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

Taxation (Tables)

v3.24.1.1.u2
Taxation (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023, 2022 and 2021 are as follows:
(in €‘000) 2023 2022 2021
Current income tax expense
Current income tax expense for the year (927) (1,058) (200)
Adjustments in respect of current income tax of previous years (34) (64) — 
Total current tax expense (961) (1,122) (200)
Deferred tax expense
Origination and reversal of temporary differences and tax losses 11,609  16,950  — 
(De)recognition of deferred tax assets (11,152) (16,464) (152)
Total deferred tax expense 457  486  (152)
Income tax expense (504) (636) (352)
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, 2023, 2022 and 2021:
2023 2022 2021
(in €‘000) % (in €‘000) % (in €‘000) %
Effective tax reconciliation
Loss before income tax (109,778) (304,656) (319,320)
Income tax at statutory tax rate of the Netherlands 28,323  (25.8) 78,601  (25.8) 79,830  (25.0)
Adjustments to arrive at the effective tax rate:
Impact of different tax rates of local jurisdictions 31  —  165  (0.1) —  0.0 
Non-taxable income 96  (0.1) 7,987  (2.6) —  — 
Non-deductible expenses (8,387) 7.6  (68,372) 22.4  (74,033) 23.2 
Temporary differences for which no deferred tax is recognized (9,305) 8.5  (2,412) 0.8  (5,997) 1.9 
Adjustments previous year (34) —  (64) —  —  — 
(De)recognition of (un)recognized deferred tax assets (11,152) 10.2  (16,464) 5.4  (152) — 
Other (76) 0.1  (77) —  —  — 
Effective tax (rate) (504) 0.5  (636) 0.2  (352) 0.1 
Summary of deferred tax assets and liabilities
Deferred tax assets and liabilities
(in €‘000) 2023 2022
Deferred tax assets 523  570 
Deferred tax liabilities (2,184) — 
Balance at January 1 (1,661) 570 
Movements in deferred tax
Recognition of losses 257  (87)
Acquisitions / Divestments —  (3,043)
Movements of temporary differences 662  899 
Recognition of tax credits —  — 
Balance at December 31 (742) (1,661)
Deferred tax assets 807  523 
Deferred tax liabilities (1,549) (2,184)
Balance at December 31 (742) (1,661)
Summary of movements of temporary differences
The following table provides the origination of deferred tax assets and liabilities during the years ended December 31, 2023 and 2022 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 2022
Property, plant and equipment 281  —  245  —  526  981  (455)
Intangible assets —  (2,242) 460  —  (1,782) —  (1,782)
Right-of-use assets (7,469) (484) (4,132) —  (12,085) —  (12,085)
Trade and other receivables —  396  53  —  449  449  — 
Inventories —  —  —  —  —  —  — 
Non-current lease liabilities 4,826  441  4,048  —  9,315  9,315  — 
Current lease liabilities 1,706  43  85  —  1,834  1,834  — 
Provisions —  101  8  (2) 107  107  — 
Trade and other payables 561  —  (193) —  368  374  (6)
Investments in equity securities —  (1,298) —  328  (970) —  (970)
Net operating losses 665  —  (88) —  577  577  — 
Interest carry forward —  —  —  —  —  —  — 
Total 570  (3,043) 486  326  (1,661) 13,637  (15,298)
Set-off of deferred tax balances pursuant to set-off provisions*
(13,114) 13,114 
Net deferred tax balances at December 31, 2022 523  (2,184)
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)
* 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, 2023 December 31, 2022
Tax losses 234,538  197,171 
Deductible temporary differences 30,121  17,679 
Tax credits —  — 
Interest carry forward 60,249  36,612 
Total 324,908  251,462 
Potential tax benefit 84,793  65,832