Notes to the company balance sheet and income statement 2025
The amounts included in the notes are in millions of euros and all values are rounded to the nearest million, unless otherwise indicated.
Financial fixed assets
Participating interests in group companies
|
(in millions of euros) |
2025 |
2024 |
|
Balance as at 1 January |
1,775 |
1,914 |
|
Share of results |
380 |
-141 |
|
Other changes |
3 |
2 |
|
Balance as at 31 December |
2,158 |
1,775 |
The other movements relate to direct movements in the equity of the participating interests in group companies.
Equity
|
(in millions of euros) |
Share capital |
Statutory fair value reserve |
Statutory revaluation reserve for participating interests |
General reserve |
Retained earnings |
Total equity |
|
Balance as at 1 January 2024 |
1,012 |
90 |
213 |
979 |
-380 |
1,914 |
|
Movements in revaluation reserves |
- |
-24 |
-93 |
119 |
- |
2 |
|
Profit for the financial year |
- |
- |
- |
- |
-141 |
-141 |
|
Appropriation of profit |
- |
- |
- |
-380 |
380 |
- |
|
Other movements |
- |
- |
- |
- |
- |
- |
|
- |
-24 |
-93 |
-261 |
239 |
-139 |
|
|
Balance as at 31 December 2024 |
1,012 |
66 |
120 |
718 |
-141 |
1,775 |
|
Movements in revaluation reserves |
- |
- |
-60 |
62 |
- |
2 |
|
Profit for the financial year |
- |
- |
- |
- |
380 |
380 |
|
Appropriation of profit |
- |
- |
- |
-141 |
141 |
- |
|
Other movements |
- |
- |
- |
1 |
- |
1 |
|
- |
- |
-60 |
-78 |
521 |
383 |
|
|
Balance as at 31 December 2025 |
1,012 |
66 |
60 |
640 |
380 |
2,158 |
The statutory revaluation reserve has been formed for direct equity movements in joint ventures and for the non-distributable portion of NS Insurance's equity. The statutory translation reserve comprises all exchange rate differences on foreign currencies arising from the translation of the financial statements of foreign operations, as well as from the translation of liabilities hedging the company's net investment in a foreign group company.
The statutory fair value reserve comprises the cumulative change in the fair value of investments measured at fair value - total comprehensive income, the cumulative change in the fair value of investments measured at fair value debt investments, and the cumulative change in the fair value of financial assets at fair value through profit or loss, until these investments and financial assets are no longer recognised in the balance sheet.
Off-balance sheet arrangements
Other than as stated in note 32, NV Nederlandse Spoorwegen and its consolidated subsidiaries have not received any claims that have not been adequately recognised in the balance sheet.
Both NV Nederlandse Spoorwegen and its Dutch subsidiaries are included in the NV Nederlandse Spoorwegen fiscal entity for corporate income tax purposes. As a result, NV Nederlandse Spoorwegen is jointly and severally liable for the tax liabilities of the subsidiaries included in the fiscal entity.
Principal participating interests
NV Nederlandse Spoorwegen is the holding company of NS Groep NV. NS Groep NV is the sole subsidiary of NV Nederlandse Spoorwegen. For an overview of the participating interests, please refer to note 33.
Utrecht, 2 March 2026
|
Supervisory board |
Executive board |
|
Mr H.H.J. Dijkhuizen |
Mr W. Koolmees |
|
Mrs J.L. Stuijt |
Mrs A.C.J. Magielse |
|
Mrs K.M. de Lathouder |
Mr E.F.W. van Asch |
|
Mr R. Teerlink |
Mrs M.E. Kaashoek |
|
Mrs P.G. Boumeester |
Mr F.D. Schut |
|
Mr K.H.D.M. Dijkhoff |
|
|
Mrs L. Boer |