The above table includes the results from discontinued operations, as explained in more detail in the income statement on the previous page and in note 1.
before appropriation of profit
NV Nederlandse Spoorwegen is located at Laan van Puntenburg 100 in Utrecht in the Netherlands (Chamber of Commerce number 30012558) and is a 'public limited company'.
In 2023 and 2024, the Group divested its activities in the United Kingdom and Germany, respectively.
The additional contributions from government bodies for 2025 include revenues relating to compensation for missed fare increases, the franchise subsidy for the Main Rail Network (HRN) and the financial implications of the agreements on risk sharing
The increase in personnel costs is mainly due to the creation of a provision for the heavy labour scheme of €188 million (see note 29 Employee benefits) and the financial impact of the new collective labour agreement.
For an explanation of the (reversal of) impairment charges on fixed assets, see note 15.
Own capitalised production in 2025, amounting to €60 million (2024: €63 million), mainly relates to the overhaul of trains.
The costs of outsourced work relate to the execution of assignments to third parties that do not fall under the other headings within this category.
Infrastructure levies and franchise fees for Dutch train services will amount to €424 million in 2025 (2024: €533 million). For 2025, this only concerns the infrastructure levy.
Other operating expenses include insurance, accommodation and inventory costs, auditor's fees, publicity costs and allocations to provisions.
Corporate income tax is calculated on the basis of the applicable tax rates in the Netherlands, taking into account the tax provisions that result in permanent differences between the commercial and tax results.
The movement in deferred tax assets and liabilities is as follows:
Work in progress and equipment under construction includes advance payments for new equipment amounting to €645 million (2024: €778 million).
In addition to commercial premises for third parties, the real estate objects consist of other real estate objects that are leased to third parties or held as strategic real estate.
In 2025, NS evaluated its portfolio of intangible assets (primarily software).
At the end of 2025, indicators were established for impairments specifically relating to the HRN franchise in the Netherlands. In 2025, adjusted assumptions were made with regard to passenger forecasts and revenues for the coming years.
The financial data of the investments recognised using the equity method, with a carrying amount of €15 million (2024: €15 million), are presented below.
Inventories of maintenance materials consist of raw materials and materials for the production and maintenance of semi-finished and finished products of the maintenance company.
Other receivables mainly consist of advance payments and security deposits for energy, lease, and automation contracts.
Cash and bank balances amounted to €437 million as at 31 December 2025, and are fully available for use (31 December 2024: €449 million, fully available for use).
Accruals as at 31 December 2025 amount to €4 million (31 December 2024: €6 million).
Other liabilities consist mainly of purchase invoices still to be received. In addition, other liabilities include provisions for personnel costs, such as vacation pay, and interest still to be paid.
Deferred income of €568 million (2024: €590 million) mainly relates to deferred income from public transport student cards and deferred subscription fees.
The interest in Eurofima is measured at fair value. The net asset value based on the most recent available financial statements for this interest has been used as the best approximation of fair value.
For the movement in equity, please refer to the consolidated statement of changes in equity.
In 2025, the Group took out €1 million in new private loans to finance new equipment.
The Group is exposed to the following risks arising from the use of financial instruments:
With effect from 2024, the Group has started to allocate construction interest to works and equipment under construction.
The lump sum payment for the wage cost increase resulting from the privatisation of the Rail and Public Transport Pension Fund in 1994 is expected to be released in favour of the result until 2035.
Employee benefits comprise:
The provision for reorganisation costs is intended to cover the costs incurred in connection with reorganisation measures.
The Group has lease contracts for equipment, real estate, and other operating assets used in its activities. The Group's obligations under the lease agreements are secured by the lessor's ownership of the leased assets.
A number of investigations are ongoing against NS and/or group companies and various claims have been filed that are being contested by NS. Provisions have been made for these where deemed necessary. A number of important issues are explained below.
All issued shares are held by the State.
There have been no events after the balance sheet date that provide further information about the actual situation as at the balance sheet date or events that are relevant to the opinion of the users of these financial statements.