Notes to the consolidated income statement
Notes to the consolidated income statement
Net turnover (12)
Business sectors
The breakdown of net turnover by category is as follows:
| (in thousands of euros) | 2025 | 2024 |
| Goods | 207.624 | 243.969 |
| Services | 24.926 | 26.346 |
| Other | 3.552 | 3.410 |
| Total | 236.102 | 273.725 |
Net turnover decreased by €37,6mln (‑14%) compared to prior year. The decrease is primarily attributable to lower order intake, driven by changes in the economic environment, including reduced availability of projects, slower decision‑making across the market and budget cuts within governmental and educational sectors.
As from November 2025, Ahrend Gulf FZCO has been fully consolidated following the acquisition of a controlling interest. Due to the timing of the acquisition, the contribution to consolidated revenue in 2025 was limited.
Geographical areas
| (in thousands of euros) | 2025 | ||||
| The Netherlands | Czech Republic | United Kingdom | Other | Total | |
| Net turnover | 119.898 | 34.055 | 16.120 | 66.028 | 236.102 |
| (in thousands of euros) | 2024 | ||||
| The Netherlands | Czech Republic | Romania | Other | Total | |
| Net turnover | 152.957 | 31.707 | 16.879 | 72.181 | 273.725 |
The reported net turnover divided to geographical area is based on the country of residence of the customer (RJ 350.208). All countries with a net turnover of at least 10% of the consolidated net turnover are included in the overview (RJ 350.203). The amount other region of €66mln is mainly related to other European countries.
Cost of raw materials and consumables (13)
| (in thousands of euros) | 2025 | 2024 |
| Costs of raw materials and consumables | (87.208) | (94.398) |
| Costs of merchandise sold | (21.065) | (30.941) |
| Installation costs | (9.294) | (10.072) |
| Total | (117.567) | (135.411) |
Wages and salaries (14)
| (in thousands of euros) | 2025 | 2024 |
| Wages and salaries own personnel | (56.201) | (55.437) |
| Wages and salaries temporary personnel | (6.390) | (7.184) |
| Total | (62.591) | (62.621) |
Social security charges (15)
| (in thousands of euros) | 2025 | 2024 |
| Pension charges | (4.391) | (4.482) |
| Other social security charges | (9.625) | (9.467) |
| Total | (14.016) | (13.949) |
Workforce
The average number of staff (in FTEs) employed, including temps, by the group in 2025 was 1.165 (2024: 1.238), specified by segments as follows:
| 2025 | 2024 | |
| Sales | 335 | 336 |
| Operations | 608 | 657 |
| Back-office | 222 | 245 |
| Total | 1.165 | 1.238 |
| Employed in the Netherlands | 679 | 736 |
| Employed outside the Netherlands | 486 | 502 |
| Total | 1.165 | 1.238 |
The total average number of FTE decreased by 73. This decline in workforce is mainly related to the flexible workforce in operations in the Netherlands.
Amortisation and depreciation of intangible, tangible fixed assets and right of use assets (16)
| (in thousands of euros) | 2025 | 2024 |
| Other intangible fixed assets | (1.581) | (1.384) |
| Tangible fixed assets | (6.477) | (6.574) |
| Right of use assets | (7.653) | (6.623) |
| Total | (15.711) | (14.581) |
Other operating expenses (17)
| (in thousands of euros) | 2025 | 2024 |
| Other personnel costs | (2.791) | (3.053) |
| Car and travel expenses | (3.365) | (3.368) |
| Transportation and installation costs | (12.255) | (12.377) |
| Housing costs | (4.246) | (4.655) |
| Production costs | (2.403) | (2.596) |
| Office costs | (1.449) | (1.267) |
| EDP costs | (6.554) | (4.945) |
| Marketing and advertising costs | (1.586) | (1.650) |
| Other operating expenses | (3.962) | (4.125) |
| Total | (38.612) | (38.037) |
Research and development costs
During the financial year, ERP project research costs of €0,4mln were recognised directly in operating expenses as part of EDP costs. Other research costs and development costs not qualifying for capitalisation were recognised directly as salary and operating expenses amounting to €1,5mln (2024: €1,7mln). These costs did not meet the recognition criteria for capitalisation under Dutch GAAP.
Development costs that met the criteria for capitalisation were recognised as intangible fixed assets and are therefore not included in operating expenses. Ultimo 2025, internally generated development costs related to the new ERP project amounting to €2,7mln were capitalised (2024: €16K). The increase compared to prior year is explained by the transition of the ERP project from research to development phase in 2025. Capitalised development costs amortised in the year amounted to nil (2024: €18K).
Audit fees
The costs of the Royal Ahrend Group for the external independent auditor PricewaterhouseCoopers Accountants N.V., the audit organisation and the entire network to which the audit organisation belongs charged to the financial year are set out below.
| (in thousands of euros) | 2025 | ||
| PWC Accountants NV | Other PWC Network | Total | |
| Audit of the financial statements | 291 | 243 | 534 |
| Other audit engagements | 0 | 0 | 0 |
| Tax advisory services | 0 | 0 | 0 |
| Other non-audit services | 0 | 290 | 290 |
| Total | 291 | 533 | 824 |
| (in thousands of euros) | 2024 | ||
| PWC Accountants NV | Other PWC Network | Total | |
| Audit of the financial statements | 277 | 265 | 542 |
| Other audit engagements | 0 | 0 | 0 |
| Tax advisory services | 0 | 0 | 0 |
| Other non-audit services | 0 | 403 | 403 |
| Total | 277 | 668 | 945 |
The fees listed above relate to the procedures applied to the company and its consolidated group entities by the external and independent auditor as referred to in Section 1, subsection 1 of the Audit Firms Supervision Act (‘Wet toezicht accountantsorganisaties ‑ Wta’). These fees relate to the audit of the 2025 financial statements, regardless of whether the work was performed during the financial year.
Financial income and expense (19)
| (in thousands of euros) | 2025 | 2024 |
| Interest income and similar income | 709 | 0 |
| Interest expense and similar charges | (615) | (1.421) |
| Interest on leases | (1.567) | (1.286) |
| Total financial income and expense | (1.473) | (2.707) |
In 2025 currency translation differences of €0,8mln (2024: €-1,1mln) were included in profit and loss as part of interest income and expense and similar charges.
Income taxes (20)
The tax charge on the profit or loss in the consolidated income statement can be broken down as follows.
| (in thousands of euros) | 2025 | 2024 |
| Result before tax | (13.776) | 6.041 |
| Corporate income tax | (1.005) | (1.028) |
| Deferred corporate income tax | 728 | 181 |
| Total tax credit/charge | (278) | (846) |
| 2025 | 2024 | |
| Applicable tax rate home-market NL | 25,8% | 25,8% |
| Applicable tax rate foreign countries | 23,0% | 21,0% |
| Effective tax rate | 7,3% | 14,0% |
The applicable tax rate in the home-market the Netherlands is 25,8% (2024: 25,8%). The applicable tax rate in the foreign countries is 23% (2024: 21%) and is based on the proportion of the contribution to the result by the group entities and the tax rate applicable in the respective countries. The tax rate did not change in most countries. For the Dutch fiscal unity the total amount of available deductible losses per end of 2025 is equal to €127,2mln (2024: €111,8mln based on submitted CIT return). For countries outside the Netherlands the total amount of available deductible losses per end of 2025 is equal to €167,4mln. Approximately €156mln thereof consists of unrecognised tax losses in Germany.
The effective tax rate deviates from the applicable tax rate as a result of permanent differences between commercial (accounting) profit and taxable profit, which can arise as a result of, amongst others, non-deductible expenses or non-recognisable profits and usage of unrecognised operating losses. The reconciliation between the applicable tax rate (NL) and effective tax rate for the Group as a whole is:
| Amounts in thousands of Euros | |
| Result before tax | (13.776) |
| CIT against applicable tax rate of 25.8% | 3.554 |
| Non deductible costs / non-recognisable profit NL | (221) |
| Recognition / usage of tax losses NL | (3.970) |
| Tax impact of foreign operations | (369) |
| Total tax credit/charge | (1.006) |
Remuneration of members of the board of directors and supervisory board
The remuneration, including pension charges and other benefits, of current and former members of the board of directors and supervisory board charged to the company, its subsidiaries in the financial year amounted to €1,1mln (2024: €2,0mln) and €118K (2024: €118K) respectively.