• Annual report 2025
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21. Trade and other liabilities

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.

22. Deferred income

Deferred income of €568 million (2024: €590 million) mainly relates to deferred income from public transport student cards and deferred subscription fees.

23. Other financial assets, including investments

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.

24. Equity

For the movement in equity, please refer to the consolidated statement of changes in equity.

25. Loans and other financial liabilities, including derivatives

In 2025, the Group took out €1 million in new private loans to finance new equipment.

26. Financial instruments – Risk management

The Group is exposed to the following risks arising from the use of financial instruments:

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