
Cash and cash equivalents (9) | 82,995 | 112,004 |
Loans and borrowings | -62,598 | -61,593 |
Total net cash/(debt), excluding lease liabilities | 31,642 | 64,680 |
Under the terms of the bank loan the group is required to comply with financial covenants (refer to note 11) The group complied with these covenants throughout the reporting period.
The dividend policy of the group is aimed at maximising the distributions to the shareholders, while reserving enough capital to ensure the ability to continue as a going concern and to fund planned growth.
The group\u2019s strategy is to use existing cash and cash flows instead of long-term credit facilities to finance further growth. Refer to note 13 for the final dividends.
No changes compared to the previous period with relation to the capital management strategy.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__123-1": { "value": "Financial risk management
Brunel\u2019s activities are exposed to a variety of financial risks, including foreign currency exchange rates and interest rates. The group\u2019s overall risk management programme focuses to minimise potential adverse effects on the financial performance of the group. This programme is implemented and carried out under policies approved by the Board of Directors.
Liquidity risk
Brunel maintains sufficient cash to fund its ongoing operations. In addition the company has availability of funding through a committed credit facility to minimise liquidity risk (refer to note 11). Within the group derivative financial instruments are not used nor are hedging activities undertaken. The department Corporate Finance & Control monitors the worldwide cash position. For the maturity analysis on leases, trade account receivable and provisions, refer to notes 5, 8 and 10.
The contractual cash flows of financial liabilities as at 31 December 2025 are:
Carrying amount | Within 1 year | 2 - 5 years | More than 5 years | |
Lease liabilities | 43,495 | 12,125 | 18,241 | 13,129 |
Loans and borrowings | 62,598 | 0 | 62,598 | 0 |
Put-option liabilities | 8,295 | 7,270 | 1,025 | 0 |
Deferred consideration business combinations | 982 | 982 | 0 | 0 |
Trade and other payables | 127,087 | 127,087 | 0 | 0 |
Total financial liabilities | 242,457 | 147,464 | 81,864 | 13,129 |
The contractual cash flows of financial liabilities as at 31 December 2024 were:
Carrying amount | Within 1 year | 2 - 5 years | More than 5 years | |
Lease liabilities | 34,200 | 11,732 | 20,657 | 1,812 |
Loans and borrowings | 61,593 | 0 | 61,593 | 0 |
Put-option liabilities | 7,291 | 2,832 | 4,459 | 0 |
Deferred consideration business combinations | 2,088 | 873 | 1,215 | 0 |
Trade and other payables | 133,569 | 133,569 | 0 | 0 |
Total financial liabilities | 238,741 | 149,006 | 87,924 | 1,812 |
Tables include the effect of discounting which is not material.
Foreign exchange risk
Currency fluctuations affect the consolidated results, because a portion of the cash flow is generated in other currencies than Euro. The group limits the foreign exchange risk by maintaining a back-to-back policy, meaning that the management strives to have both income and expenses to be generated locally in the same currency. Due to the back-to-back policy, the foreign exchange risk of the group is limited to the exchange risk over the results in foreign
currencies and the trade receivable and cash positions in foreign currencies. The foreign currencies that can have a material effect on the consolidated profit and loss account of the group are the US dollar and the Australian dollar. The carrying amounts of the group\u2019s foreign currency denominated monetary assets and monetary liabilities at the reporting date are as follows:
Assets 31 December | Liabilities 31 December | |||
2025 | 2024 | 2025 | 2024 | |
US Dollar | 98,363 | 113,286 | 13,411 | 20,106 |
Australian Dollar | 20,025 | 27,761 | 8,058 | 9,268 |
118,388 | 141,047 | 21,469 | 29,374 |
The following table details the group\u2019s sensitivity to a 10% increase and decrease in the Euro against the relevant foreign currencies. These percentages represent management\u2019s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period
end for a change in foreign currency rates. A positive number below indicates an increase in profit and other equity when the Euro weakens 10% against the relevant currency. For a 10% strengthening of the Euro against the relevant currency, there would be an equal and opposite impact on the profit and other equity, and the balances below would be negative.
US dollar Impact | Australian dollar Impact | |||
2025 | 2024 | 2025 | 2024 | |
Profit or loss | 197 | 780 | 287 | 153 |
Other equity | 6,405 | 6,965 | 3,030 | 2,247 |
Total equity | 6,602 | 7,745 | 3,317 | 2,400 |
Revenue | 17,864 | 25,318 | 14,459 | 16,942 |
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the group. The group has no significant concentrations of credit risk. The most important items on the consolidated balance sheet that are imposed to credit risk are the trade and other receivables. The trade accounts receivable include an allowance for expected credit losses (refer to note 8). Generally, services are provided to large and financially strong companies. In order to minimise credit risk exposure Brunel intensively monitors the payment behaviour of its customers. Internal policies limit the amount of credit exposure to any financial institution. Despite these internal procedures, uncollectible debts cannot be ruled out, but the risk of a material erosion of the operating profit is small. Receivables will be written-off when clearly uncollectible due to bankruptcy or other
similar factors. In any case, as long as no bankruptcy or court ruling has occurred, the group will continue chasing debtors to receive the outstanding amount. As per 31 December 2025 the largest receivable against a single counterparty amounted to EUR 20.7 million (31 December 2024: EUR 23.8 million). For 2025, largest revenue from transactions with a single external customer amounted to EUR 100.1 million (2024: EUR 106.2 million).
The group has performed a sensitivity analysis on the credit loss rates, by calculating multiple scenarios, which gave no reason to increase the credit loss rates. Also, compared previous year, there are no material changes in the (relative) amounts in the aging buckets, meaning the aging of the accounts receivables has not significantly changed, where the biggest portion is in the first buckets (82% is not due yet, and 8% is overdue by 1 month). The total days outstanding (TDO) has increased by 3 days (3% increase)
compared to previous year. In discussions with the group\u2019s most significant clients, no indications of uncollectibility were received.
Interest rate risk
Due to the nature of the group\u2019s business the operating cash flows are substantially independent of changes in market interest rates.
The general policy is to keep interest rates on net debt floating as much as possible. We believe this adds value
for shareholders in the long term, as over time floating interest rates are on average significantly lower than fixed interest rates.
If the interest rate had been 1 percentage point higher on average during 2025, with all other variables held constant, net interest expenses for the year would have increased by EUR 0.7 million. If the interest rate had been 2 percentage points higher on average during 2025, with all other variables held constant, net interest expenses for the year would have increased by EUR 1.3 million.
5.\tLeasesMaturity analysis
The tables below show the group\u2019s lease liabilities and their respective maturity groupings. Tables include the effect of discounting which is not material.
Maturity 2025 | Property | Cars | Others | Total lease liabilities |
Less than 1 year | 9,196 | 2,902 | 28 | 12,126 |
Between 1 and 2 years | 5,491 | 2,392 | 12 | 7,895 |
Between 2 and 3 years | 4,223 | 1,106 | 2 | 5,331 |
Between 3 and 4 years | 3,030 | - | - | 3,030 |
Between 4 and 5 years | 1,984 | - | - | 1,984 |
More than 5 years | 13,129 | - | - | 13,129 |
Total | 37,053 | 6,400 | 42 | 43,495 |
Maturity 2024 | Property | Cars | Others | Total lease liabilities |
Less than 1 year | 8,737 | 2,959 | 36 | 11,732 |
Between 1 and 2 years | 7,099 | 2,263 | 30 | 9,392 |
Between 2 and 3 years | 4,233 | 1,586 | 13 | 5,832 |
Between 3 and 4 years | 3,248 | 259 | - | 3,507 |
Between 4 and 5 years | 1,925 | - | - | 1,925 |
More than 5 years | 1,812 | - | - | 1,812 |
Total | 27,054 | 7,067 | 79 | 34,201 |
6.\tFinancial assets at amortised cost
The financial fixed assets are measured at amortised cost and consist of the following:
2025 | 2024 | |
Loans receivable from third parties | 4,080 | 3,996 |
Loans receivable from minority shareholders | 520 | 606 |
Balance at 31 December | 4,600 | 4,602 |
The loans receivable from third parties are related to the proceeds on the divestment of Russia in 2022 and existing financing arrangements provided to the disposed entities for the purpose of working capital which are continued under the new ownership. These loans are denominated in Russian Ruble and carry 4% interest rate per annum. The total loan receivable was recognised initially at fair value by discounting cash flows using a market related lending rate of 11.5% and is measured subsequently at amortised cost using the effective interest rate method.
At year-end 2025 the carrying value of the receivable is EUR 4.1 million (2024: EUR 4.0 million), including an expected credit loss allowance of EUR 1.5 million (2024: EUR 1.5 million). The expected credit losses are measured using lifetime expected credit losses based on a significant increase in credit risk. The receivable is classified under stage 2.
During the year an amount of EUR 1.2 million was repaid (2024: EUR 1.8 million). The remainder of the movement reflects the gain on exchange rate movements of EUR 1.2 million (2024: EUR 0.9 million loss)
The measurement of the receivable reflects uncertainties primarily related to international sanctions and restrictions on currency transactions from Russia. These external factors have resulted in certain scheduled repayments being overdue. Management has reflected these uncertainties in the expected credit loss calculation in accordance with IFRS 9. There is no evidence of credit impairment.
8.\tTrade and other receivables\u00a0
The trade and other receivables consist of the following:
2025 | 2024 | |
Trade accounts receivable | 271,169 | 287,074 |
Less: allowance for expected credit losses | -6,546 | -2,452 |
Trade accounts receivables, net of expected credit losses | 264,623 | 284,622 |
Prepayments | 6,976 | 7,094 |
Other receivables | 19,375 | 19,678 |
Balance at 31 December | 290,973 | 311,394 |
All receivables have an expected term of less than one year. The carrying amount of these receivables equals the fair value.
The trade accounts receivables are hold-to-collect contractual cash flows and consist of balances that are billed and in the process of being billed to the group\u2019s customers.
The billed and unbilled portions have substantially the same risk characteristics. Performance obligations on the unbilled receivables have been met. As of 31 December 2025, the unbilled portion amounts to EUR 89.9 million (2024: EUR 98.7 million).
The group applies the IFRS 9 simplified approach to measure expected credit losses which uses a lifetime expected loss allowance for all trade receivables. The expected loss rates are based on the payment profiles of sales over a period of 36 month before 1 January 2025 and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables and other known matters.
The group has performed a sensitivity analysis on the credit loss rates, by calculating multiple scenarios, which gave no reason to increase the credit loss rates. Also, compared previous year, there are no material changes in the (relative) amounts in the aging buckets, meaning the aging of the accounts receivables has not significantly changed, where the biggest portion is in the first buckets (82% is not due yet, and 8% is overdue by 1 month). The total days outstanding (TDO) has increased by 3 days (3% increase) compared to previous year. In discussions with the group\u2019s most significant clients, no indications of uncollectibility were received. During the year, the Group recognised a material credit loss related to a single counterparty following its administration. This event was assessed as isolated and non recurring and did not result in changes to the Group\u2019s expected credit loss model, receivables ageing
profile or credit risk assessment of the overall trade receivables portfolio.
The movement in this allowance is as follows:
2025 | 2024 | |
Balance at 1 January | 2,452 | 2,156 |
Fully provided receivables which are written off | -91 | -612 |
Change in allowance recognised in result | 4,400 | 874 |
Exchange rate movements | -215 | 34 |
Balance at 31 December | 6,546 | 2,452 |
Ageing of the trade accounts receivable is as follows:
2025 | 2024 | |
Trade accounts receivable - Not due | 222,375 | 228,217 |
1-30 days - past due | 21,991 | 27,193 |
31-60 days - past due | 9,375 | 9,618 |
61-90 days - past due | 3,006 | 4,868 |
91-120 days - past due | 4,401 | 4,000 |
120+ days - past due | 10,021 | 13,177 |
Balance at 31 December | 271,169 | 287,074 |
The loss allowance as at 31 December 2025 was determined as follows:
Trade accounts receivable | Balance at 31 December | Expected loss rate | Loss allowance |
Trade accounts receivable - Not due | 222,375 | 0.11% | 245 |
1-30 days - past due | 27,193 | 0.10% | 23 |
31-60 days - past due | 9,618 | 1.14% | 107 |
61-90 days - past due | 4,868 | 2.06% | 62 |
91-120 days - past due | 4,000 | 57.26% | 2,520 |
120+ days - past due | 13,177 | 35.82% | 3,590 |
Balance at 31 December | 271,169 | 6,547 |
The loss allowance as at 31 December 2024 was determined as follows:
Trade accounts receivable | Balance at 31 December | Expected loss rate | Loss allowance |
Trade accounts receivable - Not due | 228,217 | 0.07% | 157 |
1-30 days - past due | 27,193 | 0.04% | 11 |
31-60 days - past due | 9,618 | 0.14% | 13 |
61-90 days - past due | 4,868 | 0.18% | 9 |
91-120 days - past due | 4,000 | 0.43% | 17 |
120+ days - past due | 13,177 | 17.04% | 2,246 |
Balance at 31 December | 287,074 | 2,453 |
The specific credit terms granted vary from 14-90 days. These terms are based on the general terms and conditions of Brunel and/or specific agreements with individual customers.
Generally, services are provided to large and financially strong companies. In order to minimise credit risk exposure Brunel intensively monitors the payment behaviour of its
customers based on specific agreements with individual customers and their credit worthiness. Based on historical behaviour of our customers we do not expect any material write-offs and therefore the expected credit loss rates are not highly sensitive.
The current assessment of the counterparty risk of our customers is that we do not expect any material write-offs. This assumption is based on the current payment behaviour of our clients. Additionally, the company is in frequent contact with clients that have amounts outstanding past the due date.
9. Restricted cash, cash and cash equivalents
Restricted cash, cash and cash equivalents consist of the following:
2025 | 2024 | |
Non-current restricted cash | 627 | 471 |
Current restricted cash | 10,618 | 13,798 |
Cash and cash equivalents | 82,995 | 112,004 |
Balance at 31 December | 94,240 | 126,273 |
The restricted cash relates to fixed term deposits and cash margins provided as security towards bank guarantees, for which the withdrawal of funds is not permitted before the maturity date. It is held with the aim of securing contracts with customers. Due to the operational nature of the transactions related to restricted cash, the group recognises any cash flows from such transactions as operating activities. If maturity of fixed term deposits and cash margins is within 12 months the balance is classified as current, otherwise non-current.
Off the total balance of cash and cash equivalents, EUR 4.2 million (2024: EUR 5.7 million) is not freely disposable on the grounds of issued bank guarantees for office leases and client contracts The fair value approximates the carrying value.
10. Provisions The provisions are expected to be settled within five years of the balance sheet date, except for pension obligations, which will mature after five years.11. Non-current financial liabilities
The non-current financial liabilities consist of the following:
2025 | 2024 | |
Put-option liabilities | 1,025 | 4,459 |
Deferred consideration (1) | 0 | 1,215 |
Other non-current financial liabilities | 1,025 | 5,674 |
Loans and borrowings | 62,598 | 61,593 |
Balance at 31 December | 63,623 | 67,267 |
Put-option liabilities related to acquisitions
ICE
In September 2022 Brunel Energy Holding B.V. acquired 51% of the issued share capital of International Commissioning and Engineering Pte. Ltd. (\u2018ICE\u2019). The company has entered into a put / call option agreement with the non-controlling interest of ICE to acquire the remaining 49% shares over the period of 3 years.
The put-option liability is recognised through the profit and loss account as a post combination benefit expense over the 3-year period post-acquisition and requires continuous employment of the non-controlling shareholder.
The option expired on 31 December 2025 and is expected to be exercised in 2026. The expected cash outflow is EUR 7.3 million. During the year 2025 the company recognised EUR 5.2 million (2024: EUR 2.1 million) costs for post combination benefits, due to a higher than expected performance.
The movement of put-option liabilities is as follows:
2025 | 2024 | |
Balance at 1 January | 2,050 | 0 |
Post-combination benefits expense | 5,220 | 2,050 |
Current portion of put-option liabilities (12) | -7,270 | 0 |
Balance at 31 December | 0 | 2,050 |
The payments relating to put-option liabilities is included in the cashflow statement as a cash flow used in financing activities. The related post combination benefits are accounted through profit and loss and are included within indirect personnel expenses. In the cash flow statement the related items are included as cash flow generated from operating activities.
We support W B.V. (Equals)
In November 2024 Brunel Nederland B.V. acquired 50.1% of the issued share capital of We support W B.V. (trading name: Equals). The company has entered into an agreement with the minority shareholder of Equals to acquire the remaining 49.9% shares. The company will exercise the put/call option by 2028 at the latest, with possibility for exercise in 2027 dependant on the achievement of a financial EBIT target.
The expected amount to be paid if the pre-determined levels of EBIT level are met and certain employees remained within the Group, was determined at EUR 4.7 million as at 31 December 2024. This amount is remeasured at each reporting period based on expected performance.
An amount of EUR 2.4 million was recognised as a put option liability, since 4/7th of the amount to be paid is not based on continuous employment. The amount was initially recognised at fair value and is subsequently carried at amortised cost, with changes in the present value of estimated future contractual cash flows recognised through profit and loss. The other 3/7th of the put option liability will be recognised through the profit and loss account as a post combination benefit expense over the 3-year period post-acquisition, depending on continued employment of certain Equals employees.
As at 31 December 2025, the expected value of the redemption amounts to EUR 1.4 million, due to a decrease in expected performance.
The model inputs used for determining the liability as of the year ended 31 December 2025 included:
Discount rate: 11.7%
During the year 2025 the company recognised EUR 0.2 million costs for post combination benefits, and a release of EUR 1.6 million for the portion of the liability that is not based on continuous employment. As a result, the value of the put-option liability decreased to EUR 1.0 million (2024: EUR 2.4 million).
The movement of put-option liabilities is as follows:
2025 | 2024 | |
Balance at 1 January | 2,409 | 0 |
Through business combinations (1) | 0 | 2,409 |
Post-combination benefits expense | 205 | 0 |
Change in present value of expectes cash flows | -1,589 | 0 |
Balance at 31 December | 1,025 | 2,409 |
The payments relating to put-option liabilities is included in the cashflow statement as a cash flow used in financing activities. The related post combination benefits are accounted through profit and loss and are included within indirect personnel expenses. In the cash flow statement the related items are included as cash flow generated from operating activities.
Loans and borrowings
The movement of loans and borrowings is as follows:
2025 | 2024 | |
Balance at 1 January | 61,593 | 78,590 |
Proceeds from drawing | 785 | 40,000 |
Repayments | 0 | -56,617 |
Other movements | 220 | -380 |
Balance at 31 December | 62,598 | 61,593 |
As at 31 December 2025, the group has a credit facility that includes:
\u2022\tA revolving credit facility of EUR 100 million (2024: EUR 100 million), with an additional optional layer of EUR 40 million
\u2022\tA term loan facility of EUR 40 million (2024: EUR 40 million)
Both facilities are single currency, syndicated and bilaterally committed. The maturity date for both facilities is July 2029.
The facility agreement contains a financial covenant with respect to the net debt to EBITDA ratio (leverage ratio). The leverage ratio has a limit of 275% and is calculated based on the results of the Group on a 12-month basis every quarter end. During the year Brunel has complied with the financial covenants, and there are no indications that Brunel may have difficulty complying with the covenants in the upcoming 12-month period after reporting date.
The interest rate is variable and based on EURIBOR plus margin, where margin is based on the leverage ratio.
Amounts drawn from the facility are included within loans and borrowings and amount to EUR 62.6 million at year end 2025 (2024: EUR 61.6 million). This consists of a EUR 40 million term loan, with the remainder utilised from the revolving credit facility. All amounts are denominated in Euro. The fair value approximates the carrying amount.
12.\tTrade and other payables
The trade and other payables consist of the following:
2025 | 2024 | |
Trade payables | 26,871 | 26,874 |
Taxes and social security charges | 31,725 | 33,414 |
Pensions | 2,121 | 1,474 |
Accrued employee expenses | 51,177 | 57,556 |
Current portion of put-option liabilities (11) | 7,270 | 2,832 |
Current portion of deferred consideration (11) | 982 | 873 |
Accrued expenses | 8,624 | 7,100 |
Other liabilities | 6,569 | 7,150 |
Balance at 31 December | 135,339 | 137,273 |
Trade and other payables have an expected term of less than one year. The majority of trade payables and taxes and social security charges are due within a range of 1\u201345 days.
The majority of the other liabilities and accrued employee expenses are due within a range of 1\u2013180 days.
During the year 2025 a deferred consideration of EUR 0.5 million (2024: EUR 1.1 million) was paid relating to the acquisitions of Advance Careers, Equals and ICE in prior years. The payments are included in the cash flow statement under investing activities.
The carrying amount of these liabilities equals the fair value.
Current portion of put option liabilities
The current portion of the put option liabilities relate to the acquisitions of Taylor Hopkinson and ICE (refer to note 11).
The movements are as follows:
Taylor Hopkinson:
2025 | 2024 | |
Balance at 1 January | 2,832 | 8,334 |
Inflow from non-current portion (11) | 0 | 4,858 |
Post-combination benefits | 236 | -310 |
Payments (11) | -3.068 | -10,050 |
Balance at 31 December | 0 | 2,832 |
All options associated with Taylor Hopkinson were fully settled during 2025.
Out of the total EUR 3.1 million (2024: 10.1 million) paid for the exercise of the options, EUR 1.1 million (2024: EUR 3.5 million) relates to post-combination benefits and is therefore included as cash flow generated from operating activities.
ICE
2025 | 2024 | |
Balance at 1 January | 0 | 0 |
Inflow from non-current portion (11) | 7,270 | 0 |
Balance at 31 December | 7,270 | 0 |
The remaining liability relating to ICE is expected to be paid
in 2026.
19.\tFinancial income & expense
2025 | 2024 | |||
Exchange differences non-operational debtors and creditors | -2,433 | -1,361 | ||
Exchange differences financial fixed assets | 1,259 | -905 | ||
Exchange differences cash and cash equivalents | -69 | -786 | ||
Exchange differences | -1,242 | -3,053 | ||
Interest income banks | 742 | 851 | ||
Interest income other | 189 | 542 | ||
Interest income | 931 | 1,393 | ||
Interest expense banks | -3,123 | -4,967 | ||
Interest expense lease liability | -1,040 | -840 | ||
Interest expense other | -583 | -397 | ||
Interest expense | -4,746 | -6,204 | ||
Financial income & expense | -5,057 | -7,864 |
The exchange differences on financial fixed assets relate to the foreign exchange gain/(loss) on the loans receivable from third parties (refer to note 6).
22.\tTrade and other receivables
2025 | 2024 | |
Balance at 1 January | 311,394 | 351,374 |
Acquisition of subsidiaries | 0 | 343 |
Change in allowance for bad debt | -4,400 | -874 |
Change in receivables | 5,048 | -44,752 |
Exchange rate movements | -21,067 | 5,303 |
Balance at 31 December | 290,975 | 311,394 |
23.\tTrade and other payables
2025 | 2024 | |
Balance at 1 January | 137,273 | 150,098 |
Acquisition of subsidiaries | 0 | 535 |
Change in trade and other payables | 2,056 | -9,851 |
Inflow from non-current portion (12) | 7,506 | 4,548 |
Settlement of put option liabilities | -3,068 | -6,573 |
Payment of deferred consideration | -481 | -1,092 |
Settlement of property-related liabilities (4) | -1,814 | 0 |
Exchange rate movements | -6,133 | -392 |
Balance at 31 December | 135,339 | 137,273 |
Financial risk management
Brunel\u2019s activities are exposed to a variety of financial risks, including foreign currency exchange rates and interest rates. The group\u2019s overall risk management programme focuses to minimise potential adverse effects on the financial performance of the group. This programme is implemented and carried out under policies approved by the Board of Directors.
Liquidity risk
Brunel maintains sufficient cash to fund its ongoing operations. In addition the company has availability of funding through a committed credit facility to minimise liquidity risk (refer to note 11). Within the group derivative financial instruments are not used nor are hedging activities undertaken. The department Corporate Finance & Control monitors the worldwide cash position. For the maturity analysis on leases, trade account receivable and provisions, refer to notes 5, 8 and 10.
The contractual cash flows of financial liabilities as at 31 December 2025 are:
Carrying amount | Within 1 year | 2 - 5 years | More than 5 years | |
Lease liabilities | 43,495 | 12,125 | 18,241 | 13,129 |
Loans and borrowings | 62,598 | 0 | 62,598 | 0 |
Put-option liabilities | 8,295 | 7,270 | 1,025 | 0 |
Deferred consideration business combinations | 982 | 982 | 0 | 0 |
Trade and other payables | 127,087 | 127,087 | 0 | 0 |
Total financial liabilities | 242,457 | 147,464 | 81,864 | 13,129 |
The contractual cash flows of financial liabilities as at 31 December 2024 were:
Carrying amount | Within 1 year | 2 - 5 years | More than 5 years | |
Lease liabilities | 34,200 | 11,732 | 20,657 | 1,812 |
Loans and borrowings | 61,593 | 0 | 61,593 | 0 |
Put-option liabilities | 7,291 | 2,832 | 4,459 | 0 |
Deferred consideration business combinations | 2,088 | 873 | 1,215 | 0 |
Trade and other payables | 133,569 | 133,569 | 0 | 0 |
Total financial liabilities | 238,741 | 149,006 | 87,924 | 1,812 |
Tables include the effect of discounting which is not material.
Foreign exchange risk
Currency fluctuations affect the consolidated results, because a portion of the cash flow is generated in other currencies than Euro. The group limits the foreign exchange risk by maintaining a back-to-back policy, meaning that the management strives to have both income and expenses to be generated locally in the same currency. Due to the back-to-back policy, the foreign exchange risk of the group is limited to the exchange risk over the results in foreign
currencies and the trade receivable and cash positions in foreign currencies. The foreign currencies that can have a material effect on the consolidated profit and loss account of the group are the US dollar and the Australian dollar. The carrying amounts of the group\u2019s foreign currency denominated monetary assets and monetary liabilities at the reporting date are as follows:
Assets 31 December | Liabilities 31 December | |||
2025 | 2024 | 2025 | 2024 | |
US Dollar | 98,363 | 113,286 | 13,411 | 20,106 |
Australian Dollar | 20,025 | 27,761 | 8,058 | 9,268 |
118,388 | 141,047 | 21,469 | 29,374 |
The following table details the group\u2019s sensitivity to a 10% increase and decrease in the Euro against the relevant foreign currencies. These percentages represent management\u2019s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period
end for a change in foreign currency rates. A positive number below indicates an increase in profit and other equity when the Euro weakens 10% against the relevant currency. For a 10% strengthening of the Euro against the relevant currency, there would be an equal and opposite impact on the profit and other equity, and the balances below would be negative.
US dollar Impact | Australian dollar Impact | |||
2025 | 2024 | 2025 | 2024 | |
Profit or loss | 197 | 780 | 287 | 153 |
Other equity | 6,405 | 6,965 | 3,030 | 2,247 |
Total equity | 6,602 | 7,745 | 3,317 | 2,400 |
Revenue | 17,864 | 25,318 | 14,459 | 16,942 |
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the group. The group has no significant concentrations of credit risk. The most important items on the consolidated balance sheet that are imposed to credit risk are the trade and other receivables. The trade accounts receivable include an allowance for expected credit losses (refer to note 8). Generally, services are provided to large and financially strong companies. In order to minimise credit risk exposure Brunel intensively monitors the payment behaviour of its customers. Internal policies limit the amount of credit exposure to any financial institution. Despite these internal procedures, uncollectible debts cannot be ruled out, but the risk of a material erosion of the operating profit is small. Receivables will be written-off when clearly uncollectible due to bankruptcy or other
similar factors. In any case, as long as no bankruptcy or court ruling has occurred, the group will continue chasing debtors to receive the outstanding amount. As per 31 December 2025 the largest receivable against a single counterparty amounted to EUR 20.7 million (31 December 2024: EUR 23.8 million). For 2025, largest revenue from transactions with a single external customer amounted to EUR 100.1 million (2024: EUR 106.2 million).
The group has performed a sensitivity analysis on the credit loss rates, by calculating multiple scenarios, which gave no reason to increase the credit loss rates. Also, compared previous year, there are no material changes in the (relative) amounts in the aging buckets, meaning the aging of the accounts receivables has not significantly changed, where the biggest portion is in the first buckets (82% is not due yet, and 8% is overdue by 1 month). The total days outstanding (TDO) has increased by 3 days (3% increase)
compared to previous year. In discussions with the group\u2019s most significant clients, no indications of uncollectibility were received.
Interest rate risk
Due to the nature of the group\u2019s business the operating cash flows are substantially independent of changes in market interest rates.
The general policy is to keep interest rates on net debt floating as much as possible. We believe this adds value
for shareholders in the long term, as over time floating interest rates are on average significantly lower than fixed interest rates.
If the interest rate had been 1 percentage point higher on average during 2025, with all other variables held constant, net interest expenses for the year would have increased by EUR 0.7 million. If the interest rate had been 2 percentage points higher on average during 2025, with all other variables held constant, net interest expenses for the year would have increased by EUR 1.3 million.
5.\tLeasesMaturity analysis
The tables below show the group\u2019s lease liabilities and their respective maturity groupings. Tables include the effect of discounting which is not material.
Maturity 2025 | Property | Cars | Others | Total lease liabilities |
Less than 1 year | 9,196 | 2,902 | 28 | 12,126 |
Between 1 and 2 years | 5,491 | 2,392 | 12 | 7,895 |
Between 2 and 3 years | 4,223 | 1,106 | 2 | 5,331 |
Between 3 and 4 years | 3,030 | - | - | 3,030 |
Between 4 and 5 years | 1,984 | - | - | 1,984 |
More than 5 years | 13,129 | - | - | 13,129 |
Total | 37,053 | 6,400 | 42 | 43,495 |
Maturity 2024 | Property | Cars | Others | Total lease liabilities |
Less than 1 year | 8,737 | 2,959 | 36 | 11,732 |
Between 1 and 2 years | 7,099 | 2,263 | 30 | 9,392 |
Between 2 and 3 years | 4,233 | 1,586 | 13 | 5,832 |
Between 3 and 4 years | 3,248 | 259 | - | 3,507 |
Between 4 and 5 years | 1,925 | - | - | 1,925 |
More than 5 years | 1,812 | - | - | 1,812 |
Total | 27,054 | 7,067 | 79 | 34,201 |
8.\tTrade and other receivables\u00a0
The group applies the IFRS 9 simplified approach to measure expected credit losses which uses a lifetime expected loss allowance for all trade receivables. The expected loss rates are based on the payment profiles of sales over a period of 36 month before 1 January 2025 and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables and other known matters.
The group has performed a sensitivity analysis on the credit loss rates, by calculating multiple scenarios, which gave no reason to increase the credit loss rates. Also, compared previous year, there are no material changes in the (relative) amounts in the aging buckets, meaning the aging of the accounts receivables has not significantly changed, where the biggest portion is in the first buckets (82% is not due yet, and 8% is overdue by 1 month). The total days outstanding (TDO) has increased by 3 days (3% increase) compared to previous year. In discussions with the group\u2019s most significant clients, no indications of uncollectibility were received. During the year, the Group recognised a material credit loss related to a single counterparty following its administration. This event was assessed as isolated and non recurring and did not result in changes to the Group\u2019s expected credit loss model, receivables ageing
profile or credit risk assessment of the overall trade receivables portfolio.
The movement in this allowance is as follows:
2025 | 2024 | |
Balance at 1 January | 2,452 | 2,156 |
Fully provided receivables which are written off | -91 | -612 |
Change in allowance recognised in result | 4,400 | 874 |
Exchange rate movements | -215 | 34 |
Balance at 31 December | 6,546 | 2,452 |
Ageing of the trade accounts receivable is as follows:
2025 | 2024 | |
Trade accounts receivable - Not due | 222,375 | 228,217 |
1-30 days - past due | 21,991 | 27,193 |
31-60 days - past due | 9,375 | 9,618 |
61-90 days - past due | 3,006 | 4,868 |
91-120 days - past due | 4,401 | 4,000 |
120+ days - past due | 10,021 | 13,177 |
Balance at 31 December | 271,169 | 287,074 |
The loss allowance as at 31 December 2025 was determined as follows:
Trade accounts receivable | Balance at 31 December | Expected loss rate | Loss allowance |
Trade accounts receivable - Not due | 222,375 | 0.11% | 245 |
1-30 days - past due | 27,193 | 0.10% | 23 |
31-60 days - past due | 9,618 | 1.14% | 107 |
61-90 days - past due | 4,868 | 2.06% | 62 |
91-120 days - past due | 4,000 | 57.26% | 2,520 |
120+ days - past due | 13,177 | 35.82% | 3,590 |
Balance at 31 December | 271,169 | 6,547 |
The loss allowance as at 31 December 2024 was determined as follows:
Trade accounts receivable | Balance at 31 December | Expected loss rate | Loss allowance |
Trade accounts receivable - Not due | 228,217 | 0.07% | 157 |
1-30 days - past due | 27,193 | 0.04% | 11 |
31-60 days - past due | 9,618 | 0.14% | 13 |
61-90 days - past due | 4,868 | 0.18% | 9 |
91-120 days - past due | 4,000 | 0.43% | 17 |
120+ days - past due | 13,177 | 17.04% | 2,246 |
Balance at 31 December | 287,074 | 2,453 |
The specific credit terms granted vary from 14-90 days. These terms are based on the general terms and conditions of Brunel and/or specific agreements with individual customers.
Generally, services are provided to large and financially strong companies. In order to minimise credit risk exposure Brunel intensively monitors the payment behaviour of its
customers based on specific agreements with individual customers and their credit worthiness. Based on historical behaviour of our customers we do not expect any material write-offs and therefore the expected credit loss rates are not highly sensitive.
The current assessment of the counterparty risk of our customers is that we do not expect any material write-offs. This assumption is based on the current payment behaviour of our clients. Additionally, the company is in frequent contact with clients that have amounts outstanding past the due date.
10. Provisions The provisions are expected to be settled within five years of the balance sheet date, except for pension obligations, which will mature after five years. 11. Non-current financial liabilitiesAs at 31 December 2025, the group has a credit facility that includes:
\u2022\tA revolving credit facility of EUR 100 million (2024: EUR 100 million), with an additional optional layer of EUR 40 million
\u2022\tA term loan facility of EUR 40 million (2024: EUR 40 million)
Both facilities are single currency, syndicated and bilaterally committed. The maturity date for both facilities is July 2029.
The facility agreement contains a financial covenant with respect to the net debt to EBITDA ratio (leverage ratio). The leverage ratio has a limit of 275% and is calculated based on the results of the Group on a 12-month basis every quarter end. During the year Brunel has complied with the financial covenants, and there are no indications that Brunel may have difficulty complying with the covenants in the upcoming 12-month period after reporting date.
The interest rate is variable and based on EURIBOR plus margin, where margin is based on the leverage ratio.
Amounts drawn from the facility are included within loans and borrowings and amount to EUR 62.6 million at year end 2025 (2024: EUR 61.6 million). This consists of a EUR 40 million term loan, with the remainder utilised from the revolving credit facility. All amounts are denominated in Euro. The fair value approximates the carrying amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__127-1": { "value": "Liquidity risk
Brunel maintains sufficient cash to fund its ongoing operations. In addition the company has availability of funding through a committed credit facility to minimise liquidity risk (refer to note 11). Within the group derivative financial instruments are not used nor are hedging activities undertaken. The department Corporate Finance & Control monitors the worldwide cash position. For the maturity analysis on leases, trade account receivable and provisions, refer to notes 5, 8 and 10.
The contractual cash flows of financial liabilities as at 31 December 2025 are:
Carrying amount | Within 1 year | 2 - 5 years | More than 5 years | |
Lease liabilities | 43,495 | 12,125 | 18,241 | 13,129 |
Loans and borrowings | 62,598 | 0 | 62,598 | 0 |
Put-option liabilities | 8,295 | 7,270 | 1,025 | 0 |
Deferred consideration business combinations | 982 | 982 | 0 | 0 |
Trade and other payables | 127,087 | 127,087 | 0 | 0 |
Total financial liabilities | 242,457 | 147,464 | 81,864 | 13,129 |
The contractual cash flows of financial liabilities as at 31 December 2024 were:
Carrying amount | Within 1 year | 2 - 5 years | More than 5 years | |
Lease liabilities | 34,200 | 11,732 | 20,657 | 1,812 |
Loans and borrowings | 61,593 | 0 | 61,593 | 0 |
Put-option liabilities | 7,291 | 2,832 | 4,459 | 0 |
Deferred consideration business combinations | 2,088 | 873 | 1,215 | 0 |
Trade and other payables | 133,569 | 133,569 | 0 | 0 |
Total financial liabilities | 238,741 | 149,006 | 87,924 | 1,812 |
Tables include the effect of discounting which is not material.
5.\tLeasesMaturity analysis
The tables below show the group\u2019s lease liabilities and their respective maturity groupings. Tables include the effect of discounting which is not material.
Maturity 2025 | Property | Cars | Others | Total lease liabilities |
Less than 1 year | 9,196 | 2,902 | 28 | 12,126 |
Between 1 and 2 years | 5,491 | 2,392 | 12 | 7,895 |
Between 2 and 3 years | 4,223 | 1,106 | 2 | 5,331 |
Between 3 and 4 years | 3,030 | - | - | 3,030 |
Between 4 and 5 years | 1,984 | - | - | 1,984 |
More than 5 years | 13,129 | - | - | 13,129 |
Total | 37,053 | 6,400 | 42 | 43,495 |
Maturity 2024 | Property | Cars | Others | Total lease liabilities |
Less than 1 year | 8,737 | 2,959 | 36 | 11,732 |
Between 1 and 2 years | 7,099 | 2,263 | 30 | 9,392 |
Between 2 and 3 years | 4,233 | 1,586 | 13 | 5,832 |
Between 3 and 4 years | 3,248 | 259 | - | 3,507 |
Between 4 and 5 years | 1,925 | - | - | 1,925 |
More than 5 years | 1,812 | - | - | 1,812 |
Total | 27,054 | 7,067 | 79 | 34,201 |
8.\tTrade and other receivables\u00a0
Ageing of the trade accounts receivable is as follows:
2025 | 2024 | |
Trade accounts receivable - Not due | 222,375 | 228,217 |
1-30 days - past due | 21,991 | 27,193 |
31-60 days - past due | 9,375 | 9,618 |
61-90 days - past due | 3,006 | 4,868 |
91-120 days - past due | 4,401 | 4,000 |
120+ days - past due | 10,021 | 13,177 |
Balance at 31 December | 271,169 | 287,074 |
As at 31 December 2025, the group has a credit facility that includes:
\u2022\tA revolving credit facility of EUR 100 million (2024: EUR 100 million), with an additional optional layer of EUR 40 million
\u2022\tA term loan facility of EUR 40 million (2024: EUR 40 million)
Both facilities are single currency, syndicated and bilaterally committed. The maturity date for both facilities is July 2029.
The facility agreement contains a financial covenant with respect to the net debt to EBITDA ratio (leverage ratio). The leverage ratio has a limit of 275% and is calculated based on the results of the Group on a 12-month basis every quarter end. During the year Brunel has complied with the financial covenants, and there are no indications that Brunel may have difficulty complying with the covenants in the upcoming 12-month period after reporting date.
The interest rate is variable and based on EURIBOR plus margin, where margin is based on the leverage ratio.
Amounts drawn from the facility are included within loans and borrowings and amount to EUR 62.6 million at year end 2025 (2024: EUR 61.6 million). This consists of a EUR 40 million term loan, with the remainder utilised from the revolving credit facility. All amounts are denominated in Euro. The fair value approximates the carrying amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__130-1": { "value": "Foreign exchange risk
Currency fluctuations affect the consolidated results, because a portion of the cash flow is generated in other currencies than Euro. The group limits the foreign exchange risk by maintaining a back-to-back policy, meaning that the management strives to have both income and expenses to be generated locally in the same currency. Due to the back-to-back policy, the foreign exchange risk of the group is limited to the exchange risk over the results in foreign
currencies and the trade receivable and cash positions in foreign currencies. The foreign currencies that can have a material effect on the consolidated profit and loss account of the group are the US dollar and the Australian dollar. The carrying amounts of the group\u2019s foreign currency denominated monetary assets and monetary liabilities at the reporting date are as follows:
Assets 31 December | Liabilities 31 December | |||
2025 | 2024 | 2025 | 2024 | |
US Dollar | 98,363 | 113,286 | 13,411 | 20,106 |
Australian Dollar | 20,025 | 27,761 | 8,058 | 9,268 |
118,388 | 141,047 | 21,469 | 29,374 |
The following table details the group\u2019s sensitivity to a 10% increase and decrease in the Euro against the relevant foreign currencies. These percentages represent management\u2019s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period
end for a change in foreign currency rates. A positive number below indicates an increase in profit and other equity when the Euro weakens 10% against the relevant currency. For a 10% strengthening of the Euro against the relevant currency, there would be an equal and opposite impact on the profit and other equity, and the balances below would be negative.
US dollar Impact | Australian dollar Impact | |||
2025 | 2024 | 2025 | 2024 | |
Profit or loss | 197 | 780 | 287 | 153 |
Other equity | 6,405 | 6,965 | 3,030 | 2,247 |
Total equity | 6,602 | 7,745 | 3,317 | 2,400 |
Revenue | 17,864 | 25,318 | 14,459 | 16,942 |
Interest rate risk
Due to the nature of the group\u2019s business the operating cash flows are substantially independent of changes in market interest rates.
The general policy is to keep interest rates on net debt floating as much as possible. We believe this adds value
for shareholders in the long term, as over time floating interest rates are on average significantly lower than fixed interest rates.
If the interest rate had been 1 percentage point higher on average during 2025, with all other variables held constant, net interest expenses for the year would have increased by EUR 0.7 million. If the interest rate had been 2 percentage points higher on average during 2025, with all other variables held constant, net interest expenses for the year would have increased by EUR 1.3 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__133-1": { "value": "Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the group. The group has no significant concentrations of credit risk. The most important items on the consolidated balance sheet that are imposed to credit risk are the trade and other receivables. The trade accounts receivable include an allowance for expected credit losses (refer to note 8). Generally, services are provided to large and financially strong companies. In order to minimise credit risk exposure Brunel intensively monitors the payment behaviour of its customers. Internal policies limit the amount of credit exposure to any financial institution. Despite these internal procedures, uncollectible debts cannot be ruled out, but the risk of a material erosion of the operating profit is small. Receivables will be written-off when clearly uncollectible due to bankruptcy or other
similar factors. In any case, as long as no bankruptcy or court ruling has occurred, the group will continue chasing debtors to receive the outstanding amount. As per 31 December 2025 the largest receivable against a single counterparty amounted to EUR 20.7 million (31 December 2024: EUR 23.8 million). For 2025, largest revenue from transactions with a single external customer amounted to EUR 100.1 million (2024: EUR 106.2 million).
The group has performed a sensitivity analysis on the credit loss rates, by calculating multiple scenarios, which gave no reason to increase the credit loss rates. Also, compared previous year, there are no material changes in the (relative) amounts in the aging buckets, meaning the aging of the accounts receivables has not significantly changed, where the biggest portion is in the first buckets (82% is not due yet, and 8% is overdue by 1 month). The total days outstanding (TDO) has increased by 3 days (3% increase)
compared to previous year. In discussions with the group\u2019s most significant clients, no indications of uncollectibility were received.
8.\tTrade and other receivables\u00a0The group applies the IFRS 9 simplified approach to measure expected credit losses which uses a lifetime expected loss allowance for all trade receivables. The expected loss rates are based on the payment profiles of sales over a period of 36 month before 1 January 2025 and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables and other known matters.
The group has performed a sensitivity analysis on the credit loss rates, by calculating multiple scenarios, which gave no reason to increase the credit loss rates. Also, compared previous year, there are no material changes in the (relative) amounts in the aging buckets, meaning the aging of the accounts receivables has not significantly changed, where the biggest portion is in the first buckets (82% is not due yet, and 8% is overdue by 1 month). The total days outstanding (TDO) has increased by 3 days (3% increase) compared to previous year. In discussions with the group\u2019s most significant clients, no indications of uncollectibility were received. During the year, the Group recognised a material credit loss related to a single counterparty following its administration. This event was assessed as isolated and non recurring and did not result in changes to the Group\u2019s expected credit loss model, receivables ageing
profile or credit risk assessment of the overall trade receivables portfolio.
The movement in this allowance is as follows:
2025 | 2024 | |
Balance at 1 January | 2,452 | 2,156 |
Fully provided receivables which are written off | -91 | -612 |
Change in allowance recognised in result | 4,400 | 874 |
Exchange rate movements | -215 | 34 |
Balance at 31 December | 6,546 | 2,452 |
Ageing of the trade accounts receivable is as follows:
2025 | 2024 | |
Trade accounts receivable - Not due | 222,375 | 228,217 |
1-30 days - past due | 21,991 | 27,193 |
31-60 days - past due | 9,375 | 9,618 |
61-90 days - past due | 3,006 | 4,868 |
91-120 days - past due | 4,401 | 4,000 |
120+ days - past due | 10,021 | 13,177 |
Balance at 31 December | 271,169 | 287,074 |
The loss allowance as at 31 December 2025 was determined as follows:
Trade accounts receivable | Balance at 31 December | Expected loss rate | Loss allowance |
Trade accounts receivable - Not due | 222,375 | 0.11% | 245 |
1-30 days - past due | 27,193 | 0.10% | 23 |
31-60 days - past due | 9,618 | 1.14% | 107 |
61-90 days - past due | 4,868 | 2.06% | 62 |
91-120 days - past due | 4,000 | 57.26% | 2,520 |
120+ days - past due | 13,177 | 35.82% | 3,590 |
Balance at 31 December | 271,169 | 6,547 |
The loss allowance as at 31 December 2024 was determined as follows:
Trade accounts receivable | Balance at 31 December | Expected loss rate | Loss allowance |
Trade accounts receivable - Not due | 228,217 | 0.07% | 157 |
1-30 days - past due | 27,193 | 0.04% | 11 |
31-60 days - past due | 9,618 | 0.14% | 13 |
61-90 days - past due | 4,868 | 0.18% | 9 |
91-120 days - past due | 4,000 | 0.43% | 17 |
120+ days - past due | 13,177 | 17.04% | 2,246 |
Balance at 31 December | 287,074 | 2,453 |
The specific credit terms granted vary from 14-90 days. These terms are based on the general terms and conditions of Brunel and/or specific agreements with individual customers.
Generally, services are provided to large and financially strong companies. In order to minimise credit risk exposure Brunel intensively monitors the payment behaviour of its
customers based on specific agreements with individual customers and their credit worthiness. Based on historical behaviour of our customers we do not expect any material write-offs and therefore the expected credit loss rates are not highly sensitive.
The current assessment of the counterparty risk of our customers is that we do not expect any material write-offs. This assumption is based on the current payment behaviour of our clients. Additionally, the company is in frequent contact with clients that have amounts outstanding past the due date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__137": { "value": "1.\tBusiness combinations
Acquisition of Advance Careers International Pty Ltd
On 1st January 2024, Brunel acquired 100% of the shares of Advance Careers International Pty Ltd (AC), a specialist recruitment company based in Australia.
Advance Careers has earned a reputation as a leading provider of recruitment, search and staffing solutions for energy transition and sustainability organisations over the last 10 years \u2013 especially for highly-skilled technical and niche roles related to emerging technologies. Partnering with Brunel will allow Advance Careers to take that business model to the next level.
In the acquisition, Brunel acquired control over AC by acquiring 100%. Fair value of the acquisition compensation amounted to EUR 1.6 million, out of which EUR 0.16 million has been paid as of the acquisition date. Remaining payments are spread over the period of 2 years.
The expectation of the amount to be paid as contingent consideration is EUR 1.4 million to be paid within 10 business days once the results of the year 2026 are submitted. The basis for determining the amount of payment is expected performance AC, in particular EBIT and conversion ratio.
Brunel controls the entity and is exposed to and has rights to variable returns from its involvement with the entity and can affect these returns through its power to direct its activities. AC is fully consolidated from 1 January 2024, the
date on which control was transferred to the group.
The fair value of the assets and liabilities arising from the above-mentioned acquisition of AC, based on the purchase price allocation, can be summarised as follows:
Disclosure note | Amounts |
Cash | 7 |
Trade receivables | 16 |
Other receivables and prepayments | 17 |
Other current liabilities | -102 |
Deferred tax asset | 13 |
Net identifiable assets acquired | -49 |
Add: goodwill | 1,588 |
Purchase consideration | 1,539 |
Net cash acquired included in the working capital | -7 |
Fair value of the deferred consideration | -1,386 |
Statement of cash flows, acquisition of subsidiaries | 146 |
All acquired cash is operational.
The goodwill is attributable to the synergies with the acquired business. It will not be deductible for tax purposes.
Acquisition of We Support W B.V.
On 1st November 2024, Brunel acquired 50.1% of the shares of we support W B.V. (Equals), a recruitment and placement business based in Amsterdam that focuses on supporting and empowering women with their professional development.
Equals specialises (but does not limit itself to) IT sector and has also created and continuously strengthens a community where ambitious women come together to connect, grow and support each other.
In the acquisition, Brunel acquired control over Equals by acquiring 50.1% of the outstanding shares. Fair value of the acquisition amounted to EUR 1.4 million, out of which EUR 1.2 million has been paid as of the acquisition date. Remaining payments are spread over the period of 18 Months from the acquisition date.
Brunel has entered into an agreement with the minority shareholder of Equals to acquire the remaining 49.9% shares. The basis for determining the amount of payment is dependent on achieving predetermined EBIT levels.
The option will be exercised once Equals reaches a pre-agreed level of EBIT post the first quarter of the year 2026, but not later than the first quarter of the year 2028.
The expected amount to be paid if the pre-determined levels of EBIT are met and certain employees remained within the Group, was determined at EUR 4.7 million as at 31 December 2024.
An amount of EUR 2.4 million was recognised as a put option liability, since 4/7th of the amount to be paid is not based on continuous employment. The amount was initially recognised at fair value and is subsequently carried at amortised cost, with changes in the present value of estimated future contractual cash flows recognised through profit and loss. The other 3/7th of the put option liability will be recognised through the profit and loss account as a post combination benefit expense over the 3-year period post-acquisition, depending on continued employment of certain Equals employees.
The fair value of the assets and liabilities arising from the above-mentioned acquisition of Equals, based on the purchase price allocation, can be summarised as follows:
Disclosure note | Amounts |
Cash and cash equivalents | 13 |
Trade and other receivables | 310 |
Office equipment | 122 |
Trade and other payables | -446 |
Loans and borrowings | -208 |
Net identifiable assets acquired | -209 |
Less: non-controlling interest | -104 |
Add: goodwill | 1,576 |
Purchase consideration | 1,471 |
Net cash acquired included in the working capital | -13 |
Fair value of deferred consideration | -221 |
Statement of cash flows, acquisition of subsidiaries | 1,237 |
All acquired cash is operational. The goodwill is attributable to the synergies with the acquired business. It will not be deductible for tax purposes.
The group has recognised a non-controlling interest as the terms and conditions per the put option does not result in present ownership in the 49.9% remaining shareholding.
The group elected to recognise the non-controlling interests at its proportionate share of the acquired net identifiable assets.
Acquisition of We Support W B.V.
On 1st November 2024, Brunel acquired 50.1% of the shares of we support W B.V. (Equals), a recruitment and placement business based in Amsterdam that focuses on supporting and empowering women with their professional development.
Equals specialises (but does not limit itself to) IT sector and has also created and continuously strengthens a community where ambitious women come together to connect, grow and support each other.
In the acquisition, Brunel acquired control over Equals by acquiring 50.1% of the outstanding shares. Fair value of the acquisition amounted to EUR 1.4 million, out of which EUR 1.2 million has been paid as of the acquisition date. Remaining payments are spread over the period of 18 Months from the acquisition date.
Brunel has entered into an agreement with the minority shareholder of Equals to acquire the remaining 49.9% shares. The basis for determining the amount of payment is dependent on achieving predetermined EBIT levels.
The option will be exercised once Equals reaches a pre-agreed level of EBIT post the first quarter of the year 2026, but not later than the first quarter of the year 2028.
The expected amount to be paid if the pre-determined levels of EBIT are met and certain employees remained within the Group, was determined at EUR 4.7 million as at 31 December 2024.
An amount of EUR 2.4 million was recognised as a put option liability, since 4/7th of the amount to be paid is not based on continuous employment. The amount was initially recognised at fair value and is subsequently carried at amortised cost, with changes in the present value of estimated future contractual cash flows recognised through profit and loss. The other 3/7th of the put option liability will be recognised through the profit and loss account as a post combination benefit expense over the 3-year period post-acquisition, depending on continued employment of certain Equals employees.
The fair value of the assets and liabilities arising from the above-mentioned acquisition of Equals, based on the purchase price allocation, can be summarised as follows:
Disclosure note | Amounts |
Cash and cash equivalents | 13 |
Trade and other receivables | 310 |
Office equipment | 122 |
Trade and other payables | -446 |
Loans and borrowings | -208 |
Net identifiable assets acquired | -209 |
Less: non-controlling interest | -104 |
Add: goodwill | 1,576 |
Purchase consideration | 1,471 |
Net cash acquired included in the working capital | -13 |
Fair value of deferred consideration | -221 |
Statement of cash flows, acquisition of subsidiaries | 1,237 |
All acquired cash is operational. The goodwill is attributable to the synergies with the acquired business. It will not be deductible for tax purposes.
The group has recognised a non-controlling interest as the terms and conditions per the put option does not result in present ownership in the 49.9% remaining shareholding.
The group elected to recognise the non-controlling interests at its proportionate share of the acquired net identifiable assets.
Put-option liabilities related to acquisitions
ICE
In September 2022 Brunel Energy Holding B.V. acquired 51% of the issued share capital of International Commissioning and Engineering Pte. Ltd. (\u2018ICE\u2019). The company has entered into a put / call option agreement with the non-controlling interest of ICE to acquire the remaining 49% shares over the period of 3 years.
The put-option liability is recognised through the profit and loss account as a post combination benefit expense over the 3-year period post-acquisition and requires continuous employment of the non-controlling shareholder.
The option expired on 31 December 2025 and is expected to be exercised in 2026. The expected cash outflow is EUR 7.3 million. During the year 2025 the company recognised EUR 5.2 million (2024: EUR 2.1 million) costs for post combination benefits, due to a higher than expected performance.
The movement of put-option liabilities is as follows:
2025 | 2024 | |
Balance at 1 January | 2,050 | 0 |
Post-combination benefits expense | 5,220 | 2,050 |
Current portion of put-option liabilities (12) | -7,270 | 0 |
Balance at 31 December | 0 | 2,050 |
The payments relating to put-option liabilities is included in the cashflow statement as a cash flow used in financing activities. The related post combination benefits are accounted through profit and loss and are included within indirect personnel expenses. In the cash flow statement the related items are included as cash flow generated from operating activities.
We support W B.V. (Equals)
In November 2024 Brunel Nederland B.V. acquired 50.1% of the issued share capital of We support W B.V. (trading name: Equals). The company has entered into an agreement with the minority shareholder of Equals to acquire the remaining 49.9% shares. The company will exercise the put/call option by 2028 at the latest, with possibility for exercise in 2027 dependant on the achievement of a financial EBIT target.
The expected amount to be paid if the pre-determined levels of EBIT level are met and certain employees remained within the Group, was determined at EUR 4.7 million as at 31 December 2024. This amount is remeasured at each reporting period based on expected performance.
An amount of EUR 2.4 million was recognised as a put option liability, since 4/7th of the amount to be paid is not based on continuous employment. The amount was initially recognised at fair value and is subsequently carried at amortised cost, with changes in the present value of estimated future contractual cash flows recognised through profit and loss. The other 3/7th of the put option liability will be recognised through the profit and loss account as a post combination benefit expense over the 3-year period post-acquisition, depending on continued employment of certain Equals employees.
As at 31 December 2025, the expected value of the redemption amounts to EUR 1.4 million, due to a decrease in expected performance.
The model inputs used for determining the liability as of the year ended 31 December 2025 included:
Discount rate: 11.7%
During the year 2025 the company recognised EUR 0.2 million costs for post combination benefits, and a release of EUR 1.6 million for the portion of the liability that is not based on continuous employment. As a result, the value of the put-option liability decreased to EUR 1.0 million (2024: EUR 2.4 million).
The movement of put-option liabilities is as follows:
2025 | 2024 | |
Balance at 1 January | 2,409 | 0 |
Through business combinations (1) | 0 | 2,409 |
Post-combination benefits expense | 205 | 0 |
Change in present value of expectes cash flows | -1,589 | 0 |
Balance at 31 December | 1,025 | 2,409 |
The payments relating to put-option liabilities is included in the cashflow statement as a cash flow used in financing activities. The related post combination benefits are accounted through profit and loss and are included within indirect personnel expenses. In the cash flow statement the related items are included as cash flow generated from operating activities.
Non-controlling interest
The movement in non-controlling interest is as follows:
2025 | 2024 | |
Balance at 1 January | 2,257 | 11,081 |
Result for the year | 1,490 | 411 |
Dividend | -1,952 | -1,836 |
Through business combinations | 0 | -104 |
Acquisition of non-controlling interests | -716 | -7,264 |
Exchange rate movements | -311 | -31 |
Balance at 31 December | 768 | 2,257 |
Set out below is summarised financial information for the main non-controlling interests that are material to the group. The amounts disclosed for each subsidiary are before inter-company eliminations.
During 2025, the Group acquired the remaining 3% interest in the voting shares of TH, increasing its ownership interest to 100%. The acquisition was a result of exercise of put & call option agreement with the non-controlling shareholders and resulted in payment of cash consideration of EUR 3.1 million.
The non-controlling interest acquired through business combinations in 2024 relates to the acquisition of We Support W B.V. (Equals).
Middle East & India | Taylor Hopkinson | Other | Total | |||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
Non-current assets | 2,245 | 1,602 | 40,217 | 37,101 | 1,718 | 2,125 | 44,180 | 40,828 |
Current assets | 51,685 | 58,988 | 14,467 | 26,518 | 15,848 | 3,273 | 82,000 | 88,779 |
Current liabilities | -14,788 | -14,373 | -6,500 | -13,454 | -9,412 | -6,767 | -30,700 | -34,594 |
Non-current liabilities | -31,527 | -37,254 | -19,297 | -22,954 | -2,276 | -1,351 | -53,100 | -61,559 |
Net assets per 31 December | 7,615 | 8,962 | 28,887 | 27,211 | 5,878 | -2,720 | 42,380 | 33,453 |
Accumulated non-controlling interests | 1,886 | 2,222 | 0 | 765 | -1,117 | -729 | 768 | 2,257 |
Dividend paid to non-controlling interests | 1,952 | 1,836 | 0 | 0 | 0 | 0 | 1,952 | 1,836 |
Revenue | 138,443 | 126,302 | 56,104 | 78,854 | 7,911 | 5,870 | 202,458 | 211,026 |
Profit (loss) | 7,476 | 8,173 | -3,089 | -3,047 | -673 | -2,399 | 3,714 | 2,727 |
Result allocated to non-controlling interests | 1,869 | 2,043 | -44 | -457 | -335 | -1,176 | 1,490 | 411 |
Middle East & India includes the non-controlling interests in our entities in Kuwait (25%) and Qatar (25%) The non-controlling interests in Taylor Hopkinson is 0% (2024: 3%). The other non-controlling interest includes the non-controlling interest in Netherlands (49.9%), Kazakhstan (50%), Indonesia (51% of share capital / 0% of result) and Singapore (49%).
The Middle East & India segment includes a negative result allocated to non-controlling interests in 2025 of EUR 0.6
million (2024: EUR 0.0 million), relating to Kuwait.
For a number of specific entities within the Middle East & India, Brunel has voting rights of 49% due to local enacted laws that limit foreign ownership. There are other arrangements in place that establish that Brunel has control.
Brunel\u2019s voting rights in relation to Taylor Hopkinson are 100% (2024: 97%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__144-1": { "value": "2.\tGoodwill
Movements during the year:
2025 | 2024 | |
At cost at 1 January | 48,084 | 44,920 |
Accumulated impairment and exchange rate movements | -752 | -652 |
Balance at 1 January | 47,332 | 44,268 |
Changes in carrying amount: | ||
Additions | 0 | 3,164 |
Exchange rate movements | -409 | -100 |
Balance at 31 December | 46,923 | 47,332 |
At cost at 31 December | 48,084 | 48,084 |
Accumulated impairment and exchange rate movements | -1,161 | -752 |
Balance at 31 December | 46,923 | 47,332 |
Goodwill has been allocated for impairment testing purposes to the following cash-generating units:
2025 | 2024 | |
Americas | 4,944 | 5,080 |
Middle East & India | 244 | 244 |
The Netherlands | 4,403 | 4,403 |
Australasia | 5,851 | 6,123 |
DACH region | 6,335 | 6,335 |
Europe & Africa | 1,052 | 1,053 |
Asia | 6,385 | 6,385 |
Taylor Hopkinson | 17,709 | 17,709 |
Balance at 31 December | 46,923 | 47,332 |
The additions in 2024 relate to the acquisitions of Advance Careers and Equals (refer to note 1).
Impairment testing
In the financial year the company assessed the recoverable amount of goodwill. The recoverable amount of the main cash-generating units for which goodwill is capitalised is based on value in use. The value in use is determined by means of cash flow projections based on the actual operating results adjusted for non-cash items (mainly depreciation) and the expected future performance. The latter is based on management\u2019s estimates and assumptions of revenue growth and development of operating margins, supported by external market projections. The forecasted cash flows have been derived from the budget 2026-2028.
The value in use of the cash-generating units resulted in no impairment compared to the carrying amount as of 31 December 2025. All cash-generating units except Taylor Hopkinson have sufficient headroom available to cover variations in assumptions. For the Taylor Hopkinson cash generating unit, the recoverable amount exceeds the carrying amount at the reporting date with EUR 7.8 million. However, the calculation is sensitive to changes in several key assumptions, and based on the current valuation the recoverable amount would equal the carrying amount if, individually, revenue growth were to decrease by 2.1%, the budgeted contribution margin were to decrease by 1.7%, operating costs were to increase by 2.2%, or the pretax discount rate were to increase by 3%.
Management has projected cash flow forecasts over a period of five years. The annual budget is used as a basis for the projection in the first, second and third year whereas assumptions were applied for the extrapolation of the results to the period after the third year
Assumptions for 2026-2030 (2025-2029) used in calculation of the value in use for the cash-generating unit Brunel Americas are:
2025 | 2024 | |
Revenue growth | 7.6% | 5.0% |
Budgeted contribution margin | 14.6% | 15.4% |
Operating costs increase | 3.5% | 3.0% |
Terminal growth rate | 2.0% | 2.0% |
Pre tax discount factor | 10.9% | 12.2% |
Depreciations and investments plans | Depreciations are used for new or replacing investments | Depreciations are used for new or replacing investments |
Assumptions for 2026-2030 (2025-2029) used in calculation of the value in use for the cash-generating unit Brunel Australasia are:
2025 | 2024 | |
Revenue growth | 5.3% | 5.0% |
Budgeted contribution margin | 10.9% | 10.6% |
Operating costs increase | 7.2% | 3.0% |
Terminal growth rate | 2.0% | 2.0% |
Pre tax discount factor | 11.0% | 13.7% |
Depreciations and investments plans | Depreciations are used for new or replacing investments | Depreciations are used for new or replacing investments |
Assumptions for 2026-2030 (2025-2029) used in calculation of the value in use for the cash-generating unit Brunel DACH are:
2025 | 2024 | |
Revenue growth | 7.5% | 5.0% |
Budgeted contribution margin | 30.2% | 34.0% |
Operating costs increase | 4.7% | 3.0% |
Terminal growth rate | 2.0% | 2.0% |
Pre tax discount factor | 10.2% | 9.5% |
Depreciations and investments plans | Depreciations are used for new or replacing investments | Depreciations are used for new or replacing investments |
Assumptions for 2026-2030 (2025-2029)) used in calculation of the value in use for the cash-generating unit Taylor Hopkinson are:
2025 | 2024 | |
Revenue growth | 8.0% | 4.8% |
Budgeted contribution margin | 21.0% | 27.0% |
Operating costs increase | -1.0% | 3.0% |
Terminal growth rate | 2.0% | 2.0% |
Pre tax discount factor | 12.7% | 13.1% |
Depreciations and investments plans | Depreciations are used for new or replacing investments | Depreciations are used for new or replacing investments |
Assumptions for 2026-2030 (2025-2029) used in calculation of the value in use for the cash-generating unit Brunel Asia are:
2025 | 2024 | |
Revenue growth | 5.2% | 5.0% |
Budgeted contribution margin | 16.1% | 15.1% |
Operating costs increase | 1.9% | 3.0% |
Terminal growth rate | 2.0% | 2.0% |
Pre tax discount factor | 11.9% | 12.7% |
Depreciations and investments plans | Depreciations are used for new or replacing investments | Depreciations are used for new or replacing investments |
Assumptions for 2026-2030 (2025-2029) used in calculation of the value in use for the cash-generating unit Europe & Africa are:
2025 | 2024 | |
Revenue growth | 5.0% | 5.0% |
Budgeted contribution margin | 14.3% | 14.1% |
Operating costs increase | 4.7% | 3.0% |
Terminal growth rate | 2.0% | 2.0% |
Pre tax discount factor | 10.4% | 10.3% |
Depreciations and investments plans | Depreciations are used for new or replacing investments | Depreciations are used for new or replacing investments |
Assumptions for 2026-2030 (2025-2029) used in calculation of the value in use for the cash-generating unit Brunel Netherlands are:
2025 | 2024 | |
Revenue growth | 4.2% | 5.0% |
Budgeted contribution margin | 23.4% | 27.3% |
Operating costs increase | -1.1% | 3.0% |
Terminal growth rate | 2.0% | 2.0% |
Pre tax discount factor | 10.6% | 9.6% |
Depreciations and investments plans | Depreciations are used for new or replacing investments | Depreciations are used for new or replacing investments |
3.\tOther intangible assets
The other intangible assets consist of the following:
2025 | 2024 | |
Software | 25,477 | 21,455 |
Trade names | 101 | 159 |
Customer databases | 2,165 | 3,231 |
Balance at 31 December | 27,743 | 24,844 |
The amortisation rates are as follows:
\u2022\tSoftware: 12-40% per annum
\u2022\tTrade name ICE: 20% per annum
\u2022\tCustomer database Taylor Hopkinson: Permanent employee placements 20% per annum, contract employee placements 14.3% per annum.
\u2022\tResidual values are considered to be zero.
Software
Movements during the year:
2025 | 2024 | |
At cost at 1 January | 65,142 | 58,863 |
Accumulated amortisation | -43,687 | -39,125 |
Balance at 1 January | 21,455 | 19,738 |
Changes in carrying amount: | ||
Additions | 9,050 | 7,049 |
Disposals | -4 | -70 |
Amortisation | -4,991 | -5,266 |
Exchange rate | -33 | 4 |
Total changes | 4,022 | 1,717 |
At cost at 31 December | 73,340 | 65,142 |
Accumulated amortisation and impairment | -47,863 | -43,687 |
Balance at 31 December | 25,477 | 21,455 |
Software mainly includes financial and business supporting software acquired. The average remaining amortisation period is three years.
In 2025 a part of the software with an at cost value of EUR 0.7 million (2024: EUR 0.6 million) that was fully amortised has been written off from both the at cost value and the accumulated impairment.
Trade names
Movements during the year:
2025 | 2024 | |
At cost at 1 January | 1,509 | 1,509 |
Accumulated amortisation and impairment | -1,350 | -886 |
Balance at 1 January | 159 | 623 |
Additions | 0 | 0 |
Amortisation | -57 | -464 |
Balance at 31 December | 102 | 159 |
At cost at 31 December | 1,508 | 1,509 |
Accumulated amortisation and impairment | -1,407 | -1,350 |
Balance at 31 December | 101 | 159 |
Customer databases
Movements during the year:
2025 | 2024 | |
At cost at 1 January | 6,426 | 6,426 |
Accumulated amortisation and impairment | -3,195 | -2,130 |
Balance at 1 January | 3,231 | 4,296 |
Changes in carrying amount: | ||
Amortisation | -1,065 | -1,065 |
Balance at 31 December | 2,166 | 3,231 |
At cost at 31 December | 6,426 | 6,426 |
Accumulated amortisation and impairment | -4,260 | -3,195 |
Balance at 31 December | 2,165 | 3,231 |
2.\tGoodwill
Movements during the year:
2025 | 2024 | |
At cost at 1 January | 48,084 | 44,920 |
Accumulated impairment and exchange rate movements | -752 | -652 |
Balance at 1 January | 47,332 | 44,268 |
Changes in carrying amount: | ||
Additions | 0 | 3,164 |
Exchange rate movements | -409 | -100 |
Balance at 31 December | 46,923 | 47,332 |
At cost at 31 December | 48,084 | 48,084 |
Accumulated impairment and exchange rate movements | -1,161 | -752 |
Balance at 31 December | 46,923 | 47,332 |
Goodwill has been allocated for impairment testing purposes to the following cash-generating units:
2025 | 2024 | |
Americas | 4,944 | 5,080 |
Middle East & India | 244 | 244 |
The Netherlands | 4,403 | 4,403 |
Australasia | 5,851 | 6,123 |
DACH region | 6,335 | 6,335 |
Europe & Africa | 1,052 | 1,053 |
Asia | 6,385 | 6,385 |
Taylor Hopkinson | 17,709 | 17,709 |
Balance at 31 December | 46,923 | 47,332 |
The additions in 2024 relate to the acquisitions of Advance Careers and Equals (refer to note 1).
Impairment testing
In the financial year the company assessed the recoverable amount of goodwill. The recoverable amount of the main cash-generating units for which goodwill is capitalised is based on value in use. The value in use is determined by means of cash flow projections based on the actual operating results adjusted for non-cash items (mainly depreciation) and the expected future performance. The latter is based on management\u2019s estimates and assumptions of revenue growth and development of operating margins, supported by external market projections. The forecasted cash flows have been derived from the budget 2026-2028.
The value in use of the cash-generating units resulted in no impairment compared to the carrying amount as of 31 December 2025. All cash-generating units except Taylor Hopkinson have sufficient headroom available to cover variations in assumptions. For the Taylor Hopkinson cash generating unit, the recoverable amount exceeds the carrying amount at the reporting date with EUR 7.8 million. However, the calculation is sensitive to changes in several key assumptions, and based on the current valuation the recoverable amount would equal the carrying amount if, individually, revenue growth were to decrease by 2.1%, the budgeted contribution margin were to decrease by 1.7%, operating costs were to increase by 2.2%, or the pretax discount rate were to increase by 3%.
Management has projected cash flow forecasts over a period of five years. The annual budget is used as a basis for the projection in the first, second and third year whereas assumptions were applied for the extrapolation of the results to the period after the third year
Assumptions for 2026-2030 (2025-2029) used in calculation of the value in use for the cash-generating unit Brunel Americas are:
2025 | 2024 | |
Revenue growth | 7.6% | 5.0% |
Budgeted contribution margin | 14.6% | 15.4% |
Operating costs increase | 3.5% | 3.0% |
Terminal growth rate | 2.0% | 2.0% |
Pre tax discount factor | 10.9% | 12.2% |
Depreciations and investments plans | Depreciations are used for new or replacing investments | Depreciations are used for new or replacing investments |
Assumptions for 2026-2030 (2025-2029) used in calculation of the value in use for the cash-generating unit Brunel Australasia are:
2025 | 2024 | |
Revenue growth | 5.3% | 5.0% |
Budgeted contribution margin | 10.9% | 10.6% |
Operating costs increase | 7.2% | 3.0% |
Terminal growth rate | 2.0% | 2.0% |
Pre tax discount factor | 11.0% | 13.7% |
Depreciations and investments plans | Depreciations are used for new or replacing investments | Depreciations are used for new or replacing investments |
Assumptions for 2026-2030 (2025-2029) used in calculation of the value in use for the cash-generating unit Brunel DACH are:
2025 | 2024 | |
Revenue growth | 7.5% | 5.0% |
Budgeted contribution margin | 30.2% | 34.0% |
Operating costs increase | 4.7% | 3.0% |
Terminal growth rate | 2.0% | 2.0% |
Pre tax discount factor | 10.2% | 9.5% |
Depreciations and investments plans | Depreciations are used for new or replacing investments | Depreciations are used for new or replacing investments |
Assumptions for 2026-2030 (2025-2029)) used in calculation of the value in use for the cash-generating unit Taylor Hopkinson are:
2025 | 2024 | |
Revenue growth | 8.0% | 4.8% |
Budgeted contribution margin | 21.0% | 27.0% |
Operating costs increase | -1.0% | 3.0% |
Terminal growth rate | 2.0% | 2.0% |
Pre tax discount factor | 12.7% | 13.1% |
Depreciations and investments plans | Depreciations are used for new or replacing investments | Depreciations are used for new or replacing investments |
Assumptions for 2026-2030 (2025-2029) used in calculation of the value in use for the cash-generating unit Brunel Asia are:
2025 | 2024 | |
Revenue growth | 5.2% | 5.0% |
Budgeted contribution margin | 16.1% | 15.1% |
Operating costs increase | 1.9% | 3.0% |
Terminal growth rate | 2.0% | 2.0% |
Pre tax discount factor | 11.9% | 12.7% |
Depreciations and investments plans | Depreciations are used for new or replacing investments | Depreciations are used for new or replacing investments |
Assumptions for 2026-2030 (2025-2029) used in calculation of the value in use for the cash-generating unit Europe & Africa are:
2025 | 2024 | |
Revenue growth | 5.0% | 5.0% |
Budgeted contribution margin | 14.3% | 14.1% |
Operating costs increase | 4.7% | 3.0% |
Terminal growth rate | 2.0% | 2.0% |
Pre tax discount factor | 10.4% | 10.3% |
Depreciations and investments plans | Depreciations are used for new or replacing investments | Depreciations are used for new or replacing investments |
Assumptions for 2026-2030 (2025-2029) used in calculation of the value in use for the cash-generating unit Brunel Netherlands are:
2025 | 2024 | |
Revenue growth | 4.2% | 5.0% |
Budgeted contribution margin | 23.4% | 27.3% |
Operating costs increase | -1.1% | 3.0% |
Terminal growth rate | 2.0% | 2.0% |
Pre tax discount factor | 10.6% | 9.6% |
Depreciations and investments plans | Depreciations are used for new or replacing investments | Depreciations are used for new or replacing investments |
Impairment testing
In the financial year the company assessed the recoverable amount of goodwill. The recoverable amount of the main cash-generating units for which goodwill is capitalised is based on value in use. The value in use is determined by means of cash flow projections based on the actual operating results adjusted for non-cash items (mainly depreciation) and the expected future performance. The latter is based on management\u2019s estimates and assumptions of revenue growth and development of operating margins, supported by external market projections. The forecasted cash flows have been derived from the budget 2026-2028.
The value in use of the cash-generating units resulted in no impairment compared to the carrying amount as of 31 December 2025. All cash-generating units except Taylor Hopkinson have sufficient headroom available to cover variations in assumptions. For the Taylor Hopkinson cash generating unit, the recoverable amount exceeds the carrying amount at the reporting date with EUR 7.8 million. However, the calculation is sensitive to changes in several key assumptions, and based on the current valuation the recoverable amount would equal the carrying amount if, individually, revenue growth were to decrease by 2.1%, the budgeted contribution margin were to decrease by 1.7%, operating costs were to increase by 2.2%, or the pretax discount rate were to increase by 3%.
Management has projected cash flow forecasts over a period of five years. The annual budget is used as a basis for the projection in the first, second and third year whereas assumptions were applied for the extrapolation of the results to the period after the third year
Assumptions for 2026-2030 (2025-2029) used in calculation of the value in use for the cash-generating unit Brunel Americas are:
2025 | 2024 | |
Revenue growth | 7.6% | 5.0% |
Budgeted contribution margin | 14.6% | 15.4% |
Operating costs increase | 3.5% | 3.0% |
Terminal growth rate | 2.0% | 2.0% |
Pre tax discount factor | 10.9% | 12.2% |
Depreciations and investments plans | Depreciations are used for new or replacing investments | Depreciations are used for new or replacing investments |
Assumptions for 2026-2030 (2025-2029) used in calculation of the value in use for the cash-generating unit Brunel Australasia are:
2025 | 2024 | |
Revenue growth | 5.3% | 5.0% |
Budgeted contribution margin | 10.9% | 10.6% |
Operating costs increase | 7.2% | 3.0% |
Terminal growth rate | 2.0% | 2.0% |
Pre tax discount factor | 11.0% | 13.7% |
Depreciations and investments plans | Depreciations are used for new or replacing investments | Depreciations are used for new or replacing investments |
Assumptions for 2026-2030 (2025-2029) used in calculation of the value in use for the cash-generating unit Brunel DACH are:
2025 | 2024 | |
Revenue growth | 7.5% | 5.0% |
Budgeted contribution margin | 30.2% | 34.0% |
Operating costs increase | 4.7% | 3.0% |
Terminal growth rate | 2.0% | 2.0% |
Pre tax discount factor | 10.2% | 9.5% |
Depreciations and investments plans | Depreciations are used for new or replacing investments | Depreciations are used for new or replacing investments |
Assumptions for 2026-2030 (2025-2029)) used in calculation of the value in use for the cash-generating unit Taylor Hopkinson are:
2025 | 2024 | |
Revenue growth | 8.0% | 4.8% |
Budgeted contribution margin | 21.0% | 27.0% |
Operating costs increase | -1.0% | 3.0% |
Terminal growth rate | 2.0% | 2.0% |
Pre tax discount factor | 12.7% | 13.1% |
Depreciations and investments plans | Depreciations are used for new or replacing investments | Depreciations are used for new or replacing investments |
Assumptions for 2026-2030 (2025-2029) used in calculation of the value in use for the cash-generating unit Brunel Asia are:
2025 | 2024 | |
Revenue growth | 5.2% | 5.0% |
Budgeted contribution margin | 16.1% | 15.1% |
Operating costs increase | 1.9% | 3.0% |
Terminal growth rate | 2.0% | 2.0% |
Pre tax discount factor | 11.9% | 12.7% |
Depreciations and investments plans | Depreciations are used for new or replacing investments | Depreciations are used for new or replacing investments |
Assumptions for 2026-2030 (2025-2029) used in calculation of the value in use for the cash-generating unit Europe & Africa are:
2025 | 2024 | |
Revenue growth | 5.0% | 5.0% |
Budgeted contribution margin | 14.3% | 14.1% |
Operating costs increase | 4.7% | 3.0% |
Terminal growth rate | 2.0% | 2.0% |
Pre tax discount factor | 10.4% | 10.3% |
Depreciations and investments plans | Depreciations are used for new or replacing investments | Depreciations are used for new or replacing investments |
Assumptions for 2026-2030 (2025-2029) used in calculation of the value in use for the cash-generating unit Brunel Netherlands are:
2025 | 2024 | |
Revenue growth | 4.2% | 5.0% |
Budgeted contribution margin | 23.4% | 27.3% |
Operating costs increase | -1.1% | 3.0% |
Terminal growth rate | 2.0% | 2.0% |
Pre tax discount factor | 10.6% | 9.6% |
Depreciations and investments plans | Depreciations are used for new or replacing investments | Depreciations are used for new or replacing investments |
3.\tOther intangible assets
The other intangible assets consist of the following:
2025 | 2024 | |
Software | 25,477 | 21,455 |
Trade names | 101 | 159 |
Customer databases | 2,165 | 3,231 |
Balance at 31 December | 27,743 | 24,844 |
The amortisation rates are as follows:
\u2022\tSoftware: 12-40% per annum
\u2022\tTrade name ICE: 20% per annum
\u2022\tCustomer database Taylor Hopkinson: Permanent employee placements 20% per annum, contract employee placements 14.3% per annum.
\u2022\tResidual values are considered to be zero.
Software
Movements during the year:
2025 | 2024 | |
At cost at 1 January | 65,142 | 58,863 |
Accumulated amortisation | -43,687 | -39,125 |
Balance at 1 January | 21,455 | 19,738 |
Changes in carrying amount: | ||
Additions | 9,050 | 7,049 |
Disposals | -4 | -70 |
Amortisation | -4,991 | -5,266 |
Exchange rate | -33 | 4 |
Total changes | 4,022 | 1,717 |
At cost at 31 December | 73,340 | 65,142 |
Accumulated amortisation and impairment | -47,863 | -43,687 |
Balance at 31 December | 25,477 | 21,455 |
Software mainly includes financial and business supporting software acquired. The average remaining amortisation period is three years.
In 2025 a part of the software with an at cost value of EUR 0.7 million (2024: EUR 0.6 million) that was fully amortised has been written off from both the at cost value and the accumulated impairment.
Trade names
Movements during the year:
2025 | 2024 | |
At cost at 1 January | 1,509 | 1,509 |
Accumulated amortisation and impairment | -1,350 | -886 |
Balance at 1 January | 159 | 623 |
Additions | 0 | 0 |
Amortisation | -57 | -464 |
Balance at 31 December | 102 | 159 |
At cost at 31 December | 1,508 | 1,509 |
Accumulated amortisation and impairment | -1,407 | -1,350 |
Balance at 31 December | 101 | 159 |
Customer databases
Movements during the year:
2025 | 2024 | |
At cost at 1 January | 6,426 | 6,426 |
Accumulated amortisation and impairment | -3,195 | -2,130 |
Balance at 1 January | 3,231 | 4,296 |
Changes in carrying amount: | ||
Amortisation | -1,065 | -1,065 |
Balance at 31 December | 2,166 | 3,231 |
At cost at 31 December | 6,426 | 6,426 |
Accumulated amortisation and impairment | -4,260 | -3,195 |
Balance at 31 December | 2,165 | 3,231 |
4.\tProperty, plant and equipment
Movements during the year:
Office equipment | Computer systems | Property | Total | |
At cost at 1 January | 29,565 | 7,725 | 1,814 | 39,104 |
Accumulated depreciation | -21,672 | -5,480 | 0 | -27,152 |
Balance at 1 January 2024 | 7,893 | 2,245 | 1,814 | 11,952 |
Changes in carrying amount: | ||||
Additions | 2,134 | 509 | 0 | 2,643 |
Through business combinations | 122 | 0 | 0 | 122 |
Disposals | -26 | -3 | 0 | -29 |
Depreciation | -1,896 | -930 | 0 | -2,826 |
Exchange rate | -8 | 3 | 0 | -5 |
Total changes 2024 | 326 | -421 | 0 | -95 |
At cost at 31 December | 30,899 | 8,339 | 1,814 | 41,052 |
Accumulated depreciation | -22,680 | -6,515 | 0 | -29,195 |
Balance at 31 December 2024 | 8,219 | 1,824 | 1,814 | 11,857 |
Changes in carrying amount: | ||||
Additions | 1,621 | 507 | 0 | 2,128 |
Disposals | -63 | -4 | -1,814 | -1,881 |
Impairments | -2,204 | 0 | 0 | -2,204 |
Depreciation | -2,712 | -865 | 0 | -3,577 |
Exchange rate | -105 | -4 | 0 | -109 |
Total changes 2025 | -3,463 | -366 | -1,814 | -5,643 |
At cost at 31 December | 24,101 | 9,175 | 0 | 33,276 |
Accumulated depreciation | -19,345 | -7,717 | 0 | -27,062 |
Balance at 31 December 2025 | 4,756 | 1,458 | 0 | 6,214 |
Depreciation rate | 20-40% | 20-40% | 0% | 20-40% |
No leased items are included in property, plant and equipment. Residual values are considered to be zero. The carrying amount equals the estimated fair value of the assets.
In 2025 part of the property, plant and equipment with an at cost value of EUR 8.5 million (2024: EUR 0.3 million) that was fully depreciated has been written off from both the at cost value and the accumulated depreciation.
In 2025 the group ceased operations at a test centre location in Germany, as it was considered no longer economically viable. As a result, an asset impairment loss of EUR 2.2 million was recognised, based on fair value less costs of disposal.
Property includes a building acquired through a business combination in 2022 and that was held for sale. The sale was completed in 2025.
As part of the business combination, a corresponding liability was recorded for the same amount. In accordance to the agreement with the sellers, all gains or losses from the sale of the property, as well as any related expenses, are the responsibility of the sellers. Therefore, the sale did not result in to any proceeds for Brunel.
5.\tLeases
This note provides information for leases where the group is a lessee.
Amounts recognised in the balance sheet
The balance sheet shows the following amounts relating to leases:
Right of use asset | 2025 | 2024 |
Right of use asset - Property | 32,045 | 25,529 |
Right of use asset - Cars | 6,159 | 6,909 |
Right of use asset - Others | 39 | 76 |
Total | 38,243 | 32,514 |
Lease liability | ||
Current | 12,125 | 11,732 |
Non-current | 31,370 | 22,469 |
Total | 43,495 | 34,201 |
Additions to the right-of-use assets during 2025 amount to EUR 14.2 million (2024: EUR 0.6 million), of which EUR 14.2 million (2024: EUR 0.6 million) relates to property and EUR 0.0 million relates to cars and other leases (2024: EUR 0.0 million each). Lease remeasurements, that mainly relate to lease modifications, amount to EUR 7.1 million (2024: EUR 3.5 million), consisting of EUR 5.0 million (2024: EUR 0.4 million) increase in property and EUR 2.1 million (2024: EUR 3.1 million) increase in cars.
During the current financial year, the financial effect of revising lease terms to reflect the effect of exercising extension and termination options has already been reflected in the lease liability for properties as it is reasonably certain that these extension options will be exercised, and termination options will not the exercised. Lease extensions on cars and other office equipment are not expected to have a significant impact, as assets can be easily replaced with little cost to the group. Lease payments for some contracts include inflationary increases, but there are no other variable lease payments that depend on an index or rate.
Amounts recognised in the consolidated profit and loss account
The consolidated profit and loss account shows the following amounts related to leases:
Depreciation and impairment charge of right-of-use asset | 2025 | 2024 |
Property | -12,639 | -9,466 |
Cars | -2,915 | -2,775 |
Other | -31 | -33 |
Total | -15,585 | -12,274 |
Interest expense (included in financial Income & expense) | -1,036 | -846 |
Expense relating to Short-term and low-value leases (included in note 16 - direct employee expenses) | -2,004 | -3,622 |
Expense relating to Short-term and low-value leases (part of other expenses) | -2,530 | -3,111 |
The total cash outflow for leases in 2025 was EUR 18.4 million (2024: EUR 20.9 million), of which EUR 12.9 million (2024: EUR 13.4 million) are principal elements of recognised lease liabilities.
In 2025 the Group closed various office locations in the Netherlands and Germany. Consequently, an impairment loss of EUR 3.1 million was recognised on the related property right of use assets, based on the value in use.
Maturity analysis
The tables below show the group\u2019s lease liabilities and their respective maturity groupings. Tables include the effect of discounting which is not material.
Maturity 2025 | Property | Cars | Others | Total lease liabilities |
Less than 1 year | 9,196 | 2,902 | 28 | 12,126 |
Between 1 and 2 years | 5,491 | 2,392 | 12 | 7,895 |
Between 2 and 3 years | 4,223 | 1,106 | 2 | 5,331 |
Between 3 and 4 years | 3,030 | - | - | 3,030 |
Between 4 and 5 years | 1,984 | - | - | 1,984 |
More than 5 years | 13,129 | - | - | 13,129 |
Total | 37,053 | 6,400 | 42 | 43,495 |
Maturity 2024 | Property | Cars | Others | Total lease liabilities |
Less than 1 year | 8,737 | 2,959 | 36 | 11,732 |
Between 1 and 2 years | 7,099 | 2,263 | 30 | 9,392 |
Between 2 and 3 years | 4,233 | 1,586 | 13 | 5,832 |
Between 3 and 4 years | 3,248 | 259 | - | 3,507 |
Between 4 and 5 years | 1,925 | - | - | 1,925 |
More than 5 years | 1,812 | - | - | 1,812 |
Total | 27,054 | 7,067 | 79 | 34,201 |
15. Commitments and contingencies
The group leases various offices, cars and other office equipment under non-cancellable operating leases expiring within months to 15 years. The leases have varying terms, escalation clauses and renewal rights. On renewal the terms of the leases are renegotiated.
The group has recognised right-of-use assets for the majority of leases, except for short-term and low-value leases. See note 5 for further information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__159-1": { "value": "6.\tFinancial assets at amortised costThe loans receivable from third parties are related to the proceeds on the divestment of Russia in 2022 and existing financing arrangements provided to the disposed entities for the purpose of working capital which are continued under the new ownership. These loans are denominated in Russian Ruble and carry 4% interest rate per annum. The total loan receivable was recognised initially at fair value by discounting cash flows using a market related lending rate of 11.5% and is measured subsequently at amortised cost using the effective interest rate method.
At year-end 2025 the carrying value of the receivable is EUR 4.1 million (2024: EUR 4.0 million), including an expected credit loss allowance of EUR 1.5 million (2024: EUR 1.5 million). The expected credit losses are measured using lifetime expected credit losses based on a significant increase in credit risk. The receivable is classified under stage 2.
During the year an amount of EUR 1.2 million was repaid (2024: EUR 1.8 million). The remainder of the movement reflects the gain on exchange rate movements of EUR 1.2 million (2024: EUR 0.9 million loss)
The measurement of the receivable reflects uncertainties primarily related to international sanctions and restrictions on currency transactions from Russia. These external factors have resulted in certain scheduled repayments being overdue. Management has reflected these uncertainties in the expected credit loss calculation in accordance with IFRS 9. There is no evidence of credit impairment.
8.\tTrade and other receivables\u00a0All receivables have an expected term of less than one year. The carrying amount of these receivables equals the fair value.9. Restricted cash, cash and cash equivalentsThe fair value approximates the carrying value.11. Non-current financial liabilitiesAmounts drawn from the facility are included within loans and borrowings and amount to EUR 62.6 million at year end 2025 (2024: EUR 61.6 million). This consists of a EUR 40 million term loan, with the remainder utilised from the revolving credit facility. All amounts are denominated in Euro. The fair value approximates the carrying amount.12.\tTrade and other payablesThe carrying amount of these liabilities equals the fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__161": { "value": "
7. Investments accounted for using the equity method
Interest in associates
As at 31 December 2025 the group has an investment in
one associate which, in the opinion of the directors, is material to the group. The group has a 49% (2024: 49%) ownership interest in IBR Soluc\u00f5es Limitada, an associate that is incorporated in Angola. The investment is accounted for using the equity method.
The entity listed below has share capital consisting solely of ordinary shares, which are held directly by the group. The country of incorporation or registration is also their principal place of business, and the proportion of ownership interest is the same as the proportion of voting rights held. The associate is fully impaired, no further cash injections will be made, and therefore there is no risk of further losses. The carrying value is nil (2024: nil).
IBR Soluc\u00f5es Limitada is an associate of Brunel International N.V. operating in Angola.
The tables below provide summarised financial information for the associate that is material to the group. The information disclosed reflects the amounts presented in the financial statements of the relevant associate and not Brunel International N.V.\u2019s share of those amounts. They have been amended to reflect adjustments made by the entity when using the equity method, including fair value adjustments and modifications for differences in accounting policy.
2025 | 2024 | |
Current assets | -38 | -43 |
Current liabilities | -4,543 | -4,962 |
Long-term liabilities | -275 | -313 |
Net assets at 31 December | -4,856 | -5,318 |
2025 | 2024 | |
Opening net assets 1 January | -5,318 | -5,209 |
Profit / (loss) for the period | 0 | 0 |
Foreign exchange | 462 | -109 |
Closing net assets at 31 December | -4,856 | -5,318 |
Summarised statement of comprehensive income
2025 | 2024 | |
Revenue | 0 | 0 |
Profit / (loss) for the period | 0 | 0 |
As Brunel\u2019s interest in IBR Soluc\u00f5es Limitada has been impaired and Brunel does not have any further legal or constructive obligations to make payments to or on behalf of IBR Soluc\u00f5es Limitada, additional losses are no longer recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__162": { "value": "7. Investments accounted for using the equity method
Interest in associates
As at 31 December 2025 the group has an investment in
one associate which, in the opinion of the directors, is material to the group. The group has a 49% (2024: 49%) ownership interest in IBR Soluc\u00f5es Limitada, an associate that is incorporated in Angola. The investment is accounted for using the equity method.
The entity listed below has share capital consisting solely of ordinary shares, which are held directly by the group. The country of incorporation or registration is also their principal place of business, and the proportion of ownership interest is the same as the proportion of voting rights held. The associate is fully impaired, no further cash injections will be made, and therefore there is no risk of further losses. The carrying value is nil (2024: nil).
IBR Soluc\u00f5es Limitada is an associate of Brunel International N.V. operating in Angola.
The tables below provide summarised financial information for the associate that is material to the group. The information disclosed reflects the amounts presented in the financial statements of the relevant associate and not Brunel International N.V.\u2019s share of those amounts. They have been amended to reflect adjustments made by the entity when using the equity method, including fair value adjustments and modifications for differences in accounting policy.
2025 | 2024 | |
Current assets | -38 | -43 |
Current liabilities | -4,543 | -4,962 |
Long-term liabilities | -275 | -313 |
Net assets at 31 December | -4,856 | -5,318 |
2025 | 2024 | |
Opening net assets 1 January | -5,318 | -5,209 |
Profit / (loss) for the period | 0 | 0 |
Foreign exchange | 462 | -109 |
Closing net assets at 31 December | -4,856 | -5,318 |
Summarised statement of comprehensive income
2025 | 2024 | |
Revenue | 0 | 0 |
Profit / (loss) for the period | 0 | 0 |
As Brunel\u2019s interest in IBR Soluc\u00f5es Limitada has been impaired and Brunel does not have any further legal or constructive obligations to make payments to or on behalf of IBR Soluc\u00f5es Limitada, additional losses are no longer recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__164-1": { "value": "8.\tTrade and other receivables\u00a0
The trade and other receivables consist of the following:
2025 | 2024 | |
Trade accounts receivable | 271,169 | 287,074 |
Less: allowance for expected credit losses | -6,546 | -2,452 |
Trade accounts receivables, net of expected credit losses | 264,623 | 284,622 |
Prepayments | 6,976 | 7,094 |
Other receivables | 19,375 | 19,678 |
Balance at 31 December | 290,973 | 311,394 |
All receivables have an expected term of less than one year. The carrying amount of these receivables equals the fair value.
The trade accounts receivables are hold-to-collect contractual cash flows and consist of balances that are billed and in the process of being billed to the group\u2019s customers.
The billed and unbilled portions have substantially the same risk characteristics. Performance obligations on the unbilled receivables have been met. As of 31 December 2025, the unbilled portion amounts to EUR 89.9 million (2024: EUR 98.7 million).
The group applies the IFRS 9 simplified approach to measure expected credit losses which uses a lifetime expected loss allowance for all trade receivables. The expected loss rates are based on the payment profiles of sales over a period of 36 month before 1 January 2025 and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables and other known matters.
The group has performed a sensitivity analysis on the credit loss rates, by calculating multiple scenarios, which gave no reason to increase the credit loss rates. Also, compared previous year, there are no material changes in the (relative) amounts in the aging buckets, meaning the aging of the accounts receivables has not significantly changed, where the biggest portion is in the first buckets (82% is not due yet, and 8% is overdue by 1 month). The total days outstanding (TDO) has increased by 3 days (3% increase) compared to previous year. In discussions with the group\u2019s most significant clients, no indications of uncollectibility were received. During the year, the Group recognised a material credit loss related to a single counterparty following its administration. This event was assessed as isolated and non recurring and did not result in changes to the Group\u2019s expected credit loss model, receivables ageing
profile or credit risk assessment of the overall trade receivables portfolio.
The movement in this allowance is as follows:
2025 | 2024 | |
Balance at 1 January | 2,452 | 2,156 |
Fully provided receivables which are written off | -91 | -612 |
Change in allowance recognised in result | 4,400 | 874 |
Exchange rate movements | -215 | 34 |
Balance at 31 December | 6,546 | 2,452 |
Ageing of the trade accounts receivable is as follows:
2025 | 2024 | |
Trade accounts receivable - Not due | 222,375 | 228,217 |
1-30 days - past due | 21,991 | 27,193 |
31-60 days - past due | 9,375 | 9,618 |
61-90 days - past due | 3,006 | 4,868 |
91-120 days - past due | 4,401 | 4,000 |
120+ days - past due | 10,021 | 13,177 |
Balance at 31 December | 271,169 | 287,074 |
The loss allowance as at 31 December 2025 was determined as follows:
Trade accounts receivable | Balance at 31 December | Expected loss rate | Loss allowance |
Trade accounts receivable - Not due | 222,375 | 0.11% | 245 |
1-30 days - past due | 27,193 | 0.10% | 23 |
31-60 days - past due | 9,618 | 1.14% | 107 |
61-90 days - past due | 4,868 | 2.06% | 62 |
91-120 days - past due | 4,000 | 57.26% | 2,520 |
120+ days - past due | 13,177 | 35.82% | 3,590 |
Balance at 31 December | 271,169 | 6,547 |
The loss allowance as at 31 December 2024 was determined as follows:
Trade accounts receivable | Balance at 31 December | Expected loss rate | Loss allowance |
Trade accounts receivable - Not due | 228,217 | 0.07% | 157 |
1-30 days - past due | 27,193 | 0.04% | 11 |
31-60 days - past due | 9,618 | 0.14% | 13 |
61-90 days - past due | 4,868 | 0.18% | 9 |
91-120 days - past due | 4,000 | 0.43% | 17 |
120+ days - past due | 13,177 | 17.04% | 2,246 |
Balance at 31 December | 287,074 | 2,453 |
The specific credit terms granted vary from 14-90 days. These terms are based on the general terms and conditions of Brunel and/or specific agreements with individual customers.
Generally, services are provided to large and financially strong companies. In order to minimise credit risk exposure Brunel intensively monitors the payment behaviour of its
customers based on specific agreements with individual customers and their credit worthiness. Based on historical behaviour of our customers we do not expect any material write-offs and therefore the expected credit loss rates are not highly sensitive.
The current assessment of the counterparty risk of our customers is that we do not expect any material write-offs. This assumption is based on the current payment behaviour of our clients. Additionally, the company is in frequent contact with clients that have amounts outstanding past the due date.
22.\tTrade and other receivables
2025 | 2024 | |
Balance at 1 January | 311,394 | 351,374 |
Acquisition of subsidiaries | 0 | 343 |
Change in allowance for bad debt | -4,400 | -874 |
Change in receivables | 5,048 | -44,752 |
Exchange rate movements | -21,067 | 5,303 |
Balance at 31 December | 290,975 | 311,394 |
The group applies the IFRS 9 simplified approach to measure expected credit losses which uses a lifetime expected loss allowance for all trade receivables. The expected loss rates are based on the payment profiles of sales over a period of 36 month before 1 January 2025 and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables and other known matters.
The group has performed a sensitivity analysis on the credit loss rates, by calculating multiple scenarios, which gave no reason to increase the credit loss rates. Also, compared previous year, there are no material changes in the (relative) amounts in the aging buckets, meaning the aging of the accounts receivables has not significantly changed, where the biggest portion is in the first buckets (82% is not due yet, and 8% is overdue by 1 month). The total days outstanding (TDO) has increased by 3 days (3% increase) compared to previous year. In discussions with the group\u2019s most significant clients, no indications of uncollectibility were received. During the year, the Group recognised a material credit loss related to a single counterparty following its administration. This event was assessed as isolated and non recurring and did not result in changes to the Group\u2019s expected credit loss model, receivables ageing
profile or credit risk assessment of the overall trade receivables portfolio.
The movement in this allowance is as follows:
2025 | 2024 | |
Balance at 1 January | 2,452 | 2,156 |
Fully provided receivables which are written off | -91 | -612 |
Change in allowance recognised in result | 4,400 | 874 |
Exchange rate movements | -215 | 34 |
Balance at 31 December | 6,546 | 2,452 |
Ageing of the trade accounts receivable is as follows:
2025 | 2024 | |
Trade accounts receivable - Not due | 222,375 | 228,217 |
1-30 days - past due | 21,991 | 27,193 |
31-60 days - past due | 9,375 | 9,618 |
61-90 days - past due | 3,006 | 4,868 |
91-120 days - past due | 4,401 | 4,000 |
120+ days - past due | 10,021 | 13,177 |
Balance at 31 December | 271,169 | 287,074 |
The loss allowance as at 31 December 2025 was determined as follows:
Trade accounts receivable | Balance at 31 December | Expected loss rate | Loss allowance |
Trade accounts receivable - Not due | 222,375 | 0.11% | 245 |
1-30 days - past due | 27,193 | 0.10% | 23 |
31-60 days - past due | 9,618 | 1.14% | 107 |
61-90 days - past due | 4,868 | 2.06% | 62 |
91-120 days - past due | 4,000 | 57.26% | 2,520 |
120+ days - past due | 13,177 | 35.82% | 3,590 |
Balance at 31 December | 271,169 | 6,547 |
The loss allowance as at 31 December 2024 was determined as follows:
Trade accounts receivable | Balance at 31 December | Expected loss rate | Loss allowance |
Trade accounts receivable - Not due | 228,217 | 0.07% | 157 |
1-30 days - past due | 27,193 | 0.04% | 11 |
31-60 days - past due | 9,618 | 0.14% | 13 |
61-90 days - past due | 4,868 | 0.18% | 9 |
91-120 days - past due | 4,000 | 0.43% | 17 |
120+ days - past due | 13,177 | 17.04% | 2,246 |
Balance at 31 December | 287,074 | 2,453 |
The specific credit terms granted vary from 14-90 days. These terms are based on the general terms and conditions of Brunel and/or specific agreements with individual customers.
Generally, services are provided to large and financially strong companies. In order to minimise credit risk exposure Brunel intensively monitors the payment behaviour of its
customers based on specific agreements with individual customers and their credit worthiness. Based on historical behaviour of our customers we do not expect any material write-offs and therefore the expected credit loss rates are not highly sensitive.
The current assessment of the counterparty risk of our customers is that we do not expect any material write-offs. This assumption is based on the current payment behaviour of our clients. Additionally, the company is in frequent contact with clients that have amounts outstanding past the due date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__177": { "value": "9. Restricted cash, cash and cash equivalents
Restricted cash, cash and cash equivalents consist of the following:
2025 | 2024 | |
Non-current restricted cash | 627 | 471 |
Current restricted cash | 10,618 | 13,798 |
Cash and cash equivalents | 82,995 | 112,004 |
Balance at 31 December | 94,240 | 126,273 |
The restricted cash relates to fixed term deposits and cash margins provided as security towards bank guarantees, for which the withdrawal of funds is not permitted before the maturity date. It is held with the aim of securing contracts with customers. Due to the operational nature of the transactions related to restricted cash, the group recognises any cash flows from such transactions as operating activities. If maturity of fixed term deposits and cash margins is within 12 months the balance is classified as current, otherwise non-current.
Off the total balance of cash and cash equivalents, EUR 4.2 million (2024: EUR 5.7 million) is not freely disposable on the grounds of issued bank guarantees for office leases and client contracts The fair value approximates the carrying value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__181": { "value": "9. Restricted cash, cash and cash equivalents
Restricted cash, cash and cash equivalents consist of the following:
2025 | 2024 | |
Non-current restricted cash | 627 | 471 |
Current restricted cash | 10,618 | 13,798 |
Cash and cash equivalents | 82,995 | 112,004 |
Balance at 31 December | 94,240 | 126,273 |
The restricted cash relates to fixed term deposits and cash margins provided as security towards bank guarantees, for which the withdrawal of funds is not permitted before the maturity date. It is held with the aim of securing contracts with customers. Due to the operational nature of the transactions related to restricted cash, the group recognises any cash flows from such transactions as operating activities. If maturity of fixed term deposits and cash margins is within 12 months the balance is classified as current, otherwise non-current.
Off the total balance of cash and cash equivalents, EUR 4.2 million (2024: EUR 5.7 million) is not freely disposable on the grounds of issued bank guarantees for office leases and client contracts The fair value approximates the carrying value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__182": { "value": "10. Provisions
Pension obligation | Onerous contracts | Restoration provision | Legal claims | Illness | Total | |
Balance at 1 January 2025 | 1,800 | 210 | 397 | 1,165 | 4,116 | 7,688 |
Additions | 55 | 1,216 | 101 | 39 | 728 | 2,139 |
Withdrawals | -45 | 0 | -31 | 0 | -638 | -714 |
Release | -412 | 0 | 0 | 0 | 0 | -412 |
Balance at 31 December 2025 | 1,398 | 1,426 | 467 | 1,204 | 4,205 | 8,700 |
The restoration provision represents the provision for returning rented real estate objects to the original state at the end of the lease contract. The estimate may vary as a result of the utilisation of the leased premises and sub-lease arrangements where applicable.
The provisions are expected to be settled within five years of the balance sheet date, except for pension obligations, which will mature after five years.
The provision for illness represents the obligation for The provision for illness represents the obligation for continuation of wage payment during extended periods of illness and disability, and contains a portion of EUR 1.1 million that matures within 12 months after balance sheet date.
Aside from the pension provision, as disclosed below, other provisions are not sensitive to changes in underlying
assumptions.
Defined benefit plan Germany
The amounts recognised in the consolidated balance sheet and the movements in the defined benefit obligation over the year are as follows:
Pension obligation Germany | 2025 | 2024 |
Balance at 1 January | 1,530 | 1,602 |
Reclassification | ||
Current service cost | 4 | 6 |
Interest expense | 51 | 59 |
Total amount recognised in profit or loss | 55 | 65 |
Remeasurements: | ||
Result from change in financial assumptions | -167 | 61 |
Experience (result) | -58 | -153 |
Total amount recognised in other comprehensive income | -225 | -92 |
Payments from plan: | ||
Benefit payments | -46 | -45 |
Balance at 31 December | 1,314 | 1,530 |
The group operates a defined benefit pension plan in Germany (Brunel Car Synergies) under regulatory frameworks. The defined benefit pension plan is managed jointly by Brunel and Bochumer Verband. This plan is a final salary pension plan, which provides benefits to members in the form of a guaranteed level of pension payable for life. The level of benefits provided depends on members\u2019 length of service and their salary in the final years leading up to retirement. In the plans, pension payments are generally updated in line with the retail price index. This is an unfunded plan and no plan assets are applicable. The main risks in relation to this plan relate to the key variables in the actuarial calculations (i.e. changes in bonds yields, inflation risks and life expectancy).
Significant actuarial assumptions for the pension plan are:
Assumptions | 2025 | 2024 |
Discount rate | 4.31% | 3.42% |
The sensitivity of the defined benefit obligation to changes in the principal assumption is:
Impact on defined benefit obligation | 2025 | 2024 |
Discount rate -0.5% | +7% | +3% |
Discount rate +0.5% | -6% | -11% |
Defined benefit plan Belgium
The group operates a pension plan in Belgium (Brunel Belgium N.V.) under regulatory frameworks. This is a plan with, according to local regulations, a guaranteed minimum return for plan participants, due to which Brunel is accounting for it as if it were a defined benefit plan. The net liability is EUR 0.0 million (2024: EUR 0.1 million).
Defined benefit plan Indonesia
The group operates a defined benefit plan in Indonesia (PT Brunel Services Indonesia) under regulatory frameworks. This is a plan with, according to local regulations, a guaranteed minimum return for plan participants, due to which Brunel is accounting for it as if it were a defined benefit plan. The net liability is EUR 0.1 million (2024: EUR 0.1 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__187": { "value": "10. Provisions
Pension obligation | Onerous contracts | Restoration provision | Legal claims | Illness | Total | |
Balance at 1 January 2025 | 1,800 | 210 | 397 | 1,165 | 4,116 | 7,688 |
Additions | 55 | 1,216 | 101 | 39 | 728 | 2,139 |
Withdrawals | -45 | 0 | -31 | 0 | -638 | -714 |
Release | -412 | 0 | 0 | 0 | 0 | -412 |
Balance at 31 December 2025 | 1,398 | 1,426 | 467 | 1,204 | 4,205 | 8,700 |
The restoration provision represents the provision for returning rented real estate objects to the original state at the end of the lease contract. The estimate may vary as a result of the utilisation of the leased premises and sub-lease arrangements where applicable.
The provisions are expected to be settled within five years of the balance sheet date, except for pension obligations, which will mature after five years.
The provision for illness represents the obligation for The provision for illness represents the obligation for continuation of wage payment during extended periods of illness and disability, and contains a portion of EUR 1.1 million that matures within 12 months after balance sheet date.
Aside from the pension provision, as disclosed below, other provisions are not sensitive to changes in underlying
assumptions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__190-1": { "value": "10. Provisions
Pension obligation | Onerous contracts | Restoration provision | Legal claims | Illness | Total | |
Balance at 1 January 2025 | 1,800 | 210 | 397 | 1,165 | 4,116 | 7,688 |
Additions | 55 | 1,216 | 101 | 39 | 728 | 2,139 |
Withdrawals | -45 | 0 | -31 | 0 | -638 | -714 |
Release | -412 | 0 | 0 | 0 | 0 | -412 |
Balance at 31 December 2025 | 1,398 | 1,426 | 467 | 1,204 | 4,205 | 8,700 |
Defined benefit plan Germany
The amounts recognised in the consolidated balance sheet and the movements in the defined benefit obligation over the year are as follows:
Pension obligation Germany | 2025 | 2024 |
Balance at 1 January | 1,530 | 1,602 |
Reclassification | ||
Current service cost | 4 | 6 |
Interest expense | 51 | 59 |
Total amount recognised in profit or loss | 55 | 65 |
Remeasurements: | ||
Result from change in financial assumptions | -167 | 61 |
Experience (result) | -58 | -153 |
Total amount recognised in other comprehensive income | -225 | -92 |
Payments from plan: | ||
Benefit payments | -46 | -45 |
Balance at 31 December | 1,314 | 1,530 |
The group operates a defined benefit pension plan in Germany (Brunel Car Synergies) under regulatory frameworks. The defined benefit pension plan is managed jointly by Brunel and Bochumer Verband. This plan is a final salary pension plan, which provides benefits to members in the form of a guaranteed level of pension payable for life. The level of benefits provided depends on members\u2019 length of service and their salary in the final years leading up to retirement. In the plans, pension payments are generally updated in line with the retail price index. This is an unfunded plan and no plan assets are applicable. The main risks in relation to this plan relate to the key variables in the actuarial calculations (i.e. changes in bonds yields, inflation risks and life expectancy).
Significant actuarial assumptions for the pension plan are:
Assumptions | 2025 | 2024 |
Discount rate | 4.31% | 3.42% |
The sensitivity of the defined benefit obligation to changes in the principal assumption is:
Impact on defined benefit obligation | 2025 | 2024 |
Discount rate -0.5% | +7% | +3% |
Discount rate +0.5% | -6% | -11% |
Defined benefit plan Belgium
The group operates a pension plan in Belgium (Brunel Belgium N.V.) under regulatory frameworks. This is a plan with, according to local regulations, a guaranteed minimum return for plan participants, due to which Brunel is accounting for it as if it were a defined benefit plan. The net liability is EUR 0.0 million (2024: EUR 0.1 million).
Defined benefit plan Indonesia
The group operates a defined benefit plan in Indonesia (PT Brunel Services Indonesia) under regulatory frameworks. This is a plan with, according to local regulations, a guaranteed minimum return for plan participants, due to which Brunel is accounting for it as if it were a defined benefit plan. The net liability is EUR 0.1 million (2024: EUR 0.1 million).
16.\tDirect and indirect personnel expenses
The direct and indirect personnel expenses consist of the following amounts:
2025 | 2024 | |||
Direct | Indirect | Direct | Indirect | |
Salaries | 747,190 | 75,052 | 809,347 | 84,631 |
Social charges | 43,141 | 11,216 | 46,162 | 12,035 |
Pension charges | 24,741 | 3,008 | 29,250 | 3,210 |
Other | 184,470 | 34,181 | 216,915 | 39,094 |
Total | 999,542 | 123,457 | 1,101,674 | 138,970 |
The pension schemes in the group can all be classified as defined contribution, except for defined benefit plans in Germany, Belgium and Indonesia (refer to note 10). The other direct personnel expenses include visa, logistic and other services provided to direct employees. These
expenses are typically reimbursed by our customers. The
other direct personnel expenses include EUR 2.0 million (2024: EUR 3.6 million) in short-term or low-value leases.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__193-1": { "value": "11. Non-current financial liabilities
The non-current financial liabilities consist of the following:
2025 | 2024 | |
Put-option liabilities | 1,025 | 4,459 |
Deferred consideration (1) | 0 | 1,215 |
Other non-current financial liabilities | 1,025 | 5,674 |
Loans and borrowings | 62,598 | 61,593 |
Balance at 31 December | 63,623 | 67,267 |
Loans and borrowings
The movement of loans and borrowings is as follows:
2025 | 2024 | |
Balance at 1 January | 61,593 | 78,590 |
Proceeds from drawing | 785 | 40,000 |
Repayments | 0 | -56,617 |
Other movements | 220 | -380 |
Balance at 31 December | 62,598 | 61,593 |
As at 31 December 2025, the group has a credit facility that includes:
\u2022\tA revolving credit facility of EUR 100 million (2024: EUR 100 million), with an additional optional layer of EUR 40 million
\u2022\tA term loan facility of EUR 40 million (2024: EUR 40 million)
Both facilities are single currency, syndicated and bilaterally committed. The maturity date for both facilities is July 2029.
The facility agreement contains a financial covenant with respect to the net debt to EBITDA ratio (leverage ratio). The leverage ratio has a limit of 275% and is calculated based on the results of the Group on a 12-month basis every quarter end. During the year Brunel has complied with the financial covenants, and there are no indications that Brunel may have difficulty complying with the covenants in the upcoming 12-month period after reporting date.
The interest rate is variable and based on EURIBOR plus margin, where margin is based on the leverage ratio.
Amounts drawn from the facility are included within loans and borrowings and amount to EUR 62.6 million at year end 2025 (2024: EUR 61.6 million). This consists of a EUR 40 million term loan, with the remainder utilised from the revolving credit facility. All amounts are denominated in Euro. The fair value approximates the carrying amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__208-1": { "value": "12.\tTrade and other payables
The trade and other payables consist of the following:
2025 | 2024 | |
Trade payables | 26,871 | 26,874 |
Taxes and social security charges | 31,725 | 33,414 |
Pensions | 2,121 | 1,474 |
Accrued employee expenses | 51,177 | 57,556 |
Current portion of put-option liabilities (11) | 7,270 | 2,832 |
Current portion of deferred consideration (11) | 982 | 873 |
Accrued expenses | 8,624 | 7,100 |
Other liabilities | 6,569 | 7,150 |
Balance at 31 December | 135,339 | 137,273 |
Trade and other payables have an expected term of less than one year. The majority of trade payables and taxes and social security charges are due within a range of 1\u201345 days.
The majority of the other liabilities and accrued employee expenses are due within a range of 1\u2013180 days.
During the year 2025 a deferred consideration of EUR 0.5 million (2024: EUR 1.1 million) was paid relating to the acquisitions of Advance Careers, Equals and ICE in prior years. The payments are included in the cash flow statement under investing activities.
The carrying amount of these liabilities equals the fair value.
Current portion of put option liabilities
The current portion of the put option liabilities relate to the acquisitions of Taylor Hopkinson and ICE (refer to note 11).
The movements are as follows:
Taylor Hopkinson:
2025 | 2024 | |
Balance at 1 January | 2,832 | 8,334 |
Inflow from non-current portion (11) | 0 | 4,858 |
Post-combination benefits | 236 | -310 |
Payments (11) | -3.068 | -10,050 |
Balance at 31 December | 0 | 2,832 |
All options associated with Taylor Hopkinson were fully settled during 2025.
Out of the total EUR 3.1 million (2024: 10.1 million) paid for the exercise of the options, EUR 1.1 million (2024: EUR 3.5 million) relates to post-combination benefits and is therefore included as cash flow generated from operating activities.
ICE
2025 | 2024 | |
Balance at 1 January | 0 | 0 |
Inflow from non-current portion (11) | 7,270 | 0 |
Balance at 31 December | 7,270 | 0 |
The remaining liability relating to ICE is expected to be paid
in 2026.
23.\tTrade and other payables
2025 | 2024 | |
Balance at 1 January | 137,273 | 150,098 |
Acquisition of subsidiaries | 0 | 535 |
Change in trade and other payables | 2,056 | -9,851 |
Inflow from non-current portion (12) | 7,506 | 4,548 |
Settlement of put option liabilities | -3,068 | -6,573 |
Payment of deferred consideration | -481 | -1,092 |
Settlement of property-related liabilities (4) | -1,814 | 0 |
Exchange rate movements | -6,133 | -392 |
Balance at 31 December | 135,339 | 137,273 |
12.\tTrade and other payables
The trade and other payables consist of the following:
2025 | 2024 | |
Trade payables | 26,871 | 26,874 |
Taxes and social security charges | 31,725 | 33,414 |
Pensions | 2,121 | 1,474 |
Accrued employee expenses | 51,177 | 57,556 |
Current portion of put-option liabilities (11) | 7,270 | 2,832 |
Current portion of deferred consideration (11) | 982 | 873 |
Accrued expenses | 8,624 | 7,100 |
Other liabilities | 6,569 | 7,150 |
Balance at 31 December | 135,339 | 137,273 |
Trade and other payables have an expected term of less than one year. The majority of trade payables and taxes and social security charges are due within a range of 1\u201345 days.
The majority of the other liabilities and accrued employee expenses are due within a range of 1\u2013180 days.
During the year 2025 a deferred consideration of EUR 0.5 million (2024: EUR 1.1 million) was paid relating to the acquisitions of Advance Careers, Equals and ICE in prior years. The payments are included in the cash flow statement under investing activities.
The carrying amount of these liabilities equals the fair value.
Current portion of put option liabilities
The current portion of the put option liabilities relate to the acquisitions of Taylor Hopkinson and ICE (refer to note 11).
The movements are as follows:
Taylor Hopkinson:
2025 | 2024 | |
Balance at 1 January | 2,832 | 8,334 |
Inflow from non-current portion (11) | 0 | 4,858 |
Post-combination benefits | 236 | -310 |
Payments (11) | -3.068 | -10,050 |
Balance at 31 December | 0 | 2,832 |
All options associated with Taylor Hopkinson were fully settled during 2025.
Out of the total EUR 3.1 million (2024: 10.1 million) paid for the exercise of the options, EUR 1.1 million (2024: EUR 3.5 million) relates to post-combination benefits and is therefore included as cash flow generated from operating activities.
ICE
2025 | 2024 | |
Balance at 1 January | 0 | 0 |
Inflow from non-current portion (11) | 7,270 | 0 |
Balance at 31 December | 7,270 | 0 |
The remaining liability relating to ICE is expected to be paid
in 2026.
23.\tTrade and other payables
2025 | 2024 | |
Balance at 1 January | 137,273 | 150,098 |
Acquisition of subsidiaries | 0 | 535 |
Change in trade and other payables | 2,056 | -9,851 |
Inflow from non-current portion (12) | 7,506 | 4,548 |
Settlement of put option liabilities | -3,068 | -6,573 |
Payment of deferred consideration | -481 | -1,092 |
Settlement of property-related liabilities (4) | -1,814 | 0 |
Exchange rate movements | -6,133 | -392 |
Balance at 31 December | 135,339 | 137,273 |
13. Group Equity
The authorised capital is EUR\u00a05,998,000 divided into one priority share with a nominal value of EUR\u00a010,000 and 199.6 million ordinary shares with a nominal value of EUR\u00a00.03. The subscribed capital consists of 50,453,752 ordinary shares (2024: 50,453,752) with a value of EUR 1,513,613 (2024: EUR\u00a01,513,613).
All ordinary shares are fully paid.
The movement in the number of issued shares is:
2025 | 2024 | |
Issued at 1 January | 50,453,752 | 50,400,988 |
Share redemptions | 0 | -8,879 |
Share based payments vested | 0 | 61,643 |
Issued at 31 December | 50,453,752 | 50,453,752 |
Except for the translation reserve, all reserves are freely distributable. In the year under review a cash dividend of EUR 0.55 per share was paid. The proposed dividend for 2025 will be EUR 17.7 million, consisting of EUR 0.06 dividend per share and an additional super dividend of EUR 0.29 per share. Further information is provided in the consolidated statement of changes in equity on page 101 of this report.
The priority share, which has a par value of EUR 10,000, has been issued to Stichting Prioriteit Brunel, subject to the condition precedent that the majority shareholder loses its majority share in Brunel International\u2019s share capital. The priority share will be fully paid up as soon as the issue becomes unconditional. The priority share acts as protection for the majority shareholder. The priority share is intended to ensure that the company can achieve its objectives in compliance with the company\u2019s values and culture. The priority share entitles the holder, among other things, to make proposals to designate another body as authorised to issue shares or to limit or exclude the pre-emptive rights and to approve decisions of the Board of Directors to acquire fully paid-up shares by the company. Resolutions to amend the Articles of Association and dissolve the Company require the prior approval of the priority shareholder. The Board of Directors, with the approval of the priority shareholder, determines the portion of profits to be reserved. Where appropriate, it is up to the priority shareholder to determine whether an interim dividend will be paid. For as long as the priority share has not yet been issued to a third party, all the rights attached to the priority share are exercised by the General Meeting, unless the context otherwise requires or otherwise provided for in the Articles of Association which can be consulted on the company\u2019s website.
Treasury shares
In 2021 the company acquired 173,636 of its own shares through purchases on Euronext Amsterdam stock exchange. The total amount paid to acquire the shares was EUR 2.0 million and has been deducted from shareholders\u2019 equity. The shares are held as treasury shares. The company reissues these shares to senior management under the performance share plan if the conditions are met (refer to note 14).
The movement in the number of treasury shares is as follows:
2025 | 2024 | |
Treasury shares at 1 January | 120,872 | 173,636 |
Issued under Long Term Incentive Plan (13) | 0 | -61,643 |
Share redemption | 0 | 8,879 |
Treasury shares at 31 December | 120,872 | 120,872 |
13. Group Equity
The authorised capital is EUR\u00a05,998,000 divided into one priority share with a nominal value of EUR\u00a010,000 and 199.6 million ordinary shares with a nominal value of EUR\u00a00.03. The subscribed capital consists of 50,453,752 ordinary shares (2024: 50,453,752) with a value of EUR 1,513,613 (2024: EUR\u00a01,513,613).
All ordinary shares are fully paid.
The movement in the number of issued shares is:
2025 | 2024 | |
Issued at 1 January | 50,453,752 | 50,400,988 |
Share redemptions | 0 | -8,879 |
Share based payments vested | 0 | 61,643 |
Issued at 31 December | 50,453,752 | 50,453,752 |
The priority share, which has a par value of EUR 10,000, has been issued to Stichting Prioriteit Brunel, subject to the condition precedent that the majority shareholder loses its majority share in Brunel International\u2019s share capital. The priority share will be fully paid up as soon as the issue becomes unconditional. The priority share acts as protection for the majority shareholder. The priority share is intended to ensure that the company can achieve its objectives in compliance with the company\u2019s values and culture. The priority share entitles the holder, among other things, to make proposals to designate another body as authorised to issue shares or to limit or exclude the pre-emptive rights and to approve decisions of the Board of Directors to acquire fully paid-up shares by the company. Resolutions to amend the Articles of Association and dissolve the Company require the prior approval of the priority shareholder. The Board of Directors, with the approval of the priority shareholder, determines the portion of profits to be reserved. Where appropriate, it is up to the priority shareholder to determine whether an interim dividend will be paid. For as long as the priority share has not yet been issued to a third party, all the rights attached to the priority share are exercised by the General Meeting, unless the context otherwise requires or otherwise provided for in the Articles of Association which can be consulted on the company\u2019s website.
Treasury shares
In 2021 the company acquired 173,636 of its own shares through purchases on Euronext Amsterdam stock exchange. The total amount paid to acquire the shares was EUR 2.0 million and has been deducted from shareholders\u2019 equity. The shares are held as treasury shares. The company reissues these shares to senior management under the performance share plan if the conditions are met (refer to note 14).
The movement in the number of treasury shares is as follows:
2025 | 2024 | |
Treasury shares at 1 January | 120,872 | 173,636 |
Issued under Long Term Incentive Plan (13) | 0 | -61,643 |
Share redemption | 0 | 8,879 |
Treasury shares at 31 December | 120,872 | 120,872 |
Treasury shares
In 2021 the company acquired 173,636 of its own shares through purchases on Euronext Amsterdam stock exchange. The total amount paid to acquire the shares was EUR 2.0 million and has been deducted from shareholders\u2019 equity. The shares are held as treasury shares. The company reissues these shares to senior management under the performance share plan if the conditions are met (refer to note 14).
The movement in the number of treasury shares is as follows:
2025 | 2024 | |
Treasury shares at 1 January | 120,872 | 173,636 |
Issued under Long Term Incentive Plan (13) | 0 | -61,643 |
Share redemption | 0 | 8,879 |
Treasury shares at 31 December | 120,872 | 120,872 |
14. Share-based payment arrangements
In EUR | 2025 | 2024 |
Share appreciation rights - Benefit/(costs) recognised | 1,025,539 | 1,006,487 |
Share based payments related to the long-term incentive plan - Benefit/(costs) recognised | -180,089 | -76,105 |
Total benefit/(costs)arising from share-based payments | 845,450 | 930,382 |
Share-appreciation rights
The measurement date fair value of the SAR\u2019s is determined based on the Black-Scholes option valuation model. In this model the expected volatility is based on historical volatility
for the corresponding periods of the Company shares (15.5% - 23.8%), the expected dividend yield is based on the dividend policy and set at 4.0%, the expected remaining years (0.2 \u2013 4.2 years) and a risk free interest in the range of 1.98% and 2.23%. The risk free interest is based on the yield of AAA rated EU government bonds with a maturity commensurate to the expected life of the respective award.
In EUR | 2025 | 2024 |
Weighted average fair value of SAR\u2019s granted during the period | 0.38 | 0.83 |
Benefit/(costs) recognised | 1,025,539 | 1,006,487 |
Total liability | 157,353 | 1,520,152 |
Intrinsic value of the liability | - | - |
2025 | 2024 | |||
Number of SAR\u2019s | Weighted average exercise price (EUR) | Number of SAR\u2019s | Weighted average exercise price (EUR) | |
SAR\u2019s as at 1 January | 2,821,250 | 10,84 | 3,519,850 | 11.14 |
SAR\u2019s granted | 863,000 | 10.58 | 925,900 | 10.54 |
SAR\u2019s forfeited | -321,700 | 11.00 | -769,000 | 11.34 |
SAR\u2019s expired | -5,500 | 9.04 | -524,500 | 12.78 |
SAR\u2019s exercised | -291,000 | 8.91 | -331,000 | 8.95 |
SAR\u2019s as at 31 December | 3,066,050 | 10.94 | 2,821,250 | 10.84 |
SAR\u2019s exercisable as at 31 December | 802,350 | 11.06 | 559,750 | 9.00 |
The costs recognised in the consolidated profit and loss account amount is based on portion of time passed by the end of the year and fair value at year end. Costs are spread over the period in which employees provide services. The plan is equity-settled.
Share based payments related to long-term incentive plan
Long-term incentive plan 2021
In June 2021, Brunel announced its intention to repurchase 173,636 ordinary shares in order to meet the obligations under the planned performance share plan for senior management (excluding board of Directors). The performance share plan is conditional to targets for financial year 2023. Shares have vested in the beginning of 2024 with a lock-up period of two years.
The fair value of the rights at grant date of EUR 10.41 per share was estimated using the Black-Scholes option valuation model.
The model inputs for share awards granted during the year
ended 31 December 2021 included:
\u2022\tGrant date: 1 July 2021
\u2022\tVesting date: 28 February 2024
\u2022\tShare price at grant date: EUR 10.94
\u2022\tExpected price volatility: 35.13%
\u2022\tExpected dividend yield: 2%
\u2022\tRisk free rate: 2.492%
LTIP 2021 | 2025 | 2024 |
As at 1 January | 0 | 61,643 |
Granted during the year | 0 | 0 |
Vested during the year | 0 | -61,643 |
Forfeited during the year | 0 | 0 |
As at 31 December | 0 | 0 |
Weighted average remaining contractual life of the deferred shares outstanding at the end of period: | - | - |
Benefit/(costs) recognised in EUR | - | -71,804 |
Long-term incentive plan 2024
In June and November 2024 , Brunel granted in total 62,402 ordinary shares in order to meet the obligations under the planned performance share plan for CFO (June 22,455 shares) and the executive leadership team (November 39,947 shares). The performance share plan is conditional to Brunel\u2019s Total Shareholder Return (\u201cTRS\u201d) compared to Amsterdam Small Cap Index (\u201cAScX\u201d) and achieving an increase in female representation in Global Leadership Team (\u201cGLT\u201d), achieving a target of customer net promoter score and achieving a reduction in CO2-emission scope 1 and 2. The Holding Period is for 2 years. . The plan is equity-settled.
The plan participants did not receive any dividends and were not entitled to vote in relation to the deferred shares during the vesting period.
The fair value of the rights at grant date of EUR 1.68 \u2013 2.03 per share was estimated using the Monte Carlo option valuation model.
The model inputs for share awards granted during the year ended 31 December 2024 included:
\u2022\tGrant date: 12 June 2024 - 1 November 2024
\u2022\tVesting date: 28 February 2027
\u2022\tShare price at grant date: EUR 11.10 - 8.80
\u2022\tExpected price volatility: 42.15%
\u2022\tExpected dividend yield: 6.06%
\u2022\tRisk free rate: 2.41%
LTIP 2024 | 2025 | 2024 |
As at 1 January | 62,402 | 0 |
Granted during the year | 0 | 62,402 |
Vested during the year | 0 | 0 |
Forfeited during the year | -3,924 | 0 |
As at 31 December | 58,478 | 62,402 |
Weighted average remaining contractual life of the deferred shares outstanding at the end of period: | - | 2.00 |
Benefit/(costs) recognised in EUR | -27,402 | -4,301 |
Long-term incentive plan 2025
In September 2025, Brunel granted in total 85,307 ordinary shares in order to meet the obligations under the planned performance share plan for the CEO (51,822 shares) and the CFO (33,485 shares). The performance share plan is conditional to Brunel\u2019s Total Shareholder Return (\u201cTRS\u201d) compared to Amsterdam Small Cap Index (\u201cAScX\u201d) and defining at least one new area or business opportunity and achieving a target of customer net promoter score.
The plan participants did not receive any dividends and were not entitled to vote in relation to the deferred shares during the vesting period. The plan is equity-settled.
The fair value of the rights at grant date of EUR 3.84 per share was estimated using the Monte Carlo option valuation model.
The model inputs for share awards granted during the year ended 31 December 2025 included:
\u2022\tGrant date: 30 September 2025
\u2022\tVesting date: 1 January 2028
\u2022\tShare price at grant date: EUR 8.14
\u2022\tExpected price volatility: 25.00%
\u2022\tExpected dividend yield: 6.85%
\u2022\tRisk free rate: 2.20%
LTIP | 2025 |
As at 1 January | 0 |
Granted during the year | 85,307 |
Vested during the year | 0 |
Forfeited during the year | 0 |
As at 31 December | 85,307 |
Weighted average remaining contractual life of the deferred shares outstanding at the end of period: | 2.00 |
Benefit/(costs) recognised | -74,562 |
Conditional award of Shares CFO.
Upon appointment as CFO of the company on the 1st of April 2025, Brunel agreed to grant the CFO a conditional award of shares in Brunel International N.V. worth of EUR 250.000. The award becomes unconditional after two years, provided that the director is employed by the company under the terms of the contract of assignment. The number of conditionally awarded shares are determined based on the closing price of Brunel International N.V. shares on May 19, 2025. This is an equity settled plan.
\u2022\tGrant date: 15 May 2025
\u2022\tVesting date: 14 May 2027
\u2022\tTotal quantity of shares : 28,345
\u2022\tFair value at grant date : EUR 8.82
\u2022\tCosts recognised in 2025: EUR 78,125
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__227": { "value": "15. Commitments and contingencies
The group leases various offices, cars and other office equipment under non-cancellable operating leases expiring within months to 15 years. The leases have varying terms, escalation clauses and renewal rights. On renewal the terms of the leases are renegotiated.
The group has recognised right-of-use assets for the majority of leases, except for short-term and low-value leases. See note 5 for further information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__229": { "value": "15. Commitments and contingencies
The group leases various offices, cars and other office equipment under non-cancellable operating leases expiring within months to 15 years. The leases have varying terms, escalation clauses and renewal rights. On renewal the terms of the leases are renegotiated.
The group has recognised right-of-use assets for the majority of leases, except for short-term and low-value leases. See note 5 for further information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__230": { "value": "Events after balance sheet date
No material events have occurred post-reporting date that warrant disclosure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__232-1": { "value": "16.\tDirect and indirect personnel expenses
The direct and indirect personnel expenses consist of the following amounts:
2025 | 2024 | |||
Direct | Indirect | Direct | Indirect | |
Salaries | 747,190 | 75,052 | 809,347 | 84,631 |
Social charges | 43,141 | 11,216 | 46,162 | 12,035 |
Pension charges | 24,741 | 3,008 | 29,250 | 3,210 |
Other | 184,470 | 34,181 | 216,915 | 39,094 |
Total | 999,542 | 123,457 | 1,101,674 | 138,970 |
The pension schemes in the group can all be classified as defined contribution, except for defined benefit plans in Germany, Belgium and Indonesia (refer to note 10). The other direct personnel expenses include visa, logistic and other services provided to direct employees. These
expenses are typically reimbursed by our customers. The
other direct personnel expenses include EUR 2.0 million (2024: EUR 3.6 million) in short-term or low-value leases.
17.\tDepreciation, amortisation and impairments
The costs for depreciation, amortisation and impairment in the consolidated profit and loss account consist of the following:
2025 | 2024 | |
Other intangible assets (4) | 6,114 | 6,796 |
Property, plant and equipment (5) | 5,780 | 2,826 |
Right-of-use assets (6) | 15,585 | 12,275 |
Total | 27,479 | 21,897 |
18.\tOther expenses
The 2025 other expenses amount to EUR 50.0 million (2024: EUR 50.1 million). The other expenses comprise marketing expenses, IT expenses, office and other overhead costs.
Service fees paid to external auditor
The service fees paid to external auditor consist of the following:
EY Accountants B.V. | Member firms / affiliates | Total 2025 | EY Accountants B.V. | Member firms / affiliates | Total 2024 | |
Audit of the financial statements | 795 | 626 | 1,421 | 877 | 607 | 1,484 |
Sustainability assurance | 345 | - | 345 | 482 | - | 482 |
Non-audit services | - | 148 | 148 | - | 126 | 126 |
Total | 1,140 | 774 | 1,914 | 1,359 | 733 | 2,092 |
2025 amounts yet to be updated after alignment with EY
The fees listed above relate to the procedures applied to the Company and its consolidated group entities by EY Accountants B.V. as the external independent auditor as referred to in Section 1, subsection 1 of the Audit Firms Supervision Act (\u2018Wet toezicht accountantsorganisaties - Wta\u2019) as well as by member firms and affiliates of EY their tax services and advisory groups.
The audit fees relate to the audit of the 2025 financial statements, regardless of whether the work was performed during the financial year.
Our independent auditor, EY, has rendered, for the period to which our statutory audit relates, in addition to the audit of the statutory financial statements the following services to the company and its controlled entities:
\u2022\tNon-audit services, consisting of tax compliance services.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__234-1": { "value": "Remuneration of directors
The directors\u2019 remunerations charged to the results in 2025 (2024) are set out below:
Short-term employee benefits | ||||||
Salary | Bonus | Other | Pension | Share based payments | Total | |
Board of Directors: | ||||||
P.A. de Laat, CEO (until 30 September 2024, CFO) | 650 (484) | 178 (92) | 36 (36) | 13 (13) | -63 (-59) | 814 (566) |
T. van Doremalen, CFO (as from 1 April 2025) | 367 (-) | 179 (-) | 27 (-) | 11 (-) | 92 (-) | 676 (-) |
J.T. Andringa, CEO (until 31 October 2024) | - (520) | - (-) | - (30) | - (14) | - (-184) | - (380) |
A.G. Maude, COO (until 16 May 2024) | - (169) | - (-) | - (62) | - (7) | - (-39) | - (199) |
Supervisory Board: | ||||||
F. van der Vloed | 70 (70) | - | - | - | 70 (70) | |
J.J.B.M. Spee (until 16 May 2024) | - (21) | - | - | - | - (21) | |
K. Koelemeijer | 60 (60) | - | - | - | 60 (60) | |
M. Kleinsman (from 16 May 2024 | 55 (34) | 55 (34) | ||||
A. Kuiper (from 1 December 2024) | 60 (5) | 60 (5) | ||||
1,262 (1,363) | 357 (92) | 63 (128) | 24 (34) | 29 (-282) | 1,735 (1,335) |
\u2022\tMr. De Laat has 25,000 shares in the company, in addition to 185,000 SAR\u2019s and 74,277 performance award shares.
\u2022\tMr. T. van Doremalen has 28,345 shares in the company, in addition to 33,485 performance award shares and 28,345 conditional award shares.
\u2022\tThe members of the Supervisory Board hold neither shares nor share options in the company.
\u2022\tNo loans and/or guarantees have been issued to members of the Board of Directors or Supervisory Board.
SAR rights of directors
Year granted | 2021 | 2022 | 2023 | 2024 | 2025 | Total |
P.A. de Laat, CEO | 40,000 | 50,000 | 95,000 | - | - | 185,000 |
T. van Doremalen, CFO | - | - | - | - | - | - |
Range of exercise prices in EUR | 9.08 | 11.92 | 11.58 | - | - | - |
17.\tDepreciation, amortisation and impairments
The costs for depreciation, amortisation and impairment in the consolidated profit and loss account consist of the following:
2025 | 2024 | |
Other intangible assets (4) | 6,114 | 6,796 |
Property, plant and equipment (5) | 5,780 | 2,826 |
Right-of-use assets (6) | 15,585 | 12,275 |
Total | 27,479 | 21,897 |
18.\tOther expenses
The 2025 other expenses amount to EUR 50.0 million (2024: EUR 50.1 million). The other expenses comprise marketing expenses, IT expenses, office and other overhead costs.
24.\tOther non-cash expenses
The other non-cash expenses consist of the following elements:
2025 | 2024 | |
Change in allowance for expected credit losses (8) | 4,400 | 874 |
Post combination benefits expense (11) (12) | 5,661 | 1,740 |
Change in present value of expected cash flows put-option liabilities (11) | -1,589 | 0 |
Other | -507 | -1,170 |
Balance at 31 December | 7,965 | 1,444 |
18.\tOther expenses
The 2025 other expenses amount to EUR 50.0 million (2024: EUR 50.1 million). The other expenses comprise marketing expenses, IT expenses, office and other overhead costs.
24.\tOther non-cash expenses
The other non-cash expenses consist of the following elements:
2025 | 2024 | |
Change in allowance for expected credit losses (8) | 4,400 | 874 |
Post combination benefits expense (11) (12) | 5,661 | 1,740 |
Change in present value of expected cash flows put-option liabilities (11) | -1,589 | 0 |
Other | -507 | -1,170 |
Balance at 31 December | 7,965 | 1,444 |
Service fees paid to external auditor
The service fees paid to external auditor consist of the following:
EY Accountants B.V. | Member firms / affiliates | Total 2025 | EY Accountants B.V. | Member firms / affiliates | Total 2024 | |
Audit of the financial statements | 795 | 626 | 1,421 | 877 | 607 | 1,484 |
Sustainability assurance | 345 | - | 345 | 482 | - | 482 |
Non-audit services | - | 148 | 148 | - | 126 | 126 |
Total | 1,140 | 774 | 1,914 | 1,359 | 733 | 2,092 |
2025 amounts yet to be updated after alignment with EY
The fees listed above relate to the procedures applied to the Company and its consolidated group entities by EY Accountants B.V. as the external independent auditor as referred to in Section 1, subsection 1 of the Audit Firms Supervision Act (\u2018Wet toezicht accountantsorganisaties - Wta\u2019) as well as by member firms and affiliates of EY their tax services and advisory groups.
The audit fees relate to the audit of the 2025 financial statements, regardless of whether the work was performed during the financial year.
Our independent auditor, EY, has rendered, for the period to which our statutory audit relates, in addition to the audit of the statutory financial statements the following services to the company and its controlled entities:
\u2022\tNon-audit services, consisting of tax compliance services.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__242": { "value": "19.\tFinancial income & expense
2025 | 2024 | |||
Exchange differences non-operational debtors and creditors | -2,433 | -1,361 | ||
Exchange differences financial fixed assets | 1,259 | -905 | ||
Exchange differences cash and cash equivalents | -69 | -786 | ||
Exchange differences | -1,242 | -3,053 | ||
Interest income banks | 742 | 851 | ||
Interest income other | 189 | 542 | ||
Interest income | 931 | 1,393 | ||
Interest expense banks | -3,123 | -4,967 | ||
Interest expense lease liability | -1,040 | -840 | ||
Interest expense other | -583 | -397 | ||
Interest expense | -4,746 | -6,204 | ||
Financial income & expense | -5,057 | -7,864 |
The exchange differences on financial fixed assets relate to the foreign exchange gain/(loss) on the loans receivable from third parties (refer to note 6).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__243": { "value": "19.\tFinancial income & expense
2025 | 2024 | |||
Exchange differences non-operational debtors and creditors | -2,433 | -1,361 | ||
Exchange differences financial fixed assets | 1,259 | -905 | ||
Exchange differences cash and cash equivalents | -69 | -786 | ||
Exchange differences | -1,242 | -3,053 | ||
Interest income banks | 742 | 851 | ||
Interest income other | 189 | 542 | ||
Interest income | 931 | 1,393 | ||
Interest expense banks | -3,123 | -4,967 | ||
Interest expense lease liability | -1,040 | -840 | ||
Interest expense other | -583 | -397 | ||
Interest expense | -4,746 | -6,204 | ||
Financial income & expense | -5,057 | -7,864 |
The exchange differences on financial fixed assets relate to the foreign exchange gain/(loss) on the loans receivable from third parties (refer to note 6).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__244": { "value": "19.\tFinancial income & expense
2025 | 2024 | |||
Exchange differences non-operational debtors and creditors | -2,433 | -1,361 | ||
Exchange differences financial fixed assets | 1,259 | -905 | ||
Exchange differences cash and cash equivalents | -69 | -786 | ||
Exchange differences | -1,242 | -3,053 | ||
Interest income banks | 742 | 851 | ||
Interest income other | 189 | 542 | ||
Interest income | 931 | 1,393 | ||
Interest expense banks | -3,123 | -4,967 | ||
Interest expense lease liability | -1,040 | -840 | ||
Interest expense other | -583 | -397 | ||
Interest expense | -4,746 | -6,204 | ||
Financial income & expense | -5,057 | -7,864 |
The exchange differences on financial fixed assets relate to the foreign exchange gain/(loss) on the loans receivable from third parties (refer to note 6).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__245": { "value": "19.\tFinancial income & expense
2025 | 2024 | |||
Exchange differences non-operational debtors and creditors | -2,433 | -1,361 | ||
Exchange differences financial fixed assets | 1,259 | -905 | ||
Exchange differences cash and cash equivalents | -69 | -786 | ||
Exchange differences | -1,242 | -3,053 | ||
Interest income banks | 742 | 851 | ||
Interest income other | 189 | 542 | ||
Interest income | 931 | 1,393 | ||
Interest expense banks | -3,123 | -4,967 | ||
Interest expense lease liability | -1,040 | -840 | ||
Interest expense other | -583 | -397 | ||
Interest expense | -4,746 | -6,204 | ||
Financial income & expense | -5,057 | -7,864 |
The exchange differences on financial fixed assets relate to the foreign exchange gain/(loss) on the loans receivable from third parties (refer to note 6).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__246": { "value": "19.\tFinancial income & expense
2025 | 2024 | |||
Exchange differences non-operational debtors and creditors | -2,433 | -1,361 | ||
Exchange differences financial fixed assets | 1,259 | -905 | ||
Exchange differences cash and cash equivalents | -69 | -786 | ||
Exchange differences | -1,242 | -3,053 | ||
Interest income banks | 742 | 851 | ||
Interest income other | 189 | 542 | ||
Interest income | 931 | 1,393 | ||
Interest expense banks | -3,123 | -4,967 | ||
Interest expense lease liability | -1,040 | -840 | ||
Interest expense other | -583 | -397 | ||
Interest expense | -4,746 | -6,204 | ||
Financial income & expense | -5,057 | -7,864 |
The exchange differences on financial fixed assets relate to the foreign exchange gain/(loss) on the loans receivable from third parties (refer to note 6).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__247": { "value": "19.\tFinancial income & expense
2025 | 2024 | |||
Exchange differences non-operational debtors and creditors | -2,433 | -1,361 | ||
Exchange differences financial fixed assets | 1,259 | -905 | ||
Exchange differences cash and cash equivalents | -69 | -786 | ||
Exchange differences | -1,242 | -3,053 | ||
Interest income banks | 742 | 851 | ||
Interest income other | 189 | 542 | ||
Interest income | 931 | 1,393 | ||
Interest expense banks | -3,123 | -4,967 | ||
Interest expense lease liability | -1,040 | -840 | ||
Interest expense other | -583 | -397 | ||
Interest expense | -4,746 | -6,204 | ||
Financial income & expense | -5,057 | -7,864 |
The exchange differences on financial fixed assets relate to the foreign exchange gain/(loss) on the loans receivable from third parties (refer to note 6).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__248": { "value": "19.\tFinancial income & expense
2025 | 2024 | |||
Exchange differences non-operational debtors and creditors | -2,433 | -1,361 | ||
Exchange differences financial fixed assets | 1,259 | -905 | ||
Exchange differences cash and cash equivalents | -69 | -786 | ||
Exchange differences | -1,242 | -3,053 | ||
Interest income banks | 742 | 851 | ||
Interest income other | 189 | 542 | ||
Interest income | 931 | 1,393 | ||
Interest expense banks | -3,123 | -4,967 | ||
Interest expense lease liability | -1,040 | -840 | ||
Interest expense other | -583 | -397 | ||
Interest expense | -4,746 | -6,204 | ||
Financial income & expense | -5,057 | -7,864 |
The exchange differences on financial fixed assets relate to the foreign exchange gain/(loss) on the loans receivable from third parties (refer to note 6).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__251": { "value": "20.\tTax
2025 | 2024 | |
Current tax (Income) / expense | 13,639 | 14,109 |
Deferred tax (Income) / expense | -6,026 | -77 |
Tax (Income) / expense | 7,613 | 14,032 |
In 2025, the effective tax rate on the result before tax is 62.6% (2024: 31.7%).
The reconciliation between the actual tax expense and the tax expense based on the Dutch corporate income tax rate (2025 and 2024: 25.8%) is as follows:
2025 | 2024 | |||
Income tax at Dutch corporate income tax rate | 3,136 | 25.8% | 11,425 | 25.8% |
Permanent differences: | ||||
Difference with foreign tax rates | -1,451 | -11.9% | -1,506 | -3.4% |
Weighted average applicable tax rate | 1,685 | 13.9% | 9,919 | 22.4% |
Adjustment previous years | 309 | 2.5% | 127 | 0.3% |
Non-deductible items | 1,451 | 11.9% | 1,301 | 2.9% |
Tax losses not recognised as deferred tax asset | 2,180 | 17.9% | 1,534 | 3.5% |
Withholding tax on dividends | 2,064 | 17.0% | 0 | 0.0% |
Changes in valuation of deferred taxes | -1,659 | -13.6% | 384 | 0.9% |
Other taxes | 1,582 | 13.0% | 768 | 1.7% |
Effective tax charge | 7,613 | 62.6% | 14,032 | 31.7% |
The weighted average applicable tax rate and the effective tax rate are strongly affected by changes in the mix of results of subsidiaries in countries with different tax rates and/or systems. Countries with alternative minimum taxes had a relatively higher share in the results.
Movement schedule tax assets and liabilities
During the financial year an amount of EUR 1.8 million was credited directly to other comprehensive income (2024: EUR 2.0 million debited) for tax relating to foreign exchange results recorded in the other comprehensive income.
The deferred tax assets originate from accumulated tax losses (mainly from Austria, United Kingdom and United States) and temporary differences. Recognition and derecognition of these assets are based on the forecasted results for the relevant group companies.
The deferred tax liabilities relate to temporary differences in the valuation of intangible assets that were a result of business combinations.
Current | Deferred | Total | |
Balance at 1 January 2024 | |||
Tax assets | 7,429 | 17,265 | 24,694 |
Tax liability | -16,407 | -2,460 | -18,867 |
-8,978 | 14,805 | 5,827 | |
Movements during the year | |||
Paid / received | 14,700 | 0 | 14,700 |
Through profit and loss | -15,039 | 1,007 | -14,032 |
Through business combinations | -13 | 13 | 0 |
Through other comprehensive income | -2,033 | 0 | -2,033 |
Exchange rate adjustment | -20 | 570 | 550 |
-2,405 | 1,590 | -815 | |
Balance at 31 December 2024 | |||
Tax assets | 4,782 | 18,405 | 23,187 |
Tax liability | -16,166 | -2,010 | -18,176 |
-11,384 | 16,395 | 5,011 | |
Movements during the year | |||
Paid / received | 14,503 | 0 | 14,503 |
Through profit and loss | -13,639 | 6,026 | -7,613 |
Through other comprehensive income | 1,842 | 0 | 1,842 |
Exchange rate adjustment | -38 | -1,444 | -1,482 |
2,668 | 4,582 | 7,250 | |
Balance at 31 December 2025 | |||
Tax assets | 7,788 | 21,596 | 29,384 |
Tax liability | -16,504 | -619 | -17,123 |
-8,716 | 20,977 | 12,261 |
Deferred tax assets amounting to EUR 11.4 million (2024: EUR 11.4 million) are dependent on future taxable profits in excess of the profits arising from the reversal of existing temporary differences.
Unused tax losses for which no deferred tax assets have been recognised amount to EUR 23.8 million (2024: EUR 33.7 million). All tax losses, either recognised or
unrecognised can be offset with future profits. Dependant on the country EUR 0.2 million of the unrecognised losses will expire within 5 years, the remainder can be offset indefinitely (EUR 23.6 million).
Opening balance | Through business combinations | Recognised in P&L | Exchange rate adjusted | Closing balance | |
Movement of deferred tax positions in 2024: | |||||
Deferred tax assets | |||||
Deferred tax assets in relation to: | |||||
Temporary differences in allowance for doubtful debt | 182 | 0 | -109 | 4 | 77 |
Temporary differences valuation other intangible assets | 3,664 | 0 | 52 | 0 | 3,716 |
Temporary differences in accruals employee expenses | 3,407 | 13 | -250 | 7 | 3,177 |
7,253 | 13 | -307 | 11 | 6,970 | |
Recognised tax losses | 10,012 | 0 | 865 | 558 | 11,435 |
Total deferred tax assets | 17,265 | 13 | 558 | 569 | 18,405 |
Deferred tax liabilities | |||||
Deferred tax liabilities in relation to: | |||||
Temporary differences valuation other intangible assets | -1,387 | 0 | 384 | 1 | -1,002 |
Temporary differences in accruals employee expenses | -74 | 0 | 65 | 0 | -9 |
Temporary differences relating to undistributed earnings of subsidiaries | -1,000 | 0 | 0 | 0 | -1,000 |
Total deferred tax liabilities | -2,460 | 0 | 449 | 1 | -2,010 |
Total deferred tax assets and liabilities | 14,805 | 13 | 1,007 | 570 | 16,395 |
Movement of deferred tax positions in 2025: | |||||
Deferred tax assets | |||||
Deferred tax assets in relation to: | |||||
Temporary differences in allowance for doubtful debt | 77 | 0 | 1,001 | -44 | 1,034 |
Temporary differences valuation other intangible assets | 3,716 | 0 | 417 | 0 | 4,133 |
Temporary differences valuation other tangible assets | 0 | 0 | 842 | 0 | 842 |
Temporary differences disallowed Interest Carryforward | 0 | 0 | 1,389 | 0 | 1,389 |
Temporary differences in accruals employee expenses and other | 3,177 | 0 | -293 | -221 | 2,663 |
6,970 | 0 | 3,519 | -269 | 10 | |
Recognised tax losses | 11,435 | 0 | 1,116 | -1,175 | 11,376 |
Total deferred tax assets | 18,405 | 0 | 4,635 | -1,444 | 21,597 |
Deferred tax liabilities | |||||
Deferred tax liabilities in relation to: | |||||
Temporary differences valuation other intangible assets | -1,002 | 0 | 383 | 0 | -619 |
Temporary differences in accruals employee expenses | -9 | 0 | 9 | 0 | 0 |
Temporary differences relating to undistributed earnings of subsidiaries | -1,000 | 0 | 1,000 | 0 | 0 |
Total deferred tax liabilities | -2,010 | 0 | 1,392 | 0 | -619 |
Total deferred tax assets and liabilities | 16,395 | 0 | 6,027 | -1,444 | 20,978 |
Temporary differences for which no deferred tax assets have been recognised amount to EUR 19.8 million (2024: EUR 18.9 million) and relate to the group\u2019s investments in a global IT organisation.
The group has undistributed earnings of EUR 50.5 million (2024: EUR 68.3 million) which, if paid out as dividends, would be subject to tax in the hands of the recipient. An assessable temporary difference exists, and the group has recognised a deferred tax liability of EUR 0.0 (2024: EUR 1.0 million) million as it does not intend to distribute these earnings within the near future.
For the remainder no deferred tax liabilities have been recognised as the group is able to control the timing of distributions from these subsidiaries, and it is not expected to distribute these profits in the foreseeable future.
OECD Pillar Two model rules
Pillar Two legislation has been enacted or substantively enacted in several jurisdictions in which the group operates. The group is within the scope of the OECD Pillar Two model rules and is considered a multinational enterprise to which the Pillar Two rules shall be applied. Under Pillar Two rules,
the group is considered to be part of the group of its majority shareholder, Noverhead Holding S\u00e0rl. The group applies the IAS 12 exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.
Brunel may incur top-up taxes due to the Pillar Two legislation in several jurisdictions in which the group operates. Under the legislation, the group is liable to pay a top-up tax for the difference between its GloBE effective tax rate in each jurisdiction and the 15% minimum rate.
Based on the 2024 country-by-country report and 2025 financial information, the group has estimated that the effective tax rates exceed 15% in all jurisdictions in which it operates, except for jurisdiction Qatar where one of its subsidiaries operates. The group\u2019s assessment indicates for Qatar that the weighted average effective tax rate based on accounting profit is 8% for the annual financial year ended 31 December 2025, mainly because of the low statutory tax rate. The Pillar Two top-up tax is negligible.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__252-1": { "value": "20.\tTax
2025 | 2024 | |
Current tax (Income) / expense | 13,639 | 14,109 |
Deferred tax (Income) / expense | -6,026 | -77 |
Tax (Income) / expense | 7,613 | 14,032 |
Movement schedule tax assets and liabilities
During the financial year an amount of EUR 1.8 million was credited directly to other comprehensive income (2024: EUR 2.0 million debited) for tax relating to foreign exchange results recorded in the other comprehensive income.
The deferred tax assets originate from accumulated tax losses (mainly from Austria, United Kingdom and United States) and temporary differences. Recognition and derecognition of these assets are based on the forecasted results for the relevant group companies.
The deferred tax liabilities relate to temporary differences in the valuation of intangible assets that were a result of business combinations.
Current | Deferred | Total | |
Balance at 1 January 2024 | |||
Tax assets | 7,429 | 17,265 | 24,694 |
Tax liability | -16,407 | -2,460 | -18,867 |
-8,978 | 14,805 | 5,827 | |
Movements during the year | |||
Paid / received | 14,700 | 0 | 14,700 |
Through profit and loss | -15,039 | 1,007 | -14,032 |
Through business combinations | -13 | 13 | 0 |
Through other comprehensive income | -2,033 | 0 | -2,033 |
Exchange rate adjustment | -20 | 570 | 550 |
-2,405 | 1,590 | -815 | |
Balance at 31 December 2024 | |||
Tax assets | 4,782 | 18,405 | 23,187 |
Tax liability | -16,166 | -2,010 | -18,176 |
-11,384 | 16,395 | 5,011 | |
Movements during the year | |||
Paid / received | 14,503 | 0 | 14,503 |
Through profit and loss | -13,639 | 6,026 | -7,613 |
Through other comprehensive income | 1,842 | 0 | 1,842 |
Exchange rate adjustment | -38 | -1,444 | -1,482 |
2,668 | 4,582 | 7,250 | |
Balance at 31 December 2025 | |||
Tax assets | 7,788 | 21,596 | 29,384 |
Tax liability | -16,504 | -619 | -17,123 |
-8,716 | 20,977 | 12,261 |
Deferred tax assets amounting to EUR 11.4 million (2024: EUR 11.4 million) are dependent on future taxable profits in excess of the profits arising from the reversal of existing temporary differences.
Unused tax losses for which no deferred tax assets have been recognised amount to EUR 23.8 million (2024: EUR 33.7 million). All tax losses, either recognised or
unrecognised can be offset with future profits. Dependant on the country EUR 0.2 million of the unrecognised losses will expire within 5 years, the remainder can be offset indefinitely (EUR 23.6 million).
Opening balance | Through business combinations | Recognised in P&L | Exchange rate adjusted | Closing balance | |
Movement of deferred tax positions in 2024: | |||||
Deferred tax assets | |||||
Deferred tax assets in relation to: | |||||
Temporary differences in allowance for doubtful debt | 182 | 0 | -109 | 4 | 77 |
Temporary differences valuation other intangible assets | 3,664 | 0 | 52 | 0 | 3,716 |
Temporary differences in accruals employee expenses | 3,407 | 13 | -250 | 7 | 3,177 |
7,253 | 13 | -307 | 11 | 6,970 | |
Recognised tax losses | 10,012 | 0 | 865 | 558 | 11,435 |
Total deferred tax assets | 17,265 | 13 | 558 | 569 | 18,405 |
Deferred tax liabilities | |||||
Deferred tax liabilities in relation to: | |||||
Temporary differences valuation other intangible assets | -1,387 | 0 | 384 | 1 | -1,002 |
Temporary differences in accruals employee expenses | -74 | 0 | 65 | 0 | -9 |
Temporary differences relating to undistributed earnings of subsidiaries | -1,000 | 0 | 0 | 0 | -1,000 |
Total deferred tax liabilities | -2,460 | 0 | 449 | 1 | -2,010 |
Total deferred tax assets and liabilities | 14,805 | 13 | 1,007 | 570 | 16,395 |
Movement of deferred tax positions in 2025: | |||||
Deferred tax assets | |||||
Deferred tax assets in relation to: | |||||
Temporary differences in allowance for doubtful debt | 77 | 0 | 1,001 | -44 | 1,034 |
Temporary differences valuation other intangible assets | 3,716 | 0 | 417 | 0 | 4,133 |
Temporary differences valuation other tangible assets | 0 | 0 | 842 | 0 | 842 |
Temporary differences disallowed Interest Carryforward | 0 | 0 | 1,389 | 0 | 1,389 |
Temporary differences in accruals employee expenses and other | 3,177 | 0 | -293 | -221 | 2,663 |
6,970 | 0 | 3,519 | -269 | 10 | |
Recognised tax losses | 11,435 | 0 | 1,116 | -1,175 | 11,376 |
Total deferred tax assets | 18,405 | 0 | 4,635 | -1,444 | 21,597 |
Deferred tax liabilities | |||||
Deferred tax liabilities in relation to: | |||||
Temporary differences valuation other intangible assets | -1,002 | 0 | 383 | 0 | -619 |
Temporary differences in accruals employee expenses | -9 | 0 | 9 | 0 | 0 |
Temporary differences relating to undistributed earnings of subsidiaries | -1,000 | 0 | 1,000 | 0 | 0 |
Total deferred tax liabilities | -2,010 | 0 | 1,392 | 0 | -619 |
Total deferred tax assets and liabilities | 16,395 | 0 | 6,027 | -1,444 | 20,978 |
Temporary differences for which no deferred tax assets have been recognised amount to EUR 19.8 million (2024: EUR 18.9 million) and relate to the group\u2019s investments in a global IT organisation.
The group has undistributed earnings of EUR 50.5 million (2024: EUR 68.3 million) which, if paid out as dividends, would be subject to tax in the hands of the recipient. An assessable temporary difference exists, and the group has recognised a deferred tax liability of EUR 0.0 (2024: EUR 1.0 million) million as it does not intend to distribute these earnings within the near future.
For the remainder no deferred tax liabilities have been recognised as the group is able to control the timing of distributions from these subsidiaries, and it is not expected to distribute these profits in the foreseeable future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:724500Y5L5UIEYCJCZ03", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__254-1": { "value": "Movement schedule tax assets and liabilitiesDuring the financial year an amount of EUR 1.8 million was credited directly to other comprehensive income (2024: EUR 2.0 million debited) for tax relating to foreign exchange results recorded in the other comprehensive income.Current | Deferred | Total | |
Balance at 1 January 2024 | |||
Tax assets | 7,429 | 17,265 | 24,694 |
Tax liability | -16,407 | -2,460 | -18,867 |
-8,978 | 14,805 | 5,827 | |
Movements during the year | |||
Paid / received | 14,700 | 0 | 14,700 |
Through profit and loss | -15,039 | 1,007 | -14,032 |
Through business combinations | -13 | 13 | 0 |
Through other comprehensive income | -2,033 | 0 | -2,033 |
Exchange rate adjustment | -20 | 570 | 550 |
-2,405 | 1,590 | -815 | |
Balance at 31 December 2024 | |||
Tax assets | 4,782 | 18,405 | 23,187 |
Tax liability | -16,166 | -2,010 | -18,176 |
-11,384 | 16,395 | 5,011 | |
Movements during the year | |||
Paid / received | 14,503 | 0 | 14,503 |
Through profit and loss | -13,639 | 6,026 | -7,613 |
Through other comprehensive income | 1,842 | 0 | 1,842 |
Exchange rate adjustment | -38 | -1,444 | -1,482 |
2,668 | 4,582 | 7,250 | |
Balance at 31 December 2025 | |||
Tax assets | 7,788 | 21,596 | 29,384 |
Tax liability | -16,504 | -619 | -17,123 |
-8,716 | 20,977 | 12,261 |
21.\tEarnings per share
2025 | 2024 | |
Weighted average number of ordinary shares for the purpose of basic earnings per share | 50,453,752 | 50,427,370 |
Effect of dilutive potential ordinary shares from share based payments | - | - |
Weighted average number of ordinary shares for the purpose of diluted earnings per share | 50,453,752 | 50,427,370 |
Net income for ordinary shareholders in EUR | 3,053,368 | 29,842,236 |
Basic earnings per share in EUR | 0.06 | 0.59 |
Diluted earnings per share in EUR | 0.06 | 0.59 |
7.1.9 Notes to the consolidated cash flow statement
The majority of the items on the consolidated cash flow statement are, on an individual basis cross-referenced to the relevant notes on the consolidated profit and loss account and the consolidated balance sheet. For the remainder of the material items, the reconciliation between amounts included in the consolidated cash flow statement and related amounts in the consolidated profit and loss account and the consolidated balance sheet are shown below.
22.\tTrade and other receivables
2025 | 2024 | |
Balance at 1 January | 311,394 | 351,374 |
Acquisition of subsidiaries | 0 | 343 |
Change in allowance for bad debt | -4,400 | -874 |
Change in receivables | 5,048 | -44,752 |
Exchange rate movements | -21,067 | 5,303 |
Balance at 31 December | 290,975 | 311,394 |
23.\tTrade and other payables
2025 | 2024 | |
Balance at 1 January | 137,273 | 150,098 |
Acquisition of subsidiaries | 0 | 535 |
Change in trade and other payables | 2,056 | -9,851 |
Inflow from non-current portion (12) | 7,506 | 4,548 |
Settlement of put option liabilities | -3,068 | -6,573 |
Payment of deferred consideration | -481 | -1,092 |
Settlement of property-related liabilities (4) | -1,814 | 0 |
Exchange rate movements | -6,133 | -392 |
Balance at 31 December | 135,339 | 137,273 |
24.\tOther non-cash expenses
The other non-cash expenses consist of the following elements:
2025 | 2024 | |
Change in allowance for expected credit losses (8) | 4,400 | 874 |
Post combination benefits expense (11) (12) | 5,661 | 1,740 |
Change in present value of expected cash flows put-option liabilities (11) | -1,589 | 0 |
Other | -507 | -1,170 |
Balance at 31 December | 7,965 | 1,444 |
26.\tSegment reporting
x EUR 1,000, unless stated otherwise
Operating segments have been identified on the basis of internal reports about components of the group that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segments and to assess their performance. Information reported to the group\u2019s chief operating decision maker is focused at components engaged in providing services in a particular economic environment from those of other segments. A geographical segment is engaged in providing services in a particular economic environment which are subject to risks and returns that are different from those segments operating in other economic environments.
The main regions are: DACH (Germany, Austria, Switzerland and Czech Republic), the Netherlands, Americas, Australasia, Europe & Africa, Taylor Hopkinson, Middle East & India, and Asia. This is the basis on which internal reports are provided to the chief operating decision maker for assessing performance and determining the allocation of resources within the Group. All regions exceeding 10% of total revenue, EBIT or assets are reported separately. Unallocated relates to the corporate assets and corporate costs that do not relate to a specific segment. The remaining regions are combined in Rest of World.
The revenues are not further disaggregated by streams since the only material revenue is contracting. The transactions between operating segments are on an arm\u2019s length basis in a manner similar to third parties.
Reportable segments
Revenue | Contribution margin | Operating profit | ||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
Segments | ||||||
DACH region | 185,314 | 236,764 | 52,741 | 75,565 | -2,155 | 16,813 |
Netherlands | 185,476 | 217,294 | 43,635 | 54,881 | 8,243 | 16,594 |
Australasia | 196,578 | 228,642 | 20,301 | 23,035 | 7,239 | 6,609 |
Middle East & India | 173,522 | 175,407 | 23,149 | 23,262 | 9,198 | 12,844 |
Americas | 186,389 | 191,240 | 26,780 | 27,983 | 7,214 | 7,070 |
Asia | 157,898 | 169,379 | 25,891 | 26,947 | 1,731 | 5,143 |
Rest of World | 158,210 | 175,092 | 25,618 | 31,414 | 172 | 2,170 |
Unallocated | 0 | 0 | 0 | 0 | -14,429 | -15,094 |
Eliminations | -25,731 | -29,058 | 0 | 0 | 0 | 0 |
Total | 1,217,656 | 1,364,760 | 218,114 | 263,087 | 17,213 | 52,149 |
The group attributes revenue to countries based on the location of the geographical location of the entity that delivers the service. In vast majority of the cases, the location is the same as where our professionals perform work for our clients, with the following exceptions:
\u2022\tThe Group has identified several operating segments that
individually do not meet the quantitative thresholds to be presented as separate reportable segment. The operating segments, including Europe & Africa, Taylor Hopkinson and Belgium, are presented together under the category \u201cRest of the World\u201d. No aggregation of operating segments has been applied. Part of the main region Europe & Africa is Brunel Energy Europe B.V., based in the
Netherlands. The revenue generated by Energy Europe B.V. is 41.4 million (2024: EUR 44.4 million).
\u2022\tIn the segment DACH region, Germany generated more than 10% of the total revenues (EUR 171.1 million)
attributable to external customers. The country is included in the operating segment DACH since it contributes majority of the revenue to that segment. In 2025 Germany contributed 92% of the DACH region\u2019s total revenue (2024: 94%).
Direct personnel expenses | Indirect personnel expenses | |||
2025 | 2024 | 2025 | 2024 | |
Segments | ||||
DACH region | 132,574 | 161,199 | 26,702 | 34,870 |
Netherlands | 141,841 | 162,413 | 21,809 | 23,798 |
Australasia | 176,277 | 205,607 | 8,699 | 11,200 |
Middle East & India | 150,373 | 152,145 | 5,655 | 5,826 |
Americas | 159,609 | 163,257 | 13,136 | 15,196 |
Asia | 132,007 | 142,431 | 15,093 | 14,406 |
Rest of World | 132,592 | 143,677 | 17,099 | 18,030 |
Unallocated | 0 | 0 | 15,263 | 15,644 |
Eliminations | -25,731 | -29,056 | 1 | 0 |
Total | 999,542 | 1,101,673 | 123,457 | 138,970 |
Balance sheet total | Non-current assets* | Investment in IA & PPE | ||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
Segments | ||||||
DACH region | 74,744 | 87,875 | 15,590 | 22,253 | 308 | 1,094 |
Netherlands | 58,220 | 62,168 | 27,113 | 17,130 | 316 | 664 |
Australasia | 47,334 | 57,709 | 7,159 | 7,727 | 28 | 471 |
Middle East & India | 71,258 | 83,849 | 1,473 | 1,909 | 129 | 70 |
Americas | 83,913 | 84,388 | 6,490 | 7,071 | 272 | 333 |
Asia | 80,681 | 94,920 | 8,297 | 12,285 | 429 | 124 |
Rest of World | 92,760 | 94,953 | 25,821 | 25,170 | 1,066 | 348 |
Unallocated | 29,410 | 16,141 | 27,180 | 23,002 | 8,630 | 6,588 |
Total | 538,320 | 582,003 | 119,123 | 116,547 | 11,178 | 9,692 |
*Non-current assets exclude financial instruments and deferred tax assets.
Tax expense/income | Current & Long-term liabilities | Depreciation, amortisation and impairments | ||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
Segments | ||||||
DACH region | 1,284 | 7,434 | 40,004 | 42,857 | 9,913 | 5,112 |
Netherlands | 1,760 | 4,461 | 55,239 | 47,987 | 6,072 | 4,654 |
Australasia | 1,545 | 1,212 | 11,209 | 15,302 | 548 | 679 |
Middle East & India | 479 | 1,149 | 40,514 | 44,937 | 933 | 956 |
Americas | 1,372 | -1,406 | 15,148 | 16,466 | 569 | 648 |
Asia | 3,386 | 3,433 | 37,028 | 32,538 | 2,387 | 2,194 |
Rest of World | 634 | 1,026 | 27,438 | 26,879 | 2,392 | 2,601 |
Unallocated | -2,847 | -3,277 | 41,700 | 37,639 | 4,665 | 5,053 |
Total | 7,613 | 14,032 | 266,280 | 264,605 | 27,479 | 21,897 |
Employees
The total number of direct and indirect employees with the group companies is set out below:
Average workforce
2025 | 2024 | |||
Direct | Indirect | Direct | Indirect | |
DACH region | 1,451 | 300 | 1,872 | 372 |
Netherlands | 1,412 | 229 | 1,677 | 254 |
Australasia | 1,624 | 113 | 1,779 | 129 |
Middle East & India | 2,033 | 132 | 1,924 | 152 |
Americas | 1,117 | 138 | 1,048 | 143 |
Asia | 1,150 | 176 | 1,358 | 185 |
Rest of World | 1,202 | 168 | 1,211 | 191 |
Unallocated | - | 68 | - | 64 |
Total | 9,989 | 1,324 | 10,869 | 1,490 |
Total workforce | 11,313 | 12,359 |
Workforce at 31 December
2025 | 2024 | |||
Direct | Indirect | Direct | Indirect | |
DACH region | 1,384 | 266 | 1,664 | 341 |
Netherlands | 1,263 | 215 | 1,695 | 230 |
Australasia | 1,445 | 103 | 1,728 | 117 |
Middle East & India | 2,099 | 130 | 1,860 | 135 |
Americas | 1,107 | 137 | 1,004 | 134 |
Asia | 1,033 | 171 | 1,160 | 145 |
Rest of World | 1,199 | 162 | 1,095 | 165 |
Unallocated | - | 55 | - | 68 |
Total | 9,530 | 1,239 | 10,206 | 1,335 |
Total workforce | 10,769 | 11,541 |
Disaggregation of revenue
The tables below provide an overview of the activities with regard to our global vertical approach.
Conven-tional Energy | Future mobility | Indus-trials & Tech-nology | Life Scien-ces | Mining | Renew-ables | Finan-cial Ser-vices | Public Sector | Infra-struc-ture | Other | Total 2025 | |
DACH region | 17,975 | 63,313 | 54,571 | 20,512 | 801 | 12,212 | 593 | 1,300 | 7,998 | 6,039 | 185,314 |
The Netherlands | 14,320 | 5,379 | 16,786 | 6,962 | - | 13,705 | 38,700 | 77,742 | 7,471 | 4,411 | 185,476 |
Australasia | 107,666 | - | 1,097 | 530 | 69,326 | 4,619 | 2,434 | 178 | 10,545 | 183 | 196,578 |
Middle East & India | 148,735 | 5 | 3,202 | 1,665 | 177 | 4,345 | 75 | - | 15,018 | 300 | 173,522 |
Americas | 120,641 | - | 760 | 8,148 | 44,693 | 10,766 | - | - | 159 | 1,222 | 186,389 |
Asia | 73,702 | 3,398 | 3,347 | 1,233 | 37,091 | 34,185 | - | - | 1,402 | 3,540 | 157,898 |
Rest of world | 46,308 | 388 | 7,856 | 2,170 | 442 | 94,088 | 2,566 | 1,411 | 2,211 | 770 | 158,210 |
Eliminations | -17,499 | - | -328 | -1 | -164 | -5,105 | - | -710 | -53 | -1,871 | -25,731 |
Total | 511,848 | 72,483 | 87,291 | 41,219 | 152,366 | 168,815 | 44,368 | 79,921 | 44,751 | 14,594 | 1,217,656 |
Conven-tional Energy | Future mobility | Indus-trials & Tech-nology | Life Scien-ces | Mining | Renew-ables | Finan-cial Ser-vices | Public Sector | Infra-struc-ture | Other | Total 2025 | |
DACH region | 16,343 | 91,134 | 69,450 | 22,406 | 1,349 | 13,931 | 533 | 972 | 8,227 | 12,419 | 236,764 |
The Netherlands | 12,762 | 6,767 | 20,531 | 8,776 | - | 14,352 | 44,311 | 95,141 | 6,414 | 8,240 | 217,294 |
Australasia | 118,630 | 2 | 769 | 545 | 84,284 | 8,035 | 5,392 | - | 10,078 | 907 | 228,642 |
Middle East & India | 151,138 | 62 | 3,120 | 613 | 340 | 4,832 | 5 | - | 14,853 | 444 | 175,407 |
Americas | 128,078 | 17 | 442 | 8,820 | 39,774 | 12,756 | -8 | 32 | 877 | 452 | 191,240 |
Asia | 92,038 | 3,221 | 1,776 | 1,397 | 47,339 | 20,402 | - | - | 608 | 2,598 | 169,379 |
Rest of world | 51,776 | 413 | 6,631 | 2,591 | 391 | 106,097 | 2,751 | 348 | 2,706 | 1,388 | 175,092 |
Eliminations | -18,817 | 19 | -986 | 1 | -132 | -7,696 | -2 | - | -445 | -1,000 | -29,058 |
Total | 551,948 | 101,635 | 101,733 | 45,149 | 173,345 | 172,709 | 52,982 | 96,493 | 43,318 | 25,448 | 1,364,760 |
Employees
The total number of direct and indirect employees with the group companies is set out below:
Average workforce
2025 | 2024 | |||
Direct | Indirect | Direct | Indirect | |
DACH region | 1,451 | 300 | 1,872 | 372 |
Netherlands | 1,412 | 229 | 1,677 | 254 |
Australasia | 1,624 | 113 | 1,779 | 129 |
Middle East & India | 2,033 | 132 | 1,924 | 152 |
Americas | 1,117 | 138 | 1,048 | 143 |
Asia | 1,150 | 176 | 1,358 | 185 |
Rest of World | 1,202 | 168 | 1,211 | 191 |
Unallocated | - | 68 | - | 64 |
Total | 9,989 | 1,324 | 10,869 | 1,490 |
Total workforce | 11,313 | 12,359 |
Workforce at 31 December
2025 | 2024 | |||
Direct | Indirect | Direct | Indirect | |
DACH region | 1,384 | 266 | 1,664 | 341 |
Netherlands | 1,263 | 215 | 1,695 | 230 |
Australasia | 1,445 | 103 | 1,728 | 117 |
Middle East & India | 2,099 | 130 | 1,860 | 135 |
Americas | 1,107 | 137 | 1,004 | 134 |
Asia | 1,033 | 171 | 1,160 | 145 |
Rest of World | 1,199 | 162 | 1,095 | 165 |
Unallocated | - | 55 | - | 68 |
Total | 9,530 | 1,239 | 10,206 | 1,335 |
Total workforce | 10,769 | 11,541 |
Disaggregation of revenue
The tables below provide an overview of the activities with regard to our global vertical approach.
Conven-tional Energy | Future mobility | Indus-trials & Tech-nology | Life Scien-ces | Mining | Renew-ables | Finan-cial Ser-vices | Public Sector | Infra-struc-ture | Other | Total 2025 | |
DACH region | 17,975 | 63,313 | 54,571 | 20,512 | 801 | 12,212 | 593 | 1,300 | 7,998 | 6,039 | 185,314 |
The Netherlands | 14,320 | 5,379 | 16,786 | 6,962 | - | 13,705 | 38,700 | 77,742 | 7,471 | 4,411 | 185,476 |
Australasia | 107,666 | - | 1,097 | 530 | 69,326 | 4,619 | 2,434 | 178 | 10,545 | 183 | 196,578 |
Middle East & India | 148,735 | 5 | 3,202 | 1,665 | 177 | 4,345 | 75 | - | 15,018 | 300 | 173,522 |
Americas | 120,641 | - | 760 | 8,148 | 44,693 | 10,766 | - | - | 159 | 1,222 | 186,389 |
Asia | 73,702 | 3,398 | 3,347 | 1,233 | 37,091 | 34,185 | - | - | 1,402 | 3,540 | 157,898 |
Rest of world | 46,308 | 388 | 7,856 | 2,170 | 442 | 94,088 | 2,566 | 1,411 | 2,211 | 770 | 158,210 |
Eliminations | -17,499 | - | -328 | -1 | -164 | -5,105 | - | -710 | -53 | -1,871 | -25,731 |
Total | 511,848 | 72,483 | 87,291 | 41,219 | 152,366 | 168,815 | 44,368 | 79,921 | 44,751 | 14,594 | 1,217,656 |
Conven-tional Energy | Future mobility | Indus-trials & Tech-nology | Life Scien-ces | Mining | Renew-ables | Finan-cial Ser-vices | Public Sector | Infra-struc-ture | Other | Total 2025 | |
DACH region | 16,343 | 91,134 | 69,450 | 22,406 | 1,349 | 13,931 | 533 | 972 | 8,227 | 12,419 | 236,764 |
The Netherlands | 12,762 | 6,767 | 20,531 | 8,776 | - | 14,352 | 44,311 | 95,141 | 6,414 | 8,240 | 217,294 |
Australasia | 118,630 | 2 | 769 | 545 | 84,284 | 8,035 | 5,392 | - | 10,078 | 907 | 228,642 |
Middle East & India | 151,138 | 62 | 3,120 | 613 | 340 | 4,832 | 5 | - | 14,853 | 444 | 175,407 |
Americas | 128,078 | 17 | 442 | 8,820 | 39,774 | 12,756 | -8 | 32 | 877 | 452 | 191,240 |
Asia | 92,038 | 3,221 | 1,776 | 1,397 | 47,339 | 20,402 | - | - | 608 | 2,598 | 169,379 |
Rest of world | 51,776 | 413 | 6,631 | 2,591 | 391 | 106,097 | 2,751 | 348 | 2,706 | 1,388 | 175,092 |
Eliminations | -18,817 | 19 | -986 | 1 | -132 | -7,696 | -2 | - | -445 | -1,000 | -29,058 |
Total | 551,948 | 101,635 | 101,733 | 45,149 | 173,345 | 172,709 | 52,982 | 96,493 | 43,318 | 25,448 | 1,364,760 |
Disaggregation of revenue
The tables below provide an overview of the activities with regard to our global vertical approach.
Conven-tional Energy | Future mobility | Indus-trials & Tech-nology | Life Scien-ces | Mining | Renew-ables | Finan-cial Ser-vices | Public Sector | Infra-struc-ture | Other | Total 2025 | |
DACH region | 17,975 | 63,313 | 54,571 | 20,512 | 801 | 12,212 | 593 | 1,300 | 7,998 | 6,039 | 185,314 |
The Netherlands | 14,320 | 5,379 | 16,786 | 6,962 | - | 13,705 | 38,700 | 77,742 | 7,471 | 4,411 | 185,476 |
Australasia | 107,666 | - | 1,097 | 530 | 69,326 | 4,619 | 2,434 | 178 | 10,545 | 183 | 196,578 |
Middle East & India | 148,735 | 5 | 3,202 | 1,665 | 177 | 4,345 | 75 | - | 15,018 | 300 | 173,522 |
Americas | 120,641 | - | 760 | 8,148 | 44,693 | 10,766 | - | - | 159 | 1,222 | 186,389 |
Asia | 73,702 | 3,398 | 3,347 | 1,233 | 37,091 | 34,185 | - | - | 1,402 | 3,540 | 157,898 |
Rest of world | 46,308 | 388 | 7,856 | 2,170 | 442 | 94,088 | 2,566 | 1,411 | 2,211 | 770 | 158,210 |
Eliminations | -17,499 | - | -328 | -1 | -164 | -5,105 | - | -710 | -53 | -1,871 | -25,731 |
Total | 511,848 | 72,483 | 87,291 | 41,219 | 152,366 | 168,815 | 44,368 | 79,921 | 44,751 | 14,594 | 1,217,656 |
Conven-tional Energy | Future mobility | Indus-trials & Tech-nology | Life Scien-ces | Mining | Renew-ables | Finan-cial Ser-vices | Public Sector | Infra-struc-ture | Other | Total 2025 | |
DACH region | 16,343 | 91,134 | 69,450 | 22,406 | 1,349 | 13,931 | 533 | 972 | 8,227 | 12,419 | 236,764 |
The Netherlands | 12,762 | 6,767 | 20,531 | 8,776 | - | 14,352 | 44,311 | 95,141 | 6,414 | 8,240 | 217,294 |
Australasia | 118,630 | 2 | 769 | 545 | 84,284 | 8,035 | 5,392 | - | 10,078 | 907 | 228,642 |
Middle East & India | 151,138 | 62 | 3,120 | 613 | 340 | 4,832 | 5 | - | 14,853 | 444 | 175,407 |
Americas | 128,078 | 17 | 442 | 8,820 | 39,774 | 12,756 | -8 | 32 | 877 | 452 | 191,240 |
Asia | 92,038 | 3,221 | 1,776 | 1,397 | 47,339 | 20,402 | - | - | 608 | 2,598 | 169,379 |
Rest of world | 51,776 | 413 | 6,631 | 2,591 | 391 | 106,097 | 2,751 | 348 | 2,706 | 1,388 | 175,092 |
Eliminations | -18,817 | 19 | -986 | 1 | -132 | -7,696 | -2 | - | -445 | -1,000 | -29,058 |
Total | 551,948 | 101,635 | 101,733 | 45,149 | 173,345 | 172,709 | 52,982 | 96,493 | 43,318 | 25,448 | 1,364,760 |