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16. Research and development incentives receivables

The table below illustrates the R&D incentives receivables related captions in the balance sheet as at 31 December 2021, and 2020.

 

31 December

(thousands of €)

2021

2020

Non-current R&D incentives receivables

127,186

111,624

Current R&D incentives receivables

16,827

24,104

Total R&D incentives receivables

144,013

135,728

The increase in R&D incentives receivables is explained by additional R&D incentives reported in 2021 for €33.2 million (€12.4 million related to French incentives and €20.9 million related to Belgian incentives), by the release of discounting profit of €0.1 million, decreased by the setup of tax provisions in France and Belgium for respectively €0.7 million and €0.05 million and decreased by the payments received in 2021 related to French and Belgian incentives amounting to respectively €18.8 million and €5.5 million. The R&D incentives receivables are future expected refunds or tax deductions resulting from tax incentives on research and development expenses in France and Belgium. Non-current R&D incentives receivables are reported at their net present value and are therefore discounted over the period until maturity date.

The table below provides detailed information on the maturity of the non-current R&D incentives receivables reported in our balance sheet on 31 December 2021.

 

31 December 2021

 

 

Maturity date

 

(thousands of €)

2023

2024

2025

2026

2027 - 2031

Total

French non-current R&D incentives receivables - discounted value

11,911

11,713

11,489

 

 

35,113

Belgian non-current R&D incentives receivables - discounted value

9,621

12,258

14,895

16,705

38,594

92,073

Total non-current R&D incentives receivables - discounted value

21,532

23,971

26,384

16,705

38,594

127,186