6.15 Deferred tax assets and liabilities

Deferred tax assets and liabilities relate to temporary differences between the tax and accounting measurement of items in the statement of financial position, as well as the measurement of recognised tax loss carry-forwards. Such deferred taxes are only offset within the same fiscal unity. The movement in deferred taxes is as follows:

The balance of deferred taxes as at 31 December is composed as follows:

The realisation of deferred tax assets follows the difference between accounting and tax measurement and is expected, for the most part, not to be settled within 12 months after the reporting date.

6.15a Measurement of the recognised tax loss carry-forward

At year-end 2025, the recognised tax loss carry-forward amounts to € 3.2 million (2024: € 4.4 million). The recognised tax loss carry-forward relates almost entirely to Hegeman’s tax loss carry-forward (the Dutch fiscal unities Holding Bouw & Infra B.V. and Holding Services B.V.). Under the loss relief rules, as from the 2022 financial year, profits above € 1 million can be offset against losses from the past or future losses only up to 50%; on the other hand, these losses can be carried forward without limitation against future profits.

The movement in the recognised tax loss carry-forward is as follows:

A deferred tax asset is recognised only to the extent that, based on forecasts, it is probable that sufficient future taxable profits will be available to enable the asset to be utilised. Holding Bouw & Infra B.V. and Holding Services B.V. have prepared multi-year profit forecasts to support the realisability of the deferred tax asset. These forecasts show that structurally positive taxable results are expected and that sufficient taxable profit will be available to utilise (a substantial part of) the recognised asset within a reasonable period.

6.15b Measurement of deferred tax liabilities

For determining the amount of the deferred tax liabilities, the value for tax purposes of the work in progress in the Netherlands (including residential building projects) is treated as being equal to the value under IFRS.

Deferred tax assets or liabilities are recognised for any temporary differences originating at subsidiaries, joint operations or joint ventures. In 2025, Royal Heijmans N.V. completed the acquisition of Hegeman Bouw & Services. The application of IFRS 3 resulted in a fair value adjustment to intangible assets of € 27 million. This positive difference compared to the carrying amount of the acquired assets results in an increase in the tax base of those assets. The future reversal of this difference gives rise to a deferred tax liability totalling € 7 million in the opening statement of financial position as at December 2025.

The majority of the deferred tax liabilities have a term of more than one year.

Tax losses not recognised in the statement of financial position

At year-end 2025, tax losses not recognised in the statement of financial position amount to € 49 million (2024: € 45 million). This relates mainly to the three foreign subsidiaries (in Belgium and Germany) in which no operational activities now take place. These unrecognised tax losses can be carried forward indefinitely and do not expire.