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.

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.