18. Trade Receivables, Other Assets and Assets Held for Sale

Trade receivables

Trade receivables are recognized from the settlement date and held in order to generate contractual cash flows. They are therefore measured at amortized cost using the effective interest method.

Loss allowances were recognized in profit or loss on the basis of expected credit losses using the simplified approach. According to this approach, the amount of the loss allowance is to be determined on the basis of the lifetime expected credit losses. Changes in credit risk do not have to be tracked. Loss allowances are reported as net amounts in the statement of profit or loss.

At BLG LOGISTICS, expected credit losses are calculated on the basis of the historical credit loss rates over the past five years, based on past-due time scales and adjusted for management estimates regarding the future development of the economic environment, particularly estimates of the credit rating of major customers and general economic conditions.

Trade receivables are derecognized upon realization (expiration) or transfer of the receivables to a third party. In addition, trade receivables are derecognized if the inflow of cash is considered unlikely.

Trade receivables are non-interest bearing, payable within one year and are not used as collateral for liabilities. The average payment term was 54 days (previous year: 49 days). The maximum exposure to credit risk corresponded to the carrying amounts; there were no indications of significant concentrations of credit risk.

The credit risk and the expected credit losses for trade receivables were as follows as of December 31, 2025, and December 31, 2024:

Loss allowances for trade receivables developed as follows:

In the reporting year, there were also derecognitions of trade receivables of EUR 236 thousand (previous year: EUR 358 thousand), which are reported under net gains/losses from impairment.

Other financial and non-financial assets

Other non-current financial assets relate mainly to financial investments. Financial investments include investments in affiliated companies, other financial investments and, to a very limited extent, securities held on a long-term basis.

These refer to long-term investments measured at fair value through other comprehensive income as equity instruments, exercising the option provided by IFRS 9. Even when equity instruments are disposed of, gains and losses from the measurement of equity investments are not reclassified to profit or loss, but to retained earnings. Dividends are recognized in profit or loss unless they are capital repayments.

The measurement of equity investments at fair value required by IFRS 9 is only waived if the equity investments are immaterial and there is no active market for the measurement of fair value.

Investments in affiliated companies mainly comprise companies with no or only limited business activity as well as the non-consolidated general partner companies of the fully consolidated operating limited partnerships.

Other financial investments mainly include companies with dormant or only limited operations, in which BLG AG or BLG KG is directly or indirectly entitled to at least 20 percent of the voting rights, and which are of only minor importance for giving a true and fair view of the assets, liabilities, financial position and profit or loss of BLG LOGISTICS.

Other current financial assets include in particular derivative financial instruments (see note 32). Other financial assets are recognized at their respective settlement date.

Other non-financial assets primarily comprise contract assets. The Group’s accounting policies for contract assets are illustrated in note 4.

Miscellaneous other financial and non-financial assets are stated at their nominal values. Other financial and non-financial assets are non-interest bearing and are not used as collateral for liabilities.