Annual Report 2025

Individual balance sheet

As at 31 December 2025 and 2024

Individual balance sheet

Euro thousand

 

Notes

 

2025

 

2024

Assets

 

 

 

 

 

 

Tangible assets

 

9

 

1,409

 

1,571

Intangible assets

 

10

 

8,108

 

10,295

Investment property

 

12

 

2,470

 

2,470

Right-of-use assets

 

11.1

 

3,136

 

2,631

Investments in subsidiaries

 

13

 

667,865

 

667,865

Investments in associates

 

15.1

 

50

 

Loans and supplementary capital to subsidiaries

 

14

 

2,500,128

 

2,275,628

Loans and supplementary capital to associates

 

15.2

 

650

 

Other financial investments

 

25

 

148

 

148

Other debtors

 

16

 

70

 

280

Deferred tax assets

 

6.3

 

4,316

 

3,159

Total non-current assets

 

 

 

3,188,350

 

2,964,047

Income tax receivable

 

6.4

 

6,985

 

3,912

Loans to subsidiaries

 

14

 

268,615

 

341,800

Trade debtors, accrued income and deferred costs

 

16

 

38,701

 

92,159

Cash and cash equivalents

 

17

 

255,952

 

131,823

Total current assets

 

 

 

570,253

 

569,694

Total assets

 

 

 

3,758,603

 

3,533,741

Shareholders’ equity and liabilities

 

 

 

 

 

 

Share capital

 

18.1

 

629,293

 

629,293

Share premium

 

18.1

 

22,452

 

22,452

Own shares

 

18.2

 

(6,060)

 

(6,060)

Retained earnings

 

18.3

 

3,051,621

 

2,803,117

Total shareholders’ equity

 

 

 

3,697,306

 

3,448,802

Lease liabilities

 

11.2

 

1,800

 

1,592

Employee benefits

 

4.2

 

10,726

 

11,410

Provisions for risks and contingencies

 

21

 

4,098

 

3,773

Deferred tax liabilities

 

6.3

 

105

 

454

Total non-current liabilities

 

 

 

16,729

 

17,229

Borrowings

 

20

 

 

Lease liabilities

 

11.2

 

1,433

 

1,107

Trade creditors, accrued costs and deferred income

 

22

 

43,135

 

66,603

Income tax payable

 

6.4

 

 

Total current liabilities

 

 

 

44,568

 

67,710

Total shareholders’ equity and liabilities

 

 

 

3,758,603

 

3,533,741

To be read with the attached notes to the individual financial statements.

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