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Report of Management Board

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Financial results of the management organisation


Net income amounted to -/- € 2.2 million in 2023 (2022: € 5.4 million). The operating result of -/- € 3.0 million recorded in 2023 was € 10.1 million lower than in 2022 due to a combination of the challenging market conditions and higher operating expenses. The challenging market conditions caused a decline in assets under management in 2023 resulting in lower fee income (negative impact € 4.9 million). The increase of the operating expenses of € 5.2 million is amongst others driven by one-off costs for the organisational transformation. When excluding the one-off costs a modest profit of € 0.3 million remains over 2023.

Management fee

The management fee decreased by € 4.9 million year-on-year to € 55.0 million in 2023 (2022: €59.9 million). Redemptions, a lower amount of newly invested capital and downward valuations of the investments under management caused a decline in assets under management and thus a lower fee income. The negative valuations and their resulting downward impact on the management fees are considered to be part of “normal” cyclical movements in the real estate markets.

Operating expenses

Operating expenses increased by € 5.2 million (9.8%) to € 58.0 million in 2023, from € 52.9 million in 2022. This increase was mainly the result of € 5.1 million higher personnel costs.

The higher personnel costs were due to an increase in the number of employees to 230.2 FTEs (year-end 2022: 209.8 FTEs), an indexation of all salaries effective 1 July 2023, additional annual merit salary increases, extra temporary staff and one-off costs. The extra temporary staff were primarily used to temporarily fill vacancies and for the execution of (change) projects. One-offs in personnel costs also include additional resources in the Transformation Office for the execution of the #invest project and these costs will gradually decline over 2024 as #invest is completed.

Result from investments in associates

The decrease of the result in associates is driven by the deteriorating real estate market circumstances in 2023.

Interest income and expenses

Interest income is €0.9 million higher than in 2023 due to an increase in interest rates.

Corporate income tax

The total corporate income tax in 2023 amounted to -/- € 0.8 million (2022: € 1.8 million). The effects of changes in the deferred tax assets and liabilities were limited.

The effective tax rate for 2023 was 25%, in line with 2022.

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 € 2.2 million to € 42.4 million in 2023 (2022: € 44.7 million). This decrease is a result the deduction of net income for 2023 (€ 2.2 million).

The solvency ratio stood at 82% in 2023 (75% in 2022). This increase is a result of a decrease of the total assets and liabilities mainly driven by a decrease in the current liabilities (€ 5.4 million) as a result of the decrease of the payable to shareholder.

Cash position

At year-end 2023, Bouwinvest had € 29.8 million on current accounts 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 deduct € 2.2 million of the 2023 loss 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 deduction of the 2023 loss to its retained earnings is in line with this capital policy.