You are Pilar Goicoechea-Larrañaga, 47, Sustainability Controller at Brunet-Marçal, a Bilbao-headquartered IBEX Small Cap industrial group. The first CSRD-mandatory sustainability report — FY2025 — must be published in six weeks alongside the annual accounts. The numbers are not all of equal quality. You decide which gaps to disclose, which to estimate, and which to defer.
The situation
Brunet-Marçal makes electrical components and automation modules for wind, solar and grid-scale storage. €480M revenue, 2,200 employees, plants in Bilbao, Zaragoza, Porto, Kraków and Querétaro. Listed since 2008. Float ~45%, balance held by the founding Marçal family and a Spanish pension fund.
FY2025 is the first year CSRD applies to Brunet-Marçal. The board chose limited assurance from KPMG (mandatory floor), and adopted IFRS S2 voluntarily to align with two IBEX-35 peers. The materiality assessment closed in February. Of the 14 material topics, three carry data-quality risk — and one (Scope 3 upstream emissions, especially Category 1: purchased goods and services) is now the focus of a heated debate between you, the CFO, and the assurance team.