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Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Intangible Assets |
Intangible Assets | Note 12 Intangible Assets ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 | ​ | ​ | 2023 | ​ | ​ | 2022
EUR’000 |  | Software | Goodwill | Total | Software | Goodwill | Total | Software
Cost |  |  |  |  |  |  |  | ​
Beginning of period |  | 693 | 16,707 | 17,400 | 662 | — | 662 | 434
Acquisition of businesses |  | — | — | — | — | 16,919 | 16,919 | —
Additions |  | 410 | — | 410 | 31 | — | 31 | 228
Disposals | ​ | (38) | — | (38) | — | — | — | —
Exchange differences | ​ | 4 | 1,056 | 1,060 | — | (212) | (212) | —
31 December |  | 1,069 | 17,763 | 18,832 | 693 | 16,707 | 17,400 | 662
Accumulated depreciation |  |  |  |  |  |  |  | ​
Beginning of period |  | 453 | — | 453 | 243 | — | 243 | 32
Depreciation charge |  | 189 | — | 189 | 210 | — | 210 | 211
31 December |  | 642 | — | 642 | 453 | — | 453 | 243
Net book value |  | 427 | 17,763 | 18,190 | 240 | 16,707 | 16,947 | 419
​ Software additions during 2024 and 2023 are mainly related to developments of the Company’s software solutions. Additions in 2022 primarily reflect developments of the Enterprise Resource Planning (ERP) system, as well as Vessel and Crew Management software. ​ Goodwill of EUR 16.9 million was recognised on 19 December 2023 relating to the Eneti acquisition. The Group has two CGUs being the transport and installation of offshore wind turbine generators and foundations vessels (WTGFIV), Cadeler’s O-Class vessels, Wind Peak and Scylla; and the maintenance of offshore wind turbine generators (O&MV) cash-generating unit, comprising Zaratan. ​ Goodwill arising from the acquisition of Eneti is allocated to a single cash generating unit (CGU), being the transport and installation of offshore wind turbine generators and foundation installation vessels (WTGFIV) as it is from this CGU that the synergies are expected to arise. The Company has performed an impairment test on the Group’s CGU. For more information related to impairment test please refer to Note 13. Accounting policies Goodwill is tested for impairment at least once a year or sooner if an impairment indication arises. Impairment testing is performed for each CGU to which goodwill is allocated, as determined by Management. Intangible assets, such as software, are recognised at cost less accumulated depreciation and accumulated impairment losses. The cost of an intangible asset initially recognised includes its purchase price and any directly attributable costs necessary to prepare the asset for its intended use. Depreciation is calculated on a straight-line basis over the estimated useful life, which is 3 years for software. If the carrying amount of intangible assets exceeds the recoverable amount, an impairment loss is recognised in profit or loss. Goodwill impairment losses are not subsequently reversed.

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