41. Financial fixed assets
Movements in property, plant and equipment were as follows:
| In millions of euros | 2025 | 2024 | ||
|---|---|---|---|---|
| Group companies | Other participating interests | Group companies | Other participating interests | |
| Balance as at 1 January | 6,934.4 | - | 6,686.0 | - |
| Movements | ||||
| - Acquisitions | - | - | - | - |
| - Issues of share premium | 370.9 | - | 188.7 | - |
| - Share in result in group companies and participating interests | 172.9 | - | 157.9 | - |
| - Dividend received | -96.0 | - | -99.2 | - |
| - Movements in equity | 11.1 | - | 1.0 | - |
| Balance as at 31 December | 7,393.3 | - | 6,934.4 | - |
| Loans to group companies and participating interests | ||||
| Balance as at 1 January | 3,048.9 | 43.3 | 3,275.2 | 21.4 |
| Movements | ||||
| - Non-current loans granted | 30.0 | 12.0 | 56.0 | 68.7 |
| - Interest accrual | -110.2 | -2.0 | -282.4 | -46.8 |
| - Repayment of non-current loans | 0.1 | -0.40 | 0.1 | - |
| Balance as at 31 December | 2,968.8 | 52.9 | 3,048.9 | 43.3 |
| Total financial fixed assets as at 31 December | 10,415.0 | 10,026.6 |
Group companies and other participating interests
The share premium payments in 2025 related to investments in our group companies that focus on the construction of the Porthos CCS project (€ 275.9 million) and additionally to Gasunie Deutschland (€ 95.0 million).
Direct movements in group company equity related to the actuarial result for the Gasunie Deutschland pension plan (as disclosed in notes 21 ‘Employee benefits’ and 46 ‘Other reserves’) and to the remeasurement of the interest in Gate terminal as a result of the change in the value of the effective part of a cash flow hedge (as disclosed in notes 7 ‘Investments in joint ventures’ and 44 ‘Remeasurement reserve’).
The list of participating interests, their registered offices and our participation percentage are included in note 60 ‘List of group companies and participating interests’.
Loans to group companies and other participating interests
Unless specified otherwise, the interest rate on the non-current loans was the weighted average interest rate of N.V. Nederlandse Gasunie’s non-current loan portfolio plus 12.5 basis points (same as in 2024).
No other special conditions or guarantees have been agreed between N.V. Nederlandse Gasunie and the group companies and other participating interests concerning the non-current loans granted. The carrying amount of the provision to cover the expected credit losses was less than € 0.1 million at year-end 2025 (year-end 2024: less than € 0.1 million).
At year-end 2025, the fair value of the long-term loans to group companies, other participating interests and joint ventures came in at a total of € 2,987.0 million (year-end 2024: € 2,975.4 million).
Loans to group companies
Loans to group companies mainly concern the loans to GTS and Gasunie Assets.
The long-term loan granted to GTS totalled € 2,760.7 million at year-end 2025 (year-end 2024: € 2,870.9 million). This concerned the balance of borrowings drawn under a loan facility capped at € 5.0 billion, made available as of 1 January 2014. The loan terminates on 31 December 2029, but has an uncommitted extension option. We have agreed that GTS can draw down or repay funds during the term of the loan facility without any restrictions. No interim repayment schedule has been agreed. For this reason, the borrowings as at the balance sheet date are fully presented as non-current receivables.
The non-current loan granted to Gasunie Assets totalled € 200.1 million at year-end 2025 (year-end 2024: € 171.1 million). This concerns the balance of borrowings drawn under two loan facilities capped at a total of € 250.0 million. An amount of € 116.1 million of the facility is due on 31 December 2029, with a further € 133.9 million payable on 31 December 2044. We have agreed that Gasunie Assets can draw down or repay funds during the term of the loan facility without any restrictions. No interim repayment schedule has been agreed. For this reason, the borrowings as at the balance sheet date are fully presented as non-current receivables.
The outstanding balance of the other non-current loans to group companies totalled € 8.0 million at year-end 2025 (year-end 2024: € 6.9 million).
Loans to other participating interests
The loans to other participating interests mainly concern the loans to EemsEnergyTerminal and BBL Company.
We have made a loan facility of € 40.0 million available to EemsEnergyTerminal. The facility expires on 1 July 2027. At year-end 2025, € 40.0 million had been drawn down on this facility (year-end 2024: € 28.0 million). No repayment schedule has been agreed. The interest is based on the 3-month Euribor plus a margin of 230 basis points.
The loan granted to BBL Company totalled € 12.9 million at year-end 2025 (year-end 2024: € 14.8 million) and runs through to 1 December 2035. A non-linear repayment schedule has been agreed. The current part of this receivable totalled € 1.9 million at year-end 2025 (year-end 2024: € 2.0 million). This amount is not recognised separately under current receivables. The agreed interest rate is fixed at 3.0% over the entire term.
The outstanding balance of the other non-current loans to participating interests totalled € 0 at year-end 2025 (year-end 2024: € 0.5 million).