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 2022, and 2021.
|
31 December |
|
|---|---|---|
(thousands of €) |
2022 |
2021 |
Non-current R&D incentives receivables |
119,941 |
127,186 |
Current R&D incentives receivables |
26,126 |
16,827 |
Total R&D incentives receivables |
146,067 |
144,013 |
The increase in R&D incentives receivables is explained by additional R&D incentives reported in 2022 for €28.7 million (€11.4 million related to French incentives and €17.3 million related to Belgian incentives), by the release of discounting profit of €0.1 million, partly offset by the setup of tax provisions in France and Belgium for respectively €0.2 million and €0.2 million and decreased by the payments received in 2022 related to French and Belgian incentives amounting to respectively €10.2 million and €16.1 million. The R&D tax 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 2022.
|
31 December 2022 |
|
||||
|---|---|---|---|---|---|---|
|
Maturity date |
|
||||
(thousands of €) |
2024 |
2025 |
2026 |
2027 |
2028 – |
Total |
French non-current R&D incentives receivables - discounted value |
11,713 |
11,495 |
11,207 |
|
|
34,415 |
Belgian non-current R&D incentives receivables - discounted value |
16,805 |
18,604 |
19,443 |
13,908 |
16,767 |
85,526 |
Total non-current R&D incentives receivables - discounted value |
28,518 |
30,099 |
30,650 |
13,908 |
16,767 |
119,941 |