Accrual accounts included in trade accounts payable and other current liabilities are as follows:
| € millions | 31.12.2025 | 31.12.2024 |
|---|---|---|
| Trade accounts payable |
Trade accounts payable 31.12.2025 228.1 |
Trade accounts payable 31.12.2024 184.1 |
| Payables related to non-current assets |
Payables related to non-current assets 31.12.2025 17.5 |
Payables related to non-current assets 31.12.2024 13.7 |
| Tax and employee-related payables, of which |
Tax and employee-related payables, of which 31.12.2025 468.5 |
Tax and employee-related payables, of which 31.12.2024 420.6 |
| Provision for employee profit sharing |
Provision for employee profit sharing 31.12.2025 44.7 |
Provision for employee profit sharing 31.12.2024 43.4 |
| Provision for incentives |
Provision for incentives 31.12.2025 111.6 |
Provision for incentives 31.12.2024 107.5 |
| Other liabilities |
Other liabilities 31.12.2025 0.2 |
Other liabilities 31.12.2024 0.6 |
| TOTAL |
TOTAL 31.12.2025 714.3 |
TOTAL 31.12.2024 619.0 |
The revaluation of foreign currency receivables and payables at the exchange rates prevailing at 31 December, taking account of hedging instruments, led to the recognition of the following translation adjustments:
| Assets | Liabilities | |||
|---|---|---|---|---|
| € millions | 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024 |
| Financial receivables | 44.5 | 0.1 | 0.5 | 0.4 |
| Trade accounts receivable | 0.5 | 0.8 | — | 0.1 |
| Financial payables | — | — | 42.5 | — |
| Trade accounts payable | 0.2 | 0.3 | — | — |
| Valuation differences on financial instruments | 54.8 | 63.4 | 42.4 | 39.8 |
| TOTAL | 100.0 | 64.5 | 85.4 | 40.3 |
The overall foreign exchange position, calculated on a currency-per-currency basis at 31 December 2025, is an unrealised loss of €38.2 million recorded as a provision for unrealised foreign exchange losses (see note 18).
At 31 December 2024, the overall foreign exchange position was an unrealised loss of €57.2 million..
Foreign exchange derivative financial instruments can be broken down as follows:
| Notional | Market value | |||
|---|---|---|---|---|
| € millions | 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024 |
| CURRENCY FUTURES | ||||
| Purchase of EURO against foreign currencies | ||||
| EUR/AUD | — | 24.9 | — | 0.4 |
| EUR/BRL | 245.6 | 172.7 | (12.1) | 14.5 |
| EUR/CAD | — | 20.4 | — | (0.1) |
| EUR/CLP | 1.1 | 13.0 | — | 0.1 |
| EUR/CNY | 1,364.2 | 1,390.6 | 8.7 | (33.2) |
| EUR/CZK | 0.6 | 14.1 | — | — |
| EUR/DKK | — | 24.3 | — | (0.1) |
| EUR/GBP | — | 95.9 | — | (2.8) |
| EUR/IDR | 67.7 | 64.5 | 0.6 | (3.4) |
| EUR/INR | 11.4 | 32.9 | 0.1 | (2.0) |
| EUR/KRW | 66.5 | 68.0 | 3.3 | 1.3 |
| EUR/PEN | 22.0 | 23.3 | (1.4) | (1.8) |
| EUR/PHP | 11.4 | 14.6 | 0.3 | (0.4) |
| EUR/PLN | — | 21.4 | — | (0.3) |
| EUR/RSD | 21.2 | 21.5 | (0.3) | (0.1) |
| EUR/THB | 83.4 | 82.5 | (1.8) | (6.5) |
| EUR/TWD | 51.4 | 64.7 | 3.7 | (0.6) |
| EUR/VND | 48.1 | — | (0.4) | — |
| EUR/ZAR | 36.9 | 50.1 | (3.2) | (1.7) |
| EUR/Other currencies | 2.0 | 18.7 | — | (1.0) |
| Sale of EUR against foreign currencies | ||||
| EUR/JPY | 31.7 | 3.7 | (3.3) | 0.1 |
| EUR/MXN | 49.6 | — | 3.1 | — |
| EUR/SGD | 180.3 | 175.0 | (3.5) | 3.1 |
| EUR/USD | 693.6 | 136.8 | (59.5) | 2.6 |
| EUR/Other currencies | 39.3 | 2.2 | 0.2 | — |
| Purchase of USD against foreign currencies | ||||
| USD/BRL | 78.6 | 84.9 | (5.5) | 9.6 |
| USD/CNY | 143.5 | 164.2 | (2.7) | 4.6 |
| USD/INR | 20.5 | 15.4 | 0.3 | 0.2 |
| USD/KRW | 27.3 | 20.4 | 0.2 | 1.5 |
| USD/PEN | 37.2 | 38.2 | (2.4) | (0.3) |
| USD/PHP | 12.5 | 12.4 | 0.3 | 0.5 |
| USD/THB | 39.5 | 57.0 | (1.3) | (1.7) |
| USD/TWD | 10.2 | 10.2 | 0.5 | 0.5 |
| USD/VND | 34.2 | — | (0.1) | — |
| USD/Other currencies | 6.6 | 6.5 | (0.6) | — |
| Sale of USD against foreign currencies | ||||
| USD/IDR | 15.0 | 26.5 | (0.5) | (1.2) |
| USD/Other currencies | — | — | — | — |
| Purchase of CNY against foreign currencies | ||||
| CNY/IDR | 22.7 | 21.4 | 0.4 | (0.3) |
| CNY/INR | 19.5 | 18.7 | 0.5 | (0.7) |
| CNY/PHP | 9.7 | 10.4 | 0.3 | (0.3) |
| CNY/THB | 17.8 | 17.5 | (0.2) | (0.1) |
| CNY/Other currencies | 9.3 | 7.5 | 0.6 | 0.1 |
| Sale of CNY against foreign currencies | ||||
| CNY/GBP | 16.6 | — | (0.2) | — |
| CNY/JPY | 53.2 | 44.4 | (4.2) | (3.5) |
| CNY/KRW | 2.6 | 12.3 | (0.3) | (0.9) |
| CNY/SGD | 5.7 | 3.8 | (0.1) | — |
| CNY/Other currencies | 0.7 | 5.0 | — | 0.1 |
| Other currencies pairs | — | — | — | — |
| INR/SGD | 14.3 | 6.1 | 0.1 | (0.2) |
| Other | 14.3 | 14.6 | (0.2) | (0.4) |
| Currency futures total | 3,639.5 | 3,133.2 | (80.6) | (24.4) |
| TOTAL INSTRUMENTS | 3,639.5 | 3,133.2 | (80.6) | (24.4) |
