20. Contract assets

The contract assets relate to costs incurred to obtain and/or fulfil a contract. As at 31 December 2023, the non-current assets amount to €9.2 million and the current contract assets amounts to €7.9 million. There was no impairment loss in relation to the costs capitalised.

The maximum exposure of credit risk at the reporting date is the carrying value of the contract assets. TMF Group does not hold any collateral as security. TMF Group has no significant concentrations of credit risk.