Cicor Group | Annual Report 2025

6Intangible Assets

2025 in CHF 1 000	Brand	Technology	Customer relationships	Other	Total
Acquisition costs
Balance at 1 January 2025	10 550	13 329	41 935	13 829	79 643
Additions	-	344	-	713	1 057
Business combinations	-	-	15 831	3 863	19 694
Translation adjustment	–229	–368	–2 229	–776	–3 602
Balance at 31 December 2025	10 321	13 305	55 537	17 629	96 792

Accumulated amortisation
Balance at 1 January 2025	–7 501	–7 910	–10 371	–9 759	–35 541
Amortisation	–247	–646	–3 622	–4 438	–8 953
Impairment	-	-	–750	-	–750
Translation adjustment	53	60	471	608	1 192
Balance at 31 December 2025	–7 695	–8 496	–14 272	–13 589	–44 052

Net book value
1 January 2025	3 049	5 419	31 564	4 070	44 102
31 December 2025	2 626	4 809	41 265	4 040	52 740

With the exception of internally generated intangible assets amounting to CHF 0.3 million classified under Technology, the recognised intangible assets do not comprise internally generated assets.

2024 in CHF 1 000	Brand	Technology	Customer relationships	Other	Total
Acquisition costs
Balance at 1 January 2024	10 343	7 288	33 841	8 050	59 522
Additions	-	-	-	858	858
Business combinations	-	5 872	6 240	4 519	16 631
Translation adjustment	207	169	1 854	402	2 632
Balance at 31 December 2024	10 550	13 329	41 935	13 829	79 643

Accumulated amortisation
Balance at 1 January 2024	–7 215	–7 288	–7 450	–5 719	–27 672
Amortisation	–254	–610	–2 659	–3 782	–7 305
Translation adjustment	–32	–12	–262	–258	–564
Balance at 31 December 2024	–7 501	–7 910	–10 371	–9 759	–35 541

Net book value
1 January 2024	3 128	-	26 391	2 331	31 850
31 December 2024	3 049	5 419	31 564	4 070	44 102

Goodwill from acquisitions (shadow accounting)

The goodwill from the acquisition of companies and businesses or the purchase of interests in associates or joint ventures is offset against equity at the date of acquisition. The theoretical capitalisation of goodwill and its amortisation over the expected useful life would have the following effects on the consolidated financial statements as at 31 December 2025.

The total balance of goodwill offset in the consolidated statement of changes in equity at the balance sheet date does not equal the balance of goodwill in the table below because, contrary to the theoretical movement schedule for goodwill, no subsequent translation adjustment is allocated to the goodwill offset in the consolidated statement of changes in equity.

Theoretical movement schedule for Goodwill

in CHF 1 000	2025	2024
Acquisition costs
Balance at 1 January	149 408	123 396
Goodwill additions	15 363	29 006
Negative goodwill additions	–16 979	–5 231
Translation adjustment	–2 312	2 237
Balance at 31 December ¹⁾	145 480	149 408

Accumulated amortisation and release
Balance at 1 January	–115 682	–106 806
Goodwill amortisation	–12 858	–10 168
Negative goodwill release	8 193	1 939
Translation adjustment	1 234	–647
Balance at 31 December ²⁾	–119 113	–115 682

Theoretical net book value of goodwill
1 January	33 726	16 590
31 December ³⁾	26 367	33 726

Equity as per balance sheet 31 December	151 028	136 651
Theoretical capitalisation of goodwill	26 367	33 726
Theoretical equity goodwill capitalised	177 395	170 377

Equity in % of total assets	27.1	32.8
Theoretical equity goodwill capitalised in % of total assets	30.4	37.8

Net profit	16 911	27 253
Goodwill amortisation	–12 858	–10 168
Negative goodwill release	8 193	1 939
Theoretical net profit incl. amortisation of goodwill and release of negative goodwill	12 246	19 024

¹⁾Acquisition costs include negative goodwill of TCHF 21 833 (2024: TCHF 5 215).

²⁾Accumulated amortisation and release includes accumulated negative goodwill releases of TCHF 10 132 (2024: TCHF 1 939).

³⁾Theoretical net book value of goodwill includes negative goodwill of TCHF 11 898 (2024: TCHF 3 259).