​

​

At December 31, 

(Euro thousands)

  ​ ​ ​

2025

  ​ ​ ​

2024

Loan note

​

40,779

​

—

Due to related companies

37,553

23,504

Payroll and employee benefits payables

17,618

21,222

Accrued expenses

16,528

17,809

Tax payables

7,372

11,069

Customer advances

5,190

4,140

Warrant liabilities

273

1,223

Financing fund

​

—

​

51,874

Other

8,704

8,179

Total other current liabilities

134,017

139,020