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.
before profit appropriation
The notes are divided into six sections:
NV Nederlandse Spoorwegen has its registered office on Laan van Puntenburg 100 in Utrecht, the Netherlands (Chamber of Commerce number 30012558).
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.
NS has recognised a €120 million compensation payment for a foregone 2024 fare increased from the Ministry of Infrastructure and Water Management.
The average staffing level was as follows, with personnel expenses in Germany being included in the result from discontinued operations:
For information on impairments of non-current assets, see note 15.
Own capitalised production 2024 of €63 million (2023: €72 million) mainly relates to the overhaul of trains.
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.
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.
‘Other operating expenses’ include insurance, accommodation costs, costs of fixtures and fittings, auditor’s fees, marketing costs and additions to provisions.
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
The changes in deferred tax assets and liabilities are as follows:
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.
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.
Intangible assets mainly concern software. NS reassessed the depreciation periods of IT projects in 2024.
The Group has determined that there are indicators for impairment of assets of some of the Group’s cash-generating units (CGUs).
The investments that are accounted for using the equity method, with a carrying amount of €15 million (2023: €12 million), are included below.
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.
Other receivables consist mainly of payments on account and deposits for energy, lease and automation contracts.
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).
Accruals and deferred income as at 31 December 2024 amounted to €6 million (31 December 2023: €8 million).
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.
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.
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.
See the consolidated statement of changes in equity for the movements in equity.
In 2024, the Group had a net amount of €901 million in new private loans to finance new rolling stock.
Because financial instruments are used, the Group is exposed to the following risks:
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.
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.
Employee benefits include:
The purpose of the provision for reorganisation costs is to cover the costs arising from reorganisation measures.
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.
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.
All issued shares are held by the State of the Netherlands.
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