| Notes to consolidated statements of cash flows |
34. | Notes to consolidated statements of cash flows |
Major non-cash transactions During the year 2025, the Group had non-cash additions to right-of-use assets and lease liabilities of €12,197 thousand and €13,622 thousand, respectively, in respect of lease arrangements for real estate and other equipment (2024: €46,836 thousand and €46,465 thousand; 2023: €36,854 thousand and €35,094 thousand). Proceeds from disposal of long-term assets | | | | | | | | | For the years ended December 31, | (Euro thousands) | | 2025 | | 2024 | | 2023 | Net book value | | 1,545 | | 3,824 | | 879 | Net gain on disposals (Note 9) | | 2,934 | | 9,079 | | 3,564 | Total proceeds from disposal of long-term assets | | 4,479 | | 12,903 | | 4,443 |
Changes in liabilities arising from financing activities The table below details changes in the Group’s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be classified in the Group’s consolidated statements of cash flows from financing activities. | | | | | | | | | | | | | | | | | | | | | | | | | Financing of | | | | | Financing | | | | Lease | | Interest | | intangible | (Euro thousands) | | Borrowings | | fund | | Loan note | | liabilities | | payable | | assets | As at December 31, 2023 | | 68,101 | | 63,320 | | — | | 145,769 | | 2,184 | | — | Changes from financing cash flows | | 115,222 | | (18,274) | | — | | (32,443) | | — | | — | Interest paid | | — | | (3,999) | | — | | (7,652) | | (3,793) | | — | New leases | | — | | — | | — | | 46,465 | | — | | — | Contract modifications | | — | | — | | — | | (10,057) | | — | | — | Disposals | | — | | — | | — | | (505) | | — | | — | Interest expense | | — | | 7,787 | | — | | 7,652 | | 13,334 | | — | Foreign exchange movement | | 439 | | 3,040 | | — | | 4,843 | | (2,800) | | — | As at December 31, 2024 | | 183,762 | | 51,874 | | — | | 154,072 | | 8,925 | | — | Changes from financing cash flows | | 157,037 | | — | | (8,547) | | (34,625) | | — | | 22,610 | Transfer from financing fund to loan note (non-cash) | | — | | (48,091) | | 48,091 | | — | | — | | — | Increase arising from other non-current liabilities | | — | | — | | — | | — | | — | | 4,570 | Interest paid | | — | | (896) | | (1,016) | | (6,722) | | (6,624) | | — | New leases | | — | | — | | — | | 13,622 | | — | | — | Contract modifications | | — | | — | | — | | 4,611 | | — | | — | Disposals | | — | | — | | — | | (1,839) | | — | | — | Interest expense | | — | | 2,642 | | 2,251 | | 6,722 | | 30,156 | | 888 | Transfer to held for sale | | — | | — | | — | | (3,479) | | — | | — | Foreign exchange movement | | (6,044) | | (5,529) | | — | | (10,189) | | (1,414) | | (3,463) | Others | | — | | — | | — | | — | | — | | (888) | As at December 31, 2025 | | 334,755 | | — | | 40,779 | | 122,173 | | 31,043 | | 23,717 |
Total cash outflow for leases The total cash outflow for leases included in the statement of cash flows is as follows: | | | | | | | | | For the years ended December 31, | (Euro thousands) | | 2025 | | 2024 | | 2023 | Within operating activities | | (18,108) | | (25,818) | | (27,631) | Within investing activities | | 1,742 | | (428) | | (3,282) | Within financing activities | | (41,347) | | (40,095) | | (38,530) | Total cash outflow for leases | | (57,713) | | (66,341) | | (69,443) |
|