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Report of Management Board

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Financial results management organisation


Net income amounted to € 5.4 million in 2022 (2021: € 6.5 million). The operating result of € 7.0 million recorded in 2022 was € 0.4 million lower than in 2021. This decrease was due to higher personnel costs and operating expenses, which were not completely covered by the increased management fees.

Management fee

The management fee increased by €6.8 million year-on-year to €59.9 million in 2022 (2021: €53.2 million). This increase was due to the higher average Net Asset Value (NAV) in 2022 compared to 2021. During the first half year of 2022 an increase of the NAV's was noted, due to positive revaluations. The rising (mortgage) interest rates, high inflation, high energy prices and the geopolitical situation negatively affected the valuation of the real estate portfolio in the second half year of 2022. 

Economical and geopolitical uncertainties are triggering discussions about the development of the real estate investment and user markets. Although capital is still available in the market for investments, investors often wait for a more stable and predictable situation. Going forward, this might lead to fewer comparable transactions for appraisers to determine the market value and drive fluctuations in values during the coming quarters which impact the management fee. In 2022, no material uncertainty clauses were included in the appraisal reports.

Operating expenses

Operating expenses increased by € 7.1 million (15.6%) to € 52.9 million in 2022, from € 45.7 million in 2021. This increase was mainly the result of € 2.4 million higher personnel costs and € 4.7 million higher other operating expenses.

The higher personnel costs were due to an increase in the number of employees to 209.8 FTEs (year-end 2021: 196.6 FTEs), an indexation of salaries effective 1 July 2022, annual salary increases and extra temporary staff. These extra temporary staff were primarily used to fill vacancies and in the execution of projects.

The higher other operating expenses were due to several factors described hereafter. Automation costs increased by € 1.6 million due to a combination of higher costs related to projects (priorities 2022) and higher costs for IT-applications (subscriptions and licences) and hardware. Non-deductible VAT was € 1.1 million higher than in 2021, mainly due to higher non-deductible VAT as a result of higher total costs in 2022 (impact € 0.5 million) and a release of part of the provision for the right to deduct VAT for costs resulting from the fiscal unity in 2021 (impact € 0.6 million). As a result of higher prices by suppliers and other business partners due to the inflation an increase of costs is noted in most of the categories of the other operating expenses.

Result from investments in associates

The decrease of the result in associates is driven by the deteriorating real estate market circumstances in 2022.

Corporate income tax

The total corporate income tax expense in 2022 amounted to € 1.8 million (2021: € 2.2 million). The effects of changes in the deferred tax assets and liabilities were limited.

The effective tax rate for 2022 was 25%, in line with 2021.

The deferred tax liabilities are related to the difference between the fiscal and commercial valuation of the participations in the Dutch funds (cost price versus fair value) valued at the expected tax rate. Deferred tax assets are related to the difference between the fiscal and commercial carrying amount of tangible and intangible fixed assets. For tax purposes, assets cannot be depreciated more quickly than over five years, while some assets have a shorter depreciation period for commercial purposes.

Financial position


Bouwinvest's shareholders’ equity decreased by € 0.6 million to € 44.7 million in 2022 (2021: € 45.2 million). This decrease is a result of the distribution of € 6.0 million dividend (based on the result of 2021 and paid out in 2022) and the addition of net income for 2022 (€ 5.4 million).

The solvency ratio stood at 75% in 2022 (72% in 2021). This increase is a result of a decrease of the total assets (€ 3 million) mainly driven by a decrease in the current liabilities (€ 2.3 million) and a decrease of equity (€ 0.6 million).

Cash position

At year-end 2022, Bouwinvest had € 36.0 million of current account balances available with the company's bank ABN AMRO. This is more than enough to cover all outstanding liabilities and also meets the formal requirements of the AIFM directive.

Profit distribution and dividend policy

The Management Board proposes to add € 5.4 million of the 2022 profit to its retained earnings. Bouwinvest aims to have future-proof shareholders’ equity to facilitate the growth of the organisation and to achieve its strategic objectives. Bouwinvest's capital policy is geared towards achieving this and the proposed addition of the 2022 profit to its retained earnings is in line with this capital policy.