24. Equity
For the movement in equity, please refer to the consolidated statement of changes in equity.
As at both 31 December 2025 and 31 December 2024, the authorised capital consisted of 4 million ordinary shares with a nominal value of €1,000. There are 1,012,000 issued shares, which are fully paid up. All issued shares are held by the State of the Netherlands. Shareholders are entitled to dividends as declared annually on the basis of the resolution of the General Meeting of Shareholders regarding the appropriation of profit. Shareholders are entitled to cast one vote per share at company meetings.
The annual accounts for 2024 and the appropriation of profit were adopted at the shareholders' meeting on 10 March 2025. In accordance with the proposal, the result of €141 million negative was withdrawn from the general reserve.
The movement in the other reserves is as follows:
|
(in millions of euros) |
Hedging reserve |
Fair value reserve |
Actuarial reserve |
Total other reserves |
|
Balance as at 1 January 2024 |
- |
55 |
-11 |
44 |
|
Unrealised results |
- |
2 |
- |
2 |
|
Other changes |
- |
- |
- |
- |
|
Balance as at 31 December 2024 |
- |
57 |
-11 |
46 |
|
Unrealised results |
- |
2 |
- |
2 |
|
Other changes |
- |
- |
- |
- |
|
Balance as at 31 December 2025 |
- |
59 |
-11 |
48 |
Statutory appropriation of profit
Pursuant to Article 33(1) of the Articles of Association of NV Nederlandse Spoorwegen, the General Meeting of Shareholders determines the appropriation of any surplus in the profit and loss account.
Proposal for appropriation of profit
A proposal will be submitted to the Meeting to add the result of €380 million to the general reserve.
Accounting policy
Reserve for translation differences
The 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.
Hedging reserve
The hedge reserve consists of the cumulative change in the fair value of hedging instruments (derivatives) when the hedged transaction has not yet taken place or the hedged position has not yet been settled.
Fair value reserve
The fair value reserve comprises the cumulative change in the fair value of investments measured at fair value through profit or loss and the cumulative change in the fair value of investments measured at fair value through other comprehensive income, until the investment is no longer recognised in the balance sheet.
Actuarial reserve
The actuarial reserve relates to actuarial gains and losses, consisting of the difference between actual and expected changes in pension obligations and investment results on pension assets (see note 29).
Revaluation reserve for participating interests
The revaluation reserve for participating interests comprises the cumulative unrealised results recognised directly in equity for investments accounted for using the equity method.