Note 38 Intangible assets

€ million	Goodwill	Software	Activa in aanbouw	Other intangible assets	Total
As at 1 January 2024
Historical cost	68	-	-	-	68
Accumulated depreciation and impairments	-	-	-	-	-

Carrying amount as at 1 January 2024	68	-	-	-	68

Movements 2024
Depreciation	-	-	-	-	-
Total	-	-	-	-	-

As at 31 December 2024
Historical cost	68	-	-	-	68
Accumulated depreciation and impairments	-	-	-	-	-

Carrying amount as at 31 December 2024	68	-	-	-	68

Movements 2025
Investments	-	-	39	-	39
Depreciation	-	-15	-	-	-15
Reclassifications and other movements	-	53	-28	-	25
Total	-	38	11	-	49

As at 31 December 2025
Historical cost	68	261	11	-	340
Accumulated depreciation and impairments	-	-223	-	-	-223

Carrying amount as at 31 December 2025	68	38	11	-	117

Goodwill

Intangible assets at year-end 2025, and also at year-end 2024, are largely made up of goodwill relating to the acquisition of Endinet (€61 million), which is allocated to Liander, and goodwill relating to Stam (€7 million), see also note 4.

Software

As of 1 January 2025, €25 million was reclassified from property, plant and equipment to intangible assets in respect of software development. The reclassification was made due to the nature and the increasing amount of software.