6.3 Corporate statement of financial position
6.3.1 Investments in subsidiaries
The movement in the investments in subsidiaries is as follows:
PostNL N.V. Investments in subsidiaries in € million
| 2024 | 2025 | |
|---|---|---|
Balance at 1 January | 662 | 668.518 |
Share in result from subsidiaries | 23 | 3.531 |
Dividend received | (20) | 0.000 |
Exchange rate differences | 1 | (1.431) |
Other | 3 | 3.348 |
Balance at 31 December | 669 | 674.465 |
6.3.2 Deferred tax assets
The deferred tax assets of €40 million mainly relate to losses available for carry forward at 31 December 2025 for the fiscal unity in the Netherlands. Reference is made to note 3.6 to the Consolidated financial statements.
6.3.3 Accounts receivable from group companies
As at 31 December 2025, accounts receivable from group companies amounted to €296 million (2024: €97 million) which mainly related to a receivable from PostNL Finance B.V. The fair value of the accounts receivable from and payable to group companies approximated the carrying value, due to the short-term nature. The allowance for expected credit losses has been assessed to be non-material.
6.3.4 Equity
The currency translation reserve, hedge reserve and the reserve related to the financial assets at fair value through OCI are legal reserves. The total amount of these legal reserves is €16 million (2024: €13 million).
PostNL N.V. Corporate statement of changes in equity in € million
Issued share capital | Additional paid-in capital | Currency translation reserve | Hedge reserve | Financial assets at fair value OCI | Other reserves | Retained earnings | Total shareholders' equity | |
|---|---|---|---|---|---|---|---|---|
| Balance at 1 January 2024 | 40 | 165 | 2 | (3) | 6 | (45) | 34 | 198 |
Total comprehensive income | 1 | 5 | 3 | (0) | 17 | 25 | ||
Appropriation of net income | 23 | (23) | 0 | |||||
Final dividend previous year | 0 | (0) | (11) | (11) | ||||
Interim dividend current year | 0 | (0) | (11) | (11) | ||||
Share-based compensation | 0 | 1 | (0) | 1 | ||||
Other | 0 | 0 | (1) | (1) | ||||
| Balance at 31 December 2024 | 40 | 166 | 2 | 2 | 8 | (23) | 6 | 202 |
Total comprehensive income | (1) | (2) | 6 | 0 | (16) | (13) | ||
Appropriation of net income | (9) | 9 | 0 | |||||
Final dividend previous year | 0 | (0) | (15) | (15) | ||||
Share-based compensation | 0 | 1 | 2 | 3 | ||||
| Balance at 31 December 2025 | 41 | 166 | 1 | 1 | 15 | (30) | (16) | 176 |
6.3.5 Long-term and short-term debt
As at 31 December 2025, the long-term debt related to outstanding eurobonds of €596 million (2024: €596 million) and Schuldschein loans of €100 million. The short-term debt related to outstanding eurobonds of €105 million, due for repayment in 2026. For the disclosure on the debt, reference is made to notes 4.1 and 4.5 to the Consolidated financial statements.
In 2025, the non-cash changes in the total debt amounted to €1 million (2024: €1 million) and related to the amortisation of costs included in the eurobonds.