3 Operating Assets and Liabilities
This section provides details of operating assets and liabilities, including significant non-current tangible and intangible assets, and leases. It outlines the allocation of goodwill to individual cash-generating units and presents the results of the relevant impairment tests. It also includes information on provisions.
3.7 Goodwill and Intangible Assets with
Indefinite Useful Lives
The Group identifies its cash-generating units (CGUs) by evaluating the composition and monitoring of cash inflows within its business units. Goodwill that arises from business combinations is allocated to the CGU or group of CGUs that is expected to benefit from the synergies of the combination, whereas intangible assets with indefinite useful lives are allocated to the CGU that represents the lowest level of largely independent cash inflows.
Operating under an integrated business model, the Group focuses on developing interconnected ecosystems within its business units. Cash inflows within each business unit are highly interdependent due to cross-platform and cross-brand offerings. The Executive Leadership Team (ELT) monitors and manages performance at the level of the business units, consistent with the Group’s operating and reporting structure.
Accordingly, the Group defines one CGU per business unit, except for the Finance & Insurance business unit, which comprises a group of CGUs due to independent cash inflows.
The following CGUs maintain carrying amounts of goodwill as presented below:
at 31 December | in CHF thousand | Segment | 2025 | 2024 | |||
|---|---|---|---|---|---|---|
Real Estate | RE | 402,428 | 402,428 | |||
Automotive | AU | 410 | 415 | |||
General Marketplaces | GM | 218,793 | 218,793 | |||
Finance & Insurance (group of CGU) | F&I | 6,564 | 6,564 | |||
Total | 628,195 | 628,200 |
The following CGUs maintain carrying amounts of intangible assets with indefinite useful lives as presented below:
at 31 December | in CHF thousand | Segment | 2025 | 2024 | |||
|---|---|---|---|---|---|---|
Real Estate | RE | 139,138 | 139,229 | |||
General Marketplaces | GM | 92,865 | 92,865 | |||
Finance & Insurance (group of CGU)¹ | F&I | 2,570 | 1,773 | |||
Total | 234,573 | 233,867 |
1Intangible assets with indefinite useful lives tested at the individual CGU level
The change in intangible assets with indefinite useful lives within Real Estate relates to the acquisition of the domain immoverkauf24.ch (CHF 524 thousand) and the amortisation of the Publimmo trademark following the 2025 decision to sunset the trademark (CHF 615 thousand). In Finance & Insurance, the change results from the acquisition of the trademark rights for FinanceScout24 (CHF 797 thousand). Further details on these transactions are provided in Note 3.6.
Impairment Testing
Impairment testing for CGUs with goodwill and intangible assets with indefinite useful lives is conducted annually, or more frequently if there are indications of potential impairments. The recoverable amount of a CGU is based on its value in use, calculated using the discounted cash flow (DCF) method.
Free cash flow projections are derived from the business plans approved by the ELT, which cover a five-year period. For free cash flows beyond the detailed planning period, a terminal value is computed by capitalising the normalised cash flows. The cash flow projection entails various assumptions. The key assumptions include:
- Sales growth over the projection period;
- EBITDA margins;
- Long-term growth rates used to capitalise the normalised cash flows; and
- Discount rates applied in the DCF valuation.
Sales growth projections are derived from past experience for existing products, while assumptions for new businesses or products consider market potential, the competitive landscape, and strategic expansion initiatives. EBITDA margins are extrapolated from historical trends, operational efficiency gains, and adjustments for planned business expansions. The long-term growth rates are derived from country-specific inflation expectations and the applied risk-free interest rate, which is based on the implied yield of a ten-year Swiss government bond in local currency. Discount rates are determined using the capital asset pricing model (CAPM) methodology, incorporating current and historical market data, and reflect the total cost of capital on a pre-tax basis.
As in the previous year, impairment testing as at 31 December 2025 did not indicate a need for impairment for any cash-generating unit. In both years, the recoverable amount for all CGUs exceeded the carrying amount relevant for the impairment test.
The cash flow projections beyond the five-year period are based on a long-term growth rate of 0.25% (previous year: 0.45%) for all material CGUs that carry substantial goodwill and intangible assets with indefinite useful lives. The table below shows the pre-tax discount rates applied, based on the pre-tax weighted average cost of capital (WACC).
for the year ended 31 December | 2025 | 2024 | ||
|---|---|---|---|---|
Real Estate | 8.05% | 8.07% | ||
General Marketplaces | 7.47% | 7.67% | ||
Finance & Insurance (group of CGU) | 8.13% | 8.01% |
Sensitivity Analysis
Future impairments of goodwill or intangible assets with indefinite useful lives may arise due to changes in key assumptions used for impairment testing. The potential impact of such changes was assessed by conducting a sensitivity analysis for each CGU to which a significant amount of goodwill or intangible assets with indefinite useful lives are allocated. The analysis is based on changes in key assumptions that are considered to be reasonably possible:
- Reduction in the terminal value in the EBITDA margin by 3.0 percentage points (pp); or
- Increase in discount rate by 1.0 pp; or
- Reduction in the terminal growth rate by 0.3 pp.
The sensitivity analyses conducted as at 31 December 2025 indicate that no reasonably possible change to the key assumptions, as described above, would reduce the recoverable amount to the level of the corresponding carrying amount.
Significant Judgements and Estimates
The calculation of the recoverable amount of each CGU involves management judgement. This includes estimating future expectations for the business units, such as projected cash flows, and determining the discount rate and growth rate derived from historical data and current forecasts.
Accounting Policies
Business combinations are accounted for using the acquisition method. The consideration transferred is measured at fair value on the acquisition date and includes cash payments, the fair value of exchanged assets, and liabilities incurred or assumed, as well as contingent consideration arrangements measured at fair value.
On the acquisition date, the Group recognises the identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquired business. Identifiable assets acquired and liabilities assumed are initially recognised at fair value. For acquisitions where the Group does not obtain 100% ownership of the acquired business, the Group decides on a transaction-by-transaction basis, whether to measure non-controlling interests at their proportionate share of the fair value of the acquired net assets or at their proportionate share of the recognised amounts of identifiable net assets.
3.8 Provisions
in CHF thousand | Phantom Stock Plan (PSP) | Profit Growth Share Plan (PGSP) | Long service awards | Restructuring | Other | Total | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance at 1 January 2024 | 3,922 | – | 1,262 | – | 355 | 5,539 | ||||||
Addition | 2,220 | 1,097 | 77 | 2,321 | 594 | 6,309 | ||||||
Utilisation | – | – | – | (1,452) | (294) | (1,746) | ||||||
Reversal | (188) | – | (7) | (68) | (27) | (290) | ||||||
Balance at 31 December 2024 | 5,954 | 1,097 | 1,332 | 801 | 628 | 9,812 | ||||||
Addition | 19,943 | 873 | 284 | 631 | 430 | 22,161 | ||||||
Utilisation | (23,377) | (1,939) | (200) | (917) | (525) | (26,958) | ||||||
Reversal | (376) | (28) | (11) | (55) | (179) | (649) | ||||||
Currency translation | – | (3) | – | – | – | (3) | ||||||
Balance at 31 December 2025 | 2,144 | – | 1,405 | 460 | 354 | 4,363 | ||||||
of which current provisions | 2,144 | – | 302 | 460 | 321 | 3,227 | ||||||
of which non-current provisions | – | – | 1,103 | – | 33 | 1,136 |
Under the PSP, the vested portion accumulated up to the IPO was settled in cash during 2025, with the related payment presented under utilisation. Alongside new participants in the plan, additions recognised during the period largely reflect remeasurement of the PSP obligation due to changes in fair value assumptions. A provision remains recognised at year-end for the unvested post-IPO portion, which will be settled upon completion of the additional vesting period.
The PGSP was discontinued in connection with the IPO in 2025, which constituted the liquidity event defined under the plan terms. Accordingly, there was no allocation for the 2025 performance year. The addition recognised during the year relates to the vesting of the IPO factor associated with the 2024 performance year allocation. The balance relating to the 2024 performance year was fully settled in cash in November 2025. Further details on share-based compensation are provided in Note 2.2.
In early 2024, the Group initiated a strategic restructuring programme to further streamline its operations and improve efficiency and growth. This programme included a new comprehensive social plan aimed at supporting the affected employees. Benefits included continued salary payments beyond the contractual notice period for a duration determined by the seniority and age of the employee concerned, ensuring fair and considerate assistance during the transition period.
Other provisions encompass provisions for social securities of the equity-settled share-based compensation plans, buyer protection, and other provisions, none of which are individually material.
Accounting Policies
Provisions are recognised when a legal or constructive obligation arises from past events, the outflow of resources to settle this liability is probable, and the amount of the liability can be estimated reliably. Provisions are discounted when the impact of discounting is material. Potential obligations, or those that cannot be reliably estimated are disclosed as contingent liabilities. The provision for long-service awards is determined based on actuarial principles. The outflow of non-current provisions is expected within the next five years. The amount set aside for provisions and the timing of cash outflow are based on best possible estimates and may differ from actual outcomes in the future.
3.6 Intangible Assets and Goodwill
in CHF thousand | Goodwill | Trademark rights | Customer relationships | Technology platforms | Other intangible assets | Total | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Historical cost | ||||||||||||
Balance at 1 January 2024 | 589,171 | 243,378 | 326,568 | 114,521 | 5,155 | 1,278,793 | ||||||
Addition | – | – | – | 30,008 | 298 | 30,306 | ||||||
Disposal | – | (9,230) | – | (58) | – | (9,288) | ||||||
Effects from business combinations | 39,045 | 1,773 | 5,135 | 4,950 | – | 50,903 | ||||||
Foreign currency translation adjustments | (16) | – | – | – | – | (16) | ||||||
Balance at 31 December 2024 | 628,200 | 235,921 | 331,703 | 149,421 | 5,453 | 1,350,698 | ||||||
Addition | – | 1,321 | 1,231 | 30,478 | – | 33,030 | ||||||
Disposal | – | – | – | (35,050) | (4,642) | (39,692) | ||||||
Reclassification | 811 | (811) | – | |||||||||
Foreign currency translation adjustments | (5) | – | – | – | (5) | |||||||
Balance at 31 December 2025 | 628,195 | 237,242 | 332,934 | 145,660 | – | 1,344,031 | ||||||
Accumulated depreciation, amortisation and impairment | ||||||||||||
Balance at 1 January 2024 | – | (11,284) | (43,009) | (67,141) | (4,365) | (125,799) | ||||||
Addition | – | – | (20,023) | (33,795) | (277) | (54,095) | ||||||
Disposal | – | 9,230 | – | 58 | – | 9,288 | ||||||
Impairment | – | – | – | (12) | – | (12) | ||||||
Balance at 31 December 2024 | – | (2,054) | (63,032) | (100,890) | (4,642) | (170,618) | ||||||
Addition | – | (615) | (20,218) | (29,884) | – | (50,717) | ||||||
Disposal | – | – | – | 35,050 | 4,642 | 39,692 | ||||||
Impairment | – | – | – | (44) | – | (44) | ||||||
Balance at 31 December 2025 | – | (2,669) | (83,250) | (95,768) | – | (181,687) | ||||||
Net carrying value | ||||||||||||
Balance at 31 December 2024 | 628,200 | 233,867 | 268,671 | 48,531 | 811 | 1,180,080 | ||||||
Balance at 31 December 2025 | 628,195 | 234,573 | 249,684 | 49,892 | – | 1,162,344 |
The Group engages in software development activities related to its technology platforms. Development costs that are directly attributable to the creation of identifiable and unique platform applications, including functionalities that enhance marketplace liquidity, monetisation, user engagement, data-driven decision-making, and platform integration, are capitalised. In the reporting year, there were self-developed additions to technology platforms totalling CHF 26,894 thousand (previous year: CHF 25,319 thousand). In contrast, maintenance costs are expensed as incurred.
In June 2025, the Group acquired a perpetual brand license for the trademark rights of FinanceScout24, which it had previously used under an annual licence agreement. The capitalised purchase price of CHF 797 thousand is recognised as an intangible asset under trademark rights.
In the second half of 2025, the Group acquired the online C2B business of CARAUKTION AG. The transaction comprised the proprietary C2B software platform as well as the associated dealer relationships. These assets were recognised as intangible assets under technology platforms (CHF 2,000 thousand) and customer relationships (CHF 1,231 thousand). The variable consideration linked directly to customer relationships (CHF 231 thousand) was capitalised, as the contractual performance conditions were met and the amount became reliably measurable.
The Group also acquired the Swiss lead-generation business of immoverkauf24 GmbH. The assets acquired comprise the Swiss domain immoverkauf24.ch as well as the proprietary software components that support the lead platform. The total purchase consideration amounted to CHF 604 thousand, of which CHF 524 thousand relates to the acquired domain and is presented under additions of trademark rights, while CHF 81 thousand relates to the software platform and is recorded under technology platforms.
In the 2025 financial year, the Group decided to migrate its customers from the Publimmo CRM solution to the Group’s proprietary CRM platform Casasoft, and to sunset the Publimmo trademark rights by the end of 2025 upon completion of the migration. As a result, the Group amortised the trademark rights over the revised remaining useful life, leading to an amortisation expense of CHF 615 thousand.
In addition, fully amortised technology platforms and other intangible assets were disposed of in 2025, as the underlying platforms and assets are no longer in use and are not expected to generate future economic benefits. As the assets were fully amortised at the date of derecognition, the disposal had no impact on the Group’s consolidated statement of profit or loss.
In the previous year, management decided to discontinue the trademark rights of CAR FOR YOU. As a result, the fully impaired trademark rights were derecognised in 2024 and are presented under disposals.
Significant Judgements and Estimates
Management estimates the useful economic lives of intangible assets based on the anticipated period in which the Group expects to derive economic benefits from their use. The useful economic lives are reviewed annually, considering historical trends, forecast expectations and factors such as technological developments, economic and legal changes, and other external influences. The accounting for self-developed intangible assets requires specific assessments regarding future outcomes. The decision to capitalise an asset is based on an evaluation of its technical feasibility, the Group's intention to complete the asset, the probability of generating future economic benefits with the asset, and the availability of resources to complete its development.
Accounting Policies
Acquired intangible assets are recognised at cost and amortised on a straight-line basis over their expected useful lives. Self-developed intangible assets are capitalised when the relevant criteria are met, while research costs are expensed as incurred. The Group’s development activities include costs related to the design and testing of new applications for its technology platforms. Development expenditure is recognised as an intangible asset where the Group can demonstrate:
- The technical feasibility of completing the asset so it can be used or sold;
- Its intention to complete and its ability and intention to use or sell the asset;
- How the asset will generate future economic benefits;
- The availability of resources to complete the development; and
- The ability to reliably measure the expenses during development.
Goodwill is not amortised but tested for impairment annually and whenever there is an indication of impairment. Trademark rights are classified as intangible assets with either indefinite or finite useful lives, depending on the expected period over which they generate economic benefits. Trademark rights are considered to have an indefinite useful life if it can be used and renewed indefinitely without significant cost and if no legal, regulatory, contractual, competitive or economic factors limit its useful life. These assets are tested annually for impairment, and subjected to an annual review that assesses whether the useful lives are still indefinite. If circumstances change and the useful life is revised from indefinite to finite, the asset is amortised prospectively over its revised estimated useful life. Customer relationships are amortised over a useful life ranging from five to 20 years. Technology platforms as well as other intangible assets are amortised over a period of three to five years. Impairment tests are performed on intangible assets with finite useful lives whenever events or changes in circumstances indicate that the carrying amounts may be impaired. The assessment relies on estimates and assumptions made by the Executive Leadership Team and the Board of Directors. As a result, actual amounts may deviate from these estimates. If the carrying amount of an asset exceeds the recoverable amount, an impairment loss is recognised in the statement of profit or loss to reduce the carrying amount to the recoverable amount based on the discounted expected future cash flows or a higher net selling price.
3.1 Trade Receivables
at 31 December | in CHF thousand | 2025 | 2024 | ||
|---|---|---|---|---|
Trade receivables | 33,365 | 32,496 | ||
Valuation allowances | (1,486) | (1,816) | ||
Total trade receivables | 31,879 | 30,680 |
Trade receivables are measured at the transaction price and are subject to impairment using a forward-looking expected credit loss (ECL) model. For more information regarding valuation allowances and credit risks, refer to Note 4.6.
3.5 Leases
The Group classifies its lease arrangements as either “leasehold” or “other”. “Leasehold” includes office space at various locations along with associated parking facilities, with remaining terms ranging from one to ten years. “Other” comprises leased vehicles, IT, and office equipment, with remaining lease terms ranging from one to five years. Each lease is assessed individually. For leases that include extension or termination options, management evaluates whether it is reasonably certain that such options will be exercised.
Lease Liabilities
in CHF thousand | 2025 | 2024 | ||
|---|---|---|---|---|
Balance at 1 January | 13,645 | 15,031 | ||
Addition | 711 | 3,013 | ||
Repayment of lease liabilities | (2,887) | (3,463) | ||
Modification and reassessment | 493 | (949) | ||
Foreign currency translation adjustments | (116) | 13 | ||
Balance at 31 December | 11,846 | 13,645 | ||
of which current lease liabilities | 2,772 | 2,787 | ||
of which non-current lease liabilities | 9,074 | 10,858 |
As described above, the Group reduced its lease agreement for the office premises in Fribourg and extended its lease contract in Hồ Chí Minh City, Vietnam, as well as in Valbonne, France.
Interest expenses related to lease liabilities amount to CHF 277 thousand (previous year: CHF 323 thousand). Short-term leases amount to CHF 53 thousand (previous year: CHF 103 thousand) and the expense of low-value assets are CHF 0 (previous year: CHF 0). The total cash outflow for leases during the year was CHF 3,217 thousand (previous year: CHF 3,889 thousand).
Right-of-Use Assets
in CHF thousand | Leasehold | Other | Total | |||
|---|---|---|---|---|---|---|
Historical cost | ||||||
Balance at 1 January 2024 | 19,298 | 1,281 | 20,579 | |||
Addition | 1,985 | 890 | 2,875 | |||
Disposal | (3,486) | (346) | (3,832) | |||
Modification and reassessment | (958) | 9 | (949) | |||
Effects from business combinations | 137 | – | 137 | |||
Foreign currency translation adjustments | 31 | (2) | 29 | |||
Balance at 31 December 2024 | 17,007 | 1,832 | 18,839 | |||
Addition | 111 | 599 | 710 | |||
Disposal | (144) | (305) | (449) | |||
Modification and reassessment | 510 | (16) | 494 | |||
Foreign currency translation adjustments | (240) | (1) | (241) | |||
Balance at 31 December 2025 | 17,244 | 2,109 | 19,353 | |||
Accumulated depreciation, amortisation, and impairment | ||||||
Balance at 1 January 2024 | (5,804) | (566) | (6,370) | |||
Addition | (2,813) | (459) | (3,272) | |||
Disposal | 3,486 | 346 | 3,832 | |||
Impairment | (57) | – | (57) | |||
Foreign currency translation adjustments | (16) | – | (16) | |||
Balance at 31 December 2024 | (5,204) | (679) | (5,883) | |||
Addition | (2,348) | (538) | (2,886) | |||
Disposal | 144 | 305 | 449 | |||
Foreign currency translation adjustments | 126 | – | 126 | |||
Balance at 31 December 2025 | (7,282) | (912) | (8,194) | |||
Net carrying value | ||||||
Balance at 31 December 2024 | 11,803 | 1,153 | 12,956 | |||
Balance at 31 December 2025 | 9,962 | 1,197 | 11,159 |
Modifications of right-of-use assets in 2025 relate to the 50% reduction in leased space at the Bluefactory office in Fribourg, effective as of the end of September 2026, resulting in a remeasurement adjustment of CHF 1,045 thousand. This effect was largely offset by the extension of the office lease in Hồ Chí Minh City, Vietnam for an additional five years, which resulted in an increase in right-of-use assets of CHF 1,015 thousand. The extension of the office in Valbonne, France lead to a revaluation of CHF 358 thousand.
In 2024, the Group relocated its Flamatt office to the Bluefactory premises in Fribourg. As a result, a new lease agreement was recognised, leading to an addition of CHF 1,985 thousand to right-of-use assets under the category Leasehold in 2024. At the same time, the relocation resulted in a disposal of the right-of-use asset related to the Flamatt office in the amount of CHF 3,189 thousand. The modification in 2024 primarily relates to the reduction of the lease term for IAZI’s office space in the Maintower in Zurich. As part of the Group’s ongoing efforts to consolidate its office locations, it was decided not to exercise the extension option. Consequently, the lease term has been shortened from 2032 to 2027.
3.2 Other Assets
at 31 December | in CHF thousand | 2025 | 2024 | ||
|---|---|---|---|---|
Prepaid expenses | 5,368 | 4,727 | ||
Deferred expenses and accrued income | 4,921 | 4,824 | ||
Accrued interest income | 51 | 99 | ||
Receivables from social insurance companies | 730 | 619 | ||
Receivables from pension funds | 144 | 161 | ||
Receivables from public authorities | 455 | 1,126 | ||
Other receivables and assets | 10,617 | 1,918 | ||
Total other assets | 22,286 | 13,474 |
Other receivables and assets mainly consist of IPO-related costs initially borne by the Group and recharged to the Principal Shareholders, as the beneficiaries of the IPO (refer to Note 5.2), along with various other immaterial balances.
3.4 Property, Plant, and Equipment
in CHF thousand | Leasehold improvements | Furniture, fixtures, & Equipment | IT equipment | Total | ||||
|---|---|---|---|---|---|---|---|---|
Historical cost | ||||||||
Balance at 1 January 2024 | 1,089 | 5,404 | 3,180 | 9,673 | ||||
Addition | 116 | 778 | 1,104 | 1,998 | ||||
Disposal | (857) | (1,622) | (25) | (2,504) | ||||
Effects from business combinations | – | 3 | 66 | 69 | ||||
Foreign currency translation adjustments | 3 | 9 | 5 | 17 | ||||
Balance at 31 December 2024 | 351 | 4,572 | 4,330 | 9,253 | ||||
Addition | 80 | 264 | 550 | 894 | ||||
Disposal | – | (30) | (1,647) | (1,677) | ||||
Reclassification | – | (7) | 7 | – | ||||
Foreign currency translation adjustments | (23) | (48) | (50) | (121) | ||||
Balance at 31 December 2025 | 408 | 4,751 | 3,190 | 8,349 | ||||
Accumulated depreciation, amortisation, and impairment | ||||||||
Balance at 1 January 2024 | (867) | (2,562) | (1,774) | (5,203) | ||||
Addition | (141) | (981) | (860) | (1,982) | ||||
Disposal | 854 | 1,308 | 24 | 2,186 | ||||
Impairment | – | (2) | – | (2) | ||||
Reversal of impairment | – | 200 | – | 200 | ||||
Foreign currency translation adjustments | (1) | (6) | (11) | (18) | ||||
Balance at 31 December 2024 | (155) | (2,043) | (2,621) | (4,819) | ||||
Addition | (66) | (810) | (1,039) | (1,915) | ||||
Disposal | – | 30 | 1,647 | 1,677 | ||||
Impairment | – | (3) | (1) | (4) | ||||
Foreign currency translation adjustments | 20 | 33 | 40 | 93 | ||||
Balance at 31 December 2025 | (201) | (2,793) | (1,974) | (4,968) | ||||
Net carrying value | ||||||||
Balance at 31 December 2024 | 196 | 2,529 | 1,709 | 4,434 | ||||
Balance at 31 December 2025 | 207 | 1,958 | 1,216 | 3,381 |
In 2025, disposals mainly related to the derecognition of fully depreciated IT equipment from legacy systems, as well as to the shutdown of on-premise server infrastructure.
In 2024, the Group relocated its Flamatt office to the Bluefactory premises in Fribourg. As part of this transition, a portion of the unused office equipment, which had been impaired in 2023, was sold, resulting in a partial reversal of the previously recognised impairment. Additionally, new office equipment was acquired to support operations at the new location.
3.3 Other Liabilities
at 31 December | in CHF thousand | 2025 | 2024 | ||
|---|---|---|---|---|
Payables to social insurance companies | 3,276 | 813 | ||
Payables to pension funds | 1,422 | 343 | ||
Payables to public authorities | 8,330 | 7,198 | ||
Customer balance on platform accounts | 1,464 | 1,816 | ||
Accrued personnel related expenses | 9,290 | 8,941 | ||
Other payables | 5,175 | 394 | ||
Other accrued liabilities | 4,330 | 3,664 | ||
Total other liabilities | 33,287 | 23,169 |
In 2025, payables to social insurance companies increased due to additional social security contributions related to the PSP payout in November 2025 (refer to Note 2.2), while the increase in payables to pension funds mainly results from timing effects in the settlement of pension fund contributions at year-end. The rise in payables to public authorities primarily reflects higher VAT liabilities in 2025 driven by the application of platform taxation, under which Ricardo is required to collect and remit VAT on certain transactions on behalf of the seller.
Other payables mainly comprises mainly IPO-related costs incurred with third parties, such as banks, as well as other immaterial balances.
Other accrued liabilities primarily relates to accrued marketing costs and advertising commissions, as well as accrued third-party settlements and other outstanding invoices at the reporting date.