Balance sheet

The abridged balance sheet as at 31 December 2025 is shown below.

 

Alliander N.V.

€ million

31 December 2025

31 December 2024

Assets

    

Non-current assets

13,134

11,719

Current assets

1,029

1,229

Assets held for sale

-

8
     

Total assets

14,163

12,956
     

Equity and liabilities

    

Total equity

6,203

6,038

Non-current liabilities

6,831

6,092

Short-term liabilities

1,129

816

Liabilities held for sale

-

10
     

Total equity and liabilities

14,163

12,956

The significant changes in the balance sheet as at 31 December 2025 compared to the situation as at 31 December 2024 are explained below. Detailed information on balance sheet items is given in the financial statements.

  • Non-current assets increased by nearly €1.4 billion. This increase is explained by our investments in property, plant and equipment, amounting to nearly €2.1 billion. Taking into account depreciation, divestments and the reclassification of software that is not an integral part of the hardware as intangible assets, the outcome is an increase in property, plant and equipment of €1.4 billion. The aforementioned reclassification of software leads to an increase in intangible assets of €65 million.

  • Current assets are €200 million lower, mainly due to the €189 million decrease in cash and cash equivalents. At the end of 2024, cash and cash equivalents were high as a result of the proceeds received from the sale of Kenter, together with the financing raised in the last quarter of 2024. During 2025, the free cash flow, dividend and the coupon on the convertible bond loan were financed partly through new loans and partly through the available cash and cash equivalents.

  • The assets and liabilities held for sale at the end of 2024 relate to Warmtenetwerk Hengelo, which was sold in 2025.

  • Equity increased by €165 million. On the one hand, there was an increase in equity as a result of the €289 million profit for the 2025 financial year and the convertible bond loan issue, which is classified as an equity instrument under IFRS (€496 million). On the other hand, there was a dividend payment of €96 million, the €23 million coupon paid to hybrid holders and the repayment of the convertible bond loan, which was raised in 2018, amounting to €500 million. A summary of the movements can be found in note 12 to the financial statements.

  • The €739 million increase in non-current liabilities mainly relates to the €992 million in capital raised through the newly arranged EMTN loan. Against this, there is a repayment obligation of €300 million for 2026, which is recognised under current liabilities. This repayment obligation therefore results in an increase in current financial liabilities.