12. Trade and other receivables
Trade and other receivables are as follows:
| In millions of euros | 31 Dec. 2025 | 31 Dec. 2024 |
|---|---|---|
| Trade receivables | 7.8 | 16.2 |
| Receivables from joint ventures and associates | 42.0 | 132.2 |
| Other taxes | 72.3 | 24.5 |
| Other receivables and accruals | 217.5 | 144.6 |
| Total trade and other receivables | 339.6 | 317.5 |
Receivables from joint ventures and associates related mainly to costs we incurred and investments we made on behalf of the joint ventures in which we are a partner that are yet to be settled. Costs to be settled with Porthos had fallen sharply by the end of 2025 compared to 2024. The receivables have a regular payment term and therefore bear no interest.
Other taxes mainly concerned current VAT receivables. The other receivables and accrued income item also includes revenue yet to be invoiced, which was up due to higher transport tariffs.
Trade and other receivables have a nominal term of less than one year. Trade and other receivables are measured less an allowance for expected credit losses. The movements in the allowance for expected credit losses were as follows:
| In millions of euros | 2024 | 2023 |
|---|---|---|
| Balance as at 1 January | 10.0 | 28.9 |
| Addition, charged to profit or loss | - | 0.2 |
| Write-offs, charged against allowance | -9.4 | -19.1 |
| Release, credited to profit and loss | - | - |
| Balance as at 31 December | 0.6 | 10.0 |
The total of trade and other receivables, excluding receivables under other taxes, amounted to € 267.3 million at year-end 2025 (year-end 2024: € 293.1 million). The ageing of these receivables as at the balance sheet date was as follows:
| In millions of euros | 31 Dec. 2025 | 31 Dec. 2024 | ||||
|---|---|---|---|---|---|---|
| Nominal value receivables | Expected credit losses | Carrying amount receivables | Nominal value receivables | Expected credit losses | Carrying amount receivables | |
| Not due | 251.8 | - | 251.8 | 272.2 | 0.1 | 272.1 |
| <30 days | 7.5 | - | 7.5 | 5.4 | - | 5.4 |
| 30 - 60 days | 1.8 | - | 1.8 | 3.7 | - | 3.7 |
| 60 - 90 days | - | - | - | 0.9 | - | 0.9 |
| 90 - 120 days | 0.4 | - | 0.4 | 0.9 | - | 0.9 |
| >120 days | 6.5 | 0.6 | 5.9 | 20.0 | 9.9 | 10.2 |
| Total | 267.9 | 0.6 | 267.3 | 303.1 | 10.0 | 293.1 |
Our credit risk does not exceed the carrying amount of the trade and other receivables. We have implemented strict processes and measures to limit credit risk. We determine the expected credit loss on trade and other receivables for each individual customer or counterparty separately, taking into account the age of the receivables, the probability of default, and the loss given default, among other factors. We use internal and external credit checks and ratings when accepting new customers and for determining credit limits for our existing customers and counterparties.
When deemed appropriate, we request bank guarantees or other securities to cover the credit risk. For a more detailed explanation of the credit risk, see also note 27 ‘Financial risk management’.