14. Trade debtors, accrued income and deferred costs

Accounting policies

Customers and debtor balances are amounts to be received regarding goods sold or services rendered in the ordinary course of the business. They are initially recognised at fair value, being subsequently measured at amortised cost in accordance with the effective interest rate method, net of any impairment losses (notes 2.4.1 and 2.5).

Non-current debtors include €43 million (€43 million in 20244) relating to additional tax liquidation as well as pre-paid tax. The Group has already contested the amounts paid and made a legal claim for reimbursement (note 23).

The increase in other current debtors is mainly explained by advances for the acquisition of tangible fixed assets.

As of 31 December 2025, the Group does not hold any treasury investment that do not qualify as a cash equivalent (2024: €58 million).

Accrued income includes basically supplementary gains contracted with suppliers, in the amount of €529 million (2024: €510 million).

The deferred costs include €7 million of rents paid in advance, €7 million of insurance costs and €16 million of other costs attributable to future years and paid in 2025, or, if not yet paid, already charged by the entities.

Current debtors with overdue amounts are subject to an analysis of the probability of future losses, based on historical information, taking into account the nature of the commercial relationship established, as well as to existing collateral and credit insurance, with reinforcements/reversals of adjustments for impairment losses recognised when justified (see note 28.2.1).

The ageing analysis of debtors that are past their due date is as follows:

Of the debtors balances not considered impaired, €3 million (2024: €3 million) are covered by credit guarantees and credit insurance.

Movements on impairment of trade receivables are as follows: