8.5 Notes to the company-only statement of financial position

Intangible assets (goodwill)

Intangible assets comprise goodwill purchased on the acquisition of IBC in 2001. Historical cost was € 47 million and accumulated impairment is € 26 million.

The Group performs an annual impairment test. For the approach and assumptions applied, reference is made to note '6.12 Intangible assets' in the consolidated financial statements.

Financial assets

Investments in Group companies

The investments in Group companies relate to direct or indirect interests in group companies. The principal Group companies are listed in section 7 of the consolidated financial statements.

Loans granted to group companies

Loans granted to group companies predominantly have a maturity of more than one year.

Deferred tax assets

Deferred tax assets relate to losses of the Royal Heijmans N.V. fiscal unity which have been recognised but not yet utilised. The movements in the financial year were as follows:

See note ‘6.15 Deferred tax assets and liabilities’ to the consolidated financial statements for details of the deferred tax asset related to the losses of the Royal Heijmans N.V fiscal unity that have not yet been utilised.

Cash

Cash balances are at the free disposal of the Company.

Equity

Authorised share capital

The composition of the authorised share capital is as follows:

As at 31 December 2025, 27,478,006 ordinary shares have been issued (2024: 27,478,006). All outstanding shares are fully paid up. Based on a nominal value of € 0.30 per share, these shares represent issued share capital of € 8.2 million, as in the previous financial year. The ordinary shares are largely in the form of depositary receipts. Holders of depositary receipts have the right, under certain conditions, to have their depositary receipts decertified. At year-end 2025, the number of non-certificated shares amounts to 2,615 (2024: 2,615).

Holders of (depositary receipts for) ordinary shares are entitled to dividends and are entitled to cast thirty votes per share at the General Meeting of Shareholders.

A further explanation of the rights, preferences and restrictions relating to the protective preference shares is included in the appendix Heijmans Preference Share Trust (new window).

Share premium reserve

The share premium reserve consists of share capital paid in above nominal value.

Legal reserve for participating interests

The legal reserve for participating interests represents the difference between, on the one hand, the retained earnings and direct changes in equity of participating interests calculated on the basis of the accounting policies of Royal Heijmans N.V. as the parent company, and, on the other hand, the portion thereof that can be distributed by the parent company. The legal reserve is determined separately per participating interest and is not freely distributable.

Reserve for actuarial results

The actuarial results reserve comprises the actuarial results on employee-related obligations recognised in other comprehensive income (see note '6.23 Provision for employee-related obligations' in the consolidated financial statements).

Reserve for conditionally granted shares

For further information on the reserve for conditionally granted shares, reference is made to note '6.29 Related parties' of the consolidated financial statements.

Appropriation of result

It is proposed to distribute 50% of the profit after tax realised in cash as dividend on (depositary receipts for) ordinary shares and to add the remaining portion to reserves, in accordance with the appropriation of result (new window) as set out under the other information.

Short-term debt

Related parties

The company has entered into financing agreements with a number of its subsidiaries and affiliated companies in the context of its business operations. 

Furthermore, the short-term liabilities to group companies include a liability to a group company that arose in the past from the sale of the Group’s foreign operations. No written agreement is available regarding this debt position, and no repayment schedule or interest payment has been agreed between Royal Heijmans N.V. and the associate.