• Annual report 2024
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  • About NS
    • The profile of NS
    • Our trains
    • Dilemmas
    • How NS adds value to society
  • Trends, developments and strategy
    • Trends and developments
    • Our strategy
    • Looking back and ahead to the main rail network concession period
    • Innovations
  • Our activities and ‍achievements in the Netherlands
    • Overview of concession indicators
    • Customer satisfaction
    • Operational performance
      • Punctuality on the main rail network and high-speed line 
      • Seat availability
      • Withdrawal of trains from the timetable 
      • User-friendly travel information 
      • Collaboration in the context of scheduled and unscheduled withdrawals 
      • International connections
      • 2025 timetable: more than 1,500 additional trains each week
      • Accessibility 
    • Door-to-door journeys
    • Quality of NS connections to other carriers 
    • Seamless travel
    • Ease of payment in public transport 
    • Stations and their environment
      • The station experience 
      • Retail at the station 
      • Daily operations at stations 
      • Stations undergoing renovations 
      • Energy labels for buildings 
      • Development of station areas 
      • Collaboration with our partners 
    • Travelling and working in safety
      • Public safety 
      • Occupational safety
      • Railway safety 
      • Corporate security
      • Cyber security 
    • Attractive and inclusive employer
      • Being a good and attractive employer
      • Recruitment
      • Diversity and inclusion
      • Learning at NS
      • Careers
      • Employee participation
      • Staff satisfaction
      • A healthy organisation and absences due to sickness
      • Leadership at NS
      • Organisational culture, integrity and compliance
  • Our sustainable performance
    • Our sustainability performance
      • Zero-emission operations
      • Circular enterprise
      • Green enterprise
      • CO2 emissions of NS
      • NS: a sustainable brand
      • Sustainable procurement 
      • SDGs
      • Preparing for CSRD
  • Our activities and achievements abroad
    • Abellio
  • Finances in brief
    • Finances in brief
      • Financial results
      • Cash flows and financial position
      • Looking ahead
    • Taxes 
  • NS Group
    • Report of the Supervisory Board
      • Personal details – Supervisory Board
      • Executive Board remuneration report
      • Personal details – Executive Board
    • Corporate governance
    • Risk management
    • Dialogue with our stakeholders in the Netherlands
      • Notes on the material themes
      • Strategy and material themes diagram
    • Statement by the Executive Board
    • About the scope of this report
    • Scope and reporting criteria
    • GRI content index
  • Financial Statements
    • Consolidated financial statements
    • Company financial statements
      • Company balance sheet as at 31 December 2024
      • Company income statement 2024
      • Accounting policies applied for the financial statements
      • Notes to the company balance sheet and income statement 2024
    • Other information
      • Independent auditor's report
    • NS 10-year summary
    • List of definitions

Consolidated income statement 2024

Consolidated statement of comprehensive income for 2024

The above table includes the result from discontinued operations, as explained in more detail under the income statement on the previous page and in note 1.

Consolidated balance sheet as at 31 December 2024

before profit appropriation

Consolidated cash flow statement for 2024

Consolidated statement of changes in equity

Notes to the 2024 consolidated financial statements

The notes are divided into six sections:

Section 1 General information and material accounting policies

NV Nederlandse Spoorwegen has its registered office on Laan van Puntenburg 100 in Utrecht, the Netherlands (Chamber of Commerce number 30012558).

Section 2 Results for the year

1. Assets and liabilities held for sale/Discontinued operations

In line with its strategy, which dictates that international activities should be in the interest of passengers in the Netherlands, NS has been preparing its departure from the German market.

2. Revenue

NS has recognised a €120 million compensation payment for a foregone 2024 fare increased from the Ministry of Infrastructure and Water Management.

3. Personnel costs

The average staffing level was as follows, with personnel expenses in Germany being included in the result from discontinued operations:

4. Depreciation, amortisation and impairments

For information on impairments of non-current assets, see note 15.

5. Cost of raw materials and consumables

6. Own capitalised production

Own capitalised production 2024 of €63 million (2023: €72 million) mainly relates to the overhaul of trains.

7. Subcontracted work and other external costs

The costs of subcontracted work relate to the execution of assignments by third parties that are not covered by the other items in this category.

8. Infrastructure levies and concession fees

Infrastructure levies and concession fees for the Dutch train concessions amounted to €533 million in 2024 (2023: €473 million). The total for 2023 included an amount of €10 million relating to a settlement of previous years.

9. Other operating expenses

‘Other operating expenses’ include insurance, accommodation costs, costs of fixtures and fittings, auditor’s fees, marketing costs and additions to provisions.

10. Income tax

Corporation tax is calculated based on the applicable tax rates in the Netherlands, taking into account the tax rules that give rise to permanent differences between the determination of the profit for commercial purposes and the determination for

11. Deferred income tax

The changes in deferred tax assets and liabilities are as follows:

Section 3 Non-current assets and investments

12. Property, plant and equipment

Assets under construction include €778 million in advance payments for new rolling stock. With effect from 2024, the Group started to allocate construction period interest to assets under construction based on an interest rate of 2.5% for 2024.

13. Real estate assets

In addition to business premises on behalf of third parties, the real estate assets include other properties that are leased to third parties or held as strategic real estate.

14. Intangible assets

Intangible assets mainly concern software. NS reassessed the depreciation periods of IT projects in 2024.

15. Impairments of non-current assets/onerous contracts

The Group has determined that there are indicators for impairment of assets of some of the Group’s cash-generating units (CGUs).

16. Investments recognised using the equity method

The investments that are accounted for using the equity method, with a carrying amount of €15 million (2023: €12 million), are included below.

Section 4 Working capital

17. Inventories

The inventories of maintenance materials consist of raw materials and other materials for the production and maintenance of finished and semi-finished products for the maintenance centres.

18. Trade and other receivables

Other receivables consist mainly of payments on account and deposits for energy, lease and automation contracts.

19. Cash and cash equivalents

Cash and bank balances at 31 December 2024 amounted to €449 million and were fully at the free disposal of the company (31 December 2023: €460 million, fully at the free disposal of the company).

20. Accrued and deferred items

Accruals and deferred income as at 31 December 2024 amounted to €6 million (31 December 2023: €8 million).

21. Trade and other liabilities

Other liabilities consist largely of purchase invoices yet to be received. Other liabilities also include reserves for personnel expenses, such as holiday allowance, and interest yet to be paid.

22. Deferred income

The deferred income of €590 million (2023: €590 million) consists mainly of amounts for student public transport passes received in advance and season ticket payments received in advance.

Section 5 Financing, financial risk management and financial instruments

23. Other financial assets, including investments

The interest in Eurofima is measured at fair value. The net asset value based on the most recently available financial statements of this interest has been used as the best approximation of the fair value.

24. Equity

See the consolidated statement of changes in equity for the movements in equity.

25. Loans and other financial liabilities, including derivatives

In 2024, the Group had a net amount of €901 million in new private loans to finance new rolling stock.

26. Financial instruments – Risk management 

Because financial instruments are used, the Group is exposed to the following risks:

27. Net financing result

The Group started to allocate construction period interest to assets under construction with effect from 2024. A sum of €47 million was capitalised in 2024.

Section 6 Other data

28. Deferred credits

The lump-sum payment for wage increases resulting from making the Railway and Public Transport Pension Fund independent in 1994 is expected to be released up to 2035 and to be credited to the income statement.

29. Employee benefits

Employee benefits include:

30. Provisions

The purpose of the provision for reorganisation costs is to cover the costs arising from reorganisation measures.

31. Leases

The Group has lease contracts for rolling stock, real estate and other operating assets that are used in its operations. The Group’s obligations under the leases are safeguarded by the lessor's right to the ownership of the leased assets.

32. Off-balance sheet arrangements

A number of investigations are under way against NS and/or group companies, and various claims have been submitted that are being contested by NS. Where deemed necessary, provisions have been made for this.

33. Related parties

All issued shares are held by the State of the Netherlands.

34. Events after the balance sheet date

No matters have come to light after the balance sheet date that provide further information about the actual situation as at the balance sheet date, nor were there events that are significant for the opinion to be formed by users of this financial

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