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

Taxation (Tables)

v3.25.1
Taxation (Tables)
 12 Months Ended
Dec. 31, 2024
Major components of tax expense (income) [abstract]  
Summary of income tax expense recognized in the consolidated statement of profit or loss
The major components of income tax expense recognized in the consolidated statement of profit or loss for the years ended December 31, 2024, 2023 and 2022 are as follows:
(in €‘000) 2024 2023 2022
Current income tax expense
Current income tax expense for the year (857) (927) (1,058)
Adjustments in respect of current income tax of previous years (15) (34) (64)
Total current tax expense (872) (961) (1,122)
Deferred tax expense
Origination and reversal of temporary differences and tax losses 9,726  11,609  16,950 
(De)recognition of deferred tax assets (7,160) (11,152) (16,464)
Total deferred tax expense 2,566  457  486 
Income tax expense 1,694  (504) (636)
Summary of reconciliation of effective tax rate
The following table provides a reconciliation of the statutory income tax rate with the average effective income tax rate in the consolidated statement of profit or loss for the years ended December 31, 2024, 2023 and 2022:
2024 2023 2022
(in €‘000) % (in €‘000) % (in €‘000) %
Effective tax reconciliation
Loss before income tax (46,309) (109,778) (304,656)
Income tax at statutory tax rate of the Netherlands 11,948  (25.8) 28,323  (25.8) 78,601  (25.8)
Adjustments to arrive at the effective tax rate:
Impact of different tax rates of local jurisdictions 308  (0.7) 31  —  165  (0.1)
Non-taxable income 7,112  (15.4) 96  (0.1) 7,987  (2.6)
Non-deductible expenses (1,232) 2.7  (8,387) 7.6  (68,372) 22.4 
Temporary differences for which no deferred tax is recognized (8,894) 19.2  (9,305) 8.5  (2,412) 0.8 
Adjustments previous year (575) 1.2  (34) —  (64) — 
(De)recognition of (un)recognized deferred tax assets (7,160) 15.5  (11,152) 10.2  (16,464) 5.4 
Other 187  (0.4) (76) 0.1  (77) — 
Effective tax (rate) 1,694  (3.7) (504) 0.5  (636) 0.2 
Summary of deferred tax assets and liabilities
Deferred tax assets and liabilities
(in €‘000) 2024 2023
Deferred tax assets 807  523 
Deferred tax liabilities (1,549) (2,184)
Balance at January 1 (742) (1,661)
Movements in deferred tax
Recognition of losses 1,551  257 
Acquisitions / Divestments —  — 
Movements of temporary differences 114  662 
Recognition of tax credits —  — 
Balance at December 31 923  (742)
Deferred tax assets 1,563  807 
Deferred tax liabilities (640) (1,549)
Balance at December 31 923  (742)
Summary of movements of temporary differences
The following table provides the origination of deferred tax assets and liabilities during the years ended December 31, 2024 and 2023 and where those movements have been recorded: the consolidated statement of profit or loss (“profit or loss”) or directly in equity or other comprehensive income (OCI).
Recognized in
(in €‘000) Net balance
January 1		 Acquisitions / divestments Profit
or loss		 Equity / OCI Net balance
December 31		 DTA DTL
Movements in 2023
Property, plant and equipment 526  —  (741) —  (215) —  (215)
Intangible assets (1,782) —  (10) —  (1,792) —  (1,792)
Right-of-use assets (12,085) —  (8,802) —  (20,887) —  (20,887)
Trade and other receivables 449  —  164  —  613  628  (15)
Inventories —  —  —  —  —  —  — 
Non-current lease liabilities 9,315  —  8,468  —  17,783  20,114  (2,331)
Current lease liabilities 1,834  —  1,287  —  3,121  3,121  — 
Provisions 107  —  15  1  123  123  — 
Trade and other payables 368  —  (181) —  187  187  — 
Investments in equity securities (970) —  —  461  (509) —  (509)
Net operating losses 577  —  257  —  834  834  — 
Interest carry forward —  —  —  —  —  —  — 
Total (1,661) —  457  462  (742) 25,007  (25,749)
Set-off of deferred tax balances pursuant to set-off provisions*
(24,200) 24,200 
Net deferred tax balances at December 31, 2023 807  (1,549)
Movements in 2024
Property, plant and equipment (215) —  (670) —  (885) —  (885)
Intangible assets (1,792) —  1,792  —  —  —  — 
Right-of-use assets (20,887) —  (6,907) —  (27,794) —  (27,794)
Trade and other receivables 613  —  (4,044) —  (3,431) 615  (4,046)
Inventories —  —  —  —  —  —  — 
Non-current lease liabilities 17,783  —  7,137  —  24,920  27,508  (2,588)
Current lease liabilities 3,121  —  319  —  3,440  3,440  — 
Provisions 123  —  6  10  139  139  — 
Trade and other payables 187  —  3,382  —  3,569  3,569  — 
Investments in equity securities (509) —  —  (911) (1,420) —  (1,420)
Net operating losses 834  —  1,551  —  2,385  2,385  — 
Interest carry forward —  —  —  —  —  —  — 
Total (742) —  2,566  (901) 923  37,656  (36,733)
Set-off of deferred tax balances pursuant to set-off provisions*
(36,093) 36,093 
Net deferred tax balances at December 31, 2024 1,563  (640)
* The presentation in the balance sheet takes into consideration the offsetting of deferred tax assets and deferred tax liabilities within the same tax jurisdiction if permitted. The overall deferred tax position in a particular tax jurisdiction determines if a deferred tax balance related to that jurisdiction is presented within deferred tax assets or deferred tax liabilities.
Summary of unrecognized deferred tax assets
Unrecognized deferred tax assets
(in €‘000) December 31, 2024 December 31, 2023
Tax losses 245,837  234,538 
Deductible temporary differences 48,499  30,121 
Tax credits —  — 
Interest carry forward 76,377  60,249 
Total 370,713  324,908 
Potential tax benefit 96,915  84,793