12. Tax
The income tax expenses for the year can be reconciled with the accounting profit as follows:
|
2025 |
2024 |
|
|
Result before tax |
822 |
1,128 |
|
Income tax expense calculated at 25.8% |
212 |
291 |
|
Effect of income that is exempt from taxation |
210 |
288 |
|
Tax loss carry forward |
(1) |
(2) |
|
Income tax expense recognised in profit or loss |
1 |
1 |
|
The effective tax rate is |
0% |
0% |
There is no deferred tax asset for tax loss carry forwards and differences in measurement for expected future profitability of Vesteda Project Development B.V.
The remaining tax losses incurred in 2018 in the amount of €1 million have been fully utilized during 2025. Consequently, no tax losses are available for carry forward as at 31 December 2025.