​

​

​

December 31,

​

  ​ ​ ​

2025

  ​ ​ ​

2024

​

​

(Euro, in thousands)

Cost at January 1

​

€

50,845

​

€

13,965

Acquisitions of the year

​

​

—

​

​

36,880

Cost at December 31

​

​

50,845

​

​

50,845

​

​

​

​

​

​

​

Fair value adjustment at January 1

​

​

2,095

​

​

(390)

Fair value adjustment of the year

​

​

(6,132)

​

​

2,485

Fair value adjustment at December 31

​

​

(4,037)

​

​

2,095

Net book value at December 31

​

€

46,809

​

€

52,941