30. Joint operations
A part of the Group’s activities is carried out in joint arrangements and classified as joint operations. These arrangements remain in place until a project is finished. In practice, the duration of the majority of the joint operations is generally limited to a period of one to four years, with the exception of joint operations in connection with land and building rights held for strategic purposes. Based on an assessment of balance sheet total, revenue and result, none of the joint operations is individually material to the Group. The Group’s share in revenue of joint operations amounts to €769 million in 2025 (2024: €717 million), representing 11% of the Group’s revenue (2024: 11%).
The Group’s share in the balance sheets of joint operations is indicated below:
|
2025 |
||||
|
(in € million) |
Division NL |
Division UK&I |
Belgium, Germany and International |
Total |
|
Assets |
||||
|
Non-current assets |
16.0 |
15.2 |
- |
31.2 |
|
Current assets |
61.9 |
248.9 |
20.7 |
331.5 |
|
77.9 |
264.1 |
20.7 |
362.7 |
|
|
Liabilities |
||||
|
Non-current liabilities |
12.6 |
4.7 |
- |
17.3 |
|
Current liabilities |
34.9 |
230.6 |
20.3 |
285.8 |
|
47.5 |
235.3 |
20.3 |
303.1 |
|
|
Net assets |
30.4 |
28.8 |
0.4 |
59.6 |
|
2024 |
||||
|
(in € million) |
Division NL |
Division UK&I |
Belgium, Germany and International |
Total |
|
Assets |
||||
|
Non-current assets |
2.1 |
14.0 |
- |
16.1 |
|
Current assets |
79.5 |
201.9 |
25.6 |
307.0 |
|
81.6 |
215.9 |
25.6 |
323.1 |
|
|
Liabilities |
||||
|
Non-current liabilities |
9.1 |
9.1 |
- |
18.2 |
|
Current liabilities |
50.1 |
177.0 |
25.3 |
252.4 |
|
59.2 |
186.1 |
25.3 |
270.6 |
|
|
Net assets |
22.4 |
29.8 |
0.3 |
52.5 |
As of 31 December 2025, the Group has capital commitments for joint operations amounting to nil (2024: nil). Guarantees issued by banks and surety companies amount to nil (2024: nil).
