Annual and transition report of foreign private issuers [Sections 13 or 15(d)]

General and administrative expenses

v3.25.1
General and administrative expenses
12 Months Ended
Dec. 31, 2024
General and Administrative Expenses [Abstract]  
General and administrative expenses General and administrative expenses
(in €‘000) 2024 2023 2022
Employee benefits expenses 24,989  42,796  65,089 
Depreciation of property, plant and equipment 109  257  185 
Depreciation of right-of-use assets 6,247  5,949  5,676 
Amortization of intangible assets including impairment 1,562  723  577 
IT costs 4,173  4,037  3,307 
Housing and facility costs 1,167  764  490 
Travelling costs 949  942  398 
Legal, accounting and consulting fees (432) 32,908  73,867 
Insurance costs 4,564  4,276  7,164 
Other costs 7,315  6,305  7,891 
Share-based payment expenses - SPAC Transaction —  —  158,714 
Total 50,643  98,957  323,358 
Employee benefits expenses include share-based payment expenses relating to the derecognition of the expense related to the Second Special Fees Agreements, and the long term incentive plan. For the year ended December 31, 2024, share-based payment expenses relating to the Second Special Fees Agreement were derecognized in amount of €(9,161) thousand (2023: €3,480 thousand, 2022: € €5,681 thousand), as certain directors of the Company were entitled to a percentage of the total benefits received by the external consulting firm as part of these agreements. Refer to Note 11.1 and Note 11.2 for details. Share-based payment expenses relating to the management incentive plan for the year ended December 31, 2024 amounts to € nil (2023: €6,242 thousand, 2022: €14,361 thousand) as the Group has granted the options to acquire a percentage of the Company's issued share capital to key management personnel. Refer to Note 11.3 for details.
Furthermore, employee benefit expenses for the year ended December 31, 2024 include share-based payment expenses relating to the long term incentive plan of €704 thousand (2023: €4,790 thousand, 2022: € nil). Refer to Note 11.4 for details.
Legal, accounting and consulting fees for the year ended December 31, 2024 include the derecognition of the expense related to the Second Special Fees Agreement of €(18,320) thousand (2023: €6,607 thousand, 2022: € €11,712 thousand) as the Group has provided share-based payment awards in prior years to an external consulting firm. Refer to Note 11.2 for details.
Share-based payment expenses related to the SPAC Transaction for the year ended December 31, 2022 represent the difference between Spartan’s net assets at the Closing Date and the fair value of the Company’s shares exchanged in the transaction to Spartan. This difference is considered as an expense representing the costs of service in respect of the stock exchange listing for Spartan’s shares.
Refer to Note 10 for a breakdown of expenses by nature.