Balance sheet

The abridged balance sheet as at 31 December 2023 is shown below.

The significant changes in the balance sheet as at 31 December 2023 compared to the situation as at 31 December 2022 are explained below. Detailed information on balance sheet items is given in the financial statements.

• Non-current assets increased by €783 million. This increase is explained by our investments in property, plant and equipment (€1,388 million), which were mainly intended for expanding and upgrading our electricity network. Together with depreciation and divestments (€604 million), this results in an increase in property, plant and equipment of €881 million. On the other hand, the application of discretionary depreciation for tax purposes resulted in the deferred tax assets dropping by €99 million compared to 2022.

• Current assets rose by €153 million. The key cause for this rise is the increase in trade and other receivables (€143 million). The higher (regulated) tariffs have also increased invoicing compared to the previous year, so outstanding receivables are also higher as a result.

• The assets and liabilities held for sale relate mainly to Kenter. The increased assets are due to the investments in Kenter’s property, plant and equipment, and Kenter’s increased stock position.

• Equity increased by €179 million, mainly as a result of the profit of €267 million generated in 2023, after deducting the dividend of €82 million paid over 2022 and the €6 million coupon payment for hybrid holders. A summary of the movements can be found in note 12 of the financial statements.

• The increase in non-current assets was financed, in part, through external loans. Total interest-bearing liabilities increased by over €600 million compared to 2022, partly due to the €500 million green bond that we issued in 2023. In addition we expanded our short-term loans under the ECP programme by €200 million, but we also repaid a loan of €125 million.