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Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity

Schedule of classes of share capital

​

​	​	​	​	​	​	​
​	​ ​ ​	Total	​ ​ ​	Total	​ ​ ​	​
​	​	number of	​	shareholders’	​	Total
in 000€, except share data	​	ordinary shares	​	capital	​	share premium
Outstanding at January 1, 2023		59,067,186		4,487		233,895
Capital increase through exercise of warrants		—		—		47
Outstanding on December 31, 2023		59,067,186		4,487		233,942
Equity settled share-based payments expense		—		—		(47)
Outstanding on December 31, 2024		59,067,186		4,487		233,895
Increase shareholdes’ capital(1)	​	—	​	30,000	​	(30,000)
Other movement(1)	​	—	​	(30,000)	​	—
Outstanding on December 31, 2025		59,067,186		4,487		203,895

(1) Other movement relates to a capital increase of € 30 million in 2025 through the conversion of unavailable share premium into share capital, followed by a capital reduction of € 30 million with no repayment to shareholders. The reduction resulted in the creation of a distributable reserve in connection with the Group’s share buyback program (see “Other Reserves” table below)

Schedule of nature and purpose of the other reserves

​

​	​	​	​	​	​	​
​	​	As of December 31,
in 000€	​ ​ ​	2025	​ ​ ​	2024	​ ​ ​	2023
Legal reserve		449		279		279
Other reserves(1)		32,060		2,060		2,010
Equity-settled share-based payment expense		598		332		47
Other Comprehensive Income (loss)		(12,473)		(11,474)		(9,682)
Other Reserves		20,633		(8,803)		(7,346)

(1) Increase of other reserves of € 30 million in 2025 relates to the creation of a distributable reserve in connection with the Group’s share buyback program.

Schedule of components of other comprehensive loss

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​	​	​	​	​	​	​
​	​ ​ ​	Currency	​ ​ ​	​	​ ​ ​	​
​	​	Translation	​	​	​	​
​	​	Differences	​	Fair value	​	​
in ’000€	​	& Other	​	adjustment	​	Total OCI
At January 1, 2023		(7,560)		(3,046)		(10,606)
Exchange differences on translation of foreign operations	​	1,255		—		1,255
Fair value adjustment	​	—		(331)		(331)
At December 31, 2023		(6,305)		(3,377)		(9,682)
Exchange differences on translation of foreign operations		(1,795)		—		(1,795)
Fair value adjustment		—		3		3
At December 31, 2024		(8,100)		(3,374)		(11,474)
Exchange differences on translation of foreign operations		1,002		—		1,002
Exchange differences resulting from net investment in foreign operations	​	(2,252)	​	—	​	(2,252)
Fair value adjustment		—		258		258
At December 31, 2025		(9,350)		(3,116)		(12,466)

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