11. Deferred income tax
The movement in deferred tax assets and liabilities is as follows:
|
(in millions of euros) |
Net balance as at 1 January 2025 |
Included in income statement |
Included in other comprehensive income |
Net balance as at 31 December 2025 |
Deferred tax asset |
Deferred tax liabilities |
|
Property, plant, and equipment |
287 |
-77 |
- |
210 |
210 |
- |
|
Intangible assets |
28 |
-13 |
- |
15 |
15 |
- |
|
Right-of-use assets |
-18 |
-1 |
- |
-19 |
-19 |
- |
|
Financial fixed assets |
-3 |
-1 |
- |
-4 |
3 |
7 |
|
Receivables |
- |
- |
- |
- |
- |
- |
|
Provisions |
- |
- |
- |
- |
- |
- |
|
Income attributable to future years |
31 |
-18 |
- |
13 |
13 |
- |
|
Loans and other financial liabilities |
- |
- |
- |
- |
- |
- |
|
Lease obligations |
23 |
-3 |
- |
20 |
20 |
- |
|
Employee benefits |
1 |
23 |
- |
24 |
24 |
- |
|
Loss compensation |
73 |
36 |
- |
109 |
109 |
- |
|
Deferred tax assets (liabilities) |
422 |
-54 |
- |
368 |
375 |
7 |
|
Offsetting of receivables and liabilities |
- |
-7 |
-7 |
|||
|
Deferred tax assets (liabilities) after offsetting |
- |
368 |
- |
|||
|
(in millions of euros) |
Net balance as at 1 January 2024 |
Included in income statement |
Included in other comprehensive income |
Net balance as at 31 December 2024 |
Deferred tax asset |
Deferred tax liabilities |
|
Property, plant, and equipment |
295 |
-8 |
- |
287 |
287 |
- |
|
Intangible assets |
42 |
-14 |
- |
28 |
28 |
- |
|
Right-of-use assets |
-27 |
9 |
- |
-18 |
-18 |
- |
|
Financial fixed assets |
- |
-3 |
- |
-3 |
4 |
7 |
|
Receivables |
-2 |
2 |
- |
- |
- |
- |
|
Provisions |
- |
- |
- |
- |
- |
- |
|
Income attributable to future years |
10 |
21 |
- |
31 |
31 |
- |
|
Loans and other financial liabilities |
- |
- |
- |
- |
- |
- |
|
Lease obligations |
31 |
-8 |
- |
23 |
23 |
- |
|
Employee benefits |
5 |
-4 |
- |
1 |
1 |
- |
|
Loss compensation |
74 |
-1 |
- |
73 |
73 |
- |
|
Deferred tax assets (liabilities) |
428 |
-6 |
- |
422 |
429 |
7 |
|
Offsetting of receivables and liabilities |
-7 |
-7 |
||||
|
Deferred tax assets (liabilities) after offsetting |
422 |
- |
The projected profits for the years up to and including 2033 have been reviewed. This has led to an upward adjustment of the tax asset for temporary differences (€22 million) (2024: write-down of €1 million) and an upward adjustment of the tax asset for loss compensation in the amount of €36 million (2024: write-down of €36 million). For further information on the tax burden, see note 10.
As at 31 December 2025, and 2024, there is no immediate income tax liability.
Unrecognised deferred tax assets
Deferred tax assets for temporary differences were not recognised for a gross amount of €459 million. The unrecognised temporary differences are mainly due to tax depreciation restrictions on real estate.
Accounting policy
Deferred tax assets and liabilities are recognised for temporary differences between the carrying amounts of assets and liabilities in the financial statements and the tax bases of those items. The calculation is based on the tax rates that are expected to apply when the temporary differences are reversed, based on tax rates that have been enacted or substantively enacted by the reporting date.
Deferred tax assets, including those arising from loss carryforwards, are recognised to the extent that it is probable that sufficient taxable profit will be available against which the losses can be utilised and the carryforwards can be utilised.
Deferred tax assets and liabilities are offset if the entity has a legally enforceable right to offset current tax assets against current tax liabilities; and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on the same taxable entity.
The mandatory exception in IAS 12 regarding the treatment of deferred tax assets and liabilities related to Pillar 2 income taxes has been applied.