Notes to the company balance sheet and income statement
9. General
9.1 Accounting policies
The company financial statements were prepared in accordance with the statutory provisions of Title 9, Book 2, of the Dutch Civil Code (DCC) and the Dutch Guidelines for Annual Reporting (Richtlijnen voor Jaarverslaggeving, RJ) published by the Dutch Accounting Standards Board.
The accounting policies for the company financial statements and the consolidated financial statements are the same. As the income statement of DELA Coöperatie is incorporated into the consolidated financial statements, the company financial statements only present a condensed company income statement in accordance with DCC Article 2:402. Participating interests in group companies are measured at their net asset value in accordance with section 2.6.2 of the consolidated financial statements.
For the accounting policies, please see the notes in sections 2 and 3 to the consolidated balance sheet and income statement.
9.2 Adjustment to comparative figures
It was several years ago that Yarden was acquired. This acquisition took place on 2 August 2021, and the technical provisions were measured in accordance with PPA principles as at 31 July 2021. Due to a drop in interest rates between those dates, the valuation of the technical provision was too low. Before 2025, DELA had chosen not to recognise this immaterial difference. DELA has reconsidered this standpoint now and decided to recognise the difference after all. This adjustment has been made retrospectively to provide better insight into the 2025 financial statements and for comparison purposes.
| Amounts x €1,000 | Financial statements 2024 |
Effect of error correction | Financial statements 2025 |
|
|---|---|---|---|---|
| Adjustments in the balance sheet | ||||
| Participating interests | 1,187,763 | -7,400 | 1,180,363 | |
| Other reserves | 622,085 | -7,400 | 614,685 | |
| Adjustments in the income statement | ||||
| Result of participating interests after tax | 166,623 | 247 | 166,870 | |
| Profit after tax | 145,395 | 247 | 145,642 |
10. Participating interests
The participating interests concern a 100 per cent interest in DELA Holding N.V. and a 100 per cent interest in Voor Elkaar Holding N.V.
Participating interests, movements
| Amounts x €1,000 | 2025 | 2024 | |
|---|---|---|---|
| Balance at 1 January | 1,180,363 | 1,003,493 | |
| Result from participating interest | 101,363 | 166,870 | |
| Investments | - | 10,000 | |
| Revaluation | 2,568 | ||
| Balance at 31 December | 1,284,294 | 1,180,363 |
At financial year-end, the value of the participating interest in Voor Elkaar Holding N.V. was negative based on its net asset value. In accordance with the accounting policies, the value of the participating interest was stated at nil by way of a revaluation. A provision has been recognised on the liabilities side as DELA Coöperatie guarantees all the liabilities of Voor Elkaar Holding N.V. through its participating interest therein.
11. Amounts owed by group companies
The amount receivable concerns the current account balance with Voor Elkaar Holding B.V. Interest at a rate of 3.8 per cent is calculated on the average balance of these current accounts relationships. In 2025, the interest revenue on this receivable was €0.1 million.
12. Cash and cash equivalents
Cash and cash equivalents are at the disposal of the legal entity and consist entirely of bank balances.
13. Revaluation reserve
Revaluation reserve, movements
| Amounts x €1,000 | 2025 | 2024 | |
|---|---|---|---|
| Balance on 1 January | 498,171 | 401,855 | |
| Additions | 49,270 | 110,606 | |
| Releases | -134,807 | -14,290 | |
| Balance on 31 December | 412,634 | 498,171 |
Revaluation reserves for changes in the value of investments without frequent quotation are statutory reserves.
14. Statutory reserves
A statutory reserve was recognised for the capitalised costs of proprietary software systems.
Statutory reserves, movements
| Amounts x €1,000 | 2025 | 2024 | |
|---|---|---|---|
| Balance at 1 January | 33,095 | 35,437 | |
| To other reserves related to release of statutory reserve at participating interests | 13,851 | 2,598 | |
| From other reserves related to formation of statutory reserve at participating interests | -6,847 | -4,940 | |
| Balance at 31 December | 40,099 | 33,095 |
15. Other reserves
Other reserves, movements
| Amounts x €1,000 | 2025 | 2024 | |
|---|---|---|---|
| Balance at 1 January (based on 2024 financial statements) | 570,665 | ||
| Effect of adjustment to comparative figures for the 2025 financial statements | -7,647 | ||
| Balance at 1 January (after adjustment) | 614,685 | 563,018 | |
| From profit appropriation for financial year | 83,941 | 145,642 | |
| From/to revaluation reserve | 85,537 | -96,316 | |
| Formation/release of statutory reserve | -7,004 | 2,342 | |
| Other changes in value | - | -1 | |
| Balance at 31 December | 777,159 | 614,685 |
16 Equity
Proposal for profit appropriation for 2025
It is proposed that the profit after tax of €83.9 million be added to the other reserves. In anticipation of adoption by the general meeting, this profit appropriation has already been recognised in the financial statements.
Profit appropriation for 2024
The financial statements for 2024 were adopted at the general meeting of 24 May 2025. The general meeting adopted the appropriation of the profit as proposed.
Statement of changes in equity
| Amounts x €1,000 | 2025 | 2024 | |
|---|---|---|---|
| Balance at 1 January (based on 2024 financial statements) | 1,007,957 | ||
| Effect of adjustment to comparative figures for the 2025 financial statements | -7,647 | ||
| Balance at 1 January (after adjustment) | 1,145,951 | 1,000,310 | |
| From profit appropriation for financial year | 83,941 | 145,642 | |
| Other changes in value | - | -1 | |
| Balance at 31 December | 1,229,892 | 1,145,951 |
17. Liabilities
The liabilities concern the current account balance with DELA Holding N.V. Interest at a rate of 3.8 per cent is calculated on the average balance of these current accounts relationships. In 2025, the interest expense on this position was €2.2 million.
18 Off-balance sheet assets and liabilities
DELA Coöperatie is part of a Dutch group tax entity for corporation tax and turnover tax. Every company within the group tax entity is severally liable for the taxes due.
19. Average number of employees
DELA Coöperatie had 1 employee in 2025 (2024: 1), of which no employees abroad (2024: none).
Signing
Eindhoven, 21 April 2026
DELA Coöperatie U.A.
The Executive Board
Sandra Schellekens, CEO
Godelieve van Velsen, CFRO
The Supervisory Board
John van der Steen, chair
Hans Leenaars, vice-chair
Frits van Bree, secretary
Maurine Alma
Georgette Fijneman
Georges de Méris