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Trade and Other Receivables | 12 Months Ended
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Dec. 31, 2024
Trade and Other Receivables. |
Trade and Other Receivables | Note 16 Trade and Other Receivables ​
​ | ​ | ​ | ​ | ​
EUR’000 |  | 2024 | 2023 | 2022
Trade receivables from non-related parties |  | 51,467 | 26,802 | 17,635
Contract assets |  | 37,609 | 8,880 | 19,999
Receivables from related parties |  | 214 | 592 | —
Total trade receivables |  | 11,305 | 3,158 | 600
​ |  | 100,595 | 39,432 | 38,234
​ As of 31 December 2024, the Company’s receivables include contract assets totalling EUR 38 million, a significant increase from EUR 8.9 million in 2023 (2022: EUR 20 million). These contract assets represent the Company’s entitlement to proportional consideration for ongoing projects as of the balance sheet date. Typically, these contract assets are reclassified to trade receivables when the Company fulfils its obligations and the right to consideration becomes unconditional. The balance of other receivables includes contract fulfilment costs amounted to EUR 8.5 million (2023 and 2022 nil l). These costs represent expenditures directly incurred in fulfilling contracts with customers, such as direct labour, materials, and other costs necessary to complete the performance obligations under the contracts. These costs are recognized as assets as they are expected to be recovered over the life of the respective contracts. Contract cost are amortised on a systematic basis that is consistent with the transfer of the related goods or services to the customer. For accounting policy, refer to Note 3. The table below outlines movements in contract assets during the year: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
EUR’000 |  | 2024 |  | 2023 |  | 2022
Contract assets at 1 January | ​ | 8,880 | ​ | 19,999 | ​ | 843
Acquisition of businesses |  | 8,266 |  |  |  |
Recognised during the period |  | 37,710 |  | 614 |  | 19,999
Transfer to receivables |  | (8,880) |  | (19,999) |  | (843)
Exchange differences |  | (101) |  | — |  | —
Total contract assets at 31 December |  | 37,609 |  | 8,880 |  | 19,999
Current |  | 37,609 |  | 8,880 |  | 19,999
Non-current |  | — |  | — |  | —
​ Expected credit loss on trade receivables The Group has historically only experienced immaterial losses on trade receivables, if any. Further, a material part of the cash flows in the contracts are prepayments received up front. The Group’s assessment remains consistent with its past practices. Although some positions may transition to 30 days overdue, our overall position on credit risk management remains unchanged. This assessment is supported by historical data, a select group of reliable debtors, and our outlook for the future. Accounting policies Financial assets The classification of financial assets depends on the Group's business model for managing the financial assets as well as the contractual terms of the cash flows of the respective financial assets. (i)At initial recognition: the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial assets. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. (ii)At subsequent measurement: financial assets of the Group mainly comprise of cash and bank balances, trade receivables and other current assets. Note 16 Trade and Other Receivables Continued from previous page Interest income from these financial assets are recognised using the effective interest rate method. The Group assesses on a forward - looking basis the expected credit losses associated with its financial assets carried at amortised cost. For trade and other receivables, the Group applied the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Trade | Contract | Expected | ​
EUR’000 |  | receivables | assets | loss | Total
31 December 2024 | ​ | ​ | ​ | ​ | ​
Not due | ​ | 49,029 | 37,609 | — | 86,638
Overdue 1-30 days | ​ | — | — | — | —
Overdue 31 to 60 days | ​ | 2,373 | — | — | 2,373
Overdue +61 days | ​ | 65 | — | — | 65
Total | ​ | 51,467 | 37,609 | — | 89,076
31 December 2023 | ​ | ​ | ​ | ​ | ​
Not due |  | 9,639 | 8,880 | — | 18,519
Overdue 1-30 days | ​ | 14,287 | — | — | 14,287
Overdue 31 to 60 days | ​ | 603 | — | — | 603
Overdue +61 days |  | 2,273 | — | — | 2,273
Total |  | 26,802 | 8,880 | — | 35,682
31 December 2022 |  | ​ |  |  | ​
Not due |  | 17,197 | 19,999 | — | 37,196
Overdue 1-30 days |  | 438 | — | — | 438
Overdue 31 to 60 days |  | — | — | — | —
Overdue +61 days |  | — | — | — | —
Total |  | 17,635 | 19,999 | — | 37,634
​

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