Materialise (MTLS) 20-F 12 Apr 24 2023 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2023 shares
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-36515
Entity Registrant Name	MATERIALISE NV
Entity Incorporation, State or Country Code	C9
Entity Address, Address Line One	Technologielaan 15
Entity Address, Postal Zip Code	3001
Entity Address, City or Town	Leuven
Entity Address, Country	BE
Entity Common Stock, Shares Outstanding	59,067,186
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Auditor Name	KPMG Bedrijfsrevisoren BV / KPMG Réviseurs d’Entreprises SRL
Auditor Firm ID	1050
Auditor Location	Zaventem, Belgium
Entity Central Index Key	0001091223
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Financial Statement Error Correction [Flag]	false
Business Contact [Member]
Document and Entity Information
Entity Address, Address Line One	Technologielaan 15
Entity Address, Postal Zip Code	3001
Entity Address, City or Town	Leuven
Entity Address, Country	BE
Contact Personnel Name	Carla Van Steenbergen
City Area Code	32
Local Phone Number	(16) 39 66 11
Contact Personnel Fax Number	32 (16) 39 66 00
ADR [Member]
Document and Entity Information
Trading Symbol	MTLS
Security Exchange Name	NASDAQ
Title of 12(b) Security	American Depositary Shares
Ordinary shares [member]
Document and Entity Information
Security Exchange Name	NASDAQ
Title of 12(b) Security	Ordinary Shares
No Trading Symbol Flag	true

Consolidated income statements

Consolidated income statements - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated income statements
Revenue	€ 256,127	€ 232,023	€ 205,450
Cost of sales	(110,996)	(103,255)	(87,278)
Gross profit	145,131	128,768	118,172
Research and development expenses	(38,098)	(37,568)	(26,891)
Sales and marketing expenses	(57,822)	(62,125)	(49,151)
General and administrative expenses	(37,068)	(35,143)	(33,315)
Net other operating income	(6,524)	3,196	3,402
Operating profit (loss)	5,619	(2,872)	12,217
Financial expenses	(3,865)	(4,420)	(4,101)
Financial income	5,019	6,114	5,620
Profit (loss) before taxes	6,772	(1,178)	13,736
Income tax benefit/(expense)	(78)	(975)	(591)
Net profit (loss) for the year	6,695	(2,153)	13,145
Net profit (loss) attributable to:
The owners of the parent	6,722	(2,123)	13,154
Non-controlling interest	€ (27)	€ (29)	€ (9)

Consolidated income statements

Consolidated income statements (Parenthetical) - € / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings per share attributable to the owners of the parent
Basic	€ 0.11	€ (0.04)	€ 0.23
Diluted	€ 0.11	€ (0.04)	€ 0.23

Consolidated statements of comp

Consolidated statements of comprehensive income - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated statements of comprehensive income
Net profit (loss) for the year	€ 6,695	€ (2,153)	€ 13,145
Items that are or may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations	1,255	(1,427)	1,565
Items that will not be reclassified to profit or loss
Fair value adjustment through OCI - Equity instruments	(331)	(92)	(3,443)
Other comprehensive loss, net of taxes	924	(1,519)	(1,878)
Total comprehensive income/(loss), net of taxes	7,619	(3,672)	11,267
Total comprehensive (loss)/ income attributable to:
The owners of the parent	7,644	(3,643)	11,276
Non-controlling interest	€ (25)	€ (29)	€ (9)

Consolidated statements of fina

Consolidated statements of financial position - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Non-current assets
Goodwill	€ 43,158	€ 44,155	€ 18,726
Intangible assets	31,464	37,875	31,668
Property, plant & equipment	95,400	94,276	84,451
Right-of-use assets	8,102	8,420	9,054
Deferred tax assets	2,797	1,186	227
Investments in convertible loans	3,744	3,494	3,560
Investments in non-listed equity instruments	0	307	399
Other non-current assets	5,501	5,136	7,519
Total non-current assets	190,166	194,847	155,604
Current assets
Inventories and contracts in progress	17,034	16,081	11,295
Trade receivables	52,698	51,043	41,541
Other current assets	9,160	8,424	8,940
Cash and cash equivalents	127,573	140,867	196,028
Total current assets	206,465	216,414	257,804
Total assets	396,630	411,262	413,408
Equity
Share capital	4,487	4,487	4,489
Share premium	233,942	233,895	233,872
Retained earnings	5,564	(1,158)	965
Other reserves	(7,346)	(8,268)	(6,749)
Equity attributable to the owners of the parent	236,646	228,955	232,577
Non-controlling interest	(53)	(28)	1
Total equity	236,594	228,928	232,578
Non-current liabilities
Loans & borrowings	33,582	55,873	72,637
Lease liabilities	5,333	5,147	5,268
Deferred tax liabilities	3,725	4,312	4,371
Deferred income	10,701	9,277	4,952
Other non-current liabilities	1,745	1,611	2,167
Total non-current liabilities	55,086	76,220	89,395
Current liabilities
Loans & borrowings	22,873	17,058	17,849
Lease liabilities	2,610	2,902	3,353
Trade payables	21,196	23,230	20,171
Tax payables	1,777	1,246	783
Deferred income	40,791	41,721	33,307
Other current liabilities	15,703	19,957	15,972
Total current liabilities	104,950	106,114	91,435
Total equity and liabilities	€ 396,630	€ 411,262	€ 413,408

Consolidated statements of chan

Consolidated statements of changes in equity - EUR (€) € in Thousands	Share capital	Share premium	Retained earnings	Other reserves	Total	Non-controlling interests	Total equity	Total
At beginning of the period at Dec. 31, 2020	€ 4,096	€ 141,274	€ (7,316)	€ (4,871)	€ 133,183		€ 133,183
Net profit (loss) for the year			13,154		13,154	€ (9)	13,145	€ 13,145
Other comprehensive income				(1,878)	(1,878)		(1,878)	(1,878)
Total comprehensive income (loss)			13,154	(1,878)	11,276	(9)	11,267	11,267
Capital increase through public offering	371	90,235	(4,873)		85,733		85,733
Capital increase through exercise of warrants	22	2,322			2,344		2,344
Incorporation NCI Tianjin Zhenyuan Materialise Medical Technology Ltd						10	10
Equity-settled share-based payment expense		41			41		41
At end of the period at Dec. 31, 2021	4,489	233,872	965	(6,749)	232,577	1	232,578	232,578
Net profit (loss) for the year			(2,123)		(2,123)	(29)	(2,153)	(2,153)
Other comprehensive income				(1,519)	(1,519)		(1,519)	(1,519)
Total comprehensive income (loss)			(2,123)	(1,519)	(3,642)	(29)	(3,672)	(3,672)
Capital increase through exercise of warrants	(2)	22			20		20
At end of the period at Dec. 31, 2022	4,487	233,895	(1,158)	(8,268)	228,955	(28)	228,928	228,928
Net profit (loss) for the year			6,722		6,722	(27)	6,695	6,695
Other comprehensive income				922	922	2	924	924
Total comprehensive income (loss)			6,722	922	7,644	(25)	7,619	7,619
Equity-settled share-based payment expense		47			47		47
At end of the period at Dec. 31, 2023	€ 4,487	€ 233,942	€ 5,564	€ (7,346)	€ 236,646	€ (53)	€ 236,594	€ 236,594

Consolidated cash flow statemen

Consolidated cash flow statements - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net profit (loss) for the year	€ 6,695	€ (2,153)	€ 13,145
Non-cash and operational adjustments
Depreciation of property, plant & equipment	15,065	14,940	15,574
Amortization and impairment of intangible assets	6,504	7,628	4,975
Impairment of goodwill and intangible assets from business combinations	4,228		177
Share-based payment expense	39	(140)	(1,036)
Loss (gain) on disposal of property, plant & equipment	(415)	347	210
Movement in provisions	(181)	1,781	99
Movement in reserve for bad debt and slow moving inventory	499	(23)	255
Financial income	(5,033)	(6,114)	(5,620)
Financial expense	3,886	4,420	4,101
Impact of foreign currencies	(94)	(39)	40
Income taxes and deferred taxes	73	975	591
Working capital adjustment and income tax paid
Decrease (increase) in trade receivables and other current assets	(3,335)	(6,330)	(10,920)
Decrease (increase) in inventories and contracts in progress	(806)	(5,011)	(1,423)
Increase in trade payables and other payables	(8,435)	12,365	6,453
Income tax paid	(2,737)	(1,425)	(1,152)
Interest received	4,206	1,067	376
Net cash flow from operating activities	20,157	22,288	25,845
Investing activities
Purchase of property, plant & equipment	(9,235)	(21,608)	(7,934)
Purchase of intangible assets	(2,525)	(3,165)	(3,788)
Proceeds from the sale of property, plant, equipment and intangibles (net)	723	205	462
Acquisition of subsidiary (net of cash).		29,293	875
Convertible loan granted			(999)
Net cash flow used in investing activities	(11,037)	(53,861)	(13,134)
Financing activities
Repayment of loans & borrowings	(16,723)	(17,708)	(14,277)
Repayment of leases	(3,549)	(3,379)	(3,775)
Capital increase in parent company		23	88,117
Interest paid	(1,750)	(1,990)	(2,326)
Other financial income (expense), net	(346)	544	3,417
Net cash flow from financing activities	(22,368)	(22,510)	71,156
Net increase/(decrease) of cash and cash equivalents	(13,248)	(54,082)	83,867
Cash and cash equivalents at beginning of the year	140,867	196,028	111,538
Exchange rate differences on cash and cash equivalents	(46)	(1,078)	624
Cash and cash equivalents at end of the year	€ 127,573	€ 140,867	€ 196,028

Corporate information

Corporate information	12 Months Ended
	Dec. 31, 2023
Corporate information
Corporate information.	1 Corporate information Materialise NV is a limited liability company with its office at Technologielaan 15, 3001 Leuven, Belgium. The consolidated financial statements comprise Materialise NV (the “Company” or “Parent”) and its subsidiaries (collectively, the “Group” or “we,” “us” and “our”). See Note 28 for a list of subsidiaries of the Company. We are a leading provider of additive manufacturing and medical software and of sophisticated 3D printing services. Our products and services are offered through a market oriented organization that is active across three principal market segments: (i) Materialise Software, (ii) Materialise Medical, and (iii) Materialise Manufacturing. We sell our products and services in Europe, the Americas, Africa and Asia-Pacific. The consolidated financial statements of the Group for the year ended December 31, 2023 were approved and authorized for issue on April 12, 2024, in accordance with a resolution of the Company’s board of directors.

Basis of preparation

Basis of preparation	12 Months Ended
	Dec. 31, 2023
Basis of preparation
Basis of preparation	2 Basis of preparation The consolidated financial statements of the Group for the three years ended December 31, 2023, 2022 and 2021 are prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) (collectively “IFRS”). These consolidated financial statements have been prepared on a historical cost basis, except for the assets and liabilities that have been acquired as part of a business combination, which have been initially recognized at fair value, and certain financial assets such as the non-listed equity instruments and the convertible loan receivable which are both included in the other non-current assets and the share appreciation rights which are measured at fair value. The financial statements are prepared on a going concern basis. The consolidated financial statements are presented in thousands of euros (K€ or thousands of €) and all “currency” values are rounded to the nearest thousand (€000), except when otherwise indicated. The preparation of financial statements in compliance with IFRS requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group’s accounting policies. The areas where significant judgment and estimates have been made in preparing the financial statements and their effect are disclosed in Note 3. New standards, interpretations and amendments adopted by the Group The following amendments and interpretations issued by the IASB and IFRIC apply for the first time in 2023, but do not have a significant impact on the consolidated financial statements of the Group. ● IFRS 17 Insurance Contracts (issued on 18 May 2017); including Amendments to IFRS 17 (issued on 25 June 2020) ● Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (issued on 12 February 2021) ● Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies (issued on 12 February 2021) ● Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (issued on 7 May 2021) ● Amendments to IFRS 17 Insurance contracts: initial application of IFRS 17 and IFRS 9 – Comparative information (issued on 9 December 2021) ● Amendments to IAS 12 Income taxes: International Tax Reform – Pillar Two Model Rules (issued on 23 May 2023) Standards and Interpretations issued but not yet effective in the current period No amendments to standards that are issued but not yet effective are considered to materially affect the Company’s accounting policies or any of the disclosures when applied for the first time. The Company has not early adopted any of the below. Amendments to IAS 1 ‘Presentation of Financial Statements: Classification of Liabilities as current or non-current’ (effective January 1, 2024), The amendments: ● clarify that the classification of liabilities as current or non-current should be based on rights that are in existence at the end of the reporting period and align the wording in all affected paragraphs to refer to the “right” to defer settlement by at least twelve months and make explicit that only rights in place “at the end of the reporting period” should affect the classification of a liability; ● clarify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability; and make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services; and ● clarify how conditions with which an entity must comply within 12 months after the reporting period, such as covenants, affect the corresponding liability’s classification. Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (effective January 1, 2024). Amendments to IAS 7 ‘Statement of Cash Flows’ and IFRS 7 ‘Financial Instruments: Disclosures’1: Supplier Finance Arrangements (effective 1 January 2024). The amendments: ● Do not define supplier finance arrangements. ● Add two disclosure objectives. Entities will have to disclose in the notes information that enables users of financial statements to assess how supplier finance arrangements affect an entity’s liabilities and cash flows and to understand the effect of supplier finance arrangements on an entity’s exposure to liquidity risk and how the entity might be affected if the arrangements were no longer available to it. ● Complement current requirements in IFRSs by adding to IAS 7 additional disclosure requirements about the type and effect of non-cash changes in the carrying amounts of the financial liabilities that are part of the arrangement and the terms and conditions of the supplier finance arrangements; for the arrangements, as at the beginning and end of the reporting period: o the carrying amounts of financial liabilities that are part of the arrangement and the associated line item presented; o the carrying amount of financial liabilities disclosed under a) for which suppliers have already received payment from the finance providers; o the range of payment due dates (for example, 30 to 40 days after the invoice date) of financial liabilities disclosed under a) and comparable trade payables that are not part of a supplier finance arrangement. Amendments to IAS 21 ‘The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability’1, (effective 1 January 2025). The amendments: ● Specify when a currency is exchangeable into another currency and when it is not. ● Specify how an entity determines the exchange rate to apply when a currency is not exchangeable. ● Require the disclosure of additional information when a currency is not exchangeable. ​

Material accounting policies

Material accounting policies	12 Months Ended
	Dec. 31, 2023
Material accounting policies
Material accounting policies	3 Material accounting policies Basis for consolidation The consolidated financial statements comprise the financial statements of the Group and its subsidiaries. Entities are fully consolidated from the date of acquisition, which is the date when the Group obtains control, and continue to be consolidated until the date when such control ceases. The financial statements of the entities are prepared for the same reporting period as the parent company, using consistent accounting policies. Foreign currency translation The Group’s consolidated financial statements are presented in euros, which is also the parent company’s functional currency. For each entity, the Group determines the functional currency, and items included in the financial statements of each entity are measured using the functional currency. Financial statements of foreign subsidiaries Foreign subsidiaries use the local currencies of the country where they operate. The statement of financial position is translated into euro at the closing rate on the reporting date and their income statement is translated at the average exchange rate at each month-end. Differences resulting from the translation of the financial statements of said subsidiaries are recognized in other comprehensive income as “exchange differences on translation of foreign operations”. Business combinations and goodwill Business combinations are accounted for using the acquisition method at the acquisition date, which is the date at which the Group obtains control over the entity. The cost of an acquisition is measured as the amount of the consideration transferred to the seller, measured at the acquisition date fair value, and the amount of any non-controlling interest in the acquiree. Acquisition costs incurred are expensed and included in general and administrative expenses. Property, plant & equipment Property, plant and equipment is stated at cost, net of accumulated depreciation and/or accumulated impairment losses, if any. Repair and maintenance costs are recognized in the income statement as incurred. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows: ​ ​ ​ ​ ​ ● Buildings: 20-30 years ● Machinery: ​ 5-12 years ​ ● IT assets: ​ 3-5 years ​ ● Fixtures & Furniture: ​ 10-15 years ​ ● Vehicles: ​ 2-4 years ​ ● Leasehold Building Improvements: ​ 10 years ​ ​ Land is not depreciated. An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement when the asset is derecognized. The assets’ residual values, useful lives and methods of depreciation are reviewed at each financial year-end and adjusted prospectively, if appropriate. Right-of-use assets and related liabilities Right-of-use assets: The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term: ​ ​ ● Property leased Assets: Lease terms up to 10 years or useful life of 10-15 years when reasonably certain that ownership will be obtained at the end of the lease ● Leased machines: Lease terms up to 10 years or useful life of 5-10 years when reasonably certain that ownership will be obtained at the end of the lease ● Leased vehicles: Lease terms up to 4 years or useful life of 4 years when reasonably certain that ownership will be obtained at the end of the lease ​ Right-of-use assets are subject to impairment review whenever there is an indication that the right-of-use asset may be impaired. Lease liabilities: In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date. After the commencement date, the amount of lease liabilities is measured at amortized cost using the effective interest rate method. In addition, the carrying amount of lease liabilities is remeasured when there is a change in future lease payments arising from a change in an index or a rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Short-term leases and leases of low-value assets: The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option) however this exemption is not applied for property leases. It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value (i.e., below € 5k). Lease payments on short-term leases and low-value assets are recognized in the income statement when incurred. Research and development Research and development includes the costs incurred by activities related to the development of software solutions (new products, updates and enhancements), guides and other products. Development activities involve the application of research findings or other knowledge to a plan or a design of new or substantially improved (software) products before the start of the commercial use. Development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate: ● the technical feasibility of completing the intangible asset so that the asset will be available for use or sale; ● its intention to complete and its ability to use or sell the asset; ● how the asset will generate future economic benefits; ● the availability of resources to complete the asset; and ● the ability to measure reliably the expenditure during development. The Group has determined that the conditions for recognizing internally generated intangible assets from proprietary software, guide and other product development activities are not met until shortly before the products are available for sale, unless either (i) the Group has strong evidence that the above criteria are met and a detailed business plan is available showing the asset will on a reasonable basis generate future economic benefits or (ii) the development is done based upon specific request of the customer, it is highly likely that the Group will be able to market the product also to other parties than the customer, the development is subject to an agreement and the substance of the agreement is that the customer reimburses the Group for a significant portion, but not all, of the development expenses incurred. As such, development expenditures not satisfying the above criteria and expenditures on the research phase of internal projects are recognized in the consolidated income statement as incurred. Internally generated intangible assets from proprietary software are amortized over their useful lives, starting from the moment they are ready for use/available for sale. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development is complete and the asset is available for use. It is amortized over the period of expected future benefit, which is determined on a project-by-project basis. Amortization is recorded in research and development expenditure. During the period of development, the asset is tested for impairment at least annually or whenever there is an indication of impairment. Intangible assets other than goodwill and capitalized development expenditures Intangible assets comprise acquired technology and customer portfolio, patents and licenses and technology and customers acquired in connection with business combinations. Those intangible assets are measured on initial recognition at cost, except for the acquired technology and customers arising from business combinations, which are measured initially at fair value. Following initial recognition, intangible assets other than goodwill are carried at cost less any accumulated amortization and accumulated impairment losses, if any. The useful life of the intangible assets is as follows: ​ ​ ​ ​ ​ ● Software: 3 years; ● Perpetual licences for ERP & front end software: ​ 10 years; ​ ● Software with subscription license: ​ subscription term ​ ● Patents and licenses: ​ 10 years; ​ ● Acquired customers and technology: ​ 5-20 years; ​ ​ The intangible assets with finite lives are amortized over their useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. The amortization expense on intangible assets with finite lives acquired through business combination is recognized in the consolidated income statement in the line “net other operating income”. Impairment of goodwill and other non-financial assets (excluding inventories and deferred tax assets) Impairment tests on goodwill, assets under construction or capitalized development expenses which are not amortized yet, are undertaken annually at the financial year end. Other non-financial assets and goodwill are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is written down accordingly. Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest Group of assets to which it belongs for which there are separately identifiable cash flows: its cash generating units (CGUs). Goodwill is allocated on initial recognition to each of the Group’s CGUs that are expected to benefit from the synergies of the combination giving rise to the goodwill. The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group’s CGUs to which the individual assets are allocated. These budgets and forecast calculations cover a period of five years. For longer periods, a long-term growth rate is calculated and applied to future cash flows projected after the fifth year. Impairment charges are included in profit or loss. An impairment loss recognized for goodwill is not reversed. Inventories and Contracts in progress Inventories are valued at the lower of cost and net realizable value. Costs incurred in bringing each product to its present location and condition are accounted for as follows: ● raw materials: purchase cost on a first in, first out basis; and ● finished goods and work in progress: cost of direct materials and labor and a proportion of manufacturing overheads based on the normal operating capacity, but excluding borrowing costs. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. A write-off of inventories is estimated based on an ageing or rotation analysis. Work in progress relates to production of inventory for which a customer has not yet been secured, while contracts in progress are contract assets that relate to production for specific customers in performance of a signed contract. We refer also to the accounting policy on revenue recognition. Financial assets Trade receivables and debt instruments issued are initially recognized when they are originated. All other financial assets are initially recognized when the Group become a party to the contractual provisions of the instrument. Financial assets are classified at initial recognition, and subsequently measured either at amortized cost, either fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. Except for trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus transaction costs, in the case of a financial asset not at fair value through profit or loss. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price. For purposes of subsequent measurement, financial assets are classified in four categories: ● Financial assets at amortized cost; ● Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments); ● Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments); and ● Financial assets at fair value through profit or loss. Financial assets measured at amortized cost This category is the most relevant to the Group. The Group measures financial assets at amortized cost if both of the following conditions are met: ● the financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and ● the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets, trade and other receivables, cash and cash equivalents at amortized cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments) The Group currently does not have financial assets at fair value through OCI with recycling of cumulative gains and losses. Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) The Group has irrevocably elected at initial recognition to classify the minority equity investment in the non-listed company AM-Flow BV and Essentium, as disclosed in Note 10 and Note 20, as financial asset designated at fair value through OCI as this measurement is most representative of the business model for these assets. Gain and losses on these financial assets are never recycled to profit and loss. Financial assets measured at fair value through profit or loss The Group has the following financial assets classified as financial assets at fair value through profit or loss: ● derivatives as disclosed in Note 10; ● a convertible loan granted to the company Fluidda as disclosed in Note 10. Those financial assets are carried in the statement of financial position at fair value with changes recognized in the income statement in the lines financial income/expense. Impairment of financial assets Further disclosures relating to impairment of financial assets are also provided in Note 3 Significant accounting judgments, estimates and assumptions. The Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. A loss allowance is recognized at each reporting date based on lifetime ECLs. The Group established a provision matrix that is based on its historical loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. Financial liabilities All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts and derivative financial instruments. Financial liabilities at amortized cost The trade and other payables, and loans and borrowings are classified as financial liabilities at amortized cost. Those financial liabilities are measured at amortized cost using the effective interest rate method. Gains and losses are recognized in the income statement when the liabilities are derecognized as well as through the effective interest rate method amortization process. Financial liabilities at fair value through profit and loss The derivative financial instruments are classified as financial liabilities at fair value through profit and loss. Share capital Financial instruments issued by the Group are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. The Group’s ordinary shares are classified as equity instruments. Pension benefits The Group has a defined contribution obligation where the Group pays contributions based on salaries to an insurance company, in accordance with the laws and agreements in each country. The Belgian defined contribution pension plans are by law with variable minimum returns based on the Belgian government bonds, with a minimum of 1.75% and a maximum of 3.75%, effective for contributions paid as from 2016. For contribution paid until 2015, the minimum guaranteed return is 3.25% on employer contributions and 3.75% on employee contributions. These plans qualify as defined benefit plans. Contributions are recognized as expenses for the period in which employees perform the corresponding services. Outstanding payments at the end of the period are shown as other current liabilities. Share based payments Directors and employees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions). The Group currently has only warrants and share-appreciation rights as share-based payments. Equity-settled transactions Equity-settled share-based payments to employees and others providing similar services are measured, indirectly, at the fair value of the equity instruments granted. The cost of equity-settled transactions is recognized, together with a corresponding increase in other capital reserves in equity, over the period in which the performance and/or service conditions are fulfilled. The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The income statement expense or credit for a period represents the movement in cumulative expense recognized at the beginning and end of that period and is recognized as employee benefits expense. The Group does currently only have equity-settled share-based payments that have service-based vesting conditions and no instruments with market vesting conditions. No expense is recognized for awards that do not ultimately vest. Other long-term employee benefits The Group’s net obligation for long-term employee benefits is equal to the value of future benefits acquired by personnel in exchange for services rendered in the current and prior periods. Revenue from contracts with customers The Group’s revenue, which is presented net of sales taxes, is primarily generated by the sale of our software and 3D printed products and services. Software revenue is comprised of perpetual and periodic licenses, maintenance revenue and software development service fees. Perpetual license holders may opt to take an annual maintenance contract, which leads to annual fees. Periodic licenses entitle the customer to maintenance, support and product updates without additional charge. Revenue from prototypes and end products involving 3D printing technology is derived from our network of production centers and may include support and services such as pre-production collaboration prior to the actual production. The Group sells its products and software through its direct sales force and through authorized distributors. Software license revenue, maintenance and/or software development service fees may be bundled in one arrangement or may be sold separately. The Group recognizes revenue for goods including software based on the five-step model per the requirements of IFRS 15. Revenue from contracts with customers is recognized when control of the goods or services is transferred to the customer at an amount that reflects the consideration to which the Group is expected to be entitled in exchange from those goods and services. If the consideration in a contract includes a variable amount, the Group estimates the amount of consideration to which it will be entitled in exchange for transferring the goods to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved. Variable consideration is mainly related to quantities sold, volume (step-based) rebates and development time spent. Prototypes and end products involving 3D printing technology The Group recognizes revenue on the sale of goods to the customer or distributor at a point in time when control of the asset is transferred, generally upon shipment or delivery considering the shipment terms (usually Ex-works or FOB Time of Shipment Incoterms (International Commercial Terms)). Perpetual licensed software The sale and/or license of software products is deemed to have occurred at a point in time, i.e. when a customer either has taken possession of or has the ability to take immediate possession of the software and the software key. Most of the perpetual software licenses include one year maintenance and support services as a separate performance obligation. The Group sells these maintenance services also on a stand-alone basis and is therefore capable of determining their stand-alone selling price. On this basis, the amount of the embedded maintenance is separated from the fee for the perpetual license and is recognized ratably over the period to which they relate. Time-based licensed software The time-based license agreements include the use of a software license for a fixed term and maintenance and support services during the same period. The Group does not sell time-based licenses without maintenance and support services and therefore revenues are satisfied over time for the entire arrangements and are recognized ratably over the term. Maintenance and support services Maintenance and support services are satisfied over time and as such, the Group recognizes this revenue ratably on a straight-line basis over the term that the maintenance service is provided. In general, maintenance services are not automatically renewed. A maintenance and support contract may include a reinstatement for previous years when the customer did not have a maintenance and support contract previously. Revenue from reinstatements is recognized immediately when the maintenance and support services commence. Software development services (SDS) SDS include customized development of software components for customers. Revenue from SDS agreements when distinct from other performance obligations is satisfied over time or at a point in time, depending whether one of the IFRS 15.35 criteria for performance obligations to be satisfied over time is met or not. In case of recognition over time, revenue is recognized either on time and material basis or on the stage of completion of each service when the percentage of completion can be measured reliably. The Group determines the percentage-of-completion by comparing labor hours incurred to-date to the estimated total labor hours required to complete the project. The Group considers labor hours to be the most reliable available measure of progress on these projects. Adjustments to the Group’s estimates of the time to completion are made when facts resulting in a change become known. When the estimate indicates that a loss will be incurred, such loss is recognized immediately. In case of recognition at a point in time revenue is recognized when control over the product is transferred to the customer. Contracts with multiple performance obligations The Group has entered into a number of contracts with multiple performance obligations, such as when selling perpetual licenses that may include maintenance and support (included in the price of perpetual licenses) and time-based licenses (that include embedded maintenance and support, both of which may be sold with software development services, training, and other product sales). In some cases, the Group delivers software development services bundled with the sale of the software. The Group evaluates whether each performance obligation is distinct from each other, i.e. the customer can benefit from the good or service on its own, or with readily available resources. Certain development services significantly modify and/or enhance the software license and as such are not considered distinct and combined with the software license. In those contracts, whether sold to end-customers or to collaboration partners, the Group uses either price list, historical pricing information or management’s best estimate of selling prices (e.g. also using a cost-plus method) to determine the stand-alone selling price for each distinct performance obligation, including software and software-related services such as maintenance and support. In general, elements in such arrangements are also sold on a stand-alone basis and stand-alone selling prices are readily available. If the stand-alone selling price of one or more goods or services in such arrangements is highly variable or uncertain, the Group estimates the stand-alone selling price with reference to the total transaction price less the sum of the observable stand-alone selling prices of other goods or services promised in the contract. Revenue is allocated to each distinct performance obligation (“PO”) based on the relative percentage of the stand-alone selling price for each PO compared to the total of stand-alone selling prices for all PO over the total transaction price and is recognized when the revenue recognition criteria described above are met. Contracts with collaboration partners in the medical segment also include multiple elements such as software, maintenance and support services, training, software development services, 3D printed products and royalties. Revenue from those contracts is determined and recognized consistent with other multiple element arrangements. For certain contracts with collaboration partners, the Group receives up-front fees, paid by customers for certain exclusivity rights, which may be bundled with transfer of title, rights and ownership of certain software products and maintenance and support services. In case the up-front fees do not relate to already delivered good or services, the Group includes the up-front fees in the total transaction price which is then allocated to all the distinct performance obligations. Other contracts with collaboration partners include prepaid fees to purchase a maximum number of “Plan Only” cases or case ‘bundles’ during a 12-month period. In this case, the prepaid fees are recognized over the period of 12 months based on the expected number of cases that will be purchased. Contract assets A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional. Contract assets are only contracts in progress that are disclosed with the line inventory and contracts in progress in the statement of financial position. We refer to our accounting policies regarding Inventories and Contracts in Progress. Contract liabilities A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognized when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when the Group performs under the contract. Contract liabilities are presented as deferred income in the statement of financial position. Government grants Government grants are recognized when there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to development costs or another expense, it is recognized as income over the grant period necessary to match the income on a systematic basis to the costs that it is intended to compensate. When the grant relates to the construction of buildings, it is recognized as income over the depreciation period of the related building. Such grants have been received from the federal and regional governments and from the European Union in the forms of grants linked to certain of its research and development programs, reduced payroll taxes and the financing of the construction of an office building in Leuven (Belgium) and in Freiberg (Germany). Where retention of a government grant related to assets or to income, is dependent on the Group satisfying certain criteria, it is initially recognized as deferred income. When the criteria for retention have been satisfied, the deferred income balance is released to other operating income in the consolidated income statement on a systematic basis over the periods in which the entity recognizes as expenses the related costs for which the grants are intended to compensate. Other financial income and expenses Other financial income and expenses include mainly foreign currency gains or losses on financial transactions and bank related expenses. Taxes Current income tax Income tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date. Current income tax relating to items that are recognized directly in equity is recognized in equity and not in the income statement. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred tax Deferred tax is calculated using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences or the carry forward of unused tax credits and unused tax losses can be utilized. In order for any deferred tax assets to be recognized, and at a minimum, the respective Materialise entity should have recorded a taxable profit in the current year and it

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2023
Business Combinations
Business Combinations	4 Business Combinations Acquisitions in 2023 The Group did not effect any business combinations in the course of 2023. Acquisitions in 2022 Materialise Link3D, Inc. On April 9, 2021, the Group acquired an option to buy Link3D, Inc. (“Link3D”) On November 15, 2021, Materialise provided notice to Link3D of its intention to exercise the option. The acquisition was completed on January 4, 2022. This acquisition was realized by the Group’s U.S. subsidiary, Materialise USA, LLC by exercising our call option. As a result of this transaction, Materialise USA became the sole shareholder of Link3D. On January 4, 2022, the Group completed the acquisition and obtained control of Link3D. Link3D is an additive workflow and digital manufacturing software company. The Group acquired 100% of voting equity interests in Link3D for a total cash consideration of K€ 26,747. The acquisition of Link3D is expected to strengthen and accelerate the creation of the Materialise software platform, particularly for companies that are scaling up their additive manufacturing operations to volume production. By integrating Link3D’s additive MES (Manufacturing Execution System) solution with the Materialise Magics software suite into a unified, cloud-based software platform, manufacturers will be able to run and continuously improve the most efficient, repeatable, automated and controlled processes to mass-produce identical or customized products. This process extends beyond the actual 3D printing operations and creates a closer alignment between 3D printing and conventional manufacturing, signaling the removal of the wall between both production environments. On October 1, 2022, Link3D was merged into parent entity Materialise USA. The fair value of the identifiable assets and liabilities at the date of acquisition was assessed at: ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ ​ ​ ​ value at ​ ​ ​ Fair value ​ ​ acquisition ​ Fair value ​ at acquisition in 000€ ​ date ​ adjustments ​ date Assets ​ ​ ​ ​ ​ ​ Brands and trademarks — 1,066 1,066 Software — 6,892 6,892 IT, Furniture & Vehicles 21 — 21 Right-of-use assets 155 — 155 Deferred tax assets 2,149 121 2,270 Trade receivables 768 — 768 Other current assets 200 — 200 Cash & cash equivalents 1,135 — 1,135 Total Assets 4,428 8,079 12,507 Liabilities Long-term borrowings & Leases (2,258) — (2,258) Other non-current liabilities — — — Short-term borrowings & Leases (1,926) — (1,926) Deferred tax liability — (2,270) (2,270) Trade payables (59) — (59) Payroll-related payables (1,012) — (1,012) Deferred revenue (1,286) 449 (837) Other current liabilities (649) — (649) Total Liabilities (7,190) (1,821) (9,011) Total identified assets and liabilities (2,762) 6,258 3,496 Goodwill — 23,251 23,251 Acquisition price — — 26,747 ​ The fair value of the identified assets and liabilities included in our consolidated financial statements at the acquisition date was K€3,496. The Group acquired 100% of voting equity interests in Link3D Inc. for a total consideration of K€26,747. This is the fair value of the identified assets and liabilities increased by a goodwill of K€23,251. The goodwill recognized is primarily attributable to the trained and knowledgeable workforce and to the expected synergies that will be realized at the level of development, manufacturing and the existing customer base. The goodwill is not deductible for income tax purposes. The accounting for the business combination resulted in fair values at date of acquisition of K€1,066 for Brands and trademarks (useful life of 1 year) and K€6,892 for software (useful life of 7 years). The valuation technique used to measure the fair value of brands and trademarks, as well as software, was the relief-from-royalty method. The relief-from-royalty method considers the discounted estimated royalty payments that the Group would be prepared to pay to license the respective asset under a contract if it did not own the asset. Key assumptions used in the application of this valuation technique include the forecasted year-on-year growth rate of revenue, the software royalty rate, the brands and trademarks royalty rate and the discount rate. A deferred tax liability was recognized of K€(2,270) on the adjusted fair values. The discount rate used for the valuation was set at 14.00%. The carrying value of the acquired receivables, the trade and other receivables approximate their fair value due to the short term character of these instruments. Trade receivables acquired comprised gross contractual amounts due of K€992, of which K€224 was expected to be uncollectible at the date of acquisition. The Link3D revenue included in the consolidated financial statement between acquisition date of January 4, 2022 and merger date October 1, 2022 amounted to K€ 2,631. The amount of revenue between the merger date and December 31, 2022 was K€993. As integration within the Materialise Software segments started immediately it is impracticable to disclose information on profit. There are no contingent considerations payable. Materialise Identify3D, Inc. On September 1, 2022, the Group executed a share purchase agreement and acquired 100% of the shares of Identify3D, Inc. (“Identify3D” or “ID3D”) for a total cash consideration of K€3,853. The acquisition was realized by the Group’s U.S. subsidiary, Materialise USA, LLC. With the acquisition of Identify3D the Group wants to address growing data security and integrity requirements and market interest, and to make CO-AM the most secure software platform for distributed manufacturing. This acquisition will allow manufacturers to secure the flow of digital parts and maintain a competitive advantage. On December 31, 2022, Identify3D was merged into parent entity Materialise USA. The fair value of the identifiable assets and liabilities at the date of acquisition was assessed at: ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ ​ ​ ​ value at ​ ​ ​ Fair value ​ ​ acquisition ​ Fair value ​ at acquisition in 000€ ​ date ​ adjustments ​ date Assets ​ ​ ​ ​ ​ ​ Brands and trademarks — 174 174 Software — 1,723 1,723 Deferred tax assets 474 — 474 Cash & cash equivalents 172 — 172 Total Assets 646 1,897 2,543 Liabilities Long-term borrowings (100) — (100) Deferred tax liability — (474) (474) Trade payables (44) — (44) Payroll-related payables (512) — (512) Total Liabilities (656) (474) (1,130) Total identified assets and liabilities (10) 1,423 1,413 Goodwill — 2,439 2,439 Acquisition price — — 3,853 ​ The fair value of the identified assets and liabilities included in our consolidated financial statements at the acquisition date was K€1,413. The Group acquired 100% of voting equity interests in ID3D Inc. for a total consideration of K€3,853. This is the fair value of the identified assets and liabilities increased by a goodwill of K€2,439. The goodwill recognized is primarily attributable to the trained and knowledgeable workforce and to the expected synergies that will be realized at the level of development, manufacturing and the existing customer base. The goodwill is not deductible for income tax purposes. The accounting for the business combination resulted in fair values at date of acquisition of K€174 for Brands and trademarks (useful life of 7 years) and K€1,723 for software (useful life of 7 years). The valuation technique used to measure the fair value of brands and trademarks, as well as software, was the relief-from-royalty method. The relief-from-royalty method considers the discounted estimated royalty payments that the Group would be prepared to pay to license the respective asset under a contract if it did not own the asset. Key assumptions used in the application of this valuation technique include the forecasted year-on-year growth rate of revenue, the software royalty rate, the brands and trademarks royalty rate and the discount rate. A deferred tax liability was recognized of K€(474) on the adjusted fair values. The discount rate used for the valuation was set at 14.05%. Trade receivables acquired comprised gross contractual amounts due of K€0. The amount of revenue included in the consolidated financial statement between acquisition date of September 1, 2022 and the merger date of December 31, 2022 was K€ 0. As integration within the Materialise Software segments started immediately it is impracticable to disclose information on profit. There are no contingent considerations payable. Acquisitions in 2021 The Group did not effect any business combinations in the course of 2021.

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2023
Goodwill
Goodwill	5 Goodwill The goodwill has been allocated to the cash generating units (“CGU”) as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, in 000€ 2023 2022 2021 CGU: MAT Software ​ 28,961 ​ 28,933 ​ 3,241 CGU: e-Prototypy ​ 787 ​ 730 ​ 743 CGU: ACTech ​ 8,812 ​ 8,812 ​ 8,812 CGU: OrthoView ​ 4,598 ​ 4,505 ​ 4,755 CGU: Engimplan ​ — ​ — ​ — CGU: Materialise Motion ​ — ​ 1,175 ​ 1,175 Total ​ 43,158 ​ 44,155 ​ 18,726 ​ The changes in the carrying value of the goodwill can be presented as follows for the years 2023, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ in 000€ Gross Impairment Total At January 1, 2021 20,070 (1,471) 18,599 Additions — — — Impairment ​ — ​ (177) ​ (177) Currency translation 304 — 304 At December 31, 2021 20,374 (1,648) 18,726 Additions 25,691 — 25,691 Impairment — — — Currency translation (263) — (263) At December 31, 2022 45,802 (1,648) 44,155 Additions — — — Impairment — (1,175) (1,175) Currency translation 178 — 178 At December 31, 2023 45,980 (2,823) 43,158 ​ The goodwill of MAT Software, Orthoview and e-Prototypy include respectively K€28, K€93 and K€57 impact of currency translation in 2023. The Group has performed an impairment test for all CGUs, estimating the Value-in-Use based on a discounted cash flow model with cash flows for the next five years derived from the budget and a residual value considering a perpetual growth rate. The MAT Software CGU is included in the reportable segment “Materialise Software”. The CGUs ACTech, e-Prototypy (PL), and Materialise Motion are included in the reportable segment “Materialise Manufacturing”. The CGUs Orthoview (UK) and Engimplan (BR) are included in the reportable segment “Materialise Medical”. CGU: MAT Software The goodwill allocated to the CGU MAT software relates to the goodwill from the acquisition of Cenat in 2015, the goodwill related to the acquisition of Marcam in 2011 (DE-3D Printing Software), the goodwill from the acquisition of Link3D in 2022 and the goodwill from the acquisition of Identify3D in 2022. The impairment test is based on the discounted cash flows resulting from the CGU MAT Software, considering a period of five years. The main assumptions for goodwill impairment testing include a discount rate (based on WACC) of 9.91% (11.21% pre-tax) (2022: 9.67% post-tax; 2021: 7.40% post-tax) and a perpetual growth rate of 5% (2022: 5%; 2021: 5%). Other assumptions include the year-on-year growth rate of the revenue, gross margin and the operating costs which has been determined by management based on past experience. It was concluded that the value in use is higher than the carrying value of the cash generating unit of K€41,158. Based on the sensitivity analyses performed by the Group, including analyses whereby the discount rate would increase by 100 CGU e-Prototypy The goodwill relates to the acquisition of the Polish entity e-Prototypy. The impairment test on the CGU e-Prototypy is based on the discounted cash flows considering a period of five years. The main assumptions include a discount rate (based on WACC) of 12.89% (14.89% pre-tax) (2022: 12.72% post-tax; 2021: 9.90% post-tax) and a perpetual growth rate of 2% (2022: 2%; 2021: 2%). Other assumptions include the year-on-year growth rate of the revenue, gross margin and the operating costs which has been determined by management based on past experience and continued investments in capex in new 3D printing equipment. It was concluded that the value in use is higher than the carrying value of the cash generating unit of K€4,144. Based on the sensitivity analyses performed by the Group, including analyses whereby the discount rate would increase by 100 CGU ACTECH The impairment test on the CGU ACTech is based on the discounted cash flows, considering a period of five years. The main assumptions include a discount rate (based on WACC) of 8.26% (11.33% pre-tax) (2022: 8.04% post-tax; 2021: 6.36% post-tax) and a perpetual growth rate of 1% (2022: 1%; 2021: 1%). Other assumptions include the year-on-year growth rate of the revenue, gross margin and the operating costs which have been determined by management based on past experience. It was concluded that the value in use is higher than the carrying value of the cash generating unit of K€24,824. Based on the sensitivity analyses performed by the Group, including analyses whereby the discount rate would increase by 100 CGU Orthoview The goodwill relates to the acquisition of Orthoview. The impairment test on the CGU Orthoview is based on the discounted cash flows considering a period of 5 years.The main assumptions include a discount rate (based on WACC) of 10.75% (13.69% pre-tax) (2022: 10.27% post-tax; 2021: 8.05% post-tax) and a perpetual growth rate of 1% (2022: 1%; 2021: 1%). Other assumptions include the year-on-year growth rate of the revenue, gross margin and the operating costs which have been determined by management based on past experience. It was concluded that the value in use is higher than the carrying value of the cash generating unit of K€12,307. Based on the sensitivity analyses performed by the Group, including analyses whereby the discount rate would increase by 100 The Orthoview business is integrated in the existing software business within our Materialise Medical segment. Synergies that are expected from joined product lines are not taken into account in the current impairment review as management believes that Orthoview can be considered a separate cash generating unit. CGU Engimplan The impairment test on the CGU Engimplan is based on the discounted cash flows, considering a period of 5 years. The main assumptions include a discount rate (based on WACC) of 18.82% (21.26% pre-tax) (2022: 19.84% post-tax; 2021: 15.49% post-tax) and a perpetual growth rate of 7.6% (2022: 8.5%; 2021: 7.0%), supported by an expected long term inflation rate of 4.1%, continued growth opportunities from the increase of the standard of living in Brazil (including access to medical and health care insurances), a growing population in Brazil and export opportunities in Latin America. Other key assumptions include the year-on-year growth rate of the revenue, gross margin and the operating costs which have been determined by both local and Group management based on past experience. It was concluded that the value in use is lower than the carrying value of the cash generating unit of K€9,214 which has resulted in a full impairment of the intangible assets customer lists and trade marks for respectively K€(397) and K€(121) as well as a tangible asset 3D printer for K€(139) as shown in Note 6 and Note 7. The full impairment charge was recognized in the Consolidated income statement under Net other operating income and is included in the reportable segment ‘Materialise Medical’. The key events that led to the impairment loss for the CGU Engimplan were related to a delay of business growth and to less advantage of synergies than initially foreseen. A sensitivity analysis was performed to assess the impact of changes in the key assumptions used on the current estimated value-in-use and can be summarized as follows: ​ ​ ​ ​ ​ ​ Sensitivity analysis Engimplan impairment As of December 31,2023 ​ ​ ​ ​ Evolution of the ​ ​ Change ​ value-in-use Relevant assumption ​ applied ​ (in 000€) WACC +1 % (611) WACC -1 % 739 Perpetual Growth -1 % (401) ​ CGU Materialise Motion The impairment test on the CGU Materialise Motion is based on the discounted cash flows, considering a period of five years. The main assumptions include a discount rate (based on WACC) of 9.91% (11.72% pre-tax) (2022: 9.67% post-tax; 2021: 7.40% post-tax) and a perpetual growth rate of 3% (2022: 5%; 2021: 1%). Other assumptions include the year-on-year growth rate of the revenue, gross margin and the operating costs which have been determined by management based on past experience. It was concluded that the value in use is lower than the carrying value of the cash generating unit of K€3,605 which has resulted in a full impairment of the goodwill for an amount of K€(1,175) as well as a partial impairment on intangible assets partnership agreement, customer list, and developed technology for respectively K€(853), K€(107), and K€(1,437) as shown in Note 6. The full impairment charge was recognized in the Consolidated income statement under Net other operating income and is included in the reportable segment ‘Materialise Manufacturing’. The key event that led to the impairment loss for the CGU Materialise Motion was a delay in business growth versus what was initially foreseen. A sensitivity analysis was performed to assess the impact of changes in the key assumptions used on the current estimated value-in-use and can be summarized as follows: ​ ​ ​ ​ ​ ​ Sensitivity analysis Materialise Motion impairment As of December 31,2023 ​ ​ ​ ​ Evolution of the ​ ​ Change ​ value-in-use Relevant assumption ​ applied ​ (in 000€) WACC +1 % (1,028) WACC -1 % 1,405 Perpetual Growth -3 % (1,629) ​

Intangible assets

Intangible assets	12 Months Ended
	Dec. 31, 2023
Intangible assets
Intangible assets	6 Intangible assets The changes in the carrying value of the intangible assets can be presented as follows for the years 2023, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquired ​ Developed ​ ​ ​ ​ ​ ​ ​ ​ customers, ​ technology and ​ ​ ​ ​ Patents and ​ ​ ​ technology and ​ software under ​ ​ in 000€ licenses Software order backlog construction Total Acquisition value ​ ​ ​ ​ ​ At January 1, 2021 4,662 11,494 35,484 4,658 56,298 Additions 660 70 — 3,058 3,788 Acquisition of a subsidiary — — — — — Disposals (153) (23) — (65) (242) Transfer between accounts 272 162 2 (496) (60) Currency translation 1 6 386 — 393 Other — — — — — At December 31, 2021 5,442 11,709 35,872 7,155 60,177 Additions 362 184 — 2,619 3,165 Acquisition of a subsidiary 1,241 — 8,613 — 9,855 Disposals (267) (1,142) — — (1,409) Transfer between accounts 137 1,908 — (1,248) 797 Currency translation (1) 20 (54) 1 (33) Other — — — — — At December 31, 2022 6,915 12,679 44,431 8,527 72,552 Additions 327 ​ 1,006 ​ — ​ 1,685 ​ 3,018 Acquisition of a subsidiary — ​ — ​ — ​ — ​ — Disposals (132) ​ (4,504) ​ — ​ (45) ​ (4,680) Transfer between accounts 129 ​ 7,458 ​ — ​ (7,603) ​ (16) Currency translation 0 ​ 11 ​ 241 ​ 0 ​ 252 Other — ​ — ​ — ​ — ​ — At December 31, 2023 7,239 ​ 16,649 ​ 44,673 ​ 2,564 ​ 71,125 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquired ​ Developed ​ ​ ​ ​ ​ ​ ​ ​ customers, ​ technology and ​ ​ ​ ​ Patents and ​ ​ ​ technology and ​ software under ​ ​ in 000€ licenses Software order backlog construction Total Amortization & Impairments ​ ​ ​ ​ ​ At January 1, 2021 (3,051) (7,721) (10,433) (2,112) (23,317) Amortization charge for the year (392) (1,831) (2,523) — (4,746) Impairments ​ — ​ (231) ​ — ​ — ​ (231) Disposals 107 23 — — 131 Transfer between accounts (1) (33) (0) 22 (12) Currency translation (1) (5) (287) — (293) Other — (41) — — (41) At December 31, 2021 (3,337) (9,839) (13,244) (2,090) (28,510) Amortization charge for the year (1,729) (1,416) (3,780) — (6,926) Impairments (29) (672) — — (702) Disposals 267 1,142 — — 1,408 Transfer between accounts — — — — — Currency translation 0 (15) 67 — 52 Other — — — — — At December 31, 2022 (4,829) (10,799) (16,957) (2,090) (34,676) Amortization charge for the year (755) ​ (3,027) ​ (2,722) ​ — ​ (6,504) Impairments — ​ — ​ (2,915) ​ — ​ (2,915) Disposals 132 4,504 — — 4,636 Transfer between accounts — — — — — Currency translation (0) (10) (191) — (202) Other — — — — — At December 31, 2023 (5,453) ​ (9,333) ​ (22,785) ​ (2,090) ​ (39,661) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net carrying value ​ ​ ​ ​ ​ At December 31, 2023 1,786 ​ 7,316 ​ 21,887 ​ 474 ​ 31,464 At December 31, 2022 2,086 1,879 27,474 6,437 37,875 At December 31, 2021 2,105 1,869 22,628 5,065 31,668 At January 1, 2021 1,611 3,773 25,051 2,546 32,981 ​ Patent and licenses include only the directly attributable external costs incurred in registering the patent and obtaining the license. Software relates to purchased software for internal use and in-house developed technology. The remaining amortization period is 2.4 years for the main software purchases and 2.2 years for the main patents and licenses. The ‘Acquired customers, technology and other intangibles’ have been recognized as part of the acquisition of Materialise Motion, Engimplan, ACTech, E-Prototypy, OrthoView, Cenat, Link3D and Identify3D (see Note 4). At December 31, 2023, the remaining amortization period for the acquired customers is 1.9 years for Materialise Motion, fully amortized for Engimplan, 12.75 years for ACTech, fully amortized for E-Prototypy, 0.75 years for OrthoView and 1.25 years for Cenat. At December 31, 2023, the remaining amortization period for the acquired technology and contracts is 1.75 years for Materialise Motion. The net book value of developed technology and software under construction at December 31, 2023 relates primarily to the internal digitalization program. The total amortization charge for 2023 is K€6,504 (2022: K€6,926; 2021: K€4,746). In 2023, impairments were booked on “Acquired customers, technology and other intangibles” for K€2,915 related to Motion and Engimplan (also refer to Note 5). ​

Property, plant & equipment

Property, plant & equipment	12 Months Ended
	Dec. 31, 2023
Property, plant & equipment
Property, plant & equipment	7 Property, plant & equipment The changes in the carrying value of the property, plant & equipment can be presented as follows for the year 2023, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land and Plant and Right-of-use Construction ​ in 000€ ​ buildings ​ equipment ​ assets ​ in progress ​ Total Acquisition value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At January 1, 2021 42,417 94,420 20,147 8,639 165,623 Additions 462 5,259 2,397 2,213 10,331 Disposals — (3,682) (1,191) (779) (5,652) Transfers 4,099 6,673 (1,249) (8,296) 1,227 Currency Translation 183 598 103 4 888 At December 31, 2021 47,161 103,268 20,207 1,781 172,417 Additions 773 3,555 2,871 17,280 24,479 Acquired from business combinations — 62 155 — 217 Disposals (18) (4,227) (1,293) (38) (5,576) Transfers 5 3,167 (329) (3,060) (217) Currency Translation 38 52 8 (8) 90 At December 31, 2022 47,959 ​ 105,877 ​ 21,619 ​ 15,955 ​ 191,410 Additions 142 ​ 3,850 ​ 3,965 ​ 8,325 ​ 16,282 Disposals — ​ (4,299) ​ (3,313) ​ — ​ (7,612) Transfers 40 ​ 15,031 ​ (4,433) ​ (11,585) ​ (947) Currency Translation 458 ​ 586 ​ (74) ​ (153) ​ 817 At December 31, 2023 48,599 ​ 121,045 ​ 17,764 ​ 12,543 ​ 199,951 Depreciation — — — — — At January 1, 2021 (8,007) (49,202) (9,151) — (66,360) Depreciation charge for the year (1,344) (10,590) (3,640) — (15,574) Disposals — 3,594 1,166 — 4,760 Transfers ​ (143) ​ (1,595) ​ 515 ​ — ​ (1,223) Currency Translation (92) (380) (41) — (513) At December 31, 2021 (9,586) (58,173) (11,151) — (78,910) Depreciation charge for the year (1,416) (10,222) (3,302) — (14,940) Disposals — 3,898 1,203 — 5,101 Transfers — — — — — Currency Translation (43) 27 51 — 35 At December 31, 2022 (11,045) ​ (64,470) ​ (13,199) ​ — ​ (88,714) Depreciation charge for the year (1,352) ​ (10,433) ​ (3,296) ​ — ​ (15,081) Impairment ​ — ​ (160) ​ — ​ — ​ (160) Disposals ​ — ​ 3,996 ​ 3,024 ​ — ​ 7,020 Transfers — ​ (2,935) ​ 3,802 ​ — ​ 867 Currency Translation (33) ​ (356) ​ 8 ​ — ​ (381) At December 31, 2023 (12,430) ​ (74,358) ​ (9,661) ​ — ​ (96,449) Net book value At December 31, 2023 ​ 36,169 ​ 46,688 ​ 8,102 ​ 12,544 ​ 103,503 At December 31, 2022 ​ 36,914 ​ 41,407 ​ 8,420 ​ 15,955 ​ 102,696 At December 31, 2021 ​ 37,575 ​ 45,095 ​ 9,056 ​ 1,781 ​ 93,507 At January 1, 2021 ​ 34,410 ​ 45,218 ​ 10,996 ​ 8,639 ​ 99,263 ​ The investments in property, plant & equipment and right-of-use assets in 2023 amounted to K€16,282 (2022:K€24,479). They are related to land and buildings (K€4,027), new machines and installations (K€8,682), IT equipment (K€1,102), (leased) vehicles (K€2,240) and furniture (K€231). The additions to land and buildings, machines and installations in 2023 related mainly to our new metal production facility in the USA and the extension and expansion of our production capacity in Germany. The investments in 2022 related to new machines and installations (K€7,903), land and buildings (K€13,985), IT equipment (K€1,275) and leased vehicles (K€971) and furniture (K€343). The investments in 2021 related to new machines and installations (K€3,635), land and buildings (K€2,224), IT equipment (K€2,126) and leased vehicles (K€769). The Group realized a net gain on disposal of property, plant and equipment of K €416 Impairments of property, plant and equipment amounted to K€ (160) in 2023 (2022: K€0; 2021: K€0). Assets under construction Per December 31, 2023 the main assets under construction were related to the extension and expansion of capacity in Germany for K€10,551. The right of use assets can be presented as follows: The carrying value of Right-of-Use assets at December 31, 2023 was K€8,102 (2022: K€8,420; 2021: K€9,054). Right-of-Use assets are mainly related to buildings with a carrying value of K€4,511 at December 31, 2023 (2022: K€4,822; 2021: K€4,419) and for which depreciation of K€1,735 was recorded in 2023 (2022: K€1,663; 2021: K€1,794). New leases in 2023 amount to K€3,965 of which K€1,739 related to leased buildings (2022: K€1,934; 2021: K€1,624). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in 000€ Buildings Vehicles Equipment Total Acquisition value ​ ​ ​ ​ ​ ​ ​ ​ At January 1, 2021 ​ 7,574 ​ 4,555 ​ 8,018 ​ 20,147 Additions ​ 1,624 ​ 710 ​ 62 ​ 2,396 Disposals ​ (1,022) ​ (268) ​ (281) ​ (1,571) Currency Translation ​ 96 ​ 3 ​ 3 ​ 102 Transfers ​ (151) ​ (112) ​ (605) ​ (868) At December 31, 2021 8,121 ​ 4,888 ​ 7,197 ​ 20,206 Additions 1,934 ​ 877 ​ 60 ​ 2,871 Acquired from business combinations 155 ​ — ​ — ​ 155 Disposals (546) ​ (680) ​ (65) ​ (1,291) Currency Translation 11 ​ 2 ​ (5) ​ 8 Transfers (284) ​ (407) ​ (782) ​ (1,473) At December 31, 2022 9,391 ​ 4,680 ​ 6,405 ​ 20,476 Additions 1,739 ​ 1,980 ​ 246 ​ 3,965 Disposals (2,607) ​ (676) ​ (30) ​ (3,313) Currency Translation (112) ​ 2 ​ 36 ​ (74) Transfers (236) ​ (909) ​ (2,145) ​ (3,290) At December 31, 2023 8,175 ​ 5,077 ​ 4,512 ​ 17,764 Depreciation ​ ​ ​ ​ ​ ​ ​ At January 1, 2021 ​ (2,657) ​ (1,891) ​ (4,603) ​ (9,151) Depreciation charge for the year ​ (1,794) ​ (1,236) ​ (610) ​ (3,640) Disposals ​ 639 ​ 257 ​ 270 ​ 1,166 Currency Translation ​ (41) ​ (2) ​ 2 ​ (41) Transfers ​ 151 ​ 74 ​ 289 ​ 514 At December 31, 2021 (3,702) ​ (2,798) ​ (4,652) ​ (11,152) Depreciation charge for the year (1,663) ​ (1,188) ​ (455) ​ (3,306) Disposals 467 ​ 671 ​ 65 ​ 1,203 Currency Translation 47 ​ (2) ​ 6 ​ 51 Transfers 283 ​ 407 ​ 458 ​ 1,148 At December 31, 2022 (4,569) ​ (2,909) ​ (4,578) ​ (12,055) Depreciation charge for the year (1,735) ​ (1,185) ​ (376) ​ (3,296) Disposals 2,360 ​ 627 ​ 36 ​ 3,023 Currency Translation 45 ​ (3) ​ (34) ​ 8 Transfers 235 ​ 909 ​ 1,515 ​ 2,659 At December 31, 2023 (3,664) ​ (2,561) ​ (3,437) ​ (9,662) Net book value ​ ​ ​ ​ ​ ​ ​ At December 31, 2023 ​ 4,511 ​ 2,516 ​ 1,075 ​ 8,102 At January 1, 2023 ​ 4,822 ​ 1,771 ​ 1,827 ​ 8,420 ​ The following amounts related to leases are recognized in profit & loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, (in 000€) 2023 2022 2021 Depreciation expense (3,296) ​ (3,306) ​ (3,640) Interest expense on lease liabilities (325) ​ 304 ​ (289) Expenses related to short-term leases/ low-value assets/ variable lease payments (689) ​ 645 ​ (537) ​ The Group has negotiated several contracts with extension and termination options because of common practice in the country or for the asset. Management has exercised significant judgments in determining whether these extension and termination options are reasonably certain to be exercised. The potential future cash flows beyond the period following the exercise of the extension and termination option that are not included in the lease term are presented in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, (in 000€) 2023 2022 2021 Potential (non-discounted) cash flows for terminations options that are not reasonably certain to be exercised: 1,089 ​ 1,430 ​ 3,015 Potential (non-discounted) cash flows for extensions options that are reasonably certain to be exercised 1,838 ​ 1,571 ​ 1,560 ​ Pledges Land and buildings (including buildings under construction) with a carrying amount of K€21,851 (2022: K€22,696; 2021: K€24,451) are subject to pledges to secure several of the Group’s bank loans. In addition, pledges have been given on machines with a total carrying amount of K€314 (2022: K€864; 2021: K€1,131) (Note 24).

Investments in joint ventures

Investments in joint ventures	12 Months Ended
	Dec. 31, 2023
Investments in joint ventures
Investments in joint ventures	8 Investments in joint ventures Materialise had no investments in joint ventures at December 31, 2023, 2022 or 2021. ​ ​

Inventories and contracts in pr

Inventories and contracts in progress	12 Months Ended
	Dec. 31, 2023
Inventories and contracts in progress
Inventories and contracts in progress	9 Inventories and contracts in progress Inventories and contracts in progress include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, in 000€ 2023 2022 2021 Raw materials 9,061 7,975 6,246 Work in progress 4,070 4,626 2,383 Finished goods 3,266 2,837 2,171 Contracts in progress 637 643 495 Total inventories and contracts in progress 17,034 16,081 11,295 ​ Inventory written-off on the balance sheet amounted to K€471 for the year ended December 31, 2023 (2022: K€1,473; 2021: K€1,196). The expenses are recorded in Cost of Sales. The Group has contracts in progress and advances from customers. The total costs incurred is K€545 and the profit recognized is K€92 as of December 31, 2023. Advances were received for the amount of K€126 with respect to contracts in progress per end of 2023 (2022: K€60; 2021: K€11).

Other assets

Other assets	12 Months Ended
	Dec. 31, 2023
Other assets
Other assets	10 Other assets Other non-current assets Other non-current assets include the following: ​ ​ ​ ​ ​ ​ ​ ​ Investments in convertible loans ​ As of December 31, in 000€ 2023 2022 2021 Convertible loan 3,744 3,494 3,560 Total 3,744 3,494 3,560 ​ The Group granted a convertible loan to Fluidda in January 2019, with a notional amount of K€2,500. The convertible loan is accounted for as a financial asset measured at fair value with changes in fair value through the income statement. The carrying value of the convertible loan amounts to K€3,744 at December 31, 2023. The convertible loan has a duration of 7 years with a 10%annual interest rate which is capitalized. We refer to Note 3 and Note 20. ​ ​ ​ ​ ​ ​ ​ ​ Investments in non-listed equity instruments ​ As of December 31, in 000€ 2023 2022 2021 Non-listed equity investments — 307 399 Total — 307 399 ​ At December 31, 2023, the Group remeasured the fair value of its investment in AM Danube BV (holding company for AM Flow Holding BV) to zero, recognizing a K€307 fair value adjustment in other comprehensive income. We refer to Note 3 and Note 20. At December 31, 2022, the Group remeasured the fair value of its investment in African Drive NV to zero, recognizing a K€92 fair value adjustment in other comprehensive income. We refer to Note 3 and Note 20. At December 31, 2021, the Group remeasured the fair value of its equity investment in Essentium, Inc. to zero, recognizing a K€3,443 fair value adjustment in other comprehensive income. We refer to Note 3 and Note 20. ​ ​ ​ ​ ​ ​ ​ ​ Other non-current assets ​ As of December 31, in 000€ 2023 2022 2021 Tax credits 4,467 4,144 4,044 Guarantees and deposits 493 404 447 Loan to Link3D incl capitalized interest — — 2,249 LT deferred charges — — 741 Other 541 588 38 Total 5,501 5,136 7,519 ​ The non-current tax credits mainly relate to Belgian R&D tax credits, recoverable between 2025 and 2029. Other current assets Other current assets include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, in 000€ 2023 2022 2021 Deferred charges 4,486 4,158 2,958 Tax credits 814 962 673 Accrued income 611 17 384 Other tax receivables 2,466 1,004 1,459 Grants 372 944 1,021 Other non-trade receivables 272 1,077 675 Derivatives ​ 139 ​ 261 ​ 1,770 Total other current assets 9,160 8,424 8,940 ​ The other tax receivables included Value Added Tax (VAT) receivables and corporate tax receivables.

Trade receivables

Trade receivables	12 Months Ended
	Dec. 31, 2023
Trade receivables
Trade receivables	11 Trade receivables The trade receivables include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, in 000€ 2023 2022 2021 Trade receivables ​ 53,505 ​ 51,443 ​ 42,814 Allowance for doubtful accounts (807) (400) (1,273) Total 52,698 51,043 41,541 ​ Trade receivables are non-interest bearing and are generally on payment terms of 30 As of December 31, 2023, trade receivables of an initial value of K€807 (2022: K€400; 2021: K€1,273) were considered to be not probable of recovery, based on the expected credit loss analysis. Impairment is accounted for under the other operating expenses. See below for changes in the impairment of receivables. ​ ​ ​ ​ in 000€ ​ At January 1, 2021 (1,475) Addition (689) Usage 259 Reversal 632 At December 31, 2021 (1,273) Addition (517) Usage 483 Reversal 906 At December 31, 2022 (400) Addition (706) Usage 122 Reversal 177 At December 31, 2023 (807) ​

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
	Dec. 31, 2023
Cash and cash equivalents
Cash and cash equivalents	12 Cash and cash equivalents Cash and cash equivalents include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, in 000€ 2023 2022 2021 Cash at bank ​ 119,606 ​ 26,028 ​ 192,895 Cash equivalents 7,967 114,839 3,133 Total 127,573 140,867 196,028 ​ For the year ended December 31, 2023, cash at banks earned a net interest income of €4.0 million, based on short-term deposit rates. There were no cash balances on a restricted bank account per December 31, 2023, 2022 or 2021.

Equity

Equity	12 Months Ended
	Dec. 31, 2023
Equity
Equity	13 Equity Share capital The share capital of the parent company Materialise NV consists of 59,067,186 ordinary nominative shares at December 31, 2023 (2022: 59,067,186; 2021: 59,063,521) with no nominal but par value of €0.076 in 2023 (2022:€0.076; 2021:€0.076) for a total amount of K€4,487 at December 31, 2023 (2022:K€4,487; 2021:K€4,489). ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Total ​ ​ ​ number of ​ shareholders’ ​ Total in 000€, except share data ​ ordinary shares ​ capital ​ share premium Outstanding at January 1, 2021 54,169,257 4,096 141,275 Capital increase through exercise of warrants 294,264 22 2,322 Capital increase through exercise of convertible bonds ​ 4,600,000 ​ 371 ​ 90,235 Equity settled share-based payments expense ​ — ​ — ​ 41 Outstanding on December 31, 2021 59,063,521 4,489 233,872 Capital increase through exercise of warrants 3,665 (2) 22 Outstanding on December 31, 2022 59,067,186 4,487 233,895 Equity settled share-based payments expense — — 47 Outstanding on December 31, 2023 59,067,186 4,487 233,942 ​ No new shares were issued in 2023. ​ Share premium In Belgium, the portion of the capital increase in excess of par value is typically allocated to share premium. The carrying value of the share premium is K€233,942 at December 31, 2023 (2022: K€233,895; 2021: K€233,872). The change in 2023 is the result of the share-based payments expense of K€47. The change in 2022 is the result of the capital increase via exercise of warrants of K€22. The change in 2021 is the result of the share-based payments expense of K€41, the capital increase via exercise of warrants of K€2,322 and the capital increase via public offering of K€90,235. Other reserves The nature and purpose of the other reserves is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, in 000€ 2023 2022 2021 Legal reserve 279 279 279 Other reserves 2,010 1,987 1,987 Equity-settled share-based payment expense 47 72 72 Other Comprehensive Income (loss) (9,682) (10,606) (9,087) Other reserves (7,346) (8,268) (6,749) ​ Based on the statutory result and after final result allocation approved by the annual shareholders meeting the legal reserve is increased by reserving 5% of the yearly statutory profit until the legal reserve reaches at least 10% of the shareholders’ capital. The legal reserve cannot be distributed to the shareholders. The Group did not pay any dividend during 2023, 2022 and 2021. Other comprehensive loss Other comprehensive loss consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency Fair value Total OCI ​ ​ Translation ​ adjustment ​ attributable to ​ ​ Differences ​ equity ​ the in ’000€ ​ & Other ​ investments ​ shareholder At January 1, 2021 (8,285) 489 (7,796) Currency translation impact ​ 2,152 ​ — ​ 2,152 Fair value adjustment ​ — ​ (3,443) ​ (3,443) At December 31, 2021 (6,133) (2,954) (9,087) Currency translation impact (1,427) — (1,427) Fair value adjustment — (92) (92) At December 31, 2022 (7,560) (3,046) (10,606) Currency translation impact 1,255 — 1,255 Fair value adjustment — (331) (331) At December 31, 2023 (6,305) (3,377) (9,682) ​ Non-controlling interest As of June 22, 2021, the Group, together with Zhenyuan (Tianjin) Medical Appliances Technology Co., Ltd., incorporated a new subsidiary with the name Tianjin Zhenyuan Materialise Medical Technology Limited Company. This entity will be responsible for all regulatory requirements regarding the Materialise Mimics Enlight Lung Software on the Chinese market. Both Materialise and Zhenyuan will work on development and distribution, in a collaborating manner. Materialise holds 51% of the shares, Zhenyuan 49%. In 2021, in respect of this majority-owned subsidiary, a non-controlling interest has been recognized, which had a carrying value of K€(53) at December 31, 2023 (2022: K€(28); 2021: K€1).

Share-based payment plans

Share-based payment plans	12 Months Ended
	Dec. 31, 2023
Share-based payment plans
Share-based payment plans	14 Share-based payment plans Share-based payment plans of the parent The changes of the year for the warrant plans are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Outstanding at January 1 77,709 82,950 407,722 Granted 350,000 — — Forfeited / Cancelled (4,257) (1,576) (7,193) Exercised — (3,665) (317,579) Outstanding at December 31 423,452 77,709 82,950 Exercisable at December 31 73,452 77,709 78,405 ​ The Group’s share-based payment plans are all equity-settled except for the IPO warrants that have been granted to certain employees in certain countries due to legal requirements which are cash-settled. The outstanding amount includes stock appreciation rights (“SARs”) issued under cash-settled share-based payment plans. In all outstanding warrant plans one warrant gives right to one share. Equity-settled share-based payment plans The Group has several plans in place which each have slightly different characteristics as described below. IPO warrant plan Each warrant gives the right to the holder to one ordinary share of the parent Company. The warrants have a contractual term of 10 years and vested for 25% in the fourth year; 25% in the fifth year; 25% in the sixth year and 25% in the seventh year. Warrants are exercisable as from the month after they have vested and in the subsequent exercise periods. There are no cash settlement alternatives and the Group does not have a practice of cash settlement for these warrants. The warrants have a contractual term of 10 years. The Group granted 979,898 warrants in July 2014 and 36,151 warrants in November 2014 in the context of the initial public offering to the employees of the Group with an exercise price of €8.81 (“IPO warrant plan”). The Group granted an additional 18,180 warrants to employees in July 2015 under the IPO warrant plan. The status of the IPO warrant plan at December 31 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Outstanding at January 1 51,781 53,590 236,726 Granted — — — Forfeited / Cancelled (4,257) (944) (3,372) Exercised — (865) (179,764) Outstanding at December 31 47,524 51,781 53,590 Exercisable at December 31 47,524 51,781 49,045 ​ No warrants were exercised in 2023. Warrant plan 2015 The board of directors decided on December 18, 2015 on a new plan (“2015 warrant plan”) by which it can grant up to 1,400,000 warrants to employees. Each warrant gives the right to the holder to one ordinary share of the parent Company. The warrants vested for 10% on the second anniversary of the granting; 20% on the third anniversary of the granting; 30% on the fourth anniversary of the granting; and 40% on the fifth anniversary of the granting, unless otherwise decided by the board of directors or one or more of its representatives granted powers thereto. Warrants are exercisable only after they have vested and only during a period of (i) four weeks following the publication of the results of the parent Company of the second and fourth quarter, or (ii) if no quarterly results are published, during the month March and the month September of every year. There are no cash settlement alternatives and the Group does not have a practice of cash settlement for these warrants. The warrants have a term of ten years. The Group granted 350,000 warrants in July 2016 to the employees of the Group with an exercise price of €6.45. The Group granted 2,000 warrants to an employee in May 2018 with an exercise price of €10.08. The status of the 2015 warrant plan at December 31 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Outstanding at January 1 14,600 ​ 17,400 ​ 133,900 Granted — ​ — ​ — Forfeited / Cancelled — ​ — ​ (2,000) Exercised — ​ (2,800) ​ (114,500) Outstanding at December 31 14,600 ​ 14,600 ​ 17,400 Exercisable at December 31 14,600 ​ 14,600 ​ 17,400 ​ No warrants were exercised in 2023. Warrant plan 2023 The board of directors decided on September 25, 2023 on a new plan (“2023 warrant plan”) by which it can grant up to 500,000 warrants to employees, directors or management companies performing services to the Company. Each warrant gives the right to the holder to one ordinary share of the parent Company. The warrants vested for 10% on December 31, 2025; 20% on December 31, 2026; 30% on December 31, 2027; and 40% on December 31, 2028, unless otherwise decided by the board of directors or one or more of its representatives granted powers thereto. Warrants are exercisable only after they have vested and only during a period of (i) four weeks following the publication of the results of the parent Company of the second quarter, or (ii) if no quarterly results are published, during the month March of every year. There are no cash settlement alternatives and the Group does not have a practice of cash settlement for these warrants. The warrants have a term of seven years. The Group granted 325,000 warrants in October 2023 with an exercise price of €4.87. The Group granted another 25,000 warrants in November 2023 with an exercise price of €5.09. The status of the 2023 warrant plan at December 31 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Outstanding at January 1 — — — Granted 350,000 — — Forfeited / Cancelled — — — Exercised — — — Outstanding at December 31 350,000 — — Exercisable at December 31 — — — ​ Fair value The fair value of the warrants is estimated at the grant date using the Black-Scholes option pricing model, taking into account the terms and conditions upon which the warrants were granted. The following table provides the input to the Black-Scholes model for the IPO warrant plan, 2015 warrant plan and the 2023 warrant plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2023 2015 2015 IPO 2014 IPO 2014 ​ ​ (Nov) ​ (Oct) ​ (Sept 16) ​ (Nov) ​ (Nov) ​ (June) ​ Return dividend 0 % 0 % 0 % 0 % 0 % 0 % Expected volatility 64 % 64 % 47 % 47 % 50 % 46 % Risk-free interest rate 3.19 % 3.50 % 0.24 % 1.17 % 1.12 % 1.70 % Expected life 5.59 5.59 4.30 5.50 5.50 5.50 ​ Exercise price (in €) 5.09 4.87 6.45 8.81 8.81 8.81 ​ Stock price (in €) 5.60 5.15 6.42 8.08 8.67 8.81 ​ Fair value warrant (in €) 3.44 3.12 2.41 3.30 3.94 3.83 ​ ​ The above input for the Black-Scholes model have been determined based on the following: ● the dividend return is estimated by reference to the historical dividend payments of the Group. Currently, this is estimated to be zero as no dividends have been paid since inception; ● expected volatility is estimated based on the average annualized volatility of the Group’s stock (until September 2016: of a number of quoted peers in the 3D printing industry and the volatility of the Group’s stock); ● risk-free interest rate is based on the interest rate applicable for the 10Y Belgian government bond at the grant date; ● estimated life of the warrant is determined to be until the first exercise period which is typically the month after vesting; and ● fair value of the shares is determined based on the share price of the Group on Nasdaq at the date of valuation. For the grants prior to the initial public offering, the fair value of the shares was estimated based on a discounted cash flow model with 3-year cash flow projections and a multiple of EBITDA determined based on a number of quoted peers in the 3D printing industry. The expense arising from share-based payment transactions for the warrant plans mentioned above was K€47 in 2023 (2022: K€0; 2021: K€41). The weighted average fair value for the warrants outstanding at the end of 2023 was €3.19 (2022: €3.41; 2021: €3.39). The weighted average exercise price for the warrants outstanding at the end of 2023 was €5.39 (2022: €8.12; 2021: €8.07). Cash-settled share-based payment plans The Group has issued 215,688 SARs in July 2014 towards certain employees in certain countries due to legal requirements with similar terms and conditions as the IPO warrant plan except that the SAR will be settled in cash. The exercise price of the SAR is €8.81. The status of this plan is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Outstanding at January 1 11,328 11,960 37,096 Granted — — — Forfeited / Cancelled — (632) (1,821) Exercised — — (23,315) Outstanding at December 31 11,328 11,328 11,960 Exercisable at December 31 11,328 11,328 11,960 ​ The SAR plan grants the bearer the right to a cash payment equal to the difference between the exercise price and the stock price at the exercise date. This plan is considered a cash settled share based payment and is as such recorded as a liability (see Note 16). The SARs have a contractual term of ten years and vested for 25% in the fourth year; 25% in the fifth year; 25% in the sixth year and 25% in the seventh year. SARs are exercisable as from the month after they have vested and in the subsequent exercise periods. The fair value of the SAR is estimated at each reporting date using the Black-Scholes option pricing model, taking into account the terms and conditions upon which the warrants were granted. The following table lists the input used for the Black-Scholes model: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Return dividend 0 % 0 % 0 % Expected volatility 46 % 60 % 80 % Risk-free interest rate 2.68 % 3.20 % 0.18 % Expected life 0.25 0.25 0.25 ​ Exercise price (in €) 8.81 8.81 8.81 ​ Stock price (in €) 5.95 8.25 21.05 ​ Fair value SAR (in €) 0.03 0.78 12.26 ​ ​ The expense arising from share-based payment transactions for the SARs plan was K€9 in 2023 (2022: K€(140);2021: K€(874)). The carrying value of the liability at December 31, 2023 amounts to K€0 (2022: K€9; 2021: K€147). The total intrinsic value of the liability for warrants currently exercisable at December 31, 2023 amounts to K€0 (2022: K€9; 2021: K€147). Share-based payment plans of RapidFit+ The subsidiary RapidFit+ has issued a warrant plan on August 23, 2013 where a maximum of 300 warrants can be offered to management with an exercise price of €553.90. In January 2014, a total of 199 warrants were granted and accepted. The changes for the year for the RapidFit+ warrant plan are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Outstanding at January 1 33 186 186 Granted — — — Forfeited / Cancelled (33) (153) — Exercised — — — Outstanding at December 31 — 33 186 Exercisable at December 31 — 33 186 ​ No warrants were outstanding at the end of 2023. The following table lists the input to the Black-Scholes model for the RapidFit+ warrant plan: ​ ​ ​ ​ ​ ​ 2014 Return dividend 0 % Expected volatility 50 % Risk-free interest rate 2.29 % Expected life 5.5 ​ Exercise price 553.9 ​ Fair value warrant 262.7 ​ ​ The expense arising from share-based payment transactions for RapidFit+ warrant plan was K€0 in 2023 (2022: K€0; 2021: K€2).

Loans and borrowings

Loans and borrowings	12 Months Ended
	Dec. 31, 2023
Loans and borrowings
Loans and borrowings	15 Loans and borrowings The loans and borrowings include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31 in 000€ 2023 2022 2021 K€50,000 KBC credit facility ​ — ​ — ​ — K€35,000 EIB bank loan 21,667 27,500 33,333 K€28,000 acquisition bank loan 10,000 12,559 15,604 K€17,700 secured bank loans 14,904 16,165 16,592 K€12,300 bank loans ACTech 3,546 5,860 8,160 K€5,000 other facility loan 1,496 1,881 2,248 Bank investment loans - top 20 outstanding 4,778 8,828 12,852 Bank investment loans - other — 606 1,569 Lease liabilities 7,943 7,485 8,621 Related party loan 64 96 128 Total loans and borrowings 64,398 80,980 99,107 Current 25,483 19,960 21,202 Non-Current 38,915 61,020 77,905 ​ K €50,000 In October 2022 the Group entered into a credit facility agreement with KBC which allows for a € 50 million delayed draw. The credit facility foresees a first draw between October 2022 and April 2025, reimbursable at once in April 2030, with an interest rate of 3.56% A second draw is foreseen between October 2022 and June 2025, reimbursable at once in June 2031, with an interest rate of 3.81%. And a third and final draw can be made between October 2022 and June 2026, reimbursable at once in June 2032, with an interest rate of 3.87%. As per December 31, 2023 the credit line remains unused. Reservation cost for all 3 tranches amounts to 0.15% per year. K €35,000 On December 20, 2017 the Group entered into a finance contract with the European Investment Bank, or EIB, to finance future research and development programs. As part of a first tranche, an amount of K€10,000 was drawn in the course of 2018. The agreement foresees a first two-year period without loan reimbursements. Loans under the contract are made at a fixed rate, based on the Euribor rate at the time of the borrowing, plus a variable margin. The interest rate for this loan is 2.40%. The contract contains customary security, covenants and undertakings. A second tranche of K€25,000 was drawn in the course of 2019 with an interest rate of 2.72%. Pledges have been given on moveable assets as well as over the shares. On June 29, 2020, the European Investment Bank temporarily waived the compliance obligation of the covenants “Total gross Debt to Adjusted EBITDA” (until December 31, 2022), and “Adjusted EBITDA to Net financial charges” (until 31 December 2020) under the condition that the covenant “Total net debt to Adjusted EBITDA” will be met for the period. In addition, the European Investment Bank agreed not to recalculate the interest rate until January 3, 2022 for the first tranche and until January 17, 2022 for the second tranche. Finally, the European Investment Bank waived “the subsidiary financial indebtedness” covenant for the calculation period ending on June 30, 2020. For the periods thereafter this covenant has been eased. These covenants were waived in order to allow the Group to continue investing in its growth programs, even under stressed COVID-19 scenarios. At December 31, 2023, The Group was in compliance with all debt covenants. K€ 28,000 This bank loan has been concluded in October 2017 to finance the acquisition of ACTech. The loan includes a portion of K€18,000 reimbursable monthly during seven years, and a bullet portion of K€10,000, reimbursable at once in October 2024. The interest rate is fixed for the duration of the loan, and amounts to 1.1% on average for both portions. The bank loans are secured with a business pledge mandate, a share pledge on Materialise Germany GMBH, and debt covenants. K€ 17,700 The K€17,700 loan has been concluded in 2016 in two agreements to finance the construction of new facilities in Leuven (Belgium) and in Poland, both maturing in 2032. The agreement for the Belgian facility financing amounts to K€11,700; and for this tranche, reimbursements have started in June 2023. The agreement for the Polish facility financing amounts to K€6,000, and reimbursements have started in June 2019. The average interest rate of both agreements amounts to 1.2%. The bank loan is secured with a mortgage mandate on the Belgian facility buildings. K€ 12,300 In March 2018, three bank loans originating from the acquired ACTech Group were refinanced entirely for the amount of K€9,300, with adjusted maturity to May 2025 and first reimbursements in August 2020. The interest rate has been fixed at approximately 1.6%, and pledges have been granted including a K€4,650 mortgage on ACTech’s facilities and a guarantee of Materialise NV. In addition, a new investment credit of K€3,000 was obtained in June 2018, repayable as from January 2019 and with a fixed interest rate of 1.5%. K€ 5,000 This facility loan was contracted in 2012 for the construction of Leuven office and production facilities. The balance of this loan amounts to K€1,496 per December 31, 2023. The loan has a repayment schedule of 15 years and interest rate is fixed at 4.61%. Miscellaneous investment loans The 20 largest of these loans outstanding as of December 31, 2023 amount to a balance of K€4,778. They have been agreed in 2020 and in the years before to finance various investments in machinery, printers, equipment, and software tools. The vast majority of the loans have a reimbursement period over seven years, and are at fixed interest rates with weighted average below 1%. K€ 7,943 The Group has several lease obligations mainly with financial institutions and related to the financing of buildings and various other items of plant and equipment such as 3D printers. As of December 31, 2023 the balance of these lease agreements amounts to K€7,943, and are mostly at fixed interest rates with weighted average below 1%. The total cash outflow from the lease liabilities amounts to K€3,549 in 2023, K€3,379 in 2022 and K€3,775 in 2021. Related party loan Lunebeke NV, a related party of the Group as discussed in Note 26, has granted the Group a loan of K€400 at fixed interest rate of 4.23% that matures in 2025. The purpose of the loan is to finance the purchase of a building in France. The amount outstanding as of December 31, 2023 is K€64 (2022: K€96; 2021: K€128). The interest expense for the year ended December 31, 2023 is K€3 (2022:K€5; 2021:K€5). Changes of liabilities for financing activities: The following table presents the changes of the liabilities for financing activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 in 000€ 2023 2022 2021 At January 1, ​ 80,980 ​ 99,107 ​ 115,110 Repayment of loans & borrowings (16,723) (17,708) (14,277) New leases 3,919 2,871 2,355 Repayment of leases (3,549) (3,379) (3,775) Loans acquired from business combination — 100 — Net foreign exchange movements (229) (11) (306) At December 31, 64,398 80,980 99,107 ​

Other non-current liabilities

Other non-current liabilities	12 Months Ended
	Dec. 31, 2023
Other non-current liabilities
Other non-current liabilities	16 Other non-current liabilities The other non-current liabilities consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, in 000€ 2023 2022 2021 Advances received on contracts — — 1,500 Provisions 1,430 1,611 667 Other 315 — — Total 1,745 1,611 2,167 ​ Provisions mainly relate to retention bonuses for our employees. The advances received on contracts as of December 31, 2021 related to advances received from a customer in the context of a long term contract for medical devices. The other amount relates to a commitment for a multi-year license contract. In Belgium, the Group contributes to a Sector Plan for eligible employees and to a “Branch 21” pension plan for a limited group of management staff. Under both plans, the Group pays contributions expressed as a percentage of a reference salary. These plans are administered by third party insurance companies and are not material to the consolidated financial statements.

Tax payables

Tax payables	12 Months Ended
	Dec. 31, 2023
Tax payables
Tax payables	17 Tax payables The tax payables amount to K€1,777 as per December 31, 2023 (2022:K€1,246; 2021:K€783).

Deferred income

Deferred income	12 Months Ended
	Dec. 31, 2023
Deferred income
Deferred income	18 Deferred income Deferred income consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, in 000€ 2023 2022 2021 Deferred maintenance and license revenue 44,905 42,780 34,287 Deferred (project) fees 5,485 7,285 3,537 Deferred government grants 1,102 933 435 Total 51,492 50,998 38,259 current 40,791 41,721 33,307 non-current 10,701 9,277 4,952 ​ The deferred maintenance and license revenue consists of maintenance and license fees paid up-front which are deferred and recognized in earnings over the maintenance period or the duration of the license, respectively. Deferred maintenance and license revenue grew to K€44,905 as per December 31, 2023 from K€42,780 in December 31, 2022. The deferred (project) fees consist of one-time and advance payments received which are deferred in accordance with the revenue accounting policies. The deferred government grants are recognized as income under “other operating income”. We refer to Note 22.1.2 for more detail on the contract liabilities.

Other current liabilities

Other current liabilities	12 Months Ended
	Dec. 31, 2023
Other current liabilities
Other current liabilities	19 Other current liabilities Other current liabilities include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, in 000€ 2023 2022 2021 Payroll-related liabilities ​ 12,786 ​ 15,192 ​ 11,836 Non-income tax payables 1,139 2,016 2,058 Accrued charges 927 1,718 1,170 Advances received 289 795 276 Derivatives — — 118 Cash settled share-based payment plan — 9 147 Other current liabilities 562 227 367 Total 15,703 19,957 15,972 ​ The non-income tax payables mainly relate to VAT payables and payroll taxes.

Fair value

Fair value	12 Months Ended
	Dec. 31, 2023
Fair value
Fair value	20 Fair value Financial assets The carrying value and fair value of the financial assets as of December 31, 2023, 2022 and 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying value ​ Fair value in 000€ 2023 2022 2021 2023 2022 2021 Financial assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets measured at amortized cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade receivables (current) 52,698 51,043 41,541 52,698 51,043 41,541 Other financial assets (non-current) 493 404 2,696 493 404 2,696 Other current non-trade receivables 643 2,021 1,696 643 2,021 1,696 Cash & cash equivalents 127,573 140,867 196,028 127,573 140,867 196,028 Total financial assets measured at amortized cost 181,407 194,335 241,961 181,407 194,335 241,961 Financial assets at fair value through profit or loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives 139 261 1,770 ​ ​ ​ ​ ​ ​ Convertible loan 3,744 3,494 3,560 ​ ​ ​ ​ ​ ​ Total financial assets measured at fair value through profit and loss 3,883 3,755 5,330 ​ ​ ​ ​ ​ ​ Financial assets at fair value through OCI ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-listed equity investments — 307 399 ​ ​ ​ ​ ​ ​ Total financial assets at fair value through OCI — 307 399 ​ ​ ​ ​ ​ ​ ​ The fair value of the financial assets has been determined on the basis of the following methods and assumptions: ● the carrying value of the cash and cash equivalents and the current receivables approximate their fair value due to their short term character; ● the fair value of the derivatives has been determined based on a mark-to-market analysis prepared by the bank based on observable market inputs (level 2 inputs); ● other current non-trade receivables are being evaluated on the basis of their credit risk and interest rate. Their fair value is not different from their carrying value on December 31, 2023, 2022 and 2021 ● other non-current financial assets are being evaluated on the basis of their credit risk and interest rate which are considered as level 2 inputs. Their fair value is not considered different from their carrying value given the related interest rate is revised on a regular basis. ● for the non-listed equity investment in AM Flow, as of December 31, 2023, Materialise recorded a remeasurement of fair value to zero through OCI (K€ 307 ). ● for the non-listed equity investment in Essentium, as of December 31, 2021, Materialise recorded a remeasurement of fair value to zero through OCI (K€ 3,443 ). ● the convertible loan granted to Fluidda is measured at fair value. As of December 31, 2023, management determined the fair value based upon level 3 inputs as follows: o The Group determined that the fair value of the convertible loan as of December 31, 2023 amounted to K€ 3,802 . Fluidda is a private start-up company which offers turnkey contract research services for drug development and medical device development. The convertible loan has a duration of 7 years with a 10 % annual interest rate which are capitalized. The Group has applied a discount factor of 13.32 % that is based on the estimated WACC of Fluidda reflecting the uncertainty in relation to the success of the company and the applied estimates by the Group. In assessing the fair value, the Group has made significant estimates with regard to the discount rate, the probability of each repayment and conversion scenario and related timing, the amount of the qualified capital increase. Changes in the assumptions may lead to a significant increase/decrease in the fair value of the convertible loan. A increase/decrease in the applied discount rate for Fluidda by 1% would lead to a change in fair value by K€(51) / K€52. As the carrying value is not materially different from the fair value, the Group has not made an adjustment to the carrying value. Financial liabilities: The carrying value and fair value of the financial liabilities as of December 31, 2023, 2022 and 2021 can be presented as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying value ​ Fair value in 000€ 2023 2022 2021 2023 2022 2021 Financial liabilities measured at amortized cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans & Borrowings including lease liabilities ​ 64,398 ​ 80,980 ​ 99,108 ​ 63,062 ​ 78,848 ​ 100,417 Trade payables ​ 21,196 ​ 23,230 ​ 20,171 ​ 21,196 ​ 23,230 ​ 20,171 Other liabilities excl. written put option on NCI ​ 335 ​ 330 ​ 485 ​ 335 ​ 330 ​ 485 Total financial liabilities measured at amortized cost ​ 85,929 ​ 104,540 ​ 119,764 ​ 84,593 ​ 102,408 ​ 121,073 Financial liabilities measured at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash settled share based payments — 9 147 ​ ​ ​ ​ ​ Derivatives — — 118 ​ ​ ​ ​ ​ Total financial liabilities measured at fair value ​ — ​ 9 ​ 265 ​ ​ ​ ​ ​ ​ Total non-current 38,915 61,020 79,905 ​ ​ ​ ​ ​ Total current 47,014 43,529 40,124 ​ ​ ​ ​ ​ ​ The fair value of the financial liabilities has been determined on the basis of the following methods and assumptions: ● The carrying value of current liabilities approximates their fair value due to the short term character of these instruments; ● Loans and borrowings are evaluated based on their interest rates and maturity date. Most interest bearing debts have fixed interest rates and their fair value is subject to changes in interest rates and individual creditworthiness; ● The fair value of the derivatives has been determined based on a mark-to-market analysis prepared by the bank based on observable market inputs (level 2 inputs); ● The fair value of the written put option on non-controlling interest has been determined based on the present value of the redemption amount (level 3 inputs); ● The fair value of the cash-settled share based payments has been determined based on a Black-Scholes model using inputs that are level 1 (stock-price and risk-free interest rate) as well as level 2 (e.g. volatility). We refer to Note 14. Fair value hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: ​ ● Level 1: quoted (unadjusted) prices in active markets for identical assets and liabilities; ● Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and ● Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data. ​ Fair value hierarchy 3 evolution ​ ​ ​ ​ ​ ​ ​ ​ Convertible Loans Ditto & Fluidda ​ Fair Value Evolution in 000€ 2023 2022 2021 As of 1 January, 3,494 3,560 6,203 Addition — — — Remeasurement — (316) — Capitalized interest 250 250 — Reimbursement Ditto convertible loan — — (2,643) As of 31 December, 3,744 3,494 3,560 ​ ​ ​ ​ ​ ​ ​ ​ ​ Written Put Option on NCI RapidFit+ ​ Fair Value Evolution in 000€ 2023 2022 2021 As of 1 January, — — 875 Remeasurement — — — Payout put-option PMV — — (875) As of 31 December, — — — ​

Segment information

Segment information	12 Months Ended
	Dec. 31, 2023
Segment information
Segment information	21 Segment information For management purposes, the Group is organized into segments based on their products, services and industry and has the following three reportable segments: ● The Materialise Medical segment, which develops and delivers medical software solutions, medical devices and other related products and services; ● The Materialise Manufacturing segment, which delivers 3D printed products and related services; and ● The Materialise Software segment, which develops and delivers additive manufacturing software solutions and related services. The measurement principles used by the Group in preparing this segment reporting are also the basis for segment performance assessment and are in conformity with IFRS. The Chief Executive Officer of the Group acts as the chief operating decision maker. As a performance indicator, the chief operating decision maker controls the performance by the Group’s revenue and Adjusted EBITDA. The following table summarizes the segment reporting for each of the reportable periods ending December 31. Corporate research and development, headquarters’ function, financing and income taxes are managed on a Group basis and are not allocated to operating segments. As management’s controlling instrument is mainly revenue-based, the reporting information does not include assets and liabilities by segment and is as such not available per segment. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Materialise Materialise Materialise Total ​ ​ in 000€ ​ Software ​ Medical ​ Manufacturing ​ segments ​ Unallocated ​ Consolidated For the year ended December 31, 2023 ​ ​ Revenues ​ 44,442 101,376 110,310 256,127 ​ — ​ 256,127 ​ Segment Adjusted EBITDA ​ 7,450 26,544 7,537 41,530 ​ (10,133) ​ 31,397 ​ Segment Adjusted EBITDA % ​ 16.8 % 26.2 % 6.8 % 16.2 % ​ ​ 12.3 % For the year ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ 43,688 84,846 103,489 232,023 ​ — ​ 232,023 ​ Segment Adjusted EBITDA ​ 1,514 18,822 8,229 28,565 ​ (9,551) ​ 19,014 ​ Segment Adjusted EBITDA % ​ 3.5 % 22.2 % 8.0 % 12.3 % ​ ​ 8.2 % For the year ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ 42,902 73,368 89,180 205,450 ​ — ​ 205,450 ​ Segment Adjusted EBITDA ​ 15,705 20,669 6,275 42,649 ​ (10,159) ​ 32,490 ​ Segment Adjusted EBITDA % ​ 36.6 % 28.2 % 7.0 % 20.8 % ​ ​ 15.8 % ​ The segment Adjusted EBITDA is reconciled with the consolidated net profit (loss) for the year as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, in 000€ 2023 2022 2021 Net profit (loss) for the year 6,695 (2,153) 13,145 Share in loss of joint venture — — — Income taxes 78 975 591 Financial income (5,019) (6,114) (5,620) Financial expenses 3,865 4,420 4,101 Operating (loss)/ profit ​ 5,619 (2,872) 12,217 Impairments 4,228 — 177 Other operating income (expense) (3,077) (2,693) (3,527) Corporate headquarter costs 10,464 9,504 10,317 Corporate research and development 2,785 2,600 2,948 Depreciation, amortization and impairment 21,511 22,026 20,516 Segment Adjusted EBITDA 41,530 28,565 42,649 ​ The Group has 1 individual customer that represents sales larger than 10% of the total revenue in 2023 (2022: 1; 2021: 1). The total amount of revenues from this customer for the year 2023 was K€ 39,868 (2022: K€ 31,338; 2021: K€ 26,772), and these revenues are reported within the Medical segment. Entity-wide disclosures. The revenue by geographical area is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, in 000€ 2023 2022 2021 United States of America 90,350 79,380 69,140 Americas other than USA 7,049 7,544 6,297 Belgium 8,265 7,407 6,947 Germany 33,172 30,039 20,442 France 19,053 16,237 12,964 Switzerland 20,780 16,918 13,643 United Kingdom 15,153 11,062 8,836 Italy 11,412 8,124 6,520 Netherlands 7,977 6,621 7,310 Other Europe 22,928 28,731 33,816 Asia Pacific 19,988 19,960 19,535 Total 256,127 232,023 205,450 ​ The total revenue realized in the country of domicile (Belgium) in 2023 amounts to K€8,265 (2022: K€7,407; 2021: K€6,947). The total non-current assets, other than financial instruments and deferred tax assets, by geographical area are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, in 000€ 2023 2022 2021 United States of America (USA) 12,329 12,048 4,237 Americas other than USA 3,023 3,812 3,276 Belgium 85,150 91,690 67,865 Germany 61,520 60,374 55,712 Poland 12,000 11,640 12,756 Rest of Europe 8,024 8,591 10,019 Asia-Pacific 1,578 2,012 1,739 Total 183,625 190,167 155,604 ​ The totals of the above table include goodwill, intangible assets, property, plant & equipment and Right-of-Use Assets as disclosed in the consolidated statements of financial position

Income and expenses

Income and expenses	12 Months Ended
	Dec. 31, 2023
Income and expenses
Income and expenses	22 Income and expenses 22.1 Revenue 22.1.1 Disaggregated revenue information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ Materialise Materialise Materialise Total ​ ​ in 000€ ​ Software ​ Medical ​ Manufacturing ​ segments ​ Unallocated ​ Consolidated Geographical markets United States of America (USA) 15,451 ​ 53,748 ​ 21,151 ​ 90,350 ​ — ​ 90,350 Americas other than USA 488 ​ 5,673 ​ 888 ​ 7,049 ​ — ​ 7,049 Europe (without Belgium) & Africa 17,708 ​ 34,082 ​ 78,686 ​ 130,476 ​ — ​ 130,476 Belgium 130 ​ 1,155 ​ 6,980 ​ 8,265 ​ — ​ 8,265 Asia Pacific 10,665 ​ 6,718 ​ 2,605 ​ 19,988 ​ — ​ 19,988 Total revenue from contracts with customers 44,442 ​ 101,376 ​ 110,310 ​ 256,127 ​ — ​ 256,127 Type of goods or service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Software revenue (non-medical) 44,442 ​ — ​ — ​ 44,442 ​ — ​ 44,442 Software revenue (medical) — ​ 31,700 ​ — ​ 31,700 ​ — ​ 31,700 Medical devices and services — ​ 69,676 ​ — ​ 69,676 ​ — ​ 69,676 Manufacturing — ​ — ​ 110,310 ​ 110,310 ​ — ​ 110,310 Other — ​ — ​ — ​ — ​ — ​ — Total revenue from contracts with customers 44,442 ​ 101,376 ​ 110,310 ​ 256,127 ​ — ​ 256,127 Timing of revenue recognition ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goods/Services transferred at a point in time 14,844 ​ 73,750 ​ 105,205 ​ 193,799 ​ — ​ 193,799 Goods/Services transferred over time 29,598 ​ 27,626 ​ 5,105 ​ 62,329 ​ — ​ 62,329 Total revenue from contracts with customers 44,442 ​ 101,376 ​ 110,310 ​ 256,127 ​ — ​ 256,127 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ Materialise Materialise Materialise Total ​ ​ in 000€ ​ Software ​ Medical ​ Manufacturing ​ segments ​ Unallocated ​ Consolidated Geographical markets United States of America (USA) 14,946 ​ 45,929 ​ 18,505 ​ 79,380 ​ — ​ 79,380 Americas other than USA 523 ​ 5,752 ​ 1,269 ​ 7,544 ​ — ​ 7,544 Europe (without Belgium) & Africa 17,148 ​ 24,468 ​ 76,116 ​ 117,731 ​ — ​ 117,731 Belgium 247 ​ 1,003 ​ 6,158 ​ 7,408 ​ — ​ 7,408 Asia Pacific 10,825 ​ 7,694 ​ 1,441 ​ 19,960 ​ — ​ 19,960 Total revenue from contracts with customers 43,688 ​ 84,846 ​ 103,489 ​ 232,023 ​ — ​ 232,023 Type of goods or service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Software revenue (non-medical) 43,688 ​ — ​ — ​ 43,688 ​ — ​ 43,688 Software revenue (medical) — ​ 27,074 ​ — ​ 27,074 ​ — ​ 27,074 Medical devices and services — ​ 57,772 ​ — ​ 57,772 ​ — ​ 57,772 Manufacturing — ​ — ​ 103,489 ​ 103,489 ​ — ​ 103,489 Other — ​ — ​ — ​ — ​ — ​ — Total revenue from contracts with customers 43,688 ​ 84,846 ​ 103,489 ​ 232,023 ​ — ​ 232,023 Timing of revenue recognition ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goods/Services transferred at a point in time 16,067 ​ 61,884 ​ 98,580 ​ 176,531 ​ — ​ 176,531 Goods/Services transferred over time 27,621 ​ 22,962 ​ 4,909 ​ 55,492 ​ — ​ 55,492 Total revenue from contracts with customers 43,688 ​ 84,846 ​ 103,489 ​ 232,023 ​ — ​ 232,023 ​ The revenue per type of good or service including the previous years is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 in 000€ 2023 2022 2021 Software revenue (non-medical) 44,442 43,688 42,902 Software revenue (medical) 31,700 27,074 22,887 Medical devices and services 69,676 57,772 50,481 Manufacturing 110,310 103,489 89,180 Total 256,127 232,023 205,450 ​ 22.1.2 Contract balances The following table provides information about receivables, contracts in progress (contract assets) and deferred income (contract liabilities) from contracts with customers. ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, in 000€ 2023 2022 2021 Trade receivables, included in ‘trade and other receivables’ 53,505 51,443 ​ 42,814 Contract assets / contracts in progress 637 643 ​ 495 Contract liabilities / deferred income / advances received on contracts 50,390 50,065 ​ 39,324 ​ We refer to Note 18 for a detail of the deferred income. Note 18 includes a split of the deferred income in current and non-current. Non-current deferred income, representing mainly maintenance contracts with terms more than one year and certain contracts with up-front fees which are allocated to performance obligations that will be satisfied over more than one year, may be recognized as revenue between one The relation between the timing of satisfaction of the performance obligations and the timing of billing resulting in contract assets and liabilities is as follows: ● Maintenance services: maintenance services are typically billed at the beginning of the maintenance period resulting in deferred income that is recognized on a straightline basis over the maintenance period. ● Software licenses: certain software licenses may have been billed prior to the delivery of the software key or time-based software licenses may have been billed up-front resulting in a deferred income balance. ● Certain agreements in the medical segment include up-front fees such as step-in fees or milestone payments which are billed at inception of the contract but which are allocated to performance obligations which are satisfied at a later time in the contract term or which have not been recognized considering the revenue constraint (i.e. may have to be credited when customer achieves certain volume targets). In addition, certain contracts include prepaid fees for volume “Plan Only” purchases for which the purchased services are only delivered during a one year period. Those fees result in deferred income which are recognized as revenue when services/products are delivered and revenue is not constrainted. ● Certain development services are satisfied while the services can only billed at certain pre-defined points in time or when the services are fully satisfied resulting in contracts in progress / contract assets. 22.2 Cost of sales Cost of sales includes the following selected information: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 in 000€ ​ 2023 2022 2021 Purchase of goods and services (53,747) (51,597) (38,691) Amortization and depreciation (11,298) (11,174) (11,296) Payroll expenses (46,678) (42,718) (38,499) Work in Progress 727 2,234 1,208 Total (110,996) (103,255) (87,278) ​ 22.3 Research and development expenses Research and development expenses include the following selected information: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 in 000€ ​ 2023 2022 2021 Purchase of goods and services (4,759) (5,930) (3,770) Amortization and depreciation (1,459) (1,454) (1,821) Payroll expenses (31,900) (30,184) (21,300) Other 20 — — Total (38,098) (37,568) (26,891) ​ 22.4 Sales and marketing expenses Sales and marketing expenses include the following selected information: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 in 000€ 2023 2022 2021 Purchase of goods and services (10,437) (11,802) (6,704) Amortization and depreciation (2,285) (2,541) (1,892) Payroll expenses (45,100) (47,782) (40,555) Total (57,822) (62,125) (49,151) ​ 22.5 General and administrative expenses General and administrative expenses include the following selected information: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 in 000€ 2023 2022 2021 Purchase of goods and services (7,211) (6,240) (11,248) Amortization and depreciation (2,361) (1,710) (2,987) Payroll expenses (27,496) (27,193) (19,080) Total (37,068) (35,143) (33,315) ​ 22.6 Net other operating income The net other operating income can be detailed as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 in 000€ ​ 2023 2022 2021 Government grants 4,853 4,932 4,466 Amortization intangibles purchase price allocation (4,012) (5,146) (2,521) Allowance for doubtful debtors (448) 390 (58) Capitalized expenses (asset construction) — — 223 Tax credits 1,360 887 746 Arbitration settlement ​ (5,189) ​ — ​ — Impairment of intangible assets (Note 6) and PP&E (Note 7) ​ (3,054) ​ — ​ (177) Impairment of goodwill (Note 5) ​ (1,175) ​ — ​ — Indemnity fee from commercial agreement ​ — ​ 506 ​ — COVID support Germany ​ — ​ 681 ​ — Other 1,141 946 723 Total (6,524) 3,196 3,402 ​ The Company has received government grants from the Belgian federal and regional governments and from the European Community in the forms of grants linked to certain of its research and development programs and reduced payroll taxes. In May 2023, the Belgian Center for Arbitration and Mediation issued a decision in the arbitration proceedings filed by ZimmerBiomet against Materialise, pursuant to which we were ordered to pay an amount of € 5.2 million, including interests, to ZimmerBiomet. 22.7 Payroll expenses The following table shows the breakdown of payroll expenses for 2023, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 in 000€ ​ 2023 2022 2021 Short-term employee benefits (117,443) (115,169) (93,850) Social security expenses (19,430) (19,002) (17,076) Expenses defined contribution plans (1,586) (1,463) (1,250) Other employee expenses (12,715) (12,241) (7,259) Total (151,174) (147,875) (119,435) Total registered employees at the end of the period 2,437 2,439 2,332 ​ 22.8 Financial expenses Financial expenses includes the following selected information: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 in 000€ ​ 2023 2022 2021 Interest expense (1,751) (2,047) (2,435) Foreign exchange losses (1,770) (1,645) (1,258) Other financial expenses (344) (728) (408) Total (3,865) (4,420) (4,101) ​ 22.9 Financial income Financial income includes the following selected information: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 in 000€ ​ 2023 2022 2021 Interest income 4,450 1,332 658 Foreign exchange gains 563 4,778 4,904 Other finance income 6 4 58 Total 5,019 6,114 5,620 ​ 22.10 Income taxes and deferred taxes Current income tax The following table shows the breakdown of the tax expense for 2023, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, in 000€ ​ 2023 2022 2021 Current income tax (2,355) (2,000) (1,252) Deferred income taxes 2,277 1,025 661 Total income taxes for the period (78) (975) (591) ​ The current tax expense is equal to the amount of income tax owed to the tax authorities for the year, under the applicable tax laws and rates in effect in the various countries. Deferred tax Deferred tax is presented in the statement of financial position under non-current assets and non-current liabilities, as applicable. The following table shows the breakdown of the deferred tax assets, deferred tax liabilities and the deferred tax expense for 2023, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset/(liability) Income/(expense) in 000€ 2023 2022 2021 2023 2022 2021 Tax losses, patent and innovation income deduction, and other tax credits 3,199 3,134 2,162 — — — Amortization development assets and other intangible assets 400 328 136 — — — Depreciation property, plant & equipment 224 40 55 — — — Leases 53 72 35 — — — Other items 343 — 274 — — — Total deferred tax assets 4,220 3,574 2,662 3,623 4,580 687 Property, plant & equipment (569) (274) (850) — — — Intangible assets (3,664) (5,470) (5,757) — — — Deferred income ​ (743) ​ (778) ​ — ​ — ​ — ​ — Investment grants (172) (178) (199) — — — Inventory valuation — — — — — — Total deferred tax liabilities (5,148) (6,700) (6,806) (1,345) (3,554) (26) Netting 1,422 2,388 2,435 — — — Total deferred tax assets, net 2,797 1,186 227 — — — Total deferred tax liabilities, net (3,725) (4,312) (4,371) — — — Total deferred tax income (expense) — — — 2,277 1,025 661 ​ The Group has unused tax losses carried forward and Innovation Income Deduction of K€91,753 for 2023 (2022: K€87,558; 2021: K€48,648) of which K€46,533 for 2023 (2022: K€45,245; 2021: K€35,578) relating to Materialise NV. Under the Belgian Innovation Income Deduction system, companies can deduct up to 85% of their net innovation income from the taxable basis. With respect to the tax losses carried forward and Innovation Income Deductions carried forward we recognized at December 31, 2023 a deferred tax asset of € 0.1 million for Materialise NV (2022: € 0.2 million, 2021: € 0.0 million) and € 1.0 million for Materialise USA (2022: €1.6 million, 2021: € 0.0 million). The deferred tax liability of K€5,148 as at December 31, 2023 mainly relates to the intangibles that have been recognized in connection with business combinations (mainly ACTech). Relationship between Tax Expense and Accounting Profit ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 in 000€ ​ 2023 2022 2021 Profit (loss) before taxes 6,772 (1,178) 13,736 Income tax at statutory rate of 25% (1,693) 295 (3,432) Effect of different local tax rate (416) 39 12 Tax adjustments to the previous period (63) 84 88 Non-deductible expenses (324) (431) (354) Research and development tax credits 203 177 398 Innovation income deduction 2,560 — 2,847 Non recognition of deferred tax asset (1,815) (1,706) (407) Recognition of previously unrecognized tax losses 1,186 548 — Non-taxable income 450 406 350 Use of previous years’ tax losses and tax credits for which no deferred tax assets were recognized — 243 163 Taxes on other basis (232) (149) (71) Other 66 (481) (185) Income tax benefit (expense) as reported in the consolidated income statement (78) (975) (591) ​

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2023
Earnings per share
Earnings per share	23 Earnings per share Basic earnings per share amounts are calculated by dividing the net profit (loss) for the year attributable to ordinary equity holders of the parent company by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share amounts are calculated by dividing the net profit (loss) attributable to ordinary equity holder of the parent company by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all warrants and the weighted average number of ordinary shares that would be issued on conversion of the convertible debt. If there is a net loss after taxes, the number of diluted shares is equal to the basic shares. The net profit (loss) for the year used for the basic and diluted earnings per share are reconciled as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 in 000€ ​ 2023 2022 2021 Net profit (loss) attributable to ordinary equity holders of the parent for basic earnings 6,722 (2,123) 13,154 Net profit (loss) attributable to ordinary equity holders of the parent adjusted for the effect of dilution 6,722 (2,123) 13,154 ​ The warrants are dilutive at December 31, 2023. The warrants were antidilutive as per December 31, 2022 and were dilutive as per December 31, 2021. The following reflects the share data used in the basic and diluted earnings per share computations: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 in 000 2023 2022 2021 Weighted average number of ordinary shares for basic earnings per share 59,067 59,064 56,685 Effect of dilution: ​ ​ ​ Warrants 18 — 158 Weighted average number of ordinary shares adjusted for effect of dilution 59,085 59,064 56,843 ​ The earnings per share are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ ​ 2023 2022 2021 Earnings per share attributable to the owners of the parent Basic 0.11 (0.04) 0.23 Diluted 0.11 (0.04) 0.23 ​

Commitments and contingent liab

Commitments and contingent liabilities	12 Months Ended
	Dec. 31, 2023
Commitments and contingent liabilities
Commitments and contingent liabilities	24 Commitments and contingent liabilities Mortgages and pledges The Group has several loans secured by a mortgage on the building. The carrying value of related property, plant & equipment (including buildings under construction) is K€22,165 (2022: K€23,560; 2021: K€25,582). The total outstanding mortgages and pledges are K€100,755 in 2023 (2022: K€100,978; 2021: K€103,685). Included in the above, the Group also has pledges on the business goodwill (“fonds de commerce”) of the Company for a total amount of K€69,300 in 2023 (2022: K€69,300; 2021: K€69,300) and pledges on other fixed assets for a total amount of K€219 (2022: K€442; 2021: K€1,399). Other commitments At December 31, 2023, the Group has outstanding non-cancellable contracts with a future commitment of K€22,267 (2022:K€25,385; 2021:K€7,043), mainly related to purchase commitment for raw materials, energy and gas; and of K€9,330 (2022: K€0; 2021: K€0) related to property, plant & equipment. Legal Proceedings The Group is currently not a party to any legal or arbitration proceedings, which, in the opinion of the management, is likely to have or could reasonably possibly have a material adverse effect on the business, financial position or results of operations.

Risks

Risks	12 Months Ended
	Dec. 31, 2023
Risks
Risks	25 Risks Foreign exchange risk The Group transacts business globally and is subject to risks associated with fluctuating foreign exchange rates. The geographic areas outside of the Eurozone to which it sells its products and services are generally not considered to be highly inflationary. In the years ended December 31, 2023, 2022 and 2021, 34%, 39% and 35% of our revenue, respectively, were derived from sales in a currency different from the euro. Receivables denominated in a foreign currency are initially recorded at the exchange rate at the transaction date and subsequently re-measured in euro based on period-end exchange rates. Transaction gains and losses that arise from exchange rate fluctuations are charged to income. The Group has primarily exposure to the USD, GBP, BRL, PLN and JPY as foreign currency. The exposure on MYR and CZK is limited. There is only a limited portion of turnover in local currency. If the U.S. dollar (rate for €1) would have appreciated by 10%, the net result would have been € 0.9 million higher, excluding the effect of the cash and term accounts held in U.S. dollars. If the U.S. dollar (rate for €1) would have depreciated by 10%, the net result would have been € 0.8 million lower, excluding the effect of the cash and term accounts held in U.S. dollars. To limit the exposure to foreign currency rate fluctuations on the U.S. dollar, the Group has entered into currency rate swaps. As of December 31, 2023 the Group had hedge agreements in place for $ 11.2 million, all maturing before year-end 2024. We refer to note 20 for the related fair value of these derivatives. Inflation risk We transact business globally and are subject to risks associated with fluctuating inflation. The risk exists that, if inflation increases our costs of remuneration, materials, services, energy, and capital expenditures, we may not be able to offset such costs fully by increasing our selling prices. As such, in a high inflationary environment, our results of operations and financial condition may be adversely affected. Liquidity risk The liquidity risk is that the Group may not have sufficient cash to meet its payment obligations. This risk is countered by day-by-day liquidity management at the corporate level. The Group has historically entered into financing and lease agreements with financial institutions to finance significant projects and certain working capital requirements. At December 31, 2023, we held cash and cash equivalents of € 127.6 million, while €25.5 million of our € 64.4 million gross debt was short term. At December 31, 2023, we had an undrawn credit line of € 50 million as more fully described in Note 15 to the consolidated financial statements. The range of contracted obligations are as follows (incl. interest): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 1 ​ ​ More than 5 ​ in 000€ ​ year ​ 2 to 3 years ​ 4-5 years ​ years ​ Total At December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans & borrowings 23,858 ​ 19,668 ​ 8,257 ​ 7,084 ​ 58,867 Lease liabilities 2,895 ​ 3,010 ​ 1,951 ​ 876 ​ 8,732 Trade payables 21,196 ​ — ​ — ​ — ​ 21,196 Other liabilities 650 ​ 315 ​ — ​ — ​ 965 Total 48,599 ​ 22,993 ​ 10,208 ​ 7,960 ​ 89,760 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 1 ​ ​ ​ More than 5 ​ ​ ​ year ​ 2 to 3 years 4-5 years ​ years ​ Total At December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans & borrowings 18,156 35,131 15,017 8,627 76,931 Lease liabilities 3,080 2,725 1,289 1,425 8,519 Trade payables 23,230 — — — 23,230 Other current liabilities 339 — — — 339 Total 44,805 37,856 16,306 10,052 109,019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 1 ​ ​ ​ More than 5 ​ ​ ​ year ​ 2 to 3 years 4-5 years ​ years ​ Total At December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans & borrowings 19,081 41,590 19,587 14,901 95,159 Lease liabilities 3,496 3,790 946 1,102 9,334 Trade payables 20,171 — — — 20,171 Other current liabilities 750 — — — 750 Total 43,498 45,380 20,533 16,003 125,414 ​ Interest rate risk Although the Group mainly has loans outstanding with a fixed interest rate, some of the loans have been contracted with variable interest rates. The most significant loans with variable interest rates have been secured by means of a variable to fixed interest rate swap. We therefore believe that the Group is not subject to immediate changes in interest rates. Credit risk Credit risk is the risk that third parties may not meet their contractual obligations resulting in a loss for the Group. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, which are mainly deposits with financial institutions. The Group limits this exposure by contracting with credit-worthy business partners or with financial institutions which meet high credit rating requirements. In addition, the portfolio of receivables is monitored on a continuous basis. Trade receivables and contracts in progress Customer credit risk is managed by each business unit subject to the Group’s established policy, procedures and controls relating to customer credit risk management. An impairment analysis is performed at each reporting date per company and using a provision matrix per company to measure expected credit losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns (i.e., by legal entity). The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Generally, trade receivables are written-off if past due for more than one year and are not subject to enforcement activity. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets at amortized cost or fair value through OCI as disclosed in Note 20. The Group does not hold collateral as security. The Group evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets. Set out below is the information about the credit risk exposure on the Group’s trade receivables using a provision matrix: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 30 ​ ​ ​ ​ ​ More than in 000€ ​ Total ​ Non-due ​ days ​ 31-60 days 61-90 days 91-180 days ​ 181 days December 31, 2023 52,698 41,895 7,053 1,213 ​ 983 ​ 935 ​ 619 December 31, 2022 51,043 41,764 5,451 2,212 ​ 656 ​ 458 ​ 502 December 31, 2021 41,541 34,002 4,199 1,634 ​ 426 ​ 611 ​ 669 ​ Capital management The primary objective of the Group’s shareholders’ capital management strategy is to ensure it maintains healthy capital ratios to support its business and maximize shareholder value. Capital is defined as the Group shareholder’s equity. The Group consistently reviews its capital structure and makes adjustments in light of changing economic conditions. The Group made no changes to its capital management objectives, policies or processes during the years ended December 31, 2023, 2022 and 2021.

Related party transactions

Related party transactions	12 Months Ended
	Dec. 31, 2023
Related party transactions
Related party transactions	26 Related party transactions The compensation of key management personnel of the Group is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 in 000€ ​ 2023 2022 2021 Short-term employee benefits 2,554 ​ 2,736 ​ 2,832 Post-employment benefits 73 ​ 75 ​ 93 Total 2,627 ​ 2,811 ​ 2,925 Warrants granted 350,000 ​ — ​ — Warrants outstanding 350,000 ​ — ​ 4,545 ​ The amounts disclosed in the table are the amounts recognized as an expense during the reporting period related to key management personnel (senior management and executive committee members). In the year ending December 31, 2023, a total of 350.000 warrants were granted to key management personnel. Compensation expense recognized in the year ending December 31, 2023 related to share-based payment arrangements, amounted to K€47 (2022: K€0; 2021: K€132). The following table provides the total amount of transactions that have been entered into with related parties for the relevant financial year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sale of Purchases ​ Interest Right-of- ​ Lease Other in 000€ ​ goods to ​ from ​ Depreciation ​ expense ​ Use Assets ​ Receivables ​ liabilities ​ liabilities Non-executive directors of the Group 2023 — 172 — — — — — 64 2022 — 163 — — — — — 86 2021 — 122 — — — — — 58 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shareholders of the Group 2023 — 97 — 3 — — — 64 2022 — 104 — 5 — — — 96 2021 — 37 — 6 — 77 — 60 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Joint ventures 2023 — — — — — — — — 2022 — — — — — — — — 2021 — — — — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-controlling interests 2023 — — — — — — — — 2022 — — — — — — — — 2021 — — — — — — — — ​ Related party – Lunebeke NV / Ailanthus NV Lunebeke NV is owned by a shareholder and director of the Group and was established on December 29, 2020 following a partial demerger of Ailanthus NV (a former related party of the Group that merged with Materialise NV subsequent to a partial demerger). The activities taken over by Lunebeke NV through the partial demerger of Ailanthus NV were taken over from Ailanthus NV with retro-active effect as of October 1 st

Events subsequent to the statem

Events subsequent to the statement of financial position date	12 Months Ended
	Dec. 31, 2023
Events subsequent to the statement of financial position date
Events subsequent to the statement of financial position date	27 Events subsequent to the statement of financial position date No events subsequent to the date of the statement of financial position have occurred that would require adjustment to, or disclosure in, the consolidated financial statements. ​

Overview of consolidated entiti

Overview of consolidated entities	12 Months Ended
	Dec. 31, 2023
Overview of consolidated entities
Overview of consolidated entities	28 Overview of consolidated entities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Country of ​ Name ​ incorporation ​ % equity interest* ​ ​ ​ 2023 2022 2021 ​ Materialise NV Belgium 100 % 100 % 100 % Materialise SAS France 100 % 100 % 100 % Materialise GmbH Germany 100 % 100 % 100 % Materialise Japan K.K. Japan 100 % 100 % 100 % Materialise s.r.o. Czech Republic 100 % 100 % 100 % Materialise USA, LLC United States 99 % 99 % 99 % OBL SAS France 100 % 100 % 100 % Materialise Austria GmbH Austria 100 % 100 % 100 % MATERIALISE SDN. BHD Malaysia 100 % 100 % 100 % Materialise Ukraine LLC Ukraine 100 % 100 % 100 % RapidFit NV Belgium 100 % 100 % 100 % Meridian Technique Limited United Kingdom 100 % 100 % 100 % OrthoView Holdings Limited United Kingdom 100 % 100 % 100 % Materialise SA Poland 100 % 100 % 100 % Materialise Colombia SAS Colombia 100 % 100 % 100 % Materialise Motion NV Belgium 100 % 100 % 100 % Materialise Shanghai Co.Ltd China 100 % 100 % 100 % Engimplan Engenharia de Implante Industria E Comércio Ltda Brazil 100 % 100 % 100 % Engimplan Holding Ltda Brazil 100 % 100 % 100 % Materialise Limited South-Korea 100 % 100 % 100 % Materialise Australia PTY Ltd Australia 100 % 100 % 100 % Materialise S.R.L. Italy 100 % 100 % 100 % ACTech GmbH Germany 100 % 100 % 100 % ACTech Holding GmbH Germany 100 % 100 % 100 % ACTech North America, Inc. United States 100 % 100 % 100 % Tianjin Zhenyuan Materialise Medical Technology Ltd China 51 % 51 % 51 % *The overview provides the equity interest held as of 31 December of each respective year. The entities Materialise GmbH, Gilching, Germany, ACTech Holding GmbH, Freiberg / Saxony, Germany and ACTech GmbH, Freiberg / Saxony, Germany, have taken advantage of the exemption regulations of § 264 (3) HGB (German Commercial Code) for the financial year ending December 31, 2021 , 2022 and 2023.

Non-IFRS Measures

Non-IFRS Measures	12 Months Ended
	Dec. 31, 2023
Non-IFRS Measures
Non-IFRS Measures	29 Non-IFRS Measures EBITDA and Adjusted EBITDA is used in the Note 21 Segments as one of the basis of the Segments performance measurement. We calculate EBITDA as net profit plus income taxes, financial expenses (less financial income), depreciation and amortization, and share in loss of joint venture. Adjusted EBITDA is determined by adding back share-based compensation expenses, acquisition-related expenses of business combinations, impairments and fair value remeasurements due to business combinations to EBITDA.

Material accounting policies (P

Material accounting policies (Policies)	12 Months Ended
	Dec. 31, 2023
Material accounting policies
Basis for consolidation	Basis for consolidation The consolidated financial statements comprise the financial statements of the Group and its subsidiaries. Entities are fully consolidated from the date of acquisition, which is the date when the Group obtains control, and continue to be consolidated until the date when such control ceases. The financial statements of the entities are prepared for the same reporting period as the parent company, using consistent accounting policies.
Foreign currency translation	Foreign currency translation The Group’s consolidated financial statements are presented in euros, which is also the parent company’s functional currency. For each entity, the Group determines the functional currency, and items included in the financial statements of each entity are measured using the functional currency. Financial statements of foreign subsidiaries Foreign subsidiaries use the local currencies of the country where they operate. The statement of financial position is translated into euro at the closing rate on the reporting date and their income statement is translated at the average exchange rate at each month-end. Differences resulting from the translation of the financial statements of said subsidiaries are recognized in other comprehensive income as “exchange differences on translation of foreign operations”.
Business combinations and goodwill	Business combinations and goodwill Business combinations are accounted for using the acquisition method at the acquisition date, which is the date at which the Group obtains control over the entity. The cost of an acquisition is measured as the amount of the consideration transferred to the seller, measured at the acquisition date fair value, and the amount of any non-controlling interest in the acquiree. Acquisition costs incurred are expensed and included in general and administrative expenses.
Property, plant & equipment	Property, plant & equipment Property, plant and equipment is stated at cost, net of accumulated depreciation and/or accumulated impairment losses, if any. Repair and maintenance costs are recognized in the income statement as incurred. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows: ​ ​ ​ ​ ​ ● Buildings: 20-30 years ● Machinery: ​ 5-12 years ​ ● IT assets: ​ 3-5 years ​ ● Fixtures & Furniture: ​ 10-15 years ​ ● Vehicles: ​ 2-4 years ​ ● Leasehold Building Improvements: ​ 10 years ​ ​ Land is not depreciated. An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement when the asset is derecognized. The assets’ residual values, useful lives and methods of depreciation are reviewed at each financial year-end and adjusted prospectively, if appropriate.
Right-of-use assets and related liabilities	Right-of-use assets and related liabilities Right-of-use assets: The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term: ​ ​ ● Property leased Assets: Lease terms up to 10 years or useful life of 10-15 years when reasonably certain that ownership will be obtained at the end of the lease ● Leased machines: Lease terms up to 10 years or useful life of 5-10 years when reasonably certain that ownership will be obtained at the end of the lease ● Leased vehicles: Lease terms up to 4 years or useful life of 4 years when reasonably certain that ownership will be obtained at the end of the lease ​ Right-of-use assets are subject to impairment review whenever there is an indication that the right-of-use asset may be impaired. Lease liabilities: In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date. After the commencement date, the amount of lease liabilities is measured at amortized cost using the effective interest rate method. In addition, the carrying amount of lease liabilities is remeasured when there is a change in future lease payments arising from a change in an index or a rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Short-term leases and leases of low-value assets: The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option) however this exemption is not applied for property leases. It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value (i.e., below € 5k). Lease payments on short-term leases and low-value assets are recognized in the income statement when incurred.
Research and development	Research and development Research and development includes the costs incurred by activities related to the development of software solutions (new products, updates and enhancements), guides and other products. Development activities involve the application of research findings or other knowledge to a plan or a design of new or substantially improved (software) products before the start of the commercial use. Development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate: ● the technical feasibility of completing the intangible asset so that the asset will be available for use or sale; ● its intention to complete and its ability to use or sell the asset; ● how the asset will generate future economic benefits; ● the availability of resources to complete the asset; and ● the ability to measure reliably the expenditure during development. The Group has determined that the conditions for recognizing internally generated intangible assets from proprietary software, guide and other product development activities are not met until shortly before the products are available for sale, unless either (i) the Group has strong evidence that the above criteria are met and a detailed business plan is available showing the asset will on a reasonable basis generate future economic benefits or (ii) the development is done based upon specific request of the customer, it is highly likely that the Group will be able to market the product also to other parties than the customer, the development is subject to an agreement and the substance of the agreement is that the customer reimburses the Group for a significant portion, but not all, of the development expenses incurred. As such, development expenditures not satisfying the above criteria and expenditures on the research phase of internal projects are recognized in the consolidated income statement as incurred. Internally generated intangible assets from proprietary software are amortized over their useful lives, starting from the moment they are ready for use/available for sale. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development is complete and the asset is available for use. It is amortized over the period of expected future benefit, which is determined on a project-by-project basis. Amortization is recorded in research and development expenditure. During the period of development, the asset is tested for impairment at least annually or whenever there is an indication of impairment.
Intangible assets other than goodwill and capitalized development expenditures	Intangible assets other than goodwill and capitalized development expenditures Intangible assets comprise acquired technology and customer portfolio, patents and licenses and technology and customers acquired in connection with business combinations. Those intangible assets are measured on initial recognition at cost, except for the acquired technology and customers arising from business combinations, which are measured initially at fair value. Following initial recognition, intangible assets other than goodwill are carried at cost less any accumulated amortization and accumulated impairment losses, if any. The useful life of the intangible assets is as follows: ​ ​ ​ ​ ​ ● Software: 3 years; ● Perpetual licences for ERP & front end software: ​ 10 years; ​ ● Software with subscription license: ​ subscription term ​ ● Patents and licenses: ​ 10 years; ​ ● Acquired customers and technology: ​ 5-20 years; ​ ​ The intangible assets with finite lives are amortized over their useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. The amortization expense on intangible assets with finite lives acquired through business combination is recognized in the consolidated income statement in the line “net other operating income”.
Impairment of goodwill and other non-financial assets (excluding inventories and deferred tax assets)	Impairment of goodwill and other non-financial assets (excluding inventories and deferred tax assets) Impairment tests on goodwill, assets under construction or capitalized development expenses which are not amortized yet, are undertaken annually at the financial year end. Other non-financial assets and goodwill are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is written down accordingly. Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest Group of assets to which it belongs for which there are separately identifiable cash flows: its cash generating units (CGUs). Goodwill is allocated on initial recognition to each of the Group’s CGUs that are expected to benefit from the synergies of the combination giving rise to the goodwill. The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group’s CGUs to which the individual assets are allocated. These budgets and forecast calculations cover a period of five years. For longer periods, a long-term growth rate is calculated and applied to future cash flows projected after the fifth year. Impairment charges are included in profit or loss. An impairment loss recognized for goodwill is not reversed.
Inventories and Contracts in progress	Inventories and Contracts in progress Inventories are valued at the lower of cost and net realizable value. Costs incurred in bringing each product to its present location and condition are accounted for as follows: ● raw materials: purchase cost on a first in, first out basis; and ● finished goods and work in progress: cost of direct materials and labor and a proportion of manufacturing overheads based on the normal operating capacity, but excluding borrowing costs. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. A write-off of inventories is estimated based on an ageing or rotation analysis. Work in progress relates to production of inventory for which a customer has not yet been secured, while contracts in progress are contract assets that relate to production for specific customers in performance of a signed contract. We refer also to the accounting policy on revenue recognition.
Financial assets	Financial assets Trade receivables and debt instruments issued are initially recognized when they are originated. All other financial assets are initially recognized when the Group become a party to the contractual provisions of the instrument. Financial assets are classified at initial recognition, and subsequently measured either at amortized cost, either fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. Except for trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus transaction costs, in the case of a financial asset not at fair value through profit or loss. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price. For purposes of subsequent measurement, financial assets are classified in four categories: ● Financial assets at amortized cost; ● Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments); ● Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments); and ● Financial assets at fair value through profit or loss. Financial assets measured at amortized cost This category is the most relevant to the Group. The Group measures financial assets at amortized cost if both of the following conditions are met: ● the financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and ● the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets, trade and other receivables, cash and cash equivalents at amortized cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments) The Group currently does not have financial assets at fair value through OCI with recycling of cumulative gains and losses. Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) The Group has irrevocably elected at initial recognition to classify the minority equity investment in the non-listed company AM-Flow BV and Essentium, as disclosed in Note 10 and Note 20, as financial asset designated at fair value through OCI as this measurement is most representative of the business model for these assets. Gain and losses on these financial assets are never recycled to profit and loss. Financial assets measured at fair value through profit or loss The Group has the following financial assets classified as financial assets at fair value through profit or loss: ● derivatives as disclosed in Note 10; ● a convertible loan granted to the company Fluidda as disclosed in Note 10. Those financial assets are carried in the statement of financial position at fair value with changes recognized in the income statement in the lines financial income/expense. Impairment of financial assets Further disclosures relating to impairment of financial assets are also provided in Note 3 Significant accounting judgments, estimates and assumptions. The Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. A loss allowance is recognized at each reporting date based on lifetime ECLs. The Group established a provision matrix that is based on its historical loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
Financial liabilities	Financial liabilities All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts and derivative financial instruments. Financial liabilities at amortized cost The trade and other payables, and loans and borrowings are classified as financial liabilities at amortized cost. Those financial liabilities are measured at amortized cost using the effective interest rate method. Gains and losses are recognized in the income statement when the liabilities are derecognized as well as through the effective interest rate method amortization process. Financial liabilities at fair value through profit and loss The derivative financial instruments are classified as financial liabilities at fair value through profit and loss.
Share capital	Share capital Financial instruments issued by the Group are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. The Group’s ordinary shares are classified as equity instruments.
Pension benefits	Pension benefits The Group has a defined contribution obligation where the Group pays contributions based on salaries to an insurance company, in accordance with the laws and agreements in each country. The Belgian defined contribution pension plans are by law with variable minimum returns based on the Belgian government bonds, with a minimum of 1.75% and a maximum of 3.75%, effective for contributions paid as from 2016. For contribution paid until 2015, the minimum guaranteed return is 3.25% on employer contributions and 3.75% on employee contributions. These plans qualify as defined benefit plans. Contributions are recognized as expenses for the period in which employees perform the corresponding services. Outstanding payments at the end of the period are shown as other current liabilities.
Share based payments	Share based payments Directors and employees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions). The Group currently has only warrants and share-appreciation rights as share-based payments. Equity-settled transactions Equity-settled share-based payments to employees and others providing similar services are measured, indirectly, at the fair value of the equity instruments granted. The cost of equity-settled transactions is recognized, together with a corresponding increase in other capital reserves in equity, over the period in which the performance and/or service conditions are fulfilled. The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The income statement expense or credit for a period represents the movement in cumulative expense recognized at the beginning and end of that period and is recognized as employee benefits expense. The Group does currently only have equity-settled share-based payments that have service-based vesting conditions and no instruments with market vesting conditions. No expense is recognized for awards that do not ultimately vest.
Other long-term employee benefits	Other long-term employee benefits The Group’s net obligation for long-term employee benefits is equal to the value of future benefits acquired by personnel in exchange for services rendered in the current and prior periods.
Revenue from contracts with customers	Revenue from contracts with customers The Group’s revenue, which is presented net of sales taxes, is primarily generated by the sale of our software and 3D printed products and services. Software revenue is comprised of perpetual and periodic licenses, maintenance revenue and software development service fees. Perpetual license holders may opt to take an annual maintenance contract, which leads to annual fees. Periodic licenses entitle the customer to maintenance, support and product updates without additional charge. Revenue from prototypes and end products involving 3D printing technology is derived from our network of production centers and may include support and services such as pre-production collaboration prior to the actual production. The Group sells its products and software through its direct sales force and through authorized distributors. Software license revenue, maintenance and/or software development service fees may be bundled in one arrangement or may be sold separately. The Group recognizes revenue for goods including software based on the five-step model per the requirements of IFRS 15. Revenue from contracts with customers is recognized when control of the goods or services is transferred to the customer at an amount that reflects the consideration to which the Group is expected to be entitled in exchange from those goods and services. If the consideration in a contract includes a variable amount, the Group estimates the amount of consideration to which it will be entitled in exchange for transferring the goods to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved. Variable consideration is mainly related to quantities sold, volume (step-based) rebates and development time spent. Prototypes and end products involving 3D printing technology The Group recognizes revenue on the sale of goods to the customer or distributor at a point in time when control of the asset is transferred, generally upon shipment or delivery considering the shipment terms (usually Ex-works or FOB Time of Shipment Incoterms (International Commercial Terms)). Perpetual licensed software The sale and/or license of software products is deemed to have occurred at a point in time, i.e. when a customer either has taken possession of or has the ability to take immediate possession of the software and the software key. Most of the perpetual software licenses include one year maintenance and support services as a separate performance obligation. The Group sells these maintenance services also on a stand-alone basis and is therefore capable of determining their stand-alone selling price. On this basis, the amount of the embedded maintenance is separated from the fee for the perpetual license and is recognized ratably over the period to which they relate. Time-based licensed software The time-based license agreements include the use of a software license for a fixed term and maintenance and support services during the same period. The Group does not sell time-based licenses without maintenance and support services and therefore revenues are satisfied over time for the entire arrangements and are recognized ratably over the term. Maintenance and support services Maintenance and support services are satisfied over time and as such, the Group recognizes this revenue ratably on a straight-line basis over the term that the maintenance service is provided. In general, maintenance services are not automatically renewed. A maintenance and support contract may include a reinstatement for previous years when the customer did not have a maintenance and support contract previously. Revenue from reinstatements is recognized immediately when the maintenance and support services commence. Software development services (SDS) SDS include customized development of software components for customers. Revenue from SDS agreements when distinct from other performance obligations is satisfied over time or at a point in time, depending whether one of the IFRS 15.35 criteria for performance obligations to be satisfied over time is met or not. In case of recognition over time, revenue is recognized either on time and material basis or on the stage of completion of each service when the percentage of completion can be measured reliably. The Group determines the percentage-of-completion by comparing labor hours incurred to-date to the estimated total labor hours required to complete the project. The Group considers labor hours to be the most reliable available measure of progress on these projects. Adjustments to the Group’s estimates of the time to completion are made when facts resulting in a change become known. When the estimate indicates that a loss will be incurred, such loss is recognized immediately. In case of recognition at a point in time revenue is recognized when control over the product is transferred to the customer. Contracts with multiple performance obligations The Group has entered into a number of contracts with multiple performance obligations, such as when selling perpetual licenses that may include maintenance and support (included in the price of perpetual licenses) and time-based licenses (that include embedded maintenance and support, both of which may be sold with software development services, training, and other product sales). In some cases, the Group delivers software development services bundled with the sale of the software. The Group evaluates whether each performance obligation is distinct from each other, i.e. the customer can benefit from the good or service on its own, or with readily available resources. Certain development services significantly modify and/or enhance the software license and as such are not considered distinct and combined with the software license. In those contracts, whether sold to end-customers or to collaboration partners, the Group uses either price list, historical pricing information or management’s best estimate of selling prices (e.g. also using a cost-plus method) to determine the stand-alone selling price for each distinct performance obligation, including software and software-related services such as maintenance and support. In general, elements in such arrangements are also sold on a stand-alone basis and stand-alone selling prices are readily available. If the stand-alone selling price of one or more goods or services in such arrangements is highly variable or uncertain, the Group estimates the stand-alone selling price with reference to the total transaction price less the sum of the observable stand-alone selling prices of other goods or services promised in the contract. Revenue is allocated to each distinct performance obligation (“PO”) based on the relative percentage of the stand-alone selling price for each PO compared to the total of stand-alone selling prices for all PO over the total transaction price and is recognized when the revenue recognition criteria described above are met. Contracts with collaboration partners in the medical segment also include multiple elements such as software, maintenance and support services, training, software development services, 3D printed products and royalties. Revenue from those contracts is determined and recognized consistent with other multiple element arrangements. For certain contracts with collaboration partners, the Group receives up-front fees, paid by customers for certain exclusivity rights, which may be bundled with transfer of title, rights and ownership of certain software products and maintenance and support services. In case the up-front fees do not relate to already delivered good or services, the Group includes the up-front fees in the total transaction price which is then allocated to all the distinct performance obligations. Other contracts with collaboration partners include prepaid fees to purchase a maximum number of “Plan Only” cases or case ‘bundles’ during a 12-month period. In this case, the prepaid fees are recognized over the period of 12 months based on the expected number of cases that will be purchased. Contract assets A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional. Contract assets are only contracts in progress that are disclosed with the line inventory and contracts in progress in the statement of financial position. We refer to our accounting policies regarding Inventories and Contracts in Progress. Contract liabilities A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognized when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when the Group performs under the contract. Contract liabilities are presented as deferred income in the statement of financial position.
Government grants	Government grants Government grants are recognized when there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to development costs or another expense, it is recognized as income over the grant period necessary to match the income on a systematic basis to the costs that it is intended to compensate. When the grant relates to the construction of buildings, it is recognized as income over the depreciation period of the related building. Such grants have been received from the federal and regional governments and from the European Union in the forms of grants linked to certain of its research and development programs, reduced payroll taxes and the financing of the construction of an office building in Leuven (Belgium) and in Freiberg (Germany). Where retention of a government grant related to assets or to income, is dependent on the Group satisfying certain criteria, it is initially recognized as deferred income. When the criteria for retention have been satisfied, the deferred income balance is released to other operating income in the consolidated income statement on a systematic basis over the periods in which the entity recognizes as expenses the related costs for which the grants are intended to compensate.
Other financial income and expenses	Other financial income and expenses Other financial income and expenses include mainly foreign currency gains or losses on financial transactions and bank related expenses.
Current income tax	Current income tax Income tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date. Current income tax relating to items that are recognized directly in equity is recognized in equity and not in the income statement. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
Deferred tax	Deferred tax Deferred tax is calculated using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences or the carry forward of unused tax credits and unused tax losses can be utilized. In order for any deferred tax assets to be recognized, and at a minimum, the respective Materialise entity should have recorded a taxable profit in the current year and it should be probable that a taxable profit will be achieved in the subsequent year. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been (substantively) enacted at the reporting date. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.
Significant accounting judgments, estimates and assumptions	Significant accounting judgments, estimates and assumptions The preparation of the Group’s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities, and related disclosures. Uncertainty about these assumptions and estimates could lead to outcomes that require a material adjustment to the carrying amount of assets or liabilities for future periods. The Group reviews its estimates, assumptions and judgments on an ongoing basis, including those related to revenue recognition, development expenses, share-based payment transactions, income taxes, impairment of goodwill, intangible assets and property, plant & equipment and business combinations, provisions for expected credit losses, convertible loans, equity instruments, useful lives of certain assets and leases. The Group has based its assumptions and estimates on the parameters that were available when the consolidated financial statements were prepared. However, existing conditions and assumptions about future developments may change due to market changes or circumstances beyond the Group’s control. Such changes are incorporated into the assumptions as they occur. Revenue recognition Our revenue recognition policy requires management to make significant estimates. Management analyzes various factors, including an evaluation of specific transactions, historical experience, creditworthiness of customers and current market and economic conditions. Changes in judgments based upon these factors may affect the timing and amount of revenues and expenses recognized and, consequently, the results of operations and financial condition. Significant estimates and judgments relate to: ● assessing whether a performance obligation is distinct in a bundled sales transactions; ● estimation of the variable considerations and the revenue constraint; ● estimation of stand-alone selling prices for each distinct performance obligation; and ● the stage of completion of our custom development of software components for customers when revenues are satisfied over time. The Group makes significant judgments when performing the assessment of whether a performance obligation is distinct from the other performance obligations in a contract, i.e. whether the good or service has a benefit to the customer in its own or together with readily available resources and/or whether the good or service is highly interrelated or constitutes a significant input with another good or service provided, or whether it significantly modifies or tailors another good or service. The relevant assessments include but are not limited to the following: ● Whether the software license is distinct from the 3D printed guides - in most cases with contracts with collaborative partners in the Materialise Medical segment, the software licenses are combined with the manufacturing of the 3D printed guides, as the software license has no benefit to the customer without the manufacturing services. ● Whether the development services are distinct from other performance obligations - in most cases these performance obligations are distinct but for certain contracts, the software license may be combined with the license and the 3D printed guides as one distinct performance obligation. For stand-alone selling prices, the Group uses prices from price lists or historical prices for similar transactions. However, in certain cases such information is not readily available and in those cases the Group estimates the stand-alone selling price based on a cost plus mark-up or other estimate. In addition, for certain performance obligations such as development services, the stand-alone selling prices also require an estimate of the time required to complete the development. If the Group determines that the stand-alone selling price of one or more goods or services in a multiple element arrangement is highly variable or uncertain, the Group estimates the stand-alone selling price with reference to the total transaction price less the sum of the observable stand-alone selling prices of other goods or services promised in the contract. Certain contracts include estimates of variable considerations within the transaction price and assessing the revenue constraint, such as: ● quantities/volume sold at fixed prices related to, but not limited to, the manufacturing of 3D printed products, software licenses sold, maintenance renewals; ● contractual prices may vary based on volume purchased during a given period; ● FTE expenses for development or other services billed on a time and material basis; and ● volume rebates. The method used to estimate the variable consideration depends on the number of possible scenarios and the probability of each scenario. If there are many possible scenarios with a high probability (each less than 50%), the Group will use the expected value method, while the most likely method is used when there is a scenario with a higher probability (more than 50%). Variable consideration is not constrained when the Group determines, based on historical experience, a high reliable business forecast and/or the time frame of the estimates, that there is a high probability that it will not result in a future reversal of revenue. We determine the stage of completion for development contracts satisfied over time by comparing the labor hours incurred to date with the estimated total labor hours required to complete the project. We consider labor hours to be the most reliable, available measure of progress on these projects. Adjustments to estimates are made in the period when facts that give rise to a change become known. When the estimate indicates that a loss will be incurred, the loss is recorded in the relevant period. Significant judgments and estimates are involved in determining the percentage of completion for each contract. Different assumptions can produce materially different results. Development expenses Determining whether internally generated intangible assets from development should be recognized as intangible assets requires significant judgment, particularly in determining whether the activities are considered research activities or development activities, whether the product enhancement is substantial, whether completion of the asset is technically feasible considering a company-specific approach, the likelihood of future economic benefits from sale or use, including an assessment of whether FDA approval will be obtained. The Group has determined that the conditions for recognizing internally generated intangible assets from its own software, guides and other product development activities are not met until shortly before the products are available for sale, unless either (i) the Group has strong evidence that the above criteria are met and a detailed business plan is available showing that the asset will generate future economic benefits on a reasonable basis or (ii) the development is done at the specific request of the customer, the Group intends to market the product to other parties than the customer, the development is subject to an agreement and the substance of the agreement is that the customer will reimburse the Group for a significant portion of the development costs incurred. As such, development expenditures that do not meet the above criteria and expenditures for the research phase of internal projects are recognized in the consolidated income statement as incurred. This assessment is monitored by the Group on a regular basis. The Group capitalized a total of K€1,577 of development expenses during 2023 (2022: K€2,438; 2021: K€1,684) related to capitalized internal development of our digital transformation program for which a detailed business plan is available and the Group expects future economic benefits. Income taxes Deferred tax assets are recognized only to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilized. Significant management judgment is required to determine the amount of deferred tax assets that may be recognized, based on the probable timing and level of future taxable profits, together with future tax planning strategies. As of December 31, 2023, the Group had current and non-current receivables related to tax credits for an amount of K€5,281 (2022: K€5,105; 2021: K€4,717). For any deferred tax assets to be recognized, and at a minimum, the respective Materialise entity should have recorded a taxable profit in the current year and it should be probable that a taxable profit will be achieved in the subsequent year. Impairment of goodwill, intangible assets and property, plant & equipment and determination of the cash-generating-unit. The Group has goodwill for a total amount of K€43,158 as of December 31, 2023 (2022: K€44,155; 2021: K€18,726) which has been subject to an impairment test. The goodwill is tested for impairment based on a discounted cash flow model with cash flows for the next five years derived from the budget and a residual value considering a perpetual growth rate. The value in use is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. Also, as part of the impairment analysis, the Group needs to determine the different CGUs at the lowest non-aggregated level which requires the Group to make judgments about application of the criteria to determine the CGUs based on the facts and circumstances how the entities and business units within the CGU and within the Group operate and are monitored. The level of CGU may also have an impact on certain assumptions to make with regard to transfer pricing. The key assumptions used to determine the value in use for the different CGUs are disclosed and further explained in Note 5. During 2023 impairment charges have been recorded for K€4,228 (2022: K€672; 2021: K€177) related to the impairment of goodwill, intangible assets and PPE of Materialise Motion and Engimplan. Business combinations We determine and allocate the purchase price of an acquired business to the assets acquired and liabilities assumed as of the business combination date. Business combinations are discussed further in Note 4. The purchase price allocation process requires us to make significant estimates and assumptions, including: ● estimated fair value of the acquired intangible assets; ● estimated fair value of property, plant and equipment; and ● estimated fair value of the contingent consideration. While we are using our best estimates and assumptions as part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the date of acquisition, our estimates and assumptions are inherently uncertain and subject to refinement. Examples of critical estimates in valuing certain of the intangible assets we have acquired or may acquire in the future include but are not limited to: ​ ● future expected cash flows from customer contracts and relationships, software license sales and maintenance agreements; ● the fair value of the plant and equipment ● the fair value of the deferred revenue; and ● discount rates. Convertible debt instruments At December 31, 2023 the Group holds a convertible debt instrument issued by Fluidda which is measured at fair value through profit & loss. In determining the fair value of those convertible debt instruments, the Group considers different contractual parameters such as the repayment and conversion scenarios and dates. In addition, the Group needs to make significant estimates such as (i) the discount rate, (ii) the probabilities for each repayment and conversion scenario, (iii) the amount of a qualified capital increase that will determine the conversion factor and (iv) the timing for each repayment and conversion scenario. The convertible loan granted to Fluidda in January 2019 has a notional amount of K€2,500. The carrying value of the convertible loan as of December 31, 2023 amounted to K€3,744. The convertible loan has a duration of 7 years with a 10% annual interest rate which is capitalized. In the fair value analysis, the Group has applied a discount factor of 13.32% that is based on the estimated WACC of Fluidda reflecting the uncertainty in relation to the success of the company and the applied estimates by the Group. The Group previously granted a convertible loan to AM Flow in January 2020 with a notional amount of K€300. The loan was converted into shares of AM Flow in September 2020 at a fair value of K€307. Despite a fundamental restructuring program implemented in 2023, AM Flow continues to be loss making, with no outlook on quick turnaround. Additional fund-raising and external debt were required in 2023 to avoid acute liquidity issues. As a result of these elements, and considering the Group’s subordinate position as shareholder, the Group remeasured the fair value of its investment to zero on December 31, 2023 and recognized a K€307 downward fair value adjustment in OCI for the year ended December 31, 2023. Equity investment held in Essentium The Group acquired an equity investment of K$3,300 in Essentium, a non-listed US company during 2018 and 2019. The Group has elected to measure the equity investment at fair value with changes in fair value recognized in OCI. As a result of liquidity issues at Essentium and considering the Group’s subordinate position as shareholder, the Group remeasured the fair value of its investment to zero on December 31, 2021 and recognized a K€3,443 downward fair value adjustment in OCI for the year ended December 31, 2021. The Group determined that the fair value of this equity investment remained zero at December 31, 2022. Early January 2024 the company entered into an asset deal with Nexa3D, Inc. transferring virtually all of its assets in exchange for a stake in the common stock of Nexa3D, Inc. Taking into account the terms and conditions of this transaction, the Group determined that the fair value of this equity investment remained nevertheless zero at December 31, 2023. Leases – estimating the discount rate and probability of exercising extension options/termination options and purchase options The Group cannot always determine the interest rate implicit in the lease contract and therefore, the Group has to estimate the incremental borrowing rate to measure certain lease liabilities such as buildings. The Group uses for buildings the property yield as reference to determine the incremental borrowing rate. For other assets, the Group generally uses the interest rate implicit in the lease contract or applies the incremental borrowing rate for a portfolio of similar assets. The incremental borrowing rate reflects what the Group “would have to pay”, which requires estimation when no observable rates are available or when they need to be adjusted to reflect the terms and conditions of the lease. In addition, certain lease contracts may have extension options, termination options in case of property leases and/or purchase options in case of leases. The Group estimates whether it is reasonably certain or not, whether those options will be exercised or not, which impact the lease term in case of extension options and termination options and the period over which the lease assets are depreciated in case of purchase options.

Material accounting policies (T

Material accounting policies (Tables)	12 Months Ended
	Dec. 31, 2023
Material accounting policies
Schedule of estimated useful lives of the assets	​ ​ ​ ​ ​ ● Buildings: 20-30 years ● Machinery: ​ 5-12 years ​ ● IT assets: ​ 3-5 years ​ ● Fixtures & Furniture: ​ 10-15 years ​ ● Vehicles: ​ 2-4 years ​ ● Leasehold Building Improvements: ​ 10 years ​
Schedule of useful life of the intangible assets	​ ​ ​ ​ ​ ● Software: 3 years; ● Perpetual licences for ERP & front end software: ​ 10 years; ​ ● Software with subscription license: ​ subscription term ​ ● Patents and licenses: ​ 10 years; ​ ● Acquired customers and technology: ​ 5-20 years; ​

Business combinations (Tables)

Business combinations (Tables)	12 Months Ended
	Dec. 31, 2023
Business Combinations
Schedule of acquisition of materialise link3D	​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ ​ ​ ​ value at ​ ​ ​ Fair value ​ ​ acquisition ​ Fair value ​ at acquisition in 000€ ​ date ​ adjustments ​ date Assets ​ ​ ​ ​ ​ ​ Brands and trademarks — 1,066 1,066 Software — 6,892 6,892 IT, Furniture & Vehicles 21 — 21 Right-of-use assets 155 — 155 Deferred tax assets 2,149 121 2,270 Trade receivables 768 — 768 Other current assets 200 — 200 Cash & cash equivalents 1,135 — 1,135 Total Assets 4,428 8,079 12,507 Liabilities Long-term borrowings & Leases (2,258) — (2,258) Other non-current liabilities — — — Short-term borrowings & Leases (1,926) — (1,926) Deferred tax liability — (2,270) (2,270) Trade payables (59) — (59) Payroll-related payables (1,012) — (1,012) Deferred revenue (1,286) 449 (837) Other current liabilities (649) — (649) Total Liabilities (7,190) (1,821) (9,011) Total identified assets and liabilities (2,762) 6,258 3,496 Goodwill — 23,251 23,251 Acquisition price — — 26,747
Schedule of acquisition of materialise identify3D	​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ ​ ​ ​ value at ​ ​ ​ Fair value ​ ​ acquisition ​ Fair value ​ at acquisition in 000€ ​ date ​ adjustments ​ date Assets ​ ​ ​ ​ ​ ​ Brands and trademarks — 174 174 Software — 1,723 1,723 Deferred tax assets 474 — 474 Cash & cash equivalents 172 — 172 Total Assets 646 1,897 2,543 Liabilities Long-term borrowings (100) — (100) Deferred tax liability — (474) (474) Trade payables (44) — (44) Payroll-related payables (512) — (512) Total Liabilities (656) (474) (1,130) Total identified assets and liabilities (10) 1,423 1,413 Goodwill — 2,439 2,439 Acquisition price — — 3,853

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Schedule of information for cash-generating units	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, in 000€ 2023 2022 2021 CGU: MAT Software ​ 28,961 ​ 28,933 ​ 3,241 CGU: e-Prototypy ​ 787 ​ 730 ​ 743 CGU: ACTech ​ 8,812 ​ 8,812 ​ 8,812 CGU: OrthoView ​ 4,598 ​ 4,505 ​ 4,755 CGU: Engimplan ​ — ​ — ​ — CGU: Materialise Motion ​ — ​ 1,175 ​ 1,175 Total ​ 43,158 ​ 44,155 ​ 18,726
Schedule of reconciliation of changes in goodwill	​ ​ ​ ​ ​ ​ ​ ​ in 000€ Gross Impairment Total At January 1, 2021 20,070 (1,471) 18,599 Additions — — — Impairment ​ — ​ (177) ​ (177) Currency translation 304 — 304 At December 31, 2021 20,374 (1,648) 18,726 Additions 25,691 — 25,691 Impairment — — — Currency translation (263) — (263) At December 31, 2022 45,802 (1,648) 44,155 Additions — — — Impairment — (1,175) (1,175) Currency translation 178 — 178 At December 31, 2023 45,980 (2,823) 43,158
CGU Engimplan
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Schedule of sensitivity impairment	​ ​ ​ ​ ​ ​ Sensitivity analysis Engimplan impairment As of December 31,2023 ​ ​ ​ ​ Evolution of the ​ ​ Change ​ value-in-use Relevant assumption ​ applied ​ (in 000€) WACC +1 % (611) WACC -1 % 739 Perpetual Growth -1 % (401)
CGU Materialise Motion
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Schedule of sensitivity impairment	​ ​ ​ ​ ​ ​ Sensitivity analysis Materialise Motion impairment As of December 31,2023 ​ ​ ​ ​ Evolution of the ​ ​ Change ​ value-in-use Relevant assumption ​ applied ​ (in 000€) WACC +1 % (1,028) WACC -1 % 1,405 Perpetual Growth -3 % (1,629) ​

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
	Dec. 31, 2023
Intangible assets
Disclosure of detailed information about intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquired ​ Developed ​ ​ ​ ​ ​ ​ ​ ​ customers, ​ technology and ​ ​ ​ ​ Patents and ​ ​ ​ technology and ​ software under ​ ​ in 000€ licenses Software order backlog construction Total Acquisition value ​ ​ ​ ​ ​ At January 1, 2021 4,662 11,494 35,484 4,658 56,298 Additions 660 70 — 3,058 3,788 Acquisition of a subsidiary — — — — — Disposals (153) (23) — (65) (242) Transfer between accounts 272 162 2 (496) (60) Currency translation 1 6 386 — 393 Other — — — — — At December 31, 2021 5,442 11,709 35,872 7,155 60,177 Additions 362 184 — 2,619 3,165 Acquisition of a subsidiary 1,241 — 8,613 — 9,855 Disposals (267) (1,142) — — (1,409) Transfer between accounts 137 1,908 — (1,248) 797 Currency translation (1) 20 (54) 1 (33) Other — — — — — At December 31, 2022 6,915 12,679 44,431 8,527 72,552 Additions 327 ​ 1,006 ​ — ​ 1,685 ​ 3,018 Acquisition of a subsidiary — ​ — ​ — ​ — ​ — Disposals (132) ​ (4,504) ​ — ​ (45) ​ (4,680) Transfer between accounts 129 ​ 7,458 ​ — ​ (7,603) ​ (16) Currency translation 0 ​ 11 ​ 241 ​ 0 ​ 252 Other — ​ — ​ — ​ — ​ — At December 31, 2023 7,239 ​ 16,649 ​ 44,673 ​ 2,564 ​ 71,125 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquired ​ Developed ​ ​ ​ ​ ​ ​ ​ ​ customers, ​ technology and ​ ​ ​ ​ Patents and ​ ​ ​ technology and ​ software under ​ ​ in 000€ licenses Software order backlog construction Total Amortization & Impairments ​ ​ ​ ​ ​ At January 1, 2021 (3,051) (7,721) (10,433) (2,112) (23,317) Amortization charge for the year (392) (1,831) (2,523) — (4,746) Impairments ​ — ​ (231) ​ — ​ — ​ (231) Disposals 107 23 — — 131 Transfer between accounts (1) (33) (0) 22 (12) Currency translation (1) (5) (287) — (293) Other — (41) — — (41) At December 31, 2021 (3,337) (9,839) (13,244) (2,090) (28,510) Amortization charge for the year (1,729) (1,416) (3,780) — (6,926) Impairments (29) (672) — — (702) Disposals 267 1,142 — — 1,408 Transfer between accounts — — — — — Currency translation 0 (15) 67 — 52 Other — — — — — At December 31, 2022 (4,829) (10,799) (16,957) (2,090) (34,676) Amortization charge for the year (755) ​ (3,027) ​ (2,722) ​ — ​ (6,504) Impairments — ​ — ​ (2,915) ​ — ​ (2,915) Disposals 132 4,504 — — 4,636 Transfer between accounts — — — — — Currency translation (0) (10) (191) — (202) Other — — — — — At December 31, 2023 (5,453) ​ (9,333) ​ (22,785) ​ (2,090) ​ (39,661) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net carrying value ​ ​ ​ ​ ​ At December 31, 2023 1,786 ​ 7,316 ​ 21,887 ​ 474 ​ 31,464 At December 31, 2022 2,086 1,879 27,474 6,437 37,875 At December 31, 2021 2,105 1,869 22,628 5,065 31,668 At January 1, 2021 1,611 3,773 25,051 2,546 32,981

Property, plant & equipment (Ta

Property, plant & equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Property, plant & equipment
Schedule of changes in the carrying value of the property, plant & equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land and Plant and Right-of-use Construction ​ in 000€ ​ buildings ​ equipment ​ assets ​ in progress ​ Total Acquisition value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At January 1, 2021 42,417 94,420 20,147 8,639 165,623 Additions 462 5,259 2,397 2,213 10,331 Disposals — (3,682) (1,191) (779) (5,652) Transfers 4,099 6,673 (1,249) (8,296) 1,227 Currency Translation 183 598 103 4 888 At December 31, 2021 47,161 103,268 20,207 1,781 172,417 Additions 773 3,555 2,871 17,280 24,479 Acquired from business combinations — 62 155 — 217 Disposals (18) (4,227) (1,293) (38) (5,576) Transfers 5 3,167 (329) (3,060) (217) Currency Translation 38 52 8 (8) 90 At December 31, 2022 47,959 ​ 105,877 ​ 21,619 ​ 15,955 ​ 191,410 Additions 142 ​ 3,850 ​ 3,965 ​ 8,325 ​ 16,282 Disposals — ​ (4,299) ​ (3,313) ​ — ​ (7,612) Transfers 40 ​ 15,031 ​ (4,433) ​ (11,585) ​ (947) Currency Translation 458 ​ 586 ​ (74) ​ (153) ​ 817 At December 31, 2023 48,599 ​ 121,045 ​ 17,764 ​ 12,543 ​ 199,951 Depreciation — — — — — At January 1, 2021 (8,007) (49,202) (9,151) — (66,360) Depreciation charge for the year (1,344) (10,590) (3,640) — (15,574) Disposals — 3,594 1,166 — 4,760 Transfers ​ (143) ​ (1,595) ​ 515 ​ — ​ (1,223) Currency Translation (92) (380) (41) — (513) At December 31, 2021 (9,586) (58,173) (11,151) — (78,910) Depreciation charge for the year (1,416) (10,222) (3,302) — (14,940) Disposals — 3,898 1,203 — 5,101 Transfers — — — — — Currency Translation (43) 27 51 — 35 At December 31, 2022 (11,045) ​ (64,470) ​ (13,199) ​ — ​ (88,714) Depreciation charge for the year (1,352) ​ (10,433) ​ (3,296) ​ — ​ (15,081) Impairment ​ — ​ (160) ​ — ​ — ​ (160) Disposals ​ — ​ 3,996 ​ 3,024 ​ — ​ 7,020 Transfers — ​ (2,935) ​ 3,802 ​ — ​ 867 Currency Translation (33) ​ (356) ​ 8 ​ — ​ (381) At December 31, 2023 (12,430) ​ (74,358) ​ (9,661) ​ — ​ (96,449) Net book value At December 31, 2023 ​ 36,169 ​ 46,688 ​ 8,102 ​ 12,544 ​ 103,503 At December 31, 2022 ​ 36,914 ​ 41,407 ​ 8,420 ​ 15,955 ​ 102,696 At December 31, 2021 ​ 37,575 ​ 45,095 ​ 9,056 ​ 1,781 ​ 93,507 At January 1, 2021 ​ 34,410 ​ 45,218 ​ 10,996 ​ 8,639 ​ 99,263
Schedule of carrying value of right-of-use assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in 000€ Buildings Vehicles Equipment Total Acquisition value ​ ​ ​ ​ ​ ​ ​ ​ At January 1, 2021 ​ 7,574 ​ 4,555 ​ 8,018 ​ 20,147 Additions ​ 1,624 ​ 710 ​ 62 ​ 2,396 Disposals ​ (1,022) ​ (268) ​ (281) ​ (1,571) Currency Translation ​ 96 ​ 3 ​ 3 ​ 102 Transfers ​ (151) ​ (112) ​ (605) ​ (868) At December 31, 2021 8,121 ​ 4,888 ​ 7,197 ​ 20,206 Additions 1,934 ​ 877 ​ 60 ​ 2,871 Acquired from business combinations 155 ​ — ​ — ​ 155 Disposals (546) ​ (680) ​ (65) ​ (1,291) Currency Translation 11 ​ 2 ​ (5) ​ 8 Transfers (284) ​ (407) ​ (782) ​ (1,473) At December 31, 2022 9,391 ​ 4,680 ​ 6,405 ​ 20,476 Additions 1,739 ​ 1,980 ​ 246 ​ 3,965 Disposals (2,607) ​ (676) ​ (30) ​ (3,313) Currency Translation (112) ​ 2 ​ 36 ​ (74) Transfers (236) ​ (909) ​ (2,145) ​ (3,290) At December 31, 2023 8,175 ​ 5,077 ​ 4,512 ​ 17,764 Depreciation ​ ​ ​ ​ ​ ​ ​ At January 1, 2021 ​ (2,657) ​ (1,891) ​ (4,603) ​ (9,151) Depreciation charge for the year ​ (1,794) ​ (1,236) ​ (610) ​ (3,640) Disposals ​ 639 ​ 257 ​ 270 ​ 1,166 Currency Translation ​ (41) ​ (2) ​ 2 ​ (41) Transfers ​ 151 ​ 74 ​ 289 ​ 514 At December 31, 2021 (3,702) ​ (2,798) ​ (4,652) ​ (11,152) Depreciation charge for the year (1,663) ​ (1,188) ​ (455) ​ (3,306) Disposals 467 ​ 671 ​ 65 ​ 1,203 Currency Translation 47 ​ (2) ​ 6 ​ 51 Transfers 283 ​ 407 ​ 458 ​ 1,148 At December 31, 2022 (4,569) ​ (2,909) ​ (4,578) ​ (12,055) Depreciation charge for the year (1,735) ​ (1,185) ​ (376) ​ (3,296) Disposals 2,360 ​ 627 ​ 36 ​ 3,023 Currency Translation 45 ​ (3) ​ (34) ​ 8 Transfers 235 ​ 909 ​ 1,515 ​ 2,659 At December 31, 2023 (3,664) ​ (2,561) ​ (3,437) ​ (9,662) Net book value ​ ​ ​ ​ ​ ​ ​ At December 31, 2023 ​ 4,511 ​ 2,516 ​ 1,075 ​ 8,102 At January 1, 2023 ​ 4,822 ​ 1,771 ​ 1,827 ​ 8,420
Schedule of amounts related to leases recognized in profit & loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, (in 000€) 2023 2022 2021 Depreciation expense (3,296) ​ (3,306) ​ (3,640) Interest expense on lease liabilities (325) ​ 304 ​ (289) Expenses related to short-term leases/ low-value assets/ variable lease payments (689) ​ 645 ​ (537)
Schedule of potential future cash flows beyond the period	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, (in 000€) 2023 2022 2021 Potential (non-discounted) cash flows for terminations options that are not reasonably certain to be exercised: 1,089 ​ 1,430 ​ 3,015 Potential (non-discounted) cash flows for extensions options that are reasonably certain to be exercised 1,838 ​ 1,571 ​ 1,560

Inventories and contracts in _2

Inventories and contracts in progress (Tables)	12 Months Ended
	Dec. 31, 2023
Inventories and contracts in progress
Schedule of inventories and contracts in progress	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, in 000€ 2023 2022 2021 Raw materials 9,061 7,975 6,246 Work in progress 4,070 4,626 2,383 Finished goods 3,266 2,837 2,171 Contracts in progress 637 643 495 Total inventories and contracts in progress 17,034 16,081 11,295

Other assets (Tables)

Other assets (Tables)	12 Months Ended
	Dec. 31, 2023
Other assets
Schedule of investments in convertible loans	​ ​ ​ ​ ​ ​ ​ ​ Investments in convertible loans ​ As of December 31, in 000€ 2023 2022 2021 Convertible loan 3,744 3,494 3,560 Total 3,744 3,494 3,560
Schedule of investments in non-listed equity instruments	​ ​ ​ ​ ​ ​ ​ ​ Investments in non-listed equity instruments ​ As of December 31, in 000€ 2023 2022 2021 Non-listed equity investments — 307 399 Total — 307 399
Schedule of Other non-current assets	​ ​ ​ ​ ​ ​ ​ ​ Other non-current assets ​ As of December 31, in 000€ 2023 2022 2021 Tax credits 4,467 4,144 4,044 Guarantees and deposits 493 404 447 Loan to Link3D incl capitalized interest — — 2,249 LT deferred charges — — 741 Other 541 588 38 Total 5,501 5,136 7,519
Schedule of Other current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, in 000€ 2023 2022 2021 Deferred charges 4,486 4,158 2,958 Tax credits 814 962 673 Accrued income 611 17 384 Other tax receivables 2,466 1,004 1,459 Grants 372 944 1,021 Other non-trade receivables 272 1,077 675 Derivatives ​ 139 ​ 261 ​ 1,770 Total other current assets 9,160 8,424 8,940

Trade receivables (Tables)

Trade receivables (Tables)	12 Months Ended
	Dec. 31, 2023
Trade receivables
Schedule of trade receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, in 000€ 2023 2022 2021 Trade receivables ​ 53,505 ​ 51,443 ​ 42,814 Allowance for doubtful accounts (807) (400) (1,273) Total 52,698 51,043 41,541
Schedule of impairment loss (reversal of impairment loss) on trade receivables	​ ​ ​ ​ in 000€ ​ At January 1, 2021 (1,475) Addition (689) Usage 259 Reversal 632 At December 31, 2021 (1,273) Addition (517) Usage 483 Reversal 906 At December 31, 2022 (400) Addition (706) Usage 122 Reversal 177 At December 31, 2023 (807) ​

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	12 Months Ended
	Dec. 31, 2023
Cash and cash equivalents
Schedule of Cash and cash equivalents	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, in 000€ 2023 2022 2021 Cash at bank ​ 119,606 ​ 26,028 ​ 192,895 Cash equivalents 7,967 114,839 3,133 Total 127,573 140,867 196,028

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Equity
Schedule of classes of share capital	​ ​ ​ ​ ​ ​ ​ ​ ​ Total Total ​ ​ ​ number of ​ shareholders’ ​ Total in 000€, except share data ​ ordinary shares ​ capital ​ share premium Outstanding at January 1, 2021 54,169,257 4,096 141,275 Capital increase through exercise of warrants 294,264 22 2,322 Capital increase through exercise of convertible bonds ​ 4,600,000 ​ 371 ​ 90,235 Equity settled share-based payments expense ​ — ​ — ​ 41 Outstanding on December 31, 2021 59,063,521 4,489 233,872 Capital increase through exercise of warrants 3,665 (2) 22 Outstanding on December 31, 2022 59,067,186 4,487 233,895 Equity settled share-based payments expense — — 47 Outstanding on December 31, 2023 59,067,186 4,487 233,942
Schedule of nature and purpose of the other reserves	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, in 000€ 2023 2022 2021 Legal reserve 279 279 279 Other reserves 2,010 1,987 1,987 Equity-settled share-based payment expense 47 72 72 Other Comprehensive Income (loss) (9,682) (10,606) (9,087) Other reserves (7,346) (8,268) (6,749)
Schedule of components of other comprehensive loss	​ ​ ​ ​ ​ ​ ​ ​ ​ Currency Fair value Total OCI ​ ​ Translation ​ adjustment ​ attributable to ​ ​ Differences ​ equity ​ the in ’000€ ​ & Other ​ investments ​ shareholder At January 1, 2021 (8,285) 489 (7,796) Currency translation impact ​ 2,152 ​ — ​ 2,152 Fair value adjustment ​ — ​ (3,443) ​ (3,443) At December 31, 2021 (6,133) (2,954) (9,087) Currency translation impact (1,427) — (1,427) Fair value adjustment — (92) (92) At December 31, 2022 (7,560) (3,046) (10,606) Currency translation impact 1,255 — 1,255 Fair value adjustment — (331) (331) At December 31, 2023 (6,305) (3,377) (9,682)

Share based payment plans (Tabl

Share based payment plans (Tables)	12 Months Ended
	Dec. 31, 2023
Share-based payment plans
Schedule of share-based payment plans of the parent	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Outstanding at January 1 77,709 82,950 407,722 Granted 350,000 — — Forfeited / Cancelled (4,257) (1,576) (7,193) Exercised — (3,665) (317,579) Outstanding at December 31 423,452 77,709 82,950 Exercisable at December 31 73,452 77,709 78,405
Schedule of 2013 warrant plan	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Outstanding at January 1 51,781 53,590 236,726 Granted — — — Forfeited / Cancelled (4,257) (944) (3,372) Exercised — (865) (179,764) Outstanding at December 31 47,524 51,781 53,590 Exercisable at December 31 47,524 51,781 49,045
Schedule of IPO warrant plan	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Outstanding at January 1 14,600 ​ 17,400 ​ 133,900 Granted — ​ — ​ — Forfeited / Cancelled — ​ — ​ (2,000) Exercised — ​ (2,800) ​ (114,500) Outstanding at December 31 14,600 ​ 14,600 ​ 17,400 Exercisable at December 31 14,600 ​ 14,600 ​ 17,400
Schedule of 2015 warrant plan	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Outstanding at January 1 — — — Granted 350,000 — — Forfeited / Cancelled — — — Exercised — — — Outstanding at December 31 350,000 — — Exercisable at December 31 — — —
Schedule of inputs into the models of equity settled share-based payment plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2023 2015 2015 IPO 2014 IPO 2014 ​ ​ (Nov) ​ (Oct) ​ (Sept 16) ​ (Nov) ​ (Nov) ​ (June) ​ Return dividend 0 % 0 % 0 % 0 % 0 % 0 % Expected volatility 64 % 64 % 47 % 47 % 50 % 46 % Risk-free interest rate 3.19 % 3.50 % 0.24 % 1.17 % 1.12 % 1.70 % Expected life 5.59 5.59 4.30 5.50 5.50 5.50 ​ Exercise price (in €) 5.09 4.87 6.45 8.81 8.81 8.81 ​ Stock price (in €) 5.60 5.15 6.42 8.08 8.67 8.81 ​ Fair value warrant (in €) 3.44 3.12 2.41 3.30 3.94 3.83 ​
Schedule of cash-settled share-based payment plans	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Outstanding at January 1 11,328 11,960 37,096 Granted — — — Forfeited / Cancelled — (632) (1,821) Exercised — — (23,315) Outstanding at December 31 11,328 11,328 11,960 Exercisable at December 31 11,328 11,328 11,960
Schedule of inputs into the model of cash settled share-based payment plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Return dividend 0 % 0 % 0 % Expected volatility 46 % 60 % 80 % Risk-free interest rate 2.68 % 3.20 % 0.18 % Expected life 0.25 0.25 0.25 ​ Exercise price (in €) 8.81 8.81 8.81 ​ Stock price (in €) 5.95 8.25 21.05 ​ Fair value SAR (in €) 0.03 0.78 12.26 ​
Schedule of share-based payment plans of RapidFit+ plan	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Outstanding at January 1 33 186 186 Granted — — — Forfeited / Cancelled (33) (153) — Exercised — — — Outstanding at December 31 — 33 186 Exercisable at December 31 — 33 186
Schedule of inputs into the model of the Rapidfit+ plan	​ ​ ​ ​ ​ ​ 2014 Return dividend 0 % Expected volatility 50 % Risk-free interest rate 2.29 % Expected life 5.5 ​ Exercise price 553.9 ​ Fair value warrant 262.7 ​

Loans and borrowings (Tables)

Loans and borrowings (Tables)	12 Months Ended
	Dec. 31, 2023
Loans and borrowings
Schedule of loans and borrowings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31 in 000€ 2023 2022 2021 K€50,000 KBC credit facility ​ — ​ — ​ — K€35,000 EIB bank loan 21,667 27,500 33,333 K€28,000 acquisition bank loan 10,000 12,559 15,604 K€17,700 secured bank loans 14,904 16,165 16,592 K€12,300 bank loans ACTech 3,546 5,860 8,160 K€5,000 other facility loan 1,496 1,881 2,248 Bank investment loans - top 20 outstanding 4,778 8,828 12,852 Bank investment loans - other — 606 1,569 Lease liabilities 7,943 7,485 8,621 Related party loan 64 96 128 Total loans and borrowings 64,398 80,980 99,107 Current 25,483 19,960 21,202 Non-Current 38,915 61,020 77,905
Schedule of changes of liabilities for financing activities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 in 000€ 2023 2022 2021 At January 1, ​ 80,980 ​ 99,107 ​ 115,110 Repayment of loans & borrowings (16,723) (17,708) (14,277) New leases 3,919 2,871 2,355 Repayment of leases (3,549) (3,379) (3,775) Loans acquired from business combination — 100 — Net foreign exchange movements (229) (11) (306) At December 31, 64,398 80,980 99,107 ​

Other non-current liabilities (

Other non-current liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Other non-current liabilities
Seclude of other non-current liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, in 000€ 2023 2022 2021 Advances received on contracts — — 1,500 Provisions 1,430 1,611 667 Other 315 — — Total 1,745 1,611 2,167

Deferred income (Tables)

Deferred income (Tables)	12 Months Ended
	Dec. 31, 2023
Deferred income
Schedule of deferred income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, in 000€ 2023 2022 2021 Deferred maintenance and license revenue 44,905 42,780 34,287 Deferred (project) fees 5,485 7,285 3,537 Deferred government grants 1,102 933 435 Total 51,492 50,998 38,259 current 40,791 41,721 33,307 non-current 10,701 9,277 4,952

Other current liabilities (Tabl

Other current liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Other current liabilities
Schedule of other current liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, in 000€ 2023 2022 2021 Payroll-related liabilities ​ 12,786 ​ 15,192 ​ 11,836 Non-income tax payables 1,139 2,016 2,058 Accrued charges 927 1,718 1,170 Advances received 289 795 276 Derivatives — — 118 Cash settled share-based payment plan — 9 147 Other current liabilities 562 227 367 Total 15,703 19,957 15,972

Fair value (Tables)

Fair value (Tables)	12 Months Ended
	Dec. 31, 2023
Fair value
Schedule of carrying value and fair value of the financial assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying value ​ Fair value in 000€ 2023 2022 2021 2023 2022 2021 Financial assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets measured at amortized cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade receivables (current) 52,698 51,043 41,541 52,698 51,043 41,541 Other financial assets (non-current) 493 404 2,696 493 404 2,696 Other current non-trade receivables 643 2,021 1,696 643 2,021 1,696 Cash & cash equivalents 127,573 140,867 196,028 127,573 140,867 196,028 Total financial assets measured at amortized cost 181,407 194,335 241,961 181,407 194,335 241,961 Financial assets at fair value through profit or loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives 139 261 1,770 ​ ​ ​ ​ ​ ​ Convertible loan 3,744 3,494 3,560 ​ ​ ​ ​ ​ ​ Total financial assets measured at fair value through profit and loss 3,883 3,755 5,330 ​ ​ ​ ​ ​ ​ Financial assets at fair value through OCI ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-listed equity investments — 307 399 ​ ​ ​ ​ ​ ​ Total financial assets at fair value through OCI — 307 399 ​ ​ ​ ​ ​ ​
Schedule of carrying value and fair value of the financial liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying value ​ Fair value in 000€ 2023 2022 2021 2023 2022 2021 Financial liabilities measured at amortized cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans & Borrowings including lease liabilities ​ 64,398 ​ 80,980 ​ 99,108 ​ 63,062 ​ 78,848 ​ 100,417 Trade payables ​ 21,196 ​ 23,230 ​ 20,171 ​ 21,196 ​ 23,230 ​ 20,171 Other liabilities excl. written put option on NCI ​ 335 ​ 330 ​ 485 ​ 335 ​ 330 ​ 485 Total financial liabilities measured at amortized cost ​ 85,929 ​ 104,540 ​ 119,764 ​ 84,593 ​ 102,408 ​ 121,073 Financial liabilities measured at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash settled share based payments — 9 147 ​ ​ ​ ​ ​ Derivatives — — 118 ​ ​ ​ ​ ​ Total financial liabilities measured at fair value ​ — ​ 9 ​ 265 ​ ​ ​ ​ ​ ​ Total non-current 38,915 61,020 79,905 ​ ​ ​ ​ ​ Total current 47,014 43,529 40,124 ​ ​ ​ ​ ​
Schedule of financial assets at fair value through profit or loss	​ ​ ​ ​ ​ ​ ​ ​ Convertible Loans Ditto & Fluidda ​ Fair Value Evolution in 000€ 2023 2022 2021 As of 1 January, 3,494 3,560 6,203 Addition — — — Remeasurement — (316) — Capitalized interest 250 250 — Reimbursement Ditto convertible loan — — (2,643) As of 31 December, 3,744 3,494 3,560
Schedule of financial liabilities at fair value through profit or loss	​ ​ ​ ​ ​ ​ ​ ​ Written Put Option on NCI RapidFit+ ​ Fair Value Evolution in 000€ 2023 2022 2021 As of 1 January, — — 875 Remeasurement — — — Payout put-option PMV — — (875) As of 31 December, — — — ​

Segment information (Tables)

Segment information (Tables)	12 Months Ended
	Dec. 31, 2023
Segment information
Summary of segment information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Materialise Materialise Materialise Total ​ ​ in 000€ ​ Software ​ Medical ​ Manufacturing ​ segments ​ Unallocated ​ Consolidated For the year ended December 31, 2023 ​ ​ Revenues ​ 44,442 101,376 110,310 256,127 ​ — ​ 256,127 ​ Segment Adjusted EBITDA ​ 7,450 26,544 7,537 41,530 ​ (10,133) ​ 31,397 ​ Segment Adjusted EBITDA % ​ 16.8 % 26.2 % 6.8 % 16.2 % ​ ​ 12.3 % For the year ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ 43,688 84,846 103,489 232,023 ​ — ​ 232,023 ​ Segment Adjusted EBITDA ​ 1,514 18,822 8,229 28,565 ​ (9,551) ​ 19,014 ​ Segment Adjusted EBITDA % ​ 3.5 % 22.2 % 8.0 % 12.3 % ​ ​ 8.2 % For the year ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ 42,902 73,368 89,180 205,450 ​ — ​ 205,450 ​ Segment Adjusted EBITDA ​ 15,705 20,669 6,275 42,649 ​ (10,159) ​ 32,490 ​ Segment Adjusted EBITDA % ​ 36.6 % 28.2 % 7.0 % 20.8 % ​ ​ 15.8 %
Schedule of segment EBITDA reconciliation with the consolidated net profit (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, in 000€ 2023 2022 2021 Net profit (loss) for the year 6,695 (2,153) 13,145 Share in loss of joint venture — — — Income taxes 78 975 591 Financial income (5,019) (6,114) (5,620) Financial expenses 3,865 4,420 4,101 Operating (loss)/ profit ​ 5,619 (2,872) 12,217 Impairments 4,228 — 177 Other operating income (expense) (3,077) (2,693) (3,527) Corporate headquarter costs 10,464 9,504 10,317 Corporate research and development 2,785 2,600 2,948 Depreciation, amortization and impairment 21,511 22,026 20,516 Segment Adjusted EBITDA 41,530 28,565 42,649
Schedule of revenue by geographical area	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, in 000€ 2023 2022 2021 United States of America 90,350 79,380 69,140 Americas other than USA 7,049 7,544 6,297 Belgium 8,265 7,407 6,947 Germany 33,172 30,039 20,442 France 19,053 16,237 12,964 Switzerland 20,780 16,918 13,643 United Kingdom 15,153 11,062 8,836 Italy 11,412 8,124 6,520 Netherlands 7,977 6,621 7,310 Other Europe 22,928 28,731 33,816 Asia Pacific 19,988 19,960 19,535 Total 256,127 232,023 205,450
Schedule of total non-current assets other than financial instruments and deferred tax assets by geographical area	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, in 000€ 2023 2022 2021 United States of America (USA) 12,329 12,048 4,237 Americas other than USA 3,023 3,812 3,276 Belgium 85,150 91,690 67,865 Germany 61,520 60,374 55,712 Poland 12,000 11,640 12,756 Rest of Europe 8,024 8,591 10,019 Asia-Pacific 1,578 2,012 1,739 Total 183,625 190,167 155,604

Income and expenses (Tables)

Income and expenses (Tables)	12 Months Ended
	Dec. 31, 2023
Income and expenses
Schedule of revenue from contracts with customers	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ Materialise Materialise Materialise Total ​ ​ in 000€ ​ Software ​ Medical ​ Manufacturing ​ segments ​ Unallocated ​ Consolidated Geographical markets United States of America (USA) 15,451 ​ 53,748 ​ 21,151 ​ 90,350 ​ — ​ 90,350 Americas other than USA 488 ​ 5,673 ​ 888 ​ 7,049 ​ — ​ 7,049 Europe (without Belgium) & Africa 17,708 ​ 34,082 ​ 78,686 ​ 130,476 ​ — ​ 130,476 Belgium 130 ​ 1,155 ​ 6,980 ​ 8,265 ​ — ​ 8,265 Asia Pacific 10,665 ​ 6,718 ​ 2,605 ​ 19,988 ​ — ​ 19,988 Total revenue from contracts with customers 44,442 ​ 101,376 ​ 110,310 ​ 256,127 ​ — ​ 256,127 Type of goods or service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Software revenue (non-medical) 44,442 ​ — ​ — ​ 44,442 ​ — ​ 44,442 Software revenue (medical) — ​ 31,700 ​ — ​ 31,700 ​ — ​ 31,700 Medical devices and services — ​ 69,676 ​ — ​ 69,676 ​ — ​ 69,676 Manufacturing — ​ — ​ 110,310 ​ 110,310 ​ — ​ 110,310 Other — ​ — ​ — ​ — ​ — ​ — Total revenue from contracts with customers 44,442 ​ 101,376 ​ 110,310 ​ 256,127 ​ — ​ 256,127 Timing of revenue recognition ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goods/Services transferred at a point in time 14,844 ​ 73,750 ​ 105,205 ​ 193,799 ​ — ​ 193,799 Goods/Services transferred over time 29,598 ​ 27,626 ​ 5,105 ​ 62,329 ​ — ​ 62,329 Total revenue from contracts with customers 44,442 ​ 101,376 ​ 110,310 ​ 256,127 ​ — ​ 256,127 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ Materialise Materialise Materialise Total ​ ​ in 000€ ​ Software ​ Medical ​ Manufacturing ​ segments ​ Unallocated ​ Consolidated Geographical markets United States of America (USA) 14,946 ​ 45,929 ​ 18,505 ​ 79,380 ​ — ​ 79,380 Americas other than USA 523 ​ 5,752 ​ 1,269 ​ 7,544 ​ — ​ 7,544 Europe (without Belgium) & Africa 17,148 ​ 24,468 ​ 76,116 ​ 117,731 ​ — ​ 117,731 Belgium 247 ​ 1,003 ​ 6,158 ​ 7,408 ​ — ​ 7,408 Asia Pacific 10,825 ​ 7,694 ​ 1,441 ​ 19,960 ​ — ​ 19,960 Total revenue from contracts with customers 43,688 ​ 84,846 ​ 103,489 ​ 232,023 ​ — ​ 232,023 Type of goods or service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Software revenue (non-medical) 43,688 ​ — ​ — ​ 43,688 ​ — ​ 43,688 Software revenue (medical) — ​ 27,074 ​ — ​ 27,074 ​ — ​ 27,074 Medical devices and services — ​ 57,772 ​ — ​ 57,772 ​ — ​ 57,772 Manufacturing — ​ — ​ 103,489 ​ 103,489 ​ — ​ 103,489 Other — ​ — ​ — ​ — ​ — ​ — Total revenue from contracts with customers 43,688 ​ 84,846 ​ 103,489 ​ 232,023 ​ — ​ 232,023 Timing of revenue recognition ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goods/Services transferred at a point in time 16,067 ​ 61,884 ​ 98,580 ​ 176,531 ​ — ​ 176,531 Goods/Services transferred over time 27,621 ​ 22,962 ​ 4,909 ​ 55,492 ​ — ​ 55,492 Total revenue from contracts with customers 43,688 ​ 84,846 ​ 103,489 ​ 232,023 ​ — ​ 232,023 ​
Schedule of revenue per type of good or service	​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 in 000€ 2023 2022 2021 Software revenue (non-medical) 44,442 43,688 42,902 Software revenue (medical) 31,700 27,074 22,887 Medical devices and services 69,676 57,772 50,481 Manufacturing 110,310 103,489 89,180 Total 256,127 232,023 205,450
Schedule of receivables, contracts in progress (contract assets) and deferred income (contract liabilities) from contracts with customers	​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, in 000€ 2023 2022 2021 Trade receivables, included in ‘trade and other receivables’ 53,505 51,443 ​ 42,814 Contract assets / contracts in progress 637 643 ​ 495 Contract liabilities / deferred income / advances received on contracts 50,390 50,065 ​ 39,324
Schedule of cost of sales	​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 in 000€ ​ 2023 2022 2021 Purchase of goods and services (53,747) (51,597) (38,691) Amortization and depreciation (11,298) (11,174) (11,296) Payroll expenses (46,678) (42,718) (38,499) Work in Progress 727 2,234 1,208 Total (110,996) (103,255) (87,278)
Schedule of research and development expense	​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 in 000€ ​ 2023 2022 2021 Purchase of goods and services (4,759) (5,930) (3,770) Amortization and depreciation (1,459) (1,454) (1,821) Payroll expenses (31,900) (30,184) (21,300) Other 20 — — Total (38,098) (37,568) (26,891)
Schedule of sales and marketing expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 in 000€ 2023 2022 2021 Purchase of goods and services (10,437) (11,802) (6,704) Amortization and depreciation (2,285) (2,541) (1,892) Payroll expenses (45,100) (47,782) (40,555) Total (57,822) (62,125) (49,151)
Schedule of general and administrative expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 in 000€ 2023 2022 2021 Purchase of goods and services (7,211) (6,240) (11,248) Amortization and depreciation (2,361) (1,710) (2,987) Payroll expenses (27,496) (27,193) (19,080) Total (37,068) (35,143) (33,315)
Schedule of net other operating incomes expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 in 000€ ​ 2023 2022 2021 Government grants 4,853 4,932 4,466 Amortization intangibles purchase price allocation (4,012) (5,146) (2,521) Allowance for doubtful debtors (448) 390 (58) Capitalized expenses (asset construction) — — 223 Tax credits 1,360 887 746 Arbitration settlement ​ (5,189) ​ — ​ — Impairment of intangible assets (Note 6) and PP&E (Note 7) ​ (3,054) ​ — ​ (177) Impairment of goodwill (Note 5) ​ (1,175) ​ — ​ — Indemnity fee from commercial agreement ​ — ​ 506 ​ — COVID support Germany ​ — ​ 681 ​ — Other 1,141 946 723 Total (6,524) 3,196 3,402
Schedule of breakdown of payroll expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 in 000€ ​ 2023 2022 2021 Short-term employee benefits (117,443) (115,169) (93,850) Social security expenses (19,430) (19,002) (17,076) Expenses defined contribution plans (1,586) (1,463) (1,250) Other employee expenses (12,715) (12,241) (7,259) Total (151,174) (147,875) (119,435) Total registered employees at the end of the period 2,437 2,439 2,332
Schedule of financial expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 in 000€ ​ 2023 2022 2021 Interest expense (1,751) (2,047) (2,435) Foreign exchange losses (1,770) (1,645) (1,258) Other financial expenses (344) (728) (408) Total (3,865) (4,420) (4,101)
Schedule of financial income	​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 in 000€ ​ 2023 2022 2021 Interest income 4,450 1,332 658 Foreign exchange gains 563 4,778 4,904 Other finance income 6 4 58 Total 5,019 6,114 5,620
Schedule of breakdown of the tax expense	​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, in 000€ ​ 2023 2022 2021 Current income tax (2,355) (2,000) (1,252) Deferred income taxes 2,277 1,025 661 Total income taxes for the period (78) (975) (591)
Schedule of breakdown of the deferred tax assets, deferred tax liabilities and the deferred tax expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset/(liability) Income/(expense) in 000€ 2023 2022 2021 2023 2022 2021 Tax losses, patent and innovation income deduction, and other tax credits 3,199 3,134 2,162 — — — Amortization development assets and other intangible assets 400 328 136 — — — Depreciation property, plant & equipment 224 40 55 — — — Leases 53 72 35 — — — Other items 343 — 274 — — — Total deferred tax assets 4,220 3,574 2,662 3,623 4,580 687 Property, plant & equipment (569) (274) (850) — — — Intangible assets (3,664) (5,470) (5,757) — — — Deferred income ​ (743) ​ (778) ​ — ​ — ​ — ​ — Investment grants (172) (178) (199) — — — Inventory valuation — — — — — — Total deferred tax liabilities (5,148) (6,700) (6,806) (1,345) (3,554) (26) Netting 1,422 2,388 2,435 — — — Total deferred tax assets, net 2,797 1,186 227 — — — Total deferred tax liabilities, net (3,725) (4,312) (4,371) — — — Total deferred tax income (expense) — — — 2,277 1,025 661
Schedule of relationship between tax expense and accounting profit	​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 in 000€ ​ 2023 2022 2021 Profit (loss) before taxes 6,772 (1,178) 13,736 Income tax at statutory rate of 25% (1,693) 295 (3,432) Effect of different local tax rate (416) 39 12 Tax adjustments to the previous period (63) 84 88 Non-deductible expenses (324) (431) (354) Research and development tax credits 203 177 398 Innovation income deduction 2,560 — 2,847 Non recognition of deferred tax asset (1,815) (1,706) (407) Recognition of previously unrecognized tax losses 1,186 548 — Non-taxable income 450 406 350 Use of previous years’ tax losses and tax credits for which no deferred tax assets were recognized — 243 163 Taxes on other basis (232) (149) (71) Other 66 (481) (185) Income tax benefit (expense) as reported in the consolidated income statement (78) (975) (591) ​

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings per share
Schedule of net profit (loss) for the year used for the basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 in 000€ ​ 2023 2022 2021 Net profit (loss) attributable to ordinary equity holders of the parent for basic earnings 6,722 (2,123) 13,154 Net profit (loss) attributable to ordinary equity holders of the parent adjusted for the effect of dilution 6,722 (2,123) 13,154 ​
Schedule of share data used in the basic and diluted earnings per share computations	​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 in 000 2023 2022 2021 Weighted average number of ordinary shares for basic earnings per share 59,067 59,064 56,685 Effect of dilution: ​ ​ ​ Warrants 18 — 158 Weighted average number of ordinary shares adjusted for effect of dilution 59,085 59,064 56,843
Schedule of earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 ​ ​ 2023 2022 2021 Earnings per share attributable to the owners of the parent Basic 0.11 (0.04) 0.23 Diluted 0.11 (0.04) 0.23 ​

Risks (Tables)

Risks (Tables)	12 Months Ended
	Dec. 31, 2023
Risks
Schedule of liquidity risk	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 1 ​ ​ More than 5 ​ in 000€ ​ year ​ 2 to 3 years ​ 4-5 years ​ years ​ Total At December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans & borrowings 23,858 ​ 19,668 ​ 8,257 ​ 7,084 ​ 58,867 Lease liabilities 2,895 ​ 3,010 ​ 1,951 ​ 876 ​ 8,732 Trade payables 21,196 ​ — ​ — ​ — ​ 21,196 Other liabilities 650 ​ 315 ​ — ​ — ​ 965 Total 48,599 ​ 22,993 ​ 10,208 ​ 7,960 ​ 89,760 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 1 ​ ​ ​ More than 5 ​ ​ ​ year ​ 2 to 3 years 4-5 years ​ years ​ Total At December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans & borrowings 18,156 35,131 15,017 8,627 76,931 Lease liabilities 3,080 2,725 1,289 1,425 8,519 Trade payables 23,230 — — — 23,230 Other current liabilities 339 — — — 339 Total 44,805 37,856 16,306 10,052 109,019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 1 ​ ​ ​ More than 5 ​ ​ ​ year ​ 2 to 3 years 4-5 years ​ years ​ Total At December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans & borrowings 19,081 41,590 19,587 14,901 95,159 Lease liabilities 3,496 3,790 946 1,102 9,334 Trade payables 20,171 — — — 20,171 Other current liabilities 750 — — — 750 Total 43,498 45,380 20,533 16,003 125,414
Schedule of aging of trade receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 30 ​ ​ ​ ​ ​ More than in 000€ ​ Total ​ Non-due ​ days ​ 31-60 days 61-90 days 91-180 days ​ 181 days December 31, 2023 52,698 41,895 7,053 1,213 ​ 983 ​ 935 ​ 619 December 31, 2022 51,043 41,764 5,451 2,212 ​ 656 ​ 458 ​ 502 December 31, 2021 41,541 34,002 4,199 1,634 ​ 426 ​ 611 ​ 669

Related party transactions (Tab

Related party transactions (Tables)	12 Months Ended
	Dec. 31, 2023
Related party transactions
Schedule of compensation of key management personnel	​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31 in 000€ ​ 2023 2022 2021 Short-term employee benefits 2,554 ​ 2,736 ​ 2,832 Post-employment benefits 73 ​ 75 ​ 93 Total 2,627 ​ 2,811 ​ 2,925 Warrants granted 350,000 ​ — ​ — Warrants outstanding 350,000 ​ — ​ 4,545
Schedule of related parties for the relevant financial year	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sale of Purchases ​ Interest Right-of- ​ Lease Other in 000€ ​ goods to ​ from ​ Depreciation ​ expense ​ Use Assets ​ Receivables ​ liabilities ​ liabilities Non-executive directors of the Group 2023 — 172 — — — — — 64 2022 — 163 — — — — — 86 2021 — 122 — — — — — 58 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shareholders of the Group 2023 — 97 — 3 — — — 64 2022 — 104 — 5 — — — 96 2021 — 37 — 6 — 77 — 60 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Joint ventures 2023 — — — — — — — — 2022 — — — — — — — — 2021 — — — — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-controlling interests 2023 — — — — — — — — 2022 — — — — — — — — 2021 — — — — — — — —

Overview of consolidated enti_2

Overview of consolidated entities (Tables)	12 Months Ended
	Dec. 31, 2023
Overview of consolidated entities
Schedule of overview of consolidated entities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Country of ​ Name ​ incorporation ​ % equity interest* ​ ​ ​ 2023 2022 2021 ​ Materialise NV Belgium 100 % 100 % 100 % Materialise SAS France 100 % 100 % 100 % Materialise GmbH Germany 100 % 100 % 100 % Materialise Japan K.K. Japan 100 % 100 % 100 % Materialise s.r.o. Czech Republic 100 % 100 % 100 % Materialise USA, LLC United States 99 % 99 % 99 % OBL SAS France 100 % 100 % 100 % Materialise Austria GmbH Austria 100 % 100 % 100 % MATERIALISE SDN. BHD Malaysia 100 % 100 % 100 % Materialise Ukraine LLC Ukraine 100 % 100 % 100 % RapidFit NV Belgium 100 % 100 % 100 % Meridian Technique Limited United Kingdom 100 % 100 % 100 % OrthoView Holdings Limited United Kingdom 100 % 100 % 100 % Materialise SA Poland 100 % 100 % 100 % Materialise Colombia SAS Colombia 100 % 100 % 100 % Materialise Motion NV Belgium 100 % 100 % 100 % Materialise Shanghai Co.Ltd China 100 % 100 % 100 % Engimplan Engenharia de Implante Industria E Comércio Ltda Brazil 100 % 100 % 100 % Engimplan Holding Ltda Brazil 100 % 100 % 100 % Materialise Limited South-Korea 100 % 100 % 100 % Materialise Australia PTY Ltd Australia 100 % 100 % 100 % Materialise S.R.L. Italy 100 % 100 % 100 % ACTech GmbH Germany 100 % 100 % 100 % ACTech Holding GmbH Germany 100 % 100 % 100 % ACTech North America, Inc. United States 100 % 100 % 100 % Tianjin Zhenyuan Materialise Medical Technology Ltd China 51 % 51 % 51 % *The overview provides the equity interest held as of 31 December of each respective year.

Material accounting policies -

Material accounting policies - Estimated useful lives of the assets (Details)	12 Months Ended
	Dec. 31, 2023
Software
Summary of significant accounting policies
Useful life of the intangible assets	3 years
Perpetual licences for ERP & front end software
Summary of significant accounting policies
Useful life of the intangible assets	10 years
Patents and licenses
Summary of significant accounting policies
Useful life of the intangible assets	10 years
Acquired customers and technology | Minimum
Summary of significant accounting policies
Useful life of the intangible assets	5 years
Acquired customers and technology | Maximum
Summary of significant accounting policies
Useful life of the intangible assets	20 years
Property leased assets
Summary of significant accounting policies
Lease term	10 years
Property leased assets | Minimum
Summary of significant accounting policies
Estimated useful lives of right of use assets	10 years
Property leased assets | Maximum
Summary of significant accounting policies
Estimated useful lives of right of use assets	15 years
Leased machines
Summary of significant accounting policies
Lease term	10 years
Leased machines | Minimum
Summary of significant accounting policies
Estimated useful lives of right of use assets	5 years
Leased machines | Maximum
Summary of significant accounting policies
Estimated useful lives of right of use assets	10 years
Leased vehicles
Summary of significant accounting policies
Lease term	4 years
Estimated useful lives of right of use assets	4 years
Buildings | Minimum
Summary of significant accounting policies
Estimated useful lives of property, plant and equipment	20 years
Buildings | Maximum
Summary of significant accounting policies
Estimated useful lives of property, plant and equipment	30 years
Leased machines | Minimum
Summary of significant accounting policies
Estimated useful lives of property, plant and equipment	5 years
Leased machines | Maximum
Summary of significant accounting policies
Estimated useful lives of property, plant and equipment	12 years
IT assets | Minimum
Summary of significant accounting policies
Estimated useful lives of property, plant and equipment	3 years
IT assets | Maximum
Summary of significant accounting policies
Estimated useful lives of property, plant and equipment	5 years
Fixtures & Furniture | Minimum
Summary of significant accounting policies
Estimated useful lives of property, plant and equipment	10 years
Fixtures & Furniture | Maximum
Summary of significant accounting policies
Estimated useful lives of property, plant and equipment	15 years
Leased vehicles | Minimum
Summary of significant accounting policies
Estimated useful lives of property, plant and equipment	2 years
Leased vehicles | Maximum
Summary of significant accounting policies
Estimated useful lives of property, plant and equipment	4 years
Leasehold Building Improvements
Summary of significant accounting policies
Estimated useful lives of property, plant and equipment	10 years

Material accounting policies _2

Material accounting policies - Narrative (Details)	Dec. 31, 2023
Contributions paid as from 2016
Minimum guaranteed return	1.75%
Contributions paid until 2015
Minimum guaranteed return employer contributions	3.25%
Minimum guaranteed return employee contributions	3.75%
Maximum guaranteed return	3.75%

Material accounting policies _3

Material accounting policies - Significant accounting judgements, estimates and assumptions (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jan. 31, 2019
Summary of significant accounting policies
Capitalized internal development expenses	€ 1,577	€ 2,438	€ 1,684
Notional interest deduction	5,281	5,105	4,717
Deferred tax assets	2,797	1,186	227
Goodwill	43,158	44,155	18,726	€ 18,599
Impairment charges on goodwill	4,228	672	177
Fluidda - Notional amount	2,500					€ 2,500
Fluidda - Carrying value	€ 3,744
Fluidda - Maturity years	7 years
Fluidda - Interest rate	10%
Fluidda - Discount rate	13.32%
AM Flow fair value	€ 0				€ 307
Downward fair value adjustment in OCI	(307)
AM Flow notional amount	300
Essentium - initial invested amount in dollar	3,300
Essentium fair value		0
Fair value adjustment in equity investment	307	92	3,443
Materialise USA
Summary of significant accounting policies
Deferred tax assets	€ 1,000	€ 1,600	€ 0

Business combinations - Acquisi

Business combinations - Acquisition of Link3D and Identify3D Narrative (Details) € in Thousands, $ in Thousands	Dec. 31, 2023 EUR (€)	Sep. 01, 2022 EUR (€)	Jan. 04, 2022 USD ($)
Link3D
Business Combinations
Percentage of voting equity interests	100%		100%
Consideration transferred, acquisition-date fair value	€ 26,747		$ 26,747
Identify 3D
Business Combinations
Percentage of voting equity interests		100%
Consideration transferred, acquisition-date fair value		€ 3,853

Business combinations - Fair va

Business combinations - Fair value of the identifiable assets and liabilities (Details) € in Thousands, $ in Thousands	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 EUR (€)	Sep. 01, 2022 EUR (€)	Jan. 04, 2022 EUR (€)	Jan. 04, 2022 USD ($)	Dec. 31, 2021 EUR (€)
Assets
Right-of-use assets	€ 8,102	€ 8,420				€ 9,054
Link3D
Liabilities
Deferred tax liabilities				€ (2,270)
Acquisition price	€ 26,747				$ 26,747
Link3D | Brands and trademarks
Assets
Intangible assets				1,066
Link3D | Software
Assets
Intangible assets				6,892
Link3D | Carrying value at acquisition date
Assets
IT Furniture & Vehicles				21
Right-of-use assets				155
Deferred tax assets				2,149
Trade receivables				768
Other current assets				200
Cash & cash equivalents				1,135
Total Assets				4,428
Liabilities
Long-term borrowings & Leases				(2,258)
Short-term borrowings & Leases				(1,926)
Trade payables				(59)
Payroll related payables				(1,012)
Deferred revenue				1,286
Other current liabilities				(649)
Total Liabilities				(7,190)
Total identified assets and liabilities				(2,762)
Link3D | Fair value adjustments
Assets
Deferred tax assets				121
Total Assets				8,079
Liabilities
Deferred tax liabilities				(2,270)
Deferred revenue				449
Total Liabilities				(1,821)
Total identified assets and liabilities				6,258
Goodwill				23,251
Link3D | Fair value adjustments | Brands and trademarks
Assets
Intangible assets				1,066
Link3D | Fair value adjustments | Software
Assets
Intangible assets				6,892
Link3D | Fair value at acquisition date
Assets
IT Furniture & Vehicles				21
Right-of-use assets				155
Deferred tax assets				2,270
Trade receivables				768
Other current assets				200
Cash & cash equivalents				1,135
Total Assets				12,507
Liabilities
Long-term borrowings & Leases				(2,258)
Short-term borrowings & Leases				(1,926)
Deferred tax liabilities				(2,270)
Trade payables				(59)
Payroll related payables				(1,012)
Deferred revenue				837
Other current liabilities				(649)
Total Liabilities				(9,011)
Total identified assets and liabilities				3,496
Goodwill				23,251
Acquisition price				26,747
Link3D | Fair value at acquisition date | Brands and trademarks
Assets
Intangible assets				1,066
Link3D | Fair value at acquisition date | Software
Assets
Intangible assets				€ 6,892
Identify 3D
Liabilities
Deferred tax liabilities			€ (474)
Acquisition price			3,853
Identify 3D | Brands and trademarks
Assets
Intangible assets			174
Identify 3D | Software
Assets
Intangible assets			1,723
Identify 3D | Carrying value at acquisition date
Assets
Deferred tax assets			474
Cash & cash equivalents			172
Total Assets			646
Liabilities
Long-term borrowings & Leases			(100)
Trade payables			(44)
Payroll related payables			(512)
Total Liabilities			(656)
Total identified assets and liabilities			(10)
Identify 3D | Fair value adjustments
Assets
Total Assets			1,897
Liabilities
Deferred tax liabilities			(474)
Total Liabilities			(474)
Total identified assets and liabilities			1,423
Goodwill			2,439
Identify 3D | Fair value adjustments | Brands and trademarks
Assets
Intangible assets			174
Identify 3D | Fair value adjustments | Software
Assets
Intangible assets			1,723
Identify 3D | Fair value at acquisition date
Assets
Deferred tax assets			474
Cash & cash equivalents			172
Total Assets			2,543
Liabilities
Long-term borrowings & Leases			(100)
Deferred tax liabilities			(474)
Trade payables			(44)
Payroll related payables			(512)
Total Liabilities			(1,130)
Total identified assets and liabilities			1,413
Goodwill			2,439
Acquisition price			3,853
Identify 3D | Fair value at acquisition date | Brands and trademarks
Assets
Intangible assets			174
Identify 3D | Fair value at acquisition date | Software
Assets
Intangible assets			€ 1,723

Business combinations - Fair _2

Business combinations - Fair value of the identifiable assets and liabilities - Narrative (Details) € in Thousands, $ in Thousands			3 Months Ended	12 Months Ended
	Sep. 01, 2022 EUR (€)	Jan. 04, 2022 EUR (€)	Dec. 31, 2022 EUR (€)	Dec. 31, 2023 EUR (€)	Jan. 04, 2022 USD ($)	Jan. 04, 2022 EUR (€)
Business Combinations
Gross contractual amounts due from trade receivables acquired	€ 0
Software
Business Combinations
Useful life				3 years
Link3D
Business Combinations
Percentage of voting equity interests				100%	100%	100%
Total consideration				€ 26,747	$ 26,747
Deferred tax liabilities						€ (2,270)
Discount rate (post-tax WACC)					14%	14%
Gross contractual amounts due from trade receivables acquired						€ 992
Merger date amounted acquisition		€ 2,631
Revenue of acquiree since acquisition date			€ 993
Contingent consideration payable						0
Link3D | Brands and trademarks
Business Combinations
Intangible assets						1,066
Useful life		1 year
Link3D | Software
Business Combinations
Intangible assets						6,892
Useful life		7 years
Link3D | Fair value at acquisition
Business Combinations
Increase in fair value of the identified assets and liabilities				3,496
Increase decrease in goodwill				€ 23,251
Identify 3D
Business Combinations
Increase in fair value of the identified assets and liabilities	€ 1,413
Percentage of voting equity interests	100%
Total consideration	€ 3,853
Increase decrease in goodwill	2,439
Deferred tax liabilities	€ (474)
Discount rate (post-tax WACC)	14.05%
Gross contractual amounts due from trade receivables acquired						€ 224
Contingent consideration payable	€ 0
Identify 3D | Brands and trademarks
Business Combinations
Intangible assets	€ 174
Useful life	7 years
Identify 3D | Software
Business Combinations
Intangible assets	€ 1,723
Useful life	7 years

Goodwill (Details)

Goodwill (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Non-current assets [abstract]
CGU: MAT Software	€ 28,961	€ 28,933	€ 3,241
CGU: e-Prototypy	787	730	743
CGU: ACTech	8,812	8,812	8,812
CGU: OrthoView	4,598	4,505	4,755
CGU: Materialise Motion		1,175	1,175
Total Goodwill	€ 43,158	€ 44,155	€ 18,726	€ 18,599

Goodwill - Movement table (Deta

Goodwill - Movement table (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill
Goodwill, beginning balance	€ 44,155	€ 18,726	€ 18,599
Additions		25,691
Impairment	(1,175)		(177)
Currency translation	178	(263)	304
Goodwill, ending balance	43,158	44,155	18,726
Gross carrying amount
Goodwill
Goodwill, beginning balance	45,802	20,374	20,070
Additions		25,691
Currency translation	178	(263)	304
Goodwill, ending balance	45,980	45,802	20,374
Accumulated impairment
Goodwill
Goodwill, beginning balance	1,648	1,648	1,471
Impairment	(1,175)		(177)
Goodwill, ending balance	€ 2,823	€ 1,648	€ 1,648

Goodwill Narrative (Details)

Goodwill Narrative (Details)	12 Months Ended
	Dec. 31, 2023 EUR (€) Y	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)
Goodwill
Currency translation	€ 178,000	€ (263,000)	€ 304,000
Impairment	1,175,000		€ 177,000
e-Prototypy
Goodwill
Currency translation	€ 57,000
Five year projection decrease | Y	5
Discount Rate post-tax	12.89%	12.72%	9.90%
Discount Rate pre-tax	14.89%
Perpetual growth rate	2%	2%	2%
Carrying value	€ 4,144,000
Discount rate increase for sensitivity analysis	0.01%
Perpetual growth rate decrease for sensitivity analysis	€ 0
Orthoview
Goodwill
Currency translation	€ 93,000
Five year projection decrease | Y	5
Discount Rate post-tax	10.75%	10.27%	8.05%
Discount Rate pre-tax	13.69%
Perpetual growth rate	1%	1%	1%
Carrying value	€ 12,307,000
Discount rate increase for sensitivity analysis	0.01%
Perpetual growth rate decrease for sensitivity analysis	€ 0
MAT NV SAM BE
Goodwill
Currency translation	€ 28,000
Five year projection decrease | Y	5
Discount Rate post-tax	9.91%	9.67%	7.40%
Discount Rate pre-tax	11.21%
Perpetual growth rate	5%	5%	5%
Carrying value	€ 41,158,000
Discount rate increase for sensitivity analysis	0.01%	0.01%
Perpetual growth rate decrease for sensitivity analysis	€ 0
CGU Engimplan
Goodwill
Five year projection decrease | Y	5
Discount Rate post-tax	18.82%	19.84%	15.49%
Discount Rate pre-tax	21.26%
Perpetual growth rate	7.60%	8.50%	7%
Discount rate used in current estimate of value in use	4.10%
Perpetual growth	(0.01%)
Decreased value of perpetual growth rate	€ (401,000)
Carrying Value Of Cash Generating Unit			€ 9,214,000
CGU Engimplan | Acquired customers and technology [member]
Goodwill
Impairment loss			397,000
CGU Engimplan | IFRS Trademarks [Member]
Goodwill
Impairment loss			€ 121,000
CGU Engimplan | Printer 3D
Goodwill
Impairment	€ 139,000
ACTech
Goodwill
Five year projection decrease | Y	5
Discount Rate post-tax	8.26%	8.04%	6.36%
Discount Rate pre-tax	11.33%
Perpetual growth rate	1%	1%	1%
Carrying value	€ 24,824,000
Discount rate increase for sensitivity analysis	0.01%
Perpetual growth rate decrease for sensitivity analysis	€ 0
CGU Materialise Motion
Goodwill
Five year projection decrease | Y	5
Discount Rate post-tax	9.91%	9.67%	7.40%
Discount Rate pre-tax	11.72%
Perpetual growth rate	3%	5%	1%
Impairment	€ 1,175,000
Perpetual growth	(0.03%)
Decreased value of perpetual growth rate	€ (1,629,000)
Carrying Value Of Cash Generating Unit	3,605,000
CGU Materialise Motion | Partnership agreement
Goodwill
Impairment loss	(853,000)
CGU Materialise Motion | Acquired customers and technology [member]
Goodwill
Impairment loss	(107,000)
CGU Materialise Motion | Developed technology and software under construction
Goodwill
Impairment loss	€ (1,437,000)

Goodwill - Sensitivity analysis

Goodwill - Sensitivity analysis engimplan impairment (Details) - CGU Engimplan € in Thousands	12 Months Ended
	Dec. 31, 2023 EUR (€)
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Percentage of possible increase in WACC	0.01%
Possible increase of change in evolution of the value-in use	€ (611)
Percentage of possible decrease in WACC	(0.01%)
Possible decrease of change in evolution of the value-in use	€ 739
Perpetual growth	(0.01%)
Decreased value of perpetual growth rate	€ (401)

Goodwill - Sensitivity analys_2

Goodwill - Sensitivity analysis Materialise Motion impairment (Details) - CGU Materialise Motion € in Thousands	12 Months Ended
	Dec. 31, 2023 EUR (€)
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Percentage of possible increase in WACC	0.01%
Possible increase of change in evolution of the value-in use	€ (1,028)
Percentage of possible decrease in WACC	(0.01%)
Possible decrease of change in evolution of the value-in use	€ 1,405
Perpetual growth	(0.03%)
Decreased value of perpetual growth rate	€ (1,629)

Intangible assets (Details)

Intangible assets (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Intangible assets
Intangible assets at beginning of period	€ 37,875	€ 31,668	€ 32,981
Intangible assets at end of period	31,464	37,875	31,668
Gross carrying amount [member]
Intangible assets
Intangible assets at beginning of period	72,552	60,177	56,298
Additions	3,018	3,165	3,788
Acquisition of a subsidiary		9,855
Disposals	(4,680)	(1,409)	(242)
Transfer between accounts	(16)	797	(60)
Currency translation	252	(33)	393
Intangible assets at end of period	71,125	72,552	60,177
Accumulated depreciation and amortisation [member]
Intangible assets
Intangible assets at beginning of period	(34,676)	(28,510)	(23,317)
Amortization charge for the year	(6,504)	(6,926)	(4,746)
Impairments	(2,915)	(702)	(231)
Disposals	4,636	1,408	131
Transfer between accounts			(12)
Currency translation	(202)	52	(293)
Other			(41)
Intangible assets at end of period	(39,661)	(34,676)	(28,510)
Patents and licenses
Intangible assets
Intangible assets at beginning of period	2,086	2,105	1,611
Intangible assets at end of period	1,786	2,086	2,105
Patents and licenses | Gross carrying amount [member]
Intangible assets
Intangible assets at beginning of period	6,915	5,442	4,662
Additions	327	362	660
Acquisition of a subsidiary		1,241
Disposals	(132)	(267)	(153)
Transfer between accounts	129	137	272
Currency translation	0	(1)	1
Intangible assets at end of period	7,239	6,915	5,442
Patents and licenses | Accumulated depreciation and amortisation [member]
Intangible assets
Intangible assets at beginning of period	(4,829)	(3,337)	(3,051)
Amortization charge for the year	(755)	(1,729)	(392)
Impairments		(29)
Disposals	132	267	107
Transfer between accounts			(1)
Currency translation	0	0	(1)
Intangible assets at end of period	(5,453)	(4,829)	(3,337)
Software
Intangible assets
Intangible assets at beginning of period	1,879	1,869	3,773
Intangible assets at end of period	7,316	1,879	1,869
Software | Gross carrying amount [member]
Intangible assets
Intangible assets at beginning of period	12,679	11,709	11,494
Additions	1,006	184	70
Disposals	(4,504)	(1,142)	(23)
Transfer between accounts	7,458	1,908	162
Currency translation	11	20	6
Intangible assets at end of period	16,649	12,679	11,709
Software | Accumulated depreciation and amortisation [member]
Intangible assets
Intangible assets at beginning of period	(10,799)	(9,839)	(7,721)
Amortization charge for the year	(3,027)	(1,416)	(1,831)
Impairments		(672)	(231)
Disposals	4,504	1,142	23
Transfer between accounts			(33)
Currency translation	(10)	(15)	(5)
Other			(41)
Intangible assets at end of period	(9,333)	(10,799)	(9,839)
Acquired customers, technology [member]
Intangible assets
Intangible assets at beginning of period	27,474	22,628	25,051
Intangible assets at end of period	21,887	27,474	22,628
Acquired customers, technology [member] | Gross carrying amount [member]
Intangible assets
Intangible assets at beginning of period	44,431	35,872	35,484
Acquisition of a subsidiary		8,613
Transfer between accounts			2
Currency translation	241	(54)	386
Intangible assets at end of period	44,673	44,431	35,872
Acquired customers, technology [member] | Accumulated depreciation and amortisation [member]
Intangible assets
Intangible assets at beginning of period	(16,957)	(13,244)	(10,433)
Amortization charge for the year	(2,722)	(3,780)	(2,523)
Impairments	(2,915)
Transfer between accounts			0
Currency translation	(191)	67	(287)
Intangible assets at end of period	(22,785)	(16,957)	(13,244)
Developed technology and software under construction
Intangible assets
Intangible assets at beginning of period	6,437	5,065	2,546
Intangible assets at end of period	474	6,437	5,065
Developed technology and software under construction | Gross carrying amount [member]
Intangible assets
Intangible assets at beginning of period	8,527	7,155	4,658
Additions	1,685	2,619	3,058
Disposals	(45)		(65)
Transfer between accounts	(7,603)	(1,248)	(496)
Currency translation	0	1
Intangible assets at end of period	2,564	8,527	7,155
Developed technology and software under construction | Accumulated depreciation and amortisation [member]
Intangible assets
Intangible assets at beginning of period	(2,090)	(2,090)	(2,112)
Transfer between accounts			22
Intangible assets at end of period	€ (2,090)	€ (2,090)	€ (2,090)

Intangible assets - Remaining a

Intangible assets - Remaining amortization period on intangibles resulting from business combinations (Details) € in Thousands	12 Months Ended
	Dec. 31, 2023 EUR (€) Y	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)
Intangible assets
Amortization of intangible assets | €	€ 6,504	€ 6,926	€ 4,746
Patents and licenses
Intangible assets
Remaining amortization period technology related intangible assets acquisition	2 years 2 months 12 days
Software
Intangible assets
Remaining amortization period technology related intangible assets acquisition	2 years 4 months 24 days
RS Print | Acquired customers, technology [member]
Intangible assets
Remaining amortization period customer related intangible assets acquisition	1.9
Remaining amortization period technology related intangible assets acquisition	1 year 9 months
Orthoview | Acquired customers, technology [member]
Intangible assets
Remaining amortization period customer related intangible assets acquisition	0.75
ACTech | Acquired customers, technology [member]
Intangible assets
Remaining amortization period customer related intangible assets acquisition	12.75
Cenat | Acquired customers, technology [member]
Intangible assets
Remaining amortization period customer related intangible assets acquisition	1.25
CGU Engimplan | Acquired customers, technology [member]
Intangible assets
Impairments | €			€ 397
Motion and Engimplan | Acquired customers, technology [member]
Intangible assets
Impairments | €	€ 2,915

Property, plant & equipment - C

Property, plant & equipment - Changes in carrying value (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, plant & equipment
Property, plant & equipment beginning of period	€ 94,276	€ 84,451
Additions	16,282	24,479
Impairment	160	0	€ 0
Property, plant & equipment end of period	95,400	94,276	84,451
Acquisition value
Property, plant & equipment
Property, plant & equipment beginning of period	191,410	172,417	165,623
Additions	16,282	24,479	10,331
Acquired from business combinations		217
Disposals	(7,612)	(5,576)	(5,652)
Transfers	(947)	(217)	1,227
Currency Translation	817	90	888
Property, plant & equipment end of period	199,951	191,410	172,417
Depreciation
Property, plant & equipment
Property, plant & equipment beginning of period	(88,714)	(78,910)	(66,360)
Depreciation charge for the year	(15,081)	(14,940)	(15,574)
Disposals	7,020	5,101	4,760
Impairment	(160)
Transfers	867		(1,223)
Currency Translation	(381)	35	(513)
Property, plant & equipment end of period	(96,449)	(88,714)	(78,910)
Land and buildings
Property, plant & equipment
Property, plant & equipment beginning of period	36,914	37,575	34,410
Property, plant & equipment end of period	36,169	36,914	37,575
Land and buildings | Acquisition value
Property, plant & equipment
Property, plant & equipment beginning of period	47,959	47,161	42,417
Additions	142	773	462
Disposals		(18)
Transfers	40	5	4,099
Currency Translation	458	38	183
Property, plant & equipment end of period	48,599	47,959	47,161
Land and buildings | Depreciation
Property, plant & equipment
Property, plant & equipment beginning of period	(11,045)	(9,586)	(8,007)
Depreciation charge for the year	(1,352)	(1,416)	(1,344)
Transfers			(143)
Currency Translation	(33)	(43)	(92)
Property, plant & equipment end of period	(12,430)	(11,045)	(9,586)
Plant and equipment
Property, plant & equipment
Property, plant & equipment beginning of period	41,407	45,095	45,218
Property, plant & equipment end of period	46,688	41,407	45,095
Plant and equipment | Acquisition value
Property, plant & equipment
Property, plant & equipment beginning of period	105,877	103,268	94,420
Additions	3,850	3,555	5,259
Acquired from business combinations		62
Disposals	(4,299)	(4,227)	(3,682)
Transfers	15,031	3,167	6,673
Currency Translation	586	52	598
Property, plant & equipment end of period	121,045	105,877	103,268
Plant and equipment | Depreciation
Property, plant & equipment
Property, plant & equipment beginning of period	(64,470)	(58,173)	(49,202)
Depreciation charge for the year	(10,433)	(10,222)	(10,590)
Disposals	3,996	3,898	3,594
Impairment	(160)
Transfers	(2,935)		(1,595)
Currency Translation	(356)	27	(380)
Property, plant & equipment end of period	(74,358)	(64,470)	(58,173)
Right-of-use assets
Property, plant & equipment
Property, plant & equipment beginning of period	8,420	9,056	10,996
Property, plant & equipment end of period	8,102	8,420	9,056
Right-of-use assets | Acquisition value
Property, plant & equipment
Property, plant & equipment beginning of period	21,619	20,207	20,147
Additions	3,965	2,871	2,397
Acquired from business combinations		155
Disposals	(3,313)	(1,293)	(1,191)
Transfers	(4,433)	(329)	(1,249)
Currency Translation	(74)	8	103
Property, plant & equipment end of period	17,764	21,619	20,207
Right-of-use assets | Depreciation
Property, plant & equipment
Property, plant & equipment beginning of period	(13,199)	(11,151)	(9,151)
Depreciation charge for the year	(3,296)	(3,302)	(3,640)
Disposals	3,024	1,203	1,166
Transfers	3,802		515
Currency Translation	8	51	(41)
Property, plant & equipment end of period	(9,661)	(13,199)	(11,151)
Construction in progress
Property, plant & equipment
Property, plant & equipment beginning of period	15,955	1,781	8,639
Property, plant & equipment end of period	12,544	15,955	1,781
Construction in progress | Acquisition value
Property, plant & equipment
Property, plant & equipment beginning of period	15,955	1,781	8,639
Additions	8,325	17,280	2,213
Disposals		(38)	(779)
Transfers	(11,585)	(3,060)	(8,296)
Currency Translation	(153)	(8)	4
Property, plant & equipment end of period	12,543	15,955	1,781
Total property plant and equipment | Total carrying amount
Property, plant & equipment
Property, plant & equipment beginning of period	102,696	93,507	99,263
Property, plant & equipment end of period	€ 103,503	€ 102,696	€ 93,507

Property, plant & equipment - A

Property, plant & equipment - Additional Information (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, plant & equipment
Investments in property, plant & equipment and right-of-use assets	€ 16,282	€ 24,479
New machines and installations	8,682	7,903	€ 3,635
Land and buildings	4,027	13,985	2,224
IT equipment	1,102	1,275	2,126
Leased vehicles	2,240	971	769
Furniture	231	343
Net gain (loss) on disposal of property, plant & equipment	415	(347)	(210)
Impairments of property, plant and equipment	160	0	0
New metal production	95,400	94,276	84,451
Right-of-use assets	8,102	8,420	9,054
New leases	3,965
Leased buildings	1,739	1,934	1,624
Land and buildings pledges as security	21,851	22,696	24,451
Machines pledges as security	314	864	1,131
Land and buildings
Property, plant & equipment
Right-of-use assets	4,511	4,822	4,419
Depreciation charge	1,735	1,663	1,794
Leased assets
Property, plant & equipment
Right-of-use assets	8,102	8,420	9,054
Construction in progress
Property, plant & equipment
New metal production	12,544	€ 15,955	€ 1,781	€ 8,639
Construction in progress | Germany
Property, plant & equipment
New metal production	€ 10,551

Property, plant & equipment - R

Property, plant & equipment - Right-of-use assets (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, plant & equipment
Right-of-use assets, beginning of period	€ 8,420	€ 9,054
Right-of-use assets, end of period	8,102	8,420	€ 9,054
Other property, plant and equipment
Property, plant & equipment
Right-of-use assets, beginning of period	8,420
Right-of-use assets, end of period	8,102	8,420
Acquisition value | Other property, plant and equipment
Property, plant & equipment
Right-of-use assets, beginning of period	20,476	20,206	20,147
Additions	3,965	2,871	2,396
Acquired from business combinations		155
Disposals	(3,313)	(1,291)	(1,571)
Currency translation	(74)	8	102
Transfers	(3,290)	(1,473)	(868)
Right-of-use assets, end of period	17,764	20,476	20,206
Depreciation | Other property, plant and equipment
Property, plant & equipment
Right-of-use assets, beginning of period	(12,055)	(11,152)	(9,151)
Depreciation charge for the year.	(3,296)	(3,306)	(3,640)
Disposals	3,023	1,203	1,166
Currency translation	8	51	(41)
Transfers	2,659	1,148	514
Right-of-use assets, end of period	(9,662)	(12,055)	(11,152)
Land and buildings
Property, plant & equipment
Right-of-use assets, beginning of period	4,822	4,419
Depreciation charge for the year.	(1,735)	(1,663)	(1,794)
Right-of-use assets, end of period	4,511	4,822	4,419
Land and buildings | Other property, plant and equipment
Property, plant & equipment
Right-of-use assets, beginning of period	4,822
Right-of-use assets, end of period	4,511	4,822
Land and buildings | Acquisition value | Other property, plant and equipment
Property, plant & equipment
Right-of-use assets, beginning of period	9,391	8,121	7,574
Additions	1,739	1,934	1,624
Acquired from business combinations		155
Disposals	(2,607)	(546)	(1,022)
Currency translation	(112)	11	96
Transfers	(236)	(284)	(151)
Right-of-use assets, end of period	8,175	9,391	8,121
Land and buildings | Depreciation | Other property, plant and equipment
Property, plant & equipment
Right-of-use assets, beginning of period	(4,569)	(3,702)	(2,657)
Depreciation charge for the year.	(1,735)	(1,663)	(1,794)
Disposals	2,360	467	639
Currency translation	45	47	(41)
Transfers	235	283	151
Right-of-use assets, end of period	(3,664)	(4,569)	(3,702)
Vehicles | Other property, plant and equipment
Property, plant & equipment
Right-of-use assets, beginning of period	1,771
Right-of-use assets, end of period	2,516	1,771
Vehicles | Acquisition value | Other property, plant and equipment
Property, plant & equipment
Right-of-use assets, beginning of period	4,680	4,888	4,555
Additions	1,980	877	710
Disposals	(676)	(680)	(268)
Currency translation	2	2	3
Transfers	(909)	(407)	(112)
Right-of-use assets, end of period	5,077	4,680	4,888
Vehicles | Depreciation | Other property, plant and equipment
Property, plant & equipment
Right-of-use assets, beginning of period	(2,909)	(2,798)	(1,891)
Depreciation charge for the year.	(1,185)	(1,188)	(1,236)
Disposals	627	671	257
Currency translation	(3)	(2)	(2)
Transfers	909	407	74
Right-of-use assets, end of period	(2,561)	(2,909)	(2,798)
Equipment | Other property, plant and equipment
Property, plant & equipment
Right-of-use assets, beginning of period	1,827
Right-of-use assets, end of period	1,075	1,827
Equipment | Acquisition value | Other property, plant and equipment
Property, plant & equipment
Right-of-use assets, beginning of period	6,405	7,197	8,018
Additions	246	60	62
Disposals	(30)	(65)	(281)
Currency translation	36	(5)	3
Transfers	(2,145)	(782)	(605)
Right-of-use assets, end of period	4,512	6,405	7,197
Equipment | Depreciation | Other property, plant and equipment
Property, plant & equipment
Right-of-use assets, beginning of period	(4,578)	(4,652)	(4,603)
Depreciation charge for the year.	(376)	(455)	(610)
Disposals	36	65	270
Currency translation	(34)	6	2
Transfers	1,515	458	289
Right-of-use assets, end of period	€ (3,437)	€ (4,578)	€ (4,652)

Property, plant & equipment - I

Property, plant & equipment - Income Statement Impact (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, plant & equipment
Depreciation expense	€ (3,296)	€ (3,306)	€ (3,640)
Interest expense on lease liabilities	(325)		(289)
Interest Expense Income On Lease Liabilities.		304
Expenses related to short-term leases/ low-value assets/ variable lease payments	€ (689)	€ 645	€ (537)

Property, plant & equipment - P

Property, plant & equipment - Potential future cash flows following the extension (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, plant & equipment
Potential (non-discounted) cash flows for terminations options that are not reasonably certain to be exercised:	€ 1,089	€ 1,430	€ 3,015
Potential (non-discounted) cash flows for extensions options that are reasonably certain to be exercised	€ 1,838	€ 1,571	€ 1,560

Investment in joint ventures -

Investment in joint ventures - Detail movement (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Investments in joint ventures
Carrying value beginning balance	€ 0	€ 0
Carrying value ending balance	€ 0	€ 0

Investment in joint ventures _2

Investment in joint ventures - Additional Information (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments in joint ventures
Investments in joint ventures	€ 0	€ 0	€ 0

Inventories and contracts in _3

Inventories and contracts in progress (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Inventories and contracts in progress
Raw materials	€ 9,061	€ 7,975	€ 6,246
Work in progress	4,070	4,626	2,383
Finished goods	3,266	2,837	2,171
Contracts in progress	637	643	495
Total inventories and contracts in progress	€ 17,034	€ 16,081	€ 11,295

Inventories and contracts in _4

Inventories and contracts in progress - Additional Information (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Inventories and contracts in progress
Inventory written-off	€ 471	€ 1,473	€ 1,196
Total costs incurred contracts in progress	545
Total profit recognized contracts in progress	92
Advances received contracts in progress	€ 126	€ 60	€ 11

Other assets - Investments in c

Other assets - Investments in convertible loans (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other assets
Convertible loan	€ 3,744	€ 3,494	€ 3,560
Total	5,501	5,136	7,519
Convertible loans
Other assets
Convertible loan	3,744	3,494	3,560
Total	€ 3,744	€ 3,494	€ 3,560

Other assets - Investments in n

Other assets - Investments in non-listed equity instruments (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other assets
Non-listed equity investments	€ 0	€ 307	€ 399
Total	€ 5,501	5,136	7,519
Investments in non-listed equity instruments
Other assets
Non-listed equity investments		307	399
Total		€ 307	€ 399

Other assets - Other non-curren

Other assets - Other non-current assets (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other assets
Total	€ 5,501	€ 5,136	€ 7,519
Other non-current assets
Other assets
Tax credits	4,467	4,144	4,044
Guarantees and deposits	493	404	447
Loan to Link3D incl capitalized interest			2,249
LT deferred charges			741
Other	541	588	38
Total	€ 5,501	€ 5,136	€ 7,519

Other assets - Other current as

Other assets - Other current assets (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other assets
Deferred charges	€ 4,486	€ 4,158	€ 2,958
Tax credits	814	962	673
Accrued income	611	17	384
Other tax receivables	2,466	1,004	1,459
Grants	372	944	1,021
Other non-trade receivables	272	1,077	675
Derivatives	139	261	1,770
Total other current assets	€ 9,160	€ 8,424	€ 8,940

Other assets - narrative (Detai

Other assets - narrative (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2020	Jan. 31, 2019
Other assets
Fluidda - Notional amount	€ 2,500				€ 2,500
Fluidda - Maturity years	7 years
Fluidda - Interest rate	10%
Fair value adjustment in Equity investment	€ 307	€ 92	€ 3,443
AM Flow fair value	0			€ 307
Fair Value Equity Investment In Essentium Inc			3,443
Convertible loan	3,744	€ 3,494	€ 3,560
AM Danube BV
Other assets
Investments accounted for using equity method	€ 307

Trade receivables (Details)

Trade receivables (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Trade Receiavbles
Trade receivables	€ 52,698	€ 51,043	€ 41,541
Gross carrying amount [member]
Trade Receiavbles
Trade receivables	53,505	51,443	42,814
Accumulated depreciation, amortisation and impairment [member]
Trade Receiavbles
Trade receivables	€ (807)	€ (400)	€ (1,273)

Trade receivables - narrative (

Trade receivables - narrative (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Trade receivables
Impairment loss recognised in profit or loss, trade receivables	€ 807	€ 400	€ 1,273
Minimum
Trade receivables
Payment term (in days)	30 days
Maximum
Trade receivables
Payment term (in days)	90 days

Trade receivables - Movement ta

Trade receivables - Movement table bad debt reserve (Details) - Accumulated depreciation, amortisation and impairment [member] - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Trade Receiavbles
Beginning balance	€ (400)	€ (1,273)	€ (1,475)
Addition.	(706)	(517)	(689)
Usage	122	483	259
Reversal	177	906	632
Ending balance.	€ (807)	€ (400)	€ (1,273)

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash and cash equivalents
Cash at bank	€ 119,606	€ 26,028	€ 192,895
Cash equivalents	7,967	114,839	3,133
Total	€ 127,573	€ 140,867	€ 196,028	€ 111,538

Cash and cash equivalents - Nar

Cash and cash equivalents - Narrative (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash and cash equivalents
Interest expense on bank loans and overdrafts	€ 4
Restricted bank account from exercise of warrants	€ 0	€ 0	€ 0

Equity (Details)

Equity (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Total number of ordinary shares
Classes of share capital
Outstanding, beginning of period	€ 59,067,186	€ 59,063,521	€ 54,169,257
Capital increase through exercise of warrants		3,665	294,264
Capital increase through exercise of convertible bonds			4,600,000
Equity-settled share-based payment expense	0
Outstanding, end of period	59,067,186	59,067,186	59,063,521
Total shareholders' capital
Classes of share capital
Outstanding, beginning of period	4,487	4,489	4,096
Capital increase through exercise of warrants		(2)	22
Capital increase through exercise of convertible bonds			371
Equity-settled share-based payment expense	0
Outstanding, end of period	4,487	4,487	4,489
Total share-premium
Classes of share capital
Outstanding, beginning of period	233,895	233,872	141,275
Capital increase through exercise of warrants		22	2,322
Capital increase through exercise of convertible bonds			90,235
Equity-settled share-based payment expense	47		41
Outstanding, end of period	€ 233,942	€ 233,895	€ 233,872

Equity Narrative (Details)

Equity Narrative (Details) - EUR (€) € / shares in Units, € in Thousands		12 Months Ended
	Jun. 22, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity
Par value per share		€ 0.076	€ 0.076	€ 0.076
Non-controlling interest		€ (53)	€ (28)	€ 1
RapidFit
Equity
Non-controlling interest percent in rapdit fit		10%
Class of Share capital
Equity
Total Shareholders Capital		€ 4,487	€ 4,487	€ 4,489
Outstanding shares		59,067,186	59,067,186	59,063,521
Number of new shares warrants		0
Reserves
Equity
Legal reserve max percent of capital		5%
Non-controlling interests
Equity
Non-controlling interest				€ 1
Non-controlling interests | Tianjin Zhenyuan Materialise Medical Technology Limited | Materialise and Zhenyuan
Equity
Non-controlling interest		€ (53)	€ (28)
Non-controlling interests | Tianjin Zhenyuan Materialise Medical Technology Limited | Materialise and Zhenyuan | Maximum
Equity
Proportion of ownership interest in subsidiary	51%
Non-controlling interests | Tianjin Zhenyuan Materialise Medical Technology Limited | Materialise and Zhenyuan | Minimum
Equity
Proportion of ownership interest in subsidiary	49%
Share premium
Equity
Capital increase via exercise of warrants			22	2,322
Capital increase through public offering				90,235
Total Share Premium		233,942	233,895	233,872
Equity-settled share-based payment expense		€ 47	€ 22	€ 41

Equity - Other reserve (Details

Equity - Other reserve (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity
Legal reserve	€ 279	€ 279	€ 279
Other reserves	2,010	1,987	1,987
Equity-settled share-based payment expense	47	72	72
Other Comprehensive Income (loss)	(9,682)	(10,606)	(9,087)
Other reserves	€ (7,346)	€ (8,268)	€ (6,749)

Equity - Other comprehensive in

Equity - Other comprehensive income (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other comprehensive loss
Fair value adjustment	€ (307)
Aquisition non-controlling interest - OCI	(331)	€ (92)	€ (3,443)
Currency Translation Differences & Other
Other comprehensive loss
Other comprehensive (loss) income at beginning of period	(7,560)	(6,133)	(8,285)
Currency translation impact	1,255	(1,427)	2,152
Other comprehensive (loss) income at end of period	(6,305)	(7,560)	(6,133)
Fair value adjustment equity investments
Other comprehensive loss
Other comprehensive (loss) income at beginning of period	(3,046)	(2,954)	489
Fair value adjustment	(331)	(92)	(3,443)
Other comprehensive (loss) income at end of period	(3,377)	(3,046)	(2,954)
Total OCI attributable to the shareholder
Other comprehensive loss
Other comprehensive (loss) income at beginning of period	(10,606)	(9,087)	(7,796)
Currency translation impact	1,255	(1,427)	2,152
Fair value adjustment	(331)	(92)	(3,443)
Other comprehensive (loss) income at end of period	€ (9,682)	€ (10,606)	€ (9,087)

Share-based payment plan (Detai

Share-based payment plan (Details) - Option	1 Months Ended		12 Months Ended
	Nov. 30, 2023	Oct. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
All plans materialise
Share-based payment plans
Outstanding at beginning of period			77,709	82,950	407,722
Granted			350,000
Forfeited / Cancelled			(4,257)	(1,576)	(7,193)
Exercised				(3,665)	(317,579)
Outstanding at end of period			423,452	77,709	82,950
Exercisable at the end of period			73,452	77,709	78,405
IPO plan
Share-based payment plans
Outstanding at beginning of period			51,781	53,590	236,726
Forfeited / Cancelled			(4,257)	(944)	(3,372)
Exercised				(865)	(179,764)
Outstanding at end of period			47,524	51,781	53,590
Exercisable at the end of period			47,524	51,781	49,045
2015 Warrant Plan
Share-based payment plans
Outstanding at beginning of period			14,600	17,400	133,900
Forfeited / Cancelled					(2,000)
Exercised				(2,800)	(114,500)
Exercised			0
Outstanding at end of period			14,600	14,600	17,400
Exercisable at the end of period			14,600	14,600	17,400
2023 Warrant Plan
Share-based payment plans
Granted	25,000	325,000	350,000
Outstanding at December 31			350,000
IPO plan cash settled
Share-based payment plans
Outstanding at beginning of period			11,328	11,960	37,096
Forfeited / Cancelled				(632)	(1,821)
Exercised					(23,315)
Outstanding at end of period			11,328	11,328	11,960
Exercisable at the end of period			11,328	11,328	11,960

Share-based payment plan - Addi

Share-based payment plan - Additional Information (Details)	Dec. 31, 2023 shares
2015 Warrant Plan
Share-based payment plans
Number of shares for each warrant	1
IPO plan
Share-based payment plans
Number of shares for each warrant	1

Share-based payments - Details

Share-based payments - Details share-based payment arrangements Materialise (Details) € / shares in Units, € in Thousands	1 Months Ended		12 Months Ended
	Nov. 30, 2023 Option € / shares	Oct. 31, 2023 Option € / shares	Dec. 31, 2023 EUR (€) Option Y € / shares shares	Dec. 31, 2022
Share-based payment plans
vesting% second period			25%
Exercise price range 1			€ 6.45
IPO plan
Share-based payment plans
Number of shares for each warrant | shares			1
Contractual term			10 years	10 years
vesting% first period			25%
vesting% second period			25%
vesting% fourth period			25%
Number of warrants granted 1 | Option			979,898
vesting% third period			25%
Number of warrants granted 2 | Option			36,151
Exercise price range 1			€ 8.81
Exercise price range 2			€ 18,180
warrants Or Rights remaining outstanding | €			€ 0
2015 Warrant Plan
Share-based payment plans
Number of shares for each warrant | shares			1
Contractual term			10	10
vesting% first period			20%
vesting% second period			30%
Number of warrants granted 1 | Option			350,000
vesting% third period			40%
Number of warrants granted 2			2,000
Exercise price range 2			€ 10.08
Maximum number of warrants | shares			1,400,000
Number of warrants exercised | Option			0
2023 Warrant Plan
Share-based payment plans
Number of shares for each warrant | shares			1
Contractual term			7 years
vesting% first period			10%
vesting% second period			20%
vesting% fourth period			40%
vesting% third period			30%
Maximum number of warrants | shares			500,000
Number of warrants granted. | Option	25,000	325,000	350,000
Exercise price.	€ 5.09	€ 4.87
SAR
Share-based payment plans
Contractual term			10 years
vesting% first period			25%
vesting% fourth period			25%
Number of warrants granted 1 | Option			215,688
vesting% third period			25%
Exercise price range 1			€ 8.81

Share-based payments - Detail_2

Share-based payments - Details grants Materialise (Details)	12 Months Ended
	Dec. 31, 2023 Y € / shares	Dec. 31, 2014 Y € / shares
Share-based payment plans
Return dividend	0%	0%
Expected volatility		50%
Risk-free interest rate		2.29%
Expected life | Y		5.5
Exercise price (in EUR)		€ 553.9
Fair value warrant		€ 262.7
Plan 2023 (Nov)
Share-based payment plans
Return dividend	0%
Expected volatility	64%
Risk-free interest rate	3.19%
Expected life | Y	5.59
Exercise price (in EUR)	€ 5.09
Stock price (in EUR)	5.60
Fair value warrant	€ 3.44
Plan 2023 (Oct)
Share-based payment plans
Return dividend	0%
Expected volatility	64%
Risk-free interest rate	3.50%
Expected life | Y	5.59
Exercise price (in EUR)	€ 4.87
Stock price (in EUR)	5.15
Fair value warrant	€ 3.12
Plan 2015 (sept 16)
Share-based payment plans
Return dividend	0%
Expected volatility	47%
Risk-free interest rate	0.24%
Expected life | Y	4.30
Exercise price (in EUR)	€ 6.45
Stock price (in EUR)	6.42
Fair value warrant	€ 2.41
IPO 2015 (Nov)
Share-based payment plans
Return dividend	0%
Expected volatility	47%
Risk-free interest rate	1.17%
Expected life | Y	5.50
Exercise price (in EUR)	€ 8.81
Stock price (in EUR)	8.08
Fair value warrant	€ 3.30
IPO 2014 (Nov)
Share-based payment plans
Return dividend	0%
Expected volatility	50%
Risk-free interest rate	1.12%
Expected life | Y	5.50
Exercise price (in EUR)	€ 8.81
Stock price (in EUR)	8.67
Fair value warrant	€ 3.94
IPO 2014 (June)
Share-based payment plans
Return dividend	0%
Expected volatility	46%
Risk-free interest rate	1.70%
Expected life | Y	5.50
Exercise price (in EUR)	€ 8.81
Stock price (in EUR)	8.81
Fair value warrant	€ 3.83

Share-based payments - Expense

Share-based payments - Expense and weighted average narrative (Details) - EUR (€) € / shares in Units, € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2014
Share-based payment plans
Return dividend	0%			0%
Expense for equity-settled share-based payment Materialise	€ 47	€ 0	€ 41
Expense for cash-settled shared-based payment Materialise	€ 9	€ 140	€ (874)
Weighted-average fair value of warrants outstanding	€ 3.19	€ 3.41	€ 3.39
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement at end of period	€ 5.39	€ 8.12	€ 8.07
Cash settled liability share options granted	€ 0	€ 9	€ 147
Intrinsic-value cash-settled warrants	€ 0	€ 9	€ 147

Share-based payments - Detail_3

Share-based payments - Details grants Materialise cash settled (Details)	12 Months Ended
	Dec. 31, 2023 Y € / shares	Dec. 31, 2022 Y € / shares	Dec. 31, 2021 Y € / shares	Dec. 31, 2014 Y € / shares
Share-based payment plans
Return dividend	0%			0%
Expected volatility				50%
Risk-free interest rate				2.29%
Expected life | Y				5.5
Exercise price (in EUR)				€ 553.9
Fair value SAR				€ 262.7
Materialise cash settled share based payment plan
Share-based payment plans
Return dividend	0%	0%	0%
Expected volatility	46%	60%	80%
Risk-free interest rate	2.68%	3.20%	0.18%
Expected life | Y	0.25	0.25	0.25
Exercise price (in EUR)	€ 8.81	€ 8.81	€ 8.81
Stock price (in EUR)	5.95	8.25	21.05
Fair value SAR	€ 0.03	€ 0.78	€ 12.26

Share-based payments - Detail_4

Share-based payments - Details grants Rapidfit (Details) - Rapidfit+ plan	12 Months Ended
	Dec. 31, 2023 shares Option	Dec. 31, 2022 Option	Dec. 31, 2021 Option
Share-based payment plans
Outstanding at beginning of period	33	186	186
Forfeited / Cancelled	(33)	(153)
Outstanding at end of period	0	33	186
Exercisable at the end of period		33	186

Share-based payments - Detail_5

Share-based payments - Details grants Rapidfit cash settled (Details)	12 Months Ended
	Dec. 31, 2023 € / shares	Dec. 31, 2014 Y € / shares
Share-based payment plans
Return dividend	0%	0%
Expected volatility		50%
Risk-free interest rate		2.29%
Expected life | Y		5.5
Exercise price (in EUR)		€ 553.9
Fair value warrant		€ 262.7
Rapidfit+ plan
Share-based payment plans
Exercise price (in EUR)	€ 553.90

Share-based payments - Detail_6

Share-based payments - Details grants Rapidfit narrative (Details) - EUR (€) € / shares in Units, € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2014
Share-based payment plans
Number of warrants granted	350
Share-based payment expense	€ 47	€ 0	€ 41
Exercise price, share options granted				€ 553.9
Rapidfit+ plan
Share-based payment plans
Maximum number of warrants	300
Number of warrants granted	199
Share-based payment expense	€ 0	€ 0	€ 2
Exercise price, share options granted	€ 553.90

Loans and borrowings (Details)

Loans and borrowings (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Loans and borrowings
Total loans and borrowings	€ 64,398	€ 80,980	€ 99,107
Current Loans And Borrowings	25,483	19,960	21,202
Non-Current Loans And Borrowings.	38,915	61,020	77,905
K€35,000 EIB bank loan
Loans and borrowings
Total loans and borrowings	21,667	27,500	33,333
K€28,000 acquisition bank loan
Loans and borrowings
Total loans and borrowings	10,000	12,559	15,604
K€17,700 secured bank loans
Loans and borrowings
Total loans and borrowings	14,904	16,165	16,592
K€12,300 bank loans ACTech
Loans and borrowings
Total loans and borrowings	3,546	5,860	8,160
K€5,000 other facility loan
Loans and borrowings
Total loans and borrowings	1,496	1,881	2,248
Bank investment loans - top 20 outstanding
Loans and borrowings
Total loans and borrowings	4,778	8,828	12,852
Bank investment loans - other
Loans and borrowings
Total loans and borrowings		606	1,569
Lease liabilities
Loans and borrowings
Total loans and borrowings	7,943	7,485	8,621
Related party loan
Loans and borrowings
Total loans and borrowings	€ 64	€ 96	€ 128

Loans and borrowings Narrative

Loans and borrowings Narrative (Details) € in Thousands	12 Months Ended
	Dec. 31, 2023 EUR (€) tranche item	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)
Loans and borrowings
Lease liability related party	€ 7,943
Loan principal K EUR 12,300	12,300
Loan principal K EUR 5000	5,000
Bank investment loans - top 20 outstanding gross	€ 4,778
Reimbursable term	7 years
Borrowings	€ 64,398	€ 80,980	€ 99,107
Payments of lease liabilities, classified as financing activities	€ 3,549	3,379	3,775
Fixed interest rate | Weighted average
Loans and borrowings
Interest rate percentage	1%
Weighted average interest rate	1%
K€50,000 KBC credit facility
Loans and borrowings
Notional amount	€ 50,000
Reservation cost percentage	0.15%
Number of tranches | tranche	3
K€50,000 KBC credit facility, Tranche One
Loans and borrowings
Interest rate percentage	3.56%
K€50,000 KBC credit facility, Tranche Two
Loans and borrowings
Interest rate percentage	3.81%
K€50,000 KBC credit facility, Tranche Three
Loans and borrowings
Interest rate percentage	3.87%
K€35,000 EIB bank loan
Loans and borrowings
Notional amount	€ 35,000
Borrowings	21,667	27,500	33,333
K€35,000 EIB bank loan, tranche one
Loans and borrowings
Notional amount	€ 10,000
Interest rate percentage	2.40%
K€35,000 EIB bank loan, tranche two
Loans and borrowings
Notional amount	€ 25,000
Interest rate percentage	2.72%
K€28,000 acquisition bank loan
Loans and borrowings
Notional amount	€ 28,000
Interest rate percentage	1.10%
Borrowings	€ 10,000	12,559	15,604
K€28,000 Acquisition Bank Loan, tranche one
Loans and borrowings
Notional amount	€ 18,000
Reimbursable term	7 years
K€28,000 Acquisition Bank Loan, tranche two
Loans and borrowings
Notional amount	€ 10,000
K€17,700 secured bank loans
Loans and borrowings
Secured bank loans	€ 17,700
Average interest rate	1.20%
Borrowings	€ 14,904	16,165	16,592
K€17,700 Secured Bank Loans, Tranche One [Member]
Loans and borrowings
Belgian facility financing amounts	11,700
K€17,700 Secured Bank Loans, Tranche Two [Member]
Loans and borrowings
Polish facility financing amounts	6,000
K€12,300 bank loans
Loans and borrowings
Notional amount	€ 9,300
Interest rate percentage	1.60%
Number of loans originated | item	3
Asset-backed debt instruments held	€ 4,650
K€12,300 bank loans | Fixed interest rate
Loans and borrowings
Notional amount	€ 3,000
Interest rate percentage	1.50%
K€12,300 bank loans ACTech
Loans and borrowings
Borrowings	€ 3,546	5,860	8,160
K€5,000 other facility loan
Loans and borrowings
Notional amount	€ 1,496
Reimbursable term	15 years
Borrowings	€ 1,496	1,881	2,248
K€5,000 other facility loan | Fixed interest rate
Loans and borrowings
Interest rate percentage	4.61%
Lease liabilities
Loans and borrowings
Borrowings	€ 7,943	7,485	8,621
Related party loan
Loans and borrowings
Notional amount	€ 400
Interest rate percentage	4.23%
Borrowings	€ 64	96	128
Interest expense on borrowings	€ 3	€ 5	€ 5

Loans and borrowings - Movement

Loans and borrowings - Movement table (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Loans and borrowings
Balance at beginning of period	€ 80,980	€ 99,107	€ 115,110
Repayment of loans & borrowings	(16,723)	(17,708)	(14,277)
New leases	3,919	2,871	2,355
Repayment of leases	(3,549)	(3,379)	(3,775)
Loans acquired from business combination		100
Net foreign exchange movements	(229)	(11)	(306)
Balance at end of period	€ 64,398	€ 80,980	€ 99,107

Other non-current liabilities_2

Other non-current liabilities (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other non-current liabilities
Advances received on contracts	€ 0	€ 0	€ 1,500
Provisions	1,430	1,611	667
Other	315	0	0
Total	€ 1,745	€ 1,611	€ 2,167

Tax payables (Details)

Tax payables (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Tax payables
Tax payables	€ 1,777	€ 1,246	€ 783

Deferred income (Details)

Deferred income (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred income
Deferred maintenance and license revenue	€ 44,905	€ 42,780	€ 34,287
Deferred (project) fees	5,485	7,285	3,537
Deferred government grants	1,102	933	435
Total	51,492	50,998	38,259
current	40,791	41,721	33,307
non-current	€ 10,701	€ 9,277	€ 4,952

Deferred income - Additional in

Deferred income - Additional information (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred income
Deferred maintenance and license revenue	€ 44,905	€ 42,780	€ 34,287

Other current liabilities (Deta

Other current liabilities (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other current liabilities
Payroll-related liabilities	€ 12,786	€ 15,192	€ 11,836
Non-income tax payables	1,139	2,016	2,058
Accrued charges	927	1,718	1,170
Advances received	289	795	276
Derivatives	0	0	118
Cash settled share-based payment plan	0	9	147
Other current liabilities	562	227	367
Total	€ 15,703	€ 19,957	€ 15,972

Fair value - Financial assets (

Fair value - Financial assets (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financial assets measured at amortized cost
Cash & cash equivalents	€ 127,573	€ 140,867	€ 196,028	€ 111,538
Financial assets at fair value through profit or loss
Convertible loan	3,744	3,494	3,560
Financial assets at fair value through OCI
Non-listed equity investments	0	307	399
Carrying value
Financial assets measured at amortized cost
Trade receivables (current)	52,698	51,043	41,541
Other financial assets (non-current)	493	404	2,696
Other current non-trade receivables	643	2,021	1,696
Cash & cash equivalents	127,573	140,867	196,028
Total financial assets measured at amortized cost	181,407	194,335	241,961
Financial assets at fair value through profit or loss
Derivatives	139	261	1,770
Convertible loan	3,744	3,494	3,560
Total financial assets measured at fair value through profit and loss	3,883	3,755	5,330
Financial assets at fair value through OCI
Non-listed equity investments		307	399
Total financial assets at fair value through OCI		307	399
Fair value
Financial assets measured at amortized cost
Trade receivables (current)	52,698	51,043	41,541
Other financial assets (non-current)	493	404	2,696
Other current non-trade receivables	643	2,021	1,696
Cash & cash equivalents	127,573	140,867	196,028
Total financial assets measured at amortized cost	€ 181,407	€ 194,335	€ 241,961

Fair value - Financial liabilit

Fair value - Financial liabilities (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financial liabilities measured at amortized cost
Total gross debt	€ 64,398	€ 80,980	€ 99,107
Carrying value
Financial liabilities measured at amortized cost
Total gross debt	64,398	80,980	99,108
Trade payables	21,196	23,230	20,171
Other liabilities excl. written put option on NCI	335	330	485
Total financial liabilities measured at amortized cost	85,929	104,540	119,764
Financial liabilities measured at fair value
Cash settled share based payments	0	9	147
Derivatives	0	0	118
Total financial liabilities measured at fair value	0	9	265
Total non-current	38,915	61,020	79,905
Total current	47,014	43,529	40,124
Fair value
Financial liabilities measured at amortized cost
Total gross debt	63,062	78,848	100,417
Trade payables	21,196	23,230	20,171
Other liabilities excl. written put option on NCI	335	330	485
Total financial liabilities measured at amortized cost	€ 84,593	€ 102,408	€ 121,073

Fair value - Hierarchy 3 evolut

Fair value - Hierarchy 3 evolution, Convertible Loans Ditto & Fluidda (Details) - Convertible loans Ditto & Fluidda - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
fair value of financial assets
As at 1 January	€ 3,494	€ 3,560	€ 6,203
Addition	0	0	0
Remeasurement	0	(316)	0
Capitalized interest	250	250	0
Reimbursement Ditto convertible loan	0	0	(2,643)
As at 31 December	€ 3,744	€ 3,494	€ 3,560

Fair value - Hierarchy, Written

Fair value - Hierarchy, Written Put Option on NCI RapidFit (Details) - Written put option on NCI RapidFit+ - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair value of financial liabilities
As at 1 January	€ 0	€ 0	€ 875
Remeasurement	0	0	0
Payout put-option PMV	0	0	(875)
As at 31 December	€ 0	€ 0	€ 0

Fair value - Narrative (Details

Fair value - Narrative (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2020
Fair value
AM Flow fair value	€ 0			€ 307
Fair value of non-listed equity investment	0		€ 0
Fair value adjustment in equity investment	307	€ 92	€ 3,443
Fluidda fair value	€ 3,802
Fluidda - Maturity years	7 years
Fluidda - Interest rate	10%
Fluidda - Discount rate	13.32%
Fluidda - Sensitivity WACC	1%
Fluidda - Sensitivity WACC +	€ 52
Fluidda - Sensitivity WACC -	€ 51

Segment information (Details)

Segment information (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating segments
Revenue	€ 256,127	€ 232,023	€ 205,450
Materialise Software
Operating segments
Revenue	44,442	43,688	42,902
Segment adjusted EBITDA	€ 7,450	€ 1,514	€ 15,705
Segment adjusted EBITDA %	0.168%	0.035%	0.366%
Materialise Medical
Operating segments
Revenue	€ 101,376	€ 84,846	€ 73,368
Segment adjusted EBITDA	€ 26,544	€ 18,822	€ 20,669
Segment adjusted EBITDA %	0.262%	0.222%	0.282%
Materialise Manufacturing
Operating segments
Revenue	€ 110,310	€ 103,489	€ 89,180
Segment adjusted EBITDA	€ 7,537	€ 8,229	€ 6,275
Segment adjusted EBITDA %	0.068%	0.08%	0.07%
Total segments
Operating segments
Revenue	€ 256,127	€ 232,023	€ 205,450
Segment adjusted EBITDA	€ 41,530	€ 28,565	€ 42,649
Segment adjusted EBITDA %	0.162%	0.123%	0.208%
Unallocated
Operating segments
Revenue	€ 0	€ 0
Segment adjusted EBITDA	(10,133)	(9,551)	€ (10,159)
Consolidated Segments
Operating segments
Revenue	256,127	232,023	205,450
Segment adjusted EBITDA	€ 31,397	€ 19,014	€ 32,490
Segment adjusted EBITDA %	0.123%	0.082%	0.158%

Segment information - Additiona

Segment information - Additional information (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment information
Percentage of revenue	10%	1%	1%
Total revenue realized in the country of domicile	€ 8,265	€ 7,407	€ 6,947
Revenue	256,127	232,023	205,450
Medical Segment
Segment information
Revenue	€ 39,868	€ 31,338	€ 26,772

Segment information - Reconcili

Segment information - Reconciliation (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating segments
Net profit (loss) for the year	€ 6,695	€ (2,153)	€ 13,145
Income tax benefit/(expense)	(78)	(975)	(591)
Financial income	5,019	6,114	5,620
Financial expenses	(3,865)	(4,420)	(4,101)
Operating (loss)/ profit	5,619	(2,872)	12,217
Consolidated entity
Operating segments
Net profit (loss) for the year	6,695	(2,153)	13,145
Share in loss of joint venture	0	0	0
Income tax benefit/(expense)	78	975	591
Financial income	(5,019)	(6,114)	(5,620)
Financial expenses	3,865	4,420	4,101
Operating (loss)/ profit	5,619	(2,872)	12,217
Impairments	4,228	0	177
Other operating income (expense)	(3,077)	(2,693)	(3,527)
Corporate headquarter costs	(10,464)	(9,504)	(10,317)
Corporate research and development	(2,785)	(2,600)	(2,948)
Depreciation, amortization and impairment	21,511	22,026	20,516
Segment adjusted EBITDA	€ 41,530	€ 28,565	€ 42,649

Segment information - Revenue b

Segment information - Revenue by geographical area (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue by geographical area
Revenue	€ 256,127	€ 232,023	€ 205,450
United States of America
Revenue by geographical area
Revenue	90,350	79,380	69,140
Americas other than USA
Revenue by geographical area
Revenue	7,049	7,544	6,297
Belgium
Revenue by geographical area
Revenue	8,265	7,407	6,947
Germany
Revenue by geographical area
Revenue	33,172	30,039	20,442
France
Revenue by geographical area
Revenue	19,053	16,237	12,964
Switzerland
Revenue by geographical area
Revenue	20,780	16,918	13,643
United Kingdom
Revenue by geographical area
Revenue	15,153	11,062	8,836
Italy
Revenue by geographical area
Revenue	11,412	8,124	6,520
Netherlands
Revenue by geographical area
Revenue	7,977	6,621	7,310
Other Europe
Revenue by geographical area
Revenue	22,928	28,731	33,816
Asia Pacific
Revenue by geographical area
Revenue	€ 19,988	€ 19,960	€ 19,535

Segment information - Non-curre

Segment information - Non-current assets by geographical area (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Non-current assets by geographical areas
Non-current assets other than financial instruments, deferred tax assets	€ 183,625	€ 190,167	€ 155,604
United States of America
Non-current assets by geographical areas
Non-current assets other than financial instruments, deferred tax assets	12,329	12,048	4,237
Americas other than USA
Non-current assets by geographical areas
Non-current assets other than financial instruments, deferred tax assets	3,023	3,812	3,276
Belgium
Non-current assets by geographical areas
Non-current assets other than financial instruments, deferred tax assets	85,150	91,690	67,865
Germany
Non-current assets by geographical areas
Non-current assets other than financial instruments, deferred tax assets	61,520	60,374	55,712
Poland
Non-current assets by geographical areas
Non-current assets other than financial instruments, deferred tax assets	12,000	11,640	12,756
Rest of Europe
Non-current assets by geographical areas
Non-current assets other than financial instruments, deferred tax assets	8,024	8,591	10,019
Asia-Pacific
Non-current assets by geographical areas
Non-current assets other than financial instruments, deferred tax assets	€ 1,578	€ 2,012	€ 1,739

Income and expenses - Disaggreg

Income and expenses - Disaggregated revenue information (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Materialise Software [Member]
Geographical markets
United States of America (USA)	€ 15,451	€ 14,946
Americas other than USA	488	523
Europe (without Belgium) & Africa	17,708	17,148
Belgium	130	247
Asia Pacific	10,665	10,825
Total revenue from contracts with customers	44,442	43,688
Type of goods or service
Software revenue (non-medical)	44,442	43,688
Timing of revenue recognition
Goods/Services transferred at point in time	14,844	16,067
Goods/Services transferred over time	29,598	27,621
Total segments
Geographical markets
United States of America (USA)	90,350	79,380
Americas other than USA	7,049	7,544
Europe (without Belgium) & Africa	130,476	117,731
Belgium	8,265	7,408
Asia Pacific	19,988	19,960
Total revenue from contracts with customers	256,127	232,023
Type of goods or service
Software revenue (non-medical)	44,442	43,688
Software revenue (medical)	31,700	27,074
Medical devices and services	69,676	57,772
Manufacturing	110,310	103,489
Timing of revenue recognition
Goods/Services transferred at point in time	193,799	176,531
Goods/Services transferred over time	62,329	55,492
Materialise Medical [Member]
Geographical markets
United States of America (USA)	53,748	45,929
Americas other than USA	5,673	5,752
Europe (without Belgium) & Africa	34,082	24,468
Belgium	1,155	1,003
Asia Pacific	6,718	7,694
Total revenue from contracts with customers	101,376	84,846
Type of goods or service
Software revenue (medical)	31,700	27,074
Medical devices and services	69,676	57,772
Timing of revenue recognition
Goods/Services transferred at point in time	73,750	61,884
Goods/Services transferred over time	27,626	22,962
Materialise Manufacturing [Member]
Geographical markets
United States of America (USA)	21,151	18,505
Americas other than USA	888	1,269
Europe (without Belgium) & Africa	78,686	76,116
Belgium	6,980	6,158
Asia Pacific	2,605	1,441
Total revenue from contracts with customers	110,310	103,489
Type of goods or service
Manufacturing	110,310	103,489
Timing of revenue recognition
Goods/Services transferred at point in time	105,205	98,580
Goods/Services transferred over time	5,105	4,909
Consolidated
Geographical markets
United States of America (USA)	90,350	79,380
Americas other than USA	7,049	7,544
Europe (without Belgium) & Africa	130,476	117,731
Belgium	8,265	7,408
Asia Pacific	19,988	19,960
Total revenue from contracts with customers	256,127	232,023
Type of goods or service
Software revenue (non-medical)	44,442	43,688
Software revenue (medical)	31,700	27,074
Medical devices and services	69,676	57,772
Manufacturing	110,310	103,489
Timing of revenue recognition
Goods/Services transferred at point in time	193,799	176,531
Goods/Services transferred over time	€ 62,329	€ 55,492

Income and expenses - Revenue p

Income and expenses - Revenue per type of good or service (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of revenue by category [line items]
Revenue	€ 256,127	€ 232,023	€ 205,450
Software revenue (non-medical)
Disclosure of revenue by category [line items]
Revenue	44,442	43,688	42,902
Software revenue (medical)
Disclosure of revenue by category [line items]
Revenue	31,700	27,074	22,887
Medical devices and services
Disclosure of revenue by category [line items]
Revenue	69,676	57,772	50,481
Manufacturing
Disclosure of revenue by category [line items]
Revenue	€ 110,310	€ 103,489	€ 89,180

Income and expenses - Contract

Income and expenses - Contract balances (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income and expenses
Trade receivables, included in 'trade and other receivables'	€ 53,505	€ 51,443	€ 42,814
Contract assets / Contracts in progress	637	643	495
Contract liabilities / deferred income/advances received on contracts	€ 50,390	€ 50,065	€ 39,324

Income and expenses - Contrac_2

Income and expenses - Contract balance additional information (Details) € in Thousands	12 Months Ended
	Dec. 31, 2023 EUR (€)
Contract Balances [Line Items]
Minimum term for maintenance contract	1 year
Minimum term for contracts with up-front fees	1 year
Revenue that was included in contract liability at beginning of period	€ 41,721
Minimum
Contract Balances [Line Items]
Revenue, remaining performance obligations recognition period	1 year
Maximum
Contract Balances [Line Items]
Revenue, remaining performance obligations recognition period	3 years

Income and expenses - Cost of s

Income and expenses - Cost of sales (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cost of sales [Line Items]
Total	€ (110,996)	€ (103,255)	€ (87,278)
Total cost of sales [member]
Cost of sales [Line Items]
Purchase of goods and services	(53,747)	(51,597)	(38,691)
Amortization and depreciation	(11,298)	(11,174)	(11,296)
Payroll expenses	(46,678)	(42,718)	(38,499)
Work in Progress	727	2,234	1,208
Total	€ (110,996)	€ (103,255)	€ (87,278)

Income and expenses - Research

Income and expenses - Research and development expenses (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Research and development expenses [Line Items]
Total	€ (38,098)	€ (37,568)	€ (26,891)
Research and development expenses [member]
Research and development expenses [Line Items]
Purchase of goods and services	(4,759)	(5,930)	(3,770)
Amortization and depreciation	(1,459)	(1,454)	(1,821)
Payroll expenses	(31,900)	(30,184)	(21,300)
Other	20
Total	€ (38,098)	€ (37,568)	€ (26,891)

Income and expenses - Sales and

Income and expenses - Sales and marketing expenses (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Sales and marketing expenses [Line Items]
Total	€ (57,822)	€ (62,125)	€ (49,151)
Sales and marketing expenses [Member]
Sales and marketing expenses [Line Items]
Purchase of goods and services	(10,437)	(11,802)	(6,704)
Amortization and depreciation	(2,285)	(2,541)	(1,892)
Payroll expenses	(45,100)	(47,782)	(40,555)
Total	€ (57,822)	€ (62,125)	€ (49,151)

Income and expenses - General a

Income and expenses - General and administrative expenses (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
General and administrative expenses [line items]
Total	€ (37,068)	€ (35,143)	€ (33,315)
General and administrative expenses [member]
General and administrative expenses [line items]
Purchase of goods and services	7,211	6,240	11,248
Amortization and depreciation	(2,361)	(1,710)	(2,987)
Payroll expenses	(27,496)	(27,193)	(19,080)
Total	€ (37,068)	€ (35,143)	€ (33,315)

Income and expenses - Net other

Income and expenses - Net other operating income (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income and expenses
Government grants	€ 4,853	€ 4,932	€ 4,466
Amortization intangibles purchase price allocation	(4,012)	(5,146)	(2,521)
Allowance for doubtful debtors	(448)	390	(58)
Capitalized expenses (asset construction)			223
Tax credits	1,360	887	746
Arbitration settlement	(5,189)
Impairment of intangible assets and PP&E	(3,054)		(177)
Impairment of goodwill	(1,175)		(177)
Indemnity fee from commercial agreement		506
COVID support Germany		681
Other	1,141	946	723
Total	€ (6,524)	€ 3,196	€ 3,402

Income and expenses - Net oth_2

Income and expenses - Net other operating income - Additional Information (Details) € in Millions	1 Months Ended
	May 31, 2023 EUR (€)
ZimmerBiomet
Analysis of income and expense [line items]
Arbitration settlement including interests	€ 5.2

Income and expenses - Payroll e

Income and expenses - Payroll expenses (Details) - Payroll expenses [domain member] € in Thousands	12 Months Ended
	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)
Payroll expenses [line items]
Short-term employee benefits	€ (117,443)	€ (115,169)	€ (93,850)
Social security expenses	(19,430)	(19,002)	(17,076)
Expenses defined contribution plans	(1,586)	(1,463)	(1,250)
Other employee expenses	(12,715)	(12,241)	(7,259)
Total	€ (151,174)	€ (147,875)	€ (119,435)
Total registered employees at the end of the period	2,437	2,439	2,332

Income and expenses - Financial

Income and expenses - Financial expense (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income and expenses
Interest expense	€ (1,751)	€ (2,047)	€ (2,435)
Foreign exchange losses	(1,770)	(1,645)	(1,258)
Other financial expenses	(344)	(728)	(408)
Total	€ (3,865)	€ (4,420)	€ (4,101)

Income and expenses - Financi_2

Income and expenses - Financial income (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income and expenses
Interest income	€ 4,450	€ 1,332	€ 658
Foreign exchange gains	563	4,778	4,904
Other finance income	6	4	58
Total	€ 5,019	€ 6,114	€ 5,620

Income and expenses - Current i

Income and expenses - Current income taxes (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income and expenses
Current income tax	€ (2,355)	€ (2,000)	€ (1,252)
Deferred income taxes	2,277	1,025	661
Total income taxes for the period	€ (78)	€ (975)	€ (591)

Income and expenses - Deferred

Income and expenses - Deferred tax (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total deferred tax assets	€ 2,797	€ 1,186	€ 227
Total deferred tax liabilities	(3,725)	(4,312)	(4,371)
Total deferred tax income (expense)	2,277	1,025	661
Assets/(liabilities) [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax losses, patent and innovation income deduction, and other tax credits	3,199	3,134	2,162
Amortization development assets and other intangible assets	400	328	136
Depreciation property, plant & equipment	224	40	55
Leases	53	72	35
Other items	343		274
Total deferred tax assets	4,220	3,574	2,662
Property, plant and equipment	(569)	(274)	(850)
Intangible assets	(3,664)	(5,470)	(5,757)
Deferred income	(743)	(778)
Investment grants	(172)	(178)	(199)
Total deferred tax liabilities	(5,148)	(6,700)	(6,806)
Netting	1,422	2,388	2,435
Total deferred tax assets, net	2,797	1,186	227
Total deferred tax liabilities, net	(3,725)	(4,312)	(4,371)
Income/(expense) [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total deferred tax assets	3,623	4,580	687
Total deferred tax liabilities	(1,345)	(3,554)	(26)
Total deferred tax income (expense)	€ 2,277	€ 1,025	€ 661

Income and expenses - Income ta

Income and expenses - Income taxes - Deferred tax additional information (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2021
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	€ 1,186	€ 2,797	€ 227
Deferred tax liabilities	4,312	3,725	4,371
Materialise USA
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	1,600	1,000	0
Increase decrease deferred tax and unused tax losses
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unused tax loss carry-forward, tax credits and other	87,558	91,753	48,648
Unused tax loss carry-forward, tax credits and other (MAT NV)	€ 45,245	46,533	35,578
Deferred tax liabilities		5,148
Tax Losses, Innovation Income Deduction, And Other Tax Credits [Member] | Materialise NV [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Innovation income deduction %	85%
Deferred tax assets	€ 200	€ 100	€ 0

Income and expenses - Relations

Income and expenses - Relationship tax expense and accounting profit (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income and expenses
Profit (loss) before taxes	€ 6,772	€ (1,178)	€ 13,736
Income tax at statutory rate of 25%	(1,693)	295	(3,432)
Effect of different local tax rate	(416)	39	12
Tax adjustments to the previous period	(63)	84	88
Non-deductible expenses	(324)	(431)	(354)
Research and development tax credits	203	177	398
Innovation income deduction	2,560		2,847
Non recognition of deferred tax asset	(1,815)	(1,706)	(407)
Recognition of previously unrecognized tax losses	1,186	548
Non-taxable income	450	406	350
Use of previous years' tax losses and tax credits for which no deferred tax assets were recognized		243	163
Taxes on other basis	(232)	(149)	(71)
Other	66	(481)	(185)
Income tax benefit (expense) as reported in the consolidated income statement	€ (78)	€ (975)	€ (591)

Earnings per share - Summary of

Earnings per share - Summary of net profit (loss) for the year used for the basic and diluted earnings per share (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings per share
Net profit (loss) attributable to ordinary equity holders of the parent for basic earnings	€ 6,722	€ (2,123)	€ 13,154
Net profit (loss) attributable to ordinary equity holders of the parent adjusted for the effect of dilution	€ 6,722	€ (2,123)	€ 13,154

Earnings Per Share - Summary _2

Earnings Per Share - Summary of share data used in the basic and diluted earnings per share computations (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings per share
Weighted average number of ordinary shares for basic earnings per share	59,067	59,064	56,685
Effect of dilution:
Warrants	18		158
Weighted average number of ordinary shares adjusted for effect of dilution	59,085	59,064	56,843

Earnings Per Share - Summary _3

Earnings Per Share - Summary of earnings per share (Details) - € / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings per share
Basic	€ 0.11	€ (0.04)	€ 0.23
Diluted	€ 0.11	€ (0.04)	€ 0.23

Commitment and contingent liabi

Commitment and contingent liabilities - Mortgages and pledges (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Commitments and contingent liabilities
Carrying value property, plant and equipment related to mortgages and loans	€ 22,165	€ 23,560	€ 25,582
Total outstanding mortgages and pledges	100,755	100,978	103,685
Pledges on business goodwill	69,300	69,300	69,300
Other fixed assets pledges as security	€ 219	€ 442	€ 1,399

Commitment and contingent lia_2

Commitment and contingent liabilities - Other commitments (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Commitments and contingent liabilities
Outstanding non-cancellable contracts with future commitment	€ 22,267	€ 25,385	€ 7,043
Committed expenditures in property, plant and equipment	€ 9,330	€ 0	€ 0

Risks - Foreign currency sensit

Risks - Foreign currency sensitivity (Details) € in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2022	Dec. 31, 2021
Disclosure of risk management strategy related to hedge accounting [line items]
Revenue derived from sales in currency different from euro	34%	34%	39%	35%
Percentage of increase in net result with change in USD rate	10%	10%
Increase in net result with change in USD rate	€ 900
Rate for amount in EUR	€ 1
Percentage of decrease in net result with change in USD rate	10%	10%
Decrease in net result due to USD depreciation	€ 800
Currency swap contract [member]
Disclosure of risk management strategy related to hedge accounting [line items]
Financial assets | $		$ 11.2

Risks - Liquidity risk (Details

Risks - Liquidity risk (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Risks
Cash and cash equivalents disposed off	€ 127,600
Short term gross debt	25,500
Borrowings	64,398	€ 80,980	€ 99,107
Amount of undrawn credit line	€ 50,000

Risks - Range of contracted obl

Risks - Range of contracted obligations (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Risks
Loans & borrowings	€ 58,867	€ 76,931	€ 95,159
Lease liabilities	8,732	8,519	9,334
Trade payables	21,196	23,230	20,171
Other liabilities	965
Other current liabilities		339	750
Total	89,760	109,019	125,414
Less than 1 year
Risks
Loans & borrowings	23,858	18,156	19,081
Lease liabilities	2,895	3,080	3,496
Trade payables	21,196	23,230	20,171
Other liabilities	650
Other current liabilities		339	750
Total	48,599	44,805	43,498
2 to 3 years
Risks
Loans & borrowings	19,668	35,131	41,590
Lease liabilities	3,010	2,725	3,790
Trade payables	0	0	0
Other liabilities	315
Other current liabilities		0	0
Total	22,993	37,856	45,380
4-5 years
Risks
Loans & borrowings	8,257	15,017	19,587
Lease liabilities	1,951	1,289	946
Trade payables	0	0	0
Other liabilities	0
Other current liabilities		0	0
Total	10,208	16,306	20,533
More than 5 years
Risks
Loans & borrowings	7,084	8,627	14,901
Lease liabilities	876	1,425	1,102
Trade payables	0	0	0
Other liabilities	0
Other current liabilities		0	0
Total	€ 7,960	€ 10,052	€ 16,003

Risks - Credit risk (Details)

Risks - Credit risk (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Risks
Trade receivables	€ 52,698	€ 51,043	€ 41,541
Non-due
Risks
Trade receivables	41,895	41,764	34,002
Less than 30 days
Risks
Trade receivables	7,053	5,451	4,199
31-60 days
Risks
Trade receivables	1,213	2,212	1,634
61-90 days
Risks
Trade receivables	983	656	426
91-180 days
Risks
Trade receivables	935	458	611
More than 181 days
Risks
Trade receivables	€ 619	€ 502	€ 669

Related party transactions - Co

Related party transactions - Compensation of key management personnel (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related party transactions
Short-term employee benefits	€ 2,554	€ 2,736	€ 2,832
Post-employment benefits	73	75	93
Total	2,627	2,811	2,925
Warrants granted	350,000	0	0
Warrants outstanding	€ 350,000	€ 0	€ 4,545

Related party transaction - Tra

Related party transaction - Transactions into related parties (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related party transactions
Depreciation	€ 3,296	€ 3,306	€ 3,640
Right-of-Use Assets	8,102	8,420	9,054
Non-executive directors of the Group
Related party transactions
Sale of goods to	0	0	0
Purchases from	172	163	122
Depreciation	0	0	0
Interest expense	0	0	0
Right-of-Use Assets	0	0	0
Receivables	0	0	0
Lease liabilities	0	0	0
Other liabilities	64	86	58
Shareholders of the Group
Related party transactions
Sale of goods to	0	0	0
Purchases from	97	104	37
Depreciation	0	0	0
Interest expense	3	5	6
Right-of-Use Assets	0	0	0
Receivables	0	0	77
Lease liabilities	0	0	0
Other liabilities	64	96	60
Joint ventures
Related party transactions
Sale of goods to	0	0	0
Purchases from	0	0	0
Depreciation	0	0	0
Interest expense	0	0	0
Right-of-Use Assets	0	0	0
Receivables	0	0	0
Lease liabilities	0	0	0
Other liabilities	0	0	0
Non-controlling interests
Related party transactions
Sale of goods to	0	0	0
Purchases from	0	0	0
Depreciation	0	0	0
Interest expense	0	0	0
Right-of-Use Assets	0	0	0
Receivables	0	0	0
Lease liabilities	0	0	0
Other liabilities	€ 0	€ 0	€ 0

Related party transactions - Na

Related party transactions - Narrative (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related party transactions
Number Of Warrants Granted	350
Share based payment expense related to key management	€ 47	€ 0	€ 132
Rent paid to Ailanthus (related party)	€ 97	€ 104	€ 37

Overview of consolidated enti_3

Overview of consolidated entities (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Overview of consolidated entities
Entity incorporation, state or country code	C9
Materialise NV
Overview of consolidated entities
Entity incorporation, state or country code	C9
Percentage of equity interest held	100%	100%	100%
Materialise SAS
Overview of consolidated entities
Entity incorporation, state or country code	I0
Percentage of equity interest held	100%	100%	100%
Materialise GmbH
Overview of consolidated entities
Entity incorporation, state or country code	2M
Percentage of equity interest held	100%	100%	100%
Materialise Japan K.K.
Overview of consolidated entities
Entity incorporation, state or country code	M0
Percentage of equity interest held	100%	100%	100%
Materialise s.r.o.
Overview of consolidated entities
Entity incorporation, state or country code	2N
Percentage of equity interest held	100%	100%	100%
Materialise USA, LLC
Overview of consolidated entities
Entity incorporation, state or country code	X1
Percentage of equity interest held	99%	99%	99%
OBL SAS
Overview of consolidated entities
Entity incorporation, state or country code	I0
Percentage of equity interest held	100%	100%	100%
Materialise Austria GmbH
Overview of consolidated entities
Entity incorporation, state or country code	C4
Percentage of equity interest held	100%	100%	100%
MATERIALISE SDN. BHD
Overview of consolidated entities
Entity incorporation, state or country code	N8
Percentage of equity interest held	100%	100%	100%
Materialise Ukraine LLC
Overview of consolidated entities
Entity incorporation, state or country code	2H
Percentage of equity interest held	100%	100%	100%
RapidFit NV
Overview of consolidated entities
Entity incorporation, state or country code	C9
Percentage of equity interest held	100%	100%	100%
Meridian Technique Limited
Overview of consolidated entities
Entity incorporation, state or country code	X0
Percentage of equity interest held	100%	100%	100%
OrthoView Holdings Limited
Overview of consolidated entities
Entity incorporation, state or country code	X0
Percentage of equity interest held	100%	100%	100%
Materialise SA
Overview of consolidated entities
Entity incorporation, state or country code	R9
Percentage of equity interest held	100%	100%	100%
Materialise Colombia SAS
Overview of consolidated entities
Entity incorporation, state or country code	F8
Percentage of equity interest held	100%	100%	100%
Materialise Motion NV
Overview of consolidated entities
Entity incorporation, state or country code	C9
Percentage of equity interest held	100%	100%	100%
Materialise Shanghai Co.Ltd
Overview of consolidated entities
Entity incorporation, state or country code	F4
Percentage of equity interest held	100%	100%	100%
Engimplan Engenharia de Implante Industria E Comrcio Ltda
Overview of consolidated entities
Entity incorporation, state or country code	D5
Percentage of equity interest held	100%	100%	100%
Engimplan Holding Ltda
Overview of consolidated entities
Entity incorporation, state or country code	D5
Percentage of equity interest held	100%	100%	100%
Materialise Limited
Overview of consolidated entities
Entity incorporation, state or country code	M5
Percentage of equity interest held	100%	100%	100%
Materialise Australia PTY Ltd
Overview of consolidated entities
Entity incorporation, state or country code	C3
Percentage of equity interest held	100%	100%	100%
Materialise S.R.L.
Overview of consolidated entities
Entity incorporation, state or country code	L6
Percentage of equity interest held	100%	100%	100%
ACTech GmbH
Overview of consolidated entities
Entity incorporation, state or country code	2M
Percentage of equity interest held	100%	100%	100%
ACTech Holding GmbH
Overview of consolidated entities
Entity incorporation, state or country code	2M
Percentage of equity interest held	100%	100%	100%
ACTech North America, Inc.
Overview of consolidated entities
Entity incorporation, state or country code	X1
Percentage of equity interest held	100%	100%	100%
Tianjin Zhenyuan Materialise Medical Technology Ltd
Overview of consolidated entities
Entity incorporation, state or country code	F4
Percentage of equity interest held	51%	51%	51%