Consolidated cash flow statement

x € 1.000

2025

2024

Result before tax

29,684

24,258

Adjustment for:

• Depreciation

10,048

9,944

• Impairment

-

357

• Profit on sales

-

29

Financial income and expenses

720

895

Movements in provisions

37

-1,365

Changes in working capital:

• Inventories

2,241

13,004

• Current receivables

3,671

2,949

• Current liabilities (excluding corp. tax liability and lease liabilities)

-3,605

-3,419

Total changes in working capital

2,307

12,534

Financial expenses paid

-775

-630

Income tax paid

-8,474

-8,490

Cash flow from operating activities

33,548

37,532

Investments in intangible fixed assets

-902

-724

Investments in tangible fixed assets

-3,954

-6,106

Investments in financial fixed assets

-

-150

Disposal of intangible fixed assets

283

-

Disposal of tangible fixed assets

345

39

Acquisition of participating interests

-

-13,027

Cash flow from investing activities

-4,228

-19,968

Dividend paid to Hydratec shareholders

-7,790

-7,661

Repayment of non-current liabilities

-1,592

-1,860

Repayment of lease liabilities

-2,479

-1,981

Long-term borrowings drawn

-

-

Repayment/withdrawal from bank overdraft

-

-7,621

Acquisition of non-controlling interests

-1,064

-

Cash flow from financing activities

-12,925

-19,123

Net cash flow

16,395

-1,559

Translation differences in cash balances

-673

-431

Movements in cash and cash equivalents

15,722

-1,990

Cash and cash equivalents as at 1 January

9,147

11,137

Cash and cash equivalents as at 31 December

24,869

9,147