17. Receivables and Miscellaneous Assets

The increase in current loan and interest receivables mainly concerned receivables from joint venture partners. This was partially offset by reclassifications to the disposal group.

For noncurrent and current derivatives with positive fair values, the change was mainly due to a decline in the fair values for long-term interest rate currency swaps and for commodity derivatives on precious metals.

Bank acceptance drafts are used as a means of payment in China. Bank acceptance drafts are issued at a discount to their nominal value. They can be held to maturity, traded or redeemed prematurely at a discount. If BASF discounts a bank acceptance draft with recourse, a liability toward the credit institution is recognized in the amount of the payment received.

Noncurrent other receivables that qualify as financial instruments mainly include a receivable from the retrospective initial fund loan to the BASF Pensionskasse VVaG (pension fund) as well as receivables from customer financing in North America. Current other receivables that qualify as financial instruments primarily consist of call deposits with banks, receivables from suppliers as well as receivables from customer financing. In 2025, the decline was mainly due to reclassifications to the disposal group.

Prepaid expenses in 2025 mainly included prepayments of €27 million for operating activities compared with €39 million in 2024, as well as €100 million in prepaid insurance premiums in 2025 compared with €78 million in 2024. Prepayments for license costs decreased from €72 million in 2024 to €17 million in 2025.

As in the previous year, defined benefit assets were recognized in 2025 mainly at Group companies in Germany, Switzerland and the United Kingdom. As in the previous year, pension plans in Switzerland were subject to an asset ceiling in 2025. In the reporting year, BASF Pensionskasse VVaG in Germany was also subject to an asset ceiling for the first time since 2010 (for more information, see Note 21).

The change in current other tax receivables was mainly attributable to the build-up of a refundable input tax surplus from investment promotion programs in China.

Precious metal trading items primarily comprise physical items, precious metal accounts as well as long positions in precious metals, most of which were hedged through forward sales or derivatives. The carrying amount of the precious metals trading portfolio held for trading purposes was €1,327 million as of December 31, 2025 (previous year: €702 million).

Emission rights granted free of charge by the German Emissions Trading Authority (DEHSt) or a comparable authority in other countries are recognized in the balance sheet at a value of zero. Certificates purchased on the market are capitalized at cost and reported as other assets. Emission rights purchased on the market are subsequently measured at amortized cost. If the fair value is lower than the carrying amount on the balance sheet date, the emission rights are impaired.

The rise in current other receivables and assets that do not qualify as financial instruments resulted primarily from higher advance payments made as well as from assets arising from rights of return granted in the Agricultural Solutions division.

The table below presents the gross values and credit risks for trade accounts receivable other than trade accounts receivable measured at fair value through profit or loss, and other receivables as of December 31, 2025, and in the previous year.

There are currently no significant credit risks (or a concentration thereof) associated with other financial instruments.

Payment terms are generally agreed upon individually with customers and, as a rule, are within 90 days. The Agricultural Solutions division is an exception, where longer payment terms are common. In 2025, impairments for trade accounts receivable were added in the amount of €118 million (previous year: €129 million) and released in the amount of €89 million (previous year: €97 million).

In 2025, valuation allowances of other receivables that qualify as financial instruments were recognized in the amount of €12 million and released in the amount of €11 million. In the previous year, valuation allowances of €18 million were recognized and valuation allowances of €34 million were released (for more information, see Note 25).