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Financial statements

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Note to the consolidated statement of profit or loss

All amounts in € thousands, unless otherwise stated.

13 Management fee

Bouwinvest received a management fee totalling € 53.2 million (2020: € 50.3 million), consisting of € 52.9 million (2020: € 50.0 million) on the basis of the net asset value.

14 Personnel costs

Wages and salaries increased by € 1.8 million in 2021. This was largely due to the growth in the number of FTEs and an increase in fixed salaries as a result of the revised remuneration policy.

15 Other operating expenses

Non-deductible VAT was €0.9 million lower than in 2020, mainly due to lower non-deductible VAT as a result of lower total expenses than initially budgeted (impact € 0.3 million) and the release of part of the provision for VAT deduction for expenses

16 Result from investments in associates

17 Interest income and expenses

18 Corporate income tax

Subsequent events

In January 2022, the Utrechtse Bomenstichting tree protection society filed a report with the Public Prosecutor's Office of possible bribery at the Utrecht city council related to a 2019 transaction.