32. Contract balances

Contract assets stood at €259.1 million (December 31, 2024: €278.1 million); most of this amount, €245.9 million (December 31, 2024: €263.6 million), was attributable to goods and services provided in the project business that have not yet been billed.

Of the contract liabilities, €457.1 million was attributable to project business contracts with a net debit balance due to customers (December 31, 2024: €566.1 million) and €198.2 million to prepayments received from customers (December 31, 2024: €212.5 million). The revenue recognized in the reporting period that was included in the contract liability balance at the beginning of the period amounted to €674.7 million (2024: €665.4 million).