10. Company financial statement, including explanatory notes

Company balance sheet

(after appropriation of profit; all amounts in €)

1.	Assets	December 31, 2021	December 31, 2020

1.1	Fixed assets
1.1.2.	Tangible fixed assets	151,278,626	151,602,573
1.1.3.	Financial fixed assets	4,858,275	5,220,542
	Total Fixed assets	156,136,901	156,823,115

1.2	Current assets
1.2.2.	Receivables	16,766,606	16,120,780
1.2.4.	Liquid assets	45,836,805	64,376,050
	Total Current assets	62,603,411	80,496,830

	Total assets	218,740,312	237,319,945


2.	Liabilities	December 31, 2021	December 31, 2020

2.1.	Equity	141,103,583	137,113,265
2.2.	Facilities	7,255,698	7,493,907
2.3.	Long-term debts	-	16,324,810
2.4.	Short-term debts	70,381,031	76,387,964

	Total liabilities	218,740,312	237,319,945

Company statement of income and expenses 2021

(all amounts in €)

		2021	Budget 2021	2020

3.	Income
3.1.	National government funding	173,151,991	157,204,000	146,307,094
3.3.	Statutory tuition / course / examination fees	36,086,493	40,757,000	37,950,037
3.4	Income from work commissioned by third parties	25,990,771	35,630,000	26,903,922
3.5	Other income	11,824,913	6,932,000	11,492,305
	Total Income	247,054,168	240,523,000	222,653,358

4.	Expenses
4.1	Personnel expenses	187,070,852	186,631,000	174,527,228
4.2.	Depreciation/amortization	13,473,500	14,115,000	12,720,535
4.3	Accommodations expenses	13,584,806	14,425,000	12,289,831
4.4.	Other expenses	27,108,353	31,769,000	24,389,720
	Total Expenses	241,237,511	246,940,000	223,927,314

	Balance of Income and Expenses	5,816,657	-6,417,000	-1,273,955
6.	Financial income and expenses	-2,465,071	-720,000	-986,678

	Profit/Loss	3,351,586	-7,137,000	-2,260,634
8.	Results of participating interests	612,882	-	-734,821

	Net result	3,964,468	-7,137,000	-2,995,455

Explanatory notes to the company financial statement

The company financial statement is drawn up in accordance with the statutory provisions of Title 9, Book 2 of the Dutch Civil Code and the firm pronouncements in the Dutch Accounting Standards, as published by the Dutch Accounting Standards Board (Raad voor de Jaarverslaggeving or RJ). The policies regarding valuation and profit determination for the company financial statement and the consolidated financial statements are the same. Participating interests in group companies are valued at net asset value. For the policies regarding the valuation of assets and liabilities and for profit determination, reference is made to the consolidated balance sheet and the statement of income and expenditures.

In 2021, an average of 1,948 FTEs were employed (2020: 1,863 FTE): 30 FTE Board/management (2020: 30 FTE); 1,126 FTE primary process staff (2020: 1,094 FTE); and 793 FTE support staff (2020: 739 FTE).

There were no employees based abroad in 2021 (2020: 1 FTE).

Assets

Fixed assets

1.1.2.	Tangible fixed assets			December 31, 2021	December 31, 2020

1.1.2.1.	Buildings			121,286,807	124,276,834
1.1.2.2.	Land			16,991,650	13,653,542
1.1.2.3.	Inventory and equipment			13,000,168	13,672,197
	Total Tangible fixed assets			151,278,626	151,602,573


1.1.2.1.	Buildings		Buildings	Buildings under construction	Total buildings

	Purchase price	January 1, 2021	208,500,682	3,370,667	211,871,349
	Depreciation/amortization	January 1, 2021	-87,594,515	-	-87,594,515
	Book value	January 1, 2021	120,906,167	3,370,667	124,276,834

	Investments	2021	2,475,705	2,973,090	5,448,795
	Disinvestments, purchase price	2021	157	-	157
	Disinvestments, depreciation/amortization	2021	-157	-	-157
	Depreciation/amortization	2021	-8,438,822	-	-8,438,822

	Purchase price	December 31, 2021	210,976,230	6,343,756	217,319,987
	Depreciation/amortization	December 31, 2021	-96,033,180	-	-96,033,180
	Book value	December 31, 2021	114,943,051	6,343,756	121,286,807


1.1.2.2.	Land		Land	Land development	Total land

	Purchase price	January 1, 2021	10,689,569	5,690,630	16,380,199
	Depreciation/amortization	January 1, 2021	-	-2,726,657	-2,726,657
	Book value	January 1, 2021	10,689,569	2,963,973	13,653,542

	Investments	2021	3,600,000	75,115	3,675,115
	Disinvestments, purchase price	2021	-	-	-
	Disinvestments, depreciation/amortization	2021	-	-	-
	Depreciation/amortization	2021	-	-337,007	-337,007

	Purchase price	December 31, 2021	14,289,569	5,765,745	20,055,314
	Depreciation/amortization	December 31, 2021	-	-3,063,663	-3,063,663
	Book value	December 31, 2021	14,289,569	2,702,081	16,991,650

The category of buildings under construction consists of New Construction (€1.2 million), Meerkoldreef (€0.8 million) and other projects under construction (€4.4 million). In April 2022, Tilburg University purchased an educational building on Meerkoldreef in Tilburg for €3.6 million.

1.1.2.3.	Inventory and equipment		Inventory and equipment

	Purchase price	January 1, 2021	27,983,074
	Depreciation/amortization	January 1, 2021	-14,310,877
	Book value	January 1, 2021	13,672,197

	Investments	2021	4,025,643
	Disinvestments, purchase price	2021	2,288,295
	Disinvestments, depreciation/amortization	2021	-2,288,295
	Depreciation/amortization	2021	-4,697,672

	Purchase price	December 31, 2021	29,720,423
	Depreciation/amortization	December 31, 2021	-16,720,255
	Book value	December 31, 2021	13,000,168

Depreciation and amortization are calculated from the year the asset is placed in service on its acquisition cost, based on the following percentages:

Land (incl. development) 0% - 5% - 10%
Buildings 1.7% - 3.3% - 5% - 10%
Equipment and inventory 10% - 25%

1.1.3.	Financial fixed assets	Book value December 31, 2020	Investments in 2021	Disinvestments 2021	Profit/Loss 2021	Book value December 31, 2021

1.1.3.1.	Participating interests in group companies
1.1.3.1.1.	TiU Holding B.V.	675,484	-	-	364,289	1,039,773
1.1.3.1.2.	TIAS Business School B.V.	2,581,159	-	-	248,593	2,829,752
	Total Participating interests in group companies	3,256,643	-	-	612,882	3,869,525

1.1.3.7.	Securities
1.1.3.7.3.	Other obligations	1,963,900	-	975,150	-	988,750
	Total Securities	1,963,900	-	975,150	-	988,750

	Total Financial fixed assets	5,220,542	-	975,150	612,882	4,858,275

TiU Holding B.V. is a company incorporated and financed by Tilburg University with a registered capital of €226,890, with € 113,445 subscribed and €90,756 paid up. TiU Holding B.V. has a 100% participating interest in Tilburg University Career Services B.V and a 44% interest in TiU Knowledge Transfer B.V.

Tias Business School is a company incorporated and financed by Tilburg University with a registered capital of €12,500,000, with €113,445 subscribed and €2,500,000 paid up. Tilburg University has an 80% participating interest in Tias Business School B.V.

The current value of the securities as of December 31, 2021 was €988.750. All securities are publicly traded and freely available. The sum of revaluations is disclosed in the explanatory notes on equity.

Current assets

1.2.2.	Receivables	December 31, 2021	December 31, 2020

1.2.2.1.	Debits	3,744,662	3,991,203
1.2.2.4.	Receivables on group companies	479,207	399,219
1.2.2.9.	Valuation of Projects in progress	1,453,523	1,686,413
	Subtotal Receivables	5,677,392	6,076,835

	Accrued assets
1.2.2.12.	Expenses paid in advance	4,868,374	4,500,685
1.2.2.13.	Advances provided	49,378	44,136
1.2.2.15.	Other accrued assets:
	Income not yet received	2,596,700	2,261,716
	Income not yet received from grant projects	3,573,822	3,236,468
	Other accrued assets	940	940
	Total Accrued assets	11,089,214	10,043,945

	Total Receivables	16,766,606	16,120,780

The accounts receivable balance consisted of €64,363 in receivables from related parties (2020: €42,421).

The receivables have a remaining maturity of less than one year.

1.2.4.	Liquid assets	December 31, 2021	December 31, 2020

1.2.4.1.	Cash	17,590	9,249
1.2.4.2.1.	Bank accounts	358,397	52,775,479
1.2.4.2.2.	Deposit	7,940,138	11,591,321
1.2.4.3.	Treasury banking	37,520,679	-
	Total Liquid assets	45,836,805	64,376,050

Liquid assets include a bank guarantee in the amount of €313,584. The other liquid assets are freely available.

As of July 2021, Tilburg University has placed its liquidity with the Ministry of Finance within the framework of Treasury Banking.

Liabilities

2.1.	Equity	Status December 31, 2019	Designated use results 2020	Other transactions 2020	Status December 31, 2020	Designated use results 2021	Other transactions 2021	Status December 31, 2021

2.1.1.	Group equity
2.1.1.1.	General reserve
2.1.1.1.1.	General reserve (public)	103,521,054	-1,743,910	5,661,936	107,439,081	3,269,796	4,549,648	115,258,525
2.1.1.1.2.	General reserve (private)	9,490,715	-516,724	-	8,973,991	81,790	-	9,055,781
2.1.1.1.3.	General reserve participations (private)	3,991,463	-734,820	-	3,256,643	612,882	-	3,869,525
	Total General reserve	117,003,232	-2,995,454	5,661,936	119,669,715	3,964,468	4,549,648	128,183,831

2.1.1.2.	Special purpose reserves (public)	22,948,986	-	-5,661,936	17,287,050	-	-4,549,648	12,737,402
2.1.1.6.	Revaluation reserve	94,500	-	62,000	156,500	-	25,850	182,350

	Total Equity	140,046,718	-2,995,454	62,000	137,113,265	3,964,468	25,850	141,103,583

The earmarked reserves all relate to decentralized reserves at the Schools and divisions and, in addition to reserves for accommodations and IT (€3.6 million), decentralized employment conditions (€1.5 million) consisting primarily of reserves for projects as part of the University’s strategy and projects charged to the units’ own reserves (€7.6 million). All reserves are based on approved project proposals.

The revaluation reserve is held for changes in the value of securities included in financial fixed assets. Changes are directly recognized in equity.

2.2.	Facilities	Status December 31, 2020	Transactions 2021	Withdrawals 2021	Additions 2021	Release 2021	Status December 31, 2021	Balance < 1 year	Balance > 1 year

2.2.1.	Personnel facilities
2.2.1.1.	Reorganization facility	708,518	-	322,099	98,382	66,702	418,099	363,530	54,569
2.2.1.2.	Long-term savings leave	1,931,008	-	163,221	371,363	55,297	2,083,853	347,309	1,736,544
2.2.1.3.	WGA deductible	806,404	-394,000	87,941	1,088	-	325,551	86,852	238,699
2.2.1.4.	Anniversary facility	1,703,643	-	150,291	356,335	-	1,909,687	120,772	1,788,915
2.2.1.5.	Redundancy pay	824,511	-	602,806	652,665	-	874,370	486,267	388,103
2.2.1.6.	Long-term illness	-	394,000	-	-	121,522	272,478	256,918	15,560
2.2.1.7.	Other personnel facilities	1,319,824	-	627,869	414,706	-	1,106,661	626,013	480,647
	Total Personnel facilities	7,293,907	-	1,954,227	1,894,539	243,521	6,990,698	2,287,661	4,703,037

2.2.4.	Other provisions	200,000	-	178,959	265,000	21,041	265,000	144,000	121,000

	Total Provisions	7,493,907	-	2,133,186	2,159,539	264,562	7,255,698	2,431,661	4,824,037

Facilities are justified at nominal value, as the time value of money is immaterial. The facility for long-term illness was part of the WIA/WGA facility in 2020, and it will be included separately in the statement as of 2021. The addition of other facilities is related to the renovation of the facade of the Koopmans building.

2.3.	Long-term debts	Status December 31, 2020	Loans taken out in 2021	Repayments 2021	Status December 31, 2021	Of which 1–5 years	Of which > 5 years	Interest rate

2.3.3.1.	BNG Loan 40.100760.01	3,562,500	-	3,562,500	-	-	-	3.585%
2.3.3.2.	BNG Loan 40.97636	12,762,310	-	12,762,310	-	-	-	4.390%
	Total Long-term debts	16,324,810	-	16,324,810	-	-	-

Both long-term loans were paid in full in 2021.

2.4.	Short-term debts	December 31, 2021	December 31, 2020

2.4.1.	Debts to group companies	22,689	22,689
2.4.3.	Debts to credit institutions	-	1,195,356
2.4.7.1.	Instalments received in advance for projects in progress	1,648,716	1,694,314
2.4.7.2.	Loss provision for projects in progress	552,176	689,080
2.4.8.	Creditors	5,200,991	8,059,410
2.4.9.1.	Payroll tax	6,102,688	5,674,952
2.4.9.2.	Social security premiums	1,725,907	1,639,746
2.4.9.3.	Sales tax	456,516	514,267
2.4.10.	Pensions	2,377,132	2,099,347
2.4.11.	Coordinator funds	2,309,119	1,938,403
	Subtotal Short-term debts	20,395,934	23,527,564

	Other liabilities
2.4.13.1.	Tuition fees received in advance	11,729,590	16,385,893
2.4.13.2.	Tuition fees received in advance for contract teaching	717,578	1,062,410
2.4.14.	Ministry of Education, Culture, and Science grants received in advance	133,550	15,441
2.4.16.1.	Income received in advance from grant projects	11,687,881	13,067,083
2.4.16.2.	Income received in advance from Netspar	5,755,968	6,466,765
2.4.16.3.	Income received in advance from NPO	2,815,000	-
2.4.16.4.	Other income received in advance	4,769,529	5,051,852
2.4.17.	Vacation pay and vacation days	9,332,177	8,819,168
2.4.19.	Other accrued liabilities and deferred income	3,043,823	1,991,788
	Total Accrued liabilities and deferred income	49,985,097	52,860,400

	Total Short-term debts	70,381,031	76,387,964

The balance of accounts payable consists of €515,133 of debts to related parties (2020: €385,082).

The decrease in tuition fees received in advance was due to the reduction in statutory tuition fees granted in connection with COVID-19. The item “NPO funds received in advance” is related to the non-normative allocation in the funding from the national government.

The debts have a maturity of less than one year.

Income

3.1.	National government funding	2021	2020

3.1.1.1.	National government funding from the Ministry of Education, Culture, and Science	172,316,850	146,307,094
3.1.2.1.	Earmarked subsidies from the Ministry of Education, Culture, and Science	835,141	-
	Total National government funding	173,151,991	146,307,094

Earmarked grants from the Ministry of Education, Culture, and Science are justified according to Model G. The incidentally allocated NPO funds, the compensation within the resources framework for the increased intake, the wage and price compensation, more study advance funds for students, and an increasing share in student-related funding due to higher-than-average growth in the number of students are the main explanations for the realization of funding from the national government (€173 million) that was much higher than budgeted (€157 million).

3.3.	Statutory tuition / course / examination fees	2021	2020

3.3.4.1.	Statutory tuition fees	25,807,018	27,907,990
3.3.4.2.	Institutional tuition fees	10,279,476	10,042,047
	Total Statutory tuition / course / examination fees	36,086,493	37,950,037

Income from tuition fees (€36 million) was lower than budgeted (€41 million). The main cause was the reduction in the rate of tuition fees for full-time students in the 2021/2022 academic year.

3.4	Income from work commissioned by third parties	2021	2020

3.4.1.	Contract teaching	3,137,191	2,683,365

3.4.2.	Contract research
3.4.2.1.	International organizations	5,756,436	6,101,835
3.4.2.2.	National government bodies	2,976,530	2,397,516
3.4.2.3.	NWO	7,483,240	8,047,007
3.4.2.4.	KNAW	200,455	50,807
3.4.2.5.	Other non-profit organizations	1,674,852	1,475,472
3.4.2.6.	Companies	359,275	1,527,867
	Total Contract teaching	18,450,789	19,600,504

3.4.5.	Other income commissioned by third parties	4,402,790	4,620,054

	Total Income from work commissioned by third parties	25,990,771	26,903,922

The item “contract research” includes revenues from both projects in progress and grant projects.

Revenues from grant projects usually involve income that, depending on the duration of a research project, is awarded for the duration of a number of years.

Income from work commissioned by third parties (€26 million) was €9.6 million lower than budgeted (€35.6 million). The primary cause was COVID-19.

3.5	Other income	2021	2020

3.5.1.	Rental revenue	1,419,302	1,369,268
3.5.2.	Personnel secondment	775,379	662,884
3.5.4.	Grants	4,058,802	4,091,343
3.5.7.	Student contributions	812,458	481,908
3.5.8.	Sales of teaching (and other) materials	683,430	608,788
3.5.10.	Other miscellaneous income	4,075,542	4,278,114
	Total Other income	11,824,913	11,492,305

The realization of other income (€11.8 million) was higher than budgeted (€6.9 million). This consisted primarily of grants and secondments. The item “Miscellaneous other income” is further specified below.

3.5.10.	Specification of Other miscellaneous income
	Services/personnel support	781,796	820,444
	Sports passes	485,174	829,634
	Other income	2,808,573	2,628,036
		4,075,542	4,278,114

Expenses

4.1	Personnel expenses	2021	2020

4.1.1.	Wages and salaries
4.1.1.1.	Gross wages and salaries	127,739,016	120,885,051
4.1.1.2.	Social security costs	15,491,333	13,935,137
4.1.1.5.	Pension costs	20,694,391	18,145,284
	Total Wages and salaries	163,924,739	152,965,472

4.1.2.	Other personnel expenses
4.1.2.1.	Additions to personnel facilities	1,651,018	1,863,456
4.1.2.2.	Expenses for external employees	16,391,229	14,060,816
4.1.2.3.	Other	6,231,579	6,582,559
	Total Other personnel expenses	24,273,826	22,506,830

4.1.3.3.	Benefits received	-1,127,713	-945,074

	Total Personnel expenses	187,070,852	174,527,228

The realization of personnel expenses was in line with the 2021 budget (€186.6 million).

4.2.	Depreciation/amortization	2021	2020

4.2.2.1.	Depreciation/amortization of buildings and land	8,775,828	8,445,228
4.2.2.2.	Depreciation/amortization of inventory and equipment	4,697,672	4,275,307
	Total Depreciation/amortization	13,473,500	12,720,535

Modern choices were made in the replacement of student workstations in terms of both the layout and the possibilities for “bringing your own device.” Partly for this reason, investment costs were lower, and the cost of depreciation was less than budgeted (€14.1 million).

4.3	Accommodations expenses	2021	2020

4.3.1.	Rental expenditures	2,641,426	1,915,945
4.3.2.	Insurance expenses	380,706	323,564
4.3.3.	Maintenance expenses	2,853,383	2,687,392
4.3.4.	Power and water	2,131,879	2,043,446
4.3.5.	Cleaning expenses	2,532,314	2,458,285
4.3.6.	Taxes and levies	782,127	807,302
4.3.8.	Other accommodations expenses	2,262,971	2,053,897
	Total Accommodations expenses	13,584,806	12,289,831

Actual accommodations expenses were lower than budgeted (€14.4 million). As a result of COVID-19, both cleaning costs and rental costs for a temporary examination site were lower.

4.4.	Other expenses	2021	2020

4.4.1.	Administration and management	1,777,655	2,288,990
4.4.2.	Inventory and equipment	9,586,634	8,124,101
4.4.3.	Books and literature	3,385,337	3,196,762
4.4.4.	Addition of other provisions	107,055	573,340
4.4.5.	Other miscellaneous expenses	12,251,672	10,206,528
	Total Other expenses	27,108,353	24,389,720

Other expenses were lower than budgeted (€31.7 million). This was largely related to COVID-19, and it primarily concerns representation, travel and subsistence expenses, scholarships, and office and consumption expenses.

The item “Miscellaneous other expenses” is further specified below.

4.4.5.	Specification of Other miscellaneous expenses
	Grants and income transfers	1,747,087	1,397,443
	Office expenses	1,097,501	1,007,033
	Travel and accommodation expenses	494,058	795,600
	Representation expenses	1,542,751	1,458,973
	Scholarships	2,077,238	1,682,323
	Information	2,278,427	1,753,865
	Research and Development	36,442	204,040
	General expenses	2,978,169	1,907,251
		12,251,672	10,206,528

6.	Financial income and expenses	2021	2020

6.1.	Financial income
6.1.1.	Interest income and similar revenues	25	3,741
6.1.3.	Changes in value of financial fixed assets	11,589	-83,700
6.1.4.	Revenue from fixed asset receivables	9,326	48,726
	Total Financial income	20,941	-31,233

6.2.	Financial expenses
6.2.1.	Interest expenses and similar expenses	2,486,012	955,445
6.2.2.	Reductions in value of financial fixed assets	-	-
	Total Financial expenses	2,486,012	955,445

	Total Financial income and expenses	-2,465,071	-986,678

The balance of financial income and expenses was well above budget (€0.7 million), due to early repayment of two long-term loans.

8.	Results of participating interests	2021	2020

8.1.	Results Tilburg University Holding	364,289	-40,597
8.2.	Results TIAS	248,593	-694,224
	Total Results of participating interests	612,882	-734,821

Correspondence between the company financial statement and the consolidated financial statements

Capital	December 31, 2021	December 31, 2020

Equity TiU (separate)	141,103,583	137,113,265
Equity Tilburg University Fund	2,115,494	1,962,638
Consolidated equity	143,219,077	139,075,903

Balance of operations	2021	2020

Balance of operations TiU (separate)	3,964,468	-2,995,455
Balance of operations Tilburg University Fund	152,856	982,236
Consolidated balance of operations	4,117,324	-2,013,219

Events after the balance sheet date

No events with significant financial consequences occurred after the balance sheet date.