6. Notes to the income statement
6.1 Revenue
Revenue, specification
| Amounts x €1,000 | 2025 | 2024 | |||
|---|---|---|---|---|---|
| Premium income | |||||
| Premium income, Netherlands | 510,458 | 492,148 | |||
| Premium income, Belgium | 181,501 | 173,130 | |||
| Premium income, Germany | 82,545 | 78,663 | |||
| 774,504 | 743,941 | ||||
| Revenue from funeral business | |||||
| Revenue from funeral business, Netherlands | 353,425 | 342,902 | |||
| Revenue from funeral business, Belgium | 74,942 | 74,634 | |||
| 428,367 | 417,536 | ||||
| Internal revenue | -241,971 | -226,454 | |||
| 186,396 | 191,082 | ||||
| Gross investment result | 548,307 | 593,147 | |||
| Other revenue | 16,546 | 714 | |||
| Total | 1,525,753 | 1,528,884 |
Of the total premium income in 2025, €7.5 million consists of single premiums (2024: €6.7 million). The internal revenue concerns funerals insured with DELA that are provided by our funeral business.
From 2025, the other revenue includes revenue from the installation, construction, and maintenance of cremators following the acquisition of DFW Holding B.V.
6.2 Investment result
The investment result comprises the gross investment result less investment administration expenses.
Direct and indirect net investment result, specification 2025
| Amounts x €1,000 | Direct | Indirect | Total |
|---|---|---|---|
| Real estate (a) | -10,513 | 7,190 | -3,323 |
| Participating interests (b) | - | - | - |
| Other financial investments (c): | |||
| - Shares and other variable-yield securities | 45,667 | 235,616 | 281,283 |
| - Bonds and other fixed-income securities | 91,501 | -90,305 | 1,196 |
| - Derivatives | - | 231,156 | 231,156 |
| - Mortgage loans | 3,720 | - | 3,720 |
| - Other loans | 14,684 | -5,685 | 8,999 |
| - Real estate funds | 51,097 | -76,377 | -25,280 |
| - Infrastructure funds | 38,018 | -25,888 | 12,130 |
| - Agricultural and forestry funds | 3,351 | -5,202 | -1,851 |
| - Mortgage funds | 12,206 | -10,254 | 1,952 |
| - Other financial investments | -501 | 6,923 | 6,422 |
| 259,743 | 259,984 | 519,727 | |
| Net investment result (a) + (b) + (c) | 249,230 | 267,174 | 516,404 |
Direct and indirect net investment result, specification 2024
| Amounts x €1,000 | Direct | Indirect | Totaal |
|---|---|---|---|
| Real estate (a) | -11,641 | -21,249 | -32,890 |
| Participating interests (b) | -657 | - | -657 |
| Other financial investments (c): | |||
| - Shares and other variable-yield securities | 46,002 | 317,696 | 363,698 |
| - Bonds and other fixed-income securities | 78,976 | 65,120 | 144,096 |
| - Derivatives | -42 | -138,769 | -138,811 |
| - Mortgage loans | 4,058 | - | 4,058 |
| - Other loans | 20,302 | 9,567 | 29,869 |
| - Real estate funds | 48,070 | 22,326 | 70,396 |
| - Infrastructure funds | 34,586 | 36,283 | 70,869 |
| - Agricultural and forestry funds | 2,323 | 18,260 | 20,583 |
| - Mortgage funds | 9,107 | 13,869 | 22,976 |
| - Other financial investments | -4,453 | 4,766 | 313 |
| 238,929 | 349,118 | 588,047 | |
| Net investment result (a) + (b) + (c) | 226,631 | 327,869 | 554,500 |
The direct investment result includes all received interest, rental and dividend income less all investment costs. All results – both realised and unrealised – from market value changes are allocated to the indirect investment results.
6.3 Underwriting expenses
Underwriting expenses, specification
| Amounts x €1,000 | 2025 | 2024 | |
|---|---|---|---|
| Death benefits paid | 62,973 | 62,517 | |
| Funeral costs | 181,897 | 170,712 | |
| Expiry | 40,102 | 27,753 | |
| Pension insurance benefits paid | 11 | 11 | |
| Capital benefits paid | 88,834 | 81,840 | |
| Lapses | 536 | 541 | |
| Surrenders | 38,897 | 51,659 | |
| Allocation to technical provision | 292,566 | 286,828 | |
| Insurer's intercompany payouts to funeral business | -241,971 | -226,454 | |
| Total | 463,845 | 455,407 |
6.4 Acquisition costs
Acquisition costs, specification
| Amounts x €1,000 | 2025 | 2024 | |
|---|---|---|---|
| Direct acquisition costs | 29,870 | 30,932 | |
| Allocated acquisition costs | -26,620 | -27,685 | |
| Amortisation of acquisition costs | 19,425 | 17,270 | |
| Total | 22,675 | 20,517 |
Acquisition costs consist of commissions paid to third parties.
6.5 Cost of sales
The cost of sales comprises €156.7 million (2024: €157.3 million) for the cost of the funeral business and €8.2 million (2024: €0) for the installation, construction, and maintenance of cremators.
6.6 Staff costs
Staff costs, specification
| Amounts x €1,000 | 2025 | 2024 | |
|---|---|---|---|
| Salaries | 172,915 | 153,324 | |
| Social security contributions | 33,482 | 30,715 | |
| Pension costs | 21,576 | 19,664 | |
| Outsourced work | 54,480 | 53,516 | |
| Other staff costs | 14,563 | 15,748 | |
| Total | 297,016 | 272,967 |
6.7 Amortisation and depreciation
Amortisation and depreciation of fixed assets, specification
| Amounts x €1,000 | 2025 | 2024 | |
|---|---|---|---|
| Amortisation of intangible fixed assets | 18,591 | 14,443 | |
| Depreciation of tangible fixed assets | 9,229 | 9,941 | |
| Total | 27,820 | 24,384 |
6.8 Other operating costs
Other operating costs, specification
| Amounts x €1,000 | 2025 | 2024 | |
|---|---|---|---|
| Building and equipment | 28,416 | 28,387 | |
| Vehicle costs | 11,330 | 10,274 | |
| IT costs | 41,041 | 40,729 | |
| Advertising costs | 24,501 | 24,421 | |
| Third-party services | 29,146 | 29,064 | |
| Office costs | 11,910 | 12,330 | |
| Non-recurring income | -5,593 | -4,602 | |
| Non-recurring expenses | 5,223 | 4,912 | |
| Donation to Stichting DELA Fonds | 500 | 500 | |
| Other costs | 629 | 2,097 | |
| Less: Capitalisation of software systems | -14,348 | -16,043 | |
| Total | 132,755 | 132,069 |
The non-recurring income in 2025 and 2024 mainly concerns the final calculation of the 'pro-rata VAT rate'.
6.9 Remuneration of Executive and Supervisory Board members
The remuneration of the members of the Executive Board consists solely of a fixed component and is fully paid in cash. Members of the Executive Board do not receive a representation allowance, nor do they receive shares or options. Up to the end of 2023, the remuneration of the members of the Executive Board also included a variable component. Payment of this variable remuneration (maximum of 20 per cent) was 60 per cent unconditional and 40 per cent conditional. The retention period for the conditional portion is three years, which means that payment of the conditional portion will continue until the end of 2027. This portion is also fully paid in cash.
The remuneration of the members of the Executive Board in the financial year comprised fixed remuneration of €882,000 (2024: €1,361,000), variable remuneration of €10,000 (2024: €162,000) and a pension contribution of €173,000 (2024: €259,000). The remuneration of members of the Executive Board consists of remuneration of current as well as former members.
The remuneration of the members of the Supervisory Board (of DELA Coöperatie, DELA Holding N.V., and DELA Natura- en levensverzekeringen N.V. together) in the financial year amounted to €276,000 (2024: €225,000).
The remuneration complies with the Dutch Remuneration Policy (Financial Enterprises) Act (Wet beloningsbeleid financiële ondernemingen).
6.10 Audit fees
The fee for auditing the financial statements concerns the total fees for the financial year to which the financial statements pertain regardless of whether the activities were performed by the independant auditor during the financial year. The audit fees for financial year 2024 have been adjusted to reflect the final invoice.
In this and the previous financial year, the following audit fees were charged to the profit:
Audit fees for 2025
| Amounts x €1,000 | PWC NL | PWC international | Total PWC |
|---|---|---|---|
| Audit of the financial statements | 977 | 369 | 1,346 |
| Other audit work | 54 | - | 54 |
| Total | 1,031 | 369 | 1,400 |
Audit fees for 2024
| Amounts x €1,000 | Deloitte NL | Deloitte international | Total Deloitte |
|---|---|---|---|
| Audit of the financial statements | 1,438 | 305 | 1,743 |
| Other audit work | 134 | - | 134 |
| Total | 1,572 | 305 | 1,877 |
The aforementioned fees concern the activities performed at DELA Group by audit firms and independent external auditors as referred to in Section 1(1) of the Audit Firms (Supervision) Act (Wet toezicht accountantsorganisaties, WTA) and the fees charged by the audit firm's entire network. The other auditing work concerns the audit of the annual quantitative statements for the regulator. The amounts are exclusive of turnover tax.
6.11 Taxes
The tax on the €117.0 million in profit before tax can be presented as follows:
Tax on profit, specification
| Amounts x €1,000 | 2025 | 2024 | |
|---|---|---|---|
| Corporation tax due in reporting year | 29,171 | 4,835 | |
| Previous years | 345 | -5,134 | |
| Current corporation tax | 29,516 | -299 | |
| Deferred corporation tax | 4,374 | -1,684 | |
| Effect of tax rate adjustment | - | -37 | |
| Corporation tax | 33,890 | -2,020 | |
| Pillar 2 taks, current year | - | 1,269 | |
| Pillar 2 tax, previous years | -788 | - | |
| Pillar 2 tax | -788 | 1,269 | |
| Total | 33,102 | -751 |
The nominal tax rate in the Netherlands in 2025 was 25.8 per cent (2024: 25.8 per cent), in Belgium 25 per cent (2024: 25 per cent), and for Germany the applicable nominal rate of 30 per cent (2024: 30 per cent) was taken into account. As only a limited taxable profit is determined in Germany, this results in a minimal difference between the applicable rate and the effective tax burden.
Corporation tax, notes
| Amounts x €1,000 | 2025 | 2024 | |
|---|---|---|---|
| Profit on ordinary activities before tax | 117,048 | 144,937 | |
| Nominal tax rate | 25.8% | 25.8% | |
| Nominal tax amount | 30,198 | 37,394 | |
| Impact of substantial-holding exemption | 504 | -23,837 | |
| Corporation tax, previous years | 345 | -5,134 | |
| Tax differences | 2,843 | -10,443 | |
| Total | 33,890 | -2,020 |
The effective tax burden varies from the nominal rate. Substantial-holding exemptions apply due to holdings of over 5 per cent in investment funds. The tax differences mainly relate to the amortisation of goodwill and mixed expenses that do not count towards the profit for tax purposes. In addition, the differences in the nominal rate due to the basic rate and different rates in Belgium and Germany have been recognised in the tax differences. The effective tax rate over 2025 is 29.0 per cent (2024: -1.5 per cent).
As at 1 January 2025, the technical provision of the insurance portfolio in Belgium was transferred for tax purposes from Belgium to the Netherlands. The reason for this is that the decision-making on this portfolio had passed to the Netherlands.
Pillar 2
DELA Group has used the mandatory exception based on RJ statement 2023-14 regarding the treatment of deferred tax assets and liabilities related to Pillar 2 income taxes.
The legislation on Pillar 2 income taxes came into effect 1 January 2024. This legislation requires the parent company to pay an additional tax in the Netherlands or abroad if the effective tax rate in a country is less than 15 per cent. DELA Group's main jurisdictions where exposures to this tax may exist are the Netherlands, Belgium, and Germany. No Pillar 2 tax is due for 2025. The position recognised in 2025 concerns an adjustment to the previous financial year.