Balance sheet disclosures

Financial investments

Loans to affiliated companies were owed in full from the BLG LOGISTICS GROUP AG & Co. KG, Bremen (BLG KG). EUR 5,227 thousand relates to a long-term loan (in the previous year, reported as a short-term loan in the amount of EUR 5,227 thousand).

Receivables and other assets

Receivables from affiliated companies were owed in full from BBLG KG. EUR 24,599 thousand (previous year: EUR 24,623 thousand) was attributable to receivables from cash management and another EUR 891 thousand (previous year: EUR 798 thousand) related to trade receivables. As in the previous year, all receivables have a residual term of up to one year.

Provisions for pensions and similar obligations

The provisions reported related to pension obligations for members of the Board of Management. It has been agreed with each eligible current member of the Board of Management that in the event that they leave the company prematurely without a claim event occurring, there would no longer be a pro rata reduction in the defined benefit if the vesting conditions were met.

In order to facilitate insolvency-protected reinsurance cover or refinancing for the higher obligations resulting from the adjustment while maintaining existing reinsurance cover, a two-tier model with additional premium deposit accounts to cover the outstanding premium payments for the reinsurance cover was introduced. In this model, the outstanding premium payments on the reinsurance policy are invested in a deposit account as a lump sum (see table below). The installment premiums paid to the reinsurer are financed by a corresponding sale of the fund units. As with the reinsurance policy, the fund units are pledged to the beneficiaries and were recognized at market value as of December 31, 2025.

The excess of plan assets over post-employment benefit liability as at December 31, 2025, breaks down as follows:

The difference between the recognition of provisions for pension obligations based on the corresponding average market interest rate for the past ten financial years and the recognition of provisions for pension obligations based on the corresponding average market interest rate for the past seven financial years came to EUR -172 thousand.

Income from changes in the fair value of plan assets and expenses from additions to pension provisions were recognized in the amount of EUR 192 thousand (previous year: EUR 258 thousand). This was offset in operating profit. Interest income from plan assets and interest expenses from unwinding the discount on pension provisions were recognized in the amount of EUR 159 thousand (previous year: EUR 155 thousand).

Equity

As in the previous year, the share capital amounted to EUR 9,984,000.00 and was once again divided into 3,840,000 no-par value registered shares with voting rights. The accounting par value of each no-par value share therefore came to EUR 2.60. Any transfer of the shares requires the approval of the company in accordance with Section 5 of the Articles of Incorporation.

Retained earnings

The legal reserve is allocated in full in the amount of EUR 998,400.00.

An amount of EUR 1,034 thousand from the net income for the year of EUR 2,954 thousand was transferred to other retained earnings (previous year: EUR 1,679 thousand).

Existing retained earnings fully covered the amounts subject to a restriction on distribution of EUR 1,164 thousand (previous year: EUR 1,439 thousand) in accordance with Section 268 (8) sentence 2 and 3 HGB (deferred tax assets and the difference between the cost and fair market value of the above premium deposit account).

Other provisions

Other provisions included EUR 5,410 thousand (previous year: EUR 5,128 thousand) for the variable remuneration of the Board of Management as well as EUR 40 thousand (previous year: EUR 60 thousand) in provisions for accrued vacation entitlements. Of this amount, EUR 3,194 thousand (previous year: EUR 3,083 thousand) had a maturity of more than one year.

In the reporting year, other provisions of EUR 331 thousand (previous year: EUR 423 thousand) were recognized for costs in connection with the Annual General Meeting, the publication of the annual financial statements and the combined financial statements, and the audit of the annual financial statements. EUR 180 thousand was set aside for the fixed components of Supervisory Board remuneration (previous year: EUR 180 thousand).

Liabilities

As in the previous year, all liabilities (including liabilities to affiliated companies) have a residual term of up to one year.

Liabilities to affiliated companies were payable in full to BLG KG and related to other liabilities as in the previous year. Liabilities to other long-term investees and investors also related to other liabilities as in the previous year.

Of the other liabilities, EUR 464 thousand related to taxes (previous year: EUR 985 thousand).

Deferred taxes

Deferred taxes arise from differences in the measurement of pension obligations and the corresponding plan assets between the tax balance sheet and the amounts recognized in the financial statements.

For BLG AG, a tax rate of 15.825 percent was applied to current earnings, as in the previous year. This rate comprises the corporate income tax rate plus the solidarity surcharge. Since there are no trade tax rates included at the BLG AG level due to trade tax reduction provisions, the tax rate does not include any trade tax rate.

In measuring deferred taxes, a tax rate of 10.55 percent was applied. This rate comprises the corporate income tax rate, reduced to 10 percent through 2032 under the immediate investment program, plus the solidarity surcharge. This reflects the assumption that the temporary differences will not reverse until 2032. The option of recognizing excess deferred tax assets was applied.

Contingent liabilities

The company is the general partner of BLG KG. A capital contribution does not have to be made. Due to the company’s equity base and the net income forecast for BLG KG in subsequent years, there was no identifiable risk of being subject to recourse.

Shareholdings

The underlying exchange rates for the shareholdings listed below, which are allocable to BLG AG pursuant to Section 285 sentence 1 no. 11 HGB through its subsidiary BLG KG are shown in the following table: