1.32.1 Deferred tax assets

Deferred tax assets can be broken down as follows:

For the most part, deferred tax assets at year-end 2025 fall due after more than one year. The capitalised offsettable losses have been determined on the basis of long-term planning, showing that loss-making companies will become profitable after the completion of the restructuring initiated. The long-term planning takes into account the order book and growth prospects in the sectors in which these companies operate. A risk analysis has been carried out to assess the likelihood of achieving the expected profits, in consideration of market fluctuations, competition and internal operational risks. Tax losses can be offset in advance indefinitely, up to a maximum of €1 million plus 50% of taxable profits, provided that the tax profit exceeds €1 million. The expected loss carry-over period is 7 to 10 years. These conditions have been taken into account in the valuation. However, the valuation of capitalised offsettable losses is subject to potential changes in profit forecasts and tax legislation. As of the end of 2025, carry-forward losses amounting to €4.2 million (2024: €4.4 million) have not been recognised in the balance sheet. These are infinitely deductible.