NS five-year overview

Balance sheet*

in millions of euros

2025

2024

2023

2022

2021

Assets

Tangible fixed assets

4,077

3,513

3,317

3,442

2,973

Real estate properties

109

113

122

119

124

Intangible fixed assets

51

110

203

319

345

Rights of use fixed assets

107

104

268

461

827

Investments accounted for using the equity method

15

15

12

12

26

Other financial fixed assets, including investments

104

106

157

197

131

Deferred tax assets

368

422

428

316

367

Total fixed assets

4,831

4,383

4,507

4,866

4,793

Inventories

175

172

177

220

176

Accounts receivable and other receivables

494

371

516

676

1,219

Income tax receivable

-

-

-

-

22

Other financial current assets, including investments

871

1,046

715

745

478

Cash and cash equivalents

437

449

460

396

680

Assets held for sale

-

-

-

1,476

-

Total current assets

1,977

2,038

1,868

3,513

2,575

Total assets

6,808

6,421

6,375

8,379

7,368

Equity and liabilities

Equity

2,158

1,775

1,914

2,309

1,689

Deferred income

87

106

123

128

161

Loans and other financial liabilities, including derivatives

2,300

2,536

1,672

1,505

1,598

Lease liabilities

94

91

315

377

634

Employee benefits

237

81

58

55

54

Provisions

87

90

87

310

216

Accruals

4

6

8

9

10

Deferred tax liabilities

-

-

-

-

2

Total non-current liabilities

2,809

2,910

2,263

2,384

2,675

Loans and other financial liabilities

237

69

387

296

196

Lease liabilities

18

30

89

87

296

Income tax payable

-

-

13

11

12

Accounts payable and other liabilities

1,006

1,026

1,004

1,306

1,647

Deferred income

568

590

590

565

645

Provisions

12

21

115

74

208

Total current liabilities

1,841

1,736

2,198

2,339

3,004

Liabilities held for sale

-

-

-

1,347

-

Total equity and liabilities

6,808

6,421

6,375

8,379

7,368

Consolidated income statement*

in millions of euros

2025

2024

2023

2022

2021

Revenue

3,920

3,702

3,823

3,341

6,486

Operating expenses

3,459

3,852

4,361

2,950

6,009

Share of results of investments accounted for using the equity method

-1

2

-1

-

5

Result from operating activities

460

-148

-540

391

482

Net financing result

-28

30

43

178

-349

Result before income tax

432

-118

-497

569

133

Income tax

-54

-6

107

-37

367

Result for the reporting period

378

-124

-389

532

500

Discontinued operations

Result from discontinued operations, after tax

2

-17

10

54

-

Results for the reporting period

380

-141

-379

586

500