Note 29 Tax

The tax expense in the 2025 financial year amounts to €66 million. The movement in deferred taxation is €21 million.

The corporate income tax charge for the fiscal unit as disclosed in the financial statements is €57 million. This amount comprises the calculated corporate income tax on the profit for 2025 (€66 million), less the corporate income tax on movements in balance sheet items recognised through other comprehensive income (€9 million negative).

The table below provides a reconciliation between the corporate income tax rate in the Netherlands and the effective tax rate:

Reconciliation of effective corporate income tax rate

The effective tax rate is the tax burden expressed as a percentage of the profit before tax excluding the profits after tax from associates and joint ventures. The effective tax rate in 2025 amounted to 23.1% (2024: 6.9%). The difference compared to the nominal tax rate of 25.8% is mainly due to the effect of participating interest relief (downward effect of 2.8%) arising from the sale to TenneT of Nadine II B.V., the company holding the Randmeren high-voltage network.