5.2 Company financial statements

Balance sheet of Nedap N.V. as of 31 December (€ x 1,000)¹

1Before result appropriation

Assets	Note		2025	2024


Fixed assets
Intangible fixed assets	1	13,687		13,706
Tangible fixed assets	2	43,319		42,573
Financial fixed assets	3	14,502		14,429


			71,508	70,708

Current assets
Inventories	4	24,694		27,630
Trade and other receivables	5	36,333		35,267
Cash and cash equivalents	6	1,499		1,523


			62,526	64,420


			134,034	135,128
Liabilities

Shareholders’ equity	7
Share capital		669		669
Legal and statutory reserves		4,285		5,096
Other reserves		59,975		59,411


			64,929	65,176

Profit for financial year		24,586		18,527


			89,515	83,703
Liabilities
Provisions	8	2,320		2,462
Non-current liabilities	9	2,171		14,870
Current liabilities	10	40,028		34,093


Total liabilities			44,519	51,425


			134,034	135,128

Statement of profit or loss of Nedap N.V. (€ x 1,000)

	Note		2025	2024



Revenue	11		263,876	230,808

Inventory movements of finished goods and work in progress		763		-5,077


			763	-5,077


Total operating income			264,639	225,731
Cost of materials and outsourced work		-69,490		-54,963
Personnel costs	12	-112,283		-99,807
Amortization	13	-1,576		-567
Depreciation	14	-9,185		-8,952
Impairment of assets	15	-566		-278
Other operating costs	16	-42,520		-39,736


Operating costs			-235,620	-204,303


Operating result			29,019	21,428

Financing income		105		172
Financing costs		-529		-990


Net financing costs			-424	-818


Result before taxation			28,595	20,610

Taxation	17		-5,883	-3,871


Result for the financial year			22,712	16,739

Result from participations after taxation			1,874	1,788


Result attributable to shareholders of Nedap N.V.			24,586	18,527

Accounting policies

Pursuant to Article 362(8), Book 2 of the Dutch Civil Code, use is made of the option to use Title 9 of Book 2 of the Dutch Civil Code for the company financial statements and apply the accounting policies of the consolidated financial statements. This ensures reconciliation of consolidated and separate shareholders’ equity.

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS Accounting Standards) as adopted by the European Union. Please see the notes on the accounting policies for the consolidated financial statements for a description of the accounting policies relating to these standards.

Financial fixed assets include the Nedap group’s subsidiaries and participations where significant influence can be exercised over the commercial and financial policy. Subsidiaries are presented as per the net asset value method, using the accounting policies of the consolidated financial statements.

1. Intangible fixed assets (€ x 1,000)

	Capitalized development costs	Software and licenses	In progress and prepayments	Total intangible fixed assets

Year-end 2023
Purchase price	5,185	1,460	7,912	14,557
Amortization including impairments	-3,671	-732	-	-4,403


Book value	1,514	728	7,912	10,154

Movements in 2024
Investment	1,190	5,397	-2,413	4,174
Disposal (on balance)	-	-55	-	-55
Amortization	-345	-222	-	-567
Impairments	-	-	-	-


Net movements	845	5,120	-2,413	3,552

Disposals (Purchase price)	-	-244	-	-244
Disposals (Depreciation)	-	189	-	189

Year-end 2024
Purchase price	6,375	6,612	5,499	18,486
Amortization including impairments	-4,016	-764	-	-4,780


Book value	2,359	5,848	5,499	13,706

Movements in 2025
Investment	4,319	1,016	-3,213	2,122
Disposal (on balance)	-	-	-	-
Amortization	-709	-867	-	-1,576
Impairments	-	-	-566	-566


Net movements	3,610	149	-3,779	-20

Disposals (Purchase price)	-	-12	-	-12
Disposals (Amortization)	-	12	-	12

Year-end 2025
Purchase price	10,694	7,617	1,720	20,031
Amortization including impairments	-4,725	-1,619	-	-6,344


Book value	5,969	5,998	1,720	13,687

Intangible fixed assets in progress and prepayments include a €1,475 (in 2024: €3,406) investment relating to capitalized development costs in the financial year.

To a great extent, the capitalized development costs are for Healthcare and Retail information management systems.

2. Tangible fixed assets (€ x 1,000)

	Company buildings and premises	Machinery and installations	Other^* fixed equipment	In progress and prepayments	Right-of-use assets	Total tangible fixed assets

Year-end 2023
Purchase price	43,074	19,628	46,713	2,199	1,403	113,017
Depreciation including impairments	-25,937	-14,641	-30,475	-	-875	-71,928


Book value	17,137	4,987	16,238	2,199	528	41,089

Movements in 2024
Investment	1,187	653	2,695	5,720	683	10,938
Completed assets in progress	-	-	2,199	-2,199	-	-
Disposal (on balance)	-	-	-158	-	-66	-224
Depreciation	-2,094	-955	-5,550	-	-353	-8,952
Impairments	-	-	-278	-	-	-278


Net movements	-907	-302	-1,092	3,521	264	1,484

Disposals (Purchase price)	-23	-7,165	-4,241	-	-324	-11,753
Disposals (Depreciation)	23	7,165	4,083	-	258	11,529

Year-end 2024
Purchase price	44,237	13,116	47,364	5,720	1,763	112,200
Depreciation including impairments	-28,007	-8,431	-32,218	-	-971	-69,627


Book value	16,230	4,685	15,146	5,720	792	42,573

*Molds, dies, measuring and testing equipment, furniture and fittings, computer systems and vehicles.

2. Tangible fixed assets (€ x 1,000)

	Company buildings and premises	Machinery and installations	Other^* fixed equipment	In progress and prepayments	Right-of-use assets	Total tangible fixed assets
Movements in 2025
Reclass in progress^**	-844	-303	-	1,147	-	-
Investment	180	111	4,060	3,806	2,163	10,320
Completed assets in progress	1,179	609	2,355	-4,143	-	-
Disposal (on balance)	-	-	-347	-	-42	-389
Depreciation	-2,116	-966	-5,489	-	-614	-9,185
Impairments	-	-	-	-	-	-


Net movements	-1,601	-549	579	810	1,507	746

Disposals (Purchase price)	-	-	-5,097	-	-145	-5,242
Disposals (Depreciation)	-	-	4,750	-	103	4,853

Year-end 2025
Purchase price	44,752	13,533	48,682	6,530	3,780	117,277
Depreciation including impairments	-30,123	-9,397	-32,957	-	-1,481	-73,958


Book value	14,629	4,136	15,725	6,530	2,299	43,319

*Molds, dies, measuring and testing equipment, furniture and fittings, computer systems and vehicles.
**Up to and including 2024, Company buildings and premises and Machinery and installations included work in progress and prepayments; as of 2025, these amounts have been reclassified to the In progress and prepayments column.

Tangible fixed assets are insured at new-for-old value.

A right of mortgage on immovable property amounting to €18.9 million (in 2024: €18.9 million) has been granted as security for bank debts. Lease liabilities entered into as of 31 December 2025 were €2.2 million (as of 31 December 2024: €0.8 million). Impairment is explained under ‘Impairment of assets’.

3. Financial fixed assets (€ x 1,000)

	2025	2024


Participations in group companies

Value as of 1 January	14,429	10,673
Profit from continued operations	1,874	1,788
Profit from discontinued operations	-	-
Dividend payment	-650	-554
Exchange differences	-1,151	518
Sale of participation	-	-
Other changes	-	4


Value as of 31 December	14,502	12,429

New borrowings issued to participations	-	2,000
Repayments of borrowings by participations	-	-


Total value as of 31 December	14,502	14,429

Dividend payments concern payments from Nedap FZE (€300) and Nedap Iberia (€350).

In 2024, a loan of €2,000 was provided to Nedap Asia Ltd. No repayments were made during the year. Invoiced but unpaid interest for the financial year amounted to €82. The loan has a term of 20 years starting on 1 January 2024 and the interest rate agreed is 2.00% above the 12 month EURIBOR rate for a period of 12 months. Nedap Asia is allowed to make repayments and withdrawals without penalty to the maximum of the loan.

4. Inventories (€ x 1,000)

	2025	2024


Raw materials	3,079	6,778
Products in progress	659	475
(Semi-)finished goods (procured and manufactured)	20,956	20,377


Total	24,694	27,630

Inventories recognized as an expense during the year ended 31 December 2025 amounted to €65,701 (in 2024: €52,079). These were included in cost of materials and outsourced work. An amount of €2,540 (in 2024: €2,762) of inventories has been written down to a lower realizable value. Costs of write-down of inventory, which are recognized in cost of materials and outsourced work, amounted to €476 in 2025 (in 2024: €1,232).

5. Trade and other receivables (€ x 1,000)

	2025	2024


Trade receivables	30,130	27,470
Receivables from participations	-	-
Deferred tax assets	-	-
Other receivables and prepayments and accrued income	6,203	7,797


Total	36,333	35,267

Deferred tax assets and liabilities

Balance as of 31 December 2025	Deferred tax assets	Deferred tax liabilities


Tangible fixed assets	20	-
Intangible fixed assets	-	944
Anniversary benefits provision	-	8
Inventories	311	-
Other	426	419


Total before offsetting	757	1,371
Offsetting	-757	-757


Total after offsetting	-	614


	Deferred tax assets	Deferred tax liabilities


Balance as of 31 December 2024 (before offsetting)	564	1,021
Offsetting	-564	-564


Balance as of 31 December 2024 (after offsetting)	-	457

Withdrawals	-100	-
Additions	293	350

Balance as of 31 December 2025 (before offsetting)	757	1,371
Offsetting	-757	-757


Balance as of 31 December 2025 (after offsetting)	-	614

6. Cash and cash equivalents (€ x 1,000)

	2025	2024


Cash	-	-
Banks	1,499	1,523


Total	1,499	1,523

Cash and cash equivalents are available on demand.

7. Shareholders’ equity (€ x 1,000)

Please see the consolidated statement of changes in shareholders’ equity for the “statement of changes in shareholders’ equity”.

Legal and statutory reserves	2025	2024


Balance as of 1 January	5,096	2,093
Movement in capitalized development costs	370	2,454
Movement in exchange differences	-1,181	549


Balance as of 31 December	4,285	5,096

8. Provisions (€ x 1,000)

	2025	2024


Employee benefits	1,125	1,120
Guarantee provision	1,195	1,342


Total	2,320	2,462

Employee benefits	2025	2024


Anniversary benefits provision

Balance as of 1 January	1,120	1,086
Withdrawals	-113	-112
Additions	118	146


Balance as of 31 December	1,125	1,120

The anniversary benefits provision has a predominantly long-term nature. Please refer to the consolidated financial statements for the assumptions.

Guarantee provision	2025	2024


Balance as of 1 January	1,342	1,692
Withdrawals	-778	-1,023
Additions	631	673


Balance as of 31 December	1,195	1,342

An amount of €638 (in 2024: €878) of the guarantee provision is of a short-term nature.

9. Non-current liabilities (€ x 1,000)

	2025	2024


Borrowings	-	14,000
Deferred tax liabilities	614	457
Lease liabilities	1,557	413


Total	2,171	14,870

Borrowings

The financing agreement with the bank for the Standby Roll-Over loan, set to expire on 1 April 2026, has been repaid in the financial year and a multi-purpose credit facility has been established. Security has been provided in the form of a right of mortgage (€18.9 million, not including 40% for interest and costs) and a pledge of all fixtures and fittings and trade receivables. The agreement does not contain any covenants. For further details see note 8 of the consolidated financial statements.

10. Current liabilities (€ x 1,000)

	2025	2024


Bank overdrafts	-	-
Lease liabilities	776	393
Taxation and social security contributions	5,896	4,122
Trade payables and other liabilities and accruals and deferred income	33,356	29,578


Total	40,028	34,093

Bank overdrafts

The maximum overdraft under the facility is €35 million (in 2024: €25 million).

Every year, over the period from April to September inclusive, an additional facility of €10 million (in 2024: €5 million) will be available.

Trade and other payables	2025	2024


Trade payables	12,056	13,340
Liabilities on account of investments	777	153
Prepayments	889	901
Liabilities to participations	3,227	2,305
Other liabilities and accruals and deferred income	16,407	12,879


Total	33,356	29,578

An amount of €49 (in 2024: €61) of other liabilities and accruals and deferred income relates to payables with a term of over one year.

11. Revenue (€ x 1,000)

	2025	2024


Products, systems and installations	155,271	133,051
Software subscriptions (licenses) and services	108,605	97,757


Total	263,876	230,808

Software subscriptions (licenses) and services consist mainly of subscriptions and maintenance contracts for Healthcare, Retail and Security.

Geographical sales areas	2025	2024


The Netherlands	118,526	99,949
Germany	30,278	28,238
Other Europe	68,025	61,206
North America	32,602	28,339
Other countries	14,445	13,076


Total	263,876	230,808

No customer represents sales in excess of 10% of total revenue.

12. Personnel costs (€ x 1,000)

	2025	2024


Wages and salaries	80,426	69,473
Social security costs	10,733	9,764
Pension costs	5,684	4,844
Recharged to subsidiaries	-300	-300
Insourced staff	10,222	10,356
Other personnel costs	5,518	5,670


Total	112,283	99,807

The directors’ remuneration details are disclosed in note 15 of the consolidated financial statements.

Average number of employees	2025	2024


The Netherlands	943	917
Other Europe	9	9


Total	952	926

13. Amortization (€ x 1,000)

	2025	2024


Development costs	709	345
Software and licenses	867	222


Total	1,576	567

14. Depreciation (€ x 1,000)

	2025	2024


Company buildings	2,116	2,094
Machinery and installations	966	955
Other fixed equipment	5,489	5,550
Right-of-use assets	614	353


Total	9,185	8,952

15. Impairment of assets (€ x 1,000)

	2025	2024


Impairment of assets	566	278

Impairment of assets relates to legacy administrative software (in 2024: scaling down of Staffing Solutions).

16. Other operating costs (€ x 1,000)

The costs of foreign exchange differences recognized in profit or loss amount to €244 (in 2024: €-132).

Other operating costs include general, housing, indirect manufacturing and selling costs.

17. Taxation (€ x 1,000)

	2025	2024


Profit before taxation	28,595	20,610

Income tax	5,726	3,062
Deferred income tax	157	809


Total income tax	5,883	3,871

Reconciliation of effective tax rate	2025		2024


Income tax based on Dutch tax rate	7,378	25.8%	5,317	25.8%
Change in domestic tax rate	-14	0.0%	-14	-0.1%
Effect of tax rate for foreign branch	12	0.0%	16	0.1%
Non-deductible expenditures	493	1.7%	248	1.2%
Tax incentive schemes	-2,275	-8.0%	-1,356	-6.6%
Rate change for deferred taxation	-65	-0.2%	-335	-1.6%
Prior-year adjustment	354	1.2%	-5	0.0%


Total	5,883	20.5%	3,871	18.8%

The change in the domestic tax rate is caused by a tax rate of 19% on the first €200 of taxable profit (in 2024: 19.0% on the first €200 of taxable profit). The net tax rate for the branch outside the Netherlands is higher than the nominal rate in the Netherlands, which leads to a small increase in the effective tax rate.

Non-deductible expenditures are largely costs relating to share-based remuneration. Besides a small amount for the Energy/Environmental Investment Tax Credit (“Energie/Milieu Investerings Aftrek”) of €-19 (in 2024: €-12), tax incentive schemes consist of benefits ensuing from application of the Innovation Box tax regime of €-2,256 (in 2024: €-1,344).

Deferred tax assets and liabilities are measured at the weighted average tax rate, factoring in any arrangements under the Innovation Box tax regime.

18. Commitments and contingent liabilities

A number of subsidiaries depend on Nedap N.V. continuing to make financing available. Nedap N.V. has, therefore, issued Letters of Support for Nedap Asia Ltd. and Nedap Great Britain Ltd., confirming that repayment of the financing will not be claimed within 12 months from the date of signing the financial statements for the year ended 31 December 2025. Furthermore these letters state, amongst others, Nedap N.V.’s intention to provide sufficient funds to ensure that these subsidiaries are able to meet normal trading liabilities as they fall due and confirm that current transfer pricing agreements will not be terminated within the aforementioned period of 12 months.

19. Independent external audit fees (€ x 1,000)

This item relates to the total fee for services provided by PricewaterhouseCoopers Accountants N.V.

	2025	2024


Audit of financial statements	381	343
Limited assurance sustainability statement	-	210
Taxation	-	-
Other non-auditing services	-	-


Total	381	553

Balance sheet of Nedap N.V. as of 31 December (€ x 1,000)1

Statement of profit or loss of Nedap N.V. (€ x 1,000)

Accounting policies

1. Intangible fixed assets (€ x 1,000)

2. Tangible fixed assets (€ x 1,000)

2. Tangible fixed assets (€ x 1,000)

3. Financial fixed assets (€ x 1,000)

4. Inventories (€ x 1,000)

5. Trade and other receivables (€ x 1,000)

Deferred tax assets and liabilities

6. Cash and cash equivalents (€ x 1,000)

7. Shareholders’ equity (€ x 1,000)

8. Provisions (€ x 1,000)

9. Non-current liabilities (€ x 1,000)

Borrowings

10. Current liabilities (€ x 1,000)

Bank overdrafts

11. Revenue (€ x 1,000)

12. Personnel costs (€ x 1,000)

13. Amortization (€ x 1,000)

14. Depreciation (€ x 1,000)

15. Impairment of assets (€ x 1,000)

16. Other operating costs (€ x 1,000)

17. Taxation (€ x 1,000)

18. Commitments and contingent liabilities

19. Independent external audit fees (€ x 1,000)

Downloads & archive

2025

2024

2023

Balance sheet of Nedap N.V. as of 31 December (€ x 1,000)¹