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Property, plant & equipment

12 Months Ended

Dec. 31, 2025

7Property, plant & equipment

The changes in the carrying value of the property, plant & equipment can be presented as follows for the year 2025, 2024 and 2023:


		Land and		Plant and		Right-of-use		Construction
in 000€		buildings		equipment		assets		in progress		Total
Acquisition value
At January 1, 2023		47,959		105,877		21,619		15,955		191,410
Additions		142		3,850		3,965		8,325		16,282
Disposals		—		(4,299)		(3,313)		—		(7,612)
Transfers		40		15,031		(4,433)		(11,585)		(947)
Currency Translation		458		586		(74)		(153)		817
At December 31, 2023		48,599		121,045		17,764		12,543		199,951
Additions		107		4,189		3,149		23,466		30,911
Acquired from business combinations		—		38		36		—		74
Disposals		(166)		(4,312)		(1,777)		(133)		(6,388)
Transfers		(50)		10,885		(1,819)		(9,349)		(333)
Currency Translation		175		561		71		1		808
At December 31, 2024		48,666		132,406		17,424		26,528		225,024
Additions		646		3,852		1,925		10,895		17,318
Assets held for sale		—		(1,074)		(169)		—		(1,243)
Disposals		(2)		(5,228)		(3,282)		(123)		(8,635)
Transfers		18,342		15,161		(202)		(33,334)		(33)
Currency Translation		(37)		(2,047)		(303)		(16)		(2,403)
At December 31, 2025		67,615		143,070		15,393		3,950		230,027
Depreciation
At January 1, 2023		(11,045)		(64,470)		(13,199)		—		(88,714)
Depreciation charge for the year		(1,352)		(10,433)		(3,296)		—		(15,081)
Impairment		—		(160)		—		—		(160)
Disposals		—		3,996		3,024		—		7,020
Transfers		—		(2,935)		3,802		—		867
Currency Translation		(33)		(356)		8		—		(381)
At December 31, 2023		(12,430)		(74,358)		(9,661)		—		(96,449)
Depreciation charge for the year		(1,358)		(10,824)		(3,191)		—		(15,373)
Disposals		139		3,976		1,627		—		5,742
Transfers		—		(1,232)		1,565		—		333
Currency Translation		(32)		(150)		(45)		—		(227)
At December 31, 2024		(13,681)		(82,588)		(9,705)		—		(105,974)
Depreciation charge for the year		(1,669)		(10,521)		(3,087)		—		(15,277)
Assets held for sale		—		835		140		—		975
Disposals		2		5,089		2,505		—		7,596
Transfers		—		—		—		—		—
Currency Translation		6		746		184		—		936
At December 31, 2025		(15,341)		(86,440)		(9,963)		—		(111,744)
Net book value
At December 31, 2025		52,274		56,630		5,429		3,950		118,283
At December 31, 2024		34,986		49,818		7,719		26,528		119,050
At December 31, 2023		36,169		46,688		8,102		12,544		103,503
At January 1, 2023		36,914		41,407		8,420		15,955		102,696

The investments in property, plant & equipment and right-of-use assets in 2025 amounted to K€17,318 (2024:K€30,911, 2023: K€16,282). They are related to land and buildings (K€4,834), new machines and installations (K€10,739), IT equipment (K€787), (leased) vehicles (K€614) and furniture (K€345). The additions to land and buildings, machines and installations in 2025 related mainly to the expansion of our production capacity in Germany. The investments in 2024 were related to land and buildings (K€4,519), new machines and installations (K€23,851), IT equipment (K€684), (leased) vehicles (K€1,384) and furniture (K€473). The additions to land and buildings, machines and installations in 2024 related mainly to the expansion of our production capacity in Germany. The investments in 2023 were related to land and buildings (K€4,027), new machines and installations (K€8,682), IT equipment (K€1,102), (leased) vehicles (K€2,240) and furniture (K€231). The additions to land and buildings, machines and installations in 2023 were mainly related to our new metal production facility in the USA and the extension and expansion of ourproduction capacity in Germany.

The Group realized a net gain on disposal of property, plant and equipment of K€173 in 2025 (2024: K€292; 2023: K€416).

Impairments of property, plant and equipment amounted to K€0 in 2025 (2024: K€0; 2023: K€(160)).

Assets under construction

Per December 31, 2025 the main assets under construction were related to the expansion of production capacity in Germany for K€1,420.

The right of use assets can be presented as follows:

The carrying value of Right-of-Use assets at December 31, 2025 was K€5,429 (2024: K€7,719; 2023: K€8,100). Right-of-Use assets are mainly related to buildings with a carrying value of K€2,691 at December 31, 2025 (2024: K€4,368; 2023: K€4,511) and for which depreciation of K€1,881 was recorded in 2025 (2024: K€1,851; 2023: K€1,735). New leases in 2025 amount to K€1,925 of which K€1,026 related to leased buildings (2024: K€1,822; 2023: K€1,739).


in 000€		Buildings		Vehicles		Equipment		Total
Acquisition value
At January 1, 2023		9,391		4,680		6,405		20,476
Additions		1,739		1,980		246		3,965
Disposals		(2,607)		(676)		(30)		(3,313)
Currency Translation		(112)		2		36		(74)
Transfers		(236)		(909)		(2,145)		(3,290)
At December 31, 2023		8,175		5,077		4,512		17,764
Additions		1,822		739		589		3,150
Acquired from business combinations		36		—		—		36
Disposals		(1,123)		(430)		(224)		(1,777)
Currency Translation		48		7		16		71
Transfers		(345)		(1,384)		(89)		(1,818)
At December 31, 2024		8,613		4,010		4,803		17,426
Additions		1,026		488		411		1,925
Assets held for sale		(133)		(36)		—		(169)
Disposals		(2,477)		(770)		(36)		(3,283)
Currency Translation		(282)		(11)		(11)		(304)
Transfers		—		—		(202)		(202)
At December 31, 2025		6,748		3,681		4,964		15,393
Depreciation
At January 1, 2023		(4,569)		(2,909)		(4,578)		(12,055)
Depreciation charge for the year		(1,735)		(1,185)		(376)		(3,296)
Disposals		2,360		627		36		3,023
Currency Translation		45		(3)		(34)		8
Transfers		235		909		1,515		2,659
At December 31, 2023		(3,664)		(2,561)		(3,437)		(9,662)
Depreciation charge for the year		(1,851)		(1,073)		(266)		(3,191)
Disposals		953		454		220		1,627
Currency Translation		(29)		(3)		(14)		(46)
Transfers		345		1,334		(114)		1,565
At December 31, 2024		(4,246)		(1,849)		(3,611)		(9,707)
Depreciation charge for the year		(1,881)		(902)		(304)		(3,087)
Assets held for sale		133		8		—		141
Disposals		1,752		717		36		2,505
Currency Translation		185		5		(6)		184
Transfers		—		—		—		—
At December 31, 2025		(4,057)		(2,021)		(3,885)		(9,963)
Net book value
At December 31, 2025		2,691		1,660		1,079		5,429
At January 1, 2025		4,368		2,160		1,191		7,719

The following amounts related to leases are recognized in profit & loss


		As of December 31,
(in 000€)		2025		2024		2023
Depreciation expense		(3,087)		(3,191)		(3,296)
Interest expense on lease liabilities		(363)		(365)		(325)
Expenses related to short-term leases/ low-value assets/ variable lease payments		(981)		(901)		(689)

The Group has negotiated several contracts with extension and termination options because of common practice in the country or for the asset. Management has exercised significant judgments in determining whether these extension and termination options are reasonably certain to be exercised. The potential future cash flows beyond the period following the exercise of the extension and termination option that are not included in the lease term are presented in the following table:


		As of December 31,
(in 000€)		2025		2024		2023
Potential (non-discounted) cash flows for terminations options that are not reasonably certain to be exercised:		612		817		1,089
Potential (non-discounted) cash flows for extensions options that are reasonably certain to be exercised		1,270		1,259		1,838

Pledges

Land and buildings (including buildings under construction) with a carrying amount of K€12,074 (2024: K€18,305; 2023: K€21,851) are subject to pledges to secure several of the Group’s bank loans. In addition, pledges have been given on machines with a total carrying amount of K€0 (2024: K€253; 2023: K€314) (Note 24).