Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

General and administrative expenses

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General and administrative expenses
 12 Months Ended
Dec. 31, 2023
General and Administrative Expenses [Abstract]  
General and administrative expenses General and administrative expenses
(in €‘000) 2023 2022 2021
Employee benefits expenses 42,796  65,089  105,025 
Depreciation of property, plant and equipment 257  185  206 
Depreciation of right-of-use assets 5,949  5,676  3,175 
Amortization of intangible assets 723  577  97 
IT costs 4,037  3,307  1,625 
Housing and facility costs 764  490  337 
Travelling costs 942  398  7 
Legal, accounting and consulting fees 32,908  73,867  208,945 
Insurance costs 4,276  7,164  397 
Other costs 6,305  7,891  9,483 
Share-based payment expenses - SPAC Transaction —  158,714  — 
Total 98,957  323,358  329,297 
Employee benefits expenses include share-based payment expenses relating to the First and Second Special Fees Agreements, the management incentive plan and the long term incentive plan. For the year ended December 31, 2023, share-based payment expenses relating to the First Special Fees and Second Special Fees Agreements amount to € nil (2022: €21,188 thousand, 2021: €89,636 thousand) and €3,480 thousand (2022: €5,681 thousand, 2021: € nil), respectively, as certain directors of the Company are 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, 2023 amount to €6,242 thousand (2022: €14,361 thousand, 2021: € nil) 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, 2023 include share-based payment expenses relating to the long term incentive plan of €4,790 thousand (2022: € nil, 2021: € nil). Refer to Note 11.4 for details.
Legal, accounting and consulting fees for the year ended December 31, 2023 include share-based payment expenses relating to the First Special Fees Agreement of € nil (2022: €46,433 thousand, 2021: €202,201 thousand) and Second Special Fees Agreement of €6,607 thousand (2022: €11,712 thousand, 2021: € nil) as the Group has provided share-based payment awards to an external consulting firm. Refer to Note 11.1 and 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.